Significant Accounting Policies Basis presenting consolidated fin

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Significant Accounting Policies Basis presenting consolidated fin

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Notes Consolidated Financial Statements
Significant Accounting Policies
Basis presenting consolidated financial statements accompanying consolidated financial statements Fujitsu Limited (the "Company") consolidated subsidiaries (together, "Group") have been prepared accordance with accounting principles practices generally accepted Japan regulations under Securities Exchange Japan. accounting principles practices adopted consolidated subsidiaries outside Japan their respective countries basically conform those adopted Company. presenting accompanying consolidated financial statements, certain items have been reclassified convenience readers outside Japan. differences between accounting principles practices adopted Group those prescribed International Accounting Standards ("IAS") forth Note Principles consolidation consolidated financial statements include accounts Company and, with minor exceptions, those majority-owned subsidiaries. Acquisitions companies accounted purchase method. Goodwill represents excess acquisition cost over fair value assets acquired companies, being amortized straightline basis over periods exceeding years. Investments affiliates, with minor exceptions, accounted equity method. Cash equivalents purpose statement cash flows, Group considers short-term, highly liquid instruments with maturity three months less cash equivalents.
Translation foreign currency accounts Current receivables payables denominated foreign currencies translated into Japanese exchange rates effect respective balance sheet dates. Noncurrent monetary items denominated foreign currencies translated into Japanese their historical exchange rates. asset liability accounts consolidated subsidiaries outside Japan translated into Japanese applicable fiscal year-end rates. Income expense accounts translated average rate during year. resulting translation adjustments recorded assets cumulative translation adjustments conformity with accounting principles generally accepted Japan. Revenue recognition Revenues from sales communications products computer systems generally recognized upon acceptance customers, while revenues from sales personal computers, peripherals, other equipment electronic devices recognized when products shipped. Marketable securities Marketable securities included short-term investments, investments long-term loans stated lower cost market, cost being determined moving average method. Allowance doubtful accounts allowance doubtful accounts provided amount deemed sufficient cover estimated future losses. Inventories Finished goods mainly stated cost determined moving average method. Work process mainly stated cost determined specific identification method average cost method. materials mainly stated cost determined moving average method most recent purchase price method.
Notes Consolidated Financial Statements
Property, plant equipment depreciation Property, plant equipment, including renewals additions, carried cost. Depreciation computed principally declining-balance method rates based estimated useful lives respective assets, which vary according their general classification, type construction function. Maintenance repairs, including minor renewals improvements, charged income incurred. Leases Receivable accounts recognized lessors finance lease transactions recorded lease receivables and, assets acquired lessees finance lease transactions recorded corresponding asset accounts. Pension severance plans Company most consolidated subsidiaries Japan: Pension costs major defined benefit plans based annual contributions calculated projected benefit valuation method. Accrued severance benefits stated present value vested benefit obligation which would required paid employees voluntarily terminated their services balance sheet dates. Most consolidated subsidiaries outside Japan: Pension costs major defined benefit plans calculated projected unit credit method. Provision loss repurchase computers Certain computers manufactured Group sold Japan Electronic Computer Company Limited ("JECC") other leasing companies financial institutions leasing ultimate users under contracts which require that Group repurchase computers they returned users after certain period. Based past experience, estimated amount loss arising from such repurchases provided point sale charged income. Income taxes Group adopted balance sheet liability method effect accounting order recognize effect temporary differences recognition assets liabilities financial reporting purposes. Earnings share Basic earnings share computed based weighted average number shares common stock outstanding during respective years. Diluted earnings share computed based weighted average number shares after consideration dilutive effect shares common stock issuable upon exercise warrants conversion convertible bonds. Derivative financial instruments Gains losses derivative financial instruments used reduce exposure receivables liabilities denominated foreign currencies recognized over lives contracts. Gains losses arising from related receivables liabilities offset. differentials paid received relating swap contracts recognized over lives contracts. Change significant accounting policy Prior year ended March 1999, Company consolidated subsidiaries Japan treated finance leases same operating leases, which generally accepted Japan. Fujitsu Leasing Co., Ltd. became consolidated subsidiary effective year ended March 2000, Group adopted method under which Group, lessee, records leased assets corresponding lease obligations, and, lessor, records lease receivables under finance leases. effect consolidated income total assets caused this change immaterial.
Differences with International Accounting Standards
differences between accounting principles practices adopted Group those prescribed International Accounting Standards ("IAS") summarized follows. Noncurrent monetary items denominated foreign currencies noncurrent monetary items denominated foreign currencies been translated exchange rates effect balance sheet dates pursuant differences would have been significant. Cumulative translation adjustments Although requires that cumulative translation adjustments reported component shareholders' equity, Group reported this under assets. Decrease cumulative translation adjustments Under upon liquidation foreign subsidiary, amount cumulative translation adjustments related foreign subsidiary should recognized income expenses. Group records this amount directly retained earnings. Marketable Securities (Note Although requires that marketable securities recorded investments long-term loans stated lower cost market portfolio basis, Company determines value marketable securities item-by-item basis order state their value securities more conservatively. difference between this method immaterial. Inventories requires that inventories valued lower their historical cost realizable value. been applied, difference aggregate value inventories would have been significant. Detachable stock purchase warrants (Note Under detachable stock purchase warrants should recorded component shareholders' equity. Group includes warrants other current liabilities. Leases (Note Before year ended March 1999, Company consolidated subsidiaries Japan treated finance leases same operating leases under accounting principles generally accepted Japan, which differ from No.17. year ended March 2000, there difference from since Group changed method accounting finance leases from accounting such leases same manner operating leases recording lease receivables capitalizing them lease assets. Scope consolidation Fujitsu Leasing Co., Ltd. excluded from consolidation year ended March 1999 accordance with accounting principles generally accepted Japan, this represents deviation from scope consolidation prescribed under year ended March 2000, there difference from since Fujitsu Leasing Co., Ltd. initially consolidated. Pension Severance plans (Note Accounting standards Japan retirement benefits adopted effective April 2000, analogous revised except period amortizing unrecognized obligation upon application accounting standards. These standards require that severance benefits pension liabilities costs stated projected unit credit method. Company consolidated subsidiaries Japan, April 2000, initially estimated unrecognized obligation upon application accounting standards, forth Note unrecognized obligation assuming that they followed accounting standards year ended March 2000 computed. estimate this amount readily determinable, because pension plans were under reformation.
Notes Consolidated Financial Statements
been applied, significant effects consolidated financial statements would have been follows. effect pension severance plans year ended March 2000 computed, effect year beginning April 2000 estimated disclosed Note Please refer corresponding notes details other items.
(millions) U.S. Dollars (thousands) 2000
Amount significant effects consolidated financial statements Cumulative translation adjustments Cumulative translation adjustments Total shareholders' equity Decrease cumulative translation adjustments loss Decrease cumulative translation adjustments [Statement shareholders' equity] Detachable stock purchase warrants (Note Other current liabilities Total shareholders' equity Leases (Note Property, plant equipment, Total long-term liabilities Scope consolidation Total assets Total liabilities Minority interests consolidated subsidiaries
1999
2000
-86,660 -86,660 -5,927 +5,927 -8,477 +8,477 +72,830 +72,830 (Unaudited) +306,861 +302,218 +4,643
$-1,084,000 -114,904 -1,084,000 -1,971 +1,971 -18,594 +18,594
U.S. Dollar Amounts
Company consolidated subsidiaries Japan maintain their books account yen. U.S. dollar amounts included accompanying consolidated financial statements notes thereto represent arithmetic results translating into dollars US$1, approximate rate exchange prevailing March 2000. U.S. dollar amounts presented solely convenience reader translation intended imply that assets liabilities which originated have been could readily converted, realized settled U.S. dollars above other rate.
Marketable Securities
current noncurrent portfolios marketable securities March 1999 2000, which included short-term investments (current) investments long-term loans other (noncurrent), summarized follows:
(millions) 1999 2000 U.S. Dollars (thousands) 2000
Current: Carrying value Market value unrealized gains (losses) Noncurrent: Carrying value Market value unrealized gains
12,447 12,270 (177) 179,806 60,460
7,456 8,187
70,340 77,236 6,896
233,085
1,106,745 2,198,915 $1,092,170
Inventories
Inventories March 1999 2000 consisted following:
(millions) 1999 2000 U.S. Dollars (thousands) 2000
Finished goods Work process materials
315,504 141,499
326,859 133,813
$3,254,283 3,083,575 1,262,387 $7,600,245
Investments Affiliates
summary financial information affiliates accounted equity method presented below:
(millions) March 1999 2000 U.S. Dollars (thousands) 2000
Current assets Noncurrent assets Current liabilities Long-term liabilities assets
819,430 547,105 1,366,535 371,247 188,933 806,355
9,444,160 357,058 3,368,472 1,358,139 359,654 126,553 12,812,632 3,392,962 1,193,896
871,932 8,225,774
U.S. Dollars
(millions) Years ended March 1998 1999 2000
(thousands) 2000
sales income
60,812
58,000
50,515
$10,149,877 476,557
affiliates accounted equity method, carrying market values shares publicly listed companies March 1999 2000 were follows:
(millions) March 1999 2000 U.S. Dollars (thousands) 2000
Carrying value Market value
685,100
291,078 2,746,019 1,490,597 14,062,236
March 1999 2000, amount million ($182,764 thousand) representing Company's 29.49% investment JECC included investments long-term loans-other. Company does regard JECC affiliate unable exercise significant influence over JECC's affairs. JECC's principal business leasing computers peripherals which purchases from seven shareholders. March 2000, JECC's issued share capital million ($619,811 thousand). sales years ended March 1998, 1999 2000 amounted million, million million ($2,827,792 thousand) respectively.
Notes Consolidated Financial Statements
Property, Plant Equipment
Changes property, plant equipment resulted from following:
(millions) Years ended March 1999 2000 U.S. Dollars (thousands) 2000
Land Balance beginning year, Additions Translation differences Other, Balance year, Buildings Balance beginning year, Additions Depreciation Translation differences Other, Balance year, Machinery equipment Balance beginning year, Additions Depreciation Translation differences Other, Balance year, Construction progress Balance beginning year, Additions Translation differences Transfers Balance year,
6,230 (1,505) (5,732) 32,106 39,129 (7,855) 279,608 286,049 (23,289) (52,097) 54,337 175,321 (753) (190,859) 38,046
9,935 (1,478) (7,993) 21,904 36,409 (8,003) (10,595) 338,213 279,187 (24,732) 28,221 38,046 225,437 (882) (218,001) 44,600
$1,263,047 93,727 (13,943) (75,406) $1,267,425 $3,793,057 206,641 343,481 (75,500) (99,953) $3,480,764 $6,305,991 3,190,689 2,633,840 (233,321) 266,236 $6,895,755 358,925 2,126,764 (8,321) (2,056,613) 420,755
Goodwill
analysis goodwill shown below:
(millions) Years ended March 1999 2000 U.S. Dollars (thousands) 2000
Balance beginning year Additions Amortization Translation differences Balance year
27,311 21,754 (14,216)
6,405 27,621 (15,072)
$2,100,075 60,425 260,575 (142,189) $1,757,736
Short-Term Borrowings Long-Term Debt
Short-term borrowings March 1999 2000 comprised following:
(millions) 1999 2000 U.S. Dollars (thousands) 2000
Loans, principally from banks, interest rates ranging from 0.47% 8.00% March 1999 from 0.08% 7.60% March 2000: Secured Unsecured Commercial paper interest rates ranging from 0.10% 0.31% March 1999 0.07% March 2000
573,716 114,000
427,851 1,000
5,472 4,036,330
9,434 $4,051,236
Long-term debt March 1998 1999 consisted
(millions) 1999 2000 U.S. Dollars (thousands) 2000
Loans, principally from banks insurance companies, from 2000 2024 interest rates ranging from 0.08% 11.7% March 1999 2000: Secured Unsecured Bonds notes issued Company: 1.4% unsecured convertible bonds 2004 1.9% unsecured convertible bonds 2002 1.95% unsecured convertible bonds 2003 2.0% unsecured convertible bonds 2004 1/8% U.S. dollar bonds 2000 with warrants 4.1% bonds 1999 with warrants 3/4% bonds 1999 2.3% bonds 2001 2.6% bonds 2002 2.825% bonds 2001 3.025% bonds 2002 3.225% bonds 2003 2.425% bonds 2003 2.875% bonds 2006 2.575% bonds 2004 3.15% bonds 2009 3.0% dual currency bonds 2001 2.3% bonds 2007 2.325% bonds 2008 3.0% bonds 2018 2.175% bonds 2008 2.15% bonds 2008 Bonds notes issued consolidated subsidiaries: Unsecured (2.66% 3.45%, 1999-2006) Less amounts within year
21,623 277,956 39,649 38,087 39,303 18,044 50,341 35,000 30,000 30,000 30,000 60,000 30,000 30,000 50,000 50,000 50,000 50,000 30,000 50,000 50,000 30,000 50,000 50,000
13,682 129,075 429,694 4,053,717
39,625 24,819 33,936 15,953 50,341 30,000 30,000 60,000 30,000 30,000 50,000 50,000 50,000 50,000 30,000 50,000 50,000 30,000 50,000 50,000
373,821 234,142 320,151 150,500 474,915 283,019 283,019 566,038 283,019 283,019 471,698 471,698 471,698 471,698 283,019 471,698 471,698 283,019 471,698 471,698
48,757 110,385
47,594 449,000 132,255 1,247,689 163,389 $10,975,368
Notes Consolidated Financial Statements
Assets pledged collateral bank loans long-term debt March 1999 2000 presented below:
(millions) 1999 2000 U.S. Dollars (thousands) 2000
Investments long-term loans Property, plant equipment, Receivables, trade other current assets
23,411
15,053
142,009 5,161 $147,170
customary Japan, substantially loans from banks (including short-term loans) made under general agreements which provide that, request banks, borrower required provide collateral guarantors additional collateral guarantors, appropriate) with respect such loans, that assets pledged collateral under such agreements will applicable present future indebtedness banks concerned. These general agreements further provide that banks have right, indebtedness matures becomes prematurely default, offset deposits banks against indebtedness banks. current conversion prices 1.4%, 1.9%, 1.95% 2.0% convertible bonds issued Company share, respectively, current exercise price warrants issued with 1/8% bonds share. conversion exercise prices referred above subject adjustment certain circumstances, including stock splits free share distributions common stock. March 2000, approximately million shares common stock were reserved conversion exercise outstanding convertible bonds warrants. Certain outstanding convertible bonds notes repurchased time redeemed option Company, whole part, prices ranging from 105% 100% their principal amounts. aggregate annual maturities long-term debt subsequent March 2000 summarized follows:
Years ending March
(millions)
U.S. Dollars (thousands)
2001 2002 2003 2004 2005 thereafter
233,803 185,342 185,024 559,220
1,247,689 2,205,689 1,748,510 1,745,509 5,275,660
Bonds with detachable stock purchase warrants issued after April 1994 have been accounted separately amounts attributable bonds stock purchase warrants. bonds with warrants issued before that date, value stock purchase warrants been computed retroactively warrants detachable. aggregate amount attributable stock purchase warrants reported other current liabilities conformity with accounting principles generally accepted Japan. warrants outstanding March 1999 2000 amounted million million ($18,594 thousand), respectively. Convertible bonds treated solely bonds value inherent their conversion feature recognized accordance with accounting principles generally accepted Japan. total amount convertible bonds been included long-term debt.
Pension Severance Plans
Upon retirement, employees Group entitled lump-sum payment annuity payments life described below. Company consolidated subsidiaries Japan adopt severance benefit plans, under which cost benefits funded liabilities benefits accrued. Under plans, employees entitled lump-sum payments based their current basic rates length service. Accrued severance benefits consolidated balance sheets stated present value vested benefit obligation which would required paid employees voluntarily terminated their services balance sheet date. Provisions employees' severance benefits charged income years ended March 1998, 1999 2000 amounted million, million million ($320,368 thousand), respectively. addition plans described above, Company consolidated subsidiaries Japan have contributory defined benefit plans with insurance companies, trust banks investment management companies supplement public welfare pension plan. plans entitle eligible employees upon retirement receive either lump-sum payment annuity payments life, combination both. These plans include substitutional portion benefits under National Welfare Pension Plan Japan ("the Plan"). plans require that liability reserve annual contributions calculated actuarially open aggregate cost method substitutional portion Plan, entry-age normal cost method remainder.
liability reserve substitutional portion Plan Company certain subsidiaries March 1998 1999, most recent valuation dates, amounted million million ($2,315,415 thousand), respectively. liability reserve remainder March 1998 1999 amounted million million ($4,859,821 thousand), respectively. March 1998 1999, aggregate fair value plan assets contributory defined benefit plans, which primarily consist marketable securities, totaled million million ($5,423,519 thousand), respectively. assumed rate salary increases, expected long-term rate return discount rate above contributory pension plans ranged from 2.2% 5.3%, from 4.5% 5.5%, 5.5%, respectively. unrecognized balance past service cost March 1999 million ($1,631,991 thousand). Amortization past service cost years ended March 1997, 1998 1999 totaled million, million million ($100,726 thousand), respectively. Effective January 1999, Company most consolidated subsidiaries Japan decided shift their severance benefit plans contributory defined benefit plans. year ended March 2000, shift covered only employees retire sixty and, therefore, there accompanying reversal accrued severance benefits. unrecognized past service cost resulting from this shift being amortized over years. Most subsidiaries outside Japan have defined benefit pension plans and/or defined contribution pension plans covering substantially employees. major plan Group Pension Plan, which defined benefit plan. pension cost this plan calculated projected unit method. plan subject formal actuarial valuation, fair value plan assets tentatively estimated April 1999 almost sufficient cover actuarial present value future benefit obligations. revised requires that cost providing retirement benefits determined accrued benefit valuation method. Company consolidated subsidiaries Japan, April 2000, estimate unrecognized obligation upon application accounting standards follows: Pension severance plan (The Company consolidated subsidiaries Japan)
(billions) U.S. Dollars (millions)
April 2000 (estimated) Present value obligation Fair value plan assets Beginning balance accrued severance benefits Unrecognized obligation upon application accounting standards
(Unaudited) 14,905 6,981 1,698 6,226
Unrecognized obligation upon application accounting standards Company consolidated subsidiaries Japan will amortize billion ($6,226 million) [estimated] unrecognized obligation upon application accounting standards with following manners. Company fully amortizes billion ($3,962 million) [estimated], which equivalent Company's portion unrecognized obligation. Simultaneously, Company places holding marketable securities trust which solely established severance benefits, described Note year ending March 2001, approximately billion ($3,962 million) extraordinary loss amortizing unrecognized obligation approximately billion ($4,339 million) extraordinary gain establishing trust will recorded. remaining billion ($2,264 million) [estimated], which equivalent unrecognized obligation consolidated subsidiaries Japan, amortized over years beginning year ending March 2001.
above estimation benefit obligations April 2000 based assumed discount rate 3.0%.
Notes Consolidated Financial Statements
Income Taxes
Group subject number different income taxes. applicable statutory rates Japan years ended March 1998, 1999, 2000 were, aggregate, approximately 51%, 47%, 42%, respectively. components income taxes follows:
(millions) Years ended March 1998 1999 2000 U.S. Dollars (thousands) 2000
Current Deferred Changes deferred rate Income taxes
(1,731) (939)
(2,053) (856)
65,595 (37,216) 28,379
618,821 (351,095) 267,726
reconciliation differences between reported total income rate applicable statutory income rate year ended March 2000 follows: Applicable statutory income rate Increase (decrease) rate: Amortization goodwill Valuation allowance deferred assets Equity earnings affiliates, Non-deductible expenses purposes Other Reported total income rate
42.0% 15.5% (13.5%) (9.6%) 4.6% (1.1%) 37.9%
significant components deferred assets liabilities March 1999 2000 follows:
(millions) 1999 2000 U.S. Dollars (thousands) 2000
Deferred assets: loss carryforwards Accrued severance benefits Provision loss repurchase computers Intercompany profits inventories property, plant equipment Accrued employee benefits Accrued enterprise taxes Other Gross deferred assets Less: Valuation allowance Total deferred assets Deferred liabilities: Retained earnings appropriated deductible reserves Other Gross deferred liabilities deferred assets (liabilities)
189,443 23,125 19,328 12,365 2,148 2,935 16,988 266,332 (203,906) 62,426 (48,088) (7,311) (55,399) 7,027
193,307 31,793 20,646 13,635 13,441 3,518 19,734 296,074 (199,557) 96,517 (43,598) (6,154) (49,752) 46,765
1,823,651 299,934 194,773 128,632 126,802 33,189 186,170 2,793,151 (1,882,613) 910,538 (411,302) (58,057) (469,358) 441,179
deferred assets (liabilities) included consolidated balance sheets follows:
(millions) March 1999 2000 U.S. Dollars (thousands) 2000
Other current assets Investments long-term loans-other Other current liabilities Other long-term liabilities deferred assets (liabilities)
23,309 (2,338) (14,911) 7,027
14,507 (1,663) (6,366)
$380,066 136,858 (15,689) (60,056) $441,179
loss carryforwards included deferred assets expire various dates, primarily extend years. Realization dependent abilities companies generate sufficient taxable income prior expiration loss carryforwards. Valuation allowance been recorded these deferred assets carryforwards except those expected realized, realization these deferred assets assured. Deferred liabilities have been provided undistributed profit affiliates, deemed that distributions will give rise liabilities. Deferred assets have been provided losses subsidiaries, utilization these losses currently able determined.
Shareholders' Equity
changes number issued shares common stock during years ended March 1998, 1999 2000 were follows:
1998 1999 Number shares 2000
Balance beginning year Exercise warrants Conversion bonds Increase arising from merger Balance year
1,841,435,783 16,661,107 4,259,020 1,862,355,910
1,862,355,910 20,275,164 328,628 1,179,702 1,884,139,404
1,884,139,404 58,018,995 20,781,208 1,962,939,607
issuance shares upon conversion convertible bonds exercise stock purchase warrants accounted crediting amount equal least amount each issuance common stock account balance capital surplus account accordance with certain provisions Commercial Code Japan, which became effective October 1982. Appropriations retained earnings year ended March 2000, which included year-end cash dividends million ($92,587 thousand), were recorded Company's statutory books account after approval general shareholders' meeting held June 2000, will included following year's consolidated balance sheet. increase arising from merger during year ended March 1999 reflects issuance stock connection with merger Fujitsu Towa Electron Ltd. with Company October 1998.
Commitments Contingent Liabilities
Commitments outstanding March 2000 purchases property, plant equipment were approximately million ($13,113 thousand). Contingent liabilities guarantee contracts amounted million ($553,160 thousand) March 2000. total contingent liabilities, guarantees given employees' housing loans were million ($270,509 thousand) aggregate.
Derivative Financial Instruments
Purpose Derivative Trading Group enters into derivative transactions related foreign currency exchange interest rates reduce risk exposure arising from fluctuations foreign currency exchange rates interest rates, reduce costs funds financed, improve their return invested funds. Basic Policies Derivative Trading Group basically enters into derivative transactions only cover their actual requirements effective management receivables/liabilities, speculative dealing purposes. Group, principle, intention derivative financial instruments which would increase market risk. Furthermore, counterparties derivative transactions thoroughly assessed terms their credit risk. Therefore, Group believes that their derivative financial instruments entail minimal market credit risk. Notional amounts derivative financial instruments notional amounts related forward foreign exchange contracts, interest rate currency swap contracts options contracts March 1999 2000 were follows:
1999 (millions) 2000 U.S. Dollars (thousands) 2000
Forward foreign exchange contracts: foreign currencies sell foreign currencies Interest rate currency swap contracts Options contracts: Purchased Written
73,658 37,537 259,343 33,489 38,887
32,418 18,419 209,292 10,987 8,577
305,830 173,764 1,974,453 103,651 80,915
Notes Consolidated Financial Statements
Fair value derivative financial instruments estimated fair value forward foreign exchange contracts March 1999 2000 were follows:
1999 (millions) 2000 U.S. Dollars (thousands) 2000
Forward foreign exchange contracts
$5,509
carrying amounts estimated fair value interest rate currency swap contracts option contracts March 1999 2000 were follows:
Carrying amount 1999 Estimated fair value (millions) 2000 Carrying Estimated amount fair value U.S. Dollars (thousands) 2000 Carrying Estimated amount fair value
Interest rate currency swap contracts Options contracts: Purchased Written
1,016
1,104 1,200
1,613 1,368
$2,377 1,151 1,009
Estimate fair value Fair value forward exchange contracts have been based quoted market rates March 1999 2000. Fair value interest rate currency swap contracts options contracts have been valued discounted cash flow analysis method. Estimates fair value were performed March 1999 2000 based various assumptions. Accordingly, Group believes that estimated fair value limited usefulness.
Leases
Lessors following summary minimum lease payments receivable, present value, unearned finance income, accumulated allowance uncollectible minimum lease payments receivable, under finance leases operated Fujitsu Leasing Co., Ltd. March 2000. Since Fujitsu Leasing Co., Ltd. consolidated subsidiary affiliate during year ended March 1999, Group, lessor, finance leases year ended March 1999.
(millions) 2000 U.S. Dollars (thousands) 2000
Minimum lease payments receivable Within year Over year within five years Over five years Total present value minimum lease payments receivable Within year Over year within five years Over five years Total
75,723 147,827 3,745 52,232 99,096 2,511
714,368 1,394,594 35,330 $2,144,292 492,755 934,868 23,688 $1,451,311
March 2000, unearned finance income million ($692,981 thousand). March 2000, accumulated allowance uncollectible minimum lease payments receivable million ($4,075 thousand). March 2000, future minimum lease payments received within year under non-cancelable operating leases were million ($1,868 thousand).
Lessees following summary equivalent amounts acquisition costs, accumulated depreciation, book value leased assets, minimum lease payments required under finance leases March 2000.
(millions) 2000 U.S. Dollars (thousands) 2000
Equivalent amounts acquisition costs Accumulated depreciation Book value leased assets Minimum leases payments required Within year Over year within five years Over five years Total
54,894 65,513 18,680 53,305 14,714 86,699
$1,135,915 517,868 618,047 176,227 502,877 138,814 817,915
March 1999, equivalent amounts acquisition costs, accumulated depreciation book value leased assets Company consolidated subsidiaries Japan were million, million million, respectively. Minimum lease payments required under finance leases Company consolidated subsidiaries Japan amounted million within year, million over year within five years, million over five years. Since Fujitsu Leasing Co., Ltd. consolidated subsidiary affiliate before year ended March 31,1999, finance leases between Group companies Japan Fujitsu Leasing Co., Ltd. were eliminated year ended March 1999 before. stated Note '(p) Change significant accounting policy', these finance leases were treated same operating leases before year ended March 1999. March 1999, equivalent amounts acquisition costs, accumulated depreciation book value leased assets consolidated subsidiaries outside Japan were million, million million, respectively. Minimum lease payments required under finance leases consolidated subsidiaries outside Japan amounted million within year, million over year within five years, million over five years. following summary future minimum lease payments required under non-cancelable operating leases aggregate each following periods.
March 1999 (millions) 2000 U.S. Dollars (thousands) 2000
Future minimum lease payments required Within year Over year within five years Total
$11,821 7,377 $19,198
Supplementary Information Consolidated Balance Sheets
Balances with affiliates March 1999 2000 presented follows:
1999 (millions) 2000 U.S. Dollars (thousands) 2000
Receivables, trade Payables, trade
40,178
55,680
$616,972 525,283
Earnings Share
Basic earnings share diluted earnings share calculated follows:
(millions) income (loss) (thousands) Weightedaverage number shares U.S. Dollars Earnings (loss) share
year ended March 1998 Basic earnings share 5,587 1,857,216 Effect dilutive securities: Warrants 16,149 Diluted earnings share 5,587 1,873,365 year ended March 1999 Basic losses share 1,874,396 (7.3) year ended March 2000 Basic earnings share 42,734 1,933,665 $0.208 Effect dilutive securities: Convertible bonds 1,257 109,681 Warrants 7,094 Diluted earnings share 43,991 2,050,440 $0.202 Note: Diluted earnings share year ended March 1999 presented loss recorded.
Supplementary Information Consolidated Statements Operations
Research development expenses charged selling, general administrative expenses years ended March 1998, 1999 2000 were million million ($3,783,557 thousand), respectively. Other income (expenses)-other, years ended March 1998, 1999 2000 consisted following:
Years ended March 1998 1999 (millions) 2000 U.S. Dollars (thousands) 2000
Foreign exchange gains (losses), Amortization unrecognized past service cost (pension expense) Loss disposal property, plant equipment Expenses issuance offering securities Loss devaluation marketable securities Reversal loss devaluation marketable securities Gain sales marketable securities Gain sales subsidiaries' stock Restructuring charges Provision loss Pathway project Other,
(9,445) (12,866) (1,818) (13,200) 14,593 (5,871)
(4,323) (15,610) (1,286) (5,575) 19,279 41,002 (43,714) (38,111) 5,729
(21,718) (12,907) (542) 1,846 20,351 20,448 (37,961)
$(242,255) (204,887) (121,764) (5,113) 17,415 191,990 192,906 (358,123) 8,887 $(520,944)
Notes Consolidated Financial Statements
Company most consolidated subsidiaries Japan decided shift their covered severance benefit plans contributory defined benefit plans effective January 1999. Unrecognized past service cost (pension expense) related this shift. Restructuring charges related mainly reorganization manufacturing office facilities disposal assets throughout Group order streamline business structure. amount million year ended March 1999 includes million principally restructuring semiconductor factories Company million connection with liquidation Fujitsu Microelectronics Ltd. U.K. total amount million ($358,123 thousand) year ended March 2000, million ($138,839 thousand) relates restructuring electronic devices business information processing business Company. provision loss Pathway project million year ended March 1999 relates realignment Pathway Private Finance Initiative (PFI) project, which large-scale plan automate postal services throughout U.K. construct, implement operate system deliver social benefit payments through postal service.
Segment Information
Group, total supplier, supplies products services which satisfy customers' needs incorporating leadingedge technologies business segment, information technology industry. Effective year ended March 1999, however, this business segment been divided into segments: "Services Software," "Information Processing," "Telecommunications," "Electronic Devices" "Other Operations" order present more useful information regarding Group's business. "Financing" been newly added effective year ended March 2000, accompanied with consolidation Fujitsu Leasing Co., Ltd. These segments classified based upon similarity products services, selling methods, etc.
Business Segment Information
(millions) Years ended March Services Software Information TelecomProcessing munications Electronic Devices Financing Other Elimination Operations Corporate Consolidated
1998 Sales Unaffiliated customers Intersegment Total sales Operating costs expenses Operating income (loss) Total assets Depreciation Capital expenditure 1999 Sales Unaffiliated customers Intersegment Total sales Operating costs expenses Operating income (loss) Total assets Depreciation Capital expenditure
45,305 246,012 1,782,002 1,662,314 119,688 1,266,111 68,567 95,376 1,934,414 1,884,477 49,937 1,449,784 83,403 106,859
12,450 811,737 710,823 100,914 601,298 29,744 54,892
115,667 656,690 689,163 (32,473) 982,234 152,856 201,753
127,483 347,456 343,455 4,001 375,193 8,927 9,951
(546,917) (546,917) (482,203) (64,714) 448,419 8,296 19,757 4,985,382 4,808,029 177,353 5,123,039 351,793 488,588
58,245 300,661 2,092,814 1,926,478 166,336 1,359,518 70,224 80,360 2,102,070 2,007,998 94,072 1,354,471 86,162 94,268
10,759 691,818 676,161 15,657 582,633 44,458 45,050
103,161 609,806 693,145 (83,339) 890,014 153,158 97,291
100,949 320,253 313,196 7,057 372,640 9,344 9,463
(573,775) (573,775) (506,279) (67,496) 553,054 7,929 12,117 5,242,986 5,110,699 132,287 5,112,330 371,275 338,549
(millions) Years ended March Services Software Information TelecomProcessing munications Electronic Devices Financing Other Elimination Operations Corporate Consolidated
2000 Sales Unaffiliated customers Intersegment Total sales Operating costs expenses Operating income (loss) Total assets Depreciation Capital expenditure
(U.S. Dollars (thousands)
77,583 278,985 2,053,049 1,918,105 134,944 1,345,206 83,744 108,152 1,884,286 1,845,425 38,861 1,240,040 89,091 110,193
11,768 784,231 767,078 17,153 581,901 36,045 39,044
148,384 716,543 696,364 20,179 903,907 129,756 126,744
6,440 119,510 116,483 3,027 276,591
125,661 346,304 342,816 3,488 368,167 10,802 11,233
(648,821) (648,821) (581,143) (67,678) 418,836 8,296 13,964 5,255,102 5,105,128 149,974 5,134,648 357,785 409,389
2000 U.S. Dollars) Sales Unaffiliated customers Intersegment Total sales Operating costs expenses Operating income (loss) Total assets Depreciation Capital expenditure
$18,636,472 $15,144,349 $7,287,387 $5,359,990 $1,066,698 $2,081,538 731,915 2,631,934 111,019 1,399,849 60,755 1,185,481 19,368,387 18,095,330 1,273,057 12,690,623 790,038 1,020,302 17,776,283 17,409,670 366,613 11,698,491 840,481 1,039,556 7,398,406 7,236,585 161,821 5,489,632 340,047 368,340 6,759,839 6,569,471 190,368 8,527,424 1,224,113 1,195,698 1,127,453 1,098,897 28,556 2,609,349 3,267,019 3,234,113 32,906 3,473,273 101,906 105,972
$49,576,434 (6,120,953) (6,120,953) 49,576,434 (5,482,481) 48,161,585 (638,472) 1,414,849 3,951,283 78,264 131,736 48,440,075 3,375,330 3,862,160
Notes: business segments classified based similarity products services, selling methods, etc. principal products services business segments follows: Services Software System integration service, support, Consulting, Network service, Outsourcing, Software, Maintenance system construction works Information Processing Servers, Personal computer, Magnetic disk drive, Optical magnetic disk drive, Printer, ATM, system Telecommunications Digital switching system, Optical transmission system, Optical undersea transmission system, Corporate information network system, Mobile telecommunication system, Cellular phone Electronic Devices System LSI, Flash memory, device, Compound semiconductor, PDP, Financing Leasing business Other Operations Electronic material, Audio/Visual equipment, Auto electronic device, Battery, Logistic service, Insurance travel service Unallocated operating costs expenses reported "Elimination Corporate" years ended March 1998, 1999 2000 were million, million million ($638,340 thousand), respectively. Most these costs expenses were incurred basic research development expenses general administrative expenses Company. Corporate assets included "Elimination Corporate" March 1998, 1999 2000 amounted million, million million ($6,378,858 thousand), respectively. assets principally consisted working capital (cash cash equivalents), long-term investments miscellaneous assets held general administrative sections.
Notes Consolidated Financial Statements
Geographic Segment Information
Years ended March Japan Europe Americas Other Elimination Corporate
(millions) Consolidated
1998 Sales Unaffiliated customers Intersegment Total Operating costs expenses Operating income (loss) Total assets 1999 Sales Unaffiliated customers Intersegment Total Operating costs expenses Operating income (loss) Total assets 2000 Sales Unaffiliated customers Intersegment
482,785 4,010,949 3,726,943 284,006 3,214,068
795,932 30,751 826,683 834,102 (7,419) 710,828
449,998 61,694 511,692 572,293 (60,601) 484,473
211,288 312,581 523,869 497,333 26,536 275,152
(887,811) (887,811) (822,642) (65,169) 438,518
4,985,382 4,808,029 177,353 5,123,039
571,769 3,986,389 3,777,230 209,159 3,266,960
53,409 1,059,055 1,058,644 624,572
573,191 95,938 669,129 688,148 (19,019) 371,253
249,529 323,426 572,955 559,328 13,627 271,378
(1,044,542) (1,044,542) (972,651) (71,891) 578,167
5,242,986 5,110,699 132,287 5,112,330
593,927 4,224,933 3,997,180 227,753 3,530,120
787,567 30,400 817,967 828,450 (10,483) 478,283
585,459 77,654 663,113 676,377 (13,264) 369,640
251,070 298,206 549,276 529,956 19,320 267,076
(1,000,187) (1,000,187) (926,835) (73,352) 489,5
5,255,102 5,105,128 149,974 5,134,648
Total Operating costs expenses Operating income (loss) Total assets 2000 U.S. Dollars) Sales Unaffiliated customers Intersegment Total Operating costs expenses Operating income (loss) Total assets
U.S. Dollars (thousands)
$34,254,773 5,603,085 39,857,858 37,709,245 2,148,613 33,303,019
$7,429,878 286,792 7,716,670 7,815,566 (98,896) 4,512,103
$5,523,198 732,585 6,255,783 6,380,915 (125,132) 3,487,170
$2,368,585 2,813,264 5,181,849 4,999,585 182,264 2,519,585
(9,435,726) (9,435,726) (8,743,726) (692,000) 4,618,198
$49,576,434 49,576,434 48,161,585 1,414,849 48,440,075
Notes: Classification geographic segments determined geographical location. principal countries regions belonging geographic segments other than Japan: Europe U.K., France, Spain, Sweden, Germany, Finland, Netherlands Americas U.S.A., Canada Others China, Thailand, Vietnam, Philippines, Singapore, Taiwan, Australia Unallocated operating costs expenses reported "Elimination Corporate" years ended March 1998, 1999 2000 were million, million million ($638,340 thousand), respectively. Most these costs expenses were incurred basic research development expenses general administrative expenses Company. Corporate assets included "Elimination Corporate" March 1998, 1999 2000 amounted million, million million ($6,378,858 thousand), respectively. assets principally consisted working capital (cash cash equivalents), long-term investments miscellaneous assets held general administrative sections.
Subsequent events
Board Directors' meeting April 2000, Company decided place holding marketable securities trust, achieve reduction unrecognized obligation severance benefits upon application accounting standards retirement benefits effective April 2000 Japan. securities held this trust qualified plan assets under accounting principles Japan. effects Group's income loss year ending March 2001 will approximately billion ($3,962 million) extraordinary loss amortizing unrecognized obligation time approximately billion ($4,339 million) extraordinary gain contributing securities trust. income will significantly affected after taking income taxes into consideration.

Significant Accounting Policies Basis presenting consolidated fin

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