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Assets 

“Cash and Cash Equivalents” and “Short-Term Loans” The book values of these items approximate fair value because of their short maturities. 

Marketable and Investment Securities 

The fair values of marketable and investment securities are mea- sured at the quoted market price of the stock exchange for the equity instruments, and at the quoted price obtained from the financial institution for certain debt instruments. The information of the fair value for the marketable and investment securities by clas- sification is included in Note 7. 

Receivables and Payables 

The book values after deduction of the allowance for bad debts of receivables and payables approximate fair values because of their short maturities. 

Long-Term Loans 

The fair values of long-term loans are calculated by the total amount of principal and interest at discounted interest rates based on the expected rate of new loans. However, as loans based on floating rates reflect market interest rates over a short period of time, as long as the credit standing of the debtor does not change significantly from the time of lending, the book values of the long- term loans approximate fair values. 

## (5) Maturity Analysis for Financial Assets and Securities with Contractual Maturities 

Liabilities 

“Payables,” “Short-Term Bank Loans” and “Income Taxes Payable” The book values of these items approximate fair value because of their short maturities. 

“Corporate Bonds” and “Long-Term Debt” 

The fair values of corporate bonds are calculated based on the market prices. The fair values of long-term debt are calculated by the total amount of principal and interest at discounted interest rates based on the expected rate of new debts. However, as debts based on floating rates reflect market interest rates over a short period of time and the credit standing of the Company has not changed significantly from the time of borrowing, the book values of the long-term debts approximate fair values. 

Derivatives 

The information of the fair value for derivatives is included in Note 18. 

## (b) Financial instruments whose fair value cannot be reliably determined 

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Please see Note 9 for annual maturities of long-term debt and Note 15 for obligations under finance leases. 

