Materialization of Product Defect and Recall Risk (Takata Airbags)
First written in FY2016. 5 of 12 entries say "Restated". Latest entry: FY2024.
Subaru moved to the "Worse" side of this theme in 2016.
0 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「However, additional recognition may be required in the future owing to the occurrence of new events and other factors.」
The company continued to disclose the possibility of additional recognition of costs related to Takata airbags. - FY2019RestatedAnnual report
「However, additional recognition may be required in the future owing to the occurrence of new events and other factors.」
The company continued to disclose the possibility of additional recognition of costs related to Takata airbags. - FY2019-Q3RestatedAnnual report
「However, additional recognition may be required in the future owing to the occurrence of new events and other factors.」
Although the provision for Takata airbag-related losses decreased from the end of the previous fiscal year, the possibility of recognising additional costs continues to be disclosed. - FY2019-Q2RestatedAnnual report
「However, additional recognition may be required in the future owing to the occurrence of new events and other factors.」
The company continued to disclose the possibility of recognising additional costs related to Takata airbags. The provision for airbag-related losses was ¥64,711 million at the end of the second quarter. - FY2018WorsenedAnnual report
「Net income attributable to owners of the parent declined by ¥62.0 billion, or 22.0%, from the previous consolidated fiscal year to ¥220.4 billion, partly because the company recognised an extraordinary loss of ¥81.3 billion as an airbag-related loss.」
Regarding the Takata airbag issue, the company recognised an ¥81.3 billion airbag-related loss as an extraordinary loss, with the impact materialising in full-year net income. It also recognised an ¥64.7 billion provision for airbag-related losses on the consolidated balance sheet. - FY2018-Q3RestatedAnnual report
「Net income attributable to owners of the parent declined by ¥54.7 billion, or 26.3%, year on year to ¥152.8 billion, partly because the company recognised an extraordinary loss of ¥81.3 billion as a provision for airbag-related losses.」
The ¥81.3 billion extraordinary loss related to Takata airbags continued to weigh on quarterly net income. The notes continued to disclose the possibility of additional recognition, indicating that the impact of the issue persisted. - FY2018-Q2WorsenedAnnual report
「In terms of profit, although expenses centred on selling expenses increased owing to higher US interest rates, as did research and development expenses, operating profit increased by ¥3.6 billion, or 1.7%, year on year to ¥212.1 billion, owing to exchange-rate movements and an improved automotive sales mix. Ordinary profit, however, declined by ¥15.0 billion, or 6.6%, year on year to ¥212.7 billion. Net income attributable to owners of the parent declined by ¥78.8 billion, or 48.1%, year on year to ¥85.0 billion, partly because the company recognised an extraordinary loss of ¥81.3 billion as a provision for airbag-related losses.」
The company recognised an ¥81.3 billion provision for losses as additional quality-related costs associated with Takata airbags, with the impact materialising as an extraordinary loss and a substantial decline in net income. - FY2018-Q1WorsenedAnnual report
「As the Tokyo District Court accepted on 26 June 2017 an application by Takata Corporation (Japan) to commence civil rehabilitation proceedings, and TK HOLDINGS INC. (US) filed for proceedings under Chapter 11 of the United States Bankruptcy Code, the company's reimbursement claims and other receivables from Takata Corporation and TK HOLDINGS INC. are expected to become uncollectible.」
The company expected reimbursement claims and other receivables to become uncollectible as a result of bankruptcy proceedings involving Takata and its US subsidiary, and stated that it was reviewing unfiled claims and related costs in addition to the approximately ¥73.5 billion in market-measure costs recognised through the previous consolidated fiscal year. - FY2017MaterialisedAnnual report
「As the number of recall responses has been trending upward, including the full-scale response to recalls caused by airbag inflators」
The Takata airbag issue continued to materialise during the fiscal year through an increase in the number of recall responses and quality-related costs. The company also disclosed the possibility of additional recognition. - FY2017-Q2MaterialisedAnnual report
「For the costs associated with the expansion of market measures relating to Takata airbag inflators, based on the amended agreement reached on 4 May 2016 between Takata Corporation's US subsidiary and NHTSA (the US Department of Transportation's National Highway Traffic Safety Administration), the Ministry of Land, Infrastructure, Transport and Tourism's 27 May 2016 document entitled 'Schedule for the Expansion of Recalls Relating to Takata Airbag Inflators,' and the response policy for other regions, including China and Australia, based on requests from both authorities, the company recognised in the cumulative second quarter the costs that could be reasonably estimated. However, additional recognition may be required in the future owing to the occurrence of new events and other factors.」
The company continued to recognise market-measure costs related to Takata airbags in the cumulative second quarter and continued to disclose the possibility of additional recognition. - FY2017-Q1MaterialisedAnnual report
「For the costs associated with the expansion of market measures relating to Takata airbag inflators, based on the amended agreement reached on 4 May 2016 between Takata Corporation's US subsidiary and NHTSA (the US Department of Transportation's National Highway Traffic Safety Administration), the Ministry of Land, Infrastructure, Transport and Tourism's 27 May 2016 document entitled 'Schedule for the Expansion of Recalls Relating to Takata Airbag Inflators,' and the response policy for other regions, including China and Australia, based on requests from both authorities, the company recognised in the cumulative first quarter the costs that could be reasonably estimated. However, additional recognition may be required in the future owing to the occurrence of new events and other factors.」
The company recognised reasonably estimable Takata airbag-related costs in the quarter, which reduced operating profit. It also disclosed the possibility of additional recognition in the future. - FY2016MaterialisedAnnual report
「As it was difficult to reasonably estimate the costs associated with the expansion of market measures relating to Takata airbag inflators, no expense was recognised for them in the current consolidated fiscal year. The company filed a recall for the North American market on 25 May 2016. The impact was ¥18,700 million, which was scheduled to be recognised in the following consolidated fiscal year.」
While disclosing product defects and recalls as a general possibility, the company also disclosed market measures for Takata airbags and costs of ¥18,700 million and ¥11,800 million for the following period.