Derivative Transactions to Which Hedge Accounting Is Applied at March 31, 2010 19. Contingent Liabilities At March 31, 2010, the Group had the following contingent liabilities: Note: Depending on the interest rate, fixed interest rate is exchanged for floating rate.  The fair value of derivative transactions is measured at the quoted price obtained  from the financial institution.  The contract or notional amounts of derivatives which are shown in the above  table do not represent the amounts exchanged by the parties and do not measure  the Group’s exposure to credit or market risk. The following is the fair value information for foreign currency forward contracts to which hedge accounting is not applied at March 31,  2009. Foreign currency forward contracts which qualify for hedge accounting are excluded from the information below. Note: The above interest rate swaps which qualify for hedge accounting and meet specific matching criteria are not remeasured at market value, but the differential paid or received  under the swap agreements are recognized and included in interest expense or income. In addition, the fair value of such interest rate swaps in Note 17 is included in that of  hedged items (i.e. long-term debt). The fair value of derivative transactions is measured at the quoted price obtained from the financial institution. March 31, 2010 Hedged Item Contract Amount Contract Amount  Due after One Year Fair Value Foreign currency forward contracts: Denominated in U.S. dollar  Foreign currency  transactions $63,141 thousand $8,000 thousand ¥243 million ($2,616 thousand) Denominated in euro  Foreign currency  transactions 707 euros ¥(1) million ($(12) thousand) Denominated in yen  Foreign currency  transactions ¥1,700 million ($18,272 thousand) ¥(4) million ($(38) thousand) Commodity swap—Copper swap (denominated in yen) Raw material  procurement ¥125 million ($1,344 thousand) ¥22 million ($236 thousand) Interest rate swaps—Floating rate payment, floating rate receipt with conditions Long-term debt  ¥2,500 million ($26,870 thousand) ¥2,500 million ($26,870 thousand) ¥34 million ($364 thousand) Interest rate swaps—Fixed rate payment, floating rate receipt (see Note) Long-term debt  ¥51,840 million ($557,174 thousand) ¥48,367 million ($519,853 thousand) Millions of Yen 2009 March 31, 2009 Contract Amount Fair Value Unrealized Loss Currency swap (denominated in U.S. dollar) ¥ 1,138 ¥(159) ¥(178) Interest rate swaps—  Fixed interest rate with conditions (see Note) 12,500 (171) (171) Foreign currency forward contract 2,600 (192) (213) Commodity swap—  Copper swap (denominated in yen) 633 (61) (61) Millions of Yen Thousands of U.S. Dollars Trade notes discounted ¥ 8 $ 87 Guarantees and similar items of bank loans 1,976 21,234 Repurchase obligation for notes receivable sold 2,465 26,497 JS Group Corporation Annual Report 2010 79