Panasonic 2006 Annual Report Download - page 73

Aggregate amortization expense for amortizing intangible assets for the years ended March 31, 2006, 2005 and
2004 was ¥33,918 million ($289,897 thousand), ¥37,569 million and ¥23,789 million, respectively. Estimated
amortization expense for the next five years is as follows:
Thousands of
Year ending March 31 Millions of yen U.S. dollars
2007 ............................................................................................................ ¥ 27,084 $231,487
2008 ............................................................................................................ 18,961 162,060
2009 ............................................................................................................ 11,564 98,838
2010 ............................................................................................................ 5,537 47,325
2011 ............................................................................................................ 3,626 30,991
The Company recorded an impairment loss of ¥349 million of amortizing intangible assets in fiscal 2005. The
Company estimated the carrying amount would not be recovered by the future cash flows, due to severe competi-
tion in the domestic market. The Company also recognized an impairment loss of ¥98 million ($837 thousand),
¥905 million and ¥ 1,043 million of non-amortizing intangible assets, in connection with the decline of their mar-
ket value during fiscal 2006, 2005 and 2004, respectively. The impairment loss is included in other deductions in
the consolidated statements of income.
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Matsushita Electric Industrial Co., Ltd. 2006
10. Long-Term Debt and Short-Term Borrowings
Long-term debt at March 31, 2006 and 2005 is set forth below:
Thousands of
Millions of yen U.S. dollars
2006 2005 2006
Convertible bonds issued by subsidiaries, due 2005,
interest 0.55%–1.5% .......................................................................... ¥—¥086,411 $ —
Straight bonds, due 2007, interest 0.87% ............................................. 100,014 100,084 854,820
Straight bonds, due 2011, interest 1.64% ............................................. 100,000 100,000 854,701
Straight bonds issued by subsidiaries, due 2005–2013,
interest 0.6%–2.15% .......................................................................... 80,000 116,583 683,761
Unsecured yen loans from banks and insurance companies,
due 2005–2013, effective interest 0.4% in 2006 and
0.5% in 2005..................................................................................... 84,983 306,146 726,350
Secured yen loans mainly from Development Bank of Japan
by subsidiaries, due 2006–2016, effective interest 0.24% .................... 3,495 —29,872
Capital lease obligations....................................................................... 70,631 23,683 603,684
439,123 732,907 3,753,188
Less current portion ............................................................................ 175,053 255,764 1,496,179
¥ 264,070 ¥ 477,143 $2,257,009
The aggregate annual maturities of long-term debt after March 31, 2006 are as follows:
Thousands of
Year ending March 31 Millions of yen U.S. dollars
2007.......................................................................................................... ¥ 175,053 $1,496,179
2008.......................................................................................................... 47,749 408,111
2009.......................................................................................................... 83,404 712,855
2010.......................................................................................................... 7,003 59,855
2011.......................................................................................................... 3,286 28,085
As is customary in Japan, short-term and long-term
bank loans are made under general agreements which
provide that security and guarantees for future and pre-
sent indebtedness will be given upon request of the
bank, and that the bank shall have the right, as the
obligations become due, or in the event of their default,
to offset cash deposits against such obligations due to
the bank.