Toshiba 2004 Annual Report Download - page 66

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64
because of their short maturities. Quoted market prices were used for a part of marketable securities and other
investments. Other techniques, such as estimated discounted value of future cash flows, and replacement cost, have
been used to determine fair value for the remaining financial instruments. These estimated fair values are not
necessarily indicative of the amounts that could be realized in a current market exchange.
Marketable securities and other investments include investment securities, which represent holdings in a number
of non-public companies. The aggregate carrying amount of these investments in non-public companies was ¥101,456
million ($957,132 thousand) and ¥97,271 million at March 31, 2004 and 2003, respectively. However, the
corresponding fair value of these investments at those dates was not computed as such estimation was not practicable.
19. LEASES
> LESSEE The Company leases manufacturing equipment, office and warehouse space, and certain other assets under
operating leases. Rent expenses under such leases for the years ended March 31, 2004 and 2003 were ¥83,889
million ($791,406 thousand) and ¥76,180 million, respectively.
The Company also leases certain machinery and equipment which are accounted for as capital leases from TFC, an
affiliate of the Company. The costs and accumulated amortization of the machinery and equipment under capital
leases as of March 31, 2004 were approximately ¥87,000 million ($820,755 thousand) and ¥41,300 million
($389,623 thousand), respectively.
During the year ended March 31, 2003, the Company sold certain machinery and equipment for approximately
¥82,732 million. These assets were leased back from the purchaser over periods of less than 5 years under operating
lease agreements. The gain or loss on these transactions was not significant.
Minimum lease payments for the Company’s capital and non-cancelable operating leases as of March 31, 2004 are
as follows:
Millions of yen Thousands of U.S. dollars
Year ending March 31 Capital leases Operating leases Capital leases Operating leases
2005 ¥21,334 ¥15,795 $201,264 $149,009
2006 15,131 12,929 142,745 121,972
2007 6,889 11,721 64,991 110,575
2008 3,569 5,800 33,670 54,717
2009 1,367 3,243 12,896 30,594
Thereafter 753 2,827 7,104 26,671
Total minimum lease payments 49,043 ¥52,315 462,670 $493,538
Executory costs (1,553) (14,651)
Amounts representing interest (1,784) (16,830)
Present value of net minimum lease payments 45,706 431,189
Less—current portion (21,077) (198,840)
¥24,629 $232,349
> LESSOR The Company is also a lessor to office buildings and other assets under operating leases. Future minimum
lease payments to be received under the Company’s non-cancelable operating leases as of March 31, 2004 are as
follows:
Year ending March 31 Millions of yen Thousands of U.S. dollars
2005 ¥ 856 $ 8,075
2006 848 8,000
2007 848 8,000
2008 841 7,934
2009 718 6,774
Thereafter 6,648 62,717
¥10,759 $101,500