Toyota 2006 Annual Report Download - page 121

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119
22. Lease commitments:
Toyota leases certain assets under capital lease and operating lease arrangements.
An analysis of leased assets under capital leases is as follows:
U.S.dollars
Yen in millions in millions
March 31, March 31,
2005 2006 2006
Class of property
Building .................................................................................................................... ¥ 11,762 ¥12,095 $ 103
Machinery and equipment ........................................................................................ 162,938 139,063 1,184
Less—Accumulated depreciation............................................................................... (128,578) (112,495) (958)
¥46,122 ¥38,663 $ 329
Amortization expenses under capital leases for the years ended March 31, 2004, 2005 and 2006 were ¥12,908 million,
¥12,725 million and ¥11,348 million ($97 million), respectively.
Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as
of March 31, 2006 are as follows:
U.S. dollars
Years ending March 31, Yen in millions in millions
2007 ............................................................................................................................................................ ¥ 15,407 $ 131
2008 ............................................................................................................................................................ 13,410 114
2009 ............................................................................................................................................................ 6,995 60
2010 ............................................................................................................................................................ 6,483 55
2011 ............................................................................................................................................................ 21,478 183
Thereafter..................................................................................................................................................... 563 5
Total minimum lease payments............................................................................................................. 64,336 548
Less—Amount representing interest.............................................................................................................. (5,995) (51)
Present value of net minimum lease payments .....................................................................................58,341 497
Less—Current obligations ............................................................................................................................. (14,657) (125)
Long-term capital lease obligations...................................................................................................... ¥ 43,684 $ 372
Rental expenses under operating leases for the years ended March 31, 2004, 2005 and 2006 were ¥81,912 million, ¥83,784
million and ¥93,867 million ($799 million), respectively.
The minimum rental payments required under operating leases relating primarily to land, buildings and equipment having ini-
tial or remaining non-cancelable lease terms in excess of one year at March 31, 2006 are as follows:
U.S. dollars
Years ending March 31, Yen in millions in millions
2007 ............................................................................................................................................................ ¥ 9,740 $ 83
2008 ............................................................................................................................................................ 7,374 63
2009 ............................................................................................................................................................ 6,191 53
2010 ............................................................................................................................................................ 5,065 43
2011 ............................................................................................................................................................ 4,036 34
Thereafter..................................................................................................................................................... 19,089 162
Total minimum future rentals................................................................................................................ ¥51,495 $438