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Toyota Global Vision President’s Message Launching a New Structure Special Feature Review of Operations
Consolidated Performance
Highlights
Management and
Corporate Information Investor InformationFinancial Section
Page 109
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ContentsSearchPrint
ANNUAL REPORT 2013
Toyota leases certain assets under capital lease and operating lease arrangements.
An analysis of leased assets under capital leases is as follows:
Yen in millions U.S. dollars in millions
March 31, March 31,
2012 2013 2013
Class of property:
Building ¥12,230 ¥13,999 $149
Machinery and equipment 31,698 32,252 343
Less—Accumulated depreciation (20,284) (23,843) (254)
¥23,644 ¥22,408 $238
Amortization expenses under capital leases for the years ended March 31, 2011, 2012 and 2013 were
¥5,966 million, ¥5,572 million and ¥5,265 million ($56 million), respectively.
Future minimum lease payments under capital leases together with the present value of the net minimum
lease payments as of March 31, 2013 are as follows:
Years ending March 31, Yen in millions U.S. dollars in millions
2014 ¥ 4,993 $ 53
2015 3,542 38
2016 2,790 30
2017 2,409 25
2018 2,049 22
Thereafter 12,926 137
Total minimum lease payments 28,709 305
Less—Amount representing interest (7,310) (77)
Present value of net minimum lease payments 21,399 228
Less—Current obligations (4,096) (44)
Long-term capital lease obligations ¥17,303 $184
Rental expenses under operating leases for the years ended March 31, 2011, 2012 and 2013 were ¥89,029
million, ¥91,052 million and ¥90,081 million ($958 million), respectively.
22. Lease commitments
Commitments
Commitments outstanding as of March 31, 2013 for
the purchase of property, plant and equipment and
other assets totaled ¥203,901 million ($2,168 million).
Guarantees
Toyota enters into contracts with Toyota dealers to
guarantee customers’ payments of their installment
payables that arise from installment contracts
between customers and Toyota dealers, as and
when requested by Toyota dealers. Guarantee peri-
ods are set to match maturity of installment pay-
ments, and as of March 31, 2013, range from 1
month to 35 years; however, they are generally
shorter than the useful lives of products sold. Toyota
is required to execute its guarantee primarily when
customers are unable to make required payments.
The maximum potential amount of future pay-
ments as of March 31, 2013 is ¥1,849,493 million
($19,665 million). Liabilities for guarantees totaling
¥6,590 million ($70 million) have been provided as
of March 31, 2013. Under these guarantee con-
tracts, Toyota is entitled to recover any amount paid
by Toyota from the customers whose original obli-
gations Toyota has guaranteed.
Legal Proceedings
Product Recalls
From time-to-time, Toyota issues vehicle recalls and
takes other safety measures including safety cam-
paigns relating to its vehicles. In November 2009,
Toyota announced a safety campaign in North
America for certain models of Toyota and Lexus
vehicles related to fl oor mat entrapment of accelera-
tor pedals, and later expanded it to include addi-
tional models. In January 2010, Toyota announced
a recall in North America for certain models of
Toyota vehicles related to sticking and slow-to-
return accelerator pedals. Also in January 2010,
Toyota recalled in Europe, China and other regions
23. Other commitments and contingencies, concentrations and factors that may affect future operations
The minimum rental payments required under operating leases relating primarily to land, buildings and
equipment having initial or remaining non-cancelable lease terms in excess of one year at March 31, 2013 are
as follows:
Years ending March 31, Yen in millions U.S. dollars in millions
2014 ¥11,299 $120
2015 9,398 100
2016 7,988 85
2017 6,347 67
2018 5,354 57
Thereafter 21,491 229
Total minimum future rentals ¥61,877 $658
Notes to Consolidated Financial Statements
Selected Financial Summary (U.S. GAAP) Consolidated Segment Information Consolidated Quarterly Financial Summary Management’s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Financial Statements Notes to Consolidated Financial Statements [32 of 44]
Management’s Annual Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm