Toshiba 2001 Annual Report Download - page 51

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Finance receivables comprise the following:
Thousands of
Millions of yen U.S. dollars
March 31 2001 2000 2001
Investment in financing leases:
Total minimum lease payments receivable ¥ 321,444)¥ 351,138 $ 2,592,290)
Estimated executory costs (12,579) (14,670) (101,444)
Unearned income (15,576) (17,126) (125,612)
Estimated residual values 3,725 5,889 30,040
297,014 325,231 2,395,274
Less—Allowance for doubtful accounts (1,339) (2,021) (10,798)
295,675 323,210 2,384,476
Less—Current portion (97,475) (105,318) (786,089)
¥ 198,200 ¥ 217,892 $ 1,598,387
Other finance receivables ¥ 278,658 ¥ 267,938 $ 2,247,242
Less—Allowance for doubtful accounts (9,865) (11,198) (79,556)
268,793 256,740 2,167,686
Less—Current portion (125,501) (139,779) (1,012,105)
¥ 143,292 ¥ 116,961 $ 1,155,581
Investment in financing leases consists of sales-type and direct financing leases mainly of information
systems, medical equipment, agricultural and industrial equipment and others.
Other finance receivables represent transactions in a variety of forms, including commercial loans, and
installment sales of consumer products manufactured by the company.
At March 31, 2001, the contractual maturities of minimum lease payments of the investment in financing
leases and the other finance receivables are as follows:
Investment in financing leases Other finance receivables
Millions Thousands of Millions Thousands of
Year ending March 31 of yen U.S. dollars of yen U.S. dollars
2002 ¥104,773 $ 844,943 ¥130,037 $1,048,686
2003 85,855 692,379 55,896 450,774
2004 63,967 515,863 28,613 230,750
2005 40,967 330,379 18,162 146,468
2006 19,744 159,226 12,638 101,919
Thereafter 6,138 49,500 33,312 268,645
¥321,444 $2,592,290 ¥278,658 $2,247,242
Allowance for doubtful accounts is provided upon past loss experience and the estimation of mortgaged
asset values.
During the year ended March 31, 2001, the company and certain subsidiaries sold trade receivables
with an aggregate principal amount of ¥875,421 million ($7,059,847 thousand) and finance receiv-
ables with an aggregate principal amount of ¥109,107 million ($879,895 thousand) in securitization
transactions. Proceeds from new securitizations of trade receivables and finance receivables for the
year ended March 31, 2001 were ¥767,147 million ($6,186,669 thousand) and ¥93,040 million
($750,323 thousand), respectively. These transactions meet the sales criteria under Statement of
Financial Accounting Standards No.125. In these securitizations, servicing responsibilities and subordi-
nated interests are generally retained. The company and certain subsidiaries received servicing fees of
¥405 million ($3,266 thousand) for the year ended March 31, 2001. The investors and the securitiza-
tion trusts, associated with these sales of trade receivables and finance receivables, have no recourse
to the company’s or subsidiaries’ assets for failure of debtors to pay when due.
49
5.
Finance
Receivables and
Securitizations