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Toyota Motor Corp. (TM) | Analysis of Property, Plant and Equipment

Property, Plant and Equipment Accounting Policy

Property, plant and equipment are stated at cost. Major renewals and improvements are capitalized; minor replacements, maintenance and repairs are charged to current operations. Depreciation of property, plant and equipment is mainly computed on the declining-balance method for the parent company and Japanese subsidiaries and on the straight-line method for foreign subsidiary companies at rates based on estimated useful lives of the respective assets according to general class, type of construction and use. The estimated useful lives range from 2 to 65 years for buildings and from 2 to 20 years for machinery and equipment.

Vehicles and equipment on operating leases to third parties are originated by dealers and acquired by certain consolidated subsidiaries. Such subsidiaries are also the lessors of certain property that they acquire directly. Vehicles and equipment on operating leases are depreciated primarily on a straight-line method over the lease term, generally from 2 to 5 years, to the estimated residual value. Incremental direct costs incurred in connection with the acquisition of operating lease contracts are capitalized and amortized on a straight-line method over the lease term.

Source: Toyota Motor Corp., Annual Report

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Property, Plant and Equipment Disclosure

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Toyota Motor Corp., Statement of Financial Position, Property, Plant and Equipment

USD $ in millions, translated from JPY ￥

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    Mar 31, 2012 Mar 31, 2011 Mar 31, 2010 Mar 31, 2009 Mar 31, 2008 Mar 31, 2007
Land
Buildings
Machinery and equipment
Vehicles and equipment on operating leases
Construction in progress
Property, plant and equipment, at cost
Accumulated depreciation
Property, plant and equipment, net

Source: Based on data from Toyota Motor Corp. Annual Reports

Item Description The company
Land Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Toyota Motor Corp.'s land increased from 2010 to 2011 and from 2011 to 2012.
Buildings Carrying amount as of the balance sheet date of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing. Toyota Motor Corp.'s buildings increased from 2010 to 2011 and from 2011 to 2012.
Machinery and equipment Carrying amount as of the balance sheet date of long-lived, depreciable asset used in production process to produce goods and services. Toyota Motor Corp.'s machinery and equipment increased from 2010 to 2011 and from 2011 to 2012.
Vehicles and equipment on operating leases The amount of lessor property subject to or available for lease, at cost adjusted for any previously recognized impairment charges, by major property class, as of the balance sheet date. Toyota Motor Corp.'s vehicles and equipment on operating leases increased from 2010 to 2011 and from 2011 to 2012.
Construction in progress Carrying amount at the balance sheet date of long-lived asset under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. Toyota Motor Corp.'s construction in progress increased from 2010 to 2011 but then slightly declined from 2011 to 2012.
Property, plant and equipment, at cost Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. Toyota Motor Corp.'s property, plant and equipment, at cost increased from 2010 to 2011 and from 2011 to 2012.
Property, plant and equipment, net Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Toyota Motor Corp.'s property, plant and equipment, net increased from 2010 to 2011 but then slightly declined from 2011 to 2012.

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Property, Plant and Equipment Ratios (Summary)

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Toyota Motor Corp., Property, Plant and Equipment Ratios

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    Mar 31, 2012 Mar 31, 2011 Mar 31, 2010 Mar 31, 2009 Mar 31, 2008 Mar 31, 2007
Average age % % % % % %
Ratio Description The company
Average age As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company's fixed asset base is old or new. Newer assets are likely to be more efficient. Toyota Motor Corp.'s average age of depreciable property, plant and equipment deteriorated from 2010 to 2011 and from 2011 to 2012.

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Average Age

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    Mar 31, 2012 Mar 31, 2011 Mar 31, 2010 Mar 31, 2009 Mar 31, 2008 Mar 31, 2007
  Selected Financial Data (USD $ in millions, translated from JPY ￥)
Accumulated depreciation
Property, plant and equipment, at cost
Land
  Ratio
Average age1 % % % % % %

2012 Calculations

1 Average age = 100 × Accumulated depreciation ÷ (Property, plant and equipment, at cost – Land)
= 100 × ÷ ( – ) = %

Ratio Description The company
Average age As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company's fixed asset base is old or new. Newer assets are likely to be more efficient. Toyota Motor Corp.'s average age of depreciable property, plant and equipment deteriorated from 2010 to 2011 and from 2011 to 2012.

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