NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 43 TOSHIBA CORPORATION Less—allowance for doubtful accounts (925) (1,161) (7,708) 215,476 265,033 1,795,633 Less—current portion (64,320) (81,464) (536,000) ¥151,156 ¥183,569 $1,259,633 Other finance receivables ¥224,426 ¥250,223 $1,870,217 Less—allowance for doubtful accounts (13,351) (11,286)  (111,258) 211,075 238,937 1,758,959 Less—current portion (101,870) (109,448) (848,917) ¥109,205 ¥129,489 $ 910,042 Investment in financing leases Other finance receivables Thousands of Thousands of Year ending March 31 Millions of yen U.S. dollars Millions of yen U.S. dollars 2004 ¥ 69,894 $ 582,450 ¥106,646 $ 888,717 2005 70,313 585,942 47,126 392,717 2006 49,423 411,858 25,632 213,600 2007 28,904 240,867 15,604 130,033 2008 12,468 103,900 9,496 79,133 Thereafter 869 7,241 19,922 166,017 ¥231,871 $1,932,258 ¥224,426 $1,870,217 Thousands of Millions of yen U.S. dollars Year ended March 31 2003 2002 2003 Proceeds from new securitizations ¥1,068,072 ¥876,660 $8,900,600 Servicing fees received 458 447 3,817 Cash flows received on retained interests 83,240 133,953 693,667 Purchases of delinquent and foreclosed receivables 16 487 133 Accounts Note Lease Other Finance Receivables Receivables Receivables Receivables Weighted-average life (in years) 0.15 0.18 1.95 0.13 Residual cash flows discount rate  1.40% 0.52%–0.63% 1.50%–2.70% 0.45%–0.85% Quantitative information about delinquencies, net credit losses, and components of securitized receivables as of and for the years ended March 31, 2003 and 2002 are as follows: At March 31, 2003, key economic assumptions used to compute the fair value of retained interests are as follows: The Company has transferred trade accounts receivable, trade notes receivable and finance receivables under sev- eral securitization programs. These securitization transactions are accounted for as a sale in accordance with SFAS No. 140, because the Company has relinquished control of the receivables. Accordingly, the receivables sold under these facilities are excluded from receivables in the accompanying consolidated balance sheets.  Upon the sale of receivables, the Company holds subordinated retained interests for certain trade account receivable, trade notes receivable and finance receivables. A portion of these receivables, where the Company holds subordinated retained interests, are not taken off the balance sheet and are recorded at their fair value. Such car- rying value is adjusted to reflect the portion that is not expected to be collectible. As of March 31, 2003 and 2002, the fair value of retained interest is ¥28,579 million ($238,158 thousand) and ¥31,617 million, respectively. The Company recognized losses of ¥1,210 million ($10,083 thousand) and gains of ¥669 million on the securitizations of receivables for the years ended March 31, 2003 and 2002, respectively.  Subsequent to sale, the Company retains collection and administrative responsibilities for the receivables. Servicing fees received by the Company approximated the prevailing market rate. Related servicing assets or lia- bilities are immaterial to the Company’s financial position.  The table below summarizes certain cash flows received from and paid to the securitization SPEs on the above transactions. At March 31, 2003, the contractual maturities of minimum lease payments of the investment in financing leases and the other finance receivables are as follows: