Brother International 2014 Annual Report Download - page 41

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40
9. Retirement and Pension Plans
Retirement Allowances for Directors and Audit & Supervisory Board members
Retirement allowances for directors and Audit & Supervisory Board members are paid subject to approval of the shareholders in accordance with the Companies Act of
Japan (the “Companies Act”).
Certain domestic consolidated subsidiaries recorded liabilities for their unfunded retirement allowance plan covering all of their directors and Audit & Supervisory
Board members.
Employees’ Retirement Benefits
Under the pension plan, employees terminating their employment are, in most circumstances, entitled to pension payments based on their average pay during their
employment, length of service and certain other factors.
The liability for retirement benefits in the accompanying consolidated balance sheet consisted of retirement allowances for directors and Audit & Supervisory Board
members of ¥379 million ($3,679 thousand) and ¥407 million at March 31, 2014 and 2013, respectively, and employees’ retirement benefits of ¥13,402 million ($130,117
thousand) and ¥8,672 million at March 31, 2014 and 2013, respectively.
Year Ended March 31, 2014
1. Defined Benefit Pension Plans
(1) The changes in defined benefit obligation for the year ended March 31, 2014, were as follows:
Millions of Yen
Thousands of
U.S. Dollars
Balance at beginning of year ¥ 61,717 $ 599,194
Current service cost 2,119 20,573
Interest cost 1,615 15,680
Actuarial losses 414 4,019
Benefits paid (2,644) (25,670)
Past service cost 53 515
Foreign currency translation adjustments 4,215 40,922
Others 88 855
Balance at end of year ¥ 67,577 $ 656,088
Brother Industries, Ltd. and Consolidated Subsidiaries
Year ended March 31, 2014
Notes to Consolidated Financial Statements