Konica Minolta 2014 Annual Report Download - page 69

(iii) Reconciliation from retirement benefi t obligations and
plan assets to liability (asset) for retirement benefi ts
Millions of yen
Thousands of
U.S. dollars
2014 2014
Funded retirement benefi t
obligations ................................... ¥146,609 $1,424,495
Plan assets ................................... (118,718) (1,153,498)
27,890 270,987
Unfunded retirement benefi t
obligations ................................... 25,452 247,299
Total net liability (asset) for
retirement benefi ts at
March 31, 2014 ........................... 53,342 518,286
Net defi ned benefi t liability ........... 53,563 520,433
Net defi ned benefi t asset ............. (221) (2,147)
Total net liability (asset) for
retirement benefi ts at
March 31, 2014 ........................... ¥ 53,342 $ 518,286
(iv) Net retirement benefi t costs
Millions of yen
Thousands of
U.S. dollars
2014 2014
Service costs ................................ ¥4,849 $47,114
Interest costs ................................ 3,583 34,813
Expected return on plan assets .... (2,565) (24,922)
Amortization of actuarial
differences .................................. 2,414 23,455
Amortization of prior service costs ... (767) (7,452)
Other ............................................ 298 2,895
Total net retirement benefi t
costs for the fi scal year ended
March 31, 2014 ........................... ¥7,812 $75,904
Note: 1. Certain subsidiaries use a simplifi ed method.
2. In addition to the retirement benefi t costs above special extra retirement
payments of ¥4,655 million ($45,229 thousand) were recorded in
Extraordinary losses.
(v) Remeasurements of defi ned benefi t plans
Remeasurements of defi ned benefi t plans, before tax as of
March 31, 2014 are as follows:
Millions of yen
Thousands of
U.S. dollars
2014 2014
Prior service costs that are
yet to be recognized ................... ¥ (230) $ (2,235)
Actuarial differences that are
yet to be recognized ................... 11,536 112,087
Total balance at March 31, 2014 ... ¥11,305 $109,843
(vi) Plan assets
(a) Plan assets as of March 31, 2014 comprise:
Equity securities ............................................................ 44%
Bonds ............................................................................ 29%
Insurance assets (General account) ............................... 10%
Other ............................................................................. 17%
Total ............................................................................... 100%
Note: 16% of total plan assets are retirement benefi t trusts contributed to the
corporate pension plan.
(b) Long-term expected rate of return
Current and target asset allocations and historical and expected
returns on various categories of plan assets have been consid-
ered in determining the long-term expected rate of return.
(vii) Actuarial assumptions
The principal actuarial assumptions as of March 31, 2014 are as
follows:
2014
Discount rate .................................................. Mainly 1.7%
Long-term expected rate of return ................. Mainly 1.25%
(3) Defi ned contributory pension plans
The required contribution amount for the Company and consoli-
dated subsidiaries is ¥4,102 million ($39,856 thousand).
Retirement benefi t plans of the Companies for the year ended
March 31, 2013 are as follows:
(1) The Companies have defi ned benefi t retirement plans that
include corporate defi ned benefi t pensions plans, tax-qualifi ed
pension plans and lump-sum payment plans. In addition, the
Companies have defi ned contributory pension plans. Certain
overseas consolidated subsidiaries have defi ned benefi t
retirement plans and defi ned contribution retirement plans.
The Companies may pay additional retirement benefi ts to
employees at their discretion.
Additionally, the Company and certain domestic consoli-
dated subsidiaries contribute to retirement benefi t trusts.
(2) Retirement benefi t obligations
Millions of yen
2013
a. Retirement benefi t obligations .................... ¥(168,817)
b. Plan assets .................................................. 109,085
c. Unfunded retirement benefi t obligations
(a+b) ............................................................. (59,731)
d. Unrecognized actuarial differences ............. 18,214
e. Unrecognized prior service costs ................ (987)
f. Net amount on consolidated balance sheets
(c+d+e) ......................................................... (42,504)
g. Prepaid pension costs ................................. 1,249
h. Accrued retirement benefi ts (f-g) ................ ¥ (43,754)
Note: Certain subsidiaries use a simplifi ed method for the calculation of benefi t
obligation.
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KONICA MINOLTA, INC. Annual Report 2014