Mazda 2009 Annual Report Download - page 64

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9. EMPLOYEES’ SEVERANCE AND RETIREMENT BENEFITS
The liabilities for severance and retirement benefits as of March 31, 2009 and 2008 consisted of the following:
Thousands of
Millions of yen U.S. dollars
As of March 31 2009 2008 2009
Projected benefit obligation ¥ 302,253 ¥ 311,051 $ 3,084,214
Unrecognized prior service costs 19,428 21,633 198,245
Unrecognized actuarial differences (95,144) (66,966) (970,857)
Less fair value of pension assets (143,292) (169,587) (1,462,164)
Prepaid pension cost 7,676 3,713 78,327
Liability for severance and retirement benefits ¥ 90,921 ¥ 99,844 $ 927,765
Severance and retirement benefit expenses for the years ended March 31, 2009 and 2008 consisted of the
following:
Thousands of
Millions of yen U.S. dollars
For the years ended March 31 2009 2008 2009
Service costs—benefits earned during the year ¥12,195 ¥11,262 $124,439
Interest cost on projected benefit obligation 6,486 6,623 66,184
Expected return on plan assets (5,589) (5,946) (57,030)
Amortization of prior service costs (2,232) (2,095) (22,777)
Amortization of actuarial differences 8,030 6,159 81,939
Severance and retirement benefit expenses ¥18,890 ¥16,003 $192,755
The discount rates and the rates of expected return on plan assets were primarily 2.0% and 3.0%, respectively,
for both the years ended March 31, 2009 and 2008. The estimated amount of all retirement benefits to be paid at the
future retirement dates is allocated equally to each service year using the estimated number of total service years.
For the years ended March 31, 2009 and 2008, accrued pension cost related to defined contribution plans
amounted to ¥2,079 million ($21,214 thousand) and ¥2,226 million, respectively.
Notes to Consolidated Financial Statements
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