Mazda 2012 Annual Report Download - page 49

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The assets pledged as collateral for short-term debt of ¥37,103 million ($452,476 thousand) and ¥35,809 million,
and long-term debt of ¥104,245 million ($1,271,280 thousand) and ¥63,996 million at March 31, 2012 and 2011,
respectively, were as follows:
Millions of yen
Thousands of
U.S. dollars
As of March 31 2012 2011 2012
Property, plant and equipment, at net book value ¥409,461 ¥411,384 $4,993,427
Inventories 37,264 — 454,439
Other 28,926 3 352,756
Total ¥475,651 ¥411,387 $5,800,622
10 EMPLOYEES’ SEVERANCE AND RETIREMENT BENEFITS
The liabilities for severance and retirement benefits as of March 31, 2012 and 2011 consisted of the following:
Millions of yen
Thousands of
U.S. dollars
As of March 31 2012 2011 2012
Projected benefit obligation ¥ 287,761 ¥ 277,155 $ 3,509,280
Unrecognized prior service costs 11,935 14,954 145,549
Unrecognized actuarial differences (43,324) (42,864) (528,341)
Less fair value of pension assets (182,870) (176,076) (2,230,122)
Prepaid pension cost 2,648 5,115 32,293
Liability for severance and retirement benefits ¥ 76,150 ¥ 78,284 $ 928,659
Severance and retirement benefit expenses for the years ended March 31, 2012 and 2011 consisted of the
following:
Millions of yen
Thousands of
U.S. dollars
For the years ended March 31 2012 2011 2012
Service costs—benefits earned during the year ¥10,475 ¥10,773 $127,744
Interest cost on projected benefit obligation 6,147 6,381 74,963
Expected return on plan assets (3,372) (3,379) (41,122)
Amortization of prior service costs (1,664) (2,244) (20,293)
Amortization of actuarial differences 8,057 8,287 98,256
Severance and retirement benefit expenses ¥19,643 ¥19,818 $239,548
For the years ended March 31, 2012 and 2011, the discount rates were primarily 1.8% and 2.1%, respectively.
For both the years ended March 31, 2012 and 2011, the rates of expected return on plan assets were primarily 1.5%.
For both the years ended March 31, 2012 and 2011, 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, 2012 and 2011, accrued pension costs related to defined contribution plans were
charged to income as ¥2,315 million ($28,232 thousand) and ¥2,249 million, respectively.
1 1 CONTINGENT LIABILITIES
Contingent liabilities as of March 31, 2012 and 2011 were as follows:
Millions of yen
Thousands of
U.S. dollars
As of March 31 2012 2011 2012
Factoring of receivables with recourse ¥ — ¥ 170 $ —
Guarantees of loans and similar agreements 19,175 17,795 233,841
Mazda Annual Report 2012 47