Mitsubishi 2003 Annual Report Download - page 71

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69 MITSUBISHI MOTORS CORPORATION
The retirement benefit obligation for MMC’s and its consolidated subsidiaries’ employees’ defined benefit plans at March 31,
2003 and 2002 are summarized as follows:
(In thousands of
(In millions of yen) U.S. dollars)
March 31, 2003 2002 2003
Retirement benefit obligation ¥(181,264) ¥(270,776) $(1,508,020)
Pension plan assets at fair value 43,714 67,517 363,677
Unfunded status (137,549) (203,259) (1,144,334)
Unrecognized actuarial loss 23,839 32,589 198,328
Unrecognized prior service cost (1,323) (1,957) (11,007)
Net recognized retirement benefit obligation (115,033) (172,627) (957,013)
Prepaid pension cost 3,354 1,322 27,903
Accrued retirement benefits ¥(118,387) ¥(173,950) $ (984,917)
Plan assets relating to multi-employer pension plans are not included in the above pension plan assets, as the amount of such
assets representing the consolidated subsidiaries’ share can not be reasonably established. The amount of such assets calculated
mainly on the basis of contribution ratio was ¥3,681 million ($30,624 thousand) at March 31, 2003.
Pension expenses for MMC’s and its consolidated subsidiaries’ employees’ retirement defined benefit plans for the years ended
March 31, 2003 and 2002 are as follows:
(In thousands of
(In millions of yen) U.S. dollars)
Year ended March 31, 2003 2002 2003
Service cost ¥17,232 ¥15,546 $143,361
Interest cost 8,351 8,213 69,476
Expected return on plan assets (3,177) (2,829) (26,431)
Amortization of actuarial loss 3,019 608 25,116
Amortization of prior service cost (12) (35) (100)
Pension expenses ¥25,413 ¥21,502 $211,423
In addition to the above pension expenses, additional early retirement benefits of ¥1,340 million ($11,148 thousand) and ¥14,926
million were paid in the year ended March 31, 2003 and 2002, respectively.