Pentax 2003 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2003 Pentax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 66

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66

46
NO»9RETIREMENT BENEFITS AND PENSION PLANS
The Company and certain consolidated domestic subsidiaries had two types of pension plans for employees; a non-contributory and a
contributory funded pension plan. The Company and certain domestic subsidiaries have severance payment plans for directors and
corporate auditors.
For the year ended March 31, 2003 the contributory funded pension plan was dissolved and the unfunded retirement benefit plan was
abolished.
The liability for employees’ retirement benefits at March 31, 2002 consisted of the following:
Millions of Yen
2002
Projected benefit obligation ¥ 66,510
Fair value of plan assets (37,126)
Unrecognized prior service cost 1,696
Unrecognized actuarial loss (27,757)
Unrecognized transitional obligation 2,745
Prepaid pension cost 1,244
Net liability ¥ 07,312
The components of net periodic benefit costs for the years ended March 31, 2003, 2002 and 2001 are as follows:
Thousands of
Millions of Yen U.S. Dollars
2003 2002 2001 2003
Service cost ¥01,695 ¥1,667 ¥1,798 $014,125
Interest cost 1,234 1,879 1,810 10,283
Expected return on plan assets (1,523) (2,194) (2,568) (12,692)
Amortization of prior service cost (122) (163) (83) (1,017)
Recognized actuarial loss 1,781 1,021 14,842
Amortization of transitional obligation (157) (210) (210) (1,308)
Total 2,908 2,000 747 24,233
Additional expense incurred to discontinue contributory funded
pension plan 14,949 124,575
Additional expense incurred to discontinue unfunded retirement
benefit plan 351 2,925
Additional retirement benefits paid to employees 3,691 1,996 176 30,758
Net periodic benefit costs ¥21,899 ¥3,996 ¥923 $182,491
Additional expense incurred to discontinue contributory funded pension plan is the remaining liability exceeding liability for retirement
benefit at the dissolution of the plan.
Additional expense incurred to discontinue unfunded retirement benefit plan is equal to the difference between retirement benefits paid
to employees due to abolishment and the recorded liability for retirement benefits.