Sharp 2009 Annual Report Download - page 59
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9. Employees’ Severance and Pension Benefits
Allowance for severance and pension benefits of the Company and its domestic consolidated subsidiaries as of March 31, 2008
and 2009 consisted of the following:
Yen
(millions)
U.S. Dollars
(thousands)
2008 2009 2009
Projected benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 361,343 ¥ 355,538 $ 3,665,340
Less – fair value of plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (328,051) (247,412) (2,550,639)
Less – unrecognized actuarial differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (88,848) (166,278) (1,714,206)
Less – unrecognized net transition obligation . . . . . . . . . . . . . . . . . . . . . . . . . . – – –
Unrecognized prior service costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,084 32,060 330,516
Prepaid pension cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,863 27,571 284,237
Allowance for severance and pension benefits . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 1,391 ¥ 1,479 $ 15,248
Expenses for severance and pension benefits of the Company and its domestic consolidated subsidiaries for the years ended
March 31, 2008 and 2009 consisted of the following:
Yen
(millions)
U.S. Dollars
(thousands)
2008 2009 2009
Service costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 13,153 ¥ 12,841 $ 132,382
Interest costs on projected benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . 9,014 8,870 91,443
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,171) (14,439) (148,856)
Amortization of net transition obligation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,856 – –
Recognized actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,398 7,598 78,330
Amortization of prior service costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,096) (3,011) (31,041)
Expenses for severance and pension benefits. . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 8,154 ¥ 11,859 $ 122,258
In addition, allowances for severance and pension benefits
of ¥5,209 million as of March 31, 2008 and ¥4,240 million
($43,711 thousand) as of March 31, 2009 were provided by
certain overseas consolidated subsidiaries.
10. Segment Information
The discount rate used by the Company and its domestic
consolidated subsidiaries was 2.5% for the years ended March
31, 2008 and 2009. The rate of expected return on plan assets
used by the Company and its domestic consolidated subsidiar-
ies for the years ended March 31, 2008 and 2009 was 4.5%.
The estimated amount of all retirement benefits to be
paid at future retirement dates is allocated to each service
year mainly based on points.
The Company and its consolidated subsidiaries operate in
Consumer/Information Products business and Electronic
Components business. The Consumer/Information Products
business segment includes audio-visual and communication
equipment, health and environmental equipment and informa-
tion equipment. The Electronic Components business seg-
ment includes LCDs, solar cells and other electronic devices.