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46. Toshiba Corporation Annual Report 1998
The fun ded status of the plan s an d amoun ts recognized in th e consolidated balance sheets at March 31, 1998 and
1997, were as follows: Thousands of
Million s of yen U.S. dollars
March 31 1998 1997 1998
Actuarial present value of benefit obligation :
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥1,005,824 ¥ 862,978 $ 7,619,879
Non vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,040 196,292 1,644,242
Accumulated benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥1,222,864 ¥1,059,270 $ 9,264,121
Projected benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥1,448,320 ¥1,263,801 $10,972,121
Plan assets at fair value, primarily stocks,
bon ds an d other fixed in com e in vestm en ts. . . . . . . . . . . . . . . . . . 677,571 637,607 5,133,114
Excess of projected benefit obligation over plan assets . . . . . . . . . . 770,749 626,194 5,839,007
Un recogn ized n et obligation at tran sition . . . . . . . . . . . . . . . . . . . . (97,264) (109,289) (736,848)
Un recogn ized prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . (49,346) (53,766) (373,833)
Unrecognized net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (284,364) (126,999) (2,154,273)
Minim um pension liability adjustm ent . . . . . . . . . . . . . . . . . . . . . . 205,518 85,523 1,556,955
Net pension liability (liability for severance indemnities) . . . . . . . ¥ 545,293 ¥ 421,663 $ 4,131,008
At March 31, 1998 and 1997, the com pan y recognized an addition al minim um pension liability of ¥205,518 m illion
($1,556,955 thousan d) an d ¥85,523 m illion, an d an in tan gible asset of ¥146,610 m illion ($1,110,682 th ousan d) an d
¥85,523 m illion in accordance with SFAS No. 87, respectively. At March 31, 1998, an adjustm en t to recognize min i-
m um pen sion liability resulted in a reduction in sh areh olders’ equity, n et of in come taxes, of ¥30,809 million
($233,402 th ousan d).
10. RESEARCH AND DEVELOPMENT:
Research an d developm en t costs are charged to expense as in curred and amoun ted to ¥322,928 m illion ($2,446,424
th ousand) an d ¥332,555 m illion for th e years ended March 31, 1998 an d 1997, respectively.
11. ADVERTISING:
Advertisin g costs are expen sed as in curred. Advertisin g expen ses am oun ted to ¥79,693 m illion ($603,735 thousan d)
an d ¥75,709 m illion for the years en ded March 31, 1998 and 1997, respectively.
12. FOREIGN EXCHANGE GAINS AND LOSSES:
For the years en ded March 31, 1998 and 1997, the net foreign exch ange loss was ¥33,229 m illion ($251,735
th ousand) an d ¥21,385 m illion, respectively.