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Annual Report 2009 89
Components of the net periodic pension cost are as follows:
U.S. dollars
Yen in millions in millions
For the year ended
For the years ended March 31, March 31,
2007 2008 2009 2009
Service cost ......................................................................................................... ¥ 80,414 ¥ 96,454 ¥ 84,206 $ 857
Interest cost ......................................................................................................... 48,128 54,417 52,959 539
Expected return on plan assets ......................................................................... (38,139) (43,450) (43,053) (438)
Amortization of prior service costs .................................................................... (17,301) (17,162) (17,677) (180)
Recognized net actuarial loss ............................................................................ 8,299 4,013 5,752 58
Amortization of net transition obligation ......................................................... 1,944 1,944 1,944 20
Net periodic pension cost.............................................................................. ¥ 83,345 ¥ 96,216 ¥ 84,131 $ 856
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:
U.S. dollars
Yen in millions in millions
For the year ended For the year ended
March 31, March 31,
2008 2009 2009
Net actuarial loss .......................................................................................................................... ¥(227,439) ¥(303,074) $(3,085)
Recognized net actuarial loss ...................................................................................................... 4,013 5,752 58
Prior service costs ......................................................................................................................... 7,619 2,096 21
Amortization of prior service costs .............................................................................................. (17,162) (17,677) (180)
Amortization of net transition obligation ................................................................................... 1,944 1,944 20
Other.............................................................................................................................................. 24,882 17,003 173
Total recognized in other comprehensive income (loss) ....................................................... ¥(206,143) ¥(293,956) $(2,993)
The minimum pension liability recognized as of March 31, 2007 was eliminated upon the adoption of the provisions regarding recognition
of funded status and disclosure under FAS 158, and after the adoption, no minimum pension liability had been recognized.
Weighted-average assumptions used to determine benefit obligations as of March 31, 2008 and 2009 are as follows:
March 31,
2008 2009
Discount rate .............................................................................................................................................................. 2.8% 2.8%
Rate of compensation increase ................................................................................................................................ 0.1–10.0% 0.1–10.0%
Weighted-average assumptions used to determine net periodic pension cost for the years ended March 31, 2007, 2008 and 2009 are
as follows:
For the years ended March 31,
2007 2008 2009
Discount rate ............................................................................................................................. 2.6% 2.7% 2.8%
Expected return on plan assets ............................................................................................... 3.0% 3.4% 3.6%
Rate of compensation increase ............................................................................................... 0.1–11.0% 0.1–10.0% 0.1–10.0%
The estimated prior service costs, net actuarial loss and net
transition obligations that will be amortized from accumulated
other comprehensive income (loss) into net periodic pension
cost during the year ending March 31, 2010 are ¥(16,200) million
($(165) million), ¥22,400 million ($228 million) and ¥1,900 million
($19 million), respectively.
Prior to the adoption of the provisions regarding recognition
of funded status and disclosure under FAS 158 as of March 31,
2007, Toyota had recorded a minimum pension liability for plans
where the accumulated benefit obligation net of plan assets
exceeded the accrued pension and severance costs. Changes in
the minimum pension liability are reflected as adjustments in
other comprehensive income for the year ended March 31, 2007
as follows:
Yen in millions
For the years ended
March 31,
2007
Minimum pension liability adjustments, included in other
comprehensive income ................................................................................................................................................................... ¥3,499