Bridgestone 2003 Annual Report Download - page 39

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37
2003 ANNUAL REPORT
NOTE 7—RETIREMENT AND PENSION PLANS
The Company and its domestic subsidiaries have contributory funded defined benefit pension plans pursuant to the Japanese Welfare Pension
Insurance Law, non-contributory funded defined benefit tax-qualified pension plans and severance indemnity plans.
The changes in projected benefit obligation and plan assets, funded status and composition of amounts recognized in the consolidated balance
sheets at December 31, 2003 and 2002 are as follows:
Thousands of
Millions of yen U.S. dollars
2003 2002 2003
Change in benefit obligations:
Benefit obligation at beginning of year ¥(689,951) ¥(653,290) $(6,440,316)
Service cost (20,090) (19,152) (187,529)
Interest cost (25,656) (27,305) (239,485)
Plan participants' contributions (1,346) (1,381) (12,564)
Plan amendments (179) (251) (1,671)
Curtailment and termination benefits — — —
Actuarial loss (15,072) (41,806) (140,689)
Foreign currency exchange rate changes 22,517 19,027 210,184
Benefits paid 33,405 34,207 311,817
Benefit obligation at end of year (696,372) (689,951) (6,500,253)
Change in plan assets:
Fair value of plan assets at beginning of year 381,930 454,351 3,565,108
Actual return on plan assets 64,857 (42,677) 605,405
Foreign currency exchange rate changes (20,847) (19,439) (194,595)
Employer contribution 15,337 11,613 143,163
Plan participants' contributions 1,346 1,381 12,564
Settlements ———
Benefits paid (23,132) (23,299) (215,925)
Fair value of plan assets at end of year 419,491 381,930 3,915,720
Funded status (276,881) (308,021) (2,584,533)
Unrecognized transitional obligation 13,783 15,752 128,657
Unrecognized actuarial loss 86,154 130,488 804,201
Unrecognized prior service cost 333 1,454 3,108
Amounts recognized in the balance sheet (176,611) (160,327) (1,648,567)
Prepaid benefit cost 26,324 36,807 245,720
Other 31,740 40,175 296,276
Accrued pension and liability for retirement benefits ¥(234,675) ¥(237,309) $(2,190,563)
Of the accrued pension and liability for retirement benefits noted above, a liability for postretirement benefits of ¥34,863 million ($325,427 thou-
sand) and ¥37,468 million is included in the consolidated balance sheets at December 31, 2003 and 2002, respectively.