Crucial 2011 Annual Report Download - page 170
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20
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
(3)
On April 24, 2009, the Company contracted with Taichung Bank, under which, Taichung Bank granted mortgage loan and
unsecured loan facility to the Company totaling $1,670,000. The mortgage loan is secured by a land (accounted for as idle
asset) that is intended for the construction of the third Fab. Each of these loans, with a term of two years and which bears
interest rate based on two-
year time deposit floating rate, is payable in lump sum on maturity date. On December 24, 2010,
the Company renewed the loan agreement with Taichung Bank, under which, Taichung Bank agreed to prolong the term of
mortgage loan and unsecured loan facility granted to the Company to a term of three years. These mortgage loan and
unsecured loan facility, which bear interest rate based on 90-day or 180-
day commercial paper rate in the secondary market
appearing on Moneyline Telerate plus margin, are payable in lump sum on maturity date and do not include any financial
covenants.
(15)
Accrued Pension Liabilities
(a)
The pension costs and related accounts for the years ended December 31, 2008, 2009 and 2010, were as follows:
December 31,
2008 2009 2010
Balance of the retirement fund
$
71,972
82,729
95,830
Periodic pension costs
Defined benefit plan cost
5,528
5,923
2,571
Defined contribution plan cost
97,495
99,801
102,823
Accrued pension liabilities－defined benefit plan
31,371
25,344
16,964
Accrued expenses－defined contribution plan
26,799
25,252
28,336
(b)
The funded status was reconciled to accrued pension liability as of December 31, 2009 and 2010 as follows:
December 31,
2009 2010
Benefit obligation:
Vested benefit obligation
$
(5,586
)
(5,931
)
Non-vested benefit obligation
(40,418
)
(48,552
)
Accumulated benefit obligation
(46,004
)
(54,483
)
Projected compensation increase
(44,994
)
(48,988
)
Projected benefit obligation
(90,998
)
(103,471
)
Fair value of plan assets
84,379
97,027
Funded status
(6,619
)
(6,444
)
Unamortized pension gain or losses
(18,725
)
(10,520
)
Accrued pension liability
$
(25,344
)
(16,964
)