Epson 2015 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2015 Epson annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 127

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127

89
23. Post-employment Benefits
The Company and some Japanese subsidiaries have the following defined benefit plans: defined benefit corporate
pension plans and lump-sum severance plans. In addition, they also have defined contribution plans.
Some overseas subsidiaries have defined benefit plans and defined contribution plans.
Epson’ s major defined benefit plans are administrated by the Corporate Pension Fund (the “Fund”) in accordance
with the Defined-Benefit Corporate Pension Act (Act No. 50 of 2001).
The benefits of defined benefit plans are determined based on conditions, such as years of service, the salary
proportional method based on average employee salaries for services or final base salaries for retirement benefits
and a funded method based on the points employees have earned for each year of service.
The Fund has a Board of Representatives consisting of representatives of the Company and its Japanese
subsidiaries and representatives of the plan participants in accordance with the rules of the Fund. The Board of
Representatives is responsible for changes in the rules of the Fund, dismissal of the board members including
members who execute operations related to the administration and investment of pension reserves for the Fund, and
resolutions of the business report and the closing of account.
(1) Schedule of Defined Benefit Obligations
The schedule of the defined benefit obligations was as follows:
Millions of yen
Thousands of
U.S. dollars
Year ended
March 31,
Year ended
March 31,
2014
2015
2015
Balance at the beginning of the year
290,201
293,895
2,445,660
Service cost
11,169
10,687
88,932
Interest cost
4,605
4,337
36,090
Remeasurement
Actuarial gains and losses arising from
changes in demographic assumptions
(1,863) 2,749 22,875
Actuarial gains and losses arising from
changes in financial assumptions
(2,682) 19,492 162,203
Past service cost and losses (gains) arising
from settlements
(58) (30,071) (250,237)
Exchange differences on translation of foreign
operations
5,252 1,175 9,779
Benefits paid
(12,730)
(9,229)
(76,799)
Balance at the end of the year
293,895
293,035
2,438,503