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68
ANNUAL REPORT 2003 POWER TO CHANGE
Operating lease transactions entered into as lessee by MMC and its consolidated subsidiaries at March 31, 2003 and 2002 were
as follows:
(In thousands of
(In millions of yen) U.S. dollars)
March 31, 2003 2002 2003
Future minimum lease payments on operating leases:
Due within 1 year ¥ 5,508 ¥11,839 $ 45,824
Due after 1 year 11,991 74,653 99,759
Total ¥17,500 ¥86,493 $145,591
As lessor
Operating lease transactions entered into as lessor by MMC and its consolidated subsidiaries at March 31, 2003 and 2002 were
as follows:
(In thousands of
(In millions of yen) U.S. dollars)
March 31, 2003 2002 2003
Future minimum lease revenues from operating leases:
Due within 1 year ¥42,194 ¥ 56,879 $351,032
Due after 1 year 47,841 71,754 398,012
Total ¥90,036 ¥128,634 $749,052
18. RETIREMENT BENEFITS
MMC and its consolidated subsidiaries have several pension plans covering substantially all their employees. The contributory plan
includes a portion of the government sponsored welfare pension benefits which would otherwise be provided by the Japanese gov-
ernment in accordance with the Welfare Pension Insurance Law of Japan. These contributory and noncontributory plans are funded
in accordance with the funding requirements set forth in the applicable government regulations.
Additional early retirement benefit is paid in certain cases upon employees’ retirement. In addition, certain foreign consolidated
subsidiaries have defined contribution benefit plan.
The discount rate used to determine the retirement benefit obligation was 2.5% for MMC and its domestic consolidated sub-
sidiaries, 6.8%~7.0% for its foreign consolidated subsidiaries, and 2.5% for MMC and its domestic consolidated subsidiaries,
7.3%~7.5% for its foreign consolidated subsidiaries at March 31, 2003 and 2002, respectively. The rate of return on plan assets
assumed was 4.0% for MMC and its domestic consolidated subsidiaries, 8.3%~8.5% for its foreign consolidated subsidiaries, and
4.0% for MMC and its domestic consolidated subsidiaries, 8.3%~8.5% for its foreign consolidated subsidiaries for the year ended
March 31, 2003 and 2002, respectively.