Mitsubishi 2004 Annual Report Download - page 53

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51
All cross currency swaps have maturities over one year.
In millions of yen
2004 2003
Notional Fair Unrealized Notional Fair Unrealized
amount value gain (loss) amount value gain (loss)
Interest rate swaps:
Pay-fixed, receive-floating ¥150,608 ¥(1,215) ¥(1,215) ¥82,938 ¥(2,463) ¥(2,463)
Pay-floating, receive-fixed 14,241 531 531 ———
Total ¥ (683) ¥(2,463)
In thousands of U.S. dollars
2004
Notional Fair Unrealized
amount value gain (loss)
Interest rate swaps:
Pay-fixed, receive-floating $1,425,000 $(11,499) $(11,499)
Pay-floating, receive-fixed 134,747 5,028 5,028
Total $ (6,471)
Included in interest rate swaps above are contracts with maturities over one year with notional amounts of ¥45,446
($430,000 thousand) and ¥42,070 million as at March 31, 2004 and 2003, respectively.
19. RETIREMENT BENEFITS
MMC and its consolidated subsidiaries have defined benefit pension plans for their employees. The plans include contributory
plans in accordance with the Welfare Pension Institute Law of Japan, tax-qualified plans and non-contributory severance plans.
Additional early retirement benefits are paid in certain cases upon employees’ retirements. Certain foreign consolidated
subsidiaries have defined contribution pension plans. At March 31, 2004, the Company and its consolidated subsidiaries have
four funds for contributory plans in accordance with the Welfare Pension Insurance Law, and 47 funds for tax-qualified plans.
MMC and 43 of its consolidated subsidiaries have non-contributory severance plans.
The discount rate used to determine the retirement benefit obligation was 2.0%–2.5% for MMC and its domestic
consolidated subsidiaries, 6.25%–7.0% for its foreign consolidated subsidiaries, and 2.5% for MMC and its domestic
consolidated subsidiaries, 6.8%–7.0% for its foreign consolidated subsidiaries at March 31, 2004 and 2003, respectively. The
rate of return on plan assets assumed was 1.5%–4.0% for MMC and its domestic consolidated subsidiaries, 8.0%–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 years ended March 31, 2004 and 2003, respectively.
The retirement benefit obligation for MMC’s and its consolidated subsidiaries’ employees’ defined benefit plans at March 31,
2004 and 2003 is summarized as follows:
In millions of yen In thousands of
U.S. dollars
2004 2003 2004
Retirement benefit obligation ¥(186,990) ¥(181,264) $(1,769,236)
Pension plan assets at fair value 54,460 43,714 515,288
Unfunded status (132,529) (137,549) (1,253,948)
Unrecognized actuarial losses 19,668 23,839 186,099
Unrecognized prior service cost 6,605 (1,323) 62,500
Net recognized retirement benefit obligation (106,255) (115,033) (1,005,348)
Prepaid pension premiums 4,866 3,354 46,040
Accrued retirement benefits ¥(111,121) ¥(118,387) $(1,051,389)