Mitsubishi 2015 Annual Report Download - page 63

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Interest rate swaps
(In millions of yen)
March 31, 2015
Hedged
item
Notional
amount
Due more
than 1 year
Fair value
Pay-fixed, receive-
floating (recorded
as fair value):
Debt
¥8,328 ¥8,328 ¥(2)
Pay-fixed, receive-
floating (special
hedge provisions):
Debt
275 185 (*)
Total — — ¥(2)
(In thousands of U.S. dollars)
March 31, 2015
Hedged
item
Notional
amount
Due more
than 1 year
Fair value
Pay-fixed, receive-
floating (recorded
as fair value):
Debt
$69,309 $69,309 $(17)
Pay-fixed, receive-
floating (special
hedge provisions):
Debt
2,288 1,539 (*)
Total — — $(17)
(*) As interest rate swaps under the special hedge provisions are accounted
together with the corresponding hedged item (debt), their fair values are
reflected in the fair value of loans payable.
(In millions of yen)
March 31, 2014
Hedged
item
Notional
amount
Due more
than 1 year
Fair value
Pay-fixed, receive-
floating (recorded
as fair value):
Debt
¥29,496 ¥29,496 ¥(18)
Pay-fixed, receive-
floating (special
hedge provisions):
Debt
7,615 275 (*)
Total — — ¥(18)
(*) As interest rate swaps under the special hedge provisions are accounted
together with the corresponding hedged item (debt), their fair values are
reflected in the fair value of loans payable.
17. Retirement Benefits
MMC and its consolidated subsidiaries have defined benefit pension
plans including contributory plans in accordance with the Welfare
Pension Institute Law of Japan, defined benefit corporate pension
plans and lump-sum payment plans, and defined contribution pen-
sion plans. Additional retirement benefits are paid in certain cases
upon an employee’s retirement and similar. Some of the consoli-
dated subsidiaries adopt the simplified method for the calculation
of retirement benefit obligation.
Effective from February 1, 2015, MMC has transferred from a
defined benefit corporate pension plan to a defined contribution
pension plan.
Some of the consolidated subsidiaries have multi-employer
pension plans and since the portion of plan assets belonging to a
multi-employer pension plan could not be reasonably calculated,
the required contribution amount is accounted as a defined contri-
bution plan.
Defined benefit plan
The changes in the retirement benefit obligation during the year
ended March 31, 2015 and 2014 were as follows:
(In millions of yen)
(In thousands
of U.S. dollars)
For the years ended March 31,
2015 2014 2015
Retirement benefit obligation
at beginning of year ¥192,213 ¥185,113 $1,599,511
Cumulative effects of changes
in accounting policies (6,168) —(51,328)
Restated balance 186,045 185,113 1,548,183
Service costs 8,733 7,628 72,677
Interest costs 3,687 4,734 30,687
Actuarial losses 9,251 205 76,987
Retirement benefit paid (12,136) (9,269) (100,996)
Prior service cost 79 —658
Exchange translation
differences 9,870 4,124 82,137
Decrease due to transfer
to defined contribution
pension plan (15,739) —(130,981)
Other (838) (322) (6,979)
Retirement benefit obligation
at end of year ¥188,952 ¥192,213 $1,572,375
MITSUBISHI MOTORS CORPORATION
Annual Report 2015 61