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The changes in plan assets 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
Plan assets at beginning
of year ¥ 86,350 ¥75,217 $ 718,566
Expected return on plan
assets 4,982 4,490 41,461
Actuarial losses 5,683 3,100 47,294
Contributions by
the Company 2,844 3,130 23,672
Retirement benefit paid (6,093) (3,376) (50,708)
Exchange translation
differences 8,989 3,788 74,804
Decrease due to transfer
to defined contribution
pension plan (15,502) —(129,006)
Other (299) (0) (2,489)
Plan assets at end of year ¥ 86,954 ¥86,350 $ 723,594
The following table sets out the funded status of the plans and
the amounts recognized in the consolidated balance sheet as of
March 31, 2015 and 2014 for the MMC and consolidated subsid-
iaries’ defined benefit plans:
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Funded retirement benefit
obligation ¥ 88,706 ¥ 82,704 $ 738,173
Plan assets at fair value (86,954) (86,350) (723,594)
1,751 (3,645) 14,579
Unfunded retirement benefit
obligation 100,246 109,508 834,202
Net liability for retirements
benefits in the balance sheet 101,998 105,863 848,781
Net defined benefit liability 106,821 113,747 888,922
Net defined benefit asset (4,823) (7,884) (40,140)
Net liability for retirement
benefits in the balance sheet ¥101,998 ¥105,863 $ 848,781
The components of retirement benefit expenses for the year
ended March 31, 2015 and 2014 were as follows:
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Service costs ¥ 8,733 ¥ 7,628 $ 72,677
Interest costs 3,687 4,734 30,687
Expected return on plan assets (4,982) (4,490) (41,461)
Amortization of actuarial
losses 796 2,667 6,626
Amortization of prior service
costs (1,576) (688) (13,117)
Gain due to transfer to
defined contribution
pension plan (2,448) —(20,377)
Other 1—16
Retirement benefit expenses ¥ 4,212 ¥ 9,850 $ 35,052
The components of remeasurements of defined benefit plans
included in other comprehensive income (before tax effect) for the
year ended March 31, 2015 and 2014 were as follows:
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Prior service costs ¥4,282 ¥— $35,634
Actuarial losses 3,833 —31,901
Total ¥8,115 ¥— $67,536
The components of remeasurements of defined benefit plans
included in accumulated other comprehensive income (before tax
effect) as of March 31, 2015 and 2014 were as follows:
(In millions of yen)
(In thousands
of U.S. dollars)
March 31,
2015 2014 2015
Unrecognized prior service
costs ¥ (5,015) ¥ (9,310) $ (41,740)
Unrecognized actuarial losses 16,603 13,095 138,162
Total ¥11,587 ¥ 3,784 $ 96,422
MITSUBISHI MOTORS CORPORATION
Annual Report 2015
62