Pioneer 2007 Annual Report Download - page 55

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Annual Report 2007 54
Reconciliations of beginning and ending balances of benefit obligations and the fair value of the plan assets of the domestic and
foreign defined benefit pension plans are as follows:
Thousands of
Millions of Yen U.S. Dollars
2006 2007 2007
Domestic Foreign Domestic Foreign Domestic Foreign
Plans Plans Plans Plans Plans Plans
Change in benefit obligation:
Benefit obligation at beginning of year ¥ 94,410 ¥13,595 ¥ 97,068 ¥ 17,061 $ 822,611 $ 144,585
Service cost 4,552 417 4,074 436 34,525 3,695
Interest cost 2,361 755 2,427 857 20,568 7,263
Plan participants’ contribution – 113 –113 – 958
Actuarial (gain) loss 1,222 1,784 1,421 (1,392) 12,042 (11,797)
Lump-sum cash payments/Settlements (2,462) – (11,214) (106) (95,034) (898)
Benefits paid (1,655) (298) (2,265) (710) (19,195) (6,017)
Plan amendment (1,219) – –– – –
Curtailment (141) – –– – –
Translation adjustments – 695 –1,339 – 11,347
Benefit obligation at end of year ¥ 97,068 ¥17,061 ¥ 91,511 ¥ 17,598 $ 775,517 $ 149,136
Change in plan assets:
Fair value of plan assets at beginning of year ¥ 59,325 ¥ 9,330 ¥ 77,254 ¥ 11,748 $ 654,695 $ 99,559
Actual return on plan assets 14,385 1,339 3,415 1,422 28,941 12,051
Employer contribution 7,661 726 6,386 895 54,119 7,585
Plan participants’ contribution – 113 –113 – 958
Lump-sum cash payments/Settlements (2,462) – (10,638) (92) (90,153) (780)
Benefits paid (1,655) (298) (2,265) (710) (19,195) (6,017)
Translation adjustments – 538 –868 – 7,356
Fair value of plan assets at end of year ¥ 77,254 ¥11,748 ¥ 74,152 ¥ 14,244 $ 628,407 $ 120,712
Funded status ¥(19,814) ¥ (5,313) ¥(17,359) ¥ (3,354) $(147,110) $ (28,424)
Unrecognized actuarial loss 31,770 2,775 –– – –
Unrecognized net assets at the date of application (431) – –– – –
Unrecognized prior service cost (gain) (20,258) 55 –– – –
Net amount recognized ¥ (8,733) ¥ (2,483) –– – –
Amounts recognized in the statement of financial
position consist of:
Accrued benefit liabilities ¥(15,893) ¥ (4,106) –– – –
Accumulated other comprehensive income 7,160 1,623 –– – –
Net amount recognized ¥ (8,733) ¥ (2,483) –– – –
Other assets – – ¥ 644 ¥ 95 $ 5,458 $ 805
Other current liabilities – – (4) – (34) –
Accrued pension and severance cost – – (17,999) (3,449) (152,534) (29,229)
Net amount recognized – – ¥(17,359) ¥ (3,354) $(147,110) $ (28,424)
Accumulated benefit obligation at end of year ¥ 92,161 ¥15,435 ¥(88,670) ¥(16,590) $(751,441) $(140,593)
Actuarial assumptions used to determine
benefit obligations:
Discount rate 2.5% 4.9% 2.5% 5.3%
Rate of salary increase –* 2.5% –* 2.1%
* The benefit obligations are determined using cumulative points and not salaries. The benefit obligations at March 31, 2006 and 2007 were calculated on the
basis of an annual increase in points of 3.0%.