Pioneer 2013 Annual Report Download - page 41

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The components of net periodic retirement benefit costs for the years ended March 31, 2013 and 2012, were as follows:
Assumptions used for the years ended March 31, 2013 and 2012, were as follows:
Millions of Yen
Thousands of
U.S. Dollars
2013 2012 2013
Projected benefit obligation ¥(15,492) ¥(12,382) $(164,809)
Fair value of plan assets 10,895 9,233 115,904
Accrued pension and severance costs ¥ (4,597) ¥ (3,149) $ (48,905)
Millions of Yen
Thousands of
U.S. Dollars
2013 2012 2013
Service cost ¥ 125 ¥ 110 $ 1,330
Interest cost 588 588 6,255
Expected return on plan assets (593) (589) (6,308)
Recognized actuarial loss 223 88 2,372
Amortization of prior service gain (3) (2) (32)
Curtailment gain –12 –
Net periodic retirement benefit costs ¥ 340 ¥ 207 $ 3,617
2013 2012
Discount rate 3.1%–5.2% 4.5%–5.6%
Expected rate of return on plan assets 0.0%–7.5% 0.0%–6.2%
Amortization period of prior service gain or cost Average remaining service
period of employees
Average remaining service
period of employees
Recognition period of actuarial gain or loss Average remaining service
period of employees
Average remaining service
period of employees
Overseas
9. Equity
a. Dividends
Under the Companies Act, companies can pay divi-
dends at any time during the fiscal year in addition to
the year-end dividend upon resolution of the share-
holders meeting. For companies that meet certain
criteria such as; (1) having a board of directors, (2)
having independent auditors, (3) having an audit and
supervisory board, and (4) the term of service of direc-
tors is prescribed as one year rather than two years
by its articles of incorporation, the board of directors
may declare dividends (except for dividends in kind) at
any time during the fiscal year if the company has pre-
scribed so in its articles of incorporation. The Company
meets all the above criteria.
Semiannual interim dividends may also be paid
once a year upon resolution by the board of directors
if the articles of incorporation of the company so stipu-
late. The Companies Act provides certain limitations on
the amounts available for dividends or the purchase of
treasury stock. The limitation is defined as the amount
available for distribution to the shareholders, but the
amount of net assets after dividends must be main-
tained at no less than ¥3 million.
b. Increases/Decreases and Transfer of
Common Stock, Reserve and Surplus
The Companies Act requires that an amount equal to
10% of dividends must be appropriated as an addi-
Japanese companies have been subject to the Companies Act of Japan (the “Companies Act”). The significant
provisions in the Companies Act that affect financial and accounting matters are summarized below:
Pioneer Corporation Annual Report 2013
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