Sharp 2007 Annual Report Download - page 61
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Sharp Annual Report 2007 59
9. Employees’ Severance and Pension Benefits
Projected benefit obligation...............................................................................
Less-Fair value of plan assets ...........................................................................
Less-Unrecognized actuarial differences...........................................................
Less-Unrecognized net transition obligation......................................................
Unrecognized prior service costs ......................................................................
Prepaid pension cost........................................................................................
Allowance for severance and pension benefits..................................................
In addition, allowance for severance and pension benefits of
¥7,034 million as of March 31, 2006, and ¥9,373 million ($80,111
thousand) as of March 31, 2007, were provided by certain
overseas consolidated subsidiaries in conformity with generally
accepted accounting principles prevailing in the respective
countries of domicile.
$ 3,076,880
(3,256,436)
(203,837)
(24,008)
335,171
81,316
$ 9,086
¥ 359,995
(381,003)
(23,849)
(2,809)
39,215
9,514
¥ 1,063
¥ 349,052
(356,977)
(27,280)
(5,619)
42,342
—
¥ 1,518
200720072006
Yen
(millions) U.S. Dollars
(thousands)
Service costs .......................................................................................
Interest costs on projected benefit obligation .......................................
Expected return on plan assets............................................................
Amortization of net transition obligation................................................
Recognized actuarial loss ......................................................................
Amortization of prior service costs..........................................................
Expenses for severance and pension benefits......................................
$ 111,889
74,795
(137,538)
24,009
28,991
(26,462)
$ 75,684
¥ 13,091
8,751
(16,092)
2,809
3,392
(3,096)
¥ 8,855
The discount rate used by the Company and its domestic
consolidated subsidiaries was 2.5% for the years ended March 31,
2006 and 2007. The rate of expected return on plan assets used
by the Company and its domestic consolidated subsidiaries for the
years ended March 31, 2006 and 2007 was 4.5%.
Effective for the year ended March 31, 2006, the Company
and most of its domestic consolidated subsidiaries amended
their retirement benefit plan to introduce a “point” based retirement
benefit plan. This plan amendment resulted in an immaterial prior
service costs for the year ended March 31, 2006. According to this
amendment, the estimated amount of all retirement benefits to be
paid at future retirement dates is allocated to each service year mainly
based on points.
20072007
Yen
(millions) U.S. Dollars
(thousands)
¥ 12,918
8,520
(12,468)
2,809
7,235
(3,097)
¥ 15,917
2006
Expenses for severance and pension benefits of the Company and its domestic consolidated subsidiaries for the years ended
March 31, 2006 and 2007 consisted of the following:
Allowance for severance and pension benefits of the Company and its domestic consolidated subsidiaries as of March 31, 2006 and 2007
consisted of the following: