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Page
59.
TOSHIBA ANNUAL REPORT 1999
A weighted-average discount rate of 3.5 percent and 4.0 percent, an expected long-term rate of return on plan assets of 4.0
percent, and an assumed rate of increase in salary levels of 2.5 percent and 3.0 percent were used in measuring the pension
obligations at March 31, 1999 and 1998, respectively.
The changes in the benefit obligations and plan assets and reconciliations of net amount recognized to funded status and
accrued pension and severance costs for 1999 and 1998 were as follows:
Thousands of
Millions of yen U.S. dollars
March 31 1999 1998 1999
Change in benefit obligations:
Benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . ¥1,448,320 ¥1,263,801 $11,969,587
Service cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,966 40,781 388,149
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,306 56,552 473,603
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,789 8,650 72,636
Actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,414 140,639 1,375,322
Effect of subsidiaries newly consolidated
due to change in ownership rate and other . . . . . . . . . . . . . . . . . . . . 63,536 9,585 525,091
Benefits paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (97,271) (72,335) (803,892)
Foreign currency exchange impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . (914) 647 (7,554)
Benefit obligation at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,693,146 1,448,320 13,992,942
Change in plan assets:
Fair value of plan assets at beginning of year . . . . . . . . . . . . . . . . . . . 677,571 637,607 5,599,761
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,978 18,183 289,075
Employer contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,017 31,151 496,008
Plan participants’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,789 8,650 72,636
Effect of subsidiaries newly consolidated
due to change in ownership rate and other . . . . . . . . . . . . . . . . . . . . 29,745 6,768 245,826
Benefits paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,143) (25,331) (290,438)
Foreign currency exchange impact . . . . . . . . . . . . . . . . . . . . . . . . . . . . (930) 543 (7,686)
775,027 677,571 6,405,182
Funded status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918,119 770,749 7,587,760
Unrecognized actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (445,358) (284,364) (3,680,645)
Unrecognized net obligation at transition . . . . . . . . . . . . . . . . . . . . . . . . (85,239) (97,264) (704,454)
Unrecognized prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43,231) (49,346) (357,281)
Net amount recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 344,291 ¥ 339,775 $ 2,845,380
Amounts recognized in the consolidated balance sheets consist of:
Accrued pension and severance costs . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 692,150 ¥ 545,293 $ 5,720,248
Intangible asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (128,470) (146,610) (1,061,736)
Accumulated other comprehensive income (loss), gross of tax. . . . . . (219,389) (58,908) (1,813,132)
Net amount recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 344,291 ¥ 339,775 $ 2,845,380
Accumulated benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . ¥1,467,177 ¥1,222,864 $12,125,430