Wacom 2005 Annual Report Download - page 28

27 W acom Co., Ltd. Annual Report 2005
6. Accrued retirement benefits:
The Company has an unfunded retirement allowance plan (“Plan”)
covering substantially all of its employees who meet eligibility
requirements under the Plan. In addition, the Company is a
member of the industrial park multiemployer pension plan,
covering substantially all of its employees, which provides for
benefits under the governmental welfare pension benefit plan,
which would be otherwise provided by the Japanese government.
As the Company joins this multiemployer pension plan out of its
retirement allowance plan, this multiemployer pension plan of
which pension assets calculated by the ratio of the number of
members were ¥472,708 thousand and ¥ 722,675 thousand
($6,729 thousand) for 2004 and 2005 and contributions to this
multiemployer pension plan were ¥44,893 thousand and ¥ 54,292
thousand ($506 thousand) for 2004 and 2005, is excluded from
the calculation of projected benefit obligation, pension assets and
net periodic pension expense.
Some foreign subsidiaries have defined contribution pension plans.
The accrued retirement benefits for employees as of March 31,
2004 and 2005 can be analyzed as follows:
4. Inventories:
Inventories comprise the following:
5. Short and long-term debt:
Short-term debt at March 31, 2004 and 2005 includes short-term
bank loans of ¥700,000 thousand and ¥ 500,000 thousand ($4,656
thousand) with an annual average interest rate of 1.377% and
1.060%, respectively. The current portion of long-term bank loans
includes ¥324,200 thousand and ¥239,400 thousand ($2,229
thousand) with an annual average interest rate of 2.344% and
2.427%, respectively.
Long-term debt at March 31, 2004 and 2005 comprises the
following:
Unsecured zero-coupon standard bond
due 2005
Unsecured standard bond due 2006 with
interest rate of 1.100% per annum
Unsecured floating rate bond due 2007
(0.190% at March 31, 2005)
Secured bank loans due 2005 to 2010 with
average interest rate of 2.427% per annum
Unsecured bank loans due 2005 with
average interest rate of 2.427% per annum
Less: Portion due within one year
¥–
500,000
200,000
883,200
28,000
(324,200)
¥1,287,000
¥–
500,000
200,000
583,000
40,000
(239,400)
¥1,047,600
$–
4,656
1,862
5,429
37
(2,229)
$9,755
Thousands of
U.S. dollars
Thousands of yen
March 31
2004 2005 2005
March 31
Finished goods
W ork-in-process
Raw materials
¥790,284
160,949
453,718
¥1,404,951
¥1,062,563
144,776
465,311
¥1,672,650
$9,894
1,348
4,333
$15,575
Thousands of
U.S. dollars
Thousands of yen
March 31
2004 2005 2005
March 31
2006
2007
2008
2009
2010
¥239,400
857,600
110,000
40,000
40,000
¥1,287,000
$2,229
7,986
1,025
372
372
$11,984
Thousands of
U.S. dollars
Thousands of
yen
Year ending
March 31
The following assets are pledged as security for short-term
borrowings and long-term debt at March 31, 2004 and 2005.
Time deposits
Buildings
Land
Patent N o.
2131145
4,878,553
5,028,745
4,999,461
Title of Invention
PO SITIO N D ETECTIN G APPARATUS
PO SITIO N D ETECTIN G APPARATUS
PO SITIO N D ETECTIN G APPARATUS
CO O RDIN ATES IN PUT APPARATU S
¥144,280
1,549,125
1,348,168
¥3,041,573
¥–
1,477,564
1,348,168
¥2,825,732
$–
13,759
12,554
$26,313
Thousands of
U.S. dollars
Thousands of yen
March 31
2004 2005 2005
March 31
(1) Projected benefit obligation
(2) Unrecognized transition obligation
(3) Unrecognized actuarial loss (gain)
(4) Accrued retirement benefits for
employees (1)+(2)+(3)
(¥278,185)
27,644
15,598
(¥234,943)
(¥286,213)
-
20,679
(¥265,534)
($2,665)
-
193
($2,472)
Thousands of
U.S. dollars
Thousands of yen
2004 2005 2005
(1) Service cost
(2) Interest cost
(3) Recognized actuarial loss (gain)
(4) Amortization of transition obligation
(5) N et periodic pension expense
¥27,756
5,914
(642)
27,644
¥60,672
¥34,528
5,564
2,525
27,644
¥70,261
$321
52
24
257
$654
Thousands of
U.S. dollars
Thousands of yen
2004 2005 2005
In addition, the following patents are pledged as security for
borrowing of ¥28,000 thousand and ¥4,000 thousand from the
D evelopment Bank of Japan at March 31, 2004 and 2005, respectively.
The aggregate annual maturities of long-term debt during the next
five years are as follows:
The components of the net periodic pension expense for the
years ended March 31, 2004 and 2005 are as follows:
The accrued retirement benefit as of March 31, 2004 and 2005
included accrued severance indemnities for directors and statutory
corporate auditors, amounting to
¥ 145,397 thousand and
¥ 155,724 thousand ($1,450 thousand), respectively.
(1) D iscount rate
(2) Method of attributing the projected
benefits to periods of service
(3) Amortization of unrecognized transition
obligation
(4) Amortization of unrecognized actuarial
differences
2.0%
Straight-line
basis
Straight-line
over 5 years
Straight-line
over 5 years
2.0%
Straight-line
basis
Straight-line
over 5 years
Straight-line
over 5 years
2004 2005
The assumptions used as of March 31, 2004 and 2005 were as
follows: