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FANUC2013E

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FANUC2013E

6. Retirement benefitsThe Group has defined benefit pension plans: the Company has the FANUC Pension Fund as a supplementto the public Welfare Pension Fund Plan and the Group, except for certain subsidiaries, has lump-sumseverance indemnity plans.The table below sets forth the plans' funded status and the amounts recognized in the consolidatedbalance sheets at March 31, 2012 and 2013:Millions of yenThousands ofU.S. dollars201220132013Projected benefit obligation(¥102,245)(¥111,128)($1,182,213)Plan assets at fair value76,30883,921892,777Projected benefit obligation in excess of plan assets(25,937)(27,207)(289,436)Unrecognized net actuarial loss3,4791,92220,447Unrecognized past service cost(1,377)(1,064)(11,319)Subtotal(¥23,835)(¥26,349)($280,308)Prepaid pension cost2,6641,82319,394Allowance for employees' retirement benefits(¥26,499)(¥28,172)($299,702)Pension costs related to the plans for the years ended March 31, 2011, 2012 and 2013, are as follows:Millions of yenThousands ofU.S. dollars2011201220132013Current service cost¥3,091¥2,968¥3,390$36,064Interest cost2,1322,3162,56027,234Expected return on plan assets(1,478)(1,239)(1,361)(14,478)Amortization of net actuarial loss1,3831,31896710,287Amortization of past service cost(505)(364)(309)(3,288)Net pension cost¥4,623¥4,999¥5,247$55,819The Group's assumptions for the years ended March 31, 2011, 2012 and 2013, which were used indetermining the pension costs and the allowance for employees' retirement benefits shown above, are asfollows:201120122013Discount rates2.0%~6.14%2.0%~5.84%2.0%~4.81%Expected rates of return on plan assets1.5%~5.5%1.5%~3.0%1.5%~3.0%Method of allocation of retirement benefit costFlat allocationFlat allocationFlat allocationPeriod for amortization of past service cost10~14 years10~13 years10~12 yearsPeriod for amortization of actuarial loss10~14 years10~13 years10~12 years20●ANNUAL REPORT 2013