Pension Plans

6 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension Plans

16. Pension Plans

The Company and certain subsidiaries have contributory and non-contributory pension plans covering substantially all of their employees. Those contributory funded pension plans include defined benefit pension plans and defined contribution pension plans. Under the plans, employees are entitled to lump-sum payments at the time of termination of their employment or pension payments. Defined benefit pension plans consist of a plan of which the amounts of such payments are determined on the basis of length of service and remuneration at the time of termination and a cash balance plan.

The Company and certain subsidiaries’ funding policy is to contribute annually the amounts actuarially determined. Assets of the plans are invested primarily in debt securities and marketable equity securities.

Net periodic pension cost for the six months ended September 30, 2023 and 2024 consists of the following:

	Millions of yen
	Six months ended September 30, 2023			Six months ended September 30, 2024
Japanese plans:
Service cost	¥	2,760		¥	2,584
Interest cost		601			704
Expected return on plan assets		(1,352	)		(1,397	)
Amortization of prior service credit		(42	)		(36	)
Amortization of net actuarial loss		31			(49	)
Net periodic pension cost	¥	1,998		¥	1,806
	Millions of yen
	Six months ended September 30, 2023			Six months ended September 30, 2024
Overseas plans:
Service cost	¥	1,436		¥	1,654
Interest cost		1,470			2,070
Expected return on plan assets		(3,101	)		(3,535	)
Amortization of prior service credit		(183	)		(162	)
Amortization of net actuarial loss		1			2
Amortization of transition obligation		1			1
Net periodic pension cost	¥	(376	)	¥	30

Note: Net periodic pension cost is charged in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income.