Risk of fluctuations in pension obligations, investment returns, and discount rates
First written in FY2016. 7 of 9 entries say "Mitigated", first in FY2017. Latest entry: FY2026.
24 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Present value of defined benefit obligations 573,143 543,292 Fair value of plan assets △447,747 △464,376 Net defined benefit liability (asset) 132,293 88,753」
The net defined benefit liability decreased from ¥132.293 billion at the end of the previous fiscal year to ¥88.753 billion. Under the domestic plans, defined benefit assets exceeded liabilities at the end of March 2026. - FY2024MitigatedAnnual report
「Present value of defined benefit obligations 573,143 543,292 Fair value of plan assets △447,747 △464,376 Net defined benefit liability (asset) 132,293 88,753」
The net defined benefit liability under domestic plans decreased from ¥132.293 billion to ¥88.753 billion. - FY2022-Q1MitigatedAnnual report
「A ¥5.5 billion settlement gain related to the termination of defined benefit pension plans at certain US subsidiaries, mainly in Corporate and intersegment eliminations.」
Defined benefit pension plans were terminated at certain US subsidiaries, and a ¥5.5 billion settlement gain was recorded. This was disclosed as evidence of measures taken to address exposure related to pension plans. - FY2021MitigatedAnnual report
「As of 31 March 2020 and 31 March 2021, net actuarial losses, including losses on pension plan assets, for Sony's domestic pension plans were ¥223.4 billion and ¥163.4 billion, respectively.」
Net actuarial losses under domestic pension plans decreased from ¥223.4 billion to ¥163.4 billion, mainly because the actual return on pension plan assets exceeded the long-term expected return. - FY2020-Q3MitigatedAnnual report
「Effective 1 October 2019, Sony and nearly all of its domestic subsidiaries amended their defined benefit pension plans and transferred entirely to defined contribution pension plans, except for retirees who retired before the plan amendment. As a result, accrued retirement and pension costs on the consolidated balance sheet at the end of the third quarter of fiscal 2019 decreased by ¥74,872 million, while accumulated other comprehensive income increased by ¥81,230 million. In the consolidated statements of income for the nine months and the third quarter of fiscal 2019, a loss of ¥6,358 million related to the pension plan amendment was recorded in other expenses.」
The transition from defined benefit pension plans to defined contribution pension plans reduced accrued retirement and pension costs by ¥74.872 billion. A ¥6.358 billion loss related to the plan amendment was also recorded. - FY2019WorsenedAnnual report
「As of 31 March 2018 and 31 March 2019, net actuarial losses, including losses on pension plan assets, for Sony's domestic pension plans were ¥299.9 billion and ¥311.1 billion, respectively. In fiscal 2018, net actuarial losses increased mainly because the discount rate used to determine retirement benefit obligations was lower than in the previous fiscal year, although the actual return on pension plan assets slightly exceeded the long-term expected return.」
Net actuarial losses increased from ¥299.9 billion to ¥311.1 billion, reflecting the impact of lower discount rates in the actual results. - FY2018MitigatedAnnual report
「As of 31 March 2017 and 31 March 2018, net actuarial losses, including losses on pension plan assets, for Sony's domestic pension plans were ¥317.4 billion and ¥299.9 billion, respectively. In fiscal 2017, net actuarial losses decreased because the actual return on pension plan assets exceeded the long-term expected return, despite the discount rate used to determine retirement benefit obligations being lower than in the previous fiscal year.」
Net actuarial losses under domestic pension plans decreased from ¥317.4 billion to ¥299.9 billion. - FY2017MitigatedAnnual report
「As of 31 March 2016 and 31 March 2017, net actuarial losses, including losses on pension plan assets, for Sony's domestic pension plans were ¥389.3 billion and ¥317.4 billion, respectively.」
Net actuarial losses under domestic pension plans decreased from ¥389.3 billion to ¥317.4 billion. - FY2016First statedAnnual report
「Unfunded pension obligations may increase as pension plan assets decline due to deteriorating investment returns and projected benefit obligations increase due to lower discount rates, higher salary growth rates and changes in other actuarial assumptions, potentially increasing pension costs recorded in cost of sales or selling, general and administrative expenses.」
The disclosure also covers changes that have already occurred, including lower discount rates and higher net actuarial losses under domestic plans, as well as ¥462,384 million in accrued retirement and pension costs.