Employee benefits (Tables)

Amounts recognized in the consolidated statements of financial position are as follows:

Present value of defined benefit obligations

Fair value of plan assets

The impact of minimum funding requirement and asset ceiling

Amount recognized in the consolidated statements of financial position

Net defined benefit asset

Net defined benefit liability

The weighted average duration of defined benefit obligations as of March 31, 2024 and 2025 is as follows:

Weighted average duration of defined benefit obligations

The significant actuarial assumptions used to determine the present value of defined benefit obligations as of March 31, 2024 and 2025 are as follows:

The sensitivities of the defined benefit obligations to changes in the significant weighted-average actuarial assumptions are as follows:

Change in assumptions

Total defined contribution expenses for the fiscal years ended March 31, 2023, 2024 and 2025 are as follows:

Fiscal year ended March 31

Employee benefits expenses included in cost of sales, selling, general and administrative, and financial services expenses in the consolidated statements of income for the fiscal years ended March 31, 2023, 2024 and 2025 are as follows:

Fiscal year ended March 31

Total employee benefits expenses

The fair values of the assets held by Japanese and foreign plans are as follows:

Market price in active

Cash and cash equivalents

Equity securities

Market price in active

market

Cash and cash equivalents

Equity securities

Represents primarily Japanese equity securities.

Includes approximately 84% and 84% of debt securities issued by Japanese national and local governments, and 16% and 16% of debt securities issued by foreign national and local governments as of the fiscal years ended March 31, 2024 and 2025, respectively.

Includes debt securities issued by Japanese and foreign corporations and government related agencies.

Commingled funds represent pooled institutional investments, including primarily investment trusts.

Market price in active

Cash and cash equivalents

Equity securities

Asset-backed securities

Insurance contracts

Real estate and other

Market price in active

Cash and cash equivalents

Equity securities

Asset-backed securities

Insurance contracts

Real estate and other

Represents primarily foreign equity securities.

Includes primarily foreign government debt securities.

Includes primarily foreign corporate debt securities.

Represents annuity contracts with or without profit sharing and bulk insurance contracts.

Commingled funds represent pooled institutional investments, including primarily investment trusts.

The changes in the defined benefit obligations for the fiscal years ended March 31, 2024 and 2025 are as follows:

Fiscal year ended March 31

Beginning balance of the fiscal year

Current service cost

Change in demographic assumptions

Change in financial assumptions

Translation adjustments

Plan participants’ contributions

Curtailments and settlements*

Ending balance of the fiscal year

Curtailments and settlements of the foreign plans for the fiscal year ended March 31, 2024 relate mainly to the termination of the defined benefit pension plan at certain U.S. subsidiaries.

The impact of minimum funding requirement and asset ceiling for the fiscal years ended March 31, 2024 and 2025 is as follows:

Fiscal year ended March 31

Beginning balance of the fiscal year

Change in asset ceiling excluding interest income

Translation adjustments

Ending balance of the fiscal year

Fiscal year ended March 31

Beginning balance of the fiscal year

Return on plan assets excluding interest income

Translation adjustments

Employer contribution

Plan participants’ contributions

Curtailments and settlements*

Ending balance of the fiscal year

Curtailments and settlements of the foreign plans for the fiscal year ended March 31, 2024 relate mainly to the termination of the defined benefit pension plan at certain U.S. subsidiaries.