Annual maturities of long-term debt at March 31  2003  were as follows: The following assets were pledged as collateral for short-term debt at March 31  2003: The following assets were pledged as collateral for long-term debt at March 31  2003: Employees who terminate their services with the Company are  under most circumstances  entitled to receive lump-sum retirement benefits based upon their rates of pay at the time of termination  years of service and certain other factors. Certain consolidated subsidiaries also have severance payment and pension plans similar to those of the Company. However  an employee who terminates at 50 years of age or older with service of at least 20 years is entitled to receive an annuity from the trustee under the pension plan which covers such employees. If the annuity does not reach the level of total retirement benefits due  the remainder would be paid by the Company. Retirement benefits include retirement benefits to directors  offi- cers and corporate auditors in the amount of ¥271 million ($2 259 thousand) and ¥196 million for the years ended March 31  2003 and 2002  respectively. The retirement benefits to directors and cor- porate auditors are paid subject to the approval of the shareholders. The liability for employees’ retirement benefits at March 31  2003 and 2002  consisted of the following: 37 Projected benefit obligation .............................................................................................. ¥ 34 212 ¥ 31 890 $ 285 100 Fair value of plan assets .................................................................................................... (14 195) (15 952) (118 292) Unrecognized transitional obligation ................................................................................. (9 699) (10 507) (80 825) Unrecognized actuarial loss............................................................................................... (7 407) (3 607) (61 725) Prepaid pension cost ......................................................................................................... 5 Net liability........................................................................................................................ ¥ 2 911 ¥ 1 829 $ 24 258 Millions of Yen 2003 2002 Thousands of U.S. Dollars 2003 Notes and accounts receivable — trade............................................................................. ¥ 197 $ 1 642 Land ................................................................................................................................. 695 5 792 Buildings and structures — net of accumulated depreciation............................................. 718 5 983 Total ................................................................................................................................. ¥ 1 610 $ 13 417 Millions of Yen Thousands of U.S. Dollars Land ................................................................................................................................. ¥ 1 285 $ 10 708 Buildings and structures — net of accumulated depreciation............................................. 655 5 458 Investment securities......................................................................................................... 4 34 Total ................................................................................................................................. ¥ 1 944 $ 16 200 Millions of Yen Thousands of U.S. Dollars Year Ending March 31 2004 ............................................................................................................................ ¥ 263 $ 2 192 2005 ............................................................................................................................ 108 900 2006 ............................................................................................................................ 10 103 84 192 2007 ............................................................................................................................ 72 600 2008 and thereafter...................................................................................................... 139 1 158 Total ............................................................................................................................ ¥ 10 685 $ 89 042 Millions of Yen Thousands of U.S. Dollars 9. RETIREMENT BENEFITS