APC 2003 Annual Report Download - page 94
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Consolidated and Parent Company Financial Statements
92
16.2 Provisions for other post-retirement
benefits
The provisions recorded in the consolidated balance
sheet in respect of post-retirement health care and
life insurance benefits mainly concern employees in
the United States and Canada.
The North American subsidiaries pay certain health
care costs and provide life insurance benefits to
retired employees who fulfill certain criteria in terms
of age and years of service.
The assumptions used to determine post-retirement
benefit obligations related to health care and life
insurance are the same as those used to estimate
North American pension benefit obligations.
Other benefit obligations, in the amount of € 10 mil-
lion, mainly concern long-service awards due by
subsidiaries in France.
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
1. Components of periodic post-retirement benefit cost
Service cost 6.8 8.9
Interest cost (impact of discounting) 39.6 28.2
Amortization of prior service cost (8.3) 0.1
Amortization of initial obligation - -
Recognized net actuarial loss (gain) 13.3 (0.5)
Curtailments and settlements 6.8
Periodic post-retirement benefit cost 51.4 43.3
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
2. Change in projected benefit obligation
Projected benefit obligation at beginning of year 448.0 411.0
Service cost 6.8 8.9
Interest cost 39.6 28.1
Actuarial losses (gains) 34.1 154.2
Prior service cost - (78.5)
Plan participants’ contributions 0.5 0.4
Benefits paid (24.3) (24.4)
Translation adjustment (80.3) (51.7)
Projected benefit obligation at end of year 424.4 448.0
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
3. Funded status
Funded status (424.4) (448.0)
Unrecognized actuarial (gains)/losses 210.9 229.6
Unrecognized prior service cost (51.5) (71.1)
Unrecognized initial liability - 0.3
Net (liability)/asset recognized (265.0) (289.2)