APC 2004 Annual Report Download - page 91
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89
Benefit obligations and periodic pension costs were determined using the following assumptions:
Weighted average rate
o/w US plans
2004 2003
2004 2003
6. Actuarial assumptions
Discount rate 5.4% 5.75%
6.2% 6.5%
Rate of compensation increases 3.4% 3.80%
4.1% 4.1%
Yield on plan assets 8.4% 8.50%
9.0% 9.0%
15.2 - 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 insur-
ance are the same as those used to estimate North
American pension benefit obligations.
Other benefit obligations mainly concern long-service
awards due by subsidiaries in France.
(in millions of euros)
Dec. 31, 2004 Dec. 31, 2003
1. Components of periodic post-retirement benefit cost
Service cost 6.4 6.8
Interest cost (impact of discounting) 26.2 39.6
Amortization of prior service cost (7.1) (8.3)
Recognized net actuarial loss (gain) 12.4 13.3
Curtailments and settlements - -
Periodic post-retirement benefit cost 37.9 51.4
(in millions of euros)
Dec. 31, 2004 Dec. 31, 2003
2. Change in projected benefit obligation
Projected benefit obligation at beginning of year 424.4 448.0
Service cost 6.4 6.8
Interest cost 26.2 39.6
Actuarial losses (gains) 3.0 34.1
Prior service cost - -
Plan participants’contributions 0.7 0.5
Benefits paid (23.6) (24.3)
Translation adjustment (30.3) (80.3)
Projected benefit obligation at end of year 406.8 424.4
Consolidated financial statements