APC 2005 Annual Report Download - page 99
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97
Consolidated Financial Statements
5. Funded status at Dec. 31, 2005
Dec. 31, 2005 Dec. 31, 2004
o/w US plans o/w US plans
Projected benefit obligation (1,993.5)
(972.1)
(1,665.6)
(747.5)
Fair value of plan assets 1,395.4
918.8
1,143.2
736.8
Effect of the asset ceiling - - - -
Deferred items:
Unrecognized past service cost (1.9)
1.1
1.3
1.9
Net asset/(liability) recognized in the balance sheet (600.0)
(52.2)
(521.1)
(8.8)
15.3 - Provision for other post-employment and long-term benefits
Changes in provisions for other post-employment and long-term benefits were as follows:
1. Components of net cost reccgnized in the statement of income Dec. 31, 2005 Dec. 31, 2004
Service cost 6.0 6.4
Interest cost (impact of discounting) 24.6 26.2
Expected return on plan assets - -
Past service cost (8.0) (5.1)
Net cost recognized in the statement of income 22.6 27.5
2. Change in projected benefit obligation Dec. 31, 2005 Dec. 31, 2004
Projected benefit obligation at beginning of year 471.0 489.8
Service cost 6.0 6.4
Interest cost (effect of discounting) 24.6 26.2
Plan participants' contribution 1.3 0.7
Benefits paid (23.5) (23.6)
Actuarial (gains)/losses recognized in equity 14.9 0.9
Past service cost (16.3) -
Changes in the scope of consolidation 3.0 -
Translation adjustments 67.1 (30.3)
Other (including curtailments and settlements) (4.5) 0.9
Projected benefit obligation at end of year 543.6 471.0
Actuarial gains and losses have been fully recognized in "Other reserves" (see note 14.7).
They stem from changes in actuarial assumptions (primarily the discount rate) used to measure healthcare obli-
gations in the United States.
Substantially all plan changes concern the United States.
3. Funded status Dec. 31, 2005 Dec. 31, 2004
Projected benefit obligation 543.6 471.0
Deferred items:
Unrecognized past service cost 49.8 34.0
Provision recognized in the balance sheet 593.4 505.0