APC 2009 Annual Report Download - page 157
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2009 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 155
CONSOLIDATED FINANCIAL STATEMENTS
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Dec. 31, 2009 Dec. 31, 2008
o/w US plans o/w US plans
3. Change in projected benefi t obligation
Projected benefi t obligation at beginning of year 2,036 1,013 1,958 879
Service cost 55 18 54 17
Interest cost (impact of discounting) 109 57 102 52
Plan participants’ contributions 3 03-
Benefi ts paid (132) (43) (94) (38)
Actuarial (gains)/losses recognised in equity 75 16 28 42
Modifi cation of pension plan 1 065
Changes in the scope of consolidation 0 0--
Translation adjustments 1 (33) (28) 55
Curtailments and settlements (92) (92) (3) -
Other (1) 110 1
PROJECTED BENEFIT OBLIGATION AT END OF YEAR 2,055
937
2,036
1,013
Actuarial gains and losses have been fully recognised in Other
Comprehensive Income.
They stem mainly from changes in actuarial assumptions (primarily
discount rates) used to measure obligations in the United States, the
United Kingdom and the euro zone.
Actuarial gains related to experience adjustments amounted to
EUR 64million for the Group at December 31, 2009. Actuarial
losses amounted to EUR
445million at December 31, 2008 and
to EUR 2million at December 31, 2007. At December 31, 2006,
actuarial gains amounted to EUR 6million.
Dec. 31, 2009 Dec. 31, 2008
o/w US plans o/w US plans
4. Change in fair value of plan assets
Fair value of plan assets at beginning of year 1,010 611 1,402 820
Expected return on plan assets 74 50 104 73
Plan participants’ contributions 4 03-
Employer contributions 18 1(28) 1
Benefi ts paid (68) (43) (59) (38)
Actuarial gains/(losses) recognised in equity 71 47 (385) (279)
Changes in the scope of consolidation 0 0(1) -
Translation adjustments 3 (22) (35) 34
Curtailments and settlements 0 00-
Other 0(1) 9-
FAIR VALUE OF PLAN ASSETS AT END OF YEAR 1,112
643
1,010
611
The actual return on plan assets was EUR 145million.
Actuarial gains and losses have been fully recognised in Other
Comprehensive Income.
They stem primarily from differences between the actual and
expected return on plan assets in the United States, the United
Kingdom and Canada.