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1932011 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC
CONSOLIDATED FINANCIAL STATEMENTS
5
NOTES TO THE CONSOLIDATED FINANCIAL
Dec.31, 2011 Dec.31, 2010
Of which SE USA
Of which SE USA
3. Change in projected benefi t obligation
Projected benefi t obligation at beginning of year 2,340 1,034 2,055 937
Service cost 41 2 43 2
Interest cost (effect of discounting) 110 53 109 56
Plan participants’ contributions 4 - 4 -
Benefi ts paid (100) (47) (134) (48)
Actuarial (gains)/losses recognized in equity 222 120 42 14
Past service cost 1 4 5 -
Changes in the scope of consolidation (18) - 87 -
Translation adjustments 62 44 130 73
Curtailments and settlements 4 - (7) -
Other 19 - 6 -
PROJECTED BENEFIT OBLIGATION
ATENDOFYEAR 2,685 1,210 2,340 1,034
Actuarial gains and losses have been fully recognised in
Otherreserves.
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.
At December 31, 2011, actuarial gains relative to the effects of
experience on pension and termination benefi t obligations totaled
EUR20million for the Group.
At December 31, 2010, actuarial gains relative to the effects of
experience totaled EUR49million for the Group. At December31,
2009, actuarial losses relative to the effects of experience totaled
EUR64million. At December31, 2008, actuarial losses relative to
the effects of experience totaled EUR445million. At December31,
2007, actuarial losses relative to the effects of experience totaled
EUR2million.
Dec.31, 2011 Dec.31, 2010
Of which SE USA
Of which SE USA
4. Change in fair value of plan assets
Fair value of plan assets at beginning of year 1,304 735 1,112 643
Expected return on plan assets 86 56 82 56
Plan participants’ contribution 4 - 4 -
Employer contributions 83 66 21 1
Benefi ts paid (72) (47) (76) (47)
Actuarial gains/(losses) recognized in equity (25) (23) 38 32
Changes in plan s- - --
Changes in the scope of consolidation (8) - 29 -
Translation adjustments 42 27 90 50
Curtailments and settlements ----
Other 7 - 4 -
FAIR VALUE OF PLAN ASSETS AT END OF YEAR 1,421 814 1,304 735
The actual return on plan assets was EUR61million.
Actuarial gains and losses have been fully recognised in Other
reserves.
They stem mainly from the differential between the effective and
expected return on plan assets in the US and Canada.