APC 2014 Annual Report Download - page 227
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CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2014
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
22.3 – Provisions for healthcare costs, life insurance benefits and other post-employment benefits
Changes in provisions for other post-employment and long-term benefits were as follows:
Full year 2014 Full year 2013
1. Components of net cost recognized in the statement of income
Service cost 27 20
Interest cost (effect of discounting) 16 15
Interest income - -
Past service cost (2) -
Curtailments and settlements - (34)
Amortization of actuarial gains&losses - (2)
NET COST RECOGNIZED IN THE STATEMENT OF INCOME 41 (1)
Amortization of actuarial gains and losses concerns long-term benefits for active employees, notably long service awards inFrance.
The healthcare plan amendment to limit the Group’s obligations to current and future retirees in the US decreased the benefit obligation of
EUR34million for the full year 2013.
Full year 2014 Full year 2013
2. Change in projected benefit obligation
Projected benefit obligation at beginning of year 424 470
Service cost 27 20
Interest cost (effect of discounting) 16 15
Plan participants’ contribution - 2
Benefits paid (37) (32)
Actuarial (gains)/losses recognized in equity 39 6
Past service cost (2) (34)
Changes in the scope of consolidation 1 0
Translation adjustments 44 (18)
Other (including curtailments and settlements) - (5)
PROJECTED BENEFIT OBLIGATION AT END OF YEAR 512 424 5
Actuarial gains and losses have been fully recognized in other At December31, 2014, actuarial gains relative to the effects of
reserves except for long-term benefits for active employees, experience on healthcare costs, life insurance and other
notably long service awards in France, for which all actuarial gains post-employment benefits total EUR19million for the Group
and losses are recognized in the income statement. Actuarial compared to EUR32million of losses at December31, 2013.
gains and losses stem from changes in actuarial assumptions
(primarily discount rates).
Dec.31, 2014 Dec.31, 2013
3. Funded status
Projected benefit obligation (512) (424)
Deferred items:
Unrecognized past service cost - -
PROVISION RECOGNIZED IN BALANCE SHEET (512) (424)
225
2014 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC