APC 2015 Annual Report Download - page 228

2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC226
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2015
5NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Full year 2015 Full year 2014
Of which SE USA Of which SE USA
3. Change in projected benefi t obligation
Projected benefi t obligation at beginning of year 10,925 1,427 2,658 1,136
Service cost 47 4 49 3
Past service cost/Curtailments and Settlements (109) - (110) (49)
Interest cost (effect of discounting) 399 61 403 54
Plan participants’ contributions 5 - 4 -
Benefi ts paid (668) (70) (524) (56)
Changes in the scope of consolidation (10) - 6,593 -
Actuarial (gains)/losses recognized in equity (564) (91) 1,074 176
Translation adjustments 760 161 786 166
Other - - (8) (3)
PROJECTED BENEFIT OBLIGATION
AT END OF YEAR 10,785 1,492 10,925 1,427
Plans changes occurred in France, the United Kingdom and the
United States.
Actuarial gains and losses have been fully recognized in other
reserves. They stem mainly from changes in fi nancial actuarial
assumptions (primarily discount rates) used to measure obligations
in the United States, the United Kingdom and the euro zone.
At December 31, 2015, actuarial gains resulting from changes in
fi nancial assumptions on pension and termination benefi t obligations
totaled EUR282million for the Group compared to EUR908million
of actuarial losses at December31, 2014. At December31, 2015,
the gains resulting from changes in demographic assumptions on
pension and termination benefi t obligations totaled EUR186million
for the Group compared to EUR117 million of actuarial losses at
December31, 2014.
At December 31, 2015, actuarial gains relative to the effects of
experience on pension and termination benefi t obligations total
EUR96million for the Group compared to EUR49million of actuarial
losses at December31, 2014.
Full year 2015 Full year 2014
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 9,589 1,014 1,597 862
Interest income 340 36 351 37
Plan participants’ contribution 5 - 3 -
Employer contributions 153 56 10 47
Benefi ts paid (639) (70) (478) (56)
Actuarial gains/(losses) recognized in equity (150) (36) 706 50
Changes in the scope of consolidation - - 6,721 -
Translation adjustments 688 115 739 119
Curtailments and settlements (47) - (50) (45)
Other 2 - (10) -
FAIR VALUE OF PLAN ASSETS AT END OF YEAR 9,941 1,115 9,589 1,014
At December31, 2015, the actual return on plan assets was EUR190million compared with EUR1,057million at December31, 2014.
Actuarial gains and losses have been fully recognized in other reserves.