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2015 REGISTRATION DOCUMENT SCHNEIDER ELECTRIC 227
CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER31,2015
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Full year 2015 Full year 2014
Of which SE USA Of which SE USA
5. Funded status
Projected benefi t obligation (10,785) (1,492) (10,925) (1,427)
Fair value of plan assets 9,941 1,115 9,589 1,014
Surplus/(Defi cit) (844) (377) (1,336) (413)
Effect of the asset ceiling (245) - (123) -
Deferred items:
Unrecognized past service cost ----
(LIABILITIES)/NET ASSETS RECOGNIZED
IN THE BALANCE SHEET (1,089) (377) (1,459) (413)
22.3– Provisions for healthcare costs, life insurance benefits and other post-employment benefits
Changes in provisions for other post-employment and long-term benefi ts were as follows:
Full year 2015 Full year 2014
1. Components of net cost recognized in the statement of income
Service cost 20 27
Interest cost (effect of discounting) 16 16
Interest income --
Past service cost - (2)
Curtailments and settlements --
Amortization of actuarial gains& losses --
NET COST RECOGNIZED IN THE STATEMENT OF INCOME 36 41
Full year 2015 Full year 2014
2. Change in projected benefi t obligation
Projected benefi t obligation at beginning of year 512 424
Service cost 20 27
Interest cost (effect of discounting) 16 16
Plan participants’ contribution --
Benefi ts paid (44) (37)
Actuarial (gains)/losses recognized in equity (72) 39
Past service cost - (2)
Changes in the scope of consolidation 11 1
Translation adjustments 37 44
Other (including curtailments and settlements) - -
PROJECTED BENEFIT OBLIGATION AT END OF YEAR 480 512
Actuarial gains and losses have been fully recognized in other
reserves except for long-term benefi ts for active employees,
notably long service awards in France, for which all actuarial gains
and losses are recognized in the income statement. Actuarial gains
and losses stem from changes in actuarial assumptions (primarily
discount rates).
At December31, 2015, actuarial gains relative to experience effects
on healthcare costs, life insurance and other post-employment
benefi ts totaled EUR40 million for the Group compared to
EUR19million of gains at December31, 2014.