BP 2005 Annual Report Download - page 92

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90 Making energy more
Notes on financial statements continued
42 Pensions and other post-retirement benefits continued $ million
2004
US post-
UK US retirement
pension pension benefit Other
ANALYSIS OF THE AMOUNT CHARGED TO PROFIT BEFORE INTEREST AND TAXATION plans plans plans plans Total
Current service cost 363 215 61 118 757
Past service cost 5 – (4) 38 39
Settlement, curtailment and special termination benefits 37 – – 27 64
Payments to defined contribution plans – 150 – 12 162
Total operating charge (income) 405 365 57 195 1,022
Innovene operations (35) (25) (3) (22) (85)
Continuing operationsa370 340 54 173 937
ANALYSIS OF THE AMOUNT CREDITED (CHARGED) TO OTHER FINANCE EXPENSE
Expected return on plan assets 1,351 526 2 104 1,983
Interest on plan liabilities (981) (445) (240) (346) (2,012)
Other finance income (expense) 370 81 (238) (242) (29)
Innovene operations (6) (3) 14 12 17
Continuing operations 364 78 (224) (230) (12)
ANALYSIS OF THE AMOUNT RECOGNIZED IN THE STATEMENT OF RECOGNIZED
INCOME AND EXPENSE
Actual return less expected return on pension plan assets 818 379 – 152 1,349
Experience gains and losses arising on the plan liabilities 83 (22) 33 (562) (468)
Change in assumptions underlying the present value of the plan liabilities (795) (108) 495 (366) (774)
Actuarial gain (loss) recognized in statement of recognized income and expense 106 249 528 (776) 107
MOVEMENT IN SURPLUS (DEFICIT) DURING THE YEAR
Benefit obligation at 1 January 17,766 7,709 4,143 6,376 35,994
Exchange adjustment 1,445 – – 647 2,092
Current service cost 363 215 61 118 757
Plan amendments 5 – (4) 38 39
Interest cost 981 445 240 346 2,012
Special termination benefits 37 – – 27 64
Contributions by plan participants 33 – – 4 37
Benefit payments (943) (578) (218) (383) (2,122)
Acquisitions – – – 3 3
Disposals – (95) (18) (59) (172)
Actuarial (gain) loss on obligation 712 130 (528) 928 1,242
Benefit obligation at 31 December 20,399 7,826 3,676 8,045 39,946
Fair value of plan assets at 1 January 19,224 6,857 33 1,739 27,853
Exchange adjustment 1,575 – – 175 1,750
Expected return on plan assets 1,351 526 2 104 1,983
Contributions by plan participants 33 – – 4 37
Contributions by employers (funded plans) 249 30 – 116 395
Contributions by employers (unfunded plans) – 32 213 285 530
Benefit payments (943) (578) (218) (383) (2,122)
Acquisitions – – – – –
Disposals – (63) – – (63)
Actuarial gain (loss) on plan assets 818 379 – 152 1,349
Fair value of plan assets at 31 December 22,307 7,183 30 2,192 31,712
Surplus (deficit) 1,908 (643) (3,646) (5,853) (8,234)
Represented by
Asset recognized 2,093 – – 12 2,105
Liability recognized (185) (643) (3,646) (5,865) (10,339)
1,908 (643) (3,646) (5,853) (8,234)
The surplus (deficit) may be analysed between wholly or partly funded and wholly
unfunded plans as follows
Funded 1,942 (296) (43) (506) 1,097
Unfunded (34) (347) (3,603) (5,347) (9,331)
1,908 (643) (3,646) (5,853) (8,234)
The defined benefit obligation may be analysed between wholly or partly funded and
wholly unfunded plans as follows
Funded (20,365) (7,479) (73) (2,698) (30,615)
Unfunded (34) (347) (3,603) (5,347) (9.331)
(20,399) (7,826) (3,676) (8,045) (39,946)
aIncluded within production and manufacturing expenses and distribution and administration expenses.