Philips 2004 Annual Report Download - page 145
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If more than one of the assumptions were changed, the impact would not necessarily be the
same as if only one assumption changed in isolation. In 2005, pension expense for the Philips
Group is expected to amount to approximately EUR 235 million.
O
21 Postretirement benefits other than pensions
In addition to providing pension benefits, the Company provides other postretirement benefits,
primarily retiree healthcare benefits, in certain countries.
The Company funds other postretirement benefit plans as claims are incurred.
The table below provides a summary of the changes in the accumulated postretirement benefit
obligations for 2003 and 2004 and a reconciliation of the obligations to the amounts recognized
in the consolidated balance sheets.
All the postretirement benefit plans are unfunded and therefore no plan asset disclosures are
presented.
2003 2004
Netherlands Other Total Netherlands Other Total
Projected benefit obligation
Projected benefit obligation at beginning of year 343 421 764 319 398 717
Service cost 11 4 15 13 4 17
Interest cost 17 27 44 17 24 41
Actuarial (gains) and losses (40) 41 1 11 (9) 2
Curtailments – (1) (1) – (1) (1)
Changes in consolidation – – – – (2) (2)
Benefits paid (12) (30) (42) (12) (26) (38)
Exchange rate differences – (64) (64) – (21) (21)
Projected benefit obligation at end of year 319 398 717 348 367 715
Funded status (319) (398) (717) (348) (367) (715)
Unrecognized net transition obligation 31 53 84 28 41 69
Unrecognized prior service cost – 3 3 –33
Unrecognized net loss 107 84 191 113 66 179
Net balances (181) (258) (439) (207) (257) (464)
The components of the net period cost of postretirement benefits other than pensions are:
2002 2003 2004
Netherlands Other Netherlands Other Netherlands Other
Service cost 11 5 11 4 13 4
Interest cost on accumulated postretirement benefit
obligation 19 29 17 27 17 24
Amortization of unrecognized transition obligation 383636
Net actuarial loss recognized 7 – 5 2 53
Curtailments – – – 1 –3
Other – – (9)– – –
Net periodic cost 40 42 27 40 38 40
144 Philips Annual Report 2004
Financial statements of the Philips Group