Philips 2004 Annual Report Download - page 146
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The weighted average assumptions used to calculate the postretirement benefit obligations as of
December 31 were as follows:
2003 2004
Netherlands Other Netherlands Other
Discount rate 5.3% 6.5% 4.5% 6.6%
Compensation increase (where applicable) – 5.3% – 5.3%
The weighted average assumptions used to calculate the net cost for years ended December 31:
2003 2004
Netherlands Other Netherlands Other
Discount rate 5.5% 7.0% 5.3% 6.5%
Compensation increase (where applicable) – 4.6% – 5.3%
Assumed healthcare cost trend rates at December 31:
2003 2004
Netherlands Other Netherlands Other
Healthcare cost trend rate assumed for next
year 5.0% 10.0% 5.0% 8.5%
Rate that the cost trend rate will gradually
reach 5.0% 6.0% 5.0% 6.0%
Year of reaching the rate at which it is
assumed to remain 2004 2008 2005 2008
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the
healthcare plans. A one-percentage-point change in assumed healthcare cost trend rates would
have the following effects:
One-percentage-point
increase
One-percentage-point
decrease
Netherlands Other Netherlands Other
Effect on total of service and interest cost 8 3 (7) (2)
Effect on postretirement benefit obligation 61 28 (48) (24)
Estimated future postretirement benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are
expected to be paid:
2005 40
2006 40
2007 41
2008 42
2009 43
Years 2010 – 2014 228
145Philips Annual Report 2004