Philips 2006 Annual Report Download - page 153
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Philips Annual Report 2006 153
21
Postretirement benefi ts other than pensions
In addition to providing pension benefi ts, the Company provides other postretirement benefi ts, primarily retiree
healthcare benefi ts, in certain countries. The Company funds other postretirement benefi t plans as claims are incurred.
The table below provides a summary of the changes in the accumulated postretirement benefi t obligations for 2005
and 2006 and a reconciliation of the obligations to the amounts recognized in the consolidated balance sheets.
All the postretirement benefi t plans are unfunded and therefore no plan asset disclosures are presented.
Netherlands other total
2006
Accumulated postretirement benefi t obligation
Projected benefi t obligation at beginning of year 50 397 447
Service cost − 4 4
Interest cost − 26 26
Actuarial gains − (12 ) (12 )
Curtailments − (2 ) (2 )
Benefi ts paid (40 ) (25 ) (65 )
Translation differences − (26 ) (26 )
Miscellaneous − 1 1
Projected benefi t obligation at end of year 10 363 373
Funded status (10 ) (363 ) (373 )
Amounts recognized in the consolidated balance sheet
Non-current assets − − −
Current provisions (10 ) (26 ) (36 )
Non-current provisions − (337 ) (337 )
Net pension liability at year-end (10 ) (363 ) (373 )
Amounts recognized in accumulated other comprehensive income
Net actuarial loss − 40 40
Prior-service cost − 2 2
Transition obligation − 32 32
Accumulated Other Comprehensive Income − 74 74
2005
Accumulated postretirement benefi t obligation
Projected benefi t obligation at beginning of year 348 366 714
Service cost 16 3 19
Interest cost 17 23 40
Actuarial gains − (25 ) (25 )
Curtailments (319 ) − (319 )
Benefi ts paid (12 ) (28 ) (40 )
Translation differences − 57 57
Projected benefi t obligation at end of year 50 396 446
Funded status (50 ) (396 ) (446 )
Unrecognized net transition obligation − 40 40
Unrecognized prior-service cost − 3 3
Unrecognized net loss − 54 54
Net balances (50 ) (299 ) (349 )
2121
226 Corporate governance224 Reconciliation of
non-US GAAP information
234 The Philips Group
in the last ten years
236 Investor information