Philips 2008 Annual Report Download - page 161
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20
2007 2008
Netherlands other total Netherlands other total
Amounts recognized in the consolidated
balance sheet
Prepaid pension costs under other non-current assets 2,526 177 2,703 2,619 132 2,751
Accrued pension costs under other non-current liabilities −(369) (369) −(937) (937)
Provisions for pensions under provisions including
discontinued operations (15) (798) (813) (10) (751) (761)
Net pension asset (liability) at year-end 2,511 (990) 1,521 2,609 (1,556) 1,053
Amounts recognized in accumulated other
comprehensive income (before tax)
Net actuarial loss 105 1,083 1,188 273 1,447 1,720
Prior-service cost (credit) (421) 36 (385) (378) 26 (352)
Accumulated other comprehensive income (316) 1,119 803 (105) 1,473 1,368
The weighted averages of the assumptions used to calculate the projected benefit obligations
as of December 31 were as follows:
2007 2008
Netherlands other Netherlands other
Discount rate 4.8% 5.6% 5.3% 6.0%
Rate of compensation increase * 3.9% * 3.4%
The weighted averages of the assumptions used to calculate the net periodic pension cost for
the years ended December 31 were as follows:
2007 2008
Netherlands other Netherlands other
Discount rate 4.3% 5.2% 4.8% 5.6%
Expected returns on plan assets 5.7% 6.1% 5.7% 6.4%
Rate of compensation increase * 3.5% * 3.9%
* The rate of compensation increase for the Netherlands consists of a general compensation increase and an individual salary
increase based on seniority and promotion. The average individual salary increase for all active participants for the remaining
working lifetime is estimated at 0.75% annually. The assumed rate of general compensation increase for the Netherlands for
calculating the projected benefit obligation amounts to 2.0% (2007: 2.3%).The indexation assumption used to calculate the
projected benefit obligation for the Netherlands is 1.0% (2007: 1.15%).
Philips Annual Report 2008 161
254
Corporate governance
250
Reconciliation of
non-US GAAP information
262
Ten-year overview
266
Investor information