Siemens 2005 Annual Report Download - page 178
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178
A detailed reconciliation of the changes in the PBO for fiscal 2005 and 2004 as well as addi-
tional information by country is provided in the following table:
The total projected benefit obligation at the end of the fiscal year includes approximately
€9,940 for active employees, €2,974 for former employees with vested benefits and €12,063 for
retirees and surviving dependants. The item amendments and other in the prior year reflects
mainly the effect of the implementation of the BSAV. In addition, the PBO of the domestic pension
plans was decreased by the reduction of the pension progression rate, reported in the position
actuarial (gains) and losses in the prior year. In fiscal 2005, the PBO was increased due to a
decrease in discount rate for the domestic and foreign pension plans.
Management’s discussion and analysis
September 30, 2005 September 30, 2004
Total Domestic Foreign Total Domestic Foreign
Change in projected benefit obligations:
Projected benefit obligation at beginning of year 20,794 13,851 6,943 20,878 14,156 6,722
Foreign currency exchange rate changes 185 – 185 (140) – (140)
Service cost 579 307 272 469 212 257
Interest cost 1,121 726 395 1,105 742 363
Settlements and curtailments (5) – (5) – – –
Plan participants’ contributions 46 – 46 48 – 48
Amendments and other (85) – (85) (313) (301) (12)
Actuarial (gains) losses, net 2,897 1,736 1,161 (174) (309) 135
Acquisitions 624 138 486 117 91 26
Divestments (147) (75) (72) (205) (25) (180)
Benefits paid (1,032) (751) (281) (991) (715) (276)
Projected benefit obligation at end of year 24,977 15,932 9,045 20,794 13,851 6,943
Germany 15,932 13,851
U.S. 3,921 3,010
U.K. 3,098 2,200
Other 2,026 1,733