Fluctuations during 2022, 2021 and 2020 are set out below:
| € millions | Present value of defined benefit obligation | Plan assets | Net commitment |
|---|---|---|---|
| Balance at 31 December 2019 | Balance at 31 December 2019Present value of defined benefit obligation4,974.5 | Balance at 31 December 2019Plan assets-4,201.6 | Balance at 31 December 2019Net commitment772.9 |
| Service cost during the period | Service cost during the period Present value of defined benefit obligation201.2 |
Service cost during the period Plan assets— |
Service cost during the period Net commitment201.2 |
| Interest cost | Interest cost Present value of defined benefit obligation80.0 |
Interest cost Plan assets— |
Interest cost Net commitment80.0 |
| Expected return on assets | Expected return on assets Present value of defined benefit obligation— |
Expected return on assets Plan assets-66.7 |
Expected return on assets Net commitment-66.7 |
| Past service cost: new plans/plan amendments | Past service cost: new plans/plan amendments Present value of defined benefit obligation-12.7 |
Past service cost: new plans/plan amendments Plan assets— |
Past service cost: new plans/plan amendments Net commitment-12.7 |
| Curtailments | Curtailments Present value of defined benefit obligation-21.2 |
Curtailments Plan assets— |
Curtailments Net commitment-21.2 |
| Settlements | Settlements Present value of defined benefit obligation-1.0 |
Settlements Plan assets1.1 |
Settlements Net commitment0.2 |
| Benefits paid | Benefits paid Present value of defined benefit obligation-227.7 |
Benefits paid Plan assets161.9 |
Benefits paid Net commitment-65.9 |
| Contributions paid | Contributions paid Present value of defined benefit obligation4.1 |
Contributions paid Plan assets-85.3 |
Contributions paid Net commitment-81.3 |
| Actuarial gains and losses | Actuarial gains and losses Present value of defined benefit obligation483.1 |
Actuarial gains and losses Plan assets-257.5 |
Actuarial gains and losses Net commitment225.6 |
| Translation differences | Translation differences Present value of defined benefit obligation-167.0 |
Translation differences Plan assets139.8 |
Translation differences Net commitment-27.2 |
| Other movements | Other movements Present value of defined benefit obligation5.1 |
Other movements Plan assets3.3 |
Other movements Net commitment8.4 |
| Balance at 31 December 2020 | Balance at 31 December 2020Present value of defined benefit obligation5,318.4 | Balance at 31 December 2020Plan assets-4,305.0 | Balance at 31 December 2020Net commitment1,013.5 |
| Service cost during the period | Service cost during the period Present value of defined benefit obligation221.9 |
Service cost during the period Plan assets— |
Service cost during the period Net commitment221.9 |
| Interest cost | Interest cost Present value of defined benefit obligation60.5 |
Interest cost Plan assets— |
Interest cost Net commitment60.5 |
| Expected return on assets | Expected return on assets Present value of defined benefit obligation— |
Expected return on assets Plan assets-50.4 |
Expected return on assets Net commitment-50.4 |
| Past service cost: new plans/plan amendments | Past service cost: new plans/plan amendments Present value of defined benefit obligation-10.0 |
Past service cost: new plans/plan amendments Plan assets— |
Past service cost: new plans/plan amendments Net commitment-10.0 |
| Curtailments | Curtailments Present value of defined benefit obligation-16.7 |
Curtailments Plan assets— |
Curtailments Net commitment-16.7 |
| Settlements | Settlements Present value of defined benefit obligation1.1 |
Settlements Plan assets— |
Settlements Net commitment1.1 |
| Benefits paid | Benefits paid Present value of defined benefit obligation-221.6 |
Benefits paid Plan assets174.7 |
Benefits paid Net commitment-46.9 |
| Contributions paid | Contributions paid Present value of defined benefit obligation6.4 |
Contributions paid Plan assets-101.1 |
Contributions paid Net commitment-94.6 |
| Actuarial gains and losses | Actuarial gains and losses Present value of defined benefit obligation-329.9 |
Actuarial gains and losses Plan assets-255.2 |
Actuarial gains and losses Net commitment-585.2 |
| Translation differences | Translation differences Present value of defined benefit obligation159.0 |
Translation differences Plan assets-151.4 |
Translation differences Net commitment7.5 |
| Other movements(1) | Other movements (1)Present value of defined benefit obligation-141.9 |
Other movements (1)Plan assets1.8 |
Other movements (1)Net commitment-140.0 |
| Balance at 31 December 2021 | Balance at 31 December 2021Present value of defined benefit obligation5,047.2 | Balance at 31 December 2021Plan assets-4,686.6 | Balance at 31 December 2021Net commitment360.6 |
| Service cost during the period | Service cost during the period Present value of defined benefit obligation236.0 |
Service cost during the period Plan assets— |
Service cost during the period Net commitment236.0 |
| Interest cost | Interest cost Present value of defined benefit obligation86.6 |
Interest cost Plan assets— |
Interest cost Net commitment86.6 |
| Expected return on assets | Expected return on assets Present value of defined benefit obligation— |
Expected return on assets Plan assets-80.1 |
Expected return on assets Net commitment-80.1 |
| Past service cost: new plans/plan amendments | Past service cost: new plans/plan amendments Present value of defined benefit obligation-0.8 |
Past service cost: new plans/plan amendments Plan assets— |
Past service cost: new plans/plan amendments Net commitment-0.8 |
| Curtailments | Curtailments Present value of defined benefit obligation-15.1 |
Curtailments Plan assets— |
Curtailments Net commitment-15.1 |
| Settlements | Settlements Present value of defined benefit obligation0.3 |
Settlements Plan assets— |
Settlements Net commitment0.3 |
| Benefits paid | Benefits paid Present value of defined benefit obligation-238.6 |
Benefits paid Plan assets180.0 |
Benefits paid Net commitment-58.7 |
| Contributions paid | Contributions paid Present value of defined benefit obligation7.3 |
Contributions paid Plan assets-98.7 |
Contributions paid Net commitment-91.3 |
| Actuarial gains and losses | Actuarial gains and losses Present value of defined benefit obligation-1,431.6 |
Actuarial gains and losses Plan assets1,036.1 |
Actuarial gains and losses Net commitment-395.5 |
| Translation differences | Translation differences Present value of defined benefit obligation49.0 |
Translation differences Plan assets-33.1 |
Translation differences Net commitment16.0 |
| Other movements | Other movements Present value of defined benefit obligation-3.8 |
Other movements Plan assets3.7 |
Other movements Net commitment-0.1 |
| BALANCE AT 31 DECEMBER | BALANCE AT 31 DECEMBERPresent value of defined benefit obligation3,736.5 | BALANCE AT 31 DECEMBERPlan assets-3,678.7 | BALANCE AT 31 DECEMBERNet commitment57.9 |
(1) Including -€137.4million pertaining to the IFRIC 2021 interpretation on IAS 19 "Employee Benefits" on Attributing Benefit to Periods of Service.
The net commitment breaks down as follows:
| € millions | 2022 | 2021 | 2020 |
|---|---|---|---|
| Net commitment | Net commitment202257.9 | Net commitment2021360.6 | Net commitment20201,013.5 |
| Surplus funds for pension scheme commitments held in assets | Surplus funds for pension scheme commitments held in assets 2022-400.0 |
Surplus funds for pension scheme commitments held in assets 2021— |
Surplus funds for pension scheme commitments held in assets 2020— |
| Provision in the balance sheet | Provision in the balance sheet 2022457.9 |
Provision in the balance sheet 2021360.6 |
Provision in the balance sheet 20201,013.5 |
The total present value of defined benefit obligations breaks down as follows between wholly or partly funded plans and wholly unfunded plans:
| € millions | 31.12.2022 | 31.12.2021 | 31.12.2020 |
|---|---|---|---|
| Present value of defined benefit obligations wholly or partly funded | Present value of defined benefit obligations wholly or partly funded 31.12.20223,325.7 |
Present value of defined benefit obligations wholly or partly funded 31.12.20214,635.0 |
Present value of defined benefit obligations wholly or partly funded 31.12.20204,832.5 |
| Fair value of plan assets | Fair value of plan assets 31.12.20223,678.7 |
Fair value of plan assets 31.12.20214,686.6 |
Fair value of plan assets 31.12.20204,304.9 |
| Net position of defined benefit obligations wholly or partly funded | Net position of defined benefit obligations wholly or partly funded 31.12.2022-352.9 |
Net position of defined benefit obligations wholly or partly funded 31.12.2021-51.6 |
Net position of defined benefit obligations wholly or partly funded 31.12.2020527.6 |
| Present value of defined benefit obligations wholly unfunded | Present value of defined benefit obligations wholly unfunded 31.12.2022410.8 |
Present value of defined benefit obligations wholly unfunded 31.12.2021412.2 |
Present value of defined benefit obligations wholly unfunded 31.12.2020485.9 |
