Fluctuations during 2023, 2022 and 2021 are set out below:
| € millions | Present value of defined obligation | Plan assets | Net commitment |
|---|---|---|---|
|
Balance at 31 December 2020 |
Balance at 31 December 2020 Present value of defined obligation5,318.4 |
Balance at 31 December 2020 Plan assets-4,305.0 |
Balance at 31 December 2020 Net commitment1,013.5 |
|
Service cost during the period |
Service cost during the period Present value of defined 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 obligation60.5 |
Interest cost Plan assets— |
Interest cost Net commitment60.5 |
|
Expected return on assets |
Expected return on assets Present value of defined 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 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 obligation-16.7 |
Curtailments Plan assets— |
Curtailments Net commitment-16.7 |
|
Settlements |
Settlements Present value of defined obligation1.1 |
Settlements Plan assets— |
Settlements Net commitment1.1 |
|
Benefits paid |
Benefits paid Present value of defined obligation-221.6 |
Benefits paid Plan assets174.7 |
Benefits paid Net commitment-46.9 |
|
Contributions paid |
Contributions paid Present value of defined 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 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 obligation159.0 |
Translation differences Plan assets-151.4 |
Translation differences Net commitment7.5 |
|
Other movements |
Other movements Present value of defined obligation-141.9 |
Other movements Plan assets1.8 |
Other movements Net commitment-140.0 |
|
Balance at 31 December 2021 |
Balance at 31 December 2021 Present value of defined obligation5,047.2 |
Balance at 31 December 2021 Plan assets-4,686.6 |
Balance at 31 December 2021 Net commitment360.6 |
|
Service cost during the period |
Service cost during the period Present value of defined 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 obligation86.6 |
Interest cost Plan assets— |
Interest cost Net commitment86.6 |
|
Expected return on assets |
Expected return on assets Present value of defined 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 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 obligation-15.1 |
Curtailments Plan assets— |
Curtailments Net commitment-15.1 |
|
Settlements |
Settlements Present value of defined obligation0.3 |
Settlements Plan assets— |
Settlements Net commitment0.3 |
|
Benefits paid |
Benefits paid Present value of defined obligation-238.6 |
Benefits paid Plan assets180.0 |
Benefits paid Net commitment-58.7 |
|
Contributions paid |
Contributions paid Present value of defined 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 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 obligation49.0 |
Translation differences Plan assets-33.1 |
Translation differences Net commitment16.0 |
|
Other movements |
Other movements Present value of defined obligation-3.8 |
Other movements Plan assets3.7 |
Other movements Net commitment-0.1 |
|
Balance at 31 December 2022 |
Balance at 31 December 2022 Present value of defined obligation3,736.5 |
Balance at 31 December 2022 Plan assets-3,678.7 |
Balance at 31 December 2022 Net commitment57.9 |
|
Service cost during the period |
Service cost during the period Present value of defined obligation190.5 |
Service cost during the period Plan assets— |
Service cost during the period Net commitment190.5 |
|
Interest cost |
Interest cost Present value of defined obligation149.3 |
Interest cost Plan assets— |
Interest cost Net commitment149.3 |
|
Expected return on assets |
Expected return on assets Present value of defined obligation— |
Expected return on assets Plan assets-147.0 |
Expected return on assets Net commitment-147.0 |
|
Past service cost: new plans/plan amendments |
Past service cost: new plans/plan amendments Present value of defined obligation0.2 |
Past service cost: new plans/plan amendments Plan assets— |
Past service cost: new plans/plan amendments Net commitment0.2 |
|
Curtailments |
Curtailments Present value of defined obligation-12.3 |
Curtailments Plan assets— |
Curtailments Net commitment-12.3 |
|
Settlements |
Settlements Present value of defined obligation-1.6 |
Settlements Plan assets0.2 |
Settlements Net commitment-1.4 |
|
Benefits paid |
Benefits paid Present value of defined obligation-216.7 |
Benefits paid Plan assets158.0 |
Benefits paid Net commitment-58.7 |
|
Contributions paid |
Contributions paid Present value of defined obligation5.7 |
Contributions paid Plan assets-60.4 |
Contributions paid Net commitment-54.7 |
|
Actuarial gains and losses |
Actuarial gains and losses Present value of defined obligation239.8 |
Actuarial gains and losses Plan assets-120.4 |
Actuarial gains and losses Net commitment119.3 |
|
Translation differences |
Translation differences Present value of defined obligation-33.0 |
Translation differences Plan assets21.5 |
Translation differences Net commitment-11.4 |
|
Other movements |
Other movements Present value of defined obligation-0.3 |
Other movements Plan assets1.2 |
Other movements Net commitment0.9 |
|
BALANCE AT 31 DECEMBER 2023 |
BALANCE AT 31 DECEMBER 2023 Present value of defined obligation4,058.1 |
BALANCE AT 31 DECEMBER 2023 Plan assets-3,825.6 |
BALANCE AT 31 DECEMBER 2023 Net commitment232.6 |
(1) Including -€137.4 million 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 | 2023 | 2022 | 2021 |
|---|---|---|---|
|
Net commitment |
Net commitment 2023232.6 |
Net commitment 202257.9 |
Net commitment 2021360.6 |
|
Surplus funds for pension scheme commitments held in assets |
Surplus funds for pension scheme commitments held in assets 2023-329.4 |
Surplus funds for pension scheme commitments held in assets 2022-400.0 |
Surplus funds for pension scheme commitments held in assets 2021— |
|
Provision in the balance sheet |
Provision in the balance sheet 2023562.0 |
Provision in the balance sheet 2022457.9 |
Provision in the balance sheet 2021360.6 |
