Chrysler 2013 Annual Report Download - page 199

198 Consolidated
Financial Statements
at 31 December 2013
Notes
The following summarizes the changes in the pension plans:
2013 2012
(€ million) Obligation
Fair value of
plan assets
Asset
ceiling
Liability
(asset) Obligation
Fair value of
plan assets
Asset
ceiling
Liability
(asset)
Amounts at 1 January 26,973 (20,049) - 6,924 25,202 (20,005) - 5,197
Included in the Income statement
Current service cost 292 - - 292 271 - - 271
Interest expense/(income) 1,026 (768) - 258 1,199 (942) - 257
Other administration costs - 42 - 42 - 44 - 44
Past service costs (credits) and gains
or losses arising from settlements (176) 14 - (162) 10 - - 10
Included in Other comprehensive
income/losses
Actuarial losses (gains) from:
- Demographic assumptions (35) - - (35) 172 - - 172
- Financial assumptions (1,943) (1) - (1,944) 2,556 - - 2,556
- Other (2) 2 - -(248) - - (248)
Return on assets - (518) - (518) - (989) - (989)
Changes in the effect of limiting net
assets - - 3 3- - - -
Changes in exchange rates (1,352) 1,107 - (245) (402) 286 - (116)
Other
Employer contributions - (458) - (458) - (216) - (216)
Plan participant contributions 9 (9) - -10 (9) - (9)
Benefits paid (1,673) 1,667 - (6) (1,796) 1,781 - (15)
Other changes 17 (11) - 6(1) 1 - -
Amounts at 31 December 23,136 (18,982) 3 4,157 26,973 (20,049) - 6,924
During the second quarter of 2013, Chrysler amended its U.S. and Canadian salaried defined benefit pension plans. The U.S. plans were
amended in order to comply with U.S. regulations, cease the accrual of future benefits effective 31 December 2013, and enhance the
retirement factors. The Canada amendment ceases the accrual of future benefits effective 31 December 2014, enhances the retirement factors
and continues to consider future salary increases for the affected employees. An interim re-measurement was performed for these plans,
which resulted a curtailment gain of €166 million recognized in unusual income in the Income statement (see Note 8). In addition, the Group
recognized a €509 million reduction to its pension obligation, a €7 million reduction to defined benefit plan assets and a corresponding €502
million increase in accumulated Other comprehensive income/(losses).
During 2013 an increase in discount rates resulted in actuarial gains for the year ended 31 December 2013, compared with actuarial losses
for the year ended 31 December 2012, when interest rates declined from the prior year end. The actuarial losses were partially offset by the
return on plan assets during the year.