Chrysler 2014 Annual Report Download - page 228

226 2014 | ANNUAL REPORT
Consolidated
Financial Statements
Notes to the Consolidated
Financial Statements
Changes in defined benefit obligations for other post-employment benefits was as follows:
2014 2013
(€ million)
Present value of obligations at January 1, 1,023 997
Included in the Consolidated income statement: 31 24
Included in OCI:
Actuarial losses (gains) from:
Demographic assumptions (2) (2)
Financial assumptions 81 37
Other 14 23
Effect of movements in exchange rates 1(4)
Other:
Benefits paid (77) (59)
Change in the scope of consolidation 15 21
Other (12) (14)
Present value of obligations at December 31, 1,074 1,023
Amounts recognized in the Consolidated income statement was as follows:
For the years ended December 31,
2014 2013 2012
(€ million)
Current service cost 20 9 8
Interest expense 11 15 25
Past service costs (credits) and gains or losses arising from settlements —— (3)
Total recognized in the Consolidated income statement 31 24 30
The main assumptions used in developing the required estimates for other post-employment benefits include the
discount rate, the retirement or employee leaving rate and the mortality rates.
The discount rates used for the measurement of the Italian TFR obligation are based on yields of high-quality (AA
rated) fixed income securities for which the timing and amounts of payments match the timing and amounts of the
projected benefit payments. For this plan, the single weighted average discount rate that reflects the estimated timing
and amount of the scheme future benefit payments for 2014 is equal to 1.7 percent (2.8 percent in 2013). The average
duration of the Italian TFR is approximately 7 years. Retirement or employee leaving rates are developed to reflect
actual and projected Group experience and law requirements for retirement in Italy.
Other provisions for employees and liabilities for share-based payments
At December 31, 2014, Other provisions for employees and liabilities for share-based payments comprised other long
term benefits obligations for €376 million (€332 million at December 31, 2013), representing the expected obligation
for benefits as jubilee and long term disability granted to certain employees by the Group. At December 31, 2013 this
item also included liabilities for share-based payments amounting to €123 million.