Kia 2015 Annual Report Download - page 98

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(c) The components of retirement benefit costs for the years ended December 31, 2015 and 2014 are summarized as follows:
(In millions of won)
2015 2014
Current service costs
₩
289,706 244,958
Interest costs, net 11,687 7,717
₩
301,393 252,675
(d) The principal actuarial assumptions used related to plans in Korea as of December 31, 2015 and 2014 are summarized as follows:
2015 2014
Discount rate 3.04% 3.53%
Rate of future salary growth 4.00% 5.00%
(e) Changes in present value of defined benefit obligations for the years ended December 31, 2015 and 2014 are summarized as follows:
(In millions of won)
2015 2014
Balance at January 1
₩
1,603,218 1,154,866
Current service costs 289,706 244,958
Interest costs 56,350 51,721
Remeasurements of:
Net actuarial gains(losses) of the effect of demographic assumptions change 2,517 402
Net actuarial gains(losses) of the effect of financial assumptions change (109,163) 192,814
Other 100,434 (11,719)
Transfers between affiliates, net (171) 2,111
Benefit paid by the plan (41,023) (31,935)
Balance at December 31
₩
1,901,868 1,603,218
( f ) Changes in fair value of plan assets for the years ended December 31, 2015 and 2014 are summarized as follows:
(In millions of won)
2015 2014
Balance at January 1
₩
1,271,212 982,952
Return on plan assets 44,663 44,004
Remeasurements (8,042) (14,424)
Contribution paid into the plan 360,000 280,000
Transfers between affiliates, net 411 810
Benefit paid by the plan (22,717) (22,130)
Balance at December 31
₩
1,645,527 1,271,212
92 | KIA MOTORS
December 31, 2015 and 2014
KIA MOTORS CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS