LensCrafters 2005 Annual Report Download - page 138
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NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS | 137 <
The following table sets forth the funded status of the postretirement benefit plan:
In thousands of Euro 2004 2005
Change in benefit obligation
Benefit obligation - beginning of year 1,330 3,468
Translation differences (298) 533
Service cost 126 139
Interest cost 72 216
Plan participants’ contributions 23 57
Amendments (94) -
Actuarial gain (2) (129)
Acquisition 2,359 -
Change in plan provisions - 701
Benefits paid (48) (318)
Benefits obligation - end of year 3,468 4,667
Changes in plan assets
Fair value of plan assets - beginning of year - -
Translation differences
Company contribution 25 261
Plan participants' contributions 23 57
Benefits paid (48) (318)
Fair value of plan assets - end of year - -
Funded status (3,468) (4,668)
Unrecognized net gain and prior service costs (213) 365
Adjustment for fourth quarter contributions - 74
Accrued postretirement benefit cost (3,681) (4,229)
Benefit payments - The following estimated future benefit payments, which reflect expected future
service, are estimated to be paid in the years indicated for both the Holdings and Cole plans (amounts
in thousands of Euro translated for convenience at the noon buying rate at December 31, 2005):
2006 209
2007 233
2008 247
2009 285
2010 319
2011-2015 2,082
Contributions - The expected contributions for 2005 are Euro 0.2 million for the Company and Euro
0.1 million for the employee participants.
For 2005, a 10.0% (10.5% for 2004) increase in the cost of covered health care benefits was assumed.
This rate was assumed to decrease gradually to 5% for 2015 and remain at that level thereafter. The
health care cost trend rate assumption has a significant effect on the amounts reported. A 1.0%
increase or decrease in the health care trend rate would have an immaterial impact on the Consolidated