LensCrafters 2006 Annual Report Download - page 144
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>144 | ANNUAL REPORT 2006
Components of net periodic benefit cost and other amounts recognized in other comprehensive
Income:
(Euro/000) 2005 2006
Net periodic benefit cost
Service cost 144 127
Interest cost 222 211
Expected return on plan assets - -
Amortization of net loss (gain) - 6
Amortization of prior service cost (24) (23)
Net periodic benefit cost 342 321
(Euro/000) 2005 2006
Other changes in plan assets and benefit
obligations recognized in other comprehensive income
Net loss (gain) 660 (486)
Prior service cost (credit) (70) (92)
Amortization of prior service cost 24 23
Amortization of net loss (gain) - (6)
Total recognized in other comprehensive income 614 (561)
Total recognized in net periodic benefit cost
and other comprehensive income 956 (240)
The estimated net loss and prior service cost for the health benefit plans that will be amortized
from accumulated other comprehensive income into net periodic benefit cost over the next fiscal
year are Euro 0.01 million and Euro 0.02 million, respectively.
Benefit payments -The following estimated future benefit payments for the health benefit plans,
which reflect expected future service, are estimated to be paid in the years indicated for both the
US Holdings and Cole plans:
December 31, (Euro/000)
2007 185
2008 191
2009 218
2010 231
2011 249
2012-2016 1,503
Contributions -The expected contributions for 2007 are Euro 0.2 million for the Company and
Euro 0.08 million for the employee participants.
For 2006, a 12% (10% for 2005) increase in the cost of covered health care benefits was assumed.
This rate was assumed to decrease gradually to 5% for 2020 and remain at that level thereafter.
The health care cost trend rate assumption could have a significant effect on the amounts
reported. A 1% increase or decrease in the health care trend rate would not have a material impact
on the consolidated financial statements. The weighted-average discount rate used in determining
the accumulated postretirement benefit obligation was 5.75% at September 30, 2005, and 6.0% at
September 30, 2006.