LensCrafters 2015 Annual Report Download - page 143

Notes to the consolidated financial statement as of December 31, 2015 Page 49 di 68
(In thousands of Euro)
SERP
Benefit
Obligation
Plan
Assets
Total
At January 1, 2014 8,689 — 8,689
Service Cost 535 — 535
Interest expense/(income) 409 — 409
Loss/(gain) due to settlement (6) — (6)
Remeasurement:
Unexpected return on plan assets — — —
(Gain)/loss from financial assumption changes 724 — 724
(Gain)/loss from demographic assumption changes (19) — (19)
Experience (gains)/losses 1,116 — 1,116
Employer contributions — (2,763) (2,763)
Benefit payment (250) 250 —
Settlements (2,513) 2,513 —
Translation difference 1,185 — 1,185
At December 31, 2014 9,870 — 9,870
(In thousands of Euro)
SERP
Benefit
Obligation
Plan
Assets
Total
At January 1, 2015 9,870 — 9,870
Service Cost 518 518
Interest expense/(income) 407 407
Loss/(gain) due to settlement
Remeasurement:
Unexpected return on plan assets
(Gain)/loss from financial assumption changes 90 90
(Gain)/loss from demographic assumption changes (19) (19)
Experience (gains)/losses (503) (503)
Employer contributions (1,557) (1,557)
Benefit payment (31) 31
—
Settlements (1,526) 1,526
—
Translation difference 1,112 — 1,112
At December 31, 2015 9,918 — 9,918
During 2015 and 2014, the Lux SERP settled a portion of its benefit obligations through lump-sum cash payments to certain
plan participants.
The following tables show the main assumptions used to determine the benefit obligation for the periods indicated below.
Pension Plan SERPs
(in thousands of Euro) 2015 2014 2015 2014
Weighted-average assumptions used to determine benefit
obligations:
Discount rate 4.56% 4.20% 4.05/4.30% 4.20%
Rate of compensation increase 7%/4%/3% 6%/4%/3% 7%/4%/3% 6%/4%/3%
Mortality Table Static 2015 Static 2014 Static 2015 Static 2014
U.S. Holdings’ discount rate is developed using a third party yield curve derived from non-callable bonds of at least an Aa
rating by Moody’s Investor Services or at least an Aa rating by Standard & Poor’s. Each bond issue is required to have at least
USD 250 million par outstanding. The yield curve compares the future expected benefit payments of the Lux Pension Plan to
these bond yields to determine an equivalent discount rate. U.S. Holdings uses an assumption for salary increases based on a
graduated approach of historical experience. U.S. Holdings’ experience shows salary increases that typically vary by age.