Merck 2008 Annual Report Download - page 121
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These are average values weighted by the present value of the respective benefit obli-
gation. The average expected return on plan assets is weighted by the fair value of the
respective plan assets. Plan assets for funded benefit obligations primarily comprise
equities, fixed-income securities and real estate. They do not include financial instru-
ments issued by Merck Group companies or real estate used by Group companies.
The balance sheet item Provisions for pensions and other post-employment benefits
can be broken down as follows:
€ million
Dec. 31,
2008
Dec. 31,
2007
Present value of benefit obligations funded by provisions 1,051.51,129.2
Present value of funded benefit obligations 534.4 536.7
Present value of all benefit obligations 1,585.9 1,665.9
Fair value of plan assets of all funds –462.6 –520.5
Funded status 1,123.3 1,145.4
Other changes 0.8 10.3
Net liability recognized in the balance sheet 1,124.1 1,155.7
Deferred pension payments 19.9 29.8
Provisions for pensions and other post-employment benefits 1,144.0 1,185.5
In 2008, the following items were recognized in income:
€ million 2008 2007
Current service cost 58.4 61.6
Past service cost 1.2 –2.8
Interest cost on pension obligations 82.8 77.6
Expected return on plan assets –27.1 –26.0
Other effects –3.3 –4.1
Total amount recognized in income 112.0 106.3
116 | Merck Annual Report 2008