Merck 2014 Annual Report Download - page 223

218 CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
In the reporting period, the following items were recognized in
income:
€ million 2014 2013
Current service cost 83.5 82.7
Past service cost – 2.5 2.6
Gains (–) or losses (+) on settlement – 4.3 – 2.8
Other effects recognized in income 1.8 1.0
Interest expense 101.9 92.9
Interest income – 67.2 – 52.1
Total amount recognized in income 113.2 124.3
With the exception of the net balance of interest expense on the
defined benefit obligations and interest income from the plan
assets, which is recorded under the financial result, the relevant
expenses for defined benefit and defined contribution pension
systems are allocated to the individual functional areas.
During the reporting period, the present value of the defined
pension obligations changed as follows:
€ million
Funded benefit
obligations
Benefit
obligations
funded
by provisions 2014
Funded benefit
obligations
Benefit
obligations
funded
by provisions 2013
Present value of the defined benefit
obligations on January 1 2,533.0 203.8 2,736.8 2,615.7 214.4 2,830.1
Currency translation differences 39.2 3.1 42.3 – 27.2 – 3.5 – 30.7
Current service cost 73.0 10.5 83.5 72.5 10.2 82.7
Past service cost – 2.0 – 0.5 – 2.5 2.6 – 2.6
Gains (–) or losses (+) on settlement – 3.2 –1.1 – 4.3 – 2.2 – 0.6 – 2.8
Interest expense 92.6 9.0 101.6 85.4 7.5 92.9
Actuarial gains (–) / losses (+) 849.2 73.8 923.0 – 49.5 –10.8 – 60.3
Contributions by plan participants 7.2 – 7.2 7.0 – 7.0
Pension payments – 94.0 – 5.9 – 99.9 –178.5 – 7.3 –185.8
Changes in the scope of consolidation 8.3 17.4 25.7 – – –
Other effects recognized in income – 0.1 0.1 – 0.3 – 0.5 – 0.8
Other changes 0.3 –1.1 – 0.8 7.5 – 5.6 1.9
Fair value of the plan assets on
December 31 3,503.6 309.1 3,812.7 2,533.0 203.8 2,736.8