Samsung 2007 Annual Report Download - page 109
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107
16. ACCRUED SEVERANCE BENEFITS
Change in accrued severance benefits for the years ended December 31, 2007 and 2006, consist of the following:
As of December 31, 2007, the Company funded 60.7% of severance payable through severance insurance deposits with Samsung Life
Insurance Co., Ltd. and Samsung Fire & Marin Insurance Co., Ltd.
In addition, Samsung Card Co., Ltd., one of SEC’s domestic subsidiaries, implemented a defined benefit pension plan with Samsung
Life Insurance Co., Ltd. in accordance with Employee Retirement Benefit Security Act.
Retirement pension operating assets as of December 31, 2007, consist of the following:
(In millions of Korean won)
Balance at the beginning of the year
￦
1,769,385
￦
1,431,997
Provision for severance benefits 615,586 522,926
Actual severance payments (346,803) (184,845)
Others 1 3,545 (693)
2,041,713 1,769,385
Less: Cumulative deposits to the National Pension Fund (11,467) (13,156)
Severance insurance deposits (1,239,563) (1,001,591)
Retirement pension operating assets (50,747) (33,433)
Balance at the end of the year
￦
739,936
￦
721,205
2007 2006
1. Others include amounts from changes in scope of consolidation and changes in foreign currency exchange rates.
Financial instruments 70.57
Securities 24.21
Others 5.22
100.00
Percentage of the Component (%)
17. LIABILITY PROVISIONS
Changes in main liability provisions for the years ended December 31, 2007and 2006, are as follows:
(In millions of Korean won)
2007
Warranty reserves (A)
￦
703,797
￦
1,126,488
￦
938,852
￦
37,644
￦
929,077
Royalty expenses (B) 975,238 706,384 340,328 1,638 1,342,932
Long-term incentives (C) 274,358 220,635 455,848 - 39,145
Point reserves (D) 124,870 156,445 134,440 - 146,875
Reference January 1, 2007 Increase Decrease Others1 December 31, 2007