Volvo 2014 Annual Report Download - page 154

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150
Obligations in defi ned-benefi t plans Sweden
Pensions US
Pensions France
Pensions
Great
Britain
Pensions
US
Other
benefi ts Other
plans Total
Obligations opening balance 2013 13,442 15,129 2,002 4,740 3,737 4,403 43,453
Acquisitions, divestments and other changes (5) 16 – – – (160) (149)
Current year service costs 523 368 70 45 68 305 1,379
In t e r es t c o s t s 4 4 8 4 8 2 74 2 07 111 113 1,435
Past service costs 38 117 – – (65) 18 108
Settlements –––––(30)(30)
Employee contributions – – – 10 – 3 13
Remeasurements: 
– Effect of changes in assumptions (642) 103 143 (23) 16 55 (348)
– Effect of experience adjustments (1,946) (1,450) 74 406 (425) (100) (3,441)
– Effect of experience adjustments (176) (328) 43 8 (42) (25) (520)
Exchange rate translation – 5 75 117 – (174) 23
Benefi ts paid (349) (756) (125) (195) (219) (326) (1,970)
Obligations as of December 31, 2013 11,333 13,686 2,356 5,315 3,181 4,082 39,953
of which
Funded defi ned-benefi t plans 10,980 13,262 8 5,315 23 2,693 32,281
Acquisitions, divestments and other changes 1 1 – – 44 151 197
Current year service costs 500 344 89 52 47 322 1,354
Interest costs 446 589 81 239 134 130 1,619
Past service costs185 3 – – (32) (35) 21
Settlements – – (54) – – (37) (91)
Employee contributions – – – 12 – 4 16
Remeasurements:
– Effect of changes in demographic assumptions – (257) – (23) (176) (59) (515)
– Effect of changes in fi nancial assumptions 3,781 597 372 586 35 462 5,833
– Effect of experience adjustments 62 114 19 (3) (125) 111 178
Exchange rate translation – 2,846 156 724 633 307 4,666
Benefi ts paid (377) (1,082) (170) (231) (225) (198) (2,283)
Obligations as of December 31, 2014 15,831 16,841 2,849 6,671 3,516 5,241 50,948
of which
Funded defi ned-benefi t plans 15,396 16,238 10 6,671 26 3,683 42,024
1 The criteria for curtailment was met 2014 and a total gain of SEK 35 M was recognized. In Sweden SEK 27 M and in Other SEK 8 M, was included in the past service cost.
Fair value of plan assets in funded plans Sweden
Pensions US
Pensions France
Pensions
Great
Britain
Pensions US Other
benefi ts Other
plans Total
Plan assets opening balance 2013 7,239 10,592 6 4,837 23 1,921 24,618
Acquisitions, divestments and other changes – – – – – 70 70
Interest income 235 337 – 210 1 61 844
Remeasurements 376 861 – 188 (1) 80 1,504
Employer contributions 380 819 2 88 – 215 1,504
Employee contributions – – – 10 – 4 14
Exchange rate translation – (12) – 125 – 14 127
Benefi ts paid (1) (681) (1) (184) – (161) (1,028)
Plan assets as of December 31, 2013 8,229 11,916 7 5,274 23 2,204 27,653
Acquisitions, divestments and other changes – – – – (2) 164 162
Interest income 329 527 – 240 1 85 1,182
Remeasurements 636 512 – 656 (3) 67 1,868
Employer contributions 318 736 2 98 – 258 1,412
Employee contributions – – – 12 – 3 15
Exchange rate translation – 2,549 – 723 7 167 3,446
Benefi ts paid (1) (1,025) (1) (231) – (89) (1,347)
Plan assets as of December 31, 2014 9,511 15,215 8 6,772 26 2,859 34,391
FINANCIAL INFORMATION 2014