20. Provisions for Pensions and Other Post-employment Benefits

Provisions for pensions and other post-employment benefits were recognized for defined benefit obligations. The expenses for defined contribution obligations are shown in note 9. The net defined benefit liability for post-employment benefit plans was accounted for as follows:

Net Defined Benefit Liability Reflected in the Statement of Financial Position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pensions

 

Other post-employment benefits

 

Total

 

 

Dec. 31, 2017

 

Dec. 31, 2018

 

Dec. 31, 2017

 

Dec. 31, 2018

 

Dec. 31, 2017

 

Dec. 31, 2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Provisions for pensions and other post-employment benefits

 

1,046

 

1,317

 

141

 

128

 

1,187

 

1,445

of which Germany

 

940

 

1,189

 

 

 

940

 

1,189

of which other countries

 

106

 

128

 

141

 

128

 

247

 

256

 

 

 

 

 

 

 

 

 

 

 

 

 

Net defined benefit asset

 

2

 

1

 

 

 

2

 

1

of which Germany

 

2

 

1

 

 

 

2

 

1

of which other countries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net defined benefit liability

 

1,044

 

1,316

 

141

 

128

 

1,185

 

1,444

of which Germany

 

938

 

1,188

 

 

 

938

 

1,188

of which other countries

 

106

 

128

 

141

 

128

 

247

 

256

The expenses for defined benefit plans and for other post-employment benefits included the components described as follows:

Expenses for Defined Benefit Plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension plans

 

Other post-employment benefit plans

 

 

Germany

 

Other countries

 

Total

 

Other countries

 

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Current service cost

 

80

 

81

 

16

 

15

 

96

 

96

 

2

 

2

Past service cost

 

8

 

7

 

3

 

 

11

 

7

 

 

Plan settlements

 

 

 

1

 

 

1

 

 

 

Service cost

 

88

 

88

 

20

 

15

 

108

 

103

 

2

 

2

Interest expense from defined benefit obligation

 

58

 

60

 

24

 

21

 

82

 

81

 

5

 

5

Interest income from plan assets

 

(42)

 

(43)

 

(19)

 

(18)

 

(61)

 

(61)

 

 

Net interest

 

16

 

17

 

5

 

3

 

21

 

20

 

5

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

104

 

105

 

25

 

18

 

129

 

123

 

7

 

7

In 2018, a total of €198 million (previous year: €215 million) in effects of remeasurements of the net defined benefit liability was also recognized in other comprehensive income. Of this amount, €220 million (previous year: €215 million) relate to pension obligations and minus €22 million (previous year: €0 million) to other post-employment benefit obligations.

The changes in the net defined benefit liability for post-employment benefit plans were as follows:

Changes in Defined Benefit Obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2018

 

 

Germany

 

Other countries

 

Total

 

Germany

 

Other countries

 

Total

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

January 1

 

2,935

 

906

 

3,841

 

3,172

 

835

 

4,007

Acquisitions

 

5

 

 

5

 

 

 

Change relating to carve out

 

4

 

 

4

 

 

 

Current service cost

 

80

 

18

 

98

 

81

 

17

 

98

Past service cost

 

8

 

3

 

11

 

7

 

 

7

(Gains)/losses from plan settlements

 

 

1

 

1

 

 

 

Net interest

 

58

 

30

 

88

 

60

 

26

 

86

Net actuarial (gain)/loss

 

120

 

19

 

139

 

109

 

(43)

 

66

of which due to change in financial assumptions

 

131

 

25

 

156

 

63

 

(49)

 

14

of which due to change in demographic assumptions

 

 

(3)

 

(3)

 

42

 

(11)

 

31

of which due to experience adjustments

 

(11)

 

(3)

 

(14)

 

4

 

17

 

21

Employee contributions

 

8

 

1

 

9

 

9

 

1

 

10

Payments due to plan settlements

 

 

(5)

 

(5)

 

 

 

Benefits paid out of plan assets

 

(22)

 

(34)

 

(56)

 

(24)

 

(45)

 

(69)

Benefits paid by the company

 

(24)

 

(9)

 

(33)

 

(24)

 

(7)

 

(31)

Exchange differences

 

 

(95)

 

(95)

 

 

41

 

41

December 31

 

3,172

 

835

 

4,007

 

3,390

 

825

 

4,215

of which other post-employment benefits

 

 

142

 

142

 

 

129

 

129

Changes in Fair Value of Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2018

 

 

Germany

 

Other countries

 

Total

 

Germany

 

Other countries

 

Total

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

January 1

 

2,033

 

603

 

2,636

 

2,233

 

592

 

2,825

Acquisitions

 

3

 

 

3

 

 

 

Change relating to carve out

 

3

 

 

3

 

 

 

Net interest

 

42

 

20

 

62

 

43

 

18

 

61

Adjustment of estimation techniques

 

(115)

 

 

(115)

 

 

 

Return or (expense) on plan assets excluding amounts recognized as interest result

 

(9)

 

48

 

39

 

(100)

 

(33)

 

(133)

Employer contributions

 

291

 

20

 

311

 

41

 

8

 

49

Employee contributions

 

8

 

1

 

9

 

9

 

1

 

10

Payments due to plan settlements

 

 

(5)

 

(5)

 

 

 

Benefits paid out of plan assets

 

(22)

 

(34)

 

(56)

 

(23)

 

(45)

 

(68)

Plan administration cost paid out of plan assets

 

(1)

 

 

(1)

 

(1)

 

 

(1)

Exchange differences

 

 

(61)

 

(61)

 

 

30

 

30

December 31

 

2,233

 

592

 

2,825

 

2,202

 

571

 

2,773

of which other post- employment benefits

 

 

1

 

1

 

 

1

 

1

Effects of the Asset Ceiling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2018

 

 

Germany

 

Other countries

 

Total

 

Germany

 

Other countries

 

Total

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

January 1

 

 

3

 

3

 

 

3

 

3

Remeasurement of asset ceiling

 

 

 

 

 

(1)

 

(1)

December 31

 

 

3

 

3

 

 

2

 

2

of which other post-employment benefits

 

 

 

 

 

 

Development of the Net Defined Benefit Liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2018

 

 

Germany

 

Other countries

 

Total

 

Germany

 

Other countries

 

Total

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

January 1

 

902

 

306

 

1,208

 

939

 

246

 

1,185

Acquisitions

 

2

 

 

2

 

 

 

Change relating to carve out

 

1

 

 

1

 

 

 

Current service cost

 

80

 

18

 

98

 

81

 

17

 

98

Past service cost

 

8

 

3

 

11

 

7

 

 

7

(Gains)/losses from plan settlements

 

 

1

 

1

 

 

 

Net interest

 

16

 

10

 

26

 

17

 

8

 

25

Net actuarial (gain)/loss

 

120

 

19

 

139

 

109

 

(43)

 

66

Change in estimation technique

 

115

 

 

115

 

 

 

(Return) or expense on plan assets excluding amounts recognized as interest result

 

9

 

(48)

 

(39)

 

100

 

33

 

133

Remeasurement of asset ceiling

 

 

 

 

 

(1)

 

(1)

Employer contributions

 

(291)

 

(20)

 

(311)

 

(41)

 

(8)

 

(49)

Employee contributions

 

 

 

 

 

 

Payments due to plan settlements

 

 

 

 

 

 

Benefits paid out of plan assets

 

 

 

 

(1)

 

 

(1)

Benefits paid by the company

 

(24)

 

(9)

 

(33)

 

(24)

 

(7)

 

(31)

Plan administration cost paid out of plan assets

 

1

 

 

1

 

1

 

 

1

Exchange differences

 

 

(34)

 

(34)

 

 

11

 

11

December 31

 

939

 

246

 

1,185

 

1,188

 

256

 

1,444

of which other post-employment benefits

 

 

141

 

141

 

 

128

 

128

The benefit obligations pertained mainly to Germany (80%; previous year: 79%) and the United States (15%; previous year: 17%). In Germany, current employees accounted for about 62% (previous year: 63%) of entitlements under defined benefit plans, retirees or their surviving dependents for about 31% (previous year: 30%), and former employees with vested pension rights for about 7% (previous year: 7%). In the United States, current employees accounted for about 36% (previous year: 39%) of entitlements under defined benefit plans, retirees or their surviving dependents for about 60% (previous year: 57%), and former employees with vested pension rights for about 4% (previous year: 4%).

The actual expenses from assets of defined benefit plans for pensions or other post-employment benefits amounted to €72 million (previous year: income of €101 million) and €0 million (previous year: €0 million), respectively.

The following table shows the defined benefit obligations for pensions and other post-employment benefits along with the funded status of the funded obligations:

Defined Benefit Obligation and Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligations

 

Other post-employment benefit obligations

 

Total

 

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Defined benefit obligation

 

3,865

 

4,085

 

142

 

129

 

4,007

 

4,214

of which unfunded

 

62

 

77

 

140

 

1

 

202

 

78

of which funded

 

3,803

 

4,008

 

2

 

128

 

3,805

 

4,136

Funded status of funded obligations

 

 

 

 

 

 

 

 

 

 

 

 

Overfunding

 

5

 

2

 

 

 

5

 

2

Underfunding

 

984

 

1,238

 

1

 

127

 

985

 

1,365

Pension entitlements and other post-employment benefit obligations

The Covestro Group provides retirement benefits for most of its employees, either directly or by contributing to privately or publicly administered funds. The way these benefits are provided varies according to the legal, tax and economic conditions of each country, the benefits generally being based on employee compensation and years of service. The obligations relate both to existing retirees’ pensions and to pension entitlements of future retirees.

Funded pension plans exist for employees in various countries. In principle, an individual investment strategy is determined for each of the Covestro Group’s defined benefit pension plans taking into account the risk structure of the obligations (especially demographics, the current funded status, the structure of the expected future cash flows, interest sensitivity, biometric risks, etc.), the regulatory environment and the existing level of risk tolerance or risk capacity. A strategic target investment portfolio is then developed in line with the plan’s risk structure, taking capital market factors into consideration. Further determinants are risk diversification, portfolio efficiency and the need for both a country-specific and a global risk/return profile centered on ensuring the payment of all future benefits. In principle, as the capital investment strategy for each pension plan is developed individually in light of the plan-specific conditions listed above, the investment strategies for different pension plans may vary considerably. The investment strategies are generally aligned less toward maximizing absolute returns and more toward the reasonable assurance of financing pension commitments over the long term. For plan assets, stress scenarios are simulated and other risk analyses (such as value at risk) are undertaken with the aid of risk management systems.

Bayer-Pensionskasse VVaG, Leverkusen (Germany), (Bayer-Pensionskasse), is by far the most significant of the pension plans for Covestro. It has been closed to new members since January 1, 2005. This legally independent fund is regarded as a life insurance company and is therefore subject to the German Insurance Supervision Act. The benefit obligations covered by Bayer-Pensionskasse comprise retirement, surviving dependents’ and disability pensions. It is financed with contributions by the active members and by their employers. The company contribution is a certain percentage of the employee contribution. This percentage is the same for all participating employers and is set by agreement between the plan’s executive committee and supervisory board, acting on a proposal from the responsible actuary. It takes into account the differences between the actuarial estimates and the actual values for the factors used to determine liabilities and contributions. Bayer AG may adjust the company contribution in agreement with the plan’s executive committee and supervisory board, acting on a proposal from the responsible actuary. The plan’s liability is governed by Section 1, Paragraph 1, Sentence 3 of the German Law on the Improvement of Occupational Pensions (BetrAVG). This means that if the pension plan exercises its right under the articles of association to reduce benefits, each participating employer has to make up the resulting difference. Covestro is not liable for the obligations of other participating employers, even if they cease to participate in the plan.

Pension entitlements for people hired in Germany on or after January 1, 2005, are granted via Rheinische Pensionskasse VVaG, Leverkusen (Germany), (Rheinische Pensionskasse). Future pension payments from this plan are based among other things on contributions and the return on plan assets; a guaranteed interest rate applies.

The Bayer-Pensionskasse and Rheinische Pensionskasse pension obligations are classified as multi-employer plans as defined by 19 (Employee Benefits). A defining characteristic of multi-employer plans is that assets from various employers not under common control are pooled at plan level and used to collectively grant pension benefits to employees. Allocation mechanisms that would permit an exact distribution of the plan assets managed by the pension plan to individual employers often do not exist, as in the case of Bayer-Pensionskasse and Rheinische Pensionskasse. Covestro therefore applies an estimation method that is adequately suited to this purpose to calculate its proportional share of the assets of the pension plans.

Another important pension provision vehicle is Metzler Trust e.V., Frankfurt am Main (Germany), (Metzler Trust). This vehicle covers further retirement provision arrangements for German employees of the Covestro Group, such as the conversion of salary entitlements into pension entitlements, pension obligations and components of other direct commitments.

The defined benefit pension plans in the United States have been frozen for some years, and no significant new entitlements can be earned under these plans. The assets of all the U.S. pension plans are held by a master trust for reasons of efficiency. The applicable regulatory framework is based on the Employee Retirement Income Security Act (ERISA). In particular, these stipulate a statutory 80% minimum funding requirement to avoid benefit restrictions. The actuarial risks, such as investment risk, interest rate risk and longevity risk, remain with the company.

The investment strategy for German direct commitments revised in fiscal 2017 was further implemented in fiscal 2018. The changes in the investment strategy were subsequently carried out by third-party asset managers. Environmental social governance (ESG) criteria were given consideration for around 47% of the investment volume.

In 2018, the risk management concept aligned with the benefit obligations (asset-liability matching) was revised for the U.S. defined benefit pension plan. First, the actuarial obligations were analyzed and updated. Then statistical methods were applied to this information to determine an investment strategy that would ensure a suitable risk-return profile. The factors considered here included expected returns for the various asset classes and anticipated balance sheet volatility.

The other post-employment benefit obligations outside Germany are mainly related to retirees’ health care benefit payments in the United States.

The fair value of the plan assets to fund pensions and other post-employment benefit obligations was as follows:

Fair Value of Plan Assets as of December 31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligations

 

Other post-employment obligations

 

 

Germany

 

Other countries

 

Other countries

 

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Plan assets based on quoted prices in active markets

 

 

 

 

 

 

 

 

 

 

 

 

Real estate and special real estate funds

 

 

 

19

 

5

 

 

Equities and equity funds

 

585

 

387

 

109

 

55

 

 

Callable debt instruments

 

 

 

6

 

7

 

 

Noncallable debt instruments

 

387

 

657

 

138

 

126

 

 

Bond funds

 

467

 

252

 

228

 

253

 

 

Derivatives

 

3

 

2

 

 

 

 

Cash and cash equivalents

 

46

 

98

 

8

 

8

 

 

Other

 

 

 

2

 

11

 

 

 

 

1,488

 

1,396

 

510

 

465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan assets for which quoted prices in active markets are not available

 

 

 

 

 

 

 

 

 

 

 

 

Real estate and special real estate funds

 

107

 

110

 

 

-

 

 

Equities and equity funds

 

20

 

21

 

 

 

 

Callable debt instruments

 

297

 

262

 

 

 

 

Noncallable debt instruments

 

309

 

306

 

 

 

 

Bond funds

 

 

93

 

 

 

 

Derivatives

 

 

 

 

 

 

Other

 

12

 

14

 

81

 

103

 

1

 

1

 

 

745

 

806

 

81

 

103

 

1

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

Total plan assets

 

2,233

 

2,202

 

591

 

568

 

1

 

1

No properties leased by Group companies were included in the fair value of the domestic plan assets. Likewise there were no Covestro shares or bonds held through funds. The other plan assets comprise mortgage loans granted, other receivables and qualified insurance policies.

Risks

The risks from defined benefit plans arise partly from the defined benefit obligations and partly from the investment in plan assets. The risks lie in the possibility that higher direct pension payments will have to be made to the beneficiaries and/or that additional contributions will have to be made to plan assets in order to meet current and future pension obligations.

Demographic/biometric risks

Since a large proportion of the defined benefit obligations comprises lifelong pensions or surviving dependents’ pensions, longer claim periods or earlier claims may result in higher benefit obligations, higher benefit expense and/or higher pension payments than previously anticipated.

Investment risks

If the actual return on plan assets were below the return anticipated on the basis of the discount rate, the net defined benefit liability would increase, assuming there were no changes in other parameters. This could happen as a result of a drop in share prices, increases in market rates of interest, default of individual debtors or the purchase of low-risk but low-interest bonds, for example.

Interest rate risks

Declining capital market interest rates, especially for high-quality corporate bonds, would increase the defined benefit obligation. This effect would be at least proportionately offset by the ensuing increase in the market values of the debt instruments held in plan assets.

Measurement parameters and their sensitivities

The bond portfolio consists exclusively of high-quality corporate bonds with a rating of at least AA or AAA. The portfolio does not include any government-guaranteed or secured bonds. The following weighted parameters were used to measure the pension obligations as of December 31 and the expense for pensions and other post-employment benefits in the respective reporting year.

Parameters for Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Germany

 

Other countries

 

Total

 

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

 

%

 

%

 

%

 

%

 

%

 

%

Pension obligations

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

1.90

 

1.80

 

3.16

 

3.55

 

2.15

 

2.10

Projected future salary increases

 

2.75

 

2.75

 

3.22

 

3.17

 

2.85

 

2.80

Projected future benefit increases

 

1.70

 

1.70

 

3.67

 

3.40

 

2.05

 

2.00

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

 

3.50

 

4.20

 

3.50

 

4.20

In Germany, the Heubeck 2018 G mortality tables were used, in the United States the adjusted RP-2014 Healthy Mortality Tables. The parameters for measuring the benefit expense are the same as those used to measure the benefit obligations in the most recent annual financial statements.

The parameter sensitivities were computed by expert actuaries based on a detailed evaluation similar to that performed to determine the net defined benefit liability. Altering individual parameters by 0.5 percentage points (mortality by 10% per beneficiary) while leaving the other parameters unchanged would have impacted pension and other post-employment benefit obligations as of the end of fiscal year 2018 as follows:

Sensitivity Analysis of Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Germany

 

Other countries

 

Total

 

 

Increase

 

Decrease

 

Increase

 

Decrease

 

Increase

 

Decrease

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Pension obligations

 

 

 

 

 

 

 

 

 

 

 

 

0.5 percentage points change in discount rate

 

(329)

 

382

 

(37)

 

40

 

(366)

 

422

0.5 percentage points change in projected future salary increases

 

31

 

(28)

 

3

 

(2)

 

34

 

(30)

0.5 percentage points change in projected future benefit increases

 

199

 

(180)

 

2

 

(2)

 

201

 

(182)

10 % change in mortality

 

(98)

 

109

 

(12)

 

14

 

(110)

 

123

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

0.5 percentage points change in discount rate

 

 

 

(8)

 

8

 

(8)

 

8

10 % change in mortality

 

 

 

(3)

 

4

 

(3)

 

4

Sensitivity Analysis of Benefit Obligations (previous year)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Germany

 

Other countries

 

Total

 

 

Increase

 

Decrease

 

Increase

 

Decrease

 

Increase

 

Decrease

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Pension obligations

 

 

 

 

 

 

 

 

 

 

 

 

0.5 percentage points change in discount rate

 

(310)

 

360

 

(38)

 

41

 

(348)

 

401

0.5 percentage points change in projected future salary increases

 

31

 

(28)

 

4

 

(4)

 

35

 

(32)

0.5 percentage points change in projected future benefit increases

 

187

 

(169)

 

2

 

(1)

 

189

 

(170)

10 % change in mortality

 

(89)

 

99

 

(13)

 

14

 

(102)

 

113

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

0.5 percentage points change in discount rate

 

 

 

(9)

 

10

 

(9)

 

10

10 % change in mortality

 

 

 

(4)

 

4

 

(4)

 

4

Provisions are also set up for the obligations, mainly of the U.S. subsidiary, to provide post-employment benefits in the form of health care cost payments to retirees. The valuation of health care costs was based on the assumption that they will increase at a rate of 6% (previous year: 7%), which should gradually decline to 5% (previous year: 5%) by 2023. The following table shows the impact on other post-employment benefit obligations and total benefit expense of a one percentage point change in the assumed cost increase rates:

Sensitivity Analysis of Health Care Cost Increases

 

 

 

 

 

 

 

 

 

 

 

2017

 

2018

 

 

Increase of one percentage point

 

Decrease of one percentage point

 

Increase of one percentage point

 

Decrease of one percentage point

 

 

€ million

 

€ million

 

€ million

 

€ million

Impact on other post-employment benefit obligations

 

14

 

(12)

 

12

 

(10)

Employer contributions made or expected

The following payments or transfers correspond to the employer contributions made or expected to be made to funded benefit plans:

Employer Contributions Made or Expected

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Germany

 

Other countries

 

 

2017

 

2018 expected

 

2018

 

2019 expected

 

2017

 

2018 expected

 

2018

 

2019 expected

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Pension obligations

 

291

 

38

 

41

 

37

 

20

 

22

 

8

 

12

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

Total

 

291

 

38

 

41

 

37

 

20

 

22

 

8

 

12

Pensions and other post-employment benefits payable in the future from funded and unfunded plans are estimated as follows:

Future Benefit Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments out of plan assets

 

Payments by the Company

 

 

Pensions

 

Other post- employment benefits

 

 

 

Pensions

 

Other post- employment benefits

 

 

 

 

Germany

 

Other countries

 

Other countries

 

Total

 

Germany

 

Other countries

 

Other countries

 

Total

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

2019

 

27

 

42

 

 

69

 

29

 

4

 

6

 

39

2020

 

29

 

41

 

 

70

 

31

 

5

 

6

 

42

2021

 

32

 

42

 

 

74

 

34

 

6

 

6

 

46

2022

 

35

 

43

 

 

78

 

36

 

6

 

7

 

49

2023

 

38

 

42

 

 

80

 

39

 

7

 

7

 

53

2024–2028

 

238

 

227

 

1

 

466

 

236

 

44

 

39

 

319

The weighted average term of the pension obligations is 21.6 years (previous year: 21.6 years) in Germany and 11.4 years (previous year: 11.9 years) in other countries. The weighted average term of the obligations for other post-employment benefits in other countries is 11.9 years (previous year: 12.2 years).

IAS/International Accounting Standards
International accounting standards as endorsed by the European Union