STO » Topics » Status of pension plans reconciled to Consolidated Balance Sheets

This excerpt taken from the STO 20-F filed Mar 31, 2005.

Status of pension plans reconciled to Consolidated Balance Sheets

(in NOK million)
2004
2003
 
Defined benefit plans
Funded status of the plans at December 31
(1,702)
(2,499)
Unrecognized net loss
2,685
4,248
Unrecognized prior service cost
295
329
 
Total net prepaid pension recognized at December 31
1,278
2,078


Amounts recognized in the Consolidated Balance Sheets:

(in NOK million)
2004
2003
 
Prepaid pension at December 31
4,633
4,881
Accrued pension liabilities
(3,960)
(3,372)
Intangible assets
295
331
Other comprehensive income
310
238
 
Net amount recognized at December 31
1,278
2,078



Weighted-average assumptions for the year ended (Profit and Loss items)

2004
2003
 
Discount rate
5.5%
6.0%
Expected return on plan assets
6.0%
6.5%
Rate of compensation increase
3.5%
3.0%



Weighted-average assumptions at end of year (Balance sheet items)

2004
2003
 
Discount rate
5.5%
5.5%
Expected return on plan assets
6.5%
6.0%
Rate of compensation increase
3.5%
3.5%



The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets

At December 31,
(in NOK million)
2004
2003
 
Projected benefit obligation
4,894
4,580
Accumulated benefit obligation
3,648
3,189
Fair value on plan assets
365
251

The accumulated benefit obligation (ABO) was NOK 15,018 million at December 31, 2004.


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