SYT » Topics » Note 7: New US GAAP Accounting Pronouncements and Other Disclosures

This excerpt taken from the SYT 6-K filed Jul 27, 2006.

Note 7: New US GAAP Accounting Pronouncements and Other Disclosures

No US GAAP pronouncements with a material effect on the condensed consolidated financial statements were adopted by Syngenta in the six months ended 30 June 2006.

The US GAAP expense for pension and other post-retirement benefits for the six months was as follows:

    Pension     Other post-
retirement benefits
 
    2006     2005     2006     2005  
For the six months to 30 June   $m     $m     $m     $m  

Current service cost   (62 )   (58 )   (1 )   (1 )
Interest cost   (91 )   (84 )   (5 )   (5 )
Expected return on assets   101     81     3     3  
Employee contributions   14     11     -     -  
Amortization of actuarial losses   (15 )   (10 )   (3 )   (3 )
Past service cost   (2 )   (2 )   2     2  
Curtailments and settlements   (2 )   (16 )   -     -  

Expense for pension and other post-retirement benefits under US GAAP   (57 )   (78 )   (4 )   (4 )


SYNGENTA HALF YEAR RESULTS 2006 / PAGE 20 OF 27






Supplementary Financial Information

This excerpt taken from the SYT 6-K filed Jul 28, 2005.

Note 7: New US GAAP Accounting Pronouncements and Other Disclosures

No US GAAP pronouncements with a material effect on the consolidated financial statements were adopted by Syngenta in the six months ended 30 June 2005.

The US GAAP expense for pension and other post-retirement benefits for the six months was as follows:

    Pension     Other post-
retirement benefits
 
For the six months to 30 June   2005
$m
    2004
$m
    2005
$m
    2004
$m
 

Current service cost   (58 )   (62 )   (1 )   (1 )
Interest cost   (84 )   (83 )   (5 )   (5 )
Expected return on assets   81     81     3     1  
Employee contributions   11     10     -     -  
Amortization of actuarial losses   (10 )   (8 )   (3 )   (4 )
Past service cost   (2 )   (5 )   2     2  
Curtailments and settlements   (16 )   (15 )   -     -  









Expense for pension and other post-retirement benefits under US GAAP   (78 )   (82 )   (4 )   (7 )










In Note 33 to its 2004 consolidated financial statements, Syngenta had disclosed $200 million as its best estimate of 2005 employer contributions to be paid to defined benefit pension plans. As Syngenta has announced on 4 April 2005, an additional pension contribution will be made using funds raised in its recent Eurobond issue. While the amount has not been finally determined, it is likely that contributions for 2005 may materially exceed $200 million.


SYNGENTA HALF YEAR RESULTS 2005 / PAGE 19 OF 24





Supplementary Financial Information


EXCERPTS ON THIS PAGE:

6-K
Jul 27, 2006
6-K
Jul 28, 2005
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