Provisions for Pensions and Other Post-Employ­ment Benefits

Provisions were established for defined benefit obligations pertaining to pensions and other post-employment benefits. The net liability was accounted for as follows:

Net Defined Benefit Liability Reflected in the Statement of Financial Position

 

 

Pensions

 

Other post-employment benefits

 

Total

 

 

Dec. 31, 2016

Dec. 31, 2017

 

Dec. 31, 2016

Dec. 31, 2017

 

Dec. 31, 2016

Dec. 31, 2017

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Provisions for pensions and other post-employment benefits (net liability)

 

10,736

7,798

 

398

222

 

11,134

8,020

of which Germany

 

9,176

6,778

 

 

9,176

6,778

of which other countries

 

1,560

1,020

 

398

222

 

1,958

1,242

Net defined benefit asset

 

25

36

 

1

 

26

36

of which Germany

 

23

22

 

 

23

22

of which other countries

 

2

14

 

1

 

3

14

Net defined benefit liability

 

10,711

7,762

 

397

222

 

11,108

7,984

of which Germany

 

9,153

6,756

 

 

9,153

6,756

of which other countries

 

1,558

1,006

 

397

222

 

1,955

1,228

The deconsolidation of Covestro reduced provisions for pensions and other post-employment benefits by €1,201 million.

The expenses for defined benefit plans for pensions and other post-employment benefits comprised the following components:

Expenses for Defined Benefit Plans

 

 

Pension plans

 

Other post-employment benefit plans

 

 

Germany

 

Other countries

 

Total

 

Other countries

 

 

2016

2017

 

2016

2017

 

2016

2017

 

2016

2017

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

2016 figures restated

Current service cost

 

281

312

 

86

93

 

367

405

 

14

13

Past service cost

 

17

20

 

(4)

(3)

 

13

17

 

(1)

(2)

of which plan curtailments

 

 

1

(2)

 

1

(2)

 

(2)

Plan settlements

 

 

(8)

8

 

(8)

8

 

Plan administration cost paid out of plan assets

 

3

3

 

1

1

 

4

4

 

Net interest

 

175

135

 

46

43

 

221

178

 

14

13

Total

 

476

470

 

121

142

 

597

612

 

27

24

In addition, a total of €1,236 million in effects of remeasurements of the net defined benefit liability was recognized in 2017 outside profit or loss (2016: minus €1,036 million). Of this amount, €1,223 million (2016: minus €1,063 million) related to pension obligations, €1 million (2016: €34 million) to other post-employment benefit obligations, and €12 million (2016: minus €7 million) to the effects of the asset ceiling.

The net defined benefit liability developed as follows:

Changes in Net Defined Benefit Liability

 

 

Defined benefit obligation

 

Fair value of plan assets

 

Effects of the asset ceiling

 

Net defined benefit liability

 

 

€ million

 

€ million

 

€ million

 

€ million

Covestro is included in the net defined benefit liability.

Germany

 

 

 

 

 

 

 

 

January 1, 2017

 

(20,962)

 

11,809

 

 

(9,153)

Acquisitions

 

 

 

 

Divestments / changes in the scope of consolidation

 

3,021

 

(2,075)

 

 

946

Current service cost

 

(368)

 

 

 

 

 

(368)

Past service cost

 

(32)

 

 

 

 

 

(32)

Net interest

 

(358)

 

208

 

 

(150)

Net actuarial gain / (loss)

 

206

 

 

 

 

 

206

of which due to changes in financial assumptions

 

180

 

 

 

 

 

180

of which due to changes in demographic assumptions

 

(1)

 

 

 

 

 

(1)

of which due to experience adjustments

 

27

 

 

 

 

 

27

Return on plan assets excluding amounts recognized as interest income

 

 

 

755

 

 

 

755

Employer contributions

 

 

 

593

 

 

 

593

Employee contributions

 

(39)

 

39

 

 

 

Payments due to plan settlements

 

 

 

 

 

Benefits paid out of plan assets

 

216

 

(216)

 

 

 

Benefits paid by the company

 

441

 

 

 

 

 

441

Plan administration cost paid from plan assets

 

 

 

(3)

 

 

 

(3)

Reclassification to current assets / liabilities held for sale

 

38

 

(29)

 

 

 

9

December 31, 2017

 

(17,837)

 

11,081

 

 

(6,756)

Other countries

 

 

 

 

 

 

 

 

January 1, 2017

 

(8,033)

 

6,127

 

(49)

 

(1,955)

Acquisitions

 

 

 

 

Divestments / changes in the scope of consolidation

 

840

 

(589)

 

3

 

254

Current service cost

 

(109)

 

 

 

 

 

(109)

Past service cost

 

8

 

 

 

 

 

8

Gains / (losses) from plan settlements

 

(8)

 

 

 

 

 

(8)

Net interest

 

(244)

 

183

 

(3)

 

(64)

Net actuarial gain / (loss)

 

(166)

 

 

 

 

 

(166)

of which due to changes in financial assumptions

 

(191)

 

 

 

 

 

(191)

of which due to changes in demographic assumptions

 

21

 

 

 

 

 

21

of which due to experience adjustments

 

4

 

 

 

 

 

4

Return on plan assets excluding amounts recognized as interest income

 

 

 

429

 

 

 

429

Remeasurement of asset ceiling

 

 

 

 

 

12

 

12

Employer contributions

 

 

 

125

 

 

 

125

Employee contributions

 

(14)

 

14

 

 

 

Payments due to plan settlements

 

32

 

(41)

 

 

 

(9)

Benefits paid out of plan assets

 

300

 

(300)

 

 

 

Benefits paid by the company

 

94

 

 

 

 

 

94

Plan administration costs paid out of plan assets

 

 

 

(1)

 

 

 

(1)

Reclassification to current assets / liabilities held for sale

 

10

 

(8)

 

 

2

Exchange differences

 

635

 

(481)

 

6

 

160

December 31, 2017

 

(6,655)

 

5,458

 

(31)

 

(1,228)

of which other post-employment benefits

 

(671)

 

449

 

 

(222)

Total, December 31, 2017

 

(24,492)

 

16,539

 

(31)

 

(7,984)

Changes in Net Defined Benefit Liability (Previous Year)

 

 

Defined benefit obligation

 

Fair value of plan assets

 

Effects of the asset ceiling

 

Net defined benefit liability

 

 

€ million

 

€ million

 

€ million

 

€ million

Covestro is included in the net defined benefit liability.

Germany

 

 

 

 

 

 

 

 

January 1, 2016

 

(19,148)

 

10,199

 

 

(8,949)

Acquisitions

 

 

 

 

Divestments / changes in the scope of consolidation

 

4

 

(2)

 

 

2

Current service cost

 

(350)

 

 

 

 

 

(350)

Past service cost

 

(26)

 

 

 

 

 

(26)

Net interest

 

(452)

 

248

 

 

(204)

Net actuarial gain / (loss)

 

(1,610)

 

 

 

 

 

(1,610)

of which due to changes in financial assumptions

 

(1,563)

 

 

 

 

 

(1,563)

of which due to changes in demographic assumptions

 

(1)

 

 

 

 

 

(1)

of which due to experience adjustments

 

(46)

 

 

 

 

 

(46)

Return on plan assets excluding amounts recognized as interest income

 

 

 

669

 

 

 

669

Employer contributions

 

 

 

878

 

 

 

878

Employee contributions

 

(39)

 

39

 

 

 

Payments due to plan settlements

 

 

 

 

 

Benefits paid out of plan assets

 

219

 

(219)

 

 

 

Benefits paid by the company

 

440

 

 

 

 

 

440

Plan administration cost paid from plan assets

 

 

 

(3)

 

 

 

(3)

Reclassification to current assets / liabilities held for sale

 

 

 

 

 

December 31, 2016

 

(20,962)

 

11,809

 

 

(9,153)

Other countries

 

 

 

 

 

 

 

 

January 1, 2016

 

(7,660)

 

5,799

 

(32)

 

(1,893)

Acquisitions

 

 

1

 

 

1

Divestments / changes in the scope of consolidation

 

4

 

(3)

 

 

1

Current service cost

 

(118)

 

 

 

 

 

(118)

Past service cost

 

6

 

 

 

 

 

6

Gains / (losses) from plan settlements

 

9

 

 

 

 

 

9

Net interest

 

(284)

 

215

 

(3)

 

(72)

Net actuarial gain / (loss)

 

(515)

 

 

 

 

 

(515)

of which due to changes in financial assumptions

 

(650)

 

 

 

 

 

(650)

of which due to changes in demographic assumptions

 

89

 

 

 

 

 

89

of which due to experience adjustments

 

46

 

 

 

 

 

46

Return on plan assets excluding amounts recognized as interest income

 

 

 

427

 

 

 

427

Remeasurement of asset ceiling

 

 

 

 

 

(7)

 

(7)

Employer contributions

 

 

 

152

 

 

 

152

Employee contributions

 

(12)

 

12

 

 

 

Payments due to plan settlements

 

83

 

(84)

 

 

 

(1)

Benefits paid out of plan assets

 

295

 

(295)

 

 

 

Benefits paid by the company

 

87

 

 

 

 

 

87

Plan administration costs paid out of plan assets

 

 

 

(1)

 

 

 

(1)

Reclassification to current assets / liabilities held for sale

 

 

 

 

Exchange differences

 

72

 

(96)

 

(7)

 

(31)

December 31, 2016

 

(8,033)

 

6,127

 

(49)

 

(1,955)

of which other post-employment benefits

 

(867)

 

471

 

 

(396)

Total, December 31, 2016

 

(28,995)

 

17,936

 

(49)

 

(11,108)

The benefit obligations pertained mainly to Germany (73%; 2016: 72%), the United States (12%; 2016: 14%) and the United Kingdom (8%; 2016: 7%). In Germany, current employees accounted for about 43% (2016: 46%), retirees or their surviving dependents for about 50% (2016: 47%) and former employees with vested pension rights for about 7% (2016: 7%) of entitlements under defined benefit plans. In the United States, current employees accounted for about 21% (2016: 25%), retirees or their surviving dependents for about 65% (2016: 53%) and former employees with vested pension rights for about 14% (2016: 22%) of entitlements under defined benefit plans.

The actual return on the assets of defined benefit plans for pensions or other post-employment benefits amounted to €1,517 million (2016: €1,519 million) and €58 million (2016: €40 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 obligation

 

Other post-employment benefit obligation

 

Total

 

 

2016

2017

 

2016

2017

 

2016

2017

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Defined benefit obligation

 

28,128

23,821

 

867

671

 

28,995

24,492

of which unfunded

 

1,231

1,117

 

125

64

 

1,356

1,181

of which funded

 

26,897

22,704

 

742

607

 

27,639

23,311

Funded status of funded obligations

 

 

 

 

 

 

 

 

 

Overfunding

 

74

67

 

1

-

 

75

67

Underfunding

 

9,506

6,681

 

272

158

 

9,778

6,839

Pension and other post-employment benefit obligations

Group companies provide retirement benefits for most of their employees, either directly or by contributing to privately or publicly administered funds. The benefits vary depending on the legal, fiscal and economic conditions of each country. The obligations relate both to existing retirees’ pensions and to pension entitlements of future retirees.

Bayer has set up funded pension plans for its employees in various countries. The most appropriate investment strategy is determined for each defined benefit pension plan based on 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. 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 maximum probability of being able to finance pension commitments over the long term. For pension plans, stress scenarios are simulated and other risk analyses (such as value at risk) undertaken with the aid of risk management systems.

Bayer-Pensionskasse VVaG (Bayer-Pensionskasse), Leverkusen, Germany, is by far the most significant of the pension plans. It has been closed to new members since 2005. This legally independent fund is regarded as a life insurance company and therefore is subject to the German Insurance Supervision Act. The benefit obligations covered by Bayer-Pensionskasse comprise retirement, surviving dependents’ and disability pensions. It constitutes a multi-employer plan, to which the active members and their employers contribute. The company contribution is a certain percentage of the employee contribution. This percentage is the same for all participating employers, including those outside the Bayer Group, and is set by agreement between the plan’s executive committee and its 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 may also adjust the company contribution in agreement with the plan’s executive committee and its 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. 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. Bayer is not liable for the obligations of participating employers outside the Bayer Group, even if they cease to participate in the plan.

Pension entitlements for people who joined Bayer in Germany in 2005 or later are granted via Rheinische Pensionskasse VVaG, Leverkusen. Future pension payments from this plan are based on contributions and the return on plan assets; a guaranteed interest rate applies.

Another important pension provision vehicle is Bayer Pension Trust e. V. (BPT). This covers further retirement provision arrangements of the Bayer Group, such as deferred compensation, pension obligations previously administered by Schering Altersversorgung Treuhand e. V., 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), which includes 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 defined benefit pension plans in the United Kingdom have been closed to new members for some years. Plan assets in the U.K. are administered by independent trustees, who are legally obligated to act solely in the interests of the beneficiaries. A technical assessment is performed every three years in line with U.K. regulations. This serves as the basis for developing a plan to cover any potential financing requirements. Here, too, the actuarial risks remain with the company.

The other post-employment benefit obligations outside Germany mainly comprised health care benefit payments for retirees in the United States.

The fair value of the plan assets to cover pension 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

 

 

2016

2017

 

2016

2017

 

2016

2017

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Plan assets based on quoted prices in active markets

 

 

 

 

 

 

 

 

 

Real estate and special real estate funds

 

 

215

181

 

22

16

Equities and equity funds

 

2,919

3,617

 

1,861

1,739

 

149

158

Callable debt instruments

 

 

263

27

 

Noncallable debt instruments

 

556

 

736

602

 

128

127

Bond funds

 

3,754

3,737

 

1,823

1,631

 

104

94

Derivatives

 

11

11

 

(3)

 

Cash and cash equivalents

 

243

164

 

114

74

 

17

13

Other

 

 

6

 

 

 

7,483

7,529

 

5,015

4,254

 

420

408

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

 

 

 

 

 

 

 

 

 

Real estate and special real estate funds

 

563

496

 

124

179

 

Equities and equity funds

 

115

121

 

72

71

 

Callable debt instruments

 

1,525

1,399

 

 

Noncallable debt instruments

 

1,870

1,394

 

 

Bond funds

 

 

72

74

 

Derivatives

 

1

 

 

Other

 

252

142

 

373

431

 

51

41

 

 

4,326

3,552

 

641

755

 

51

41

Total plan assets

 

11,809

11,081

 

5,656

5,009

 

471

449

The fair value of plan assets in Germany included real estate leased by Group companies, recognized at a fair value of €82 million (2016: €82 million), and Bayer AG shares and bonds held through investment funds, recognized at their fair values of €37 million (2016: €41 million) and €3 million (2016: €3 million), respectively.

In 2017, Bayer AG deposited 8 million (2016: 10 million) shares it held in Covestro AG with BPT. The market value of BPT’s total shareholding in Covestro AG amounted to €1,549 million as of December 31, 2017 (2016: €652 million). In 2016, Covestro deposited short-term securities totaling €450 million with Metzler Trust e. V.

The other plan assets comprised 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. These risks include the possibility that additional contributions will have to be made to plan assets in order to meet current and future pension obligations, and negative effects on provisions and equity.

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 risk

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

Measurement parameters and their sensitivities

The following weighted parameters were used to measure the obligations for pensions and other post-employment benefits as of December 31 of the respective year:

Parameters for Benefit Obligations

 

 

Germany

 

Other countries

 

Total

 

 

2016

2017

 

2016

2017

 

2016

2017

 

 

%

%

 

%

%

 

%

%

Pension obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

1.80

1.90

 

3.25

2.95

 

2.15

2.15

of which U.S.A

 

 

 

 

3.70

3.40

 

3.70

3.40

of which U.K.

 

 

 

 

2.65

2.50

 

2.65

2.50

Projected future salary increases

 

2.75

2.75

 

3.50

3.60

 

2.95

2.95

Projected future benefit increases

 

1.50

1.70

 

3.35

3.25

 

1.95

2.10

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.35

4.25

 

4.35

4.25

The data selection criteria used to determine the discount rate in the eurozone were modified starting in the third quarter of 2017 in connection with the deconsolidation of Covestro. As before, the underlying bond portfolio consists entirely of high-quality corporate bonds with a minimum AA or AAA rating. It no longer contains corporate bonds issued by government-owned entities. The bond portfolio includes corporate bonds of special-purpose entities and exchange-traded corporate bonds. Without these modifications, the interest rate as of December 31, 2017, would have been 20 basis points lower. Provisions for pensions would therefore have been €0.6 billion higher.

In Germany the Heubeck 2005 G mortality tables were used, in the United States the RP‑2014 Mortality Tables, and in the United Kingdom 95% of S1NXA.

The following weighted parameters were used to measure the expense for pension and other post-employment benefits in the respective year:

Parameters for Benefit Expense

 

 

Germany

 

Other countries

 

Total

 

 

2016

2017

 

2016

2017

 

2016

2017

 

 

%

%

 

%

%

 

%

%

Pension obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

2.40

1.80

 

3.85

3.25

 

2.75

2.15

Projected future salary increases

 

3.00

2.75

 

3.35

3.50

 

3.10

2.95

Projected future benefit increases

 

1.75

1.50

 

3.20

3.35

 

2.15

1.95

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.45

4.35

 

4.45

4.35

The parameter sensitivities were computed by expert actuaries based on a detailed evaluation similar to that performed to obtain the data presented in Table “Changes in 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 year-end 2017 as follows:

Sensitivity of Benefit Obligations

 

 

Germany

 

Other countries

 

Total

 

 

Increase

Decrease

 

Increase

Decrease

 

Increase

Decrease

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Pension obligations

 

 

 

 

 

 

 

 

 

0.5%-pt. change in discount rate

 

(1,417)

1,620

 

(414)

468

 

(1,831)

2,088

0.5%-pt. change in projected future salary increases

 

87

(82)

 

50

(47)

 

137

(129)

0.5%-pt. change in projected future benefit increases

 

921

(841)

 

146

(110)

 

1,067

(951)

10% change in mortality

 

(587)

660

 

(172)

176

 

(759)

836

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

0.5%-pt. change in discount rate

 

 

(36)

39

 

(36)

39

10% change in mortality

 

 

(20)

22

 

(20)

22

Sensitivity of Benefit Obligations (prior year)

 

 

Germany

 

Other countries

 

Total

 

 

Increase

Decrease

 

Increase

Decrease

 

Increase

Decrease

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Pension obligations

 

 

 

 

 

 

 

 

 

0.5%-pt. change in discount rate

 

(1,752)

2,014

 

(478)

539

 

(2,230)

2,553

0.5%-pt. change in projected future salary increases

 

135

(125)

 

50

(47)

 

185

(172)

0.5%-pt. change in projected future benefit increases

 

1,107

(1,009)

 

139

(94)

 

1,246

(1,103)

10% change in mortality

 

(670)

752

 

(195)

209

 

(865)

961

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

0.5%-pt. change in discount rate

 

 

(48)

53

 

(48)

53

10% change in mortality

 

 

(24)

27

 

(24)

27

Provisions are also set up for the obligations, mainly of U.S. subsidiaries, to provide post-employment benefits in the form of health care cost payments for retirees. The valuation of health care costs was based on the assumption that they will increase at a rate of 6.5% (2016: 6.8%), which should gradually decline to 5.0% by 2023 (assumption in 2016: gradually decline to 5.0% 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 to Health Care Cost Increases

 

 

Increase of one percentage point

 

Decrease of one percentage point

 

 

2016

2017

 

2016

2017

 

 

€ million

€ million

 

€ million

€ million

Impact on other post-employment benefit obligations

 

77

55

 

(66)

(47)

Impact on benefit expense

 

4

3

 

(3)

(3)

Payments made and expected future payments

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

Employer Contributions Paid or Expected

 

 

Germany

 

Other countries

 

 

2016

2017

2018 expected

 

2016

2017

2018 expected

 

 

€ million

€ million

€ million

 

€ million

€ million

€ million

Pension obligations

 

878

593

42

 

151

146

104

Other post-employment benefit obligations

 

 

1

(21)

1

Total

 

878

593

42

 

152

125

105

Bayer has currently committed to make deficit contributions for its U.K. pension plans of approximately GBP 16 million annually through 2019. For its U.S. pension plans, Bayer made payments of US$50 million in 2017 and expects to make payments of US$50 million in 2018, the latter amount being subject to change depending on future circumstances.

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

2018

 

203

247

 

22

 

472

 

434

69

 

14

 

517

2019

 

205

247

 

23

 

475

 

439

66

 

16

 

521

2020

 

208

251

 

23

 

482

 

443

70

 

17

 

530

2021

 

211

259

 

24

 

494

 

449

77

 

18

 

544

2022

 

216

261

 

25

 

502

 

454

78

 

18

 

550

2023 – 2027

 

1,135

1,363

 

128

 

2,626

 

2,311

415

 

110

 

2,836

The weighted average term of the pension obligations is 17.0 years (2016: 18.0 years) in Germany and 13.8 years (2016: 13.3 years) in other countries. The weighted average term of the obligations for other post-employment benefits in other countries is 11.5 years (2016: 11.5 years).

Compare to Last Year