NATIXIS // 2021 Universal Registration Document
5 CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2021 Consolidated financial statements and notes
Separate assets
31/12/2021
31/12/2020
Post-employment defined-benefit plans
Post-employment defined-benefit plans
Supplementary pension benefits and other
Supplementary pension benefits and other
End-of-career awards
End-of-career awards
Total
(in millions of euros)
Total
TOTAL REVALUATION ADJUSTMENTS AT START OF PERIOD o/w effect of ceiling on assets Revaluation adjustments over the period o/w effect of ceiling on plan assets Changes associated with non-current assets held for sale TOTAL REVALUATION ADJUSTMENTS AT END OF PERIOD
8
7
15
7
6
13
4
1
5
1
1
2
12
8
20
8
7
15
o/w effect of ceiling on assets
f) Analysis of expenses for the period The annual payroll costs recognized in respect of defined-benefit plans consist of: the costs of services rendered, representing rights vested by V beneficiaries over the period; past service costs, arising from possible plan changes or V curtailments as well as the effects of possible plan settlements;
the net interest cost reflecting the impact of unwinding the V discount on the net obligation. Obligations in respect of other long-term employee benefits are accounted for using the same actuarial valuation method as that used for post-employment defined-benefit obligations, except for revaluation adjustments, which are immediately recognized in income.
31/12/2021
31/12/2020
Post-employment defined-benefit plans
Other long-term employee benefits
Supplementary pension benefits and other
End-of-career awards
Long-service
awards Other benefits
Total
(in millions of euros)
Service cost
2 0 9
13 (0)
4 1 0 0
57
77
40
Past service cost
0 0 0
1
(12)
Interest cost
1
11 (8) (2)
13
(10)
Interest income
(8) (0)
(0) (1)
Other
(1)
(0)
4
TOTAL EXPENSE FOR THE FISCAL YEAR
3
13
5
57
78
34
g) Main actuarial assumptions at December 31, 2021 The amount of the provision for post-employment defined-benefit plans is calculated on an actuarial basis using a number of demographic and financial assumptions.
United States (a)
United States (a)
France
Europe
France
Europe
Discount rate (excluding Time Savings Account)
0.62% 1.70% 2.68% 2.70%
1.67% 2.83% 2.72% 0.00%
2.71%
0.16% 1.60% 2.28% 2.40%
1.34% 2.61% 2.44% 0.00%
2.35%
Inflation rate
Rate of increase in salaries
Rate of increase in healthcare costs
5.50%
3.90%
Duration (in years)
12
20
14
13
23
15
The two parameters of inflation rate and wage growth rate are no longer taken into account for the valuation of liabilities in the United States. (a)
382
NATIXIS UNIVERSAL REGISTRATION DOCUMENT 2021
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