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, 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 (net liability)

 

7,798

8,445

 

222

272

 

8,020

8,717

of which Germany

 

6,778

7,215

 

 

6,778

7,215

of which other countries

 

1,020

1,230

 

222

272

 

1,242

1,502

Net defined benefit asset

 

36

83

 

1

 

36

84

of which Germany

 

22

23

 

 

22

23

of which other countries

 

14

60

 

1

 

14

61

Net defined benefit liability

 

7,762

8,362

 

222

271

 

7,984

8,633

of which Germany

 

6,756

7,192

 

 

6,756

7,192

of which other countries

 

1,006

1,170

 

222

271

 

1,228

1,441

Provisions for pensions and other post-employment benefits in the amount of €389 million were assumed in connection with the acquisition of Monsanto.

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

 

 

2017

2018

 

2017

2018

 

2017

2018

 

2017

2018

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Current service cost

 

312

295

 

93

132

 

405

427

 

13

13

Past service cost

 

20

11

 

(3)

(22)

 

17

(11)

 

(2)

(6)

of which plan curtailments

 

 

(2)

(48)

 

(2)

(48)

 

(2)

(6)

Plan settlements

 

 

8

 

8

 

Plan administration cost paid out of plan assets

 

3

3

 

1

3

 

4

6

 

Net interest

 

135

124

 

43

30

 

178

154

 

13

14

Total

 

470

433

 

142

143

 

612

576

 

24

21

In addition, a total of minus €612 million (2017: €1,236 million) in effects of remeasurements of the net defined benefit liability was recognized in 2018 outside profit or loss. Of this amount, minus €654 million (2017: €1,223 million) related to pension obligations, €34 million (2017: €1 million) to other post-employment benefit obligations, and €8 million (2017: €12 million) to the effects of the asset ceiling. The plan curtailments totaling €54 million (2017: €2 million) were primarily effected in the United States, where they mainly pertained to a former Monsanto plan.

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

Germany

 

 

 

 

 

 

 

 

January 1, 2018

 

(17,837)

 

11,081

 

 

(6,756)

Acquisitions

 

(18)

 

 

 

(18)

Divestments / changes in the scope of consolidation

 

 

 

 

Current service cost

 

(295)

 

 

 

 

 

(295)

Past service cost

 

(11)

 

 

 

 

 

(11)

Net interest

 

(333)

 

209

 

 

(124)

Net actuarial gain / (loss)

 

(62)

 

 

 

 

 

(62)

of which due to changes in financial parameters

 

175

 

 

 

 

 

175

of which due to changes in demographic parameters

 

(232)

 

 

 

 

 

(232)

of which due to experience adjustments

 

(5)

 

 

 

 

 

(5)

Return on plan assets excluding amounts recognized as interest income

 

 

 

(498)

 

 

 

(498)

Employer contributions

 

 

 

141

 

 

 

141

Employee contributions

 

(35)

 

35

 

 

 

Payments due to plan settlements

 

(53)

 

38

 

 

 

(15)

Benefits paid out of plan assets

 

201

 

(201)

 

 

 

Benefits paid by the company

 

424

 

 

 

 

 

424

Plan administration cost paid from plan assets

 

 

 

(3)

 

 

 

(3)

Reclassification to current assets / liabilities held for sale

 

71

 

(46)

 

 

 

25

December 31, 2018

 

(17,948)

 

10,756

 

 

(7,192)

Other countries

 

 

 

 

 

 

 

 

January 1, 2018

 

(6,655)

 

5,458

 

(31)

 

(1,228)

Acquisitions

 

(2,384)

 

2,192

 

 

 

(192)

Divestments / changes in the scope of consolidation

 

 

 

 

 

Current service cost

 

(145)

 

 

 

 

 

(145)

Past service cost

 

28

 

 

 

 

 

28

Gains / (losses) from plan settlements

 

 

 

 

 

 

Net interest

 

(251)

 

210

 

(3)

 

(44)

Net actuarial gain / (loss)

 

423

 

 

 

 

 

423

of which due to changes in financial parameters

 

448

 

 

 

 

 

448

of which due to changes in demographic parameters

 

42

 

 

 

 

 

42

of which due to experience adjustments

 

(67)

 

 

 

 

 

(67)

Return on plan assets excluding amounts recognized as interest income

 

 

 

(483)

 

 

 

(483)

Remeasurement of asset ceiling

 

 

 

 

 

8

 

8

Employer contributions

 

 

 

75

 

 

 

75

Employee contributions

 

(15)

 

15

 

 

 

Payments due to plan settlements

 

(87)

 

65

 

 

 

(22)

Benefits paid out of plan assets

 

350

 

(350)

 

 

 

Benefits paid by the company

 

148

 

 

 

 

 

148

Plan administration costs paid out of plan assets

 

 

 

(3)

 

 

 

(3)

Reclassification to current assets / liabilities held for sale

 

145

 

(79)

 

 

66

Exchange differences

 

(178)

 

103

 

3

 

(72)

December 31, 2018

 

(8,621)

 

7,203

 

(23)

 

(1,441)

of which other post-employment benefits

 

(700)

 

429

 

 

(271)

Total, December 31, 2018

 

(26,569)

 

17,959

 

(23)

 

(8,633)

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, 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 parameters

 

180

 

 

 

 

 

180

of which due to changes in demographic parameters

 

(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 parameters

 

(191)

 

 

 

 

 

(191)

of which due to changes in demographic parameters

 

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)

The benefit obligations pertained mainly to Germany (68%; 2017: 73%), the United States (19%; 2017: 12%) and the United Kingdom (7%; 2017: 8%). In Germany, current employees accounted for about 43% (2017: 43%), retirees or their surviving dependents for about 50% (2017: 50%) and former employees with vested pension rights for about 7% (2017: 7%) of entitlements under defined benefit plans. In the United States, current employees accounted for about 30% (2017: 21%), retirees or their surviving dependents for about 56% (2017: 65%) and former employees with vested pension rights for about 14% (2017: 14%) 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 minus €537 million (2017: €1,517 million) and minus €24 million (2017: €58 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

 

 

2017

2018

 

2017

2018

 

2017

2018

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Defined benefit obligation

 

23,821

25,869

 

671

700

 

24,492

26,569

of which unfunded

 

1,117

1,244

 

64

136

 

1,181

1,380

of which funded

 

22,704

24,625

 

607

564

 

23,311

25,189

Funded status of funded obligations

 

 

 

 

 

 

 

 

 

Overfunding

 

67

106

 

1

 

67

107

Underfunding

 

6,681

7,196

 

158

136

 

6,839

7,332

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 are frozen and no significant new entitlements can be earned under these plans. The assets of all the U.S. pension plans are held within master trusts 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 benefit 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

 

 

181

214

 

16

15

Equities and equity funds

 

3,617

1,988

 

1,739

2,443

 

158

146

Callable debt instruments

 

 

27

27

 

Noncallable debt instruments

 

 

602

565

 

127

124

Bond funds

 

3,737

4,777

 

1,631

2,592

 

94

93

Derivatives

 

11

10

 

3

 

Cash and cash equivalents

 

164

611

 

74

77

 

13

9

Other

 

 

25

 

 

 

7,529

7,386

 

4,254

5,946

 

408

387

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

 

 

 

 

 

 

 

 

 

Real estate and special real estate funds

 

496

514

 

179

296

 

Equities and equity funds

 

121

143

 

71

69

 

Callable debt instruments

 

1,399

1,241

 

 

Noncallable debt instruments

 

1,394

1,366

 

 

Bond funds

 

 

74

73

 

Derivatives

 

 

 

Other

 

142

106

 

431

390

 

41

42

 

 

3,552

3,370

 

755

828

 

41

42

Total plan assets

 

11,081

10,756

 

5,009

6,774

 

449

429

The fair value of plan assets in Germany included real estate leased by Group companies, recognized at a fair value of €82 million (2017: €82 million), and Bayer AG shares and bonds held through investment funds, recognized at their fair values of €21 million (2017: €37 million) and €6 million (2017: €3 million), respectively.

In May 2018, Bayer AG acquired 6.8% of Covestro shares from Bayer Pension Trust e. V. (BPT) at market value for a total amount of €1.1 billion to service the exchangeable bond that matures in 2020.

In 2018, Bayer AG did not deposit any additional shares it held in Covestro AG with BPT (2017: 8 million). The market value of BPT’s total shareholding in Covestro AG amounted to €0 million as of December 31, 2018 (2017: €1,549 million).

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

 

 

2017

2018

 

2017

2018

 

2017

2018

 

 

%

%

 

%

%

 

%

%

Pension obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

1.90

1.90

 

2.95

3.55

 

2.15

2.40

of which U.S.A.

 

 

 

 

3.40

4.20

 

3.40

4.20

of which U.K.

 

 

 

 

2.50

2.80

 

2.50

2.80

Projected future salary increases

 

2.75

2.75

 

3.60

3.65

 

2.95

3.00

Projected future benefit increases

 

1.70

1.60

 

3.25

3.05

 

2.10

2.05

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.25

4.85

 

4.25

4.85

In Germany the Heubeck RT 2018 G mortality tables were used, in the United States the RP‑2014 Mortality Tables, and in the United Kingdom 95% of S1NXA.

In Germany, the RT 2005 G tables had been used in previous years. However, we switched to the new RT 2018 G tables when they were published as we believe that the resulting measurement reflects the economic impact on the respective closing date more accurately than measurement based on the RT 2005 G tables. If we had not switched to the RT 2018 G tables, provisions would have been €232 million lower.

Until May 2018, we applied the Macaulay Duration method when determining the discount rate for measuring pension obligations. However, Bayer decided to switch to the uniform discount rate method in June 2018 because it is used more frequently in the market and is mathematically superior. As of December 31, 2018, both methods resulted in a discount rate of 1.90%.

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

 

 

2017

2018

 

2017

2018

 

2017

2018

 

 

%

%

 

%

%

 

%

%

Pension obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

1.80

1.90

 

3.25

2.95

 

2.15

2.15

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 parameter sensitivities were computed by expert actuaries based on a detailed evaluation similar to that performed to obtain the data presented in above 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 2018 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

 

(1,408)

1,608

 

(479)

536

 

(1,887)

2,144

0.5%-pt. change in projected future salary increases

 

81

(76)

 

42

(40)

 

123

(116)

0.5%-pt. change in projected future benefit increases

 

903

(825)

 

132

(101)

 

1,035

(926)

10% change in mortality

 

(584)

658

 

(197)

203

 

(781)

861

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

0.5%-pt. change in discount rate

 

 

(33)

36

 

(33)

36

10% change in mortality

 

 

(18)

20

 

(18)

20

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

 

(1,417)

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

Provisions are also established 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 6.3% (2017: 6.5%), which should gradually decline to 5.0% by 2023 (assumption in 2017: 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

 

 

2017

2018

 

2017

2018

 

 

€ million

€ million

 

€ million

€ million

Impact on other post-employment benefit obligations

 

55

47

 

(47)

(41)

Impact on benefit expense

 

3

3

 

(3)

(2)

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

 

 

2017

2018

2019 expected

 

2017

2018

2019 expected

 

 

€ million

€ million

€ million

 

€ million

€ million

€ million

Pension obligations

 

593

141

132

 

146

90

79

Other post-employment benefit obligations

 

 

(21)

(15)

2

Total

 

593

141

132

 

125

75

81

Bayer has currently committed to make deficit contributions for its U.K. pension plans of approximately GBP27 million annually through 2023. For its U.S. pension plans, Bayer made payments of US$50 million in 2018 and expects to make zero or only minor payments in 2019 as most are closed and frozen.

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

 

206

418

 

24

 

648

 

443

140

 

28

 

611

2020

 

209

423

 

23

 

655

 

444

109

 

27

 

580

2021

 

213

433

 

25

 

671

 

450

93

 

26

 

569

2022

 

217

439

 

26

 

682

 

456

96

 

25

 

577

2023

 

222

436

 

26

 

684

 

460

97

 

26

 

583

2024 – 2028

 

1,172

2,184

 

139

 

3,495

 

2,340

502

 

140

 

2,982

The weighted average term of the pension obligations is 17.0 years (2017: 17.0 years) in Germany and 12.8 years (2017: 13.8 years) in other countries. The weighted average term of the obligations for other post-employment benefits in other countries is 10.5 years (2017: 11.5 years).

Compare to Last Year