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, 2015

Dec 31, 2016

 

Dec 31, 2015

Dec 31, 2016

 

Dec 31, 2015

Dec 31, 2016

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

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

 

10,454

10,736

 

419

398

 

10,873

11,134

of which Germany

 

8,972

9,176

 

 

8,972

9,176

of which other countries

 

1,482

1,560

 

419

398

 

1,901

1,958

Net defined benefit asset

 

29

25

 

1

1

 

30

26

of which Germany

 

23

23

 

 

23

23

of which other countries

 

6

2

 

1

1

 

7

3

Net defined benefit liability

 

10,425

10,711

 

418

397

 

10,843

11,108

of which Germany

 

8,949

9,153

 

 

8,949

9,153

of which other countries

 

1,476

1,558

 

418

397

 

1,894

1,955

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

 

 

2015

2016

 

2015

2016

 

2015

2016

 

2015

2016

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Current service cost

 

362

350

 

99

102

 

461

452

 

17

16

Past service cost

 

27

26

 

(3)

(5)

 

24

21

 

(1)

of which plan curtailments

 

 

(2)

1

 

(2)

1

 

Plan settlements

 

 

(9)

 

(9)

 

Plan administration cost paid out of plan assets

 

3

 

1

1

 

1

4

 

Net interest

 

204

204

 

52

52

 

256

256

 

20

20

Total

 

593

583

 

149

141

 

742

724

 

37

35

In addition, a total of minus €1,036 million in effects of remeasurements of the net defined benefit liability was recognized in 2016 outside profit or loss (2015: €1,216 million). Of this amount, minus €1,063 million (2015: €1,185 million) related to pension obligations, €34 million (2015: €53 million) to other post-employment benefit obligations, and minus €7 million (2015: minus €22 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

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)

(Gains) / losses from plan settlements

 

 

 

 

 

 

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

Remeasurement of asset ceiling

 

 

 

 

 

 

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)

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

Germany

 

 

 

 

 

 

 

 

January 1, 2015

 

20,339

 

10,025

 

 

(10,314)

Acquisitions

 

 

 

 

Divestments / changes in the scope of consolidation

 

21

 

17

 

 

(4)

Current service cost

 

362

 

 

 

 

 

(362)

Past service cost

 

27

 

 

 

 

 

(27)

(Gains) / losses from plan settlements

 

 

 

 

 

 

Net interest

 

425

 

221

 

 

(204)

Net actuarial (gain) loss

 

(1,393)

 

 

 

 

 

1,393

of which due to changes in financial assumptions

 

(1,371)

 

 

 

 

 

1,371

of which due to changes in demographic assumptions

 

 

 

 

 

 

of which due to experience adjustments

 

(22)

 

 

 

 

 

22

Return on plan assets excluding amounts recognized as interest income

 

 

 

(262)

 

 

 

(262)

Remeasurement of asset ceiling

 

 

 

 

 

 

Employer contributions

 

 

 

387

 

 

 

387

Employee contributions

 

37

 

37

 

 

 

Payments due to plan settlements

 

 

 

 

 

Benefits paid out of plan assets

 

(215)

 

(215)

 

 

 

Benefits paid by the company

 

(433)

 

 

 

 

 

433

Plan administration cost paid from plan assets

 

 

 

 

 

 

Reclassification to current assets / liabilities held for sale

 

(22)

 

11

 

 

11

December 31, 2015

 

19,148

 

10,199

 

 

(8,949)

Other countries

 

 

 

 

 

 

 

 

January 1, 2015

 

7,432

 

5,560

 

(9)

 

(1,881)

Acquisitions

 

4

 

 

 

(4)

Divestments / changes in the scope of consolidation

 

 

 

 

Current service cost

 

116

 

 

 

 

 

(116)

Past service cost

 

(3)

 

 

 

 

 

3

(Gains) / losses from plan settlements

 

 

 

 

 

 

Net interest

 

287

 

215

 

 

(72)

Net actuarial (gain) loss

 

(318)

 

 

 

 

 

318

of which due to changes in financial assumptions

 

(310)

 

 

 

 

 

310

of which due to changes in demographic assumptions

 

(79)

 

 

 

 

 

79

of which due to experience adjustments

 

71

 

 

 

 

 

(71)

Return on plan assets excluding amounts recognized as interest income

 

 

 

(211)

 

 

 

(211)

Remeasurement of asset ceiling

 

 

 

 

 

(22)

 

(22)

Employer contributions

 

 

 

148

 

 

 

148

Employee contributions

 

11

 

11

 

 

 

Payments due to plan settlements

 

 

 

 

 

Benefits paid out of plan assets

 

(289)

 

(289)

 

 

 

Benefits paid by the company

 

(60)

 

 

 

 

60

Plan administration costs paid out of plan assets

 

 

(1)

 

 

 

(1)

Reclassification to current assets / liabilities held for sale

 

(20)

 

(8)

 

 

12

Exchange differences

 

501

 

374

 

(1)

 

(128)

December 31, 2015

 

7,661

 

5,799

 

(32)

 

(1,894)

of which other post-employment benefits

 

836

 

418

 

 

(418)

Total, December 31, 2015

 

26,809

 

15,998

 

(32)

 

(10,843)

The benefit obligations pertained mainly to Germany (72%; 2015: 71%), the United States (14%; 2015: 15%) and the United Kingdom (7%; 2015: 7%). In Germany, current employees accounted for about 46% (2015: 44%), retirees or their surviving dependents for about 47% (2015: 49%) and former employees with vested pension rights for about 7% (2015: 7%) of entitlements under defined benefit plans. In the United States, current employees accounted for about 25% (2015: 26%), retirees or their surviving dependents for about 53% (2015: 61%) and former employees with vested pension rights for about 22% (2015: 13%) 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 €1,519 million (2015: minus €34 million) and €40 million (2015: minus €3 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

 

 

2015

2016

 

2015

2016

 

2015

2016

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Defined benefit obligation

 

25,973

28,128

 

836

867

 

26,809

28,995

of which unfunded

 

1,126

1,231

 

101

125

 

1,227

1,356

of which funded

 

24,847

26,897

 

735

742

 

25,582

27,639

Funded status of funded obligations

 

 

 

 

 

 

 

 

 

Overfunding

 

61

74

 

1

1

 

62

75

Underfunding

 

9,328

9,506

 

318

272

 

9,646

9,778

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 way these benefits are provided varies according to the legal, fiscal and economic conditions of each country, the benefits generally being based on employee compensation and years of service. 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. For example, the proportion of plan assets invested in equities is greater with the non-German pension plans than with the plans domiciled in Germany. 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 plan assets, 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 benefit obligations

 

 

Germany

 

Other countries

 

Other countries

 

 

2015

2016

 

2015

2016

 

2015

2016

 

 

€ million

€ million

 

€ million

€ million

 

€ million

€ million

Plan assets based on quoted prices in active markets

 

 

 

 

 

 

 

 

 

Real estate and special real estate funds

 

 

199

215

 

19

22

Equities and equity funds

 

2,105

2,919

 

1,855

1,861

 

130

149

Callable debt instruments

 

 

182

263

 

Noncallable debt instruments

 

112

556

 

752

736

 

121

128

Bond funds

 

3,543

3,754

 

1,744

1,823

 

90

104

Derivatives

 

18

11

 

(5)

(3)

 

Cash and cash equivalents

 

158

243

 

84

114

 

8

17

Other

 

 

4

6

 

 

 

5,936

7,483

 

4,815

5,015

 

368

420

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

 

 

 

 

 

 

 

 

 

Real estate and special real estate funds

 

517

563

 

83

124

 

Equities and equity funds

 

90

115

 

59

72

 

Callable debt instruments

 

1,555

1,525

 

2

 

Noncallable debt instruments

 

1,832

1,870

 

 

Bond funds

 

 

60

72

 

Derivatives

 

(2)

1

 

 

Other

 

271

252

 

362

373

 

50

51

 

 

4,263

4,326

 

566

641

 

50

51

Total plan assets

 

10,199

11,809

 

5,381

5,656

 

418

471

The fair value of plan assets in Germany included real estate leased by Group companies, recognized at a fair value of €82 million (2015: €61 million), and Bayer AG shares and bonds held through investment funds, recognized at their fair value of €41 million (2015: €48 million) and €3 million (2015: €3 million), respectively. In April 2016, Bayer AG contributed 10 million shares it held in Covestro AG – equivalent to 4.9% of the outstanding shares – to BPT. This equity position had a market value of €652 million as of December 31, 2016. In 2016, Covestro placed short-term securities with a volume of €450 million into Metzler Trust e.V. In 2015, Bayer placed short-term securities with a volume of €300 million into BPT. 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. The risks lie in the possibility that higher direct pension payments will have to be made to the beneficiaries and / or that additional contributions will have to be made to plan assets in order to meet current and future pension obligations.

Demographic / biometric risks

Since a large proportion of the defined benefit obligations comprises lifelong pension payments to retirees 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

 

 

2015

2016

 

2015

2016

 

2015

2016

 

 

%

%

 

%

%

 

%

%

Pension obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

2.40

1.80

 

3.85

3.25

 

2.75

2.15

of which U.S.A.

 

 

 

 

4.00

3.70

 

4.00

3.70

of which U.K.

 

 

 

 

3.80

2.65

 

3.80

2.65

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

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

 

 

2015

2016

 

2015

2016

 

2015

2016

 

 

%

%

 

%

%

 

%

%

Pension obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

2.20

2.40

 

3.70

3.85

 

2.55

2.75

Projected future salary increases

 

3.00

3.00

 

3.65

3.35

 

3.15

3.10

Projected future benefit increases

 

1.75

1.75

 

3.30

3.20

 

2.10

2.15

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.95

4.45

 

3.95

4.45

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 (Previous Year).” Altering individual parameters by 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 2016 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

 

(1,752)

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

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

 

(1,544)

1,767

 

(450)

504

 

(1,994)

2,271

0.5%-pt. change in projected future salary increases

 

121

(113)

 

47

(44)

 

168

(157)

0.5%-pt. change in projected future benefit increases

 

1,006

(919)

 

127

(96)

 

1,133

(1,015)

10% change in mortality

 

(597)

669

 

(173)

185

 

(770)

854

Other post-employment benefit obligations

 

 

 

 

 

 

 

 

 

0.5%-pt. change in discount rate

 

 

(46)

51

 

(46)

51

10% change in mortality

 

 

(21)

24

 

(21)

24

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 6.8%, which should gradually decline to 5.0% by 2023 (assumption in 2015: 7.0%, which should 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

 

 

2015

2016

 

2015

2016

 

 

€ million

€ million

 

€ million

€ million

Impact on other post-employment benefit obligations

 

79

77

 

(68)

(66)

Impact on benefit expense

 

5

4

 

(4)

(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

 

 

2015

2016

2017 expected

 

2015

2016

2017 expected

 

 

€ million

€ million

€ million

 

€ million

€ million

€ million

Pension obligations

 

387

878

74

 

148

151

123

Other post-employment benefit obligations

 

 

1

1

Total

 

387

878

74

 

148

152

124

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 2016 and expects to make payments of US$50 million in 2017, 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

2017

 

223

297

 

9

 

529

 

452

76

 

35

 

563

2018

 

226

305

 

9

 

540

 

457

77

 

38

 

572

2019

 

230

312

 

9

 

551

 

464

78

 

42

 

584

2020

 

236

321

 

9

 

566

 

471

83

 

43

 

597

2021

 

242

331

 

9

 

582

 

477

91

 

45

 

613

2022–2026

 

1,310

1,715

 

46

 

3,071

 

2,454

477

 

252

 

3,183

The weighted average term of the pension obligations is 18 years (2015: 17.3 years) in Germany and 13.3 years (2015: 13.4 years) in other countries. The weighted average term of the obligations for other post-employment benefits in other countries is 11.5 years (2015: 11.5 years).