Changes in the present value of the defined benefit plan obligation and the fair value of plan assets are shown below:
| FISCAL 2020 | FISCAL 2019 | |||||
|---|---|---|---|---|---|---|
| (in millions of euro) | BENEFIT OBLIGATION | PLAN ASSETS | NET BENEFIT OBLIGATION | BENEFIT OBLIGATION | PLAN ASSETS | NET BENEFIT OBLIGATION |
| As of September 1 | As of September 1 FISCAL 2020 1,450 | As of September 1 FISCAL 2019 (1,210) | 240 | 1,201 | (967) | 234 |
| Expense/(income) recognized in the income statement | Expense/(income) recognized in the income statement FISCAL 2020 39 | Expense/(income) recognized in the income statement FISCAL 2019 (19) | 21 | 48 | (25) | 23 |
| Current service cost | Current service cost FISCAL 2020 19 | Current service cost FISCAL 2019 - | 19 | 17 | - | 17 |
| Past service cost | Past service cost FISCAL 2020 (2) | Past service cost FISCAL 2019 - | (2) | 1 | - | 1 |
| Effect of settlements | Effect of settlements FISCAL 2020 (0) | Effect of settlements FISCAL 2019 - | (0) | 0 | - | 0 |
| Interest cost/(income) | Interest cost/(income) FISCAL 2020 23 | Interest cost/(income) FISCAL 2019 (19) | 4 | 31 | (25) | 6 |
| Remeasurement losses/(gains) | Remeasurement losses/(gains) FISCAL 2020 5 | Remeasurement losses/(gains) FISCAL 2019 (49) | (44) | 145 | (151) | (7) |
| Actuarial losses/(gains) arising from changes in demographic assumptions | Actuarial losses/(gains) arising from changes in demographic assumptions FISCAL 2020 (4) | Actuarial losses/(gains) arising from changes in demographic assumptions FISCAL 2019 - | (4) | (8) | - | (8) |
| Actuarial losses/(gains) arising from changes in financial assumptions | Actuarial losses/(gains) arising from changes in financial assumptions FISCAL 2020 13 | Actuarial losses/(gains) arising from changes in financial assumptions FISCAL 2019 (49) | (36) | 199 | (151) | 48 |
| Experience adjustments | Experience adjustments FISCAL 2020 (4) | Experience adjustments FISCAL 2019 - | (4) | (47) | - | (47) |
| Currency translation adjustment | Currency translation adjustment FISCAL 2020 5 | Currency translation adjustment FISCAL 2019 (5) | - | (6) | 7 | 2 |
| Contributions made by plan members | Contributions made by plan members FISCAL 2020 2 | Contributions made by plan members FISCAL 2019 - | 2 | 1 | - | 1 |
| Employer contributions | Employer contributions FISCAL 2020 - | Employer contributions FISCAL 2019 (19) | (19) | 0 | (16) | (16) |
| Benefits paid from plan assets | Benefits paid from plan assets FISCAL 2020 (38) | Benefits paid from plan assets FISCAL 2019 38 | - | (35) | 35 | - |
| Benefits paid other than from plan assets | Benefits paid other than from plan assets FISCAL 2020 (8) | Benefits paid other than from plan assets FISCAL 2019 - | (8) | (9) | - | (9) |
| Changes in scope of consolidation and other* | Changes in scope of consolidation and other* FISCAL 2020 21 | Changes in scope of consolidation and other* FISCAL 2019 (20) | 1 | 105 | (93) | 12 |
| AS OF AUGUST 31 | AS OF AUGUST 31 FISCAL 2020 1,476 | AS OF AUGUST 31 FISCAL 2019 (1,284) | 192 | 1,450 | (1,210) | 240 |
| Of which: | Of which: FISCAL 2020
| Of which: FISCAL 2019
|
|
|
|
|
| Partially funded plans | Partially funded plans FISCAL 2020 1,350 | Partially funded plans FISCAL 2019 (1,284) | 65 | 1,321 | (1,210) | 111 |
| Unfunded plans | Unfunded plans FISCAL 2020 127 | Unfunded plans FISCAL 2019 - | 127 | 129 | - | 129 |
* Including a benefit obligation increase amounting to 15 million euro in Fiscal 2020, and assets for the same amount, linked to the retirement benefit obligations in six UK companies for which the client (public sector) contractually bears all the deficit of the plan.
The amounts recorded in the income statement for defined benefit plans totaled 23 million euro in Fiscal 2020 (23 million euro in Fiscal 2019) and break down as follows:
Defined benefit plan assets comprise:
| (in millions of euro) | AUGUST 31, 2020 | AUGUST 31, 2019 |
|---|---|---|
| Equities | Equities AUGUST 31, 2020 311 | Equities AUGUST 31, 2019 256 |
| Bonds | Bonds AUGUST 31, 2020 22 | Bonds AUGUST 31, 2019 16 |
| Real estate | Real estate AUGUST 31, 2020 71 | Real estate AUGUST 31, 2019 71 |
| Cash | Cash AUGUST 31, 2020 39 | Cash AUGUST 31, 2019 26 |
| Investment funds | Investment funds AUGUST 31, 2020 249 | Investment funds AUGUST 31, 2019 238 |
| Insurance and other | Insurance and other AUGUST 31, 2020 592 | Insurance and other AUGUST 31, 2019 603 |
| TOTAL DEFINED BENEFIT PLAN ASSETS | TOTAL DEFINED BENEFIT PLAN ASSETS AUGUST 31, 2020 1,284 | TOTAL DEFINED BENEFIT PLAN ASSETS AUGUST 31, 2019 1,210 |
Recognized net actuarial gains arising from changes in financial assumptions amounted to 13 million euro, of which 12 million euro in the United Kingdom. In the United Kingdom, these gains were mainly due to the updated discount rate.
