Changes in the present value of the defined benefit plan obligation and the fair value of plan assets are shown below:
| not-included | FISCAL 2024 | FISCAL 2023 | ||||
|---|---|---|---|---|---|---|
| (in million euros) | BENEFIT OBLIGATION | PLAN ASSETS | NET BENEFIT OBLIGATION | BENEFIT OBLIGATION | PLAN ASSETS | NET BENEFIT OBLIGATION |
| As of September 1 | 902 | (831) | 71 | 1,057 | (1,076) | (19) |
| Expense/(income) recognized in the income statement | 59 | (42) | 17 | 53 | (40) | 13 |
| Current service cost | 15 | — | 15 | 14 | — | 14 |
| Past service cost | — | — | — | 1 | — | 1 |
| Effect of settlements | — | — | — | — | — | — |
| Interest cost/(income) | 44 | (42) | 2 | 38 | (40) | (2) |
| Remeasurement losses/(gains) | 71 | (37) | 34 | (115) | 219 | 104 |
| Actuarial losses/(gains) arising from changes in demographic assumptions | (7) | — | (7) | (8) | — | (8) |
| Actuarial losses/(gains) arising from changes in financial assumptions | 77 | (37) | 40 | (137) | 219 | 82 |
| Actuarial losses/(gains) arising from experience adjustments | 1 | — | 1 | 30 | — | 30 |
| Currency translation adjustment | 11 | (12) | (1) | (5) | 2 | (3) |
| Contributions made by plan members | 2 | (2) | — | 2 | (2) | — |
| Employer contributions* | — | (12) | (12) | — | (9) | (9) |
| Benefits paid from plan assets | (40) | 41 | 1 | (40) | 42 | 2 |
| Benefits paid other than from plan assets | (10) | — | (10) | (13) | — | (13) |
| Changes in scope of consolidation and other | — | — | — | (37) | 33 | (4) |
| AS OF AUGUST 31 | 995 | (895) | 100 | 902 | (831) | 71 |
| Of which: | ||||||
| Partially funded plans | 886 | (895) | (9) | 792 | (831) | (39) |
| Unfunded plans | 109 | — | 109 | 110 | — | 110 |
* Contributions made by the employer to different plan assets of which 3 million euros of contributions to the United Kingdom pension plan assets for the Fiscal 2024.
The amounts recorded in the income statement for defined benefit plans totaled 17 million euros in Fiscal 2024 (13 million euros in Fiscal 2023) and consist of:
- net expense of 10 million euros (net expense of 11 million euros in Fiscal 2023) in Cost of sales;
- net expense of 5 million euros (net expense of 4 million euros in Fiscal 2023) in Selling, General and Administrative costs;
- net expense of 2 million euros in financial income (see note 12.1).
Defined benefit plan assets, which mainly relate to UK defined benefits plans, comprise:
1) This diagram shows defined benefit plan assets, which mainly relate to the United Kingdom defined benefits plans as of August 31, 2024.
- Bonds & other debt instruments: 342 million euros, 38%.
- Real Estate: 8 million euros, 1%.
- Cash: 34 million euros, 4%.
- Investment funds: 148 million euros, 16%.
- Insurance and other: 177 million euros, 20%.
- Equities: 186 million euros, 21%.
2) This diagram shows defined benefit plan assets, which mainly relate to the United Kingdom defined benefits plans as of August 31, 2023.
- Bonds and other debt instruments: €268 million, 32%.
- Real Estate: 151 million euros, 18%.
- Cash: 18 million euros, 2%.
- Investment funds: 172 million euros, 21%.
- Insurance and other: 132 million euros, 16%.
- Equities: 90 million euros, 11%.