I.A. Årsredovisning 2020 ENG 1
NOTE 20 PENSIONS 1/1/2020Opening carrying amount
Pension payments Interest Revaluation due to changes in financial assumptions Revaluation due to experience-based adjustments Reclassification 12/31/2020 89,983 -5,751 1,065 1,921 -1,401 0 85,817 1/1/201912/31/2019 87,090 -5,710 1,709 5,747 319 828 89,983 Defined benefit pension plans For white collar employees in Sweden, the ITP 2 plan's defined benefit pension commitments for retirement and family pensions are secured through the insurance with Alecta. According to a statement from the Financial Reporting Board, UFR 10 Classification of ITP plans funded through an insurance in Alecta, a defined benefit plan covers several employers. The company has not had access to information and therefore could not report its proportional share of the plan’s liabilities, management assets and expenses. This meant that the plan could not be reported as a defined benefit plan. Therefore, the pension plan ITP 2, secured through insurance in Alecta, is reported as a defined contribution plan. The premium for the defined-benefit retirement and family pension is individually calculated and depends, inter alia, on the salary, previously earned retirement and expected remaining retirement period. The annual pension insurance contributions in Alecta amount to kSEK 27,975 (kSEK 27,978). The Group has also defined benefit plans in Sweden and these are secured through FPG/PRI. These plans are closed and no new earnings are made. The pension liabilities for these amount to kSEK 85,066 (kSEK 89,155). For the actuarial calculations, a discount rate of 0.7% (1.2%) and an inflation of 1.5% (1.8%) have been applied. The duration of the commitment is approx. 11 years. Sensitivity analysis Discount rate Inflation Life span NOTE 21 DEFERRED TAX Deferred tax assets Opening carrying amount Reported in income statement Recognized in other comprehensive income Conversion differences Business acquisitions Assumption +0.5% +0.5% +1 year Change -4,542 4,872 4,194 12/31/2020 61,911 369 111 -1,424 0 60,967 12/31/2019 49,842 10,502 1,298 -871 1,140 61,911 The deferred tax assets mainly consist of temporary differences between fiscal and carrying values of assets and liabilities, and losses carried forward. Deferred tax liabilities Opening carrying amount Reported in income statement Recognized in other comprehensive income Conversion differences Business acquisitions 12/31/2020 -159,765 17,939 -4,797 7,654 -625 -139,594 12/31/2019 -141,104 16,795 0 -998 -34,458 -159,765 Deferred tax liabilities consist of temporary differences between fiscal and carrying values of intangible assets, as well as untaxed reserves. 68 I.A. HEDIN BIL AB / ANNUAL REPORT / 2020