5 _415 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements The movements in net defined benefit obligations recognized in the consolidated statement of financial position are shown below: (in € millions) 2023 2022 Pension plans Other plans Total, defined benefit plans Pension plans Other plans Total, defined benefit plans AT JANUARY 1 1,005 1,325 2,330 1,256 1,774 3,030 Contributions paid to the funds (11) - (11) (13) (6) (19) Benefits paid to the beneficiaries (39) (57) (96) (38) (64) (102) Other movements - 3 3 - 2 2 ITEMS RECOGNIZED IN OPERATING INCOME Current service cost 18 52 70 32 75 107 Actuarial (gains) or losses - 1 1 - (8) (8) Plan modifications, curtailments or settlements (13) 12 (1) (61) (55) (116) Other items 18 - 18 9 - 9 Total recognized in operating income 23 65 88 (20) 12 (8) ITEMS RECOGNIZED OUTSIDE OPERATING INCOME Net interest on employee benefit obligations 37 58 95 9 30 39 ITEMS RECOGNIZED IN OTHER COMPREHENSIVE INCOME Translation adjustments (15) (23) (38) 21 39 60 Actuarial (gains) or losses Due to changes in demographic assumptions: – Due to changes in assumptions (81) (7) (88) (10) 18 8 – Due to experience adjustments (82) (13) (95) 8 (19) (11) Due to changes in financial assumptions: – Due to changes in assumptions 165 52 217 (2,256) (460) (2,716) – Due to experience adjustments 18 6 24 2,069 (5) 2,064 Total actuarial (gains) or losses 20 38 58 (189) (466) (655) Unrecognized assets due to the effect of the asset ceiling (7) (1) (8) (21) 4 (17) AT DECEMBER 31 1,013 1,408 2,421 1,005 1,325 2,330 The Group's main pension plans are as follows: United States The defined benefit plan in the United States is the Michelin Retirement Plan (MRP). The plan was closed to new entrants as of January 1, 2004. Accruals were frozen under the plan as of December 31, 2016. All employees are enrolled in a defined contribution plan. The plan provides for a guaranteed monthly annuity at retirement based on a set formula that takes into consideration the years of plan membership and average pensionable earnings. Only employees who have voluntarily joined the defined contribution plan may receive a lump sum payment. The plan includes a cost-of-living adjustment clause applicable to the pensions of employees hired before January 1, 1991. The plan is funded solely by employer contributions.
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