5 _417 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements France The main plan is a mandatory rubber division end-of-service benefit plan. The plan provides for the payment of a lump sum to employees who are present at their retirement date. The normal retirement age is set at 65. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. The following table analyzes changes in the financial position of the Group's defined benefit plans: (in € millions) 2023 2022 Pension plans Other defined benefit plans Total Pension plans Other defined benefit plans Total United Kingdom (UK) Europe excluding UK North America and Other United Kingdom (UK) Europe excluding UK North America and Other Obligations at the beginning of the year 1,843 1,084 3,372 1,341 7,640 3,044 1,630 4,001 1,774 10,449 Translation adjustments 32 2 (119) (23) (108) (109) 3 213 39 146 Changes in scope of consolidation - - - 3 3 - - 2 - 2 Current service cost - 16 2 52 70 1 28 3 75 107 Interest expense 89 38 163 58 348 50 13 117 30 210 Administrative costs and other 3 - 15 - 18 3 - 6 - 9 Plan modifications, curtailments or settlements - (17) 4 12 (1) - (61) - (55) (116) Benefits paid during the year (120) (37) (298) (59) (514) (135) (47) (303) (70) (555) Other items - 3 - 1 4 1 (24) 3 24 4 Actuarial (gains) or losses (61) 68 49 38 94 (1,012) (458) (670) (476) (2,616) Obligations at the end of the year (A) 1,786 1,157 3,188 1,423 7,554 1,843 1,084 3,372 1,341 7,640 Fair value of plan assets at the beginning of the year 2,074 132 3,168 20 5,394 3,376 183 3,957 - 7,516 Translation adjustments 34 3 (107) - (70) (122) 2 207 - 87 Changes in scope of consolidation - - - - - - - - - - Interest income 101 4 151 1 257 55 1 117 - 173 Contributions paid to the funds 3 8 - - 11 6 6 1 6 19 Benefits paid by the plans (120) (1) (296) (1) (418) (135) (12) (300) (6) (453) Other items - 3 1 (1) 3 1 (21) 3 22 5 Actuarial gains or (losses) (2) (6) 44 (1) 35 (1,107) (27) (817) (2) (1,953) Fair value of plan assets at the end of the year (B) 2,090 143 2,961 18 5,212 2,074 132 3,168 20 5,394 Deficit/(surplus) (A-B) (304) 1,014 227 1,405 2,342 (231) 952 204 1,321 2,246 Deferred items at the beginning of the year - - (80) (4) (84) - - (97) - (97) Translation adjustments - - 1 - 1 - - (1) - (1) Unrecognized assets - - 3 1 4 - - 18 (4) 14 Deferred items at the end of the year - - (76) (3) (79) - - (80) (4) (84) NET LIABILITY/(ASSET) AT THE END OF THE YEAR (304) 1,014 303 1,408 2,421 (231) 952 284 1,325 2,330
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