Note 17: Detailed Information - People Costs continued Movements in accrued benefits and plan assets During the financial year, accrued benefits decreased by $67m, mainly attributable to: • Service costs (net of curtailment gain associated with restructuring activities) charged to profit or loss of $63m • Interest costs of $30m, from the discount rate on benefit obligations and anticipated benefit payments; • Employee contributions of $32m; • Actuarial adjustments, generating a decrease in accrued benefits of $67m; • Favourable foreign currency movements of $29m; • Partly offsetting the above accrued benefit increases were benefits paid from the plans of $96m. During the financial year, plan assets decreased by $116m, mainly attributable to: • Employer and employee contributions of $91m and investment returns of $178m that collectively increased plan assets; • Unfavourable asset ceiling movements of $275m; • Unfavourable foreign currency movements of $19m; • Partly offsetting the above plan asset increases were benefits paid from the plans of $91m. 2026 2025 The major categories of total plan assets are as follows: US$m US$m Cash 41 43 Instruments quoted in active markets: Equity instruments 878 727 Bonds 392 409 Unquoted investments - property 463 441 Other assets 125 121 Asset ceiling adjustment (356) (81) Total Plan Assets 1,544 1,660 The actuarial assumptions, expressed as weighted averages, at the reporting dates are: 2026 2025 % % Discount rate 1.9 % 1.7% Future salary increases 2.1 % 2.1% Future pension increases 0.3 % 0.3% The variable with the most significant impact on the defined benefit obligation is the discount rate applied in the calculation of accrued benefits. A decrease in the average discount rate applied to the calculation of accrued benefits of 0.25% would increase the defined benefit obligation by $45m. An increase in the average discount rate of 0.25% would reduce the defined benefit obligation by $42m. The defined benefit obligation will be discharged over an extended period as members exit the plans. The plan actuaries have estimated that the following payments will be required to satisfy the obligation. The actual payments will depend on the pattern of employee exits from the Group’s plans. 2026 2025 Estimated defined benefit plan payments (actuarial assumption) as at 30 June: US$m US$m Within one year 119 102 Between two and five years 453 408 Between five and ten years 530 510 Beyond ten years 709 859 125 Notes to the Financial Statements 125 CSL Limited Annual Report 2025/26
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