REC Silicon Annual Report 2019

67 Notes to the consolidated financial statements, REC Silicon Group REC Silicon Annual Report 2019 The amounts recognized in the statement of income are as follows (USD INMILLION) 2019 2018 Total benefit plans 0.0 0.0 Defined Contribution 1.9 2.4 Total contribution expenses (see note 24) 1.9 2.4 Net interest expense 0.6 0.7 Remeasurements of the net defined benefit liability recognized through Other Comprehensive Income (gains (-)/losses (+)) (USD INMILLION) 2019 2018 Experience adjustments 0.0 0.0 Effects of changes in assumptions 5.4 -4.0 Total remeasurements (gains (-)/losses (+)) on gross retirement benefit obligations 5.3 -4.0 Return on plan assets, excluding amounts included in interest 0.6 0.5 Total remeasurements (gains (-)/losses (+)) recognized through Other Comprehensive Income 5.9 -3.5 During 2019 the effects of changes in assumptions were due to a decrease in discount rate and changes in financial and demographic assumptions for the ASiMI plans. The cumulative re-measurement loss recognized to equity through other comprehensive income was USD 24.4million before income taxes at December 31, 2019. Of this, a loss of USD 24.4million was related to ASiMI (excluding translation difference). At December 31, 2019, the mortality table was updated from the Adjusted RP-2014 base rates with projection scale MP-2017 to the Adjusted RP-2014 base rates with projection scale MP-2018. Adjusted RP-2014means that RP-2014 was adjusted to 2006 by removing improvement based on MP-2014 and then used as the base table as of 2006. The principal actuarial assumptions used to determine retirement benefit obligations at December 31 2019 2018 Discount rate 3.04 4.09 Future salary increases NA NA Future pension increases NA NA Future increase in social security base amount NA NA Future turnover NA NA The assumptions used to determine the benefit cost for the year are determined at the beginning of the year. The expected return for the ASiMI plans equals the discount rate. The expected remaining service life (average, in years) of the defined benefit obligation for the ASiMI plans are approximately 9.5 at December 31, 2019 and 9.8 at December 31, 2018. Pension premiums of USD 1.4million are expected to be paid during 2020 to the ASiMI defined benefit plans. For the ASiMI benefit plans, a one percentage point increase (decrease) in discount rate is estimated to decrease (increase) the pension obligation by approximately USD - 5.1 (6.3) million at December 31, 2019.