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Pensions and Other Post-employment Benefit Obligations (Tables) | 12 Months Ended
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Dec. 31, 2017
Summary of Actuarial Assumptions | The principal actuarial assumptions used at December 31, 2017 and 2016 were as follows:
|  | At December 31, 2017 |  | At December 31, 2016
|  | Rate of increase in salaries |  | Rate of increase in pensions |  |  | Discount rate |  | Rate of increase in salaries |  | Rate of increase in pensions |  |  | Discount rate
Switzerland |  | 1.50% |  |  | — |  |  | 0.65% |  | 1.65% |  |  | — |  |  | 0.60%
U.S. |  | — |  |  | — |  |  | — |  | 3.80% |  |  | — |  |  | —
Hourly pension |  | 2.20% |  |  | — |  |  | 3.70%-3.75% |  | — |  |  | — |  |  | 4.30%-4.35%
Salaried pension |  | 3.80% |  |  | — |  |  | 3.80% |  | — |  |  | — |  |  | 4.45%
OPEB(A) |  | 3.80% |  |  | — |  |  | 3.70%-3.85% |  | — |  |  | — |  |  | 4.20%-4.60%
Other benefits |  | 3.80% |  |  | — |  |  | 3.60%-3.70% |  | — |  |  | — |  |  | 4.05%-4.20%
France |  | 1.50%-1.75% |  |  | 2.00% |  |  | — |  | 1.50%-1.75% |  |  | 2.00% |  |  | —
Retirements |  | — |  |  | — |  |  | 1.50% |  | — |  |  | — |  |  | 1.60%
Other benefits |  | — |  |  | — |  |  | 1.20% |  | — |  |  | — |  |  | 1.30%
Germany |  | 2.75% |  |  | 1.70% |  |  | 1.60% |  | 2.75% |  |  | 1.70% |  |  | 1.65%
(A) | The other main financial assumptions used for the OPEB (healthcare plans, which are predominantly in the U.S.) were:
| - | Medical trend rate: pre 65: 7.00% starting in 2018 decreasing gradually to 4.50% until 2026 and stable onwards and post 65: 6.00% starting in 2018 decreasing gradually to 4.50% until 2026 and stable onwards, and
| - | Claims costs are based on individual company experience.
Summary of Amounts Recognized in the Consolidated Statement of Financial Position | Amounts recognized in the Consolidated Statement of Financial Position
|  | At December 31, 2017 |  |  | At December 31, 2016 |
(in millions of Euros) |  | Pension Benefits |  |  | Other Benefits |  |  | Total |  |  | Pension Benefits |  |  | Other Benefits |  |  | Total |
Present value of funded obligation |  |  | 691 |  |  |  | — |  |  |  | 691 |  |  |  | 721 |  |  |  | — |  |  |  | 721 |
Fair value of plan assets |  |  | (387 | ) |  |  | — |  |  |  | (387 | ) |  |  | (391 | ) |  |  | — |  |  |  | (391 | )
Deficit of funded plans |  |  | 304 |  |  |  | — |  |  |  | 304 |  |  |  | 330 |  |  |  | — |  |  |  | 330 |
Present value of unfunded obligation |  |  | 110 |  |  |  | 250 |  |  |  | 360 |  |  |  | 132 |  |  |  | 273 |  |  |  | 405 |
Net liability arising from defined benefit obligation |  |  | 414 |  |  |  | 250 |  |  |  | 664 |  |  |  | 462 |  |  |  | 273 |  |  |  | 735 |
Details of Movement in Net Defined Benefit Obligations | Movement in net defined benefit obligations
|  | At December 31, 2017 |
|  | Defined benefit obligations |  |  | Plan Assets |  |  | Net defined benefit liability |
(In millions of Euros) |  | Pension benefits |  |  | Other benefits |  |  | Total |  |  |
At January 1, 2017 |  |  | 853 |  |  |  | 273 |  |  |  | 1,126 |  |  |  | (391 | ) |  |  | 735 |
Included the Consolidated Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | 18 |  |  |  | 6 |  |  |  | 24 |  |  |  | — |  |  |  | 24 |
Interest cost / (income) |  |  | 18 |  |  |  | 9 |  |  |  | 27 |  |  |  | (9 | ) |  |  | 18 |
Past service cost |  |  | (16 | ) |  |  | (4 | ) |  |  | (20 | ) |  |  | — |  |  |  | (20 | )
Immediate recognition of gains arising over the period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Administration expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Included in the Statement of Comprehensive Income / (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (36 | ) |  |  | (36 | )
—changes in financial assumptions |  |  | 23 |  |  |  | 14 |  |  |  | 37 |  |  |  | — |  |  |  | 37 |
—changes in demographic assumptions |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
—experience (gains)/losses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Effects of changes in foreign exchange rates |  |  | (61 | ) |  |  | (29 | ) |  |  | (90 | ) |  |  | 42 |  |  |  | (48 | )
Included in the Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefits paid |  |  | (38 | ) |  |  | (18 | ) |  |  | (56 | ) |  |  | 33 |  |  |  | (23 | )
Contributions by the Group |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (24 | ) |  |  | (24 | )
Contributions by the plan participants |  |  | 4 |  |  |  | — |  |  |  | 4 |  |  |  | (4 | ) |  |  | — |
At December 31, 2017 |  |  | 801 |  |  |  | 250 |  |  |  | 1,051 |  |  |  | (387 | ) |  |  | 664 |
|  | At December 31, 2016 |
|  | Defined benefit obligations |  |  | Plan Assets |  |  | Net defined benefit liability |
(In millions of Euros) |  | Pension benefits |  |  | Other benefits |  |  | Total |  |  |
At January 1, 2016 |  |  | 802 |  |  |  | 261 |  |  |  | 1,063 |  |  |  | (362 | ) |  |  | 701 |
Included in the Consolidated Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | 20 |  |  |  | 6 |  |  |  | 26 |  |  |  | — |  |  |  | 26 |
Interest cost / (income) |  |  | 21 |  |  |  | 10 |  |  |  | 31 |  |  |  | (10 | ) |  |  | 21 |
Past service cost |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Immediate recognition of losses arising over the period |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Administration expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Included in the Statement of Comprehensive Income / (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14 | ) |  |  | (14 | )
—changes in financial assumptions |  |  | 28 |  |  |  | 6 |  |  |  | 34 |  |  |  | — |  |  |  | 34 |
—changes in demographic assumptions |  |  | 2 |  |  |  | (3 | ) |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
—experience (gains)/losses |  |  | 1 |  |  |  | (4 | ) |  |  | (3 | ) |  |  | — |  |  |  | (3 | )
Effects of changes in foreign exchange rates |  |  | 12 |  |  |  | 8 |  |  |  | 20 |  |  |  | (8 | ) |  |  | 12 |
Included in the Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefits paid |  |  | (37 | ) |  |  | (17 | ) |  |  | (54 | ) |  |  | 32 |  |  |  | (22 | )
Contributions by the Group |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | (26 | )
Contributions by the plan participants |  |  | 4 |  |  |  | 1 |  |  |  | 5 |  |  |  | (5 | ) |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transfer |  |  | — |  |  |  | 3 |  |  |  | 3 |  |  |  | — |  |  |  | 3 |
At December 31, 2016 |  |  | 853 |  |  |  | 273 |  |  |  | 1,126 |  |  |  | (391 | ) |  |  | 735
Details of Net Defined Benefit Obligations by Country | Net defined benefit obligations by country
|  | At December 31, 2017 |  |  | At December 31, 2016 |
(in millions of Euros) |  | Defined benefit obligations |  |  | Plan assets |  |  | Net defined benefit liability |  |  | Defined benefit obligations |  |  | Plan assets |  |  | Net defined benefit liability |
France |  |  | 148 |  |  |  | (3 | ) |  |  | 145 |  |  |  | 144 |  |  |  | — |  |  |  | 144 |
Germany |  |  | 142 |  |  |  | (1 | ) |  |  | 141 |  |  |  | 147 |  |  |  | (1 | ) |  |  | 146 |
Switzerland |  |  | 251 |  |  |  | (177 | ) |  |  | 74 |  |  |  | 284 |  |  |  | (181 | ) |  |  | 103 |
United States |  |  | 509 |  |  |  | (206 | ) |  |  | 303 |  |  |  | 550 |  |  |  | (209 | ) |  |  | 341 |
Other countries |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Total |  |  | 1,051 |  |  |  | (387 | ) |  |  | 664 |  |  |  | 1,126 |  |  |  | (391 | ) |  |  | 735 |
Details of Plan Asset Categories | Plan asset categories
|  | At December 31, 2017 |  |  | At December 31, 2016 |
(in millions of Euros) |  | Quoted in an active market |  |  | Unquoted in an active market |  |  | Total |  |  | Quoted in an active market |  |  | Unquoted in an active market |  |  | Total |
Cash and cash equivalents |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Equities |  |  | 160 |  |  |  | — |  |  |  | 160 |  |  |  | 158 |  |  |  | — |  |  |  | 158 |
Bonds |  |  | 81 |  |  |  | 93 |  |  |  | 174 |  |  |  | 82 |  |  |  | 96 |  |  |  | 178 |
Property |  |  | 8 |  |  |  | 29 |  |  |  | 37 |  |  |  | 10 |  |  |  | 31 |  |  |  | 41 |
Other |  |  | 5 |  |  |  | 8 |  |  |  | 13 |  |  |  | 5 |  |  |  | 5 |  |  |  | 10 |
Total fair value of plan assets |  |  | 257 |  |  |  | 130 |  |  |  | 387 |  |  |  | 259 |  |  |  | 132 |  |  |  | 391 |
Summary of Benefits Payments Expected Paid Either by Pension Funds or Directly to Beneficiaries | Benefits payments expected to be paid either by pension funds or directly by the Company to beneficiaries over the next years are as follows:
(in millions of Euros) |  | Estimated benefits payments |
Year ended December 31, |  |  |  |
2018 |  |  | 52 |
2019 |  |  | 52 |
2020 |  |  | 52 |
2021 |  |  | 55 |
2022 |  |  | 56 |
2023 to 2027 |  |  | 286 |
Actuarial assumption of discount rates [member] |
Summary of Actuarial Assumptions | At December 31, 2017, impacts of the change on the defined benefit obligation of a 0.50% increase / decrease in the discount rates are calculated by using a proxy based on the duration of each scheme:
|  | 0.50% increase in discount rates |  |  | 0.50% decrease in discount rates |
(in millions of Euros) |  |
France |  |  | (9 | ) |  |  | 10 |
Germany |  |  | (9 | ) |  |  | 10 |
Switzerland |  |  | (20 | ) |  |  | 23 |
United States |  |  | (30 | ) |  |  | 33 |
Total sensitivity on Defined Benefit Obligations |  |  | (68 | ) |  |  | 76 |

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