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Pensions and Other Post-employment Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2018

Statement [LineItems]

Summary of Actuarial Assumptions

Pension and other post-employment benefit obligations were updated based on the discount rates applicable at December 31, 2018. The principal actuarial assumptions used at December 31, 2018 and 2017 were as follows:

		At December 31, 2018						At December 31, 2017
		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%		—		0.80%		1.50%		—		0.65%
US		—		—		—		—		—		—
Hourly pension		2.20%		—		4.40%-4.45%		2.20%		—		3.70%-3.75%
Salaried pension		3.80%		—		4.45%		3.80%		—		3.80%
OPEB(A)		3.80%		—		4.40%-4.55%		3.80%		—		3.70%-3.85%
Other benefits		3.80%		—		4.25%-4.40%		3.80%		—		3.60%-3.70%
France		1.50%-2.50%		2.00%		—		1.50%-1.75%		2.00%		—
Retirements		—		—		1.65%		—		—		1.50%
Other benefits		—		—		1.35%		—		—		1.20%
Germany		2.75%		1.70%		1.70%		2.75%		1.70%		1.60%

(A) The other main financial assumptions used for the OPEB (healthcare plans, which are predominantly in the US) were:

• Medical trend rate: pre 65: 6.70% starting in 2019 decreasing gradually to 4.50% until 2026 and stable onwards and post 65: 5.80% starting in 2019 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

(in millions of Euros)		At December 31, 2018												At December 31, 2017
		Pension Benefits				Other Benefits				Total				Pension Benefits				Other Benefits				Total
Present value of funded obligation			674				—				674				691				—				691
Fair value of plan assets			(380	)			—				(380	)			(387	)			—				(387	)
Deficit of funded plans			294				—				294				304				—				304
Present value of unfunded obligation			115				201				316				110				250				360
Net liability arising from defined benefit obligation			409				201				610				414				250				664

Details of Movement in Net Defined Benefit Obligations

Movement in net defined benefit obligations

		At December 31, 2018
(in millions of Euros)		Defined benefit obligations												Plan Assets				Net defined benefit liability
		Pension benefits				Other benefits				Total
At January 1, 2018			801				250				1,051				(387	)			664
Included in the Consolidated Income Statement
Current service cost			18				6				24				—				24
Interest cost / (income)			16				8				24				(9	)			15
Past service cost			—				(36	)			(36	)			—				(36	)
Immediate recognition of gains / (losses) arising over the year			—				—				—				—				—
Administration expenses			—				—				—				2				2
Included in the Statement of Comprehensive Income / (Loss)
Remeasurements due to:
—actual return less interest on plan assets			—				—				—				26				26
—changes in financial assumptions			(30	)			(15	)			(45	)			—				(45	)
—changes in demographic assumptions			(5	)			(1	)			(6	)			—				(6	)
—experience losses			(1	)			(2	)			(3	)			—				(3	)
Effects of changes in foreign exchange rates			22				9				31				(16	)			15
Included in the Consolidated Statement of Cash Flows																			—
Benefits paid			(35	)			(19	)			(54	)			31				(23	)
Contributions by the Group			—				—				—				(23	)			(23	)
Contributions by the plan participants			3				1				4				(4	)			—
At December 31, 2018			789				201				990				(380	)			610

		At December 31, 2017
(in millions of Euros)		Defined benefit obligations												Plan Assets				Net defined benefit liability
		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				(10	)			17
Past service cost			(16	)			(4	)			(20	)			—				(20	)
Immediate recognition of gains / (losses) arising over the year			—				—				—				—				—
Administration expenses			—				—				—				3				3
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 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

Details of Net Defined Benefit Obligations by Country

Net defined benefit obligations by country

		At December 31, 2018												At December 31, 2017
(in millions of Euros)		Defined benefit obligations				Plan assets				Net defined benefit liability				Defined benefit obligations				Plan assets				Net defined benefit liability
France			151				(3	)			148				148				(3	)			145
Germany			136				(1	)			135				142				(1	)			141
Switzerland			251				(178	)			73				251				(177	)			74
United States			451				(198	)			253				509				(206	)			303
Other countries			1				—				1				1				—				1
Total			990				(380	)			610				1,051				(387	)			664

Details of Plan Asset Categories

Plan asset categories

		At December 31, 2018												At December 31, 2017
(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 & cash equivalents			6				—				6				3				—				3
Equities			95				40				135				109				51				160
Bonds			71				110				181				68				106				174
Property			10				33				43				8				29				37
Other			5				10				15				5				8				13
Total fair value of plan assets			187				193				380				193				194				387

Summary of Benefit Payments Expected Paid Either by Pension Funds or Directly to Beneficiaries

Benefit 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,
2019			53
2020			49
2021			52
2022			54
2023			56
2024 to 2028			290

Actuarial assumption of discount rates [member]

Statement [LineItems]

Summary of Actuarial Assumptions

At December 31, 2018, 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:

(in millions of Euros)		0.50% increase in discount rates				0.50% decrease in discount rates
France			(9	)			10
Germany			(8	)			9
Switzerland			(19	)			22
United States			(26	)			28
Total sensitivity on Defined Benefit Obligations			(62	)			69

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