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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS | 6 Months Ended
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Jun. 30, 2020
Disclosure of employee benefits [Abstract] |
PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS | NOTE 19 - PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS 19.1 Actuarial assumptions Pension and other post-employment benefit obligations were updated based on the discount rates applicable at June 30, 2020.
|  | At June 30, 2020 |  | At December 31, 2019
Switzerland |  | 0.20% |  | 0.15%
US |  |  |  |
Hourly pension |  | 2.70% - 2.85% |  | 3.15% - 3.25%
Salaried pension |  | 2.75% |  | 3.25%
OPEB |  | 2.70% - 3.00% |  | 3.20% - 3.40%
Other benefits |  | 2.45% - 2.75% |  | 3.00% - 3.20%
France |  |  |  |
Retirements |  | 0.95% |  | 0.95%
Other benefits |  | 0.85% |  | 0.80%
Germany |  | 1.05% |  | 1.00%
19.2 Amounts recognized in the Unaudited Interim Consolidated Statement of Financial Position
|  | At June 30, 2020 |  | At December 31, 2019
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Present value of funded obligation |  | 789 |  |  | — |  |  | 789 |  |  | 768 |  |  | — |  |  | 768 |
Fair value of plan assets |  | (435 | ) |  | — |  |  | (435 | ) |  | (445 | ) |  | — |  |  | (445 | )
Deficit of funded plans |  | 354 |  |  | — |  |  | 354 |  |  | 323 |  |  | — |  |  | 323 |
Present value of unfunded obligation |  | 131 |  |  | 230 |  |  | 361 |  |  | 127 |  |  | 220 |  |  | 347 |
Net liability arising from defined benefit obligation |  | 485 |  |  | 230 |  |  | 715 |  |  | 450 |  |  | 220 |  |  | 670 |
19.3 Amounts recognized in the Unaudited Interim Consolidated Income Statement
|  | Three months ended June 30, 2020 |  | Three months ended June 30, 2019
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Service cost |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | (5 | ) |  | (1 | ) |  | (6 | ) |  | (5 | ) |  | (1 | ) |  | (6 | )
Past service cost |  | — |  |  | (2 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |
Net interest |  | (2 | ) |  | (1 | ) |  | (3 | ) |  | (2 | ) |  | (2 | ) |  | (4 | )
Immediate recognition of gains / (losses) arising over the period |  | — |  |  | (1 | ) |  | (1 | ) |  | — |  |  | (2 | ) |  | (2 | )
Administration expenses |  | (1 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |
Total |  | (8 | ) |  | (5 | ) |  | (13 | ) |  | (7 | ) |  | (5 | ) |  | (12 | )
|  | Six months ended June 30, 2020 |  | Six months ended June 30, 2019
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Service cost |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | (11 | ) |  | (3 | ) |  | (14 | ) |  | (9 | ) |  | (3 | ) |  | (12 | )
Past service cost |  | — |  |  | (2 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |
Net interest |  | (3 | ) |  | (3 | ) |  | (6 | ) |  | (4 | ) |  | (4 | ) |  | (8 | )
Immediate recognition of gains / (losses) arising over the period |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | (2 | )
Administration expenses |  | (1 | ) |  | — |  |  | (1 | ) |  | (1 | ) |  | — |  |  | (1 | )
Total |  | (15 | ) |  | (8 | ) |  | (23 | ) |  | (14 | ) |  | (9 | ) |  | (23 | )
19.4 Movement in net defined benefit obligations
|  | At June 30, 2020
|  | Defined benefit obligations |  | Plan Assets |  | Net defined benefit liability
(in millions of Euros) |  | Pension benefits |  | Other benefits |  | Total |
At January 1, 2020 |  | 895 |  |  | 220 |  |  | 1,115 |  |  | (445 | ) |  | 670 |
Included in the Unaudited Interim Consolidated Income Statement |  |  |  |  |  |  |  |  |  |
Current service cost |  | 11 |  |  | 3 |  |  | 14 |  |  | — |  |  | 14 |
Interest cost / (income) |  | 7 |  |  | 3 |  |  | 10 |  |  | (4 | ) |  | 6 |
Past service cost |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |
Immediate recognition of gains / (losses) arising over the year |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Administration expenses |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Included in the Unaudited Interim Consolidated Statement of Comprehensive Income / (Loss) |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  | — |  |  | — |  |  | — |  |  | 13 |  |  | 13 |
—changes in financial assumptions |  | 16 |  |  | 11 |  |  | 27 |  |  | — |  |  | 27 |
—changes in demographic assumptions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
—experience losses |  | 1 |  |  | (1 | ) |  | — |  |  | — |  |  | — |
Effects of changes in foreign exchange rates |  | 6 |  |  | 1 |  |  | 7 |  |  | (5 | ) |  | 2 |
Included in the Unaudited Interim Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
Benefits paid |  | (18 | ) |  | (9 | ) |  | (27 | ) |  | 17 |  |  | (10 | )
Contributions by the Group |  | — |  |  | — |  |  | — |  |  | (10 | ) |  | (10 | )
Contributions by the plan participants |  | 2 |  |  | — |  |  | 2 |  |  | (2 | ) |  | — |
At June 30, 2020 |  | 920 |  |  | 230 |  |  | 1,150 |  |  | (435 | ) |  | 715 |
Ravenswood OPEB disputes In 2018, the Group announced a plan to transfer certain participants in the Constellium Rolled Products Ravenswood Retiree Medical and Life Insurance Plan (“the Plan”) from a company sponsored program to a third-party health network that provides similar benefits at a lower cost. This change in benefits resulted in the recognition of a gain of €36 million from negative past service cost, which was lowered by €3 million in 2019 and €2 million in the second quarter of 2020, to reflect delays in the estimated implementation timetable. The United Steelworkers Local Union 5668 (the “Union”) is contesting the OPEB Amendments and filed a lawsuit against Constellium Rolled Products Ravenswood, LLC ("Ravenswood") in a federal district court in West Virginia (the “Court”) seeking to enjoin the Plan changes and to compel arbitration. The Court issued an order in December 2018, enjoining Ravenswood from implementing the OPEB amendments pending resolution in arbitration. In September 2019, the arbitrator issued a decision ruling against Ravenswood and sustaining the Union’s grievance. Ravenswood filed a motion to vacate this decision, which was denied in June 2020. The Group intends to vigorously defend this case as it believes it has a strong legal position and it is probable that Ravenswood will ultimately prevail and be able to implement the OPEB amendments. Additionally, during 2019, the Union filed a grievance disputing the existing limitation of Ravenswood’s liability for the healthcare costs of pre-Medicare retirees. This matter is scheduled to be arbitrated in the coming months and the Group believes it is without merit and intends to defend it vigorously. 19.5 Net defined benefit obligations by country
|  | At June 30, 2020 |  | At December 31, 2019
(in millions of Euros) |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability
France |  | 164 |  |  | (3 | ) |  | 161 |  |  | 161 |  |  | (3 | ) |  | 158 |
Germany |  | 140 |  |  | (1 | ) |  | 139 |  |  | 144 |  |  | (1 | ) |  | 143 |
Switzerland |  | 303 |  |  | (213 | ) |  | 90 |  |  | 299 |  |  | (214 | ) |  | 85 |
United States |  | 542 |  |  | (218 | ) |  | 324 |  |  | 510 |  |  | (227 | ) |  | 283 |
Other countries |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Total |  | 1,150 |  |  | (435 | ) |  | 715 |  |  | 1,115 |  |  | (445 | ) |  | 670 |

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