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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of defined benefit plans [line items] |
Schedule of Sensitivity Analysis and Actuarial Assumptions |
|  | At December 31,
|  | 2020 |  | 2019
|  | 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% |  | — |  | 0.00% |  | 1.50% |  | — |  | 0.15%
U.S. |  | — |  | — |  | — |  | — |  | — |  | —
Hourly pension |  | 2.20% |  | — |  | 2.45% - 2.65% |  | 2.20% |  | — |  | 3.15% - 3.25%
Salaried pension |  | 3.80% |  | — |  | 2.55% |  | 3.80% |  | — |  | 3.25%
OPEB (A) |  | 3.80% |  | — |  | 2.50% - 2.80% |  | 3.80% |  | — |  | 3.20% - 3.40%
Other benefits |  | 3.80% |  | — |  | 2.20% - 2.55% |  | 3.80% |  | — |  | 3.00% - 3.20%
France |  | 1.50% - 3.50% |  | 2.00% |  | — |  | 1.50% - 3.50% |  | 2.00% |  | —
Retirements |  | — |  | — |  | 0.50% |  | — |  | — |  | 0.95%
Other benefits |  | — |  | — |  | 0.40% |  | — |  | — |  | 0.80%
Germany |  | 2.50% |  | 1.50% |  | 0.55% |  | 2.75% |  | 1.70% |  | 1.00%
(A)The other main financial assumptions used for the OPEB healthcare plans, which are predominantly in the U.S. were: •Medical trend rate: i) pre-65: 6.25% starting in 2020 decreasing gradually to 4.50% in 2029 and stable onwards and ii) post-65: 6.00% starting in 2020 decreasing gradually to 4.50% in 2029 and stable onwards, and •Claims costs are based on company experience.
Schedule of Amounts Recognized in the Consolidated Statement of Financial Position |
|  | At December 31,
|  | 2020 |  | 2019
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Present value of funded obligation |  | 772 |  |  | — |  |  | 772 |  |  | 768 |  |  | — |  |  | 768 |
Fair value of plan assets |  | (458) |  |  | — |  |  | (458) |  |  | (445) |  |  | — |  |  | (445) |
Deficit of funded plans |  | 314 |  |  | — |  |  | 314 |  |  | 323 |  |  | — |  |  | 323 |
Present value of unfunded obligation |  | 134 |  |  | 216 |  |  | 350 |  |  | 127 |  |  | 220 |  |  | 347 |
Net liability arising from defined benefit obligation |  | 448 |  |  | 216 |  |  | 664 |  |  | 450 |  |  | 220 |  |  | 670 |
Schedule of Movement in Net Defined Benefit Obligations |
|  | At December 31, 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 Consolidated Income Statement |  |  |  |  |  |  |  |  |  |
Current service cost |  | 21 |  |  | 7 |  |  | 28 |  |  | — |  |  | 28 |
Interest cost / (income) |  | 13 |  |  | 6 |  |  | 19 |  |  | (8) |  |  | 11 |
Past service cost |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |
Immediate recognition of gains arising over the year |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |
Administration expenses |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Included in the Statement of Comprehensive Income / (loss) |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  | — |  |  | — |  |  | — |  |  | (28) |  |  | (28) |
—changes in financial assumptions |  | 51 |  |  | 16 |  |  | 67 |  |  | — |  |  | 67 |
—changes in demographic assumptions |  | (6) |  |  | (4) |  |  | (10) |  |  | — |  |  | (10) |
—experience losses |  | (4) |  |  | 1 |  |  | (3) |  |  | — |  |  | (3) |
Effects of changes in foreign exchange rates |  | (27) |  |  | (17) |  |  | (44) |  |  | 20 |  |  | (24) |
Included in the Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
Benefits paid |  | (41) |  |  | (18) |  |  | (59) |  |  | 34 |  |  | (25) |
Contributions by the Group |  | — |  |  | — |  |  | — |  |  | (28) |  |  | (28) |
Contributions by the plan participants |  | 4 |  |  | 1 |  |  | 5 |  |  | (5) |  |  | — |
At December 31, 2020 |  | 906 |  |  | 216 |  |  | 1,122 |  |  | (458) |  |  | 664 |
|  | At December 31, 2019
|  | Defined benefit obligations |  | Plan Assets |  | Net defined benefit liability
(in millions of Euros) |  | Pension benefits |  | Other benefits |  | Total |
At January 1, 2019 |  | 789 |  |  | 201 |  |  | 990 |  |  | (380) |  |  | 610 |
Included the Consolidated Income Statement |  |  |  |  |  |  |  |  |  |
Current service cost |  | 17 |  |  | 7 |  |  | 24 |  |  | — |  |  | 24 |
Interest cost / (income) |  | 18 |  |  | 8 |  |  | 26 |  |  | (10) |  |  | 16 |
Past service cost |  | (2) |  |  | 1 |  |  | (1) |  |  | — |  |  | (1) |
Immediate recognition of gains arising over the year |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |
Administration expenses |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Included in the Statement of Comprehensive Income / (loss) |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  | — |  |  | — |  |  | — |  |  | (54) |  |  | (54) |
—changes in financial assumptions |  | 101 |  |  | 25 |  |  | 126 |  |  | — |  |  | 126 |
—changes in demographic assumptions |  | (2) |  |  | (2) |  |  | (4) |  |  | — |  |  | (4) |
—experience losses |  | (3) |  |  | (6) |  |  | (9) |  |  | — |  |  | (9) |
Effects of changes in foreign exchange rates |  | 16 |  |  | 3 |  |  | 19 |  |  | (11) |  |  | 8 |
Included in the Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
Benefits paid |  | (43) |  |  | (20) |  |  | (63) |  |  | 38 |  |  | (25) |
Contributions by the Group |  | — |  |  | — |  |  | — |  |  | (25) |  |  | (25) |
Contributions by the plan participants |  | 4 |  |  | 1 |  |  | 5 |  |  | (5) |  |  | — |
At December 31, 2019 |  | 895 |  |  | 220 |  |  | 1,115 |  |  | (445) |  |  | 670 |
Schedule of Net Defined Benefit Obligations by Country |
|  | At December 31,
|  | 2020 |  | 2019
(in millions of Euros) |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability
France |  | 168 |  |  | (5) |  |  | 163 |  |  | 161 |  |  | (3) |  |  | 158 |
Germany |  | 143 |  |  | (1) |  |  | 142 |  |  | 144 |  |  | (1) |  |  | 143 |
Switzerland |  | 310 |  |  | (223) |  |  | 87 |  |  | 299 |  |  | (214) |  |  | 85 |
United States |  | 500 |  |  | (229) |  |  | 271 |  |  | 510 |  |  | (227) |  |  | 283 |
Other countries |  | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Total |  | 1,122 |  |  | (458) |  |  | 664 |  |  | 1,115 |  |  | (445) |  |  | 670 |
Schedule of Plan Asset Categories |
|  | At December 31,
|  | 2020 |  | 2019
(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 |  | 8 |  |  | — |  |  | 8 |  |  | 5 |  |  | — |  |  | 5 |
Equities |  | 109 |  |  | 64 |  |  | 173 |  |  | 119 |  |  | 51 |  |  | 170 |
Bonds |  | 106 |  |  | 103 |  |  | 209 |  |  | 102 |  |  | 105 |  |  | 207 |
Property |  | 8 |  |  | 46 |  |  | 54 |  |  | 14 |  |  | 37 |  |  | 51 |
Other |  | 1 |  |  | 13 |  |  | 14 |  |  | 1 |  |  | 11 |  |  | 12 |
Total fair value of plan assets |  | 232 |  |  | 226 |  |  | 458 |  |  | 241 |  |  | 204 |  |  | 445 |
Schedule of Benefit Payments Expected to be Paid Either by Pension Funds or Directly to Beneficiaries | Future benefit payments expected to be paid either by pension funds or directly by the Company to beneficiaries are as follows:
(in millions of Euros) |  | Estimated benefits payments
Year ended December 31, |  |
2021 |  | 49 |
2022 |  | 48 |
2023 |  | 49 |
2024 |  | 53 |
2025 |  | 52 |
2026 to 2030 |  | 275 |
Actuarial assumption of discount rates |
Disclosure of defined benefit plans [line items] |
Schedule of Sensitivity Analysis and Actuarial Assumptions | At December 31, 2020, impacts of the change on the defined benefit obligation of a 50 basis points increase / decrease in the discount rates are calculated by using a proxy based on the duration of each scheme:
(in millions of Euros) |  | 50 bp increase in discount rates |  | 50 bp decrease in discount rates
France |  | (11) |  |  | 11 |
Germany |  | (9) |  |  | 10 |
Switzerland |  | (26) |  |  | 28 |
United States |  | (33) |  |  | 33 |
Total sensitivity on Defined Benefit Obligations |  | (79) |  |  | 82 |

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