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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS | 6 Months Ended
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Jun. 30, 2021
Disclosure of employee benefits [Abstract] |
PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS | NOTE 18 - PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS 18.1 Actuarial assumptions Pension and other post-employment benefit obligations were updated based on the discount rates applicable at June 30, 2021.
|  | At June 30, 2021 |  | At December 31, 2020
|  | Discount rate |  | Discount rate
Switzerland |  | 0.20% |  | 0.00%
U.S. |  | — |  | —
Hourly pension |  | 2.75% - 2.95% |  | 2.45% - 2.65%
Salaried pension |  | 2.85% |  | 2.55%
OPEB |  | 2.85% - 3.15% |  | 2.50% - 2.80%
Other benefits |  | 2.50% - 2.90% |  | 2.20% - 2.55%
France |  | — |  | —
Retirements |  | 0.90% |  | 0.50%
Other benefits |  | 0.75% |  | 0.40%
Germany |  | 0.95% |  | 0.55%
18.2 Amounts recognized in the Interim Statement of Financial Position
|  | At June 30, 2021 |  | At December 31, 2020
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Present value of funded obligation |  | 741 |  | — |  | 741 |  | 772 |  | — |  | 772
Fair value of plan assets |  | (504) |  | — |  | (504) |  | (458) |  | — |  | (458)
Deficit of funded plans |  | 237 |  | — |  | 237 |  | 314 |  | — |  | 314
Present value of unfunded obligation |  | 131 |  | 213 |  | 344 |  | 134 |  | 216 |  | 350
Net liability arising from defined benefit obligation |  | 368 |  | 213 |  | 581 |  | 448 |  | 216 |  | 664
18.3 Amounts recognized in the Interim Income Statement
|  | Three months ended June 30,
|  | 2021 |  | 2020
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Service cost |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | (6) |  | (2) |  | (8) |  | (5) |  | (1) |  | (6)
Past service cost |  | — |  | (2) |  | (2) |  | — |  | (2) |  | (2)
Net interest |  | (1) |  | (1) |  | (2) |  | (2) |  | (1) |  | (3)
Immediate recognition of gains arising over the year |  | — |  | — |  | — |  | — |  | (1) |  | (1)
Administration expenses |  | — |  | — |  | — |  | (1) |  | — |  | (1)
Total |  | (7) |  | (5) |  | (12) |  | (8) |  | (5) |  | (13)
|  | Six months ended June 30,
|  | 2021 |  | 2020
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Service cost |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | (11) |  | (4) |  | (15) |  | (11) |  | (3) |  | (14)
Past service cost |  | — |  | (2) |  | (2) |  | — |  | (2) |  | (2)
Net interest |  | (2) |  | (2) |  | (4) |  | (3) |  | (3) |  | (6)
Immediate recognition of gains arising over the year |  | — |  | 1 |  | 1 |  | — |  | — |  | —
Administration expenses |  | (1) |  | — |  | (1) |  | (1) |  | — |  | (1)
Total |  | (14) |  | (7) |  | (21) |  | (15) |  | (8) |  | (23)
18.4 Movement in net defined benefit obligations
|  | At June 30, 2021
|  | Defined benefit obligations |  | Plan Assets |  | Net defined benefit liability
(in millions of Euros) |  | Pension benefits |  | Other benefits |  | Total |
At January 1, 2021 |  | 906 |  | 216 |  | 1,122 |  | (458) |  | 664
Included in the Interim Income Statement |  |  |  |  |  |  |  |  |  |
Current service cost |  | 11 |  | 4 |  | 15 |  | — |  | 15
Interest cost / (income) |  | 5 |  | 2 |  | 7 |  | (3) |  | 4
Past service cost |  | — |  | 2 |  | 2 |  | — |  | 2
Immediate recognition of gains arising over the year |  | — |  | (1) |  | (1) |  | — |  | (1)
Administration expenses |  | — |  | — |  | — |  | 1 |  | 1
Included in the Interim Statement of Comprehensive Income / (loss) |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  | — |  | — |  | — |  | (43) |  | (43)
—changes in financial assumptions |  | (39) |  | (9) |  | (48) |  | — |  | (48)
—changes in demographic assumptions |  | — |  | — |  | — |  | — |  | —
—experience losses |  | (1) |  | 1 |  | — |  | — |  | —
Effects of changes in foreign exchange rates |  | 5 |  | 6 |  | 11 |  | (3) |  | 8
Included in the Interim Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
Benefits paid |  | (17) |  | (9) |  | (26) |  | 15 |  | (11)
Contributions by the Group |  | — |  | — |  | — |  | (10) |  | (10)
Contributions by the plan participants |  | 2 |  | 1 |  | 3 |  | (3) |  | —
At June 30, 2021 |  | 872 |  | 213 |  | 1,085 |  | (504) |  | 581
18.5 Ravenswood OPEB dispute 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 reduced by €3 million in 2019, €2 million in 2020 and €2 million in the second quarter of 2021 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 “District Court”) seeking to enjoin the Plan changes and to compel arbitration. The District 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 in the District Court to vacate this decision, which was denied in June 2020. In July 2020, Ravenswood appealed that denial to the Fourth Circuit Court of Appeals and that court decision is still pending. The Group intends to continue to vigorously defend this matter 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. 18.6 Net defined benefit obligations by country
|  | At June 30, 2021 |  | At December 31, 2020
(in millions of Euros) |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability
France |  | 163 |  | (5) |  | 158 |  | 168 |  | (5) |  | 163
Germany |  | 134 |  | (2) |  | 132 |  | 143 |  | (1) |  | 142
Switzerland |  | 295 |  | (248) |  | 47 |  | 310 |  | (223) |  | 87
United States |  | 492 |  | (249) |  | 243 |  | 500 |  | (229) |  | 271
Other countries |  | 1 |  | — |  | 1 |  | 1 |  | — |  | 1
Total |  | 1,085 |  | (504) |  | 581 |  | 1,122 |  | (458) |  | 664

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