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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure of defined benefit plans [line items] |
Schedule of Sensitivity Analysis and Actuarial Assumptions |
|  | At December 31,
|  | 2021 |  | 2020
|  | 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% |  | — |  | 0.15% |  | 1.50% |  | — |  | 0.00%
U.S. |  | — |  | — |  | — |  | — |  | — |  | —
Hourly pension |  | 2.20% |  | — |  | 2.80% - 2.95% |  | 2.20% |  | — |  | 2.45% - 2.65%
Salaried pension |  | 3.80% |  | — |  | 2.85% |  | 3.80% |  | — |  | 2.55%
OPEB (A) |  | 3.80% |  | — |  | 2.85% - 2.95% |  | 3.80% |  | — |  | 2.50% - 2.80%
Other benefits |  | 3.80% |  | — |  | 2.60% - 2.85% |  | 3.80% |  | — |  | 2.20% - 2.55%
France |  | 1.80% - 3.80% |  | 2.00% |  | — |  | 1.50% - 3.50% |  | 2.00% |  | —
Retirements |  | — |  | — |  | 1.00% |  | — |  | — |  | 0.50%
Other benefits |  | — |  | — |  | 0.90% |  | — |  | — |  | 0.40%
Germany |  | 2.50% |  | 1.80% |  | 1.05% |  | 2.50% |  | 1.50% |  | 0.55%
(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: 6.05% starting in 2021 decreasing gradually to 4.50% in 2029 and stable onwards and ii) post-65: 5.80% starting in 2021 decreasing gradually to 4.50% in 2029 and stable onwards, •Claims costs are based on Company experience.
Schedule of Amounts Recognized in the Consolidated Statement of Financial Position |
|  | At December 31,
|  | 2021 |  | 2020
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Present value of funded obligation |  | 766 |  | — |  | 766 |  | 772 |  | — |  | 772
Fair value of plan assets |  | (544) |  | — |  | (544) |  | (458) |  | — |  | (458)
Deficit of funded plans |  | 222 |  | — |  | 222 |  | 314 |  | — |  | 314
Present value of unfunded obligation |  | 128 |  | 249 |  | 377 |  | 134 |  | 216 |  | 350
Net liability arising from defined benefit obligation |  | 350 |  | 249 |  | 599 |  | 448 |  | 216 |  | 664
Schedule of Movement in Net Defined Benefit Obligations |
|  | At December 31, 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 Consolidated Income Statement |  |  |  |  |  |  |  |  |  |
Current service cost |  | 22 |  | 8 |  | 30 |  | — |  | 30
Interest cost / (income) |  | 10 |  | 5 |  | 15 |  | (6) |  | 9
Past service cost |  | 1 |  | 31 |  | 32 |  | — |  | 32
Immediate recognition of gains arising over the year |  | — |  | — |  | — |  | — |  | —
Administration expenses |  | — |  | — |  | — |  | 2 |  | 2
Included in the Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  | — |  | — |  | — |  | (56) |  | (56)
—changes in financial assumptions |  | (29) |  | (9) |  | (38) |  | — |  | (38)
—changes in demographic assumptions |  | (13) |  | — |  | (13) |  | — |  | (13)
—experience losses |  | (9) |  | (2) |  | (11) |  | — |  | (11)
Effects of changes in foreign exchange rates |  | 38 |  | 17 |  | 55 |  | (32) |  | 23
Included in the Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
Benefits paid |  | (36) |  | (18) |  | (54) |  | 32 |  | (22)
Contributions by the Group |  | — |  | — |  | — |  | (21) |  | (21)
Contributions by the plan participants |  | 4 |  | 1 |  | 5 |  | (5) |  | —
At December 31, 2021 |  | 894 |  | 249 |  | 1,143 |  | (544) |  | 599
|  | 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 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 |  |  |  |  |  |  |  |  |  |
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
Schedule of Net Defined Benefit Obligations by Country |
|  | At December 31,
|  | 2021 |  | 2020
(in millions of Euros) |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability
France |  | 158 |  | (5) |  | 153 |  | 168 |  | (5) |  | 163
Germany |  | 134 |  | (2) |  | 132 |  | 143 |  | (1) |  | 142
Switzerland |  | 306 |  | (268) |  | 38 |  | 310 |  | (223) |  | 87
United States |  | 545 |  | (269) |  | 276 |  | 500 |  | (229) |  | 271
Other countries |  | — |  | — |  | — |  | 1 |  | — |  | 1
Total |  | 1,143 |  | (544) |  | 599 |  | 1,122 |  | (458) |  | 664
Schedule of Plan Asset Categories |
|  | At December 31,
|  | 2021 |  | 2020
(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 |  | 4 |  | — |  | 4 |  | 8 |  | — |  | 8
Equities |  | 115 |  | 61 |  | 176 |  | 109 |  | 64 |  | 173
Bonds |  | 149 |  | 110 |  | 259 |  | 106 |  | 103 |  | 209
Property |  | 16 |  | 55 |  | 71 |  | 8 |  | 46 |  | 54
Other |  | — |  | 34 |  | 34 |  | 1 |  | 13 |  | 14
Total fair value of plan assets |  | 284 |  | 260 |  | 544 |  | 232 |  | 226 |  | 458
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, |  |
2022 |  | 55
2023 |  | 55
2024 |  | 57
2025 |  | 57
2026 |  | 58
2027 to 2031 |  | 290
Actuarial assumption of discount rates |
Disclosure of defined benefit plans [line items] |
Schedule of Sensitivity Analysis and Actuarial Assumptions | At December 31, 2021, 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 |  | (10) |  | 10
Germany |  | (7) |  | 8
Switzerland |  | (24) |  | 25
United States |  | (34) |  | 38
Total sensitivity on Defined Benefit Obligations |  | (75) |  | 81

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