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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS (Tables)

12 Months Ended

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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The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]]

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