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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS

6 Months Ended

Jun. 30, 2022

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, 2022.

						At June 30, 2022						At December 31, 2021
						Discount rate						Discount rate
Switzerland						1.95%						0.15%
U.S.
Hourly pension						4.60% - 4.70%						2.80% - 2.95%
Salaried pension						4.60%						2.85%
OPEB						4.60% - 4.70%						2.85% - 2.95%
Other benefits						4.45% - 4.60%						2.60% - 2.85%
France
Retirements						3.20%						1.00%
Other benefits						3.10%						0.90%
Germany						3.20%						1.05%

18.2 Amounts recognized in the Interim Statement of Financial Position

						At June 30, 2022																		At December 31, 2021
(in millions of Euros)						Pension Benefits						Other Benefits						Total						Pension Benefits						Other Benefits						Total
Present value of funded obligation						629						—						629						766						—						766
Fair value of plan assets						(489)						—						(489)						(544)						—						(544)
Deficit of funded plans						140						—						140						222						—						222
Present value of unfunded obligation						101						220						321						128						249						377
Net liability / (asset) arising from defined benefit obligation						241						220						461						350						249						599
Of which net liability																		463																		599
Of which net asset																		(2)																		—

18.3 Amounts recognized in the Interim Income Statement

						Three months ended June 30,
						2022																		2021
(in millions of Euros)						Pension Benefits						Other Benefits						Total						Pension Benefits						Other Benefits						Total
Service cost
Current service cost						(6)						(2)						(8)						(6)						(2)						(8)
Past service cost						—						—						—						—						(2)						(2)
Net interest						(1)						(1)						(2)						(1)						(1)						(2)
Immediate recognition of gains arising over the year						—						3						3						—						—						—
Administration expenses						(1)						—						(1)						—						—						—
Total						(8)						—						(8)						(7)						(5)						(12)

						Six months ended June 30,
						2022																		2021
(in millions of Euros)						Pension Benefits						Other Benefits						Total						Pension Benefits						Other Benefits						Total
Service cost
Current service cost						(11)						(4)						(15)						(11)						(4)						(15)
Past service cost						—						—						—						—						(2)						(2)
Net interest						(2)						(3)						(5)						(2)						(2)						(4)
Immediate recognition of gains arising over the year						—						5						5						—						1						1
Administration expenses						(1)						—						(1)						(1)						—						(1)
Total						(14)						(2)						(16)						(14)						(7)						(21)

18.4 Movement in net defined benefit obligations

						At June 30, 2022
						Defined benefit obligations																		Plan Assets						Net defined benefit liability / (asset)
(in millions of Euros)						Pension benefits						Other benefits						Total
At January 1, 2022						894						249						1,143						(544)						599
Included in the Consolidated Income Statement
Current service cost						11						4						15						—						15
Interest cost / (income)						6						3						9						(4)						5
Immediate recognition of gains arising over the year						—						(5)						(5)						—						(5)
Administration expenses						—						—						—						1						1
Included in the Statement of Comprehensive Income
Remeasurements due to:
—actual return less interest on plan assets						—						—						—						85						85
—changes in financial assumptions						(197)						(39)						(236)						—						(236)
—changes in demographic assumptions						—						—						—						—						—
—experience losses						(2)						(1)						(3)						—						(3)
Effects of changes in foreign exchange rates						33						18						51						(30)						21
Included in the Consolidated Statement of Cash Flows
Benefits paid						(18)						(9)						(27)						16						(11)
Contributions by the Group						—						—						—						(10)						(10)
Contributions by the plan participants						2						1						3						(3)						—
At June 30, 2022						729						221						950						(489)						461

18.5 Net defined benefit obligations by country

						At June 30, 2022																		At December 31, 2021
(in millions of Euros)						Defined benefit obligations						Plan assets						Net defined benefit liability / (asset)						Defined benefit obligations						Plan assets						Net defined benefit liability
France						124						(5)						119						158						(5)						153
Germany						106						(1)						105						134						(2)						132
Switzerland						241						(243)						(2)						306						(268)						38
United States						479						(240)						239						545						(269)						276
Other countries						—						—						—						—						—						—
Total						950						(489)						461						1,143						(544)						599

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- Definition

Disclosure of employee benefits

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No definition available.

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- Definition

The entire disclosure for employee benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 19
-IssueDate 2021-01-01
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-URIDate 2021-03-24

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