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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of defined benefit plans [line items]

Schedule of Sensitivity Analysis and Actuarial Assumptions

						At December 31,
						2022																		2021
						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						1.75%						—						2.05%						1.50%						—						0.15%
U.S.
Hourly pension						3.00%						—						5.00% - 5.05%						2.20%						—						2.80% - 2.95%
Salaried pension						—%						—						5.05%						—%						—						2.85%
OPEB (A)						4.00%						—						5.00% - 5.05%						3.80%						—						2.85% - 2.95%
Other benefits						3.80%						—						4.95% - 5.00%						3.80%						—						2.60% - 2.85%
France						2.20%						2.00%												1.80% - 3.80%						2.00%
Retirements						—						—						3.80%						—						—						1.00%
Other benefits						—						—						3.80%						—						—						0.90%
Germany						2.50%						2.00%						3.75%						2.50%						1.80%						1.05%

(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: 6.75% starting in 2022 decreasing gradually to 4.50% in 2031 and stable onwards and ii) post-65: 6.00% starting in 2022 decreasing gradually to 4.50% in 2031 and stable onwards,

•Claims costs based on Company experience.

Schedule of Amounts Recognized in the Consolidated Statement of Financial Position

						At December 31,
						2022																		2021
(in millions of Euros)						Pension Benefits						Other Benefits						Total						Pension Benefits						Other Benefits						Total
Present value of funded obligation						614						—						614						766						—						766
Fair value of plan assets						(461)						—						(461)						(544)						—						(544)
Deficit of funded plans						153						—						153						222						—						222
Present value of unfunded obligation						96						154						250						128						249						377
Net liability / (asset) arising from defined benefit obligation						249						154						403						350						249						599

Schedule of Movement in Net Defined Benefit Obligations

						Year ended December 31, 2022
						Defined benefit obligations																		Plan Assets						Net defined benefit liability
(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						20						8						28						—						28
Interest cost / (income)						13						7						20						(9)						11
Past service cost						2						(49)						(47)						—						(47)
Immediate recognition of gains arising over the year						—						(5)						(5)						—						(5)
Administration expenses						—						—						—						2						2
Included in the Statement of Comprehensive Income
Remeasurements due to:
—actual return less interest on plan assets						—						—						—						107						107
—changes in financial assumptions						(211)						(43)						(254)						—						(254)
—changes in demographic assumptions						—						(1)						(1)						—						(1)
—experience losses						(3)						(9)						(12)						—						(12)
Effects of changes in foreign exchange rates						34						16						50						(30)						20
Included in the Consolidated Statement of Cash Flows
Benefits paid						(42)						(21)						(63)						57						(6)
Contributions by the Group						—						—						—						(38)						(38)
Contributions by the plan participants						4						2						6						(6)						—
Reclassification as liabilities of disposal group classified as held for sale						(1)						—						(1)						—						(1)
At December 31, 2022						710						154						864						(461)						403

						Year ended 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 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

Schedule of Net Defined Benefit Obligations by Country

						At December 31,
						2022																		2021
(in millions of Euros)						Defined benefit obligations						Plan assets						Net defined benefit liability						Defined benefit obligations						Plan assets						Net defined benefit liability
France						117						(6)						111						158						(5)						153
Germany						100						(1)						99						134						(2)						132
Switzerland						249						(236)						13						306						(268)						38
United States						398						(218)						180						545						(269)						276
Total						864						(461)						403						1,143						(544)						599

Schedule of Plan Asset Categories

						At December 31,
						2022																		2021
(in millions of Euros)						Quoted in an active market						Not quoted in an active market						Total						Quoted in an active market						Not quoted in an active market						Total
Cash & cash equivalents						4						—						4						4						—						4
Equities						87						36						123						115						61						176
Bonds						146						80						226						149						110						259
Property						14						60						74						16						55						71
Other						—						34						34						—						34						34
Total fair value of plan assets						251						210						461						284						260						544

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,
2023						56
2024						56
2025						57
2026						57
2027						60
2028 to 2032						328

Actuarial assumption of discount rates

Disclosure of defined benefit plans [line items]

Schedule of Sensitivity Analysis and Actuarial Assumptions

At December 31, 2022, 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						(6)						7
Germany						(5)						5
Switzerland						(16)						17
United States						(19)						23
Total sensitivity on Defined Benefit Obligations						(46)						52

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