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PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of defined benefit plans [line items] |
Schedule of Sensitivity Analysis and Actuarial Assumptions |
|  | At December 31,
|  | 2023 |  | 2022
|  | 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% |  | — |  | 1.40% |  | 1.75% |  | — |  | 2.05%
U.S. |  |  |  |  |  |  |  |  |  |  |  |
Hourly pension |  | 3.00% |  | — |  | 4.85% - 4.90% |  | 3.00% |  | — |  | 5.00% - 5.05%
Salaried pension |  | — |  | — |  | 4.85% |  | — |  | — |  | 5.05%
OPEB (A) |  | 4.00% |  | — |  | 4.85% - 4.90% |  | 4.00% |  | — |  | 5.00% - 5.05%
Other benefits |  | 3.80% |  | — |  | 4.75% - 4.85% |  | 3.80% |  | — |  | 4.95% - 5.00%
France |  | 2.10% |  | 2.00% |  |  |  | 2.20% |  | 2.00% |  |
Retirements |  | — |  | — |  | 3.30% |  | — |  | — |  | 3.80%
Other benefits |  | — |  | — |  | 3.25% |  | — |  | — |  | 3.80%
Germany |  | 2.50% |  | 2.00% |  | 3.30% |  | 2.50% |  | 2.00% |  | 3.75%
(A)The other main financial assumptions used for the OPEB healthcare plans, which are predominantly in the U.S. were: •Medical trend rate for pre-65 salaried healthcare plans: 7.90% starting in 2024 decreasing gradually to 4.50% in 2032 and stable onwards, •Claims costs based on Company experience.
Schedule of Amounts Recognized in the Consolidated Statement of Financial Position |
|  | At December 31,
|  | 2023 |  | 2022
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Present value of funded obligation |  | 653 |  | — |  | 653 |  | 614 |  | — |  | 614
Fair value of plan assets |  | (488) |  | — |  | (488) |  | (461) |  | — |  | (461)
Deficit of funded plans |  | 165 |  | — |  | 165 |  | 153 |  | — |  | 153
Present value of unfunded obligation |  | 103 |  | 143 |  | 246 |  | 96 |  | 154 |  | 250
Net liability / (asset) arising from defined benefit obligation |  | 268 |  | 143 |  | 411 |  | 249 |  | 154 |  | 403
Schedule of Movement in Net Defined Benefit Obligations |
|  | Year ended December 31, 2023
|  | Defined benefit obligations |  | Plan Assets |  | Net defined benefit liability
(in millions of Euros) |  | Pension benefits |  | Other benefits |  | Total |
At January 1, 2023 |  | 710 |  | 154 |  | 864 |  | (461) |  | 403
Included in the Consolidated Income Statement |  |  |  |  |  |  |  |  |  |
Current service cost |  | 14 |  | 5 |  | 19 |  | — |  | 19
Interest cost / (income) |  | 25 |  | 7 |  | 32 |  | (16) |  | 16
Past service cost |  | (4) |  | — |  | (4) |  | 4 |  | —
Immediate recognition of losses arising over the year |  | — |  | 1 |  | 1 |  | — |  | 1
Administration expenses |  | — |  | — |  | — |  | 3 |  | 3
Included in the Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  | — |  | — |  | — |  | (21) |  | (21)
—changes in financial assumptions |  | 31 |  | 2 |  | 33 |  | — |  | 33
—changes in demographic assumptions |  | — |  | — |  | — |  | — |  | —
—experience losses |  | 8 |  | (5) |  | 3 |  | — |  | 3
Effects of changes in foreign exchange rates |  | 8 |  | (5) |  | 3 |  | (7) |  | (4)
Included in the Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
Benefits paid |  | (38) |  | (16) |  | (54) |  | 35 |  | (19)
Contributions by the Group |  | — |  | — |  | — |  | (20) |  | (20)
Contributions by the plan participants |  | 4 |  | 1 |  | 5 |  | (5) |  | —
Disposed of through business combination |  | (2) |  | (1) |  | (3) |  | — |  | (3)
At December 31, 2023 |  | 756 |  | 143 |  | 899 |  | (488) |  | 411
|  | 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
Schedule of Net Defined Benefit Obligations by Country |
|  | At December 31,
|  | 2023 |  | 2022
(in millions of Euros) |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability
France |  | 127 |  | (6) |  | 121 |  | 117 |  | (6) |  | 111
Germany |  | 103 |  | (1) |  | 102 |  | 100 |  | (1) |  | 99
Switzerland |  | 290 |  | (265) |  | 25 |  | 249 |  | (236) |  | 13
United States |  | 379 |  | (216) |  | 163 |  | 398 |  | (218) |  | 180
Total |  | 899 |  | (488) |  | 411 |  | 864 |  | (461) |  | 403
Schedule of Plan Asset Categories |
|  | At December 31,
|  | 2023 |  | 2022
(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 |  | 5 |  | — |  | 5 |  | 4 |  | — |  | 4
Equities |  | 92 |  | 44 |  | 136 |  | 87 |  | 36 |  | 123
Bonds |  | 209 |  | 29 |  | 238 |  | 146 |  | 80 |  | 226
Property |  | 15 |  | 62 |  | 77 |  | 14 |  | 60 |  | 74
Other |  | — |  | 32 |  | 32 |  | — |  | 34 |  | 34
Total fair value of plan assets |  | 321 |  | 167 |  | 488 |  | 251 |  | 210 |  | 461
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, |  |
2024 |  | 57
2025 |  | 56
2026 |  | 55
2027 |  | 56
2028 |  | 60
2029 to 2033 |  | 300
Actuarial assumption of discount rates |
Disclosure of defined benefit plans [line items] |
Schedule of Sensitivity Analysis and Actuarial Assumptions | At December 31, 2023, 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 |  | (17) |  | 22
United States |  | (19) |  | 21
Total sensitivity on Defined Benefit Obligations |  | (47) |  | 55

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