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PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS (Tables)

12 Months Ended

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

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