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PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS | 6 Months Ended
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Jun. 30, 2024
Disclosure of employee benefits [Abstract] |
PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS | NOTE 18 - PENSION 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, 2024.
|  | At June 30, 2024 |  | At December 31, 2023
|  | Discount rate |  | Discount rate
Switzerland |  | 1.45% |  | 1.40%
U.S. |  |  |  |
Hourly pension |  | 5.30% - 5.35% |  | 4.85% - 4.90%
Salaried pension |  | 5.35% |  | 4.85%
OPEB |  | 5.30% - 5.40% |  | 4.85% - 4.90%
Other benefits |  | 5.25% - 5.30% |  | 4.75% - 4.85%
France |  |  |  |
Retirements |  | 3.65% |  | 3.30%
Other benefits |  | 3.60% |  | 3.25%
Germany |  | 3.65% |  | 3.30%
18.2 Amounts recognized in the Interim Statement of Financial Position
|  | At June 30, 2024 |  | At December 31, 2023
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Present value of funded obligation |  | 629 |  | — |  | 629 |  | 653 |  | — |  | 653
Fair value of plan assets |  | (492) |  | — |  | (492) |  | (488) |  | — |  | (488)
Deficit of funded plans |  | 137 |  | — |  | 137 |  | 165 |  | — |  | 165
Present value of unfunded obligation |  | 104 |  | 139 |  | 243 |  | 103 |  | 143 |  | 246
Net liability / (asset) arising from defined benefit obligation |  | 241 |  | 139 |  | 380 |  | 268 |  | 143 |  | 411
18.3 Amounts recognized in the Interim Income Statement
|  | Three months ended June 30,
|  | 2024 |  | 2023
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Service cost |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | (4) |  | (1) |  | (5) |  | (3) |  | (2) |  | (5)
Net interest |  | (3) |  | (2) |  | (5) |  | (3) |  | (1) |  | (4)
Immediate recognition of gains arising over the year |  | — |  | 1 |  | 1 |  | — |  | — |  | —
Administration expenses |  | — |  | — |  | — |  | — |  | — |  | —
Total |  | (7) |  | (2) |  | (9) |  | (6) |  | (3) |  | (9)
|  | Six months ended June 30,
|  | 2024 |  | 2023
(in millions of Euros) |  | Pension Benefits |  | Other Benefits |  | Total |  | Pension Benefits |  | Other Benefits |  | Total
Service cost |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | (8) |  | (2) |  | (10) |  | (7) |  | (3) |  | (10)
Net interest |  | (4) |  | (4) |  | (8) |  | (5) |  | (3) |  | (8)
Immediate recognition of gains arising over the year |  | — |  | 1 |  | 1 |  | — |  | — |  | —
Administration expenses |  | (1) |  | — |  | (1) |  | (1) |  | — |  | (1)
Total |  | (13) |  | (5) |  | (18) |  | (13) |  | (6) |  | (19)
18.4 Movement in net defined benefit obligations
|  | Six months ended June 30, 2024
|  | Defined benefit obligations |  | Plan Assets |  | Net defined benefit liability
(in millions of Euros) |  | Pension benefits |  | Other benefits |  | Total |
At January 1, 2024 |  | 756 |  | 143 |  | 899 |  | (488) |  | 411
Included in the Consolidated Income Statement |  |  |  |  |  |  |  |  |  |
Current service cost |  | 8 |  | 2 |  | 10 |  | — |  | 10
Interest cost / (income) |  | 11 |  | 4 |  | 15 |  | (7) |  | 8
Immediate recognition of losses arising over the year |  | — |  | (1) |  | (1) |  | — |  | (1)
Administration expenses |  | — |  | — |  | — |  | 1 |  | 1
Included in the Statement of Comprehensive Income |  |  |  |  |  |  |  |  |  |
Remeasurements due to: |  |  |  |  |  |  |  |  |  |
—actual return less interest on plan assets |  | — |  | — |  | — |  | (9) |  | (9)
—changes in financial assumptions |  | (21) |  | (5) |  | (26) |  | — |  | (26)
—changes in demographic assumptions |  | — |  | — |  | — |  | — |  | —
—experience losses |  | 1 |  | 1 |  | 2 |  | — |  | 2
Effects of changes in foreign exchange rates |  | (2) |  | 3 |  | 1 |  | 3 |  | 4
Included in the Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
Benefits paid |  | (22) |  | (8) |  | (30) |  | 19 |  | (11)
Contributions by the Group |  | — |  | — |  | — |  | (9) |  | (9)
Contributions by the plan participants |  | 2 |  | — |  | 2 |  | (2) |  | —
At June 30, 2024 |  | 733 |  | 139 |  | 872 |  | (492) |  | 380
18.5 Net defined benefit obligations by country
|  | At June 30, 2024 |  | At December 31, 2023
(in millions of Euros) |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability |  | Defined benefit obligations |  | Plan assets |  | Net defined benefit liability
France |  | 126 |  | (6) |  | 120 |  | 127 |  | (6) |  | 121
Germany |  | 97 |  | (1) |  | 96 |  | 103 |  | (1) |  | 102
Switzerland |  | 277 |  | (267) |  | 10 |  | 290 |  | (265) |  | 25
United States |  | 372 |  | (218) |  | 154 |  | 379 |  | (216) |  | 163
Total |  | 872 |  | (492) |  | 380 |  | 899 |  | (488) |  | 411

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