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Pension and other post-retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Components of total pension costs | Components of net periodic benefit costs
|  | International single-employer defined benefit pension plans |  | Other post-retirement defined benefit plan |
in |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |
Net periodic benefit costs (CHF million)
Service costs on benefit obligation |  | 12 |  | 14 |  | 14 |  | 0 |  | 0 |  | 0 |
Interest costs on benefit obligation |  | 86 |  | 58 |  | 49 |  | 5 |  | 3 |  | 2 |
Expected return on plan assets |  | (135) |  | (67) |  | (65) |  | 0 |  | 0 |  | 0 |
Amortization of recognized prior service cost/(credit) |  | 1 |  | 1 |  | 1 |  | 0 |  | 0 |  | 0 |
Amortization of recognized actuarial losses/(gains) |  | (4) |  | 9 |  | 14 |  | 0 |  | 1 |  | 1 |
Settlement losses/(gains) |  | 14 |  | 11 |  | 8 |  | 0 |  | 0 |  | 0 |
Net periodic benefit costs/(credits) |  | (26) |  | 26 |  | 21 |  | 5 |  | 4 |  | 3 |
Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses.
Obligations and funded status of the plans | Obligations and funded status of the plans
|  | International single-employer defined benefit pension plans |  | Other post-retirement defined benefit plan |
in / end of |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
PBO (CHF million) 1
Beginning of the measurement period |  | 1,897 |  | 3,022 |  | 107 |  | 140 |
Service cost |  | 12 |  | 14 |  | 0 |  | 0 |
Interest cost |  | 86 |  | 58 |  | 5 |  | 3 |
Plan amendments |  | 0 |  | 4 |  | 0 |  | 0 |
Settlements |  | (59) |  | (37) |  | 0 |  | 0 |
Curtailments |  | (1) |  | 0 |  | 0 |  | 0 |
Actuarial losses/(gains) |  | 20 |  | (908) |  | 2 |  | (27) |
Benefit payments |  | (67) |  | (71) |  | (12) |  | (11) |
Exchange rate losses/(gains) |  | (120) |  | (185) |  | (8) |  | 2 |
End of the measurement period |  | 1,768 |  | 1,897 |  | 94 |  | 107 |
Fair value of plan assets (CHF million)
Beginning of the measurement period |  | 2,316 |  | 3,802 |  | 0 |  | 0 |
Actual return on plan assets |  | 92 |  | (1,132) |  | 0 |  | 0 |
Employer contributions |  | 10 |  | 16 |  | 12 |  | 11 |
Settlements |  | (59) |  | (37) |  | 0 |  | 0 |
Benefit payments |  | (67) |  | (71) |  | (12) |  | (11) |
Exchange rate gains/(losses) |  | (126) |  | (262) |  | 0 |  | 0 |
End of the measurement period |  | 2,166 |  | 2,316 |  | 0 |  | 0 |
Total funded status recognized (CHF million)
Funded status of the plan – over/(underfunded) |  | 398 |  | 419 |  | (94) |  | (107) |
Funded status recognized in the consolidated balance sheet as of December 31 |  | 398 |  | 419 |  | (94) |  | (107) |
Total amount recognized (CHF million)
Noncurrent assets |  | 520 |  | 559 |  | 0 |  | 0 |
Current liabilities |  | (11) |  | (7) |  | (7) |  | (10) |
Noncurrent liabilities |  | (111) |  | (133) |  | (87) |  | (97) |
Net amount recognized in the consolidated balance sheet as of December 31 |  | 398 |  | 419 |  | (94) |  | (107) |
ABO (CHF million) 2
End of the measurement period |  | 1,758 |  | 1,880 |  | 94 |  | 107 |
1 Including estimated future salary increases.
2 Excluding estimated future salary increases.
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets
|  | PBO exceeds fair value of plan assets |  | ABO exceeds fair value of plan assets |
December 31 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
PBO/ABO exceeded plan assets (CHF million)
PBO |  | 127 |  | 809 |  | 127 |  | 146 |
ABO |  | 120 |  | 797 |  | 120 |  | 135 |
Fair value of plan assets |  | 5 |  | 669 |  | 5 |  | 6 |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax
|  | International single-employer defined benefit pension plans |  | Other post-retirement defined benefit plan |  | Total |
end of |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Amounts recognized in AOCI (CHF million)
Actuarial gains/(losses) |  | (599) |  | (576) |  | (8) |  | (6) |  | (607) |  | (582) |
Prior service credits/(costs) |  | (11) |  | (12) |  | 3 |  | 3 |  | (8) |  | (9) |
Total |  | (610) |  | (588) |  | (5) |  | (3) |  | (615) |  | (591) |
Amounts recognized in other comprehensive income | Amounts recognized in OCI
|  | International single-employer defined benefit pension plans |  | Other post-retirement defined benefit plan |  |  |
in |  | Gross |  | Tax |  | Net |  | Gross |  | Tax |  | Net |  | Total net |
2023 (CHF million)
Actuarial gains/(losses) |  | (63) |  | 28 |  | (35) |  | (2) |  | 0 |  | (2) |  | (37) |
Amortization of actuarial losses/(gains) |  | (4) |  | 2 |  | (2) |  | 0 |  | 0 |  | 0 |  | (2) |
Amortization of prior service costs/(credits) |  | 1 |  | 0 |  | 1 |  | 0 |  | 0 |  | 0 |  | 1 |
Immediate recognition due to curtailment/settlement |  | 14 |  | 0 |  | 14 |  | 0 |  | 0 |  | 0 |  | 14 |
Total |  | (52) |  | 30 |  | (22) |  | (2) |  | 0 |  | (2) |  | (24) |
2022 (CHF million)
Actuarial gains/(losses) |  | (284) |  | 94 |  | (190) |  | 27 |  | (7) |  | 20 |  | (170) |
Prior service credits/(costs) |  | (4) |  | 0 |  | (4) |  | 0 |  | 0 |  | 0 |  | (4) |
Amortization of actuarial losses/(gains) |  | 9 |  | (1) |  | 8 |  | 1 |  | 0 |  | 1 |  | 9 |
Amortization of prior service costs/(credits) |  | 1 |  | 0 |  | 1 |  | 0 |  | 0 |  | 0 |  | 1 |
Immediate recognition due to curtailment/settlement |  | 11 |  | (3) |  | 8 |  | 0 |  | 0 |  | 0 |  | 8 |
Total |  | (267) |  | 90 |  | (177) |  | 28 |  | (7) |  | 21 |  | (156) |
Weighted-average assumptions used to determine net periodic pension cost and benefit obligation | Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation
|  | International single-employer defined benefit pension plans |  | Other post-retirement defined benefit plan |
December 31 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |
Net periodic benefit cost (%)
Discount rate - service cost |  | 4.60 |  | 2.90 |  | 2.64 |  | – |  | – |  | – |
Discount rate - interest cost |  | 5.03 |  | 2.10 |  | 1.56 |  | 5.02 |  | 2.23 |  | 1.74 |
Salary increases |  | 3.20 |  | 3.32 |  | 2.97 |  | – |  | – |  | – |
Expected long-term rate of return on plan assets |  | 4.35 |  | 2.01 |  | 1.79 |  | – |  | – |  | – |
Benefit obligation (%)
Discount rate |  | 4.69 |  | 4.75 |  | 2.13 |  | 4.83 |  | 5.18 |  | 2.89 |
Salary increases |  | 3.25 |  | 3.18 |  | 3.32 |  | – |  | – |  | – |
Mortality tables and life expectancies for major plans | Mortality tables and life expectancies for major plans
|  |  |  | Life expectancy at age 65 for a male member currently |  | Life expectancy at age 65 for a female member currently |
|  |  |  | aged 65 |  | aged 45 |  | aged 65 |  | aged 45 |
December 31 |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Life expectancy (years)
UK |  | SAPS S3 light tables | 1 | 23.1 |  | 23.5 |  | 24.3 |  | 24.8 |  | 24.7 |  | 25.1 |  | 26.1 |  | 26.5 |
US |  | Pri-2012 mortality tables | 2 | 22.0 |  | 20.7 |  | 23.4 |  | 21.9 |  | 23.5 |  | 22.6 |  | 24.8 |  | 23.7 |
1 102% of Self-Administered Pension Scheme (SAPS) S3 light tables were used, which included CMI projections, with a long-term rate of improvement of 1.25% per annum.
2 The Private retirement plan 2012 (Pri-2012) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale.
Health care cost trend rates and sensitivity | Health care cost trend rates
in / end of |  | 2023 |  | 2022 |  | 2021 |
Health care cost trend rate (%)
Annual weighted-average health care cost trend rate 1 |  | 8.3 |  | 6.3 |  | 6.5 |
1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 4.5% by 2034.
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis
|  | 2023 |  | 2022 |
end of |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets measured at net asset value per share |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Assets measured at net asset value per share |  | Total |
Plan assets at fair value (CHF million)
Cash and cash equivalents |  | 46 |  | 199 |  | 0 |  | 0 |  | 245 |  | 28 |  | 90 |  | 0 |  | 0 |  | 118 |
Debt securities |  | 1,030 |  | 457 |  | 0 |  | 300 |  | 1,787 |  | 1,222 |  | 522 |  | 0 |  | 326 |  | 2,070 |
of which governments |  | 1,030 |  | 0 |  | 0 |  | 0 |  | 1,030 |  | 1,222 |  | 44 |  | 0 |  | 0 |  | 1,266 |
of which corporates |  | 0 |  | 457 |  | 0 |  | 300 |  | 757 |  | 0 |  | 478 |  | 0 |  | 326 |  | 804 |
Equity securities |  | 0 |  | 54 |  | 0 |  | 16 |  | 70 |  | 0 |  | 61 |  | 0 |  | 45 |  | 106 |
Alternative investments |  | 0 |  | (10) |  | 0 |  | 0 |  | (10) |  | 0 |  | (59) |  | 0 |  | 0 |  | (59) |
of which other |  | 0 |  | (10) | 1 | 0 |  | 0 |  | (10) |  | 0 |  | (59) | 1 | 0 |  | 0 |  | (59) |
Other investments |  | 0 |  | 74 |  | 0 |  | 0 |  | 74 |  | 0 |  | 81 |  | 0 |  | 0 |  | 81 |
Total plan assets at fair value |  | 1,076 |  | 774 |  | 0 |  | 316 |  | 2,166 |  | 1,250 |  | 695 |  | 0 |  | 371 |  | 2,316 |
1 Primarily related to derivative instruments.
Weighted-average plan asset allocation as of the measurement date | Plan asset allocation
December 31 |  | 2023 |  | 2022 |
Weighted-average (%)
Cash and cash equivalents |  | 11.4 |  | 5.1 |
Debt securities |  | 82.5 |  | 89.4 |
Equity securities |  | 3.2 |  | 4.5 |
Alternative investments |  | (0.5) |  | (2.5) |
Insurance |  | 3.4 |  | 3.5 |
Total |  | 100.0 |  | 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | 2024 target plan asset allocation
Weighted-average (%)
Cash and cash equivalents |  | 1.5 |
Debt securities |  | 91.4 |
Equity securities |  | 3.7 |
Insurance |  | 3.4 |
Total |  | 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments
|  | International single-employer defined benefit pension plans |  | Other post-retirement defined benefit plan |
Payments (CHF million)
2024 |  | 111 |  | 7 |
2025 |  | 108 |  | 9 |
2026 |  | 112 |  | 8 |
2027 |  | 107 |  | 8 |
2028 |  | 103 |  | 7 |
For five years thereafter |  | 572 |  | 31 |

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