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Pension and other post-retirement benefits (Tables)

12 Months Ended

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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