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Employee benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Statement [LineItems] |
Summary of Net Liability for Post-Employment and Long-Term Employee Benefit Plans | The company’s net liability for post-employment and long-term employee benefit plans comprises the following as at 31 December 2021 and 2020:
Million US dollar |  | 2021 |  |  | 2020 |
Present value of funded obligations |  |  | (6 791 | ) |  |  | (7 703 | )
Fair value of plan assets |  |  | 5 381 |  |  |  | 5 649 |
Present value of net obligations for funded plans |  |  | (1 410 | ) |  |  | (2 054 | )
Present value of unfunded obligations |  |  | (687 | ) |  |  | (793 | )
Present value of net obligations |  |  | (2 097 | ) |  |  | (2 847 | )
Unrecognized asset |  |  | (32 | ) |  |  | (31 | )
Net liability |  |  | (2 129 | ) |  |  | (2 878 | )
Other long term employee benefits |  |  | (127 | ) |  |  | (86 | )
Total employee benefits |  |  | (2 256 | ) |  |  | (2 964 | )
Employee benefits amounts in the balance sheet: |  |  |  |  |  |  |  |
Liabilities |  |  | (2 261 | ) |  |  | (2 970 | )
Assets |  |  | 5 |  |  |  | 6 |
Net liability |  |  | (2 256 | ) |  |  | (2 964 | )
Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets | The changes in the present value of the defined benefit obligations are as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Defined benefit obligation at 1 January |  |  | (8 496 | ) |  |  | (8 143 | ) |  |  | (7 568 | )
Current service costs |  |  | (80 | ) |  |  | (72 | ) |  |  | (67 | )
Interest cost |  |  | (212 | ) |  |  | (250 | ) |  |  | (326 | )
Past service gain/(cost) |  |  | (5 | ) |  |  | 16 |  |  |  | (9 | )
Settlements |  |  | 176 |  |  |  | 153 |  |  |  | 109 |
Benefits paid |  |  | 553 |  |  |  | 519 |  |  |  | 596 |
Contribution by plan participants |  |  | (3 | ) |  |  | (2 | ) |  |  | (2 | )
Actuarial gains/(losses) – demographic assumptions |  |  | (41 | ) |  |  | 20 |  |  |  | 61 |
Actuarial gains/(losses) – financial assumptions |  |  | 460 |  |  |  | (690 | ) |  |  | (912 | )
Experience adjustments |  |  | 16 |  |  |  | (12 | ) |  |  | 29 |
Exchange differences |  |  | 154 |  |  |  | (35 | ) |  |  | (86 | )
Transfers and other movements |  |  | — |  |  |  | — |  |  |  | 32 |
Defined benefit obligation at 31 December |  |  | (7 478 | ) |  |  | (8 496 | ) |  |  | (8 143 | )
The changes in the fair value of plan assets are as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Fair value of plan assets at 1 January |  |  | 5 649 |  |  |  | 5 442 |  |  |  | 5 059 |
Interest income |  |  | 137 |  |  |  | 168 |  |  |  | 218 |
Administration costs |  |  | (19 | ) |  |  | (19 | ) |  |  | (23 | )
Return on plan assets exceeding interest income |  |  | 197 |  |  |  | 332 |  |  |  | 579 |
Contributions by AB InBev |  |  | 241 |  |  |  | 394 |  |  |  | 294 |
Contributions by plan participants |  |  | 3 |  |  |  | 2 |  |  |  | 2 |
Benefits paid net of administration costs |  |  | (553 | ) |  |  | (519 | ) |  |  | (596 | )
Assets distributed on settlements |  |  | (172 | ) |  |  | (146 | ) |  |  | (107 | )
Exchange differences |  |  | (102 | ) |  |  | (9 | ) |  |  | 46 |
Transfers and other movements |  |  | — |  |  |  | 4 |  |  |  | (30 | )
Fair value of plan assets at 31 December |  |  | 5 381 |  |  |  | 5 649 |  |  |  | 5 442 |
Summary of Changes in Unrecognized Assets | The changes in the unrecognized asset are as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Irrecoverable surplus impact at 1 January |  |  | (31 | ) |  |  | (74 | ) |  |  | (77 | )
Interest expense |  |  | (2 | ) |  |  | (4 | ) |  |  | (7 | )
Changes excluding amounts included in interest expense |  |  | 1 |  |  |  | 47 |  |  |  | 9 |
Irrecoverable surplus impact at 31 December |  |  | (32 | ) |  |  | (31 | ) |  |  | (74 | )
Summary of Employee Benefit Expense Recognized in Income Statement | The expense recognized in the income statement with regard to defined benefit plans can be detailed as follows:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Current service costs |  |  | (80 | ) |  |  | (72 | ) |  |  | (67 | )
Administration costs |  |  | (19 | ) |  |  | (19 | ) |  |  | (23 | )
Past service cost due to plan amendments, curtailments or settlements |  |  | (2 | ) |  |  | 16 |  |  |  | 66 |
(Losses)/gains due to experience and demographic assumption changes |  |  | 1 |  |  |  | 6 |  |  |  | 1 |
Profit from operations |  |  | (100 | ) |  |  | (69 | ) |  |  | (23 | )
Net finance cost |  |  | (76 | ) |  |  | (87 | ) |  |  | (114 | )
Total employee benefit expense |  |  | (176 | ) |  |  | (156 | ) |  |  | (137 | )
Summary of Employee Benefit Expense Recognized in Income Statement | The employee benefit expense is included in the following line items of the income statement:
Million US dollar |  | 2021 |  |  | 2020 |  |  | 2019 |
Cost of sales |  |  | (30 | ) |  |  | (28 | ) |  |  | (17 | )
Distribution expenses |  |  | (11 | ) |  |  | (9 | ) |  |  | (5 | )
Sales and marketing expenses |  |  | (24 | ) |  |  | (18 | ) |  |  | (4 | )
Administrative expenses |  |  | (34 | ) |  |  | (20 | ) |  |  | 3 |
Other operating (expense)/income |  |  | (1 | ) |  |  | (1 | ) |  |  | — |
Exceptional items |  |  | — |  |  |  | 7 |  |  |  | — |
Net finance cost |  |  | (76 | ) |  |  | (87 | ) |  |  | (114 | )
|  |  | (176 | ) |  |  | (156 | ) |  |  | (137 | )
Summary of Weighted Average Assumptions used in Computing Benefit Obligations | Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the balance sheet date are as follows:
|  | 2021 |
Million US dollar |  | United States |  |  | Canada |  |  | Mexico |  |  | Brazil |  |  | United Kingdom |  |  | AB InBev |
Discount rate |  |  | 2.8 | % |  |  | 2.9 | % |  |  | 8.0 | % |  |  | 8.7 | % |  |  | 1.9 | % |  |  | 3.2 | %
Price inflation |  |  | 2.5 | % |  |  | 2.0 | % |  |  | 3.5 | % |  |  | 3.3 | % |  |  | 3.6 | % |  |  | 2.7 | %
Future salary increases |  |  | — |  |  |  | 1.0 | % |  |  | 4.5%-4.0 | % |  |  | 6.9%-5.0 | % |  |  | — |  |  |  | 3.7 | %
Future pension increases |  |  | — |  |  |  | 2.0 | % |  |  | 3.5 | % |  |  | 3.3 | % |  |  | 3.2% |  |  |  | 2.7 | %
Medical cost trend rate |  |  | 5.3%-4.5 | % |  |  | 4.5 | % |  |  | — |  |  |  | 6.9 | % |  |  | — |  |  |  | 5.9%-5.7 | %
Life expectation for a 65-year old male |  |  | 86 |  |  |  | 87 |  |  |  | 85 |  |  |  | 85 |  |  |  | 87 |  |  |  | 85 |
Life expectation for a 65-year old female |  |  | 88 |  |  |  | 90 |  |  |  | 88 |  |  |  | 87 |  |  |  | 89 |  |  |  | 88 |
|  | 2020 |
Million US dollar |  | United States |  |  | Canada |  |  | Mexico |  |  | Brazil |  |  | United Kingdom |  |  | AB InBev |
Discount rate |  |  | 2.5 | % |  |  | 2.4 | % |  |  | 6.3 | % |  |  | 6.9 | % |  |  | 1.4 | % |  |  | 2.6 | %
Price inflation |  |  | 2.5 | % |  |  | 2.0 | % |  |  | 3.5 | % |  |  | 3.3 | % |  |  | 3.1 | % |  |  | 2.6 | %
Future salary increases |  |  | — |  |  |  | 1.0 | % |  |  | 4.3 | % |  |  | 6.9%-5.0 | % |  |  | — |  |  |  | 3.7 | %
Future pension increases |  |  | — |  |  |  | 2.0 | % |  |  | 3.5 | % |  |  | 3.3 | % |  |  | 2.9 | % |  |  | 2.6 | %
Medical cost trend rate |  |  | 5.5%-4.5 | % |  |  | 4.5 | % |  |  | — |  |  |  | 6.9 | % |  |  | — |  |  |  | 6.0%-5.7 | %
Life expectation for a 65-year old male |  |  | 86 |  |  |  | 87 |  |  |  | 82 |  |  |  | 85 |  |  |  | 87 |  |  |  | 85 |
Life expectation for a 65-year old female |  |  | 87 |  |  |  | 90 |  |  |  | 85 |  |  |  | 88 |  |  |  | 89 |  |  |  | 88 |
Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption | The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
|  | 2021 |
Million US dollar |  | Change in assumption |  |  | Increase in assumption |  |  | Decrease in assumption |
Discount rate |  |  | 0.5 | % |  |  | (482 | ) |  |  | 533 |
Price inflation |  |  | 0.5 | % |  |  | 175 |  |  |  | (183 | )
Future salary increases |  |  | 0.5 | % |  |  | 26 |  |  |  | (25 | )
Medical cost trend rate |  |  | 1 | % |  |  | 30 |  |  |  | (26 | )
Longevity |  |  | One year |  |  |  | 256 |  |  |  | (255 | )
Summary of Fair Value of Plan Assets | The fair value of plan assets at 31 December consists of the following:
|  | 2021 |  |  | 2020 |
Million US dollar |  | Quoted |  |  | Unquoted |  |  | Total |  |  | Quoted |  |  | Unquoted |  |  | Total |
Government bonds |  |  | 34 | % |  |  | — |  |  |  | 34 | % |  |  | 33 | % |  |  | — |  |  |  | 33 | %
Corporate bonds |  |  | 34 | % |  |  | — |  |  |  | 34 | % |  |  | 34 | % |  |  | — |  |  |  | 34 | %
Equity instruments |  |  | 24 | % |  |  | — |  |  |  | 24 | % |  |  | 25 | % |  |  | — |  |  |  | 25 | %
Property |  |  | — |  |  |  | 4 | % |  |  | 4 | % |  |  | — |  |  |  | 3 | % |  |  | 3 | %
Insurance contracts and others |  |  | 2 | % |  |  | 2 | % |  |  | 4 | % |  |  | 3 | % |  |  | 2 | % |  |  | 5 | %
|  |  | 94 | % |  |  | 6 | % |  |  | 100 | % |  |  | 95 | % |  |  | 5 | % |  |  | 100 | %

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