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Pension and similar obligations (Tables) | 12 Months Ended
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Dec. 31, 2023
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 2023 and 2022:
Million US dollar |  | 2023 |  |  | 2022 |
Present value of funded obligations |  |  | (4 784) |  |  |  | (4 604) |
Fair value of plan assets |  |  | 3 882 |  |  |  | 3 807 |
Present value of net obligations for funded plans |  |  | (902) |  |  |  | (797) |
Present value of unfunded obligations |  |  | (619) |  |  |  | (587) |
Present value of net obligations |  |  | (1 521) |  |  |  | (1 384) |
Unrecognized asset |  |  | (38) |  |  |  | (43) |
Net liability |  |  | (1 559) |  |  |  | (1 427) |
Other long term employee benefits |  |  | (102) |  |  |  | (96) |
Total employee benefits |  |  | (1 661) |  |  |  | (1 523) |
Employee benefits amounts in the statement of financial position: |  |  |  |  |  |  |  |
Liabilities |  |  | (1 673) |  |  |  | (1 534) |
Assets |  |  | 12 |  |  |  | 11 |
Net liability |  |  | (1 661) |  |  |  | (1 523) |
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 |  | 2023 |  |  | 2022 |  |  | 2021 |
Defined benefit obligation at 1 January |  |  | (5 191) |  |  |  | (7 478) |  |  |  | (8 496) |
Current service costs |  |  | (50) |  |  |  | (69) |  |  |  | (80) |
Interest cost |  |  | (302) |  |  |  | (229) |  |  |  | (212) |
Past service gain/(cost) |  |  | 4 |  |  |  | - |  |  |  | (5) |
Settlements |  |  | 99 |  |  |  | 114 |  |  |  | 176 |
Benefits paid |  |  | 469 |  |  |  | 549 |  |  |  | 553 |
Contribution by plan participants |  |  | (2) |  |  |  | (2) |  |  |  | (3) |
Actuarial gains/(losses) – demographic assumptions |  |  | 17 |  |  |  | (2) |  |  |  | (41) |
Actuarial gains/(losses) – financial assumptions |  |  | (220) |  |  |  | 1 854 |  |  |  | 460 |
Experience adjustments |  |  | (44) |  |  |  | (116) |  |  |  | 16 |
Exchange differences |  |  | (182) |  |  |  | 243 |  |  |  | 154 |
Transfers and other movements |  |  | - |  |  |  | (55) |  |  |  | - |
Defined benefit obligation at 31 December |  |  | (5 403) |  |  |  | (5 191) |  |  |  | (7 478) |
The changes in the fair value of plan assets are as follows:
Million US dollar |  | 2023 |  |  | 2022 |  |  | 2021 |
Fair value of plan assets at 1 January |  |  | 3 807 |  |  |  | 5 381 |  |  |  | 5 649 |
Interest income |  |  | 217 |  |  |  | 157 |  |  |  | 137 |
Administration costs |  |  | (17) |  |  |  | (17) |  |  |  | (19) |
Return on plan assets exceeding interest income |  |  | 94 |  |  |  | (1 084) |  |  |  | 197 |
Contributions by AB InBev |  |  | 218 |  |  |  | 220 |  |  |  | 241 |
Contributions by plan participants |  |  | 2 |  |  |  | 2 |  |  |  | 3 |
Benefits paid net of administration costs |  |  | (469) |  |  |  | (551) |  |  |  | (553) |
Assets distributed on settlements |  |  | (97) |  |  |  | (112) |  |  |  | (172) |
Exchange differences |  |  | 127 |  |  |  | (188) |  |  |  | (102) |
Transfers and other movements |  |  | - |  |  |  | (2) |  |  |  | - |
Fair value of plan assets at 31 December |  |  | 3 882 |  |  |  | 3 807 |  |  |  | 5 381 |
Summary of Changes in Unrecognized Assets | The changes in the unrecognized asset are as follows:
Million US dollar |  | 2023 |  |  | 2022 |  |  | 2021 |
Irrecoverable surplus impact at 1 January |  |  | (43) |  |  |  | (32) |  |  |  | (31) |
Interest expense |  |  | (4) |  |  |  | (3) |  |  |  | (2) |
Changes excluding amounts included in interest expense |  |  | 9 |  |  |  | (8) |  |  |  | 1 |
Irrecoverable surplus impact at 31 December |  |  | (38) |  |  |  | (43) |  |  |  | (32) |
Summary of Employee Benefit Expense Recognized in Income Statement | The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:
Million US dollar |  | 2023 |  |  | 2022 |  |  | 2021 |
Current service costs |  |  | (50) |  |  |  | (66) |  |  |  | (80) |
Administration costs |  |  | (17) |  |  |  | (17) |  |  |  | (19) |
Past service cost due to plan amendments, curtailments or settlements |  |  | 6 |  |  |  | 2 |  |  |  | (2) |
(Losses)/gains due to experience and demographic assumption changes |  |  | (1) |  |  |  | - |  |  |  | 1 |
Profit from operations |  |  | (61) |  |  |  | (81) |  |  |  | (100) |
Net finance cost |  |  | (88) |  |  |  | (73) |  |  |  | (76) |
Total employee benefit expense |  |  | (150) |  |  |  | (154) |  |  |  | (176) |
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 |  | 2023 |  |  | 2022 |  |  | 2021 |
Cost of sales |  |  | (18) |  |  |  | (25) |  |  |  | (30) |
Distribution expenses |  |  | (9) |  |  |  | (11) |  |  |  | (11) |
Sales and marketing expenses |  |  | (14) |  |  |  | (17) |  |  |  | (24) |
Administrative expenses |  |  | (21) |  |  |  | (28) |  |  |  | (34) |
Other operating (expense)/income |  |  | - |  |  |  | - |  |  |  | (1) |
Net finance cost |  |  | (88) |  |  |  | (73) |  |  |  | (76) |
Total employee benefit expense |  |  | (150) |  |  |  | (154) |  |  |  | (176) |
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 reporting date are as follows:
|  | 2023 |
|  | United States |  |  | Canada |  |  | Mexico |  |  | Brazil |  |  | United Kingdom |  |  | AB InBev |
Discount rate |  |  | 5.3% |  |  |  | 4.6% |  |  |  | 9.3% |  |  |  | 9.2% |  |  |  | 4.7% |  |  |  | 5.6% |
Price inflation |  |  | 2.0% |  |  |  | 2.0% |  |  |  | 3.5% |  |  |  | 3.5% |  |  |  | 3.2% |  |  |  | 2.6% |
Future salary increases |  |  | - |  |  |  | 1.0% |  |  |  | 4.3% |  |  |  | 6.7%-3.9% |  |  |  | - |  |  |  | 3.7% |
Future pension increases |  |  | - |  |  |  | 2.0% |  |  |  | 3.5% |  |  |  | 3.5% |  |  |  | 3.1% |  |  |  | 2.8% |
Medical cost trend rate |  |  | 6.8%-4.5% |  |  |  | 4.5% |  |  |  | - |  |  |  | 7.1% |  |  |  | - |  |  |  | 6.7%-6.2% |
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 |
|  | 2022 |
|  | United States |  |  | Canada |  |  | Mexico |  |  | Brazil |  |  | United Kingdom |  |  | AB InBev |
Discount rate |  |  | 5.5% |  |  |  | 5.1% |  |  |  | 9.5% |  |  |  | 10.0% |  |  |  | 4.9% |  |  |  | 5.9% |
Price inflation |  |  | 2.5% |  |  |  | 2.0% |  |  |  | 3.5% |  |  |  | 3.5% |  |  |  | 3.2% |  |  |  | 2.7% |
Future salary increases |  |  | - |  |  |  | 1.0% |  |  |  | 4.5%-4.0% |  |  |  | 7.1%-5.3% |  |  |  | - |  |  |  | 4.0% |
Future pension increases |  |  | - |  |  |  | 2.0% |  |  |  | 3.5% |  |  |  | 3.5% |  |  |  | 3.0% |  |  |  | 2.7% |
Medical cost trend rate |  |  | 7.0%-4.5% |  |  |  | 4.5% |  |  |  | - |  |  |  | 7.1% |  |  |  | - |  |  |  | 6.8%-6.1% |
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 |
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:
|  | 2023 |
Million US dollar |  | Change in assumption |  |  | Increase in assumption |  |  | Decrease in assumption |
Discount rate |  |  | 0.5% |  |  |  | (275 | ) |  |  | 300 |
Price inflation |  |  | 0.5% |  |  |  | 96 |  |  |  | (103) |
Future salary increases |  |  | 0.5% |  |  |  | 23 |  |  |  | (21) |
Medical cost trend rate |  |  | 1% |  |  |  | 25 |  |  |  | (22) |
Mortality |  |  | One year |  |  |  | 155 |  |  |  | (157) |
Summary of Fair Value of Plan Assets | The fair value of plan assets at 31 December consists of the following:
|  | 2023 |  |  | 2022 |
Million US dollar |  | Quoted |  |  | Unquoted |  |  | Total |  |  | Quoted |  |  | Unquoted |  |  | Total |
Government bonds |  |  | 38% |  |  |  | - |  |  |  | 38% |  |  |  | 34% |  |  |  | - |  |  |  | 34% |
Corporate bonds |  |  | 27% |  |  |  | 1% |  |  |  | 28% |  |  |  | 30% |  |  |  | - |  |  |  | 30% |
Equity instruments |  |  | 22% |  |  |  | - |  |  |  | 22% |  |  |  | 24% |  |  |  | - |  |  |  | 24% |
Property |  |  | - |  |  |  | 6% |  |  |  | 6% |  |  |  | - |  |  |  | 7% |  |  |  | 7% |
Insurance contracts and others |  |  | 3% |  |  |  | 3% |  |  |  | 6% |  |  |  | 4% |  |  |  | 1% |  |  |  | 5% |
|  |  | 90% |  |  |  | 10% |  |  |  | 100% |  |  |  | 91% |  |  |  | 8% |  |  |  | 100% |

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