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Provisions for employee benefits | 12 Months Ended
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Dec. 31, 2023
Provisions for employee benefits |
Provisions for employee benefits | 2 2 Provisions for employee benefits
(€ million) | December 31, 2023 |  |  | December 31, 2022 |
Italian defined benefit plans | 156 |  |  | 177 |
Foreign defined benefit plans | 121 |  |  | 142 |
FISDE, foreign medical plans and other | 118 |  |  | 126 |
Defined benefit plans | 395 |  |  | 445 |
Other benefit plans | 353 |  |  | 341 |
Provision for employee benefits | 748 |  |  | 786 |
The liability relating to Eni's commitment to cover the healthcare costs of personnel is determined based on the contributions paid by the Company. Other employee benefit plans related to deferred monetary incentive plans for €120 million, expansion contracts for €118 million, isopensione plans (a post retirement benefit plan applicable to a specific category of employees) of Eni Plenitude SpA Società Benefit for €77 million, Jubilee Awards for €26 million and other long-term plans for €12 million. Present value of employee benefits, estimated by applying actuarial techniques, consisted of the following:
|  | 2023 |  |  | 2022 |
(€ million) |  | Italian defined benefit plans |  |  | Foreign defined benefit plans |  |  | FISDE,foreign medical plans and other |  |  | Defined benefit plans |  |  | Other benefit plans |  |  | Total |  |  | Italian defined benefit plans |  |  | Foreign defined benefit plans |  |  | FISDE, foreign medical plans and other |  |  | Defined benefit plans |  |  | Other benefit plans |  |  | Total |
Present value of benefit liabilities at beginning of year |  | 177 |  |  | 644 |  |  | 126 |  |  | 947 |  |  | 341 |  |  | 1,288 |  |  | 227 |  |  | 761 |  |  | 162 |  |  | 1,150 |  |  | 301 |  |  | 1,451 |
Current service cost |  | 1 |  |  | 10 |  |  | 2 |  |  | 13 |  |  | 51 |  |  | 64 |  |  | 1 |  |  | 11 |  |  | 3 |  |  | 15 |  |  | 52 |  |  | 67 |
Interest cost |  | 6 |  |  | 29 |  |  | 4 |  |  | 39 |  |  | 10 |  |  | 49 |  |  | 2 |  |  | 24 |  |  | 2 |  |  | 28 |  |  | 1 |  |  | 29 |
Remeasurements: |  | 5 |  |  | 24 |  |  | 1 |  |  | 30 |  |  | (2 | ) |  | 28 |  |  | (26 | ) |  | (118 | ) |  | (33 | ) |  | (177 | ) |  | (22 | ) |  | (199 | )
- actuarial (gains) losses due to changes in demographic assumptions |  | 1 |  |  | 1 |  |  |  |  |  | 2 |  |  | (1 | ) |  | 1 |  |  |  |  |  | 9 |  |  |  |  |  | 9 |  |  | (2 | ) |  | 7 |
- actuarial (gains) losses due to changes in financial assumptions |  | 4 |  |  | 8 |  |  | 2 |  |  | 14 |  |  | 1 |  |  | 15 |  |  | (34 | ) |  | (144 | ) |  | (35 | ) |  | (213 | ) |  | (15 | ) |  | (228 | )
- experience (gains) losses |  |  |  |  | 15 |  |  | (1 | ) |  | 14 |  |  | (2 | ) |  | 12 |  |  | 8 |  |  | 17 |  |  | 2 |  |  | 27 |  |  | (5 | ) |  | 22 |
Past service cost and (gain) loss on settlements |  | 2 |  |  | (13 | ) |  | 4 |  |  | (7 | ) |  | 91 |  |  | 84 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 127 |  |  | 127 |
Plan contributions: |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |
- employee contributions |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |
Benefits paid |  | (37 | ) |  | (39 | ) |  | (9 | ) |  | (85 | ) |  | (97 | ) |  | (182 | ) |  | (28 | ) |  | (30 | ) |  | (8 | ) |  | (66 | ) |  | (87 | ) |  | (153 | )
Reclassification to liabilities directly associated with assets held for sale |  |  |  |  | (147 | ) |  | (6 | ) |  | (153 | ) |  | (2 | ) |  | (155 | ) |  |  |  |  | (2 | ) |  | (2 | ) |  | (4 | ) |  |  |  |  | (4 | )
Currency translation differences and other changes |  | 2 |  |  | (129 | ) |  | (4 | ) |  | (131 | ) |  | (39 | ) |  | (170 | ) |  | 1 |  |  | (3 | ) |  | 2 |  |  |  |  |  | (31 | ) |  | (31 | )
Present value of benefit liabilities at end of year (a) |  | 156 |  |  | 380 |  |  | 118 |  |  | 654 |  |  | 353 |  |  | 1,007 |  |  | 177 |  |  | 644 |  |  | 126 |  |  | 947 |  |  | 341 |  |  | 1,288 |
Plan assets at beginning of year |  |  |  |  | 503 |  |  |  |  |  | 503 |  |  |  |  |  | 503 |  |  |  |  |  | 633 |  |  |  |  |  | 633 |  |  |  |  |  | 633 |
Interest income |  |  |  |  | 19 |  |  |  |  |  | 19 |  |  |  |  |  | 19 |  |  |  |  |  | 18 |  |  |  |  |  | 18 |  |  |  |  |  | 18 |
Return on plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (117 | ) |  |  |  |  | (117 | ) |  |  |  |  | (117 | )
Past service cost and (gains) losses settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1 | ) |  |  |  |  | (1 | ) |  |  |  |  | (1 | )
Plan contributions: |  |  |  |  | 25 |  |  |  |  |  | 25 |  |  |  |  |  | 25 |  |  |  |  |  | 14 |  |  |  |  |  | 14 |  |  |  |  |  | 14 |
- employee contributions |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |
- employer contributions |  |  |  |  | 24 |  |  |  |  |  | 24 |  |  |  |  |  | 24 |  |  |  |  |  | 13 |  |  |  |  |  | 13 |  |  |  |  |  | 13 |
Benefits paid |  |  |  |  | (31 | ) |  |  |  |  | (31 | ) |  |  |  |  | (31 | ) |  |  |  |  | (21 | ) |  |  |  |  | (21 | ) |  |  |  |  | (21 | )
Reclassification to liabilities directly associated with assets held for sale |  |  |  |  | (123 | ) |  |  |  |  | (123 | ) |  |  |  |  | (123 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency translation differences and other changes |  |  |  |  | (132 | ) |  |  |  |  | (132 | ) |  |  |  |  | (132 | ) |  |  |  |  | (23 | ) |  |  |  |  | (23 | ) |  |  |  |  | (23 | )
Plan assets at end of year (b) |  |  |  |  | 261 |  |  |  |  |  | 261 |  |  |  |  |  | 261 |  |  |  |  |  | 503 |  |  |  |  |  | 503 |  |  |  |  |  | 503 |
Asset ceiling at beginning of year |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |
Change in asset ceiling |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset ceiling at end of year (c) |  |  |  |  | 2 |  |  |  |  |  | 2 |  |  |  |  |  | 2 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |
Net liability recognized at end of year (a-b+c) |  | 156 |  |  | 121 |  |  | 118 |  |  | 395 |  |  | 353 |  |  | 748 |  |  | 177 |  |  | 142 |  |  | 126 |  |  | 445 |  |  | 341 |  |  | 786 |
Costs charged to the profit and loss account, valued using actuarial assumptions, consisted of the following:
(€ million) |  | Italian defined benefit plans |  |  | Foreign defined benefit plans |  |  | FISDE, foreign medical plans and other |  |  | Defined benefit plans |  |  | Other benefit plans |  |  | Total |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | 1 |  |  | 10 |  |  | 2 |  |  | 13 |  |  | 51 |  |  | 64 |
Past service cost and (gains) losses on settlements |  | 2 |  |  | (13 | ) |  | 4 |  |  | (7 | ) |  | 91 |  |  | 84 |
Interest cost (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- interest cost on liabilities |  | 6 |  |  | 29 |  |  | 4 |  |  | 39 |  |  | 10 |  |  | 49 |
- interest income on plan assets |  |  |  |  | (19 | ) |  |  |  |  | (19 | ) |  |  |  |  | (19 | )
Total interest cost (income), net |  | 6 |  |  | 10 |  |  | 4 |  |  | 20 |  |  | 10 |  |  | 30 |
- of which recognized in "Payroll and related cost" |  |  |  |  |  |  |  |  |  |  |  |  |  | 10 |  |  | 10 |
- of which recognized in "Financial income (expense)" |  | 6 |  |  | 10 |  |  | 4 |  |  | 20 |  |  |  |  |  | 20 |
Remeasurements for long-term plans |  |  |  |  |  |  |  |  |  |  |  |  |  | (2 | ) |  | (2 | )
Administrative fees paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 9 |  |  | 7 |  |  | 10 |  |  | 26 |  |  | 150 |  |  | 176 |
- of which recognized in "Payroll and related cost" |  | 3 |  |  | (3 | ) |  | 6 |  |  | 6 |  |  | 150 |  |  | 156 |
- of which recognized in "Financial income (expense)" |  | 6 |  |  | 10 |  |  | 4 |  |  | 20 |  |  |  |  |  | 20 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | 1 |  |  | 11 |  |  | 3 |  |  | 15 |  |  | 52 |  |  | 67 |
Past service cost and (gains) losses on settlements |  |  |  |  |  |  |  |  |  |  |  |  |  | 127 |  |  | 127 |
Interest cost (income), net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- interest cost on liabilities |  | 2 |  |  | 24 |  |  | 2 |  |  | 28 |  |  | 1 |  |  | 29 |
- interest income on plan assets |  |  |  |  | (18 | ) |  |  |  |  | (18 | ) |  |  |  |  | (18 | )
Total interest cost (income), net |  | 2 |  |  | 6 |  |  | 2 |  |  | 10 |  |  | 1 |  |  | 11 |
- of which recognized in "Payroll and related cost" |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | 1 |
- of which recognized in "Financial income (expense)" |  | 2 |  |  | 6 |  |  | 2 |  |  | 10 |  |  |  |  |  | 10 |
Remeasurements for long-term plans |  |  |  |  |  |  |  |  |  |  |  |  |  | (22 | ) |  | (22 | )
Administrative fees paid |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  | 1 |
Total |  | 3 |  |  | 18 |  |  | 5 |  |  | 26 |  |  | 158 |  |  | 184 |
- of which recognized in "Payroll and related cost" |  | 1 |  |  | 12 |  |  | 3 |  |  | 16 |  |  | 158 |  |  | 174 |
- of which recognized in "Financial income (expense)" |  | 2 |  |  | 6 |  |  | 2 |  |  | 10 |  |  |  |  |  | 10 |
F-80
Table of Contents Costs of defined benefit plans recognized in other comprehensive income consisted of the following:
|  | 2023 |  |  | 2022 |
(€ million) |  | Italian defined benefit plans |  |  | Foreign defined benefit plans |  |  | FISDE, foreign medical plans and other |  |  | Total |  |  | Italian defined benefit plans |  |  | Foreign defined benefit plans |  |  | FISDE, foreign medical plans and other |  |  | Total |
Actuarial (gains)/losses due to changes in demographic assumptions |  | 1 |  |  | 1 |  |  |  |  |  | 2 |  |  |  |  |  | 9 |  |  |  |  |  | 9 |
Actuarial (gains)/losses due to changes in financial assumptions |  | 4 |  |  | 8 |  |  | 2 |  |  | 14 |  |  | (34 | ) |  | (144 | ) |  | (35 | ) |  | (213 | )
Experience (gains) losses |  |  |  |  | 15 |  |  | (1 | ) |  | 14 |  |  | 8 |  |  | 17 |  |  | 2 |  |  | 27 |
Return on plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 117 |  |  |  |  |  | 117 |
Changes in asset ceiling |  |  |  |  | 1 |  |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Remeasurements |  | 5 |  |  | 25 |  |  | 1 |  |  | 31 |  |  | (26 | ) |  | (1 | ) |  | (33 | ) |  | (60 | )
Plan assets consisted of the following:
(€ million) |  | Cash and cash equivalents |  |  | Equity securities |  |  | Debt securities |  |  | Real estate |  |  | Derivatives |  |  | Investment funds |  |  | Assets held by insurance companies |  |  | Other |  |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets with a quoted market price |  | 4 |  |  | 24 |  |  | 121 |  |  | 11 |  |  | 55 |  |  |  |  |  | 5 |  |  | 15 |  |  | 235 |
Plan assets without a quoted market price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26 |  |  |  |  |  | 26 |
|  | 4 |  |  | 24 |  |  | 121 |  |  | 11 |  |  | 55 |  |  |  |  |  | 31 |  |  | 15 |  |  | 261 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets with a quoted market price |  | 23 |  |  | 25 |  |  | 260 |  |  | 11 |  |  | 4 |  |  | 4 |  |  | 26 |  |  | 146 |  |  | 499 |
Plan assets without a quoted market price |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |  |  |  |  |  | 4 |
|  | 23 |  |  | 25 |  |  | 260 |  |  | 11 |  |  | 4 |  |  | 4 |  |  | 30 |  |  | 146 |  |  | 503 |
The main actuarial assumptions used in the measurement of the liabilities at year-end and in the estimate of costs expected for 2024 consisted of the following:
|  |  |  | Italian defined benefit plans |  |  | Foreign defined benefit plans |  |  | FISDE |  |  | Other benefit plans |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | (%) |  |  | 3.1 |  |  | 1.4-25.9 |  |  | 3.1 |  |  | 3.1-3.3 |
Rate of compensation increase | (%) |  |  | 3.0 |  |  | 1.9-20.0 |  |  |  |  |  |  |
Rate of price inflation | (%) |  |  | 2.0 |  |  | 1.2-15.5 |  |  | 2.0 |  |  | 2.0 |
Life expectations on retirement at age 65 | (years) |  |  |  |  |  | 14-23 |  |  | 24 |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | (%) |  |  | 3.7 |  |  | 2.2-15.4 |  |  | 3.7 |  |  | 3.4-3.7 |
Rate of compensation increase | (%) |  |  | 3.4 |  |  | 1.9-12.5 |  |  |  |  |  |  |
Rate of price inflation | (%) |  |  | 2.4 |  |  | 1.2-11.5 |  |  | 2.4 |  |  | 2.4 |
Life expectations on retirement at age 65 | (years) |  |  |  |  |  | 13-24 |  |  | 24 |  |  |  |
The following is an analysis by geographical area related to the main actuarial assumptions used in the valuation of the principal foreign defined benefit plans:
|  |  |  | Euro area |  |  | Rest of Europe |  |  | Africa |  |  | Other areas |  |  | Foreign defined benefit plans |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | (%) |  |  | 3.2-3.3 |  |  | 1.4-4.5 |  |  | 3.2-25.9 |  |  | 6.9 |  |  | 1.4-25.9 |
Rate of compensation increase | (%) |  |  | 1.9-3.0 |  |  | 3.0 |  |  | 5.0-20.0 |  |  | 5.0 |  |  | 1.9-20.0 |
Rate of price inflation | (%) |  |  | 1.9-2.1 |  |  | 1.2-3.4 |  |  | 3.1-15.5 |  |  | 3.5 |  |  | 1.2-15.5 |
Life expectations on retirement at age 65 | (years) |  |  | 21-23 |  |  | 23 |  |  | 14-18 |  |  |  |  |  | 14-23 |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate | (%) |  |  | 3.5-3.8 |  |  | 2.2-4.8 |  |  | 3.8-15.4 |  |  | 7.0 |  |  | 2.2-15.4 |
Rate of compensation increase | (%) |  |  | 1.9-3.0 |  |  | 3.0-4.0 |  |  | 1.9-12.5 |  |  | 5.0 |  |  | 1.9-12.5 |
Rate of price inflation | (%) |  |  | 1.9-2.2 |  |  | 1.2-3.5 |  |  | 3.0-11.5 |  |  | 3.0 |  |  | 1.2-11.5 |
Life expectations on retirement at age 65 | (years) |  |  | 21-22 |  |  | 23-24 |  |  | 13-17 |  |  |  |  |  | 13-24 |
The effects of a possible change in the main actuarial assumptions at the end of the year are not material. The amount of contributions expected to be paid for employee benefit plans in the next year amounted to €147 million, of which €40 million related to defined benefit plans. The following is an analysis by maturity date of the liabilities for employee benefit plans and their relative weighted average duration:
(€ million) | Italian defined benefit plans |  |  | Foreign defined benefit plans |  |  | FISDE, foreign medical plans and other |  |  | Other benefit plans |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
2024 | 14 |  |  | 24 |  |  | 9 |  |  | 107 |  |
2025 | 13 |  |  | 22 |  |  | 9 |  |  | 103 |  |
2026 | 14 |  |  | 23 |  |  | 7 |  |  | 86 |  |
2027 | 16 |  |  | 22 |  |  | 7 |  |  | 30 |  |
2028 | 18 |  |  | 23 |  |  | 7 |  |  | 14 |  |
2029 and thereafter | 81 |  |  | 7 |  |  | 79 |  |  | 13 |  |
Weighted average duration (years) | 6.8 |  |  | 13.6 |  |  | 10.8 |  |  | 2.3 |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
2023 | 14 |  |  | 29 |  |  | 7 |  |  | 94 |  |
2024 | 13 |  |  | 28 |  |  | 7 |  |  | 95 |  |
2025 | 14 |  |  | 26 |  |  | 7 |  |  | 85 |  |
2026 | 17 |  |  | 35 |  |  | 7 |  |  | 30 |  |
2027 | 15 |  |  | 31 |  |  | 7 |  |  | 16 |  |
2028 and thereafter | 104 |  |  | (7 | ) |  | 91 |  |  | 21 |  |
Weighted average duration (years) | 7.5 |  |  | 13.2 |  |  | 11.5 |  |  | 2.5 |  |

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