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Post-Employment and Other Long-Term Employees Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Changes in Benefit Obligation and Plan Assets

The changes in benefit obligation and plan assets were as follows:

		Pension Benefits								Other Long-Term Benefits
		December 31, 2014				December 31, 2013				December 31, 2014				December 31, 2013
Change in benefit obligation:
Benefit obligation at beginning of year			807				901				65				63
Service cost			27				37				7				8
Interest cost			28				28				2				2
Employee contributions			6				5				—				—
Benefits paid			(20	)			(19	)			(4	)			(4	)
Effect of curtailment			—				(3	)			—				(2	)
Effect of settlement			(14	)			(32	)			—				—
Actuarial (gain) loss			93				(92	)			2				—
Transfer in			2				12				1				1
Transfer out			(2	)			(12	)			(1	)			(1	)
Acquisition / change in scope			—				9				—				1
Plan amendment			—				5				1				—
ST-Ericsson deconsolidation			—				(49	)			—				(4	)
Foreign currency translation adjustment			(64	)			17				(8	)			1
Benefit obligation at end of year			863				807				65				65
Change in plan assets:
Plan assets at fair value at beginning of year			448				422				—				—
Actual return on plan assets			41				32				—				—
Employer contributions			28				29				—				—
Employee contributions			6				5				—				—
Benefits paid			(10	)			(9	)			—				—
Effect of settlement			(12	)			(25	)			—				—
Transfer in			—				8				—				—
Transfer out			—				(8	)			—				—
Foreign currency translation adjustments			(21	)			5				—				—
ST-Ericsson deconsolidation			—				(11	)			—				—
Plan assets at fair value at end of year			480				448				—				—
Funded status			(383	)			(359	)			(65	)			(65	)
Net amount recognized in the balance sheet consisted of the following:
Non-current assets			9				10				—				—
Current liabilities			(9	)			(12	)			(11	)			(5	)
Long-term liabilities			(383	)			(357	)			(54	)			(60	)
Net amount recognized			(383	)			(359	)			(65	)			(65	)

Accumulated Other Comprehensive Income (Loss) Before Tax Effects

The components of accumulated other comprehensive income (loss) before tax effects were as follows:

		Actuarial (gains)/losses				Prior service cost				Total
Other comprehensive loss as at December 31, 2012			209				9				218
Net amount generated/arising in current year			(105	)			5				(100	)
Amortization			(15	)			(5	)			(20	)
Foreign currency translation adjustment			2				—				2
Other comprehensive loss as at December 31, 2013			91				9				100
Net amount generated/arising in current year			76				—				76
Amortization			(5	)			(1	)			(6	)
Foreign currency translation adjustment			(10	)			(1	)			(11	)
Other comprehensive loss as at December 31, 2014			152				7				159

Schedule of Accumulated Benefit Obligations

The accumulated benefit obligations were as follows:

Pension Benefits

Other Long-Term Benefits

December 31, 2014

December 31, 2013

December 31, 2014

December 31, 2013

Accumulated benefit obligations

757

717

51

51

Components of Net Periodic Benefit Cost

The components of the net periodic benefit cost included the following:

		Pension Benefits												Other Long-term Benefits
		Year ended December 31, 2014				Year ended December 31, 2013				Year ended December 31, 2012				Year ended December 31, 2014				Year ended December 31, 2013				Year ended December 31, 2012
Service cost			27				37				40				7				8				9
Interest cost			28				28				31				2				2				3
Expected return on plan assets			(22	)			(18	)			(18	)			—				—				—
Amortization of actuarial net loss (gain)			3				11				12				2				—				2
Amortization of prior service cost			—				5				5				1				—				—
Effect of settlement			1				1				—				—								—
Effect of curtailment			—				—				—				—				(2	)			—
Net periodic benefit cost			37				64				70				12				8				14

Weighted Average Assumptions Used in Determination of Benefit Obligation and Plan Assets

The weighted average assumptions used in the determination of the benefit obligation and the plan assets for the pension plans and the other long-term benefits were as follows:

Assumptions		2014				2013
Discount rate			3.03	%			3.83	%
Salary increase rate			2.65	%			2.82	%
Expected long-term rate of return on funds for the pension expense of the year			4.76	%			4.88	%

The weighted average assumptions used in the determination of the net periodic benefit cost for the pension plans and the other long-term benefits were as follows:

Assumptions		2014				2013				2012
Discount rate			3.83	%			3.43	%			4.14	%
Salary increase rate			2.82	%			2.92	%			2.99	%
Expected long-term rate of return on funds for the pension expense of the year			4.88	%			4.43	%			4.57	%

Pension Plan Asset Allocation

The Company’s pension plan asset allocation at December 31, 2014 and at December 31, 2013 is as follows:

		Percentage of Plan Assets at December
Asset Category		2014				2013
Cash			3	%			2	%
Equity securities			28	%			34	%
Bonds securities remunerating interest			28	%			25	%
Real estate			2	%			2	%
Investments in funds(a)			17	%			14	%
Other			22	%			23	%
Total			100	%			100	%

^(a)  Investment in funds are composed for one half of commingled funds mainly invested in corporate bonds for 55%, treasury bonds and notes for 35% and municipal bonds for 10% and for the other half of a multi-strategy fund invested in broadly diversified portfolios of equity, fixed income and derivative instruments.

Pension Plan Asset Allocation Including Fair-Value Measurements

The Company’s detailed pension plan asset allocation including the fair-value measurements of those plan assets as at December 31, 2014 is as follows:

		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant  Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents			17				17				—				—
Equity securities			136				7				129				—
Government debt securities			10				10				—				—
Corporate debt securities			125				4				121				—
Investment funds			80				—				80				—
Real estate			12				—				10				2
Other (mainly insurance assets – contracts and reserves)			100				—				—				100
TOTAL			480				38				340				102

The Company’s detailed pension plan asset allocation including the fair-value measurements of those plan assets as at December 31, 2013 is as follows:

		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable  Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Cash and cash equivalents			8				8				—				—
Equity securities			152				7				145				—
Government debt securities			12				12				—				—
Corporate debt securities			99				4				95				—
Investment funds			63				—				63				—
Real estate			9				—				5				4
Other (mainly insurance assets – contracts and reserves)			105				—				—				105
TOTAL			448				31				308				109

Reconciliation for Plan Assets Measured at Fair Value Using Unobservable Inputs (Level 3)

For plan assets measured at fair value using significant unobservable inputs (Level 3), the reconciliation between January 1, 2014 and December 31, 2014 is presented as follows:

		Fair Value Measurements using Significant Unobservable Inputs (Level 3)
January 1, 2014			109
Contributions (employer and employee)			14
Actual return on plan assets			6
Benefits paid			(3	)
Assets sold during the year			(2	)
Settlements			(11	)
Foreign currency translation adjustment			(11	)
December 31, 2014			102

For plan assets measured at fair value using significant unobservable inputs (Level 3), the reconciliation between January 1, 2013 and December 31, 2013 is presented as follows:

		Fair Value Measurements using Significant Unobservable Inputs (Level 3)
January 1, 2013			120
Contributions (employer and employee)			15
Benefits paid			(2	)
Settlements			(23	)
ST-Ericsson deconsolidation			(4	)
Foreign currency translation adjustment			3
December 31, 2013			109

Estimated Future Benefit Payments

The Company’s estimated future benefit payments as of December 2014 are as follows:

Years		Pension Benefits				Other Long-term Benefits
2015			26				12
2016			21				4
2017			24				4
2018			33				4
2019			31				6
From 2020 to 2024			207				25

 

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