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Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Notes to Consolidated Financial Statements [Abstract] |
Composition of employee benefits | A. Composition Composition of employee benefits:
| As at December 31
| 2017 | 2016
| $ millions | $ millions
Fair value of plan assets | 631 | 552
Termination benefits | (142) | (147)
Defined benefit obligation | (1,068) | (934)
| (579) | (529)
Composition of fair value of the plan assets | Composition of fair value of the plan assets:
| As at December 31
| 2017 | 2016
| $ millions | $ millions
Equity instruments |  |
With quoted market price | 197 | 205
Debt instruments |  |
With quoted market price | 179 | 133
Without quoted market price | 145 | 126
| 324 | 259
Deposits with insurance companies | 110 | 88
| 631 | 552
Movement in net defined benefit assets (liabilities) | E. Movement in net defined benefit assets (liabilities) and in their components:
| Fair value of plan assets | Defined benefit obligation | Defined benefit obligation, net
| 2017 | 2016 | 2017 | 2016 | 2017 | 2016
| $ millions | $ millions | $ millions | $ millions | $ millions | $ millions
Balance as at January 1 | 552 | 669 | (934) | (1,025) | (382) | (356)
Income (costs) included in profit or loss: |  |  |  |  |  |
Current service costs | - | - | (24) | (11) | (24) | (11)
Interest income (costs) | 17 | 13 | (29) | (33) | (12) | (20)
Past service cost | - | (70) | - | 84 | - | 14
Effect of movements in exchange rates, net | 23 | 3 | (39) | (5) | (16) | (2)
Included in other comprehensive income: |  |  |  |  |  |
Actuarial losses deriving from changes in financial assumptions | - | - | (42) | (82) | (42) | (82)
Other actuarial gains | 25 | 34 | - | - | 25 | 34
Change in respect to translation differences ,net | 36 | (56) | (65) | 70 | (29) | 15
Other movements |  |  |  |  |  |
Benefits paid | (36) | (54) | 64 | 68 | 28 | 14
Transferred to assets held for sale | - | - | 1 | - | 1 | -
Employer contribution | 13 | 12 | - | - | 13 | 12
Employee contribution | 1 | 1 | - | - | 1 | -
Balance as at December 31 | 631 | 552 | (1,068) | (934) | (437) | (382)
Actuarial assumptions | F. Actuarial assumptions Principal actuarial assumptions at the reporting date (expressed as weighted averages):
| For the year ended December 31
| 2017 | 2016 | 2015
| % | % | %
Discount rate as at December 31 | 2.6 | 2.9 | 3.3
Future salary increases | 2.9 | 2.6 | 2.9
Future pension increase | 2.2 | 2.2 | 2.2
The assumptions regarding the future mortality rate are based on published statistics and accepted mortality tables
Sensitivity analysis | Assuming all other assumptions remain constant, the following reasonable possible changes effect the defined benefit obligation as of the date of the financial statements in the following manner:
| December 2017
| Decrease 10% | Decrease 5% | Increase 5% | Increase 10% |
| $ millions | $ millions | $ millions | $ millions |
Significant actuarial assumptions |  |  |  |
Salary increase | 24 | 12 | (13) | (25)
Discount rate | (37) | (18) | 19 | 37
Mortality table | (22) | (11) | 10 | 21

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