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Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Notes to Consolidated Financial Statements [Abstract] |
Composition of employee benefits | Composition of employee benefits:
| As at December 31
| 2018 | 2017
| $ millions | $ millions
Fair value of plan assets | 518 | 631
Termination benefits | (111) | (142)
Defined benefit obligation | (860) | (1,068)
| (453) | (579)
Composition of fair value of the plan assets | Composition of fair value of the plan assets:
| As at December 31
| 2018 | 2017
| $ millions | $ millions
Equity instruments |  |
With quoted market price | 200 | 197
Debt instruments |  |
With quoted market price | 164 | 179
Without quoted market price | 119 | 145
| 283 | 324
Deposits with insurance companies | 35 | 110
| 518 | 631
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
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017
| $ millions | $ millions | $ millions | $ millions | $ millions | $ millions
Balance as at January 1 | 631 | 552 | (1,068) | (934) | (437) | (382)
Income (costs) included in profit or loss: |  |  |  |  |  |
Current service costs | - | - | (24) | (24) | (24) | (24)
Interest income (costs) | 14 | 17 | (26) | (29) | (12) | (12)
Past service cost | - | - | 7 | - | 7 | -
Effect of movements in exchange rates, net | (17) | 23 | 37 | (39) | 20 | (16)
Included in other comprehensive income: |  |  |  |  |  |
Actuarial gains (losses) deriving from changes in financial assumptions | - | - | 71 | (42) | 71 | (42)
Other actuarial gains (losses) | (15) | 25 | - | - | (15) | 25
Change in respect to translation differences, net | (19) | 36 | 21 | (65) | 2 | (29)
Other movements: |  |  |  |  |  |
Benefits paid | (38) | (36) | 73 | 64 | 35 | 28
Conversion to defined contribution plans | (49) | - | 49 | - | - | -
Transferred to assets held for sale | - | - | - | 1 | - | 1
Employer contribution | 11 | 14 | - | - | 11 | 14
Balance as at December 31 | 518 | 631 | (860) | (1,068) | (342) | (437)
The actual return (loss) on plan assets in 2018 is $(-1) million compare with $42 million in 2017 and $47 million in 2016.
Actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages):
| For the year ended December 31
| 2018 | 2017 | 2016
| % | % | %
Discount rate as at December 31 | 3.0 | 2.7 | 2.9
Future salary increases | 3.3 | 3.2 | 2.6
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 2018
| Decrease 10% | Decrease 5% | Increase 5% | Increase 10%
| $ millions | $ millions | $ millions | $ millions
Significant actuarial assumptions |  |  |  |
Salary increase | 18 | 9 | (9) | (18)
Discount rate | (32) | (16) | 16 | 32
Mortality table | (17) | (9) | 9 | 17

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