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Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Notes to Consolidated Financial Statements [Abstract] |
Composition of employee benefits | Composition of employee benefits:
| As at December 31
| 2019 | 2018
| $ millions | $ millions
Fair value of plan assets | 583 | 518
Termination benefits | (105) | (111)
Defined benefit obligation | (1,004) | (860)
| (526) | (453)
Composition of fair value of the plan assets | Composition of fair value of the plan assets:
| As at December 31
| 2019 | 2018
| $ millions | $ millions
Equity instruments |  |
With quoted market price | 237 | 200
Without quoted market price | 10 | -
| 247 | 200
Debt instruments |  |
With quoted market price | 197 | 164
Without quoted market price | 111 | 119
| 308 | 283
Deposits with insurance companies | 28 | 35
| 583 | 518
Movement in net defined benefit assets (liabilities) |
| Fair value of plan assets | Defined benefit obligation | Defined benefit obligation, net
| 2019 | 2018 | 2019 | 2018 | 2019 | 2018
| $ millions | $ millions | $ millions | $ millions | $ millions | $ millions
Balance as at January 1 | 518 | 631 | (860) | (1,068) | (342) | (437)
Income (costs) included in profit or loss: |  |  |  |  |  |
Current service costs | - | - | (21) | (24) | (21) | (24)
Interest income (expenses) | 15 | 14 | (27) | (26) | (12) | (12)
Past service cost | - | - | 5 | 7 | 5 | 7
Effect of movements in exchange rates, net | 17 | (17) | (31) | 37 | (14) | 20
Included in other comprehensive income: |  |  |  |  |  |
Actuarial gains (losses) deriving from changes in financial assumptions | - | - | (121) | 71 | (121) | 71
Other actuarial gains (losses) | 46 | (15) | - | - | 46 | (15)
Change with respect to translation differences, net | 9 | (19) | (4) | 21 | 5 | 2
Other movements: |  |  |  |  |  |
Benefits paid | (32) | (38) | 55 | 73 | 23 | 35
Conversion to defined contribution plans | - | (49) | - | 49 | - | -
Employer contribution | 10 | 11 | - | - | 10 | 11
Balance as at December 31 | 583 | 518 | (1,004) | (860) | (421) | (342)
The actual return (loss) on plan assets in 2019, is $61 million, compared with $(1) million in 2018 and $42 million in 2017.
Actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages):
| For the year ended December 31
| 2019 | 2018 | 2017
| % | % | %
Discount rate as at December 31 | 2.1 | 3.0 | 2.7
Future salary increases | 3.2 | 3.3 | 3.2
Future pension increase | 2.1 | 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 affect the defined benefit obligation as of the date of the financial statements in the following manner:
| December 2019
| Decrease 10% | Decrease 5% | Increase 5% | Increase 10%
| $ millions | $ millions | $ millions | $ millions
Significant actuarial assumptions |  |  |  |
Salary increase | 16 | 8 | (8) | (16)
Discount rate | (24) | (12) | 12 | 24
Mortality table | (22) | (11) | 11 | 22

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