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Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Notes to Consolidated Financial Statements [Abstract] |
Composition of employee benefits | Composition of employee benefits:
| As at December 31
| 2020 | 2019
| $ millions | $ millions
Fair value of plan assets | 629 | 583
Termination benefits | (158) | (105)
Defined benefit obligation | (1,075) | (1,004)
| (604) | (526)
Composition of fair value of the plan assets | Composition of fair value of the plan assets:
| As at December 31
| 2020 | 2019
| $ millions | $ millions
Equity instruments |  |
With quoted market price | 224 | 237
Without quoted market price | 40 | 10
| 264 | 247
Debt instruments |  |
With quoted market price | 334 | 307
Without quoted market price | 3 | 1
| 337 | 308
Deposits with insurance companies | 28 | 28
| 629 | 583
Movement in net defined benefit assets (liabilities) | E. Movement in net defined benefit obligation and in its components:
| Fair value of plan assets | Defined benefit obligation | Defined benefit obligation, net
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019
| $ millions | $ millions | $ millions | $ millions | $ millions | $ millions
Balance as at January 1 | 583 | 518 | (1,004) | (860) | (421) | (342)
Income (costs) included in profit or loss: |  |  |  |  |  |
Current service costs | - | - | (22) | (21) | (22) | (21)
Interest income (expenses) | 5 | 15 | (14) | (27) | (9) | (12)
Past service cost | - | - | 11 | 5 | 11 | 5
Effect of movements in exchange rates, net | 16 | 17 | (34) | (31) | (18) | (14)
Included in other comprehensive income: |  |  |  |  |  |
Actuarial losses deriving from changes in financial assumptions | - | - | (24) | (121) | (24) | (121)
Other actuarial gains | 9 | 46 | - | - | 9 | 46
Change with respect to translation differences, net | 18 | 9 | (32) | (4) | (14) | 5
Other movements: |  |  |  |  |  |
Benefits received (paid) | (6) | (32) | 44 | 55 | 38 | 23
Employer contribution | 4 | 10 | - | - | 4 | 10
Balance as at December 31 | 629 | 583 | (1,075) | (1,004) | (446) | (421)
The actual return (loss) on plan assets in 2020, is $14 million, compared with $61 million in 2019 and $(1) million in 2018.
Actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages):
| For the year ended December 31
| 2020 | 2019 | 2018
| % | % | %
Discount rate as at December 31 | 1.7 | 2.1 | 3.0
Future salary increases | 3.4 | 3.2 | 3.3
Future pension increase | 2.0 | 2.1 | 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 2020
| Decrease 10% | Decrease 5% | Increase 5% | Increase 10%
| $ millions | $ millions | $ millions | $ millions
Significant actuarial assumptions |  |  |  |
Salary increase | (19) | (10) | 10 | 19
Discount rate | 22 | 11 | (11) | (22)
Mortality table | 26 | 13 | (13) | (26)

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