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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Classes of employee benefits expense [abstract] |
Composition of employee benefits | Composition of employee benefits:
| As of December 31
| 2021 | 2020
| $ millions | $ millions
Fair value of plan assets | 648 | 629
Termination benefits | (135) | (158)
Defined benefit obligation | (993) | (1,075)
| (480) | (604)
Composition of fair value of the plan assets | Composition of fair value of the plan assets:
| As of December 31
| 2021 | 2020
| $ millions | $ millions
Equity instruments |  |
With quoted market price | 230 | 224
Without quoted market price | 50 | 40
| 280 | 264
Debt instruments |  |
With quoted market price | 337 | 334
Without quoted market price | 3 | 3
| 340 | 337
Deposits with insurance companies | 28 | 28
| 648 | 629
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
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020
| $ millions | $ millions | $ millions | $ millions | $ millions | $ millions
Balance as of January 1 | 629 | 583 | (1,075) | (1,004) | (446) | (421)
Income (costs) included in profit or loss: |  |  |  |  |  |
Current service costs | - | - | (24) | (22) | (24) | (22)
Interest income (expenses) | 6 | 5 | (14) | (14) | (8) | (9)
Past service cost | - | - | 12 | 11 | 12 | 11
Effect of movements in exchange rates, net | 8 | 16 | (16) | (34) | (8) | (18)
Included in other comprehensive income: |  |  |  |  |  |
Actuarial profits (losses) deriving from changes in financial assumptions | - | - | 68 | (24) | 68 | (24)
Other actuarial gains | 17 | 9 | - | - | 17 | 9
Change with respect to translation differences, net | (10) | 18 | 21 | (32) | 11 | (14)
Other movements: |  |  |  |  |  |
Benefits received (paid) | (6) | (6) | 35 | 44 | 29 | 38
Employer contribution | 4 | 4 | - | - | 4 | 4
Balance as of December 31 | 648 | 629 | (993) | (1,075) | (345) | (446)
The actual return on plan assets in 2021, is $23 million, compared with $14 million in 2020 and $61 million in 2019.
Actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages):
| For the year ended December 31
| 2021 | 2020 | 2019
| % | % | %
Discount rate as of December 31 | 2.1 | 1.7 | 2.1
Future salary increases | 3.9 | 3.4 | 3.2
Future pension increase | 2.3 | 2.0 | 2.1
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 2021
| Decrease 10% | Decrease 5% | Increase 5% | Increase 10%
| $ millions | $ millions | $ millions | $ millions
Significant actuarial assumptions |  |  |  |
Salary increases | (14) | (7) | 7 | 14
Discount rate | 20 | 10 | (10) | (20)
Mortality table | 24 | 12 | (12) | (24)
The assumptions regarding the future mortality rate are based on published statistics and accepted mortality tables.

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