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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Classes of employee benefits expense [abstract] |
Schedule of composition of employee benefits | Composition of employee benefits:
| As of December 31
| 2022 | 2021
| $ millions | $ millions
Fair value of plan assets | 432 | 648
Termination benefits | (86) | (135)
Defined benefit obligation | (664) | (993)
| (318) | (480)
Schedule of composition of fair value of the plan assets | Composition of fair value of the plan assets:
| As of December 31
| 2022 | 2021
| $ millions | $ millions
Equity instruments |  |
With quoted market price | 126 | 230
Without quoted market price | 40 | 50
| 166 | 280
Debt instruments |  |
With quoted market price | 232 | 337
Without quoted market price | 10 | 3
| 242 | 340
Deposits with insurance companies | 24 | 28
| 432 | 648
Schedule of 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
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021
| $ millions | $ millions | $ millions | $ millions | $ millions | $ millions
Balance as of January 1 | 648 | 629 | (993) | (1,075) | (345) | (446)
Income (costs) included in profit or loss: |  |  |  |  |  |
Current service costs | - | - | (23) | (24) | (23) | (24)
Interest income (expenses) | 12 | 6 | (20) | (14) | (8) | (8)
Past service cost | - | - | - | 12 | - | 12
Effect of movements in exchange rates, net | (32) | 8 | 56 | (16) | 24 | (8)
Included in other comprehensive income: |  |  |  |  |  |
Actuarial profits (losses) deriving from changes in financial assumptions | - | - | 230 | 68 | 230 | 68
Other actuarial gains | (147) | 17 | - | - | (147) | 17
Change with respect to translation differences, net | (34) | (10) | 43 | 21 | 9 | 11
Other movements: |  |  |  |  |  |
Benefits received (paid) | (20) | (6) | 43 | 35 | 23 | 29
Employer contribution | 5 | 4 | - | - | 5 | 4
Balance as of December 31 | 432 | 648 | (664) | (993) | (232) | (345)
Schedule of actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages):
| For the year ended December 31
| 2022 | 2021 | 2020
| % | % | %
Discount rate as of December 31 | 4.7 | 2.1 | 1.7
Future salary increases | 3.9 | 3.9 | 3.4
Future pension increase | 2.8 | 2.3 | 2.0
Schedule of sensitivity analysis | Assuming all other assumptions remain constant, the following reasonably possible changes affect the defined benefit obligation as of the date of the financial statements in the following manner:
| December 2022
| Decrease 10% | Decrease 5% | Increase 5% | Increase 10%
| $ millions
Significant actuarial assumptions |  |  |  |
Salary increases | (11) | (6) | 6 | 11
Discount rate | 28 | 14 | (14) | (28)
Mortality table | 13 | 6 | (6) | (13)
The assumptions regarding the future mortality rates are based on published statistics and accepted mortality tables.
| H. | The Effect of the plans on the Company's future cash flows
The expenses recorded in respect of defined contribution plans in 2022 are $39 million (compared with $43 million in 2021 and $39 million in 2020). The Company estimates that the expected deposits in 2023 to fund defined benefit plans are about $8 million. As of December 31, 2022, the Company estimates that the life of the defined benefit plans, based on a weighted average, is about 11 years (compared with 13.6 years in 2021).
| I. | Long-term incentive plan
| (1) | In February 2023, the Company’s HR & Compensation Committee and the Board of Directors approved a new biennial equity grant for the years 2023-2024 in the form of options exercisable to the Company's ordinary shares. For further information, see Note 19.
| (2) | In November 2021, Company's HR & Compensation Committee and the Board of Directors approved a new Cash LTI plan, according to which, other senior managers will be awarded a cash incentive in 2025, the fair value of the grant as of the reporting date is about $37 million. The grant is subject to achievement of certain financial targets over the three years and can be affected by the change in share price.

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