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Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Classes of employee benefits expense [abstract] |
Schedule of composition of employee benefits | Composition of employee benefits:
| As of December 31
| 2023 | 2022
| $ millions | $ millions
Fair value of plan assets | 453 | 432
Termination benefits | (64) | (86)
Defined benefit obligation | (653) | (664)
| (264) | (318)
Schedule of composition of fair value of the plan assets | Composition of fair value of the plan assets:
| As of December 31
| 2023 | 2022
| $ millions | $ millions
Equity instruments |  |
With quoted market price | 138 | 126
Without quoted market price | 38 | 40
| 176 | 166
Debt instruments |  |
With quoted market price | 240 | 232
Without quoted market price | 13 | 10
| 253 | 242
Deposits with insurance companies | 24 | 24
| 453 | 432
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
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022
| $ millions | $ millions | $ millions | $ millions | $ millions | $ millions
Balance as of January 1 | 432 | 648 | (664) | (993) | (232) | (345)
Income (costs) included in profit or loss: |  |  |  |  |  |
Current service costs | - | - | (15) | (23) | (15) | (23)
Interest income (expenses) | 20 | 12 | (31) | (20) | (11) | (8)
Past service cost | - | - | (1) | - | (1) | -
Effect of movements in exchange rates, net | (6) | (32) | 10 | 56 | 4 | 24
Included in other comprehensive income: |  |  |  |  |  |
Actuarial profits (losses) deriving from changes in financial assumptions | - | - | 24 | 230 | 24 | 230
Other actuarial gains | 8 | (147) | - | - | 8 | (147)
Change with respect to translation differences, net | 12 | (34) | (15) | 43 | (3) | 9
Other movements: |  |  |  |  |  |
Benefits received (paid) | (19) | (20) | 39 | 43 | 20 | 23
Employer contribution | 6 | 5 | - | - | 6 | 5
Balance as of December 31 | 453 | 432 | (653) | (664) | (200) | (232)
Schedule of actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages):
| For the year ended December 31
| 2023 | 2022 | 2021
| % | % | %
Discount rate as of December 31 | 4.9 | 4.7 | 2.1
Future salary increases | 3.6 | 3.9 | 3.9
Future pension increase | 2.6 | 2.8 | 2.3
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 2023
| Decrease 10% | Decrease 5% | Increase 5% | Increase 10%
| $ millions
Significant actuarial assumptions |  |  |  |
Salary increases | (10) | (5) | 5 | 10
Discount rate | 28 | 14 | (14) | (28)
Mortality table | 14 | 7 | (7) | (14)

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