XML 114 R45.htm IDEA: XBRL DOCUMENT v3.20.1
Employee benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure of employee benefits [Abstract]  
Disclosure of defined benefit plans
Actuarial assumptions — all plans
 
 
For the year ended December 31,
 
 
2019
 
2018
 
2017
Discount rates at December 31
 
0.8% - 7.4%
 
0.5% - 9.6%
 
0.6% - 8.0%
Future salary increases
 
0.0% - 5.5%
 
0.0% - 6.2%
 
0.0% - 7.0%
Future pension increases
 
0.0%
 
0.0% - 1.8%
 
0.0% - 3.7%
Summary of employee benefits liabilities
 
 
As of December 31,
(In $ million)
 
2019
 
2018
Salaries and wages accrued
 
133

 
122

Provision for annual leave
 
31

 
33

Provision for other employee benefits
 
56

 
52

Provision for exit from multi-employer pension plans
 
65

 
64

Defined benefit obligations:
 
 
 
 
Pension benefits
 
695

 
854

Post-employment medical benefits
 
102

 
94

Total employee benefits liabilities
 
1,082

 
1,219

Current
 
187

 
178

Non-current
 
895

 
1,041

Total employee benefits liabilities
 
1,082

 
1,219
Schedule of changes in obligations
Movement in defined benefit pension obligations
 
 
Defined benefit obligation
 
Fair value of plan assets
 
Net defined benefit liability (asset)
(In $ million)
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Balance as of January 1
 
4,363

 
4,830

 
(3,509
)
 
(3,990
)
 
854

 
840

Included in profit or loss:
 
 
 
 
 
 
 
 
 
 
 
 
Current service cost
 
8

 
9

 
—

 
—

 
8

 
9

Interest cost (income)
 
173

 
168

 
(138
)
 
(139
)
 
35

 
29

Administrative expenses
 
—

 
—

 
44

 
33

 
44

 
33

Settlement (gain)
 
(14
)
 
—

 
—

 
—

 
(14
)
 
—

Total expense (income) recognized in profit or loss
 
167

 
177

 
(94
)
 
(106
)
 
73

 
71

Remeasurement (gains) losses:
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial (gains) losses arising from:
 
 
 
 
 
 
 
 
 
 
 
 
Demographic assumptions
 
(50
)
 
(1
)
 
—

 
—

 
(50
)
 
(1
)
Financial assumptions
 
521

 
(302
)
 
—

 
—

 
521

 
(302
)
Return on plan assets, excluding interest income
 
—

 
—

 
(695
)
 
283

 
(695
)
 
283

Total remeasurement (gains) losses
 
471

 
(303
)
 
(695
)
 
283

 
(224
)
 
(20
)
Other movements:
 
 
 
 
 
 
 
 
 
 
 
 
Contributions by the Group
 
—

 
—

 
(6
)
 
(25
)
 
(6
)
 
(25
)
Benefits paid by the plans
 
(494
)
 
(299
)
 
494

 
299

 
—

 
—

Business disposals / Plans assumed
 
16

 
(42
)
 
(19
)
 
29

 
(3
)
 
(13
)
Effect of movements in exchange rates
 
2

 
—

 
(1
)
 
1

 
1

 
1

Total other movements
 
(476
)
 
(341
)
 
468

 
304

 
(8
)
 
(37
)
Balance as of December 31
 
4,525

 
4,363

 
(3,830
)
 
(3,509
)
 
695

 
854

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprised of:
 
 
 
 
 
 
 
 
 
 
 
 
Reynolds Group Pension Plan
 
4,470

 
4,234

 
(3,816
)
 
(3,439
)
 
654

 
795

Other plans
 
55

 
129

 
(14
)
 
(70
)
 
41

 
59

Balance as of December 31
 
4,525

 
4,363

 
(3,830
)
 
(3,509
)
 
695

 
854

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprised of:
 
 
 
 
 
 
 
 
 
 
 
 
Funded plans
 
 
 
 
 
 
 
 
 
655

 
814

Unfunded plans
 
 
 
 
 
 
 
 
 
40

 
40

Total net pension benefits liability
 
 
 
 
 
 
 
 
 
695

 
854

Movement in the post-employment medical obligations
 
 
For the year ended December 31,
(In $ million)
 
2019
 
2018
Liability for post-employment medical obligations as of the beginning of the year
 
94

 
106

Included in profit or loss:
 
 
 
 
Current service cost
 
1

 
1

Interest cost
 
4

 
4

Past service cost
 
1

 
—

Total expense recognized in profit or loss
 
6

 
5

Remeasurement (gains) losses:
 
 
 
 
Actuarial (gains) losses from changes in demographic assumptions
 
(5
)
 
(4
)
Actuarial (gains) losses from changes in financial assumptions
 
13

 
(7
)
Total remeasurement (gains) losses
 
8

 
(11
)
Other movements:
 
 
 
 
Benefits paid by the plans
 
(6
)
 
(6
)
Total other movements
 
(6
)
 
(6
)
Liability for post-employment medical obligations as of the end of the year
 
102

 
94
Schedule of expenses recognized in the statement of comprehensive income
The expense is recognized in the following components in the statements of comprehensive income:
 
 
For the year ended December 31,
(In $ million)
 
2019
 
2018
 
2017
Cost of sales
 
11

 
12

 
13

General and administration expenses
 
61

 
58

 
61

Total plan net expense from continuing operations
 
72

 
70

 
74

Discontinued operations
 
1

 
1

 
1

Total plan net expense
 
73

 
71

 
75
Schedule of plan assets
Plan assets consist of the following:
 
 
As of December 31,
(In $ million)
 
2019
 
2018
Equity instruments
 
2,422

 
2,149

Debt instruments
 
866

 
658

Property
 
439

 
429

Other
 
103

 
273

Total plan assets
 
3,830

 
3,509
Summary of effects of a one-half percentage point change
Assumed health care cost trend rates have a significant effect on the amounts recognized in the statement of comprehensive income. A one percentage point change in assumed health care cost trend rates would have the following effects:
(In $ million)
 
Increase in rates
 
Decrease in rates
Increase (decrease) in the net plan expense
 
—

 
—

Increase (decrease) in the post-employment medical obligations
 
(2
)
 
(2
)
A one-half percentage point change in assumed discount rates would have the following effects:
(In $ million)
 
Increase in rates
 
Decrease in rates
Increase (decrease) in the net plan expense
 
(6
)
 
4

Increase (decrease) in the defined benefit obligation
 
(221
)
 
242

Discount rates have a significant effect on the amounts recognized in the statement of comprehensive income. A one-half percentage point change in discount rates would have the following effects:
(In $ million)
 
Increase in rates
 
Decrease in rates
Increase (decrease) in the net plan expense
 
—

 
—

Increase (decrease) in the post-employment medical obligations
 
(5
)
 
6