EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2019

Employee benefits [Abstract]

Group's provision for employee benefits

The Group’s provisions for employee benefits are as follows:

	At December 31,
	2019	2018
	(€ thousand)
Present value of defined benefit obligations:
Italian employee severance indemnity (TFR)	21,795	21,195
Pension plans	134	485
Total present value of defined benefit obligations	21,929	21,680
Other provisions for employees	66,187	64,895
Total provisions for employee benefits	88,116	86,575

Disclosure of defined benefit plans

The expected benefit payments for the defined benefit obligations are as follows:

	Expected benefit payments
	TFR	Pension plans
	(€ thousand)
2020	1,396	2
2021	1,677	2
2022	1,808	2
2023	1,531	2
2024	1,599	2
Beyond 2024	6,086	611
Total	14,097	621

The following table summarizes the changes in the defined benefit obligations:

	TFR liability		Pension plans		Total
	(€ thousand)
Amounts at December 31, 2017	22,641		604		23,245
Included in the consolidated income statement	—		55		55
Included in other comprehensive income/(loss) (*)	(390	)	(28	)	(418	)
Other	(1,056	)	(146	)	(1,202	)
Benefits paid	(1,620	)	(169	)	(1,789	)
Other changes	564		23		587
Amounts at December 31, 2018	21,195		485		21,680
Included in the consolidated income statement	—		(492	)	(492	)
Included in other comprehensive income/(loss) (*)	1,899		176		2,075
Other	(1,299	)	(35	)	(1,334	)
Benefits paid	(1,490	)	(24	)	(1,514	)
Other changes	191		(11	)	180
Amounts at December 31, 2019	21,795		134		21,929

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(*) Relates to actuarial losses/(gains) from financial assumptions.

Disclosure of amounts recognized in the consolidated income statement

Amounts recognized in the consolidated income statement are as follows:

	For the years ended December 31,
	2019					2018			2017
	TFR	Pension plans		Total		TFR	Pension plans	Total	TFR	Pension plans	Total
	(€ thousand)
Current service cost	—	26		26		—	55	55	—	141	141
Interest expense	—	—		—		—	—	—	—	1	1
Past service adjustments	—	(518	)	(518	)	—	—	—	—	—	—
Total recognized in the consolidated income statement	—	(492	)	(492	)	—	55	55	—	142	142

Disclosure of the sensitivity of defined benefit plan to changes in principle assumptions

The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:

	At December 31,
	2019			2018
	Changes in assumption of +1% discount rate		Changes in assumption of -1% discount rate	Changes in assumption of +1% discount rate		Changes in assumption of -1% discount rate
	(€ thousand)
Impact on defined benefit obligation	(1,695	)	1,951	(1,647	)	1,891