XML 71 R53.htm IDEA: XBRL DOCUMENT v3.24.0.1
Post-Employment and Other Long-Term Employees Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Changes in Benefit Obligation and Plan Assets
The changes in benefit obligation and plan assets were as follows:
Pension BenefitsOther Long-Term Benefits
December 31,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Change in benefit obligation:
Benefit obligation at beginning of year886 1,165 86 94 
Service cost28 33 17 17 
Interest cost35 27 3 1 
Employee contributions5 4 — — 
Plan amendments(1)— — — 
Benefits paid(18)(22)(9)(6)
Effect of settlement(1)(14)— — 
Actuarial (gain) loss39 (260)(2)(15)
Foreign currency translation35 (47)4 (5)
Benefit obligation at end of year1,008 886 99 86 
Change in plan assets:
Plan assets at fair value at beginning of year567 743 — — 
Actual return on plan assets38 (157)— — 
Employer contributions26 25 — — 
Employee contributions5 4 — — 
Benefits paid(4)(9)— — 
Effect of settlement(1)(14)— — 
Business combination— — — — 
Foreign currency translation23 (25)— — 
Plan assets at fair value at end of year654 567 — — 
Funded status(354)(319)(99)(86)
Amounts recorded in the consolidated balance sheets
Other investments and other non-current assets15 9 — — 
Other payables and accrued liabilities (15)(11)(7)(5)
Other non-current liabilities— — (92)(81)
Post-employment benefit obligations(354)(317)— — 
Net amount recorded(354)(319)(99)(86)
Accumulated Other Comprehensive Income (Loss) Before Tax Effects
The components of accumulated other comprehensive loss (income) before tax effects were as follows:
Actuarial
(gains)/losses		Prior service
cost		Total
Accumulated other comprehensive loss as of
   December 31, 2021		142 2 144 
Net amount generated/arising in current year(80)— (80)
Amortization(3)(1)(4)
Foreign currency translation adjustment(10)— (10)
Accumulated other comprehensive loss as of
   December 31, 2022		49 1 50 
Net amount generated/arising in current year25 (1)24 
Amortization(6)(1)(7)
Foreign currency translation adjustment1 — 1 
Accumulated other comprehensive loss as of
   December 31, 2023		69 (1)68 
Schedule of Accumulated Benefit Obligations
The accumulated benefit obligations were as follows:
Pension BenefitsOther Long-Term Benefits
December 31,
2023		December 31,
2022		December 31,
2023		December 31,
2022
Accumulated benefit obligations808 778 35 25 
Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost included the following:
Pension BenefitsOther Long-term Benefits
Year ended
December 31,
2023		Year ended
December 31,
2022		Year ended
December 31,
2021		Year ended
December 31,
2023		Year ended
December 31,
2022		Year ended
December 31,
2021
Service cost28 33 36 17 17 13 
Interest cost35 27 21 3 1 1 
Expected return on plan assets(24)(23)(24)— — — 
Amortization of actuarial net loss (gain)6 6 12 (2)(14)— 
Amortization of prior service cost1 1 1 — — — 
Effect of settlement1 — — — — — 
Net periodic benefit cost47 44 46 18 4 14 
Weighted Average Assumptions Used in Determination of Benefit Obligation and Plan Assets
The weighted average assumptions used to determine the benefit obligation and the periodic benefit costs for pension plans and other long-term benefits were as follows:
202320222021
Benefit obligation
Discount rate3.73 %4.18 %1.84 %
Salary increase rate2.17 %2.31 %2.27 %
Net periodic benefit cost
Discount rate4.18 %1.84 %1.45 %
Salary increase rate2.31 %2.27 %2.43 %
Expected long-term rates of return on plan assets2.66 %3.19 %3.44 %
Pension Plan Asset Allocation
The Company’s pension plan asset allocation as of December 31, 2023 and December 31, 2022 is as follows:
Percentage of Plan Assets
at December
Asset Category20232022
Cash and cash equivalents1 %1 %
Equity securities13 %17 %
Government debt securities11 %10 %
Corporate debt securities19 %21 %
Investments in funds(a)
15 %16 %
Real estate1 %1 %
Other (mainly insurance assets – contracts and
   reserves)		40 %34 %
Total100 %100 %

(a)     As of December 31, 2023, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of fixed income (68%) - mainly corporate bonds, equities (24%), time deposits and money market (5%) and other instruments (3%). As of December 31, 2022, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of fixed income (79%) - mainly corporate bonds, time deposits and money market (11%) and other instruments (10%).
Pension Plan Asset Allocation Including Fair-Value Measurements
The Company’s detailed pension plan asset allocation including the fair-value measurements of those plan assets as of December 31, 2023 is as follows:
TotalQuoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents7 7 — — 
Equity securities87 1 86 — 
Government debt securities69 — 69 — 
Corporate debt securities123 — 101 22 
Investment funds100 14 86 — 
Real estate9 — 9 — 
Other (mainly insurance assets –
   contracts and reserves)		259 — 48 211 
TOTAL654 22 399 233 


The Company’s detailed pension plan asset allocation including the fair-value measurements of those plan assets as of December 31, 2022 is as follows:

TotalQuoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents4 4 — — 
Equity securities95 1 94 — 
Government debt securities59 — 59 — 
Corporate debt securities120 — 98 22 
Investment funds87 1 86 — 
Real estate6 — 6 — 
Other (mainly insurance assets –
   contracts and reserves)		194 — 38 156 
TOTAL565 6 381 178 
Reconciliation for Plan Assets Measured at Fair Value Using Unobservable Inputs (Level 3)
For plan assets measured at fair value using significant unobservable inputs (Level 3), the reconciliation between January 1, 2023 and December 31, 2023 is presented as follows:
Fair Value
Measurements
using
Significant
Unobservable
Inputs
(Level 3)
January 1, 2023178 
Contributions (employer and employee)21 
Actual return on plan assets (b)
4 
Net benefit payments (a)
14 
Settlements (b)
(1)
Foreign currency translation adjustment (c)
17 
December 31, 2023233 


(a)    Net cash flows between benefits paid from the insurance contracts and benefits transferred into the insurance contracts by employees.
(b)    Included in non operating expenses in the consolidated statement of income.
(c)    Unrealized gains included in the consolidated statement of comprehensive income.
For plan assets measured at fair value using significant unobservable inputs (Level 3), the reconciliation between January 1, 2022 and December 31, 2022 is presented as follows:
Fair Value
Measurements
using
Significant
Unobservable
Inputs
(Level 3)
January 1, 2022167
Contributions (employer and employee)21
Net benefit payments (a)
9
Settlements(14)
Foreign currency translation adjustment(5)
December 31, 2022178


(a)    Net cash flows between benefits paid from the insurance contracts and benefits transferred into the insurance contracts by employees.
Estimated Future Benefit Payments
The Company’s estimated future benefit payments as of December 31, 2023 are as follows:
YearsPension
Benefits		Other
Long-term
Benefits
2024597
2025638
2026868
2027549
2028608
From 2029 to 203337544