2023 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements

Breakdown by country

non-inclus 31/12/2023
(in € millions)   France Germany United Kingdom Switzerland Other countries Total
Actuarial liability from retirement benefit obligations   825 309 1,021 550 139 2,843
Plan assets at fair value   125 7 988 637 130 1,887
Deficit (or surplus)   700 302 33 (87) 9 957
Provision recognised under liabilities on the balance sheet I 718 302 89 3 35 1,148
Overfunded plans recognised under assets on the balance sheet II 18 - 56 3 20 96
Asset ceiling effect (IFRIC 14)(*) III 0 - - 88 7 95
Total I − II − III 700 302 33 (87) 9 957

(*) Effect of asset ceiling rules and minimum funding requirements.

non-inclus 31/12/2022
(in € millions)   France Germany United Kingdom Switzerland Other countries Total
Actuarial liability from retirement benefit obligations   835 334 937 496 155 2,757
Plan assets at fair value   136 7 1,052 586 135 1,916
Deficit (or surplus)   698 327 (114) (90) 20 841
Provision recognised under liabilities on the balance sheet I 708 327 36 2 43 1,117
Overfunded plans recognised under assets on the balance sheet II 10 - 150 2 15 178
Asset ceiling effect (IFRIC 14)(*) III - - - 90 8 98
Total I − II − III 698 327 (114) (90) 20 841

(*) Effect of asset ceiling rules and minimum funding requirements.

Change in actuarial liability and plan assets
(in € millions) non-inclus 2023 2022
Actuarial liability from retirement benefit obligations      
At beginning of period   2,757 3,783
of which obligations covered by plan assets   1,849 2,717
Current service cost   63 88
Actuarial liability discount cost   97 46
Past service cost (plan changes and curtailments)   (23) (22)
Plan settlements   (3) (0)
Actuarial gains and losses recognised in other comprehensive income   40 (971)
of which impact of changes in demographic assumptions   (11) (6)
of which impact of changes in financial assumptions   (12) (1,114)
of which experience gains and losses   63 149
Benefits paid to beneficiaries   (143) (159)
Employee contributions   15 15
Business combinations   1 1
Disposals of companies and other assets   (8) 15
Currency translation differences   48 (39)
At end of period I 2,843 2,757
of which obligations covered by plan assets   1,954 1,849
Plan assets      
At beginning of period   1,916 2,530
Interest income during the period   70 33
Actuarial gains and losses recognised in other comprehensive income (*)   (115) (557)
Plan settlements   (2) -
Benefits paid to beneficiaries   (88) (98)
Contributions paid to funds by the employer   42 39
Contributions paid to funds by employees   15 15
Disposals of companies and other assets   (5) (4)
Currency translation differences   54 (42)
At end of period II 1,887 1,916
Deficit (or surplus) I − II 957 841

(*) Experience gains and losses corresponding to the observed difference between the actual return on plan assets and a nominal return based on the discount rate for the actuarial liability.