The table below provides a breakdown of plans by asset type and by fair value hierarchy. The various fair value hierarchy levels are defined in Note 28.
| December 31, 2021 | December 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| (in millions of euros) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Shares | 65 | - | - | 65 | 70 | - | - | 70 |
| Bonds | - | 151 | - | 151 | - | 131 | - | 131 |
| Treasury bonds | - | 220 | - | 220 | - | 207 | - | 207 |
| Real Estate | - | - | 5 | 5 | - | - | 8 | 8 |
| Others | 17 | - | 71 | 88 | 12 | - | 67 | 79 |
| Total | 82 | 371 | 76 | 529 | 82 | 338 | 75 | 495 |
| (in millions of euros) | Pension plans | Medical cover | Total |
|---|---|---|---|
| Estimated employer contribution for 2021 |
Estimated employer contribution for 2021 Pension plans 23 |
Estimated employer contribution for 2021 Medical cover 2 |
Estimated employer contribution for 2021 Total 25 |
| (in millions of euros) | Pension plans | Medical cover | Total |
|---|---|---|---|
| Estimated future benefits payable |
Estimated future benefits payable Pension plans
|
Estimated future benefits payable Medical cover
|
Estimated future benefits payable Total
|
| 2022 |
2022 Pension plans 49 |
2022 Medical cover 2 |
2022 Total 51 |
| 2023 |
2023 Pension plans 44 |
2023 Medical cover 2 |
2023 Total 46 |
| 2024 |
2024 Pension plans 44 |
2024 Medical cover 2 |
2024 Total 46 |
| 2025 |
2025 Pension plans 42 |
2025 Medical cover 2 |
2025 Total 44 |
| 2026 |
2026 Pension plans 43 |
2026 Medical cover 1 |
2026 Total 4 |
| Financial years 2027 to 2030 |
Financial years 2027 to 2030 Pension plans 200 |
Financial years 2027 to 2030 Medical cover 6 |
Financial years 2027 to 2030 Total 206 |
| Total over the next 10 financial years |
Total over the next 10 financial years Pension plans 422 |
Total over the next 10 financial years Medical cover 15 |
Total over the next 10 financial years Total 437 |
The average duration of plans at end-December 2021 was 12 years.
Discount rates are calculated using the rates of long-term investment grade corporate bonds (minimum AA rating) with maturities equivalent to the length of the plans assessed. They were determined based on external indexes commonly considered to be benchmarks, namely the iBoxx in Europe and the Aon AA-AAA Bond Universe in the United States.
| Pension plans | Post-employment medical cover | |||||
|---|---|---|---|---|---|---|
| December 31, 2021 | United States | United Kingdom | Euro Zone | Other countries | United States | United Kingdom |
| Discount rate | 2.42% |
1.60% to 1.70% |
0.90% |
0.25% to 5.65% |
2.42% | 1.60% to 1.70% |
| Future wage increases | n/a | n/a |
2.35% to 2.80%(1) |
1.25% to 8% |
5% | n/a |
| Future pension increases | n/a | 3.7% | 1.80%(2) | n/a | n/a | n/a |
