/ Breakdown of plan assets
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, 2022 | December 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| (in millions of euros) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Shares | 25 | - | - | 25 | 65 | - | - | 65 |
| Bonds | - | 95 | - | 95 | - | 151 | - | 151 |
| Treasury bonds | - | 137 | - | 137 | - | 220 | - | 220 |
| Real Estate | - | - | 1 | 1 | - | - | 5 | 5 |
| Other | 16 | - | 113 | 129 | 17 | - | 71 | 88 |
| Total | 41 | 232 | 114 | 387 | 82 | 371 | 76 | 529 |
/ Estimate of employer contributions and of future benefits payable
| (in millions of euros) | Pensions plans | Medical cover | Total |
|---|---|---|---|
| Estimated employer contribution for 2023 | Estimated employer contribution for 2023 Pensions plans 25 | Estimated employer contribution for 2023 Medical cover 2 | Estimated employer contribution for 2023 Total 27 |
| (in millions of euros) | Pensions plans | Medical cover | Total |
|---|---|---|---|
| Estimated future benefits payable | |||
| 2023 |
2023 Pensions plans53 |
2023 Medical cover2 |
2023 Total 55 |
| 2024 |
2024 Pensions plans46 |
2024 Medical cover2 |
2024 Total 48 |
| 2025 |
2025 Pensions plans43 |
2025 Medical cover2 |
2025 Total 45 |
| 2026 |
2026 Pensions plans44 |
2026 Medical cover1 |
2026 Total 45 |
| 2027 |
2027 Pensions plans42 |
2027 Medical cover1 |
2027 Total 43 |
| Financial years 2028 to 2031 |
Financial years 2028 to 2031 Pensions plans195 |
Financial years 2028 to 2031 Medical cover6 |
Financial years 2028 to 2031 Total 201 |
| Total over the next 10 financial years |
Total over the next 10 financial yearsPensions plans 423 |
Total over the next 10 financial yearsMedical cover 14 |
Total over the next 10 financial years Total 437 |
The average duration of plans at end-December 2022 was 10 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, 2022 | United States | United Kingdom | Euro zone | Other Country | United States | United Kingdom |
| Discount rate | 4.85% | 4.70% - 4.85% | 3.75% | 1% - 7.10% | 4.85% | 4.70% - 4.85% |
| Future wage increases | n/a | n/a | 2.75% - 3.20%(1) | 1.50% - 5% | 5% | n/a |
| Future pension increases | n/a | 2% - 3.7% | 0% - 2.20%(1) | n/a | n/a | n/a |
(1) For Germany and Belgium.
