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 29.
| unspecified | December 31, 2023 | December 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|
| (in millions of euros) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
| Shares | 26 | - | - | 26 | 25 | - | - | 25 |
| Bonds | - | 93 | - | 93 | - | 95 | - | 95 |
| Treasury bonds | - | 119 | - | 119 | - | 137 | - | 137 |
| Real Estate | - | - | 1 | 1 | - | - | 1 | 1 |
| Other | 52 | - | 115 | 167 | 16 | - | 113 | 129 |
| Total | 78 | 12 | 116 | 406 | 41 | 232 | 114 | 387 |
| (in millions of euros) | Pension plans | Medical | Total |
|---|---|---|---|
| Estimated employer contribution for 2024 | Estimated employer contribution for 2024Pension plans28 |
Estimated employer contribution for 2024 Medical 2 |
Estimated employer contribution for 2024 Total 30 |
| (in millions of euros) | Pension plans | Medical | Total |
|---|---|---|---|
| Estimated future benefits payable |
Estimated future benefits payable Pension plans not-included |
Estimated future benefits payable Medical not-included |
Estimated future benefits payable Total not-included |
| 2024 |
2024 Pension plans 55 |
2024 Medical 2 |
2024 Total 57 |
| 2025 |
2025 Pension plans 47 |
2025 Medical 2 |
2025 Total 49 |
| 2026 |
2026 Pension plans 46 |
2026 Medical 1 |
2026 Total 47 |
| 2027 |
2027 Pension plans 44 |
2027 Medical 1 |
2027 Total 45 |
| 2028 |
2028 Pension plans 41 |
2028 Medical 1 |
2028 Total 42 |
| Financial years 2029 to 2032 |
Financial years 2029 to 2032 Pension plans 198 |
Financial years 2029 to 2032 Medical 6 |
Financial years 2029 to 2032 Total 204 |
| Total over the next 10 financial years |
Total over the next 10 financial years Pension plans 431 |
Total over the next 10 financial years Medical 13 |
Total over the next 10 financial years Total 444 |
The average duration of plans at end‑December 2023 was ten 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.
| not-included | Pension plans | Post‑employment medical cover | ||||
|---|---|---|---|---|---|---|
| December 31, 2023 | United States | United Kingdom | Euro zone | Other Country | United States | United Kingdom |
| Discount rate | 4.70% | 4.50% - 4.55% | 3.15% | 1.30% - 7.10% | 4.70% | 4.50% - 4.55% |
| Future wage increases | n/a | n/a | 2.65% - 3.10(1) | 1.5% - 10.00% | 5% | n/a |
| Future pension increases | n/a | 2% - 3,6% | 0 % -2.10%(1) | n/a | n/a | n/a |
