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Pension benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of consolidated balance sheet position
Net defined benefit pension asset/(obligation) is as follows:
(In $ millions)December 31, 2021December 31, 2020
Defined benefit obligation - Non-current liabilities(5)— 
Deferred tax asset1 1 
Net defined benefit pension (obligation)/asset(4)1 
Schedule of annual pension cost
We record pension costs in the period during which the services are rendered by the employees.
(In $ millions)Year ended December 31, 2021Year ended December 31, 2020Year ended December 31, 2019
Service cost— 1 3 
Interest cost on prior years’ benefit obligation— — 1 
Gross pension cost for the year— 1 4 
Expected return on plan assets— — (1)
Net pension cost for the year— 1 3 
Impact of settlement/curtailment of defined benefit plans2 1 — 
Total net pension cost2 2 3 
Schedule of funded status of the defined benefit plan
Funded defined benefit pension obligation is as follows:
(In $ millions)December 31, 2021December 31, 2020
Projected defined benefit obligations(16)(16)
Plan assets at market value11 16 
Funded defined benefit pension obligation(5)— 
Change in projected benefit obligations
Change in projected benefit obligation is as follows:
(In $ millions)Year ended December 31, 2021Year ended December 31, 2020Year ended December 31, 2019
Projected benefit obligations at beginning of period16 40 37 
Interest cost— — 1 
Service cost— 1 3 
Benefits paid(1)(1)(2)
Change in unrecognized actuarial gain1 2 — 
Settlement (1)
— (25)— 
Foreign currency translations— (1)1 
Projected benefit obligations at end of period16 16 40 
(1)Two Norwegian defined benefit plans were settled and paid out in the year ending 31 December, 2020.
Change in pension plan assets
Change in pension plan assets is as follows:
(In $ millions)December 31, 2021December 31, 2020December 31, 2019
Fair value of plan assets at beginning of year16 39 33 
Estimated return— — 1 
Contribution by employer1 6 6 
Benefits paid(1)(1)(2)
Actuarial gain— — — 
Settlement (2)
(1)(27)— 
Foreign currency translations— (1)1 
Other (1)
(4)— 
Fair value of plan assets at end of year11 16 39 
(1)In 2021, we received the contribution back for two Norwegian defined benefit plans that were terminated in 2020.
(2) Two Norwegian defined benefit plans were settled and paid out in 2020.
Schedule of assumptions used in calculation of pension obligations
Assumptions used in calculation of pension obligations 
Year ended December 31, 2021Year ended December 31, 2020Year ended December 31, 2019
Rate of compensation increase at the end of year2.25 %2.25 %2.25 %
Discount rate at the end of year1.50 %1.70 %2.30 %
Prescribed pension index factor1.20 %1.20 %2.00 %
Expected return on plan assets for the year2.90 %2.60 %2.60 %
Employee turnover4.00 %4.00 %4.00 %
Expected increases in Social Security Base2.25 %2.00 %2.50 %
Schedule of weighted-average asset allocation of funds related to defined benefit plan
The weighted-average asset allocation of funds related to our defined benefit plan at December 31, was as follows:

Pension benefit plan assets  
December 31, 2021December 31, 2020
Equity securities9.7 %7.2 %
Debt securities65.3 %68.2 %
Real estate13.6 %13.6 %
Money market10.6 %10.6 %
Other0.8 %0.4 %
Total100.0 %100.0 %
Schedule of expected annual pension plan contributions
The table below shows our expected annual pension plans contributions under defined benefit plans for the years ending December 31, 2021-2030. The expected payments are based on the assumptions used to measure our obligations at December 31, 2021 and include estimated future employee services. 
(In $ millions)December 31, 2021
20221 
20231 
20241 
20251 
2025-20303 
Total payments expected during the next 10 years7