Pension and other postretirement benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension and other postretirement benefits

15. Pension and other postretirement benefits

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost (income) recognized in the Condensed Consolidated Statements of Income for the Pension and Other Postretirement Benefit (OPEB) Plans were:

	U.S.				Non-U.S.
	Three months ended		Nine months ended		Three months ended		Nine months ended
	September 30		September 30		September 30		September 30
in $ millions	2024	2023	2024	2023	2024	2023	2024	2023
Service cost	–	–	–	–	10	9	30	25
Interest cost	6	6	18	18	22	23	64	69
Expected return on assets	(5)	(5)	(15)	(15)	(23)	(23)	(67)	(69)
Amortization of:
Past service credit	–	–	–	–	(3)	(3)	(9)	(9)
Actuarial loss	1	1	3	3	1	–	3	–
Settlement gain (i)	–	–	–	–	–	–	(3)	–
Net periodic benefit cost (ii) (iii)	2	2	6	6	7	6	18	16

(i)     Settlement gain of $3 million relates to pension plans divested as part of the sale of the Company's Lime operations in Europe and is included in gain on divestitures and unrealized gains on investments, within Other nonoperating income, net.

(ii) Includes net periodic benefit cost of $1 million and $1 million related to OPEB plans for the three months ended September 30, 2024 and September 30, 2023, and $3 million and $3 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

(iii) Service cost is included within Cost of revenues and Selling, general and administrative expenses while all other cost components are recorded within Other nonoperating income, net.