Asset retirement obligations

12 Months Ended

Dec. 31, 2024

Asset Retirement Obligation Disclosure [Abstract]

13. Asset retirement obligations

Asset retirement obligations (AROs) are legal obligations associated with the retirement of long-lived assets, including legal obligations for land reclamation. Recognition of a liability for an ARO is required in the period in which it is incurred at its estimated fair value. The associated asset retirement costs are capitalized as part of the carrying amount of the underlying asset and depreciated over the estimated useful life of the asset. The liability is accreted through charges to Cost of revenues. If the ARO is settled for other than the carrying amount of the liability, a gain or loss on settlement is recognized.

ARO costs related to accretion of the Company’s liabilities and the depreciation of the related assets for the years ended December 31 were:


in $ millions	2024	2023	2022
Accretion	9	12	11
Depreciation	12	27	46
Total costs	21	39	57

AROs are reported within Other current liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets. At December 31, 2024 and 2023, the carrying amount of the Company’s AROs were $385 million and $360 million, of which, $66 million and $50 million are current, respectively.