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Pension and other postretirement benefits (Tables)

12 Months Ended

Dec. 31, 2025

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The change in benefit obligation, change in plan assets, funded status of pension and other postretirement benefit (OPEB) plans, and amounts recognized in the Consolidated Balance Sheets were:


	Pension Plans				OPEB Plans (i)
in $ millions	2025		2024		2025	2024
	U.S.	Non-U.S.	U.S.	Non-U.S.
Change in benefit obligation:
Benefit obligation at beginning of year	464	2,283	496	2,414	95	105
Service cost	1	39	2	39	2	3
Interest cost	25	81	24	81	5	5
Amendments	1	–	–	–	–	–
Actuarial losses and (gains)	17	(173)	(24)	(28)	10	(10)
Benefits paid	(36)	(98)	(34)	(104)	(5)	(5)
Plan participant contributions	–	13	–	10	–	–
Curtailments	–	(2)	–	(4)	–	–
Settlements	–	(11)	–	(7)	–	–
Net transfer (out) in (including the effect of any business combinations/divestitures)	–	(29)	–	27	–	(1)

Foreign currency rate changes	–	268	–	(145)	1	(2)
Benefit obligation at end of year	472	2,371	464	2,283	108	95

Change in plan assets:
Fair value of plan assets at beginning of year	434	2,463	449	2,524	–	–
Actual gain on plan assets	30	61	17	77	–	–
Employer contributions	2	34	2	36	5	5
Plan participant contributions	–	13	–	10	–	–
Benefits paid	(36)	(98)	(34)	(104)	(5)	(5)
Settlements	–	(11)	–	(7)	–	–
Net transfer (out) in (including effect of any business combinations/divestitures)	–	(29)	–	82	–	–

Foreign currency rate changes	–	301	–	(155)	–	–
Fair value of plan assets at end of year	430	2,734	434	2,463	–	–

Reconciliation of funded status:
Fair value of plan assets	430	2,734	434	2,463	–	–
Benefit obligation	472	2,371	464	2,283	108	95
Funded status	(42)	363	(30)	180	(108)	(95)
Accumulated Benefit Obligation	471	2,316	464	2,231

Amounts recognized in the Consolidated Balance Sheets:
Noncurrent assets	–	474	–	290	–	–
Current liabilities	(2)	(5)	(2)	(4)	(6)	(6)

Noncurrent liabilities	(40)	(106)	(28)	(106)	(102)	(89)

Funded status at end of year	(42)	363	(30)	180	(108)	(95)


Net actuarial (loss) gain	(55)	(64)	(45)	(190)	29	42
Prior service (cost) credit	(2)	70	(1)	74	2	2
Total accumulated other comprehensive (loss) income	(57)	6	(46)	(116)	31	44

(i) Includes a benefit obligation of $9 million and $8 million related to non-U.S. OPEB plans as of December 31, 2025 and 2024, respectively.

Schedule of Pension Plans where Accumulated Benefit Obligation (“ABO”) Projected Benefit Obligation (“PBO”) Exceeds the Fair Value of Respective Plan Assets

The pension and other postretirement plans for which their accumulated benefit obligation, projected benefit obligation or accumulated postretirement benefit obligation exceeds the fair value of their respective plan assets as of December 31 were:


in $ millions	U.S. Plans		Non-U.S. Plans
	2025	2024	2025	2024
Pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	472	464	138	565
Fair value of plan assets	430	434	31	458

Pension plans with accumulated benefit obligations in excess of plan assets:
Accumulated benefit obligation	471	464	130	147
Fair value of plan assets	430	434	38	61
Other postretirement plans with accumulated postretirement benefit obligations in excess of plan assets:
Accumulated postretirement benefit obligation	–	–	6	6
Fair value of plan assets	–	–	–	–

Schedule of Net Benefit Costs

The total retirement benefit expense recognized in the Consolidated Statements of Income for the years ended December 31 were:


in $ millions	2025	2024	2023
Total defined contribution expense	371	345	320
Total defined benefit expense	21	34	31
Total expense within the Consolidated Statements of Income	392	379	351

The components of net periodic benefit cost recognized in the Consolidated Statements of Income for the years ended December 31 were:


	Pension Plans						OPEB Plans (ii)
in $ millions	U.S.			Non-U.S.
	2025	2024	2023	2025	2024	2023	2025	2024	2023
Service cost	1	2	1	39	39	31	2	3	2
Interest cost	25	24	24	81	81	86	5	5	5
Expected return on assets	(23)	(21)	(20)	(99)	(87)	(91)	–	–	–
Amortization of:
Prior service credit	–	–	–	(12)	(12)	(11)	–	–	–
Actuarial loss (gain)	–	2	3	8	6	4	(3)	(2)	(3)
Curtailment gain	–	–	–	(3)	(3)	–	–	–	(1)
Settlement (gain) loss (i)	–	–	–	–	(3)	1	–	–	–
Net periodic benefit cost (iii)	3	7	8	14	21	20	4	6	3

(i) Settlement gain of $3 million, for the year ended December 31, 2024, relates to pension plans divested as part of the divestiture of the European Lime operations and is included in gain on divestitures, within Other nonoperating income (expense), net.

(ii) Includes the net periodic benefit cost of $nil million, related to non-U.S. OPEB plans for each of the years ended December 31, 2025, 2024, and 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 (expense), net.

The changes in plan assets and benefit obligations that were recognized in Other comprehensive loss (income) for the years ended December 31 were:


	Pension Plans						OPEB Plans (i)
in $ millions	U.S.			Non-U.S.
	2025	2024	2023	2025	2024	2023	2025	2024	2023
Net actuarial loss (gain)	10	(20)	(8)	(135)	(17)	126	10	(10)	3
Prior service cost (credit)	1	–	–	–	–	(1)	–	–	–
Amortization or curtailment recognition of prior service credit	–	–	–	13	12	11	–	–	–
Amortization or settlement recognition of net (loss) gain	–	(2)	(3)	(8)	(5)	(4)	3	2	3
Foreign currency exchange effects	–	–	–	7	(4)	(2)	–	–	–
Amount recognized in other comprehensive loss (income) (i)	11	(22)	(11)	(123)	(14)	130	13	(8)	6
Amount recognized in net periodic pension benefit cost and other comprehensive loss (income)	14	(15)	(3)	(109)	3	150	17	(2)	9

(i) Includes an amount recognized in Other comprehensive loss (income) of $nil million, $nil million and $1 million related to non-U.S. OPEB plans for the years ended December 31, 2025, 2024, and 2023, respectively.

Schedule of Weighted Average Assumptions

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31 were:


	Pension Plans												OPEB Plans
	U.S.						Non-U.S.
	2025		2024		2023		2025		2024		2023		2025		2024		2023
Discount rate	5.55	%	4.95	%	5.20	%	3.41	%	3.49	%	4.13	%	5.34	%	4.86	%	5.08	%
Rate of compensation increase	N/A		N/A		N/A		2.88	%	3.22	%	3.22	%	2.33	%	2.75	%	2.80	%
Expected long‐term rate of return on plan assets	6.00	%	5.50	%	5.50	%	3.90	%	3.62	%	4.04	%	N/A		N/A		N/A
Interest crediting rates	N/A		N/A		N/A		1.60	%	1.60	%	1.50	%	N/A		N/A		N/A

The weighted average assumptions used to determine the benefit obligation as of December 31 were:


	Pension Plans								OPEB Plans
	U.S.				Non-U.S.
	2025		2024		2025		2024		2025		2024
Discount rate	5.20	%	5.55	%	3.78	%	3.41	%	5.08	%	5.34	%
Rate of compensation increase	N/A		N/A		2.77	%	2.88	%	2.27	%	2.33	%

Schedule of Allocation of Plan Assets

The target allocation ranges and fair values by asset class as of December 31 were:


	Pension Plans
	Target allocation ranges
	U.S. Plans	Non-U.S. Plans
	2025 (%)
Cash and cash equivalents	–	0-5
Equity instruments (i)	10-30	15-25
Debt instruments (ii)	65-85	20-35
Real estate	–	5-10
Derivatives	–	0-5
Investment funds	0-15	0-5
Assets held by insurance company	–	0-5

(i) For U.S. pension plans, equity instruments with a total allocation range of 10-30% are made up of 10-30% in developed markets’ diversified equity instruments and 10-30% in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments with a total allocation range of 15-25% are made up of 17-24% in developed markets’ diversified equity instruments and 1-2% in emerging markets’ diversified equity instruments.

(ii) For U.S. pension plans, debt instruments with a total allocation range of 65-85% are made up of 65-85% in non-government debt instruments and 65-85% in government fixed interest instruments. For non-U.S. pension plans, debt instruments with a total allocation range of 20-35% are made up of 32-43% in government inflation-protected bonds, 18-30% in government fixed interest instruments, 12-18% in non-government debt instruments, 6-12% in asset-backed instruments, 6-12% in inflation-protected bonds and 6-12% in structured debt.

The Company’s asset allocations by asset category as of December 31 were:


	Pension Plans
	Fair Values
in $ millions	2025
	U.S. Plans				Non-U.S. Plans
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Cash and cash equivalents	4	–	–	4	56	4	–	60
Equity instruments (i)	–	90	–	90	484	105	–	589
Debt instruments (ii)	–	318	–	318	1,093	488	–	1,581
Real estate	–	–	–	–	86	138	10	234
Derivatives	–	–	–	–	10	41	–	51
Investment funds	16	–	–	16	58	37	–	95
Assets held by insurance company	–	–	–	–	–	3	101	104
Other	–	–	2	2	3	7	10	20
Total	20	408	2	430	1,790	823	121	2,734

(i) For U.S. pension plans, equity instruments of $90 million are made up of $82 million in developed markets’ diversified equity instruments and $8 million in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments of $589 million are made up of $559 million in developed markets’ diversified equity instruments and $30 million in emerging markets’ diversified equity instruments.

(ii) For U.S. pension plans, debt instruments of $318 million are made up of $210 million in non-government debt instruments and $108 million in government fixed interest instruments. For non-U.S. pension plans, debt instruments of $1,581 million are made up of $810 million in government inflation-protected bonds, $451 million in government fixed interest instruments, $275 million in non-government debt instruments, and $45 million in asset-backed instruments.


	Pension Plans
	Fair Values
in $ millions	2024
	U.S. Plans				Non-U.S. Plans
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Cash and cash equivalents	3	–	–	3	32	22	–	54
Equity instruments (i)	–	87	–	87	499	59	–	558
Debt instruments (ii)	–	326	–	326	1,226	211	–	1,437
Real estate	–	–	–	–	111	81	8	200
Derivatives	–	–	–	–	8	(23)	–	(15)
Investment funds	16	–	–	16	87	21	–	108
Assets held by insurance company	–	–	–	–	–	2	105	107
Other	–	–	2	2	3	3	8	14
Total	19	413	2	434	1,966	376	121	2,463

(i) For U.S. pension plans, equity instruments of $87 million are made up of $78 million in developed markets’ diversified equity instruments and $9 million in emerging markets’ diversified equity instruments. For non-U.S. pension plans, equity instruments of $558 million are made up of $521 million in developed markets’ diversified equity instruments and $37 million in emerging markets’ diversified equity instruments.

(ii) For U.S. pension plans, debt instruments of $326 million are made up of $226 million in non-government debt instruments and $100 million in government fixed interest instruments. For non-U.S. pension plans, debt instruments of $1,437 million are made up of $245 million in non-government debt instruments, $721 million in government fixed interest instruments, $434 million in government inflation-protected bonds and $37 million in asset-backed instruments.

Schedule of Reconciliation for Pension Plans by Asset

The Level 3 reconciliation for pension plans by asset class for the years ended December 31, 2025 and 2024 were:

U.S. Plans

in $ millions

Beginning balance on 1/1/2025

Actual return on plan assets, relating to assets still held at reporting date

Purchases, sales and settlements

Transfer out of Level 3

Change due to exchange rate changes

Ending balance on 12/31/2025

Asset Class

Other

–

Total

–


	Non-U.S. Plans
in $ millions	Beginning balance on 1/1/2025	Actual return on plan assets, relating to assets still held at reporting date	Purchases, sales and settlements	Transfer out of Level 3	Change due to exchange rate changes	Ending balance on 12/31/2025
Asset Class
Real estate	8	–	–	–	2	10

Assets held by insurance company	105	(4)	(6)	–	6	101
Other	8	1	–	–	1	10
Total	121	(3)	(6)	–	9	121

U.S. Plans

in $ millions

Beginning balance on 1/1/2024

Actual return on plan assets, relating to assets still held at reporting date

Purchases, sales and settlements

Transfer out of Level 3

Change due to exchange rate changes

Ending balance on 12/31/2024

Asset Class

Other

–

(2)

–

Total

–

(2)

–


	Non-U.S. Plans
in $ millions	Beginning balance on 1/1/2024	Actual return on plan assets, relating to assets still held at reporting date	Purchases, sales and settlements	Transfer out of Level 3	Change due to exchange rate changes	Ending balance on 12/31/2024
Asset Class
Real estate	14	–	(6)	–	–	8
Assets held by insurance company	117	6	(9)	–	(9)	105
Other	8	–	–	–	–	8
Total	139	6	(15)	–	(9)	121

Schedule of Health Care Cost Trend Rates

The assumed healthcare cost trend rates as of December 31 were:


	2025		2024		2023
Healthcare cost trend rate assumed for next year	10.40	%	6.55	%	6.85	%
Rate to which the cost trend rate gradually declines	3.90	%	3.80	%	3.70	%
Year the rate reaches the ultimate rate	2060		2090		2090

Schedule of Expected Benefit Payments

The following table presents the expected future benefit payments to be made over the next 10 years:


	Pension plans		OPEB
in $ millions	U.S.	Non-U.S.
2026	38	137	6
2027	37	132	6
2028	37	132	6
2029	37	131	6
2030	36	132	7
2031-2035	174	665	35