XML 62 R44.htm IDEA: XBRL DOCUMENT

Pension and Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Weighted-Average Assumed Discount Rate, Compensation Increases and Expected Long-Term Rate of Return on Plan Assets Used to Determine Net Pension Cost for US and International Plans

The weighted-average assumed discount rate, compensation increases and expected long-term rate of return on plan assets used to determine the net pension cost for the US and International plans were as follows:




	US									International
	2023			2022			2021			2023			2022			2021
Discount rate		5.50	%		3.00	%		2.60	%		5.41	%		2.83	%		2.38	%
Compensation increases		4.00	%		4.00	%		4.00	%		4.84	%		4.83	%		4.82	%
Return on plan assets		6.00	%		4.40	%		6.60	%		6.00	%		5.05	%		6.73	%

Net Pension Cost (Credit) for Schlumberger Pension Plans and US Postretirement Medical Plan

Net pension cost (credit) included the following components:


(Stated in millions)

	US									International
	2023			2022			2021			2023			2022			2021
Service cost	$	23		$	37		$	44		$	54		$	101		$	117
Interest cost		178			137			127			407			298			267
Expected return on plan assets		(198	)		(202	)		(254	)		(607	)		(530	)		(640	)
Amortization of net loss		-			5			44			-			80			227
	$	3		$	(23	)	$	(39	)	$	(146	)	$	(51	)	$	(29	)

The net credit for the US postretirement medical plan included the following components:


(Stated in millions)

	2023			2022			2021
Service cost	$	16		$	23		$	28
Interest cost		42			33			32
Expected return on plan assets		(41	)		(38	)		(73	)
Amortization of prior service credit		(23	)		(23	)		(23	)
Amortization of net gain		(12	)		(10	)		-
	$	(18	)	$	(15	)	$	(36	)

Weighted-Average Assumed Discount Rate and Compensation Increases Used to Determine Projected Benefit Obligations for US and International Plans

The weighted-average assumed discount rate and compensation increases used to determine the projected benefit obligations for the US and International plans were as follows:



	US						International
	2023			2022			2023			2022
Discount rate		5.25	%		5.50	%		5.14	%		5.41	%
Compensation increases		4.00	%		4.00	%		4.84	%		4.84	%

Changes In Projected Benefit Obligation Plan Assets And Funded Status Of Plans

The changes in the projected benefit obligation, plan assets and funded status of the plans were as follows:


(Stated in millions)

	US						International
	2023			2022			2023			2022
Change in Projected Benefit Obligations:
Projected benefit obligation at beginning of year	$	3,315		$	4,668		$	7,598		$	10,618
Service cost		23			37			54			101
Interest cost		178			137			407			298
Contribution by plan participants		-			-			52			47
Actuarial losses (gains)		117			(1,152	)		302			(3,140	)
Currency effect		-			-			56			(148	)
Benefits paid		(220	)		(375	)		(360	)		(363	)
Other		-			-			-			185
Projected benefit obligation at end of year	$	3,413		$	3,315		$	8,109		$	7,598
Change in Plan Assets:
Plan assets at fair value at beginning of year	$	3,396		$	4,696		$	8,126		$	11,221
Actual return on plan assets		242			(933	)		494			(2,834	)
Currency effect		-			-			71			(188	)
Company contributions		9			8			7			18
Contributions by plan participants		-			-			52			47
Benefits paid		(220	)		(375	)		(360	)		(363	)
Other		-			-			-			225
Plan assets at fair value at end of year	$	3,427		$	3,396		$	8,390		$	8,126
Asset	$	14		$	81		$	281		$	528
Amounts Recognized in Balance Sheet:
Postretirement Benefits	$	(159	)	$	(151	)	$	(16	)	$	(14	)
Other Assets		173			232			297			542
	$	14		$	81		$	281		$	528
Amounts Recognized in Accumulated Other Comprehensive Loss:
Actuarial losses	$	328		$	255		$	1,804		$	1,366
Accumulated benefit obligation	$	3,313		$	3,221		$	7,942		$	7,454

Weighted-Average Allocation of Plan Assets and Target Allocation by Asset Category

Actuarial gains and losses arising during 2023 and 2022 were primarily attributable to changes in the discount rate used to determine the PBO.

The weighted-average allocation of plan assets as of December 31, 2023 and 2022 and the target allocations by asset category as of December 31, 2023 were as follows:




	US									International
	Target			2023			2022			Target			2023			2022
Cash and cash equivalents	0 - 3		%		1	%		2	%	0 - 5		%		3	%		2	%
Equity securities	0 - 5				-			-		0 - 5				1			10
Debt securities	80 - 90				84			83		60 - 70				69			56
Private equity and real estate	5 - 12				10			11		15 - 20				17			19
Private debt	2 - 8				5			4		9 - 15				10			13
		100	%		100	%		100	%		100	%		100	%		100	%

Fair Value of Schlumberger's Pension Plan Assets

The fair value of SLB’s pension plan assets at December 31, 2023 and 2022, by asset category, is presented below and was determined based on valuation techniques categorized as follows:

•

Level One: The use of quoted prices in active markets for identical instruments.

•

Level Two: The use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or other inputs that are observable in the market or can be corroborated by observable market data.

•

Level Three: The use of significant unobservable inputs that typically require the use of management’s estimates of assumptions that market participants would use in pricing.


(Stated in millions)

	US Plan Assets
	2023								2022
			Level		Level		Level				Level		Level		Level
	Total		One		Two		Three		Total		One		Two		Three
Asset Category:
Cash and Cash Equivalents	$	33	$	33	$	-	$	-	$	81	$	77	$	4	$	-
Equity Securities:
US		6		-		6		-		3		-		3		-
International		-		-		-		-		-		-		-		-
Debt Securities:
Corporate bonds		1,540		-		1,540		-		1,775		-		1,775		-
Government and related debt securities		1,334		163		1,171		-		1,014		157		857		-
Other		12		-		12		-		29		-		29		-
Alternative Investments:
Private equity		287		-		-		287		291		-		-		291
Private debt		148		-		-		148		124		-		-		124
Real estate		67		-		-		67		79		-		-		79
Total	$	3,427	$	196	$	2,729	$	502	$	3,396	$	234	$	2,668	$	494


(Stated in millions)

	International Plan Assets
	2023								2022
			Level		Level		Level				Level		Level		Level
	Total		One		Two		Three		Total		One		Two		Three
Asset Category:
Cash and Cash Equivalents	$	267	$	260	$	7	$	-	$	170	$	163	$	7	$	-
Equity Securities:
US		84		84		-		-		580		497		83		-
International		38		38		-		-		273		273		-		-
Debt Securities:
Corporate bonds		3,001		-		3,001		-		2,224		-		2,224		-
Government and related debt securities		2,466		563		1,903		-		2,283		336		1,947		-
Other		292		-		292		-		13		-		13		-
Alternative Investments:
Private equity		1,269		-		-		1,269		1,362		-		-		1,362
Private debt		805		-		-		805		1,041		-		-		1,041
Real estate		168		-		-		168		180		-		-		180
Total	$	8,390	$	945	$	5,203	$	2,242	$	8,126	$	1,269	$	4,274	$	2,583

Defined Benefit Plan Weighted Average Assumptions Used in Calculating Benefit Obligation and Net Periodic Benefit Cost for US Postretirement Medical Plan

The actuarial assumptions used to determine the accumulated postretirement benefit obligation and net periodic benefit cost for the US postretirement medical plan were as follows:




	Benefit Obligation						Net Periodic Benefit
	At December 31,						Cost for the Year
	2023			2022			2023			2022			2021
Discount rate		5.25	%		5.50	%		5.50	%		3.00	%		2.60	%
Return on plan assets	-			-				4.41	%		2.94	%		6.21	%
Current medical cost trend rate		7.50	%		7.50	%		7.50	%		6.75	%		7.00	%
Ultimate medical cost trend rate		4.50	%		4.50	%		4.50	%		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate		2035			2035			2035			2031			2031

Changes in Accumulated Postretirement Benefit Obligation, Plan Assets and Funded Status

The changes in the accumulated postretirement benefit obligation, plan assets and funded status were as follows:


(Stated in millions)

	2023			2022
Change in Accumulated Postretirement Benefit Obligation:
Benefit obligation at beginning of year	$	808		$	1,146
Service cost		16			23
Interest cost		42			33
Contribution by plan participants		7			9
Actuarial gains		(7	)		(338	)
Benefits paid		(61	)		(65	)
Benefit obligation at end of year	$	805		$	808
Change in Plan Assets:
Plan assets at fair value at beginning of year	$	938		$	1,318
Actual return on plan assets		87			(323	)
Contributions by plan participants		7			8
Benefits paid		(68	)		(65	)
Plan assets at fair value at end of year	$	964		$	938
Asset	$	159		$	130
Amounts Recognized in Accumulated Other Comprehensive Loss:
Actuarial gains	$	239		$	199
Prior service credit		36			59
	$	275		$	258

Expected Benefits to be Paid Under US and International Pension Plans and Postretirement Medical Plan

The expected benefits to be paid under the US and International pension plans as well as the postretirement medical plan are as follows:


(Stated in millions)

	Pension Plans				Postretirement
	US		International		Medical Plan
2024	$	229	$	405	$	47
2025	$	230	$	419	$	48
2026	$	231	$	432	$	49
2027	$	232	$	449	$	50
2028	$	234	$	454	$	52
2029-2033	$	1,178	$	2,494	$	291