Pension and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2021

Compensation And Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefit Plans

11.   Pension and Other Postretirement Benefit Plans

Net pension (credit) cost for the Schlumberger pension plans included the following components:

(Stated in millions)
	Second Quarter												Six Months
	2021						2020						2021						2020
	US			Int’l			US			Int’l			US			Int’l			US			Int’l
Service cost	$	12		$	34		$	16		$	37		$	23		$	67		$	31		$	74
Interest cost		31			63			38			75			63			132			75			150
Expected return on plan assets		(64	)		(161	)		(59	)		(147	)		(127	)		(319	)		(117	)		(294	)
Amortization of prior service cost		-			-			2			-			-			-			4			-
Amortization of net loss		11			59			11			39			22			111			22			79
	$	(10	)	$	(5	)	$	8		$	4		$	(19	)	$	(9	)	$	15		$	9

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

(Stated in millions)
	Second Quarter						Six Months
	2021			2020			2021			2020
Service cost	$	6		$	9		$	13		$	18
Interest cost		8			10			16			20
Expected return on plan assets		(12	)		(17	)		(26	)		(34	)
Amortization of prior service credit		(6	)		(7	)		(11	)		(14	)
Curtailment gain		-			(69	)		-			(69	)
	$	(4	)	$	(74	)	$	(8	)	$	(79	)

Due to the actions taken by Schlumberger to reduce its global workforce during 2020, Schlumberger experienced a significant reduction in the expected aggregate years of future service of its employees in its US postretirement medical plan. Accordingly, Schlumberger recorded a curtailment gain of $69 million during the second quarter of 2020 relating to this plan. The curtailment gain includes recognition of the decrease in the benefit obligation as well as a portion of the previously unrecognized prior service credit, reflecting the reduction in expected years of future service.  As a result of the curtailment, Schlumberger performed a remeasurement of the plan, which had an immaterial impact.  This gain was classified in Impairments & other in the Consolidated Statement of Income (Loss).  See Note 2 – Charges and Credits.