Pension and Other Postretirement Benefit Plans

9 Months Ended

Sep. 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)
	Third Quarter												Nine Months
	2021						2020						2021						2020
	US			Int’l			US			Int’l			US			Int’l			US			Int’l
Service cost	$	10		$	24		$	10		$	31		$	33		$	91		$	41		$	105
Interest cost		32			67			36			76			95			199			111			226
Expected return on plan assets		(63	)		(159	)		(58	)		(148	)		(190	)		(478	)		(175	)		(443	)
Amortization of prior service cost		-			-			2			-			-			-			6			-
Amortization of net loss		11			58			9			39			33			169			31			119
	$	(10	)	$	(10	)	$	(1	)	$	(2	)	$	(29	)	$	(19	)	$	14		$	7

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

(Stated in millions)
	Third Quarter						Nine Months
	2021			2020			2021			2020
Service cost	$	7		$	5		$	20		$	23
Interest cost		8			7			24			27
Expected return on plan assets		(23	)		(19	)		(49	)		(52	)
Amortization of prior service credit		(6	)		(4	)		(17	)		(19	)
Curtailment gain		-			-			-			(69	)
	$	(14	)	$	(11	)	$	(22	)	$	(90	)

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.