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Pension and other postretirement benefits | 6 Months Ended
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Jun. 30, 2025
Retirement Benefits [Abstract] |
Pension and other postretirement benefits | Pension and other postretirement benefits The Company sponsors defined benefit pension plans, other postretirement benefit plans and defined contribution plans in which only employees, retirees and former employees of the Company participate. The Company’s employees also participate in certain union-sponsored multiemployer pension plans to which the Company contributes along with other employers. The majority of the defined benefit pension plans are closed to new entrants and frozen to future accruals. The Company presents the service cost component of Net periodic pension benefit cost within Cost of revenues and Selling, general and administrative expenses on the unaudited condensed consolidated statements of operations. The other components of Net periodic pension benefit cost are reported within Other non-operating income, net on the unaudited condensed consolidated statements of operations. In connection with the completion of the Spin-off, effective June 1, 2025 and June 20, 2025, Parent transferred to the Company certain Swiss employees who historically operated within specific corporate functions of Parent. These employees were covered under the Holcim Pension Fund (“HPF”) and Holcim Supplementary Pension Fund (“HSPF”), which are pension plans sponsored by Parent. The funded status associated with these employees under the HPF and HSPF was not reflected on the combined balance sheet as of December 31, 2024. Following the completion of the Spin-off, the accumulated asset balances associated with these employees will remain in the HPF and HSPF under an affiliation agreement. However, under Swiss law, any employees transferred must transfer their accumulated asset balances to their new employer, and the new employer becomes responsible for the pension obligations associated with the accumulated asset balances. As such, during the three months ended June 30, 2025, Parent transferred to the Company total pension plan assets of $55 million and total pension plan obligations of $53 million associated with these Swiss employees. The incremental net pension plan assets are reported within Other noncurrent assets on the condensed consolidated balance sheet as of June 30, 2025. The incremental costs related to the pension plan transfer were immaterial to these unaudited condensed consolidated financial statements. Defined benefit pension plans The following table summarizes, with respect to defined benefit pension plans, the components of Net periodic pension benefit cost:
|  | For the three months ended June 30,
|  | Defined Benefit Pension Plans
|  | U.S. |  |  | Non-U.S.
(In millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Components of Net periodic pension benefit |  |  |  |  |  |  |  |  |
Service cost |  | $— |  | $— |  |  | $— |  | $1
Interest cost |  | 1 |  | 1 |  |  | 3 |  | 8
Expected return on assets |  | — |  | — |  |  | (3) |  | (8)
Net periodic pension benefit cost |  | $1 |  | $1 |  |  | $— |  | $1
|  | For the six months ended June 30,
|  | Defined Benefit Pension Plans
|  | U.S. |  |  | Non-U.S.
(In millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Components of Net periodic pension benefit |  |  |  |  |  |  |  |  |
Service cost |  | $— |  | $— |  |  | $1 |  | $2
Interest cost |  | 2 |  | 2 |  |  | 5 |  | 16
Expected return on assets |  | — |  | — |  |  | (5) |  | (16)
Net periodic pension benefit cost |  | $2 |  | $2 |  |  | $1 |  | $2
Other postretirement benefit plans The following table summarizes, with respect to other postretirement benefit plans, the components of Net periodic pension benefit cost:
|  | For the three months ended June 30,
|  | Other Postretirement Benefit Plans
|  | U.S. |  |  | Non-U.S.
(In millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Components of Net periodic pension benefit |  |  |  |  |  |  |  |  |
Service cost |  | $— |  | $— |  |  | $— |  | $—
Interest cost |  | 1 |  | — |  |  | 1 |  | 1
Amortization of actuarial gain |  | (1) |  | — |  |  | — |  | —
Net periodic pension benefit cost |  | $— |  | $— |  |  | $1 |  | $1
|  | For the six months ended June 30,
|  | Other Postretirement Benefit Plans
|  | U.S. |  |  | Non-U.S.
(In millions) |  | 2025 |  | 2024 |  |  | 2025 |  | 2024
Components of Net periodic pension benefit |  |  |  |  |  |  |  |  |
Service cost |  | $— |  | $— |  |  | $— |  | $—
Interest cost |  | 2 |  | 1 |  |  | 2 |  | 2
Amortization of actuarial gain |  | (2) |  | (1) |  |  | — |  | —
Net periodic pension benefit cost |  | $— |  | $— |  |  | $2 |  | $2
Defined contribution plans In addition to the defined benefit pension plans and other postretirement benefit plans, the Company sponsors various defined contribution plans for U.S. and Canadian employees. Expense recognized with the defined contribution plans totaled $21 million and $18 million for the three months ended June 30, 2025 and 2024, respectively, and $48 million and $43 million for the six months ended June 30, 2025 and 2024, respectively, and is included within Cost of revenues and Selling, general and administrative expenses on the unaudited condensed consolidated statements of operations. Union-sponsored multiemployer pension plans The Company participates in and contributes to various union-sponsored multiemployer pension plans for U.S. and Canadian employees. The risks of participating in multiemployer pension plans differ from single employer plans as follows: ●Assets contributed to a multiemployer pension plan by one employer may be used to provide benefits to employees of other participating employers; ●If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and ●If the Company chooses to stop participating in one or more of the multiemployer pension plans to which it contributes, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. None of the union-sponsored multiemployer pension plans in which the Company participates are individually significant. Total contributions to union-sponsored multiemployer pension plans were $11 million for each of the three months ended June 30, 2025 and 2024, and $17 million for each of the six months ended June 30, 2025 and 2024.

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