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PENSION AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Postemployment Benefits [Abstract]

Schedule of pension and other post-employment benefit obligations based on the discount rates

		At December 31,
		2024				2023				2022
		Rate of increase in salaries	Discount rate	Expected return rate (A)		Rate of increase in salaries	Discount rate	Expected return rate (A)		Rate of increase in salaries	Discount rate	Expected return rate (A)
Pension		2.13%	3.09%	4.27%		2.23%	3.11%	4.40%		2.28%	3.65%	3.42%
OPEB		4.00%	5.46%	n/a		4.00%	4.82%	n/a		3.97%	4.98%	n/a

(A)Expected return rates applicable at beginning of year.

Schedule of amounts recognized in balance sheet

	At December 31,
	2024				2023
(in millions of U.S. dollar)	Pension Benefits	OPEB and Other Benefits	Total		Pension Benefits	OPEB and Other Benefits	Total
Present value of funded obligation	664	—	664		720	—	720
Fair value of plan assets	(520)	—	(520)		(539)	—	(539)
Deficit of funded plans	144	—	144		181	—	181
Present value of unfunded obligation	109	144	253		115	159	274
Net liability arising from defined benefit obligation	253	144	397		296	159	455
of which non-current	245	130	375		288	143	431
of which current	8	14	22		8	16	24

Schedule of net benefit costs

	Year ended December 31,
	2024			2023			2022
(in millions of U.S. dollar)	Pension	OPEB and Other Benefits		Pension	OPEB and Other Benefits		Pension	OPEB and Other Benefits
Current service cost	(18)	(4)		(16)	(6)		(21)	(8)
Interest cost	(24)	(7)		(27)	(7)		(14)	(7)
Expected return on plan assets	22	—		26	—		20	—
Immediate recognition of gains arising over the year	—	—		—	(1)		—	5
Amortization of past service (cost) / gain	2	10		2	10		2	3
Amortization of net actuarial (loss) / gain	(2)	1		1	1		(2)	(1)
Curtailment and settlements	—	—		—	—		—	—
Total net pension and other long-term benefit cost	(20)	—		(14)	(3)		(15)	(8)

Schedule of changes in projected benefit obligations

		Year ended December 31, 2024
		Defined benefit obligations						Plan assets		Net defined benefit liability
(in millions of U.S. dollar)		Pension benefits		OPEB and Other Benefits		Total
At January 1, 2024		835		159		994		(539)		455
Included in the Consolidated Income Statement
Current service cost		18		4		22		—		22
Interest cost / (income)		24		7		31		(22)		9
Immediate recognition of gains arising over the year		—		—		—		—		—
Included in the Statement of Comprehensive Income
Remeasurements due to:
—actual return less interest on plan assets		—		—		—		(9)		(9)
—changes in financial assumptions		(9)		(7)		(16)		—		(16)
—changes in demographic assumptions		—		—		—		—		—
—experience (gains)/ losses		7		(2)		5		—		5
Effects of changes in foreign exchange rates		(38)		(1)		(39)		22		(17)
Included in the Consolidated Statement of Cash Flows
Benefits paid		(45)		(16)		(61)		37		(24)
Settlement		(24)		—		(24)		24		—
Contributions by the Group		—		—		—		(28)		(28)
Contributions by the plan participants		5		—		5		(5)		—
At December 31, 2024		773		144		917		(520)		397

		Year ended December 31, 2023
		Defined benefit obligations						Plan Assets		Net defined benefit liability
(in millions of U.S. dollar)		Pension benefits		OPEB and Other Benefits		Total
At January 1, 2023		758		164		922		(492)		430
Included in the Consolidated Income Statement
Current service cost		16		6		22		—		22
Interest cost / (income)		27		7		34		(26)		8
Immediate recognition of gains arising over the year		—		1		1		—		1
Included in the Statement of Comprehensive Income
Remeasurements due to:
—actual return less interest on plan assets		—		—		—		(5)		(5)
—changes in financial assumptions		35		2		37		—		37
—changes in demographic assumptions		—		—		—		—		—
—experience (gains)/ losses		4		(5)		(1)		—		(1)
Past service cost		(1)		—		(1)		—		(1)
Effects of changes in foreign exchange rates		36		1		37		(28)		9
Included in the Consolidated Statement of Cash Flows
Benefits paid		(42)		(16)		(58)		39		(19)
Contributions by the Group		—		—		—		(22)		(22)
Contributions by the plan participants		5		—		5		(5)		—
Disposed of through business combination		(3)		(1)		(4)		—		(4)
At December 31, 2023		835		159		994		(539)		455

Schedule of defined benefit plan, plan assets

As of December 31, 2024 and 2023 all of the plan assets were measured at fair value using the net asset value (or its

equivalent) except as noted and consisted of the following:

	At December 31,
(in millions of U.S. dollar)	2024		2023
Cash & cash equivalents		4		6
Equities		143		150
Fixed income		253		263
Property		86		85
Other		34		35
Total fair value of plan assets		520		539

Schedule of expected benefit payments

Future benefit payments expected to be paid either by pension funds or directly by the Group to beneficiaries are as

follows:

		Estimated benefits payments
(in millions of U.S. dollar)		Pensions		OPEB and Other Benefits
Year ended December 31,
2025		43		14
2026		42		14
2027		44		13
2028		47		12
2029		50		12
2030 to 2034		242		55

X

- Definition

Tabular disclosure of defined benefit plan asset investment. Includes, but is not limited to, fair value of category of plan asset and its level within fair value hierarchy.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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