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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations consist primarily of rehabilitation and restoration costs, landfill capping costs, decommissioning costs, and closure and post-closure costs. Activity related to asset retirement obligations was as follows:
| Year Ended December 31,
| 2025 |  | 2024
Balance, January 1 | $ | 186 |  |  | $ | 186 |
Additions | 4 |  |  | 9 |
Accretion expense | 21 |  |  | 20 |
Remeasurement/translation | 17 |  |  | (16) |
Changes in estimates, including cost and timing of cash flows 1 | (4) |  |  | — |
Settlements/payments | (9) |  |  | (13) |
Balance, December 31 | $ | 215 |  |  | $ | 186 |
1 - Changes in estimates, including cost and timing of cash flows includes a charge of $11 million related to the Botlek plant closure and $1 million related to the Fuzhou plant closure, both recorded in "Restructuring and other charges" on the Consolidated Statements of Operations for the year ended December 31, 2025. Refer to note 3 for further details.
| December 31,
| 2025 |  | 2024
Asset retirement obligations were classified as follows: |  |  |
Current portion included in “Accrued liabilities” | $ | 17 |  |  | $ | 14 |
Noncurrent portion included in “Asset retirement obligations” | 198 |  |  | 172 |
Asset retirement obligations | $ | 215 |  |  | $ | 186 |
We used the following assumptions in determining asset retirement obligations at December 31, 2025: inflation rates between 1.6% - 5.5% per year; credit adjusted risk-free interest rates between 5.0% -20.1%; the life of mines from less than 1 to 45 years and the useful life of assets between 3-42 years. Environmental Rehabilitation Scheme In accordance with applicable regulations, we established an environmental rehabilitation scheme for the prospecting and mining operations in South Africa, which receives, holds, and invests funds for the rehabilitation or management of asset retirement obligations. At December 31, 2025 and 2024, the total value of the assets held in the environmental rehabilitation scheme were $19 million and $16 million, respectively, which were recorded in “Other long-term assets” in the Consolidated Balance Sheets.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-2 + Details
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