XML 468 R85.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Post-retirement benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Disclosure of information about defined benefit plans [abstract] |
Summary of fair value of plan assets | The proportions of the total fair value of assets in the pension plans for each asset class at 31 December were as follows.
| 2024 | 2023
Equities | 17.6% |  | 16.6% |
–Quoted(a) |  | 11.1% |  | 11.1%
–Private(b) |  | 6.5% |  | 5.5%
Bonds(c) | 47.7% |  | 47.4% |
–Government fixed income |  | 21.0% |  | 21.6%
–Government inflation-linked |  | 1.6% |  | 1.6%
–Corporate and other publicly quoted |  | 17.5% |  | 16.5%
–Private |  | 7.6% |  | 7.7%
Property(d) | 6.9% |  | 8.7% |
–Quoted property funds |  | 2.2% |  | 2.5%
–Unquoted property funds |  | 4.7% |  | 6.2%
Qualifying insurance policies(e) | 24.3% |  | 24.9% |
Cash and other(f)(g) | 3.5% |  | 2.4% |
Total | 100.0% |  | 100.0% |
(a)The holdings of quoted equities are invested in either pooled funds or segregated accounts held in the name of the relevant pension funds. These equity portfolios are well diversified in terms of the geographic distribution and market sectors. (b)Investments in private equity, private debt and property are less liquid than the other investment classes listed above and therefore the Group’s investment in those asset classes is restricted to a level that does not endanger the liquidity of the pension plans. (c)The holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated. Corporate and other quoted bonds are usually of investment grade. Private debt is mainly held in the North American and UK pension funds and is invested in North American and European companies. (d)The property funds held by pension plans are invested in a diversified range of properties. (e)Qualifying insurance policies are held with insurance companies that are regulated by the relevant local authorities. The value of those policies is calculated by the local actuaries using assumptions consistent with those adopted for valuing the insured obligations. (f)The holdings of cash and other are predominantly cash and short-term money market instruments. (g)The Group makes limited use of futures, repurchase agreements and other instruments to manage the interest rate risk in some of its plans. Fund managers may also use derivatives to hedge currency movements within their portfolios and, in the case of bond managers, to take positions that could be taken using direct holdings of bonds but more efficiently. Exposure to these instruments is closely monitored and maintained at a level that does not endanger the liquidity of any pension plan.
Summary of maturity of defined benefit obligations | An approximate analysis of the maturity of the obligations is given in the table below.
| Pension benefits | Other benefits | 2024 Total | 2023 Total | 2022 Total
Proportion relating to current employees | 19% | 15% | 18% | 17% | 18%
Proportion relating to former employees not yet retired | 9% | —% | 9% | 9% | 9%
Proportion relating to retirees | 72% | 85% | 73% | 74% | 73%
Total | 100% | 100% | 100% | 100% | 100%
Average duration of obligations (years) | 11.5 | 11.5 | 11.5 | 10.8 | 11.4
Summary of geographical distribution of defined benefit obligations | An approximate analysis of the geographic distribution of the obligations is given in the table below:
| Pension benefits | Other benefits | 2024 Total | 2023 Total | 2022 Total
Canada | 58% | 50% | 58% | 57% | 58%
UK | 26% | 2% | 24% | 25% | 24%
US | 8% | 45% | 10% | 10% | 10%
Switzerland | 6% | —% | 6% | 6% | 6%
Other | 2% | 3% | 2% | 2% | 2%
Total | 100% | 100% | 100% | 100% | 100%
Summary of total expense recognised in the income statement | Total expense recognised in the income statement
| Pension benefits US$m | Other benefits US$m | 2024 Total US$m | 2023 Total US$m | 2022 Total US$m
Current employer service cost for defined benefit plans | (80) | (3) | (83) | (79) | (143)
Past service (cost)/credit | (9) | (3) | (12) | 87 | –
Net interest on net defined benefit liability | (2) | (30) | (32) | (21) | (36)
Non-investment expenses paid from the plans | (20) | – | (20) | (20) | (13)
Total defined benefit expense | (111) | (36) | (147) | (33) | (192)
Current employer service cost for defined contribution and industry-wide plans | (455) | (3) | (458) | (416) | (367)
Total expense recognised in the income statement | (566) | (39) | (605) | (449) | (559)
Summary of total amount recognised in other comprehensive income before tax | Total amount recognised in other comprehensive income before tax
| 2024 US$m | 2023 US$m | 2022 US$m
Actuarial gains/(losses) | 201 | (407) | 3,410
Impact of buy-in(a) | – | (216) | –
Return on assets, net of interest on assets | (130) | 222 | (2,831)
Gains/(losses) on application of asset ceiling | 12 | (60) | (1)
Remeasurement gains/(loss) on pension and post-retirement healthcare plans | 83 | (461) | 578
(a)In 2023, the trustee of the Rio Tinto 2009 Pension Fund (RT09), a UK based scheme, purchased a bulk annuity contract - buy-in contract - which covers all scheme members. The bulk annuity contract is a Fund asset which provides an income to the RT09 that matches the pension paid out by the Fund. No formal decision to progress to buy-out and winding up of the RT09 can be made until such time as the Company and trustee agree on a number of key areas, including use of any residual surplus. As such, the trustee retains the legal responsibility to make benefit payments and the loss arising on this transaction was charged to other comprehensive income.
Summary of amount recognised in balance sheet | The following amounts were measured in accordance with IAS 19 at 31 December.
| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Total fair value of plan assets | 10,155 | – | 10,155 | 11,138
Present value of obligations – funded | (9,840) | – | (9,840) | (10,799)
Present value of obligations – unfunded | (347) | (576) | (923) | (996)
Present value of obligations – total | (10,187) | (576) | (10,763) | (11,795)
Effect of asset ceiling | (50) | – | (50) | (66)
Net deficit to be shown in the balance sheet | (82) | (576) | (658) | (723)
Comprising: |  |  |  |
–Deficits | (487) | (576) | (1,063) | (1,189)
–Surpluses | 405 | – | 405 | 466
Net deficits on pension plans | (82) | – | (82) | (95)
Unfunded post-retirement healthcare obligation | – | (576) | (576) | (628)
Summary of funding policy and contributions to plans | The Group reviews the funding position of its pension plans on a regular basis and considers whether to provide funding above the minimum level required in each country. In Canada and the US, the minimum level is prescribed by legislation. In the UK and Switzerland, the minimum level is negotiated with the local trustee in accordance with the funding guidance issued by the local regulators. In deciding whether to provide funding above the minimum level, we consider other possible uses of cash elsewhere, the local sponsoring entity’s tax situation and any strategic advantage we might obtain. The Group does not generally pre-fund post-retirement healthcare arrangements.
| 2024 | 2023 | 2022
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m | Total US$m
Contributions to defined benefit plans | 71 | 36 | 107 | 237 | 211
Contributions to defined contribution plans | 448 | 3 | 451 | 410 | 363
Total | 519 | 39 | 558 | 647 | 574
Summary of movement in net defined benefit liability | A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed analysis of the movements in the present value of the obligations and the fair value of assets.
| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Change in the net defined benefit liability |  |  |  |
Net defined benefit liability at the start of the year | (95) | (628) | (723) | (470)
Amounts recognised in income statement | (111) | (36) | (147) | (33)
Amounts recognised in other comprehensive income | 58 | 25 | 83 | (461)
Employer contributions | 71 | 36 | 107 | 237
Assets transferred to defined contribution section | (7) | – | (7) | (6)
Currency exchange rate gains | 2 | 27 | 29 | 10
Net defined benefit liability at the end of the year | (82) | (576) | (658) | (723)
| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Change in present value of obligation |  |  |  |
Present value of obligation at the start of the year | (11,167) | (628) | (11,795) | (11,177)
Current employer service costs | (80) | (3) | (83) | (79)
Past service (cost)/credit | (9) | (3) | (12) | 87
Settlements | – | – | – | 4
Interest on obligation | (467) | (30) | (497) | (533)
Contributions by plan participants | (18) | – | (18) | (19)
Benefits paid | 716 | 36 | 752 | 748
Experience (losses)/gains | (9) | 11 | 2 | (40)
Changes in financial assumptions gains/(losses) | 242 | 14 | 256 | (418)
Changes in demographic assumptions (losses)/gains | (57) | – | (57) | 51
Currency exchange rate gains/(losses) | 662 | 27 | 689 | (419)
Present value of obligation at the end of the year | (10,187) | (576) | (10,763) | (11,795)
| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Change in plan assets |  |  |  |
Fair value of plan assets at the start of the year | 11,138 | – | 11,138 | 10,708
Settlements | – | – | – | (4)
Interest on assets | 465 | – | 465 | 512
Contributions by plan participants | 18 | – | 18 | 19
Contributions by employer | 71 | 36 | 107 | 237
Benefits paid | (716) | (36) | (752) | (748)
Non-investment expenses | (20) | – | (20) | (20)
Return on plan assets, net of interest on assets | (130) | – | (130) | 222
Impact of buy-in | – | – | – | (216)
Assets transferred to defined contribution section | (7) | – | (7) | (6)
Currency exchange rate (losses)/gains | (664) | – | (664) | 434
Fair value of plan assets at the end of the year | 10,155 | – | 10,155 | 11,138
Summary of main assumptions rate for valuations of plans and sensitivity analysis |
| Key estimate - Estimation of obligations for post-employment costs The value of the Group’s obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are: –The discount rate - used to determine the net present value of the obligations, the interest cost on the obligations and the interest income on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is used. –The long-term inflation rate - used to project increases in future benefit payments for those plans that have benefits linked to inflation. The assumption regarding future inflation is based on market yields on inflation linked instruments, where possible, combined with consensus views. –The mortality rates - used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity having regard to standard improvement scales in each relevant country and after taking external actuarial advice. The weighted-average assumptions used for the valuation at year-end are summarised below: |
|  | At 31 December 2024 | At 31 December 2023 |
|  | Discount rate | Long-term inflation(a) | Rate of increase in pensions | Discount rate | Long-term inflation(a) | Rate of increase in pensions |
| Canada | 4.6% | 2.0% | 0.2% | 4.6% | 1.9% | 0.2% |
| UK | 5.4% | 3.1% | 2.7% | 4.5% | 3.1% | 2.6% |
| US | 5.5% | 2.3% | —% | 4.8% | 2.2% | –% |
| Switzerland | 0.9% | 1.0% | 2.2% | 1.5% | 1.2% | 2.3% |
| (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2024 was 2.7% (2023: 2.5%). |
|  | 2024 | 2023
|  | Approximate (increase)/ decrease in obligations | Approximate (increase)/ decrease in obligations
Assumption | Change in assumption | Pensions US$m | Other US$m | Pensions US$m | Other US$m
Discount rate | Increase of 0.5 percentage points | 419 | 31 | 460 | 31
Decrease of 0.5 percentage points | (487) | (33) | (514) | (33)
Long-term inflation | Increase of 0.5 percentage points | (167) | (9) | (183) | (9)
Decrease of 0.5 percentage points | 160 | 8 | 176 | 8
Demographic – allowance for future improvements in longevity | Participants assumed to have the mortality rates of individuals who are one year older | 221 | 8 | 244 | 7
Participants assumed to have the mortality rates of individuals who are one year younger | (232) | (8) | (244) | (7)

X
- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 142 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_142&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfInformationAboutDefinedBenefitPlansAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 147 -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_147_c&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfInformationAboutMaturityProfileOfDefinedBenefitObligationExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 140 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_140_a&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [domain]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_145&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of amount recognized in balance sheet. + References No definition available. + Details
Name: | rio_DisclosureOFAmountRecognizedInBalanceSheetExplanatoryTableTextBlock
Namespace Prefix: | rio_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of Defined Benefit Plans Expense Recognized in Income Statement [Text Block] + References No definition available. + Details
Name: | rio_DisclosureOfDefinedBenefitPlansExpenseRecognizedInIncomeStatementExplanatoryTableTextBlock
Namespace Prefix: | rio_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of funding policy and contributions to plans. + References No definition available. + Details
Name: | rio_DisclosureOfFundingPolicyAndContributionsToPlansExplanatoryTableTextBlock
Namespace Prefix: | rio_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of geographical distribution of defined benefit obligations. + References No definition available. + Details
Name: | rio_DisclosureOfGeographicalDistributionOfDefinedBenefitObligationsExplanatoryTableTextBlock
Namespace Prefix: | rio_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of total amount recognised in other comprehensive income before tax. + References No definition available. + Details
Name: | rio_DisclosureOfNetAmountRecognisedInOtherComprehensiveIncomeBeforeTaxExplanatoryTableTextBlock
Namespace Prefix: | rio_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration