v3.26.1
RETIREMENT BENEFITS AND ASSETS HELD IN TRUST
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure RETIREMENT BENEFITS AND ASSETS HELD IN TRUST
Pension Plan Benefits
We have a qualified defined benefit pension plan (the “retirement plan”) for eligible employees, comprised of a traditional final average pay plan and a cash balance plan. The traditional final average pay plan is noncontributory, covers select employees, and provides retirement benefits based on years of benefit service, average final compensation, and age at retirement. The cash balance plan is also noncontributory, covers substantially all employees, and provides retirement benefits based on eligible compensation and interest credits.
We also have two supplemental nonqualified, noncontributory, defined benefit pension plans for selected management employees (the “supplemental benefit plans” and, collectively with the retirement plan, the “pension plans”). The supplemental benefit plans provide for benefits that supplement those provided by the retirement plan.
Net periodic benefit cost for the pension plans, by component, was as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In millions of USD)2026202520262025
Service cost$3 $2 $5 $4 
Interest cost1 2 3 4 
Expected return on plan assets(3)(2)(5)(4)
Net periodic benefit cost$1 $2 $3 $4 
The components of net pension cost, other than the service cost component, are included in other expenses (income), net in the condensed consolidated statements of comprehensive income.
Other Postretirement Benefits
We provide certain postretirement health care, dental, and life insurance benefits for eligible employees (the “postretirement benefit plan”).
Net postretirement benefit plan cost, by component, was as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In millions of USD)2026202520262025
Service cost$2 $2 $4 $4 
Interest cost2 2 3 3 
Expected return on plan assets(3)(2)(5)(4)
Amortization of unrecognized gain(1)(2)(2)(3)
Net postretirement cost$— $— $— $— 
The components of net postretirement cost, other than the service cost component, are included in other expenses (income), net in the condensed consolidated statements of comprehensive income.
Defined Contribution Plan
We also sponsor a defined contribution retirement savings plan. Participation in this plan is available to substantially all employees. We match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. The cost of this plan was $1 million and $2 million for the three months ended June 30, 2026 and 2025, respectively, and $5 million for each of the six months ended June 30, 2026 and 2025.