Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Plans

Our company and subsidiaries have various plans that cover a significant number of our employees. These plans

include defined contribution plans, defined benefit plans, and other postretirement plans:

-Our defined contribution plans provide retirement benefits in return for services rendered. These plans provide an

individual account for each participant and have terms that specify how contributions to the participant’s account are

to be determined rather than the amount of pension benefits the participant is to receive. Contributions to these plans

are based on a percentage of pre-tax income, after-tax income, or discretionary amounts determined on an annual

basis. Our expense for the defined contribution plans totaled $206 million in 2025, $182 million in 2024, and $181

million in 2023. The increase in expense from 2024 to 2025 was primarily driven by higher discretionary employer

contributions, along with increases in employee headcount and employer contribution rates in certain foreign

locations.

-Our defined benefit plans, which include both overfunded and underfunded pension plans, define an amount of

pension benefit to be provided, usually as a function of age, years of service and/or compensation. The underfunded

obligations and net periodic benefit cost of our United States defined benefit plans were not material for the periods

presented.

-Our postretirement plans other than pensions are offered to specific eligible employees. The accumulated benefit

obligations (ABO) and net periodic benefit cost for these plans were not material for the periods presented.

- In 2024, the Trustees of the Company’s United Kingdom (U.K.) defined benefit plan executed an annuity buy-in

with a third-party insurance company with no affiliation with the Company. All pension obligations will be funded

by the insurer’s annuity payments. However, the plan retains full legal responsibility to pay the benefits to plan

participants using the insurance payments. As the plan maintains full legal responsibility, and the insurance contract

is considered an asset of the plan, accordingly, the arrangement did not meet the settlement criteria of ASC 715. The

policy is carried at fair value within plan assets and presented as a level 3 in the fair value table below. Fair value is

determined using a quote from an insurance company, reflecting prevailing market conditions for similar

transactions. Changes in the fair value of the policy are reflected in actual return on plan assets.

Funded status

For our international pension plans, at December 31, 2025, the projected benefit obligation (PBO) was $783 million

and the fair value of plan assets was $583 million, which resulted in an underfunded obligation of $200 million. At

December 31, 2024, the PBO was $773 million and the fair value of plan assets was $594 million, which resulted in an

underfunded obligation of $179 million. The ABO for our international plans was $698 million at December 31, 2025 and $694

million at December 31, 2024. Despite an increase in the Company’s weighted‑average discount rate, the localized actuarial

changes in a few countries created upward pressure on pension obligations, resulting in a net increase in PBO and ABO

compared to the prior year.

The following table presents additional information about our international pension plans.


	December 31,
Millions of dollars	2025	2024
Amounts recognized on the Consolidated Balance Sheets
Other assets	$3	$11
Accrued employee compensation and benefits	9	11
Employee compensation and benefits	193	177
Pension plans in which projected benefit obligation exceeded plan assets
Projected benefit obligation	$213	$200
Fair value of plan assets	11	12
Pension plans in which accumulated benefit obligation exceeded plan assets
Accumulated benefit obligation	$127	$122
Fair value of plan assets	11	12

Fair value measurements of plan assets

The fair value of our plan assets categorized within level 1 on the fair value hierarchy is based on quoted prices in

active markets for identical assets. The fair value of our plan assets categorized within level 2 on the fair value hierarchy is

based on significant observable inputs for similar assets. The fair value of our plan assets categorized within level 3 on the fair

value hierarchy is based on significant unobservable inputs.

The following table sets forth the fair values of assets held by our international pension plans by level within the fair

value hierarchy.


Millions of dollars	Level 1	Level 2	Level 3	Net Asset Value (a)	Total
Cash and equivalents	$4	$4	$—	$—	$8
Bond funds (b)	—	4	—	—	4
Real estate funds (c)	—	—	—	—	—
Other investments (d)	1	9	561	—	571
Fair value of plan assets at December 31, 2025	$5	$17	$561	$—	$583

Cash and equivalents	$—	$—	$—	$—	$—
Bond funds (b)	—	11	—	—	11
Real estate funds (c)	—	—	—	8	8
Other investments (d)	1	9	565	—	575
Fair value of plan assets at December 31, 2024	$1	$20	$565	$8	$594


(a)	Represents investments measured at fair value using the Net Asset Value (NAV) per share practical expedient and thus has not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of our international pension plan assets.
(b)	Strategy of bond funds is to invest in diversified funds of fixed income securities of varying geographies and credit quality.
(c)	Strategy of real estate funds is to invest in diversified funds of real estate investment trusts and private real estate.
(d)	Other investments consist of insurance contracts, a buy-in annuity insurance contract, non-US equities, and government bonds. The fair value of the buy-in annuity insurance contract is determined using a quote provided by an insurance company, reflecting prevailing market conditions for similar transactions.

Level 3 Rollforward

The following presents our Level 3 Rollforward for buy-in annuity insurance contract for 2025 and 2024.


Millions of dollars	2025	2024
Balance at the beginning of the year	$565	$2
Purchase of insurance contract	—	590
Return on assets	23	(18)
Payment from the insurance policy	(27)	(9)
Balance at the end of the year	$561	$565

Risk management practices for these plans include diversification by issuer, industry, and geography, where permitted,

as well as by asset classes and investment managers. Our U.K. pension plan, which constituted 72% of our international

pension plans’ PBO at December 31, 2025, is no longer accruing service benefits and completed a pension buy-in transaction

during 2024 entering into a bulk annuity contract with an insurance company. The bulk annuity contract effectively covers all

benefit payments to members. The investments backing the contract are invested at the discretion of the insurance company,

which assumes the investment risk associated with these assets.

Net periodic benefit cost

Net periodic benefit cost for our international pension plans was $57 million in 2025, $43 million in 2024, and $32

million in 2023.

Actuarial assumptions

Certain weighted-average actuarial assumptions used to determine benefit obligations of our international pension

plans at December 31 were as follows:


	2025	2024
Discount rate	5.4%	5.3%
Rate of compensation increase	5.1%	4.9%

Certain weighted-average actuarial assumptions used to determine net periodic benefit cost of our international

pension plans for the years ended December 31 were as follows:


	2025	2024	2023
Discount rate	5.3%	5.1%	5.6%
Expected long-term return on plan assets	4.9%	4.0%	3.8%
Rate of compensation increase	4.9%	2.9%	5.4%

Assumed long-term rates of return on plan assets, discount rates for estimating benefit obligations, and rates of

compensation increases vary by plan according to local economic conditions. Where possible, discount rates were determined

based on the prevailing market rates of a portfolio of high-quality debt instruments with maturities matching the expected

timing of the payment of the benefit obligations. Expected long-term rates of return on plan assets were determined based upon

an evaluation of our plan assets and historical trends and experience, taking into account current and expected market

conditions.

Other information

Contributions. Funding requirements for each plan are determined based on the local laws of the country where such

plan resides. In certain countries the funding requirements are mandatory, while in other countries they are discretionary. We

currently expect to contribute $1 million to our international pension plans in 2026.

Benefit payments. Expected benefit payments over the next 10 years for our international pension plans are as follows:

$46 million in 2026, $39 million in 2027, $42 million in 2028, $43 million in 2029, $45 million in 2030, and an aggregate $268

million in years 2031 through 2035.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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-Topic 715
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-Topic 715
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

HALLIBURTON CO 10-K