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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
The Changes in Benefit Obligation, the Changes in Fair Value of Plan Assets, and the Funded Status of Our Pension Plans and Other Postretirement Benefit Plans
The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets(a), and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Changes in benefit obligation
Benefit obligation as of beginning of year$2,566 $2,618 $235 $266 
Service cost109 112 3 4 
Interest cost135 125 12 13 
Participant contributions— — 27 24 
Plan amendments4 — — — 
Benefits paid(226)(186)(45)(41)
Actuarial (gain) loss27 (99)3 (29)
Foreign currency exchange rate changes15 (4)— (2)
Benefit obligation as of end of year$2,630 $2,566 $235 $235 
Changes in plan assets (a)
Fair value of plan assets as of beginning of year$3,029 $2,835 $— $— 
Actual return on plan assets422 310 — — 
Company contributions91 76 18 17 
Participant contributions— — 27 24 
Benefits paid(226)(186)(45)(41)
Foreign currency exchange rate changes25 (6)— — 
Fair value of plan assets as of end of year$3,341 $3,029 $— $— 
Reconciliation of funded status (a)
Fair value of plan assets as of end of year$3,341 $3,029 $— $— 
Less: Benefit obligation as of end of year2,630 2,566 235 235 
Funded status as of end of year$711 $463 $(235)$(235)
Accumulated benefit obligation$2,484 $2,423 n/an/a
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(a)Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans.
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in our balance sheets for our pension and other postretirement benefit plans include (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Deferred charges and other assets, net$948 $724 $— $— 
Accrued expenses(28)(51)(21)(22)
Other long-term liabilities(209)(210)(214)(213)
$711 $463 $(235)$(235)
Projected Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions):
December 31,
20252024
Projected benefit obligation$237 $260 
Fair value of plan assets— — 
Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions):
December 31,
20252024
Accumulated benefit obligation$200 $220 
Fair value of plan assets— — 
Expected Benefit Payments
Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions):
Pension
Benefits		Other
Postretirement
Benefits
2026$205 $21 
2027272 21 
2028204 20 
2029194 20 
2030221 19 
2031-20351,105 91 
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Service cost$109 $112 $111 $3 $4 $4 
Interest cost135 125 121 12 13 13 
Expected return on plan assets(222)(214)(202)— — — 
Amortization of:
Net actuarial gain(9)(5)(6)(7)(4)(6)
Prior service cost (credit)6 (10)(18)— — (4)
Settlement loss6 5 2 — — — 
Net periodic benefit cost$25 $13 $8 $8 $13 $7 
Pre-Tax Amounts Recognized in Other Comprehensive Income (Loss)
Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Net gain (loss) arising during
the year:
Net actuarial gain (loss)$173 $195 $87 $(3)$29 $(10)
Prior service cost
(4)— (19)— — — 
Net (gain) loss reclassified into
income:
Net actuarial gain(9)(5)(6)(7)(4)(6)
Prior service cost (credit)6 (10)(18)— — (4)
Settlement loss6 5 2 — — — 
Effect of exchange rates7 (2)4 1 (1)— 
Total changes in other
comprehensive income (loss)
$179 $183 $50 $(9)$24 $(20)
Pre-Tax Amounts in Accumulated Other Comprehensive Loss Not Yet Recognized
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Net actuarial (gain) loss$(115)$62 $(87)$(96)
Prior service cost20 22 1 1 
Total$(95)$84 $(86)$(95)
Weighted-Average Assumptions Used to Determine the Benefit Obligations and Net Periodic Benefit Cost
The weighted-average assumptions used to determine the benefit obligations were as follows:
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2025202420252024
Discount rate5.62%5.72%5.42%5.64%
Rate of compensation increase3.97%4.04%n/an/a
Interest crediting rate for
cash balance plans
4.12%4.25%n/an/a
The weighted-average assumptions used to determine the net periodic benefit cost were as follows:
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202520242023202520242023
Discount rate5.72%5.01%5.19%5.64%5.01%5.20%
Expected long-term rate of return
on plan assets
7.33%7.29%7.31%n/an/an/a
Rate of compensation increase4.04%3.84%3.76%n/an/an/a
Interest crediting rate for
cash balance plans
4.24%3.59%3.76%n/an/an/a
Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates were as follows:
December 31,
20252024
Health care cost trend rate assumed for the next year8.23%8.13%
Rate to which the cost trend rate was assumed to decline
(the ultimate trend rate)
4.97%4.97%
Year that the rate reaches the ultimate trend rate20382036
Fair Value of Pension Plan Assets by Level of Fair Value Hierarchy
The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2025 and 2024 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or using inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2025 and 2024. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans.
20252024
Level 1Level 2TotalLevel 1Level 2Total
Equity securities (a)$597 $— $597 $542 $— $542 
Mutual funds259 — 259 233 — 233 
Corporate debt instruments— 260 260 — 261 261 
Government securities122 169 291 81 169 250 
Common collective trusts (b)— 1,468 1,468 — 1,337 1,337 
Pooled separate accounts (c)— 365 365 — 325 325 
Insurance contract— 12 12 — 13 13 
Interest and dividends receivable6 — 6 6 — 6 
Cash and cash equivalents85 — 85 64 — 64 
Securities transactions payable, net(2)— (2)(2)— (2)
Total pension plan assets$1,067 $2,274 $3,341 $924 $2,105 $3,029 
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(a)This class of securities includes domestic and international securities, which are held in a wide range of industry sectors.
(b)This class primarily includes investments in approximately 70 percent equities and 30 percent bonds as of December 31, 2025 and 2024.
(c)This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2025 and 2024.