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Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits, Description [Abstract]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit (income)/cost were as follows:
PensionOther Postretirement Benefits
Years ended December 31,202520242023202520242023
Service cost$9 $5 $2 $51 $51 $49 
Interest cost2,676 2,635 2,820 135 124 148 
Expected return on plan assets(3,078)(3,311)(3,441)(11)(10)(9)
Amortization of prior service credits(73)(81)(81)(2)(11)(22)
Recognized net actuarial loss/(gain)299 281 173 (141)(176)(175)
Net periodic benefit (income)/cost($167)($471)($527)$32 ($22)($9)
Net periodic benefit cost included in Earnings/(loss) from operations$9 $5 $2 $49 $47 $62 
Net periodic benefit income included in Other income, net(176)(476)(529)(19)(73)(58)
Net periodic benefit (income)/cost included in Earnings/(loss) before income taxes
($167)($471)($527)$30 ($26)$4 
Schedule of Changes in the Benefit Obligation, Plan Assets and Funded Status of Pensions and OPB
The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2025 and 2024. Benefit obligation balances presented below reflect the PBO for our pension plans and accumulated postretirement benefit obligations (APBO) for our OPB plans.
PensionOther Postretirement Benefits
2025202420252024
Change in benefit obligation
Beginning balance$50,421 $54,325 $2,651 $2,651 
Service cost9 5 51 51 
Interest cost2,676 2,635 135 124 
Amendments6 140   
Actuarial loss/(gain)1,501 (2,493)(26)156 
Gross benefits paid(4,507)(4,173)(331)(336)
Subsidies 15 8 
Spirit Acquisition1,309  30  
Exchange rate adjustment10 (18)2 (3)
Ending balance$51,425 $50,421 $2,527 $2,651 
Change in plan assets
Beginning balance at fair value$45,574 $48,891 $183 $163 
Actual return on plan assets4,562 738 24 22 
Plan participants’ contributions 1 1 
Spirit Acquisition
1,362   
Benefits paid(4,367)(4,034)(2)(3)
Exchange rate adjustment16 (21) 
Ending balance at fair value$47,147 $45,574 $206 $183 
Amounts recognized in Consolidated Statements of Financial Position at December 31 consist of:
Other assets$145 $1,289 $76 $21 
Accrued liabilities(136)(139)(306)(313)
Accrued retiree health care(2,091)(2,176)
Accrued pension plan liability, net(4,287)(5,997)
Net amount recognized($4,278)($4,847)($2,321)($2,468)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss (AOCI) at December 31 were as follows:
PensionOther Postretirement Benefits
2025202420252024
Net actuarial loss/(gain)$17,689 $17,976 ($1,430)($1,534)
Prior service credits(843)(922)(7)(8)
Total recognized in AOCI
$16,846 $17,054 ($1,437)($1,542)
Schedule of Key Information for All Plans with ABO in Excess of Plan Assets Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows:
20252024
Accumulated benefit obligation$49,188 $44,470 
Fair value of plan assets45,397 38,866 
20252024
Projected benefit obligation$49,820 $45,002 
Fair value of plan assets45,397 38,866 
Schedule of Assumptions Used to Calculate the Benefit Obligation and Net Periodic Benefit Costs
The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year.
December 31,202520242023
Discount rate:
Pension5.30 %5.60 %5.10 %
Other postretirement benefits5.00 %5.40 %5.00 %
Expected return on plan assets6.00 %6.00 %6.00 %
Rate of compensation increase4.80 %4.30 %4.30 %
Interest crediting rates for cash balance plans5.00 %5.00 %5.00 %
Schedule of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates were as follows:
December 31,202520242023
Health care cost trend rate assumed next year6.00 %6.00 %5.50 %
Ultimate trend rate4.00 %4.50 %4.50 %
Year that trend reaches ultimate rate203420312028
Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class The actual and target allocations by asset class for the pension assets at December 31 were as follows:
Actual AllocationsTarget Allocations
Asset Class2025202420252024
Fixed income59 %59 %59 %59 %
Global equity20 19 20 20 
Private equity9 9 7 7 
Real estate and real assets7 7 7 7 
Hedge funds5 6 7 7 
Total100 %100 %100 %100 %
Schedule of Allocation of Plan Assets The following table presents our plan assets using the fair value hierarchy as of December 31, 2025 and 2024. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices
in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs.
December 31, 2025December 31, 2024
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Fixed income securities:
Corporate$15,774 $15,521 $253 $16,322 $16,288 $34 
U.S. government and agencies
5,908 5,908 5,182 5,182 
Mortgage backed and asset backed
646 460 186 783 611 172 
Municipal524 524 613 613 
Sovereign2,055 2,053 2 924 923 1 
Mutual funds/ETFs
128 $128 
Other 5 $2 3 
Asset backed private loans
54 54 
Derivatives:
Assets1,858 1,858 
Liabilities(1,827)(1)(1,826)(194)(194)
Cash equivalents and other short-term investments
151 151 650 646 4 
Equity securities:
U.S. common and preferred stock
3,875 3,875 3,645 3,645 
Non-U.S. common and preferred stock
2,464 2,464 2,530 2,530 
Mutual funds/ETFs
55 55 
Derivatives:
Assets13 13 
Liabilities(13)(13)
Real estate and real assets:
Real estate
Real assets374 374 389 348 39 2 
Derivatives:
Assets1 1 
Liabilities
Total$32,039 $6,895 $24,649 $495 $30,850 $6,525 $24,112 $213 
Fixed income common/collective/pooled funds$1,550 $1,309 
Fixed income other1,301 1,364 
Equity common/collective/ pooled funds3,004 2,385 
Private equity3,959 3,919 
Real estate and real assets2,740 2,925 
Hedge funds2,670 2,608 
Total investments measured at NAV as a practical expedient$15,224 $14,510 
Cash$89 $265 
Receivables374 382 
Payables(579)(433)   
Total$47,147 $45,574 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following tables summarizes the changes of Level 3 assets, reconciled by asset class, held during the years ended December 31, 2025 and 2024. Transfers into and out of Level 3 are reported at the beginning-of-year values.
January 1
2025 Balance
Net Realized and Unrealized Gains/(Losses)
Net Purchases, Issuances and SettlementsNet Transfers Into/(Out of) Level 3December 31
2025 Balance
Fixed income securities:
Corporate
$34 $3 $246 ($30)$253 
Mortgage backed and
   asset backed
172 3 11 186 
Sovereign1 1 2 
Asset backed private loans54 54 
Cash equivalents and other short-term investments4 (4) 
Real assets2 (2)
Total$213 $6 $306 ($30)$495 
January 1
2024 Balance
Net Realized and Unrealized (Losses)/Gains
Net Purchases, Issuances and SettlementsNet Transfers Into/(Out of) Level 3December 31
2024 Balance
Fixed income securities:
  Corporate
$59 ($3)($22)$34 
Mortgage backed and asset backed
161 2 5 $4 172 
Sovereign1 1 
Other3 (3)
Cash equivalents and other short-term investments4 4 
Equity securities:
Non-U.S. common and preferred stock
1 (1)
Real assets3 (2)1 2 
Total$226 ($3)($15)$5 $213 
Schedule of Estimated Future Benefit Payments The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only.
Year(s)202620272028202920302031-2035
Pensions$4,507 $4,415 $4,323 $4,219 $4,094 $18,650 
Other postretirement benefits:
Gross benefits paid323 316 290 264 238 917 
Subsidies
(9)(9)(8)(8)(8)(37)
Net other postretirement benefits$314 $307 $282 $256 $230 $880