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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Summary of changes in projected benefit obligations, fair value of plan assets, and funded status of plan
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20252024
Change in projected benefit obligation:
Benefit obligation, January 1
$317 $338 
Service cost
3 4 
Interest cost
19 17 
Actuarial loss (gain)
4 (26)
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
10 (6)
Benefit obligation, December 31
340 317 
Change in plan assets:
Fair value of plan assets, January 1
300 317 
Actual return on plan assets
29 (8)
Company contributions
13 8 
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
9 (7)
Fair value of plan assets, December 31
338 300 
Funded status, December 31
$(2)$(17)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$21 $12 
Current liability
(1)— 
Non-current liability
(22)(29)
$(2)$(17)
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Net prior service cost$2 $1 
Net actuarial loss
79 85 
$81 $86 
Schedule of amounts recognized in balance sheet
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20252024
Change in projected benefit obligation:
Benefit obligation, January 1
$317 $338 
Service cost
3 4 
Interest cost
19 17 
Actuarial loss (gain)
4 (26)
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
10 (6)
Benefit obligation, December 31
340 317 
Change in plan assets:
Fair value of plan assets, January 1
300 317 
Actual return on plan assets
29 (8)
Company contributions
13 8 
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
9 (7)
Fair value of plan assets, December 31
338 300 
Funded status, December 31
$(2)$(17)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$21 $12 
Current liability
(1)— 
Non-current liability
(22)(29)
$(2)$(17)
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Net prior service cost$2 $1 
Net actuarial loss
79 85 
$81 $86 
Schedule of amounts recognized in other comprehensive income (loss)
The following table shows the changes in the benefit obligation and plan assets and the plans’ funded status.
In millions
20252024
Change in projected benefit obligation:
Benefit obligation, January 1
$317 $338 
Service cost
3 4 
Interest cost
19 17 
Actuarial loss (gain)
4 (26)
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
10 (6)
Benefit obligation, December 31
340 317 
Change in plan assets:
Fair value of plan assets, January 1
300 317 
Actual return on plan assets
29 (8)
Company contributions
13 8 
Benefits paid
(13)(10)
Effect of foreign currency exchange rate movements
9 (7)
Fair value of plan assets, December 31
338 300 
Funded status, December 31
$(2)$(17)
Amounts recognized in the consolidated balance sheets:
Non-current asset
$21 $12 
Current liability
(1)— 
Non-current liability
(22)(29)
$(2)$(17)
Amounts recognized in accumulated other comprehensive income (loss) under ASC 715 (pre-tax):
Net prior service cost$2 $1 
Net actuarial loss
79 85 
$81 $86 
Schedule of accumulated and projected benefit obligations
In millions as of December 31
20252024
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$24 $215 
Fair value of plan assets
5 194 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$28 $224 
Fair value of plan assets
5 194 
Schedule of defined benefit plans disclosures
In millions as of December 31
20252024
Pension plans with ABO in excess of plan assets
Accumulated benefit obligation
$24 $215 
Fair value of plan assets
5 194 
Pension plans with PBO in excess of plan assets
Projected benefit obligation
$28 $224 
Fair value of plan assets
5 194 
Schedule of net benefit costs
Net periodic pension expense comprised the following:
In millions
202520242023
Service cost
$3 $4 $4 
Interest cost19 17 17 
Expected return on plan assets
(17)(17)(17)
Actuarial loss (gain)
3 3 3 
Net periodic pension expense (benefit)
$8 $7 $7 
Schedule of assumptions used to determine the net periodic (benefit)/cost
Major actuarial assumptions used in determining the benefit obligations and net periodic pension cost for our defined benefit plans are presented in the following table:
202520242023
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate
5.81 %5.89 %5.27 %
Rate of compensation increase
3.27 %3.34 %3.30 %
Actuarial assumptions used to determine net periodic pension cost for years ended December 31:
Discount rate
5.89 %5.27 %5.52 %
Expected long-term rate of return on plan assets
5.93 %5.64 %5.84 %
Rate of compensation increase
3.34 %3.30 %3.36 %
Defined benefit plan, plan assets, category
The target allocations for each asset class in the U.S. plan were 35% in equity securities and 65% in debt securities for the years ended December 31, 2025 and 2024. The target allocations for each asset class in the U.K. plan were 33% in growth assets and 67% in stabilizing assets for the years ended December 31, 2025 and 2024. Pension assets for the immaterial plans totaled $27 million for the year ended December 31, 2025 and $23 million for the year ended December 31, 2024. These assets primarily relate to government securities within Level 1 of the fair value hierarchy.
Fair Value Measurement U.S. Plans
20252024
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$7 $7 $— $10 $10 $— 
Equities - developed markets
57 57 — 59 59 — 
Equities - emerging markets
7 7 — 7 7 — 
Government securities49 — 49 43 — 43 
Corporate bonds93 — 93 71 — 71 
Total Investments
$213 $71 $142 $190 $76 $114 
Fair Value Measurement U.K. Plans
20252024
Asset Class 
TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)TotalQuoted Prices in Active Markets For Identical Assets (Level 1)Significant Observable Inputs (Level 2)
In millions
Cash and cash equivalents
$12 $12 $— $2 $2 $— 
Equities
— — — 7 — 7 
Multi-asset credit11 — 11 10 — 10 
Absolute return fixed income2 — 2 3 — 3 
Liability driven investments24 — 24 23 — 23 
Cash flow driven investments
31 — 31 28 — 28 
Other Investments:
Private equity18 — — 14 — — 
Total Investments
$98 $12 $68 $87 $2 $71 
Schedule of expected future benefit payments
At December 31, 2025, projected future pension benefit payments, excluding any termination benefits, were as follows:

In millions
2026$14 
202716 
202818 
202919 
203022 
2031-2035128