XML 65 R47.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Retirement Plan Expense
The following table sets forth the components of pension benefits expense for the years ended December 31, 2025, 2024, and 2023 (in millions).
 Pension Benefits
Year Ended December 31
202520242023
Defined benefit plans:
Service cost (1)
$48 $46 $41 
Interest cost (1)
82 79 76 
Expected return on plan assets(83)(89)(83)
Settlement charges(3)2 — 
Amortization of actuarial loss5 5 3 
Amortization of prior service (credit)
(19)(20)(20)
Net periodic defined benefit plan expense30 23 17 
Net actuarial (gain) loss
$(46)$(38)$46 
Prior service cost
19 26 19 
Total pre-tax comprehensive loss (income)
$(27)$(12)$65 
(1) Service and interest costs are recorded within Cost of products sold and Selling, general, and administrative expenses, in the Consolidated Statements of Earnings, based on the functional responsibilities of employees.
Schedule of Changes in Defined Benefit Obligation and Fair Value of Defined Benefit Plan Assets
The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the Company's pension benefits for the years ended December 31, 2025 and 2024 (in millions).
 Pension Benefits
December 31
2025		December 31
2024
Change in defined benefit obligations:
Benefit obligation, beginning$1,673 $1,765 
Service cost48 46 
Interest cost82 79 
Actuarial (gain)
(25)(111)
Employee contributions4 4 
Benefits paid(70)(62)
Plan amendments— 6 
Foreign currency effects and Other
44 (54)
Benefit obligation, ending$1,756 $1,673 
Change in defined plan assets
Fair value of plan assets, beginning$1,351 $1,415 
Actual return on plan assets105 7 
Employer contributions69 26 
Employee contributions4 4 
Benefits paid(70)(62)
Foreign currency effects and Other16 (39)
Fair value of plan assets, ending$1,475 $1,351 
Funded status$(281)$(322)
Amounts recognized in the Consolidated Balance Sheets
Other assets (non-current)
$78 $68 
Accrued expenses and other payables
(20)(19)
Other long-term liabilities
(339)(371)
Net liabilities recognized in the Consolidated Balance Sheets$(281)$(322)
Schedule of Contributions and Expected Future Benefit Payments
The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans (in millions):
 
Pension
Benefits
2026$90 
202795 
2028101 
2029109 
2030115 
2031-2035652 
Schedule of Principal Assumptions Used in Developing Net Periodic Benefit Cost
The following table sets forth the principal assumptions used in developing net periodic benefit cost:
 Pension Benefits
December 31
2025		December 31
2024
Discount rate for service cost4.7%4.5%
Expected return on plan assets6.1%6.0%
Rate of compensation increase4.8%4.8%
Interest crediting rate4.6%4.0%

The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:

 Pension Benefits
December 31
2025		December 31
2024
Discount rate5.1 %5.0 %
Rate of compensation increase4.6 %4.8 %
Interest crediting rate4.7 %4.6 %
Schedule of Fair Value of Plan Assets
The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2025 and 2024 (in millions).
 Fair Value Measurements at December 31, 2025
Level 1Level 2Level 3Total
Common stock$37 $— $— $37 
Common collective trusts / Mutual funds162 — — 162 
Corporate bonds— 550 — 550 
U.S. Treasury instruments152 — — 152 
U.S. government agency, state and local government bonds— 5 — 5 
Other38 19 — 57 
Total assets$389 $574 $— $963 
Common collective trust funds at NAV
U.S. equity56 
International equity81 
Fixed income327 
Other48 
Total assets at fair value$1,475 

 Fair Value Measurements at December 31, 2024
Level 1Level 2Level 3Total
Common stock$36 $— $— $36 
Common collective trusts / Mutual funds154 — — 154 
Corporate bonds— 517 — 517 
U.S. Treasury instruments161 — — 161 
U.S. government agency, state and local government bonds— 4 — 4 
Other13 18 — 31 
Total assets$364 $539 $— $903 
Common collective trust funds at NAV
U.S. equity30 
International equity67 
Fixed income298 
Other53 
Total assets at fair value$1,351 
Schedule of Actual Asset Allocation for Global Pension Plan Assets
The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date.

December 31 2025(1)(2)
December 31
2024(2)
Equity securities23%21%
Debt securities66%68%
Other11%11%
Total100%100%

(1)The Company’s U.S. pension plans contain approximately 68% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 24% equity securities, 70% debt securities, and 6% other. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 20% equity securities, 59% debt securities, and 21% other. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.
(2)The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2025 and 2024 measurement dates.