XML 87 R53.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The components of net periodic (benefit) cost consisted of the following:
Year Ended December 31,
202520242023
Service cost (a)
$$$
Interest cost (b)
28 28 27 
Expected return on plan assets (b)
(32)(32)(30)
Amortization of unrecognized amounts (b)
Net periodic cost (benefit)$$$
__________ 
(a)Primarily included in operating expenses.
(b)Included in selling, general and administrative expenses.
Schedule of Funded Status of Pension Plans
We use a measurement date of December 31st for our pension plans. The funded status of the pension plans were as follows:
As of December 31,
Change in Benefit Obligation20252024
Benefit obligation at end of prior year$565 $620 
Service cost
Interest cost28 28 
Actuarial (gain) loss(13)(43)
Plan amendments(2)(1)
Currency translation adjustments29 (11)
Net benefits paid(31)(31)
Benefit obligation at end of current year$579 $565 
Change in Plan Assets
Fair value of assets at end of prior year$510 $540 
Actual return on plan assets30 
Employer contributions
Currency translation adjustments21 (6)
Net benefits paid(31)(31)
Fair value of assets at end of current year$536 $510 
Schedule of Net Funded Status
Amounts recognized in the statement of financial position consist of the following:
As of December 31,
Funded Status20252024
Classification of net balance sheet assets (liabilities):
Non-current assets$47 $39 
Current liabilities(5)(4)
Non-current liabilities(85)(90)
Net funded status$(43)$(55)
Schedule of Assumptions Used to Determine Pension Obligations and Pension Costs
The following assumptions were used to determine pension obligations and pension costs for the principal plans in which our employees participated:
For the Year Ended December 31,
U.S. Pension Benefit Plans202520242023
Discount rate:
Net periodic benefit cost5.51 %4.96 %5.18 %
Benefit obligation5.23 %5.51 %4.96 %
Long-term rate of return on plan assets6.00 %6.25 %6.25 %
Non-U.S. Pension Benefit Plans
Discount rate:
Net periodic benefit cost5.01 %4.40 %4.79 %
Benefit obligation5.22 %5.01 %4.40 %
Long-term rate of return on plan assets6.63 %5.97 %5.59 %
Schedule of Defined Benefit Pension Plans' Assets Fair Value
The following table presents the defined benefit pension plans’ assets measured at fair value:
As of December 31, 2025
Asset ClassLevel 1Level 2
Level 3 (a)
Total
Cash equivalents and short-term investments$$16 $— $20 
U.S. equities— 11 — 11 
Non-U.S. equities15 — 21 
Government bonds11 50 — 61 
Corporate bonds41 — 45 
Other assets— 80 59 139 
Other assets measured at net asset value (b)
— — — 239 
Total assets$25 $213 $59 $536 

As of December 31, 2024
Asset ClassLevel 1Level 2
Level 3 (a)
Total
Cash equivalents and short-term investments$$12 $— $20 
U.S. equities49 10 — 59 
Non-U.S. equities29 15 — 44 
Government bonds48 — 57 
Corporate bonds159 39 — 198 
Other assets— 73 59 132 
Total assets$254 $197 $59 $510 
__________
(a)    For the years ended December 31, 2025 and 2024, we purchased and classified investments of $4 million and $2 million, respectively, as Level 3.
(b)    Includes assets invested in collective investment trusts, which have been measured at fair value using the net asset value per share practical expedient and have not been classified in the fair value hierarchy.