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Pension Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of net funded status
For the Years Ended December 31,
20252024
(in millions)
Change in benefit obligation:
Projected benefit obligation at beginning of year$70 $67 
Service cost3 4 
Interest cost4 3 
Actuarial (gain) loss2 (1)
Benefits paid(4)(2)
Settlements
— — 
Projected benefit obligation at end of year75 70 
Change in plan assets:
Fair value of plan assets at beginning of year57 46 
Actual return on plan assets8 4 
Employer contribution6 10 
Benefits paid(4)(2)
Settlements
— — 
Fair value of plan assets at end of year67 57 
Funded status at end of year$(8)$(13)
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Note: Amounts may not calculate due to rounding.
Schedule of accumulated benefit obligation in excess of plan assets
Accumulated Benefit Obligation Compared to Plan Assets for the Pension Plans
As of December 31,
20252024
(in millions)
Projected benefit obligation$75 $70 
Accumulated benefit obligation$65 $59 
Less: fair value of plan assets(67)(57)
(Funded) underfunded accumulated benefit obligation
$(2)$2 
Schedule of pension liability adjustments recognized in other comprehensive income (loss)
The pension liability adjustments recognized in other comprehensive income during 2025, 2024, and 2023, were as follows:
For the Years Ended December 31,
202520242023
(in millions)
Net actuarial gain$3 $2 $2 
Amortization of net actuarial loss— — — 
Settlements— — — 
Total pension liability adjustment, pre-tax3 2 2 
Tax expense(1)— — 
Total pension liability adjustment, net$2 $1 $1 
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Note: Amounts may not calculate due to rounding.
Components of net periodic benefit cost for the pension plans
Components of Net Periodic Benefit Cost for the Pension Plans
For the Years Ended December 31,
202520242023
(in millions)
Components of net periodic benefit cost:
Service cost$3 $4 $4 
Interest cost4 33 
Expected return on plan assets that reduces periodic pension benefit cost(3)(3)(2)
Amortization of net actuarial loss— — — 
Net periodic benefit cost4 4 5 
Settlements— — — 
Total net benefit cost$4 $4 $5 
Schedule of weighted-average pension plan assumptions
The weighted-average assumptions used to measure the Company’s projected benefit obligation are as follows:
As of December 31,
20252024
Projected benefit obligation:
Discount rate5.5%5.6%
Rate of compensation increase3.5%3.5%
The weighted-average assumptions used to measure the Company’s net periodic benefit cost are as follows:
For the Years Ended December 31,
202520242023
Net periodic benefit cost:
Discount rate5.6%5.1%5.2%
Expected return on plan assets (1)
6.3%6.5%6.3%
Rate of compensation increase3.5%3.5%3.5%
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(1)There is no assumed expected return on plan assets for the Nonqualified Pension Plan because there are no plan assets in the Nonqualified Pension Plan.
Schedule of weighted-average asset allocation of the Qualified Pension Plan
The weighted-average asset allocation of the Qualified Pension Plan is as follows:
TargetAs of December 31,
Asset Category202620252024
Equity securities35.0 %37.9 %41.0 %
Fixed income securities50.0 %49.2 %40.3 %
Other securities15.0 %12.9 %18.7 %
Total100.0 %100.0 %100.0 %
Schedule of fair values of the Qualified Pension Plan assets
The fair values of the Company’s Qualified Pension Plan assets utilizing the fair value hierarchy discussed in Note 8 – Fair Value Measurements are as follows:
Fair Value Measurements Using:
Actual Asset Allocation (1)
TotalLevel 1 InputsLevel 2 Inputs
Level 3 Inputs (2)
(in millions)
As of December 31, 2025
Equity securities:
Domestic (3)
19.1 %$12 $8 $4 $— 
International (4)
18.8 %13 13 — — 
Total equity securities37.9 %25 21 4 — 
Fixed income securities:
Core fixed income (5)
49.2 %33 1 32 — 
Total fixed income securities49.2 %33 1 32 — 
Other securities:
Real estate (6)
2.9 %2 — — 2 
Collective investment trusts (7)
1.3 %1 — 1 — 
Hedge fund (8)
8.7 %6 2 — 4 
Total other securities12.9 %9 2 1 6 
Total investments100.0 %$67 $24 $37 $6 
As of December 31, 2024
Equity securities:
Domestic (3)
19.5 %$11 $7 $4 $— 
International (4)
21.5 %12 12 — — 
Total equity securities41.0 %23 19 4 — 
Fixed income securities:
Core fixed income (5)
40.3 %23 23 — — 
Total fixed income securities40.3 %23 23 — — 
Other securities:
Real estate (6)
3.3 %2 — — 2 
Collective investment trusts (7)
6.1 %4 — 4 — 
Hedge fund (8)
9.3 %5 2 — 4 
Total other securities18.7 %11 2 4 5 
Total investments (1)
100.0 %$57 $44 $7 $5 
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(1)Amounts may not calculate due to rounding.
(2)During the years ended December 31, 2025, and 2024, there were no material changes in Level 3 plan assets.
(3)Level 1 equity securities consist of United States large and small capitalization companies, which are actively traded securities that can be sold on demand. Level 2 equity securities are investments in collective investment funds that are valued at net asset value based on the value of the underlying investments and total units outstanding on a daily basis. The objective of these funds is to approximate the S&P 500 by investing in one or more collective investment funds.
(4)International equity securities consist of a well-diversified portfolio of holdings of mostly large issuers organized in developed countries with liquid markets, commingled with investments in equity securities of issuers located in emerging markets that are believed to have strong sustainable financial productivity at attractive valuations.
(5)The objective of core fixed income investments is to generate income through diversified, investment-grade fixed income securities while managing exposure to credit and interest rate risk.
(6)The investment objective of direct real estate is to provide current income with the potential for long-term capital appreciation. Ownership in real estate entails a long-term time horizon, periodic valuations, and potentially low liquidity.
(7)Collective investment trusts invest in short-term investments and are valued at the net asset value of the collective investment trust. The net asset value, as provided by the trustee, is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities.
(8)The hedge fund portfolio includes investments in actively traded global mutual funds that focus on alternative investments and a hedge fund of funds that invests both long and short using a variety of investment strategies.
Schedule of expected benefit payments Expected benefit payments over the next 10 years are as follows:
For the Years Ending December 31,Amount
(in millions)
2026$12 
2027$5 
2028$5 
2029$5 
2030$6 
2031 through 2035$28