v3.25.4
Pension and other postretirement benefits (Tables)
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan The following table summarizes, with respect to defined benefit pension plans, the benefit obligation, fair
value of plan assets, funded status, amounts recognized on the consolidated balance sheets and weighted-
average assumptions used to determine benefit obligations:
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Change in benefit obligation:
Benefit obligation, beginning of year
$79
$215
$82
$747
Service cost
4
2
Interest cost
4
11
4
33
Actuarial (gains) and losses
(9)
8
Benefits paid
(6)
(7)
(7)
(44)
Settlements
(496)
Foreign currency rate changes
11
(35)
Plan transfer in
53
Benefit obligation, end of year
$77
$278
$79
$215
Change in fair value of plan assets:
Fair value of plan assets, beginning of year
$
$175
$
$669
Actual return on plan assets
5
39
Employer contributions
6
8
7
37
Plan transfer in
55
Benefits paid
(6)
(7)
(7)
(44)
Settlements
(496)
Foreign currency rate changes
10
(30)
Fair value of plan assets, end of year
246
175
Funded status
$(77)
$(32)
$(79)
$(40)
Amounts recognized on the consolidated balance sheets:
Noncurrent assets
$
$28
$
$20
Current liabilities
(7)
(5)
(7)
(4)
Noncurrent liabilities
(70)
(55)
(72)
(56)
Funded status at end of year
$(77)
$(32)
$(79)
$(40)
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Amounts recognized in Accumulated other comprehensive loss:
Net actuarial (gain) loss
$(16)
$3
$(17)
$8
Total
$(16)
$3
$(17)
$8
Weighted-average assumptions used to determine benefit
obligations:
Discount rate
5.3%
4.1%
5.5%
4.7%
Rate of compensation increase
%
2.4%
%
2.5%
Interest crediting rate
3.0%
2.5%
3.0%
%
The following table summarizes, with respect to other postretirement benefit plans, the benefit obligation, fair
value of plan assets, funded status, amounts recognized on the consolidated balance sheets and weighted-
average assumptions used to determine benefit obligations:
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Change in benefit obligation:
Benefit obligation, beginning of year
$49
$70
$55
$75
Service cost
1
1
Interest cost
2
3
2
3
Actuarial (gains)
(1)
(1)
(2)
Benefits paid
(6)
(5)
(6)
(5)
Foreign currency rate changes
3
(4)
Benefit obligation, end of year
$44
$71
$49
$70
Change in fair value of plan assets:
Fair value of plan assets, beginning of year
$
$
$
$
Employer contributions
6
5
6
5
Benefits paid
(6)
(5)
(6)
(5)
Fair value of plan assets, end of year
Funded status
$(44)
$(71)
$(49)
$(70)
Amounts recognized on the consolidated balance sheets:
Current liabilities
$(7)
$(4)
$(8)
$(4)
Noncurrent liabilities
(37)
(67)
(41)
(66)
Funded status at end of year
$(44)
$(71)
$(49)
$(70)
Amounts recognized in Accumulated other comprehensive loss:
Net actuarial (gains)
$(21)
$(17)
$(22)
$(16)
Total
$(21)
$(17)
$(22)
$(16)
Weighted-average assumptions used to determine benefit obligations:
Discount rate
5.1%
4.9%
5.4%
4.7%
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) The following table summarizes, with respect to defined benefit pension plans, the benefit obligation, fair
value of plan assets, funded status, amounts recognized on the consolidated balance sheets and weighted-
average assumptions used to determine benefit obligations:
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Change in benefit obligation:
Benefit obligation, beginning of year
$79
$215
$82
$747
Service cost
4
2
Interest cost
4
11
4
33
Actuarial (gains) and losses
(9)
8
Benefits paid
(6)
(7)
(7)
(44)
Settlements
(496)
Foreign currency rate changes
11
(35)
Plan transfer in
53
Benefit obligation, end of year
$77
$278
$79
$215
Change in fair value of plan assets:
Fair value of plan assets, beginning of year
$
$175
$
$669
Actual return on plan assets
5
39
Employer contributions
6
8
7
37
Plan transfer in
55
Benefits paid
(6)
(7)
(7)
(44)
Settlements
(496)
Foreign currency rate changes
10
(30)
Fair value of plan assets, end of year
246
175
Funded status
$(77)
$(32)
$(79)
$(40)
Amounts recognized on the consolidated balance sheets:
Noncurrent assets
$
$28
$
$20
Current liabilities
(7)
(5)
(7)
(4)
Noncurrent liabilities
(70)
(55)
(72)
(56)
Funded status at end of year
$(77)
$(32)
$(79)
$(40)
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Amounts recognized in Accumulated other comprehensive loss:
Net actuarial (gain) loss
$(16)
$3
$(17)
$8
Total
$(16)
$3
$(17)
$8
Weighted-average assumptions used to determine benefit
obligations:
Discount rate
5.3%
4.1%
5.5%
4.7%
Rate of compensation increase
%
2.4%
%
2.5%
Interest crediting rate
3.0%
2.5%
3.0%
%
The following table summarizes, with respect to other postretirement benefit plans, the benefit obligation, fair
value of plan assets, funded status, amounts recognized on the consolidated balance sheets and weighted-
average assumptions used to determine benefit obligations:
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Change in benefit obligation:
Benefit obligation, beginning of year
$49
$70
$55
$75
Service cost
1
1
Interest cost
2
3
2
3
Actuarial (gains)
(1)
(1)
(2)
Benefits paid
(6)
(5)
(6)
(5)
Foreign currency rate changes
3
(4)
Benefit obligation, end of year
$44
$71
$49
$70
Change in fair value of plan assets:
Fair value of plan assets, beginning of year
$
$
$
$
Employer contributions
6
5
6
5
Benefits paid
(6)
(5)
(6)
(5)
Fair value of plan assets, end of year
Funded status
$(44)
$(71)
$(49)
$(70)
Amounts recognized on the consolidated balance sheets:
Current liabilities
$(7)
$(4)
$(8)
$(4)
Noncurrent liabilities
(37)
(67)
(41)
(66)
Funded status at end of year
$(44)
$(71)
$(49)
$(70)
Amounts recognized in Accumulated other comprehensive loss:
Net actuarial (gains)
$(21)
$(17)
$(22)
$(16)
Total
$(21)
$(17)
$(22)
$(16)
Weighted-average assumptions used to determine benefit obligations:
Discount rate
5.1%
4.9%
5.4%
4.7%
Defined Benefit Plan, Assumptions The following table summarizes, with respect to defined benefit pension plans, the benefit obligation, fair
value of plan assets, funded status, amounts recognized on the consolidated balance sheets and weighted-
average assumptions used to determine benefit obligations:
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Change in benefit obligation:
Benefit obligation, beginning of year
$79
$215
$82
$747
Service cost
4
2
Interest cost
4
11
4
33
Actuarial (gains) and losses
(9)
8
Benefits paid
(6)
(7)
(7)
(44)
Settlements
(496)
Foreign currency rate changes
11
(35)
Plan transfer in
53
Benefit obligation, end of year
$77
$278
$79
$215
Change in fair value of plan assets:
Fair value of plan assets, beginning of year
$
$175
$
$669
Actual return on plan assets
5
39
Employer contributions
6
8
7
37
Plan transfer in
55
Benefits paid
(6)
(7)
(7)
(44)
Settlements
(496)
Foreign currency rate changes
10
(30)
Fair value of plan assets, end of year
246
175
Funded status
$(77)
$(32)
$(79)
$(40)
Amounts recognized on the consolidated balance sheets:
Noncurrent assets
$
$28
$
$20
Current liabilities
(7)
(5)
(7)
(4)
Noncurrent liabilities
(70)
(55)
(72)
(56)
Funded status at end of year
$(77)
$(32)
$(79)
$(40)
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Amounts recognized in Accumulated other comprehensive loss:
Net actuarial (gain) loss
$(16)
$3
$(17)
$8
Total
$(16)
$3
$(17)
$8
Weighted-average assumptions used to determine benefit
obligations:
Discount rate
5.3%
4.1%
5.5%
4.7%
Rate of compensation increase
%
2.4%
%
2.5%
Interest crediting rate
3.0%
2.5%
3.0%
%
The following table summarizes, with respect to defined benefit pension plans, the components of Net
periodic benefit cost, amounts recognized in Other comprehensive income (loss) and weighted-average
assumptions used to determine Net periodic benefit cost:
For the years ended December 31,
2025
2024
2023
2025
2024
2023
(In millions, except for percentage data)
U.S.
Non-U.S.
Components of Net periodic benefit cost (credit):
Service cost
$
$
$
$4
$2
$2
Interest cost
4
4
38
11
33
33
Expected return on assets
(34)
(10)
(31)
(32)
Amortization of actuarial (gains)
(1)
(1)
Settlement loss
33
61
Net periodic benefit cost
$3
$3
$37
$5
$65
$3
Changes in plan assets and benefit obligations
recognized in Other comprehensive (income) loss:
Net actuarial (gain) loss
$
$(1)
$3
$(5)
$
$40
Amortization of actuarial loss (gain)
1
1
(33)
(61)
Foreign currency rate changes
(3)
1
Total recognized in Other comprehensive (income) loss
1
(30)
(5)
(64)
41
Total recognized in Net periodic benefit cost and Other
comprehensive (income) loss
$4
$3
$7
$
$1
$44
Weighted-average assumptions used to determine Net
periodic benefit cost (credit):
Discount rate
5.5%
4.8%
5.9%
4.1%
4.6%
5.0%
Rate of compensation increase
%
%
%
2.3%
2.5%
2.5%
Expected long-term rate of return on plan assets
%
%
5.9%
4.9%
4.9%
5.2%
Interest crediting rate
3.0%
3.0%
3.0%
2.9%
%
%
The following table summarizes, with respect to other postretirement benefit plans, the benefit obligation, fair
value of plan assets, funded status, amounts recognized on the consolidated balance sheets and weighted-
average assumptions used to determine benefit obligations:
As of December 31,
2025
2024
(In millions, except for percentage data)
U.S.
Non-U.S.
U.S.
Non-U.S.
Change in benefit obligation:
Benefit obligation, beginning of year
$49
$70
$55
$75
Service cost
1
1
Interest cost
2
3
2
3
Actuarial (gains)
(1)
(1)
(2)
Benefits paid
(6)
(5)
(6)
(5)
Foreign currency rate changes
3
(4)
Benefit obligation, end of year
$44
$71
$49
$70
Change in fair value of plan assets:
Fair value of plan assets, beginning of year
$
$
$
$
Employer contributions
6
5
6
5
Benefits paid
(6)
(5)
(6)
(5)
Fair value of plan assets, end of year
Funded status
$(44)
$(71)
$(49)
$(70)
Amounts recognized on the consolidated balance sheets:
Current liabilities
$(7)
$(4)
$(8)
$(4)
Noncurrent liabilities
(37)
(67)
(41)
(66)
Funded status at end of year
$(44)
$(71)
$(49)
$(70)
Amounts recognized in Accumulated other comprehensive loss:
Net actuarial (gains)
$(21)
$(17)
$(22)
$(16)
Total
$(21)
$(17)
$(22)
$(16)
Weighted-average assumptions used to determine benefit obligations:
Discount rate
5.1%
4.9%
5.4%
4.7%
Schedule of Net Benefit Costs The following table summarizes, with respect to defined benefit pension plans, the components of Net
periodic benefit cost, amounts recognized in Other comprehensive income (loss) and weighted-average
assumptions used to determine Net periodic benefit cost:
For the years ended December 31,
2025
2024
2023
2025
2024
2023
(In millions, except for percentage data)
U.S.
Non-U.S.
Components of Net periodic benefit cost (credit):
Service cost
$
$
$
$4
$2
$2
Interest cost
4
4
38
11
33
33
Expected return on assets
(34)
(10)
(31)
(32)
Amortization of actuarial (gains)
(1)
(1)
Settlement loss
33
61
Net periodic benefit cost
$3
$3
$37
$5
$65
$3
Changes in plan assets and benefit obligations
recognized in Other comprehensive (income) loss:
Net actuarial (gain) loss
$
$(1)
$3
$(5)
$
$40
Amortization of actuarial loss (gain)
1
1
(33)
(61)
Foreign currency rate changes
(3)
1
Total recognized in Other comprehensive (income) loss
1
(30)
(5)
(64)
41
Total recognized in Net periodic benefit cost and Other
comprehensive (income) loss
$4
$3
$7
$
$1
$44
Weighted-average assumptions used to determine Net
periodic benefit cost (credit):
Discount rate
5.5%
4.8%
5.9%
4.1%
4.6%
5.0%
Rate of compensation increase
%
%
%
2.3%
2.5%
2.5%
Expected long-term rate of return on plan assets
%
%
5.9%
4.9%
4.9%
5.2%
Interest crediting rate
3.0%
3.0%
3.0%
2.9%
%
%
The following table summarizes, with respect to other postretirement benefit plans, the components of Net
periodic benefit cost, amounts recognized in Other comprehensive income (loss), and weighted-average
assumptions used to determine Net periodic benefit cost:
For the years ended December 31,
2025
2024
2023
2025
2024
2023
(In millions, except for percentage data)
U.S.
Non-U.S.
Components of Net periodic benefit cost:
Service cost
$
$
$
$1
$1
$1
Interest cost
2
2
3
3
3
3
Amortization of actuarial (gains)
(2)
(2)
(2)
(1)
(2)
Net periodic benefit cost
$
$
$1
$4
$3
$2
Changes in plan assets and benefit obligations
recognized in Other comprehensive (income) loss:
Net actuarial (gain) loss
$(1)
$(2)
$(3)
$(1)
$
$10
Amortization of actuarial loss
2
2
2
1
2
Foreign currency rate changes
1
Total recognized in Other comprehensive (income) loss
$1
$
$(1)
$(1)
$2
$12
Total recognized in Net periodic benefit cost and Other
comprehensive (income) loss
$1
$
$
$3
$5
$14
Weighted-average assumptions used to determine Net
periodic benefit cost:
Discount rate
5.4%
4.8%
4.9%
4.7%
4.7%
5.2%
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets The defined benefit pension plans for which the projected benefit obligation exceeds the fair value of the
respective plan assets were as follows:
As of December 31,
2025
2024
(In millions)
U.S.
Non-U.S.
U.S.
Non-U.S.
Defined benefit pension plans with projected benefit
obligations in excess of plan assets:
Projected benefit obligation
$77
$60
$79
$60
Fair value of plan assets
$
$
$
$
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) The following table summarizes, with respect to defined benefit pension plans, the components of Net
periodic benefit cost, amounts recognized in Other comprehensive income (loss) and weighted-average
assumptions used to determine Net periodic benefit cost:
For the years ended December 31,
2025
2024
2023
2025
2024
2023
(In millions, except for percentage data)
U.S.
Non-U.S.
Components of Net periodic benefit cost (credit):
Service cost
$
$
$
$4
$2
$2
Interest cost
4
4
38
11
33
33
Expected return on assets
(34)
(10)
(31)
(32)
Amortization of actuarial (gains)
(1)
(1)
Settlement loss
33
61
Net periodic benefit cost
$3
$3
$37
$5
$65
$3
Changes in plan assets and benefit obligations
recognized in Other comprehensive (income) loss:
Net actuarial (gain) loss
$
$(1)
$3
$(5)
$
$40
Amortization of actuarial loss (gain)
1
1
(33)
(61)
Foreign currency rate changes
(3)
1
Total recognized in Other comprehensive (income) loss
1
(30)
(5)
(64)
41
Total recognized in Net periodic benefit cost and Other
comprehensive (income) loss
$4
$3
$7
$
$1
$44
Weighted-average assumptions used to determine Net
periodic benefit cost (credit):
Discount rate
5.5%
4.8%
5.9%
4.1%
4.6%
5.0%
Rate of compensation increase
%
%
%
2.3%
2.5%
2.5%
Expected long-term rate of return on plan assets
%
%
5.9%
4.9%
4.9%
5.2%
Interest crediting rate
3.0%
3.0%
3.0%
2.9%
%
%
The following table summarizes, with respect to other postretirement benefit plans, the components of Net
periodic benefit cost, amounts recognized in Other comprehensive income (loss), and weighted-average
assumptions used to determine Net periodic benefit cost:
For the years ended December 31,
2025
2024
2023
2025
2024
2023
(In millions, except for percentage data)
U.S.
Non-U.S.
Components of Net periodic benefit cost:
Service cost
$
$
$
$1
$1
$1
Interest cost
2
2
3
3
3
3
Amortization of actuarial (gains)
(2)
(2)
(2)
(1)
(2)
Net periodic benefit cost
$
$
$1
$4
$3
$2
Changes in plan assets and benefit obligations
recognized in Other comprehensive (income) loss:
Net actuarial (gain) loss
$(1)
$(2)
$(3)
$(1)
$
$10
Amortization of actuarial loss
2
2
2
1
2
Foreign currency rate changes
1
Total recognized in Other comprehensive (income) loss
$1
$
$(1)
$(1)
$2
$12
Total recognized in Net periodic benefit cost and Other
comprehensive (income) loss
$1
$
$
$3
$5
$14
Weighted-average assumptions used to determine Net
periodic benefit cost:
Discount rate
5.4%
4.8%
4.9%
4.7%
4.7%
5.2%
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets The defined benefit pension plans for which the projected benefit obligation exceeds the fair value of the
respective plan assets were as follows:
As of December 31,
2025
2024
(In millions)
U.S.
Non-U.S.
U.S.
Non-U.S.
Defined benefit pension plans with projected benefit
obligations in excess of plan assets:
Projected benefit obligation
$77
$60
$79
$60
Fair value of plan assets
$
$
$
$
The other postretirement benefit plans for which the accumulated postretirement benefit obligation exceeds
the fair value of plan assets were as follows:
As of December 31,
2025
2024
(In millions)
U.S.
Non-U.S.
U.S.
Non-U.S.
Other postretirement benefit plans with accumulated
postretirement benefit obligations in excess of plan assets:
Accumulated postretirement benefit obligation
$44
$71
$49
$70
Schedule of Health Care Cost Trend Rates The assumed healthcare cost trend rates were as follows:
For the years ended December 31,
U.S.
Non-U.S.
2025
2024
2023
2025
2024
2023
Healthcare cost trend rate assumed for next year
8.2%
7.9%
7.2%
5.1%
5.0%
4.6%
Rate to which the cost trend rate gradually declines
4.5%
4.5%
4.5%
4.0%
4.0%
4.0%
Year the rate reaches the ultimate rate
2035
2033
2031
2040
2040
2040
Schedule of Allocation of Plan Assets The Company’s target allocation ranges by asset class were as follow:
(In millions)
Defined Benefit Pension Plans 2025(1)
Cash and cash equivalents
0-10%
Equity instruments
17-50%
Debt instruments
0-72%
Other
7 - 39%
__________________
(1)There are no target asset allocations for the U.S. defined benefit pension plans, which have no assets as of December
31, 2025.
The Company’s asset allocation by asset class were as follow:
Defined Benefit Pension Plans Fair Values
As of December 31, 2025
Non-U.S. Plans
(In millions)
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$5
$
$
$5
Equity instruments
54
2
56
Debt instruments
9
53
62
Other
33
33
Insurance contracts
90
90
Total
$68
$86
$92
$246
There were no other postretirement benefit plan assets as of December 31, 2025.
The Company’s asset allocations by asset class were as follow:
Defined Benefit Pension Plans Fair Values
As of December 31, 2024
Non-U.S. Plans
(In millions)
Level 1
Level 2
Level 3
Total
Cash and cash equivalents
$2
$
$
$2
Equity instruments
26
2
28
Debt instruments
52
52
Insurance contracts
93
93
Total
$28
$52
$95
$175
Schedule of Changes in Fair Value of Plan Assets The reconciliation for Level 3 pension plan assets by asset class were as follows:
For the year ended December 31, 2025
Non-U.S. Plans
(In millions)
Beginning
Balance
Actual return on
plan assets,
relating to assets
still held at
reporting date
Purchases,
sales and
settlements
Change due
to exchange
rate changes
Ending
Balance
Equity instruments
$2
$
$
$
$2
Insurance contracts
93
1
(8)
4
90
Total
$95
$1
$(8)
$4
$92
For the year ended December 31, 2024
Non-U.S. Plans
(In millions)
Beginning
Balance
Actual return on
plan assets,
relating to assets
still held at
reporting date
Purchases,
sales and
settlements
Change due
to exchange
rate changes
Ending
Balance
Equity instruments
$26
$
$(24)
$
$2
Insurance contracts
468
23
(378)
(20)
93
Total
$494
$23
$(402)
$(20)
$95
Schedule of Expected Benefit Payments The following table presents the expected future benefit payments to be made over the next 10 years:
Defined Benefit Pension Plans
Other Postretirement Benefit Plans
(In millions)
U.S.
Non-U.S.
U.S.
Non-U.S.
2026
$7
$21
$7
$4
2027
7
18
6
4
2028
7
18
6
4
2029
7
18
4
4
2030
6
17
4
4
2031-2035
29
83
15
22