v3.25.4

Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Schedule of Weighted Average Actuarial Assumptions Utilized Defined Benefit Plans | The weighted average actuarial assumptions utilized for the U.S. and significant non-U.S. defined benefit plans and post-retirement benefit plans are as follows:
|  | Pension Benefits |  | Post-retirement Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average assumptions: |  |  |  |  |  |  |  |
Discount rate (for expense) |  | 5.36 | % |  | 4.95 | % |  | 5.07 | % |  | 5.26 | %
Expected return on plan assets |  | 5.43 | % |  | 5.44 | % |  | — |  |  | — |
Rate of compensation increase (for expense) * |  | 3.22 | % |  | 3.16 | % |  | — |  |  | — |
Discount rate (for benefit obligation) |  | 5.39 | % |  | 5.36 | % |  | 5.18 | % |  | 5.07 | %
Rate of compensation increase (for benefit obligation) * |  | 3.12 | % |  | 3.22 | % |  | — |  |  | — |
(*)There are no rate of compensation increase assumptions included for the primary U.S. defined benefi t plans since all future benefit accruals were discontinued for those plans after December 31, 2016 and earned benefits are not subject to final salary level adjustments. The weighted average actuarial assumptions utilized in determining expense during the year and benefit obligation at the end of the year for the U.S. defined benefit and other U.S. post-retirement plans are as follows:
|  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average assumptions: |  |  |  |  |  |  |  |
Discount rate (for expense) |  | 5.76 | % |  | 5.52 | % |  | 5.52 | % |  | 5.34 | %
Expected return on plan assets |  | 6.49 | % |  | 6.49 | % |  | — |  |  | — |
Discount rate (for benefit obligation) |  | 5.61 | % |  | 5.76 | % |  | 5.10 | % |  | 5.52 | %
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average assumptions: |  |  |  |  |  |  |  |
Discount rate (for expense) |  | 5.09 | % |  | 4.59 | % |  | 4.90 | % |  | 5.22 | %
Expected return on plan assets |  | 4.92 | % |  | 4.96 | % |  | — |  |  | — |
Rate of compensation increase (for expense) |  | 3.22 | % |  | 3.16 | % |  | — |  |  | — |
Discount rate (for benefit obligation) |  | 5.25 | % |  | 5.09 | % |  | 5.20 | % |  | 4.90 | %
Rate of compensation increase (for benefit obligation) |  | 3.12 | % |  | 3.22 | % |  | — |  |  | — |
Schedule of Components of Net Periodic Benefit Cost for U.S. Defined Benefit and Other Postretirement Benefit Plans | The components of the net benefit (credit) or cost for the years 2025, 2024 and 2023 are as follows:
Combined U.S. and significant non-U.S. Plans |  | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost |  | $ | 28 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 592 |  |  | 579 |  |  | 599 |  |  | 3 |  |  | 3 |  |  | 3 |
Expected return on plan assets |  | (842) |  |  | (876) |  |  | (860) |  |  | — |  |  | — |  |  | — |
Amortization of prior service |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Recognized actuarial loss (gain) |  | 42 |  |  | 31 |  |  | 22 |  |  | (1) |  |  | (6) |  |  | (3) |
Net periodic benefit (credit) cost |  | (179) |  |  | (242) |  |  | (216) |  |  | 2 |  |  | (5) |  |  | (2) |
Settlement loss |  | 11 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Net benefit (credit) cost |  | $ | (168) |  |  | $ | (240) |  |  | $ | (214) |  |  | $ | 2 |  |  | $ | (5) |  |  | $ | (2) |
The following table provides the amounts reported in the consolidated statements of income:
Combined U.S. and significant non-U.S. Plans |  | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Compensation and benefits expense |  | $ | 28 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other net benefit (credit) cost |  | (196) |  |  | (263) |  |  | (237) |  |  | 2 |  |  | (5) |  |  | (2) |
Net benefit (credit) cost |  | $ | (168) |  |  | $ | (240) |  |  | $ | (214) |  |  | $ | 2 |  |  | $ | (5) |  |  | $ | (2) |
The components of the net benefit (credit) cost for the U.S. defined benefit and other post-retirement benefit plans are as follows:
U.S. Plans only |  | Pension Benefits |  | Post-retirement Benefits
For the Years Ended December 31, |  |
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 253 |  |  | $ | 250 |  |  | 260 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets |  | (293) |  |  | (303) |  |  | (311) |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss (gain) |  | 24 |  |  | 21 |  |  | 19 |  |  | — |  |  | (1) |  |  | (2) |
Net periodic benefit (credit) cost |  | (15) |  |  | (32) |  |  | (32) |  |  | 1 |  |  | — |  |  | (1) |
Settlement loss |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net benefit (credit) cost |  | $ | (14) |  |  | $ | (32) |  |  | $ | (32) |  |  | $ | 1 |  |  | $ | — |  |  | $ | (1) |
The components of the net benefit (credit) or cost for the non-U.S. defined benefit and other post-retirement benefit plans and the curtailment, settlement and termination expenses are as follows:
For the Years Ended December 31, |  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost |  | $ | 27 |  |  | $ | 23 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 339 |  |  | 329 |  |  | 339 |  |  | 2 |  |  | 2 |  |  | 2 |
Expected return on plan assets |  | (549) |  |  | (573) |  |  | (549) |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Recognized actuarial loss |  | 18 |  |  | 10 |  |  | 3 |  |  | (1) |  |  | (5) |  |  | (1) |
Net periodic benefit (credit) cost |  | (164) |  |  | (210) |  |  | (184) |  |  | 1 |  |  | (5) |  |  | (1) |
Settlement loss |  | 10 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Net benefit (credit) cost |  | $ | (154) |  |  | $ | (208) |  |  | $ | (182) |  |  | $ | 1 |  |  | $ | (5) |  |  | $ | (1) |
Schedule of MMC's Defined Benefit Plans and Postretirement Plans | The following tables provide information concerning the Company’s U.S. defined benefit pension and post-retirement benefit plans:
|  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,594 |  |  | $ | 4,690 |  |  | $ | 17 |  |  | $ | 20 |
Service cost |  | 1 |  |  | — |  |  | — |  |  | — |
Interest cost |  | 253 |  |  | 250 |  |  | 1 |  |  | 1 |
Employee contributions |  | — |  |  | — |  |  | 3 |  |  | 3 |
Plan combinations (a) |  | (17) |  |  | 62 |  |  | — |  |  | — |
Actuarial loss (gain) |  | 63 |  |  | (107) |  |  | 3 |  |  | 2 |
Effect of settlement |  | (4) |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (309) |  |  | (301) |  |  | (8) |  |  | (9) |
Benefit obligation, December 31 |  | $ | 4,581 |  |  | $ | 4,594 |  |  | $ | 16 |  |  | $ | 17 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 4,062 |  |  | $ | 4,234 |  |  | $ | 2 |  |  | $ | 2 |
Actual return on plan assets |  | 323 |  |  | 95 |  |  | — |  |  | — |
Employer contributions |  | 38 |  |  | 34 |  |  | 5 |  |  | 5 |
Employee contributions |  | — |  |  | — |  |  | 3 |  |  | 4 |
Effect of settlement |  | (4) |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (309) |  |  | (301) |  |  | (8) |  |  | (9) |
Fair value of plan assets, December 31 |  | $ | 4,110 |  |  | $ | 4,062 |  |  | $ | 2 |  |  | $ | 2 |
Net funded status, December 31 |  | $ | (471) |  |  | $ | (532) |  |  | $ | (14) |  |  | $ | (15) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |
Current liabilities |  | $ | (34) |  |  | $ | (37) |  |  | $ | — |  |  | $ | (1) |
Non-current liabilities |  | (437) |  |  | (495) |  |  | (14) |  |  | (14) |
Net liability recognized, December 31 |  | $ | (471) |  |  | $ | (532) |  |  | $ | (14) |  |  | $ | (15) |
Amounts recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Prior service (cost) |  | $ | (1) |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |
Net actuarial (loss) gain |  | (1,436) |  |  | (1,427) |  |  | (1) |  |  | 2 |
Total recognized accumulated other comprehensive (loss) income, December 31 |  | $ | (1,437) |  |  | $ | (1,428) |  |  | $ | (1) |  |  | $ | 2 |
Cumulative employer contributions in excess of (less than) net benefit (credit) cost |  | 966 |  |  | 896 |  |  | (13) |  |  | (17) |
Net amount recognized in consolidated balance sheets |  | $ | (471) |  |  | $ | (532) |  |  | $ | (14) |  |  | $ | (15) |
Accumulated benefit obligation, December 31 |  | $ | 4,576 |  |  | $ | 4,577 |  |  | $ | — |  |  | $ | — |
(a)Includes plans from the acquisition of McGriff in 2024. The following tables provide information concerning the Company’s non-U.S. defined benefit pension and post-retirement benefit plans:
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 6,834 |  |  | $ | 7,521 |  |  | $ | 46 |  |  | $ | 40 |
Service cost |  | 27 |  |  | 23 |  |  | — |  |  | — |
Interest cost |  | 339 |  |  | 329 |  |  | 2 |  |  | 2 |
Employee contributions |  | 3 |  |  | 3 |  |  | — |  |  | — |
Plan combination |  | 3 |  |  | — |  |  | — |  |  | — |
Actuarial (gain) loss |  | (244) |  |  | (423) |  |  | (1) |  |  | 9 |
Plan amendments |  | — |  |  | (2) |  |  | — |  |  | — |
Effect of settlement |  | (28) |  |  | (16) |  |  | — |  |  | — |
Benefits paid |  | (372) |  |  | (365) |  |  | (3) |  |  | (3) |
Foreign currency changes |  | 539 |  |  | (236) |  |  | 3 |  |  | (2) |
Benefit obligation, December 31 |  | $ | 7,101 |  |  | $ | 6,834 |  |  | $ | 47 |  |  | $ | 46 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 8,495 |  |  | $ | 9,308 |  |  | $ | — |  |  | $ | — |
Plan combination |  | 4 |  |  | — |  |  | — |  |  | — |
Actual return on plan assets |  | 180 |  |  | (259) |  |  | — |  |  | — |
Effect of settlement |  | (28) |  |  | (16) |  |  | — |  |  | — |
Employer contributions |  | 44 |  |  | 59 |  |  | 3 |  |  | 3 |
Employee contributions |  | 3 |  |  | 3 |  |  | — |  |  | — |
Benefits paid |  | (372) |  |  | (365) |  |  | (3) |  |  | (3) |
Foreign currency changes |  | 657 |  |  | (235) |  |  | — |  |  | — |
Fair value of plan assets, December 31 |  | $ | 8,983 |  |  | $ | 8,495 |  |  | $ | — |  |  | $ | — |
Net funded status, December 31 |  | $ | 1,882 |  |  | $ | 1,661 |  |  | $ | (47) |  |  | $ | (46) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |
Non-current assets |  | $ | 2,140 |  |  | $ | 1,913 |  |  | $ | — |  |  | $ | — |
Current liabilities |  | (10) |  |  | (8) |  |  | (2) |  |  | (3) |
Non-current liabilities |  | (248) |  |  | (244) |  |  | (45) |  |  | (43) |
Net asset (liability) recognized, December 31 |  | $ | 1,882 |  |  | $ | 1,661 |  |  | $ | (47) |  |  | $ | (46) |
Amounts recognized in other comprehensive loss: |  |  |  |  |  |  |  |
Prior service (cost) credit |  | $ | (14) |  |  | $ | (14) |  |  | $ | — |  |  | $ | 1 |
Net actuarial (loss) gain |  | (3,897) |  |  | (3,519) |  |  | 3 |  |  | 3 |
Total recognized accumulated other comprehensive (loss) income, December 31 |  | $ | (3,911) |  |  | $ | (3,533) |  |  | $ | 3 |  |  | $ | 4 |
Cumulative employer contributions in excess of (less than) net benefit (credit) cost |  | 5,793 |  |  | 5,194 |  |  | (50) |  |  | (50) |
Net asset (liability) recognized in consolidated balance sheets, December 31 |  | $ | 1,882 |  |  | $ | 1,661 |  |  | $ | (47) |  |  | $ | (46) |
Accumulated benefit obligation, December 31 |  | $ | 6,995 |  |  | $ | 6,725 |  |  | $ | — |  |  | $ | — |
Schedule of Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income (Loss) |
|  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |
Beginning balance |  | $ | (1,427) |  |  | $ | (1,347) |  |  | $ | 2 |  |  | $ | 4 |
Recognized as component of net benefit cost (credit) |  | 24 |  |  | 21 |  |  | — |  |  | — |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Liability experience |  | (63) |  |  | 107 |  |  | (3) |  |  | (2) |
Asset experience |  | 30 |  |  | (208) |  |  | — |  |  | — |
Total gain recognized as change in plan assets and benefit obligations |  | (33) |  |  | (101) |  |  | (3) |  |  | (2) |
Net actuarial (loss) gain, December 31 |  | $ | (1,436) |  |  | $ | (1,427) |  |  | $ | (1) |  |  | $ | 2 |
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of prior service (cost) credit recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |  |
Beginning balance |  | $ | (14) |  |  | $ | (17) |  |  | $ | 1 |  |  | $ | 3 |
Recognized as component of net benefit (credit) cost: |  |  |  |  |  |  |  |
Amortization of prior service credit (cost) |  | 1 |  |  | 1 |  |  | (1) |  |  | (2) |
Total recognized as component of net benefit cost (credit) |  | 1 |  |  | 1 |  |  | (1) |  |  | (2) |
Changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |
Plan amendments |  | — |  |  | 2 |  |  | — |  |  | — |
Exchange rate adjustments |  | (1) |  |  | — |  |  | — |  |  | — |
Prior service (cost) credit, December 31 |  | $ | (14) |  |  | $ | (14) |  |  | $ | — |  |  | $ | 1 |
|  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income: |  |  |  |  |  |  |  |
Beginning balance |  | $ | (3,519) |  |  | $ | (3,219) |  |  | $ | 3 |  |  | $ | 17 |
Recognized as component of net benefit cost (credit): |  |  |  |  |  |  |  |
Amortization of net gain (loss) |  | 18 |  |  | 10 |  |  | (1) |  |  | (5) |
Effect of settlement |  | 10 |  |  | 2 |  |  | — |  |  | — |
Total recognized as component of net benefit cost (credit) |  | 28 |  |  | 12 |  |  | (1) |  |  | (5) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Liability experience |  | 244 |  |  | 423 |  |  | 1 |  |  | (9) |
Asset experience |  | (373) |  |  | (831) |  |  | — |  |  | — |
Total amount recognized as change in plan assets and benefit obligations |  | (129) |  |  | (408) |  |  | 1 |  |  | (9) |
Exchange rate adjustments |  | (277) |  |  | 96 |  |  | — |  |  | — |
Net actuarial (loss) gain, December 31 |  | $ | (3,897) |  |  | $ | (3,519) |  |  | $ | 3 |  |  | $ | 3 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
For the Years Ended December 31, |  | U.S. Pension Benefits |  | U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Total recognized in net benefit (credit) cost and other comprehensive (income) loss |  | $ | (6) |  |  | $ | 48 |  |  | $ | (105) |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 3 |
For the Years Ended December 31, |  | Non-U.S. Pension Benefits |  | Non-U.S. Post-retirement Benefits
(In millions) |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Total recognized in net benefit (credit) cost and other comprehensive (income) loss |  | $ | 224 |  |  | $ | 89 |  |  | $ | 429 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | (9) |
Schedule of Estimated Future Benefit Payments for its Pension and Postretirement Benefits | The estimated future benefit payments for the Company's pension and post-retirement benefit plans are as follows:
For the Years Ended December 31, |  | Pension Benefits |  | Post-retirement Benefits
(In millions) |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
2026 |  | $ | 331 |  |  | $ | 411 |  |  | $ | 3 |  |  | $ | 3 |
2027 |  | $ | 341 |  |  | $ | 406 |  |  | $ | 2 |  |  | $ | 3 |
2028 |  | $ | 350 |  |  | $ | 419 |  |  | $ | 2 |  |  | $ | 3 |
2029 |  | $ | 352 |  |  | $ | 437 |  |  | $ | 2 |  |  | $ | 3 |
2030 |  | $ | 353 |  |  | $ | 448 |  |  | $ | 2 |  |  | $ | 3 |
2031-2035 |  | $ | 1,732 |  |  | $ | 2,396 |  |  | $ | 6 |  |  | $ | 17 |
Schedule of the U.S. and Non-U.S. Plans Investments Measured at Fair Value on a Recurring Basis | The following table sets forth, by level within the fair value hierarchy, a summary of the U.S. and non-U.S. plans' investments measured at fair value on a recurring basis at December 31, 2025 and 2024:
|  | Fair Value Measurements at December 31, 2025
Assets (In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | NAV |  | Total
Common/collective trusts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,330 |  |  | $ | 3,330 |
Corporate obligations |  | — |  |  | 1,458 |  |  | — |  |  | — |  |  | 1,458 |
Corporate stocks |  | 86 |  |  | 53 |  |  | 1 |  |  | — |  |  | 140 |
Private equity/partnerships |  | — |  |  | — |  |  | — |  |  | 1,222 |  |  | 1,222 |
Government securities |  | 16 |  |  | 3,018 |  |  | — |  |  | — |  |  | 3,034 |
Real estate |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |
Short-term investment funds |  | 774 |  |  | — |  |  | — |  |  | — |  |  | 774 |
Company common stock |  | 186 |  |  | — |  |  | — |  |  | — |  |  | 186 |
Insurance group annuity contracts |  | — |  |  | — |  |  | 2,722 |  |  | — |  |  | 2,722 |
Other investments |  | 33 |  |  | 56 |  |  | 253 |  |  | — |  |  | 342 |
Total investments |  | 1,095 |  |  | 4,585 |  |  | 2,976 |  |  | 4,609 |  |  | 13,265 |
Net derivative liabilities |  | — |  |  | (78) |  |  | (115) |  |  | — |  |  | (193) |
Net investments |  | $ | 1,095 |  |  | $ | 4,507 |  |  | $ | 2,861 |  |  | $ | 4,609 |  |  | $ | 13,072 |
|  | Fair Value Measurements at December 31, 2024
Assets (In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | NAV |  | Total
Common/collective trusts |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,226 |  |  | $ | 3,228 |
Corporate obligations |  | — |  |  | 2,675 |  |  | — |  |  | — |  |  | 2,675 |
Corporate stocks |  | 339 |  |  | 35 |  |  | 1 |  |  | — |  |  | 375 |
Private equity/partnerships |  | — |  |  | — |  |  | — |  |  | 1,295 |  |  | 1,295 |
Government securities |  | 20 |  |  | 4,559 |  |  | — |  |  | — |  |  | 4,579 |
Real estate |  | — |  |  | — |  |  | — |  |  | 57 |  |  | 57 |
Short-term investment funds |  | 292 |  |  | — |  |  | — |  |  | — |  |  | 292 |
Company common stock |  | 212 |  |  | — |  |  | — |  |  | — |  |  | 212 |
Insurance group annuity contracts |  | — |  |  | — |  |  | 164 |  |  | — |  |  | 164 |
Other investments |  | 9 |  |  | 13 |  |  | 249 |  |  | — |  |  | 271 |
Total investments |  | 874 |  |  | 7,282 |  |  | 414 |  |  | 4,578 |  |  | 13,148 |
Net derivative liabilities |  | — |  |  | (449) |  |  | (124) |  |  | — |  |  | (573) |
Net investments |  | $ | 874 |  |  | $ | 6,833 |  |  | $ | 290 |  |  | $ | 4,578 |  |  | $ | 12,575 |
Schedule of Changes in the Fair Value of the Plans' Level 3 Assets | The tables below set forth a summary of changes in the fair value of the plans’ Level 3 assets for the years ended December 31, 2025 and December 31, 2024:
Assets (In millions) | Fair Value, January 1, 2025 | Purchases | Sales | Settlements | Unrealized Gain/ (Loss) | Realized Gain/ (Loss) | Exchange Rate Impact | Transfers in/(out) and Other | Fair Value, December 31, 2025
Corporate stocks | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |
Insurance group annuity contracts | 164 |  | 2,468 |  | — |  | (75) |  | 92 |  | — |  | 73 |  | — |  | 2,722 |
Other investments | 249 |  | 14 |  | (20) |  | — | (20) |  | — |  | 30 |  | — |  | 253 |
Total investments | 414 |  | 2,482 |  | (20) |  | (75) |  | 72 |  | — |  | 103 |  | — |  | 2,976 |
Net derivative liabilities | (124) |  | — |  | 78 |  | — | (60) |  | — |  | (9) |  | — |  | (115) |
Net investments | $ | 290 |  | $ | 2,482 |  | $ | 58 |  | $ | (75) |  | $ | 12 |  | $ | — |  | $ | 94 |  | $ | — |  | $ | 2,861 |
Assets (In millions) | Fair Value, January 1, 2024 | Purchases | Sales | Settlements | Unrealized Gain/ (Loss) | Realized Gain/ (Loss) | Exchange Rate Impact | Transfers in/(out) and Other | Fair Value, December 31, 2024
Corporate stocks | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1 |
Insurance group annuity contracts | 185 |  | — |  | — |  | (13) |  | (18) |  | — |  | 10 |  | — |  | 164 |
Other investments | 251 |  | 17 |  | (18) |  | — | 16 |  | — |  | (17) |  | — |  | 249 |
Total investments | 437 |  | 17 |  | (18) |  | (13) |  | (2) |  | — |  | (7) |  | — |  | 414 |
Net derivative liabilities | (134) |  | — |  | — |  | — |  | 8 |  | — |  | 2 |  | — |  | (124) |
Net investments | $ | 303 |  | $ | 17 |  | $ | (18) |  | $ | (13) |  | $ | 6 |  | $ | — |  | $ | (5) |  | $ | — |  | $ | 290 |

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