v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Taxes on Income

For financial reporting purposes, income before income taxes includes the following components: 

For the Years Ended December 31,
(In millions)						2025						2024						2023
Income before income taxes:
U.S.						$	1,986					$	1,894					$	1,823
Foreign						3,553						3,586						3,203
						$	5,539					$	5,480					$	5,026
The expense (benefit) for income taxes is comprised of:
Current –
U.S. federal						$	203					$	247					$	273
U.S. state and local						131						123						142
Foreign						848						836						838
						1,182						1,206						1,253
Deferred –
U.S. federal						73						53						29
U.S. state and local						16						20						15
Foreign						34						84						(73)
						123						157						(29)
Total income taxes						$	1,305					$	1,363					$	1,224

Schedule of Deferred Income Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities and their balance sheet classifications are as follows:

December 31,
(In millions)						2025						2024
Deferred tax assets:
Accrued expenses not currently deductible						$	745					$	713
Differences related to non-U.S. operations (a)						286						282
Accrued U.S. retirement benefits						131						149
Net operating losses (b)						346						312
Income currently recognized for tax						39						40
Other						49						40
						$	1,596					$	1,536

Deferred tax liabilities:
Differences related to non-U.S. operations						$	590					$	588
Depreciation and amortization						699						616
Accrued retirement & post-retirement benefits – non-U.S. operations						440						374
Capitalized expenses currently recognized for tax						144						133
Other						48						42
						$	1,921					$	1,753

(a)Net of valuation allowances of $96 million in 2025 and $75 million in 2024.

(b)Net of valuation allowances of $62 million in 2025 and $69 million in 2024.

December 31,
(In millions)						2025						2024
Balance sheet classifications:
Deferred tax assets						$	212					$	237
Other liabilities						$	537					$	454

Schedule of U.S. Federal Statutory Income Tax Rate

A reconciliation from the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

For the Years Ended December 31,						2025
						Amount						Percentage
U.S. federal statutory rate						$	1,163					21.0		%
U.S. state and local income taxes – net of U.S. Federal income tax benefit (a)						116						2.1
Change in valuation allowance						19						0.4
Tax credits						(20)						(0.4)
Nontaxable and nondeductible items, net						(8)						(0.1)
Cross-border taxes
Tax on flow through entities						(138)						(2.5)
Other						24						0.4
Other U.S. adjustments						(24)						(0.4)
Foreign tax effects
United Kingdom						41						0.7
Other foreign						129						2.3
Worldwide changes in prior year unrecognized tax benefits						3						0.1
Effective tax rate						$	1,305					23.6		%

(a)State taxes in New York State, California, New York City, Illinois, New Jersey, and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

For the Years Ended December 31,									2024						2023
U.S. federal statutory rate									21.0		%				21.0		%
U.S. state and local income taxes – net of U.S. Federal income tax benefit									2.1						2.6
Differences related to non-U.S. operations									2.5						2.2
Change in valuation allowance									—						(1.4)
Equity compensation									(0.7)						(0.7)
Uncertain tax positions									(0.3)						(0.1)
Other									0.3						0.7
Effective tax rate									24.9		%				24.3		%

Schedule of Unrecognized Tax Benefits

Following is a reconciliation of the Company’s total gross unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023:

(In millions)						2025						2024						2023
Balance at January 1,						$	112					$	124					$	97
Additions, based on tax positions related to current year						5						5						6
Additions for tax positions of prior years						3						8						44
Reductions for tax positions of prior years						(1)						—						(8)
Settlements						(1)						(10)						(8)
Lapses in statutes of limitations						(9)						(15)						(7)
Balance at December 31,						$	109					$	112					$	124

Schedule of Status of Audits for Significant Jurisdictions Outside of the United States

The status of audits for significant jurisdictions outside the U.S. are summarized in the table below:

Tax Audit (Years)
Jurisdiction:						Initiated in 2025						Ongoing						Concluded in 2025
United Kingdom						2023						2016 - 2022
Canada						2024						2021
Australia						2021 - 2023						2019 - 2020
Germany												2017 - 2020
France												2022 - 2023						2021
Italy						2020						2015 - 2017						2018
Singapore						2023						2019 - 2022						2018
Japan						2024												2021 - 2024
Mexico						2020
India												2007 - 2022

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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