v3.25.4

Pension and Other Benefit Programs (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The fair values of our plan assets as of December 31, 2025, by asset category, are as follows (in millions):
| Fair Value Measurements
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Equity securities: |  |  |  |  |  |  |
U.S. large-cap | — |  |  | 19 |  |  | — |  |  | 19 |
U.S. small-cap | — |  |  | 5 |  |  | — |  |  | 5 |
International | — |  |  | 10 |  |  | — |  |  | 10 |
Fixed income securities | 109 |  |  | 533 |  |  | 6 |  |  | 648 |
Total | $ | 116 |  |  | $ | 567 |  |  | $ | 6 |  |  | $ | 689 |
The fair values of our plan assets as of December 31, 2024, by asset category, are as follows (in millions):
| Fair Value Measurements
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Equity securities: |  |  |  |  |  |  |
U.S. large-cap | — |  |  | 20 |  |  | — |  |  | 20 |
U.S. small-cap | — |  |  | 5 |  |  | — |  |  | 5 |
International | — |  |  | 10 |  |  | — |  |  | 10 |
Fixed income securities | 153 |  |  | 507 |  |  | 6 |  |  | 666 |
Total | $ | 161 |  |  | $ | 542 |  |  | $ | 6 |  |  | $ | 709 |
Schedule of Changes in Projected Benefit Obligations | The following table provides a summary of the changes in the pension plan’s benefit obligations and the fair value of assets measured using the valuation techniques described in Note 18, as of December 31, 2025 and 2024 and a statement of funded status of the pension plan as of December 31, 2025 and 2024 (in millions):
| As of December 31,
| 2025 |  | 2024
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 598 |  |  | $ | 644 |
Interest cost | 29 |  |  | 29 |
Actuarial (gain)/loss | 15 |  |  | (28) |
Benefits paid | (47) |  |  | (47) |
Benefit obligation at year end | $ | 595 |  |  | $ | 598 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 653 |  |  | $ | 694 |
Actual return on plan assets | 58 |  |  | 6 |
Benefits paid | (47) |  |  | (47) |
Fair value of plan assets at end of year | $ | 664 |  |  | $ | 653 |
Funded status | $ | 69 |  |  | $ | 55 |
Accumulated benefit obligation | $ | 595 |  |  | $ | 598 |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other non-current assets | $ | 69 |  |  | $ | 55 |
The following table provides a summary of the changes in the SERP benefit obligations (in millions):
| As of December 31,
| 2025 |  | 2024
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 21 |  |  | $ | 23 |
Interest cost | 1 |  |  | 1 |
Benefits paid | (3) |  |  | (3) |
Benefit obligation at year end | $ | 19 |  |  | $ | 21 |
Funded status | $ | (19) |  |  | $ | (21) |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other current liabilities | $ | (3) |  |  | $ | (3) |
Accrued employee benefits | (16) |  |  | (18) |
The following table provides a summary of the changes in the benefit obligation (in millions):
| As of December 31,
Change in benefit obligation: | 2025 |  | 2024
Benefit obligation at beginning of year | $ | 116 |  |  | $ | 129 |
Interest cost | 6 |  |  | 5 |
Actuarial (gain)/loss | — |  |  | (7) |
Employee contributions | 2 |  |  | 2 |
Benefits paid | (9) |  |  | (13) |
Benefit obligation at the end of year | $ | 115 |  |  | $ | 116 |
Funded status | $ | (115) |  |  | $ | (116) |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other current liabilities | $ | (9) |  |  | $ | (9) |
Accrued employee benefits | $ | (106) |  |  | $ | (107) |
Schedule of Components of Pension Plan Expense (Benefit) | The following shows the components of the pension plan expense for 2025, 2024 and 2023 (in millions):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Interest cost | $ | 29 |  |  | $ | 29 |  |  | $ | 30 |
Estimated return on plan assets | (34) |  |  | (33) |  |  | (35) |
Aggregate pension benefit | $ | (5) |  |  | $ | (4) |  |  | $ | (5) |
Schedule of Expected Benefit Payments | The following shows the projected payments for the pension plan based on actuarial assumptions (in millions):
2026 | $ | 52 |
2027 | 52 |
2028 | 51 |
2029 | 50 |
2030 | 49 |
Next 5 years | 225 |
The following table shows the projected payments for the SERP plan based on the actuarial assumptions (in millions):
Projected SERP Plan Payments |
2026 | $ | 3 |
2027 | 3 |
2028 | 2 |
2029 | 2 |
2030 | 2 |
Next 5 years | 7 |
The following table shows the payments projected for our post-retirement benefit plans (net of expected Medicare subsidy receipts of $8 million in aggregate over the next ten fiscal years) based on actuarial assumptions (in millions):
Projected Post-Retirement Benefit by Year: | Projected Payment
2026 | $ | 9 |
2027 | 9 |
2028 | 9 |
2029 | 10 |
2030 | 10 |
Next 5 years | 47 |
Schedule of Assumptions Used | The weighted-average assumptions used to develop the actuarial present value of the projected benefit obligation and net periodic pension/SERP costs in 2025, 2024 and 2023 are set forth below:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Weighted-average discount rate for determining benefit obligations (pension/SERP plans) | 5.2% / 4.7% |  | 5.4% / 5.2% |  | 4.7% / 4.6%
Weighted-average discount rate for determining interest costs (pension/SERP plans) | 5.1% / 4.9% |  | 4.6% / 4.6% |  | 4.8% / 4.7%
Expected long-term rate of return on plan assets (pension plan) | 5.0% / N/A |  | 4.3% / N/A |  | 4.4% / N/A
Rate of compensation increase | N/A |  | N/A |  | N/A
Schedule of Net Periodic Benefit Cost Not yet Recognized | The accumulated other comprehensive loss, after tax, as of December 31, 2025, consisted of the following amounts that have not yet been recognized in net periodic benefit cost (in millions):
| Pension Plans |  | SERP Plans |  | Post-retirement Benefit Plans |  | Total
Unrecognized net actuarial losses/(gains), after tax | $ | 71 |  |  | $ | 3 |  |  | $ | (27) |  |  | $ | 47 |

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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