XML 102 R55.htm IDEA: XBRL DOCUMENT v3.25.4
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Change in Projected Benefit Obligation, Plan Assets and Funded Status
Change in benefit obligation, plan assets and funded status
As of December 31,
2025202420252024
($ in millions)Pension
benefits		Postretirement
benefits
Change in benefit obligation
Benefit obligation, beginning of year$4,441 $4,584 $163 $185 
Service cost107 80 — — 
Interest cost235 230 8 9 
Participant contributions— — 11 13 
Remeasurement of benefit obligation (gains) losses
101 (125)(5)(4)
Benefits paid(449)(329)(32)(37)
Translation adjustment and other5 1 2 (3)
Benefit obligation, end of year$4,440 $4,441 $147 $163 
Change in plan assets
Fair value of plan assets, beginning of year$4,368 $4,440 
Actual return on plan assets445 214 
Employer contribution44 45 
Benefits paid(449)(329)
Translation adjustment and other6 (2)
Fair value of plan assets, end of year$4,414 $4,368 
Funded status (1)
$(26)$(73)$(147)$(163)
Amounts recognized in AOCI
Unamortized pension and other postretirement prior service credit$— $— $(14)$(15)
(1)The funded status is recorded within other liabilities and accrued expenses on the Consolidated Statements of Financial Position.
Schedule of Changes in Items Not Yet Recognized as a Component of Net Cost for Pension and Other Postretirement Plans
Changes in items not yet recognized as a component of net cost for pension and other postretirement plans
($ in millions)Pension benefitsPostretirement benefits
Items not yet recognized as a component of net cost – December 31, 2024$— $(15)
Prior service credit amortized to net cost— 1 
Translation adjustment and other— — 
Items not yet recognized as a component of net cost – December 31, 2025$— $(14)
Schedule of Components of Net Cost (Benefit) for Pension and Other Postretirement Plans
Components of net cost (benefit) for pension and other postretirement plans
For the years ended December 31,
202520242023202520242023202520242023
($ in millions)Pension benefitsPostretirement benefitsTotal pension and postretirement benefits
Service cost (1)
$107 $80 $132 $— $— $1 $107 $80 $133 
Interest cost235 230 239 8 9 10 243 239 249 
Expected return on plan assets(313)(306)(306)— — — (313)(306)(306)
Amortization of prior service credit— — — (1)(1)(21)(1)(1)(21)
Costs and expenses29 4 65 7 8 (10)36 12 55 
Remeasurement of benefit obligation
101 (125)125 (5)(4)(4)96 (129)121 
Remeasurement of plan assets(131)92 (112)— — — (131)92 (112)
Remeasurement (gains) losses(30)(33)13 (5)(4)(4)(35)(37)9 
Total net (benefit) cost$(1)$(29)$78 $2 $4 $(14)$1 $(25)$64 
(1)    For 2024, service cost includes a $38 million refund of premiums previously paid to the Pension Benefit Guaranty Corporation.
Schedule of Accumulated Benefit Obligation of Plan Assets
The following table provides information on pension plans where the projected and accumulated benefit obligation are in excess of plan assets.
Pension plans
As of December 31,
($ in millions)20252024
PBO
$72 $74 
ABO71 72 
Fair value of plan assets— — 
Schedule of Weighted Average Assumptions Used to Determine Net Pension Cost and Net Postretirement Benefit Cost and Benefit Obligations
Weighted average assumptions used to determine net pension cost and net postretirement benefit cost
For the years ended December 31,
202520242023202520242023
Pension benefitsPostretirement benefits
Discount rate5.55 %5.36 %5.65 %5.34 %5.30 %5.66 %
Expected long-term rate of return on plan assets7.58 7.34 7.35 n/an/an/a
Cash balance interest credit rate4.72 4.25 4.05 n/an/an/a
Weighted average assumptions used to determine benefit obligations
As of December 31,
2025202420252024
Pension benefitsPostretirement benefits
Discount rate5.52 %5.71 %5.31 %5.50 %
Cash balance interest credit rate4.84 4.78 n/an/a
Schedule of Weighted Average Target Asset Allocation and Actual Percentage of Plan Assets by Asset Category
Pension plan weighted average target asset allocation by asset category (1)
As of December 31, 2025
Equity securities
24% - 41%
Fixed income securities
50% - 69%
Limited partnership interests
1% - 29%
Bank loans
0% - 12%
(1)The target asset allocation considers risk-based exposure including exposure provided through derivatives.
Schedule of Fair Values of Pension Plan Assets
Fair values of pension plan assets as of December 31, 2025
($ in millions)Quoted prices in active markets for identical assets (Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Balance as of December 31, 2025
Equity securities$128 $5 $— $133 
Fixed income securities:
Government bonds (1)
1,296 128 — 1,424 
Corporate bonds (2)
— 1,079 — 1,079 
Short-term investments166 69 — 235 
Free-standing derivatives:
Assets— 3 — 3 
Liabilities(4)(6)— (10)
Bank loans
— — 78 78 
Total plan assets at fair value$1,586 $1,278 $78 $2,942 
% of total plan assets at fair value53.9 %43.4 %2.7 %100.0 %
Investments measured using the net asset value practical expedient
1,559 
Securities lending obligation (3)
(124)
Derivatives counterparty and cash collateral netting(1)
Other net plan assets (4)
38 
Total reported plan assets$4,414 
Fair values of pension plan assets as of December 31, 2024
($ in millions)Quoted prices in active markets for identical assets (Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Balance as of December 31, 2024
Equity securities$106 $1 $— $107 
Fixed income securities:
Government bonds (1)
1,401 124 — 1,525 
Corporate bonds (2)
— 985 — 985 
Short-term investments78 142 — 220 
Free-standing derivatives:
Assets— 9 — 9 
Liabilities(3)(9)— (12)
Bank loans
— — 81 81 
Total plan assets at fair value$1,582 $1,252 $81 $2,915 
% of total plan assets at fair value54.2 %43.0 %2.8 %100.0 %
Investments measured using the net asset value practical expedient$1,570 
Securities lending obligation (3)
(158)
Derivatives counterparty and cash collateral netting(8)
Other net plan assets (4)
49 
Total reported plan assets$4,368 
(1)Includes U.S. government and agencies and foreign government bonds.
(2)Includes ABS and MBS securities.
(3)The securities lending obligation represents the plan’s obligation to return securities lending collateral received under a securities lending program. The terms of the program allow both the plan and the counterparty the right and ability to redeem/return the securities loaned on short notice. Due to its relatively short-term nature, the outstanding balance of the obligation approximates fair value.
(4)Other net plan assets represent cash and cash equivalents, interest and dividends receivable and net receivables related to settlements of investment transactions, such as purchases and sales.
Schedule of Rollforward of Level 3 Plan Assets
Rollforward of Level 3 plan assets during December 31, 2025
Actual return on plan assets:
($ in millions)Balance as of December 31, 2024Relating to assets sold during the periodRelating to assets still held at the reporting datePurchases, sales and settlements, netNet transfers in (out) of Level 3Balance as of December 31, 2025
Bank loans
$81 $— $— $(3)$— $78 
Total Level 3 plan assets$81 $— $— $(3)$— $78 
Rollforward of Level 3 plan assets during December 31, 2024
Actual return on plan assets:
($ in millions)Balance as of December 31, 2023Relating to assets sold during the periodRelating to assets still held at the reporting datePurchases, sales and settlements, netNet transfers in (out) of Level 3Balance as of December 31, 2024
Bank loans
$— $— $— $81 $— $81 
Total Level 3 plan assets$— $— $— $81 $— $81 
Schedule of Estimated Future Benefit Payments Expected to be Paid
Estimated future benefit payments expected to be paid in the next 10 years
As of December 31, 2025
($ in millions)Pension benefitsPostretirement benefits
2026$478 $20 
2027467 18 
2028456 16 
2029452 15 
2030421 13 
2031-20351,804 48 
Total benefit payments$4,078 $130