v3.25.4

Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Schedule of Reconciliation of the Changes in the Plans' Projected Benefit Obligations | The reconciliation of the changes in the plans’ projected benefit obligations as of December 31 was as follows:
(In millions) |  | 2025 |  | 2024
Projected benefit obligation at beginning of year |  | $ | 1,338 |  |  | $ | 1,466 |
Interest cost |  | 68 |  |  | 72 |
Plan amendment |  | — |  |  | (3) |
Actuarial (gain) loss |  | 27 |  |  | (59) |
Benefits paid |  | (104) |  |  | (137) |
Projected benefit obligation at end of year |  | $ | 1,329 |  |  | $ | 1,338 |
The reconciliation of the changes in the plan’s benefit obligation and the determination of the amounts recognized on our Consolidated Balance Sheets were as follows:
|  | As of December 31,
(In millions) |  | 2025 |  | 2024
Projected benefit obligation at beginning of year |  | $ | 26 |  |  | $ | 28 |
Interest cost on projected benefit obligation |  | 1 |  |  | 1 |
Actuarial gain |  | — |  |  | (1) |
Participant contributions |  | 1 |  |  | 1 |
Benefits paid |  | (3) |  |  | (3) |
Projected and accumulated benefit obligation at end of year |  | $ | 24 |  |  | $ | 26 |
Funded status of the plan |  | $ | (24) |  |  | $ | (26) |
Amounts recognized in the balance sheet consist of: |  |  |  |
Current liabilities |  | $ | (3) |  |  | $ | (3) |
Long-term liabilities |  | (22) |  |  | (23) |
Net amount recognized |  | $ | (24) |  |  | $ | (26) |
Discount rate assumption as of December 31 |  | 5.22 | % |  | 5.54 | %
Schedule of Reconciliation of the Changes in the Plans' Fair Value of Plan Assets | The reconciliation of the changes in the fair value of plan assets as of December 31 was as follows:
(In millions) |  | 2025 |  | 2024
Fair value of plan assets at beginning of year |  | $ | 1,392 |  |  | $ | 1,507 |
Actual return on plan assets |  | 130 |  |  | 17 |
Employer contributions to non-qualified plans |  | 5 |  |  | 5 |
Benefits paid |  | (104) |  |  | (137) |
Fair value of plan assets at end of year |  | $ | 1,423 |  |  | $ | 1,392 |
Schedule of the Funded Status of the Plans | The funded status of the plans as of December 31 was as follows:
(In millions) |  | 2025 |  | 2024
Funded status at end of year |  | $ | 93 |  |  | $ | 54 |
Amount recognized in balance sheet: |  |  |  |
Long-term assets |  | $ | 142 |  |  | $ | 104 |
Current liabilities |  | (5) |  |  | (5) |
Long-term liabilities |  | (44) |  |  | (45) |
Net pension asset recognized |  | $ | 93 |  |  | $ | 54 |
Plans with projected and accumulated benefit obligation in excess of plan assets: |  |  |  |
Projected and accumulated benefit obligation (1) |  | $ | 49 |  |  | $ | 50 |
(1) Relates to our non-qualified plans which are unfunded.
Schedule of Net Periodic Benefit Costs | The net periodic benefit cost and amounts recognized in Other comprehensive income (loss) for the years ended December 31 was as follows:
(In millions) |  | 2025 |  | 2024 |  | 2023
Net periodic benefit income: |  |  |  |  |  |
Interest cost |  | $ | 68 |  |  | $ | 72 |  |  | $ | 74 |
Expected return on plan assets |  | (77) |  |  | (98) |  |  | (92) |
Amortization of actuarial loss |  | 3 |  |  | 1 |  |  | — |
Net periodic benefit income |  | $ | (6) |  |  | $ | (25) |  |  | $ | (18) |
Amounts recognized in Other comprehensive income (loss): |  |  |  |  |  |
Actuarial loss (gain) |  | $ | (26) |  |  | $ | 23 |  |  | $ | 32 |
Prior-service cost |  | — |  |  | (3) |  |  | — |
Amortization of actuarial loss |  | (3) |  |  | (1) |  |  | — |
Loss (gain) recognized in Other comprehensive income (loss) |  | $ | (28) |  |  | $ | 19 |  |  | $ | 32 |
Schedule of Assumptions Used to Determine the Projected Benefit Obligation and Net Periodic Benefit Cost | The weighted-average assumptions used to determine the net periodic benefit costs and benefit obligations for the year ended December 31 were as follows:
|  | Qualified Plans |  | Non-Qualified Plans
|  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Discount rate - net periodic benefit costs |  | 5.33 | % |  | 5.08 | % |  | 5.36% |  | 4.99% - 5.25% |  | 5.02% - 5.05% |  | 5.26% - 5.33%
Discount rate - benefit obligations |  | 5.40 | % |  | 5.63 | % |  | 5.15% |  | 4.60% - 5.20% |  | 5.21% - 5.55% |  | 4.98% - 5.12%
Expected long-term rate of return on plan assets |  | 5.75 | % |  | 6.75 | % |  | 6.40% |  |  |  |  |  |
Schedule of Expected Benefit Payments | Expected benefit payments for the defined benefit pension plans for the years ended December 31 are summarized below. These estimates are based on assumptions about future events. Actual benefit payments may vary from these estimates.
(In millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031-2035
Expected benefit payments |  | $ | 110 |  |  | $ | 109 |  |  | $ | 109 |  |  | $ | 108 |  |  | $ | 107 |  |  | $ | 511 |
Expected benefit payments, which reflect expected future service, as appropriate, for the years ended December 31 are summarized below. These estimates are based on assumptions about future events. Actual benefit payments may vary from these estimates.
(In millions) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031-2035
Expected benefit payments |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 10 |
Schedule of Fair Values of Investments Held in Pension Plans by Major Asset Category | The fair values of investments held in the qualified pension plans by major asset category as of December 31, 2025 and 2024, and the percentage that each asset category comprises of total plan assets were as follows:
(Dollars in millions) |  | Level 1 |  | Level 2 |  | Not Subject to Leveling (1) |  | Total |  | Percentage of Plan Assets
December 31, 2025 |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | 2.0 | %
Equity: |  |  |  |  |  |  |  |  |  |
U.S. |  | — |  |  | 43 |  |  | — |  |  | 43 |  |  | 3.0 | %
International |  | — |  |  | 31 |  |  | — |  |  | 31 |  |  | 2.2 | %
Fixed income securities |  | 243 |  |  | 943 |  |  | 119 |  |  | 1,305 |  |  | 91.7 | %
Derivatives |  | — |  |  | 16 |  |  | — |  |  | 16 |  |  | 1.1 | %
Total plan assets |  | $ | 271 |  |  | $ | 1,033 |  |  | $ | 119 |  |  | $ | 1,423 |  |  | 100.0 | %
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | 1.4 | %
Equity: |  |  |  |  |  |  |  |  |  |
U.S. large companies |  | — |  |  | 56 |  |  | — |  |  | 56 |  |  | 4.0 | %
U.S. small companies |  | — |  |  | 14 |  |  | — |  |  | 14 |  |  | 1.0 | %
International |  | 20 |  |  | 27 |  |  | 7 |  |  | 54 |  |  | 3.9 | %
Fixed income securities |  | 279 |  |  | 956 |  |  | 6 |  |  | 1,241 |  |  | 89.1 | %
Derivatives |  | — |  |  | 8 |  |  | — |  |  | 8 |  |  | 0.6 | %
Total plan assets |  | $ | 319 |  |  | $ | 1,059 |  |  | $ | 14 |  |  | $ | 1,392 |  |  | 100.0 | %
(1) Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total defined benefit pension plan assets.

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