v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
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)20252024
Projected benefit obligation at beginning of year$1,338 $1,466 
Interest cost68 72 
Plan amendment— (3)
Actuarial (gain) loss27 (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)20252024
Projected benefit obligation at beginning of year$26 $28 
Interest cost on projected benefit obligation1 1 
Actuarial gain— (1)
Participant contributions1 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 315.22 %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)20252024
Fair value of plan assets at beginning of year$1,392 $1,507 
Actual return on plan assets130 17 
Employer contributions to non-qualified plans5 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)20252024
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)202520242023
Net periodic benefit income:
Interest cost$68 $72 $74 
Expected return on plan assets(77)(98)(92)
Amortization of actuarial loss3 1 — 
Net periodic benefit income$(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 PlansNon-Qualified Plans
202520242023202520242023
Discount rate - net periodic benefit costs5.33 %5.08 %
5.36%
4.99% - 5.25%
5.02% - 5.05%
5.26% - 5.33%
Discount rate - benefit obligations5.40 %5.63 %
5.15%
4.60% - 5.20%
5.21% - 5.55%
4.98% - 5.12%
Expected long-term rate of return on plan assets5.75 %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)202620272028202920302031-2035
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)202620272028202920302031-2035
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 1Level 2
Not Subject to Leveling (1)
TotalPercentage 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 securities243 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 %
International20 27 7 54 3.9 %
Fixed income securities279 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.