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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Benefit Plans

The Company sponsors pay related benefit plans for employees in the U.S., U.K., Germany, Brazil, France, Mexico, Japan, and Canada. Employees in the U.S. and U.K. are no longer accruing benefits under the Company's defined benefit plans as these plans were frozen. The Company’s defined benefit plans are partially funded with the exception of certain supplemental benefit plans for executives and certain non-U.S. plans, primarily in Germany, which are unfunded.

The Company's expense for all defined benefit pension plans, is as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
(In millions, except percentages)202520242023202520242023
Costs Recognized in Income:
Pension service cost:
  Service cost
$— $— $— $(1)$(1)$(1)
Pension financing benefit (cost):
  Interest cost
(28)(31)(32)(11)(9)(10)
  Expected return on plan assets
36 41 41 11 10 10 
  Amortization of losses and other
— — 1 — — 1 
  Settlements
(7)(4)— — — — 
Restructuring related pension cost:
  Special termination benefits
— — — — (1)(1)
Net pension income (expense)$1 $6 $10 $(1)$(1)$(1)
Weighted Average Assumptions:
Discount rate
5.65 %5.16 %5.51 %5.82 %5.07 %5.30 %
Compensation increase
NANANA2.58 %2.89 %2.69 %
Long-term return on assets
7.06 %7.23 %6.87 %5.59 %4.79 %4.60 %

The Company's total accumulated benefit obligations for all defined benefit plans was $640 million and $723 million as of
December 31, 2025 and 2024, respectively. The benefit plan obligations for employee retirement plans with accumulated benefit obligations in excess of plan assets were as follows:
Year Ended December 31,
(In millions)20252024
Accumulated benefit obligation$501 $594 
Projected benefit obligation$504 $596 
Fair value of plan assets$434 $486 

Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2025 and 2024 are summarized in the following table:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
Weighted Average Assumptions2025202420252024
Discount rate5.39 %5.65 %6.03 %5.82 %
Rate of increase in compensationNANA2.41 %2.58 %
Cash balance interest crediting rate4.87 %4.15 %2.10 %1.60 %
The Company’s obligation for all defined benefit pension plans, is as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
(In millions)2025202420252024
Change in Benefit Obligation:
Benefit obligation — beginning
$552 $622 $174 $201 
Service cost
— — 1 1 
Interest cost
28 31 11 9 
Actuarial loss (gain)
7 (25)(4)(19)
Settlements(97)(40)(1)(1)
Special termination benefits
— — — (1)
Foreign exchange translation
— — 16 (11)
Benefits paid and other
(35)(36)(7)(5)
Benefit obligation — ending
$455 $552 $190 $174 
Change in Plan Assets:
Plan assets — beginning
$472 $509 $157 $172 
Actual return on plan assets
60 19 8 (6)
Sponsor contributions
17 19 7 7 
Settlements
(97)(40)— (1)
Foreign exchange translation
— — 14 (8)
Benefits paid and other
(35)(35)(8)(7)
Plan assets — ending
$417 $472 $178 $157 
Total funded status at end of period
$(38)$(80)$(12)$(17)
Balance Sheet Classification:
Other non-current assets
$— $— $19 $12 
 Accrued employee liabilities
— — (1)(1)
Employee benefits
(39)(80)(30)(28)
Accumulated other comprehensive loss:
Actuarial loss
33 57 27 27 
Tax effects/other
(5)(9)(8)(9)
$28 $48 $19 $18 

During the year ended December 31, 2025, the Company entered into an annuity contract with a third party in relation to the U.S. defined benefit plan. The annuity contract covered approximately 1,800 participants and resulted in the use of approximately $97 million of plan assets for the settlement of approximately $93 million of the outstanding pension benefit obligation. In connection with the annuity contract, the Company recorded an actuarial loss of $7 million during the year ended December 31, 2025 related to recognition of accumulated other comprehensive income. The third party has unconditionally and irrevocably guaranteed the full payment of benefits to plan participants associated with the annuity purchase and benefits payment will be in the same form that was in effect under the U.S. defined benefit plan.

During the year ended December 31, 2024, the Company offered terminate vested participants of the U.S. defined benefit plans a discretionary lump sum distribution option. The amount of participant lump sum distributions amounted to $38 million.

Components of the net change in AOCI related to all defined benefit pension plans, exclusive of amounts attributable to non-controlling interests on the Company’s Consolidated Statements of Changes in Equity for the years ended December 31, 2025 and 2024, are as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
(In millions)2025202420252024
Actuarial (gain) loss$(17)$(4)$(2)$(4)
Deferred taxes4 2 1 2 
Currency/other— — 2 (1)
Reclassification to net income— — — — 
Settlements(7)(4)— (1)
$(20)$(6)$1 $(4)
Actuarial gain for the year ended December 31, 2025 is primarily related to an increase in return on assets when compared to the same period in 2024. Actuarial gains and losses are amortized using the 10% corridor approach representing 10% times the greater of plan assets or the projected benefit obligation. Generally, the expected return is determined using a market-related value of assets where gains (losses) are recognized in a systematic manner over five years. For less significant plans, fair value is used.

Benefit payments, which reflect expected future service, are expected to be paid by the Company plans as follows:
(In millions)
U.S. Plans
Non-U.S. Plans
2026$30 $9 
202731 9 
202832 10 
202932 11 
203033 10 
Years 2031 - 2035169 63 

During the year ended December 31, 2025, cash contributions to the Company's defined benefit plans were $17 million related to its U.S. plans and $7 million related to its non-U.S. plans. Additionally, the Company expects to make contributions to its US and Non-US defined benefit pension plans of $3 million and $8 million, respectively during 2026.

Substantially all of the Company’s defined benefit pension plan assets are managed by external investment managers and held in trust by third-party custodians. The selection and oversight of these external service providers is the responsibility of the investment committees of the Company and their advisers. The selection of specific securities is at the discretion of the investment manager and is subject to the provisions set forth by written investment management agreements and related policy guidelines regarding permissible investments, risk management practices, and the use of derivative securities. Derivative securities may be used by investment managers as efficient substitutes for traditional securities, to reduce portfolio risks, or to hedge identifiable economic exposures. The use of derivative securities to engage in unrelated speculation is expressly prohibited.

The primary objective of the pension funds is to pay the plans’ benefit and expense obligations when due. Given the long-term nature of these plan obligations and their sensitivity to interest rates, the investment strategy is intended to improve the funded status of its U.S. and non-U.S. plans over time while maintaining a prudent level of risk. Risk is managed primarily by diversifying each plan’s target asset allocation across equity, fixed income securities, and alternative investment strategies, and then maintaining the allocation within a specified range of its target. In addition, diversification across various investment subcategories within each plan is also maintained within specified ranges.
The Company’s retirement plan asset allocation as of December 31, 2025 and 2024 and target allocation for 2026 are as follows:
Target AllocationPercentage of Plan Assets
U.S.Non-U.S.U.S.Non-U.S.
202620262025202420252024
Equity securities42 %11 %32 %37 %14 %14 %
Fixed income30 %72 %11 %12 %63 %64 %
Alternative strategies27 %— %50 %48 %7 %8 %
Cash1 %— %7 %3 %4 %3 %
Other— %17 %— %— %12 %11 %
100 %100 %100 %100 %100 %100 %

The expected long-term rate of return for defined benefit pension plan assets was selected based on various inputs, including returns projected by various external sources for the different asset classes held by and to be held by the Company’s trusts and its targeted asset allocation. These projections incorporate both historical returns and forward-looking views regarding capital market returns, inflation, and other variables. Pension plan assets are valued at fair value using various inputs and valuation techniques. A description of the inputs and valuation techniques used to measure the fair value for each class of plan assets is included in Note 17, "Fair Value Measurements."

Discount Rate for Estimated Service and Interest Cost
The Company uses the spot rate method to estimate the service and interest components of net periodic benefit cost for pension benefits for its U.S. and certain non-U.S. plans. The Company has elected to utilize an approach that discounts individual expected cash flows underlying interest and service costs using the applicable spot rates derived from the yield curve used to determine the benefit obligation to the relevant projected cash flows. The discount rate assumption is based on market rates for a hypothetical portfolio of high-quality corporate bonds rated Aa or better with maturities closely matched to the timing of projected benefit payments for each plan at its annual measurement date. The Company used discount rates ranging from 2% to 12% to determine its pension and other benefit obligations as of December 31, 2025.
Defined Contribution Plans
Most U.S. salaried employees and certain non-U.S. employees are eligible to participate in defined contribution plans by contributing a portion of their compensation which is partially matched by the Company. Matching contributions for the U.S. defined contribution plan are 100% on the first 6% of pay contributed. The expense related to all defined contribution plans was approximately $6 million, $6 million, and $6 million for the years ended December 31, 2025, 2024, and 2023.