SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS


(In millions)	Balance at Beginning of Period	(Benefits)/ Charges to Income	Other (a)	Balance at End of Period
Year Ended December 31, 2025:
Valuation allowance for deferred taxes	598	(142)	17	473
Year Ended December 31, 2024:
Valuation allowance for deferred taxes	672	(47)	(27)	598
Year Ended December 31, 2023:
Valuation allowance for deferred taxes	1,120	(459)	11	672

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(a)Deferred taxes valuation allowance - represents adjustments recorded through other comprehensive income, exchange, expiration of tax attribute carryforwards, change in statutory tax rate, and various tax return true-up adjustments, all of which impact deferred taxes and the related valuation allowances. In 2025, the $17 million other increase in the valuation allowance for deferred taxes is comprised of $33 million related to exchange, offset by a decrease of $16 million primarily related to change in statutory tax rate. In 2024, the $27 million other decrease in the valuation allowance for deferred taxes is primarily related to exchange. In 2023, the $11 million other increase in the valuation allowance for deferred taxes is comprised of $13 million related to exchange offset by a decrease of $2 million primarily related to other comprehensive income.

Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets described in Note 1. "Summary of Significant Accounting Policies" within Part II, Item 8, “Financial Statements and Supplementary Data.”