XML 65 R45.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of retirement plan expenses
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 %
Schedule of accumulated benefit obligations in excess of fair value of plan assets 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 
Schedule of accumulated and projected benefit obligations
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 %
Schedule of defined benefit plans disclosures
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 $18 
Schedule of amounts recognized in other comprehensive income (loss)
Components of the net change in AOCI related to all defined benefit pension plans, exclusive of amounts attributable to non-controlling interests on the Company’s Consolidated Statements of Changes in Equity for the years ended December 31, 2025 and 2024, are as follows:
U.S. PlansNon-U.S. Plans
Year Ended December 31,Year Ended December 31,
(In millions)2025202420252024
Actuarial (gain) loss$(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)
Schedule of expected benefit payments
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 
Schedule of allocation of plan assets
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 %