v3.25.4
Pension, Savings and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss
Total benefits cost (credit) and amounts recognized in other comprehensive (income) loss follows:
Pension Plans
U.S.Non-U.S.Other Postretirement Benefits
(In millions)202520242023202520242023202520242023
Benefits cost (credit):
Service cost$6 $7 $8 $15 $19 $18 $1 $2 $2 
Interest cost158 174 195 103 105 108 13 15 16 
Expected return on plan assets(198)(208)(231)(93)(91)(92)— — — 
Amortization of prior service cost (credit)
— — — 2 2 2 (7)(2)(1)
Amortization of net losses (gains)
94 97 98 21 20 16 (8)(9)(9)
Net periodic cost (credit)$60 $70 $70 $48 $55 $52 $(1)$6 $8 
Net curtailments/settlements/termination benefits208 (3)34 (1)— 7 (1)— — 
Total benefits cost (credit)$268 $67 $104 $47 $55 $59 $(2)$6 $8 
Recognized in other comprehensive (income) loss before tax and minority:
Prior service cost (credit) from plan amendments
$— $(3)$— $— $— $— $— $(28)$— 
Increase (decrease) in net actuarial losses
54 40 40 30 (15)120 2 (9)1 
Amortization of prior service credit (cost) in net periodic cost
— — — (2)(2)(2)7 3 1 
Amortization of net (losses) gains in net periodic cost
(94)(97)(98)(20)(20)(16)8 8 9 
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures(201)3 (34)2 — (13)— — — 
Total recognized in other comprehensive (income) loss before tax and minority
$(241)$(57)$(92)$10 $(37)$89 $17 $(26)$11 
Total recognized in total benefits cost (credit) and other comprehensive loss (income) before tax and minority
$27 $10 $12 $57 $18 $148 $15 $(20)$19 
Schedule of Changes in Benefit Obligation and Plan Assets
The change in benefit obligation and plan assets for 2025 and 2024 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2025 and 2024 are as follows:
Pension Plans
U.S.Non-U.S.Other Postretirement Benefits
(In millions)202520242025202420252024
Change in benefit obligation:
Beginning balance$(3,380)$(3,659)$(2,111)$(2,392)$(232)$(287)
Service cost — benefits earned(6)(7)(15)(19)(1)(2)
Interest cost
(158)(174)(103)(105)(13)(15)
Plan amendments— 3 — — — 28 
Actuarial (loss) gain
(96)107 48 131 (4)11 
Participant contributions— — (2)(3)(6)(6)
Curtailments/settlements/
termination benefits		369 13 4 12 1 — 
Divestitures— — 9 — — — 
Foreign currency translation— — (166)105 (6)8 
Benefit payments307 337 157 160 30 31 
Ending balance$(2,964)$(3,380)$(2,179)$(2,111)$(231)$(232)
Change in plan assets:
Beginning balance$3,447 $3,724 $1,906 $2,146 $— $— 
Actual return on plan assets240 61 52 (49)— — 
Company contributions to plan assets— (5)24 31 — — 
Cash funding of direct participant payments37 17 22 26 24 25 
Participant contributions— — 2 3 6 6 
Settlements(376)(13)(5)(12)— — 
Divestitures— — (14)— — — 
Foreign currency translation— — 134 (79)— — 
Benefit payments(307)(337)(157)(160)(30)(31)
Ending balance$3,041 $3,447 $1,964 $1,906 $— $— 
Funded status at end of year$77 $67 $(215)$(205)$(231)$(232)
Schedule of Funded Status Recognized in the Consolidated Balance Sheets
The funded status at December 31 recognized in the Consolidated Balance Sheets consists of:
Pension PlansOther Postretirement
Benefits
U.S.Non-U.S.
(In millions)202520242025202420252024
Noncurrent assets$117 $140 $186 $182 $— $— 
Current liabilities(4)(38)(24)(25)(21)(22)
Noncurrent liabilities(36)(35)(377)(362)(210)(210)
Net amount recognized$77 $67 $(215)$(205)$(231)$(232)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
The amounts recorded in AOCL at December 31, net of tax and minority interest, consist of:
Pension Plans
U.S.Non-U.S.Other Postretirement Benefits
(In millions)202520242025202420252024
Prior service cost (credit)$— $— $17 $17 $(22)$(29)
Net actuarial loss (gain)1,449 1,690 502 492 (76)(86)
Gross amount recorded1,449 1,690 519 509 (98)(115)
Deferred income taxes118 118 (65)(64)5 4 
Minority shareholders’ equity— — (1)(2)— — 
Net amount recorded$1,567 $1,808 $453 $443 $(93)$(111)
Schedule of Weighted Average Assumptions Used
The following table presents significant weighted average assumptions used to determine benefit obligations at December 31:
Pension PlansOther Postretirement Benefits
2025202420252024
Discount rate:
—U.S.5.19%5.55%5.29%5.62%
—Non-U.S.5.034.886.296.32
Rate of compensation increase:
—U.S.N/AN/AN/AN/A
—Non-U.S.2.862.85N/AN/A
The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31:
Pension PlansOther Postretirement Benefits
202520242023202520242023
Discount rate for determining interest cost:
—U.S.5.06 %5.07 %5.34 %5.29 %5.08 %5.37 %
—Non-U.S.4.90 4.19 4.72 7.32 8.04 7.64 
Expected long term return on plan assets:
—U.S.6.20 5.95 6.27 N/AN/AN/A
—Non-U.S.5.21 4.63 4.79 N/AN/AN/A
Rate of compensation increase:
—U.S.N/AN/AN/AN/AN/AN/A
—Non-U.S.2.85 2.82 2.84 N/AN/AN/A
Schedule of Estimated Future Benefit Payments
The following table presents estimated future benefit payments from the plans as of December 31, 2025. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts:
Pension PlansOther
Postretirement
Benefits
(In millions)U.S.Non-U.S.
2026$335 $164 $21 
2027305 153 20 
2028294 153 20 
2029289 160 20 
2030270 158 19 
2031-20351,185 830 91 
Schedule of Selected Pension Plan Information
The following table presents selected information on our pension plans at December 31:
U.S.Non-U.S.
(In millions)2025202420252024
All plans:
Accumulated benefit obligation$2,958 $3,374 $2,133 $2,062 
Plans not fully-funded:
Projected benefit obligation$208 $72 $545 $515 
Accumulated benefit obligation202 66 513 482 
Fair value of plan assets169 — 144 130 
Schedule of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates at December 31 follow:
20252024
Health care cost trend rate assumed for the next year7.00 %6.50 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)5.0 5.0 
Year that the rate reaches the ultimate trend rate2034 2031 
Schedule of Pension Plan Weighted Average Investment Allocation
Our pension plan weighted average investment allocation at December 31, by asset category, follows:
U.S.Non-U.S.
2025202420252024
Cash and short term securities— %— %3 %2 %
Equity securities2 2 4 5 
Debt securities98 98 90 90 
Alternatives— — 3 3 
Total100 %100 %100 %100 %
Schedule of Fair Values of Pension Plan Assets
The fair values of our pension plan assets at December 31, 2025 by asset category are as follows:
U.S.Non-U.S
(In millions)TotalQuoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)		TotalQuoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
Cash and Short Term Securities$7 $— $7 $— $42 $39 $3 $— 
Equity Securities
Common and Preferred Stock— — — — 1 1 — — 
Commingled Funds— — — — 7 7 — — 
Mutual Funds— — — — 29 29 — — 
Debt Securities
Corporate Bonds1,886 — 1,886 — 194 — 194 — 
Government Bonds609 — 609 — 1,501 59 1,442 — 
Repurchase Agreements— — — — (366)— (366)— 
Asset Backed Securities198 — 198 — 23 — 23 — 
Commingled Funds— — — — 16 16 — — 
Mutual Funds— — — — 42 42 — — 
Alternatives
Commingled Funds— — — — 2 2 — — 
Insurance Contracts1 — — 1 24 — — 24 
Derivatives9 — 9 — 8 — 8 — 
Mutual Funds— — — — 7 7 — — 
Total Investments in the Fair Value Hierarchy2,710 $— $2,709 $1 1,530 $202 $1,304 $24 
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds— 28 
Mutual Funds— 5 
Partnership Interests58 — 
Debt Securities
Commingled Funds56 336 
Mutual Funds14 39 
Partnership Interests120 5 
Short Term Securities
Commingled Funds88 25 
Alternatives
Commingled Funds— 22 
Total Investments3,046 1,990 
Other(5)(26)
Total Plan Assets$3,041 $1,964 
The fair values of our pension plan assets at December 31, 2024 by asset category are as follows:
U.S.Non-U.S
(In millions)TotalQuoted
Prices
in Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)		TotalQuoted
Prices in
Active
Markets
for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Other
Unobservable
Inputs
(Level 3)
Cash and Short Term Securities$3 $— $3 $— $34 $32 $2 $— 
Equity Securities
Common and Preferred Stock— — — — 1 1 — — 
Commingled Funds— — — — 7 7 — — 
Mutual Funds— — — — 50 27 23 — 
Debt Securities
Corporate Bonds2,003 — 2,003 — 193 — 193 — 
Government Bonds654 — 654 — 1,475 54 1,421 — 
Repurchase Agreements— — — — (425)— (425)— 
Asset Backed Securities193 — 193 — 17 — 17 — 
Commingled Funds— — — — 16 16 — — 
Mutual Funds— — — — 38 38 — — 
Alternatives
Commingled Funds— — — — 1 1 — — 
Insurance Contracts1 — — 1 23 — — 23 
Derivatives7 — 7 — — — — — 
Mutual Funds— — — — 1 1 — — 
Total Investments in the Fair Value Hierarchy2,861 $— $2,860 $1 1,431 $177 $1,231 $23 
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds— 31 
Mutual Funds— 4 
Partnership Interests77 — 
Debt Securities
Commingled Funds210 363 
Mutual Funds75 40 
Partnership Interests131 14 
Short Term Securities
Commingled Funds101 8 
Alternatives
Commingled Funds— 21 
Partnership Interests— 11 
Total Investments3,455 1,923 
Other(8)(17)
Total Plan Assets$3,447 $1,906 
Schedule of Changes in Fair Value of Non-U.S. Pension Plan Insurance Contracts Classified as Level 3
The following table sets forth a summary of changes in fair value of the non-U.S. pension plan insurance contracts classified as Level 3:
(In millions)20252024
Balance, beginning of year$23 $21 
Purchases, sales, issuance and settlements (net)— 2 
Unrealized gains relating to instruments still held at the reporting date(1)1 
Foreign currency translation2 (1)
Balance, end of year$24 $23