v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations
The following table presents the projected benefit obligation, fair value of plan assets, funded status and accumulated benefit obligation for the Domestic Plan and the U.K. Plan:

Domestic PlanU.K. Plan
2025202420252024
(in millions)
Change in projected benefit obligation
Benefit obligation at beginning of year$223 $281 $275 $309 
Service cost— — 2 2 
Interest cost11 14 15 14 
Actuarial loss (gain), net of expenses
14 (8)(6)(32)
Settlements(1)
(68)(41)— — 
Effect of foreign currency exchange rates— — 20 (2)
Benefits paid(18)(23)(15)(16)
Benefit obligation at end of year$162 $223 $291 $275 
Change in plan assets
Fair value of plan assets at beginning of year$231 $278 $275 $298 
Actual return on plan assets, net of expenses28 13 12 (14)
Employer contributions11 4 10 9 
Settlements(1)
(68)(41)— — 
Effect of foreign currency exchange rates— — 20 (2)
Benefits paid(18)(23)(15)(16)
Fair value of plan assets at end of year184 231 302 275 
Funded status at end of year(2)
22 8 11 — 
Accumulated benefit obligation$162 $223 $291 $275 
____________
(1)During the years ended December 31, 2025 and 2024, the Company purchased group annuity contracts (the "annuity purchases") and transferred $68 million and $41 million, respectively, of its pension plan assets and related benefit obligations related to its Domestic Plan to a third-party insurer.
(2)Funded amounts are recognized in other long-term assets in our consolidated balance sheets.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Changes in amounts recorded in accumulated other comprehensive loss consisted of the following:

Domestic PlanU.K. Plan
202520242023202520242023
(in millions)
Net actuarial loss (gain)(1)
$— $(3)$(3)$20 $3 $27 
Amortization of prior service cost(4)(4)(4)— — — 
Amortization of net loss(1)(1)— (7)(8)(6)
Settlement losses(2)
(19)(10)— — — — 
Net amount recognized$(24)$(18)$(7)$13 $(5)$21 
____________
(1)Amounts for the U.K. Plan include the impact of foreign currency exchange.
(2)Amounts for the years ended December 31, 2025 and 2024 include losses for settlements related to the Company's Domestic Plan as a result of the annuity purchases, which were recognized in other non-operating income (loss), net in our consolidated statements of operations.
Schedule of Net Periodic Pension Cost (Credit)
The net periodic pension cost (credit) was as follows:

Domestic PlanU.K. Plan
202520242023202520242023
(in millions)
Service cost(1)
$— $— $3 $2 $2 $2 
Interest cost(2)
11 14 15 15 14 14 
Expected return on plan assets(2)
(16)(18)(20)(23)(23)(22)
Amortization of prior service cost(2)
4 4 4 — — — 
Amortization of net loss(2)
1 1 — 7 8 6 
Settlement losses(3)
19 10 — — — — 
Net periodic pension cost
$19 $11 $2 $1 $1 $— 
____________
(1)Recognized in ownership expenses and general and administrative expenses, as applicable, in our consolidated statements of operations.
(2)Recognized in other non-operating income (loss), net in our consolidated statements of operations.
(3)During the years ended December 31, 2025 and 2024, as a result of the annuity purchases, we recognized non-cash pension settlement losses in other non-operating income (loss), net in our consolidated statements of operations.
Schedule of Weighted Average Assumptions Used
The weighted average assumptions used to determine benefit obligations were as follows:

Domestic PlanU.K. Plan
2025202420252024
Discount rate5.3 %5.6 %5.5 %5.5 %
Salary inflationN/AN/A2.2 2.5 
Pension inflationN/AN/A2.6 2.9 

The weighted average assumptions used to determine net periodic pension cost (credit) were as follows:

Domestic PlanU.K. Plan
202520242023202520242023
Discount rate5.6 %5.2 %5.6 %5.5 %4.5 %4.8 %
Expected return on plan assets7.5 7.0 6.8 8.3 7.5 7.3 
Salary inflationN/AN/AN/A2.5 2.4 2.6 
Pension inflationN/AN/AN/A2.9 2.8 3.1 
Schedule of Fair Value of Pension Assets
The following tables present the fair value hierarchy of total plan assets measured at fair value by asset category:

Domestic Plan
U.K. Plan
December 31,
December 31,
2025202420252024
(in millions)
Level 1
Cash
$— $— $11 $2 
Bond funds
4 7 — — 
Level 2
Bond funds
— — 28 36 
Net asset value(1)
Cash equivalents
— — 9 6 
Bond funds
— — 80 72 
Common collective trusts
180 224 — — 
Alternative investments
— — 130 110 
Other
— — 44 49 
$184 $231 $302 $275 
____________
(1)Certain investments are measured at net asset value per share as a practical expedient and, therefore, have not been classified in the fair value hierarchy.
Schedule of Expected Benefit Payments
As of December 31, 2025, the benefits expected to be paid in the next five years and in the aggregate for the five years thereafter were as follows:

Domestic PlanU.K. Plan
Year(in millions)
2026$21 $16 
202714 16 
202814 16 
202914 17 
203014 17 
2031-203560 92 
$137 $174