v3.25.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations, Fair Value of Plan Assets, and Funded Status
Benefit Obligations, Fair Value of Plan Assets and Funded Status
Pension Benefits
December 31,(1)
Other Postretirement and Postemployment Benefits
December 31,
(in millions)2025202420252024
Benefit obligation at beginning of period$14,967 $15,911 $3,265 $3,503 
Service cost273 233 132 92 
Interest cost831 820 181 182 
Actuarial loss/(gain)266 (738)141 (50)
Benefits paid, including lump sums and annuities(1,315)(1,259)(489)(497)
Participant contributions— — 27 30 
Special termination benefits— — 1 5 
Benefit obligation at end of period(2)
$15,022 $14,967 $3,258 $3,265 
Fair value of plan assets at beginning of period$15,905 $15,766 $27 $33 
Actual gain on plan assets2,338 1,142 10 (7)
Employer contributions352 256 466 468 
Benefits paid, including lump sums and annuities(1,315)(1,259)(489)(497)
Participant contributions— — 27 30 
Fair value of plan assets at end of period$17,280 $15,905 $41 $27 
Funded status at end of period$2,258 $938 $(3,217)$(3,238)
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.
(2)At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.
Schedule of Amounts Balance Sheet Position
Balance Sheet Position
Pension Benefits
December 31,
Other Postretirement and Postemployment Benefits
December 31,
(in millions)2025202420252024
Other noncurrent assets $2,320 $1,005 $— $— 
Current liabilities(8)(9)(425)(430)
Noncurrent liabilities(54)(58)(2,792)(2,808)
Funded status at end of period$2,258 $938 $(3,217)$(3,238)
Net actuarial loss$(4,201)$(5,407)$(216)$(103)
Prior service credit— — (6)(3)
Total accumulated other comprehensive loss, pre-tax$(4,201)$(5,407)$(222)$(106)
Schedule of Net Periodic Cost
Net Periodic Cost
Pension Benefits
Year Ended December 31,(1)
Other Postretirement and Postemployment Benefits
Year Ended December 31,
(in millions)202520242023202520242023
Service cost$273 $233 $95 $132 $92 $71 
Interest cost831 820 855 181 182 200 
Expected return on plan assets(1,067)(1,062)(1,060)(2)(2)(1)
Amortization of prior service credit— — — (4)(4)(5)
Recognized net actuarial loss202 248 240 20 18 14 
Special termination benefits— — — 1 5 — 
Net periodic cost
$239 $239 $130 $328 $291 $279 
(1)Service cost shown above relates to the market based cash balance plan. There is no service cost associated with traditional frozen defined benefit plans.
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Costs
We used the following actuarial assumptions to determine our benefit obligations and our net periodic cost for the periods presented:
December 31,
Benefit Obligations(1)
20252024
Weighted average discount rate5.50 %5.71 %

Year Ended December 31,
Net Periodic Cost(1)
202520242023
Weighted average discount rate5.53 %5.33 %5.59 %
Weighted average expected long-term rate of return on plan assets6.96 %6.97 %7.00 %
Assumed healthcare cost trend rate for the next year(2)
7.25 %6.50 %6.25 %
(1)Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation.
(2)Healthcare cost trend rate is assumed to decline gradually to 5.00% by 2036 and remain unchanged thereafter.
Schedule of Expected Future Benefit Payments The following table summarizes the benefit payments that are expected to be paid in the years ending December 31:
Expected future benefit payments
(in millions)Pension BenefitsOther Postretirement and Postemployment Benefits
20261,390 480 
20271,400 480 
20281,390 490 
20291,380 490 
20301,380 500 
2031-20356,530 2,450 
Schedule of Benefit Plan Assets Measured at Fair Value on Recurring Basis The following table shows our benefit plan assets by asset class.
Benefit plan assets measured at fair value on a recurring basis
December 31, 2025December 31, 2024Valuation Technique
(in millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed income and fixed income-related instruments$78 $1,255 $1,333 $85 $1,080 $1,165 (a)(b)
Cash equivalents494 290 784 330 138 468 (a)
Equities and equity-related instruments1,365 7 1,372 978 3 981 (a)
Delta common stock570 — 570 595 — 595 (a)
Real assets17 160 177 — 25 25 (a)
Benefit plan assets$2,524 $1,712 $4,236 $1,988 $1,246 $3,234 
Investments measured at net asset value ("NAV")(1)
13,045 12,438 
Total benefit plan assets$17,281 $15,672 
(1)Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
Schedule of Benefit Plan Investments Assets Measured at NAV
The following table summarizes investments measured at fair value based on NAV per share as a practical expedient:

Benefit plan investment assets measured at NAV
December 31, 2025December 31, 2024
(in millions)Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Hedge funds and hedge fund-related strategies$6,916 (1)
15-180 Days
$6,519 (1)
15-180 Days
Commingled funds, private equity and private equity-related instruments(4)
2,300 (1) (2)
2-45 Days
2,351 (1) (2)
2-45 Days
Fixed income and fixed income-related instruments(4)
1,624 (1) (2)
1-180 Days
1,427 (1) (2)
1-180 Days
Real assets(4)
1,016 (2)N/A979 (2)N/A
Balanced allocation621 (5)
0-3 Days
349 (5)
0-3 Days
Other568 (3)
2-10 Days
813 (3)
2-10 Days
Total investments measured at NAV$13,045 $12,438 
(1)Various. Includes funds with monthly or more frequent, quarterly and/or custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment.
(2)Includes private funds that are closed-ended structures in which the plans' investments are generally not eligible for redemption.
(3)Includes funds with monthly or more frequent redemptions.
(4)Unfunded commitments were $1.5 billion for commingled funds, private equity and private equity-related instruments, $224 million for fixed income and fixed income-related instruments and $693 million for real assets at December 31, 2025.
(5)Includes funds with daily redemptions. The 0 Days Redemption Notice Period applies to participant-level redemptions. The 3 Days Redemption Notice Period applies to plan-level redemptions.