v3.25.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of the Benefit Obligation
A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, 2025 and 2024, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets): 
(in millions)Retirement PlansPostretirement Plans
 2025202420252024
Net benefit obligation at beginning of year$1,323 $1,425 $17 $20 
Service cost2 2 — — 
Interest cost69 69 1 1 
Actuarial loss (gain) 23 (89)1 (1)
Gross benefits paid(76)(76)(3)(3)
Foreign currency effect25 (8)— — 
Net benefit obligation at end of year1,366 1,323 16 17 
Fair value of plan assets at beginning of year1,395 1,473 1 1 
Actual return on plan assets98 (9)— — 
Employer contributions10 11 2 2 
Gross benefits paid(76)(75)(3)(2)
Foreign currency effect20 (5)— — 
Fair value of plan assets at end of year1,447 1,395 — 1 
Funded status$81 $72 $(16)$(16)
Amounts recognized in consolidated balance sheets:
Non-current assets$254 $246 $— $— 
Current liabilities(9)(10)(2)— 
Non-current liabilities(164)(164)(14)(16)
$81 $72 $(16)$(16)
Accumulated benefit obligation$1,360 $1,317 
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$173 $173 
Accumulated benefit obligation$168 $168 
Fair value of plan assets$— $— 
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)$429 $418 $(34)$(36)
Prior service credit— — (9)(10)
Total recognized$429 $418 $(43)$(46)
Schedule of Net Periodic Benefit Cost
A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows: 
(in millions)Retirement PlansPostretirement Plans
 202520242023202520242023
Service cost$2 $2 $2 $— $— $— 
Interest cost69 69 74 1 1 1 
Expected return on assets(97)(97)(101)— — — 
Amortization of:
Actuarial loss (gain)8 8 6 (2)(2)(2)
Prior service credit— — — (2)(2)(2)
Net periodic benefit cost (18)(18)(19)(3)(3)(3)
Settlement charge 1
— — 23 — — — 
Total net periodic benefit cost$(18)$(18)$4 $(3)$(3)$(3)
1Lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.S. retirement plan during the year ended December 31, 2023, triggering the recognition of non-cash pre-tax settlement charges of $23 million.
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:
(in millions)Retirement PlansPostretirement Plans
 202520242023202520242023
Net actuarial loss (gain) $17 $14 $33 $1 $(1)$1 
Recognized actuarial (gain) loss(6)(6)(5)1 2 1 
Prior service cost— — — 1 1 1 
Settlement charge 1
— — (18)— — — 
Total recognized$11 $8 $10 $3 $2 $3 
1Lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.S. retirement plan during the year ended December 31, 2023, triggering the recognition of non-cash pre-tax settlement charges of $23 million.
Schedule of Assumptions
Assumptions
 Retirement PlansPostretirement Plans
 202520242023202520242023
Benefit obligation:
Discount rate 1
5.45 %5.74 %5.27 %5.16 %5.57 %5.18 %
Net periodic cost:
Discount rate - U.S. plan 1
5.74 %5.27 %5.63 %5.57 %5.18 %5.52 %
Discount rate - U.K. plan 1
5.53 %4.50 %4.76 %
Return on assets 2
6.25 %6.00 %6.00 %
1Effective January 1, 2025, we changed our discount rate assumption on our U.S. retirement plans to 5.74% from 5.27% in 2024 and changed our discount rate assumption on our U.K. plan to 5.53% from 4.50% in 2024.
2The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2026, we changed our return on assets assumption to 6.30% from 6.25% for the U.S. plan in 2025 and to 5.50% from 5.40% for the U.K. plan in 2025.
Schedule of Information about the Expected Cash Flows for Retirement and Post-Retirement Plans
Information about the expected cash flows for our retirement and postretirement plans is as follows: 
(in millions)
Retirement
Plans 1
Postretirement Plans 2
2026$82 2 
202784 2 
202885 2 
202987 2 
203090 1 
2031-2035469 5 
1Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.
2Reflects the total benefits expected to be paid from our assets.
Schedule of Fair Value of Defined Benefit Plan Assets
The fair value of our defined benefit plans assets as of December 31, 2025 and 2024, by asset class is as follows:
(in millions)
December 31, 2025
 TotalLevel 1Level 2Level 3
Cash and short-term investments$2 $2 $— $— 
Fixed income:
Long duration strategy 1
956 — 956 — 
Asset-backed securities 2
66 — 66 — 
Total1,024 2 1,022 — 
Common collective trust funds measured at net asset value as a practical expedient:
Collective investment funds 3
423 
Total$1,447 
(in millions)December 31, 2024
 TotalLevel 1Level 2Level 3
Cash and short-term investments$2 $2 $— $— 
Fixed income:
Long duration strategy 1
905 — 905 — 
Total$907 $2 $905 $— 
Common collective trust funds measured at net asset value as a practical expedient:
Collective investment funds 3
488 
Total$1,395 
1Includes securities that are mainly investment grade obligations of issuers in the U.S.
2Includes a fund that invests in asset-backed securities for the U.K. Plan.
3Includes the Standard & Poor’s MidCap 600 Composite Stock Index, Standard & Poor’s 500 Composite Stock Index, the Standard & Poor’s MidCap 400 Composite Stock Index, a short-term investment fund which is a common collective trust vehicle, and other various asset classes