v3.25.4
RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Expense for Defined Contribution and Defined Benefit Pension Plans and Other Post Employment Defined Benefit Plans
The following table summarizes the expenses for the Company’s defined contribution and defined benefit pension plans and the other postemployment benefit plans:
Year Ended December 31,
(in millions)202520242023
Defined contribution expense$44 $46 $45 
Defined benefit pension expense26 26 26 
Total$70 $72 $71 
Schedule of Reconciliation of Plans' Benefit Obligations, Plan Assets, Funded Status and Recognition
The following provides a roll forward of the plans’ benefit obligations, plan assets, funded status and recognition in the Consolidated Balance Sheets:
 Pension benefitsOther postemployment benefits
Year Ended December 31,
 20252024Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.20252024
Change in projected benefit obligation:      
Projected benefit obligation, January 1$121 $451 $131 $478 $29 $33 
Service cost— 15 — 13 — — 
Interest cost6 19 6 19 1 1 
Plan amendments— — — (1)— — 
Settlement and curtailment— (11)— (6)(1)— 
Actuarial loss (gain)14 (38)(3)— 2 (1)
Currency translation— 52 — (32)— — 
Benefits paid(12)(21)(13)(20)(4)(4)
Projected benefit obligation, December 311
$129 $467 $121 $451 $27 $29 
Change in plan assets:      
Fair value of plan assets, January 1$126 $380 $123 $392   
Actual return on plan assets10 13 — 14   
Employer contribution1 22 16 23   
Plan participants’ contribution— — — 1   
Settlements— (4)— (9)
Currency translation— 43 — (21)  
Other— (1)— — 
Benefits paid(12)(21)(13)(20)  
Fair value of plan assets, December 31$125 $432 $126 $380 
Funded status$(4)$(35)$5 $(71)$(27)$(29)
Amounts in the Consolidated Balance Sheets consist of:      
Non-current assets$— $76 $8 $44 $— $— 
Current liabilities(3)(7)(1)(5)(4)(4)
Non-current liabilities(1)(104)(2)(110)(23)(25)
Net amount$(4)$(35)$5 $(71)$(27)$(29)
Amounts in accumulated other comprehensive loss consist of:      
Net actuarial loss$86 $72 $78 $103 $(2)$(4)
Net prior service cost (credit)— 1 (1)1 (6)(7)
Net amount$86 $73 $77 $104 $(8)$(11)
Total accumulated benefit obligation for all plans$129 $432 $121 $423   
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1 The increase in the projected benefit obligation was primarily due to the impact of foreign currency exchange and net periodic pension cost, offset by actuarial gains and benefits paid during the period. The main driver of the actuarial gains was an increase in the weighted average discount rate for the Non-U.S. plans.
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
The funded status of pension plans with accumulated benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20252024
Accumulated benefit obligation$(284)$(180)
Plan assets196 85 
Deficiency$(88)$(95)
Pension deficiency by country:  
United States$(4)$(2)
Germany(17)(32)
Other(67)(61)
Total pension deficiency$(88)$(95)
Schedule of Funded Status of Pension Plans With Accumulated Benefit Obligations in Excess of Plan Assets
The funded status of pension plans with projected benefit obligations in excess of plan assets is as follows:
December 31,
(in millions)20252024
Projected benefit obligation$(322)$(214)
Plan assets210 97 
Deficiency$(112)$(117)
Pension deficiency by country:
United States$(4)$(2)
United Kingdom— — 
Germany(17)(32)
Other(91)(83)
Total pension deficiency$(112)$(117)
Schedule of Weighted Average Asset Allocations of Funded Pensions Plans and Target Allocations
The weighted average asset allocations of the Company’s funded pension plans and target allocations by asset category are as follows:
December 31,Target Allocation
 20252024
U.S. Plans:   
Alternative credit, real estate, cash and other35 %26 %
30% - 40%
Fixed income securities61 %61 %
57% - 67%
Equity securities4 %13 %
—% - 9%
 100 %100 % 
Non-U.S. Plans:   
Insurance contract, real estate, cash and other46 %44 %
41% - 51%
Fixed income securities33 %37 %
29% - 39%
Equity securities21 %19 %
16% - 26%
 100 %100 % 
Schedule of Components of Net Periodic Benefit Cost
See the table below for a breakout of net periodic benefit cost between U.S. and non-U.S. pension plans:
 Pension benefitsOther postemployment benefits
Year Ended December 31,
202520242023Year Ended December 31,
(in millions)U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.202520242023
Service cost$— $15 $— $13 $— $11 $— $— $— 
Interest cost6 19 6 19 7 42 1 1 2 
Expected return on plan assets(6)(16)(6)(15)(6)(37)— — — 
Settlements, curtailments and other— — — 1 — 4 — — — 
Amortization of unrecognized prior service credit(1)— (1)— (1)— (1)(1)(2)
Amortization of unrecognized loss4 5 4 5 3 3 — — — 
Net periodic cost$3 $23 $3 $23 $3 $23 $— $— $— 
Schedule of Defined Benefit Plan Weighted Average Assumptions Used in Calculating Benefit Obligations
The Company’s weighted average assumptions used to determine the benefit obligations for its defined benefit pension and other postemployment benefit plans were as follows:
December 31,
(percent)20252024
U.S. pension plans:  
Discount rate4.14 5.54 
Rate of compensation increaseN/AN/A
U.S. other postemployment benefit plans:
Discount rate4.87 5.39 
Rate of compensation increaseN/AN/A
Non-U.S. pension plans:
Discount rate1
4.64 4.26 
Rate of compensation increase3.26 3.43 
________________
1 Includes 5.46% and 5.57% for the U.K. pension plans for December 31, 2025 and 2024, respectively.
The Company’s weighted average assumptions used to determine the net periodic benefit cost/(income) for its defined benefit pension and other postemployment benefit plans were as follows:
Year Ended December 31,
(percent)202520242023
U.S. pension plans:  
Discount rate5.54 5.14 5.47 
Effective interest rate on benefit obligation5.24 5.08 5.34 
Expected long-term rate of return on assets4.75 5.00 5.00 
Average rate of increase in compensationN/AN/AN/A
U.S. other postemployment plans:  
Discount rate5.39 5.10 5.41 
Effective interest rate on benefit obligation5.11 5.06 5.29 
Expected long-term rate of return on assetsN/AN/AN/A
Average rate of increase in compensationN/AN/AN/A
Non-U.S. pension plans:  
Discount rate1
4.26 4.23 4.85 
Effective interest rate on benefit obligation4.13 4.24 4.88 
Expected long-term rate of return on assets2
4.33 4.10 4.90 
Average rate of increase in compensation3.43 3.32 3.58 
________________
1 Includes 5.57%, 4.61% and 4.94% for the U.K. pension plans for December 31, 2025, 2024 and 2023, respectively.
2 Includes 4.75%, 4.00% and 5.30% for the U.K. pension plans for December 31, 2025, 2024 and 2023, respectively.
Schedule of Defined Benefit Plan Estimated Future Benefit Payments
The estimated future benefit payments for the pension and other postemployment benefits are as follows:
 Pension benefitsOther postemployment benefits
(in millions)  
YearU.S.Non-U.S.
2026$127 $29 $4 
20271 29 4 
2028— 29 3 
2029— 30 3 
2030— 31 3 
2031-2035— 167 9