v3.25.4
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
Components of net pension expense for defined benefit pension plans were as follows:
(In millions)
202520242023
Company-administered plans:
Service cost$1 $1 $1 
Interest cost87 86 90 
Expected return on plan assets(82)(76)(77)
Amortization of net actuarial loss and prior service cost31 31 27 
Net pension expense$37 $42 $41 
Company-administered plans:
U.S.$23 $29 $31 
Non-U.S.14 13 10 
Net pension expense$37 $42 $41 
Schedule of Weighted-Average Actuarial Assumptions
The following table sets forth the weighted-average actuarial assumptions used in determining our annual net pension expense:
 
U.S. Plans
Non-U.S. Plans
 202520242023202520242023
Discount rate5.65%5.15%5.50%5.23%4.25%5.05%
Expected long-term rate of return on plan assets6.15%5.40%5.40%4.82%3.97%3.80%
Gain and loss amortization period (years)192020232424
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
 U.S. Plans
December 31,		Non-U.S. Plans
December 31,
 2025202420252024
Discount rate5.45%5.65%5.34%5.23%
Schedule of Benefit Obligations, Assets and Funded Status
The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
(In millions)
20252024
Change in benefit obligations:
Benefit obligations at January 1$1,628 $1,858
Service cost1 1
Interest cost88 86
Actuarial loss (gain)
23 (127)
Benefits paid(140)(180)
Foreign currency exchange rate changes25 (10)
Benefit obligations at December 311,625 1,628
Change in plan assets:
Fair value of plan assets at January 11,481 1,642
Actual return on plan assets101 (28)
Employer contribution66 56
Benefits paid(140)(180)
Foreign currency exchange rate changes22 (9)
Fair value of plan assets at December 311,530 1,481
Funded status$(95)$(147)
Funded percent94%91%
Schedule of Amounts Recognized in the Consolidated Balance Sheets
The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
 December 31,
(In millions)
20252024
Noncurrent asset$— $2 
Current liability(4)(4)
Noncurrent liability(91)(145)
Net amount recognized$(95)$(147)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss (pre-tax) consisted of:
 December 31,
 (In millions)20252024
Prior service cost$25 $26 
Net actuarial loss753 777 
Net amount recognized$778 $803 
Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets
As of December 31, 2025 and 2024, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows:
 U.S. Plans
December 31,		Non-U.S. Plans
December 31,		Total
December 31,
 (In millions)202520242025202420252024
Total accumulated benefit obligations$1,260 $1,284 $361 $341 $1,621 $1,625 
Plans with pension obligations in excess of plan assets:
PBO1,260 1,284 305 285 1,565 1,569 
ABO1,260 1,284 301 283 1,561 1,567 
Fair value of plan assets1,188 1,154 282 267 1,470 1,421 
Schedule of Fair Value of Each Major Category of Pension Plan Assets and the Level of Inputs used to Measure Fair Value
The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value:

 (In millions)December 31, 2025
Asset CategoryTotalLevel 1Level 2Level 3
Commingled funds:
Equity funds
$68 $— $68 $— 
Fixed income funds
374 — 374 — 
Fixed income securities
646 — 646 — 
Alternative investments:
Private equity fund
30 — — 30 
Hedge fund
65 — — 65 
Bulk annuity contracts
320 — — 320 
Cash and cash equivalents
27 18 9 — 
Total$1,530 $18 $1,097 $415 
 
 (In millions)December 31, 2024
Asset CategoryTotalLevel 1Level 2Level 3
Commingled funds:
Equity funds
$166 $— $166 $— 
Fixed income funds
57 — 57 — 
Fixed income securities
879 — 879 — 
Alternative investments:
Private equity fund
34 — — 34 
Hedge fund
58 — — 58 
Bulk annuity contracts
263 — — 263 
Cash and cash equivalents
24 — 24 — 
Total$1,481 $— $1,126 $355 
Schedule of Changes in Fair Value of the Pension Plans Level 3 Assets
The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets: 
(In millions)20252024
Beginning balance at January 1$355 $437 
Return on plan assets:
Relating to assets still held at the reporting date26 (47)
Purchases, sales, settlements and expenses34 (35)
Ending balance at December 31$415 $355 
Schedule of Pension Benefits Expected to be Paid
The following table details pension benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
 (In millions)
2026$139 
2027134 
2028130 
2029127 
2030125 
2031-2035591