Pension plans (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of net periodic pension expense |
Our net periodic pension expense (income) for each of the three years ending December 31, 2025 was as follows (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Service cost |
|
$ |
95 |
|
|
$ |
107 |
|
|
$ |
111 |
|
Interest cost |
|
|
627 |
|
|
|
617 |
|
|
|
640 |
|
Expected return on plan assets |
|
|
(859 |
) |
|
|
(818 |
) |
|
|
(785 |
) |
Other |
|
|
(67 |
) |
|
|
41 |
|
|
|
2 |
|
Net periodic pension expense (income) |
|
$ |
(204 |
) |
|
$ |
(53 |
) |
|
$ |
(32 |
) |
|
| Schedule of changes in plan assets, changes in projected benefit obligations, and asset and liability balances reflected in consolidated balance sheets |
Reconciliations of the changes in plan assets and PBOs for each of the two years ending December 31, 2025 and the asset and liability balances reflected in the Consolidated Balance Sheets at December 31, 2025 and 2024 follow (in millions).
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Plan assets |
|
|
|
|
|
|
Balance at the beginning of the year |
|
$ |
14,180 |
|
|
$ |
13,379 |
|
Employer contributions |
|
|
108 |
|
|
|
111 |
|
Benefits paid |
|
|
(1,084 |
) |
|
|
(810 |
) |
Settlements paid |
|
|
(115 |
) |
|
|
(354 |
) |
Actual return on plan assets |
|
|
319 |
|
|
|
1,909 |
|
Other |
|
|
185 |
|
|
|
(55 |
) |
Balance at the end of the year |
|
$ |
13,593 |
|
|
$ |
14,180 |
|
Projected benefit obligations |
|
|
|
|
|
|
Balance at the beginning of the year |
|
$ |
11,720 |
|
|
$ |
12,767 |
|
Service cost |
|
|
95 |
|
|
|
107 |
|
Interest cost |
|
|
627 |
|
|
|
617 |
|
Benefits paid |
|
|
(1,084 |
) |
|
|
(810 |
) |
Settlements paid |
|
|
(115 |
) |
|
|
(354 |
) |
Actuarial (gains) losses and other |
|
|
296 |
|
|
|
(607 |
) |
Balance at the end of the year |
|
$ |
11,539 |
|
|
$ |
11,720 |
|
Net funded status - asset (liability) |
|
$ |
2,054 |
|
|
$ |
2,460 |
|
Balances included in other assets |
|
$ |
3,100 |
|
|
$ |
3,490 |
|
Balances included in accounts payable and other liabilities |
|
$ |
1,046 |
|
|
$ |
1,030 |
|
|
| Schedule of weighted average assumptions |
Weighted average assumptions used in determining PBOs and net periodic pension expense follow.
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
|
Discount rate applicable to PBOs |
|
5.4 |
% |
|
5.5 |
% |
|
5.0 |
% |
Expected long-term rate of return on plan assets |
|
6.3 |
|
|
5.9 |
|
|
6.0 |
|
Rate of compensation increase, if applicable |
2.6 |
|
2.6 |
|
2.6 |
|
Discount rate applicable to net periodic pension expense |
|
5.5 |
|
|
5.1 |
|
|
5.3 |
|
|
| Schedule of fair value measurements by major categories of plan assets |
Fair value measurements of plan assets as of December 31, 2025 and 2024 follow (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value |
|
|
Investments
carried at net |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
asset value |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
2,061 |
|
|
$ |
1,983 |
|
|
$ |
78 |
|
|
$ |
— |
|
|
$ |
— |
|
Equity securities |
|
|
6,171 |
|
|
|
5,402 |
|
|
|
621 |
|
|
|
148 |
|
|
|
— |
|
Fixed maturity securities |
|
|
2,951 |
|
|
|
2,172 |
|
|
|
779 |
|
|
|
— |
|
|
|
— |
|
Investment funds and other |
|
|
2,410 |
|
|
|
234 |
|
|
|
80 |
|
|
|
24 |
|
|
|
2,072 |
|
|
|
$ |
13,593 |
|
|
$ |
9,791 |
|
|
$ |
1,558 |
|
|
$ |
172 |
|
|
$ |
2,072 |
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term investments |
|
$ |
600 |
|
|
$ |
556 |
|
|
$ |
44 |
|
|
$ |
— |
|
|
$ |
— |
|
Equity securities |
|
|
9,757 |
|
|
|
9,036 |
|
|
|
581 |
|
|
|
140 |
|
|
|
— |
|
Fixed maturity securities |
|
|
1,747 |
|
|
|
953 |
|
|
|
794 |
|
|
|
— |
|
|
|
— |
|
Investment funds and other |
|
|
2,076 |
|
|
|
385 |
|
|
|
144 |
|
|
|
23 |
|
|
|
1,524 |
|
|
|
$ |
14,180 |
|
|
$ |
10,930 |
|
|
$ |
1,563 |
|
|
$ |
163 |
|
|
$ |
1,524 |
|
|
| Schedule of pension plan amounts recognized In accumulated other comprehensive income |
A reconciliation of the pre-tax accumulated other comprehensive income of our defined benefit pension plans for each of the two years ending December 31, 2025 follows (in millions).
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
Balance at the beginning of the year |
|
$ |
1,467 |
|
|
$ |
(161 |
) |
Amount included in net periodic pension expense |
|
|
(68 |
) |
|
|
29 |
|
Actuarial gains (losses) and other |
|
|
(732 |
) |
|
|
1,599 |
|
Balance at the end of the year |
|
$ |
667 |
|
|
$ |
1,467 |
|
|