v3.25.4
Retirement Plans and Profit Sharing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit cost
All components of the net periodic benefit cost are recorded in General and administrative expense and were as follows:
Years Ended December 31,
202520242023
(in millions)
Service cost$25 $28 $29 
Interest cost67 66 65 
Expected return on plan assets(83)(79)(76)
Amortization of prior service credits(1)(1)(1)
Amortization of net loss1 — — 
Other1 1 3 
Net periodic benefit cost$10 $15 $20 
Reconciliation of changes in benefit obligation
The following table provides a reconciliation of changes in the benefit obligation:
Pension PlansOther Postretirement Plans
2025202420252024
(in millions)
Benefit obligation at January 1$1,265 $1,355 $11 $11 
Service cost25 28 — — 
Interest cost67 66 1 1 
Benefits paid(27)(28)(1)(1)
Actuarial (gain) loss21 (79)— — 
Acquisition (divestiture)
19 (18)— — 
Settlements(48)(50)— — 
Foreign currency rate changes29 (9)— — 
Benefit obligation at December 31$1,351 $1,265 $11 $11 
Reconciliation of changes in fair value of assets
The following table provides a reconciliation of changes in the fair value of assets:
Pension Plans
20252024
(in millions)
Fair value of plan assets, January 1$1,253 $1,292 
Actual return on plan assets120 17 
Employer contributions39 50 
Benefits paid(27)(28)
Acquisition (divestiture)
19 (18)
Settlements(48)(50)
Foreign currency rate changes36 (10)
Fair value of plan assets, December 31$1,392 $1,253 
Schedule of amounts recognized in consolidated balance sheets The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:
Pension PlansOther Postretirement Plans
2025202420252024
(in millions)
Benefit liability$(147)$(139)$(11)$(11)
Benefit asset188 127 — — 
Net amount recognized$41 $(12)$(11)$(11)
Schedule of pension plans with benefit obligations in excess of plan assets The following table provides information for pension plans with benefit obligations in excess of plan assets:
December 31,
20252024
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation$166 $158 
Fair value of plan assets27 27 
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation$174 $166 
Fair value of plan assets27 27 
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost of pension plans
The weighted average assumptions used to determine benefit obligations were as follows:
Pension PlansOther Postretirement Plans
2025202420252024
Discount rates5.39 %5.57 %4.80 %5.38 %
Rates of increase in compensation levels3.59 3.64 N/AN/A
Interest crediting rates for cash balance plans5.00 5.00 N/AN/A
N/A  Not Applicable
The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:
202520242023
Discount rates5.57 %4.98 %5.30 %
Rates of increase in compensation levels3.64 3.64 3.72 
Expected long-term rates of return on assets6.34 5.90 6.04 
Interest crediting rates for cash balance plans5.00 5.00 5.00 
Schedule of pension plan assets measured at fair value on a recurring basis
The following tables present the Company’s pension plans assets measured at fair value on a recurring basis:
Asset Category
December 31, 2025
Level 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$36 $5 $— $41 
Registered investment companies28 — — 28 
Insurance contracts— — 21 21 
Cash equivalents at NAV4 
(1)
Collective investment funds at NAV1,230 
(1)
Real estate investment trusts at NAV22 
(1)
Hedge funds at NAV46 
(1)
Total$64 $5 $21 $1,392 
December 31, 2024
Asset CategoryLevel 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$46 $6 $— $52 
Registered investment companies69 — — 69 
Insurance contracts— — 21 21 
Cash equivalents at NAV 7 
(1)
Collective investment funds at NAV 1,057 
(1)
Real estate investment trusts at NAV20 
(1)
Hedge funds at NAV27 
(1)
Total $115 $6 $21 $1,253 
(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
Schedule of amounts in AOCI to be recognized
The following table presents the amounts recognized in AOCI, net of tax, as of December 31, 2025 but not recognized as components of net periodic benefit cost:
Pension PlansOther
Postretirement Plans
(in millions)
Unrecognized actuarial gain (loss)
$(33)$1 
Schedule of expected pension plan benefit payments to retirees
The Company’s pension plans expect to make benefit payments to retirees as follows:
Pension PlansOther
Postretirement Plans
(in millions)
2026$86 $2 
202795 1 
202895 1 
2029103 1 
203095 1 
2031-2035
531 4