v3.26.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Net Funded Status
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
 202520242025202420252024
Change in Benefit Obligation:    
Benefit obligation, January 1$2,176 $2,389 $4,097 $4,567 $173 $193 
Service cost— — 6 5 1 1 
Interest cost138 88 195 182 8 8 
Plan participants' contributions— — 2 1 5 5 
Actuarial loss (gain)(1)
38 (136)(114)(281)6 (3)
Currency exchange rate changes— — 350 (157)5 (8)
Plan amendment— — 3 54 — — 
Benefits paid/settlements(189)(165)(346)(274)(26)(23)
Acquisition(2)
399 — 155 — 7 — 
Other1 — (2)— — — 
Benefit Obligation, December 31$2,563 $2,176 $4,346 $4,097 $179 $173 
Change in Plan Assets:
Fair value of plan assets, January 1$1,407 $1,528 $4,220 $4,662 $— $— 
Actual return on plan assets189 (56)209 (42)— — 
Employer contributions112 100 28 27 21 18 
Plan participants' contributions— — 2 1 5 5 
Currency exchange rate changes— — 355 (154)— — 
Benefits paid/settlements(189)(165)(346)(274)(26)(23)
Acquisition(2)
326 — 122 — — — 
Other— — (2)— — — 
Fair Value of Plan Assets, December 31$1,845 $1,407 $4,588 $4,220 $— $— 
Net Funded Status at December 31(3)
$(718)$(769)$242 $123 $(179)$(173)
Amounts Recognized in the Consolidated Balance Sheets:    
Other long-term assets$— $— $578 $421 $— $— 
Accrued compensation and benefit costs(24)(22)(20)(18)(20)(19)
Pension and other benefit liabilities(694)(747)(316)(280)— — 
Post-retirement medical benefits— — — — (159)(154)
Net Amounts Recognized$(718)$(769)$242 $123 $(179)$(173)
Accumulated Benefit Obligation$2,563 $2,176 $4,320 $4,049 
  _____________
(1)Changes in actuarial losses (gains) are due to actual returns in excess of expected returns, as well as changes in discount rates.
(2)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.
(3)Includes under-funded and unfunded plans.
Schedule of Pension and Other Benefit Liabilities
Pension and other benefit liabilities include the following additional accounts at December 31st:
December 31,
20252024
Pension liabilities(1)
$1,010 $1,027 
Accrued compensation liabilities45 48 
Deferred compensation liabilities(2)
13 13 
Pension and other benefit liabilities$1,068 $1,088 
__________________________
(1)Reflects pension net funded status liability for both U.S. and non-U.S. plans.
(2)Includes amounts measured at fair value on a recurring basis at December 31, 2025 and 2024 of $11 and $11, respectively. Refer to Note 17 - Fair Value of Financial Assets and Liabilities for additional information regarding deferred compensation liabilities.
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized Over Next Fiscal Year
Benefit plans pre-tax amounts recognized in AOCL at December 31st:
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
202520242025202420252024
Net actuarial loss (gain)$640 $700 $1,344 $1,405 $(46)$(63)
Prior service cost (credit)— — 186 177 (53)(66)
Total loss (gain) - Pre-tax$640 $700 $1,530 $1,582 $(99)$(129)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Aggregate information for pension plans with an accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded.
December 31, 2025December 31, 2024
Accumulated Benefit ObligationFair Value of Plan AssetsAccumulated Benefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$2,338 $1,845 $1,956 $1,407 
Non-U.S.212 165 13 39 
Unfunded Plans:
U.S.$225 $— $220 $— 
Non-U.S.263 — 286 — 
Total Underfunded and Unfunded Plans:
U.S.$2,563 $1,845 $2,176 $1,407 
Non-U.S.475 165 299 39 
Total$3,038 $2,010 $2,475 $1,446 
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:
December 31, 2025December 31, 2024
Projected Benefit ObligationFair Value of Plan AssetsProjected Benefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$2,338 $1,845 $1,956 $1,407 
Non-U.S.225 165 45 39 
Unfunded Plans:
U.S.$225 $— $220 $— 
Non-U.S.267 — 292 — 
Total Underfunded and Unfunded Plans:
U.S.$2,563 $1,845 $2,176 $1,407 
Non-U.S.492 165 337 39 
Total$3,055 $2,010 $2,513 $1,446 
Schedule of Defined Benefit Pension Assets and Obligations by Geography
Pension plan assets and benefit obligations by country were as follows:
December 31, 2025December 31, 2024
Fair Value of Pension Plan AssetsProjected Benefit ObligationNet Funded StatusFair Value of Pension Plan AssetsProjected Benefit ObligationNet Funded Status
U.S. funded$1,845 $2,338 $(493)$1,407 $1,956 $(549)
U.S. unfunded— 225 (225)— 220 (220)
Total U.S.1,845 2,563 (718)1,407 2,176 (769)
U.K.2,779 2,502 277 2,528 2,310 218 
Netherlands872 720 152 808 732 76 
Canada547 505 42 535 503 32 
Germany4 241 (237)— 220 (220)
Other386 378 8 349 332 17 
Total$6,433 $6,909 $(476)$5,627 $6,273 $(646)
Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations
The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:
Year Ended December 31,
 Pension Benefits
 U.S. PlansNon-U.S. PlansRetiree Health
 202520242023202520242023202520242023
Components of Net Periodic Benefit Costs:
Service cost$— $— $— $6 $5 $5 $1 $1 $1 
Interest cost(1)(2)
138 88 116 195 182 188 8 8 10 
Expected return on plan assets(1)(3)
(111)(71)(103)(209)(193)(217)— — — 
Recognized net actuarial loss (gain)(1)
19 18 16 53 62 11 (11)(12)(12)
Amortization of prior service cost (credit)(1)
— — — 9 8 5 (13)(15)(15)
Recognized settlement loss(1)
— 5 19 — — 1 — — — 
Defined Benefit Plans46 40 48 54 64 (7)(15)(18)(16)
Defined contribution plans3 17 19 23 23 21 n/an/an/a
Net Periodic Benefit Cost (Credit)$49 $57 $67 $77 $87 $14 $(15)$(18)$(16)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss
$(41)$(8)$74 $(113)$(44)$298 $6 $(3)$(5)
Prior service cost (credit)— — — — 52 36 — — (3)
Amortization of net actuarial (loss) gain(19)(23)(35)(53)(62)(12)11 12 12 
Amortization of net prior service (cost) credit— — — (9)(8)(5)13 15 15 
Total Recognized in Other Comprehensive Income (Loss)(4)
(60)(31)39 (175)(62)317 30 24 19 
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive Income (Loss)$(11)$26 $106 $(98)$25 $331 $15 $6 $3 
_____________
(1)Included in Other expenses, net in the Statements of (Loss) Income.
(2)Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $358, $279 and $284 and interest (income)/expense directly allocated to TRA participant accounts of $(25), $(9) and $20 for the years ended December 31, 2025, 2024 and 2023, respectively.
(3)Expected return on plan assets includes expected investment income on non-TRA assets of $295, $273 and $300 and actual investment income/(loss) on TRA assets of $25, $(9) and $20 for the years ended December 31, 2025, 2024 and 2023, respectively.
(4)Amounts represent the pre-tax effect included in Other comprehensive income (loss). Refer to Note 24 - Other Comprehensive Income (Loss) for the related tax effects and the net of tax amounts.
Schedule of Defined Benefit Plan Assets Measured at Fair Value, Observable and Unobservable Inputs
The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.
December 31, 2025
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$4 $— $— $— $4 $445 $— $— $— $445 
Equity Securities:
U.S.(2)
74 — — 74 148 12 19 — — 31 
International(2)
99 — — 181 280 372 18 — 21 411 
Fixed Income Securities:
U.S. treasury securities(2)
— 84 — 69 153 — 2 — — 2 
Debt security issued by government agency— 163 — — 163 — 661 — 2 663 
Corporate bonds(2)
— 623 — 116 739 — 266 — — 266 
Asset backed securities— — — — — — 4 — — 4 
Derivatives— 2 — — 2 — (11)— — (11)
Real estate— — 23 32 55 — — 70 44 114 
Private equity/venture capital— — — 158 158 — 3 — 42 45 
Guaranteed insurance contracts— — — — — — — 2,498 — 2,498 
Other(3)(4)(5)
— 1 — 142 143 28 5 — 87 120 
Total Fair Value of Plan Assets$177 $873 $23 $772 $1,845 $857 $967 $2,568 $196 $4,588 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient include investments in common collective trusts.
(3)Other Level 1 includes net non-financial assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had no net assets, while the non-U.S. plans had net assets of $28.
(4)Other NAV for U.S. Plans (measured at NAV) includes common collective trust funds of $104, which are invested approximately 30% in fixed income securities and approximately 70% in equity securities.
(5)Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of approximately $87 in our Netherlands plans.
December 31, 2024
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$1 $— $— $— $1 $246 $— $— $— $246 
Equity Securities:
U.S. 72 — — — 72 15 19 — — 34 
International 72 — — 125 197 314 — — 18 332 
Fixed Income Securities:
U.S. treasury securities— 67 — — 67 — 2 — — 2 
Debt security issued by government agency— 139 — — 139 — 670 — — 670 
Corporate bonds— 599 — — 599 — 236 — — 236 
Derivatives— (30)— — (30)— 13 — — 13 
Real estate— — 24 11 35 — — 87 31 118 
Private equity/venture capital— — — 167 167 — — — 258 258 
Guaranteed insurance contracts— — — — — — — 2,184 — 2,184 
Other(2)(3)(4)
(3)— — 163 160 51 12 — 64 127 
Total Fair Value of Plan Assets$142 $775 $24 $466 $1,407 $626 $952 $2,271 $371 $4,220 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(3), while the non-U.S. plans had net assets of $51.
(3)Other NAV for the U.S. Plans includes common collective trust funds of $116 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.
(4)Other NAV for the non-U.S. Plans (measured at NAV) includes mortgage funds of approximately $64 in our Netherlands plans.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables represents a roll forward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):
U.S.Non-U.S.
Real EstateReal EstatePrivate Equity/Venture CapitalGuaranteed Insurance ContractsTotal
Balance at December 31, 2023$47 $106 $4 $2,481 $2,591 
Purchases— — — 1 1 
Sales(22)— — (3)(3)
Unrealized losses(1)(12)(4)(253)(269)
Currency translation— (7)— (42)(49)
Balance at December 31, 2024$24 $87 $— $2,184 $2,271 
Purchases— — — — — 
Sales(2)— — — — 
Unrealized gains (losses)1 (31)— 20 (11)
Acquisition(1)
— — — 131 131 
Currency translation— 14 — 163 177 
Balance at December 31, 2025$23 $70 $— $2,498 $2,568 
 _____________
(1)Reflects the Lexmark Acquisition on July 1, 2025. Refer to Note 6 - Acquisitions and Divestitures for additional information regarding the Lexmark acquisition.
Schedule of Allocation of Plan Assets
The target asset allocations for our worldwide defined benefit pension plans were:
20252024
 U.S.Non-U.S.U.S.Non-U.S.
Equity investments(1)
26%10%27%9%
Fixed income investments60%20%60%22%
Real estate6%3%4%3%
Private equity/venture capital5%1%7%7%
Other(1)
3%66%2%59%
Total Investment Strategy100%100%100%100%
 _____________
(1)Target allows for an additional allocation to synthetic equity which is offset by cash, which resulted in a negative cash position in Other.
Schedule of Defined Benefit and Retiree Health Pension Plans, Actual and Expected Cash Contributions
The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.
Year Ended December 31,
2025
Estimated 2026
U.S. Plans$112 $115 
Non-U.S. Plans28 30 
Total Pension Plans$140 $145 
Retiree Health21 20 
Total Retirement Plans$161 $165 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:
 Pension Benefits
U.S.Non-U.S.TotalRetiree Health
2026$239 $313 $552 $20 
2027221 318 539 18 
2028222 325 547 17 
2029221 333 554 15 
2030250 341 591 14 
Years 2031-20351,072 1,801 2,873 58 
Schedule of Assumptions Used
Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:
Pension Benefits 
 202520242023
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate5.3 %4.8 %5.6 %4.5 %4.9 %4.1 %
Rate of compensation increase— %2.2 %— %2.3 %— %2.7 %
Interest crediting rate4.5 %2.4 %4.6 %2.5 %4.5 %1.5 %
 
Retiree Health 
 202520242023
Discount rate4.8 %4.9 %4.7 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
 Pension Benefits 
2026202520242023
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate5.3 %4.8 %5.6 %4.5 %4.9 %4.1 %5.1 %4.5 %
Expected return on plan assets7.5 %5.0 %7.8 %4.8 %8.1 %4.3 %8.1 %4.3 %
Rate of compensation increase— %2.2 %— %2.3 %— %2.7 %— %2.9 %
Interest crediting rate4.5 %2.4 %4.6 %2.6 %4.5 %2.5 %4.5 %2.1 %
 
 Retiree Health 
 2026202520242023
Discount rate4.8 %4.9 %4.7 %5.0 %
_____________
Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.
Schedule of Health Care Cost Trend Rates
Assumed health care cost trend rates were as follows:
December 31,
 20252024
Health care cost trend rate assumed for next year6.5 %6.0 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.2 %4.2 %
Year that the rate reaches the ultimate trend rate20292028