Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Weighted Average Actuarial Assumptions Utilized to Calculate the Net Periodic Benefit Costs

The weighted average actuarial assumptions utilized to calculate the net periodic benefit cost or credit for the U.S. and significant non-U.S. defined benefit plans are as follows:


Combined U.S. and significant non-U.S. Plans	Pension Benefits
March 31,	2026		2025
Weighted average assumptions:
Discount rate	5.39	%	5.36	%
Expected return on plan assets	5.94	%	5.43	%
Rate of compensation increase*	3.12	%	3.16	%

(*)There are no rate of compensation increase assumptions for the primary U.S. defined benefit plans since future benefit accruals were discontinued for those plans after December 31, 2016 and earned benefits are not subject to final salary level adjustments.

Schedule of Net Benefit Costs

The components of the net benefit (credit) or cost for the defined benefit plans is as follows:


Combined U.S. and significant non-U.S. Plans
For the Three Months Ended March 31,	Pension Benefits
(In millions)	2026		2025
Service cost	$	6	$	6
Interest cost	144		145
Expected return on plan assets	(220)		(204)

Recognized actuarial loss	23		10
Net periodic benefit credit	$	(47)	$	(43)


Settlement loss	2		5
Net benefit credit	$	(45)	$	(38)

The following tables provide the amounts reported in the consolidated statements of income:


Combined U.S. and significant non-U.S. Plans
For the Three Months Ended March 31,	Pension Benefits
(In millions)	2026		2025
Compensation and benefits expense	$	6	$	6
Other net benefit credits (a)	(51)		(44)
Net benefit credit	$	(45)	$	(38)

(a)For both the three months ended March 31, 2026 and 2025, the Company recorded $1 million of net benefit cost related to the post-retirement plans.

The components of the net benefit credit for the U.S. defined benefit plans are as follows:



U.S. Plans only
For the Three Months Ended March 31,	Pension Benefits
(In millions)	2026		2025

Interest cost	62		64
Expected return on plan assets	(70)		(73)

Recognized actuarial loss	9		6


Net benefit cost (credit)	$	1	$	(3)

The components of the net benefit credit for the non-U.S. defined benefit plans are as follows:


Significant non-U.S. Plans only
For the Three Months Ended March 31,	Pension Benefits
(In millions)	2026		2025
Service cost	$	6	$	6
Interest cost	82		81
Expected return on plan assets	(150)		(131)

Recognized actuarial loss	14		4
Net periodic benefit credit	$	(48)	$	(40)
Settlement loss	2		5
Net benefit credit	$	(46)	$	(35)