v3.26.1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Change in Benefit Obligations
The following tables set forth the change in benefit obligation for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
Change in benefit obligation:
Benefit obligation at January 1, 2025 (Predecessor)$3,481 $165 
Service cost— 1 
Interest cost120 5 
Benefits paid(232)(31)
Participants’ contributions— 10 
Retiree Medicare drug subsidy— 2 
Benefit obligation at August 6, 2025 (Predecessor)3,369 152 
Adjustments to Paramount Global’s basis (Note 2)
286 10 
Benefit obligation at August 7, 2025 (Successor)3,655 162 
Interest cost79 4 
Actuarial loss— 1 
Benefits paid(107)(17)
Participants’ contributions— 5 
Retiree Medicare drug subsidy— 1 
Benefit obligations at December 31, 2025 (Successor)$3,627 $156 
Pension BenefitsPostretirement Benefits
Change in benefit obligation (Predecessor):
Benefit obligation at January 1, 2024$3,711 $193 
Service cost— 1 
Interest cost198 10 
Actuarial (gain) loss(93)(14)
Benefits paid(335)(34)
Participants’ contributions— 6 
Retiree Medicare drug subsidy— 3 
Benefit obligations at December 31, 2024 (Predecessor)$3,481 $165 
Schedule of Change in Plan Assets
The following tables set forth the change in plan assets for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
Change in plan assets:
Fair value of plan assets at January 1, 2025 (Predecessor)$2,352 $— 
Actual return on plan assets77 — 
Employer contributions172 19 
Benefits paid(232)(31)
Participants’ contributions— 10 
Retiree Medicare drug subsidy— 2 
Fair value of plan assets at August 6, 2025 (Predecessor)2,369 — 
Adjustments to Paramount Global’s basis (Note 2)85 — 
Fair value of plan assets at August 7, 2025 (Successor)2,454 — 
Actual return on plan assets80 — 
Employer contributions115 11 
Benefits paid(107)(17)
Participants’ contributions— 5 
Retiree Medicare drug subsidy— 1 
Fair value of plan assets at December 31, 2025 (Successor)
$2,542 $— 
Pension BenefitsPostretirement Benefits
Change in plan assets:
Fair value of plan assets at January 1, 2024$2,507 $— 
Actual return on plan assets100 — 
Employer contributions80 25 
Benefits paid(335)(34)
Participants’ contributions— 6 
Retiree Medicare drug subsidy— 3 
Fair value of plan assets at December 31, 2024 (Predecessor)
$2,352 $— 
Schedule of Funded Status and Amounts Recognized on Consolidated Balance Sheets
The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:
Pension BenefitsPostretirement Benefits
SuccessorPredecessorSuccessorPredecessor
At December 31,2025202420252024
Funded status at end of year$(1,085)$(1,129)$(156)$(165)
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent assets$6 $1 $— $— 
Current liabilities(75)(73)(25)(27)
Noncurrent liabilities(1,016)(1,057)(131)(138)
Net amounts recognized$(1,085)$(1,129)$(156)$(165)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. In connection with the change in control of Paramount Global that established a new accounting basis, the historical equity of Paramount Global was reversed, including the accumulated other comprehensive income (loss) associated with our pension and other postretirement benefit plans.
Pension BenefitsPostretirement Benefits
SuccessorPredecessorSuccessorPredecessor
At December 31,2025202420252024
Net actuarial (loss) gain$29 $(1,448)$(1)$147 
Net prior service cost— (1)— — 
29 (1,449)(1)147 
Deferred income taxes(7)390 — (14)
Net amount recognized in accumulated other
comprehensive income (loss)
$22 $(1,059)$(1)$133 
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
SuccessorPredecessor
At December 31,20252024
Projected and accumulated benefit obligation$3,083 $2,960 
Fair value of plan assets$1,992 $1,830 
Schedule of Components of Net Periodic Cost (Benefit)
The following tables present the components of net periodic cost (benefit) and amounts recognized in other comprehensive income (loss).
Pension Benefits
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Components of net periodic cost:
Interest cost$79 $120 $198 $207 
Expected return on plan assets(51)(77)(136)(128)
Amortization of actuarial losses— 44 80 83 
Net periodic cost (a)
$28 $87 $142 $162 
Postretirement Benefits
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Components of net periodic cost:
Service cost$— $1 $1 $1 
Interest cost4 5 10 12 
Amortization of actuarial gains— (11)(17)(18)
Net periodic cost (benefit) (a)
$4 $(5)$(6)$(5)
(a) Includes amounts reflected in net earnings from discontinued operations of $7 million for the year ended December 31, 2023.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Pension Benefits
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Other comprehensive income (loss):
Actuarial (loss) gain$29 $— $57 $(22)
Amortization of actuarial losses— 44 80 83 
29 44 137 61 
Deferred income taxes(7)(11)(34)(14)
Recognized in other comprehensive income
   (loss), net of tax		$22 $33 $103 $47 

Postretirement Benefits
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Other comprehensive income (loss):
Actuarial (loss) gain$(1)$— $14 $11 
Amortization of actuarial gains— (11)(17)(18)
(1)(11)(3)(7)
Deferred income taxes— 3 1 2 
Recognized in other comprehensive income
   (loss), net of tax		$(1)$(8)$(2)$(5)
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs
Pension Benefits
SuccessorPredecessor
At
December 31,		At August 7,At December 31,
2025202520242023
Weighted average assumptions used to determine
     benefit obligations:
Discount rate5.7 %5.7 %6.0 %5.6 %
Rate of compensation increase— %— %— %— %
Pension Benefits
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Weighted average assumptions used to determine
     net periodic costs:
Discount rate5.7 %6.0 %5.6 %5.9 %
Expected long-term return on plan assets5.6 %5.6 %5.7 %5.7 %
Cash balance interest crediting rate5.3 %5.3 %5.0 %5.0 %
Rate of compensation increase— %— %— %— %

Postretirement Benefits
SuccessorPredecessor
At
December 31,		At August 7,At December 31,
2025202520242023
Weighted average assumptions used to determine benefit obligations:
Discount rate5.4 %5.5 %6.1 %5.7 %
Rate of compensation increaseN/AN/AN/AN/A
Postretirement Benefits
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,At December 31,
2025202520242023
Weighted average assumptions used to determine net periodic costs:
Discount rate5.5 %6.1 %5.7 %6.0 %
Expected long-term return on plan assetsN/AN/AN/AN/A
Cash balance interest crediting rateN/AN/AN/AN/A
Rate of compensation increaseN/AN/AN/AN/A
N/A - not applicable
Schedule of Assumptions Regarding Postretirement Benefits
The following additional assumptions were used in accounting for postretirement benefits.
SuccessorPredecessor
20252024
Projected health care cost trend rate (pre-65)6.8 %7.0 %
Projected health care cost trend rate (post-65)6.8 %7.0 %
Ultimate trend rate5.0 %5.0 %
Year ultimate trend rate is achieved20332033
Schedule of Fair Value of Pension Plan Assets
The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2025 (Successor) and December 31, 2024 (Predecessor). These assets have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. See Note 11 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.
At December 31, 2025 (Successor)Level 1Level 2Total
Cash and cash equivalents (a)
$65 $14 $79 
Fixed income securities:
U.S. treasury securities88 — 88 
Government-related securities— 118 118 
Corporate bonds (b)
— 988 988 
Mortgage-backed and asset-backed securities— 81 81 
Exchange Traded Fund (ETF)4 — 4 
Equity securities:
U.S. large capitalization54 — 54 
U.S. small capitalization61 — 61 
Non-U.S. large capitalization36 — 36 
Exchange Traded Fund (ETF)32 — 32 
Other— 10 10 
Total assets in fair value hierarchy$340 $1,211 $1,551 
Common collective funds measured at net asset value (c) (d)
772 
Limited partnerships measured at net asset value (c)
5 
Mutual funds measured at net asset value (c)
214 
Investments, at fair value$2,542 
At December 31, 2024 (Predecessor)Level 1Level 2Total
Cash and cash equivalents (a)
$— $(60)$(60)
Fixed income securities:
U.S. treasury securities140 — 140 
Government-related securities— 117 117 
Corporate bonds (b)
— 1,138 1,138 
Mortgage-backed and asset-backed securities— 156 156 
Equity securities:
U.S. large capitalization43 — 43 
U.S. small capitalization67 — 67 
Non-U.S. large capitalization25 — 25 
Non-U.S. small capitalization2 — 2 
Exchange Traded Fund (ETF)32 — 32 
Other— 8 8 
Total assets in fair value hierarchy$309 $1,359 $1,668 
Common collective funds measured at net asset value (c) (d)
626 
Limited partnerships measured at net asset value (c)
11 
Mutual funds measured at net asset value (c)
47 
Investments, at fair value$2,352 
(a) Level 1 for December 31, 2025 reflects a contribution funded on December 31, 2025. The negative cash amount at December 31, 2024 reflects pending trades for investments purchased and sold. Assets categorized as Level 2 in each year reflect investments in money market funds.
(b)  Securities of diverse sectors and industries, substantially all investment grade.
(c)  In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
(d)  Underlying investments consist mainly of U.S. large capitalization and international equity securities.
Schedule of Estimated Future Benefit Payments
Estimated future benefit payments are as follows: 
202620272028202920302031-2035
Pension$320 $315 $316 $305 $303 $1,380 
Postretirement$26 $23 $21 $19 $16 $61 
Retiree Medicare drug subsidy$3 $3 $2 $2 $2 $4 
Schedule of Participation in Multiemployer Defined Benefit Pension Plans
The table below presents information concerning our participation in multiemployer defined benefit pension plans.
Pension PlanEmployer Identification Number/Pension Plan Number
Pension
Protection Act Zone Status (a)
Company ContributionsExpiration Date of Collective Bargaining Agreement
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
202520242025202520242023
AFTRA Retirement
   Plan (b)
13-6414972-001GreenGreen$5 $10 $18 $18 6/30/2026
Directors Guild of
   America -
   Producer (b)
95-2892780-001GreenGreen8 9 17 17 6/30/2026
Producer-Writers
   Guild of America (b)
95-2216351-001GreenGreen9 13 24 24 5/1/2026
Screen Actors Guild -
   Producers (b)
95-2110997-001GreenGreen11 13 24 27 6/30/2026
Motion Picture
   Industry (b)
95-1810805-001GreenGreen25 24 65 48 (c)
Other Plans8 7 17 17 
Total contributions$66 $76 $165 $151 
(a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2025 and 2024. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan, which has a plan year ending November 30.
(b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan.
(c) The expiration dates range from July 31, 2024 through December 1, 2028.