v3.26.1
Retirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
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. PlansPension Benefits
June 30,20262025
Weighted average assumptions:
Discount rate5.39 %5.36 %
Expected return on plan assets5.94 %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 June 30,
Pension Benefits
(In millions)20262025
Service cost$7 $7 
Interest cost144 149 
Expected return on plan assets(220)(212)
Recognized actuarial loss24 11 
Net periodic benefit credit$(45)$(45)
Settlement loss— 5 
Net benefit credit$(45)$(40)
Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,
Pension Benefits
(In millions)20262025
Service cost$13 $13 
Interest cost288 294 
Expected return on plan assets(440)(416)
Recognized actuarial loss47 21 
Net periodic benefit credit$(92)$(88)
Settlement loss2 10 
Net benefit credit$(90)$(78)
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 June 30,
Pension Benefits
(In millions)20262025
Compensation and benefits expense$7 $7 
Other net benefit credits (a)(52)(47)
Net benefit credit$(45)$(40)
(a)For the three months ended June 30, 2026 and 2025, the Company recorded $2 million and $1 million, respectively, of net benefit cost related to the post-retirement plans.
Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,
Pension Benefits
(In millions)20262025
Compensation and benefits expense$13 $13 
Other net benefit credits (a)(103)(91)
Net benefit credit$(90)$(78)
(a)For the six months ended June 30, 2026, the Company recorded $3 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 June 30,
Pension Benefits
(In millions)20262025
Interest cost$62 $63 
Expected return on plan assets(70)(73)
Recognized actuarial loss 9 6 
Net periodic benefit cost (credit)$1 $(4)
Settlement loss— 1 
Net benefit cost (credit)$1 $(3)
U.S. Plans only
For the Six Months Ended June 30,
Pension Benefits
(In millions)20262025
Interest cost$124 $127 
Expected return on plan assets(140)(146)
Recognized actuarial loss 18 12 
Net periodic benefit cost (credit)$2 $(7)
Settlement loss— 1 
Net benefit cost (credit)$2 $(6)
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 June 30,
Pension Benefits
(In millions)20262025
Service cost$7 $7 
Interest cost82 86 
Expected return on plan assets(150)(139)
Recognized actuarial loss15 5 
Net periodic benefit credit$(46)$(41)
Settlement loss— 4 
Net benefit credit$(46)$(37)
Significant non-U.S. Plans only
For the Six Months Ended June 30,
Pension Benefits
(In millions)20262025
Service cost$13 $13 
Interest cost164 167 
Expected return on plan assets(300)(270)
Recognized actuarial loss29 9 
Net periodic benefit credit$(94)$(81)
Settlement loss2 9 
Net benefit credit$(92)$(72)