v3.26.3
Retirement Benefits (Tables)
 9 Months Ended
Sep. 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
September 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 September 30,
Pension Benefits
(In millions)20262025
Service cost$6 $8 
Interest cost144 151 
Expected return on plan assets(219)(215)
Amortization of prior service (credit) cost 1 1 
Recognized actuarial loss23 11 
Net periodic benefit credit$(45)$(44)
Settlement loss3 — 
Net benefit credit$(42)$(44)
Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20262025
Service cost$19 $21 
Interest cost432 445 
Expected return on plan assets(659)(631)
Amortization of prior service (credit) cost 1 1 
Recognized actuarial loss70 32 
Net periodic benefit credit$(137)$(132)
Settlement loss5 10 
Net benefit credit$(132)$(122)
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 September 30,
Pension Benefits
(In millions)20262025
Compensation and benefits expense$6 $8 
Other net benefit credits (48)(52)
Net benefit credit$(42)$(44)
Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20262025
Compensation and benefits expense$19 $21 
Other net benefit credits (a)(151)(143)
Net benefit credit$(132)$(122)
(a)For the nine months ended September 30, 2026, the Company recorded $3 million of net benefit cost related to the post-retirement plans.
The components of the net benefit credit for the U.S. defined benefit plans are as follows:
U.S. Plans only
For the Three Months Ended September 30,
Pension Benefits
(In millions)20262025
Service cost$— $1 
Interest cost62 64 
Expected return on plan assets(70)(74)
Recognized actuarial loss 9 6 
Net benefit cost (credit)$1 $(3)
U.S. Plans only
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20262025
Service cost$— $1 
Interest cost186 191 
Expected return on plan assets(210)(220)
Recognized actuarial loss 27 18 
Net periodic benefit cost (credit)$3 $(10)
Settlement loss— 1 
Net benefit cost (credit)$3 $(9)
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 September 30,
Pension Benefits
(In millions)20262025
Service cost$6 $7 
Interest cost82 87 
Expected return on plan assets(149)(141)
Amortization of prior service credit1 1 
Recognized actuarial loss14 5 
Net periodic benefit credit$(46)$(41)
Settlement loss3 — 
Net benefit credit$(43)$(41)
Significant non-U.S. Plans only
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20262025
Service cost$19 $20 
Interest cost246 254 
Expected return on plan assets(449)(411)
Amortization of prior service credit1 1 
Recognized actuarial loss43 14 
Net periodic benefit credit$(140)$(122)
Settlement loss5 9 
Net benefit credit$(135)$(113)