v3.25.4
Postemployment benefit plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Defined benefit plan funded status, components of net amount recognized in financial position and accumulated other comprehensive income
 U.S. Pension BenefitsNon-U.S. 
Pension Benefits		Other Postretirement 
Benefits
(Millions of dollars)202520242025202420252024
Accumulated benefit obligation, end of year
$12,066 $12,171 $3,011 $2,880   
Change in benefit obligation:
Benefit obligation, beginning of year
$12,171 $13,137 $2,989 $3,265 $2,469 $2,741 
Service cost 1
— — 49 43 63 67 
Interest cost612 625 118 118 125 131 
Plan amendments— — 6 — — — 
Actuarial loss (gain) 276 (603)(93)(31)(96)(202)
Foreign currency exchange rates— — 291 (203)21 (33)
Participant contributions— — 5 5 41 45 
Benefits paid - gross(993)(988)(189)(193)(287)(286)
Less: federal subsidy on benefits paid
— — — — 6 6 
Curtailments, settlements and termination benefits
— — (45)(15)— — 
Benefit obligation, end of year$12,066 $12,171 $3,131 $2,989 $2,342 $2,469 
Change in plan assets:
Fair value of plan assets, beginning of year
$11,898 $12,738 $3,203 $3,467 $88 $144 
Actual return on plan assets1,158 96 103 74 25 25 
Foreign currency exchange rates
— — 307 (194)— — 
Company contributions50 52 70 59 261 160 
Participant contributions— — 5 5 41 45 
Benefits paid(993)(988)(189)(193)(287)(286)
Settlements and termination benefits
— — (45)(15)— — 
Fair value of plan assets, end of year
$12,113 $11,898 $3,454 $3,203 $128 $88 
Over (under) funded status
$47 $(273)$323 $214 $(2,214)$(2,381)
Amounts recognized in Statement 3:      
Other assets (non-current asset)$670 $354 $681 $541 $— $— 
Accrued wages, salaries and employee benefits (current liability)
(50)(50)(22)(21)(146)(204)
Liability for postemployment benefits (non-current liability) 2
(573)(577)(336)(306)(2,068)(2,177)
Net (liability) asset recognized$47 $(273)$323 $214 $(2,214)$(2,381)
Amounts recognized in AOCI (pre-tax):
Prior service cost (credit)$— $— $27 $21 $— $(5)
Weighted-average assumptions used to determine benefit obligation, end of year:
Discount rate5.3 %5.6 %4.3 %4.1 %5.3 %5.6 %
Rate of compensation increase 1
— %— %2.2 %2.2 %4.0 %4.0 %

1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.
2 The Liability for postemployment benefits reported in Statement 3 includes liabilities for other postemployment benefits and non-qualified deferred compensation plans. For 2025 and 2024, these liabilities were $861 million and $697 million, respectively.
Schedule of benefit obligation in excess of plan assets
 U.S. Pension BenefitsNon-U.S. 
Pension Benefits
(Millions of dollars)2025202420252024
Pension plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$623 $627 $412 $370 
Fair value of plan assets$— $— $54 $43 
Pension plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$623 $627 $300 $279 
Fair value of plan assets$— $— $19 $7 
Components of net periodic benefit cost, other changes in plan assets and benefits obligations
 U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Postretirement Benefits
(Millions of dollars)202520242023202520242023202520242023
Net periodic benefit cost:         
Service cost 1
$— $— $— $49 $43 $40 $63 $67 $67 
Interest cost612 625 656 118 118 124 125 131 144 
Expected return on plan assets(720)(699)(689)(171)(165)(163)(9)(7)(11)
Curtailments, settlements and termination benefits— — — — — 1 — — — 
Amortization of prior service cost (credit) — — — 1 — — (5)(14)(12)
Actuarial loss (gain) 2
(162)— (138)(26)59 172 (106)(213)(131)
Net periodic benefit cost (benefit) 3
$(270)$(74)$(171)$(29)$55 $174 $68 $(36)$57 
Amounts recognized in other comprehensive income (pre-tax):         
Current year prior service cost (credit)
$— $— $— $7 $— $1 $— $— $(2)
Amortization of prior service (cost) credit — — — (1)— — 5 14 12 
Total recognized in other comprehensive income
— — — 6 — 1 5 14 10 
Total recognized in net periodic cost and other comprehensive income
$(270)$(74)$(171)$(23)$55 $175 $73 $(22)$67 
Weighted-average assumptions used to determine net periodic benefit cost:         
Discount rate used to measure service cost 1
— %— %— %3.2 %3.6 %3.8 %5.7 %5.1 %5.4 %
Discount rate used to measure interest cost
5.3 %5.0 %5.2 %3.9 %3.9 %4.2 %5.3 %5.0 %5.3 %
Expected rate of return on plan assets6.3 %5.7 %5.8 %5.2 %5.1 %5.2 %6.1 %7.4 %7.4 %
Rate of compensation increase 1
— %— %— %2.2 %2.3 %2.3 %4.0 %4.0 %4.0 %
1 All U.S. pension benefits are frozen, and accordingly there is no longer any service cost and certain assumptions are no longer applicable.
2 Actuarial loss (gain) represents the effects of actual results differing from our assumptions and the effects of changing assumptions. We recognize actuarial loss (gain) immediately through earnings upon the annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement.
3 The service cost component is included in Operating costs and all other components are included in Other income (expense) in Statement 1.
Schedule of expected contributions, expected benefit payments and gross prescription drug subsidy receipts
The following table presents information about expected contributions and benefit payments for pension and other postretirement benefit plans:
 
(Millions of dollars)2026
Expected employer contributions:   
U.S. Pension Benefits$50 
Non-U.S. Pension Benefits$64 
Other Postretirement Benefits$246 
Expected benefit payments:202620272028202920302031-2035Total
U.S. Pension Benefits$1,000 $985 $975 $965 $950 $4,510 $9,385 
Non-U.S. Pension Benefits$215 $200 $210 $215 $220 $1,120 $2,180 
Other Postretirement Benefits$225 $225 $220 $215 $210 $1,010 $2,105 
Expected Medicare Part D subsidy:$6 $5 $5 $5 $4 $17 $42 
Fair value of pension and other postretirement benefit plan assets, by category
The fair value of the pension and other postretirement benefit plan assets by category is summarized below:
 
 December 31, 2025
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
U.S. Pension     
Equity securities:     
U.S. equities$1,049 $1 $22 $50 $1,122 
Non-U.S. equities998 — 14 — 1,012 
Fixed income securities:    
U.S. corporate bonds— 5,598 28 91 5,717 
Non-U.S. corporate bonds— 958 — — 958 
U.S. government bonds— 2,619 — — 2,619 
U.S. governmental agency mortgage-backed securities— 184 — — 184 
Non-U.S. government bonds— 151 — — 151 
Cash, short-term instruments and other68 10 — 272 350 
Total U.S. pension assets$2,115 $9,521 $64 $413 $12,113 

 December 31, 2024
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
U.S. Pension    
Equity securities:    
U.S. equities$1,087 $— $28 $62 $1,177 
Non-U.S. equities946 — 10 — 956 
Fixed income securities:    
U.S. corporate bonds— 5,396 33 36 5,465 
Non-U.S. corporate bonds— 972 — — 972 
U.S. government bonds— 2,656 — — 2,656 
U.S. governmental agency mortgage-backed securities— 180 — — 180 
Non-U.S. government bonds— 132 — — 132 
Cash, short-term instruments and other48 12 — 300 360 
Total U.S. pension assets$2,081 $9,348 $71 $398 $11,898 
 December 31, 2025
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Non-U.S. Pension    
Equity securities:    
U.S. equities$78 $— $— $— $78 
Non-U.S. equities232 27 — 3 262 
Global equities 1 
41 — — 10 51 
Fixed income securities:    
U.S. corporate bonds— 89 — — 89 
Non-U.S. corporate bonds— 917 — — 917 
U.S. government bonds— 73 — — 73 
Non-U.S. government bonds— 606 — — 606 
Global fixed income 1 
— 113 — 213 326 
Real estate— 250 — 10 260 
Insurance contracts— — 577 — 577 
Cash, short-term instruments and other 2 
24 191 — — 215 
Total non-U.S. pension assets$375 $2,266 $577 $236 $3,454 

 December 31, 2024
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Non-U.S. Pension    
Equity securities:    
U.S. equities$74 $— $— $— $74 
Non-U.S. equities197 26 — 20 243 
Global equities 1 
32 — — 17 49 
Fixed income securities:    
U.S. corporate bonds— 87 — — 87 
Non-U.S. corporate bonds— 468 — — 468 
U.S. government bonds— 61 — — 61 
Non-U.S. government bonds— 916 — — 916 
Global fixed income 1 
— 104 — 193 297 
Real estate— 207 — 9 216 
Insurance contracts— — 601 — 601 
Cash, short-term instruments and other 2 
35 156 — — 191 
Total non-U.S. pension assets$338 $2,025 $601 $239 $3,203 
1 Includes funds that invest in both U.S. and non-U.S. securities.
2 Includes funds that invest in multiple asset classes, hedge funds and other.
 December 31, 2025
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Other Postretirement Benefits    
Equity securities:    
U.S. equities$46 $— $— $3 $49 
Non-U.S. equities23 — — 3 26 
Fixed income securities:    
U.S. corporate bonds— — — 21 21 
Cash, short-term instruments and other— — — 32 32 
Total other postretirement benefit assets$69 $— $— $59 $128 
 December 31, 2024
(Millions of dollars)Level 1Level 2Level 3Measured at NAVTotal Assets at Fair Value
Other Postretirement Benefits    
Equity securities:    
U.S. equities$41 $— $— $2 $43 
Non-U.S. equities18 — — 2 20 
Fixed income securities:    
U.S. corporate bonds— — — 20 20 
Cash, short-term instruments and other— — — 5 5 
Total other postretirement benefit assets$59 $— $— $29 $88 
Company costs related to U.S. and non-U.S. defined contribution plans
Total company costs related to U.S. and non-U.S. defined contribution plans were as follows:
 
(Millions of dollars)202520242023
U.S. plans 1
$696 $610 $567 
Non-U.S. plans139 131 114 
 $835 $741 $681 
1 Includes costs related to our non-qualified deferred compensation plans. We utilize total return swaps to economically hedge this exposure to offset the related costs. See Note 4 for additional information.