v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2025 and 2024. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The decreases in the weighted-average discount rates in 2025 resulted in an increase to the PBO of $225 million at December 31, 2025. The increases in the weighted-average discount rates in 2024 resulted in a decrease to the PBO of $767 million at December 31, 2024. Significant gains and losses related to changes in the PBO for 2025 and 2024 primarily resulted from changes in the discount rate.
Pension and Postretirement Plans (1)
Qualified
Pension Plan		Non-U.S.
Pension Plans		Nonqualified and Other
Pension Plans		Postretirement
Health and Life Plans
(Dollars in millions)20252024202520242025202420252024
Fair value, January 1$17,624 $17,632 $1,580 $1,779 $1,739 $1,849 $88 $98 
Actual return on plan assets1,894 984 48 (103)118 33 4 4 
Company contributions — — 30 24 79 80 36 16 
Plan participant contributions— — 2 1 — — 115 106 
Settlements and curtailments— — (1)(1)— — — — 
Benefits paid(1,096)(992)(88)(77)(217)(223)(153)(136)
Foreign currency exchange rate changesn/an/a118 (43)n/an/an/an/a
Fair value, December 31$18,422 $17,624 $1,689 $1,580 $1,719 $1,739 $90 $88 
Change in projected benefit obligation        
Projected benefit obligation, January 1$11,105 $11,769 $1,769 $1,974 $1,966 $2,092 $640 $672 
Service cost— — 36 31 — — 2 2 
Interest cost608 587 92 86 104 103 35 33 
Plan participant contributions— — 2 1 — — 115 106 
Plan amendments— — 3 (9)— — — — 
Settlements and curtailments— — (1)(1)— — — — 
Actuarial loss (gain)348 (259)(33)(185)68 (6)3 (37)
Benefits paid(1,096)(992)(88)(77)(217)(223)(153)(136)
Foreign currency exchange rate changesn/an/a115 (51)n/an/a2 — 
Projected benefit obligation, December 31$10,965 $11,105 $1,895 $1,769 $1,921 $1,966 $644 $640 
Amounts recognized on Consolidated Balance Sheet
Other assets$7,457 $6,519 $245 $234 $448 $431 $— $— 
Accrued expenses and other liabilities— — (451)(423)(650)(658)(554)(552)
Net amount recognized, December 31$7,457 $6,519 $(206)$(189)$(202)$(227)$(554)$(552)
Funded status, December 31        
Accumulated benefit obligation$10,965 $11,105 $1,811 $1,696 $1,921 $1,966 n/an/a
Overfunded (unfunded) status of ABO7,457 6,519 (122)(116)(202)(227)n/an/a
Provision for future salaries— — 84 73 — — n/an/a
Projected benefit obligation10,965 11,105 1,895 1,769 1,921 1,966 $644 $640 
Weighted-average assumptions, December 31        
Discount rate5.48 %5.67 %5.14 %5.15 %5.29 %5.61 %5.53 %5.78 %
Rate of compensation increasen/an/a4.03 4.35 4.00 4.00 n/an/a
Interest-crediting rate5.41 %5.42 %2.31 2.08 4.61 4.73 n/an/a
(1)The measurement date for all of the above plans was December 31 of each year reported.
n/a = not applicable
Schedule of Amounts Recognized in Balance Sheet
The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2025 and 2024. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The decreases in the weighted-average discount rates in 2025 resulted in an increase to the PBO of $225 million at December 31, 2025. The increases in the weighted-average discount rates in 2024 resulted in a decrease to the PBO of $767 million at December 31, 2024. Significant gains and losses related to changes in the PBO for 2025 and 2024 primarily resulted from changes in the discount rate.
Pension and Postretirement Plans (1)
Qualified
Pension Plan		Non-U.S.
Pension Plans		Nonqualified and Other
Pension Plans		Postretirement
Health and Life Plans
(Dollars in millions)20252024202520242025202420252024
Fair value, January 1$17,624 $17,632 $1,580 $1,779 $1,739 $1,849 $88 $98 
Actual return on plan assets1,894 984 48 (103)118 33 4 4 
Company contributions — — 30 24 79 80 36 16 
Plan participant contributions— — 2 1 — — 115 106 
Settlements and curtailments— — (1)(1)— — — — 
Benefits paid(1,096)(992)(88)(77)(217)(223)(153)(136)
Foreign currency exchange rate changesn/an/a118 (43)n/an/an/an/a
Fair value, December 31$18,422 $17,624 $1,689 $1,580 $1,719 $1,739 $90 $88 
Change in projected benefit obligation        
Projected benefit obligation, January 1$11,105 $11,769 $1,769 $1,974 $1,966 $2,092 $640 $672 
Service cost— — 36 31 — — 2 2 
Interest cost608 587 92 86 104 103 35 33 
Plan participant contributions— — 2 1 — — 115 106 
Plan amendments— — 3 (9)— — — — 
Settlements and curtailments— — (1)(1)— — — — 
Actuarial loss (gain)348 (259)(33)(185)68 (6)3 (37)
Benefits paid(1,096)(992)(88)(77)(217)(223)(153)(136)
Foreign currency exchange rate changesn/an/a115 (51)n/an/a2 — 
Projected benefit obligation, December 31$10,965 $11,105 $1,895 $1,769 $1,921 $1,966 $644 $640 
Amounts recognized on Consolidated Balance Sheet
Other assets$7,457 $6,519 $245 $234 $448 $431 $— $— 
Accrued expenses and other liabilities— — (451)(423)(650)(658)(554)(552)
Net amount recognized, December 31$7,457 $6,519 $(206)$(189)$(202)$(227)$(554)$(552)
Funded status, December 31        
Accumulated benefit obligation$10,965 $11,105 $1,811 $1,696 $1,921 $1,966 n/an/a
Overfunded (unfunded) status of ABO7,457 6,519 (122)(116)(202)(227)n/an/a
Provision for future salaries— — 84 73 — — n/an/a
Projected benefit obligation10,965 11,105 1,895 1,769 1,921 1,966 $644 $640 
Weighted-average assumptions, December 31        
Discount rate5.48 %5.67 %5.14 %5.15 %5.29 %5.61 %5.53 %5.78 %
Rate of compensation increasen/an/a4.03 4.35 4.00 4.00 n/an/a
Interest-crediting rate5.41 %5.42 %2.31 2.08 4.61 4.73 n/an/a
(1)The measurement date for all of the above plans was December 31 of each year reported.
n/a = not applicable
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2025 and 2024 are presented in the table below. For these plans, funding strategies vary due to legal requirements and local practices.
Plans with ABO and PBO in Excess of Plan Assets
Non-U.S.
Pension Plans		Nonqualified
and Other
Pension Plans
(Dollars in millions)2025202420252024
PBO$517 $496 $651 $659 
ABO445 433 651 659 
Fair value of plan assets67 75 — — 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2025 and 2024 are presented in the table below. For these plans, funding strategies vary due to legal requirements and local practices.
Plans with ABO and PBO in Excess of Plan Assets
Non-U.S.
Pension Plans		Nonqualified
and Other
Pension Plans
(Dollars in millions)2025202420252024
PBO$517 $496 $651 $659 
ABO445 433 651 659 
Fair value of plan assets67 75 — — 
Schedule of Net Benefit Costs
Components of Net Periodic Benefit Cost
 Qualified Pension PlanNon-U.S. Pension Plans
(Dollars in millions)202520242023202520242023
Components of net periodic benefit cost (income)
Service cost$— $— $— $36 $31 $27 
Interest cost608 587 616 92 86 80 
Expected return on plan assets(1,188)(1,206)(1,191)(77)(89)(72)
Amortization of actuarial loss (gain) and prior service cost144 134 94 17 16 11 
Recognized loss (gain) due to settlements, curtailments, and other— — — — (1)1 
Net periodic benefit cost (income)$(436)$(485)$(481)$68 $43 $47 
Weighted-average assumptions used to determine net cost for years ended December 31
      
Discount rate5.67 %5.13 %5.54 %5.15 %4.48 %4.59 %
Expected return on plan assets6.50 6.50 6.50 4.79 5.18 4.17 
Rate of compensation increasen/an/an/a4.35 4.33 4.25 
Nonqualified and
Other Pension Plans		Postretirement Health
and Life Plans
(Dollars in millions)202520242023202520242023
Components of net periodic benefit cost (income)
Service cost$— $— $— $2 $2 $2 
Interest cost104 103 111 35 33 36 
Expected return on plan assets(94)(90)(97)(2)(3)(2)
Amortization of actuarial loss (gain) and prior service cost36 33 29 (34)(35)(78)
Net periodic benefit cost (income)$46 $46 $43 $1 $(3)$(42)
Weighted-average assumptions used to determine net cost for years ended December 31
      
Discount rate5.61 %5.19 %5.58 %5.71 %5.17 %5.56 %
Expected return on plan assets5.26 4.73 4.98 3.40 3.40 2.00 
Rate of compensation increase4.00 4.00 4.00 n/an/an/a
n/a = not applicable
Schedule of Pretax Amounts Included in Accumulated OCI
The Corporation’s net periodic benefit cost (income) recognized for the plans is sensitive to the discount rate and expected return on plan assets. For the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans, a 25 bps decline in discount rates and expected return on assets would not have had a significant impact on the net periodic benefit cost for 2025.
Pretax Amounts included in Accumulated OCI and OCI
 Qualified
Pension Plan		Non-U.S.
Pension Plans		Nonqualified
and Other
Pension Plans		Postretirement
Health and
Life Plans		Total
(Dollars in millions)2025202420252024202520242025202420252024
Net actuarial loss (gain)$4,398 $4,901 $447 $468 $878 $870 $(93)$(128)$5,630 $6,111 
Prior service cost (credits)— — 39 36 — — — — 39 36 
Amounts recognized in accumulated OCI$4,398 $4,901 $486 $504 $878 $870 $(93)$(128)$5,669 $6,147 
Current year actuarial loss (gain)$(359)$(37)$(4)$5 $44 $51 $1 $(38)$(318)$(19)
Amortization of actuarial gain (loss) and
prior service cost
(144)(134)(17)(16)(36)(33)34 35 (163)(148)
Current year prior service cost (credit) — — 3 (9)— — — — 3 (9)
Amounts recognized in OCI$(503)$(171)$(18)$(20)$8 $18 $35 $(3)$(478)$(176)
Schedule of Pretax Amounts Recognized in OCI
The Corporation’s net periodic benefit cost (income) recognized for the plans is sensitive to the discount rate and expected return on plan assets. For the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans, a 25 bps decline in discount rates and expected return on assets would not have had a significant impact on the net periodic benefit cost for 2025.
Pretax Amounts included in Accumulated OCI and OCI
 Qualified
Pension Plan		Non-U.S.
Pension Plans		Nonqualified
and Other
Pension Plans		Postretirement
Health and
Life Plans		Total
(Dollars in millions)2025202420252024202520242025202420252024
Net actuarial loss (gain)$4,398 $4,901 $447 $468 $878 $870 $(93)$(128)$5,630 $6,111 
Prior service cost (credits)— — 39 36 — — — — 39 36 
Amounts recognized in accumulated OCI$4,398 $4,901 $486 $504 $878 $870 $(93)$(128)$5,669 $6,147 
Current year actuarial loss (gain)$(359)$(37)$(4)$5 $44 $51 $1 $(38)$(318)$(19)
Amortization of actuarial gain (loss) and
prior service cost
(144)(134)(17)(16)(36)(33)34 35 (163)(148)
Current year prior service cost (credit) — — 3 (9)— — — — 3 (9)
Amounts recognized in OCI$(503)$(171)$(18)$(20)$8 $18 $35 $(3)$(478)$(176)
Schedule of Allocation of Plan Assets
The target allocations for 2026 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, and Nonqualified and Other Pension Plans are presented in the table below. Equity securities for the Qualified Pension Plan include common stock of the Corporation in the amounts of $491 million (2.66 percent of total plan assets) and $386 million (2.19 percent of total plan assets) at December 31, 2025 and 2024.
2026 Target Allocation
Percentage
Asset CategoryQualified
Pension Plan		Non-U.S.
Pension Plans		Nonqualified
and Other
Pension Plans
Equity securities
10 - 40%
0 - 10%
0 - 5%
Debt securities
50 - 85%
50 - 85%
95 - 100%
Real estate
0 - 10%
0 - 10%
0 - 5%
Other
0 - 10%
10 - 35%
0 - 5%
Schedule of Changes in Fair Value of Plan Assets Combined plan investment assets measured at fair value by level and in total at December 31, 2025 and 2024 are summarized in the Fair Value Measurements table.
Fair Value Measurements
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(Dollars in millions)December 31, 2025December 31, 2024
Money market and interest-bearing cash$1,171 $— $— $1,171 $1,103 $— $— $1,103 
U.S. government and government agency obligations3,852 805 2 4,659 3,875 754 3 4,632 
Corporate debt— 2,775 — 2,775 — 2,931 — 2,931 
Non-U.S. debt securities501 785 — 1,286 474 889 — 1,363 
Asset-backed securities— 1,135 — 1,135 — 1,361 — 1,361 
Mutual and exchange-traded funds1,074 — — 1,074 920 — — 920 
Collective investment funds— 2,834 — 2,834 — 2,670 — 2,670 
Common and preferred stocks4,499 — — 4,499 3,795 — — 3,795 
Real estate investment trusts37 — — 37 36 — — 36 
Participant loans— — 6 6 — — 6 6 
Other investments (1)
1 18 471 490 1 11 451 463 
Total plan investment assets, at fair value (2)
$11,135 $8,352 $479 $19,966 $10,204 $8,616 $460 $19,280 
(1)Other investments includes insurance annuity contracts of $452 million and $432 million and other various investments of $38 million and $31 million at December 31, 2025 and 2024.
(2)At December 31, 2025 and 2024, excludes $2.0 billion and $1.8 billion of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not required to be classified in the fair value hierarchy.
Schedule of Expected Benefit Payments
Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below.
Projected Benefit Payments
(Dollars in millions)
Qualified
Pension Plan (1)
Non-U.S.
Pension Plans (2)
Nonqualified
and Other
Pension Plans (2)
Postretirement Health and Life Plans (3)
2026$904 $112 $230 $64 
2027919 114 221 62 
2028911 120 211 60 
2029905 127 200 58 
2030878 131 190 56 
2031-20354,166 686 778 247 
(1)Benefit payments expected to be made from the plan’s assets.
(2)Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets.
(3)Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets.