v3.25.4
Pension and Postretirement Benefit Plans and Defined Contribution Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
Pension PlansPostretirement Plans
U.S.International
Year Ended December 31,
(MILLIONS)202520242023202520242023202520242023
Service cost$— $— $— $104 $87 $85 $17 $14 $12 
Interest cost529 553 589 293 312 287 25 23 21 
Expected return on plan assets(735)(832)(778)(329)(322)(304)(57)(51)(44)
Amortization of prior service cost/(credit)— 1 2 4 4 — (88)(113)(119)
Actuarial (gains)/losses(a)
(59)396 (410)(201)33 102 18 144 51 
Curtailments— — — (10)(4)(2)(70)— (12)
Special termination benefits— — 6 2 10 — — — — 
Net periodic benefit cost/(credit) reported in income(265)117 (592)(137)120 169 (155)18 (90)
Cost/(credit) reported in Other comprehensive income/(loss)
— (1)(2)12 (4)31 140 (80)128 
Cost/(credit) recognized in Comprehensive income
$(265)$116 $(594)$(126)$117 $199 $(15)$(62)$38 
(a)Reflects: (i) actuarial remeasurement net gains in 2025 primarily due to favorable asset performance for the U.S. pension plans and increases in discount rates for the international pension plans, partially offset by unfavorable asset performance for the international pension plans and decreases in discount rates for the U.S. and postretirement plans, (ii) actuarial remeasurement net losses in 2024, primarily due to unfavorable asset performance for the U.S. pension plans and decreases in discount rates for the international pension plans, partially offset by increases in discount rates for the U.S. pension plans and favorable asset performance for the international pension plans and postretirement plans, and (iii) actuarial remeasurement net gains in 2023, primarily due to favorable asset performance in the U.S. and increases in discount rates for the international plans, partially offset by unfavorable asset performance for certain international plans.
Schedule of Assumptions Used
Pension PlansPostretirement Plans
U.S.International
Year Ended December 31,
(PERCENTAGES)202520242023202520242023202520242023
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate:
Pension plans/postretirement plans5.7 %5.4 %5.4 %5.5 %5.4 %5.5 %
Interest cost3.9 %4.4 %3.8 %
Service cost3.6 %3.9 %3.6 %
Expected return on plan assets7.7 %8.0 %7.5 %4.9 %5.1 %4.5 %7.8 %8.0 %7.5 %
Rate of compensation increase(a)
3.1 %3.2 %3.0 %
Weighted-average assumptions used to determine benefit obligations at fiscal year-end:
Discount rate5.6 %5.7 %5.4 %4.7 %4.1 %4.4 %5.2 %5.5 %5.4 %
Rate of compensation increase(a)
3.1 %3.1 %3.2 %
(a)The rate of compensation increase is not used to determine the net periodic benefit cost and benefit obligation for the U.S. pension plans as these plans are frozen.
Schedule of Health Care Cost Trend Rates
The following provides the healthcare cost trend rate assumptions for our U.S. postretirement benefit plans:
As of December 31,
20252024
Healthcare cost trend rate assumed for next year 8.0 %7.5 %
Rate to which the cost trend rate is assumed to decline4.0 %4.0 %
Year that the rate reaches the ultimate trend rate2050 2047 
Schedule of Analysis of the Changes in the Benefit Obligations, Plan assets and Accounting Funded Status of Pension and Postretirement Benefit Plans
The following provides: (i) an analysis of the changes in our benefit obligations, plan assets and funded status of our benefit plans, (ii) the funded status recognized in our consolidated balance sheets and (iii) the pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
 Pension Plans Postretirement Plans
 U.S. International
Year Ended December 31,
(MILLIONS)202520242025202420252024
Change in benefit obligation(a)
Benefit obligation, beginning$9,781 $10,756 $7,363 $7,292 $486 $450 
Service cost— — 104 87 17 14 
Interest cost529 553 293 312 25 23 
Employee contributions— — 17 16 75 61 
Plan amendments— — 16 — — (193)
Changes in actuarial assumptions and other(b)
146 (299)(480)119 64 199 
Foreign exchange impact1 (1)409 (106)1 (2)
Acquisitions/divestitures and other, net
— — 95 77 — — 
Curtailments and special termination benefits— — (12)7 (18)— 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Benefit obligation, ending(a)
9,589 9,781 7,118 7,363 561 486 
Change in plan assets
Fair value of plan assets, beginning
9,948 10,935 6,696 6,552 736 636 
Actual return on plan assets941 138 51 408 103 105 
Company contributions104 103 137 164 (12)— 
Employee contributions— — 17 16 75 61 
Foreign exchange impact— — 298 (65)— — 
Acquisitions/divestitures and other, net
— — 95 62 — — 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Fair value of plan assets, ending10,124 9,948 6,606 6,696 814 736 
Funded status$535 $167 $(512)$(667)$253 $251 
Amounts recorded in our consolidated balance sheet:
Noncurrent assets$1,254 $934 $856 $728 $334 $330 
Current liabilities(87)(90)(34)(31)(6)(5)
Noncurrent liabilities(632)(678)(1,334)(1,364)(75)(74)
Funded status$535 $167 $(512)$(667)$253 $251 
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
Prior service (costs)/credits$(2)$(2)$(73)$(61)$225 $365 
Information related to the funded status of pension plans with an ABO in excess of plan assets(c):
Fair value of plan assets
$1 $— $459 $456 
ABO720 768 1,746 1,752 
Information related to the funded status of pension plans with a PBO in excess of plan assets(c):
Fair value of plan assets$1 $— $821 $690 
PBO720 768 2,189 2,084 
(a)For the U.S. pension plans, the benefit obligation is both the PBO and ABO as these plans are frozen and future benefit accruals no longer increase with future compensation increases. For the international pension plans, the benefit obligation is the PBO. The ABO for our international pension plans was $6.8 billion in 2025 and $7.1 billion in 2024. For the postretirement plans, the benefit obligation is the ABO.
(b)For 2025, primarily includes actuarial gains resulting from increases in discount rates for the international pension plans, partially offset by actuarial losses resulting from decreases in discount rates for the U.S. pension and postretirement plans. For 2024, primarily includes actuarial losses resulting from decreases in discount rates for the international pension plans, and other assumption changes for the postretirement plans, largely offset by actuarial gains resulting from increases in discount rates for the U.S. pension plans.
(c)Our U.S. qualified plans, U.S. postretirement plan and many of our larger funded international plans were overfunded as of December 31, 2025.
Schedule of Amounts Recognized in Balance Sheet
The following provides: (i) an analysis of the changes in our benefit obligations, plan assets and funded status of our benefit plans, (ii) the funded status recognized in our consolidated balance sheets and (iii) the pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
 Pension Plans Postretirement Plans
 U.S. International
Year Ended December 31,
(MILLIONS)202520242025202420252024
Change in benefit obligation(a)
Benefit obligation, beginning$9,781 $10,756 $7,363 $7,292 $486 $450 
Service cost— — 104 87 17 14 
Interest cost529 553 293 312 25 23 
Employee contributions— — 17 16 75 61 
Plan amendments— — 16 — — (193)
Changes in actuarial assumptions and other(b)
146 (299)(480)119 64 199 
Foreign exchange impact1 (1)409 (106)1 (2)
Acquisitions/divestitures and other, net
— — 95 77 — — 
Curtailments and special termination benefits— — (12)7 (18)— 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Benefit obligation, ending(a)
9,589 9,781 7,118 7,363 561 486 
Change in plan assets
Fair value of plan assets, beginning
9,948 10,935 6,696 6,552 736 636 
Actual return on plan assets941 138 51 408 103 105 
Company contributions104 103 137 164 (12)— 
Employee contributions— — 17 16 75 61 
Foreign exchange impact— — 298 (65)— — 
Acquisitions/divestitures and other, net
— — 95 62 — — 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Fair value of plan assets, ending10,124 9,948 6,606 6,696 814 736 
Funded status$535 $167 $(512)$(667)$253 $251 
Amounts recorded in our consolidated balance sheet:
Noncurrent assets$1,254 $934 $856 $728 $334 $330 
Current liabilities(87)(90)(34)(31)(6)(5)
Noncurrent liabilities(632)(678)(1,334)(1,364)(75)(74)
Funded status$535 $167 $(512)$(667)$253 $251 
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
Prior service (costs)/credits$(2)$(2)$(73)$(61)$225 $365 
Information related to the funded status of pension plans with an ABO in excess of plan assets(c):
Fair value of plan assets
$1 $— $459 $456 
ABO720 768 1,746 1,752 
Information related to the funded status of pension plans with a PBO in excess of plan assets(c):
Fair value of plan assets$1 $— $821 $690 
PBO720 768 2,189 2,084 
(a)For the U.S. pension plans, the benefit obligation is both the PBO and ABO as these plans are frozen and future benefit accruals no longer increase with future compensation increases. For the international pension plans, the benefit obligation is the PBO. The ABO for our international pension plans was $6.8 billion in 2025 and $7.1 billion in 2024. For the postretirement plans, the benefit obligation is the ABO.
(b)For 2025, primarily includes actuarial gains resulting from increases in discount rates for the international pension plans, partially offset by actuarial losses resulting from decreases in discount rates for the U.S. pension and postretirement plans. For 2024, primarily includes actuarial losses resulting from decreases in discount rates for the international pension plans, and other assumption changes for the postretirement plans, largely offset by actuarial gains resulting from increases in discount rates for the U.S. pension plans.
(c)Our U.S. qualified plans, U.S. postretirement plan and many of our larger funded international plans were overfunded as of December 31, 2025.
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following provides: (i) an analysis of the changes in our benefit obligations, plan assets and funded status of our benefit plans, (ii) the funded status recognized in our consolidated balance sheets and (iii) the pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
 Pension Plans Postretirement Plans
 U.S. International
Year Ended December 31,
(MILLIONS)202520242025202420252024
Change in benefit obligation(a)
Benefit obligation, beginning$9,781 $10,756 $7,363 $7,292 $486 $450 
Service cost— — 104 87 17 14 
Interest cost529 553 293 312 25 23 
Employee contributions— — 17 16 75 61 
Plan amendments— — 16 — — (193)
Changes in actuarial assumptions and other(b)
146 (299)(480)119 64 199 
Foreign exchange impact1 (1)409 (106)1 (2)
Acquisitions/divestitures and other, net
— — 95 77 — — 
Curtailments and special termination benefits— — (12)7 (18)— 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Benefit obligation, ending(a)
9,589 9,781 7,118 7,363 561 486 
Change in plan assets
Fair value of plan assets, beginning
9,948 10,935 6,696 6,552 736 636 
Actual return on plan assets941 138 51 408 103 105 
Company contributions104 103 137 164 (12)— 
Employee contributions— — 17 16 75 61 
Foreign exchange impact— — 298 (65)— — 
Acquisitions/divestitures and other, net
— — 95 62 — — 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Fair value of plan assets, ending10,124 9,948 6,606 6,696 814 736 
Funded status$535 $167 $(512)$(667)$253 $251 
Amounts recorded in our consolidated balance sheet:
Noncurrent assets$1,254 $934 $856 $728 $334 $330 
Current liabilities(87)(90)(34)(31)(6)(5)
Noncurrent liabilities(632)(678)(1,334)(1,364)(75)(74)
Funded status$535 $167 $(512)$(667)$253 $251 
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
Prior service (costs)/credits$(2)$(2)$(73)$(61)$225 $365 
Information related to the funded status of pension plans with an ABO in excess of plan assets(c):
Fair value of plan assets
$1 $— $459 $456 
ABO720 768 1,746 1,752 
Information related to the funded status of pension plans with a PBO in excess of plan assets(c):
Fair value of plan assets$1 $— $821 $690 
PBO720 768 2,189 2,084 
(a)For the U.S. pension plans, the benefit obligation is both the PBO and ABO as these plans are frozen and future benefit accruals no longer increase with future compensation increases. For the international pension plans, the benefit obligation is the PBO. The ABO for our international pension plans was $6.8 billion in 2025 and $7.1 billion in 2024. For the postretirement plans, the benefit obligation is the ABO.
(b)For 2025, primarily includes actuarial gains resulting from increases in discount rates for the international pension plans, partially offset by actuarial losses resulting from decreases in discount rates for the U.S. pension and postretirement plans. For 2024, primarily includes actuarial losses resulting from decreases in discount rates for the international pension plans, and other assumption changes for the postretirement plans, largely offset by actuarial gains resulting from increases in discount rates for the U.S. pension plans.
(c)Our U.S. qualified plans, U.S. postretirement plan and many of our larger funded international plans were overfunded as of December 31, 2025.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following provides: (i) an analysis of the changes in our benefit obligations, plan assets and funded status of our benefit plans, (ii) the funded status recognized in our consolidated balance sheets and (iii) the pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
 Pension Plans Postretirement Plans
 U.S. International
Year Ended December 31,
(MILLIONS)202520242025202420252024
Change in benefit obligation(a)
Benefit obligation, beginning$9,781 $10,756 $7,363 $7,292 $486 $450 
Service cost— — 104 87 17 14 
Interest cost529 553 293 312 25 23 
Employee contributions— — 17 16 75 61 
Plan amendments— — 16 — — (193)
Changes in actuarial assumptions and other(b)
146 (299)(480)119 64 199 
Foreign exchange impact1 (1)409 (106)1 (2)
Acquisitions/divestitures and other, net
— — 95 77 — — 
Curtailments and special termination benefits— — (12)7 (18)— 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Benefit obligation, ending(a)
9,589 9,781 7,118 7,363 561 486 
Change in plan assets
Fair value of plan assets, beginning
9,948 10,935 6,696 6,552 736 636 
Actual return on plan assets941 138 51 408 103 105 
Company contributions104 103 137 164 (12)— 
Employee contributions— — 17 16 75 61 
Foreign exchange impact— — 298 (65)— — 
Acquisitions/divestitures and other, net
— — 95 62 — — 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Fair value of plan assets, ending10,124 9,948 6,606 6,696 814 736 
Funded status$535 $167 $(512)$(667)$253 $251 
Amounts recorded in our consolidated balance sheet:
Noncurrent assets$1,254 $934 $856 $728 $334 $330 
Current liabilities(87)(90)(34)(31)(6)(5)
Noncurrent liabilities(632)(678)(1,334)(1,364)(75)(74)
Funded status$535 $167 $(512)$(667)$253 $251 
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
Prior service (costs)/credits$(2)$(2)$(73)$(61)$225 $365 
Information related to the funded status of pension plans with an ABO in excess of plan assets(c):
Fair value of plan assets
$1 $— $459 $456 
ABO720 768 1,746 1,752 
Information related to the funded status of pension plans with a PBO in excess of plan assets(c):
Fair value of plan assets$1 $— $821 $690 
PBO720 768 2,189 2,084 
(a)For the U.S. pension plans, the benefit obligation is both the PBO and ABO as these plans are frozen and future benefit accruals no longer increase with future compensation increases. For the international pension plans, the benefit obligation is the PBO. The ABO for our international pension plans was $6.8 billion in 2025 and $7.1 billion in 2024. For the postretirement plans, the benefit obligation is the ABO.
(b)For 2025, primarily includes actuarial gains resulting from increases in discount rates for the international pension plans, partially offset by actuarial losses resulting from decreases in discount rates for the U.S. pension and postretirement plans. For 2024, primarily includes actuarial losses resulting from decreases in discount rates for the international pension plans, and other assumption changes for the postretirement plans, largely offset by actuarial gains resulting from increases in discount rates for the U.S. pension plans.
(c)Our U.S. qualified plans, U.S. postretirement plan and many of our larger funded international plans were overfunded as of December 31, 2025.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following provides: (i) an analysis of the changes in our benefit obligations, plan assets and funded status of our benefit plans, (ii) the funded status recognized in our consolidated balance sheets and (iii) the pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
 Pension Plans Postretirement Plans
 U.S. International
Year Ended December 31,
(MILLIONS)202520242025202420252024
Change in benefit obligation(a)
Benefit obligation, beginning$9,781 $10,756 $7,363 $7,292 $486 $450 
Service cost— — 104 87 17 14 
Interest cost529 553 293 312 25 23 
Employee contributions— — 17 16 75 61 
Plan amendments— — 16 — — (193)
Changes in actuarial assumptions and other(b)
146 (299)(480)119 64 199 
Foreign exchange impact1 (1)409 (106)1 (2)
Acquisitions/divestitures and other, net
— — 95 77 — — 
Curtailments and special termination benefits— — (12)7 (18)— 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Benefit obligation, ending(a)
9,589 9,781 7,118 7,363 561 486 
Change in plan assets
Fair value of plan assets, beginning
9,948 10,935 6,696 6,552 736 636 
Actual return on plan assets941 138 51 408 103 105 
Company contributions104 103 137 164 (12)— 
Employee contributions— — 17 16 75 61 
Foreign exchange impact— — 298 (65)— — 
Acquisitions/divestitures and other, net
— — 95 62 — — 
Settlements
(40)(756)(283)(69)— — 
Benefits paid(828)(473)(403)(371)(89)(67)
Fair value of plan assets, ending10,124 9,948 6,606 6,696 814 736 
Funded status$535 $167 $(512)$(667)$253 $251 
Amounts recorded in our consolidated balance sheet:
Noncurrent assets$1,254 $934 $856 $728 $334 $330 
Current liabilities(87)(90)(34)(31)(6)(5)
Noncurrent liabilities(632)(678)(1,334)(1,364)(75)(74)
Funded status$535 $167 $(512)$(667)$253 $251 
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:
Prior service (costs)/credits$(2)$(2)$(73)$(61)$225 $365 
Information related to the funded status of pension plans with an ABO in excess of plan assets(c):
Fair value of plan assets
$1 $— $459 $456 
ABO720 768 1,746 1,752 
Information related to the funded status of pension plans with a PBO in excess of plan assets(c):
Fair value of plan assets$1 $— $821 $690 
PBO720 768 2,189 2,084 
(a)For the U.S. pension plans, the benefit obligation is both the PBO and ABO as these plans are frozen and future benefit accruals no longer increase with future compensation increases. For the international pension plans, the benefit obligation is the PBO. The ABO for our international pension plans was $6.8 billion in 2025 and $7.1 billion in 2024. For the postretirement plans, the benefit obligation is the ABO.
(b)For 2025, primarily includes actuarial gains resulting from increases in discount rates for the international pension plans, partially offset by actuarial losses resulting from decreases in discount rates for the U.S. pension and postretirement plans. For 2024, primarily includes actuarial losses resulting from decreases in discount rates for the international pension plans, and other assumption changes for the postretirement plans, largely offset by actuarial gains resulting from increases in discount rates for the U.S. pension plans.
(c)Our U.S. qualified plans, U.S. postretirement plan and many of our larger funded international plans were overfunded as of December 31, 2025.
Schedule of Allocation of Plan Assets
The following provides the components of plan assets:
As of December 31, 2025As of December 31, 2024
    Fair ValueFair Value
(MILLIONS EXCEPT TARGET ALLOCATION PERCENTAGE)Target Allocation PercentageTotalLevel 1Level
2		Level 3
Assets Measured at NAV(a)
TotalLevel 1Level
 2		Level 3
Assets Measured at NAV(a)
U.S. pension plans
Cash and cash equivalents0-12%$682 $66 $615 $— $— $533 $56 $477 $— $— 
Equity securities:10-40%
Global equity securities1,396 1,396 — — — 1,341 1,341 — — — 
Equity commingled funds216 — 216 — — 97 — 97 — — 
Fixed income securities:45-75%
Corporate debt securities2,660 4 2,656 — — 2,878 4 2,874 — — 
Government and agency obligations(b)
2,090 — 2,090 — — 2,059 — 2,059 — — 
Fixed income commingled funds43 — 13 — 30 42 — 12 — 30 
Other investments:10-40%
Partnership investments(c)
2,735 — — — 2,735 2,665 — — — 2,665 
Insurance contracts— — — — — — — — — — 
Other commingled funds(d)
302 — — — 302 333 — — — 333 
Total100 %$10,124 $1,466 $5,591 $— $3,066 $9,948 $1,401 $5,518 $— $3,028 
International pension plans
Cash and cash equivalents0-10%$346 $108 $237 $— $— $310 $138 $172 $— $— 
Equity securities:10-20%
Equity commingled funds714 — 686 — 28 704 — 619 — 86 
Fixed income securities:40-65%
Corporate debt securities347 — 342 5 — 638 — 633 5 — 
Government and agency obligations(b)
1,041 — 1,041 — — 960 1 960 — — 
Fixed income commingled funds1,773 — 1,225 — 548 1,750 — 1,064 — 686 
Other investments:20-40%
Partnership investments(c)
148 — 2 — 146 147 — 2 — 145 
Insurance contracts1,033 — 46 988 — 1,221 — 45 1,176 — 
Other(d)
1,204 14 185 263 741 965 35 147 252 531 
Total100 %$6,606 $123 $3,763 $1,256 $1,464 $6,696 $174 $3,642 $1,433 $1,447 
U.S. postretirement plans(e)
Cash and cash equivalents0-5%$10 $— $10 $— $— $12 $— $12 $— $— 
Insurance contracts95-100%804 — 804 — — 724 — 724 — — 
Total100 %$814 $— $814 $— $— $736 $— $736 $— $— 
(a)Certain investments that are measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefits plan assets.
(b)Government and agency obligations are inclusive of repurchase agreements.
(c)Mainly includes investments in private equity, private debt and real estate.
(d)Mostly includes investments in hedge funds, real estate and infrastructure.
(e)Reflects postretirement plan assets, which support our U.S. retiree medical plans.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following provides an analysis of the changes in our investments valued using significant unobservable inputs:
International Pension Plans
Year Ended December 31,
(MILLIONS)20252024
Fair value, beginning$1,433 $1,340 
Actual return on plan assets:
Assets held, ending(21)8 
Assets sold during the period4 — 
Purchases, sales, and settlements, net
(219)(79)
Transfer into/(out of) Level 3(1)168 
Exchange rate changes59 (5)
Fair value, ending$1,256 $1,433 
Schedule of Expected Future Cash Flow Information
The following provides the expected future cash flow information related to our benefit plans:
  Pension PlansPostretirement Plans
(MILLIONS)U.S.International
Expected employer contributions:
2026
$88 $168 $46 
Expected benefit payments:
2026$849 $410 $49 
2027844 413 55 
2028
817 412 58 
2029
807 427 59 
2030
782 440 60 
2031–2035
3,513 2,324 284