v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Funded Status of Pension and Other Postretirement Benefit Plans
The funded status of the company’s pension and OPEB plans for 2025 and 2024 follows:
Pension Benefits
20252024Other Benefits
U.S.Int’l.U.S.Int’l.20252024
Change in Benefit Obligation
Benefit obligation at January 1$10,140 $3,289 $10,392 $3,605 $1,880 $2,017 
Service cost365 55 357 54 30 34 
Interest cost505 207 465 191 99 98 
Plan participants’ contributions— 2 — 2 57 54 
Plan amendments— 6 — 18 (29)30 
Actuarial (gain) loss402 230 (382)(274)100 (144)
Foreign currency exchange rate changes— 63 — (88)5 (6)
Benefits paid(1,314)(280)(692)(217)(204)(202)
Actual expenses/taxes— (7)— (2)— — 
Divestitures/Acquisitions1,505 493 — — 28 — 
Curtailment101 (34)— — 15 (1)
Special termination costs26 — — — — — 
Benefit obligation at December 3111,730 4,024 10,140 3,289 1,981 1,880 
Change in Plan Assets
Fair value of plan assets at January 19,537 3,061 9,137 3,398 — — 
Actual return on plan assets1,159 395 338 (133)— — 
Foreign currency exchange rate changes— 31 — (77)— — 
Employer contributions473 115 754 90 147 148 
Plan participants’ contributions— 2 — 2 57 54 
Benefits paid(1,314)(280)(692)(217)(204)(202)
Actual expenses— (7)— (2)— — 
Divestitures/Acquisitions1,932 580 — — — — 
Fair value of plan assets at December 3111,787 3,897 9,537 3,061 — — 
Funded status at December 31$57 $(127)$(603)$(228)$(1,981)$(1,880)
Schedule of Consolidated Balance Sheet for Pension and Other Postretirement Benefit Plans
Amounts recognized on the Consolidated Balance Sheet for the company’s pension and OPEB plans at December 31, 2025 and 2024, include:
Pension Benefits
20252024Other Benefits
U.S.Int’l.U.S.Int’l.20252024
Deferred charges and other assets$1,519 $832 $607 $655 $— $— 
Accrued liabilities(367)(67)(146)(71)(162)(149)
Noncurrent employee benefit plans(1,095)(892)(1,064)(812)(1,819)(1,731)
Net amount recognized at December 31$57 $(127)$(603)$(228)$(1,981)$(1,880)
Schedule of Before Tax Basis Amount in Accumulated Other Comprehensive Loss
Amounts recognized on a before-tax basis in “Accumulated other comprehensive loss” for the company’s pension and OPEB plans were $3,171 and $3,376 at the end of 2025 and 2024, respectively. These amounts consisted of:
Pension Benefits
20252024Other Benefits
U.S.Int’l.U.S.Int’l.20252024
Net actuarial (gain) loss$2,463 $891 $2,796 $849 $(266)$(401)
Prior service (credits) costs29 91 33 133 (37)(34)
Total recognized at December 31$2,492 $982 $2,829 $982 $(303)$(435)
Schedule of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Information for U.S. and international pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2025 and 2024, was:
Pension Benefits
20252024
U.S.Int’l.U.S.Int’l.
Projected benefit obligations$1,461 $929 $1,214 $884 
Accumulated benefit obligations1,341 762 1,145 744 
Fair value of plan assets— — 7 1 
Schedule of Components of Net Periodic Benefit Cost and Amounts Recognized in Other Comprehensive Income
The components of net periodic benefit cost and amounts recognized in the Consolidated Statement of Comprehensive Income for 2025, 2024 and 2023 are shown in the table below:
Pension Benefits
202520242023Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202520242023
Net Periodic Benefit Cost
Service cost$365 $55 $357 $54 $342 $58 $30 $34 $33 
Interest cost505 207 465 191 448 193 99 98 97 
Expected return on plan assets(736)(205)(597)(196)(557)(204)— — — 
Amortization of prior service costs (credits)4 12 4 11 4 8 (23)(25)(25)
Recognized actuarial (gains) losses130 43 243 18 199 8 (15)(15)(19)
Settlement losses (gains)181 (4)— 1 56 — — — — 
Curtailment losses (gains)101 (7)— — — 2 (3)(1)— 
Special termination benefits26 — — — — 2 — — — 
Acquisition/Divestiture losses (gains)— — — — — (2)— — — 
Total net periodic benefit cost576 101 472 79 492 65 88 91 86 
Changes Recognized in Comprehensive Income
Net actuarial (gain) loss during period(22)83 (122)45 270 172 119 (151)108 
Amortization of actuarial (gain) loss(310)(40)(243)(19)(255)(8)15 15 19 
Prior service (credits) costs during period— (30)— 18 — 28 (29)30 1 
Amortization of prior service (costs) credits(4)(12)(4)(11)(4)(8)26 25 25 
Total changes recognized in other
comprehensive income
(336)1 (369)33 11 184 131 (81)153 
Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
$240 $102 $103 $112 $503 $249 $219 $10 $239 
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs The following weighted-average assumptions were used to determine benefit obligations and net periodic benefit costs for years ended December 31:
Pension Benefits
202520242023Other Benefits
U.S.Int’l.U.S.Int’l.U.S.Int’l.202520242023
Assumptions used to determine benefit obligations:
Discount rate5.5 %6.2 %5.7 %6.0 %5.0 %5.5 %5.4 %5.7 %5.1 %
Rate of compensation increase4.5 %4.0 %4.5 %3.9 %4.5 %3.9 %N/AN/AN/A
Cash balance interest crediting rate4.7 %N/AN/AN/AN/AN/AN/AN/AN/A
Assumptions used to determine net periodic benefit cost:
Discount rate for service cost5.7 %6.0 %5.0 %5.5 %5.2 %5.8 %5.8 %5.2 %5.4 %
Discount rate for interest cost5.1 %6.0 %4.8 %5.5 %5.0 %5.8 %5.4 %5.1 %5.2 %
Expected return on plan assets7.1 %6.2 %7.0 %5.9 %7.0 %6.1 %N/AN/AN/A
Rate of compensation increase4.5 %3.9 %4.5 %3.9 %4.5 %4.2 %N/AN/AN/A
Cash balance interest crediting rate4.8 %N/AN/AN/AN/AN/AN/AN/AN/A
Schedule of Fair Value Measurements of the Company's Pension Plans
The fair value measurements of the company’s pension plans for 2025 and 2024 are as follows:
U.S.Int’l.
TotalLevel 1Level 2Level 3NAVTotal Level 1Level 2Level 3NAV
At December 31, 2024
Equities
U.S.1
$1,866 $1,866 $— $— $— $180 $180 $— $— $— 
International1,208 1,197 — 11 — 107 97 — 10 — 
Collective Trusts/Mutual Funds2
1,191 4 — — 1,187 98 6 13 — 79 
Fixed Income
Government132 — 132 — — 167 99 68 — — 
Corporate1,042 — 1,042 — — 403 2 401 — — 
Bank Loans10 — 10 — — — — — — — 
Mortgage/Asset Backed1 — 1 — — 4 — 4 — — 
Collective Trusts/Mutual Funds2
2,342 — — — 2,342 1,594 2 10 — 1,582 
Mixed Funds3
— — — — — 76 — 76 — — 
Real Assets4
1,383 — — — 1,383 105 — 16 — 89 
Alternative Investments5
— — — — — 9 — 9 — — 
Cash and Cash Equivalents289 13 — — 276 108 90 — — 18 
Other6
73 (3)13 63 — 209 — 12 68 129 
Total at December 31, 2024$9,537 $3,077 $1,198 $74 $5,188 $3,060 $476 $609 $78 $1,897 
At December 31, 2025
Equities
U.S.1
$2,077 $2,077 $— $— $— $177 $177 $— $— $— 
International1,168 1,152 — 16 — 122 109 — 13 — 
Collective Trusts/Mutual Funds2
833 6 — — 827 100 5 18 — 77 
Fixed Income
Government672 — 672 — — 200 132 68 — — 
Corporate2,040 — 2,040 — — 532 1 531 — — 
Bank Loans22 — 22 — — — — — — — 
Mortgage/Asset Backed129 — 129 — — 5 — 5 — — 
Collective Trusts/Mutual Funds2
2,523 — — — 2,523 1,753 3 11 — 1,739 
Mixed Funds3
— — — — — 89 — 89 — — 
Real Assets4
1,594 — — — 1,594 118 — 22 — 96 
Alternative Investments5
423 — — — 423 14 — 8 — 6 
Cash and Cash Equivalents273 66 — — 207 93 90 — — 3 
Other6
33 (55)21 67 — 694 5 12 528 149 
Total at December 31, 2025$11,787 $3,246 $2,884 $83 $5,574 $3,897 $522 $764 $541 $2,070 
1 There were no investments in the company’s common stock at December 31, 2025 or December 31, 2024.
2 Collective Trusts/Mutual Funds for U.S. plans are entirely index funds; for International plans, they are mostly unit trust and index funds.
3 Mixed funds are composed of funds that invest in both equity and fixed-income instruments in order to diversify and lower risk.
4 Includes Real Estate and Infrastructure. The year-end valuations of U.S. Real Assets are based on third-party appraisals that occur at least once a year for each property in the portfolio.
5 Includes Private Equity.
6 The “Other” asset class includes net payables for securities purchased but not yet settled (Level 1); dividends and interest- and tax-related receivables (Level 2); insurance contracts (Level 3); and investments in private-equity limited partnerships (NAV).
Schedule of The Effect of Fair-Value Measurements Using Significant Unobservable Inputs on Changes in Level 3 Plan Assets for the Period
The effects of fair value measurements using significant unobservable inputs on changes in Level 3 plan assets are outlined below:
Equity
U.S.Int’l.Real EstateOtherTotal
Total at December 31, 2023$1 $— $— $137 $138 
Actual Return on Plan Assets:
Assets held at the reporting date(1)11 — — 10 
Assets sold during the period— 2 — 9 11 
Purchases, Sales and Settlements— 2 — (9)(7)
Transfers in and/or out of Level 3— 6 — (6)— 
Total at December 31, 2024$— $21 $— $131 $152 
Actual Return on Plan Assets:
Assets held at the reporting date— 8 — — 8 
Assets sold during the period— — — 10 10 
Purchases, Sales and Settlements— — — 454 454 
Transfers in and/or out of Level 3— — — — — 
Total at December 31, 2025$— $29 $— $595 $624 
Schedule of Benefit Payments, Which Include Estimated Future Service that are Expected to be Paid by The Company in the Next 10 Years
The following benefit payments, which include estimated future service, are expected to be paid by the company in the next 10 years:
Pension BenefitsOther
U.S.Int’l.Benefits
2026$1,900 $242 $162 
2027932 263 158 
2028850 281 154 
2029843 276 151 
2030834 284 149 
2031-20354,237 1,506 726