v3.25.4
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
Changes in our PBO and plan assets were as follows for the years ended December 31:
Funded status
Millions20252024
Projected benefit obligation
Projected benefit obligation at beginning of year$3,513 $3,880 
Service cost41 52 
Interest cost179 186 
Actuarial loss/(gain)(41)(269)
Gross benefits paid(417)(336)
Projected benefit obligation at end of year$3,275 $3,513 
Plan assets
Fair value of plan assets at beginning of year$4,068 $4,400 
Actual return/(loss) on plan assets294 (28)
Non-qualified plan benefit contributions33 32 
Gross benefits paid(417)(336)
Fair value of plan assets at end of year$3,978 $4,068 
Funded status at end of year$703 $555 
Schedule of Amounts Recognized in Statement of Financial Position
Amounts recognized in the statement of financial position as of December 31, 2025 and 2024, consist of:
Millions20252024
Noncurrent assets$1,083 $950 
Current liabilities(32)(32)
Noncurrent liabilities(348)(363)
Net amounts recognized at end of year$703 $555 
Schedule of Pre-Tax Changes Recognized in Comprehensive Income/Loss
Pre-tax changes recognized in other comprehensive income/loss as of December 31, 2025, 2024, and 2023, were as follows:
Millions202520242023
Net actuarial (loss)/gain$93 $(11)$(159)
Amortization of:
Actuarial loss8 11 9 
Total$101 $- $(150)
Schedule of Accumulated benefit Obligation in Excess of Fair Value
The following table discloses only the PBO, ABO, and fair value of plan assets for pension plans where the accumulated benefit obligation is in excess of the fair value of the plan assets as of December 31:
Underfunded accumulated benefit obligation
Millions20252024
Projected benefit obligation$380 $395 
Accumulated benefit obligation$376 $389 
Fair value of plan assets- - 
Underfunded accumulated benefit obligation$(376)$(389)
Schedule of Weighted Average Actuarial Assumptions The weighted-average actuarial assumptions used to determine benefit obligations at December 31:
Percentages20252024
Discount rate5.53%5.61%
Compensation increase3.60%4.00%
The weighted-average actuarial assumptions used to determine expense were as follows:
Percentages202520242023
Discount rate for interest on benefit obligations5.32%4.91%5.14%
Discount rate for service cost5.75%5.05%5.19%
Discount rate for interest on service cost5.68%5.02%5.21%
Expected return on plan assets5.25%5.25%5.25%
Compensation increase3.90%4.00%4.10%
Schedule of Net Periodic Pension Benefit/Cost
The components of our net periodic pension benefit/cost were as follows for the years ended December 31:
Millions202520242023
Service cost$41 $52 $52 
Interest cost179 186 187 
Expected return on plan assets(242)(252)(248)
Amortization of actuarial loss8 11 9 
Net periodic pension (benefit)/cost$(14)$(3)$- 
Schedule of Cash Contributions
The following table details cash contributions, if any, for the qualified and non-qualified (supplemental) pension plans:
MillionsQualified Non-qualified
2025$- $33 
2024$- $32 
Schedule of Expected Benefit Payments
The following table details expected benefit payments for the years 2026 through 2035:
Millions
2026$213 
2027213 
2028214 
2029215 
2030216 
Years 2031 - 2035$1,104 
Schedule of Pension Plan Asset Allocation
Our pension plan asset allocation at December 31, 2025 and 2024, and target allocation for 2026, are as follows:
Target
allocation 2026		Percentage of plan assets
December 31,
20252024
Equity securities
20% to 30%
23 %24%
Debt securities
70% to 80%
76 75 
Real estate
0% to 2%
1 1 
Total100 %100%
Schedule of Pension Plan Measured at Fair Value on Recurring Basis
As of December 31, 2025, the pension plan assets measured at fair value on a recurring basis were as follows:
MillionsQuoted prices
in active
markets for
identical inputs
(Level 1)		Significant
other
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Total
Plan assets at fair value:
Federal government securities$- $1,471 $- $1,471 
Bonds and debentures- 1,492 - 1,492 
Corporate stock235 2 - 237 
Total plan assets at fair value$235 $2,965 $- $3,200 
Plan assets at NAV:
Venture capital and buyout partnerships413 
Real estate funds20 
Collective trust and other funds306 
Total plan assets at NAV$739 
Other assets/(liabilities) [a]39 
Total plan assets$3,978 
As of December 31, 2024, the pension plan assets measured at fair value on a recurring basis were as follows:
MillionsQuoted prices
in active
markets for
identical inputs
(Level 1)		Significant
other
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Total
Plan assets at fair value:
Federal government securities$- $1,448 $- $1,448 
Bonds and debentures- 1,512 - 1,512 
Corporate stock220 6 - 226 
Total plan assets at fair value$220 $2,966 $- $3,186 
Plan assets at NAV:
Venture capital and buyout partnerships446 
Real estate funds26 
Collective trust and other funds370 
Total plan assets at NAV$842 
Other assets/(liabilities) [a]40 
Total plan assets$4,068 
[a]Includes accrued receivables, net payables, and pending broker settlements.