v3.25.4
Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The net periodic benefit cost (credit) for pension and other postretirement benefit plans consisted of the following components:
Pension Benefits
U.S.InternationalOther Postretirement Benefits
Years Ended December 31202520242023202520242023202520242023
Service cost$378 $373 $326 $228 $243 $196 $37 $30 $32 
Interest cost569 537 526 303 294 299 61 56 63 
Expected return on plan assets(840)(826)(735)(613)(554)(517)(50)(80)(64)
Amortization of unrecognized prior service (credit) cost
— — (1)(28)(13)2 (40)(43)(49)
Net loss (gain) amortization58 43 — 11 5 (3)(45)(51)(42)
Termination benefits2 5 3 — 1 — — 4 — 
Curtailments9 — 8 (15)— (1)(3)— (1)
Settlements— — 28 — (1)(5)— — — 
Net periodic benefit cost (credit)$176 $132 $155 $(114)$(25)$(29)$(40)$(84)$(61)
Obligation and Funded Status
Summarized information about the changes in plan assets and benefit obligations, the funded status and the amounts recorded at December 31 is as follows:
Pension BenefitsOther
Postretirement
Benefits
U.S.International
202520242025202420252024
Fair value of plan assets January 1$9,717 $9,804 $9,647 $9,562 $1,040 $1,045 
Actual return on plan assets1,435 266 318 637 86 35 
Company contributions267 262 195 198 71 46 
Effects of exchange rate changes— — 1,010 (522)— — 
Benefits paid(689)(615)(268)(250)(90)(89)
Settlements— — (38)(14)— — 
Other— — 42 36 — 3 
Fair value of plan assets December 31$10,730 $9,717 $10,906 $9,647 $1,107 $1,040 
Benefit obligation January 1$10,151 $10,446 $8,274 $9,042 $1,136 $1,104 
Service cost378 373 228 243 37 30 
Interest cost569 537 303 294 61 56 
Actuarial losses (gains) (1)
178 (595)(962)(549)34 32 
Benefits paid(689)(615)(268)(250)(90)(89)
Effects of exchange rate changes— — 879 (473)3 (4)
Plan amendments— — (5)(56)— — 
Curtailments9 — (4)— (2)— 
Termination benefits2 5 — 1 — 4 
Settlements— — (38)(14)— — 
Other— — 45 36 — 3 
Benefit obligation December 31$10,598 $10,151 $8,452 $8,274 $1,179 $1,136 
Funded status December 31$132 $(434)$2,454 $1,373 $(72)$(96)
Recognized as:
Other Assets$602 $26 $2,770 $1,785 $66 $51 
Accrued and other current liabilities(58)(55)(20)(18)(7)(7)
Other Noncurrent Liabilities(412)(405)(296)(394)(131)(140)
(1)    Actuarial losses (gains) primarily reflect changes in discount rates.
Funded Status of Selected Pension Plans
Information related to the funded status of select pension plans at December 31 is as follows:
U.S.International
2025202420252024
Pension plans with a projected benefit obligation in excess of plan assets
Projected benefit obligation
$469 $9,517 $1,405 $1,847 
Fair value of plan assets— 9,057 1,089 1,435 
Pension plans with an accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation$449 $442 $1,332 $1,768 
Fair value of plan assets— — 1,038 1,385 
Funded Status of Selected Pension Plans
Information related to the funded status of select pension plans at December 31 is as follows:
U.S.International
2025202420252024
Pension plans with a projected benefit obligation in excess of plan assets
Projected benefit obligation
$469 $9,517 $1,405 $1,847 
Fair value of plan assets— 9,057 1,089 1,435 
Pension plans with an accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation$449 $442 $1,332 $1,768 
Fair value of plan assets— — 1,038 1,385 
Schedule of Allocation of Plan Assets
The fair values of the Company’s pension plan assets at December 31 by asset category are as follows:
 Fair Value Measurements UsingFair Value Measurements Using
Level 1Level 2Level 3
NAV (1)
TotalLevel 1Level 2Level 3
NAV (1)
Total
20252024
U.S. Pension Plans
Cash and cash equivalents$200 $— $— $142 $342 $43 $— $— $121 $164 
Investment funds
Developed markets equities196 — — 3,278 3,474 170 — — 2,385 2,555 
Emerging markets equities— — — 905 905 — — — 1,265 1,265 
Real estate— — — 298 298 — — — 174 174 
Equity securities
Developed markets2,109 — — — 2,109 2,171 — — — 2,171 
Fixed income securities
Government and agency obligations— 2,206 — — 2,206 — 2,101 — — 2,101 
Corporate obligations— 1,397 — — 1,397 — 1,293 — — 1,293 
Mortgage and asset-backed securities— 18 — — 18 — 21 — — 21 
Other investments (liabilities)
Derivatives(21)— — — (21)(29)— — — (29)
Other— — 2 — 2 — — 2 — 2 
Plan assets at fair value$2,484 $3,621 $2 $4,623 $10,730 $2,355 $3,415 $2 $3,945 $9,717 
International Pension Plans
Cash and cash equivalents$90 $5 $— $11 $106 $112 $— $— $11 $123 
Investment funds
Developed markets equities815 4,024 — 135 4,974 599 3,537 — 96 4,232 
Government and agency obligations323 3,306 — 157 3,786 262 2,974 — 149 3,385 
Corporate obligations25 10 — 156 191 23 8 — 149 180 
Emerging markets equities71 — — 90 161 54 — — 91 145 
Other fixed income obligations27 5 — 4 36 8 7 — 4 19 
Real estate— — — 17 17 — — — 12 12 
Equity securities
Developed markets289 — — — 289 287 — — — 287 
Fixed income securities
Government and agency obligations— 413 — — 413 — 368 — — 368 
Corporate obligations— 147 — — 147 — 141 — — 141 
Mortgage and asset-backed securities— 51 — — 51 — 54 — — 54 
Other investments
Insurance contracts (2)
— — 735 — 735 — 1 698 2 701 
Plan assets at fair value$1,640 $7,961 $735 $570 $10,906 $1,345 $7,090 $698 $514 $9,647 
(1)    Certain investments that were measured at net asset value (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 fair value of plan assets at December 31, 2025 and 2024.
(2)    The plans’ Level 3 investments in insurance contracts are generally valued using a crediting rate that approximates market returns and invest in underlying securities whose market values are unobservable and determined using pricing models, discounted cash flow methodologies, or similar techniques.
The fair values of the Company’s other postretirement benefit plan assets at December 31 by asset category are as follows:
 Fair Value Measurements UsingFair Value Measurements Using
Level 1Level 2Level 3
NAV (1)
TotalLevel 1Level 2Level 3
NAV (1)
Total
20252024
Cash and cash equivalents$14 $— $— $4 $18 $— $— $— $5 $5 
Investment funds
Developed markets equities3 — — 58 61 3 — — 46 49 
Emerging markets equities— — — 16 16 — — — 24 24 
Real estate— — — 5 5 — — — 3 3 
Equity securities
Developed markets38 — — — 38 41 — — — 41 
Fixed income securities
Corporate obligations— 645 — — 645 — 598 — — 598 
Government and agency obligations— 261 — — 261 — 266 — — 266 
Mortgage and asset-backed securities— 63 — — 63 — 54 — — 54 
Plan assets at fair value$55 $969 $— $83 $1,107 $44 $918 $— $78 $1,040 
(1)    Certain investments that were measured at net asset value (NAV) per share or its equivalent have not been classified in the fair value hierarchy. The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at December 31, 2025 and 2024.
Summary of Changes in Fair Value of Company's Level 3 Pension Plan Assets
The table below provides a summary of the changes in fair value, including transfers in and/or out, of all financial assets measured at fair value using significant unobservable inputs (Level 3) for the Company’s pension plan assets:
 20252024
Insurance
Contracts		OtherTotalInsurance
Contracts		OtherTotal
U.S. Pension Plans
Balance January 1$— $2 $2 $— $3 $3 
Actual return on plan assets:
Relating to assets still held at December 31— — — — (2)(2)
Relating to assets sold during the year— — — — 2 2 
Purchases and sales, net— — — — (1)(1)
Balance December 31$— $2 $2 $— $2 $2 
International Pension Plans
Balance January 1$698 $— $698 $785 $— $785 
Actual return on plan assets:
Relating to assets still held at December 31117 — 117 (26)— (26)
Purchases and sales, net(85)— (85)(61)— (61)
Transfers into Level 3
5 — 5 — — — 
Balance December 31$735 $— $735 $698 $— $698 
Summary of Expected Benefit Payments
Expected benefit payments are as follows:
U.S. Pension BenefitsInternational Pension
Benefits		Other
Postretirement
Benefits
2026$834 $334 $88 
2027832 323 90 
2028833 336 94 
2029847 354 98 
2030866 362 102 
2031 — 20354,531 2,108 554 
Components of Other Comprehensive Income (Loss) The following amounts were reflected as components of OCI:
 Pension PlansOther Postretirement
Benefit Plans
U.S.International
Years Ended December 31202520242023202520242023202520242023
Net gain (loss) arising during the period$408 $35 $(69)$686 $634 $(438)$2 $(78)$110 
Prior service credit (cost) arising during the period— — — 5 56 (16)— — — 
 $408 $35 $(69)$691 $690 $(454)$2 $(78)$110 
Net loss (gain) amortization included in benefit cost$58 $43 $— $11 $5 $(3)$(45)$(51)$(42)
Prior service (credit) cost amortization included in benefit cost— — (1)(28)(13)2 (40)(43)(49)
Settlements and curtailments9 — 36 (15)(1)(6)(3)— (1)
 $67 $43 $35 $(32)$(9)$(7)$(88)$(94)$(92)
Summary of Weighted Average Assumptions Used in Determining Pension Plan and U.S. Pension and Other Postretirement Benefit Plan Information
The Company reassesses its benefit plan assumptions on a regular basis. The weighted average assumptions used in determining U.S. pension and other postretirement benefit plan and international pension plan information are as follows:
 U.S. Pension and Other
Postretirement Benefit Plans		International Pension Plans
December 31202520242023202520242023
Net periodic benefit cost      
Discount rate5.70 %5.30 %5.50 %3.70 %3.40 %3.90 %
Expected rate of return on plan assets7.70 %7.75 %7.00 %5.40 %5.20 %5.00 %
Salary growth rate4.80 %4.60 %4.60 %3.10 %3.20 %3.20 %
Interest crediting rate5.40 %5.30 %5.30 %3.50 %3.40 %3.30 %
Benefit obligation      
Discount rate5.60 %5.70 %5.30 %4.20 %3.70 %3.40 %
Salary growth rate4.80 %4.80 %4.60 %3.10 %3.10 %3.20 %
Interest crediting rate5.40 %5.40 %5.30 %3.70 %3.50 %3.40 %
Summary of Health Care Cost Trend Rate Assumptions for Other Postretirement Benefit Plans
The health care cost trend rate assumptions for other postretirement benefit plans are as follows:
December 3120252024
Health care cost trend rate assumed for next year8.50 %7.90 %
Rate to which the cost trend rate is assumed to decline4.50 %4.50 %
Year that the trend rate reaches the ultimate trend rate20412040