v3.25.4
Pensions and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Contributions to Defined Benefit Pension Plans The following table summarizes contributions made to the defined benefit pension plans:
Years Ended December 31,
202520242023
U.S. hourly and salaried$67 $526 $357 
Non-U.S.134 653 395 
Total$201 $1,179 $753 
Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status
Year Ended December 31, 2025Year Ended December 31, 2024
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S.
Change in benefit obligations
Beginning benefit obligation$40,142 $11,604 $4,337 $44,481 $13,140 $4,701 
Service cost94 168 9 113 156 10 
Interest cost1,995 479 219 2,132 505 226 
Amendments— — — 15 51 — 
Actuarial (gains) losses1,142 (101)91 (1,600)(350)(179)
Benefits paid(4,172)(996)(363)(4,140)(931)(363)
Foreign currency translation adjustments— 917 51 — (882)(95)
Curtailments, settlements, and other8 (29)26 (859)(85)37 
Ending benefit obligation39,209 12,042 4,372 40,142 11,604 4,337 
Change in plan assets
Beginning fair value of plan assets38,298 9,121 — 42,287 9,819 — 
Actual return on plan assets4,353 355 — 487 288 — 
Employer contributions67 134 338 526 653 338 
Benefits paid(4,172)(996)(363)(4,140)(931)(363)
Foreign currency translation adjustments— 539 — — (610)— 
Settlements and other6 (40)25 (862)(98)25 
Ending fair value of plan assets38,552 9,113 — 38,298 9,121 — 
Ending funded status$(657)$(2,929)$(4,372)$(1,844)$(2,483)$(4,337)
Amounts recorded in the consolidated balance sheets
Non-current assets$141 $1,647 $— $— $1,575 $— 
Current liabilities(67)(319)(346)(68)(54)(347)
Non-current liabilities(731)

(4,257)(4,025)(1,776)(4,004)(3,990)
Net amount recorded$(657)$(2,929)$(4,372)$(1,844)$(2,483)$(4,337)
Amounts recorded in Accumulated other comprehensive loss
Net actuarial loss$(3,254)$(2,459)$(255)$(3,953)$(2,242)$(152)
Net prior service (cost) credit(683)(117)(6)(747)(117)(5)
Total recorded in Accumulated other comprehensive loss$(3,937)$(2,576)$(261)$(4,700)$(2,359)$(157)
Schedule of amounts recorded in the consolidated balance sheets
Year Ended December 31, 2025Year Ended December 31, 2024
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S.
Change in benefit obligations
Beginning benefit obligation$40,142 $11,604 $4,337 $44,481 $13,140 $4,701 
Service cost94 168 9 113 156 10 
Interest cost1,995 479 219 2,132 505 226 
Amendments— — — 15 51 — 
Actuarial (gains) losses1,142 (101)91 (1,600)(350)(179)
Benefits paid(4,172)(996)(363)(4,140)(931)(363)
Foreign currency translation adjustments— 917 51 — (882)(95)
Curtailments, settlements, and other8 (29)26 (859)(85)37 
Ending benefit obligation39,209 12,042 4,372 40,142 11,604 4,337 
Change in plan assets
Beginning fair value of plan assets38,298 9,121 — 42,287 9,819 — 
Actual return on plan assets4,353 355 — 487 288 — 
Employer contributions67 134 338 526 653 338 
Benefits paid(4,172)(996)(363)(4,140)(931)(363)
Foreign currency translation adjustments— 539 — — (610)— 
Settlements and other6 (40)25 (862)(98)25 
Ending fair value of plan assets38,552 9,113 — 38,298 9,121 — 
Ending funded status$(657)$(2,929)$(4,372)$(1,844)$(2,483)$(4,337)
Amounts recorded in the consolidated balance sheets
Non-current assets$141 $1,647 $— $— $1,575 $— 
Current liabilities(67)(319)(346)(68)(54)(347)
Non-current liabilities(731)

(4,257)(4,025)(1,776)(4,004)(3,990)
Net amount recorded$(657)$(2,929)$(4,372)$(1,844)$(2,483)$(4,337)
Amounts recorded in Accumulated other comprehensive loss
Net actuarial loss$(3,254)$(2,459)$(255)$(3,953)$(2,242)$(152)
Net prior service (cost) credit(683)(117)(6)(747)(117)(5)
Total recorded in Accumulated other comprehensive loss$(3,937)$(2,576)$(261)$(4,700)$(2,359)$(157)
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets:
December 31, 2025December 31, 2024
U.S. Non-U.S. U.S. Non-U.S.
ABO$39,191 $11,914 $40,126 $11,516 
Plans with ABO in excess of plan assets
ABO$4,188 $4,510 $40,126 $4,267 
Fair value of plan assets$3,408 $64 $38,298 $298 
Plans with PBO in excess of plan assets
PBO$4,206 $4,686 $40,141 $4,396 
Fair value of plan assets$3,408 $108 $38,298 $338 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets:
December 31, 2025December 31, 2024
U.S. Non-U.S. U.S. Non-U.S.
ABO$39,191 $11,914 $40,126 $11,516 
Plans with ABO in excess of plan assets
ABO$4,188 $4,510 $40,126 $4,267 
Fair value of plan assets$3,408 $64 $38,298 $298 
Plans with PBO in excess of plan assets
PBO$4,206 $4,686 $40,141 $4,396 
Fair value of plan assets$3,408 $108 $38,298 $338 
Schedule of Net Periodic Pension and OPEB expense
The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Components of expense
Service cost$166$177$10$185$165$10$173$173$9
Interest cost1,9954792192,1325052262,273551236
Expected return on plan assets(2,593)(535)—(2,740)(521)—(2,922)(573)—
Amortization of net actuarial (gains) losses1041(15)8461—32(23)
Curtailments, settlements, and other6510—5618(1)126332
Net periodic pension and OPEB (income) expense$(357)$172$214$(359)$213$236$(350)$216$224
Weighted-average assumptions used to determine benefit obligations(a)
Discount rate5.18 %4.84 %5.26 %5.56 %4.68 %5.51 %5.12 %4.41 %5.13 %
Weighted-average assumptions used to determine net expense(a)
Discount rate5.29 %5.21 %5.36 %5.08 %5.10 %5.13 %5.37 %5.33 %5.48 %
Expected rate of return on plan assets6.54 %5.51 %N/A6.27 %5.25 %N/A6.30 %5.65 %N/A
__________
(a)    The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans.
Schedule of Assumptions Used
The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations:
Year Ended December 31, 2025Year Ended December 31, 2024Year Ended December 31, 2023
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Components of expense
Service cost$166$177$10$185$165$10$173$173$9
Interest cost1,9954792192,1325052262,273551236
Expected return on plan assets(2,593)(535)—(2,740)(521)—(2,922)(573)—
Amortization of net actuarial (gains) losses1041(15)8461—32(23)
Curtailments, settlements, and other6510—5618(1)126332
Net periodic pension and OPEB (income) expense$(357)$172$214$(359)$213$236$(350)$216$224
Weighted-average assumptions used to determine benefit obligations(a)
Discount rate5.18 %4.84 %5.26 %5.56 %4.68 %5.51 %5.12 %4.41 %5.13 %
Weighted-average assumptions used to determine net expense(a)
Discount rate5.29 %5.21 %5.36 %5.08 %5.10 %5.13 %5.37 %5.33 %5.48 %
Expected rate of return on plan assets6.54 %5.51 %N/A6.27 %5.25 %N/A6.30 %5.65 %N/A
__________
(a)    The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans.
Schedules of Fair Value of Plan Assets by Asset Class and Target Allocations The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans:
December 31, 2025December 31, 2024
U.S.Non-U.S.U.S.Non-U.S.
Equity16 %9 %11 %9 %
Debt60 %77 %60 %74 %
Other(a)24 %14 %29 %17 %
Total100 %100 %100 %100 %
__________
(a)    Primarily includes private equity, real estate, and absolute return strategies, which mainly consist of hedge funds.
Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class:
December 31, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
U.S. Pension Plan Assets
Common and preferred stocks$14 $— $— $14 $15 $— $— $15 
Government and agency debt securities(a)— 12,025 — 12,025 — 11,728 — 11,728 
Corporate and other debt securities— 13,820 — 13,820 — 15,155 — 15,155 
Other investments, net(b)(c)(16)(3,205)388 (2,833)(75)(3,662)389 (3,348)
Net plan assets subject to leveling$(2)$22,640 $388 23,026 $(60)$23,221 $389 23,550 
Plan assets measured at net asset value
Investment funds9,841 10,025 
Private equity and debt investments3,216 2,961 
Real estate investments2,645 2,655 
Total plan assets measured at net asset value15,702 15,641 
Other plan assets (liabilities), net(d)(176)(893)
Net plan assets$38,552 $38,298 
December 31, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Non-U.S. Pension Plan Assets
Common and preferred stocks$— $— $— $— $98 $— $— $98 
Government and agency debt securities(a)— 2,402 6 2,408 — 2,262 5 2,267 
Corporate and other debt securities— 2,149 5 2,154 — 2,336 8 2,344 
Other investments, net(b)(c)2 (99)36 (61)8 (151)35 (108)
Net plan assets subject to leveling$2 $4,452 $47 4,501 $106 $4,447 $48 4,601 
Plan assets measured at net asset value
Investment funds3,312 3,303 
Private equity and debt investments422 406 
Real estate investments700 689 
Total plan assets measured at net asset value4,434 4,398 
Other plan assets (liabilities), net(d)178 122 
Net plan assets$9,113 $9,121 
__________
(a)Includes U.S. and sovereign government and agency issues.
(b)Includes net derivative assets (liabilities).
(c)Level 2 Other investments, net includes approximately $4.1 billion and $3.6 billion of U.S. reverse repurchase agreements at December 31, 2025 and 2024, and approximately $125 million and $185 million of Canadian reverse repurchase agreements at December 31, 2025 and 2024.
(d)Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees, and other expenses.
Schedule of Expected Net Benefit Payments The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service:
Pension BenefitsGlobal OPEB Plans
U.S. PlansNon-U.S. Plans
2026$4,014 $1,042 $351 
2027$3,954 $929 $347 
2028$3,802 $913 $344 
2029$3,607 $896 $342 
2030$3,477 $886 $339 
2031–2035
$15,237 $4,181 $1,636