10-K – 2026-01-30 – R62.htm

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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
 

Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets
Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:

2025 2024
Projected benefit obligation at beginning of year $ 2,206  $ 2,426 
Interest cost 95  108 
Actuarial (gain) loss 38  (141)
GAC settlement transfer of obligations (1,339) — 
Lump sum cash settlement (924) (127)
Benefits paid (59) (60)
Projected benefit obligation at end of year
$ 17  $ 2,206 

Accumulated benefit obligation at end of year $ 17  $ 2,206 

Fair value of plan assets at beginning of year $ 2,313  $ 2,553 
Actual return on plan assets 137  (56)
Employer contributions 3  3 
GAC settlement transfer of obligations (1,339) — 
Lump sum cash settlement (924) (127)
Transfer to defined contribution plans (131) — 
Benefits paid (59) (60)
Fair value of plan assets at end of year $ —  $ 2,313 

Funded (unfunded) status $ (17) $ 107 

Schedule of Net Benefit Costs
The components of net periodic benefit (cost) for the years ended December 31, 2025, 2024 and 2023 consisted of the following:

Year Ended December 31,
2025 2024 2023
Interest cost $ (95) $ (108) $ (117)
Expected return on plan assets 96  113  124 
Remeasurement gain (loss) 3  (28) (223)
Net periodic pension benefit (costs) $ 4  $ (23) $ (216)

Schedule of Assumptions Used in the Calculation of Net Benefit Cost
Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

Year ended December 31,
2025 2024 2023
Expected long-term rate of return on plan assets 5.00  % 5.00  % 5.00  %
Discount rate 5.08  % 4.65  % 5.46  %

Schedule of Investment Assets by Fair Value Heirarchy Level
The following tables set forth the investment assets of the qualified pension plan by level within the fair value hierarchy as of December 31, 2024. In December 2025, following the settlement of the qualified pension plan benefit obligation, the excess plan assets were used as a qualified retirement plan transfer to the Company’s defined contribution benefit plans.

December 31, 2024
Fair Value Level 2 Level 3

Collective trust funds (a)
$ 806  $ 806  $ — 
Group annuity contract (b)
1,363  —  1,363 
Total investment assets 2,169  $ 806  $ 1,363 
Accrued investment income and other receivables 2 

Investments measured at net asset value (c)
142 
Fair value of plan assets $ 2,313 

(a) Collective trust funds consist of short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.
(b) In June 2023, the Company purchased a buy-in GAC which was initially recorded at the $1.4 billion purchase price and subsequently adjusted to fair value using changes to market conditions impacting the cash flow assumptions that were priced into the original contract. In December 2025, the buy-in GAC was converted to a buy-out with the remaining settlement obligation transferred to the insurer.
(c) As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. The primary investment classes include alternative and real estate funds. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table represents a rollforward of the GAC, which consist of Level 3 assets, as of December 31, 2025:

Year Ended December 31,
2025 2024
Balance, beginning of period $ 1,363  $ 1,464 
GAC buy-out (1,339) — 
Unrealized loss (24) (101)
Balance, end of period $ —  $ 1,363 

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- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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