v3.25.4
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS
The significant defined benefit pension and OPEB plans of the Company are summarized below. Unless otherwise noted, all values within this footnote are inclusive of balances and activity associated with the Electronics Business through the spinoff and all Aramids activity related to discontinued operations. The Company transferred standalone and split plans associated with the Electronics Business on the separation date.

Defined Benefit Pension Plans
DuPont has both funded and unfunded defined benefit pension plans covering employees in a number of non-US countries. The United Kingdom qualified plan is the largest pension plan held by DuPont.

DuPont's funding policy is consistent with the funding requirements of each country's laws and regulations. Pension coverage for employees of DuPont's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. During 2025, the Company contributed $55 million to its benefit plans. DuPont expects to contribute approximately $55 million to its benefit plans in 2026.

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for all plans are summarized in the table below:
Weighted-Average Assumptions for Pension Plans Benefit Obligations
 at December 31,		Net Periodic Costs
for the Years Ended
 20252024202520242023
Discount rate3.54 %3.67 %3.35 %3.46 %3.05 %
Interest crediting rate for applicable benefits1.75 %1.75 %1.75 %2.00 %2.25 %
Rate of compensation increase3.05 %3.41 %3.01 %3.11 %3.25 %
Expected return on plan assetsN/AN/A4.19 %4.43 %3.61 %

Other Post-employment Benefit Plans
The Company retained U.S. and foreign other post-employment benefit obligations with the U.S. long-term disabilities plan being the largest and accounting for most of the Company's total other post-employment benefit obligations. In comparison to the Company's defined benefit pension plans, the Company's other post-employment benefit plans are not significant. The total other post-employment benefits projected benefit obligation was $17 million as of December 31, 2025 and $27 million as of December 31, 2024. The decrease in the Company's OPEB projected benefit obligation is due to the portion that was spun off with the Electronics Business separation.

Assumptions
The Company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics.

Service cost and interest cost for all other plans are determined on the basis of the discount rates derived in determining those plan obligations. The discount rates utilized to measure the majority of pension and other postretirement obligations are based on the Aon AA corporate bond yield curves applicable to each country at the measurement date. DuPont utilizes the mortality tables and generational mortality improvement scales, where available, developed in each of the respective countries in which the Company holds plans.
Summarized information on the Company's pension and other postretirement benefit plans is as follows:
Change in Projected Benefit Obligations of All Plans20252024
In millions
Change in projected benefit obligations:
Benefit obligations at beginning of year$2,435 $2,704 
Service cost16 17 
Interest cost82 84 
Plan participants' contributions4 9 
Actuarial changes in assumptions and experience
(48)(49)
Benefits paid(192)(208)
Plan amendments1 — 
Transfer to Qnity at spin-off(411)— 
Effect of foreign exchange rates235 (122)
Settlements/curtailments(66)— 
Benefit obligations at end of year$2,056 $2,435 

Change in Plan Assets and Funded Status of All Plans20252024
In millions
Change in plan assets:
Fair value of plan assets at beginning of year$2,161 $2,424 
Actual return on plan assets 47 (14)
Employer contributions55 51 
Plan participants' contributions4 9 
Benefits paid(192)(208)
Effect of foreign exchange rates205 (101)
Settlements (69)— 
Transfer to Qnity at spin-off(346)— 
Fair value of plan assets at end of year$1,865 $2,161 
Funded status:
Plans with plan assets$230 $186 
All other plans(421)(460)
Funded status at end of year$(191)$(274)

The following tables summarize the amounts recognized in the Consolidated Balance Sheets for all plans:
Amounts Recognized in the Consolidated Balance Sheets for All PlansDecember 31, 2025December 31, 2024
In millions
Amounts recognized in the consolidated balance sheets:
Deferred charges and other assets$293 $291 
Accrued and other current liabilities(47)(42)
Pension and other postretirement benefits - noncurrent(437)(523)
Net amount recognized$(191)$(274)
Pretax amounts recognized in accumulated other comprehensive loss (income):
Net loss (gain)$173 $167 
Prior service credit— (4)
Pretax balance in accumulated other comprehensive loss at end of year
$173 $163 

The accumulated benefit obligation for all pension plans was $2.0 billion and $2.4 billion at December 31, 2025 and December 31, 2024, respectively.
Pension Plans with Accumulated Benefit Obligations in Excess of Plan AssetsDecember 31, 2025December 31, 2024
In millions
Accumulated benefit obligations$573 $646 
Fair value of plan assets$120 $134 
Pension Plans with Projected Benefit Obligations in Excess of Plan AssetsDecember 31, 2025December 31, 2024
In millions
Projected benefit obligations$583 $683 
Fair value of plan assets$120 $144 
Net Periodic Benefit Costs for All Plans for the Years Ended December 31,202520242023
In millions
Net Periodic Benefit Costs:
Service cost$16 $17 $25 
Interest cost82 84 99 
Expected return on plan assets(88)(100)(92)
Amortization of prior service credit(3)(3)(3)
Amortization of unrecognized net loss (gain)1 — (1)
Curtailment/settlement/other (gain) loss(2)1 (3)
Net periodic benefit costs (credits) - Total$6 $(1)$25 
Less: Net periodic benefit costs - Discontinued operations3 — 2 
Net periodic benefit costs (credits) - Continuing operations 1
$3 $(1)$23 
Changes in plan assets and benefit obligations recognized in other comprehensive loss (income):
Net (gain) loss2
$(7)$70 $108 
Amortization of prior service credit3 3 3 
Amortization of unrecognized (loss) gain(1)— 1 
Curtailment revaluation (gain) loss(2)— — 
Settlement benefit (charge)6 (1)3 
Effect of foreign exchange rates18 (1)1 
Transfer to Qnity at spin-off(1)— — 
Plan amendments1 — — 
Total recognized in other comprehensive loss (income)$17 $71 $116 
Total recognized in net periodic benefit costs (credits) and other comprehensive loss (income)$20 $70 $139 
1. Refer to the separate table below for details of Net Periodic Benefit Costs for Plans in Continuing Operations.
2. The actuarial gain for the year ended December 31, 2025 was primarily due to increasing discount rates on the projected benefit obligations, partially offset by a loss on assets in excess of what was expected. The actuarial loss for the year ended December 31, 2024 was primarily due to losses on assets in excess of what was expected, partially offset by gains due to discount rates on the projected benefit obligations.
Net Periodic Benefit Costs for Plans in Continuing Operations for the Years Ended December 31,202520242023
In millions
Net Periodic Benefit Costs:
Service cost$8 $8 $10 
Interest cost67 63 71 
Expected return on plan assets(69)(73)(56)
Amortization of prior service credit(2)(2)(1)
Amortization of unrecognized net loss2 1 1 
Curtailment/settlement(3)2 (2)
Net periodic benefit costs (credits) - Continuing operations$3 $(1)$23 
Estimated Future Benefit Payments
The estimated future benefit payments of continuing operations, reflecting expected future service, as appropriate, are presented in the following table:
Estimated Future Benefit Payments at December 31, 2025
In millions
2026$164 
2027155 
2028155 
2029158 
2030153 
Years 2031-2035732 
Total$1,517 

Plan Assets
Plan assets consist primarily of equity and fixed income securities of U.S. and foreign issuers, and alternative investments such as insurance contracts, pooled investment vehicles and private market securities. At December 31, 2025, plan assets totaled $1.9 billion.

The Company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. The assets are managed by professional investment firms unrelated to the Company. Pension trust funds are permitted to enter into certain contractual arrangements generally described as derivative instruments. Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner.

Equity securities primarily included investments in large- and small-cap companies located in both developed and emerging markets around the world. Global equity securities include varying market capitalization levels. U.S. equity investments are primarily large-cap companies. Fixed income securities included investment and non-investment grade corporate bonds of companies diversified across industries, U.S. treasuries, non-U.S. developed market securities, U.S. agency mortgage-backed securities, emerging market securities and fixed income related funds. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S fixed income securities. Alternative investments primarily included investments in real estate, various insurance contracts and interest rate, equity, commodity and foreign exchange derivative investments and hedges. Other investments include cash and cash equivalents, pooled investment vehicles, hedge funds and private market securities such as interests in private equity and venture capital partnerships.

The weighted-average target allocation for plan assets of DuPont's pension plans is summarized as follows:
Target Allocation for Plan Assets at December 31, 2025DuPont
Asset Category
Equity securities2 %
Fixed income securities9 
Alternative investments26 
Hedge funds17 
Pooled investment vehicles42 
Other investments4 
Total 100 %

Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs.
For pension plan assets classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For other pension plan assets for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models.

For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Valuations of the investments are provided by investment managers or fund managers. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Valuations of insurance contracts are contractually determined and are based on exit price valuations or contract value. Adjustments to valuations are made where appropriate.

Certain pension plan assets are held in funds where fair value is based on an estimated net asset value per share (or its equivalent) as of the most recently available fund financial statements which are received on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate to arrive at an estimated net asset value per share at the measurement date. Where available, audited annual financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. These funds are not classified within the fair value hierarchy.
The following table summarizes the bases used to measure the Company’s pension plan assets at fair value for the years ended December 31, 2025 and 2024:
Basis of Fair Value MeasurementsDecember 31, 2025December 31, 2024
In millionsTotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash and cash equivalents$18 $18 $— $— $52 $52 $— $— 
Equity securities:
U.S. equity securities$19 $19 $— $— $20 $20 $— $— 
Non - U.S. equity securities24 24 — — 26 26 — — 
Total equity securities$43 $43 $— $— $46 $46 $— $— 
Fixed income securities:
Debt - government-issued$23 $— $23 $— $34 $— $34 $— 
Debt - corporate-issued4 — 4 — 4 — 4 — 
Total fixed income securities$27 $— $27 $— $38 $— $38 $— 
Alternative investments:
Real estate$90 $— $— $90 $75 $— $— $75 
   Insurance contracts386 — — 386 468 — — 468 
Derivatives - asset position3 — 3 — — — — — 
Derivatives - liability position— — — — (3)— (3)— 
Total alternative investments$479 $— $3 $476 $540 $— $(3)$543 
Other Investments:
Pooled investment vehicles$767 $767 $— $— $685 $685 $— $— 
   Other investments11 — $11 $— — — — — 
Total other investments$778 $767 $11 $— $685 $685 $— $— 
Subtotal$1,345 $828 $41 $476 $1,361 $783 $35 $543 
Investments measured at net asset value:
Debt - government-issued$141 $147 
Hedge funds301 552 
Private market securities43 101 
Pooled investment vehicles10 — 
Total investments measured at net asset value
$495 $800 
Items to reconcile to fair value of plan assets:
Pension trust receivables 1
$25    $—    
Pension trust payables 2
—    — 
Total$1,865    $2,161    
1. Primarily receivables for investment securities sold.
2. Primarily payables for investment securities purchased.
The following table summarizes the changes in the fair value of Level 3 pension plan assets for the years ended December 31, 2025 and 2024:
Fair Value Measurement of Level 3 Pension Plan AssetsReal EstateInsurance ContractsTotal
In millions
Balance at January 1, 2024$79 $524 $603 
Actual return on assets:
Relating to assets held at December 31, 2024(6)(56)(62)
Purchases, sales and settlements, net2 (3)(1)
Transfers into Level 3— 3 3 
Balance at December 31, 2024$75 $468 $543 
Actual return on assets:
Relating to assets held at December 31, 202515 30 45 
Purchases, sales and settlements, net— (89)(89)
Transfers out of Level 3 1
— (23)(23)
Balance at December 31, 2025$90 $386 $476 
1. Related to the Electronics Separation.

Defined Contribution Plans
The Company provides defined contribution benefits to its employees. The most significant is the U.S. Retirement Savings Plan ("the Plan"), which covers all U.S. full-service employees. This Plan includes a non-leveraged Employee Stock Ownership Plan ("ESOP"). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the Company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of the Company may participate. Currently, the Company contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution. The Company's matching contributions vest immediately upon contribution. The 3 percent nonmatching employer contribution vests after employees complete three years of service. The Company's matching contributions to the Plan were $59 million in 2025 and $60 million in 2024. The Company's nonmatching contributions to the Plan were $32 million for both years ended in 2025 and 2024. In total, the Company's contributions to the Plan were $91 million in 2025 and $92 million in 2024. 2025 amounts are inclusive of Electronics Business through the spin-off and all Aramids activity related to discontinued operations. All amounts in 2024 are inclusive of Electronics Business and Aramids activity related to discontinued operations.
In addition, the Company made contributions to other defined contribution plans for both years ended in 2025 and 2024 in the amount of $32 million. 2025 amounts are inclusive of Electronics Business through the spin-off and Aramids activity related to discontinued operations. All amounts in 2024 are inclusive of Electronics Business and Aramids activity related to discontinued operations.