v3.26.1
RETIREMENT BENEFITS
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS RETIREMENT BENEFITS
Defined Benefit Plans - Expense

The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the periods ended June 30 were as follows (in millions):
Second Quarter
20252026
 Pension BenefitsOPEBPension BenefitsOPEB
 U.S. PlansNon-U.S. PlansWorldwide U.S. PlansNon-U.S. PlansWorldwide
Service cost$52 $50 $5 $53 $40 $5 
Interest cost393 238 55 353 252 49 
Expected return on assets(457)(289)— (449)(293)— 
Amortization of prior service costs/(credits)
22 6 2 22 6 3 
Net remeasurement (gain)/loss— — — — 54 — 
Separation costs/other5 11 — — 10 — 
Settlements and curtailments
— — — — 4 — 
Net periodic benefit cost/(income)
$15 $16 $62 $(21)$73 $57 
First Half
20252026
Pension BenefitsOPEBPension BenefitsOPEB
U.S. PlansNon-U.S. PlansWorldwideU.S. PlansNon-U.S. PlansWorldwide
Service cost$104 $98 $10 $106 $84 $10 
Interest cost786 462 110 706 500 99 
Expected return on assets(913)(567)— (898)(588)— 
Amortization of prior service costs/(credits)
44 12 4 44 12 5 
Net remeasurement (gain)/loss— (10)— — (189)— 
Separation costs/other12 35 — — 63 — 
Settlements and curtailments
— — — — 19 — 
Net periodic benefit cost/(income)
$33 $30 $124 $(42)$(99)$114 

The service cost component is included in Cost of sales and Selling, administrative, and other expenses. Other components of net periodic benefit cost/(income) are included in Other income/(loss), net on our consolidated income statements.

Pension Plan Contributions
During 2026, we continue to expect to contribute about $550 million of cash to our global funded pension plans. We also expect to make about $400 million of benefit payments to participants in unfunded plans. In the first half of 2026, we contributed $326 million to our global funded pension plans and made $181 million of benefit payments to participants in unfunded plans.