Employee Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Employee benefit plans net periodic (benefit) cost
	Pension Benefits				Other Postretirement and Postemployment Benefits
(in millions)	2022		2021		2022		2021
Three Months Ended June 30,
Service cost	$	—	$	—	$	18	$	21
Interest cost	153		146		32		29
Expected return on plan assets	(330)		(381)		(4)		(9)
Amortization of prior service credit	—		—		(1)		(2)
Recognized net actuarial loss	64		88		13		15
Net periodic (benefit) cost	$	(113)	$	(147)	$	58	$	54
Six Months Ended June 30,
Service cost	$	—	$	—	$	35	$	43
Interest cost	306		291		64		59
Expected return on plan assets	(660)		(761)		(8)		(17)
Amortization of prior service credit	—		—		(3)		(3)
Recognized net actuarial loss	127		177		28		27
Net periodic (benefit) cost	$	(227)	$	(293)	$	116	$	109

Service cost is recorded in salaries and related costs in our income statement, while all other components are recorded within pension and related benefit/(expense) under non-operating expense.

Expected Long-Term Rate of Return. Based on our funded status as of December 31, 2021, we have modified the strategic asset allocation mix to reduce the investment risk of the portfolio. As a result of the lower risk profile of the portfolio, the weighted average expected long-term rate of return on our defined benefit pension plan assets for 2022 net periodic benefit cost is 7.0%.