Retirement Benefits (Notes)

3 Months Ended

Mar. 31, 2022

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 March 31 were as follows (in millions):

	First Quarter
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Worldwide OPEB
	2021		2022		2021		2022		2021		2022
Service cost	$	138	$	125	$	144	$	111	$	12	$	10
Interest cost	223		263		99		134		32		37
Expected return on assets	(702)		(642)		(285)		(268)		—		—
Amortization of prior service costs/(credits)	1		—		5		7		(3)		(1)
Net remeasurement (gain)/loss	423		—		(484)		—		—		—
Separation programs/other	2		4		37		7		—		—
Settlements and curtailments	39		—		1		—		—		—
Net periodic benefit cost/(income)	$	124	$	(250)	$	(483)	$	(9)	$	41	$	46

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.

In the first quarter of 2021 and 2022, we recognized expenses of $38 million and $7 million, respectively, in non-U.S. pension plans related to ongoing redesign programs. Until our Global Redesign programs are completed, we anticipate further adjustments to our plans in subsequent periods.

Pension Plan Contributions

During 2022, we expect to contribute between $700 million and $800 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 quarter of 2022, we contributed $174 million to our global funded pension plans and made $98 million of benefit payments to participants in unfunded plans.