Retirement Benefits (Notes)

9 Months Ended

Sep. 30, 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 September 30 were as follows (in millions):

	Third Quarter
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Worldwide OPEB
	2021		2022		2021		2022		2021		2022
Service cost	$	131	$	125	$	140	$	101	$	12	$	10
Interest cost	232		263		107		123		31		36
Expected return on assets	(681)		(642)		(283)		(245)		—		—
Amortization of prior service costs/(credits)	1		—		5		6		(3)		(1)
Net remeasurement (gain)/loss	(40)		7		—		—		—		—
Separation programs/other	10		9		23		11		1		1
Settlements and curtailments	7		1		—		—		—		—
Net periodic benefit cost/(income)	$	(340)	$	(237)	$	(8)	$	(4)	$	41	$	46
	First Nine Months
	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Worldwide OPEB
	2021		2022		2021		2022		2021		2022
Service cost	$	396	$	375	$	423	$	319	$	36	$	31
Interest cost	694		790		315		390		95		110
Expected return on assets	(2,047)		(1,927)		(852)		(772)		—		—
Amortization of prior service costs/(credits)	2		1		17		18		(9)		(2)
Net remeasurement (gain)/loss	201		7		(565)		16		—		—
Separation programs/other	15		20		107		28		1		—
Settlements and curtailments	56		1		—		—		—		—
Net periodic benefit cost/(income)	$	(683)	$	(733)	$	(555)	$	(1)	$	123	$	139

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 third quarter of 2021 and 2022, within separation programs/other, we recognized expenses of $22 million and $11 million, respectively, in non-U.S. pension plans related to ongoing redesign programs. In the first nine months of 2021 and 2022, within separation programs/other, we recognized $106 million and $27 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 about $600 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 nine months of 2022, we contributed $458 million to our global funded pension plans and made $288 million of benefit payments to participants in unfunded plans.