Retirement Benefits (Notes)

3 Months Ended

Mar. 31, 2023

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
	2022		2023		2022		2023		2022		2023
Service cost	$	125	$	72	$	111	$	61	$	10	$	5
Interest cost	263		408		134		237		37		58
Expected return on assets	(642)		(486)		(268)		(219)		—		—
Amortization of prior service costs/(credits)	—		—		7		5		(1)		1
Net remeasurement (gain)/loss	—		113		—		—		—		—
Separation programs/other	4		2		7		4		—		—
Settlements and curtailments	—		42		—		—		—		—
Net periodic benefit cost/(income)	$	(250)	$	151	$	(9)	$	88	$	46	$	64

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 2023, we paid lump sums for one of our U.S. pension plans, which resulted in a remeasurement and settlement expenses of $113 million and $42 million, respectively.

Pension Plan Contributions

During 2023, we continue to expect to contribute between $500 million and $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 quarter of 2023, we contributed $125 million to our global funded pension plans and made $99 million of benefit payments to participants in unfunded plans.