Retirement Benefits

The Company maintains qualified and non-qualified defined benefit pension plans for some of its U.S. and non-U.S. eligible employees. The Company’s policy for funding its tax-qualified defined benefit pension plans is to contribute amounts at least sufficient to meet the funding requirements set forth in accordance with applicable law.

The target asset allocation for the Company's U.S. Plan was 64% equities and equity alternatives and 36% fixed income and at March 31, 2019 the actual allocation for the Company's U.S. Plan was 63% equities and equity alternatives and 37% fixed income. The target allocation for the U.K. Plans at March 31, 2019 was 34% equities and equity alternatives and 66% fixed income. At March 31, 2019, the actual allocation for the U.K. Plans was 34% equities and equity alternatives and 66% fixed income. The Company's U.K. Plans comprised approximately 81% of non-U.S. plan assets at December 31, 2018. The assets of the Company's defined benefit plans are diversified and are managed in accordance with applicable laws and with the goal of maximizing the plans' real return within acceptable risk parameters. The Company generally uses threshold-based portfolio re-balancing to ensure the actual portfolio remains consistent with target asset allocation ranges.

The components of the net periodic benefit cost for defined benefit and other post-retirement plans are as follows:



Combined U.S. and significant non-U.S. plans	Pension Benefits						Post-retirement Benefits
For the Three Months Ended March 31,	Pension Benefits						Post-retirement Benefits
(In millions)	2019			2018			2019			2018
Service cost	$	8		$	10		$	—		$	—
Interest cost	119			118			1			1
Expected return on plan assets	(213		)	(221		)	—			—
Amortization of prior service (credit) cost	—			—			(1		)	(1		)
Recognized actuarial loss	26			37			—			—
Net periodic benefit (credit) cost	$	(60	)	$	(56	)	$	—		$	—
Settlement loss	4			—			—			—
Total (credit) cost	$	(56	)	$	(56	)	$	—		$	—



Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. plans	Pension Benefits						Post-retirement Benefits
For the Three Months Ended March 31,	Pension Benefits						Post-retirement Benefits
(In millions)	2019			2018			2019		2018
Compensation and benefits expense (Operating income)	$	8		$	10		$	—	$	—
Other net benefit (credits) cost	(64		)	(66		)	—		—
Total (credit) cost	$	(56	)	$	(56	)	$	—	$	—



U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended March 31,	Pension Benefits						Post-retirement Benefits
(In millions)	2019			2018			2019		2018
Interest cost	60			59			—		—
Expected return on plan assets	(86		)	(89		)	—		—
Recognized actuarial loss	11			13			—		—
Net periodic benefit (credit) cost	$	(15	)	$	(17	)	$	—	$	—



Significant non-U.S. plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended March 31,	Pension Benefits						Post-retirement Benefits
(In millions)	2019			2018			2019			2018
Service cost	$	8		$	10		$	—		$	—
Interest cost	59			59			1			1
Expected return on plan assets	(127		)	(132		)	—			—
Amortization of prior service credit	—			—			(1		)	(1		)
Recognized actuarial loss	15			24			—			—
Net periodic benefit (credit) cost	$	(45	)	$	(39	)	$	—		$	—
Settlement loss	4			—			—			—
Total (credit) cost	$	(41	)	$	(39	)	$	—		$	—

The weighted average actuarial assumptions utilized to calculate the net periodic benefit costs for the U.S. and significant non-U.S. defined benefit plans are as follows:



Combined U.S. and significant non-U.S. plans	Pension Benefits				Post-retirement Benefits
Combined U.S. and significant non-U.S. plans	Pension Benefits				Post-retirement Benefits
March 31,	2019		2018		2019		2018
Weighted average assumptions:
Expected return on plan assets	5.74	%	5.83	%	—		—
Discount Rate	3.48	%	3.07	%	3.65	%	3.21	%
Rate of compensation increase	1.74	%	1.73	%	—		—

The Company made approximately $21 million of contributions to its U.S. and non-U.S. defined benefit pension plans in the first three months of 2019. The Company expects to contribute approximately $72 million to its U.S. and non-U.S. defined benefit pension plans during the remainder of 2019.

Defined Contribution Plans

The Company maintains certain defined contribution plans ("DC Plans") for its employees, the most significant being in the U.S. and the U.K. The cost of the U.S. DC Plans was $35 million and $34 million for the three months ended March 31, 2019 and 2018, respectively. The cost of the U.K. DC Plans was $22 million for each of the three months ended March 31, 2019 and 2018, respectively.