Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2019

Defined Benefit Plan [Abstract]

Schedule of Net Benefit Costs

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 September 30,
(In millions)	2019			2018			2019			2018
Service cost	$	10		$	8		$	—		$	1
Interest cost	120			114			1			—
Expected return on plan assets	(214		)	(213		)	—			—
Amortization of prior service (credit) cost	—			—			—			(1		)
Recognized actuarial loss	25			36			(1		)	1
Net periodic benefit (credit) cost	$	(59	)	$	(55	)	$	—		$	1
Combined U.S. and significant non-U.S. Plans	Pension Benefits						Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Service cost	$	28		$	25		$	—		$	1
Interest cost	360			349			2			2
Expected return on plan assets	(644		)	(652		)	—			—
Amortization of prior service credit	—			(1		)	(1		)	(3		)
Recognized actuarial loss	77			110			(1		)	1
Net periodic benefit (credit) cost	$	(179	)	$	(169	)	$	—		$	1
Settlement loss	4			—			—			—
Total (credit) cost	$	(175	)	$	(169	)	$	—		$	1

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 September 30,
(In millions)	2019			2018			2019		2018
Compensation and benefits expense (Operating income)	$	10		$	8		$	—	$	1
Other net benefit credits	(69		)	(63		)	—		—
Total (credit) cost	$	(59	)	$	(55	)	$	—	$	1

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits						Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2019			2018			2019		2018
Compensation and benefits expense (Operating income)	$	28		$	25		$	—	$	1
Other net benefit credits	(203		)	(194		)	—		—
Total (credit) cost	$	(175	)	$	(169	)	$	—	$	1

U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended September 30,
(In millions)	2019			2018			2019			2018
Interest cost	$	61		$	58		$	1		$	—
Expected return on plan assets	(86		)	(89		)	—			—
Recognized actuarial loss	11			14			(1		)	—
Net periodic benefit credit	$	(14	)	$	(17	)	$	—		$	—

U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Interest cost	$	181		$	176		$	1		$	1
Expected return on plan assets	(257		)	(268		)	—			—
Amortization of prior service credit	—			—			—			(1		)
Recognized actuarial loss (credit)	33			41			(1		)	—
Net periodic benefit credit	$	(43	)	$	(51	)	$	—		$	—

Significant non-U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended September 30,
(In millions)	2019			2018			2019		2018
Service cost	$	10		$	8		$	—	$	1
Interest cost	59			56			—		—
Expected return on plan assets	(128		)	(124		)	—		—
Amortization of prior service credit	—			—			—		(1		)
Recognized actuarial loss	14			22			—		1
Net periodic benefit (credit) cost	$	(45	)	$	(38	)	$	—	$	1

Significant non-U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2019			2018			2019			2018
Service cost	$	28		$	25		$	—		$	1
Interest cost	179			173			1			1
Expected return on plan assets	(387		)	(384		)	—			—
Amortization of prior service credit	—			(1		)	(1		)	(2		)
Recognized actuarial loss	44			69			—			1
Net periodic benefit (credit) cost	$	(136	)	$	(118	)	$	—		$	1
Settlement loss	4			—			—			—
Total (credit) cost	$	(132	)	$	(118	)	$	—		$	1

Schedule of Assumptions Used

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
September 30,	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	%	—		—