Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31,
(In millions)	2020			2019			2020			2019
Service cost	$	8		$	8		$	—		$	—
Interest cost	106			119			1			1
Expected return on plan assets	(210		)	(213		)	—			—
Amortization of prior service (credit) cost	—			—			(1		)	(1		)
Recognized actuarial loss	40			26			—			—
Net periodic benefit (credit) cost	$	(56	)	$	(60	)	$	—		$	—
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,
(In millions)	2020			2019			2020		2019
Compensation and benefits expense (Operating income)	$	8		$	8		$	—	$	—
Other net benefit credits	(64		)	(64		)	—		—
Total (credit) cost	$	(56	)	$	(56	)	$	—	$	—

U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended March 31,
(In millions)	2020			2019			2020		2019
Interest cost	$	53		$	60		$	—	$	—
Expected return on plan assets	(86		)	(86		)	—		—
Recognized actuarial loss	18			11			—		—
Net periodic benefit credit	$	(15	)	$	(15	)	$	—	$	—

Significant non-U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended March 31,
(In millions)	2020			2019			2020			2019
Service cost	$	8		$	8		$	—		$	—
Interest cost	53			59			1			1
Expected return on plan assets	(124		)	(127		)	—			—
Amortization of prior service credit	—			—			(1		)	(1		)
Recognized actuarial loss	22			15			—			—
Net periodic benefit (credit) cost	$	(41	)	$	(45	)	$	—		$	—
Settlement loss	—			4			—			—
Total (credit) cost	$	(41	)	$	(41	)	$	—		$	—

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
March 31,	2020		2019		2020		2019
Weighted average assumptions:
Expected return on plan assets	5.31	%	5.74	%	—		—
Discount rate	2.57	%	3.48	%	2.72	%	3.65	%
Rate of compensation increase	1.76	%	1.74	%	—		—