Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [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 June 30,
(In millions)	2020			2019			2020			2019
Service cost	$	9		$	10		$	—		$	—
Interest cost	104			121			—			—
Expected return on plan assets	(207		)	(217		)	—			—
Recognized actuarial loss	40			26			—			—
Net periodic benefit credit	$	(54	)	$	(60	)	$	—		$	—
Combined U.S. and significant non-U.S. Plans	Pension Benefits						Post-retirement Benefits
For the Six Months Ended June 30,
(In millions)	2020			2019			2020			2019
Service cost	$	17		$	18		$	—		$	—
Interest cost	210			240			1			1
Expected return on plan assets	(417		)	(430		)	—			—
Amortization of prior service credit	—			—			(1		)	(1		)
Recognized actuarial loss	80			52			—			—
Net periodic benefit credit	$	(110	)	$	(120	)	$	—		$	—
Settlement loss	—			4			—			—
Total credit	$	(110	)	$	(116	)	$	—		$	—

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 June 30,
(In millions)	2020			2019			2020		2019
Compensation and benefits expense (Operating income)	$	9		$	10		$	—	$	—
Other net benefit credits	(63		)	(70		)	—		—
Total (credit) cost	$	(54	)	$	(60	)	$	—	$	—

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits						Post-retirement Benefits
For the Six Months Ended June 30,
(In millions)	2020			2019			2020		2019
Compensation and benefits expense (Operating income)	$	17		$	18		$	—	$	—
Other net benefit credits	(127		)	(134		)	—		—
Total credit	$	(110	)	$	(116	)	$	—	$	—

U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended June 30,
(In millions)	2020			2019			2020		2019
Interest cost	$	54		$	60		$	—	$	—
Expected return on plan assets	(87		)	(85		)	—		—
Recognized actuarial loss	18			11			—		—
Net periodic benefit credit	$	(15	)	$	(14	)	$	—	$	—

U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Six Months Ended June 30,
(In millions)	2020			2019			2020		2019
Interest cost	$	107		$	120		$	—	$	—
Expected return on plan assets	(173		)	(171		)	—		—
Recognized actuarial loss (credit)	36			22			—		—
Net periodic benefit credit	$	(30	)	$	(29	)	$	—	$	—

Significant non-U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Three Months Ended June 30,
(In millions)	2020			2019			2020		2019
Service cost	$	9		$	10		$	—	$	—
Interest cost	50			61			—		—
Expected return on plan assets	(120		)	(132		)	—		—
Recognized actuarial loss	22			15			—		—
Net periodic benefit credit	$	(39	)	$	(46	)	$	—	$	—

Significant non-U.S. Plans only	Pension Benefits						Post-retirement Benefits
For the Six Months Ended June 30,
(In millions)	2020			2019			2020			2019
Service cost	$	17		$	18		$	—		$	—
Interest cost	103			120			1			1
Expected return on plan assets	(244		)	(259		)	—			—
Amortization of prior service credit	—			—			(1		)	(1		)
Recognized actuarial loss	44			30			—			—
Net periodic benefit credit	$	(80	)	$	(91	)	$	—		$	—
Settlement loss	—			4			—			—
Total credit	$	(80	)	$	(87	)	$	—		$	—

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
June 30,	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	%	—		—