Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
(In millions)	2021		2020		2021		2020
Service cost	$	10	$	8	$	—	$	—
Interest cost	85		106		—		1
Expected return on plan assets	(208)		(210)		—		—
Amortization of prior service credit	—		—		(1)		(1)
Recognized actuarial loss	52		40		1		—
Net periodic benefit credit	$	(61)	$	(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)	2021		2020		2021		2020
Compensation and benefits expense	$	10	$	8	$	—	$	—
Other net benefit credits	(71)		(64)		—		—
Total credit	$	(61)	$	(56)	$	—	$	—

U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Three Months Ended March 31,
(In millions)	2021		2020		2021		2020
Interest cost	$	46	$	53	$	—	$	—
Expected return on plan assets	(82)		(86)		—		—
Recognized actuarial loss	23		18		—		—
Net periodic benefit credit	$	(13)	$	(15)	$	—	$	—

Significant non-U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Three Months Ended March 31,
(In millions)	2021		2020		2021		2020
Service cost	$	10	$	8	$	—	$	—
Interest cost	39		53		—		1
Expected return on plan assets	(126)		(124)		—		—
Amortization of prior service credit	—		—		(1)		(1)
Recognized actuarial loss	29		22		1		—
Net periodic benefit credit	$	(48)	$	(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,	2021		2020		2021		2020
Weighted average assumptions:
Expected return on plan assets	4.72	%	5.31	%	—		—
Discount rate	1.92	%	2.57	%	2.42	%	2.72	%
Rate of compensation increase	1.85	%	1.76	%	—		—