Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 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 June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	10	$	9	$	—	$	—
Interest cost	86		104		1		—
Expected return on plan assets	(211)		(207)		—		—
Recognized actuarial loss	51		40		—		—
Net periodic benefit (credit) cost	$	(64)	$	(54)	$	1	$	—
Settlement loss	2		—		—		—
Total (credit) cost	$	(62)	$	(54)	$	1	$	—
Combined U.S. and significant non-U.S. Plans	Pension Benefits				Post-retirement Benefits
For the Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	20	$	17	$	—	$	—
Interest cost	171		210		1		1
Expected return on plan assets	(419)		(417)		—		—
Amortization of prior service credit	—		—		(1)		(1)
Recognized actuarial loss	103		80		1		—
Net periodic benefit (credit) cost	$	(125)	$	(110)	$	1	$	—
Settlement loss	2		—		—		—
Total (credit) cost	$	(123)	$	(110)	$	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 June 30,
(In millions)	2021		2020		2021		2020
Compensation and benefits expense	$	10	$	9	$	—	$	—
Other net benefit (credit) cost	(72)		(63)		1		—
Total (credit) cost	$	(62)	$	(54)	$	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 Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Compensation and benefits expense	$	20	$	17	$	—	$	—
Other net benefit (credit) cost	(143)		(127)		1		—
Total (credit) cost	$	(123)	$	(110)	$	1	$	—

U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Three Months Ended June 30,
(In millions)	2021		2020		2021		2020
Interest cost	$	46	$	54	$	—	$	—
Expected return on plan assets	(81)		(87)		—		—
Recognized actuarial loss	22		18		—		—
Net periodic benefit credit	$	(13)	$	(15)	$	—	$	—

U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Interest cost	$	92	$	107	$	—	$	—
Expected return on plan assets	(163)		(173)		—		—
Recognized actuarial loss	45		36		—		—
Net periodic benefit credit	$	(26)	$	(30)	$	—	$	—

Significant non-U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Three Months Ended June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	10	$	9	$	—	$	—
Interest cost	40		50		1		—
Expected return on plan assets	(130)		(120)		—		—
Recognized actuarial loss	29		22		—		—
Net periodic benefit (credit) cost	$	(51)	$	(39)	$	1	$	—
Settlement loss	2		—		—		—
Total (credit) cost	$	(49)	$	(39)	$	1	$	—

Significant non-U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Six Months Ended June 30,
(In millions)	2021		2020		2021		2020
Service cost	$	20	$	17	$	—	$	—
Interest cost	79		103		1		1
Expected return on plan assets	(256)		(244)		—		—
Amortization of prior service credit	—		—		(1)		(1)
Recognized actuarial loss	58		44		1		—
Net periodic benefit (credit) cost	$	(99)	$	(80)	$	1	$	—
Settlement loss	2		—		—		—
Total (credit) cost	$	(97)	$	(80)	$	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
June 30,	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	%	—		—