Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of the net periodic benefit cost for defined benefit plans are as follows:

Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Three Months Ended September 30,
(In millions)	2021		2020
Service cost	$	9	$	10
Interest cost	87		112
Expected return on plan assets	(208)		(212)
Recognized actuarial loss	52		40
Total credit	$	(60)	$	(50)
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2021		2020
Service cost	$	29	$	27
Interest cost	258		322
Expected return on plan assets	(627)		(629)
Recognized actuarial loss	155		120
Net periodic benefit credit	$	(185)	$	(160)
Settlement loss	2		—
Total credit	$	(183)	$	(160)

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Three Months Ended September 30,
(In millions)	2021		2020
Compensation and benefits expense	$	9	$	10
Other net benefit credit	(69)		(60)
Total credit	$	(60)	$	(50)

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2021		2020
Compensation and benefits expense	$	29	$	27
Other net benefit credit	(212)		(187)
Total credit	$	(183)	$	(160)

U.S. Plans only	Pension Benefits
For the Three Months Ended September 30,
(In millions)	2021		2020
Interest cost	$	47	$	53
Expected return on plan assets	(82)		(86)
Recognized actuarial loss	22		18
Net periodic benefit credit	$	(13)	$	(15)

U.S. Plans only	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2021		2020
Interest cost	$	139	$	160
Expected return on plan assets	(245)		(259)
Recognized actuarial loss	67		54
Net periodic benefit credit	$	(39)	$	(45)

Significant non-U.S. Plans only	Pension Benefits
For the Three Months Ended September 30,
(In millions)	2021		2020
Service cost	$	9	$	10
Interest cost	40		59
Expected return on plan assets	(126)		(126)
Recognized actuarial loss	30		22
Total credit	$	(47)	$	(35)

Significant non-U.S. Plans only	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2021		2020
Service cost	$	29	$	27
Interest cost	119		162
Expected return on plan assets	(382)		(370)
Recognized actuarial loss	88		66
Net periodic benefit credit	$	(146)	$	(115)
Settlement loss	2		—
Total credit	$	(144)	$	(115)

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
September 30,	2021		2020
Weighted average assumptions:
Expected return on plan assets	4.72	%	5.31	%
Discount rate	1.92	%	2.57	%
Rate of compensation increase	1.85	%	1.76	%