Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
(In millions)	2022		2021
Service cost	$	8	$	10
Interest cost	100		85
Expected return on plan assets	(202)		(208)
Recognized actuarial loss	39		52
Net periodic credit	$	(55)	$	(61)

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Three Months Ended March 31,
(In millions)	2022		2021
Compensation and benefits expense	$	8	$	10
Other net benefit credit	(63)		(71)
Total credit	$	(55)	$	(61)

U.S. Plans only	Pension Benefits
For the Three Months Ended March 31,
(In millions)	2022		2021
Interest cost	$	48	$	46
Expected return on plan assets	(84)		(82)
Recognized actuarial loss	19		23
Net periodic credit	$	(17)	$	(13)

Significant non-U.S. Plans only	Pension Benefits
For the Three Months Ended March 31,
(In millions)	2022		2021
Service cost	$	8	$	10
Interest cost	52		39
Expected return on plan assets	(118)		(126)
Recognized actuarial loss	20		29
Net periodic credit	$	(38)	$	(48)

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
For the Three Months Ended March 31,	2022		2021
Weighted average assumptions:
Expected return on plan assets	4.56	%	4.72	%
Discount rate	2.28	%	1.92	%
Rate of compensation increase	2.16	%	1.85	%