Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 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 June 30,
(In millions)	2022		2021
Service cost	$	7	$	10
Interest cost	99		86
Expected return on plan assets	(197)		(211)
Recognized actuarial loss	37		51
Net periodic credit	$	(54)	$	(64)
Settlement loss	2		2
Total credit	$	(52)	$	(62)
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Six Months Ended June 30,
(In millions)	2022		2021
Service cost	$	15	$	20
Interest cost	199		171
Expected return on plan assets	(399)		(419)
Recognized actuarial loss	76		103
Net periodic benefit credit	$	(109)	$	(125)
Settlement loss	2		2
Total credit	$	(107)	$	(123)

Amounts Recorded in the Consolidated Statements of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Three Months Ended June 30,
(In millions)	2022		2021
Compensation and benefits expense	$	7	$	10
Other net benefit credit	(59)		(72)
Total credit	$	(52)	$	(62)

Amounts Recorded in the Consolidated Statements of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Six Months Ended June 30,
(In millions)	2022		2021
Compensation and benefits expense	$	15	$	20
Other net benefit credit	(122)		(143)
Total credit	$	(107)	$	(123)

U.S. Plans only	Pension Benefits
For the Three Months Ended June 30,
(In millions)	2022		2021
Interest cost	$	49	$	46
Expected return on plan assets	(84)		(81)
Recognized actuarial loss	18		22
Net periodic credit	$	(17)	$	(13)

U.S. Plans only	Pension Benefits
For the Six Months Ended June 30,
(In millions)	2022		2021
Interest cost	$	97	$	92
Expected return on plan assets	(168)		(163)
Recognized actuarial loss	37		45
Net periodic credit	$	(34)	$	(26)

Significant non-U.S. Plans only	Pension Benefits
For the Three Months Ended June 30,
(In millions)	2022		2021
Service cost	$	7	$	10
Interest cost	50		40
Expected return on plan assets	(113)		(130)
Recognized actuarial loss	19		29
Net periodic credit	$	(37)	$	(51)
Settlement loss	2		2
Total credit	$	(35)	$	(49)

Significant non-U.S. Plans only	Pension Benefits
For the Six Months Ended June 30,
(In millions)	2022		2021
Service cost	$	15	$	20
Interest cost	102		79
Expected return on plan assets	(231)		(256)
Recognized actuarial loss	39		58
Net periodic credit	$	(75)	$	(99)
Settlement loss	2		2
Total credit	$	(73)	$	(97)

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
June 30,	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	%