Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of the net benefit credit 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)	2022		2021
Service cost	$	6	$	9
Interest cost	95		87
Expected return on plan assets	(191)		(208)
Recognized actuarial loss	38		52
Net benefit credit	$	(52)	$	(60)
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2022		2021
Service cost	$	21	$	29
Interest cost	294		258
Expected return on plan assets	(590)		(627)
Recognized actuarial loss	114		155
Net periodic benefit credit	$	(161)	$	(185)
Settlement loss	2		2
Net benefit credit	$	(159)	$	(183)

Amounts Recorded in the Consolidated Statements of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Three Months Ended September 30,
(In millions)	2022		2021
Compensation and benefits expense	$	6	$	9
Other net benefit credit	(58)		(69)
Net benefit credit	$	(52)	$	(60)

Amounts Recorded in the Consolidated Statements of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2022		2021
Compensation and benefits expense	$	21	$	29
Other net benefit credit	(180)		(212)
Net benefit credit	$	(159)	$	(183)

U.S. Plans only	Pension Benefits
For the Three Months Ended September 30,
(In millions)	2022		2021
Interest cost	$	48	$	47
Expected return on plan assets	(85)		(82)
Recognized actuarial loss	19		22
Net benefit credit	$	(18)	$	(13)

U.S. Plans only	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2022		2021
Interest cost	$	145	$	139
Expected return on plan assets	(253)		(245)
Recognized actuarial loss	56		67
Net benefit credit	$	(52)	$	(39)

Significant non-U.S. Plans only	Pension Benefits
For the Three Months Ended September 30,
(In millions)	2022		2021
Service cost	$	6	$	9
Interest cost	47		40
Expected return on plan assets	(106)		(126)
Recognized actuarial loss	19		30
Net benefit credit	$	(34)	$	(47)

Significant non-U.S. Plans only	Pension Benefits
For the Nine Months Ended September 30,
(In millions)	2022		2021
Service cost	$	21	$	29
Interest cost	149		119
Expected return on plan assets	(337)		(382)
Recognized actuarial loss	58		88
Net periodic benefit credit	$	(109)	$	(146)
Settlement loss	2		2
Net benefit credit	$	(107)	$	(144)

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,	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	%