Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

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,	2023		2022
Weighted average assumptions:
Expected return on plan assets	5.31	%	4.56	%
Discount rate	5.16	%	2.28	%
Rate of compensation increase	3.16	%	2.16	%

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
For the Three Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	5	$	7
Interest cost	150		99
Expected return on plan assets	(215)		(197)
Recognized actuarial loss	5		37
Net periodic benefit credit	$	(55)	$	(54)
Settlement loss	—		2
Net benefit credit	$	(55)	$	(52)

Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	11	$	15
Interest cost	298		199
Expected return on plan assets	(427)		(399)
Recognized actuarial loss	11		76
Net periodic benefit credit	$	(107)	$	(109)
Settlement loss	—		2
Net benefit credit	$	(107)	$	(107)

Amounts recorded in the Consolidated Statements of Income
Combined U.S. and significant non-U.S. Plans
For the Three Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Compensation and benefits expense	$	5	$	7
Other net benefit credits	(60)		(59)
Net benefit credit	$	(55)	$	(52)

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Compensation and benefits expense	$	11	$	15
Other net benefit credits	(118)		(122)
Net benefit credit	$	(107)	$	(107)

U.S. Plans only
For the Three Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Interest cost	$	65	$	49
Expected return on plan assets	(77)		(84)
Recognized actuarial loss	4		18
Net benefit credit	$	(8)	$	(17)

U.S. Plans only
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Interest cost	$	130	$	97
Expected return on plan assets	(155)		(168)
Recognized actuarial loss	9		37
Net benefit credit	$	(16)	$	(34)

Significant non-U.S. Plans only
For the Three Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	5	$	7
Interest cost	85		50
Expected return on plan assets	(138)		(113)
Recognized actuarial loss	1		19
Net periodic benefit credit	$	(47)	$	(37)
Settlement loss	—		2
Net benefit credit	$	(47)	$	(35)

Significant non-U.S. Plans only
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	11	$	15
Interest cost	168		102
Expected return on plan assets	(272)		(231)
Recognized actuarial loss	2		39
Net periodic benefit credit	$	(91)	$	(75)
Settlement loss	—		2
Net benefit credit	$	(91)	$	(73)