Retirement Benefits (Tables)

9 Months Ended

Sep. 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
September 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 September 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	7	$	6
Interest cost	151		95
Expected return on plan assets	(218)		(191)
Recognized actuarial loss	5		38
Net benefit credit	$	(55)	$	(52)

Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	18	$	21
Interest cost	449		294
Expected return on plan assets	(645)		(590)
Recognized actuarial loss	16		114
Net periodic benefit credit	(162)		(161)
Settlement loss	—		2
Net benefit credit	$	(162)	$	(159)

Amounts recorded in the Consolidated Statements of Income
Combined U.S. and significant non-U.S. Plans
For the Three Months Ended September 30,	Pension Benefits
(In millions)	2023		2022
Compensation and benefits expense	$	7	$	6
Other net benefit credits	(62)		(58)
Net benefit credit	$	(55)	$	(52)

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2023		2022
Compensation and benefits expense	$	18	$	21
Other net benefit credits	(180)		(180)
Net benefit credit	$	(162)	$	(159)

U.S. Plans only
For the Three Months Ended September 30,	Pension Benefits
(In millions)	2023		2022
Interest cost	$	65	$	48
Expected return on plan assets	(78)		(85)
Recognized actuarial loss	5		19
Net benefit credit	$	(8)	$	(18)

U.S. Plans only
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2023		2022
Interest cost	$	195	$	145
Expected return on plan assets	(233)		(253)
Recognized actuarial loss	14		56
Net benefit credit	$	(24)	$	(52)

Significant non-U.S. Plans only
For the Three Months Ended September 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	7	$	6
Interest cost	86		47
Expected return on plan assets	(140)		(106)
Recognized actuarial loss	—		19
Net benefit credit	$	(47)	$	(34)

Significant non-U.S. Plans only
For the Nine Months Ended September 30,	Pension Benefits
(In millions)	2023		2022
Service cost	$	18	$	21
Interest cost	254		149
Expected return on plan assets	(412)		(337)
Recognized actuarial loss	2		58
Net periodic benefit credit	(138)		(109)
Settlement loss	—		2
Net benefit credit	$	(138)	$	(107)