Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Weighted Average Actuarial Assumptions Utilized to Calculate the Net Periodic Benefit Costs

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,	2024		2023
Weighted average assumptions:
Expected return on plan assets	5.44	%	5.31	%
Discount rate	4.95	%	5.16	%
Rate of compensation increase *	3.16	%	3.16	%

(*) There are no rate of compensation increase assumptions for the U.S. defined benefit plans since future benefit accruals were discontinued for those plans after December 31, 2016 and earned benefits are not subject to final salary level adjustments.

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)	2024		2023
Service cost	$	6	$	5
Interest cost	144		150
Expected return on plan assets	(216)		(215)
Amortization of prior service (credit) cost	1		—
Recognized actuarial loss	7		5
Net benefit credit	$	(58)	$	(55)

Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2024		2023
Service cost	$	12	$	11
Interest cost	288		298
Expected return on plan assets	(435)		(427)
Amortization of prior service (credit) cost	1		—
Recognized actuarial loss	15		11
Net benefit credit	$	(119)	$	(107)

The following tables provide the amounts reported 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)	2024		2023
Compensation and benefits expense	$	6	$	5
Other net benefit credits	(64)		(60)
Net benefit credit	$	(58)	$	(55)

Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2024		2023
Compensation and benefits expense	$	12	$	11
Other net benefit credits	(131)		(118)
Net benefit credit	$	(119)	$	(107)

The components of the net benefit credit for the U.S. defined benefit plans are as follows:

U.S. Plans only
For the Three Months Ended June 30,	Pension Benefits
(In millions)	2024		2023
Interest cost	$	63	$	65
Expected return on plan assets	(75)		(77)
Recognized actuarial loss	5		4
Net benefit credit	$	(7)	$	(8)

U.S. Plans only
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2024		2023
Interest cost	$	125	$	130
Expected return on plan assets	(151)		(155)
Recognized actuarial loss	10		9
Net benefit credit	$	(16)	$	(16)

The components of the net benefit credit for the non-U.S. defined benefit plans are as follows:

Significant non-U.S. Plans only
For the Three Months Ended June 30,	Pension Benefits
(In millions)	2024		2023
Service cost	$	6	$	5
Interest cost	81		85
Expected return on plan assets	(141)		(138)
Amortization of prior service credit	1		—
Recognized actuarial loss	2		1
Net benefit credit	$	(51)	$	(47)

Significant non-U.S. Plans only
For the Six Months Ended June 30,	Pension Benefits
(In millions)	2024		2023
Service cost	$	12	$	11
Interest cost	163		168
Expected return on plan assets	(284)		(272)
Amortization of prior service credit	1		—
Recognized actuarial loss	5		2
Net benefit credit	$	(103)	$	(91)