Pension and Other Postretirement Benefits (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost |
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Schedule of Assumptions Used | The assumptions used in determining pension expense of the HSBC North America Pension Plan are as follows:
(1)Since the Plan is measured on a quarterly basis, pension expense for the Plan is calculated each quarter based on the preceding quarter-end rate. Shown are the discount rates used to determine pension expense for each respective quarter (i.e., first quarter / second quarter / third quarter / fourth quarter). Prior period amounts have been revised to conform to the current period presentation. (2)As a result of a significant decrease in yields on fixed income securities driven by the COVID-19 pandemic and subsequent reduction in longer term capital market returns, as well as a shift in investment mix that reduced the Plan's exposure to equity investments, HSBC North America decided to reduce its expected long-term rate of return on Plan assets assumption to 3.50 percent, effective beginning July 1, 2020. The expected long-term rate of return on Plan assets used during the first half of 2020 was 5.00 percent. The assumptions used in determining the benefit obligation of our postretirement benefit plans at December 31 are as follows:
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