Pension (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Summary of the Projected Benefit Obligations and Assets Related to Pension Plans

The following table summarizes the projected benefit obligations and assets related to our U.S. and non-U.S. pension plans as of and for the years ended December 31:

	Pension Benefits
(In millions)	2021		2020
Change in benefit obligation
Benefit obligation, January 1	$	5,600	$	5,314
Service cost	2		2
Interest cost	132		168
Actuarial (gains) losses, net (1)	(189)		416
Benefits paid from plan assets	(304)		(285)
Benefits paid – other	(18)		(15)
Benefit obligation, December 31	5,223		5,600
Change in plan assets
Fair value of plan assets, January 1	4,623		4,441
Actual return on plan assets	522		449
Benefits paid	(304)		(285)
Contributions	5		18
Fair value of plan assets, December 31	4,846		4,623
Funded status	$	(377)	$	(977)
Liability in Consolidated Balance Sheets
Accrued expenses and other liabilities	$	(14)	$	(15)
Other non-current liabilities	$	(363)	$	(962)

(1) 2021 gain reflects an increase in the discount rate; 2020 loss reflects a decrease in the discount rate, partially offset by a favorable change in the mortality assumption.

Benefit Payments

The following benefit payments are expected to be paid in:

(In millions)	Pension Benefits
2022	$	317
2023	$	318
2024	$	317
2025	$	315
2026	$	316
2027-2031	$	1,532

Postretirement Benefits Liability Adjustment Included in AOCI

Amounts reflected in the pension liabilities shown above that have not yet been reported in net income and, therefore, have been included in Accumulated other comprehensive loss consisted of the following as of December 31:

	Pension Benefits
(In millions)	2021		2020
Unrecognized net (losses)	$	(1,753)	$	(2,277)
Unrecognized prior service cost	(5)		(5)
Postretirement benefits liability adjustment	$	(1,758)	$	(2,282)

Components of Net Pension Cost

Net pension cost was as follows:

	Pension Benefits
(In millions)	2021		2020		2019
Service cost	$	2	$	2	$	2
Interest cost	132		168		194
Expected long-term return on plan assets	(269)		(260)		(245)
Amortization of:
Prior actuarial losses, net	78		78		59
Litigation settlement – plan amendment	—		—		142
Settlement loss	4		—		10
Net (benefit) cost	$	(53)	$	(12)	$	162

Assumptions Used for Pension

	2021	2020
Discount rate:
Pension benefit obligation	2.82%	2.49%
Pension benefit cost	2.49%	3.30%
Expected long-term return on plan assets:
Pension benefit cost	6.75%	6.75%
Mortality table for pension obligations	White Collar mortality table with MP 2021 projection scale	White Collar mortality table with MP 2020 projection scale

Fair Value of Pension Assets by Category

The fair values of pension assets by category are as follows as of December 31, 2021 and 2020:

(In millions)	2021		2020
Debt securities:
Federal government and agency	$	9	$	9
Corporate	1,653		1,680
Asset-backed	108		53
Fund investments	731		380
Total debt securities	2,501		2,122
Equity securities:
Domestic	789		978
International, including funds and pooled separate accounts (1)	358		471
Total equity securities	1,147		1,449
Securities partnerships	514		463
Real estate funds, including pooled separate accounts (1)	334		219
Commercial mortgage loans	77		95
Hedge funds	—		1
Guaranteed deposit account contract	91		98
Cash equivalents and other current assets, net	182		176
Total pension assets at fair value	$	4,846	$	4,623

(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.

Annual Expense for 401(k) Plans

The Company's annual expense for these plans was as follows:

(In millions)	2021		2020		2019
Expense	$	268	$	243	$	256