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Retirement Benefits (Tables)
3 Months Ended
Mar. 31, 2020
Defined Benefit Plan [Abstract]  
Schedule of Net Benefit Costs
The components of the net periodic benefit cost for defined benefit and other post-retirement plans are as follows:
Combined U.S. and significant non-U.S. Plans
Pension
Benefits
 
Post-retirement
Benefits
For the Three Months Ended March 31,
 
(In millions)
2020

 
2019

 
2020

 
2019

Service cost
$
8

 
$
8

 
$
—

 
$
—

Interest cost
106

 
119

 
1

 
1

Expected return on plan assets
(210
)
 
(213
)
 
—

 
—

Amortization of prior service (credit) cost
—

 
—

 
(1
)
 
(1
)
Recognized actuarial loss
40

 
26

 
—

 
—

Net periodic benefit (credit) cost
$
(56
)
 
$
(60
)
 
$
—

 
$
—

Settlement loss
—

 
4

 
—

 
—

Total (credit) cost
$
(56
)
 
$
(56
)
 
$
—

 
$
—

Amounts Recorded in the Consolidated Statement of Income
 
 
 
 
 
 
Combined U.S. and significant non-U.S. Plans
Pension
Benefits
 
Post-retirement
Benefits
For the Three Months Ended March 31,
 
(In millions)
2020

 
2019

 
2020

 
2019

Compensation and benefits expense (Operating income)
$
8

 
$
8

 
$
—

 
$
—

Other net benefit credits
(64
)
 
(64
)
 
—

 
—

Total (credit) cost
$
(56
)
 
$
(56
)
 
$
—

 
$
—

 
 
 
 
 
 
 
 
U.S. Plans only
Pension
Benefits
 
Post-retirement
Benefits
For the Three Months Ended March 31,
 
(In millions)
2020

 
2019

 
2020

 
2019

Interest cost
$
53

 
$
60

 
$
—

 
$
—

Expected return on plan assets
(86
)
 
(86
)
 
—

 
—

Recognized actuarial loss
18

 
11

 
—

 
—

Net periodic benefit credit
$
(15
)
 
$
(15
)
 
$
—

 
$
—

 
 
 
 
 
 
 
 

Significant non-U.S. Plans only
Pension
Benefits
 
Post-retirement
Benefits
For the Three Months Ended March 31,
 
(In millions)
2020

 
2019

 
2020

 
2019

Service cost
$
8

 
$
8

 
$
—

 
$
—

Interest cost
53

 
59

 
1

 
1

Expected return on plan assets
(124
)
 
(127
)
 
—

 
—

Amortization of prior service credit
—

 
—

 
(1
)
 
(1
)
Recognized actuarial loss
22

 
15

 
—

 
—

Net periodic benefit (credit) cost
$
(41
)
 
$
(45
)
 
$
—

 
$
—

Settlement loss
—

 
4

 
—

 
—

Total (credit) cost
$
(41
)
 
$
(41
)
 
$
—

 
$
—


 
 
 
 
 
 
 
 

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
 
Post-retirement
Benefits
 
March 31,
2020

 
2019

 
2020

 
2019

Weighted average assumptions:
 
 
 
 
 
 
 
Expected return on plan assets
5.31
%
 
5.74
%
 
—

 
—

Discount rate
2.57
%
 
3.48
%
 
2.72
%
 
3.65
%
Rate of compensation increase
1.76
%
 
1.74
%
 
—

 
—