Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2020

Retirement Benefits [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 September 30,
(In millions)	2020		2019		2020		2019
Service cost	$	10	$	10	$	—	$	—
Interest cost	112		120		1		1
Expected return on plan assets	(212)		(214)		—		—
Recognized actuarial loss (credit)	40		25		(1)		(1)
Net periodic benefit credit	$	(50)	$	(59)	$	—	$	—
Combined U.S. and significant non-U.S. Plans	Pension Benefits				Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Service cost	$	27	$	28	$	—	$	—
Interest cost	322		360		2		2
Expected return on plan assets	(629)		(644)		—		—
Amortization of prior service credit	—		—		(1)		(1)
Recognized actuarial loss (credit)	120		77		(1)		(1)
Net periodic benefit credit	$	(160)	$	(179)	$	—	$	—
Settlement loss	—		4		—		—
Total credit	$	(160)	$	(175)	$	—	$	—

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 September 30,
(In millions)	2020		2019		2020		2019
Compensation and benefits expense (Operating income)	$	10	$	10	$	—	$	—
Other net benefit credits	(60)		(69)		—		—
Total credit	$	(50)	$	(59)	$	—	$	—

Amounts Recorded in the Consolidated Statement of Income
Combined U.S. and significant non-U.S. Plans	Pension Benefits				Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Compensation and benefits expense (Operating income)	$	27	$	28	$	—	$	—
Other net benefit credits	(187)		(203)		—		—
Total credit	$	(160)	$	(175)	$	—	$	—

U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Three Months Ended September 30,
(In millions)	2020		2019		2020		2019
Interest cost	$	53	$	61	$	1	$	1
Expected return on plan assets	(86)		(86)		—		—
Recognized actuarial loss (credit)	18		11		(1)		(1)
Net periodic benefit credit	$	(15)	$	(14)	$	—	$	—

U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Interest cost	$	160	$	181	$	1	$	1
Expected return on plan assets	(259)		(257)		—		—
Recognized actuarial loss (credit)	54		33		(1)		(1)
Net periodic benefit credit	$	(45)	$	(43)	$	—	$	—

Significant non-U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Three Months Ended September 30,
(In millions)	2020		2019		2020		2019
Service cost	$	10	$	10	$	—	$	—
Interest cost	59		59		—		—
Expected return on plan assets	(126)		(128)		—		—
Recognized actuarial loss	22		14		—		—
Net periodic benefit credit	$	(35)	$	(45)	$	—	$	—

Significant non-U.S. Plans only	Pension Benefits				Post-retirement Benefits
For the Nine Months Ended September 30,
(In millions)	2020		2019		2020		2019
Service cost	$	27	$	28	$	—	$	—
Interest cost	162		179		1		1
Expected return on plan assets	(370)		(387)		—		—
Amortization of prior service credit	—		—		(1)		(1)
Recognized actuarial loss	66		44		—		—
Net periodic benefit credit	$	(115)	$	(136)	$	—	$	—
Settlement loss	—		4		—		—
Total credit	$	(115)	$	(132)	$	—	$	—

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
September 30,	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	%	—		—