XML 48 R36.htm IDEA: XBRL DOCUMENT v3.24.3
Retirement Benefits (Tables)
 9 Months Ended
Sep. 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. PlansPension Benefits
September 30,20242023
Weighted average assumptions:
Expected return on plan assets5.44 %5.31 %
Discount rate4.95 %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 September 30,
Pension Benefits
(In millions)20242023
Service cost$5 $7 
Interest cost146 151 
Expected return on plan assets(222)(218)
Recognized actuarial loss8 5 
Net periodic benefit credit$(63)$(55)
Settlement loss1 — 
Net benefit credit$(62)$(55)
Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20242023
Service cost$17 $18 
Interest cost434 449 
Expected return on plan assets(657)(645)
Amortization of prior service cost1 — 
Recognized actuarial loss23 16 
Net periodic benefit credit$(182)$(162)
Settlement loss1 — 
Net benefit credit$(181)$(162)
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 September 30,
Pension Benefits
(In millions)20242023
Compensation and benefits expense$5 $7 
Other net benefit credits(67)(62)
Net benefit credit$(62)$(55)
Combined U.S. and significant non-U.S. Plans
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20242023
Compensation and benefits expense$17 $18 
Other net benefit credits(198)(180)
Net benefit credit$(181)$(162)
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 September 30,
Pension Benefits
(In millions)20242023
Interest cost$62 $65 
Expected return on plan assets(76)(78)
Recognized actuarial loss 5 5 
Net benefit credit$(9)$(8)
U.S. Plans only
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20242023
Interest cost$187 $195 
Expected return on plan assets(227)(233)
Recognized actuarial loss 15 14 
Net benefit credit$(25)$(24)
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 September 30,
Pension Benefits
(In millions)20242023
Service cost$5 $7 
Interest cost84 86 
Expected return on plan assets(146)(140)
Recognized actuarial loss3 — 
Net periodic benefit credit$(54)$(47)
Settlement loss1 — 
Net benefit credit$(53)$(47)
Significant non-U.S. Plans only
For the Nine Months Ended September 30,
Pension Benefits
(In millions)20242023
Service cost$17 $18 
Interest cost247 254 
Expected return on plan assets(430)(412)
Amortization of prior service cost1 — 
Recognized actuarial loss8 2 
Net periodic benefit credit$(157)$(138)
Settlement loss1 — 
Net benefit credit$(156)$(138)