Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2025

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 cost or credit 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
March 31,	2025		2024
Weighted average assumptions:
Discount rate	5.36	%	4.95	%
Expected return on plan assets	5.43	%	5.44	%
Rate of compensation increase *	3.16	%	3.16	%

(*)There are no rate of compensation increase assumptions for the primary 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 March 31,	Pension Benefits
(In millions)	2025		2024
Service cost	$	6	$	6
Interest cost	145		144
Expected return on plan assets	(204)		(219)
Recognized actuarial loss	10		8
Net periodic benefit credit	$	(43)	$	(61)
Settlement loss	5		—
Net benefit credit	$	(38)	$	(61)

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 March 31,	Pension Benefits
(In millions)	2025		2024
Compensation and benefits expense	$	6	$	6
Other net benefit credits (a)	(44)		(67)
Net benefit credit	$	(38)	$	(61)

(a)For the three months ended March 31, 2025, the Company recorded $1 million of net benefit cost related to the post-retirement plans.

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 March 31,	Pension Benefits
(In millions)	2025		2024
Interest cost	$	64	$	62
Expected return on plan assets	(73)		(76)
Recognized actuarial loss	6		5
Net benefit credit	$	(3)	$	(9)

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 March 31,	Pension Benefits
(In millions)	2025		2024
Service cost	$	6	$	6
Interest cost	81		82
Expected return on plan assets	(131)		(143)
Recognized actuarial loss	4		3
Net periodic benefit credit	$	(40)	$	(52)
Settlement loss	5		—
Net benefit credit	$	(35)	$	(52)