Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Other (Income) Expense, net

The components of other (income) expense, net for the year ended December 31 are as follows:

 

(in millions)	2021		2020		2019
Other components of net periodic benefit cost 1	$	(45)	$	(32)	$	79
Net (income) loss from investments	(17)		1		19
Other (income) expense, net	$	(62)	$	(31)	$	98

1 The net periodic benefit cost for our retirement and post retirement plans for the year ended December 31, 2020 includes a non-cash pre-tax settlement charge of $3 million. During the year ended December 31, 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The net periodic benefit cost for our retirement and post retirement plans for the year ended December 31, 2019 includes a non-cash pre-tax settlement charge of $113 million reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan.