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Pension and Postretirement Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost (Benefit)

The other components of net periodic benefit cost are reflected in other expense (income), net. Effective April 1, 2024, approximately $2.7 billion of benefit obligations and $2.4 billion of plan assets for certain pension and postretirement benefit plans, were transferred to Solventum, which is treated as a discontinued operation. Components of net periodic benefit cost and other supplemental information for the three and six months ended June 30, 2024 and 2023 follow:

						Three months ended June 30,
						Qualified and Non-qualified Pension Benefits																								Postretirement Benefits
						United States												International
(Millions)						2024						2023						2024						2023						2024						2023
Net periodic benefit cost (benefit)
Operating expense
Service cost						$	29					$	43					$	14					$	20					$	5					$	6
Non-operating expense
Interest cost						141						165						49						54						21						23
Expected return on plan assets						(196)						(244)						(80)						(75)						(15)						(19)
Amortization of transition asset						—						—						1						1						—						—
Amortization of prior service benefit						(4)						(6)						—						—						(6)						(8)
Amortization of net actuarial loss						83						74						3						2						4						2
Settlements, curtailments, special termination benefits and other						795						—						—						—						—						—
Total non-operating expense (benefit)						819						(11)						(27)						(18)						4						(2)
Total net periodic benefit cost (benefit)						848						32						(13)						2						9						4
Service cost - continuing operations						$	29					$	35					$	14					$	16					$	5					$	5
Service cost - discontinued operations						—						8						—						4						—						1
Total service cost						29						43						14						20						5						6
Non-operating expense (benefit) - continuing operations						819						(7)						(27)						(16)						4						(2)
Non-operating expense (benefit) - discontinued operations						—						(4)						—						(2)						—						—
Total non-operating expense (benefit)						819						(11)						(27)						(18)						4						(2)
Total net periodic benefit cost (benefit) - continuing operations						848						28						(13)						—						9						3
Total net periodic benefit cost (benefit) - discontinued operations						—						4						—						2						—						1
Total net periodic benefit cost (benefit)						$	848					$	32					$	(13)					$	2					$	9					$	4

						Six months ended June 30,
						Qualified and Non-qualified Pension Benefits																								Postretirement Benefits
						United States												International
(Millions)						2024						2023						2024						2023						2024						2023
Net periodic benefit cost (benefit)
Operating expense
Service cost						$	66					$	86					$	35					$	39					$	12					$	12
Non-operating expense
Interest cost						301						331						103						109						43						45
Expected return on plan assets						(433)						(488)						(167)						(150)						(34)						(38)
Amortization of transition asset						—						—						2						1						—						—
Amortization of prior service benefit						(8)						(12)						1						1						(12)						(16)
Amortization of net actuarial loss						178						147						6						4						10						4
Settlements, curtailments, special termination benefits and other						795						—						—						—						—						—
Total non-operating expense (benefit)						833						(22)						(55)						(35)						7						(5)
Total net periodic benefit cost (benefit)						899						64						(20)						4						19						7
Service cost - continuing operations						$	59					$	70					$	30					$	31					$	11					$	10
Service cost - discontinued operations						7						16						5						8						1						2
Total service cost						66						86						35						39						12						12
Non-operating expense (benefit) - continuing operations						833						(14)						(55)						(33)						7						(4)
Non-operating expense (benefit) - discontinued operations						—						(8)						—						(2)						—						(1)
Total non-operating expense (benefit)						833						(22)						(55)						(35)						7						(5)
Total net periodic benefit cost (benefit) - continuing operations						892						56						(25)						(2)						18						6
Total net periodic benefit cost (benefit) - discontinued operations						7						8						5						6						1						1
Total net periodic benefit cost (benefit)						$	899					$	64					$	(20)					$	4					$	19					$	7

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

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