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Retirement Benefits (Tables) | 9 Months Ended
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Sep. 30, 2018
Defined Benefit Plan [Abstract] |
Schedule of Net Benefit Costs |
Significant non-U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Three Months Ended September 30, |
(In millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Service cost | $ | 8 |  |  | $ | 19 |  |  | $ | 1 |  |  | $ | — |
Interest cost | 56 |  |  | 59 |  |  | — |  |  | 1 |
Expected return on plan assets | (124 | ) |  | (143 | ) |  | — |  |  | — |
Amortization of prior service (credit) cost | — |  |  | — |  |  | (1 | ) |  | — |
Recognized actuarial loss | 22 |  |  | 33 |  |  | 1 |  |  | — |
Net periodic benefit (credit) cost | $ | (38 | ) |  | $ | (32 | ) |  | $ | 1 |  |  | $ | 1 |
Settlement loss | — |  |  | 1 |  |  | — |  |  | — |
Total (credit) cost | $ | (38 | ) |  | $ | (31 | ) |  | $ | 1 |  |  | $ | 1 |
Significant non-U.S. plans only | Pension Benefits |  | Post-retirement Benefits
For the Nine Months Ended September 30, |
(In millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Service cost | $ | 25 |  |  | $ | 56 |  |  | $ | 1 |  |  | $ | — |
Interest cost | 173 |  |  | 173 |  |  | 1 |  |  | 2 |
Expected return on plan assets | (384 | ) |  | (418 | ) |  | — |  |  | — |
Amortization of prior service credit | (1 | ) |  | (1 | ) |  | (2 | ) |  | (1 | )
Recognized actuarial loss | 69 |  |  | 97 |  |  | 1 |  |  | 1 |
Net periodic benefit (credit) cost | $ | (118 | ) |  | $ | (93 | ) |  | $ | 1 |  |  | $ | 2 |
Curtailment gain | — |  |  | (1 | ) |  | — |  |  | — |
Settlement loss | — |  |  | 2 |  |  | — |  |  | — |
Total (credit) cost | $ | (118 | ) |  | $ | (92 | ) |  | $ | 1 |  |  | $ | 2 |
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) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Service cost | $ | 8 |  |  | $ | 19 |  |  | $ | 1 |  |  | $ | — |
Interest cost | 114 |  |  | 125 |  |  | — |  |  | 1 |
Expected return on plan assets | (213 | ) |  | (232 | ) |  | — |  |  | — |
Amortization of prior service (credit) cost | — |  |  | — |  |  | (1 | ) |  | 1 |
Recognized actuarial loss | 36 |  |  | 42 |  |  | 1 |  |  | — |
Net periodic benefit (credit) cost | $ | (55 | ) |  | $ | (46 | ) |  | $ | 1 |  |  | $ | 2 |
Settlement loss | — |  |  | 1 |  |  | — |  |  | — |
Total (credit) cost | $ | (55 | ) |  | $ | (45 | ) |  | $ | 1 |  |  | $ | 2 |
Combined U.S. and significant non-U.S. plans | Pension Benefits |  | Post-retirement Benefits
For the Nine Months Ended September 30, |
(In millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Service cost | $ | 25 |  |  | $ | 56 |  |  | $ | 1 |  |  | $ | — |
Interest cost | 349 |  |  | 371 |  |  | 2 |  |  | 3 |
Expected return on plan assets | (652 | ) |  | (686 | ) |  | — |  |  | — |
Amortization of prior service (credit) cost | (1 | ) |  | (1 | ) |  | (3 | ) |  | 2 |
Recognized actuarial loss | 110 |  |  | 125 |  |  | 1 |  |  | — |
Net periodic benefit (credit) cost | $ | (169 | ) |  | $ | (135 | ) |  | $ | 1 |  |  | $ | 5 |
Curtailment gain | — |  |  | (1 | ) |  | — |  |  | — |
Settlement loss | — |  |  | 2 |  |  | — |  |  | — |
Total (credit) cost | $ | (169 | ) |  | $ | (134 | ) |  | $ | 1 |  |  | $ | 5 |
As discussed in Note 18, effective January 1, 2018, the Company adopted the new guidance that changes the presentation of net periodic pension cost and net periodic post-retirement cost (''net periodic benefit costs"). The new guidance requires employers to report the service cost component of net periodic benefit costs in the same line item as other compensation costs in the income statement. The other components of net periodic benefit costs are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The new guidance requires retrospective application for the presentation of the service cost component and the other components of net periodic benefit costs. Accordingly, the Company has reclassified prior period information in the following chart to conform with the current year's presentation:
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) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Compensation and benefits expense (Operating income) | $ | 8 |  |  | $ | 19 |  |  | $ | 1 |  |  | $ | — |
Other net benefit (credits) cost | (63 | ) |  | (64 | ) |  | — |  |  | 2 |
Total (credit) cost | $ | (55 | ) |  | $ | (45 | ) |  | $ | 1 |  |  | $ | 2 |
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) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Compensation and benefits expense (Operating income) | $ | 25 |  |  | $ | 56 |  |  | $ | 1 |  |  | $ | — |
Other net benefit (credits) cost | (194 | ) |  | (190 | ) |  | — |  |  | 5 |
Total (credit) cost | $ | (169 | ) |  | $ | (134 | ) |  | $ | 1 |  |  | $ | 5 |
U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Three Months Ended September 30, |
(In millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 58 |  |  | 66 |  |  | — |  |  | — |
Expected return on plan assets | (89 | ) |  | (89 | ) |  | — |  |  | — |
Amortization of prior service (credit) cost | — |  |  | — |  |  | — |  |  | 1 |
Recognized actuarial loss (gain) | 14 |  |  | 9 |  |  | — |  |  | — |
Net periodic benefit (credit) cost | $ | (17 | ) |  | $ | (14 | ) |  | $ | — |  |  | $ | 1 |
U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Nine Months Ended September 30, |
(In millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 176 |  |  | 198 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (268 | ) |  | (268 | ) |  | — |  |  | — |
Amortization of prior service (credit) cost | — |  |  | — |  |  | (1 | ) |  | 3 |
Recognized actuarial loss (gain) | 41 |  |  | 28 |  |  | — |  |  | (1 | )
Net periodic benefit (credit) cost | $ | (51 | ) |  | $ | (42 | ) |  | $ | — |  |  | $ | 3 |
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, | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Weighted average assumptions: |  |  |  |  |  |  |
Expected return on plan assets | 5.83 | % |  | 6.64 | % |  | — |  |  | — |
Discount Rate | 3.07 | % |  | 3.40 | % |  | 3.21 | % |  | 3.64 | %
Rate of compensation increase | 1.73 | % |  | 1.77 | % |  | — |  |  | — |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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