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v3.19.2

Retirement Benefits (Tables) | 6 Months Ended
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Jun. 30, 2019
Defined Benefit Plan [Abstract] |
Schedule of Net Benefit Costs | 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 June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Service cost | $ | 10 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Interest cost | 121 |  |  | 117 |  |  | — |  |  | 1 |
Expected return on plan assets | (217 | ) |  | (218 | ) |  | — |  |  | — |
Amortization of prior service (credit) cost | — |  |  | (1 | ) |  | — |  |  | (1 | )
Recognized actuarial loss | 26 |  |  | 37 |  |  | — |  |  | — |
Net periodic benefit credit | $ | (60 | ) |  | $ | (58 | ) |  | $ | — |  |  | $ | — |
Combined U.S. and significant non-U.S. Plans | Pension Benefits |  | Post-retirement Benefits
For the Six Months Ended June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Service cost | $ | 18 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |
Interest cost | 240 |  |  | 235 |  |  | 1 |  |  | 2 |
Expected return on plan assets | (430 | ) |  | (439 | ) |  | — |  |  | — |
Amortization of prior service credit | — |  |  | (1 | ) |  | (1 | ) |  | (2 | )
Recognized actuarial loss | 52 |  |  | 74 |  |  | — |  |  | — |
Net periodic benefit credit | $ | (120 | ) |  | $ | (114 | ) |  | $ | — |  |  | $ | — |
Settlement loss | 4 |  |  | — |  |  | — |  |  | — |
Total credit | $ | (116 | ) |  | $ | (114 | ) |  | $ | — |  |  | $ | — |
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 June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Compensation and benefits expense (Operating income) | $ | 10 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Other net benefit credits | (70 | ) |  | (65 | ) |  | — |  |  | — |
Total credit | $ | (60 | ) |  | $ | (58 | ) |  | $ | — |  |  | $ | — |
Amounts Recorded in the Consolidated Statement of Income |  |  |  |  |  |
Combined U.S. and significant non-U.S. Plans | Pension Benefits |  | Post-retirement Benefits
For the Six Months Ended June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Compensation and benefits expense (Operating income) | $ | 18 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |
Other net benefit credits | (134 | ) |  | (131 | ) |  | — |  |  | — |
Total credit | $ | (116 | ) |  | $ | (114 | ) |  | $ | — |  |  | $ | — |
U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Three Months Ended June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Interest cost | 60 |  |  | 59 |  |  | — |  |  | 1 |
Expected return on plan assets | (85 | ) |  | (90 | ) |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | (1 | )
Recognized actuarial loss | 11 |  |  | 14 |  |  | — |  |  | — |
Net periodic benefit credit | $ | (14 | ) |  | $ | (17 | ) |  | $ | — |  |  | $ | — |
U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Six Months Ended June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Interest cost | 120 |  |  | 118 |  |  | — |  |  | 1 |
Expected return on plan assets | (171 | ) |  | (179 | ) |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | — |  |  | (1 | )
Recognized actuarial loss | 22 |  |  | 27 |  |  | — |  |  | — |
Net periodic benefit (credit) cost | $ | (29 | ) |  | $ | (34 | ) |  | $ | — |  |  | $ | — |
Significant non-U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Three Months Ended June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Service cost | $ | 10 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Interest cost | 61 |  |  | 58 |  |  | — |  |  | — |
Expected return on plan assets | (132 | ) |  | (128 | ) |  | — |  |  | — |
Amortization of prior service credit | — |  |  | (1 | ) |  | — |  |  | — |
Recognized actuarial loss | 15 |  |  | 23 |  |  | — |  |  | — |
Net periodic benefit credit | $ | (46 | ) |  | $ | (41 | ) |  | $ | — |  |  | $ | — |
Significant non-U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Six Months Ended June 30, |
(In millions) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Service cost | $ | 18 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |
Interest cost | 120 |  |  | 117 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (259 | ) |  | (260 | ) |  | — |  |  | — |
Amortization of prior service credit | — |  |  | (1 | ) |  | (1 | ) |  | (1 | )
Recognized actuarial loss | 30 |  |  | 47 |  |  | — |  |  | — |
Net periodic benefit credit | $ | (91 | ) |  | $ | (80 | ) |  | $ | — |  |  | $ | — |
Settlement loss | 4 |  |  | — |  |  | — |  |  | — |
Total credit | $ | (87 | ) |  | $ | (80 | ) |  | $ | — |  |  | $ | — |
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
June 30, | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Weighted average assumptions: |  |  |  |  |  |  |
Expected return on plan assets | 5.74 | % |  | 5.83 | % |  | — |  |  | — |
Discount Rate | 3.48 | % |  | 3.07 | % |  | 3.65 | % |  | 3.21 | %
Rate of compensation increase | 1.74 | % |  | 1.73 | % |  | — |  |  | — |

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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + 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 (k) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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