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Retirement Benefits (Tables) | 3 Months Ended
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Mar. 31, 2021
Retirement Benefits [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 March 31, |
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | 10 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |
Interest cost | 85 |  |  | 106 |  |  | — |  |  | 1 |
Expected return on plan assets | (208) |  |  | (210) |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | (1) |  |  | (1) |
Recognized actuarial loss | 52 |  |  | 40 |  |  | 1 |  |  | — |
Net periodic benefit credit | $ | (61) |  |  | $ | (56) |  |  | $ | — |  |  | $ | — |
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 March 31, |
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Compensation and benefits expense | $ | 10 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |
Other net benefit credits | (71) |  |  | (64) |  |  | — |  |  | — |
Total credit | $ | (61) |  |  | $ | (56) |  |  | $ | — |  |  | $ | — |
U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Three Months Ended March 31, |
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Interest cost | $ | 46 |  |  | $ | 53 |  |  | $ | — |  |  | $ | — |
Expected return on plan assets | (82) |  |  | (86) |  |  | — |  |  | — |
Recognized actuarial loss | 23 |  |  | 18 |  |  | — |  |  | — |
Net periodic benefit credit | $ | (13) |  |  | $ | (15) |  |  | $ | — |  |  | $ | — |
Significant non-U.S. Plans only | Pension Benefits |  | Post-retirement Benefits
For the Three Months Ended March 31, |
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | 10 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |
Interest cost | 39 |  |  | 53 |  |  | — |  |  | 1 |
Expected return on plan assets | (126) |  |  | (124) |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | (1) |  |  | (1) |
Recognized actuarial loss | 29 |  |  | 22 |  |  | 1 |  |  | — |
Net periodic benefit credit | $ | (48) |  |  | $ | (41) |  |  | $ | — |  |  | $ | — |
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
March 31, | 2021 |  | 2020 |  | 2021 |  | 2020
Weighted average assumptions: |  |  |  |  |  |  |
Expected return on plan assets | 4.72 | % |  | 5.31 | % |  | — |  |  | — |
Discount rate | 1.92 | % |  | 2.57 | % |  | 2.42 | % |  | 2.72 | %
Rate of compensation increase | 1.85 | % |  | 1.76 | % |  | — |  |  | — |

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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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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=118255775&loc=d3e1928-114920 + Details
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