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v3.23.1

Retirement Benefits (Tables) | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
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 |  |
March 31, | 2023 |  | 2022 |  |  |  |
Weighted average assumptions: |  |  |  |  |  |  |
Expected return on plan assets | 5.31 | % |  | 4.56 | % |  |  |  |
Discount rate | 5.16 | % |  | 2.28 | % |  |  |  |
Rate of compensation increase | 3.16 | % |  | 2.16 | % |  |  |  |
Schedule of Net Benefit Costs | The components of the net benefit credit for defined benefit plans are as follows:
Combined U.S. and significant non-U.S. Plans | Pension Benefits |  |
For the Three Months Ended March 31, |
(In millions) | 2023 |  | 2022 |  |  |  |
Service cost | $ | 6 |  |  | $ | 8 |  |  |  |  |
Interest cost | 148 |  |  | 100 |  |  |  |  |
Expected return on plan assets | (212) |  |  | (202) |  |  |  |  |
Recognized actuarial loss | 6 |  |  | 39 |  |  |  |  |
Net benefit credit | $ | (52) |  |  | $ | (55) |  |  |  |  |
Amounts recorded in the Consolidated Statements of Income |  |  |  |  |  |
Combined U.S. and significant non-U.S. Plans | Pension Benefits |  |
For the Three Months Ended March 31, |
(In millions) | 2023 |  | 2022 |  |  |  |
Compensation and benefits expense | $ | 6 |  |  | $ | 8 |  |  |  |  |
Other net benefit credit | (58) |  |  | (63) |  |  |  |  |
Net benefit credit | $ | (52) |  |  | $ | (55) |  |  |  |  |
U.S. Plans only | Pension Benefits |  |
For the Three Months Ended March 31, |
(In millions) | 2023 |  | 2022 |  |  |  |
Interest cost | $ | 65 |  |  | $ | 48 |  |  |  |  |
Expected return on plan assets | (78) |  |  | (84) |  |  |  |  |
Recognized actuarial loss | 5 |  |  | 19 |  |  |  |  |
Net benefit credit | $ | (8) |  |  | $ | (17) |  |  |  |  |
Significant non-U.S. Plans only | Pension Benefits |  |
For the Three Months Ended March 31, |
(In millions) | 2023 |  | 2022 |  |  |  |
Service cost | $ | 6 |  |  | $ | 8 |  |  |  |  |
Interest cost | 83 |  |  | 52 |  |  |  |  |
Expected return on plan assets | (134) |  |  | (118) |  |  |  |  |
Recognized actuarial loss | 1 |  |  | 20 |  |  |  |  |
Net benefit credit | $ | (44) |  |  | $ | (38) |  |  |  |  |

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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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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