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Retirement Benefits (Tables) | 6 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Schedule of Weighted Average Actuarial Assumptions Utilized to Calculate the Net Periodic Benefit Costs | 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 |  |
June 30, | 2024 |  | 2023 |  |  |  |
Weighted average assumptions: |  |  |  |  |  |  |
Expected return on plan assets | 5.44 | % |  | 5.31 | % |  |  |  |
Discount rate | 4.95 | % |  | 5.16 | % |  |  |  |
Rate of compensation increase * | 3.16 | % |  | 3.16 | % |  |  |  |
(*) There are no rate of compensation increase assumptions for the U.S. defined benefit plans since future benefit accruals were discontinued for those plans after December 31, 2016 and earned benefits are not subject to final salary level adjustments.
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 |  |  |
For the Three Months Ended June 30, | Pension Benefits
(In millions) | 2024 |  | 2023
Service cost | $ | 6 |  |  | $ | 5 |
Interest cost | 144 |  |  | 150 |
Expected return on plan assets | (216) |  |  | (215) |
Amortization of prior service (credit) cost | 1 |  |  | — |
Recognized actuarial loss | 7 |  |  | 5 |
Net benefit credit | $ | (58) |  |  | $ | (55) |
Combined U.S. and significant non-U.S. Plans |  |  |
For the Six Months Ended June 30, | Pension Benefits
(In millions) | 2024 |  | 2023
Service cost | $ | 12 |  |  | $ | 11 |
Interest cost | 288 |  |  | 298 |
Expected return on plan assets | (435) |  |  | (427) |
Amortization of prior service (credit) cost | 1 |  |  | — |
Recognized actuarial loss | 15 |  |  | 11 |
Net benefit credit | $ | (119) |  |  | $ | (107) |
The following tables provide the amounts reported in the consolidated statements of income:
Combined U.S. and significant non-U.S. Plans |  |  |  |  |
For the Three Months Ended June 30, | Pension Benefits |
(In millions) | 2024 |  | 2023 |  |  |  |
Compensation and benefits expense | $ | 6 |  |  | $ | 5 |  |  |  |  |
Other net benefit credits | (64) |  |  | (60) |  |  |  |  |
Net benefit credit | $ | (58) |  |  | $ | (55) |  |  |  |  |
Combined U.S. and significant non-U.S. Plans |  |  |  |  |
For the Six Months Ended June 30, | Pension Benefits |
(In millions) | 2024 |  | 2023 |  |  |  |
Compensation and benefits expense | $ | 12 |  |  | $ | 11 |  |  |  |  |
Other net benefit credits | (131) |  |  | (118) |  |  |  |  |
Net benefit credit | $ | (119) |  |  | $ | (107) |  |  |  |  |
The components of the net benefit credit for the U.S. defined benefit plans are as follows:
U.S. Plans only |  |  |  |  |
For the Three Months Ended June 30, | Pension Benefits |
(In millions) | 2024 |  | 2023 |  |  |  |
Interest cost | $ | 63 |  |  | $ | 65 |  |  |  |  |
Expected return on plan assets | (75) |  |  | (77) |  |  |  |  |
Recognized actuarial loss | 5 |  |  | 4 |  |  |  |  |
Net benefit credit | $ | (7) |  |  | $ | (8) |  |  |  |  |
U.S. Plans only |  |  |  |  |
For the Six Months Ended June 30, | Pension Benefits |
(In millions) | 2024 |  | 2023 |  |  |  |
Interest cost | $ | 125 |  |  | $ | 130 |  |  |  |  |
Expected return on plan assets | (151) |  |  | (155) |  |  |  |  |
Recognized actuarial loss | 10 |  |  | 9 |  |  |  |  |
Net benefit credit | $ | (16) |  |  | $ | (16) |  |  |  |  |
The components of the net benefit credit for the non-U.S. defined benefit plans are as follows:
Significant non-U.S. Plans only |  |  |  |  |
For the Three Months Ended June 30, | Pension Benefits |
(In millions) | 2024 |  | 2023 |  |  |  |
Service cost | $ | 6 |  |  | $ | 5 |  |  |  |  |
Interest cost | 81 |  |  | 85 |  |  |  |  |
Expected return on plan assets | (141) |  |  | (138) |  |  |  |  |
Amortization of prior service credit | 1 |  |  | — |  |  |  |  |
Recognized actuarial loss | 2 |  |  | 1 |  |  |  |  |
Net benefit credit | $ | (51) |  |  | $ | (47) |  |  |  |  |
Significant non-U.S. Plans only |  |  |  |  |
For the Six Months Ended June 30, | Pension Benefits |
(In millions) | 2024 |  | 2023 |  |  |  |
Service cost | $ | 12 |  |  | $ | 11 |  |  |  |  |
Interest cost | 163 |  |  | 168 |  |  |  |  |
Expected return on plan assets | (284) |  |  | (272) |  |  |  |  |
Amortization of prior service credit | 1 |  |  | — |  |  |  |  |
Recognized actuarial loss | 5 |  |  | 2 |  |  |  |  |
Net benefit credit | $ | (103) |  |  | $ | (91) |  |  |  |  |

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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 -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + 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 -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 + Details
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