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Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2021

Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Benefit Costs/(Credits)

Net periodic pension cost/(benefit) consisted of the following:

			U.S. Plans												Non-U.S. Plans
			For the Three Months Ended June 30,												For the Three Months Ended June 30,
			2021						2020						2021						2020
			(in millions)
Service cost			$	2					$	2					$	35					$	29
Interest cost			10						13						30						36
Expected return on plan assets			(18)						(20)						(107)						(96)
Amortization:
Net loss from experience differences			5						4						33						28
Prior service benefit			—						—						(1)						(1)
Curtailment credit (1)			—						—						(14)						—
Settlement losses and other expenses (2)			6						8						—						—
Net periodic pension cost/(benefit)			$	5					$	7					$	(24)					$	(4)
			U.S. Plans												Non-U.S. Plans
			For the Six Months Ended June 30,												For the Six Months Ended June 30,
			2021						2020						2021						2020
			(in millions)
Service cost			$	4					$	3					$	70					$	59
Interest cost			20						26						59						73
Expected return on plan assets			(36)						(39)						(213)						(195)
Amortization:
Net loss from experience differences			9						8						66						57
Prior service benefit			—						—						(3)						(3)
Curtailment credit (1)			—						—						(14)						—
Settlement losses and other expenses (2)			9						12						—						2
Net periodic pension cost/(benefit)			$	6					$	10					$	(35)					$	(7)

(1)During the second quarter of 2021, we made a decision to freeze our Defined Benefit Pension Scheme in the United Kingdom. As a result, we recognized a curtailment credit of $(14 million) for the three and six months ended June 30, 2021 recorded within benefit plan non-service income. We also incurred incentive payment charges and other expenses related to this decision of $44 million for the three months ended June 30, 2021 and $45 million for the six months ended June 30, 2021 included in operating income.

(2)In connection with our Simplify to Grow Program, settlement losses and other expenses were $1 million for the three and six months ended June 30, 2021 and $4 million for the three and six months ended June 30, 2020. These losses were recorded within benefit plan non-service income.

Postretirement Benefit Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Benefit Costs/(Credits)

Net periodic postretirement health care cost/(benefit) consisted of the following:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2021						2020						2021						2020
			(in millions)
Service cost			$	1					$	2					$	2					$	3
Interest cost			2						3						4						6
Amortization:
Net loss from experience differences			—						1						1						4
Prior service credit			—						(7)						—						(15)
Net periodic postretirement health care cost/(benefit)			$	3					$	(1)					$	7					$	(2)

Postemployment Benefit Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Benefit Costs/(Credits)

Net periodic postemployment cost consisted of the following:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2021						2020						2021						2020
			(in millions)
Service cost			$	2					$	2					$	3					$	3
Interest cost			—						1						1						2
Amortization of net gains			—						(1)						(1)						(2)
Net periodic postemployment cost			$	2					$	2					$	3					$	3

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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=123447040&loc=d3e1928-114920

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