v3.24.2
Retirement Benefits (Tables)
 6 Months Ended
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. PlansPension Benefits
June 30,20242023
Weighted average assumptions:
Expected return on plan assets5.44 %5.31 %
Discount rate4.95 %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)20242023
Service cost$6 $5 
Interest cost144 150 
Expected return on plan assets(216)(215)
Amortization of prior service (credit) cost 1 — 
Recognized actuarial loss7 5 
Net benefit credit$(58)$(55)
Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,
Pension Benefits
(In millions)20242023
Service cost$12 $11 
Interest cost288 298 
Expected return on plan assets(435)(427)
Amortization of prior service (credit) cost 1 — 
Recognized actuarial loss15 11 
Net benefit credit$(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)20242023
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)20242023
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)20242023
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)20242023
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)20242023
Service cost$6 $5 
Interest cost81 85 
Expected return on plan assets(141)(138)
Amortization of prior service credit1 — 
Recognized actuarial loss2 1 
Net benefit credit$(51)$(47)
Significant non-U.S. Plans only
For the Six Months Ended June 30,
Pension Benefits
(In millions)20242023
Service cost$12 $11 
Interest cost163 168 
Expected return on plan assets(284)(272)
Amortization of prior service credit1 — 
Recognized actuarial loss5 2 
Net benefit credit$(103)$(91)