v3.25.2
Retirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
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 cost or credit 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 30,20252024
Weighted average assumptions:
Discount rate5.36 %4.95 %
Expected return on plan assets5.43 %5.44 %
Rate of compensation increase *3.16 %3.16 %
(*)There are no rate of compensation increase assumptions for the primary 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)20252024
Service cost$7 $6 
Interest cost149 144 
Expected return on plan assets(212)(216)
Amortization of prior service (credit) cost — 1 
Recognized actuarial loss11 7 
Net periodic benefit credit$(45)$(58)
Settlement loss5 — 
Net benefit credit$(40)$(58)
Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,
Pension Benefits
(In millions)20252024
Service cost$13 $12 
Interest cost294 288 
Expected return on plan assets(416)(435)
Amortization of prior service (credit) cost — 1 
Recognized actuarial loss21 15 
Net periodic benefit credit$(88)$(119)
Settlement loss10 — 
Net benefit credit$(78)$(119)
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)20252024
Compensation and benefits expense$7 $6 
Other net benefit credits (a) (47)(64)
Net benefit credit$(40)$(58)
(a)For the three months ended June 30, 2025, the Company recorded $1 million of net benefit cost related to the post-retirement plans.
Combined U.S. and significant non-U.S. Plans
For the Six Months Ended June 30,
Pension Benefits
(In millions)20252024
Compensation and benefits expense$13 $12 
Other net benefit credits (91)(131)
Net benefit credit$(78)$(119)
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)20252024
Interest cost$63 $63 
Expected return on plan assets(73)(75)
Recognized actuarial loss 6 5 
Net periodic benefit credit$(4)$(7)
Settlement loss1 — 
Net benefit credit$(3)$(7)
U.S. Plans only
For the Six Months Ended June 30,
Pension Benefits
(In millions)20252024
Interest cost$127 $125 
Expected return on plan assets(146)(151)
Recognized actuarial loss 12 10 
Net periodic benefit credit$(7)$(16)
Settlement loss1 — 
Net benefit credit$(6)$(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)20252024
Service cost$7 $6 
Interest cost86 81 
Expected return on plan assets(139)(141)
Amortization of prior service credit— 1 
Recognized actuarial loss5 2 
Net periodic benefit credit$(41)$(51)
Settlement loss4 — 
Net benefit credit$(37)$(51)
Significant non-U.S. Plans only
For the Six Months Ended June 30,
Pension Benefits
(In millions)20252024
Service cost$13 $12 
Interest cost167 163 
Expected return on plan assets(270)(284)
Amortization of prior service credit— 1 
Recognized actuarial loss9 5 
Net periodic benefit credit$(81)$(103)
Settlement loss9 — 
Net benefit credit$(72)$(103)