PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2018

Defined Benefit Plan Disclosure [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

Summarized information on the Corporation's pension and other postretirement benefit plans is as follows:



Change in Projected Benefit Obligations, Plan Assets and Funded Status for all Plans	Defined Benefit Pension Plans						Other Postretirement Benefits
In millions	2018			2017			2018			2017
Change in projected benefit obligations:
Benefit obligation at beginning of year	$	4,150		$	4,025		$	224		$	264
Service cost	39			38			1			1
Interest cost	128			129			6			8
Actuarial changes in assumptions and experience	(249		)	241			(2		)	(23		)
Benefits paid	(278		)	(281		)	(14		)	(26		)
Other	(4		)	(2		)	—			—
Benefit obligation at end of year	$	3,786		$	4,150		$	215		$	224

Change in plan assets:
Fair value of plan assets at beginning of year	$	3,307		$	3,097		$	—		$	—
Actual return on plan assets	(62		)	331			—			—
Employer contributions	42			162			—			—
Asset transfers	(4		)	(2		)	—			—
Benefits paid	(278		)	(281		)	—			—
Fair value of plan assets at end of year	$	3,005		$	3,307		$	—		$	—

Funded status at end of year	$	(781	)	$	(843	)	$	(215	)	$	(224	)



Net amounts recognized in the consolidated balance sheets at Dec 31:
Accrued and other current liabilities	$	(2	)	$	(2	)	$	(19	)	$	(15	)
Pension and other postretirement benefits - noncurrent	(779		)	(841		)	(196		)	(209		)
Net amount recognized	$	(781	)	$	(843	)	$	(215	)	$	(224	)

Pretax amounts recognized in accumulated other comprehensive loss at Dec 31:
Net loss (gain)	$	2,019		$	2,083		$	(79	)	$	(86	)
Prior service credit	(11		)	(12		)	—			—
Pretax balance in accumulated other comprehensive loss at end of year	$	2,008		$	2,071		$	(79	)	$	(86	)

Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets



Pension Plans with Projected Benefit Obligations in Excess of Plan Assets at Dec 31	2018		2017
In millions	2018		2017
Projected benefit obligations	$	3,786	$	4,150
Fair value of plan assets	$	3,005	$	3,307

Schedule of Net Benefit Costs



Net Periodic Benefit Cost for All Plans for the Year Ended Dec 31	Defined Benefit Pension Plans									Other Postretirement Benefits
	Defined Benefit Pension Plans									Other Postretirement Benefits
In millions	2018			2017			2016			2018			2017			2016
Net Periodic Benefit Cost:
Service cost	$	39		$	38		$	39		$	1		$	1		$	1
Interest cost	128			129			131			6			8			8
Expected return on plan assets	(218		)	(221		)	(217		)	—			—			—
Amortization of prior service credit	(1		)	(1		)	(1		)	—			—			—
Amortization of net (gain) loss	95			83			75			(9		)	(6		)	(7		)
Net periodic benefit cost	$	43		$	28		$	27		$	(2	)	$	3		$	2
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net (gain) loss	$	31		$	131		$	208		$	(2	)	$	(23	)	$	4
Amortization of prior service credit	1			1			1			—			—			—
Amortization of net gain (loss)	(95		)	(83		)	(75		)	9			6			7
Total recognized in other comprehensive (income) loss	$	(63	)	$	49		$	134		$	7		$	(17	)	$	11
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(20	)	$	77		$	161		$	5		$	(14	)	$	13

Schedule of Expected Benefit Payments

The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:



Estimated Future Benefit Payments at Dec 31, 2018	Defined Benefit Pension Plans		Other Postretirement Benefits
In millions	Defined Benefit Pension Plans		Other Postretirement Benefits
2019	$	277	$	19
2020	276		19
2021	275		20
2022	274		20
2023	271		19
2024 through 2028	1,293		76
Total	$	2,666	$	173

Schedule of Allocation of Plan Assets

The weighted-average target allocation for plan assets of the Corporation's pension plans is summarized as follows:



Target Allocation for Plan Assets at Dec 31, 2018	Target Allocation
Asset Category	Target Allocation
Equity securities	23	%
Fixed income securities	45
Alternative investments	27
Other	5
Total	100	%

Schedule of Defined Benefit Plans Disclosures

The following table summarizes the bases used to measure the Corporation’s pension plan assets at fair value for the years ended December 31, 2018 and 2017:



Basis of Fair Value Measurements	Dec 31, 2018								Dec 31, 2017
In millions	Total		Level 1		Level 2		Level 3		Total			Level 1		Level 2			Level 3
Cash and cash equivalents	$	189	$	189	$	—	$	—	$	193		$	153	$	40		$	—
Equity securities:
U.S. equity securities	$	277	$	275	$	2	$	—	$	374		$	357	$	17		$	—
Non - U.S. equity securities	321		269		46		6		472			404		61			7
Total equity securities	$	598	$	544	$	48	$	6	$	846		$	761	$	78		$	7
Fixed income securities:
Debt - government-issued	$	812	$	8	$	804	$	—	$	873		$	—	$	873		$	—
Debt - corporate-issued	413		11		402		—		515			—		515			—
Debt - asset-backed	30		—		30		—		24			—		24			—
Total fixed income securities	$	1,255	$	19	$	1,236	$	—	$	1,412		$	—	$	1,412		$	—
Alternative investments: ¹
Derivatives - asset position	$	12	$	—	$	12	$	—	$	6		$	—	$	6		$	—
Derivatives - liability position	—		—		—		—		(32		)	—		(32		)	—
Total alternative investments	$	12	$	—	$	12	$	—	$	(26	)	$	—	$	(26	)	$	—
Other investments	$	—	$	—	$	—	$	—	$	(6	)	$	—	$	(6	)	$	—
Subtotal	$	2,054	$	752	$	1,296	$	6	$	2,419		$	914	$	1,498		$	7
Investments measured at net asset value: ¹
Hedge funds	$	287							$	292
Private market securities	335								237
Real estate	327								360
Total investments measured at net asset value	$	949							$	889
Items to reconcile to fair value of plan assets:
Pension trust receivables ²	$	2							$	2
Pension trust payables ³	—								(3		)
Total	$	3,005							$	3,307


1.	The Corporation reviewed its fair value techniques and elected to present assets valued at net asset value per share as a practical expedient outside of the fair value hierarchy. The assets are presented as "Investments measured at net asset value." Prior period amounts were updated to conform with the current year presentation.


2.	Primarily receivables for investment securities sold.


3.	Primarily payables for investment securities purchased.

Defined Benefit Pension Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs are provided below:



Pension Plan Assumptions	Benefit Obligations at Dec 31				Net Periodic Costs for the Year Ended
	2018		2017		2018		2017		2016
Discount rate	4.32	%	3.59	%	3.59	%	4.00	%	4.26	%
Interest crediting rate for applicable benefits	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
Rate of compensation increase	4.25	%	4.25	%	4.25	%	4.25	%	4.50	%
Expected return on plan assets	—		—		6.80	%	6.80	%	6.80	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets



Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets at Dec 31
In millions	2018		2017
Accumulated benefit obligations	$	3,762	$	4,120
Fair value of plan assets	$	3,005	$	3,307

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2018 and 2017:



Fair Value Measurement of Level 3 Pension Plan Assets	Equity Securities			Alternative Investments			Other Investments			Total
In millions	Equity Securities			Alternative Investments			Other Investments			Total
Balance at Jan 1, 2017, as previously reported	$	6		$	724		$	19		$	749
Reclassification of investments measured at net asset value ¹	—			(713		)	(19		)	(732		)
Balance at Jan 1, 2017, as restated	$	6		$	11		$	—		$	17
Actual return on plan assets:
Relating to assets held at Dec 31, 2017	—			(2		)	—			(2		)
Purchases, sales and settlements	1			(9		)	—			(8		)
Balance at Dec 31, 2017	$	7		$	—		$	—		$	7
Actual return on plan assets:
Relating to assets held at Dec 31, 2018	(1		)	—			—			(1		)
Balance at Dec 31, 2018	$	6		$	—		$	—		$	6


1.	The Corporation reviewed its fair value technique and elected to present assets valued at at net asset value per share as a practical expedient outside of the fair value hierarchy, including those classified as Level 3 pension plan assets. The assets are presented as "Investments measured at net asset value."

Other Postretirement Benefits Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

The weighted-average assumptions used to determine other postretirement benefit obligations and net periodic benefit costs for the plan are provided in the following table:



Plan Assumptions for Other Postretirement Benefits	Benefit Obligations at Dec 31				Net Periodic Costs for the Year Ended
	2018		2017		2018		2017		2016
Discount rate	4.23	%	3.51	%	3.51	%	3.88	%	4.08	%
Health care cost trend rate assumed for next year	6.50	%	6.75	%	6.75	%	7.00	%	7.25	%
Rate to which the cost trend rate is assumed to decline (the ultimate health care cost trend rate)	5.00	%	5.00	%	5.00	%	5.00	%	5.00	%
Year that the rate reaches the ultimate health care cost trend rate	2025		2025		2025		2025		2025