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PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS
 6 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Disclosure [Text Block] PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
A summary of the Corporation's pension and other postretirement benefit plans can be found in Note 17 to the Consolidated Financial Statements included in the 2020 10-K.

On March 4, 2021, TDCC announced changes to the design of its U.S. tax-qualified and non-qualified pension plans, including the plans of the Corporation (the “UCC Plans”). Effective December 31, 2023 (“Effective Date”), the Corporation will freeze the pensionable compensation and credited service amounts used to calculate pension benefits for employees who participate in the UCC Plans. As a result, at the Effective Date and subject to any bargaining obligations required by law, active participants of the UCC Plans will not accrue additional benefits for future service and compensation. Additionally, contributions to U.S. tax-qualified and non-qualified defined contribution plans will be harmonized across the U.S. eligible employee population of TDCC and its consolidated subsidiaries. The new matching contribution, beginning January 1, 2022, will allow all eligible U.S. employees to receive matching contributions of up to 5 percent of their eligible compensation. In addition, beginning on January 1, 2024, all eligible U.S. employees will receive an automatic non-elective contribution of 4 percent of eligible compensation to their respective defined contribution plans.

The Corporation's funding policy is to contribute to pension plans when pension laws and/or economics either require or encourage funding. On March 4, 2021, the Corporation elected to contribute $545 million to its tax-qualified pension plan, funded by the Corporation's notes receivable from TDCC, and, as a result, increased its estimated total 2021 pension contributions to approximately $550 million, of which $548 million has been contributed through June 30, 2021.

In connection with the foregoing plan amendments, the Corporation remeasured the UCC Plans effective February 28, 2021, which resulted in a pretax actuarial gain of $87 million, reflected in other comprehensive income and inclusive of a $14 million reduction in the projected benefit obligation resulting from the plan amendments, and a pretax curtailment gain of $7 million, recognized in the first quarter of 2021.

The following table provides the components of the Corporation's net periodic benefit cost (credit) for all significant plans:

Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months EndedSix Months Ended
In millionsJun 30, 2021Jun 30, 2020Jun 30, 2021Jun 30, 2020
Defined Benefit Pension Plans  
Service cost $6 $8 $14 $17 
Interest cost 21 28 40 56 
Expected return on plan assets (56)(50)(107)(100)
Amortization of net loss 28 27 58 54 
Curtailment gain— — (7)— 
Net periodic benefit cost (credit)$(1)$13 $(2)$27 
Other Postretirement Benefit Plan
Service cost$— $1 $— $1 
Interest cost 1 2 2 3 
Amortization of net gain(1)(2)(2)(3)
Net periodic benefit cost$— $1 $— $1 

Net periodic benefit cost (credit), other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income.