Post-Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Post-Employment Benefits

Schedule of aggregate accumulated benefit obligations, projected benefit obligations and aggregate plan assets for plans whose accumulated benefit obligation exceeded plan assets

					Medical and Dental
	Defined Benefit Plans				Plans
(in millions)	2021		2020		2021		2020
Projected benefit obligations, January 1	$	13,129	$	11,238	$	1,567	$	1,556
Service cost — benefits earned during the year		391		336		56		46
Interest cost on projected benefit obligations		248		300		33		42
(Gains) losses, primarily changes in discount rates, plan design changes, law changes and differences between actual and estimated health care costs		(463)		1,305		(16)		(5)
Benefits paid		(340)		(327)		(74)		(73)
Other, including foreign currency translation		(192)		277		—		1
Projected benefit obligations, December 31	$	12,773	$	13,129	$	1,566	$	1,567
Plan assets at fair value, January 1	$	12,018	$	10,277	$	353	$	360
Actual return (loss) on plan assets		1,521		1,463		56		46
Company contributions		418		400		35		20
Benefits paid		(340)		(327)		(74)		(73)
Other, including foreign currency translation		(149)		205		—		—
Plan assets at fair value, December 31	$	13,468	$	12,018	$	370	$	353
Projected benefit obligations less (greater) than plan assets, December 31	$	695	$	(1,111)	$	(1,196)	$	(1,214)
Long-term assets	$	2,270	$	824	$	—	$	—
Short-term liabilities		(31)		(29)		(2)		(1)
Long-term liabilities		(1,544)		(1,906)		(1,194)		(1,213)
Net asset (liability)	$	695	$	(1,111)	$	(1,196)	$	(1,214)
Amounts Recognized in Accumulated Other Comprehensive Income (loss):
Actuarial losses, net	$	3,062	$	4,559	$	412	$	486
Prior service cost (credits)		(5)		(5)		(39)		(67)
Total	$	3,057	$	4,554	$	373	$	419

Schedule of projected benefit obligations and the aggregate plan assets, for plans where the projected benefit obligations exceeded plan assets

(in millions)	2021		2020
Projected benefit obligation	$	2,632	$	8,946
Fair value of plan assets		1,057		7,010

Schedule of plans where the accumulated benefit obligations exceeded plan assets the aggregate accumulated benefit obligations, the projected benefit obligations and the aggregate plan assets

(in millions)	2021		2020
Accumulated benefit obligation	$	1,406	$	2,459
Projected benefit obligation		1,554		2,773
Fair value of plan assets		136		965

Schedule of components of the net periodic benefit cost for the entity's major defined benefit plans and post-employment medical and dental benefit plans

							Medical and
	Defined Benefit Plans						Dental Plans
(in millions)	2021		2020		2019		2021		2020		2019
Service cost — benefits earned during the year	$	391	$	336	$	250	$	56	$	46	$	23
Interest cost on projected benefit obligations		248		300		337		33		42		52
Expected return on plans’ assets		(843)		(770)		(710)		(27)		(28)		(27)
Amortization of actuarial losses		317		255		132		29		21		22
Amortization of prior service cost (credits)		1		1		1		(28)		(28)		(32)
Total net cost	$	114	$	122	$	10	$	63	$	53	$	38

Schedule of weighted average assumptions used to determine benefit obligations and net cost for defined benefit plans and medical and dental plans

The weighted average assumptions used to determine benefit obligations for defined benefit plans and medical and dental plans are as follows:

	2021		2020		2019
Discount rate	2.7	%	2.3	%	3.0	%
Expected aggregate average long-term change in compensation	4.3	%	4.3	%	4.3	%

The weighted average assumptions used to determine the net cost for defined benefit plans and medical and dental plans are as follows:

	2021		2020		2019
Discount rate	2.3	%	3.0	%	4.0	%
Expected return on plan assets	7.5	%	7.5	%	7.5	%
Expected aggregate average long-term change in compensation	4.3	%	4.3	%	4.3	%

Schedule of assumed health care cost trend rates

The assumed health care cost trend rates for medical and dental plans at December 31 were as follows:

	2021		2020		2019
Health care cost trend rate assumed for the next year	7	%	8	%	9	%
Rate that the cost trend rate gradually declines to	5	%	5	%	5	%
Year that rate reaches the assumed ultimate rate	2026		2025		2025

Schedule of basis used to measure the defined benefit and medical and dental plan assets at fair value

The following table summarizes the bases used to measure the defined benefit and medical and dental plan assets at fair value:

			Basis of Fair Value Measurement
			Quoted		Significant
			Prices in		Other		Significant
	Outstanding		Active		Observable		Unobservable		Measured at
(in millions)	Balances		Markets		Inputs		Inputs		NAV (j)
December 31, 2021:
Equities:
U.S. large cap (a)	$	3,664	$	2,403	$	—	$	—	$	1,261
U.S. mid and small cap (b)		936		876		—		4		56
International (c)		2,902		591		—		—		2,311
Fixed income securities:
U.S. government securities (d)		366		21		325		—		20
Corporate debt instruments (e)		1,709		434		1,260		—		15
Non-U.S. government securities (f)		626		33		1		—		592
Other (g)		510		87		111		—		312
Absolute return funds (h)		1,934		476		—		—		1,458
Cash and Cash Equivalents		266		35		—		—		231
Other (i)		925		2		—		—		923
	$	13,838	$	4,958	$	1,697	$	4	$	7,179
December 31, 2020:
Equities:
U.S. large cap (a)	$	3,410	$	2,202	$	—	$	—	$	1,208
U.S. mid and small cap (b)		775		721		—		3		51
International (c)		2,654		542		—		—		2,112
Fixed income securities:
U.S. government securities (d)		475		23		289		—		163
Corporate debt instruments (e)		1,408		425		908		—		75
Non-U.S. government securities (f)		523		16		—		—		507
Other (g)		503		159		72		—		272
Absolute return funds (h)		1,618		462		—		—		1,156
Cash and Cash Equivalents		281		19		—		—		262
Other (i)		724		9		—		—		715
	$	12,371	$	4,578	$	1,269	$	3	$	6,521

(a) A mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.

(b) A mix of index funds and actively managed equity accounts that are benchmarked to various mid and small cap indices.

(c) A mix of index funds and actively managed pooled investment funds that are benchmarked to various non-U.S. equity indices in both developed and emerging markets.

(d) A mix of index funds and actively managed accounts that are benchmarked to various U.S. government bond indices.

(e) A mix of index funds and actively managed accounts that are benchmarked to various corporate bond indices.

(f) Primarily United Kingdom, Canada, Japan and Eurozone government bonds.

Note 13 — Post-Employment Benefits (Continued)

(g) Primarily asset backed securities, bank loans and actively managed, diversified fixed income vehicles benchmarked to Libor.

(h) Primarily hedge funds and funds invested by managers that have a global mandate with the flexibility to allocate capital broadly across a wide range of asset classes and strategies including, but not limited to equities, fixed income, commodities, interest rate futures, currencies and other securities to outperform an agreed upon benchmark with specific return and volatility targets.

(i) Primarily investments in private funds, such as private equity, private credit, private real estate and private energy funds.

(j) Investments measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

Schedule of total benefit payments expected to be paid to participants

	Defined		Medical and
(in millions)	Benefit Plans		Dental Plans
2022	$	350	$	75
2023		365		75
2024		387		77
2025		408		78
2026		429		79
2027 to 2031		2,485		410