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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2021
Pension and other postretirement benefits  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the total accumulated benefit obligation (ABO), the ABO for defined benefit pension plans with ABO in excess of plan assets and the PBO for defined benefit pension plans with PBO in excess of plan assets:
 Qualified and Non-Qualified Pension Plans
 U.S. PlansU.K. Plans
In millions2021202020212020
Total ABO$2,986 $3,091 $1,844 $1,954 
Plans with ABO in excess of plan assets
ABO424 417 — — 
Plans with PBO in excess of plan assets
PBO449 448 — — 
Pension Plan  
Pension and other postretirement benefits  
Schedule of Net Funded Status The changes in the benefit obligations, the various plan assets, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant pension plans at December 31 were as follows:
 Qualified and Non-Qualified Pension Plans
 U.S. PlansU.K. Plans
In millions2021202020212020
Change in benefit obligation    
Benefit obligation at the beginning of the year$3,122 $2,916 $2,050 $1,851 
Service cost139 133 33 29 
Interest cost79 95 30 36 
Actuarial (gain) loss(132)224 (136)136 
Benefits paid from fund(178)(224)(63)(72)
Benefits paid directly by employer(18)(22)— — 
Foreign currency translation adjustments— — (27)70 
Benefit obligation at end of year$3,012 $3,122 $1,887 $2,050 
Change in plan assets    
Fair value of plan assets at beginning of year$3,429 $3,357 $2,337 $2,010 
Actual return on plan assets267 274 118 268 
Employer contributions30 22 30 48 
Benefits paid from fund(178)(224)(63)(72)
Foreign currency translation adjustments— — (32)83 
Fair value of plan assets at end of year$3,548 $3,429 $2,390 $2,337 
Funded status (including unfunded plans) at end of year$536 $307 $503 $287 
Amounts recognized in consolidated balance sheets    
Pension assets$985 $755 $503 $287 
Accrued compensation, benefits and retirement costs(18)(17)— — 
Pension and OPEB(431)(431)— — 
Net amount recognized$536 $307 $503 $287 
Amounts recognized in accumulated other comprehensive loss    
Net actuarial loss$467 $714 $61 $250 
Prior service cost6 6 11 19 
Net amount recognized$473 $720 $72 $269 
Schedule of Net Benefit Costs
The following table presents the net periodic pension cost under our plans for the years ended December 31:
 Qualified and Non-Qualified Pension Plans
 U.S. PlansU.K. Plans
In millions202120202019202120202019
Service cost$139 $133 $116 $33 $29 $26 
Interest cost79 95 108 30 36 43 
Expected return on plan assets(199)(195)(189)(85)(74)(70)
Amortization of prior service cost1 1 1 2 2 2 
Recognized net actuarial loss47 41 17 31 34 11 
Net periodic pension cost$67 $75 $53 $11 $27 $12 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in benefit obligations and plan assets recognized in other comprehensive (income) loss for the years ended December 31 were as follows:
In millions202120202019
Amortization of prior service cost$(3)$(3)$(3)
Recognized net actuarial loss(78)(75)(28)
Incurred actuarial (gain) loss(368)85 101 
Foreign currency translation adjustments5 19 4 
Total recognized in other comprehensive (income) loss$(444)$26 $74 
Total recognized in net periodic pension cost and other comprehensive (income) loss$(366)$128 $139 
Schedule of Assumptions Used
The table below presents various assumptions used in determining the PBO for each year and reflects weighted-average percentages for the various plans as follows:
 Qualified and Non-Qualified Pension Plans
 U.S. PlansU.K. Plans
 2021202020212020
Discount rate3.01 %2.62 %1.95 %1.50 %
Cash balance crediting rate3.79 %3.74 %— — 
Compensation increase rate2.71 %2.73 %3.75 %3.75 %
The table below presents various assumptions used in determining the net periodic pension cost and reflects weighted-average percentages for the various plans as follows:
 Qualified and Non-Qualified Pension Plans
 U.S. PlansU.K. Plans
 202120202019202120202019
Discount rate2.62 %3.36 %4.36 %1.50 %2.00 %2.80 %
Expected return on plan assets6.25 %6.25 %6.25 %4.00 %4.00 %4.00 %
Compensation increase rate2.72 %2.73 %2.73 %3.75 %3.75 %3.75 %
Schedule of Expected Benefit Payments The table below presents expected future benefit payments under our pension plans:
 Qualified and Non-Qualified Pension Plans
In millions202220232024202520262027 - 2031
Expected benefit payments$274 $261 $268 $271 $277 $1,411 
Other Postretirement Benefit Plan  
Pension and other postretirement benefits  
Schedule of Net Funded Status The changes in the benefit obligations, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant OPEB plans were as follows:
December 31,
In millions20212020
Change in benefit obligation  
Benefit obligation at the beginning of the year$219 $227 
Interest cost5 7 
Plan participants' contributions14 9 
Actuarial (gain) loss(8)14 
Benefits paid directly by employer(38)(38)
Benefit obligation at end of year$192 $219 
Funded status at end of year$(192)$(219)
Amounts recognized in consolidated balance sheets  
Accrued compensation, benefits and retirement costs$(19)$(20)
Pension and OPEB(173)(199)
Net amount recognized$(192)$(219)
Amounts recognized in accumulated other comprehensive loss  
Net actuarial gain$(18)$(10)
Prior service credit(4)(4)
Net amount recognized$(22)$(14)
Schedule of Net Benefit Costs
The following table presents the net periodic OPEB cost under our plans:
Years ended December 31,
In millions202120202019
Interest cost$5 $7 $10 
Recognized net actuarial gain— (1)— 
Net periodic OPEB cost$5 $6 $10 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in benefit obligations recognized in other comprehensive (income) loss for the years ended December 31 were as follows:
Years ended December 31,
In millions202120202019
Recognized net actuarial gain$— $1 $— 
Incurred actuarial (gain) loss(8)14 (1)
Total recognized in other comprehensive (income) loss $(8)$15 $(1)
Total recognized in net periodic OPEB cost and other comprehensive (income) loss $(3)$21 $9 
Schedule of Assumptions Used
The table below presents assumptions used in determining the OPEB obligation for each year and reflects weighted-average percentages for our other OPEB plans as follows:
20212020
Discount rate2.75 %2.30 %
The table below presents assumptions used in determining the net periodic OPEB cost and reflects weighted-average percentages for the various plans as follows:
202120202019
Discount rate2.30 %3.15 %4.25 %
Schedule of Expected Benefit Payments
The table below presents expected benefit payments under our OPEB plans:
In millions202220232024202520262027 - 2031
Expected benefit payments$19 $18 $18 $17 $16 $65 
UNITED STATES  
Pension and other postretirement benefits  
Schedule of Allocation of Plan Assets
The primary investment objective is to exceed, on a net-of-fee basis, the rate of return of a policy portfolio comprised of the following:
Range
Asset ClassTargetMinimumMaximum
U.S. equities5.0 %— %10 %
Non-U.S. equities1.0 %— %4 %
Global equities6.0 %3 %9 %
Total equities12.0 %
Real assets6.0 %— %10 %
Private equity/venture capital6.0 %— %10 %
Opportunistic credit4.0 %— %10 %
Fixed income72.0 %67 %77 %
Total100.0 % 
Fair Value, Assets Measured on Recurring Basis
The fair values of U.S. pension plan assets by asset category were as follows:
 Fair Value Measurements at December 31, 2021
In millionsQuoted prices in active
markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)		Total
Equities    
U.S.$115 $— $— $115 
Non-U.S.38 — — 38 
Fixed income
Government debt37 30 — 67 
Corporate debt
U.S.— 489 — 489 
Non-U.S.— 19 — 19 
Net cash equivalents (1)
270 57 — 327 
Private markets and real assets (2)
— — 551 551 
Net plan assets subject to leveling$460 $595 $551 $1,606 
Pending trade/purchases/sales   2 
Accruals (3)
   6 
Investments measured at net asset value1,934 
Net plan assets   $3,548 
 Fair Value Measurements at December 31, 2020
In millionsQuoted prices in active
markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)		Total
Equities    
U.S.$194 $— $— $194 
Non-U.S.58 — — 58 
Fixed income
Government debt78 5 — 83 
Corporate debt
U.S.— 512 — 512 
Non-U.S.— 26 — 26 
Asset/mortgaged backed securities— 3 — 3 
Net cash equivalents (1)
319 37 — 356 
Private markets and real assets (2)
— — 431 431 
Net plan assets subject to leveling$649 $583 $431 $1,663 
Accruals (3)
   5 
Investments measured at net asset value1,761 
Net plan assets   $3,429 
(1) Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments.
(2) The instruments in private markets and real assets, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statements of the funds. Private markets include equity, venture capital and private credit instruments and funds. Real assets include real estate and infrastructure.
(3) Accruals include interest or dividends that were not settled at December 31.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The reconciliation of Level 3 assets was as follows:
 Fair Value Measurements
Using Significant Unobservable Inputs (Level 3)
In millionsPrivate MarketsReal AssetsTotal
Balance at December 31, 2019$299 $72 $371 
Actual return on plan assets 
Unrealized gains on assets still held at the reporting date21 2 23 
Purchases, sales and settlements, net39 (2)37 
Balance at December 31, 2020359 72 431 
Actual return on plan assets   
Unrealized gains on assets still held at the reporting date144 11 155 
Purchases, sales and settlements, net(32)(3)(35)
Balance at December 31, 2021$471 $80 $551 
UNITED KINGDOM  
Pension and other postretirement benefits  
Schedule of Allocation of Plan Assets To achieve these objectives we established the following targets:
Asset ClassTarget
Equities10.0 %
Private markets/secure income assets12.0 %
Credit16.0 %
Diversifying strategies5.0 %
Fixed income/insurance annuity56.0 %
Cash1.0 %
Total100.0 %
Fair Value, Assets Measured on Recurring Basis
The fair values of U.K. pension plan assets by asset category were as follows:
 Fair Value Measurements at December 31, 2021
In millionsQuoted prices in active
markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)		Total
Equities    
U.S.$— $79 $— $79 
Non-U.S.— 74 — 74 
Fixed income 
Net cash equivalents (1)
35 — — 35 
Insurance annuity (2)
— — 514 514 
Private markets and real assets (3)
— — 389 389 
Net plan assets subject to leveling$35 $153 $903 $1,091 
Investments measured at net asset value1,299 
Net plan assets   $2,390 
 Fair Value Measurements at December 31, 2020
In millionsQuoted prices in active
markets for identical assets
(Level 1)		Significant other
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)		Total
Equities    
U.S.$— $56 $— $56 
Non-U.S.— 69 — 69 
Fixed income
Net cash equivalents (1)
26 — — 26 
Insurance annuity (2)
— — 556 556 
Private markets and real assets (3)
— — 282 282 
Net plan assets subject to leveling$26 $125 $838 $989 
Investments measured at net asset value1,348 
Net plan assets   $2,337 
(1) Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments.
(2) In July 2012, the U.K. pension plan purchased an insurance contract that will guarantee payment of specified pension liabilities. The contract defers payment for 10 years.
(3) The instruments in private markets and real assets, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statements of the funds. Private markets include equity, venture capital and private credit instruments and funds. Real assets include real estate and infrastructure.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The reconciliation of Level 3 assets was as follows:
 Fair Value Measurements
Using Significant Unobservable Inputs (Level 3)
In millionsInsurance AnnuityReal AssetsPrivate MarketsTotal
Balance at December 31, 2019$476 $35 $224 $735 
Actual return on plan assets
Unrealized gains (losses) on assets still held at the reporting date80 (2)22 100 
Purchases, sales and settlements, net— (2)5 3 
Balance at December 31, 2020556 31 251 838 
Actual return on plan assets    
Unrealized (losses) gains on assets still held at the reporting date(42)2 114 74 
Purchases, sales and settlements, net— — (9)(9)
Balance at December 31, 2021$514 $33 $356 $903