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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of benefit obligations, fair value of plan assets, and funded status
Benefit Obligations, Fair Value of Plan Assets and Funded Status
Pension BenefitsOther Postretirement and Postemployment Benefits
December 31,December 31,
(in millions)2023202220232022
Benefit obligation at beginning of period$15,811 $21,073 $3,664 $4,605 
Service cost95 — 71 70 
Interest cost855 611 200 128 
Actuarial loss/(gain)351 (4,599)24 (710)
Benefits paid, including lump sums and annuities(1,201)(1,274)(485)(447)
Plan amendments— — 11 — 
Participant contributions— — 18 18 
Benefit obligation at end of period(1)
$15,911 $15,811 $3,503 $3,664 
Fair value of plan assets at beginning of period$15,721 $19,502 $71 $357 
Actual gain/(loss) on plan assets1,142 (2,517)3 (73)
Employer contributions104 10 426 216 
Participant contributions— — 18 18 
Benefits paid, including lump sums and annuities(1,201)(1,274)(485)(447)
Fair value of plan assets at end of period$15,766 $15,721 $33 $71 
Funded status at end of period$(145)$(90)$(3,470)$(3,593)
(1) At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.
Schedule of amounts balance sheet position
Balance Sheet Position
Pension BenefitsOther Postretirement and Postemployment Benefits
December 31,December 31,
(in millions)2023202220232022
Prepaid pension assets$22 $27 $— $— 
Current liabilities(9)(9)(404)(369)
Noncurrent liabilities(158)(108)(3,066)(3,224)
Funded status at end of period$(145)$(90)$(3,470)$(3,593)
Net actuarial (loss)/gain$(6,474)$(6,444)$(162)$(155)
Prior service credit— — 1 18 
Total accumulated other comprehensive loss, pre-tax$(6,474)$(6,444)$(161)$(137)
Schedule of net periodic cost (benefit)
Net Periodic Cost/(Benefit)
Pension BenefitsOther Postretirement and Postemployment Benefits
Year Ended December 31,Year Ended December 31,
(in millions)202320222021202320222021
Service cost$95 $— $— $71 $70 $86 
Interest cost855 611 582 200 128 117 
Expected return on plan assets(1,060)(1,319)(1,522)(1)(17)(34)
Amortization of prior service credit— — — (5)(5)(6)
Recognized net actuarial loss240 255 354 14 56 55 
Settlements— — 2 — — — 
Net periodic cost/(benefit)
$130 $(453)$(584)$279 $232 $218 
Schedule of assumptions used to determine benefit obligations and net periodic costs/ (benefit)
We used the following actuarial assumptions to determine our benefit obligations and our net periodic cost/(benefit) for the periods presented:
December 31,
Benefit Obligations(1)
20232022
Weighted average discount rate5.31 %5.62 %

Year Ended December 31,
Net Periodic Cost/(Benefit)(1)
202320222021
Weighted average discount rate5.59 %2.96 %2.61 %
Weighted average expected long-term rate of return on plan assets7.00 %7.00 %8.98 %
Assumed healthcare cost trend rate for the next year(2)
6.25 %6.50 %6.25 %
(1)Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation.
(2)Healthcare cost trend rate is assumed to decline gradually to 5.00% by 2029 and remain unchanged thereafter.
Schedule of expected future benefit payments
The following table summarizes the benefit payments that are expected to be paid in the years ending December 31:

Expected future benefit payments
(in millions)Pension BenefitsOther Postretirement and Postemployment Benefits
2024$1,310 $450 
20251,350 440 
20261,350 440 
20271,360 440 
20281,360 450 
2029-20336,670 2,190 
Schedule of benefit plan assets measured at fair value on recurring basis The following table shows our benefit plan assets by asset class.
Benefit plan assets measured at fair value on a recurring basis
December 31, 2023December 31, 2022Valuation Technique
(in millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed income and fixed income-related instruments$300 $1,858 $2,158 $77 $1,366 $1,443 (a)(b)
Cash equivalents471 685 1,156 629 265 894 (a)
Equities and equity-related instruments647 122 769 420 25 445 (a)
Delta common stock419 — 419 343 — 343 (a)
Real assets11 236 247 17 170 187 (a)
Benefit plan assets$1,848 $2,901 $4,749 $1,486 $1,826 $3,312 
Investments measured at net asset value ("NAV")(1)
11,417 12,329 
Total benefit plan assets$16,166 $15,641 
(1) Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
Schedule of benefit plan investments assets measured at NAV
The following table summarizes investments measured at fair value based on NAV per share as a practical expedient:

Benefit plan investment assets measured at NAV
December 31, 2023December 31, 2022
(in millions)Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Hedge funds and hedge fund-related strategies$6,175 (1)
7-180 Days
$6,730 (1)
2-180 Days
Commingled funds, private equity and private equity-related instruments (4)
2,379 (1) (2)
0-45 Days
2,266 (1) (2)
2-45 Days
Fixed income and fixed income-related instruments(4)
1,147 (1)
1-180 Days
1,003 (1)
1-180 Days
Real assets (4)
893 (2)N/A819 (2)N/A
Other823 (3)
2-10 Days
1,511 (3)
2-10 Days
Total investments measured at NAV$11,417 $12,329 
(1)Various. Includes funds with monthly or more frequent, quarterly and/or custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment.
(2)Includes private funds that are closed-ended structures in which the plans' investments are generally not eligible for redemption.
(3)Includes funds with monthly or more frequent redemptions.
(4)Unfunded commitments were $1.3 billion for commingled funds, private equity and private equity-related instruments, $296 million for fixed income and fixed income-related instruments and $584 million for real assets at December 31, 2023.