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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 Company's pension and other postretirement benefit plans can be found in Note 20 to the Consolidated Financial Statements included in the 2020 10-K.

On March 4, 2021, the Company announced changes to its U.S. tax-qualified and non-qualified pension plans. Effective December 31, 2023 ("Effective Date"), the Company will freeze the pensionable compensation and credited service amounts used to calculate pension benefits for employees who participate in its U.S. tax-qualified and non-qualified retirement programs (collectively, the "U.S. Plans"). As a result, at the Effective Date and subject to any bargaining obligations required by law, active participants of the U.S. 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 Company's U.S. eligible employee population. 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 Company's funding policy is to contribute to defined benefit pension plans in the United States and a number of other countries when pension laws and/or economics either require or encourage funding. On March 4, 2021, the Company elected to contribute $1 billion to its U.S. tax-qualified pension plans and, as a result, increased its estimated global 2021 pension contributions to approximately $1,230 million, of which $1,109 million has been contributed through June 30, 2021.

In connection with the foregoing plan amendments, the Company remeasured its U.S. Plans effective February 28, 2021, which resulted in a pretax actuarial gain of $1,268 million, included in other comprehensive income and inclusive of a $345 million reduction in the projected benefit obligation resulting from the plan amendments, and a pretax curtailment gain of $19 million, recognized in the first quarter of 2021.
The following table provides the components of the Company's net periodic benefit cost for all significant plans:

Net Periodic Benefit Cost 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$96 $99 $198 $198 
Interest cost 150 191 293 383 
Expected return on plan assets (435)(412)(857)(826)
Amortization of prior service credit(5)(5)(10)(10)
Amortization of net loss200 192 424 384 
Curtailment gain— — (19)— 
Net periodic benefit cost$6 $65 $29 $129 
Other Postretirement Benefit Plans
Service cost $2 $2 $4 $4 
Interest cost 5 10 11 19 
Amortization of net gain(1)(3)(3)(5)
Net periodic benefit cost$6 $9 $12 $18 

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