PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Schedule of Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans

Summarized information on the Company's pension and other postretirement benefit plans is as follows:


Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans	Defined Benefit Pension Plans				Other Postretirement Benefit Plans
In millions	2022		2021		2022		2021
Change in projected benefit obligations:
Benefit obligations at beginning of year	$	32,977	$	35,309	$	1,251	$	1,464
Service cost	392		387		6		7
Interest cost	680		594		26		23
Plan participants' contributions	12		10		—		—
Actuarial changes in assumptions and experience	(8,433)		(820)		(318)		(98)
Benefits paid	(1,539)		(1,582)		(67)		(141)
Plan amendments	(25)		2		—		—
Acquisitions/divestitures/other 1	(602)		8		—		—
Effect of foreign exchange rates	(600)		(545)		(5)		(4)
Termination benefits/curtailments/settlements 2	(1)		(386)		—		—
Benefit obligations at end of year	$	22,861	$	32,977	$	893	$	1,251

Change in plan assets:
Fair value of plan assets at beginning of year	$	28,167	$	26,406	$	—	$	—
Actual return on plan assets	(4,556)		2,501		—		—
Employer contributions	235		1,219		—		—
Plan participants' contributions	12		10		—		—
Benefits paid	(1,539)		(1,582)		—		—
Other 3	(592)		10		—		—
Effect of foreign exchange rates	(496)		(397)		—		—

Fair value of plan assets at end of year	$	21,231	$	28,167	$	—	$	—

Funded status:
U.S. plans with plan assets	$	(545)	$	(2,585)	$	—	$	—
Non-U.S. plans with plan assets	(473)		(1,467)		—		—
All other plans	(612)		(758)		(893)		(1,251)

Funded status at end of year	$	(1,630)	$	(4,810)	$	(893)	$	(1,251)

Amounts recognized in the consolidated balance sheets at Dec 31:
Deferred charges and other assets	$	1,035	$	1,173	$	—	$	—
Accrued and other current liabilities	(66)		(58)		(88)		(99)
Pension and other postretirement benefits - noncurrent	(2,599)		(5,925)		(805)		(1,152)


Net amount recognized	$	(1,630)	$	(4,810)	$	(893)	$	(1,251)

Pretax amounts recognized in accumulated other comprehensive loss at Dec 31:
Net loss (gain)	$	7,045	$	9,934	$	(523)	$	(221)
Prior service credit	(116)		(112)		—		—
Pretax balance in accumulated other comprehensive loss at end of year	$	6,929	$	9,822	$	(523)	$	(221)

1.The 2022 impact primarily relates to the transfer of benefit obligations in the U.S. through the purchase of annuity contracts from an insurance company.

2.The 2021 impact primarily relates to the freeze of pensionable compensation and credited service amounts for employees that participate in the U.S. Plans.

3.The 2022 impact relates to the purchase of an annuity contract associated with the transfer of benefit obligations to an insurance company.

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets


Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets at Dec 31	2022		2021
In millions	2022		2021
Accumulated benefit obligations	$	18,300	$	27,052
Fair value of plan assets	$	15,723	$	21,385

Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets


Pension Plans with Projected Benefit Obligations in Excess of Plan Assets at Dec 31	2022		2021
In millions
Projected benefit obligations	$	18,388	$	27,367

Fair value of plan assets	$	15,723	$	21,385

Schedule of Net Benefit Costs


Net Periodic Benefit Costs for All Significant Plans for the Year Ended Dec 31	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
In millions	2022		2021		2020		2022		2021		2020
Net Periodic Benefit Costs:
Service cost	$	392	$	387	$	399	$	6	$	7	$	7
Interest cost	680		594		767		26		23		40
Expected return on plan assets	(1,686)		(1,724)		(1,658)		—		—		—
Amortization of prior service credit	(21)		(22)		(19)		—		—		—
Amortization of unrecognized (gain) loss	658		822		773		(15)		(6)		(10)
Curtailment/settlement/other 1	—		(18)		9		—		—		—
Net periodic benefit costs	$	23	$	39	$	271	$	17	$	24	$	37
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net (gain) loss	$	(2,231)	$	(1,980)	$	1,753	$	(317)	$	(98)	$	8
Prior service cost (credit)	(25)		2		8		—		—		—
Amortization of prior service credit	21		22		19		—		—		—
Amortization of unrecognized gain (loss)	(658)		(822)		(773)		15		6		10
Curtailment and settlement gain (loss) 1	—		18		(9)		—		—		—
Total recognized in other comprehensive (income) loss	$	(2,893)	$	(2,760)	$	998	$	(302)	$	(92)	$	18
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(2,870)	$	(2,721)	$	1,269	$	(285)	$	(68)	$	55

1.The 2021 impact primarily relates to the freeze of pensionable compensation and credited service amounts for employees that participate in the U.S. Plans. The 2020 impact relates to pension plan curtailments of a European plan resulting from the 2020 Restructuring Program and the settlement of certain plan obligations of a U.S. non-qualified pension plan resulting from lump-sum payments.

Schedule of Expected Benefit Payments

The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:


Estimated Future Benefit Payments at Dec 31, 2022	Defined Benefit Pension Plans		Other Postretirement Benefit Plans
In millions
2023	$	1,597	$	90
2024	1,474		85
2025	1,496		82
2026	1,515		82
2027	1,531		80
2028-2032	7,783		350
Total	$	15,396	$	769

Schedule of Allocation of Plan Assets

The weighted-average target allocation for plan assets of the Company's pension plans is summarized as follows:


Target Allocation for Plan Assets at Dec 31, 2022	Target Allocation
Asset Category
Equity securities	25	%
Fixed income securities	43
Alternative investments	29
Other investments	3
Total	100	%

Schedule of Defined Benefit Plans Disclosures

The following table summarizes the bases used to measure the Company’s pension plan assets at fair value for the years ended December 31, 2022 and 2021:


Basis of Fair Value Measurements	Dec 31, 2022								Dec 31, 2021
In millions	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,240	$	989	$	251	$	—	$	1,463	$	1,353	$	110	$	—
Equity securities:
U.S. equity securities	$	1,855	$	1,845	$	7	$	3	$	4,117	$	4,097	$	18	$	2
Non - U.S. equity securities	2,120		1,924		193		3		4,559		3,935		620		4
Total equity securities	$	3,975	$	3,769	$	200	$	6	$	8,676	$	8,032	$	638	$	6
Fixed income securities:
Debt - government-issued	$	3,885	$	57	$	3,827	$	1	$	4,838	$	242	$	4,596	$	—
Debt - corporate-issued	4,231		441		3,790		—		4,949		1,095		3,854		—
Debt - asset-backed	128		44		84		—		117		—		116		1
Total fixed income securities	$	8,244	$	542	$	7,701	$	1	$	9,904	$	1,337	$	8,566	$	1
Alternative investments:

Private markets	$	5	$	—	$	—	$	5	$	5	$	—	$	—	$	5
Real estate	48		48		—		—		67		67		—		—
Derivatives - asset position	348		5		343		—		399		2		397		—
Derivatives - liability position	(479)		(6)		(473)		—		(324)		(2)		(322)		—
Total alternative investments	$	(78)	$	47	$	(130)	$	5	$	147	$	67	$	75	$	5
Other investments	$	1,103	$	16	$	1,087	$	—	$	1,068	$	7	$	1,061	$	—
Subtotal	$	14,484	$	5,363	$	9,109	$	12	$	21,258	$	10,796	$	10,450	$	12
Investments measured at net asset value:
Hedge funds	$	964							$	1,312
Private markets	3,873								3,857
Real estate	1,956								1,793
Total investments measured at net asset value	$	6,793							$	6,962
Items to reconcile to fair value of plan assets:
Pension trust receivables 1	$	31							$	62
Pension trust payables 2	(77)								(115)
Total	$	21,231							$	28,167

1.Primarily receivables for investment securities sold.

2.Primarily payables for investment securities purchased.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes the changes in the fair value of Level 3 pension plan assets for the years ended December 31, 2022 and 2021:


Fair Value Measurement of Level 3 Pension Plan Assets	Equity Securities		Fixed Income Securities		Alternative Investments		Other Investments		Total
In millions
Balance at Jan 1, 2021	$	10	$	2	$	13	$	2	$	27
Actual return on assets:

Relating to assets held at Dec 31, 2021	1		—		(11)		—		(10)
Purchases, sales and settlements, net	(5)		(1)		3		(2)		(5)


Balance at Dec 31, 2021	$	6	$	1	$	5	$	—	$	12
Actual return on assets:

Relating to assets held at Dec 31, 2022	(6)		—		(6)		—		(12)
Purchases, sales and settlements, net	—		—		6		—		6
Transfers into Level 3, net	6		—		—		—		6

Balance at Dec 31, 2022	$	6	$	1	$	5	$	—	$	12

Defined Benefit Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for all plans are summarized in the table below:


Weighted-Average Assumptions for All Pension Plans	Benefit Obligations at Dec 31				Net Periodic Benefit Costs for the Year Ended
	2022		2021		2022		2021		2020
Discount rate	5.18	%	2.57	%	2.57	%	2.40	%	2.81	%
Interest crediting rate for applicable benefits	4.19	%	3.57	%	3.57	%	3.55	%	3.51	%
Rate of compensation increase	4.05	%	3.94	%	3.94	%	3.91	%	3.92	%
Expected return on plan assets					6.68	%	6.86	%	7.00	%

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for U.S. plans are summarized in the table below:


Weighted-Average Assumptions for U.S. Pension Plans	Benefit Obligations at Dec 31				Net Periodic Benefit Costs for the Year Ended
	2022		2021		2022		2021		2020
Discount rate	5.64	%	3.04	%	3.04	%	3.03	%	3.41	%
Interest crediting rate for applicable benefits	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
Rate of compensation increase	4.25	%	4.25	%	4.25	%	4.25	%	4.25	%
Expected return on plan assets					7.95	%	7.96	%	7.95	%