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Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of changes in benefit obligations
The following tables outline the change in pension benefit obligation and plan assets over the specified periods:
In millions20202019
Change in benefit obligation:
Benefit obligation, beginning of year$6,239 $5,841 
Interest cost168 225 
Actuarial loss413 530 
Benefit payments(358)(357)
Benefit obligation, end of year6,462 6,239 
Change in plan assets:
Fair value of plan assets, beginning of year6,395 5,663 
Actual return on plan assets783 1,064 
Employer contributions25 25 
Benefit payments(358)(357)
Fair value of plan assets, end of year6,845 6,395 
Funded status$383 $156 
Schedule of changes in plan assets
The following tables outline the change in pension benefit obligation and plan assets over the specified periods:
In millions20202019
Change in benefit obligation:
Benefit obligation, beginning of year$6,239 $5,841 
Interest cost168 225 
Actuarial loss413 530 
Benefit payments(358)(357)
Benefit obligation, end of year6,462 6,239 
Change in plan assets:
Fair value of plan assets, beginning of year6,395 5,663 
Actual return on plan assets783 1,064 
Employer contributions25 25 
Benefit payments(358)(357)
Fair value of plan assets, end of year6,845 6,395 
Funded status$383 $156 
Schedule of assets (liabilities) recognized in Balance Sheet
The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2020 and 2019 for the pension plans consisted of the following:
In millions20202019
Non-current assets reflected in other assets$744 $494 
Current liabilities reflected in accrued expenses(76)(25)
Non-current liabilities reflected in other long-term liabilities(285)(313)
Net assets$383 $156 
Schedule of net periodic benefit cost
The components of net periodic benefit cost (income) for the years ended December 31, 2020, 2019 and 2018 are shown below:
In millions202020192018
Components of net periodic benefit cost (income):
Interest cost$168 $225 $25 
Expected return on plan assets(388)(357)(33)
Amortization of net actuarial loss2 1 2 
Net periodic benefit cost (income)$(218)$(131)$(6)
Weighted average assumptions used in determining benefit obligations and net benefit costs
The Company determined its benefit obligation based on the following weighted average assumptions as of December 31, 2020 and 2019:
20202019
Discount rate2.5 %3.2 %

The Company determined its net periodic benefit cost (income) based on the following weighted average assumptions for the years ended December 31, 2020, 2019 and 2018:
202020192018
Discount rate2.9 %4.0 %4.0 %
Expected long-term rate of return on plan assets6.3 %6.5 %6.6 %
Schedule of changes in fair value of plan assets
Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2020 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$118 $81 $— $199 
Debt securities:
    U.S. government securities575 36 — 611 
    States, municipalities and political subdivisions— 170 — 170 
    U.S. corporate securities— 2,006 — 2,006 
    Foreign securities— 167 — 167 
    Residential mortgage-backed securities— 287 — 287 
    Commercial mortgage-backed securities— 83 — 83 
    Other asset-backed securities— 133 — 133 
    Redeemable preferred securities— 5 — 5 
Total debt securities575 2,887 — 3,462 
Equity securities:
    U.S. domestic1,046 — — 1,046 
    International537 — — 537 
    Domestic real estate15 — — 15 
Total equity securities1,598 — — 1,598 
Other investments:
    Real estate— — 343 343 
    Common/collective trusts (1)
— 266 — 266 
    Derivatives— (3)— (3)
Total other investments— 263 343 606 
Total pension investments (2)
$2,291 $3,231 $343 $5,865 
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(1)The assets in the underlying funds of common/collective trusts consist of $84 million of equity securities and $182 million of debt securities.
(2)Excludes $142 million of other receivables as well as $624 million of private equity limited partnership investments and $214 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.
Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2019 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$92 $65 $— $157 
Debt securities:
    U.S. government securities592 31 — 623 
    States, municipalities and political subdivisions— 157 — 157 
    U.S. corporate securities— 1,849 1 1,850 
    Foreign securities— 178 — 178 
    Residential mortgage-backed securities— 385 — 385 
    Commercial mortgage-backed securities— 89 — 89 
    Other asset-backed securities— 150 — 150 
    Redeemable preferred securities— 5 — 5 
Total debt securities592 2,844 1 3,437 
Equity securities:
    U.S. domestic931 1 — 932 
    International481 — — 481 
    Domestic real estate25 — — 25 
Total equity securities1,437 1 — 1,438 
Other investments:
    Real estate— — 353 353 
    Common/collective trusts (1)
— 288 — 288 
    Derivatives— (2)— (2)
Total other investments— 286 353 639 
Total pension investments (2)
$2,121 $3,196 $354 $5,671 
_____________________________________________
(1)The assets in the underlying funds of common/collective trusts consist of $137 million of equity securities and $151 million of debt securities.
(2)Excludes $540 million of private equity limited partnership investments and $184 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.
Schedule of change in level 3 plan assets
The changes in the balance of Level 3 pension plan assets during 2020 were as follows:
2020
In millionsReal estateU.S. corporate
securities		Total
Beginning balance$353 $1 $354 
Actual return on plan assets(2)— (2)
Purchases, sales and settlements(8)— (8)
Transfers out of Level 3— (1)(1)
Ending balance$343 $— $343 
The changes in the balance of Level 3 pension plan assets during 2019 were as follows:
2019
In millionsReal estateU.S. corporate
securities		Total
Beginning balance$425 $5 $430 
Actual return on plan assets5 — 5 
Purchases, sales and settlements(77)(5)(82)
Transfers into Level 3— 1 1 
Ending balance$353 $1 $354 
Schedule of expected future benefits payments The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the pension benefit obligation as of December 31, 2020:
In millions
2021$423 
2022376 
2023375 
2024375 
2025375 
2026-20301,807 
The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the accumulated other postretirement benefit obligation as of December 31, 2020:
In millions
2021$13 
202213 
202313 
202413 
202513 
2026-203061