Pension Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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 millions	2021		2020
Change in benefit obligation:
Benefit obligation, beginning of year	$	6,462	$	6,239
Interest cost	110		168
Actuarial (gain) loss	(102)		413
Benefit payments	(408)		(358)
Settlements	(53)		—
Benefit obligation, end of year	6,009		6,462
Change in plan assets:
Fair value of plan assets, beginning of year	6,845		6,395
Actual return on plan assets	215		783
Employer contributions	78		25
Benefit payments	(408)		(358)
Settlements	(53)		—
Fair value of plan assets, end of year	6,677		6,845
Funded status	$	668	$	383

Schedule of changes in plan assets

The following tables outline the change in pension benefit obligation and plan assets over the specified periods:

In millions	2021		2020
Change in benefit obligation:
Benefit obligation, beginning of year	$	6,462	$	6,239
Interest cost	110		168
Actuarial (gain) loss	(102)		413
Benefit payments	(408)		(358)
Settlements	(53)		—
Benefit obligation, end of year	6,009		6,462
Change in plan assets:
Fair value of plan assets, beginning of year	6,845		6,395
Actual return on plan assets	215		783
Employer contributions	78		25
Benefit payments	(408)		(358)
Settlements	(53)		—
Fair value of plan assets, end of year	6,677		6,845
Funded status	$	668	$	383

Schedule of assets (liabilities) recognized in Balance Sheet

The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2021 and 2020 for the defined benefit pension plans consisted of the following:

In millions	2021		2020
Noncurrent assets reflected in other assets	$	946	$	744
Current liabilities reflected in accrued expenses	(28)		(76)
Noncurrent liabilities reflected in other long-term liabilities	(250)		(285)
Net assets	$	668	$	383

Schedule of net periodic benefit cost

The components of net periodic benefit cost (income) for the years ended December 31, 2021, 2020 and 2019 are shown below:

In millions	2021		2020		2019
Components of net periodic benefit cost (income):
Interest cost	$	110	$	168	$	225
Expected return on plan assets	(317)		(388)		(357)
Amortization of net actuarial loss	5		2		1
Settlement losses	16		—		—
Net periodic benefit cost (income)	$	(186)	$	(218)	$	(131)

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, 2021 and 2020:

	2021		2020
Discount rate	2.8	%	2.5	%

The Company determined its net periodic benefit cost (income) based on the following weighted average assumptions for the years ended December 31, 2021, 2020 and 2019:

	2021		2020		2019
Discount rate	1.8	%	2.9	%	4.0	%
Expected long-term rate of return on plan assets	4.8	%	6.3	%	6.5	%

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, 2021 were as follows:

In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	60	$	97	$	—	$	157
Debt securities:
U.S. government securities	1,223		1		—		1,224
States, municipalities and political subdivisions	—		150		—		150
U.S. corporate securities	—		2,458		—		2,458
Foreign securities	—		202		—		202
Residential mortgage-backed securities	—		277		—		277
Commercial mortgage-backed securities	—		76		—		76
Other asset-backed securities	—		162		—		162
Redeemable preferred securities	—		4		—		4
Total debt securities	1,223		3,330		—		4,553
Equity securities:
U.S. domestic	201		—		—		201
International	81		—		—		81
Domestic real estate	1		—		—		1
Total equity securities	283		—		—		283
Other investments:
Real estate	—		—		378		378
Common/collective trusts (1)	—		410		—		410
Total other investments	—		410		378		788
Total pension investments (2)	$	1,566	$	3,837	$	378	$	5,781

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(1)The assets in the underlying funds of common/collective trusts consist of $261 million of equity securities and $149 million of debt securities.

(2)Excludes $76 million of other receivables as well as $583 million of private equity limited partnership investments and $237 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, 2020 were as follows:

In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	118	$	81	$	—	$	199
Debt securities:
U.S. government securities	575		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 securities	575		2,887		—		3,462
Equity securities:
U.S. domestic	1,046		—		—		1,046
International	537		—		—		537
Domestic real estate	15		—		—		15
Total equity securities	1,598		—		—		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.

Schedule of change in level 3 plan assets

The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2021 were as follows:

In millions	Real estate		Total
Beginning balance	$	343	$	343
Actual return on plan assets	43		43
Purchases, sales and settlements	(8)		(8)
Transfers out of Level 3	—		—
Ending balance	$	378	$	378

The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2020 were as follows:

In millions	Real estate		U.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

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, 2021:

In millions
2022	$	371
2023	371
2024	371
2025	371
2026	368
2027-2031	1,776

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, 2021:

In millions
2022	$	12
2023	12
2024	12
2025	12
2026	12
2027-2031	60