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Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
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 millions20222021
Change in benefit obligation:
Benefit obligation, beginning of year$6,009 $6,462 
Interest cost132 110 
Actuarial gain(1,011)(102)
Benefit payments(387)(408)
Settlements(3)(53)
Benefit obligation, end of year4,740 6,009 
Change in plan assets:
Fair value of plan assets, beginning of year6,677 6,845 
Actual return on plan assets(968)215 
Employer contributions27 78 
Benefit payments(387)(408)
Settlements(3)(53)
Fair value of plan assets, end of year5,346 6,677 
Funded status$606 $668 
Schedule of Changes in Plan Assets
The following tables outline the change in pension benefit obligation and plan assets over the specified periods:
In millions20222021
Change in benefit obligation:
Benefit obligation, beginning of year$6,009 $6,462 
Interest cost132 110 
Actuarial gain(1,011)(102)
Benefit payments(387)(408)
Settlements(3)(53)
Benefit obligation, end of year4,740 6,009 
Change in plan assets:
Fair value of plan assets, beginning of year6,677 6,845 
Actual return on plan assets(968)215 
Employer contributions27 78 
Benefit payments(387)(408)
Settlements(3)(53)
Fair value of plan assets, end of year5,346 6,677 
Funded status$606 $668 
Schedule of Assets (Liabilities) Recognized in Balance Sheet
The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2022 and 2021 for the defined benefit pension plans consisted of the following:
In millions20222021
Noncurrent assets reflected in other assets$827 $946 
Current liabilities reflected in accrued expenses(24)(28)
Noncurrent liabilities reflected in other long-term liabilities(197)(250)
Net assets$606 $668 
Schedule of Net Periodic Benefit Cost (Income)
The components of net periodic benefit cost (income) for the years ended December 31, 2022, 2021 and 2020 are shown below:
In millions202220212020
Components of net periodic benefit cost (income):
Interest cost$132 $110 $168 
Expected return on plan assets(309)(317)(388)
Amortization of net actuarial loss3 5 2 
Settlement losses1 16 — 
Net periodic benefit cost (income)$(173)$(186)$(218)
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, 2022 and 2021:
20222021
Discount rate5.2 %2.8 %

The Company determined its net periodic benefit cost (income) based on the following weighted average assumptions for the years ended December 31, 2022, 2021 and 2020:
202220212020
Discount rate2.3 %1.8 %2.9 %
Expected long-term rate of return on plan assets4.8 %4.8 %6.3 %
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, 2022 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$7 $81 $— $88 
Debt securities:
    U.S. government securities566 4 — 570 
    States, municipalities and political subdivisions— 102 — 102 
    U.S. corporate securities— 2,611 — 2,611 
    Foreign securities— 101 — 101 
    Residential mortgage-backed securities— 6 — 6 
    Commercial mortgage-backed securities— 1 — 1 
    Other asset-backed securities— 11 — 11 
    Redeemable preferred securities— 1 — 1 
Total debt securities566 2,837 — 3,403 
Equity securities:
    U.S. domestic133 — — 133 
    International43 — — 43 
    Domestic real estate— — — — 
Total equity securities176 — — 176 
Other investments:
    Real estate— — 325 325 
    Common/collective trusts (1)
— 307 — 307 
Total other investments— 307 325 632 
Total pension investments (2)
$749 $3,225 $325 $4,299 
_____________________________________________
(1)The assets in the underlying funds of common/collective trusts consist of $104 million of equity securities and $203 million of debt securities.
(2)Excludes $390 million of other receivables as well as $432 million of private equity limited partnership investments and $225 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, 2021 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$60 $97 $— $157 
Debt securities:
    U.S. government securities1,223 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 securities1,223 3,330 — 4,553 
Equity securities:
    U.S. domestic201 — — 201 
    International81 — — 81 
    Domestic real estate1 — — 1 
Total equity securities283 — — 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 
_____________________________________________
(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.
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, 2022 were as follows:
In millionsReal estateTotal
Beginning balance$378 $378 
Actual return on plan assets21 21 
Purchases, sales and settlements(74)(74)
Transfers out of Level 3— — 
Ending balance$325 $325 

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

In millionsReal estateTotal
Beginning balance$343 $343 
Actual return on plan assets43 43 
Purchases, sales and settlements(8)(8)
Transfers out of Level 3— — 
Ending balance$378 $378 
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, 2022:
In millions
2023$368 
2024369 
2025372 
2026369 
2027367 
2028-20321,776 
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, 2022:
In millions
2023$12 
202412 
202512 
202612 
202712 
2028-203259