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Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
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 | 2019 |  | 2018
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 5,841 |  |  | $ | 131 |
Acquired benefit obligations | — |  |  | 5,685 |
Interest cost | 225 |  |  | 25 |
Actuarial loss | 530 |  |  | 41 |
Benefit payments | (357 | ) |  | (41 | )
Benefit obligation, end of year | 6,239 |  |  | 5,841 |
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | 5,663 |  |  | — |
Fair value of plan assets acquired | — |  |  | 5,709 |
Actual return on plan assets | 1,064 |  |  | (17 | )
Employer contributions | 25 |  |  | 12 |
Benefit payments | (357 | ) |  | (41 | )
Fair value of plan assets, end of year | 6,395 |  |  | 5,663 |
Funded status | $ | 156 |  |  | $ | (178 | )
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 | 2019 |  | 2018
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 5,841 |  |  | $ | 131 |
Acquired benefit obligations | — |  |  | 5,685 |
Interest cost | 225 |  |  | 25 |
Actuarial loss | 530 |  |  | 41 |
Benefit payments | (357 | ) |  | (41 | )
Benefit obligation, end of year | 6,239 |  |  | 5,841 |
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | 5,663 |  |  | — |
Fair value of plan assets acquired | — |  |  | 5,709 |
Actual return on plan assets | 1,064 |  |  | (17 | )
Employer contributions | 25 |  |  | 12 |
Benefit payments | (357 | ) |  | (41 | )
Fair value of plan assets, end of year | 6,395 |  |  | 5,663 |
Funded status | $ | 156 |  |  | $ | (178 | )
Schedule of assets (liabilities) recognized in Balance Sheet | The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2019 and 2018 for the pension plans consisted of the following:
In millions | 2019 |  | 2018
Non-current assets reflected in other assets | $ | 494 |  |  | $ | 147 |
Current liabilities reflected in accrued expenses | (25 | ) |  | (25 | )
Non-current liabilities reflected in other long-term liabilities | (313 | ) |  | (300 | )
Net assets (liabilities) | $ | 156 |  |  | $ | (178 | )
Schedule of net periodic benefit cost | The components of net periodic benefit cost (income) for the years ended December 31, 2019, 2018 and 2017 are shown below:
In millions | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost (income): |  |  |  |  |
Interest cost | $ | 225 |  |  | $ | 25 |  |  | $ | 20 |
Expected return on plan assets | (357 | ) |  | (33 | ) |  | (20 | )
Amortization of net actuarial loss | 1 |  |  | 2 |  |  | 21 |
Settlement losses | — |  |  | — |  |  | 187 |
Net periodic benefit cost (income) | $ | (131 | ) |  | $ | (6 | ) |  | $ | 208 |
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, 2019 and 2018:
| 2019 |  | 2018
Discount rate | 3.2 | % |  | 4.3 | %
The Company determined its net periodic benefit cost (income) based on the following weighted average assumptions for the years ended December 31, 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
Discount rate | 4.0 | % |  | 4.0 | % |  | 4.0 | %
Expected long-term rate of return on plan assets | 6.5 | % |  | 6.6 | % |  | 5.0 | %
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, 2019 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 92 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 157 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 592 |  |  | 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 securities | 592 |  |  | 2,844 |  |  | 1 |  |  | 3,437 |
Equity securities: |  |  |  |  |  |  |
U.S. domestic | 931 |  |  | 1 |  |  | — |  |  | 932 |
International | 481 |  |  | — |  |  | — |  |  | 481 |
Domestic real estate | 25 |  |  | — |  |  | — |  |  | 25 |
Total equity securities | 1,437 |  |  | 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.
Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2018 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 68 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 98 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 511 |  |  | 38 |  |  | — |  |  | 549 |
States, municipalities and political subdivisions | — |  |  | 147 |  |  | — |  |  | 147 |
U.S. corporate securities | — |  |  | 1,671 |  |  | 5 |  |  | 1,676 |
Foreign securities | — |  |  | 177 |  |  | — |  |  | 177 |
Residential mortgage-backed securities | — |  |  | 339 |  |  | — |  |  | 339 |
Commercial mortgage-backed securities | — |  |  | 70 |  |  | — |  |  | 70 |
Other asset-backed securities | — |  |  | 162 |  |  | — |  |  | 162 |
Redeemable preferred securities | — |  |  | 6 |  |  | — |  |  | 6 |
Total debt securities | 511 |  |  | 2,610 |  |  | 5 |  |  | 3,126 |
Equity securities: |  |  |  |  |  |  |
U.S. domestic | 744 |  |  | — |  |  | — |  |  | 744 |
International | 356 |  |  | — |  |  | — |  |  | 356 |
Domestic real estate | 30 |  |  | — |  |  | — |  |  | 30 |
Total equity securities | 1,130 |  |  | — |  |  | — |  |  | 1,130 |
Other investments: |  |  |  |  |  |  |
Real estate | — |  |  | — |  |  | 425 |  |  | 425 |
Common/collective trusts (1) | — |  |  | 253 |  |  | — |  |  | 253 |
Derivatives | — |  |  | 2 |  |  | — |  |  | 2 |
Total other investments | — |  |  | 255 |  |  | 425 |  |  | 680 |
Total pension investments (2) | $ | 1,709 |  |  | $ | 2,895 |  |  | $ | 430 |  |  | $ | 5,034 |
_____________________________________________
(1) | The assets in the underlying funds of common/collective trusts consist of $109 million of equity securities and $144 million of debt securities.
(2) Excludes $465 million of private equity limited partnership investments and $164 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 2019 were as follows:
| 2019
In millions | Real estate |  | U.S. corporate securities |  | Total
Beginning balance | $ | 425 |  |  | $ | 5 |  |  | $ | 430 |
Actual return on plan assets | 5 |  |  | — |  |  | 5 |
Purchases, sales and settlements | (77 | ) |  | (5 | ) |  | (82 | )
Transfers into (out of) 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, 2019:
In millions |
2020 | $ | 373 |
2021 | 415 |
2022 | 379 |
2023 | 384 |
2024 | 380 |
2025-2029 | 1,851 |
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, 2019:
In millions |
2020 | $ | 15 |
2021 | 15 |
2022 | 15 |
2023 | 15 |
2024 | 15 |
2025-2029 | 72 |

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