XML 47 R38.htm IDEA: XBRL DOCUMENT
v3.23.1

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 millions | 2022 |  | 2021
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 6,009 |  |  | $ | 6,462 |
Interest cost | 132 |  |  | 110 |
Actuarial gain | (1,011) |  |  | (102) |
Benefit payments | (387) |  |  | (408) |
Settlements | (3) |  |  | (53) |
Benefit obligation, end of year | 4,740 |  |  | 6,009 |
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | 6,677 |  |  | 6,845 |
Actual return on plan assets | (968) |  |  | 215 |
Employer contributions | 27 |  |  | 78 |
Benefit payments | (387) |  |  | (408) |
Settlements | (3) |  |  | (53) |
Fair value of plan assets, end of year | 5,346 |  |  | 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 millions | 2022 |  | 2021
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 6,009 |  |  | $ | 6,462 |
Interest cost | 132 |  |  | 110 |
Actuarial gain | (1,011) |  |  | (102) |
Benefit payments | (387) |  |  | (408) |
Settlements | (3) |  |  | (53) |
Benefit obligation, end of year | 4,740 |  |  | 6,009 |
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | 6,677 |  |  | 6,845 |
Actual return on plan assets | (968) |  |  | 215 |
Employer contributions | 27 |  |  | 78 |
Benefit payments | (387) |  |  | (408) |
Settlements | (3) |  |  | (53) |
Fair value of plan assets, end of year | 5,346 |  |  | 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 millions | 2022 |  | 2021
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 millions | 2022 |  | 2021 |  | 2020
Components of net periodic benefit cost (income): |  |  |  |  |
Interest cost | $ | 132 |  |  | $ | 110 |  |  | $ | 168 |
Expected return on plan assets | (309) |  |  | (317) |  |  | (388) |
Amortization of net actuarial loss | 3 |  |  | 5 |  |  | 2 |
Settlement losses | 1 |  |  | 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:
| 2022 |  | 2021
Discount rate | 5.2 | % |  | 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:
| 2022 |  | 2021 |  | 2020
Discount rate | 2.3 | % |  | 1.8 | % |  | 2.9 | %
Expected long-term rate of return on plan assets | 4.8 | % |  | 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 millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents | $ | 7 |  |  | $ | 81 |  |  | $ | — |  |  | $ | 88 |
Debt securities: |  |  |  |  |  |  |
U.S. government securities | 566 |  |  | 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 securities | 566 |  |  | 2,837 |  |  | — |  |  | 3,403 |
Equity securities: |  |  |  |  |  |  |
U.S. domestic | 133 |  |  | — |  |  | — |  |  | 133 |
International | 43 |  |  | — |  |  | — |  |  | 43 |
Domestic real estate | — |  |  | — |  |  | — |  |  | — |
Total equity securities | 176 |  |  | — |  |  | — |  |  | 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 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 |
_____________________________________________ (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 millions | Real estate |  |  |  | Total
Beginning balance | $ | 378 |  |  |  |  | $ | 378 |
Actual return on plan assets | 21 |  |  |  |  | 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 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 |
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 |
2024 | 369 |
2025 | 372 |
2026 | 369 |
2027 | 367 |
2028-2032 | 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, 2022:
In millions |
2023 | $ | 12 |
2024 | 12 |
2025 | 12 |
2026 | 12 |
2027 | 12 |
2028-2032 | 59 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of defined benefit plan asset investment. Includes, but is not limited to, fair value of category of plan asset and its level within fair value hierarchy. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(01) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(ii) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_DefinedBenefitPlanPlanAssetsCategoryTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration