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COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Net Periodic Benefit Cost for Pension and Postretirement Benefit Plans | Information about net periodic benefit cost for the company-sponsored pension and postretirement defined benefit plans is as follows (in millions):
| U.S. Pension Benefits |  | U.S. Postretirement Medical Benefits |  | International Pension Benefits
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Net Periodic Benefit Cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1,853 |  |  | $ | 1,439 |  |  | $ | 1,661 |  |  | $ | 29 |  |  | $ | 23 |  |  | $ | 29 |  |  | $ | 67 |  |  | $ | 57 |  |  | $ | 62 |
Interest cost | 1,977 |  |  | 2,067 |  |  | 1,799 |  |  | 91 |  |  | 108 |  |  | 104 |  |  | 40 |  |  | 47 |  |  | 45 |
Expected return on plan assets | (3,549) |  |  | (3,130) |  |  | (3,201) |  |  | (8) |  |  | (8) |  |  | (8) |  |  | (86) |  |  | (76) |  |  | (77) |
Amortization of prior service cost | 218 |  |  | 218 |  |  | 193 |  |  | 7 |  |  | 7 |  |  | 7 |  |  | 2 |  |  | 2 |  |  | 1 |
Actuarial (gain) loss | 6,211 |  |  | 2,296 |  |  | 1,603 |  |  | 246 |  |  | 37 |  |  | — |  |  | 27 |  |  | 54 |  |  | 24 |
Curtailment and settlement loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 6,710 |  |  | $ | 2,890 |  |  | $ | 2,055 |  |  | $ | 365 |  |  | $ | 167 |  |  | $ | 132 |  |  | $ | 50 |  |  | $ | 84 |  |  | $ | 55 |
Weighted Average Actuarial Assumptions Used Disclosure | The table below provides the weighted-average actuarial assumptions used to determine the net periodic benefit cost:
| U.S. Pension Benefits |  | U.S. Postretirement Medical Benefits |  | International Pension Benefits
| 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost discount rate | 3.60 | % |  | 4.50 | % |  | 3.84 | % |  | 3.59 | % |  | 4.51 | % |  | 3.82 | % |  | 3.01 | % |  | 3.58 | % |  | 3.35 | %
Interest cost discount rate | 3.60 | % |  | 4.50 | % |  | 3.84 | % |  | 3.59 | % |  | 4.51 | % |  | 3.82 | % |  | 2.67 | % |  | 3.25 | % |  | 3.01 | %
Rate of compensation increase | 4.22 | % |  | 4.25 | % |  | 4.25 | % |  | N/A |  | N/A |  | N/A |  | 3.00 | % |  | 3.24 | % |  | 3.22 | %
Expected return on plan assets | 7.77 | % |  | 7.75 | % |  | 7.75 | % |  | 7.20 | % |  | 7.20 | % |  | 7.20 | % |  | 5.55 | % |  | 5.69 | % |  | 5.76 | %
Cash balance interest credit rate | 2.50 | % |  | 2.98 | % |  | 2.50 | % |  | N/A |  | N/A |  | N/A |  | 2.59 | % |  | 3.17 | % |  | 3.07 | %
The table below provides the weighted-average actuarial assumptions used to determine the benefit obligations of our plans:
| U.S. Pension Benefits |  | U.S. Postretirement Medical Benefits |  | International Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate | 2.90 | % |  | 3.60 | % |  | 2.88 | % |  | 3.59 | % |  | 1.94 | % |  | 2.21 | %
Rate of compensation increase | 4.21 | % |  | 4.22 | % |  | N/A |  | N/A |  | 2.93 | % |  | 3.00 | %
Cash balance interest credit rate | 2.50 | % |  | 2.50 | % |  | N/A |  | N/A |  | 2.74 | % |  | 2.59 | %
Reconciliation of the Changes in the Plans' Benefit Obligations and Fair Value of Plan Assets | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets as of the respective measurement dates in each year (in millions):
| U.S. Pension Benefits |  | U.S. Postretirement Medical Benefits |  | International Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Benefit Obligations: |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year | $ | 54,039 |  |  | $ | 45,333 |  |  | $ | 2,616 |  |  | $ | 2,510 |  |  | $ | 1,906 |  |  | $ | 1,552 |
Service cost | 1,853 |  |  | 1,439 |  |  | 29 |  |  | 23 |  |  | 67 |  |  | 57 |
Interest cost | 1,977 |  |  | 2,067 |  |  | 91 |  |  | 108 |  |  | 40 |  |  | 47 |
Gross benefits paid | (1,846) |  |  | (2,394) |  |  | (274) |  |  | (288) |  |  | (38) |  |  | (40) |
Plan participants’ contributions | — |  |  | — |  |  | 32 |  |  | 30 |  |  | 3 |  |  | 3 |
Plan amendments | 171 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Actuarial (gain)/loss | 9,728 |  |  | 7,594 |  |  | 265 |  |  | 233 |  |  | 123 |  |  | 213 |
Foreign currency exchange rate changes | — |  |  | — |  |  | — |  |  | — |  |  | 80 |  |  | 47 |
Curtailments and settlements | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | (2) |
Other | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 28 |
Projected benefit obligation at end of year | $ | 65,922 |  |  | $ | 54,039 |  |  | $ | 2,759 |  |  | $ | 2,616 |  |  | $ | 2,177 |  |  | $ | 1,906 |
| U.S. Pension Benefits |  | U.S. Postretirement Medical Benefits |  | International Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Fair Value of Plan Assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 46,172 |  |  | $ | 39,554 |  |  | $ | 37 |  |  | $ | 26 |  |  | $ | 1,558 |  |  | $ | 1,284 |
Actual return on plan assets | 5,878 |  |  | 6,991 |  |  | (9) |  |  | (5) |  |  | 184 |  |  | 171 |
Employer contributions | 2,793 |  |  | 2,021 |  |  | 263 |  |  | 274 |  |  | 69 |  |  | 67 |
Plan participants’ contributions | — |  |  | — |  |  | 32 |  |  | 30 |  |  | 3 |  |  | 3 |
Gross benefits paid | (1,846) |  |  | (2,394) |  |  | (274) |  |  | (288) |  |  | (38) |  |  | (40) |
Foreign currency exchange rate changes | — |  |  | — |  |  | — |  |  | — |  |  | 62 |  |  | 49 |
Curtailments and settlements | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | (2) |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26 |
Fair value of plan assets at end of year | $ | 52,997 |  |  | $ | 46,172 |  |  | $ | 49 |  |  | $ | 37 |  |  | $ | 1,835 |  |  | $ | 1,558 |
Funded Status as of the Respective Measurement Dates in Each Year and the Amounts Recognized in Balance Sheet | The following table discloses the funded status of our plans and the amounts recognized in our consolidated balance sheets as of December 31 (in millions):
| U.S. Pension Benefits |  | U.S. Postretirement Medical Benefits |  | International Pension Benefits
| 2020 |  | 2019 |  | 2020 |  | 2019 |  | 2020 |  | 2019
Funded Status: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets | $ | 52,997 |  |  | $ | 46,172 |  |  | $ | 49 |  |  | $ | 37 |  |  | $ | 1,835 |  |  | $ | 1,558 |
Benefit obligation | (65,922) |  |  | (54,039) |  |  | (2,759) |  |  | (2,616) |  |  | (2,177) |  |  | (1,906) |
Funded status | $ | (12,925) |  |  | $ | (7,867) |  |  | $ | (2,710) |  |  | $ | (2,579) |  |  | $ | (342) |  |  | $ | (348) |
Funded Status Recognized in our Balance Sheet: |  |  |  |  |  |  |  |  |  |  |
Other non-current assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | 34 |
Other current liabilities | (22) |  |  | (22) |  |  | (184) |  |  | (200) |  |  | (5) |  |  | (5) |
Pension and postretirement benefit obligations | (12,903) |  |  | (7,845) |  |  | (2,526) |  |  | (2,379) |  |  | (388) |  |  | (377) |
Net liability | $ | (12,925) |  |  | $ | (7,867) |  |  | $ | (2,710) |  |  | $ | (2,579) |  |  | $ | (342) |  |  | $ | (348) |
Amounts Recognized in AOCI: |  |  |  |  |  |  |  |  |  |  |
Unrecognized net prior service cost | $ | (753) |  |  | $ | (800) |  |  | $ | (9) |  |  | $ | (16) |  |  | $ | (11) |  |  | $ | (12) |
Unrecognized net actuarial gain (loss) | (6,592) |  |  | (5,404) |  |  | (276) |  |  | (240) |  |  | (151) |  |  | (162) |
Gross unrecognized cost | (7,345) |  |  | (6,204) |  |  | (285) |  |  | (256) |  |  | (162) |  |  | (174) |
Deferred tax assets (liabilities) | 1,770 |  |  | 1,497 |  |  | 69 |  |  | 62 |  |  | 38 |  |  | 40 |
Net unrecognized cost | $ | (5,575) |  |  | $ | (4,707) |  |  | $ | (216) |  |  | $ | (194) |  |  | $ | (124) |  |  | $ | (134) |
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets | As of December 31, 2020 and 2019, the projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets for pension plans with benefit obligations in excess of plan assets were as follows (in millions):
| Projected Benefit Obligation Exceeds the Fair Value of Plan Assets |  | Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets
| 2020 |  | 2019 |  | 2020 |  | 2019
U.S. Pension Benefits: |  |  |  |  |  |  |
Projected benefit obligation | $ | 65,922 |  |  | $ | 54,039 |  |  | $ | 65,922 |  |  | $ | 54,039 |
Accumulated benefit obligation | 64,937 |  |  | 53,194 |  |  | 64,937 |  |  | 53,194 |
Fair value of plan assets | 52,997 |  |  | 46,172 |  |  | 52,997 |  |  | 46,172 |
International Pension Benefits: |  |  |  |  |  |  |
Projected benefit obligation | $ | 845 |  |  | $ | 1,319 |  |  | $ | 845 |  |  | $ | 1,319 |
Accumulated benefit obligation | 728 |  |  | 1,210 |  |  | 728 |  |  | 1,210 |
Fair value of plan assets | 452 |  |  | 948 |  |  | 452 |  |  | 948 |
Fair Values of U.S. Pension and Postretirement Benefit Plan Assets by Asset Category as Well as the Percentage That Each Category Comprises of Total Plan Assets and the Respective Target Allocations | The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2020 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations:
| Total Assets(1) |  | Level 1 |  | Level 2 |  | Level 3 |  | Percentage of Plan Assets |  | Target Allocation
Asset Category (U.S. Plans): |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,593 |  |  | $ | 1,510 |  |  | $ | 83 |  |  | $ | — |  |  | 3.0 | % |  | 1-5
Equity Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap | 8,294 |  |  | 4,272 |  |  | 4,022 |  |  | — |  |  |  |  |
U.S. Small Cap | 370 |  |  | 370 |  |  | — |  |  | — |  |  |  |  |
Emerging Markets | 2,106 |  |  | 1,503 |  |  | 603 |  |  | — |  |  |  |  |
Global Equity | 3,940 |  |  | 3,624 |  |  | 316 |  |  | — |  |  |  |  |
International Equity | 4,335 |  |  | 2,043 |  |  | 2,292 |  |  | — |  |  |  |  |
Total Equity Securities | 19,045 |  |  | 11,812 |  |  | 7,233 |  |  | — |  |  | 35.9 |  |  | 25-55
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Government Securities | 16,145 |  |  | 14,646 |  |  | 1,499 |  |  | — |  |  |  |  |
Corporate Bonds | 6,146 |  |  | — |  |  | 6,143 |  |  | 3 |  |  |  |  |
Global Bonds | 42 |  |  | — |  |  | 42 |  |  | — |  |  |  |  |
Municipal Bonds | 27 |  |  | — |  |  | 27 |  |  | — |  |  |  |  |
Total Fixed Income Securities | 22,360 |  |  | 14,646 |  |  | 7,711 |  |  | 3 |  |  | 42.2 |  |  | 35-55
Other Investments: |  |  |  |  |  |  |  |  |  |  |
Hedge Funds | 3,518 |  |  | — |  |  | 1,652 |  |  | — |  |  | 6.6 |  |  | 5-15
Private Equity | 3,424 |  |  | — |  |  | — |  |  | — |  |  | 6.5 |  |  | 1-10
Private Debt | 695 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |  |  | 1-10
Real Estate | 1,986 |  |  | 244 |  |  | 82 |  |  | — |  |  | 3.7 |  |  | 1-10
Structured Products(2) | 161 |  |  | — |  |  | 161 |  |  | — |  |  | 0.3 |  |  | 1-5
Risk Parity Funds | 264 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |  |  | 1-10
Total U.S. Plan Assets | $ | 53,046 |  |  | $ | 28,212 |  |  | $ | 16,922 |  |  | $ | 3 |  |  | 100.0 | % |  |
Asset Category (International Plans): |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 84 |  |  | $ | 45 |  |  | $ | 39 |  |  | — |  |  | 4.6 |  |  | 1-10
Equity Securities: |  |  |  |  |  |  |  |  |  |  |
Local Markets Equity | 214 |  |  | — |  |  | 214 |  |  | — |  |  |  |  |
U.S. Equity | 59 |  |  | — |  |  | 59 |  |  | — |  |  |  |  |
Emerging Markets | 55 |  |  | 41 |  |  | 14 |  |  | — |  |  |  |  |
International / Global Equity | 534 |  |  | 210 |  |  | 324 |  |  | — |  |  |  |  |
Total Equity Securities | 862 |  |  | 251 |  |  | 611 |  |  | — |  |  | 47.0 |  |  | 25-55
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |
Local Government Bonds | 102 |  |  | — |  |  | 102 |  |  | — |  |  |  |  |
Corporate Bonds | 215 |  |  | 22 |  |  | 193 |  |  | — |  |  |  |  |
Global Bonds | 125 |  |  | 125 |  |  | — |  |  | — |  |  |  |  |
Total Fixed Income Securities | 442 |  |  | 147 |  |  | 295 |  |  | — |  |  | 24.1 |  |  | 20-40
Other Investments: |  |  |  |  |  |  |  |  |  |  |
Real Estate | 154 |  |  | — |  |  | 80 |  |  | 21 |  |  | 8.3 |  |  | 5-10
Other | 293 |  |  | — |  |  | 236 |  |  | 41 |  |  | 16.0 |  |  | 1-20
Total International Plan Assets | $ | 1,835 |  |  | $ | 443 |  |  | $ | 1,261 |  |  | $ | 62 |  |  | 100.0 | % |  |
Total Plan Assets | $ | 54,881 |  |  | $ | 28,655 |  |  | $ | 18,183 |  |  | $ | 65 |  |  |  |  |
(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the category totals. (2) Represents mortgage and asset-backed securities. The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2019 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations:
| Total Assets(1) |  | Level 1 |  | Level 2 |  | Level 3 |  | Percentage of Plan Assets |  | Target Allocation
Asset Category (U.S. Plans): |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 964 |  |  | $ | 818 |  |  | $ | 146 |  |  | $ | — |  |  | 2.1 | % |  | 1-5
Equity Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap | 6,607 |  |  | 2,889 |  |  | 3,718 |  |  | — |  |  |  |  |
U.S. Small Cap | 505 |  |  | 376 |  |  | 129 |  |  | — |  |  |  |  |
Emerging Markets | 2,039 |  |  | 1,523 |  |  | 516 |  |  | — |  |  |  |  |
Global Equity | 2,892 |  |  | 2,553 |  |  | 339 |  |  | — |  |  |  |  |
International Equity | 4,591 |  |  | 2,499 |  |  | 2,092 |  |  | — |  |  |  |  |
Total Equity Securities | 16,634 |  |  | 9,840 |  |  | 6,794 |  |  | — |  |  | 36.0 |  |  | 25-55
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Government Securities | 14,077 |  |  | 12,980 |  |  | 1,097 |  |  | — |  |  |  |  |
Corporate Bonds | 5,051 |  |  | — |  |  | 5,051 |  |  | — |  |  |  |  |
Global Bonds | 50 |  |  | — |  |  | 50 |  |  | — |  |  |  |  |
Municipal Bonds | 24 |  |  | — |  |  | 24 |  |  | — |  |  |  |  |
Total Fixed Income Securities | 19,202 |  |  | 12,980 |  |  | 6,222 |  |  | — |  |  | 41.5 |  |  | 35-55
Other Investments: |  |  |  |  |  |  |  |  |  |  |
Hedge Funds | 3,273 |  |  | — |  |  | 1,380 |  |  | — |  |  | 7.1 |  |  | 5-15
Private Equity | 3,030 |  |  | — |  |  | — |  |  | — |  |  | 6.6 |  |  | 1-10
Private Debt | 772 |  |  | — |  |  | — |  |  | — |  |  | 1.7 |  |  | 1-10
Real Estate | 1,940 |  |  | 149 |  |  | 74 |  |  | — |  |  | 4.2 |  |  | 1-10
Structured Products(2) | 153 |  |  | — |  |  | 153 |  |  | — |  |  | 0.3 |  |  | 1-5
Risk Parity Funds | 241 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |  |  | 1-10
Total U.S. Plan Assets | $ | 46,209 |  |  | $ | 23,787 |  |  | $ | 14,769 |  |  | $ | — |  |  | 100.0 | % |  |
Asset Category (International Plans): |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 72 |  |  | $ | 32 |  |  | $ | 40 |  |  | — |  |  | 4.6 |  |  | 1-10
Equity Securities: |  |  |  |  |  |  |  |  |  |  |
Local Markets Equity | 209 |  |  | — |  |  | 209 |  |  | — |  |  |  |  |
U.S. Equity | 47 |  |  | — |  |  | 47 |  |  | — |  |  |  |  |
Emerging Markets | 33 |  |  | 33 |  |  | — |  |  | — |  |  |  |  |
International / Global Equity | 441 |  |  | 179 |  |  | 262 |  |  | — |  |  |  |  |
Total Equity Securities | 730 |  |  | 212 |  |  | 518 |  |  | — |  |  | 46.8 |  |  | 30-60
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |
Local Government Bonds | 94 |  |  | — |  |  | 94 |  |  | — |  |  |  |  |
Corporate Bonds | 177 |  |  | 20 |  |  | 157 |  |  | — |  |  |  |  |
Global Bonds | 110 |  |  | 110 |  |  | — |  |  | — |  |  |  |  |
Total Fixed Income Securities | 381 |  |  | 130 |  |  | 251 |  |  | — |  |  | 24.5 |  |  | 25-45
Other Investments: |  |  |  |  |  |  |  |  |  |  |
Real Estate | 128 |  |  | — |  |  | 80 |  |  | — |  |  | 8.2 |  |  | 5-10
Other | 247 |  |  | — |  |  | 218 |  |  | 12 |  |  | 15.9 |  |  | 1-20
Total International Plan Assets | $ | 1,558 |  |  | $ | 374 |  |  | $ | 1,107 |  |  | $ | 12 |  |  | 100.0 | % |  |
Total Plan Assets | $ | 47,767 |  |  | $ | 24,161 |  |  | $ | 15,876 |  |  | $ | 12 |  |  |  |  |
(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy but are included in the category totals. (2) Represents mortgage and asset-backed securities.
Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs (Level 3) | The following table presents the changes in the Level 3 instruments measured on a recurring basis for the years ended December 31, 2020 and 2019 (in millions):
| Corporate Bonds |  | Other |  | Total |  |  |  |  |  |  |  |  |  |  |  |
Balance on January 1, 2019 | $ | 2 |  |  | $ | 4 |  |  | $ | 6 |  |  |  |  |  |  |  |  |  |  |  |  |
Actual Return on Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets Held at End of Year | — |  |  | 1 |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Assets Sold During the Year | (4) |  |  | — |  |  | (4) |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 4 |  |  | 7 |  |  | 11 |  |  |  |  |  |  |  |  |  |  |  |  |
Sales | (2) |  |  | — |  |  | (2) |  |  |  |  |  |  |  |  |  |  |  |  |
Transfers Into (Out of) Level 3 | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Balance on December 31, 2019 | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |  |  |  |  |  |  |  |  |  |  |  |
Actual Return on Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets Held at End of Year | — |  |  | 3 |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Assets Sold During the Year | (5) |  |  | — |  |  | (5) |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 10 |  |  | 51 |  |  | 61 |  |  |  |  |  |  |  |  |  |  |  |  |
Sales | (2) |  |  | (4) |  |  | (6) |  |  |  |  |  |  |  |  |  |  |  |  |
Transfers Into (Out of) Level 3 | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Balance on December 31, 2020 | $ | 3 |  |  | $ | 62 |  |  | $ | 65 |  |  |  |  |  |  |  |  |  |  |  |  |
Expected Cash Flows for Pension and Postretirement Benefit Plans | Information about expected cash flows for the pension and postretirement medical benefit plans is as follows (in millions):
| U.S. Pension Benefits |  | U.S. Postretirement Medical Benefits |  | International Pension Benefits
Expected Employer Contributions: |  |  |  |  |
2021 to plan trusts | $ | — |  |  | $ | 186 |  |  | $ | 66 |
2021 to plan participants | 23 |  |  | 70 |  |  | 6 |
Expected Benefit Payments: |  |  |  |  |
2021 | $ | 1,758 |  |  | $ | 236 |  |  | $ | 37 |
2022 | 1,892 |  |  | 227 |  |  | 42 |
2023 | 2,022 |  |  | 216 |  |  | 47 |
2024 | 2,156 |  |  | 205 |  |  | 54 |
2025 | 2,395 |  |  | 195 |  |  | 60 |
2026 - 2030 | 14,745 |  |  | 831 |  |  | 406 |
schedule of one basis point change in discount rate on the projected benefit obligation [Table Text Block] | As of December 31, 2020, the impact of each basis point change in the discount rate on the projected benefit obligation of our pension and postretirement medical benefit plans is as follows (in millions):
| Increase (Decrease) in the Projected Benefit Obligation
| Pension Benefits |  | Postretirement Medical Benefits
One basis point increase in discount rate | $ | (110) |  |  | $ | (2) |
One basis point decrease in discount rate | 118 |  |  | 3 |

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