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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of benefit obligations, fair value of plan assets, and funded status | Benefit Obligations, Fair Value of Plan Assets and Funded Status
| Pension Benefits |  | Other Postretirement and Postemployment Benefits
| December 31, |  | December 31,
(in millions) | 2022 | 2021 |  | 2022 | 2021
Benefit obligation at beginning of period | $ | 21,073 |  | $ | 22,626 |  |  | $ | 4,605 |  | $ | 4,766 |
Service cost | — |  | — |  |  | 70 |  | 86 |
Interest cost | 611 |  | 582 |  |  | 128 |  | 117 |
Actuarial (gain)/loss | (4,599) |  | (851) |  |  | (710) |  | 23 |
Benefits paid, including lump sums and annuities | (1,274) |  | (1,284) |  |  | (447) |  | (405) |
Participant contributions | — |  | — |  |  | 18 |  | 18 |
Benefit obligation at end of period(1) | $ | 15,811 |  | $ | 21,073 |  |  | $ | 3,664 |  | $ | 4,605 |
Fair value of plan assets at beginning of period | $ | 19,502 |  | $ | 16,541 |  |  | $ | 357 |  | $ | 496 |
Actual gain/(loss) on plan assets | (2,517) |  | 2,732 |  |  | (73) |  | 57 |
Employer contributions | 10 |  | 1,513 |  |  | 216 |  | 192 |
Participant contributions | — |  | — |  |  | 18 |  | 18 |
Benefits paid, including lump sums and annuities | (1,274) |  | (1,284) |  |  | (447) |  | (406) |
Fair value of plan assets at end of period | $ | 15,721 |  | $ | 19,502 |  |  | $ | 71 |  | $ | 357 |
Funded status at end of period | $ | (90) |  | $ | (1,571) |  |  | $ | (3,593) |  | $ | (4,248) |
(1)At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.
Schedule of amounts balance sheet position | Balance Sheet Position
| Pension Benefits |  | Other Postretirement and Postemployment Benefits
| December 31, |  | December 31,
(in millions) | 2022 | 2021 |  | 2022 | 2021
Prepaid pension assets | $ | 27 |  | $ | — |  |  | $ | — |  | $ | — |
Current liabilities | (9) |  | (9) |  |  | (369) |  | (203) |
Noncurrent liabilities | (108) |  | (1,562) |  |  | (3,224) |  | (4,045) |
Funded status at end of period | $ | (90) |  | $ | (1,571) |  |  | $ | (3,593) |  | $ | (4,248) |
Net actuarial loss | $ | (6,444) |  | $ | (7,462) |  |  | $ | (155) |  | $ | (831) |
Prior service credit | — |  | — |  |  | 18 |  | 23 |
Total accumulated other comprehensive loss, pre-tax | $ | (6,444) |  | $ | (7,462) |  |  | $ | (137) |  | $ | (808) |
Certain pension plans have benefit obligations in excess of plan assets. These plans have aggregate projected benefit obligations of $4.0 billion and aggregate fair value of plan assets of $3.9 billion at December 31, 2022.
Schedule of net periodic (benefit) cost | Net Periodic (Benefit) Cost
| Pension Benefits |  | Other Postretirement and Postemployment Benefits
| Year Ended December 31, |  | Year Ended December 31,
(in millions) | 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020
Service cost | $ | — |  | $ | — |  | $ | — |  |  | $ | 70 |  | $ | 86 |  | $ | 96 |
Interest cost | 611 |  | 582 |  | 700 |  |  | 128 |  | 117 |  | 120 |
Expected return on plan assets | (1,319) |  | (1,522) |  | (1,373) |  |  | (17) |  | (34) |  | (44) |
Amortization of prior service credit | — |  | — |  | — |  |  | (5) |  | (6) |  | (9) |
Recognized net actuarial loss | 255 |  | 354 |  | 300 |  |  | 56 |  | 55 |  | 44 |
Settlements | — |  | 2 |  | 38 |  |  | — |  | — |  | — |
Special termination benefits | — |  | — |  | — |  |  | — |  | — |  | 1,260 |
Net periodic (benefit) cost | $ | (453) |  | $ | (584) |  | $ | (335) |  |  | $ | 232 |  | $ | 218 |  | $ | 1,467 |
Schedule of assumptions used to determine benefit obligations and net periodic costs | We used the following actuarial assumptions to determine our benefit obligations and our net periodic benefit cost for the periods presented:
| December 31,
Benefit Obligations(1) | 2022 | 2021
Weighted average discount rate | 5.62 | % | 2.97 | %
| Year Ended December 31,
Net Periodic (Benefit) Cost(1) | 2022 | 2021 | 2020
Weighted average discount rate | 2.96 | % | 2.61 | % | 3.39 | %
Weighted average expected long-term rate of return on plan assets | 7.00 | % | 8.98 | % | 8.97 | %
Assumed healthcare cost trend rate for the next year(2) | 6.50 | % | 6.25 | % | 6.25 | %
(1)Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation. (2)Healthcare cost trend rate is assumed to decline gradually to 5.00% by 2031 and remain unchanged thereafter.
Schedule of expected future benefit payments | The following table summarizes the benefit payments that are expected to be paid in the years ending December 31:
Expected future benefit payments |  |
(in millions) | Pension Benefits | Other Postretirement and Postemployment Benefits
2023 | $ | 1,280 |  | $ | 450 |
2024 | 1,270 |  | 440 |
2025 | 1,270 |  | 430 |
2026 | 1,260 |  | 430 |
2027 | 1,250 |  | 430 |
2028-2032 | 6,030 |  | 1,930 |
Schedule of benefit plan assets measured at fair value on recurring basis | The following table shows our benefit plan assets by asset class.
Benefit plan assets measured at fair value on a recurring basis |  |  |  |  |  |
| December 31, 2022 |  | December 31, 2021 |  | Valuation Technique
(in millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total |
Fixed income and fixed income-related instruments | $ | 77 |  | $ | 1,366 |  | $ | 1,443 |  |  | $ | 69 |  | $ | 979 |  | $ | 1,048 |  |  | (a)(b)
Cash equivalents | 629 |  | 265 |  | 894 |  |  | 2,390 |  | 2,097 |  | 4,487 |  |  | (a)
Equities and equity-related instruments | 420 |  | 25 |  | 445 |  |  | 1,034 |  | 161 |  | 1,195 |  |  | (a)
Delta common stock | 343 |  | — |  | 343 |  |  | 407 |  | — |  | 407 |  |  | (a)
Real assets | 17 |  | 170 |  | 187 |  |  | — |  | 256 |  | 256 |  |  | (a)
Benefit plan assets | $ | 1,486 |  | $ | 1,826 |  | $ | 3,312 |  |  | $ | 3,900 |  | $ | 3,493 |  | $ | 7,393 |  |  |
Investments measured at net asset value ("NAV")(1) |  |  | 12,329 |  |  |  |  | 12,653 |  |  |
Total benefit plan assets |  |  | $ | 15,641 |  |  |  |  | $ | 20,046 |  |  |
(1) Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
Schedule of benefit plan investments assets measured at NAV | The following table summarizes investments measured at fair value based on NAV per share as a practical expedient:
Benefit plan investment assets measured at NAV |  |  |  |  |  |  |
| December 31, 2022 |  | December 31, 2021
(in millions) | Fair Value | Redemption Frequency | Redemption Notice Period |  | Fair Value | Redemption Frequency | Redemption Notice Period
Hedge funds and hedge fund-related strategies | $ | 6,730 |  | (1) | 2-180 Days |  | $ | 7,563 |  | (1) | 2-180 Days
Commingled funds, private equity and private equity-related instruments (4) | 2,266 |  | (1) (2) | 2-45 Days |  | 2,228 |  | (1) (2) | 3-45 Days
Fixed income and fixed income-related instruments(4) | 1,003 |  | (1) | 1-180 Days |  | 877 |  | (1) | 65-90 Days
Real assets (4) | 819 |  | (2) | N/A |  | 773 |  | (2) | N/A
Other | 1,511 |  | (3) | 2-10 Days |  | 1,212 |  | (3) | 2-10 Days
Total investments measured at NAV | $ | 12,329 |  |  |  |  | $ | 12,653 |  |  |
(1)Various. Includes funds with monthly or more frequent, quarterly and/or custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment. (2)Includes private funds that are closed-ended structures in which the plans' investments are generally not eligible for redemption. (3)Includes funds with monthly or more frequent redemptions (4)Unfunded commitments were $1.2 billion for commingled funds, private equity and private equity-related instruments, $364 million for fixed income and fixed income-related instruments and $507 million for real assets at December 31, 2022.

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