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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
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 BenefitsOther Postretirement and Postemployment Benefits
December 31,December 31,
(in millions)2022202120222021
Benefit obligation at beginning of period$21,073 $22,626 $4,605 $4,766 
Service cost— — 70 86 
Interest cost611 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 contributions10 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 BenefitsOther Postretirement and Postemployment Benefits
December 31,December 31,
(in millions)2022202120222021
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 $3.9 billion at December 31, 2022.
Schedule of net periodic (benefit) cost Net Periodic (Benefit) Cost
Pension BenefitsOther Postretirement and Postemployment Benefits
Year Ended December 31,Year Ended December 31,
(in millions)202220212020202220212020
Service cost$— $— $— $70 $86 $96 
Interest cost611 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 loss255 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)
20222021
Weighted average discount rate5.62 %2.97 %

Year Ended December 31,
Net Periodic (Benefit) Cost(1)
202220212020
Weighted average discount rate2.96 %2.61 %3.39 %
Weighted average expected long-term rate of return on plan assets7.00 %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 BenefitsOther Postretirement and Postemployment Benefits
2023$1,280 $450 
20241,270 440 
20251,270 430 
20261,260 430 
20271,250 430 
2028-20326,030 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, 2022December 31, 2021Valuation Technique
(in millions)Level 1Level 2TotalLevel 1Level 2Total
Fixed income and fixed income-related instruments$77 $1,366 $1,443 $69 $979 $1,048 (a)(b)
Cash equivalents629 265 894 2,390 2,097 4,487 (a)
Equities and equity-related instruments420 25 445 1,034 161 1,195 (a)
Delta common stock343 — 343 407 — 407 (a)
Real assets17 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, 2022December 31, 2021
(in millions)Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption 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/A773 (2)N/A
Other1,511 (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.