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PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Reconciliation of Pension and OPEB Plan Obligations, Assets and Funded Status

The benefit plan information in the table below pertains to all of our pension and OPEB plans, both in the United States and in other countries.    

			Pension benefits									OPEB
as of and for the years ended December 31 (in millions)			2021			2020						2021			2020
Benefit obligations
Beginning of period			$	4,313		$	3,973					$	228		$	228
Service cost			87			83						1			1
Interest cost			72			95						4			6
Participant contributions			4			4						—			—
Actuarial (gain) loss			(186)			401						(14)			13
Benefit payments			(103)			(109)						(19)			(20)
Settlements			(13)			(271)						—			—
Curtailment			(5)			(4)						—			—
Acquisitions			364			—						11			—
Plan Amendments			15			—						—			—
Foreign exchange and other			(105)			141						—			—
End of period			4,443			4,313						211			228
Fair value of plan assets
Beginning of period			3,434			2,973						—			—
Actual return on plan assets			141			688						—			—
Employer contributions			73			74						19			20
Participant contributions			4			4						—			—
Benefit payments			(103)			(109)						(19)			(20)
Settlements			(13)			(271)						—			—
Acquisitions			305			—						—			—
Foreign exchange and other			(57)			75						—			—
End of period			3,784			3,434						—			—
Funded status at December 31			$	(659)		$	(879)					$	(211)		$	(228)
Amounts recognized in the consolidated balance sheets
Noncurrent asset			$	228		$	155					$	—		$	—
Current liability			(29)			(30)						(17)			(18)
Noncurrent liability			(858)			(1,004)						(194)			(210)
Net liability recognized at December 31			$	(659)		$	(879)					$	(211)		$	(228)

Information Relating to Individual Plans in Funded Status that have ABO in Excess of Plan Assets

The following table is information relating to the individual plans in the funded status table above that have an ABO in excess of plan assets.

as of December 31 (in millions)			2021			2020
ABO			$	2,991		$	2,920
Fair value of plan assets			$	2,209		$	2,047

Information Relating to Individual Plans in Funded Status that have PBO in Excess of Plan Assets

The following table presents information relating to the individual plans in the funded status table above that have a PBO in excess of plan assets (many of which also have an ABO in excess of assets and are therefore also included in the table directly above).

as of December 31 (in millions)			2021			2020
PBO			$	3,254		$	3,421
Fair value of plan assets			$	2,366		$	2,387

Expected Net Pension and OPEB Plan Payments for Next 10 Years

(in millions)			Pension benefits			OPEB
2022			$	126		$	19
2023			146			17
2024			161			17
2025			166			16
2026			179			15
2027 through 2031			1,018			64
Total expected net benefit payments for next 10 years			$	1,796		$	148

Summary of Pre-Tax losses Included in AOCI

The following table is a summary of the pre-tax losses included in AOCI at December 31, 2021 and December 31, 2020.

(in millions)			Pension benefits			OPEB
Actuarial loss (gain)			$	509		$	(37)
Prior service credit and transition obligation			8			(36)
Total pre-tax loss (gain) recognized in AOCI at December 31, 2021			$	517		$	(73)
Actuarial loss (gain)			$	811		$	(23)
Prior service credit and transition obligation			(9)			(45)
Total pre-tax loss (gain) recognized in AOCI at December 31, 2020			$	802		$	(68)

Summary of Net-of-Tax Amounts Recorded in OCI Relating to Pension and OPEB Plans

The following table is a summary of the net-of-tax amounts recorded in OCI relating to pension and OPEB plans.

Year ended December 31 (in millions)			2021			2020			2019
Gain (loss) arising during the year, net of tax of $43 in 2021, $17 in 2020 and $(64) in 2019			$	160		$	59		$	(184)
Amortization of loss to earnings, net of tax of $17 in 2021, $12 in 2020 and $6 in 2019			65			47			25
Settlement charges, net of tax of $0 in 2021, $11 in 2020 and $188 in 2019			2			35			567
Pension and other employee benefits			$	227		$	141		$	408

Net Periodic Benefit Cost - Continuing Operations

Year ended December 31 (in millions)			2021			2020			2019
Pension benefits
Service cost			$	87		$	83		$	74
Interest cost			72			95			172
Expected return on plan assets			(143)			(163)			(264)
Amortization of net losses and other deferred amounts			91			77			58
Settlement charges			2			46			755
Other			(4)			—			—
Net periodic pension benefit cost			$	105		$	138		$	795
OPEB
Service cost			$	1		$	1		$	1
Interest cost			4			6			8
Amortization of net losses and prior service credit			(9)			(18)			(27)
Net periodic OPEB cost			$	(4)		$	(11)		$	(18)

Weighted-Average Assumptions Used in Determining Benefit Obligations at Measurement Date

			Pension benefits									OPEB
			2021			2020						2021			2020
Discount rate
U.S. and Puerto Rico plans			3.01		%	2.73		%				2.76		%	2.33		%
International plans			1.47		%	1.00		%				n/a			n/a
Rate of compensation increase
U.S. and Puerto Rico plans			3.68		%	3.68		%				n/a			n/a
International plans			3.11		%	3.03		%				n/a			n/a
Annual rate of increase in the per-capita cost			n/a			n/a						6.25		%	6.50		%
Rate decreased to			n/a			n/a						5.00		%	5.00		%
by the year ended			n/a			n/a						2027			2027

			Pension benefits												OPEB
			2021			2020			2019						2021			2020			2019
Discount rate
U.S. and Puerto Rico plans			2.73		%	3.44		%	4.18		%				2.33		%	3.16		%	4.20		%
International plans			1.00		%	1.34		%	2.02		%				n/a			n/a			n/a
Expected return on plan assets
U.S. and Puerto Rico plans			5.50		%	6.50		%	6.29		%				n/a			n/a			n/a
International plans			3.58		%	4.23		%	5.45		%				n/a			n/a			n/a
Rate of compensation increase
U.S. and Puerto Rico plans			3.68		%	3.68		%	3.66		%				n/a			n/a			n/a
International plans			3.03		%	3.03		%	3.08		%				n/a			n/a			n/a
Annual rate of increase in the per-capita cost			n/a			n/a			n/a						6.25		%	6.50		%	6.75		%
Rate decreased to			n/a			n/a			n/a						5.00		%	5.00		%	5.00		%
by the year ended			n/a			n/a			n/a						2027			2027			2027

Fair Value of Pension Plan Assets and Liabilities

The following tables summarize our pension plan financial instruments that are measured at fair value on a recurring basis.

						Basis of fair value measurement
(in millions)			Balance at December 31, 2021			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Measured at NAV (a)
Assets
Fixed income securities
Cash and cash equivalents			$	368		$	50		$	318		$	—		$	—
U.S. government and government agency issues			271			—			271			—			—
Corporate bonds			573			—			573			—			—
Equity securities
Common stock			452			452			—			—			—
Mutual funds			521			235			286			—			—
Common/collective trust funds			1,118			—			358			—			760
Partnership investments			329			—			—			—			329
Other holdings			152			21			122			9			—
Fair value of pension plan assets			$	3,784		$	758		$	1,928		$	9		$	1,089

(a) Certain assets 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.

						Basis of fair value measurement
(in millions)			Balance at December 31, 2020			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)			Measured at NAV (a)
Assets
Fixed income securities
Cash and cash equivalents			$	265		$	91		$	174		$	—		$	—
U.S. government and government agency issues			280			—			280			—			—
Corporate bonds			744			—			744			—			—
Equity securities
Common stock			453			453			—			—			—
Mutual funds			510			217			293			—			—
Common/collective trust funds			771			—			341			—			430
Partnership investments			296			—			—			—			296
Other holdings			115			22			82			11			—
Collateral held on loaned securities			19			—			19			—			—
Liabilities
Collateral to be paid on loaned securities			(19)			(19)			—			—			—
Fair value of pension plan assets			$	3,434		$	764		$	1,933		$	11		$	726

(a) Certain assets 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.

Changes in Fair Value Measurements that Used Significant Unobservable Inputs

The following table is a reconciliation of changes in fair value measurements that used significant unobservable inputs (Level 3).

(in millions)															Other holdings
Balance at December 31, 2019															$	10
Purchases															1
Balance at December 31, 2020															11
Sales															(2)
Balance at December 31, 2021															$	9

Funded Status Percentage of Pension Plans

The following table details the funded status percentage of our pension plans as of December 31, 2021, including certain plans that are unfunded in accordance with the guidelines of our funding policy outlined above.

			United States and Puerto Rico									International
as of December 31, 2021 (in millions)			Qualified plans			Nonqualified plan						Funded plans			Unfunded plans			Total
Fair value of plan assets			$	2,700		n/a						$	1,084		n/a			$	3,784
PBO			2,713			$	257					1,015			$	458		4,443
Funded status percentage			100		%	n/a						107		%	n/a			85		%

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