PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure [Line Items]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

Summarized information on the Company's pension and other postretirement benefit plans is as follows:


Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans	Defined Benefit Pension Plans				Other Postretirement Benefit Plans
In millions	2023		2022		2023		2022
Change in projected benefit obligations:
Benefit obligations at beginning of year	$	22,861	$	32,977	$	893	$	1,251
Service cost	272		392		4		6
Interest cost	1,110		680		45		26
Plan participants' contributions	9		12		—		—
Actuarial changes in assumptions and experience	1,086		(8,433)		65		(318)
Benefits paid	(1,385)		(1,539)		(94)		(67)
Plan amendments	6		(25)		—		—
Acquisitions/divestitures/other 1	6		(602)		—		—
Effect of foreign exchange rates	279		(600)		1		(5)
Termination benefits/settlements 2	(1,777)		(1)		—		—
Benefit obligations at end of year	$	22,467	$	22,861	$	914	$	893

Change in plan assets:
Fair value of plan assets at beginning of year	$	21,231	$	28,167	$	—	$	—
Actual return on plan assets	1,228		(4,556)		—		—
Employer contributions	142		235		—		—
Plan participants' contributions	9		12		—		—
Benefits paid	(1,385)		(1,539)		—		—
Settlements 3	(1,777)		—		—		—
Other 4	(73)		(592)		—		—
Effect of foreign exchange rates	259		(496)		—		—

Fair value of plan assets at end of year	$	19,634	$	21,231	$	—	$	—

Funded status:
U.S. plans with plan assets	$	(1,192)	$	(545)	$	—	$	—
Non-U.S. plans with plan assets	(1,017)		(473)		—		—
All other plans	(624)		(612)		(914)		(893)

Funded status at end of year	$	(2,833)	$	(1,630)	$	(914)	$	(893)

Amounts recognized in the consolidated balance sheets at Dec 31:
Deferred charges and other assets	$	889	$	1,035	$	—	$	—
Accrued and other current liabilities	(67)		(66)		(86)		(88)
Pension and other postretirement benefits - noncurrent	(3,655)		(2,599)		(828)		(805)


Net amount recognized	$	(2,833)	$	(1,630)	$	(914)	$	(893)

Pretax amounts recognized in accumulated other comprehensive loss at Dec 31:
Net loss (gain)	$	7,709	$	7,045	$	(402)	$	(523)
Prior service credit	(84)		(116)		—		—
Pretax balance in accumulated other comprehensive loss at end of year	$	7,625	$	6,929	$	(402)	$	(523)

1.The 2022 impact relates to the transfer of certain benefit obligations in the United States through the purchase of annuity contracts from an insurance company.

2.The 2023 impact primarily relates to the transfer of certain pension benefit obligations in the United States and Canada through the purchase of or conversion to annuity contracts from insurance companies, triggering settlement accounting.

3.The 2023 impact primarily relates to the purchase of annuity contracts associated with the transfer of certain pension benefit obligations to insurance companies, triggering settlement accounting.

4.The 2023 impact primarily relates to a reversion of pension plan funds for a portion of the excess funding of one of its plans in Europe. The 2022 impact primarily relates to the purchase of annuity contracts associated with the transfer of certain pension benefit obligations to insurance companies.

Schedule of Net Benefit Costs


Net Periodic Benefit Cost (Credit) for All Significant Plans for the Year Ended Dec 31	Defined Benefit Pension Plans						Other Postretirement Benefit Plans
In millions	2023		2022		2021		2023		2022		2021
Net Periodic Benefit Costs:
Service cost	$	272	$	392	$	387	$	4	$	6	$	7
Interest cost	1,110		680		594		45		26		23
Expected return on plan assets	(1,539)		(1,686)		(1,724)		—		—		—
Amortization of prior service credit	(26)		(21)		(22)		—		—		—
Amortization of unrecognized (gain) loss	89		658		822		(57)		(15)		(6)
Curtailment/settlement/other 1	642		—		(18)		—		—		—
Net periodic benefit cost (credit)	$	548	$	23	$	39	$	(8)	$	17	$	24
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net (gain) loss	$	1,395	$	(2,231)	$	(1,980)	$	64	$	(317)	$	(98)
Prior service cost (credit)	6		(25)		2		—		—		—
Amortization of prior service credit	26		21		22		—		—		—
Amortization of unrecognized gain (loss)	(89)		(658)		(822)		57		15		6
Curtailment and settlement gain (loss) 1	(642)		—		18		—		—		—
Total recognized in other comprehensive (income) loss	$	696	$	(2,893)	$	(2,760)	$	121	$	(302)	$	(92)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	1,244	$	(2,870)	$	(2,721)	$	113	$	(285)	$	(68)

1.The 2023 impact relates to the settlement of certain pension benefit obligations in the United States and Canada through the purchase of or conversion to annuity contracts from insurance companies. The 2021 impact primarily relates to the freeze of pensionable compensation and credited service amounts for employees that participate in the U.S. Plans.

Schedule of Expected Benefit Payments

The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:


Estimated Future Benefit Payments at Dec 31, 2023	Defined Benefit Pension Plans		Other Postretirement Benefit Plans
In millions
2024	$	1,493	$	88
2025	1,359		86
2026	1,374		83
2027	1,393		82
2028	1,416		80
2029-2033	7,160		348
Total	$	14,195	$	767

Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit cost for all plans are summarized in the table below:


Weighted-Average Assumptions for All Pension Plans	Benefit Obligations at Dec 31				Net Periodic Benefit Cost for the Year Ended
	2023		2022		2023		2022		2021
Discount rate	4.73	%	5.18	%	5.26	%	2.57	%	2.40	%
Interest crediting rate for applicable benefits	3.99	%	4.19	%	4.19	%	3.57	%	3.55	%
Rate of compensation increase	3.80	%	4.05	%	4.05	%	3.94	%	3.91	%
Expected return on plan assets					6.62	%	6.68	%	6.86	%

The weighted-average assumptions used to determine pension plan obligations and net periodic benefit cost for U.S. plans are summarized in the table below:


Weighted-Average Assumptions for U.S. Pension Plans	Benefit Obligations at Dec 31				Net Periodic Benefit Cost for the Year Ended
	2023		2022		2023		2022		2021
Discount rate	5.30	%	5.64	%	5.76	%	3.04	%	3.03	%
Interest crediting rate for applicable benefits	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
Rate of compensation increase	4.25	%	4.25	%	4.25	%	4.25	%	4.25	%
Expected return on plan assets					7.46	%	7.95	%	7.96	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets


Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets at Dec 31	2023		2022
In millions	2023		2022
Accumulated benefit obligations	$	18,612	$	18,300
Fair value of plan assets	$	14,962	$	15,723

Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets


Pension Plans with Projected Benefit Obligations in Excess of Plan Assets at Dec 31	2023		2022
In millions
Projected benefit obligations	$	18,783	$	18,388

Fair value of plan assets	$	15,060	$	15,723

Schedule of Allocation of Plan Assets

The weighted-average target allocation for plan assets of the Company's pension plans is summarized as follows:


Target Allocation for Plan Assets at Dec 31, 2023	Target Allocation
Asset Category
Equity securities	20	%
Fixed income securities	53
Alternative investments	26
Other investments	1
Total	100	%

Schedule of Defined Benefit Plans Disclosures

The following table summarizes the bases used to measure the Company’s pension plan assets at fair value for the years ended December 31, 2023 and 2022:


Basis of Fair Value Measurements	Dec 31, 2023								Dec 31, 2022
In millions	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,050	$	987	$	63	$	—	$	1,240	$	989	$	251	$	—
Equity securities:
U.S. equity securities	$	1,443	$	1,431	$	11	$	1	$	1,855	$	1,845	$	7	$	3
Non - U.S. equity securities	1,720		1,584		132		4		2,120		1,924		193		3
Total equity securities	$	3,163	$	3,015	$	143	$	5	$	3,975	$	3,769	$	200	$	6
Fixed income securities:
Debt - government-issued	$	4,665	$	47	$	4,618	$	—	$	3,885	$	57	$	3,827	$	1
Debt - corporate-issued	4,277		584		3,692		1		4,231		441		3,790		—
Debt - asset-backed	43		—		43		—		128		44		84		—
Total fixed income securities	$	8,985	$	631	$	8,353	$	1	$	8,244	$	542	$	7,701	$	1
Alternative investments:

Private markets	$	1	$	—	$	—	$	1	$	5	$	—	$	—	$	5
Real estate	21		21		—		—		48		48		—		—
Derivatives - asset position	190		1		189		—		348		5		343		—
Derivatives - liability position	(223)		—		(223)		—		(479)		(6)		(473)		—
Total alternative investments	$	(11)	$	22	$	(34)	$	1	$	(78)	$	47	$	(130)	$	5
Other investments	$	609	$	3	$	606	$	—	$	1,103	$	16	$	1,087	$	—
Subtotal	$	13,796	$	4,658	$	9,131	$	7	$	14,484	$	5,363	$	9,109	$	12
Investments measured at net asset value:
Hedge funds	$	820							$	964
Private markets	3,350								3,873
Real estate	1,741								1,956
Total investments measured at net asset value	$	5,911							$	6,793
Items to reconcile to fair value of plan assets:
Pension trust receivables 1	$	42							$	31
Pension trust payables 2	(115)								(77)
Total	$	19,634							$	21,231

1.Primarily receivables for investment securities sold.

2.Primarily payables for investment securities purchased.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes the changes in the fair value of Level 3 pension plan assets for the years ended December 31, 2023 and 2022:


Fair Value Measurement of Level 3 Pension Plan Assets	Equity Securities		Fixed Income Securities		Alternative Investments		Other Investments		Total
In millions
Balance at Jan 1, 2022	$	6	$	1	$	5	$	—	$	12
Actual return on assets:

Relating to assets held at Dec 31, 2022	(6)		—		(6)		—		(12)
Purchases, sales and settlements, net	—		—		6		—		6
Transfers into Level 3, net	6		—		—		—		6

Balance at Dec 31, 2022	$	6	$	1	$	5	$	—	$	12
Actual return on assets:

Relating to assets held at Dec 31, 2023	1		—		(4)		—		(3)
Purchases, sales and settlements, net	(2)		—		—		—		(2)


Balance at Dec 31, 2023	$	5	$	1	$	1	$	—	$	7