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Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations
The following tables outline the change in pension benefit obligation and plan assets over the specified periods:
In millions20232022
Change in benefit obligation:
Benefit obligation, beginning of year$4,740 $6,009 
Interest cost231 132 
Actuarial loss (gain)145 (1,011)
Benefit payments(380)(387)
Settlements— (3)
Benefit obligation, end of year4,736 4,740 
Change in plan assets:
Fair value of plan assets, beginning of year5,346 6,677 
Actual return on plan assets389 (968)
Employer contributions24 27 
Benefit payments(380)(387)
Settlements— (3)
Fair value of plan assets, end of year5,379 5,346 
Funded status$643 $606 
Schedule of Changes in Plan Assets
The following tables outline the change in pension benefit obligation and plan assets over the specified periods:
In millions20232022
Change in benefit obligation:
Benefit obligation, beginning of year$4,740 $6,009 
Interest cost231 132 
Actuarial loss (gain)145 (1,011)
Benefit payments(380)(387)
Settlements— (3)
Benefit obligation, end of year4,736 4,740 
Change in plan assets:
Fair value of plan assets, beginning of year5,346 6,677 
Actual return on plan assets389 (968)
Employer contributions24 27 
Benefit payments(380)(387)
Settlements— (3)
Fair value of plan assets, end of year5,379 5,346 
Funded status$643 $606 
Schedule of Assets (Liabilities) Recognized in Balance Sheet
The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2023 and 2022 for the defined benefit pension plans consisted of the following:
In millions20232022
Noncurrent assets reflected in other assets$856 $827 
Current liabilities reflected in accrued expenses(24)(24)
Noncurrent liabilities reflected in other long-term liabilities(189)(197)
Net assets$643 $606 
Schedule of Net Periodic Benefit Cost (Income)
The components of net periodic benefit cost (income) for the years ended December 31, 2023, 2022 and 2021 are shown below:
In millions202320222021
Components of net periodic benefit cost (income):
Interest cost$231 $132 $110 
Expected return on plan assets(326)(309)(317)
Amortization of net actuarial loss1 3 5 
Settlement losses— 1 16 
Net periodic benefit cost (income)$(94)$(173)$(186)
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Benefit Costs
The Company determined its benefit obligation based on the following weighted average assumptions as of December 31, 2023 and 2022:
20232022
Discount rate5.0 %5.2 %

The Company determined its net periodic benefit cost (income) based on the following weighted average assumptions for the years ended December 31, 2023, 2022 and 2021:
202320222021
Discount rate5.1 %2.3 %1.8 %
Expected long-term rate of return on plan assets6.3 %4.8 %4.8 %
Schedule of Changes in Fair Value of Plan Assets
Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2023 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$12 $69 $— $81 
Debt securities:
    U.S. government securities518 4 — 522 
    States, municipalities and political subdivisions— 94 — 94 
    U.S. corporate securities— 2,649 — 2,649 
    Foreign securities— 106 — 106 
    Residential mortgage-backed securities— 17 — 17 
    Commercial mortgage-backed securities— 9 — 9 
    Other asset-backed securities— 8 — 8 
    Redeemable preferred securities— 1 — 1 
Total debt securities518 2,888 — 3,406 
Equity securities:
    U.S. domestic150 — — 150 
    International34 — — 34 
Total equity securities184 — — 184 
Other investments:
    Real estate— — 290 290 
    Common/collective trusts (1)
— 405 — 405 
    Derivatives— (14)— (14)
Total other investments— 391 290 681 
Total pension investments (2)
$714 $3,348 $290 $4,352 
_____________________________________________
(1)The assets in the underlying funds of common/collective trusts consist of $114 million of equity securities and $291 million of debt securities.
(2)Excludes $314 million of other receivables as well as $461 million of private equity limited partnership investments and $252 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.
Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2022 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$7 $81 $— $88 
Debt securities:
    U.S. government securities566 4 — 570 
    States, municipalities and political subdivisions— 102 — 102 
    U.S. corporate securities— 2,611 — 2,611 
    Foreign securities— 101 — 101 
    Residential mortgage-backed securities— 6 — 6 
    Commercial mortgage-backed securities— 1 — 1 
    Other asset-backed securities— 11 — 11 
    Redeemable preferred securities— 1 — 1 
Total debt securities566 2,837 — 3,403 
Equity securities:
    U.S. domestic133 — — 133 
    International43 — — 43 
Total equity securities176 — — 176 
Other investments:
    Real estate— — 325 325 
    Common/collective trusts (1)
— 307 — 307 
Total other investments— 307 325 632 
Total pension investments (2)
$749 $3,225 $325 $4,299 
_____________________________________________
(1)The assets in the underlying funds of common/collective trusts consist of $104 million of equity securities and $203 million of debt securities.
(2)Excludes $390 million of other receivables as well as $432 million of private equity limited partnership investments and $225 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.
Schedule of Change in Level 3 Plan Assets
The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2023 were as follows:
In millionsReal estate
Beginning balance$325 
Actual return on plan assets(23)
Purchases, sales and settlements(12)
Transfers out of Level 3— 
Ending balance$290 

The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2022 were as follows:

In millionsReal estate
Beginning balance$378 
Actual return on plan assets21 
Purchases, sales and settlements(74)
Transfers out of Level 3— 
Ending balance$325 
Schedule of Expected Future Benefits Payments
The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the pension benefit obligation as of December 31, 2023:
In millions
2024$393 
2025388 
2026384 
2027380 
2028378 
2029-20331,746 
The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the accumulated other postretirement benefit obligation as of December 31, 2023:
In millions
2024$12 
202512 
202612 
202712 
202812 
2029-203358