XML 42 R28.htm IDEA: XBRL DOCUMENT v3.22.4
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets Defined benefit plans with projected benefit obligations and accumulated benefit obligations exceeding fair value of plan assets are as follows (in millions):
 20222021
Projected benefit obligation$1,332 $1,750 
Accumulated benefit obligation1,267 1,685 
Fair value of plan assets1,092 1,595 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
Qualified Defined Benefit [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Assumptions Used [Table Text Block]
Weighted average assumptions used to determine benefit obligations:

The rates below vary by plan and related work group.
 20222021
Discount rates
5.41% to 5.42%
2.82% to 2.90%
Rate of compensation increases
2.01% to 2.35%
2.02% to 2.38%

Weighted average assumptions used to determine net periodic benefit cost:

The rates below vary by plan and related work group.
 202220212020
Discount rates
2.82% to 2.90%
2.43% to 2.58%
3.33% to 3.47%
Expected return on plan assets
3.00% to 5.25%
3.00% to 5.50%
3.25% to 5.50%
Rate of compensation increases
2.02% to 2.38%
2.02% to 2.43%
2.11% to 5.44%
Schedule of Allocation of Plan Assets [Table Text Block] The target and actual asset allocation of the funds in the qualified defined-benefit plans, by asset category, are as follows: 
Salaried Plan(a)
All Other Plans
 Target20222021Target20222021
Asset category:  
Domestic equity securities
2%-12%
7 %%
29%-39%
35 %38 %
Non-U.S. equity securities
0%-8%
3 %%
9%-19%
15 %16 %
Fixed income securities
85%-95%
90 %90 %
37%-57%
45 %42 %
Real estate
—%
 %— %
—%-10%
5 %%
Plan assets100 %100 %100 %100 %
(a)As our Salaried Plan is frozen and fully funded, our investment strategies differ significantly from that of our other outstanding plans. Investments are in lower-risk securities, with earnings designed to maintain a fully-funded status. Plan assets by fund category (in millions):
 20222021Fair Value Hierarchy
Fund type:  
U.S. equity market fund$568 $885 1
Non-U.S. equity fund242 370 1
Credit bond index fund1,001 1,342 1
Plan assets in common commingled trusts$1,811 $2,597 
Real estate76 92 (a)
Cash equivalents7 1
Total plan assets$1,894 $2,695 
(a)In accordance with Subtopic 820-10, certain investments that are measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of Net Funded Status [Table Text Block] The following table sets forth the status of the qualified defined-benefit pension plans (in millions):
 20222021
Projected benefit obligation (PBO)  
Beginning of year$2,758 $2,934 
Service cost46 56 
Interest cost66 56 
Plan amendments(a)
9 — 
Actuarial (gain)/loss(628)(171)
Benefits paid(172)(117)
End of year$2,079 $2,758 
Plan assets at fair value  
Beginning of year$2,695 $2,488 
Actual return on plan assets(629)224 
Employer contributions 100 
Benefits paid(172)(117)
End of year$1,894 $2,695 
Unfunded status$(185)$(63)
Percent funded91 %98 %
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
The amounts recognized in the consolidated balance sheets (in millions): 
 20222021
Accrued benefit liability-long term$(240)$(155)
Plan assets-long term (within Other noncurrent assets)55 92 
Total liability recognized$(185)$(63)
 
The amounts not yet reflected in net periodic benefit cost and included in AOCL (in millions):
 20222021
Prior service cost (credit)$6 $(4)
Net loss438 316 
Amount recognized in AOCL (pretax)$444 $312 
Schedule of Net Benefit Costs [Table Text Block]
Net pension expense for the qualified defined-benefit plans included the following components (in millions): 
 202220212020
Service cost$45 $52 $46 
Interest cost65 56 75 
Restructuring charges(a)
 — 11 
Expected return on assets(128)(122)(110)
Amortization of prior service credit(1)(1)(1)
Recognized actuarial loss8 37 35 
Net pension expense (benefit)$(11)$22 $56 
(a)In conjunction with the workforce reductions stemming from the COVID-19 pandemic, the Company recorded additional expense for employees accepting incentive leaves of absence. Such expense is included in Special items - restructuring charges on the consolidated statement of operations for the year-ended December 31, 2020.
Schedule of Expected Benefit Payments [Table Text Block]
Future benefits expected to be paid over the next ten years under the qualified defined-benefit pension plans from the assets of those plans (in millions): 
Total
2023$116 
2024114 
2025133 
2026142 
2027156 
2028-2032835