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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

The changes in and the amount of the accumulated postretirement benefit obligation were as follows:


	As of December 31,
	2023		2022
	(in millions)
Accumulated postretirement benefit obligation as of January 1	$	34	$	48
Service cost	—		1
Interest cost	2		1
Benefits paid	(2)		(2)
Actuarial gains	(18)		(14)
Accumulated postretirement benefit obligation as of December 31	$	16	$	34

The accrued benefit obligation was included in our consolidated balance sheets as follows:


	As of December 31,
	2023		2022
	(in millions)
Accrued and other current liabilities	$	2	$	2
Long-term postretirement benefit obligation	14		32
	$	16	$	34

A portion of our accrued benefit obligation has been recorded in accumulated other comprehensive income as follows:


	As of December 31, 2021		Changes		As of December 31, 2022		Changes		As of December 31, 2023
	(in millions)
Net actuarial gain	$	15	$	14	$	29	$	15	$	44
Deferred income tax expense	(3)		(3)		(6)		(4)		(10)
Accumulated other comprehensive income	$	12	$	11	$	23	$	11	$	34

We used the following weighted-average assumptions to determine our postretirement benefit obligations:


	As of December 31,
	2023		2022
Discount rate	4.95	%	5.18	%
Health care cost trend rate assumed for next year	8.00	%	7.00	%
Ultimate trend rate	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2033		2032

We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:


	For the Years Ended December 31,
	2023		2022		2021
Discount rate	5.18	%	2.90	%	2.54	%
Health care cost trend rate assumed for next year	7.00	%	6.60	%	6.90	%
Ultimate trend rate	4.50	%	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2032		2029		2029

Our estimated future benefit payments for our postretirement benefit plan as of December 31, 2023 were as follows: