Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Compensation and Benefit Plans

Employee Benefit Plans

Deferred Compensation Plan

Under the Deferred Compensation Plan (the “DC Plan”), eligible employees may elect to defer up to 50 percent of their base salary and/or up to 100 percent of any eligible bonus payment earned during the plan year. Any amounts deferred under the DC Plan will be invested and administered by us (or such person we designate). We generally do not match employee deferrals to the DC Plan. From time to time, we may also offer deferred special retention incentives and employer contributions under this plan to key plan participants. The deferred incentives and employer contributions are eligible for investment in the DC Plan during the retention qualifying period or vesting period.

Voluntary deferrals under the DC Plan were $13 million, $8 million and $6 million in 2022, 2021 and 2020, respectively. The DC Plan overall had investment losses of $9 million in 2022 and gains of $7 million and $8 million in 2021 and 2020, respectively.

401(k) and ESOP

The 401(k) Plan and ESOP, collectively referred to as the “Plan”, is a combined 401(k) tax-deferred savings plan and employee stock ownership plan in which most regular U.S. employees are eligible to participate.

Discretionary ESOP and profit-sharing contributions, based on our company performance, are made by us to all eligible individuals employed by us on the last day of the fiscal year. We may elect to contribute cash or our common stock (or a combination of cash and stock), in an amount not exceeding 10 percent of the employee's eligible pay earned in the fiscal year. The ESOP and/or profit-sharing contributions vest in equal annual increments over a participant's first five years of

service (thereafter, all subsequent ESOP and/or profit-sharing contributions are fully vested). For 2022, 2021 and 2020, 12,449, 6,100 and 12,094 shares, respectively, were allocated to participants in the ESOP.

Expenses incurred related to the Plan were $74 million, $54 million and $36 million as of December 31, 2022, December 31, 2021, and December 31, 2020, respectively.