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Retirement and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Changes in Plans Benefit Obligations, Fair Value of Assets, and Funded Status
The following provides a reconciliation of the changes in the plans’ benefit obligations, fair value of assets and funded status as of December 31, 2019 and 2018:
Pension BenefitsOther Postretirement Benefits
(in millions)2019201820192018
Change in benefit obligations:    
Benefit obligation at January 1$125  $143  $13  $17  
Service cost7  10  1  2  
Interest cost5  5  —  1  
Participant contributions—  —  —  —  
Actuarial (gain) loss15  (14) 1  —  
Benefits paid(2) (14) (2) (1) 
Plan amendments—  —  —  —  
Curtailments—  (5) —  (6) 
Settlements(24) —  —  —  
Benefit obligation at December 31$126  $125  $13  $13  

Pension BenefitsOther Postretirement Benefits
(in millions)2019201820192018
Change in plan assets:    
Fair value of plan assets at January 1$91  $101  $—  $—  
Actual return on plan assets16  (8) —  —  
Employer contributions12  12  2  1  
Participant contributions—  —  —  —  
Benefits paid(2) (14) (2) (1) 
Settlements(21) —  —  —  
Fair value of plan assets at December 31$96  $91  $—  $—  

Funded status of plans at December 31$(30) $(34) $(13) $(13) 
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets
The pension plans’ projected benefit obligation, accumulated benefit obligation and fair value of plan assets as of December 31, 2019 and 2018 are as follows:
(in millions)20192018
Projected benefit obligation$126  $125  
Accumulated benefit obligation124  122  
Fair value of plan assets96  91  
Pension and Other Postretirement Benefit Costs
Pension and other postretirement benefit costs include the following components for 2019, 2018 and 2017:
Pension BenefitsOther Postretirement Benefits
(in millions)201920182017201920182017
Service cost$7  $10  $9  $1  $2  $2  
Interest cost5  5  5  —  1  —  
Expected return on plan assets(6) (7) (6) —  —  —  
Amortization of transition obligation—  —  —  —  —  —  
Amortization of prior service cost—  —  —  —  —  —  
Amortization of net loss2  2  2  —  —  —  
Net periodic benefit cost8  10  10  1  3  2  
Curtailment gain—  —  —  —  (4) —  
Settlement loss6  —  —  —  —  —  
Total benefit cost (benefit)$14  $10  $10  $1  $(1) $2  
Amounts Recognized in Other Comprehensive Income
Amounts recognized in other comprehensive income for the years ended December 31, 2019 and 2018 were as follows:
Pension BenefitsOther Postretirement Benefits
(in millions)2019201820192018
Net actuarial loss arising during the year$(5) $(2) $(1) $—  
Amortization of prior service cost—  —  —  —  
Amortization of net loss2  2  —  —  
Settlements8  —  —  —  
Curtailments—  5  —  3  
Tax effect (1)
(1) (1) —  (1) 
$4  $4  $(1) $2  
(1)For the year ended December 31, 2018, deferred tax activity related to pension and other postretirement benefits was offset by a valuation allowance, resulting in no tax expense presented on the consolidated statements of operations.
Schedule of Assumptions Used
The assumptions used in the measurement of the Company’s benefit obligations as of December 31, 2019 and 2018 are as follows:
Pension BenefitsOther Postretirement Benefits
2019201820192018
Discount rate3.70 %4.35 %3.50 %4.35 %
Rate of compensation increase3.50 %3.50 %n/an/a
The assumptions used in the measurement of the Company’s net periodic benefit cost for 2019, 2018 and 2017 are as follows:
Pension BenefitsOther Postretirement Benefits
201920182017201920182017
Discount rate3.70 %4.35 %4.20 %4.35 %4.35 %4.20 %
Expected return on plan assets7.00 %7.00 %7.00 %n/an/an/a
Rate of compensation increase3.50 %3.50 %3.50 %n/an/an/a
Schedule of Health Care Cost Trend Rates
For measurement purposes, the following trend rates were assumed for 2019 and 2018:
20192018
Health care cost trend assumed for next year7 %7 %
Rate to which the cost trend is assumed to decline5 %5 %
Year that the rate reaches the ultimate trend rate20372036
One Percentage Point Change in Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates have a significant effect on the amounts for the health care plans.  A one percentage point change in assumed health care cost trend rates would have the following effects:
(in millions)1% Increase1% Decrease
Effect on the total service and interest cost components$2  $(1) 
Effect on postretirement benefit obligations$2  $(2) 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Pension BenefitsOther Postretirement Benefits
(in millions)
2020$5  2020$1  
20215  20211  
20226  20221  
20236  20231  
20247  20241  
Years 2025-202934  Years 2025-20295  
Schedule of Allocation of Plan Assets Plan assets are periodically balanced whenever the allocation to any asset class falls outside of the specified range.
Pension Plan Asset Allocations
Asset category:TargetActual
Equity securities:  
U.S. equity (1)
35 %34 %
Non-U.S. equity (2)
35 %33 %
Fixed income (3)
28 %31 %
Cash (4)
2 %2 %
Total100 %100 %
(1)Includes the following equity securities in the table below: U.S. large cap growth equity, U.S. large cap value equity, U.S. large cap core equity, and U.S. small cap equity.
(2)Includes Non-U.S. equity securities in the table below.
(3)Includes fixed income pension plan assets in the table below.
(4)Includes Cash and cash equivalent pension plan assets in the table below.
Fair Value Measurement of Pension Plan Assets
Utilizing the fair value hierarchy described in Note 8, the Company’s fair value measurement of pension plan assets as of December 31, 2019 is as follows:
(in millions)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)
Significant Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Measured within fair value hierarchy    
Equity securities:    
U.S. large cap growth equity (1)
$3  $3  $—  $—  
U.S. large cap value equity (2)
6  6  —  —  
U.S. small cap equity (3)
2  2  —  —  
Non-U.S. equity (4)
32  32  —  —  
Fixed income (6)
22  22  —  —  
Cash and cash equivalents2  2  —  —  
Total measured within fair value hierarchy$67  $67  $—  $—  
Measured at net asset value (8)
Equity securities:
U.S. large cap growth equity (9)
3  
U.S. large cap core equity (10)
18  
Fixed income (6)
8  
Total measured at net asset value$29  

Total plan assets at fair value$96  
Note: Footnotes are located after the prior year comparative table below.
Utilizing the fair value hierarchy described in Note 8, the Company’s fair value measurement of pension plan assets at December 31, 2018 was as follows:
(in millions)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)
Significant Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Measured within fair value hierarchy
Equity securities:
U.S. large cap growth equity (1)
$5  $5  $—  $—  
U.S. large cap value equity (2)
5  5  —  —  
U.S. small cap equity (3)
2  2  —  —  
Non-U.S. equity (4)
20  20  —  —  
Emerging markets equity (5)
3  3  —  —  
Fixed income (6)
14  14  —  —  
Cash and cash equivalents (7)
23  23  —  —  
Total measured within fair value hierarchy$72  $72  $—  $—  
Measured at net asset value (8)
Equity securities:
U.S. large cap core equity (10)
12  
Fixed income (6)
7  
Total measured at net asset value$19  

Total plan assets at fair value$91  
(1)Mutual fund that seeks to invest in a diversified portfolio of stocks with price appreciation growth opportunities.
(2)Mutual fund that seeks to invest in a diversified portfolio of stocks that will increase in value over the long-term as well as provide current income.
(3)Mutual fund that seeks to invest in a diversified portfolio of stocks with small market capitalizations.
(4)Mutual funds that invest primarily in equity securities of companies domiciled outside of the United States, primarily in developed markets.
(5)An institutional fund that invests primarily in the equity securities of companies domiciled in emerging markets.
(6)Institutional funds that seek an investment return that approximates, as closely as practicable, before expenses, the performance of the Barclays U.S. Intermediate Credit Bond Index over the long term and the Barclays Long U.S. Corporate Bond Index over the long-term.
(7)Included approximately $21 million for anticipated lump sum distributions resulting from the Fayetteville Shale sale in December 2018.
(8)Plan assets for which fair value was measured using net asset value as a practical expedient.
(9)An institutional fund that seeks to invest in companies with sustainable competitive advantages, as identified through proprietary research.
(10)An institutional fund that seeks to replicate the performance of the S&P 500 Index before fees.