PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS

6 Months Ended

Jun. 30, 2020

PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS

The Company maintains defined pension and other postretirement benefit plans, which cover substantially all of the Company’s employees. Net periodic pension costs include the following components for the three and six months ended June 30, 2020 and 2019:



	Consolidated Statements of Operations Classification of Net Periodic Benefit Cost	For the three months ended June 30,									For the six months ended June 30,
(in millions)				2020			2019			2020			2019
Service cost	General and administrative expenses	$	2		$	2		$	4		$	4
Interest cost	Other Income (Loss), Net	1			1			2			2
Expected return on plan assets	Other Income (Loss), Net	(2)			(1)			(3)			(3)
Amortization of prior service cost	Other Income (Loss), Net	—			—			—			—
Amortization of net loss	Other Income (Loss), Net	—			—			—			1
Settlement loss	Other Income (Loss), Net	—			4			—			4
Net periodic benefit cost		$	1		$	6		$	3		$	8

The Company’s other postretirement benefit plan had a net periodic benefit cost of less than $1 million for the three months ended June 30, 2020 and 2019, respectively, and $1 million and $1 million for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, the Company has contributed $9 million to the pension and other postretirement benefit plans and expects to contribute an additional $3 million to its pension plan during the remainder of 2020. The Company recognized liabilities of $24 million and $14 million related to its pension and other postretirement benefits, respectively, as of June 30, 2020, compared to liabilities of $30 million and $13 million as of December 31, 2019, respectively.

In the first half of 2019, the Company recognized a $4 million non-cash settlement loss related to $16 million of lump-sum payments from the pension plan for employees who were terminated as a result of the Fayetteville Shale sale.

The Company maintains a non-qualified deferred compensation supplemental retirement savings plan (“Non-Qualified Plan”) for certain key employees who may elect to defer and contribute a portion of their compensation, as permitted by the Non-Qualified Plan. Shares of the Company’s common stock purchased under the terms of the Non-Qualified Plan are included in treasury stock and totaled 3,632 shares and 5,115 shares at June 30, 2020 and December 31, 2019, respectively.