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Retirement and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019:
Pension BenefitsOther Postretirement Benefits
(in millions)2020201920202019
Change in benefit obligations:    
Benefit obligation at January 1$126 $125 $13 $13 
Service cost7 7 2 1 
Interest cost5 5 — — 
Participant contributions— — — — 
Actuarial loss16 15 1 1 
Benefits paid(13)(2)(1)(2)
Plan amendments— — (2)— 
Curtailments(2)— — — 
Settlements— (24)— — 
Benefit obligation at December 31$139 $126 $13 $13 

Pension BenefitsOther Postretirement Benefits
(in millions)2020201920202019
Change in plan assets:    
Fair value of plan assets at January 1$96 $91 $— $— 
Actual return on plan assets11 16 — — 
Employer contributions12 12 1 2 
Participant contributions— — — — 
Benefits paid(13)(2)(1)(2)
Settlements— (21)— — 
Fair value of plan assets at December 31$106 $96 $— $— 
Funded status of plans at December 31$(33)$(30)$(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, 2020 and 2019 are as follows:
(in millions)20202019
Projected benefit obligation$139 $126 
Accumulated benefit obligation139 124 
Fair value of plan assets106 96 
Pension and Other Postretirement Benefit Costs
Pension and other postretirement benefit costs include the following components for 2020, 2019 and 2018:
Pension BenefitsOther Postretirement Benefits
(in millions)202020192018202020192018
Service cost$7 $7 $10 $2 $1 $2 
Interest cost5 5 5 — — 1 
Expected return on plan assets(6)(6)(7)— — — 
Amortization of transition obligation— — — — — — 
Amortization of prior service cost— — — — — — 
Amortization of net loss1 2 2 — — — 
Net periodic benefit cost7 8 10 2 1 3 
Curtailment gain— — — — — (4)
Settlement loss— 6 — — — — 
Total benefit cost (benefit)$7 $14 $10 $2 $1 $(1)
Amounts Recognized in Other Comprehensive Income
Amounts recognized in other comprehensive income for the years ended December 31, 2020 and 2019 were as follows:
Pension BenefitsOther Postretirement Benefits
(in millions)2020201920202019
Net actuarial (loss) gain arising during the year$(12)$(5)$2 $(1)
Amortization of prior service cost— — — — 
Amortization of net loss1 2 — — 
Settlements— 8 — — 
Curtailments3 — — — 
Tax effect3 (1)(1)— 
$(5)$4 $1 $(1)
Schedule of Assumptions Used
The assumptions used in the measurement of the Company’s benefit obligations as of December 31, 2020 and 2019 are as follows:
Pension BenefitsOther Postretirement Benefits
2020201920202019
Discount rate3.10 %3.70 %2.80 %3.50 %
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 2020, 2019 and 2018 are as follows:
Pension BenefitsOther Postretirement Benefits
202020192018202020192018
Discount rate3.70 %3.70 %4.35 %3.50 %4.35 %4.35 %
Expected return on plan assets6.50 %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 2020 and 2019:
20202019
Health care cost trend assumed for next year6.5 %7.0 %
Rate to which the cost trend is assumed to decline5.0 %5.0 %
Year that the rate reaches the ultimate trend rate20372037
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 $(2)
Effect on postretirement benefit obligations$2 $(2)
Schedule of Expected Benefit Payments
The following benefit payments, which reflect projected future interest costs, are expected to be paid:
Pension BenefitsOther Postretirement Benefits
(in millions)
2021$5 2021$1 
20225 20221 
20235 20231 
20246 20241 
20255 20251 
Years 2026-203026 Years 2026-20304 
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)
30 %49 %
Non-U.S. equity (2)
30 %17 %
Total equity securities60 %66 %
Fixed income (3)
35 %32 %
Cash (4)
5 %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, 2020 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 value equity (1)
$10 $10 $— $— 
U.S. large cap core equity (2)
24 24 — — 
U.S. small cap equity (3)
13 13 — — 
Non-U.S. equity (4)
18 18 — — 
Fixed income (5)
34 34 — — 
Cash and cash equivalents2 2 — — 
Total measured within fair value hierarchy$101 $101 $— $— 
Measured at net asset value (6)
Equity securities:
U.S. large cap growth equity (7)
3 
U.S. small cap equity (3)
2 
Total measured at net asset value$5 
Total plan assets at fair value$106 
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, 2019 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 (8)
$3 $3 $— $— 
U.S. large cap value equity (1)
6 6 — — 
U.S. small cap equity (3)
2 2 — — 
Non-U.S. equity (4)
32 32 — — 
Fixed income (5)
22 22 — — 
Cash and cash equivalents2 2 — — 
Total measured within fair value hierarchy$67 $67 $— $— 
Measured at net asset value (6)
Equity securities:
U.S. large cap growth equity (7)
3 
U.S. large cap core equity (2)
18 
Fixed income (5)
8 
Total measured at net asset value$29 
Total plan assets at fair value$96 
(1)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.
(2)An institutional fund that seeks to replicate the performance of the S&P 500 Index before fees.
(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)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.
(6)Plan assets for which fair value was measured using net asset value as a practical expedient.
(7)An institutional fund that seeks to invest in companies with sustainable competitive advantages, as identified through proprietary research.
(8)Mutual fund that seeks to invest in a diversified portfolio of stocks with price appreciation growth opportunities.