PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS

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.  As part of ongoing effort to reduce costs, the Company elected to freeze its pension plan effective January 1, 2021. Employees that were participants in the pension plan prior to January 1, 2021 will continue to receive the interest component of the plan but will no longer receive the service component. Net periodic pension costs include the following components for the three months ended March 31, 2021 and 2020:

	Consolidated Statements of Operations Classification of Net Periodic Benefit Cost	For the three months ended March 31,
(in millions)		2021		2020
Service cost	General and administrative expenses	$	—	$	2
Interest cost	Other Income (Loss), Net	1		1
Expected return on plan assets	Other Income (Loss), Net	(1)		(1)
Net periodic benefit cost		$	—	$	2

The Company’s other postretirement benefit plan had a net periodic benefit cost of less than $1 million and $1 million for the three months ended March 31, 2021 and 2020, respectively.

As of March 31, 2021, the Company has contributed $5 million to the pension and other postretirement benefit plans and expects to contribute an additional $7 million to its pension plan during the remainder of 2021.  The Company recognized liabilities of $28 million and $13 million related to its pension and other postretirement benefits, respectively, as of March 31, 2021, compared to liabilities of $33 million and $13 million as of December 31, 2020, respectively.

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 2,035 shares and 3,632 shares at March 31, 2021 and December 31, 2020, respectively.