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PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS
 9 Months Ended
Sep. 30, 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 an interest credit to their benefit under the plan but will no longer receive a benefit accrual for additional years of service due to the plan freeze.
On September 13, 2021, the Compensation Committee of the Board of Directors approved terminating the Company’s Pension Plan, effective December 31, 2021, subject to approval by the Internal Revenue Service. This decision, among other benefits, will provide plan participants quicker access to and greater flexibility in the management of participants’ respective benefits due under the plan. The Company has commenced the Pension Plan termination process, but the specific date for the completion of the process is unknown at this time and will depend on certain legal and regulatory requirements or approvals. As part of the termination process, the Company expects to distribute lump sum payments to or purchase annuities for the benefit of plan participants, which is dependent on the participants’ elections. In addition, the Company expects to make a payment equal to the difference between the total benefits due under the plan and the total value of the assets available, which, as of September 30, 2021, was approximately $7 million. The Company is in the process of evaluating the impact of the termination and future settlement accounting on its consolidated financial statements and related disclosures.
Net periodic pension costs include the following components for the three and nine months ended September 30, 2021 and 2020:
Consolidated Statements of
Operations Classification of
Net Periodic Benefit Cost		For the three months ended September 30,For the nine months ended September 30,
(in millions)2021202020212020
Service costGeneral and administrative expenses$— $2 $— $6 
Interest costOther Income (Loss), Net1 1 3 3 
Expected return on plan assetsOther Income (Loss), Net— (2)(3)(5)
Amortization of net lossOther Income (Loss), Net— 1 — 1 
Settlement lossOther Income (Loss), Net— — 1 — 
Net periodic benefit cost $1 $2 $1 $5 
The Company recognized a $1 million non-cash settlement loss related to $6 million of lump sum payments from the pension plan in the first three quarters of 2021.  As a result of settlement accounting requirements, the Company recorded a $3 million reduction to its net pension liability in the first three quarters of 2021, with a corresponding reduction to accumulated other comprehensive loss.
The Company’s other postretirement benefit plan had a net periodic benefit cost of less than $1 million for the three months ended September 30, 2021 and 2020, respectively, and $1 million and $2 million for the nine months ended September 30, 2021 and 2020, respectively.
As of September 30, 2021, the Company has contributed $12 million to the pension and other postretirement benefit plans and does not expect to make any additional contributions to its pension plan during the remainder of 2021 or thereafter until the plan termination is completed. The Company recognized liabilities of $17 million and $14 million related to its pension and other postretirement benefits, respectively, as of September 30, 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 September 30, 2021 and December 31, 2020, respectively.