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Retirement and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021 and 2020:
Pension BenefitsOther Postretirement Benefits
(in millions)2021202020212020
Change in benefit obligations:    
Benefit obligation at January 1$139 $126 $13 $13 
Service cost (1)
— 7 2 2 
Interest cost4 5 — — 
Participant contributions— — — — 
Actuarial (gain) loss(4)16 (2)1 
Benefits paid(2)(13)— (1)
Plan amendments— — — (2)
Curtailments— (2)— — 
Settlements(11)— — — 
Benefit obligation at December 31$126 $139 $13 $13 
(1)The Company froze its pension plan effective January 1, 2021, resulting in no service cost for the year ended December 31, 2021.
Pension BenefitsOther Postretirement Benefits
(in millions)2021202020212020
Change in plan assets:    
Fair value of plan assets at January 1$106 $96 $— $— 
Actual return on plan assets6 11 — — 
Employer contributions12 12 1 1 
Participant contributions— — — — 
Benefits paid(2)(13)(1)(1)
Settlements(8)— — — 
Fair value of plan assets at December 31$114 $106 $— $— 
Funded status of plans at December 31 (1)
$(12)$(33)$(13)$(13)
(1)The funded status of the pension plan includes a $1 million liability related to a supplemental employee retirement plan as of December 31, 2021 and 2020.
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, 2021 and 2020 are as follows:
(in millions)20212020
Projected benefit obligation$126 $139 
Accumulated benefit obligation126 139 
Fair value of plan assets114 106 
Pension and Other Postretirement Benefit Costs
Pension and other postretirement benefit costs include the following components for 2021, 2020 and 2019:
Pension BenefitsOther Postretirement Benefits
(in millions)202120202019202120202019
Service cost (1)
$— $7 $7 $2 $2 $1 
Interest cost4 5 5 — — — 
Expected return on plan assets(4)(6)(6)— — — 
Amortization of transition obligation— — — — — — 
Amortization of prior service cost— — — — — — 
Amortization of net loss— 1 2 — — — 
Net periodic benefit cost— 7 8 2 2 1 
Curtailment gain— — — — — — 
Settlement loss2 — 6 — — — 
Total benefit cost$2 $7 $14 $2 $2 $1 
(1)The Company froze its pension plan effective January 1, 2021, resulting in no service cost for the year ended December 31, 2021.
Amounts Recognized in Other Comprehensive Income
Amounts recognized in other comprehensive income for the years ended December 31, 2021 and 2020 were as follows:
Pension BenefitsOther Postretirement Benefits
(in millions)2021202020212020
Net actuarial (loss) gain arising during the year$5 $(12)$2 $2 
Amortization of prior service cost— — — — 
Amortization of net loss1 1 — — 
Settlements5 — — — 
Curtailments— 3 — — 
Less: Tax effect (1)
— 3 — (1)
Amounts recognized in other comprehensive income$11 $(5)$2 $1 
(1)Pension and other postretirement benefit tax effects of $2.7 million and $0.4 million, respectively, for the year ended December 31, 2021, were netted against a valuation allowance and therefore included in accumulated other comprehensive income.
Schedule of Assumptions Used
The assumptions used in the measurement of the Company’s benefit obligations as of December 31, 2021 and 2020 are as follows:
Pension BenefitsOther Postretirement Benefits
2021202020212020
Discount rate3.20 %3.10 %3.10 %2.80 %
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 2021, 2020 and 2019 are as follows:
Pension BenefitsOther Postretirement Benefits
202120202019202120202019
Discount rate3.20 %3.70 %3.70 %2.80 %3.50 %4.35 %
Expected return on plan assets0.10 %6.50 %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 2021 and 2020:
20212020
Health care cost trend assumed for next year6.5 %6.5 %
Rate to which the cost trend is assumed to decline5.0 %5.0 %
Year that the rate reaches the ultimate trend rate20382037
Schedule of Expected Benefit Payments The following timeline reflects the Company’s current estimate of benefit payments to be made and the timing thereof, including projected future interest costs:
Pension BenefitsOther Postretirement Benefits
(in millions)(in millions)
2022$48 2022$1 
202370 20231 
2024— 20241 
2025— 20251 
2026— 20261 
Years 2027-2031— Years 2027-20314 
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
Fixed income (1)
78 %78 %
Cash (2)
22 %22 %
Total100 %100 %
(1)Includes fixed income pension plan assets in the table below.
(2)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, 2021 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    
Fixed income (1)
90 90 — — 
Cash and cash equivalents24 24 — — 
Total plan assets at fair value$114 $114 $— $— 
(1)U.S. Treasury Notes.
Utilizing the fair value hierarchy described in Note 8, the Company’s fair value measurement of pension plan assets at December 31, 2020 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 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 
(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.