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Retirement and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:
Pension BenefitsOther Postretirement Benefits
(in millions)2023202220232022
Change in benefit obligations:    
Benefit obligation at January 1$57 $126 $9 $13 
Service cost— — 2 2 
Interest cost— 3 1 — 
Actuarial gain— (29)(7)(5)
Benefits paid— (2)— (1)
Plan amendments— (2)— — 
Settlements(57)(39)— — 
Benefit obligation at December 31$— $57 $5 $9 
Pension BenefitsOther Postretirement Benefits
(in millions)2023202220232022
Change in plan assets:    
Fair value of plan assets at January 1$72 $114 $— $— 
Actual return on plan assets— — — — 
Employer contributions— — — 1 
Benefits paid— (2)— (1)
Settlements(58)(40)— — 
Transfer to qualified replacement plan (1)
(14)— — — 
Fair value of plan assets at December 31$— $72 $— $— 
Funded status of plans at December 31$— $15 $(5)$(9)
(1)Funds in the qualified replacement plan are presented as cash and cash equivalents on the Company’s consolidated balance sheet as of December 31, 2023.
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, 2023 and 2022 are as follows:
(in millions)2023
(1)
2022
Projected benefit obligation$— $57 
Accumulated benefit obligation— 57 
Fair value of plan assets— 72 
(1)The Company completed the termination of the Plan in 2023.
Pension and Other Postretirement Benefit Costs
Pension and other postretirement benefit costs include the following components for 2023, 2022 and 2021:
Pension BenefitsOther Postretirement Benefits
(in millions)202320222021202320222021
Service cost (1)
$— $— $— $2 $2 $2 
Interest cost— 3 4 1 — — 
Expected return on plan assets— — (4)— — — 
Amortization of prior service cost— (1)— — — — 
Amortization of net loss— — — — — — 
Net periodic benefit cost— 2 — 3 2 2 
Settlement (gain) loss2 (1)2 — — — 
Total benefit cost$2 $1 $2 $3 $2 $2 
(1)The Company froze the Plan effective January 1, 2021, resulting in no service cost for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.
Amounts Recognized in Other Comprehensive Income
Amounts recognized in other comprehensive income for the years ended December 31, 2023 and 2022 were as follows:
Pension BenefitsOther Postretirement Benefits
(in millions)2023202220232022
Net actuarial gain arising during the year$— $30 $7 $4 
Amortization of prior service cost— (2)— — 
Tax valuation allowance release impact on pension settlements(14)— — — 
Settlements(2)(1)— — 
Less: Tax effect (1)
— — — — 
Amounts recognized in other comprehensive income$(16)$27 $7 $4 
(1)Other postretirement benefit tax effects of approximately $1 million for each of the years ended December 31, 2023 and December 31, 2022 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, 2023 and 2022 are as follows:
Pension Benefits (1)
Other Postretirement Benefits
2023202220232022
Discount raten/a5.60 %5.20 %5.50 %
Rate of compensation increase (2)
n/an/an/an/a
(1)The Company completed the termination of its pension plan in 2023.
(2)Rate of compensation increase for other postretirement benefits is disclosed as “n/a” as the benefit is the same for all employees and not based on compensation.
The assumptions used in the measurement of the Company’s net periodic benefit cost for 2023, 2022 and 2021 are as follows:
Pension Benefits (1)
Other Postretirement Benefits
202320222021202320222021
Discount raten/a5.60 %3.20 %5.50 %3.10 %2.80 %
Expected return on plan assetsn/a0.10 %0.10 %n/an/an/a
Rate of compensation increase (2)
n/an/a3.50 %n/an/an/a
(1)The Company completed the termination of the Plan in 2023.
(2)Rate of compensation increase for other postretirement benefits is disclosed as “n/a” as the benefit is the same for all employees and not based on compensation.
Schedule of Health Care Cost Trend Rates
For measurement purposes, the following trend rates were assumed for 2023 and 2022:
20232022
Health care cost trend assumed for next year7.0 %7.0 %
Rate to which the cost trend is assumed to decline5.0 %5.0 %
Year that the rate reaches the ultimate trend rate20412040
Fair Value Measurement of Pension Plan Assets Utilizing the fair value hierarchy described in Note 8, the Company’s fair value measurement of Plan assets at December 31, 2022 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
Fixed income (1)
69 69 — — 
Cash and cash equivalents2 2 — — 
Total plan assets at fair value$71 $71 $— $— 
(1)U.S. Treasury Notes