Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Change in Postretirement Benefit Obligation

The change in the Company’s postretirement benefit obligation is as follows:


	Year Ended December 31,
(In millions)	2022		2021		2020
Change in Benefit Obligation
Benefit obligation at beginning of period	$	35	$	33	$	34
Service cost	2		2		2
Interest cost	1		1		1
Actuarial (gain) loss	(15)		1		(2)
Benefits paid	(2)		(2)		(2)

Plan amendments	(3)		—		—
Benefit obligation at end of period	$	18	$	35	$	33
Change in Plan Assets
Fair value of plan assets at end of period	—		—		—
Funded status at end of period	$	(18)	$	(35)	$	(33)
Amounts recognized in balance sheet
Current liabilities	$	1	$	2	$	2
Non-current liabilities	17		33		31
Net amount	$	18	$	35	$	33
Amounts recognized in accumulated other comprehensive income (loss)
Net actuarial (gain) loss	$	(15)	$	—	$	—
Prior service credit	(3)		(2)		(3)
Total	$	(18)	$	(2)	$	(3)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss)


	Year Ended December 31,
(In millions)	2022		2021		2020
Components of Net Periodic Postretirement Benefit Cost
Service cost	$	2	$	2	$	2
Interest cost	1		1		1
Amortization of prior service credit	(1)		(1)		(1)

Net periodic postretirement cost	$	2	$	2	$	2
Recognized curtailment gain	(1)		—		—
Total post retirement cost	$	1	$	2	$	2
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Net gain	$	(15)	$	—	$	(2)
Prior service credit	(1)		—		—
Amortization of prior service credit	1		1		1

Total recognized in other comprehensive income	(15)		1		(1)
Total recognized in net periodic benefit cost (income) and other comprehensive income	$	(14)	$	3	$	1

Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs

Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows:


	December 31,
	2022		2021		2020
Discount rate(1)	5.55	%	2.85	%	2.65	%
Health care cost trend rate for medical benefits assumed for next year (pre-65)	8.00	%	6.50	%	6.75	%
Health care cost trend rate for medical benefits assumed for next year (post-65)	4.50	%	4.75	%	5.00	%
Ultimate trend rate (pre-65)	4.50	%	4.50	%	4.50	%
Ultimate trend rate (post-65)	4.50	%	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate (pre-65)	2030		2030		2030
Year that the rate reaches the ultimate trend rate (post-65)	2023		2023		2023

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(1)Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2022, 2021 and 2020, the beginning of year discount rates of 2.85 percent, 2.65 percent and 3.50 percent, respectively, were used.

Schedule of Estimated Benefit Payments

The following estimated benefit payments under the Company’s postretirement plans, which reflect expected future service, are expected to be paid as follows:


(In millions)
2023	$	1
2024	1
2025	1
2026	1
2027	1
Years 2028 - 2032	6