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Pension and Other Benefit Programs (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The fair values of our plan assets as of December 31, 2019, by asset category, are as follows (in millions):

		Fair Value Measurements
Asset Category		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs  (Level 3)				Total
Cash		$	7			$	—			$	—			$	7
Equity securities:
U.S. large-cap		—				25				—				25
U.S. small-cap		—				7				—				7
International		—				13				—				13
Fixed income securities		137				751				6				894
Total		$	144			$	796			$	6			$	946

The above table excludes trades pending settlement with a net obligation of $52 million as of December 31, 2019. These trades settled in January 2020.

The fair values of our plan assets as of December 31, 2018, by asset category, are as follows (in millions):

		Fair Value Measurements
Asset Category		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs  (Level 3)				Total
Cash		$	8			$	—			$	—			$	8
Equity securities:
U.S. large-cap		—				21				—				21
U.S. small-cap		—				5				—				5
International		—				11				—				11
Fixed income securities		127				640				7				774
Total		$	135			$	677			$	7			$	819

Schedule of Changes in Projected Benefit Obligations

The following table shows the actuarial determined benefit obligation, interest costs, employee contributions, actuarial (gain) loss, benefits paid during the periods and the accrued employee benefits (in millions):

	As of December 31,
	2019				2018
Benefit obligation at the end of year	$	142			$	154
Interest cost	5				5
Actuarial gain	(8		)		(19		)
Employee contributions	3				3
Benefits paid	(12		)		(13		)
Amounts recognized in the accompanying consolidated balance sheets:
Other current liabilities	$	(8	)		$	(10	)
Accrued employee benefits	(134		)		(144		)

The following table provides a summary of the changes in the SERP benefit obligations (in millions):

	As of December 31,
	2019				2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	41			$	49
Interest cost	1				1
Actuarial (gain) loss	4				(2		)
Benefits paid	(5		)		(7		)
Benefit obligation at year end	$	41			$	41
Funded status	$	(41	)		$	(41	)
Amounts recognized in the accompanying consolidated balance sheets:
Other current liabilities	$	(5	)		$	(5	)
Accrued employee benefits	(36		)		(36		)

The following table provides a summary of the changes in the pension plan’s benefit obligations and the fair value of assets measured using the valuation techniques described in Note 17, as of December 31, 2019 and 2018 and a statement of funded status of the pension plan as of December 31, 2019 and 2018 (in millions):

	As of December 31,
	2019				2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	791			$	875
Interest cost	28				26
Actuarial (gain) loss	90				(61		)
Benefits paid	(48		)		(49		)
Benefit obligation at year end	$	861			$	791
Change in plan assets:
Fair value of plan assets at beginning of year	$	794			$	869
Actual return on plan assets	148				(26		)
Contributions	—				—
Benefits paid	(48		)		(49		)
Fair value of plan assets at end of year	$	894			$	794
Funded status	$	33			$	3
Accumulated benefit obligation	$	861			$	791
Amounts recognized in the accompanying consolidated balance sheets:
Accrued pension plan asset	$	33			$	3

Schedule of Components of Pension Plan Expense (Benefit)

The following shows the components of the pension plan expense (benefit) for 2019, 2018 and 2017 (in millions):

	Year Ended December 31,
	2019				2018				2017
Interest cost	$	28			$	26			$	27
Estimated return on plan assets	(31		)		(29		)		(44		)
Amortization of loss	3				4				2
Aggregate pension expense (benefit)	$	—			$	1			$	(15	)

Schedule of Expected Benefit Payments

The following shows the projected payments for the pension plan based on actuarial assumptions (in millions):

2020	$	49
2021	50
2022	49
2023	49
2024	49
Next 5 years	243

The following table shows the projected payments for the SERP plan based on the actuarial assumptions (in millions):

Projected SERP Plan Payments
2020	$	5
2021	5
2022	4
2023	4
2024	3
Next 5 years	13

The following table shows the payments projected for our post-retirement benefit plans (net of expected Medicare subsidy receipts of $11 million in aggregate over the next ten fiscal years) based on actuarial assumptions (in millions):

Projected Post-Retirement Benefit by Year:		Projected Payment
2020		$	8
2021		8
2022		8
2023		8
2024		8
Next 5 years		39

Schedule of Assumptions Used

The weighted-average assumptions used to develop the actuarial present value of the projected benefit obligation and net periodic pension/SERP costs in 2019, 2018 and 2017 are set forth below:

	Year Ended December 31,
	2019		2018		2017
Weighted-average discount rate for determining benefit obligations (pension/SERP plans)	3.0% / 2.7%		4.0% / 3.8%		3.4% / 3.1%
Weighted-average discount rate for determining interest costs (pension/SERP plans)	3.7% / 3.5%		3.0% / 2.7%		3.2% / 2.6%
Expected long-term rate of return on plan assets (pension/SERP plans)	3.9% / N/A		3.5% / N/A		6.5% / N/A
Rate of compensation increase	N/A		N/A		N/A

Schedule of Net Periodic Benefit Cost Not yet Recognized

The accumulated other comprehensive loss, after tax, as of December 31, 2019, consisted of the following amounts that have not yet been recognized in net periodic benefit cost (in millions):

	Pension Plans				SERP Plans				Post-retirement Benefit Plans				Total
Unrecognized net actuarial losses (gains), after tax	$	87			$	6			$	(26	)		$	67

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