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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets

Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:

			2021						2020
Projected benefit obligation at beginning of year			$	3,688					$	3,361
Interest cost			97						110
Actuarial (gain) loss			(183)						436
Settlement			(173)						(166)
Benefits paid			(55)						(53)
Projected benefit obligation at end of year (a)			$	3,374					$	3,688
Accumulated benefit obligation at end of year (a)			$	3,374					$	3,688
Fair value of plan assets at beginning of year			$	3,462					$	3,198
Actual return on plan assets			219						480
Employer contributions			4						3
Settlement			(173)						(166)
Benefits paid			(55)						(53)
Fair value of plan assets at end of year (b)			$	3,457					$	3,462
Funded status			$	83					$	(226)

(a)As of December 31, 2021 and 2020, qualified pension plans represented $3.3 billion and $3.7 billion, respectively, of both the projected benefit obligation and accumulated benefit obligation, while the Company’s nonqualified pension plan represented $32 million and $36 million, respectively.

(b)The fair value of plan assets consists entirely of the Company’s qualified pension plans.

Schedule of Amounts Recognized in the Balance Sheet

Pretax amounts recognized in the consolidated balance sheet as of December 31, 2021 and 2020 consisted of the following:

			December 31,
			2021						2020
Noncurrent asset			$	114					$	1
Current liability			(4)						(5)
Long-term liability			(27)						(222)
Net amounts recognized in consolidated balance sheet			$	83					$	(226)

Schedule of Net Benefit Costs

The components of net periodic benefit (cost) for the years ended December 31, 2021, 2020 and 2019 consisted of the following:

			Year Ended December 31,
			2021						2020						2019
Interest cost			$	(97)					$	(110)					$	(129)
Expected return on plan assets			165						156						164
Remeasurement gain (loss)			237						(112)						(104)
Net periodic pension benefit (cost)			$	305					$	(66)					$	(69)

Schedule of Assumptions Used in the Calculation of Net Benefit Cost

Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

			Year ended December 31,
			2021						2020						2019
Expected long-term rate of return on plan assets			5.00		%				5.00		%				5.75		%
Discount rate			2.70		%				3.48		%				4.37		%

Schedule of Target and Actual Investment Allocation

The target and actual investment allocation of the qualified pension plans by asset category consisted of the following:

			December 31, 2021												December 31, 2020
			Target Allocation						Actual Allocation						Target Allocation						Actual Allocation
Return-seeking securities						60.0		%										57.3		%							60.0		%				57.1		%
Liability-matching securities			40.0		%				42.6		%				40.0		%				42.8		%
Other investments			—		%				0.1		%				—		%				0.1		%

Schedule of Investment Assets by Fair Value Heirarchy Level

The following tables set forth the investment assets of the qualified pension plans by level within the fair value hierarchy as of December 31, 2021 and 2020:

			December 31, 2021																		December 31, 2020
			Fair Value						Level 1						Level 2						Fair Value						Level 1						Level 2
Cash			$	2					$	2					$	—					$	4					$	4					$	—
Commingled bond funds(a)			1,398						—						1,398						1,449						—						1,449
Commingled equity funds(a)			1,160						—						1,160						1,255						—						1,255
Collective trust funds(b)			150						—						150						178						—						178
Total investment assets			2,710						$	2					$	2,708					2,886						$	4					$	2,882
Accrued investment income and other receivables			247																		19
Accrued liabilities			(46)																		—
Investments measured at net asset value(c)			546																		557
Fair value of plan assets			$	3,457																	$	3,462

(a)Commingled funds include bond funds with corporate and U.S. treasury debt securities and equity funds with global equity index, infrastructure and real estate securities that have a readily determinable fair value and are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the fair value of underlying securities in the portfolio, which represents the amount that the fund might reasonably expect to receive for the securities upon a sale, less liabilities, and then divided by the number of units outstanding. Equity securities within the funds are valued using observable inputs on either a daily or weekly basis and the resulting per share value serves as a basis for current redemption value. Debt securities within the funds are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes.

(b)Collective trust funds consist of short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies and multi-strategy funds, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.

(c)As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy.

Schedule of Investment Assets Measured Using NAV

The following table summarizes the investment classes for which fair value is measured using the NAV per share (or its equivalent) practical expedient as of December 31, 2021 and 2020. These investment classes are not readily available for redemption. The NAV of each fund is based on the fair value of underlying assets in the portfolio. Certain investments report

NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.

			Fair Value
			December 31,												Redemption Frequency (if currently eligible)						Redemption Notice Period
			2021						2020
Alternative funds(a)			$	328					$	283					weekly, monthly, quarterly						1-180 days
Fixed income funds(b)			95						148						daily, monthly						10-40 days
Real estate funds(c)			123						126						quarterly						45-90 days
Investments measured at NAV			$	546					$	557

(a)The alternative fund investment class includes funds with various securities selected to provide complimentary sources of return with our equity and bond portfolios that better manage risk.  The Company’s alternative fund investments include holdings such as public equities, exchange traded derivatives, and corporate bonds, among others. A portion of the alternative funds cannot be redeemed until the one year anniversary of the purchase date.

(b)Fixed income funds invest in residential and commercial mortgages, as well as global sovereign securities.

(c)Real estate funds are not publicly traded and invest primarily in unlisted direct core real estate, including super-regional malls, shopping centers, and commercial real estate (e.g. education, healthcare and storage).

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- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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Tabular disclosure of investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages.

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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