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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022
Projected benefit obligation at beginning of year | $ | 2,243 |  |  | $ | 3,374 |
Interest cost | 117 |  |  | 103 |
Actuarial (gain) loss | 222 |  |  | (1,032) |
Settlement | (97) |  |  | (146) |
Benefits paid | (59) |  |  | (56) |
Projected benefit obligation at end of year | $ | 2,426 |  |  | $ | 2,243 |
Accumulated benefit obligation at end of year | $ | 2,426 |  |  | $ | 2,243 |
Fair value of plan assets at beginning of year | $ | 2,583 |  |  | $ | 3,457 |
Actual return on plan assets | 124 |  |  | (675) |
Employer contributions | 2 |  |  | 3 |
Settlement | (97) |  |  | (146) |
Benefits paid | (59) |  |  | (56) |
Fair value of plan assets at end of year | $ | 2,553 |  |  | $ | 2,583 |
Funded status | $ | 127 |  |  | $ | 340 |
Schedule of Net Benefit Costs | The components of net periodic benefit (cost) for the years ended December 31, 2023, 2022 and 2021 consisted of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Interest cost | $ | (117) |  |  | $ | (103) |  |  | $ | (97) |
Expected return on plan assets | 124 |  |  | 156 |  |  | 165 |
Remeasurement gain (loss) | (223) |  |  | 201 |  |  | 237 |
Net periodic pension benefit (cost) | $ | (216) |  |  | $ | 254 |  |  | $ | 305 |
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,
| 2023 |  | 2022 |  | 2021
Expected long-term rate of return on plan assets | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Discount rate | 5.46 | % |  | 3.01 | % |  | 2.7 | %
Schedule of Investment Assets by Fair Value Heirarchy Level | The following tables set forth the investment assets of the qualified pension plan by level within the fair value hierarchy as of December 31, 2023 and 2022:
| December 31, 2023 |  | December 31, 2022
| Fair Value |  |  |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 1 |  | Level 2
Cash | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |  |  | $ | — |
Collective trust funds(a) | 745 |  |  |  |  | 745 |  |  | — |  |  | 1,858 |  |  | — |  |  | 1,858 |
Group annuity contract(b) | 1,464 |  |  |  |  | — |  |  | 1,464 |  |  | — |  |  | — |  |  | — |
Total investment assets | 2,209 |  |  |  |  | $ | 745 |  |  | $ | 1,464 |  |  | 1,864 |  |  | $ | 6 |  |  | $ | 1,858 |
Accrued investment income and other receivables | 4 |  |  |  |  |  |  |  |  | 42 |  |  |  |  |
Accrued liabilities | (2) |  |  |  |  |  |  |  |  | (25) |  |  |  |  |
Investments measured at net asset value(c) | 342 |  |  |  |  |  |  |  |  | 702 |  |  |  |  |
Fair value of plan assets | $ | 2,553 |  |  |  |  |  |  |  |  | $ | 2,583 |  |  |  |  |
(a)Collective trust funds consist of bond funds with corporate and U.S. treasury debt securities, equity funds with global equity index, infrastructure and real estate securities and 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. (b)In June 2023, the Company purchased a buy-in GAC which was initially recorded at the $1.4 billion purchase price and subsequently adjusted to fair value using changes to market conditions impacting the cash flow assumptions that were priced into the original contract. (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. The primary investment classes include alternative, fixed income and real estate funds. 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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table represents a rollforward of the Level 3 assets as of December 31, 2023:
| Group Annuity Contract
Balance at December 31, 2022 | $ | — |
Purchases | 1,430 |
Unrealized gain | 34 |
Balance at December 31, 2023 | $ | 1,464 |

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of defined benefit plan asset investment. Includes, but is not limited to, fair value of category of plan asset and its level within fair value hierarchy. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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