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Retirement Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
Defined Contribution Plans
The Company maintains qualified defined contribution plans, which include 401(k) matching programs. Expense for the defined contribution plans is computed as a percentage of participants’ compensation and was $31 million, $33 million, and $32 million during 2023, 2022, and 2021, respectively.
Multi-employer Plans
The Company participates in certain multi-employer union pension plans, which provide benefits for a group of the Company’s unionized employees. These multi-employer plans, including the Company’s required contributions and any underfunded liabilities under such plans, are not material to the Company’s consolidated financial statements.
Defined Benefit Plans
The Company provides a defined benefit pension plan and certain other postretirement benefits to certain employees. These plans are frozen and are not material to the Company’s consolidated financial statements. As of December 31, 2023 and 2022, the fair values of pension plan assets were $51 million and $49 million, respectively, and the fair values of projected benefit obligations were $59 million and $56 million, respectively. As a result, the plans were underfunded by approximately $8 million and $7 million as of December 31, 2023 and 2022, respectively, and were recorded as a net liability.
Net periodic benefit cost associated with these plans was not material during the periods presented.
During 2023, the Company took actions to terminate the defined benefit pension plan. The termination was effective December 31, 2023, and the wind down of the plan and distribution of assets is expected to commence in 2024. Additionally, as of December 31, 2023, the net pension obligation was recorded in accrued expenses and other current liabilities as the Company expects to settle all future obligations during 2024.
Deferred Compensation Plan
The Company maintains a non-qualified supplemental savings and retirement plan, which permits eligible employees to defer a portion of their compensation. Deferred compensation liabilities are reflected in other liabilities and were $31 million and $27 million as of December 31, 2023 and 2022, respectively. Deferred compensation expense was not material during the periods presented.