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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2021
Employee Benefit and Share-based Payment Arrangement, Noncash Expense [Abstract] |
Employee Benefit Plans | Employee Benefit Plans 401(k) Plans The Company offers several savings and retirement plans to substantially all employees who are not covered by collective bargaining agreements, who meet certain eligibility requirements, namely terms of service. All existing savings and retirement plans transitioned into the Caesars Entertainment, Inc. 401(k) Plan with Prudential Retirement. Under the 401(k) plan, the Company matches contributions equal to 50% of the first 6% as outlined per plan documents. The Company’s matching contribution expense totaled $27 million, $11 million and $6 million for the years ended December 31, 2021, 2020 and 2019, respectively. Defined-Benefit Plans Scioto Downs sponsors a noncontributory defined-benefit plan covering all full-time employees meeting certain age and service requirements. On May 31, 2001, the plan was amended to freeze eligibility, accrual of years of service and benefits. As of December 31, 2021, the fair value of the plan assets was $1 million, and the fair value of the benefit obligations was $1 million. The plan assets are comprised primarily of money market and mutual funds whose values are determined based on quoted market prices and are classified in Level 1 of the fair value hierarchy. We did not make cash contributions to the Scioto Downs pension plan during 2021, 2020 and 2019. In addition, the Company also sponsors a defined-benefit plan for certain Tropicana Atlantic City employees under a Variable Annuity Pension Plan. As of December 31, 2021, the fair value of both, the plan assets and benefit obligations, was $21 million. Contributions to the plan were less than $1 million for the year ended December 31, 2021 and $2 million for the year ended December 31, 2020. The Company participated in a defined-benefit plan for employees of the London Clubs International subsidiary that provided benefits based on final pensionable salary. As of December 31, 2020, the plan had a net pension liability of $20 million, which was recorded within liabilities held for sale on our Balance Sheets. For the year ended December 31, 2020, we contributed $4 million to the plan. On July 16, 2021, the Company completed the sale of Caesars UK Group, in which the buyer assumed all liabilities associated with the Caesars UK Group. Deferred Compensation Plans CEI assumed Former Caesars deferred compensation plans, the Caesars Entertainment Corporation Executive Supplemental Savings Plan III (“ESSP III”) and the Caesars Entertainment Corporation Outside Director Deferred Compensation Plan. These plans are unfunded, non-qualified deferred compensation plans. Payment obligations pursuant to the plans are unsecured general obligations of the Company and affiliates of the Company employing participants in the ESSP III. The liability as of December 31, 2021 and 2020 was $3 million and $2 million, respectively, which was recorded in Deferred credits and other liabilities. As of December 31, 2021, certain current and former employees of Caesars, and our subsidiaries and affiliates, have balances under: (i) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan, (ii) the Harrah’s Entertainment, Inc. Executive Supplemental Savings Plan II, (iii) the Park Place Entertainment Corporation Executive Deferred Compensation Plan, (iv) the Harrah’s Entertainment, Inc. Deferred Compensation Plan, and (v) the Harrah’s Entertainment, Inc. Executive Deferred Compensation Plan (collectively, the “existing deferred compensation plans”). These plans are deferred compensation plans that allow certain employees an opportunity to save for retirement and other purposes. Each of the plans is now frozen and is no longer accepting contributions. However, participants may still earn returns on existing plan balances based upon their selected investment alternatives, which are reflected in their deferral accounts. The total liability recorded in Deferred credits and other liabilities for these plans was $43 million and $49 million as of December 31, 2021 and 2020, respectively. Trust Assets CEI is a party to a trust agreement (the “Trust Agreement”) and an escrow agreement with respect to all five of the existing deferred compensation plans (the “Escrow Agreement”), each structured as so-called “rabbi trust” arrangements, which holds assets that may be used to satisfy obligations under the existing deferred compensation plans above. Amounts held pursuant to the Trust Agreement and the Escrow Agreement were $87 million and $94 million, respectively, as of December 31, 2021 and 2020 and have been reflected within Deferred charges and other assets on the Balance Sheets. Multi-employer Pension Plans As a result of the Merger, the Company continues to contribute to a number of multi-employer defined benefit pension plans under the terms of collective bargaining agreements that cover union-represented employees of Former Caesars. Prior to the Merger, no significant contributions were made to such plans. The risks of participating in these multi-employer plans are different from a single-employer plan in the following respects: i.Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. ii.If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. iii.If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunding of the plan, referred to as a “withdrawal liability.”
Multi-employer Pension Plan Participation
|  |  |  | Pension Protection Act Zone Status (a) |  |  |  | Contributions (In millions) |  |  |
Pension Fund |  | EIN/Pension Plan Number |  | 2021 |  | FIP/RP Status (b) |  | 2021 |  | 2020 |  | Surcharge Imposed |  | Expiration Date of Collective Bargaining Agreement (c)
Southern Nevada Culinary and Bartenders Pension Plan (d)(e) |  | 88-6016617/001 |  | Green |  | No |  | $ | 18 |  |  | $ | 5 |  |  | No |  | May 31, 2023
Legacy Plan of the UNITE HERE Retirement Fund (d)(f) |  | 82-0994119/001 |  | Red |  | Yes |  | 9 |  |  | 4 |  | No |  | Various up to May 31, 2023
Central Pension Fund of the IUOE & Participating Employers |  | 36-6052390/001 |  | Green |  | No |  | 6 |  |  | — |  |  | N/A |  | March 31, 2021
Western Conference of Teamsters Pension Plan |  | 91-6145047/001 |  | Green |  | No |  | 5 |  |  | — |  |  | N/A |  | Various up to August 31, 2024
Local 68 Engineers Union Pension Plan (d)(g) |  | 51-0176618/001 |  | Yellow |  | Yes |  | 1 |  |  | — |  |  | No |  | April 30, 2022
Painters IUPAT |  | 52-6073909/001 |  | Yellow |  | Yes |  | 1 |  |  | — |  |  | No |  | Various up to June 30, 2026
Other Funds |  | 1 |  |  | 5 |  |  |  |
Total Contributions |  | $ | 41 |  |  | $ | 14 |  |  |  |  |
____________________ (a)Represents the Pension Protection Act zone status for applicable plan year beginning January 1, except where noted otherwise. The zone status is based on information that the Company received from the plan administrator and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are between 65% and less than 80% funded, and plans in the green zone are at least 80% funded. All plans detailed in the table above utilized extended amortization provisions to calculate zone status. (b)Indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (c)The terms of the current agreement continue indefinitely until either party provides appropriate notice of intent to terminate the contract. (d)Prior to the Merger, Former Caesars provided more than 5% of the total contributions for the plan year ended December 31, 2019. (e)The Company provided more than 5% of the total contributions for the plan year ended December 31, 2020 and as of the date the financial statements were issued, Forms 5500 were not available for the 2021 plan year. (f)The HEREIU Pension Fund consists of two separate plans, the Legacy Plan of the HEREIU Pension Fund and the Adjustable Plan of the HEREIU Pension Fund. CEI makes a single contribution to the HEREIU Pension Fund, the Trustees of which allocate such contribution between the Legacy Plan and the Adjustable Plan. The contribution amount reflected to the Legacy Plan is the aggregate contribution made to the HEREIU Pension Fund before such allocation between the Legacy Plan and the Adjustable Plan of the HEREIU Pension Fund. (g)Plan years begin July 1.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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