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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Discount rate |  |  | 2.6 | % |  |  | 2.2 | % |  |  | 3.0 | %
Expected rate of return on plan assets |  |  | 6.0 |  |  |  | 6.3 |  |  |  | 6.5 |
Fair Value Measurements of Investments Held by Retirement Plan | The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2022:
(in millions) | Total |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Large-cap value (1) | $ |  | 23 |  |  | $ |  | — |  |  | $ |  | 23 |  |  | $ |  | — |
Large-cap growth (2) |  |  | 17 |  |  |  |  | — |  |  |  |  | 17 |  |  |  |  | — |
Large-cap core (3) |  |  | 13 |  |  |  |  | — |  |  |  |  | 13 |  |  |  |  | — |
Mid-cap value (4) |  |  | 5 |  |  |  |  | — |  |  |  |  | 5 |  |  |  |  | — |
Mid-cap growth (5) |  |  | 4 |  |  |  |  | — |  |  |  |  | 4 |  |  |  |  | — |
Mid-cap core (6) |  |  | 5 |  |  |  |  | — |  |  |  |  | 5 |  |  |  |  | — |
Small-cap value (7) |  |  | 3 |  |  |  |  | — |  |  |  |  | 3 |  |  |  |  | — |
Small-cap growth (8) |  |  | 6 |  |  |  |  | — |  |  |  |  | 6 |  |  |  |  | — |
Small-cap core (9) |  |  | 4 |  |  |  |  | — |  |  |  |  | 4 |  |  |  |  | — |
International equity (10) |  |  | 30 |  |  |  |  | — |  |  |  |  | 30 |  |  |  |  | — |
Fixed Income Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income – U.S. Core (11) |  |  | 65 |  |  |  |  | — |  |  |  |  | 65 |  |  |  |  | — |
Intermediate duration (12) |  |  | 22 |  |  |  |  | — |  |  |  |  | 22 |  |  |  |  | — |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Company common stock |  |  | 26 |  |  |  |  | 26 |  |  |  |  | — |  |  |  |  | — |
Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market * |  |  | 5 |  |  |  |  | 1 |  |  |  |  | 4 |  |  |  |  | — |
| $ |  | 228 |  |  | $ |  | 27 |  |  | $ |  | 201 |  |  | $ |  | — |
* Includes cash equivalent investments in equity and fixed income strategies. (1) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (2) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. (3) This fund tracks the performance of the S&P 500 Index by purchasing the securities represented in the Index in approximately the same weightings as the Index. (4) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. (5) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. (6) This category seeks to track the performance of the S&P Midcap 400 Index. (7) This category consists of a selection of investments based on the Russell 2000 Value Index. (8) This category consists of a mutual fund invested in small cap growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. (9) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10 percent of the market universe, or smaller than the 1000th largest US company. (10) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80 percent of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. (11) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80 percent of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50 percent or more in mortgage-backed securities guaranteed by the US government and its agencies. (12) This category consists of a mutual fund which invest in a diversified portfolio of high-quality bonds and other fixed income securities, including U.S. Government obligations, mortgage-related and asset backed securities, corporate and municipal bonds, CMOs, and other securities mostly rated A or better.
Weighted Average Asset Allocations for Retirement Plan | The asset allocations for the Retirement Plan were as follows:
|  | At December 31, |
|  | 2022 |  |  | 2021 |
Equity securities |  |  | 60 | % |  |  | 62 | %
Debt securities |  |  | 38 |  |  |  | 36 |
Cash equivalents |  |  | 2 |  |  |  | 2 |
Total |  |  | 100 | % |  |  | 100 | %
Expected Future Annuity Payments by Retirement Plan | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated:
(in millions) |  |  |
2023 | $ |  | 8 |
2024 |  |  | 8 |
2025 |  |  | 8 |
2026 |  |  | 8 |
2027 |  |  | 8 |
2028 and thereafter |  |  | 42 |
Total | $ |  | 82 |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost of Health and Welfare Plan | The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
|  | Years Ended December 31, |
|  | 2022 |  |  |  | 2021 |  |  | 2020 |
Discount rate |  |  | 2.3 |  | % |  |  | 2.0 |  | % |  | 2.9 | %
Current medical trend rate |  |  | 6.5 |  |  |  |  | 6.5 |  |  |  | 6.5 |
Ultimate trend rate |  |  | 5.0 |  |  |  |  | 5.0 |  |  |  | 5.0 |
Year when ultimate trend rate will be reached |  | 2028 |  |  |  | 2027 |  |  | 2026 |
Expected Future Payments for Premiums and Claims under Health and Welfare Plan | The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan:
(in millions) |  |  |
2023 | $ |  | 1 |
2024 |  |  | 1 |
2025 |  |  | 1 |
2026 |  |  | 1 |
2027 |  |  | 1 |
2028 and thereafter |  |  | 2 |
Total | $ |  | 7 |
Pension Benefits |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated:
| December 31, |
(in millions) | 2022 |  |  | 2021 |
Change in Benefit Obligation: |  |  |  |  |
Benefit obligation at beginning of year | $ | 158 |  |  | $ | 172 |
Interest cost |  | 4 |  |  |  | 4 |
Actuarial gain |  | (38 | ) |  |  | (9 | )
Annuity payments |  | (7 | ) |  |  | (6 | )
Settlements |  | (1 | ) |  |  | (3 | )
Benefit obligation at end of year | $ | 116 |  |  | $ | 158 |
Change in Plan Assets: |  |  |  |  |
Fair value of assets at beginning of year | $ | 283 |  |  | $ | 261 |
Actual return (loss) on plan assets |  | (47 | ) |  |  | 31 |
Annuity payments |  | (7 | ) |  |  | (6 | )
Settlements |  | (1 | ) |  |  | (3 | )
Fair value of assets at end of year | $ | 228 |  |  | $ | 283 |
Funded status (included in “Other assets”) | $ | 112 |  |  | $ | 125 |
Changes recognized in other comprehensive income for the year ended December 31: |  |  |  |  |
Amortization of actuarial loss |  | (2 | ) |  |  | (7 | )
Net actuarial (gain) loss arising during the year |  | 26 |  |  |  | (23 | )
Total recognized in other comprehensive income for the year (pre-tax) | $ | 24 |  |  | $ | (30 | )
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |  |  |
Actuarial loss, net |  | 66 |  |  |  | 43 |
Total accumulated other comprehensive loss (pre-tax) | $ | 66 |  |  | $ | 43 |
Components of Net Periodic Benefit Cost | The components of net periodic pension (credit) expense were as follows for the years indicated:
|  | Years Ended December 31, |
(in millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Components of net periodic pension expense (credit): |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 4 |  |  | $ | 4 |  |  | $ | 5 |
Expected return on plan assets |  |  | (16 | ) |  |  | (16 | ) |  |  | (15 | )
Amortization of net actuarial loss |  |  | 2 |  |  |  | 7 |  |  |  | 7 |
Net periodic pension credit |  | $ | (10 | ) |  | $ | (5 | ) |  | $ | (3 | )
Post-Retirement Benefits |
Information Regarding Benefit Plan | The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated:
|  |  | December 31, |
(in millions) |  |  | 2022 |  |  | 2021 |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ |  | 10 |  |  | $ | 12 |
Interest cost |  |  |  | — |  |  |  | — |
Actuarial gain |  |  |  | (2 | ) |  |  | (2 | )
Premiums and claims paid |  |  |  | (1 | ) |  |  | — |
Benefit obligation at end of year |  | $ |  | 7 |  |  |  | 10 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of assets at beginning of year |  | $ |  | — |  |  | $ | — |
Employer contribution |  |  |  | 1 |  |  |  | — |
Premiums and claims paid |  |  |  | (1 | ) |  |  | — |
Fair value of assets at end of year |  | $ |  | — |  |  | $ | — |
Funded status (included in “Other liabilities”) |  | $ |  | (7 | ) |  |  | (10 | )
Changes recognized in other comprehensive income for the year ended December 31: |  |  |  |  |  |  |
Amortization of prior service cost |  | $ |  | — |  |  | $ | — |
Amortization of actuarial gain |  |  |  | — |  |  |  | — |
Net actuarial (gain) loss arising during the year |  |  |  | (2 | ) |  |  | (2 | )
Total recognized in other comprehensive income for the year (pre-tax) |  | $ |  | (2 | ) |  | $ | (2 | )
Accumulated other comprehensive (gain) loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |  |  |  |  |
Prior service cost |  | $ |  | — |  |  | $ | — |
Actuarial (gain) loss, net |  |  |  | (2 | ) |  |  | — |
Total accumulated other comprehensive income (pre-tax) |  | $ |  | (2 | ) |  |  | — |

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