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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Discount rate | 4.9 | % |  | 2.6 | % |  | 2.2 | %
Expected rate of return on plan assets | 6.3 |  |  | 6.0 |  |  | 6.3 |
The following table sets forth certain information regarding the Health & Welfare Plan as of the dates indicated:
| December 31,
(in millions) | 2023 |  | 2022
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 7 |  |  | $ | 10 |
Interest cost | 1 |  |  | — |
Actuarial gain | 1 |  |  | (2) |
Premiums and claims paid | (1) |  |  | (1) |
Benefit obligation at end of year | $ | 8 |  |  | $ | 7 |
Change in plan assets: |  |  |
Fair value of assets at beginning of year | $ | — |  |  | $ | — |
Employer contribution | 1 |  |  | 1 |
Premiums and claims paid | (1) |  |  | (1) |
Fair value of assets at end of year | $ | — |  |  | $ | — |
Funded status (included in “Other liabilities”) | $ | (8) |  |  | $ | (7) |
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 | 1 |  |  | (2) |
Total recognized in other comprehensive income for the year (pre-tax) | $ | 1 |  |  | $ | (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 | (1) |  |  | (2) |
Total accumulated other comprehensive income (pre-tax) | $ | (1) |  |  | $ | (2) |
The following table presents the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Discount rate | 4.8% |  | 2.3% |  | 2.0%
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 | 2029 |  | 2028 |  | 2027
Schedule of Allocation of Plan Assets | Based on the above considerations, the following asset allocation ranges will be implemented:
Asset Allocation Parameters by Asset Class
Equity | Minimum | Target | Maximum
U.S. Large-Cap |  | 27% |
U.S. Mid-Cap |  | 7% |
U.S. Small-Cap |  | 7% |
Non-U.S. |  | 14% |
Total - Equity | 45% | 55% | 65%
Total - Fixed Income/Cash Equivalents | 35% | 45% | 55%
The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2023:
(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) | $ | 12 |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |
Large-cap growth (2) | 22 |  |  | 22 |  |  | — |  |  | — |
Large-cap core (3) | 17 |  |  | 17 |  |  | — |  |  | — |
Mid-cap core (4) | 15 |  |  | 15 |  |  | — |  |  | — |
Small-cap core (5) | 16 |  |  | 16 |  |  | — |  |  | — |
International growth (6) | 18 |  |  | 18 |  |  | — |  |  | — |
International value (7) | 10 |  |  | 10 |  |  | — |  |  | — |
Fixed Income Funds: |  |  |  |  |  |  |
Intermediate - Core Plus (8) | 98 |  |  | 98 |  |  | — |  |  | — |
Equity Securities: |  |  |  |  |  |  |
Company common stock | 31 |  |  | 31 |  |  | — |  |  | — |
Common/Collective Trusts-Equity: |  |  |  |  |  |  |
Large cap value (9) | 13 |  |  | — |  |  | 13 |  |  | — |
Cash Equivalents: |  |  |  |  |  |  |
Money market (10) | 1 |  |  | 1 |  |  |  |  | — |
| $ | 253 |  |  | $ | 240 |  |  | $ | 13 |  |  | $ | — |
(1)This category consists of a mutual fund holding 100-160 stocks, designed to track and outperform the Russell 1000 Value Index. (2)This category consists of two mutual funds which invest primarily in large-cap U.S. - based growth companies, one concentrating on long-term capital growth, the other in long-term capital appreciation and current income. (3)This category contains stocks of the S&P 500 Index. The stocks are maintained in approximately the same weightings as the index. (4)This category contains stocks of the CRSP U.S. Mid Cap Index, a broadly diversified index of stocks of medium-size U.S. companies. The stocks are maintained. (5)This category seeks long-term capital appreciation through investment primarily in common stock of small-capitalization companies, with similar risk levels and characteristics to the Russell 2000 Index. (6)This category consists of investments with long-term growth potential located primarily in Europe, the Pacific Basin, and other developed and emerging markets. (7)This category invests primarily in medium to large well-established non-US companies. Under normal circumstances, at least 80 percent of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. (8)This category currently includes equal investments in four mutual funds, seeking to outperform the Bloomberg Barclays U.S. Aggregate Bond Index. Two of the funds hold at least 80 percent in investment grade fixed-income securities while one other holds at least 65 percent; the fourth fund targets investments of 50 percent or more in mortgage-backed securities guaranteed by the US government and its agencies. (9)This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks. (10)This category consists of a money market fund and is used for liquidity purposes.
Schedule of Net Benefit Costs | The components of net periodic pension (credit) expense were as follows for the years indicated:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Components of net periodic pension expense (credit): |  |  |  |  |
Interest cost | $ | 5 |  |  | $ | 4 |  |  | $ | 4 |
Expected return on plan assets | (14) |  |  | (16) |  |  | (16) |
Amortization of net actuarial loss | 7 |  |  | 2 |  |  | 7 |
Net periodic pension credit | $ | (2) |  |  | $ | (10) |  |  | $ | (5) |
Defined Benefit Plan, Plan Assets, Allocation | The asset allocations for the Retirement Plan were as follows:
| December 31,
| 2023 |  | 2022
Equity securities | 61 | % |  | 60 | %
Debt securities | 39 | % |  | 38 | %
Cash equivalents | — | % |  | 2 | %
Total | 100 | % |  | 100 | %
Schedule of Expected Benefit Payments | 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) |
2024 | $ | 8 |
2025 | 8 |
2026 | 8 |
2027 | 8 |
2028 | 8 |
2029 and thereafter | 43 |
Total | $ | 83 |
The following amounts are currently expected to be paid for premiums and claims during the years indicated under the Health & Welfare Plan:
(in millions) |
2024 | $ | 1 |
2025 | 1 |
2026 | 1 |
2027 | 1 |
2028 | 1 |
2029 and thereafter | 2 |
Total | $ | 7 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated:
| December 31,
(in millions) | 2023 |  | 2022
Change in Benefit Obligation: |  |  |
Benefit obligation at beginning of year | $ | 116 |  |  | $ | 158 |
Interest cost | 5 |  |  | 4 |
Actuarial gain | 2 |  |  | (38) |
Annuity payments | (7) |  |  | (7) |
Settlements | (1) |  |  | (1) |
Benefit obligation at end of year | $ | 115 |  |  | $ | 116 |
Change in Plan Assets: |  |  |
Fair value of assets at beginning of year | $ | 228 |  |  | $ | 283 |
Actual return (loss) on plan assets | 33 |  |  | (47) |
Annuity payments | (7) |  |  | (7) |
Settlements | (1) |  |  | (1) |
Fair value of assets at end of year | $ | 253 |  |  | $ | 228 |
Funded status (included in “Other assets”) | $ | 138 |  |  | $ | 112 |
Changes recognized in other comprehensive income for the year ended December 31: |  |  |
Amortization of actuarial loss | $ | (7) |  |  | $ | (2) |
Net actuarial (gain) loss arising during the year | (18) |  |  | 26 |
Total recognized in other comprehensive income for the year (pre-tax) | $ | (25) |  |  | $ | 24 |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |
Actuarial loss, net | $ | 41 |  |  | $ | 66 |
Total accumulated other comprehensive loss (pre-tax) | $ | 41 |  |  | $ | 66 |

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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -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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