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PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Components of pension and postretirement amounts recognized in the balance sheets | The following table shows the amounts recognized on our balance sheets related to pension and postretirement benefit plans, as well as plans that we or our subsidiaries sponsor, as of December 31, 2020 and 2019 (in millions):
| Successor |  |  | Predecessor
| 2020 |  |  | 2019
| Pension |  | Postretirement |  |  | Pension |  | Postretirement
Amounts recognized on the balance sheet |  |  |  |  |  |  |  |
Accrued liabilities | $ | — |  |  | $ | (4) |  |  |  | $ | — |  |  | $ | (3) |
Other long-term liabilities | (15) |  |  | (125) |  |  |  | (18) |  |  | (113) |
| $ | (15) |  |  | $ | (129) |  |  |  | $ | (18) |  |  | $ | (116) |
Amounts recognized in accumulated other comprehensive loss | $ | (1) |  |  | $ | (7) |  |  |  | $ | (6) |  |  | $ | (17) |
Funding status of plans | The following table shows the funding status of our pension and post-retirement benefit plans along with a reconciliation of our benefit obligations and fair value of plan asset as of December 31, 2020 and 2019 (in millions):
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | January 1, 2019 - December 31, 2019
Pension |  |  |  |  |  |
Changes in the benefit obligation |  |  |  |  |  |
Benefit obligation—beginning balance | $ | 46 |  |  |  | $ | 45 |  |  | $ | 56 |
Service cost—benefits earned during the period | — |  |  |  | 1 |  |  | 1 |
Interest cost on projected benefit obligation | — |  |  |  | 1 |  |  | 2 |
Actuarial loss (gain) | 3 |  |  |  | 1 |  |  | 11 |
Benefits paid | (2) |  |  |  | (2) |  |  | (25) |
Benefit obligation—ending balance | $ | 47 |  |  |  | $ | 46 |  |  | $ | 45 |
Changes in plan assets |  |  |  |  |  |
Fair value of plan assets—beginning balance | $ | 26 |  |  |  | $ | 27 |  |  | $ | 42 |
Actual gain (loss) return on plan assets | 2 |  |  |  | 1 |  |  | 7 |
Employer contributions | 6 |  |  |  | — |  |  | 3 |
Benefits paid | (2) |  |  |  | (2) |  |  | (25) |
Fair value of plan assets—ending balance | $ | 32 |  |  |  | $ | 26 |  |  | $ | 27 |
Net benefit liability (unfunded status) | $ | (15) |  |  |  | $ | (20) |  |  | $ | (18) |
Postretirement |  |  |  |  |  |
Changes in the benefit obligation (in millions) |  |  |  |  |  |
Benefit obligation—beginning balance | $ | 122 |  |  |  | $ | 116 |  |  | $ | 84 |
Service cost—benefits earned during the period | 1 |  |  |  | 4 |  |  | 4 |
Interest cost on projected benefit obligation | — |  |  |  | 3 |  |  | 4 |
Actuarial loss (gain) | 7 |  |  |  | 2 |  |  | 19 |
Cost of special termination benefits | — |  |  |  | — |  |  | 6 |
Curtailment | — |  |  |  | — |  |  | 2 |
Benefits paid | (1) |  |  |  | (3) |  |  | (3) |
Benefit obligation—ending balance | $ | 129 |  |  |  | $ | 122 |  |  | $ | 116 |
Changes in plan assets |  |  |  |  |  |
Fair value of plan assets—beginning balance | $ | — |  |  |  | $ | — |  |  | $ | — |
Employer contributions | 1 |  |  |  | 3 |  |  | 3 |
Benefits paid | (1) |  |  |  | (3) |  |  | (3) |
Fair value of plan assets—ending balance | $ | — |  |  |  | $ | — |  |  | $ | — |
Net benefit liability (unfunded status) | $ | (129) |  |  |  | $ | (122) |  |  | $ | (116) |
Schedule of defined benefit pension plans with accumulated benefit obligations in excess of plan assets | Our accumulated benefit obligation for our defined benefit pension plans exceeded the fair value of our plan assets as shown in the table below for the years ended December 31:
| Successor |  |  | Predecessor
| 2020 |  |  | 2019
(in millions) |  |  |  |
Projected benefit obligation | $ | 47 |  |  |  | $ | 45 |
Accumulated benefit obligation | $ | 43 |  |  |  | $ | 41 |
Fair value of plan assets | $ | 32 |  |  |  | $ | 27 |
Schedule of net benefit costs | The following table set forth the components of our net periodic pension and postretirement benefit costs (in millions):
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | Years ended December 31,
|  |  |  | 2019 |  | 2018
Pension |  |  |  |  |  |  |  |
Net periodic benefit costs |  |  |  |  |  |  |  |
Service cost—benefits earned during the period | $ | — |  |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost on projected benefit obligation | — |  |  |  | 1 |  |  | 2 |  |  | 2 |
Expected return on plan assets | — |  |  |  | (1) |  |  | (2) |  |  | (3) |
Amortization of net actuarial loss | — |  |  |  | 1 |  |  | 1 |  |  | 2 |
Settlement costs | — |  |  |  | 1 |  |  | 9 |  |  | 4 |
Net periodic benefit costs | $ | — |  |  |  | $ | 3 |  |  | $ | 11 |  |  | $ | 6 |
Postretirement |  |  |  |  |  |  |  |
Net periodic benefit costs |  |  |  |  |  |  |  |
Service cost—benefits earned during the period | $ | 1 |  |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |
Interest cost on projected benefit obligation | — |  |  |  | 3 |  |  | 4 |  |  | 4 |
Expected return on plan assets | — |  |  |  | — |  |  | — |  |  | — |
Cost of special termination benefits | — |  |  |  | — |  |  | 6 |  |  | — |
Amortization of net actuarial loss | — |  |  |  | — |  |  | — |  |  | — |
Settlement costs | — |  |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit costs | $ | 1 |  |  |  | $ | 8 |  |  | $ | 14 |  |  | $ | 8 |
Amounts recognized in other comprehensive income (expense) | The following table presents the changes in plan assets and benefit obligations recognized in other comprehensive (loss) income before tax (in millions):
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | Years ended December 31,
|  |  |  | 2019 |  | 2018
Pension |  |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (1) |  |  |  | $ | (1) |  |  | $ | (6) |  |  | $ | (3) |
Settlement costs | — |  |  |  | 1 |  |  | 9 |  |  | 4 |
Amortization of net actuarial gain/loss | — |  |  |  | 1 |  |  | 1 |  |  | 2 |
Total recognized in other comprehensive (loss) income | $ | (1) |  |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 3 |
Postretirement |  |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (7) |  |  |  | $ | (2) |  |  | $ | (19) |  |  | $ | 14 |
Settlement costs | — |  |  |  | 1 |  |  | (2) |  |  | — |
Amortization of net actuarial gain/loss | — |  |  |  | — |  |  | — |  |  | — |
Total recognized in other comprehensive (loss) income | $ | (7) |  |  |  | $ | (1) |  |  | $ | (21) |  |  | $ | 14 |
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost | The following table sets forth the valuation assumptions, on a weighted-average basis, used to determine our benefit obligations and net periodic benefit cost:
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | January 1, 2019 - December 31, 2019
Pension |  |  |  |  |  |
Benefit Obligation Assumptions |  |  |  |  |  |
Discount rate | 2.42 | % |  |  | 2.70 | % |  | 3.16 | %
Rate of compensation increase | 4.00 | % |  |  | 4.00 | % |  | 4.00 | %
Net Periodic Benefit Cost Assumptions |  |  |  |  |  |
Discount rate | 2.70 | % |  |  | 3.16 | % |  | 4.22 | %
Assumed long-term rate of return on assets | 5.42 | % |  |  | 5.42 | % |  | 6.50 | %
Rate of compensation increase | 4.00 | % |  |  | 4.00 | % |  | 4.00 | %
Postretirement |  |  |  |  |  |
Benefit Obligation Assumptions |  |  |  |  |  |
Discount rate | 2.92 | % |  |  | 3.11 | % |  | 3.48 | %
Net Periodic Benefit Cost Assumptions |  |  |  |  |  |
Discount rate | 3.11 | % |  |  | 3.48 | % |  | 4.57 | %
Fair values of pension plan assets by asset category | The fair values of our pension plan assets by asset category are as follows:
| Fair Value Measurements at December 31, 2020 (Successor)
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Asset Class | (in millions)
Cash equivalents | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Commingled funds |  |  |  |  |  |  |
Fixed income | — |  |  | 2 |  |  | — |  |  | 2 |
U.S. equity | — |  |  | 3 |  |  | — |  |  | 3 |
International equity | — |  |  | 2 |  |  | — |  |  | 2 |
Mutual funds |  |  |  |  |  |  |
Bond funds | 5 |  |  | — |  |  | — |  |  | 5 |
Blend funds | — |  |  | — |  |  | — |  |  | — |
Value funds | 2 |  |  | — |  |  | — |  |  | 2 |
Growth funds | 6 |  |  | — |  |  | — |  |  | 6 |
Guaranteed deposit account | — |  |  | — |  |  | 6 |  |  | 6 |
Total pension plan assets | $ | 19 |  |  | $ | 7 |  |  | $ | 6 |  |  | $ | 32 |
| Fair Value Measurements at December 31, 2019 (Predecessor)
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Asset Class | (in millions)
Cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commingled funds |  |  |  |  |  |  |
Fixed income | — |  |  | 3 |  |  | — |  |  | 3 |
U.S. equity | — |  |  | 4 |  |  | — |  |  | 4 |
International equity | — |  |  | 2 |  |  | — |  |  | 2 |
Mutual funds |  |  |  |  |  |  |
Bond funds | 5 |  |  | — |  |  | — |  |  | 5 |
Blend funds | 2 |  |  | — |  |  | — |  |  | 2 |
Value funds | 2 |  |  | — |  |  | — |  |  | 2 |
Growth funds | 2 |  |  | — |  |  | — |  |  | 2 |
Guaranteed deposit account | — |  |  | — |  |  | 7 |  |  | 7 |
Total pension plan assets | $ | 11 |  |  | $ | 9 |  |  | $ | 7 |  |  | $ | 27 |
Estimated future undiscounted benefit payments, which reflect expected future service, as appropriate | Estimated future undiscounted benefit payments by the plans, which reflect expected future service, as appropriate, are as follows:
| Pension Benefits |  | Postretirement Benefits
For the years ended December 31, | (in millions)
2021 | $ | 13 |  |  | $ | 5 |
2022 | $ | 2 |  |  | $ | 5 |
2023 | $ | 3 |  |  | $ | 5 |
2024 | $ | 2 |  |  | $ | 5 |
2025 | $ | 3 |  |  | $ | 5 |
2026 to 2030 Payouts | $ | 11 |  |  | $ | 27 |

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