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PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

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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