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Employee Benefit Plans (Notes)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT PENSION PLAN
The Company’s defined benefit pension plan was closed to new entrants as of July 1, 1997 and existing participants do not accrue any additional benefits. The net periodic pension benefit for 2022 was $1 million and was comprised of interest cost of approximately $4 million and the amortization of the actuarial net loss of $2 million, offset by a benefit of $7 million for the expected return on assets. The net periodic pension cost for 2021 was zero and was comprised of interest cost of approximately $3 million and the amortization of the actuarial net loss of $3 million, offset by a benefit of $6 million for the expected return on assets.
At December 31, 2022 and 2021, the accumulated benefit obligation of this plan was $107 million and $137 million, respectively, and the fair value of the plan assets were $90 million and $116 million, respectively, resulting in an unfunded accumulated benefit obligation of $17 million and $21 million, respectively, which is recorded in Other current and non-current liabilities in the Consolidated Balance Sheets.
Estimated future benefit payments from the plan as of December 31, 2022 are as follows:
YearAmount
2023$
2024
2025
2026
2027
2028 through 203242 
The minimum funding required during 2023 is estimated to be $1 million.
The following table presents the fair values of plan assets by category as of December 31, 2022:
Asset CategoryQuoted Price in Active Market for Identical Assets
(Level I)
Significant Other Observable Inputs
(Level II)
Significant Unobservable Inputs
(Level III)
Total
Cash and cash equivalents$$— $— $
Equity securities— 50 — 50 
Fixed income securities— 39 — 39 
Total$$89 $— $90 
The following table presents the fair values of plan assets by category as of December 31, 2021:
Asset CategoryQuoted Price in Active Market for Identical Assets
(Level I)
Significant Other Observable Inputs
(Level II)
Significant Unobservable Inputs
(Level III)
Total
Cash and cash equivalents$$— $— $
Equity securities— 64 — 64 
Fixed income securities— 49 — 49 
Total$$113 $— $116 
OTHER EMPLOYEE BENEFIT PLANS
The Company also maintains post-retirement health and welfare plans for certain subsidiaries and a non-qualified pension plan for certain individuals. The related projected benefit obligation for these plans accrued on the Company’s Consolidated Balance Sheets (primarily within other non-current liabilities) was $3 million and $4 million at December 31, 2022 and 2021, respectively.
DEFINED CONTRIBUTION SAVINGS PLAN
The Company sponsors a defined contribution savings plan that provides certain of its eligible employees an opportunity to accumulate funds for retirement and has a Company match for a portion of the contributions made by participating employees. The Company’s cost for contributions to this plan was $22 million, $20 million and $10 million for the years ended December 31, 2022, 2021 and 2020, respectively.