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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets
Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:
 
 
2019
 
2018
Projected benefit obligation at beginning of year
$
3,041

 
$
3,569

Interest cost
129

 
128

Actuarial (gain) loss
499

 
(438
)
Settlement
(257
)
 
(169
)
Benefits paid
(51
)
 
(49
)
Projected benefit obligation at end of year (a)
$
3,361

 
$
3,041

 
 
 
 
Accumulated benefit obligation at end of year (a)
$
3,361

 
$
3,041

 
 
 
 
Fair value of plan assets at beginning of year
$
2,943

 
$
3,273

Actual return on plan assets
559

 
(118
)
Employer contributions
4

 
6

Settlement
(257
)
 
(169
)
Benefits paid
(51
)
 
(49
)
Fair value of plan assets at end of year (b)
$
3,198

 
$
2,943

 
 
 
 
Funded status
$
(163
)
 
$
(98
)

(a) 
As of December 31, 2019 and 2018, qualified pension plans represented $3.3 billion and $3.0 billion, respectively, of both the projected benefit obligation and accumulated benefit obligation while the Company’s nonqualified pension plan represented $35 million and $34 million, respectively.
(b) 
The fair value of plan assets consists entirely of the Company’s qualified pension plans.
Schedule of Amounts Recognized in the Balance Sheet
Pretax amounts recognized in the consolidated balance sheet as of December 31, 2019 and 2018 consisted of the following:

 
December 31,
 
2019
 
2018
Noncurrent asset
$
1

 
$
1

Current liability
(4
)
 
(4
)
Long-term liability
(160
)
 
(95
)
Net amounts recognized in consolidated balance sheet
$
(163
)
 
$
(98
)
Schedule of Net Benefit Costs
The components of net periodic benefit (cost) for the years ended December 31, 2019, 2018 and 2017 consisted of the following:

 
Year Ended December 31,
 
2019
 
2018
 
2017
Interest cost
$
(129
)
 
$
(128
)
 
$
(133
)
Expected return on plan assets
164

 
198

 
189

Remeasurement gain (loss)
(104
)
 
122

 
(55
)
Net periodic pension benefit (cost)
$
(69
)
 
$
192

 
$
1
Schedule of Assumptions Used in the Calculation of Net Benefit Cost
Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

 
Year ended December 31,
 
2019
 
2018
 
2017
Expected long-term rate of return on plan assets
5.75
%
 
5.75
%
 
6.50
%
Discount rate
4.37
%
 
4.24
%
 
3.88
%
Schedule of Target and Actual Investment Allocation The target and actual investment allocation of the qualified pension plans by asset category consisted of the following:

 
December 31, 2019
 
December 31, 2018
 
Target Allocation
 
Actual Allocation
 
Target Allocation
 
Actual Allocation
 
 
 
 
Return-seeking securities
60.0
%
 
56.2
%
 
60.0
%
 
54.6
%
Liability-matching securities
40.0
%
 
43.7
%
 
40.0
%
 
45.1
%
Other investments
—
%
 
0.1
%
 
—
%
 
0.3
%
Schedule of Investment Assets by Fair Value Heirarchy Level
The following tables set forth the investment assets of the qualified pension plans by level within the fair value hierarchy as of December 31, 2019 and 2018:

 
December 31, 2019
 
December 31, 2018
 
Fair Value
 
Level 1
 
Level 2
 
Fair Value
 
Level 1
 
Level 2
Cash
$
4

 
$
4

 
$
—

 
$
4

 
$
4

 
$
—

Commingled bond funds(a)
1,335

 
—

 
1,335

 
1,270

 
—

 
1,270

Commingled equity funds(a)
1,135

 
—

 
1,135

 
952

 
—

 
952

Collective trust funds(b)
139

 
—

 
139

 
113

 
—

 
113

Total investment assets
2,613

 
$
4

 
$
2,609

 
2,339

 
$
4

 
$
2,335

Accrued investment income and other receivables
1

 
 
 
 
 
11

 
 
 
 
Investments measured at net asset value(c)
584

 
 
 
 
 
593

 
 
 
 
Fair value of plan assets
$
3,198

 
 
 
 
 
$
2,943

 
 
 
 


(a) 
Commingled funds include bond funds with corporate and U.S. treasury debt securities and equity funds with global equity index, infrastructure and real estate securities that have a readily determinable fair value and are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the fair value of underlying securities in the portfolio, which represents the amount that the fund might reasonably expect to receive for the securities upon a sale, less liabilities, and then divided by the number of units outstanding. Equity securities within the funds are valued using observable inputs on either a daily or weekly basis and the resulting per share value serves as a basis for current redemption value. Debt securities within the funds are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes.
(b) 
Collective trust funds consist of short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies and multi-strategy funds, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.
(c) 
As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of Investment Assets Measured Using NAV
The following table summarizes the investment classes for which fair value is measured using the NAV per share (or its equivalent) practical expedient as of December 31, 2019 and 2018. These investment classes are not readily available for redemption. The NAV of each fund is based on the fair value of underlying assets in the portfolio. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.

 
Fair Value
 
 
 
 
 
December 31,
 
Redemption Frequency (if currently eligible)
 
Redemption Notice Period
 
2019
 
2018
 
 
Alternative funds(a)
$
271

 
$
301

 
weekly, monthly, quarterly
 
1-180 days
Fixed income funds(b)
177

 
164

 
daily, monthly
 
10-40 days
Real estate funds(c)
136

 
128

 
quarterly
 
45-90 days
Investments measured at NAV
$
584

 
$
593

 
 
 
 

(a) 
The alternative fund investment class includes funds with various securities selected to provide complimentary sources of return with our equity and bond portfolios that better manage risk.  The Company’s alternative fund investments include holdings such as public equities, exchange traded derivatives, and corporate bonds, among others. A portion of the alternative funds cannot be redeemed until the one year anniversary of the purchase date.
(b) 
Fixed income funds invest in residential and commercial mortgages, as well as global sovereign securities.
(c) 
Real estate funds are not publicly traded and invest primarily in unlisted direct core real estate, including super-regional malls, shopping centers, and commercial real estate (e.g. education, healthcare and storage).