Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

NOTE 13 — EMPLOYEE BENEFIT PLANS

We maintain defined contribution benefit plans that are available to employees who meet certain minimum requirements. Certain of the plans require that we match specified percentages of participant contributions up to certain maximum levels (generally, 100% of the first 3% to 9%, depending upon years of vesting service, of compensation deferred by participants). The cost of these plans totaled $552 million for 2020, $532 million for 2019 and $499 million for 2018. Our matching contributions are funded during the year following the participant contributions. 

We maintain the noncontributory, nonqualified Restoration Plan to provide certain retirement benefits for eligible employees. Eligibility for the Restoration Plan is based upon earning eligible compensation in excess of a base amount and attaining 1,000 or more hours of service during the plan year. Company credits to participants’ hypothetical account balances (the Restoration Plan is not funded) depend upon participants’ compensation, years of vesting service, hypothetical investment returns (gains or losses) and certain IRS limitations. Benefits expense under this plan was $35 million for 2020, $44 million for 2019 and $22 million for 2018. Accrued benefits liabilities under this plan totaled $242 million at December 31, 2020 and $227 million at December 31, 2019.

We maintain a Supplemental Executive Retirement Plan (“SERP”) for certain executives (the SERP is not funded). The plan is designed to ensure that upon retirement the participant receives the value of a prescribed life annuity from the combination of the SERP and our other benefit plans. Benefits expense under the plan was $24 million for 2020, $19 million for 2019 and $26 million for 2018. Accrued benefits liabilities under this plan totaled $204 million at December 31, 2020 and $192 million at December 31, 2019.

We maintain defined benefit pension plans which resulted from certain hospital acquisitions in prior years. Benefits expense under these plans was $8 million for 2020, $11 million for 2019, and $9 million for 2018. Accrued benefits liabilities under these plans totaled $96 million at December 31, 2020 and $63 million at December 31, 2019.