Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following table shows the change in the accumulated postretirement benefit obligation ("APBO") for the years ended December 31, 2020 and 2019:

(in millions)	2020		2019
APBO at beginning of period	$	288	$	232
Service cost	22		17
Interest cost	10		10
Benefits paid	(10)		(9)
Actuarial loss	63		38
Curtailment	53		—
Special termination benefits	2		—
APBO at end of period	$	428	$	288

Schedule of Amounts Recognized in Balance Sheet

The following table reconciles the funded status of the plans to the accrued postretirement benefit cost recognized in Other non-current liabilities on the Company’s Consolidated Balance Sheet at December 31, 2020 and 2019.

(in millions)	2020		2019
Funded status	$	(428)	$	(288)
Unrecognized net actuarial (gain) loss	40		(24)
Unrecognized prior service cost	3		4
Accumulated other comprehensive income (loss)	(43)		20
Consolidated Balance Sheet liability	$	(428)	$	(288)

Schedule of Net Benefit Costs

The consolidated periodic postretirement benefit cost for the years ended December 31, 2020, 2019, and 2018, included the following:

(in millions)	2020		2019		2018
Service cost	$	22	$	17	$	18
Interest cost	10		10		9
Amortization of prior service cost	1		1		3
Amortization of net gain	—		(2)		—
Curtailment	53		—		—
Special termination benefits	2		—		—
Net periodic postretirement benefit cost	$	88	$	26	$	30

Schedule of Assumptions Used

The following actuarial assumptions were used to account for the Company’s postretirement benefit plans at December 31, 2020, 2019, and 2018:

	2020		2019		2018
Weighted-average discount rate	2.45	%	3.30	%	4.35	%
Assumed healthcare cost trend rate (a)	6.75	%	7.13	%	7.13	%

(a)The assumed healthcare cost trend rate is expected to be 6.50% for 2021, then decline gradually to 4.75% by 2028 and remain level thereafter.