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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The qualified plan’s allocation by asset category is as follows:
 
 
Target Asset Allocation
 
Actual Asset Allocation
Asset Category
 
2015
 
2015
 
2014
Equity securities
 
45-55%
 
47.1
%
 
49.0
%
Debt securities
 
40-50%
 
47.3
%
 
44.7
%
Other
 
0-10%
 
5.6
%
 
6.3
%
Total
 
 
 
100.0
%
 
100.0
%
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Changes in the fair value of defined benefit pension plan assets, projected benefit obligation, funded status, and accumulated benefit obligation are summarized as follows:
 
Year Ended December 31,
 
Qualified Plan
 
Non-Qualified Plan
(in millions)
2015

 
2014

(1) 
2013

 
2015

 
2014

(1) 
2013

Fair value of plan assets as of January 1

$923

 

$1,031

 

$998

 

$—

 

$—

 

$—

Actual return (loss) on plan assets
(41
)
 
98

 
111

 
—

 
—

 
—

Employer contributions
100

 
—

 
—

 
9

 
9

 
8

Divestitures
—

 
(129
)
 
—

 
—

 
—

 
—

Benefits and administrative expenses paid
(65
)
 
(77
)
 
(78
)
 
(9
)
 
(9
)
 
(8
)
Fair value of plan assets as of December 31
917

 
923

 
1,031

 
—

 
—

 
—

Projected benefit obligation
977

 
1,093

 
1,026

 
103

 
117

 
107

Pension asset (obligation)

($60
)
 

($170
)
 

$5

 

($103
)
 

($117
)
 

($107
)
Accumulated benefit obligation

$977

 

$1,093

 

$1,026

 

$103

 

$117

 

$107

(1) December 31, 2014 amounts excluded $129 million in qualified plan assets, $148 million in qualified plan liabilities and $7 million in non-qualified plan liabilities transferred to Affiliates on September 1, 2014.
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The pre-tax amounts recognized (for the qualified and non-qualified plans) in AOCI are as follows:
 
Year Ended December 31,
 
(in millions)

2015

 
2014

(1) 
Net prior service credit

$—

 

$—

 
Net actuarial loss
599

 
606

 
Total loss recognized in accumulated other comprehensive income

$599

 

$606

 
(1) December 31, 2014 amount excluded $35 million transferred to Affiliates on September 1, 2014.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations (for the qualified and non-qualified plans) recognized in OCI include the following:
 
Year Ended December 31,
(in millions)
2015

 
2014

 
2013

Net periodic pension income

($7
)
 

($8
)
 

($3
)
Net actuarial (gain) loss
7

 
237

 
(174
)
Amortization of net actuarial loss
(15
)
 
(10
)
 
(14
)
Divestiture
—

 
(35
)
 
—

Total recognized in other comprehensive income
(8
)
 
192

 
(188
)
Total recognized in net periodic pension cost and other comprehensive income

($15
)
 

$184

 

($191
)
Schedule of net periodic (income) cost
The following table presents the components of net periodic pension (income) cost for the Company's qualified and non-qualified plans:
 
Year Ended December 31
 
Qualified Plan
 
Non-Qualified Plan
 
Total
(in millions)
2015

 
2014

 
2013

 
2015

 
2014

 
2013

 
2015

 
2014

 
2013

Service cost

$3

 

$3

 

$3

 
$
—

 

$—

 

$—

 

$3

 

$3

 

$3

Interest cost
44

 
47

 
48

 
4

 
5

 
5

 
48

 
52

 
53

Expected return on plan assets
(74
)
 
(73
)
 
(73
)
 
—

 
—

 
—

 
(74
)
 
(73
)
 
(73
)
Amortization of actuarial loss
13

 
9

 
13

 
2

 
1

 
1

 
15

 
10

 
14

Net periodic pension (income) cost

($14
)
 

($14
)
 

($9
)
 

$6

 

$6

 

$6

 

($8
)
 

($8
)
 

($3
)
Schedule of Expected Benefit Payments
benefit payments for the qualified and non-qualified plans are as follows:
 
(in millions)


Expected benefit payments by fiscal year ended
 
December 31, 2016

$61

December 31, 2017
62

December 31, 2018
62

December 31, 2019
63

December 31, 2020
64

December 31, 2021 - 2025
337
Schedule of Fair Value of Plan Assets
The following table presents qualified pension plan assets and liabilities measured at fair value (including gross derivative assets and liabilities, within the fair value hierarchy):
 
Fair Value Measurements as of December 31, 2015
(in millions)
Total

Level 1

Level 2

Level 3

Assets:
 
 
 
 
Cash and money market funds

$4


$—


$4


$—

Mutual funds
 
 
 
 
International equity funds
47

47

—

—

Equity funds
9

—

9

—

Common and collective funds
 
 
 
 
Global equities common and collective fund
220

—

220

—

Balanced common and collective funds
196

—

196

—

Fixed income common and collective fund
120

—

120

—

Managed portfolio assets
 
 
 
 
Cash and money market funds
4

—

4

—

Fixed income mutual fund
20

—

20

—

U.S. government obligations
35

—

35

—

Non-U.S. government obligations
—

—

—

—

Municipal obligations
1

—

1

—

Corporate bonds
84

—

84

—

Asset-backed securities
5

—

5

—

Mortgage-backed securities
1

—

1

—

Derivative assets - interest rate forwards
1

—

1

—

Limited partnerships
 
 
 
 
International equity fund
107

—

107

—

International equity
95

—

95

—

Total assets measured at fair value

$949


$47


$902


$—

Liabilities
 
 
 
 
Derivative liabilities - interest rate forwards
1

—

1

—

Derivative liabilities - credit default swaps
1

—

1

—

Total liabilities measured at fair value

$2


$—


$2


$—

The following table presents qualified pension plan assets and liabilities measured at fair value (including net derivative assets and liabilities, within the fair value hierarchy):
 
Fair Value Measurements as of December 31, 2014
(in millions)
Total

Level 1

Level 2

Level 3

Cash and money market funds

$18


$—


$18


$—

Mutual funds
 
 
 
 
International equity funds
24

24

—

—

Income funds
39

—

39

—

Common and collective funds
 
 
 
 
Global equities common and collective funds
241

—

241

—

Fixed income common and collective funds
305

—

305

—

Managed portfolio
 
 
 
 
Cash and money market funds
(6
)
—

(6
)
—

Corporate bonds
85

—

85

—

Municipal obligations
2

—

2

—

U.S. government obligations
17

—

17

—

Non-U.S. government obligations
2

—

2

—

Derivative assets - credit default swaps
1

—

1

—

Derivative liabilities - interest rate swaps
(1
)
—

(1
)
—

Derivative liabilities - foreign currency futures
(1
)
—

(1
)
—

Other
14

—

14

—

Limited partnerships
183

—

183

—

Total assets measured at fair value

$923


$24


$899


$—
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
The unfunded commitments, redemption frequency, and redemption notice period for those Plan investments that utilize net asset value to determine the fair value as of December 31, 2015 and 2014, are as follows:
 
Fair Value Estimated Using Net Asset Value per Share December 31,
 
 
 
 
 
Unfunded
 
Redemption
 
Redemption
 
Redemption
Investment (dollars in millions)
2015

 
2014

 
Commitment
 
Frequency
 
Restrictions
 
Notice Period
Equity Mutual Fund(1)

$9

 

$39

 

$—

 
Daily
 
None
 
 1-7 days
Common and Collective Funds:
 
 
 
 
 
 
 
 
 
 
 
     Global equities funds(2)
220

 
241

 
—

 
Daily
 
None
 
2-3 days
     Balanced funds(3)
196

 
—

 
—

 
Daily
 
None
 
 2-3 days
     Fixed income fund(4)
120

 
305

 
—

 
Daily
 
None
 
 3 days
Managed Portfolio - Fixed Income Mutual fund(5)
20

 
—

 
—

 
Daily
 
None
 
 1 days
Limited Partnerships:
 
 
 
 
 
 
 
 
 
 
 
     International equity fund(6)
107

 
90

 
—

 
Monthly
 
None
 
 3 days
     International equity(7)
95

 
84

 
—

 
Daily
 
None
 
 10 days
     Offshore feeder fund(8)
—

 
9

 
—

 
Daily
 
None
 
1-14 days
Total

$767

 

$768

 

$—

 
 
 
 
 
 
(1) The equity mutual fund seeks to offer participants capital appreciation by primarily investing in common stocks via investments in several underlying funds of the same fund family. The principle investment objective is to generate positive total return.
(2) The global equities funds objective is to track the MSCI All Country World Index.
(3) The balanced funds seek to maximize total return by investing in global equities and fixed income transferable securities which may include some high yield income transferable securities. The funds may invest in securities denominated in currencies other than U.S. dollars.
(4) The fixed income fund seeks to outperform the Barclay’s Capital US Long Corporate Bond Index or similar benchmark.
(5) The managed portfolio fixed income mutual fund seeks to outperform the Barclay’s U.S. Long Credit Index or similar benchmark.
(6) 
The international equity fund seeks to medium to long-term capital appreciation principally through global investments in readily marketable high-quality equity securities of companies with improving fundamentals and attractive valuations.
(7) The international equity limited partnership seeks to outperform the MSCI World Index by investing primarily in the common stock of Non-U.S. issuers.
(8) The offshore feeder fund operates under a “master/feeder” structure whereby it invests substantially all of its assets in GMO Multi-Strategy Fund (Onshore) (the “master fund”). The investment objective of the master fund is capital appreciation with a target performance of the Citigroup Three-Month Treasury Bill plus 8% with a standard deviation of 5%. The investment adviser plans to pursue the master fund’s objective through a combination of investments in other pooled vehicles.
Qualified and Non-Qualified Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost
Weighted-average rates assumed in determining the actuarial present value of benefit obligations and net periodic benefit cost are as follows:
 
As of and for the
Year Ended December 31,
 
2015

 
2014

 
2013

Assumptions for benefit obligations
 
 
 
 
 
Discount rate--qualified plan
4.640
%
 
4.125
%
 
5.00
%
Discount rate--non-qualified plan
4.540
%
 
3.875
%
 
4.75
%
Expected long-term rate of return on plan assets
7.500
%
 
7.50
%
 
7.50
%
Assumptions for net periodic pension cost
 
 
 
 
 
Discount rate--qualified plan
4.125
%
 
5.00/4.25%

(1) 
4.125
%
Discount rate--non-qualified plan
3.875
%
 
4.75/4.00%

(2) 
4.00
%
Expected long-term rate of return on plan assets
7.500
%
 
7.50
%
 
7.50
%
(1) 5.00% for January 1 - August 31, 2014 period; 4.25% for September 1 - December 31, 2014 period.
(2) 4.75% for January 1 - August 31, 2014 period; 4.00% for September 1 - December 31, 2014 period.
Postretirement Benefit Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost
Weighted-average rates assumed in determining the net periodic benefit cost of the postretirement benefits plan are as follows:
 
For the Year Ended December 31,
 
(dollars in millions)

2015

 
2014

 
Discount rate
3.500
%
 
4.625/3.875/3.75%
(1) 
Rate of compensation increase
N/A

 
—
%
 
Ultimate health care cost trend rate
5.000
%
 
5.00
%
 
Effect on accumulated postretirement benefit obligation
 
 
 
 
One percent increase

$—

 

$—

 
One percent decrease
—

 
—

 
(1) 4.625% for January 1 - May 31, 2014 period; 3.875% for June 1 - August 31, 2014 period; and, 3.750% for September 1 - December 31, 2014 period.
Schedule of Expected Benefit Payments
Expected future benefit payments for the postretirement benefit plan are as follows:
 
(in millions)

Expected benefit payments by fiscal year ended
 
December 31, 2016

$1

December 31, 2017
1

December 31, 2018
1

December 31, 2019
1

December 31, 2020
1

December 31, 2021 - 2025
5