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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2016
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 presented below:
 
 
Target Asset Allocation
 
Actual Asset Allocation
Asset Category
 
2016
 
2016
 
2015
Equity securities
 
45-55%
 
49.6
%
 
47.1
%
Debt securities
 
40-50%
 
45.2
%
 
47.3
%
Other
 
0-10%
 
5.2
%
 
5.6
%
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 presented below:
 
Year Ended December 31,
 
Qualified Plan
 
Non-Qualified Plan
(in millions)
2016

 
2015

 
2016

 
2015

Fair value of plan assets as of January 1

$917

 

$923

 

$—

 

$—

Actual return (loss) on plan assets
82

 
(41
)
 
—

 
—

Employer contributions
75

 
100

 
8

 
9

Benefits and administrative expenses paid
(59
)
 
(65
)
 
(8
)
 
(9
)
Fair value of plan assets as of December 31
1,015

 
917

 
—

 
—

Projected benefit obligation
1,024

 
977

 
105

 
103

Pension obligation

($9
)
 

($60
)
 

($105
)
 

($103
)
Accumulated benefit obligation

$1,024

 

$977

 

$105

 

$103
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in OCI are presented below:
 
Year Ended December 31,
(in millions)
2016

 
2015

 
2014

Net periodic pension income

($1
)
 

($7
)
 

($8
)
Net actuarial loss
54

 
7

 
237

Amortization of prior service credit
1

 
—

 
—

Amortization of net actuarial loss
(16
)
 
(15
)
 
(10
)
Divestiture
—

 
—

 
(35
)
Total recognized in other comprehensive income (loss)
39

 
(8
)
 
192

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

$38

 

($15
)
 

$184
Schedule of net periodic (income) cost
The components of net periodic pension (income) cost for the Company's qualified and non-qualified plans are presented below:
 
Year Ended December 31,
 
Qualified Plan
 
Non-Qualified Plan
 
Total
(in millions)
2016

 
2015

 
2014

 
2016

 
2015

 
2014

 
2016

 
2015

 
2014

Service cost

$3

 

$3

 

$3

 

$—

 

$—

 

$—

 

$3

 

$3

 

$3

Interest cost
44

 
44

 
47

 
4

 
4

 
5

 
48

 
48

 
52

Expected return on plan assets
(68
)
 
(74
)
 
(73
)
 
—

 
—

 
—

 
(68
)
 
(74
)
 
(73
)
Amortization of actuarial loss
14

 
13

 
9

 
2

 
2

 
1

 
16

 
15

 
10

Net periodic pension (income) cost

($7
)
 

($14
)
 

($14
)
 

$6

 

$6

 

$6

 

($1
)
 

($8
)
 

($8
)
Schedule of Expected Benefit Payments
Expected future benefit payments for the qualified and non-qualified plans are presented below:
 
(in millions)


Expected benefit payments by fiscal year ended
 
December 31, 2017

$62

December 31, 2018
63

December 31, 2019
63

December 31, 2020
64

December 31, 2021
66

December 31, 2022 - 2026
339
Schedule of Fair Value of Plan Assets
The following table presents qualified pension plan assets measured at fair value within the fair value hierarchy:
 
Fair Value Measurements as of December 31, 2016
(in millions)
Total

Level 1

Level 2

Level 3

Assets:
 
 
 
 
Cash and money market funds

$—


$—


$—


$—

Managed portfolio assets:
 
 
 
 
Cash and money market funds
2

—

2

—

U.S. government obligations
10

—

10

—

Municipal obligations
2

—

2

—

Corporate bonds
89

—

89

—

Asset-backed securities
1

—

1

—

Total assets in the fair value hierarchy
104

—

104

—

Investments measured at net asset value (1)
918

 
 
 
Assets at fair value at measurement date of December 31, 2016

$1,022


$—


$104


$—

(1)Certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.

The following table presents qualified pension plan assets and liabilities measured at fair value 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

—

—

Managed portfolio assets
 
 
 
 
Cash and money market funds
4

—

4

—

U.S. government obligations
35

—

35

—

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

—

Total assets in the fair value hierarchy
182

47

135

—

Investments measured at net asset value
767







Assets at fair value at measurement date of December 31, 2015

$949


$47


$135


$—

 
 
 
 
 
Liabilities:
 
 
 
 
Managed portfolio liabilities:
 
 
 
 
Derivative liabilities - interest rate forwards

$1


$—


$1


$—

Derivative liabilities - credit default swaps
1

—

1

—

Total liabilities measured at fair value

$2


$—


$2


$—
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
The following table presents the unfunded commitments, redemption frequency and redemption notice period for Plan investments that utilize net asset value to determine fair value:
 
Fair Value Estimated Using Net Asset Value per Share December 31,
 
 
 
 
 
Unfunded
 
Redemption
 
Redemption
 
Redemption
Investment (dollars in millions)
2016

 
2015

 
Commitment
 
Frequency
 
Restrictions
 
Notice Period
Liquid Cash Fund

$9

 

$—

 
$—
 
Daily
 
None
 
 Same day before 5:30pm ET
Equity Mutual Fund(1)
40

 
9

 
—
 
Daily
 
None
 
7 days
Common and Collective Funds:
 
 
 
 
 
 
 
 
 
 
 
     Global equities funds
386

 
220

 
—
 
Daily
 
None
 
 3 days
     Balanced funds
193

 
196

 
—
 
Daily
 
None
 
2 days
     Fixed income fund
133

 
120

 
—
 
Daily
 
None
 
3 days
Managed Portfolio - Fixed Income Mutual Fund (2)
30

 
20

 
—
 
Daily
 
None
 
 1 days
Limited Partnerships:
 
 
 
 
 
 
 
 
 
 
 
     International equity fund
117

 
107

 
—
 
Monthly
 
None
 
 3 days
     International equity
—

 
95

 
—
 
Daily
 
None
 
 10 days
     Offshore feeder fund
10

 
—

 
—
 
Monthly
 
None
 
14 days
Total

$918

 

$767

 
$—
 
 
 
 
 
 
(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 principal investment objective is to generate positive total return.
(2) The managed portfolio fixed income mutual fund seeks to outperform the Barclay’s U.S. Long Credit Index or similar benchmark.
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 presented below:
 
As of and for the
Year Ended December 31,
 
 
2016

 
2015

 
2014

 
Assumptions for benefit obligations
 
 
 
 
 
 
Discount rate-qualified plan
4.190
%
 
4.640
%
 
4.125
%
 
Discount rate-non-qualified plan
4.050
%
 
4.540
%
 
3.875
%
 
Expected long-term rate of return on plan assets
7.500
%
 
7.500
%
 
7.500
%
 
Assumptions for net periodic pension cost
 
 
 
 
 
 
Discount rate-qualified plan
4.640
%
 
4.125
%
 
5.00/4.25%

(1) 
Discount rate-non-qualified plan
4.540
%
 
3.875
%
 
4.75/4.00%

(2) 
Expected long-term rate of return on plan assets
7.500
%
 
7.500
%
 
7.500
%
 
(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)

2016

 
2015

Discount rate
3.930
%
 
3.500
%
Rate of compensation increase
N/A

 
N/A

Ultimate health care cost trend rate
5.000
%
 
5.000
%
 
 
 
 
Effect on accumulated postretirement benefit obligation:
 
 
 
One percent increase in assumed health care cost trend

$—

 

$—

One percent decrease in assumed health care cost trend
—

 
—
Schedule of Expected Benefit Payments
Expected future benefit payments for the postretirement benefit plan are presented below:
 
(in millions)

Expected benefit payments by fiscal year ended
 
December 31, 2017

$2

December 31, 2018
2

December 31, 2019
1

December 31, 2020
1

December 31, 2021
1

December 31, 2022 - 2026
6