EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table presents changes in the fair value of the Company’s Pension Plans’ assets, projected benefit obligation, funded status, and accumulated benefit obligation:

	Year Ended December 31,
	Qualified Plan		Non-Qualified Plan
(in millions)	2021	2020	2021	2020
Fair value of plan assets as of January 1	$1,343	$1,246	$—	$—
Actual return on plan assets	125	165	—	—
Employer contributions	—	—	8	8
Benefits and administrative expenses paid	(78)	(68)	(8)	(8)
Fair value of plan assets as of December 31	1,390	1,343	—	—
Projected benefit obligation	1,083	1,157	99	105
Pension asset (obligation)	$307	$186	($99)	($105)
Accumulated benefit obligation	$1,083	$1,157	$99	$105

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table presents other changes in plan assets and benefit obligations recognized in OCI for the Company’s Pension Plans:

	Year Ended December 31,
(in millions)	2021	2020	2019
Net periodic pension cost (income)	($31)	($22)	($5)
Net actuarial loss (gain)	(74)	37	(49)
Amortization of prior service credit	—	—	—
Amortization of net actuarial loss	(17)	(17)	(19)
Settlement	(15)	—	—
Total gain (loss) recognized in other comprehensive income (loss)	(106)	20	(68)
Total (loss) gain recognized in net periodic pension cost (income) and other comprehensive income (loss)	($137)	($2)	($73)

Schedule of Net Periodic (Income) Cost

The following table presents the components of net periodic pension (income) cost for the Company’s Pension Plans:

	Year Ended December 31,
	Qualified Plan			Non-Qualified Plan			Total
(in millions)	2021	2020	2019	2021	2020	2019	2021	2020	2019
Service cost	$3	$3	$3	$—	$—	$—	$3	$3	$3
Interest cost	31	37	41	3	3	4	34	40	45
Expected return on plan assets	(85)	(82)	(72)	—	—	—	(85)	(82)	(72)
Amortization of actuarial loss	14	14	17	3	3	2	17	17	19
Settlement	15	—	—	—	—	—	15	—	—
Net periodic pension (income) cost(1)	($22)	($28)	($11)	$6	$6	$6	($16)	($22)	($5)

(1) In the Consolidated Statements of Operations, service cost is presented in salaries and employee benefits, and all other components of net periodic pension (income) cost are presented in other operating expense.

Schedule of Expected Benefit Payments

The following table presents the expected future benefit payments for the Company’s Pension Plans:

	(in millions)
Expected benefit payments by fiscal year ending:
December 31, 2022	$70
December 31, 2023	68
December 31, 2024	68
December 31, 2025	69
December 31, 2026	69
December 31, 2027 - 2031	339