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EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2020

EMPLOYEE BENEFITS [Abstract]

Schedule of Net Benefit Costs

The net periodic benefits costs were valued with a measurement date of January 1 for each year and consisted of the following components (in millions of dollars):

			For the Years Ended December 31,
			2020						2019						2018
SG&A
Service cost			$	5					$	4					$	6
Other income (expense)
Interest cost			6						7						7
Expected return on assets			(8)						(12)						(13)
Amortization of prior service credit			(10)						(10)						(10)
Amortization of unrecognized gains			(5)						(4)						(3)
Net periodic (benefits) costs			$	(12)					$	(15)					$	(13)

Schedule of Accumulated and Projected Benefit Obligations

Reconciliations of the beginning and ending balances of the postretirement benefit asset (obligation), which is calculated as of December 31 measurement date, the fair value of plan assets available for benefits and the funded status of the benefit asset (obligation) follow (in millions of dollars):

			2020						2019
Benefit obligation at beginning of year			$	200					$	190
Service cost			5						4
Interest cost			6						7
Plan participants' contributions			3						3
Actuarial (gains)/losses			(38)						5
Benefits paid			(9)						(9)
Benefit obligation at end of year			$	167					$	200
Plan assets available for benefits at beginning of year			$	198					$	176
Actual returns on plan assets			14						28
Plan participants' contributions			3						3
Benefits paid			(9)						(9)
Plan assets available for benefits at end of year			206						198
Noncurrent postretirement benefit asset (obligation)			$	39					$	(2)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The amounts recognized in AOCE consisted of the following (in millions of dollars):

			As of December 31,
			2020						2019
Prior service credit			$	51					$	61
Unrecognized gains			83						44
Deferred tax (liability)			(33)						(26)
Net accumulated gains			$	101					$	79

Schedule of Assumptions Used

The following assumptions were used to determine net periodic benefit costs at January 1 of each year:

			For the Years Ended December 31,
			2020						2019						2018
Discount rate			3.01		%				4.08		%				3.44		%
Long-term rate of return on plan assets, net of tax			4.00		%				7.13		%				7.13		%
Initial healthcare cost trend rate
Pre age 65			6.06		%				6.31		%				6.56		%
Post age 65			NA						NA						NA
Catastrophic drug benefit			NA						NA						12.50		%
Ultimate healthcare cost trend rate			4.50		%				4.50		%				4.50		%
Year ultimate healthcare cost trend rate reached			2026						2026						2026
HRA credit inflation index for grandfathered retirees			2.50		%				2.50		%				2.50		%

The following assumptions were used to determine benefit obligations at December 31:

			2020						2019						2018
Discount rate			2.17		%				3.01		%				4.08		%
Expected long-term rate of return on plan assets, net of tax			4.00		%				4.00		%				7.13		%
Initial healthcare cost trend rate
Pre age 65			5.81		%				6.06		%				6.31		%
Post age 65			NA						NA						NA
Catastrophic drug benefit			NA						NA						11.50		%
Ultimate healthcare cost trend rate			4.50		%				4.50		%				4.50		%
Year ultimate healthcare cost trend rate reached			2026						2026						2026
HRA credit inflation index for grandfathered retirees			—		%				2.50		%				2.50		%

Schedule of Allocation of Plan Assets

The plan assets available for benefits are net of Trust liabilities, primarily related to deferred income taxes and taxes payable at December 31 (in millions of dollars):

			2020						2019
Asset Class:
Level 1 Inputs:
Mutual Funds:
Funds - Municipal/Provincial Bonds			$	13					$	—
Funds - Corporate Bonds Fund			5						—
Federal Money Market Fund			11						204
Level 2 Inputs:
Fixed Income:
Corporate Bonds			102						—
Government/Municipal Bonds			8						—
Equity Funds			66						—
Plan Assets			205						204
Less: trust assets/(liabilities)			1						(6)
Plan assets available for benefits			$	206					$	198

Schedule of Expected Benefit Payments

The Company forecasts the following benefit payments related to postretirement (which include a projection for expected future employee service) for the next ten years (in millions of dollars):

Year						Estimated Gross Benefit Payments
2021						$	9
2022						9
2023						10
2024						10
2025						10
2026-2030						47
Total						$	95

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EMPLOYEE BENEFITS [Abstract]

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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