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EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of Allocation 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, 2018
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |
Cash and money market funds |  | $12 |  |  | $12 |  |  | $— |  |  | $— |
Managed portfolio assets: |  |  |  |
U.S. government obligations | 5 |  | 5 |  | — |  | — |
Non-U.S. government obligations | 1 |  | — |  | 1 |  | — |
Municipal obligations | 1 |  | — |  | 1 |  | — |
Corporate bonds | 99 |  | — |  | 99 |  | — |
Bank loans | 1 |  | — |  | 1 |  | — |
Total assets in the fair value hierarchy | 119 |  | 17 |  | 102 |  | — |
Investments measured at net asset value (1) | 931 |  |  |  |
Assets at fair value at measurement date of December 31, 2018 |  | $1,050 |  |  | $17 |  |  | $102 |  |  | $— |
(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 measured at fair value within the fair value hierarchy:
| Fair Value Measurements as of December 31, 2017
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |
Managed portfolio assets |  |  |  |
U.S. government obligations |  | $8 |  |  | $— |  |  | $8 |  |  | $— |
Non-U.S. government obligations | 2 |  | — |  | 2 |  | — |
Municipal obligations | 1 |  | — |  | 1 |  | — |
Corporate bonds | 102 |  | — |  | 102 |  | — |
Asset-backed securities | 1 |  | — |  | 1 |  | — |
Total assets in the fair value hierarchy | 114 |  | — |  | 114 |  | — |
Investments measured at net asset value (1) | 1,024 |  |  |  |
Assets at fair value at measurement date of December 31, 2017 |  | $1,138 |  |  | $— |  |  | $114 |  |  | $— |
(1)Certain investments that were measured at net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
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) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Fair value of plan assets as of January 1 |  | $1,139 |  |  |  | $1,015 |  |  |  | $— |  |  |  | $— |
Actual return on plan assets | (81 | ) |  | 185 |  |  | — |  |  | — |
Employer contributions | 50 |  |  | — |  |  | 8 |  |  | 8 |
Benefits and administrative expenses paid | (58 | ) |  | (61 | ) |  | (8 | ) |  | (8 | )
Fair value of plan assets as of December 31 | 1,050 |  |  | 1,139 |  |  | — |  |  | — |
Projected benefit obligation | 972 |  |  | 1,089 |  |  | 95 |  |  | 106 |
Pension asset (obligation) |  | $78 |  |  |  | $50 |  |  |  | ($95 | ) |  |  | ($106 | )
Accumulated benefit obligation |  | $972 |  |  |  | $1,089 |  |  |  | $95 |  |  |  | $106 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in OCI (for the qualified, non-qualified and postretirement plans) are presented below:
| Year Ended December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
Net periodic pension income |  | ($16 | ) |  |  | ($2 | ) |  |  | ($1 | )
Net actuarial loss (gain) | 49 |  |  | (31 | ) |  | 54 |
Amortization of prior service credit | 1 |  |  | 1 |  |  | 1 |
Amortization of net actuarial loss | (17 | ) |  | (18 | ) |  | (16 | )
Total recognized in other comprehensive income (loss) | 33 |  |  | (48 | ) |  | 39 |
Total recognized in net periodic pension cost and other comprehensive income (loss) |  | $17 |  |  |  | ($50 | ) |  |  | $38 |
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) | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Service cost |  | $3 |  |  |  | $3 |  |  |  | $3 |  |  |  | $— |  |  |  | $— |  |  |  | $— |  |  |  | $3 |  |  |  | $3 |  |  |  | $3 |
Interest cost | 39 |  |  | 42 |  |  | 44 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | 43 |  |  | 46 |  |  | 48 |
Expected return on plan assets | (79 | ) |  | (69 | ) |  | (68 | ) |  | — |  |  | — |  |  | — |  |  | (79 | ) |  | (69 | ) |  | (68 | )
Amortization of actuarial loss | 15 |  |  | 16 |  |  | 14 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 17 |  |  | 18 |  |  | 16 |
Net periodic pension (income) cost(1) |  | ($22 | ) |  |  | ($8 | ) |  |  | ($7 | ) |  |  | $6 |  |  |  | $6 |  |  |  | $6 |  |  |  | ($16 | ) |  |  | ($2 | ) |  |  | ($1 | )
(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) costs are presented in other operating expense.
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 ending: |
December 31, 2019 |  | $64 |
December 31, 2020 | 64 |
December 31, 2021 | 65 |
December 31, 2022 | 66 |
December 31, 2023 | 67 |
December 31, 2024 - 2028 | 340 |
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) | 2018 |  |  | 2017 |  |  | Commitment |  | Frequency |  | Restrictions |  | Notice Period
Liquid Cash Fund |  | $— |  |  |  | $11 |  |  | $— |  | Daily |  | None |  | Same day before 5:30pm ET
Common and Collective Funds: |  |  |  |  |  |  |  |  |  |  |
Global equities funds | 399 |  |  | 472 |  |  | — |  | Daily |  | None |  | 3 days
Balanced funds | 221 |  |  | 214 |  |  | — |  | Daily |  | None |  | 2 days
Fixed income fund | 139 |  |  | 150 |  |  | — |  | Daily |  | None |  | 3 days
Managed Portfolio - Fixed Income Mutual Fund (1) | 32 |  |  | 35 |  |  | — |  | Daily |  | None |  | 1 days
Limited Partnerships: |  |  |  |  |  |  |  |  |  |  |
Global equity fund | 140 |  |  | 142 |  |  | — |  | Monthly |  | None |  | 3 days
Total |  | $931 |  |  |  | $1,024 |  |  | $— |  |  |  |  |  |
(1) The managed portfolio fixed income mutual fund seeks to outperform the Barclay’s U.S. Long Credit Index or similar benchmark.
Qualified Plan |
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 |  | 2018 |  | 2018 |  | 2017
Equity securities |  | 53% |  | 51.3 | % |  | 54.0 | %
Debt securities |  | 46% |  | 47.6 | % |  | 45.0 | %
Other |  | 1% |  | 1.1 | % |  | 1.0 | %
Total |  |  |  | 100.0 | % |  | 100.0 | %
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) | 2018 |  |  | 2017 |
Discount rate | 3.200 | % |  | 3.530 | %
Rate of compensation increase | N/A |  |  | N/A |
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 ending: |
December 31, 2019 |  | $1 |
December 31, 2020 | 1 |
December 31, 2021 | 1 |
December 31, 2022 | 1 |
December 31, 2023 | 1 |
December 31, 2024 - 2028 | 5 |
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,
| 2018 |  |  | 2017 |  |  | 2016 |
Assumptions for benefit obligations |  |  |  |  |
Discount rate-qualified plan | 4.330 | % |  | 3.670 | % |  | 4.190 | %
Discount rate-non-qualified plan | 4.240 | % |  | 3.530 | % |  | 4.050 | %
Expected long-term rate of return on plan assets | 7.000 | % |  | 7.000 | % |  | 7.500 | %
Assumptions for net periodic pension cost |  |  |  |  |
Discount rate-qualified plan | 3.670 | % |  | 4.190 | % |  | 4.640 | %
Discount rate-non-qualified plan | 3.530 | % |  | 4.050 | % |  | 4.540 | %
Expected long-term rate of return on plan assets | 7.000 | % |  | 7.000 | % |  | 7.500 | %

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