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EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2020

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)			2020						2019						2020						2019
Fair value of plan assets as of January 1			$1,246						$1,050						$—						$—
Actual return on plan assets			165						259						—						—
Employer contributions			—						—						8						8
Benefits and administrative expenses paid			(68)						(63)						(8)						(8)
Fair value of plan assets as of December 31			1,343						1,246						—						—
Projected benefit obligation			1,157						1,075						105						102
Pension asset (obligation)			$186						$171						($105)						($102)
Accumulated benefit obligation			$1,157						$1,075						$105						$102

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)			2020						2019						2018
Net periodic pension income			($22)						($5)						($16)
Net actuarial loss (gain)			37						(49)						49
Amortization of prior service credit			—						—						1
Amortization of net actuarial loss			(17)						(19)						(17)
Total gain (loss) recognized in other comprehensive loss			20						(68)						33
Total (loss) gain recognized in net periodic pension (income) cost and other comprehensive loss			($2)						($73)						$17

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)			2020						2019						2018						2020						2019						2018						2020						2019						2018
Service cost			$3						$3						$3						$—						$—						$—						$3						$3						$3
Interest cost			37						41						39						3						4						4						40						45						43
Expected return on plan assets			(82)						(72)						(79)						—						—						—						(82)						(72)						(79)
Amortization of actuarial loss			14						17						15						3						2						2						17						19						17
Net periodic pension (income) cost(1)			($28)						($11)						($22)						$6						$6						$6						($22)						($5)						($16)

(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, 2021			$69
December 31, 2022			70
December 31, 2023			70
December 31, 2024			70
December 31, 2025			70
December 31, 2026 - 2030			351

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- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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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.

+ References

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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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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.

+ References

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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1
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