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EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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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 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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