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EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2023
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 Plan assets, projected benefit obligation, funded status, and accumulated benefit obligation:
| Year Ended December 31,
| Qualified Plans |  | Non-Qualified Plans
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Fair value of plan assets as of January 1 | $1,182 |  |  | $1,390 |  |  | $— |  |  | $— |
Return on plan assets | 169 |  |  | (262) |  |  | — |  |  | — |
Employer contributions | — |  |  | — |  |  | 5 |  |  | 8 |
Benefits and administrative expenses paid | (70) |  |  | (76) |  |  | (5) |  |  | (8) |
Fair value of plan assets from Investors acquisition | — |  |  | 130 |  |  | — |  |  | — |
Fair value of plan assets as of December 31 | 1,281 |  |  | 1,182 |  |  | — |  |  | — |
Projected benefit obligation | 880 |  |  | 868 |  |  | 99 |  |  | 94 |
Pension asset (obligation) | $401 |  |  | $314 |  |  | ($99) |  |  | ($94) |
Accumulated benefit obligation | $880 |  |  | $868 |  |  | $99 |  |  | $94 |
Schedule of amounts recognized in other comprehensive income (loss) | The following table presents the components of net periodic benefit cost (income) and other changes in plan assets and benefit obligations recognized in OCI for the Company’s Pension Plans:
| Year Ended December 31,
| Qualified Plans |  | Non-Qualified Plans |  | Total
(dollars in millions) | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
Service cost | $4 |  | $3 |  | $3 |  |  | $— |  | $— |  | $— |  |  | $4 |  | $3 |  | $3 |
Interest cost | 46 |  | 34 |  | 31 |  |  | 5 |  | 3 |  | 3 |  |  | 51 |  | 37 |  | 34 |
Expected return on plan assets | (92) |  | (93) |  | (85) |  |  | — |  | — |  | — |  |  | (92) |  | (93) |  | (85) |
Amortization of actuarial loss | 15 |  | 11 |  | 14 |  |  | 2 |  | 3 |  | 3 |  |  | 17 |  | 14 |  | 17 |
Settlement | — |  | — |  | 15 |  |  | — |  | — |  | — |  |  | — |  | — |  | 15 |
Net periodic benefit cost (income)(1) | (27) |  | (45) |  | (22) |  |  | 7 |  | 6 |  | 6 |  |  | (20) |  | (39) |  | (16) |
Net actuarial loss (gain) | (44) |  | 71 |  | (73) |  |  | 1 |  | (19) |  | (1) |  |  | (43) |  | 52 |  | (74) |
Amortization of actuarial loss | (15) |  | (11) |  | (14) |  |  | (2) |  | (3) |  | (3) |  |  | (17) |  | (14) |  | (17) |
Settlement | — |  | — |  | (15) |  |  | — |  | — |  | — |  |  | — |  | — |  | (15) |
Total recognized in OCI | (59) |  | 60 |  | (102) |  |  | (1) |  | (22) |  | (4) |  |  | (60) |  | 38 |  | (106) |
Total recognized in net periodic benefit cost (income) and OCI | ($86) |  | $15 |  | ($124) |  |  | $6 |  | ($16) |  | $2 |  |  | ($80) |  | ($1) |  | ($122) |
(1) In the Consolidated Statements of Operations, service cost is presented in salaries and employee benefits and all other components of net periodic benefit cost (income) 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:
| (dollars in millions)
Expected benefit payments by fiscal year ending: |
December 31, 2024 | $73 |
December 31, 2025 | 74 |
December 31, 2026 | 75 |
December 31, 2027 | 75 |
December 31, 2028 | 75 |
December 31, 2029 - 2033 | 366 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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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 -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + 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 -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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