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EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2013

EMPLOYEE RETIREMENT PLANS

Schedule of changes in the projected benefit obligation and fair value of the plan assets, and the funded status of the Company's defined-benefit pension plans

Changes in the projected benefit obligation and fair value of plan assets, and the funded status of the Company's defined-benefit pension plans were as follows, in millions:

		2013						2012
		Qualified			Non-Qualified			Qualified			Non-Qualified
Changes in projected benefit obligation:
Projected benefit obligation at January 1		$	1,056		$	181		$	943		$	174
Service cost			3			—			2			—
Interest cost			40			6			42			7
Actuarial (gain) loss, net			(81	)		(13	)		100			11
Foreign currency exchange			7			—			9			—
Benefit payments			(42	)		(11	)		(40	)		(11	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Projected benefit obligation at December 31		$	983		$	163		$	1,056		$	181
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Changes in fair value of plan assets:
Fair value of plan assets at January 1		$	594		$	—		$	504		$	—
Actual return on plan assets			65			—			75			—
Foreign currency exchange			2			—			4			—
Company contributions			44			11			55			11
Expenses, other			(4	)		—			(4	)		—
Benefit payments			(42	)		(11	)		(40	)		(11	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Fair value of plan assets at December 31		$	659		$	—		$	594		$	—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Funded status at December 31:		$	(324	)	$	(163	)	$	(462	)	$	(181	)
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Schedule of amounts in the Company's consolidated balance sheets

Amounts in the Company's consolidated balance sheets were as follows, in millions:

		At December 31, 2013						At December 31, 2012
		Qualified			Non-Qualified			Qualified			Non-Qualified
Accrued liabilities		$	(3	)	$	(12	)	$	(3	)	$	(12	)
Deferred income taxes and other			(321	)		(151	)		(459	)		(169	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total net liability		$	(324	)	$	(163	)	$	(462	)	$	(181	)
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Schedule of unrealized loss included in accumulated other comprehensive income before income taxes

Unrealized loss included in accumulated other comprehensive income before income taxes were as follows, in millions:

		At December 31, 2013						At December 31, 2012
		Qualified			Non-Qualified			Qualified			Non-Qualified
Net loss		$	344		$	38		$	467		$	53
Net transition obligation			1			—			1			—
Net prior service cost			2			—			2			—
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		$	347		$	38		$	470		$	53
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Schedule of information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets

 Information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets was as follows, in millions:

		At December 31
		2013						2012
		Qualified			Non-Qualified			Qualified			Non-Qualified
Projected benefit obligation		$	983		$	163		$	1,056		$	181
Accumulated benefit obligation		$	982		$	163		$	1,054		$	181
Fair value of plan assets		$	659		$	—		$	594		$	—

Schedule of net periodic pension cost for the Company's defined-benefit pension plans

Net periodic pension cost for the Company's defined-benefit pension plans was as follows, in millions:

		2013						2012						2011
		Qualified			Non-Qualified			Qualified			Non-Qualified			Qualified			Non-Qualified
Service cost		$	3		$	—		$	2		$	—		$	2		$	—
Interest cost			44			6			46			7			47			8
Expected return on plan assets			(40	)		—			(35	)		—			(36	)		—
Recognized prior service cost			—			—			—			—			—			—
Recognized net loss			16			2			14			2			10			1
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net periodic pension cost		$	23		$	8		$	27		$	9		$	23		$	9
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Schedule of the Company's qualified defined-benefit pension plan weighted average asset allocation

		At December 31
		2013			2012
Equity securities			47	%		44	%
Debt securities			35	%		41	%
Other			18	%		15	%
​	​	​	​	​	​	​	​
Total			100	%		100	%
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Schedule of qualified defined-benefit pension plan assets at fair value

The following table sets forth by level, within the fair value hierarchy, the qualified defined-benefit pension plan assets at fair value as of December 31, 2013 and 2012, in millions.

		Assets at Fair Value as of December 31, 2013
		Level 1			Level 2			Level 3			Total
Common and Preferred Stocks:
United States		$	143		$	107		$	—		$	250
International			46			16			—			62
Private Equity and Hedge Funds
United States			—			—			52			52
International			—			—			24			24
Corporate Debt Securities:
United States			15			25			—			40
International			—			61			—			61
Government and Other Debt Securities:
United States			79			1			—			80
International			23			27			—			50
Common Collective Trust Fund – United States			—			3			—			3
Short-Term and Other Investments
United States			2			2			—			4
International			10			6			17			33
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Assets at Fair Value		$	318		$	248		$	93		$	659
​	​	​	​	​	​	​	​	​	​	​	​	​	​
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		Assets at Fair Value as of December 31, 2012
		Level 1			Level 2			Level 3			Total
Common and Preferred Stocks:
United States		$	127		$	61		$	—		$	188
International			61			10			—			71
Private Equity and Hedge Funds
United States			—			—			52			52
International			—			—			11			11
Corporate Debt Securities:
United States			—			25			—			25
International			—			73			—			73
Government and Other Debt Securities:
United States			51			42			—			93
International			24			29			—			53
Common Collective Trust Fund – United States			—			12			—			12
Short-Term and Other Investments
United States			1			—			—			1
International			—			—			15			15
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Assets at Fair Value		$	264		$	252		$	78		$	594
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Schedule of changes in the fair value of the qualified defined-benefit pension plan level 3 assets

Changes in the fair value of the qualified defined-benefit pension plan level 3 assets, were as follows, in millions:

		Year Ended December 31, 2013			Year Ended December 31, 2012
Fair Value, January 1		$	78		$	72
Purchases			25			9
Sales			(14	)		(8	)
Transfers from Level 2 to Level 3			—			—
Unrealized gains (losses)			4			5
​	​	​	​	​	​	​	​
Fair Value, December 31		$	93		$	78
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​	​	​	​	​	​	​	​

Schedule of major assumptions used in accounting for the Company's defined-benefit pension plans

		December 31
		2013			2012			2011
Discount rate for obligations			4.40	%		3.80	%		4.40	%
Expected return on plan assets			7.25	%		7.25	%		7.25	%
Rate of compensation increase			—	%		—	%		—	%
Discount rate for net periodic pension cost			3.80	%		4.40	%		5.30	%

Schedule of benefits expected to be paid relating to the Company's defined-benefit pension plans

At December 31, 2013, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to the Company's defined-benefit pension plans, were as follows, in millions:

		Qualified Plans			Non-Qualified Plans
2014		$	45		$	12
2015		$	47		$	12
2016		$	48		$	12
2017		$	49		$	12
2018		$	50		$	12
2019 - 2023		$	273		$	59

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Tabular disclosure of the fair value of each major category of plan assets of qualified defined-benefit pension 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 amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date.

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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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Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

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Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

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