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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
EMPLOYEE RETIREMENT PLANS |
Schedule of pre-tax expense related to retirement plans | Pre-tax expense related to our retirement plans was as follows, in millions:
|  | 2014 |  | 2013 |  | 2012 |
Defined-contribution plans |  | $ | 46 |  | $ | 54 |  | $ | 43 |
Defined-benefit plans |  |  | 25 |  |  | 31 |  |  | 36 |
Multi-employer plans |  |  | 5 |  |  | 4 |  |  | 4 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 76 |  | $ | 89 |  | $ | 83 |
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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 our defined-benefit pension plans were as follows, in millions:
|  | 2014 |  | 2013 |
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Changes in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 |  | $ | 983 |  | $ | 163 |  | $ | 1,056 |  | $ | 181 |
Service cost |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Interest cost |  |  | 41 |  |  | 7 |  |  | 40 |  |  | 6 |
Actuarial (gain) loss, net |  |  | 184 |  |  | 32 |  |  | (81 | ) |  | (13 | )
Foreign currency exchange |  |  | (24 | ) |  | — |  |  | 7 |  |  | — |
Benefit payments |  |  | (42 | ) |  | (12 | ) |  | (42 | ) |  | (11 | )
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Projected benefit obligation at December 31 |  | $ | 1,145 |  | $ | 190 |  | $ | 983 |  | $ | 163 |
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Changes in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 |  | $ | 659 |  | $ | — |  | $ | 594 |  | $ | — |
Actual return on plan assets |  |  | 38 |  |  | — |  |  | 65 |  |  | — |
Foreign currency exchange |  |  | (8 | ) |  | — |  |  | 2 |  |  | — |
Company contributions |  |  | 49 |  |  | 12 |  |  | 44 |  |  | 11 |
Expenses, other |  |  | (5 | ) |  | — |  |  | (4 | ) |  | — |
Benefit payments |  |  | (42 | ) |  | (12 | ) |  | (42 | ) |  | (11 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at December 31 |  | $ | 691 |  | $ | — |  | $ | 659 |  | $ | — |
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Funded status at December 31: |  | $ | (454 | ) | $ | (190 | ) | $ | (324 | ) | $ | (163 | )
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Schedule of amounts in the Company's consolidated balance sheets | Amounts in our consolidated balance sheets were as follows, in millions:
|  | At December 31, 2014 |  | At December 31, 2013 |
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Accrued liabilities |  | $ | (2 | ) | $ | (12 | ) | $ | (3 | ) | $ | (12 | )
Other liabilities |  |  | (452 | ) |  | (178 | ) |  | (321 | ) |  | (151 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total net liability |  | $ | (454 | ) | $ | (190 | ) | $ | (324 | ) | $ | (163 | )
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Schedule of unrealized loss included in accumulated other comprehensive income before income taxes | Unrealized loss included in accumulated other comprehensive (loss) income before income taxes were as follows, in millions:
|  | At December 31, 2014 |  | At December 31, 2013 |
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Net loss |  | $ | 524 |  | $ | 68 |  | $ | 344 |  | $ | 38 |
Net transition obligation |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Net prior service cost |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 527 |  | $ | 68 |  | $ | 347 |  | $ | 38 |
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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 |
|  | 2014 |  | 2013 |
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Projected benefit obligation |  | $ | 1,145 |  | $ | 190 |  | $ | 983 |  | $ | 163 |
Accumulated benefit obligation |  | $ | 1,145 |  | $ | 190 |  | $ | 982 |  | $ | 163 |
Fair value of plan assets |  | $ | 691 |  | $ | — |  | $ | 659 |  | $ | — |
Schedule of net periodic pension cost for the Company's defined-benefit pension plans | Net periodic pension cost for our defined-benefit pension plans was as follows, in millions:
|  | 2014 |  | 2013 |  | 2012 |
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Service cost |  | $ | 3 |  | $ | — |  | $ | 3 |  | $ | — |  | $ | 2 |  | $ | — |
Interest cost |  |  | 47 |  |  | 7 |  |  | 44 |  |  | 6 |  |  | 46 |  |  | 7 |
Expected return on plan assets |  |  | (45 | ) |  | — |  |  | (40 | ) |  | — |  |  | (35 | ) |  | — |
Recognized net loss |  |  | 11 |  |  | 2 |  |  | 16 |  |  | 2 |  |  | 14 |  |  | 2 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net periodic pension cost |  | $ | 16 |  | $ | 9 |  | $ | 23 |  | $ | 8 |  | $ | 27 |  | $ | 9 |
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Schedule of the Company's qualified defined-benefit pension plan weighted average asset allocation |
|  | 2014 |  | 2013 |
Equity securities |  |  | 46 | % |  | 47 | %
Debt securities |  |  | 34 | % |  | 35 | %
Other |  |  | 20 | % |  | 18 | %
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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, 2014 and 2013, in millions.
|  | At December 31, 2014 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Common and Preferred Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 136 |  | $ | 116 |  | $ | — |  | $ | 252 |
International |  |  | 50 |  |  | 15 |  |  | — |  |  | 65 |
Private Equity and Hedge Funds: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | — |  |  | — |  |  | 59 |  |  | 59 |
International |  |  | — |  |  | — |  |  | 27 |  |  | 27 |
Corporate Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 15 |  |  | 33 |  |  | — |  |  | 48 |
International |  |  | — |  |  | 75 |  |  | — |  |  | 75 |
Government and Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 64 |  |  | 2 |  |  | — |  |  | 66 |
International |  |  | 24 |  |  | 27 |  |  | — |  |  | 51 |
Common Collective Trust Fund – United States |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Short-Term and Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
International |  |  | 3 |  |  | 21 |  |  | 18 |  |  | 42 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Assets at Fair Value |  | $ | 292 |  | $ | 295 |  | $ | 104 |  | $ | 691 |
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|  | At 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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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:
|  | 2014 |  | 2013 |
Fair Value, January 1 |  | $ | 93 |  | $ | 78 |
Purchases |  |  | 13 |  |  | 25 |
Sales |  |  | (9 | ) |  | (14 | )
Transfers, net |  |  | — |  |  | — |
Unrealized gains (losses) |  |  | 7 |  |  | 4 |
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Fair Value, December 31 |  | $ | 104 |  | $ | 93 |
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Schedule of major assumptions used in accounting for the Company's defined-benefit pension plans |
|  | 2014 |  | 2013 |  | 2012 |
Discount rate for obligations |  |  | 3.80 | % |  | 4.40 | % |  | 3.80 | %
Expected return on plan assets |  |  | 7.25 | % |  | 7.25 | % |  | 7.25 | %
Rate of compensation increase |  |  | — | % |  | — | % |  | — | %
Discount rate for net periodic pension cost |  |  | 4.40 | % |  | 3.80 | % |  | 4.40 | %
Schedule of benefits expected to be paid relating to the Company's defined-benefit pension plans | At December 31, 2014, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to our defined-benefit pension plans, were as follows, in millions:
|  | Qualified Plans |  | Non-Qualified Plans |
2015 |  | $ | 47 |  | $ | 12 |
2016 |  | $ | 48 |  | $ | 12 |
2017 |  | $ | 48 |  | $ | 12 |
2018 |  | $ | 49 |  | $ | 12 |
2019 |  | $ | 50 |  | $ | 13 |
2020 - 2024 |  | $ | 276 |  | $ | 61 |

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