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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

Components of amounts recognized in the consolidated balance sheets

The following tables show the amounts recognized in our balance sheets related to pension and postretirement benefit plans, as well as plans that we or our subsidiaries sponsor, and their funding status, obligations and plan asset fair values (in millions):

		Pension Benefits						Postretirement Benefits
		As of December 31,
		2015			2014			2015			2014
Amounts recognized in the balance sheet:
Accrued liabilities		$	—		$	—		$	(1)		$	—
Other long-term liabilities		(27)			(21)			(70)			(68)
		$	(27)		$	(21)		$	(71)		$	(68)

After-tax balances included in AOCI

		Pension Benefits						Postretirement Benefits
		As of December 31,
		2015			2014			2015			2014
AOCI included the following after-tax balances:
Net loss (gain)		$	19		$	22		$	(4)		$	2

Funding status of plans

		Pension Benefits						Postretirement Benefits
		2015			2014			2015			2014
Changes in the benefit obligation:
Benefit obligation—beginning of year		$	108		$	103		$	68		$	63
Service cost—benefits earned during the period		4			4			5			4
Interest cost on projected benefit obligation		4			4			3			2
Curtailment (gain) loss		(12)			—			5			—
Actuarial loss (gain)		24			6			(10)			(1)
Benefits paid		(45)			(9)			—			—
Benefit obligation—end of year		$	83		$	108		$	71		$	68
Changes in plan assets:
Fair value of plan assets—beginning of year		$	87		$	91		$	—		$	—
Actual return on plan assets		1			5			—			—
Employer contributions		13			—			—			—
Benefits paid		(45)			(9)			—			—
Fair value of plan assets—end of year		$	56		$	87		$	—		$	—
Unfunded status:		$	(27)		$	(21)		$	(71)		$	(68)

Schedule of accumulated benefit obligation, projected benefit obligation and fair value of plan assets for defined benefit pension plans with an accumulated benefit obligation in excess of plan assets and plan assets in excess of the accumulated benefit obligation

		Accumulated Benefit Obligation in Excess of Plan Assets						Plan Assets in Excess of Accumulated Benefit Obligation
		As of December 31,
		2015			2014			2015			2014
		(in millions)
Projected Benefit Obligation		$	83		$	31		$	—		$	77
Accumulated Benefit Obligation		$	81		$	26		$	—		$	62
Fair Value of Plan Assets		$	56		$	19		$	—		$	68

Components of the net periodic benefit cost

		Pension Benefits									Postretirement Benefits
		2015			2014			2013			2015			2014			2013
		(in millions)
Net periodic benefit costs:
Service cost—benefits earned during the period		$	4		$	4		$	5		$	5		$	4		$	5
Interest cost on projected benefit obligation		4			4			3			3			2			3
Expected return on plan assets		(5)			(6)			(4)			—			—			—
Recognized actuarial loss		3			2			4			—			1			2
Settlement cost		18			2			2			—			—			—
Curtailment loss		—			—			—			5			—			—
Net periodic benefit cost		$	24		$	6		$	10		$	13		$	7		$	10

Weighted-average assumptions used to determine benefit obligation and net periodic benefit cost

		Pension Benefits				Postretirement Benefits
		For the years ended December 31,
		2015		2014		2015		2014
Benefit Obligation Assumptions:
Discount rate		3.99%		3.82%		4.81%		4.44%
Rate of compensation increase		4.00%		4.00%		—		—
Net Periodic Benefit Cost Assumptions:
Discount rate		3.82%		4.45%		4.44%		4.75%
Assumed long term rate of return on assets		6.50%		6.50%		—		—
Rate of compensation increase		4.00%		4.00%		—		—

Fair values of pension plan assets by asset category

The fair values of our pension plan assets by asset category are as follows (in millions):

		Fair Value Measurements at December 31, 2015 Using
		Level 1			Level 2			Level 3			Total
Asset Class:
Commingled funds:
Fixed income		$	—		$	15		$	—		$	15
U.S. equity		—			16			—			16
International equity		—			10			—			10
Mutual funds:
Bond funds		4			—			—			4
Blend funds		2			—			—			2
Value funds		1			—			—			1
Growth funds		2			—			—			2
Guaranteed deposit account		—			—			6			6
Total pension plan assets		$	9		$	41		$	6		$	56

		Fair Value Measurements at December 31, 2014 Using
		Level 1			Level 2			Level 3			Total
Asset Class:
Commingled funds:
Fixed income		$	—		$	20		$	—		$	20
U.S. equity		—			31			—			31
International equity		—			17			—			17
Mutual funds:
Bond funds		5			—			—			5
Blend funds		2			—			—			2
Value funds		2			—			—			2
Growth funds		3			—			—			3
Guaranteed deposit account		—			—			7			7
Total pension plan assets		$	12		$	68		$	7		$	87

Estimated future benefit payments, which reflect expected future service, as appropriate

For the years ended December 31,		Pension Benefits			Postretirement Benefits
		(in millions)
2016		$	22		$	1
2017		$	8		$	3
2018		$	9		$	3
2019		$	6		$	3
2020		$	6		$	4
2021 - 2025		$	25		$	22

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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.

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