EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of pre-tax expense related to retirement plans

Pre-tax expense related to our retirement plans was as follows, in millions:

	2016		2015		2014
Defined-contribution plans	$	58	$	52	$	43
Defined-benefit pension plans	34		32		25
	$	92	$	84	$	68

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:

	2016						2015
	Qualified			Non-Qualified			Qualified			Non-Qualified
Changes in projected benefit obligation:
Projected benefit obligation at January 1	$	1,059		$	174		$	1,145		$	190
Service cost	3			—			3			—
Interest cost	41			7			41			7
Actuarial (gain) loss, net	50			1			(61		)	(11		)
Foreign currency exchange	(29		)	—			(23		)	—
Benefit payments	(69		)	(12		)	(46		)	(12		)
Projected benefit obligation at December 31	$	1,055		$	170		$	1,059		$	174
Changes in fair value of plan assets:
Fair value of plan assets at January 1	$	658		$	—		$	691		$	—
Actual return on plan assets	58			—			(12		)	—
Foreign currency exchange	(20		)	—			(7		)	—
Company contributions	100			12			38			12
Expenses, other	(10		)	—			(6		)	—
Benefit payments	(69		)	(12		)	(46		)	(12		)
Fair value of plan assets at December 31	$	717		$	—		$	658		$	—
Funded status at December 31:	$	(338	)	$	(170	)	$	(401	)	$	(174	)

Schedule of amounts in the Company's consolidated balance sheets

Amounts in our consolidated balance sheets were as follows, in millions:

	At December 31, 2016						At December 31, 2015
	Qualified			Non-Qualified			Qualified			Non-Qualified
Other assets	$	2		$	—		$	1		$	—
Accrued liabilities	(1		)	(12		)	(3		)	(12		)
Other liabilities	(339		)	(158		)	(399		)	(162		)
Total net liability	$	(338	)	$	(170	)	$	(401	)	$	(174	)

Schedule of unrealized loss included in accumulated other comprehensive income before income taxes

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

	At December 31, 2016				At December 31, 2015
	Qualified		Non-Qualified		Qualified		Non-Qualified
Net loss	$	519	$	54	$	501	$	56
Net transition obligation	1		—		1		—
Net prior service cost	3		—		2		—
Total	$	523	$	54	$	504	$	56

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
	2016				2015
	Qualified		Non-Qualified		Qualified		Non-Qualified
Projected benefit obligation	$	1,044	$	170	$	1,045	$	174
Accumulated benefit obligation	$	1,044	$	170	$	1,045	$	174
Fair value of plan assets	$	704	$	—	$	643	$	—

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:

	2016					2015					2014
	Qualified			Non-Qualified		Qualified			Non-Qualified		Qualified			Non-Qualified
Service cost	$	3		$	—	$	3		$	—	$	3		$	—
Interest cost	49			7		47			7		47			7
Expected return on plan assets	(44		)	—		(46		)	—		(45		)	—
Recognized net loss	17			2		18			3		11			2
Net periodic pension cost	$	25		$	9	$	22		$	10	$	16		$	9

Schedule of the Company's qualified defined-benefit pension plan weighted average asset allocation

Our qualified defined-benefit pension plan weighted average asset allocation, which is based upon fair value, was as follows:

	2016		2015
Equity securities	49	%	49	%
Debt securities	32	%	32	%
Other	19	%	19	%
Total	100	%	100	%

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, 2016 and 2015, as well as those valued at NAV, which approximates fair value, in millions.

M. EMPLOYEE RETIREMENT PLANS (Continued)

	At December 31, 2016
	Level 1		Level 2		Level 3		Measured at NAV		Total
Plan Assets
Common and Preferred Stocks:
United States	$	142	$	—	$	—	$	118	$	260
International	74		—		—		16		90
Private Equity and Hedge Funds:
United States	—		—		37		—		37
International	—		—		24		32		56
Corporate Debt Securities:
United States	27		28		—		2		57
International	—		26		—		17		43
Government and Other Debt Securities:
United States	46		4		—		—		50
International	27		53		—		—		80
Common Collective Trust Fund – United States	—		4		—		—		4
Short-Term and Other Investments:
United States	2		—		—		—		2
International	5		15		18		—		38
Total Plan Assets	$	323	$	130	$	79	$	185	$	717

	At December 31, 2015
	Level 1		Level 2		Level 3		Measured at NAV		Total
Plan Assets
Common and Preferred Stocks:
United States	$	127	$	33	$	—	$	93	$	253
International	55		7		—		7		69
Private Equity and Hedge Funds:
United States	—		—		49		3		52
International	—		—		20		4		24
Corporate Debt Securities:
United States	18		26		—		—		44
International	—		32		—		16		48
Government and Other Debt Securities:
United States	64		3		—		—		67
International	23		30		—		—		53
Common Collective Trust Fund – United States	—		4		—		—		4
Short-Term and Other Investments:
United States	2		—		—		—		2
International	2		21		19		—		42
Total Plan Assets	$	291	$	156	$	88	$	123	$	658

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:

	2016			2015
Fair Value, January 1	$	88		$	97
Purchases	6			4
Sales	(19		)	(11		)
Transfers, net	—			—
Unrealized gains (losses)	4			(2		)
Fair Value, December 31	$	79		$	88

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

Weighted-average major assumptions used in accounting for our defined-benefit pension plans were as follows:

	2016		2015		2014
Discount rate for obligations	3.50	%	4.00	%	3.80	%
Expected return on plan assets	7.25	%	7.25	%	7.25	%
Rate of compensation increase	—		—		—
Discount rate for net periodic pension cost	4.00	%	3.80	%	4.40	%

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

At December 31, 2016, 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
2017	$	49	$	12
2018	$	50	$	12
2019	$	50	$	12
2020	$	52	$	12
2021	$	52	$	12
2022 - 2026	$	272	$	58