RETIREMENT AND POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

(in millions)	Pension Benefits						Postretirement Benefits
As of December 31,	2016			2015			2016			2015
Amounts recognized in the consolidated balance sheet:
Other assets	$	61		$	45		$	—		$	—
Accrued liabilities	(3		)	(7		)	(58		)	(58		)
Deferred credits and other liabilities — other	(71		)	(65		)	(892		)	(921		)
	$	(13	)	$	(27	)	$	(950	)	$	(979	)

AOCI included the following after-tax balances:
Net loss	$	76	$	93	$	169	$	197
Prior service cost	—		—		1		1
	$	76	$	93	$	170	$	198

For the years ended December 31,
Changes in the benefit obligation:
Benefit obligation — beginning of year	$	411		$	453		$	979		$	1,036
Service cost — benefits earned during the period	7			7			20			26
Interest cost on projected benefit obligation	18			18			39			40
Actuarial gain	(1		)	(16		)	(28		)	(66		)
Foreign currency exchange rate (gain) loss	1			(9		)	—			—
Benefits paid	(37		)	(42		)	(60		)	(57		)
Benefit obligation — end of year	$	399		$	411		$	950		$	979

Changes in plan assets:
Fair value of plan assets — beginning of year	$	384		$	436		$	—		$	—
Actual return on plan assets	34			(21		)	—			—
Employer contributions	5			11			—			—
Benefits paid	(37		)	(42		)	—			—
Fair value of plan assets — end of year	$	386		$	384		$	—		$	—
Funded/(Unfunded) status:	$	(13	)	$	(27	)	$	(950	)	$	(979	)

(in millions)	Accumulated Benefit Obligation in Excess of Plan Assets				Plan Assets in Excess of Accumulated Benefit Obligation
As of December 31,	2016		2015		2016		2015
Projected Benefit Obligation	$	193	$	160	$	206	$	251
Accumulated Benefit Obligation	$	189	$	156	$	206	$	251
Fair Value of Plan Assets	$	119	$	88	$	267	$	296

	Pension Benefits									Postretirement Benefits
For the years ended December 31, (in millions)	2016			2015			2014			2016		2015		2014
Net periodic benefit costs:
Service cost — benefits earned during the period	$	7		$	7		$	11		$	19	$	26	$	24
Interest cost on projected benefit obligation	18			18			23			39		40		44
Expected return on plan assets	(24		)	(27		)	(33		)	—		—		—
Recognized actuarial loss	12			10			6			15		27		20
Other costs and adjustments	4			(4		)	(8		)	1		1		1
Net periodic benefit cost	$	17		$	4		$	(1	)	$	74	$	94	$	89

	Pension Benefits				Postretirement Benefits
For the years ended December 31,	2016		2015		2016		2015
Benefit Obligation Assumptions:
Discount rate	3.90	%	4.14	%	4.15	%	4.36	%
Net Periodic Benefit Cost Assumptions:
Discount rate	4.14	%	3.81	%	4.36	%	3.99	%
Assumed long term rate of return on assets	6.50	%	6.50	%	—		—

(in millions)	Fair Value Measurements at December 31, 2016 Using
Description	Level 1		Level 2		Level 3		Total
Asset Class:
U.S. government securities	$	13	$	—	$	—	$	13
Corporate bonds (a)	—		85		—		85
Common/collective trusts (b)	—		18		—		18
Mutual funds:
Bond funds	18		—		—		18
Blend funds	48		—		—		48
Common and preferred stocks (c)	178		—		—		178
Other	—		29		—		29
Total pension plan assets (d)	$	257	$	132	$	—	$	389

(in millions)	Fair Value Measurements at December 31, 2015 Using
Description	Level 1		Level 2		Level 3		Total
Asset Class:
U.S. government securities	$	16	$	—	$	—	$	16
Corporate bonds (a)	—		78		—		78
Common/collective trusts (b)	—		12		—		12
Mutual funds:
Bond funds	33		—		—		33
Blend funds	48		—		—		48
Common and preferred stocks (c)	169		—		—		169
Other	—		29		—		29
Total pension plan assets (d)	$	266	$	119	$	—	$	385

(a) This category represents investment grade bonds of U.S. and non-U.S. issuers from diverse industries.

(b) This category includes investment funds that primarily invest in U.S. and non-U.S. common stocks and fixed-income securities.

(c) This category represents direct investments in common and preferred stocks from diverse U.S. and non-U.S. industries.

(d) Amounts exclude net payables of approximately $3 million and $1 million as of December 31, 2016 and 2015, respectively.

For the years ended December 31, (in millions)	Pension Benefits		Postretirement Benefits
2017	$	41	$	59
2018	$	30	$	58
2019	$	28	$	58
2020	$	29	$	57
2021	$	29	$	57
2022 - 2026	$	185	$	285