EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 27, 2014

North America

Changes in Pension and Other Postretirement Benefit Obligations, Plan Assets and Funded Status

The following table provides a reconciliation of changes in the projected benefit obligation and the fair value of plan assets, as well as the funded status of the plan to amounts recognized on the Company’s Consolidated Balance Sheet. The 2013 amounts relate to the period between the Merger date and year-end.

	Pension Benefits						Other Benefits
(In millions)	2014			2013			2014			2013
Changes in projected benefit obligation:
Obligation at beginning of period	$	1,122		$	1,135		$	17		$	17
Service cost		3			—			—			—
Interest cost		52			7			1			—
Actuarial (gain) loss		138			(12	)		1			—
Currency exchange rate change		—			—			(1	)		—
Benefits paid		(97	)		(8	)		(1	)		—
Obligation at end of period	$	1,218		$	1,122		$	17		$	17
Change in plan assets:
Fair value of plan assets at beginning of period	$	986		$	972		$	—		$	—
Actual return on plan assets		107			22			—			—
Employer contribution		43			—			1			—
Benefits paid		(97	)		(8	)		(1	)		—
Fair value of plan assets at end of period		1,039			986			—			—
Net liability recognized at end of period	$	(179	)	$	(136	)	$	(17	)	$	(17	)

Amount Recognized in Consolidated Balance Sheets Related to Defined Benefit Pension and Other Postretirement Benefit Plans

The following table shows the amounts recognized in the Consolidated Balance Sheets related to the Company’s North America defined benefit pension and other postretirement benefit plans as of year-ends:

	Pension Benefits						Other Benefits
(In millions)	2014			2013			2014			2013
Noncurrent assets	$	—		$	10		$	—		$	—
Current liabilities		(3	)		(3	)		(1	)		(1	)
Noncurrent liabilities		(176	)		(143	)		(16	)		(16	)
Net amount recognized	$	(179	)	$	(136	)	$	(17	)	$	(17	)

Amounts Recognized in Accumulated Other Comprehensive Loss (Income)

Amounts recognized in accumulated other comprehensive loss (income) consist of:

	Pension Benefits					Other Benefits
(In millions)	2014		2013			2014		2013
Net loss (gain)	$	67	$	(26	)	$	1	$	—
Prior service cost (credit)		—		—			—		—
Total	$	67	$	(26	)	$	1	$	—

Information for Pension Plans With Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets

Information for pension plans with benefit obligations and accumulated benefit obligations in excess of plan assets is as follows:

	Pension Benefits
(In millions)	2014			2013
Projected benefit obligation	$	(1,218	)	$	(785	)
Accumulated benefit obligation		(1,218	)		(785	)
Fair value of plan assets	$	1,039		$	639

Components of Net Periodic Cost (Benefit)

The components of net periodic cost (benefit) are as follows:

	Pension Benefits						Other Benefits
(In millions)	2014			2013			2014		2013
Service cost	$	3		$	—		$	—	$	—
Interest cost		52			7			1		—
Expected return on plan assets		(62	)	$	(8	)		—		—
Net periodic cost (benefit)	$	(7	)	$	(1	)	$	1	$	—

Other Changes In Plan Assets and Benefit Obligations Recognized In Other Comprehensive Loss (Income)

Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) are as follows:

	Pension Benefits						Other Benefits
(In millions)	2014			2013			2014		2013
Accumulated other comprehensive loss (income) at beginning of year	$	(26	)	$	—		$	—	$	—
Net loss (gain)		93			(26	)		1		—
Accumulated other comprehensive loss (income) at end of year	$	67		$	(26	)	$	1	$	—

Weighted Average Assumptions Used in the Measurement of Benefit Obligations

The following table presents the key weighted average assumptions used in the measurement of the Company’s benefit obligations as of year-ends:

					Other Benefits
	Pension Benefits				United States				Canada
	2014		2013		2014		2013		2014		2013
Discount rate		3.91%		4.84%		3.40%		4.00%		4.00%		4.80%

The following table presents the weighted average assumptions used in the measurement of net periodic benefit:

					Other Benefits
	Pension Benefits				United States				Canada
	2014		2013		2014		2013		2014		2013
Discount rate		4.84%		4.76%		4.00%		3.80%		4.80%		4.60%
Expected long-term rate of return on plan assets		6.50%		6.60%		—%		—%		—%		—%

Assumed Healthcare Cost Trend Rates

The following table presents the assumed healthcare cost trend rates used in measuring the Company’s postretirement benefit obligations at year-ends:

	2014			2013
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year		6.40	%		6.70	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.50	%		4.50	%
Year that the rate reaches the ultimate trend rate		2022			2022

Allocation of Plan Assets Table

The allocation of pension plan assets by category at year-ends is as follows:

	2014		2013
Money market funds		2%		3%
Equity securities		8%		8%
Fixed-income securities		64%		53%
Equity mutual funds		25%		36%
Other		1%		—
		100%		100%

Schedule Of Fair Value Of Plan Assets By Assets Category

The following table presents the pension plan assets by level within the fair value hierarchy at year-ends.

(In millions)			Fair Value Measurements at December 27, 2014
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	18	$	—	$	18	$	—
Equity securities
U.S. large-cap		24		24		—		—
U.S. small and mid-cap		4		4		—		—
International		58		58		—		—
Total equity securities		86		86		—		—
Fixed-income securities
Corporate bonds		612		—		612		—
Government securities		19		—		19		—
Other fixed-income		39		—		39		—
Total fixed-income securities		670		—		670		—
Other
Equity mutual funds		255		—		255		—
Other, including plan receivables and payables		10		10		—		—
	$	1,039	$	96	$	943	$	—

(In millions)			Fair Value Measurements at December 28, 2013
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	25	$	25	$	—	$	—
Equity securities
U.S. large-cap		18		18		—		—
U.S. small and mid-cap		4		4		—		—
International		56		56		—		—
Total equity securities		78		78		—		—
Fixed-income securities
Corporate bonds		459		—		459		—
Government securities		18		—		18		—
Other fixed-income		41		—		41		—
Total fixed-income securities		518		—		518		—
Other
Equity mutual funds		353		—		353		—
Other, including plan receivables and payables		12		12		—		—
	$	986	$	115	$	871	$	—

Anticipated Benefit Payments

Anticipated benefit payments by year are as follows:

(In millions)	Pension Benefits		Other Benefits
2015	$	94	$	1
2016		91		1
2017		89		1
2018		87		1
2019		85		1
Next five years		393		4

Europe

Changes in Pension and Other Postretirement Benefit Obligations, Plan Assets and Funded Status

The following table provides a reconciliation of changes in the projected benefit obligation, the fair value of plan assets and the funded status of the plan to amounts recognized on the Company’s Consolidated Balance Sheets.

(In millions)	December 28, 2014			December 29, 2013
Changes in projected benefit obligation:
Obligation at beginning of period	$	224		$	208
Service cost		—			—
Interest cost		10			9
Benefits paid		(6	)		(4	)
Actuarial loss		25			6
Currency translation		(14	)		5
Obligation at end of period		239			224
Changes in plan assets:
Fair value of plan assets at beginning of period		232			216
Actual return on plan assets		47			14
Benefits paid		(6	)		(4	)
Currency translation		(16	)		6
Fair value of plan assets at end of period		257			232
Net asset recognized at end of period	$	18		$	8

Components of Net Periodic Cost (Benefit)

The components of net periodic benefit are presented below:

(In millions)	2014			2013			2012
Service cost	$	—		$	—		$	—
Interest cost		10			9			9
Expected return on plan assets		(14	)		(13	)		(11	)
Net periodic pension benefit	$	(4	)	$	(4	)	$	(2	)

Weighted Average Assumptions Used in the Measurement of Benefit Obligations

Assumptions used in calculating the funded status included:

	2014		2013		2012
Expected long-term rate of return on plan assets		5.55%		6.33%		6.00%
Discount rate		3.80%		4.60%		4.40%
Inflation		3.10%		3.40%		3.00%

Allocation of Plan Assets Table

The allocation of Plan assets is as follows:

	2014		2013
Cash		1%		1%
Equity securities		53%		54%
Fixed-income securities		46%		45%
Total		100%		100%

Schedule Of Fair Value Of Plan Assets By Assets Category

The following table presents the pension plan assets by level within the fair value hierarchy.

(In millions)			Fair Value Measurements at December 27, 2014
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	1	$	1	$	—	$	—
Equity securities
Developed market equity funds		81		81		—		—
Emerging market equity funds		27		27		—		—
Mutual funds real estate		7		—		—		7
Mutual funds		17		—		17		—
Total equity securities		132		108		17		7
Fixed-income securities
UK debt funds		21		—		21		—
Liability term matching debt funds		80		—		80		—
Emerging market debt fund		9		—		9		—
High yield debt		14		—		14		—
Total fixed-income securities		124		—		124		—
Total	$	257	$	109	$	141	$	7

(In millions)			Fair Value Measurements at December 28, 2013
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	1	$	1	$	—	$	—
Equity securities
Developed market equity funds		77		69		8		—
Emerging market equity funds		16		14		2		—
Mutual funds real estate		8		—		1		7
Mutual funds		22		—		22		—
Total equity securities		123		83		33		7
Fixed-income securities
UK debt funds		19		—		19		—
Liability term matching debt funds		73		—		73		—
Emerging market debt fund		9		—		9		—
High yield debt		7		—		7		—
Total fixed-income securities		108		—		108		—
Total	$	232	$	84	$	141	$	7

Anticipated Benefit Payments

Anticipated benefit payments for the European pension plan, at December 27, 2014 exchange rates, are as follows:

(In millions)	Benefit Payments
2015	$	6
2016		6
2017		6
2018		6
2019		6
Next five years	$	34

Reconciliation of the Change in Fair Value of the Pension Plan Assets Calculated based on Level 3 Inputs

The following is a reconciliation of the change in fair value of the pension plan assets calculated based on Level 3 inputs; during 2014, there was no change in the fair value of the pension plan assets or transfers of assets valued based on Level 3 inputs.

(In millions)	Total
Balance at December 29, 2012	$	—
Purchases, sales, and settlements		7
Balance at December 28, 2013	$	7