EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

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 plans assets, as well as the funded status of the plans to amounts recognized on the Company’s Consolidated Balance Sheets. Pension plans with benefit obligations and accumulated benefit obligations exceed plan assets in all individual plans.


	Pension Benefits						Other Benefits
(In millions)	2016			2015			2016			2015
Changes in projected benefit obligation:
Obligation at beginning of period	$	1,094		$	1,218		$	13		$	17
Service cost		7			3			—			—
Interest cost		45			46			1			1
Actuarial (gain) loss		(8	)		(78	)		—			(2	)
Currency exchange rate change		—			—			—			(2	)
Benefits paid		(138	)		(95	)		(1	)		(1	)

Obligation at end of period	$	1,000		$	1,094		$	13		$	13

Change in plan assets:
Fair value of plan assets at beginning of period	$	922		$	1,039		$	—		$	—
Actual return (loss) on plan assets		84			(30	)		—			—
Employer contribution		2			8			1			1
Benefits paid		(138	)		(95	)		(1	)		(1	)

Fair value of plan assets at end of period		870			922			—			—

Net liability recognized at end of period	$	(130	)	$	(172	)	$	(13	)	$	(13	)

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)	2016			2015			2016			2015
Noncurrent assets	$	—		$	—		$	—		$	—
Current liabilities		(2	)		(3	)		(1	)		(1	)
Noncurrent liabilities		(128	)		(169	)		(12	)		(12	)

Net amount recognized	$	(130	)	$	(172	)	$	(13	)	$	(13	)

Components of Net Periodic Cost (Benefit)

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


	Pension Benefits									Other Benefits
(In millions)	2016			2015			2014			2016		2015		2014
Service cost	$	7		$	3		$	3		$	—	$	—	$	—
Interest cost		45			46			52			1		1		1
Expected return on plan assets		(55	)		(56	)		(62	)		—		—		—

Net periodic cost (benefit)	$	(3	)	$	(7	)	$	(7	)	$	1	$	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)	2016			2015		2014			2016			2015			2014
Accumulated other comprehensive loss (income) at beginning of year	$	76		$	67	$	(26	)	$	(1	)	$	1		$	—
Net loss (gain)		(38	)		9		93			—			(2	)		1

Accumulated other comprehensive loss (income) at end of year	$	38		$	76	$	67		$	(1	)	$	(1	)	$	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
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Discount rate		4.11	%		4.33	%		3.91	%		3.60	%		3.70	%		3.40	%		3.80	%		4.00	%		4.00%

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


										Other Benefits
	Pension Benefits									United States									Canada
	2016			2015			2014			2016			2015			2014			2016			2015			2014
Discount rate		4.33	%		3.91	%		4.84	%		3.70	%		3.40	%		4.00	%		4.00	%		4.00	%		4.80%
Expected long-term rate of return on plan assets		6.00	%		5.85	%		6.50	%		—	%		—	%		—	%		—	%		—	%		—%

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:


	2016			2015			2014
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year		5.90	%		6.20	%		6.40%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.50	%		4.50	%		4.50%
Year that the rate reaches the ultimate trend rate		2022			2022			2022

Allocation of Plan Assets Table

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


	2016			2015
Money market funds		3	%		2%
Equity securities		11			9
Fixed-income securities		50			57
Mutual funds		36			31
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 2016
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		29		29		—		—
U.S. small and mid-cap		4		4		—		—
International		60		60		—		—

Total equity securities		93		93		—		—

Fixed-income securities
Corporate bonds		407		—		407		—
Government securities		14		—		14		—
Other fixed-income		16		—		16		—

Total fixed-income securities		437		—		437		—

Other
Mutual funds		312		—		312		—
Other, including plan receivables and payables		3		3		—		—

Total other		315		3		312		—

	$	870	$	96	$	774	$	—


			Fair Value Measurements 2015
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	$	19	$	—	$	19	$	—
Equity securities
U.S. large-cap		25		25		—		—
U.S. small and mid-cap		4		4		—		—
International		58		58		—		—

Total equity securities		87		87		—		—

Fixed-income securities
Corporate bonds		485		—		485		—
Government securities		10		—		10		—
Other fixed-income		24		—		24		—

Total fixed-income securities		519		—		519		—

Other
Equity mutual funds		290		—		290		—
Other, including plan receivables and payables		7		7		—		—

Total other		297		7		290		—

	$	922	$	94	$	828	$	—

Anticipated Benefit Payments

Anticipated benefit payments by year are as follows:


(in millions)	Pension Benefits		Other Benefits
2017	$	87	$	1
2018		85		1
2019		82		1
2020		80		1
2021		77		1
Next five years		346		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)	2016			2015
Changes in projected benefit obligation:
Obligation at beginning of period	$	210		$	239
Service cost		—			—
Interest cost		7			9
Benefits paid		(6	)		(7	)
Actuarial (gain) loss		59			(20	)
Currency translation		(40	)		(11	)

Obligation at end of period		230			210

Changes in plan assets:
Fair value of plan assets at beginning of period		240			257
Actual return on plan assets		62			2
Company contributions		29			—
Benefits paid		(6	)		(7	)
Currency translation		(47	)		(12	)

Fair value of plan assets at end of period		278			240

Net asset recognized at end of period	$	48		$	30

Components of Net Periodic Cost (Benefit)

The components of net periodic benefit are presented below:


(In millions)	2016			2015			2014
Service cost	$	—		$	—		$	—
Interest cost		7			9			10
Expected return on plan assets		(10	)		(14	)		(14	)

Net periodic pension benefit	$	(3	)	$	(5	)	$	(4	)

Weighted Average Assumptions Used in the Measurement of Benefit Obligations

Assumptions used in calculating the funded status and net periodic benefit included:


	2016			2015			2014
Expected long-term rate of return on plan assets		4.07	%		4.78	%		5.55%
Discount rate		2.70	%		3.90	%		3.80%
Inflation		3.20	%		3.00	%		3.10%

Allocation of Plan Assets Table

The allocation of Plan assets is as follows:


	2016			2015
Cash		9	%		—%
Equity securities		21	%		50%
Fixed-income securities		70	%		50%

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 2016
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	25	$	25	$	—	$	—
Equity securities
Developed market equity funds		19		19		—		—
Emerging market equity funds		7		7		—		—
Mutual funds real estate		7		—		—		7
Mutual funds		27		—		27		—

Total equity securities		60		26		27		7

Fixed-income securities
UK debt funds		62		—		62		—
Liability term matching debt funds		109		—		109		—
Emerging market debt fund		2		—		2		—
High yield debt		20		—		20		—

Total fixed-income securities		193		—		193		—

Total	$	278	$	51	$	220	$	7


(In millions)			Fair Value Measurements 2015
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	—	$	—	$	—	$	—
Equity securities
Developed market equity funds		70		70		—		—
Emerging market equity funds		15		15		—		—
Mutual funds real estate		8		—		—		8
Mutual funds		27		—		27		—

Total equity securities		120		85		27		8

Fixed-income securities
UK debt funds		25		—		25		—
Liability term matching debt funds		71		—		71		—
Emerging market debt fund		8		—		8		—
High yield debt		16		—		16		—

Total fixed-income securities		120		—		120		—

Total	$	240	$	85	$	147	$	8

Anticipated Benefit Payments

Anticipated benefit payments for the European pension plan, at 2016 year-end exchange rates, are as follows:


(In millions)	Benefit Payments
2017	$	6
2018		6
2019		6
2020		7
2021		7
Next five years		36

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 2016, 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 26, 2015	$	8
Currency translation		(1	)

Balance at December 31, 2016	$	7