PENSION AND POSTRETIREMENT EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of amounts recognized in accumulated other comprehensive loss

The table below presents the amounts recognized in accumulated other comprehensive loss as of December 31, 2016 and 2015:

	Pension Benefit Plans																		Postretirement Benefit Plan
	U.S. Plan									Non-U.S. Plans
(in millions)	2016			2015			2014			2016			2015			2014			2016		2015			2014
Unrecognized actuarial (losses) gains	$	(26	)	$	(24	)	$	(18	)	$	(61	)	$	(40	)	$	(73	)	$	—	$	(1	)	$	(4	)
Unrecognized prior service credits	$	—		$	—		$	—		$	26		$	24		$	27		$	23	$	23		$	26

Components of net periodic benefit cost

The following table provides the components of net periodic (benefit) cost for the Company’s defined benefit pension plans and postretirement benefit plan for the years ended December 31, 2016, 2015 and 2014:

	Pension Benefit Plans																		Postretirement Benefit Plan
	U.S. Plan									Non-U.S. Plans
(in millions)	2016			2015			2014			2016			2015			2014			2016			2015			2014
Service cost	$	2		$	2		$	—		$	3		$	3		$	4		$	—		$	2		$	2
Interest cost	8			10			11			6			6			8			2			2			2
Expected return on plan assets	(13		)	(15		)	(15		)	(7		)	(7		)	(8		)	—			—			—
Amortization of net loss (gain)	—			—			—			—			1			—			—			—			—
Curtailment gain recognized	—			—			—			—			—			(2		)	—			—			—
Amortization of prior service credit	—			—			—			(1		)	(1		)	—			(3		)	(3		)	(3		)
Settlement loss (gain) recognized	—			—			1			—			2			—			—			—			—
Other	—			—			—			2			—			1			—			—			—
Net periodic (benefit) cost	$	(3	)	$	(3	)	$	(3	)	$	3		$	4		$	3		$	(1	)	$	1		$	1

Components of the change in projected benefit obligations, change in plan assets and funded status

The table below presents components of the change in projected benefit obligation, change in plan assets and funded status for the years 2016 and 2015:

	Pension Benefit Plans												Postretirement Benefit Plan
	U.S. Plan						Non-U.S. Plans
(in millions)	2016			2015			2016			2015			2016			2015
Change in Projected benefit Obligation
Projected benefit obligation, beginning of year	$	232		$	252		$	217		$	273		$	58		$	62
Service cost	2			2			3			3			—			2
Interest cost	8			10			6			6			2			2
Employee contributions	—			—			—			—			1			1
Plan amendments	—			—			(4		)	—			(2		)	—
Settlements	—			—			(5		)	(9		)	—			—
Benefits paid	(15		)	(16		)	(5		)	(5		)	(6		)	(7		)
Actuarial (gains) losses	3			(15		)	25			(28		)	(1		)	(2		)
Currency translation adjustments	—			—			(8		)	(26		)	—			—
Other	—			(1		)	1			3			—			—
Projected benefit obligation, end of year	230			232			230			217			52			58
Change in Plan Assets
Fair value of plan assets, beginning of year	182			197			126			141			4			9
Actual return on plan assets	14			(6		)	7			4			(1		)	—
Employee contributions	—			—			—			—			1			1
Company contributions	—			7			9			6			2			—
Settlements	—			—			(4		)	(9		)	—			—
Benefits paid	(15		)	(16		)	(5		)	(5		)	(6		)	(7		)
Currency translation adjustments	—			—			(5		)	(13		)	—			—
Other	—			—			—			2			—			1
Fair value of plan assets, end of year	181			182			128			126			—			4
Funded Status at end of year	$	(49	)	$	(50	)	$	(102	)	$	(91	)	$	(52	)	$	(54	)
Recognized as:
Other non-current assets, net	$	—		$	—		$	—		$	—		$	—		$	—
Accrued and other current liabilities	—			—			(2		)	(1		)	(6		)	(3		)
Pension and other benefit liabilities	(49		)	(50		)	(100		)	(90		)	(46		)	(51		)

Schedule of underfunded plans

Information for the underfunded pension benefit plans is as follows:

	U.S. Plan				Non-U.S. Plans
(in millions)	2016		2015		2016		2015
Projected benefit obligation	$	230	$	232	$	230	$	216
Accumulated benefit obligation	230		232		221		207
Fair value of plan assets	181		182		128		125

Information for the pension benefit plans that are underfunded on a projected benefit obligation basis (versus underfunded on an accumulated benefit basis as in the table above) for the years 2016 and 2015 were as follows:

	U.S. Plan				Non-U.S. Plans
(in millions)	2016		2015		2016		2015
Projected benefit obligation	$	230	$	232	$	230	$	217
Fair value of plan assets	181		182		128		126

Future benefit payments for the pension benefit plans

Future benefit payments over the next 10 years for the pension benefit plans and the postretirement benefit plan, which reflect expected future service, as appropriate, are expected to be paid as follows:

(in millions)	Pension Benefit Plans				Postretirement  Benefit  Plan
	U.S. Plan		Non-U.S. Plans
2017	$	14	$	3	$	6
2018	18		3		6
2019	18		4		5
2020	18		4		5
2021	18		5		4
2022-2026	81		29		17

Weighted-average assumptions used to determine net periodic benefit costs and benefit obligations

The weighted-average assumptions used to determine net periodic benefit costs and benefit obligations for the years ended December 31, 2016, 2015 and 2014 were as follows:

	Pension Benefit Plans						Postretirement Benefit Plan(1)
	2016		2015		2014		2016		2015		2014
For Determining Net Periodic (Benefit) Cost
U.S. Plans:
Discount rate(2)	4.34	%	3.90	%	4.70	%	4.13	%	3.70	%	4.30	%
Expected rate of return on plan assets	7.50	%	7.50	%	7.50	%	5.50	%	5.50	%	5.50	%
Rate of compensation increase	—		—		—		—		—		—
Non-U.S. Plans:
Discount rate	2.74	%	2.41	%	3.86	%
Expected rate of return on plan assets	5.46	%	5.60	%	5.63	%
Rate of compensation increase	2.87	%	2.86	%	2.88	%

	Pension Benefit Plans				Postretirement Benefit Plan(1)
	2016		2015		2016		2015
For Determining Benefit Obligation
U.S. Plans:
Discount rate	4.04	%	4.34	%	3.85	%	4.13	%
Rate of compensation increase	—		—		—		—
Non-U.S. Plans:
Discount rate	2.08	%	2.74	%
Rate of compensation increase	2.64	%	2.87	%

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(1) The Company does not have non-U.S. postretirement benefit plans.

(2) The discount rate in 2014 for the U.S. postretirement benefit plan was impacted by the amendment described above which eliminated coverage for new retirees.

Target asset allocations

Pension and postretirement benefit plan assets are invested in several asset categories. The following presents the actual asset allocation as of December 31, 2016 and 2015:

	Pension Benefit Plans				Postretirement Benefit Plan
	2016		2015		2016	2015
U.S. Plan
Equity securities	61	%	61	%	Not applicable	57	%
Fixed income securities	39	%	39	%	Not applicable	20	%
Cash	—	%	—	%	Not applicable	23	%
Non-U.S. Plans
Equity securities	47	%	44	%
Fixed income securities	42	%	41	%
Other	11	%	15	%

Fair value of pension and postretirement benefit plan assets assumed in connection with the Acquisition

The table below presents total plan assets by investment category as of December 31, 2016 and 2015 and the classification of each investment category within the fair value hierarchy with respect to the inputs used to measure fair value. There were no transfers between Level 1 and Level 2 for the years ended December 31, 2016 and 2015.

	Pension Benefit Plans - U.S. Plans
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)	As of December 31, 2016								As of December 31, 2015
Cash & cash equivalents(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commingled funds:(2)(3)
Equity securities:
U.S. broad market	—		70		—		70		—		69		—		69
Emerging markets	—		16		—		16		—		16		—		16
Worldwide developed markets	—		25		—		25		—		25		—		25
Fixed income securities:
Investment grade	—		52		—		52		—		53		—		53
Global high yield	—		18		—		18		—		19		—		19
	$	—	$	181	$	—	$	181	$	—	$	182	$	—	$	182

	Pension Benefit Plans - Non-U.S. Plans
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)	As of December 31, 2016								As of December 31, 2015
Cash & cash equivalents(1)	$	10	$	—	$	—	$	10	$	13	$	—	$	—	$	13
Commingled funds:(2)(3)
Equity securities:
Emerging markets	—		—		—		—		—		—		—		—
Worldwide developed markets	—		59		—		59		—		56		—		56
Fixed income securities:
Investment grade	—		10		—		10		—		10		—		10
Global high yield	—		1		—		1		—		1		—		1
Government bond funds	—		43		—		43		—		40		—		40
Other assets	—		5		—		5		—		6		—		6
	$	10	$	118	$	—	$	128	$	13	$	113	$	—	$	126

	Postretirement Benefit Plan
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
(in millions)	As of December 31, 2016								As of December 31, 2015
Cash	$	—	$	—	$	—	$	—	$	1	$	—	$	—	$	1
Insurance policies(4)	—		—		—		—		—		3		—		3
	$	—	$	—	$	—	$	—	$	1	$	3	$	—	$	4

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(1) Cash equivalents consisted primarily of term deposits and money market instruments. The fair value of the term deposits approximates their carrying amounts due to their short term maturities. The money market instruments also have short maturities and are valued using a market approach based on the quoted market prices of identical instruments.

(2) Commingled funds are not publicly traded. The underlying assets in these funds are publicly traded on the exchanges and have readily available price quotes. The Ireland pension plans held approximately 90% of the non-U.S. commingled funds in both 2016 and 2015. The commingled funds held by the U.S. and Ireland pension plans are primarily invested in index funds.

(3) The underlying assets in the fixed income funds are generally valued using the net asset value per fund share, which is derived using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.

(4) The insurance policies held by the postretirement benefit plan consist of variable life insurance contracts whose fair value is their cash surrender value. Cash surrender value is the amount currently payable by the insurance company upon surrender of the policy and is based principally on the net asset values of the underlying trust funds. The trust funds are commingled funds that are not publicly traded. The underlying assets in these funds are primarily publicly traded on exchanges and have readily available price quotes.

Health care cost trend rate assumptions

The health care cost trend rate assumptions for the postretirement benefit plan were as follows:

	2016	2015
Health care cost trend rate assumed for next year	Not applicable	7.02	%
Rate to which the cost trend rate is assumed to decline	Not applicable	4.50	%
Year that the rate reaches the ultimate trend rate	Not applicable	2038