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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract] |
Schedule of Change in Benefit Obligation and Plan Assets, Funded Status and Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | Below is a summary balance sheet of the change in plan assets during 2015 and 2014, the funded status of the plans, amounts recognized in the Consolidated Statements of Financial Position, and a summary of amounts recognized in accumulated other comprehensive income. Summary of Changes
| Pension Plans |  | Postretirement Benefit Plans
| 2015 |  | 2014 |  | 2015 |  | 2014
(Dollars in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 2,356 |  |  | $ | 867 |  |  | $ | 2,236 |  |  | $ | 736 |  |  | $ | 1,014 |  |  | $ | 962 |
Service cost | 39 |  |  | 15 |  |  | 40 |  |  | 14 |  |  | 8 |  |  | 8 |
Interest cost | 87 |  |  | 26 |  |  | 100 |  |  | 31 |  |  | 39 |  |  | 45 |
Actuarial (gain) loss | (31 | ) |  | (50 | ) |  | 174 |  |  | 149 |  |  | (13 | ) |  | 49 |
Curtailment gain | — |  |  | (4 | ) |  | — |  |  | — |  |  | (2 | ) |  | — |
Settlement | — |  |  | — |  |  | — |  |  | (18 | ) |  | — |  |  | — |
Acquisitions | — |  |  | (10 | ) |  | — |  |  | 48 |  |  | — |  |  | 4 |
Plan amendments and other | — |  |  | — |  |  | — |  |  | — |  |  | (140 | ) |  | 1 |
Plan participants' contributions | — |  |  | 2 |  |  | — |  |  | 2 |  |  | 15 |  |  | 18 |
Effect of currency exchange | — |  |  | (61 | ) |  | — |  |  | (73 | ) |  | (2 | ) |  | — |
Federal subsidy on benefits paid | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Benefits paid | (189 | ) |  | (22 | ) |  | (194 | ) |  | (22 | ) |  | (67 | ) |  | (74 | )
Benefit obligation, end of year | $ | 2,262 |  |  | $ | 763 |  |  | $ | 2,356 |  |  | $ | 867 |  |  | $ | 853 |  |  | $ | 1,014 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 1,968 |  |  | $ | 699 |  |  | $ | 1,887 |  |  | $ | 658 |  |  | $ | 176 |  |  | $ | 179 |
Actual return on plan assets | (23 | ) |  | 7 |  |  | 151 |  |  | 92 |  |  | (1 | ) |  | 16 |
Effect of currency exchange | — |  |  | (48 | ) |  | — |  |  | (60 | ) |  | — |  |  | — |
Company contributions | 131 |  |  | 21 |  |  | 124 |  |  | 22 |  |  | 34 |  |  | 38 |
Reserve for third party contributions | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (3 | )
Plan participants' contributions | — |  |  | 2 |  |  | — |  |  | 2 |  |  | 15 |  |  | 18 |
Benefits paid | (189 | ) |  | (22 | ) |  | (194 | ) |  | (22 | ) |  | (67 | ) |  | (74 | )
Federal subsidy on benefits paid | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Settlements | — |  |  | — |  |  | — |  |  | (18 | ) |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Acquisitions | — |  |  | (9 | ) |  | — |  |  | 25 |  |  | — |  |  | — |
Fair value of plan assets, end of year | $ | 1,887 |  |  | $ | 650 |  |  | $ | 1,968 |  |  | $ | 699 |  |  | $ | 157 |  |  | $ | 176 |
Funded status at end of year | $ | (375 | ) |  | $ | (113 | ) |  | $ | (388 | ) |  | $ | (168 | ) |  | $ | (696 | ) |  | $ | (838 | )
Amounts recognized in the Consolidated Statements of Financial Position consist of: |  |  |  |  |  |  |  |  |  |  |
Other noncurrent assets | $ | — |  |  | $ | 7 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 19 |  |  | $ | 13 |
Current liabilities | (3 | ) |  | — |  |  | (2 | ) |  | (1 | ) |  | (43 | ) |  | (41 | )
Post-employment obligations | (372 | ) |  | (120 | ) |  | (390 | ) |  | (171 | ) |  | (672 | ) |  | (810 | )
Net amount recognized, end of year | $ | (375 | ) |  | $ | (113 | ) |  | $ | (388 | ) |  | $ | (168 | ) |  | $ | (696 | ) |  | $ | (838 | )
Accumulated benefit obligation | $ | 2,146 |  |  | $ | 721 |  |  | $ | 2,254 |  |  | $ | 781 |  |  |  |  |
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |  |  |  |  |  |  |
Prior service (credit) cost | $ | (10 | ) |  | $ | 2 |  |  | $ | (14 | ) |  | $ | (1 | ) |  | $ | (200 | ) |  | $ | (84 | )
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Information for pension plans with projected benefit obligations in excess of plan assets:
(Dollars in millions) | 2015 |  | 2014
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Projected benefit obligation | $ | 2,262 |  |  | $ | 622 |  |  | $ | 1,973 |  |  | $ | 745 |
Fair value of plan assets | 1,887 |  |  | 501 |  |  | 1,581 |  |  | 573 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Information for pension plans with accumulated benefit obligation in excess of plan assets:
(Dollars in millions) | 2015 |  | 2014
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Projected benefit obligation | $ | 2,262 |  |  | $ | 622 |  |  | $ | 1,973 |  |  | $ | 711 |
Accumulated benefit obligation | 2,146 |  |  | 584 |  |  | 1,870 |  |  | 640 |
Fair value of plan assets | 1,887 |  |  | 501 |  |  | 1,581 |  |  | 541 |
Schedule of Benefit Cost and Amounts Recognized in Other Comprehensive Income | Components of net periodic benefit (credit) cost were as follows: Summary of Benefit Costs and Other Amounts Recognized in Other Comprehensive Income
| Pension Plans |  | Postretirement Benefit Plans
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
(Dollars in millions) | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  |  |  |  |  |
Components of net periodic benefit (credit) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 39 |  |  | $ | 15 |  |  | $ | 40 |  |  | $ | 14 |  |  | $ | 43 |  |  | $ | 14 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 11 |
Interest cost | 87 |  |  | 26 |  |  | 100 |  |  | 31 |  |  | 89 |  |  | 27 |  |  | 39 |  |  | 45 |  |  | 44 |
Expected return on assets | (148 | ) |  | (37 | ) |  | (143 | ) |  | (38 | ) |  | (129 | ) |  | (35 | ) |  | (6 | ) |  | (7 | ) |  | (7 | )
Curtailment gain (1) | — |  |  | (7 | ) |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (2 | ) |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | (4 | ) |  | 1 |  |  | (4 | ) |  | — |  |  | (4 | ) |  | — |  |  | (24 | ) |  | (24 | ) |  | (22 | )
Mark-to-market pension and other postretirement benefits (gain) loss | 140 |  |  | (20 | ) |  | 166 |  |  | 95 |  |  | (294 | ) |  | 18 |  |  | (5 | ) |  | 43 |  |  | (107 | )
Net periodic benefit (credit) cost | $ | 114 |  |  | $ | (22 | ) |  | $ | 159 |  |  | $ | 102 |  |  | $ | (295 | ) |  | $ | 23 |  |  | $ | 10 |  |  | $ | 65 |  |  | $ | (81 | )
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Curtailment gain | $ | — |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current year prior service credit | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 140 |  |  | — |  |  | 47 |
Amortization of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | (4 | ) |  | 1 |  |  | (4 | ) |  | — |  |  | (4 | ) |  | — |  |  | (24 | ) |  | (24 | ) |  | (22 | )
Total | $ | (4 | ) |  | $ | (2 | ) |  | $ | (4 | ) |  | $ | — |  |  | $ | (4 | ) |  | $ | — |  |  | $ | 116 |  |  | $ | (24 | ) |  | $ | 25 |
Schedule of Assumptions Used to Develop the Projected Benefit Obligation | The assumptions used to develop the projected benefit obligation for the Company's significant U.S. and non-U.S. defined benefit pension plans and U.S. postretirement benefit plans are provided in the following tables.
| Pension Plans |  | Postretirement Benefit Plans
Weighted-average assumptions used to determine benefit obligations for years ended December 31: | 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
| U.S. | Non-U.S. |  | U.S. | Non-U.S. |  | U.S. | Non-U.S. |  |  |  |  |  |
Discount rate | 4.13 | % | 3.26 | % |  | 3.80 | % | 3.10 | % |  | 4.59 | % | 4.18 | % |  | 4.17 | % |  | 3.91 | % |  | 4.75 | %
Rate of compensation increase | 3.50 | % | 3.00 | % |  | 3.50 | % | 3.24 | % |  | 3.50 | % | 3.49 | % |  | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Health care cost trend |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial |  |  |  |  |  |  |  |  |  | 7.50 | % |  | 7.50 | % |  | 8.00 | %
Decreasing to ultimate trend of |  |  |  |  |  |  |  |  |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
in year |  |  |  |  |  |  |  |  |  | 2021 |  |  | 2020 |  |  | 2020 |
Weighted-average assumptions used to determine net periodic cost for years ended December 31: | 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
| U.S. | Non-U.S. |  | U.S. | Non-U.S. |  | U.S. | Non-U.S. |  |  |  |  |  |
Discount rate | 3.80 | % | 3.10 | % |  | 4.59 | % | 4.18 | % |  | 3.72 | % | 4.16 | % |  | 3.91 | % |  | 4.75 | % |  | 3.91 | %
Expected return on assets | 7.78 | % | 5.50 | % |  | 7.83 | % | 5.78 | % |  | 7.98 | % | 5.90 | % |  | 3.75 | % |  | 3.75 | % |  | 3.75 | %
Rate of compensation increase | 3.50 | % | 3.24 | % |  | 3.50 | % | 3.49 | % |  | 3.50 | % | 3.49 | % |  | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Health care cost trend |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial |  |  |  |  |  |  |  |  |  | 7.50 | % |  | 8.00 | % |  | 8.00 | %
Decreasing to ultimate trend of |  |  |  |  |  |  |  |  |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
in year |  |  |  |  |  |  |  |  |  | 2020 |  |  | 2020 |  |  | 2019 |
Schedule of Fair Value Measurements of Pension Plan Assets on a Recurring Basis | ctively. The following charts reflect the fair value of the defined benefit pension plans assets as of December 31, 2015 and 2014.
(Dollars in millions) |  |  |  |  | Fair Value Measurements at December 31, 2015
Description | December 31, 2015 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Pension Assets: | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Cash & Cash Equivalents (1) | $ | 66 |  |  | $ | 9 |  |  | $ | 66 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Debt (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income (U.S.) | 665 |  |  | 14 |  |  | — |  |  | — |  |  | 665 |  |  | 14 |  |  | — |  |  | — |
Fixed Income (Non-U.S.) | — |  |  | 250 |  |  | — |  |  | — |  |  | — |  |  | 250 |  |  | — |  |  | — |
Fixed Income (Global) | — |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | — |
U.S. Treasury Securities | 36 |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | — |  |  | — |  |  | — |
Public Equity Funds (3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 476 |  |  | 36 |  |  | — |  |  | — |  |  | 476 |  |  | 36 |  |  | — |  |  | — |
Non-U.S. | 358 |  |  | 49 |  |  | — |  |  | — |  |  | 358 |  |  | 49 |  |  | — |  |  | — |
Global | — |  |  | 147 |  |  | — |  |  | — |  |  | — |  |  | 147 |  |  | — |  |  | — |
Other (4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Equity, Real Estate Funds, and Other Alternative Investments | 286 |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 286 |  |  | 42 |
Multi-Asset Common Collective Trusts | — |  |  | 47 |  |  | — |  |  | — |  |  | — |  |  | 47 |  |  | — |  |  | — |
Total | $ | 1,887 |  |  | $ | 650 |  |  | $ | 66 |  |  | $ | 9 |  |  | $ | 1,535 |  |  | $ | 599 |  |  | $ | 286 |  |  | $ | 42 |
(1) | Cash & Cash Equivalents: The carrying amounts of cash and cash equivalents are valued at $1 per unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest bearing accounts.
(2) | Debt: The underlying fixed income investments in this category are generally held in common trust funds, which are either actively or passively managed investment vehicles, that are valued at the net asset value per unit/share multiplied by the number of units/shares held as of the measurement date.
(3) | Public Equity Funds: The underlying equity investments in this category are generally held in common trust funds, which are either actively or passively managed investment vehicles, that are valued at the net asset value per unit/share multiplied by the number of units/shares held as of the measurement date.
(4) | Other: The underlying investments in this category are held in private investment funds. These investments are valued based on the net asset value provided by the management of each private investment fund, adjusted as appropriate, for any lag between the date of the financial reports and the measurement date.
(Dollars in millions) |  |  |  |  | Fair Value Measurements at December 31, 2014
Description | December 31, 2014 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Pension Assets: | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
Cash & Cash Equivalents (1) | $ | 77 |  |  | $ | 19 |  |  | $ | 77 |  |  | $ | 19 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Debt (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income (U.S.) | 662 |  |  | 11 |  |  | — |  |  | — |  |  | 662 |  |  | 11 |  |  | — |  |  | — |
Fixed Income (Non-U.S.) | — |  |  | 278 |  |  | — |  |  | — |  |  | — |  |  | 278 |  |  | — |  |  | — |
Fixed Income (Global) | — |  |  | 28 |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | — |  |  | — |
U.S. Treasury Securities | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |  |  | — |  |  | — |  |  | — |
Public Equity Funds (3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | 509 |  |  | 31 |  |  | — |  |  | — |  |  | 509 |  |  | 31 |  |  | — |  |  | — |
Non-U.S. | 348 |  |  | 48 |  |  | — |  |  | — |  |  | 348 |  |  | 48 |  |  | — |  |  | — |
Global | — |  |  | 154 |  |  | — |  |  | — |  |  | — |  |  | 154 |  |  | — |  |  | — |
Other (4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Equity, Real Estate Funds, and Other Alternative Investments | 335 |  |  | 82 |  |  | — |  |  | — |  |  | — |  |  | 27 |  |  | 335 |  |  | 55 |
Multi-Asset Common Collective Trusts | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  | — |  |  | — |
Total | $ | 1,968 |  |  | $ | 699 |  |  | $ | 77 |  |  | $ | 19 |  |  | $ | 1,556 |  |  | $ | 625 |  |  | $ | 335 |  |  | $ | 55 |
(1) | Cash & Cash Equivalents: The carrying amounts of cash and cash equivalents are valued at $1 per unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest bearing accounts.
(2) | Debt: The underlying fixed income investments in this category are generally held in common trust funds, which are either actively or passively managed investment vehicles, that are valued at the net asset value per unit/share multiplied by the number of units/shares held as of the measurement date.
(3) | Public Equity Funds: The underlying equity investments in this category are generally held in common trust funds, which are either actively or passively managed investment vehicles, that are valued at the net asset value per unit/share multiplied by the number of units/shares held as of the measurement date.
(4) | Other: The underlying investments in this category are held in private investment funds. These investments are valued based on the net asset value provided by the management of each private investment fund, adjusted as appropriate, for any lag between the date of the financial reports and the measurement date.
The following charts reflect the fair value of the postretirement benefit plan assets as of December 31, 2015 and 2014. The postretirement benefit plan is for the voluntary employees' beneficiary association ("VEBA") trust the Company assumed as part of the Solutia acquisition.
(Dollars in millions) |  |  | Fair Value Measurements at December 31, 2015
Description | December 31, 2015 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Postretirement Benefit Plan Assets: |  |  |  |  |  |  |
Cash & Cash Equivalents (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Debt (2): |  |  |  |  |  |  |
Fixed Income (U.S.) | 86 |  |  | — |  |  | 86 |  |  | — |
Fixed Income (Non-U.S.) | 34 |  |  | — |  |  | 34 |  |  | — |
U.S. Treasury Securities | — |  |  | — |  |  | — |  |  | — |
Total | $ | 120 |  |  | $ | — |  |  | $ | 120 |  |  | $ | — |
(Dollars in millions) |  |  | Fair Value Measurements at December 31, 2014
Description | December 31, 2014 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Postretirement Benefit Plan Assets: |  |  |  |  |  |  |
Cash & Cash Equivalents (1) | $ | 6 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Debt (2): |  |  |  |  |  |  |
Fixed Income (U.S.) | 124 |  |  | — |  |  | 124 |  |  | — |
Fixed Income (Non-U.S.) | 2 |  |  | — |  |  | 2 |  |  | — |
U.S. Treasury Securities | 1 |  |  | — |  |  | 1 |  |  | — |
Total | $ | 133 |  |  | $ | 6 |  |  | $ | 127 |  |  | $ | — |
(1) | Cash & Cash Equivalents: The carrying amounts of cash and cash equivalents are valued at $1 per unit, which approximates fair value. Amounts are generally invested in actively managed common trust funds or interest bearing accounts.
(2) | Debt: The underlying fixed income investments in this category are generally held in common trust funds, which are either actively or passively managed investment vehicles, that are valued at the net asset value per unit/share multiplied by the number of units/shares held as of the measurement date.
Schedule of Pension Plan Assets Classified within Level 3 of the Fair Value Hierarchy | as of the measurement date. The Company valued assets with unobservable inputs (Level 3), specifically its alternative investments, investments in private equity and investments in real estate and other funds under the practical expedient method. The practical expedient method allows reporting entities to use the most recently reported net asset value ("NAV") of qualifying investment companies provided it is not probable that the investment will be sold by the reporting entity at an amount different from the most recently reported NAV.
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| U.S. Pension Plans |  | Non-U.S. Pension Plans
(Dollars in millions) | Private Equity |  | Real Estate |  | Other Alternative Investments(1) |  | Total |  | Real Estate |  | Other Alternative Investments(1) |  | Total
Balance at December 31, 2013 | $ | 177 |  |  | $ | 101 |  |  | $ | 84 |  |  | $ | 362 |  |  | $ | 2 |  |  | $ | 25 |  |  | $ | 27 |
Distributions | (40 | ) |  | (29 | ) |  | (17 | ) |  | (86 | ) |  | — |  |  | — |  |  | — |
Unrealized gains | 18 |  |  | 9 |  |  | 4 |  |  | 31 |  |  | — |  | — |  | 4 |  |  | 4 |
Purchases, contributions, and other | 21 |  |  | 2 |  |  | 5 |  |  | 28 |  |  | (2 | ) |  | 26 |  |  | 24 |
Balance at December 31, 2014 | 176 |  |  | 83 |  |  | 76 |  |  | 335 |  |  | — |  |  | 55 |  |  | 55 |
Distributions | (56 | ) |  | (28 | ) |  | (15 | ) |  | (99 | ) |  | — |  |  | — |  |  | — |
Unrealized gains | 23 |  |  | 10 |  |  | (16 | ) |  | 17 |  |  | — |  | — |  | (5 | ) |  | (5 | )
Purchases, contributions, and other | 24 |  |  | 1 |  |  | 8 |  |  | 33 |  |  | — |  |  | (8 | ) |  | (8 | )
Balance at December 31, 2015 | $ | 167 |  |  | $ | 66 |  |  | $ | 53 |  |  | $ | 286 |  |  | $ | — |  |  | $ | 42 |  |  | $ | 42 |
(1) | U.S. primarily consists of natural resource and energy related limited partnership investments. Non-U.S. primarily consists of annuity contracts.
Schedule of US and Non-US Pension Plans Asset Target Allocation by Category | The following chart reflects the target allocation for the Company's U.S. and non-U.S. pension and postretirement benefit plans assets for 2015 and the asset allocation at December 31, 2015 and 2014, by asset category. The postretirement benefit plan is for the VEBA trust the Company assumed as part of the Solutia acquisition.
| U.S. Pension Plans |  | Non-U.S. Pension Plans |  | Postretirement Benefit Plan
| Target Allocation | Plan Assets at December 31, 2015 | Plan Assets at December 31, 2014 |  | Target Allocation | Plan Assets at December 31, 2015 | Plan Assets at December 31, 2014 |  | Target Allocation | Plan Assets at December 31, 2015 | Plan Assets at December 31, 2014
Asset category |  |  |  |  |  |  |  |  |  |  |
Equity securities | 48% | 44% | 44% |  | 31% | 36% | 34% |  | —% | —% | —%
Debt securities | 33% | 41% | 39% |  | 50% | 46% | 48% |  | 100% | 100% | 100%
Real estate | 5% | 4% | 4% |  | 2% | 2% | 2% |  | —% | —% | —%
Other investments (1) | 14% | 11% | 13% |  | 17% | 16% | 16% |  | —% | —% | —%
Total | 100% | 100% | 100% |  | 100% | 100% | 100% |  | 100% | 100% | 100%
(1) | U.S. primarily consists of private equity and natural resource and energy related limited partnership investments. Non-U.S. primarily consists of annuity contract
Schedule Benefits Expected to be Paid from Pension Plans and Benefits | enefit payments, reflecting expected future service, as appropriate, are as follows:
| Pension Plans |  | Postretirement Benefit Plans
(Dollars in millions) | U.S. |  | Non-U.S. |  |
2016 | $ | 227 |  |  | $ | 22 |  |  | $ | 60 |
2017 | 200 |  |  | 22 |  |  | 60 |
2018 | 199 |  |  | 23 |  |  | 59 |
2019 | 197 |  |  | 25 |  |  | 60 |
2020 | 195 |  |  | 26 |  |  | 60 |
2021-2025 | 879 |  |  | 147 |  |  | 296 |

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