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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 26, 2015

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 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)		2015				2014				2015				2014
Changes in projected benefit obligation:
Obligation at beginning of period		$	1,218			$	1,122			$	17			$	17
Service cost			3				3				—				—
Interest cost			46				52				1				1
Actuarial (gain) loss			(78	)			138				(2	)			1
Currency exchange rate change			—				—				(2	)			(1	)
Benefits paid			(95	)			(97	)			(1	)			(1	)
Obligation at end of period		$	1,094			$	1,218			$	13			$	17
Change in plan assets:
Fair value of plan assets at beginning of period		$	1,039			$	986			$	—			$	—
Actual return (loss) on plan assets			(30	)			107				—				—
Employer contribution			8				43				1				1
Benefits paid			(95	)			(97	)			(1	)			(1	)
Fair value of plan assets at end of period			922				1,039				—				—
Net liability recognized at end of period		$	(172	)		$	(179	)		$	(13	)		$	(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)		2015				2014				2015				2014
Noncurrent assets		$	—			$	—			$	—			$	—
Current liabilities			(3	)			(3	)			(1	)			(1	)
Noncurrent liabilities			(169	)			(176	)			(12	)			(16	)
Net amount recognized		$	(172	)		$	(179	)		$	(13	)		$	(17	)

Components of Net Periodic Cost (Benefit)

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

		Pension Benefits												Other Benefits
(In millions)		2015				2014				2013				2015				2014				2013
Service cost		$	3			$	3			$	—			$	—			$	—			$	—
Interest cost			46				52				7				1				1				—
Expected return on plan assets			(56	)			(62	)			(8	)			—				—				—
Net periodic cost (benefit)		$	(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)		2015				2014				2013				2015				2014				2013
Accumulated other comprehensive loss (income) at beginning of year		$	67			$	(26	)		$	—			$	1			$	—			$	—
Net loss (gain)			9				93				(26	)			(2	)			1				—
Accumulated other comprehensive loss (income) at end of year		$	76			$	67			$	(26	)		$	(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
		2015				2014				2013				2015				2014				2013				2015				2014				2013
Discount rate			4.33	%			3.91	%			4.84	%			3.70	%			3.40	%			4.00	%			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
		2015				2014				2013				2015				2014				2013				2015				2014				2013
Discount rate			3.91	%			4.84	%			4.76	%			3.40	%			4.00	%			3.80	%			4.00	%			4.80	%			4.60%
Expected long-term rate of return on plan assets			5.85	%			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:

		2015				2014				2013
Weighted average assumptions as of year-end:
Healthcare cost trend rate assumed for next year			6.20	%			6.40	%			6.70%
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:

		2015				2014
Money market funds			2	%			2%
Equity securities			9	%			8%
Fixed-income securities			57	%			64%
Mutual funds			31	%			25%
Other			1	%			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 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
Mutual funds			290				—				290				—
Other, including plan receivables and payables			7				7				—				—
Total other			297				7				290				—
		$	922			$	94			$	828			$	—

(In millions)						Fair Value Measurements 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				—				—
			265				10				255				—
		$	1,039			$	96			$	943			$	—

Anticipated Benefit Payments

Anticipated benefit payments by year are as follows:

(In millions)		Pension Benefits				Other Benefits
2016		$	91			$	1
2017			88				1
2018			86				1
2019			84				1
2020			82				1
Next five years			375				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)		2015				2014
Changes in projected benefit obligation:
Obligation at beginning of period		$	239			$	224
Service cost			—				—
Interest cost			9				10
Benefits paid			(7	)			(6	)
Actuarial (gain) loss			(20	)			25
Currency translation			(11	)			(14	)
Obligation at end of period			210				239
Changes in plan assets:
Fair value of plan assets at beginning of period			257				232
Actual return on plan assets			2				47
Benefits paid			(7	)			(6	)
Currency translation			(12	)			(16	)
Fair value of plan assets at end of period			240				257
Net asset recognized at end of period		$	30			$	18

Components of Net Periodic Cost (Benefit)

The components of net periodic benefit are presented below:

(In millions)		2015				2014				2013
Service cost		$	—			$	—			$	—
Interest cost			9				10				9
Expected return on plan assets			(14	)			(14	)			(13	)
Net periodic pension benefit		$	(5	)		$	(4	)		$	(4	)

Weighted Average Assumptions Used in the Measurement of Benefit Obligations

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

		2015				2014				2013
Expected long-term rate of return on plan assets			4.78	%			5.55	%			6.33%
Discount rate			3.90	%			3.80	%			4.60%
Inflation			3.00	%			3.10	%			3.40%

Allocation of Plan Assets Table

The allocation of Plan assets is as follows:

		2015				2014
Cash			—	%			1%
Equity securities			50	%			53%
Fixed-income securities			50	%			46%
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 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

(In millions)						Fair Value Measurements 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

Anticipated Benefit Payments

Anticipated benefit payments for the European pension plan, at 2015 year-end exchange rates, are as follows:

(In millions)		Benefit Payments
2016		$	7
2017			7
2018			7
2019			7
2020			8
Next five years			41

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 27, 2014		$	7
Actual return on plan assets			1
Balance at December 31, 2015		$	8

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