LANXESS Solutions US (CEMJQ) 10-K 22 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2015	Jan. 31, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	Chemtura Corporation
Entity Central Index Key	1,091,862
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1.9
Entity Common Stock, Shares Outstanding		66.1
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
NET SALES	$ 399	$ 444	$ 464	$ 438	$ 467	$ 558	$ 609	$ 556	$ 1,745	$ 2,190	$ 2,231
COSTS AND EXPENSES
Cost of goods sold									1,312	1,682	1,721
Selling, general and administrative									151	255	229
Depreciation and amortization									93	102	101
Research and development									20	36	40
Facility closures, severance and related costs					19				3	25	42
Loss (gain) on sale of business					(529)				4	(529)	0
Impairment charges									1	0	0
Equity income									(1)	0	0
OPERATING INCOME									162	619	98
Interest expense									(30)	(45)	(60)
Loss on early extinguishment of debt					(7)				0	(7)	(50)
Other income, net									20	12	8
Earnings (loss) from continuing operations before income taxes									152	579	(4)
Income tax (expense) benefit									(16)	192	(18)
Earnings (loss) from continuing operations									136	771	(22)
Earnings from discontinued operations, net of tax									0	1	25
Loss on sale of discontinued operations, net of tax	0	0	1	(1)	0	0	(4)	(5)	0	(9)	(180)
Net earnings (loss)	$ 66	$ 31	$ 19	$ 20	$ 703	$ 15	$ 39	$ 6	$ 136	$ 763	$ (177)
BASIC PER SHARE INFORMATION:
Earnings (loss) from continuing operations, net of tax (in dollars per share)	$ 0.98	$ 0.46	$ 0.27	$ 0.31	$ 8.57	$ 0.17	$ 0.46	$ 0.10	$ 2.01	$ 8.55	$ (0.23)
Earnings from discontinued operations, net of tax (in dollars per share)					0	0	0	0.01	0	0.01	0.26
Loss on sale of discontinued operations, net of tax (in dollars per share)	0	0	0.01	(0.01)	0	0	(0.04)	(0.05)	0	(0.10)	(1.84)
Net earnings (loss) (in dollars per share)	0.98	0.46	0.28	0.30	8.57	0.17	0.42	0.06	2.01	8.46	(1.81)
DILUTED PER SHARE INFORMATION:
Earnings (loss) from continuing operations, net of tax (in dollars per share)	0.96	0.45	0.26	0.30	8.44	0.17	0.46	0.10	1.98	8.43	(0.23)
Earnings from discontinued operations, net of tax (in dollars per share)					0	0	0	0.01	0	0.01	0.26
Loss on sale of discontinued operations, net of tax (in dollars per share)	0	0	0.01	(0.01)	0	0	(0.04)	(0.05)	0	(0.10)	(1.84)
Net earnings (loss) (in dollars per share)	$ 0.96	$ 0.45	$ 0.27	$ 0.29	$ 8.44	$ 0.17	$ 0.42	$ 0.06	$ 1.98	$ 8.34	$ (1.81)
Basic weighted - average shares outstanding (in shares)	67.4	67.5	67.6	68.8	82	89.4	93.2	96.3	67.8	90.2	97.7
Diluted weighted - average shares outstanding (in shares)	68.5	68.3	68.5	69.8	83.3	90.7	94.4	97.8	68.8	91.5	97.7

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 66	$ 31	$ 19	$ 20	$ 703	$ 15	$ 39	$ 6	$ 136	$ 763	$ (177)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments - net of income tax benefit (expense) of $11, $10 and $(3)									(55)	(73)	(60)
Unrecognized pension and other post-retirement benefit changes - net of income tax (expense) benefit of $(8), $39 and $(16)									(15)	(39)	208
Available for sale securities adjustments									5	(5)	0
Comprehensive income (loss)									$ 71	$ 646	$ (29)

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Foreign currency translation adjustments, income tax benefit (expense)	$ 11	$ 10	$ (3)
Unrecognized pension and other post-retirement benefit costs, income tax benefit (expense)	$ (8)	$ 39	$ (16)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 323	$ 392
Accounts receivable, net	210	251
Inventories, net	315	329
Other current assets	130	238
Assets held for sale	0	6
Total current assets	978	1,216
NON-CURRENT ASSETS
Property, plant and equipment	663	704
Goodwill	166	172
Intangible assets, net	88	99
Deferred tax asset - non-current	354	313
Other assets	117	163
Total Assets	2,366	2,667
CURRENT LIABILITIES
Short-term borrowings	46	18
Accounts payable	120	146
Accrued expenses	142	170
Below market obligation - current	38	38
Income taxes payable	15	24
Liabilities held for sale	0	9
Total current liabilities	361	405
NON-CURRENT LIABILITIES
Long-term debt	471	556
Pension and post-retirement health care liabilities	270	318
Below market obligation - non-current	145	185
Deferred tax liability - non-current	7	25
Other liabilities	110	124
Total liabilities	1,364	1,613
EQUITY
Common stock - $.01 par value, authorized - 500.0 shares, issued - 100.6 shares in 2015 and 100.5 shares in 2014	1	1
Additional paid-in capital	4,371	4,383
Accumulated deficit	(2,126)	(2,262)
Accumulated other comprehensive loss	(462)	(397)
Treasury stock at cost - 33.4 shares in 2015 and 28.8 shares in 2014	(783)	(672)
Total Chemtura stockholders' equity	1,001	1,053
Non-controlling interests	1	1
Total equity	1,002	1,054
Total Liabilities and Equity	$ 2,366	$ 2,667

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Authorized shares	500,000,000	500,000,000
Common stock, Issued shares	100,600,000	100,500,000
Treasury stock at cost, shares	33,400,000	28,800,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ 136	$ 763	$ (177)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Loss on sale of discontinued operations	0	9	180
Loss (gain) on sale of business	4	(529)	0
Impairment charges	1	0	7
Agrochemical Manufacturing supply agreements	(38)	(6)	0
Release of translation adjustment from liquidation of entities	(8)	0	(13)
Loss on early extinguishment of debt	0	7	50
Depreciation and amortization	93	102	123
Stock-based compensation expense	12	14	14
Deferred tax (benefit) expense	(14)	(274)	1
Other non-cash transactions	0	3	(1)
Changes in assets and liabilities, net:
Accounts receivable	24	(89)	(20)
Inventories	(5)	(31)	(13)
Other current assets	4	(27)	(14)
Other assets	7	6	(18)
Accounts payable	(18)	4	20
Accrued expenses	(6)	(37)	(18)
Income taxes payable	(8)	19	5
Pension and post-retirement health care liabilities	(28)	(27)	(59)
Other liabilities	4	12	15
Other	(1)	3	(3)
Net cash provided by (used in) operating activities	159	(78)	79
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net	3	984	357
Payments for acquisitions, net of cash acquired	0	0	(3)
Sale of Platform Specialty Products Corporation shares	54	0	0
Capital expenditures	(80)	(113)	(170)
Net cash (used in) provided by investing activities	(23)	871	184
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long term debt	1	19	481
Payments on long term debt, includes premium on tendering of notes	(60)	(350)	(502)
Payments on other short term borrowings, net	0	(1)	(1)
Payments for debt issuance and refinancing costs	0	0	(12)
Common shares acquired	(150)	(618)	(54)
Proceeds from exercise of stock options	20	10	8
Other financing activities	0	5	0
Net cash used in financing activities	(189)	(935)	(80)
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents	(16)	(15)	1
Change in cash and cash equivalents	(69)	(157)	184
Cash and cash equivalents at beginning of year	392	549	365
Cash and cash equivalents at end of year	$ 323	$ 392	$ 549

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock	Total Chemtura Stockholders Equity	Non Controlling Interests
Beginning balance (in shares) at Dec. 31, 2012		98
Beginning balance at Dec. 31, 2012	$ 1,068	$ 1	$ 4,366	$ (2,848)	$ (428)	$ (30)	$ 1,061	$ 7
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	(177)			(177)			(177)	0
Other comprehensive income (loss)	148				148		148
Divestiture	(6)							(6)
Share-based compensation	14		14				14
Stock options exercised (in shares)		0.5
Stock options exercised	8		1			7	8
Common shares acquired (in shares)		(2.4)
Common shares acquired	(54)					(54)	(54)
Other issuances (in shares)		0.4
Other issuances	(2)		(6)			4	(2)
Ending balance (in shares) at Dec. 31, 2013		96.5
Ending balance at Dec. 31, 2013	999	$ 1	4,375	(3,025)	(280)	(73)	998	1
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	763			763			763
Other comprehensive income (loss)	(117)				(117)		(117)
Share-based compensation	14		14				14
Stock options exercised (in shares)		0.6
Stock options exercised	$ 14		1			13	14
Common shares acquired (in shares)	(12.1)	(25.8)
Common shares acquired	$ (618)					(618)	(618)
Other issuances (in shares)		0.4
Other issuances	(1)		(7)			6	(1)
Ending balance (in shares) at Dec. 31, 2014		71.7
Ending balance at Dec. 31, 2014	1,054	$ 1	4,383	(2,262)	(397)	(672)	1,053	1
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)	136			136			136	0
Other comprehensive income (loss)	(65)				(65)		(65)
Share-based compensation	12		12				12
Stock options exercised (in shares)		1.3
Stock options exercised	$ 20		(9)			29	20
Common shares acquired (in shares)	(6.2)	(6.2)
Common shares acquired	$ (150)					(150)	(150)
Other issuances (in shares)		0.4
Other issuances	(5)		(15)			10	(5)
Ending balance (in shares) at Dec. 31, 2015		67.2
Ending balance at Dec. 31, 2015	$ 1,002	$ 1	$ 4,371	$ (2,126)	$ (462)	$ (783)	$ 1,001	$ 1

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Chemtura Corporation, together with our consolidated subsidiaries, is a chemical company dedicated to delivering innovative, performance-driven engineered specialty chemical solutions which are used as additives, ingredients or intermediates that add value to our customers' end products. We are committed to global sustainability through “greener technology” and developing engineered chemical solutions that meet our customers’ evolving needs. We operate in a wide variety of end-use industries, including automotive, building and construction, electronics, energy, lubricants, packaging and transportation. We are a leader in many of our key product lines and transact business in approximately 90 countries. With the completion of the sale of our Chemtura AgroSolutions business in 2014 and our antioxidant and UV stabilizer ("Antioxidants") and Consumer Products businesses in 2013, we have completed our transformation into an operating company focused primarily on serving the global specialty chemical market. Our principal executive offices are located in Philadelphia, Pennsylvania and Middlebury, Connecticut. When we use the terms “Corporation,” “Company,” “Chemtura,” “Registrant,” “We,” “Us” and “Our,” unless otherwise indicated or the context otherwise requires, we are referring to Chemtura Corporation and our consolidated subsidiaries. Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of Chemtura and our wholly-owned and majority-owned subsidiaries that we control. Other affiliates in which we have a 20% to 50% ownership interest or a non-controlling majority interest are accounted for in accordance with the equity method. Other investments in which we have less than 20% ownership are recorded at cost. All significant intercompany balances and transactions have been eliminated in consolidation. Our Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. These changes did not have a material impact on previously reported results of operations, cash flows or financial position. Accounting Policies Revenue Recognition Substantially all of our revenues are derived from the sale of products. Revenue is recognized when risk of loss and title to the product is transferred to the customer. Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities with the collected taxes recorded as current liabilities until remitted to the respective governmental authorities. Our products are sold subject to various shipping terms. Our terms of delivery are included on our sales invoices and order confirmation documents. We record the revenue and costs associated with our supply agreements for our Agrochemical Manufacturing segment on a gross basis. Additionally, included in revenue for this segment is the recognition of our fulfillment of the below market contract obligation associated with these supply agreements, net of discount accretion, on a straight-line basis based on our estimate of the timing of shipments. Customer Rebates We accrue for the estimated cost of customer rebates as a reduction of sales. Customer rebates are primarily based on customers achieving defined sales targets over a specified period of time. We estimate the cost of these rebates based on the likelihood of the rebate being achieved and recognize the cost as a deduction from sales when such sales are recognized. Rebate programs are monitored on a regular basis and adjusted as required. Customer rebates are included as a reduction to accounts receivable on our Consolidated Balance Sheet. Customer rebates in 2014 and 2013 primarily related to activity within our Chemtura AgroSolutions and Consumer Products businesses which have since been divested. Activity in our customer rebate accounts are as follows: (In millions) 2015 2014 2013 Balance, January 1 $ 2 $ 10 $ 14 Charged to costs and expenses 6 37 36 Payments to customers (5 ) (40 ) (40 ) Other 1 — (5 ) — Balance, December 31 $ 3 $ 2 $ 10 1 Relates to the sale of Chemtura AgroSolutions in November 2014. Operating Costs and Expenses Cost of goods sold (“COGS”) includes all costs incurred in manufacturing goods, including raw materials, direct manufacturing costs and manufacturing overhead. COGS also includes warehousing, distribution, engineering, purchasing, customer service, environmental, health and safety functions, and shipping and handling costs for outbound product shipments. Selling, general and administrative (“SG&A”) expenses include costs and expenses related to the following functions and activities: selling, advertising, legal, provision for doubtful accounts, corporate facilities and corporate administration. SG&A also includes accounting, information technology, finance and human resources, excluding direct support in manufacturing operations, which is included as COGS. Research and development (“R&D”) expenses include basic and applied research and development activities of a technical and non-routine nature. R&D costs are expensed as incurred. COGS, SG&A and R&D expenses exclude depreciation and amortization expenses which are presented on a separate line in our Consolidated Statements of Operations. Other Income (Expense), Net Other income (expense), net includes: (In millions) 2015 2014 2013 Foreign exchange gain (loss) $ 6 $ 10 $ (7 ) Interest income 2 3 3 Release of cumulative foreign currency translation adjustments from liquidation of entities 8 — 13 Gain on sale of Platform shares 3 — — Reorganization items, net — (1 ) (1 ) Other 1 — — $ 20 $ 12 $ 8 Allowance for Doubtful Accounts The allowance for doubtful accounts reflects a reserve representing our estimate of the amounts that may not be collectible. In addition to reviewing delinquent accounts receivable, we consider many factors in estimating our reserves, including historical data, experience, customer types, credit worthiness, and economic trends. From time to time, we may adjust our assumptions for anticipated changes in any of these or other factors expected to affect collection. Allowances for doubtful accounts are included as a reduction to accounts receivable in our Consolidated Balance Sheet. Activity in allowance for doubtful accounts is a follows: (In millions) 2015 2014 2013 Balance, January 1 $ 2 $ 11 $ 11 Charged to costs and expenses 1 8 2 Write-offs (1 ) (3 ) (1 ) Other 1 — (14 ) (1 ) Balance, December 31 $ 2 $ 2 $ 11 1 Relates to the sale of Chemtura AgroSolutions in November 2014. Inventory Valuation Inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. Depreciation expense is principally computed on the straight-line method using the following ranges of asset lives: land improvements - 3 to 20 years ; buildings and improvements - 2 to 40 years ; machinery and equipment - 2 to 25 years ; information systems and equipment - 2 to 10 years ; and furniture, fixtures and other - 1 to 10 years . See Note 5 – Property, Plant and Equipment for further information. Renewals and improvements that significantly extend the useful lives of the assets are capitalized. Capitalized leased assets and leasehold improvements are depreciated over the shorter of their useful lives or the remaining lease term. Expenditures for maintenance and repairs are charged to expense as incurred. Intangible Assets Patents, trademarks and other intangibles assets are being amortized principally on a straight-line basis using the following ranges for their estimated useful lives: patents - 10 to 20 years ; trademarks - 30 to 40 years ; customer relationships - 15 to 30 years ; and other intangibles - 5 to 50 years . See Note 6 – Goodwill and Intangible Assets for further information. Marketable Securities We apply the provision of ASC Topic 360 - Investments - Debt and Equity Securities ("ASC 320"), in evaluating and accounting for marketable securities. Our primary marketable security was 2 million shares of Platform Specialty Products Corporation ("Platform") common stock which was acquired as part of the sale of our Chemtura AgroSolutions business in 2014. The stock was restricted from trading for a period of six months from the date of sale. We had deemed these securities as available-for-sale. The valuation of these securities was based upon Level 2 valuation techniques. At December 31, 2014 , the value of the shares of $45 million was included in Other Current Assets on our Consolidated Balance Sheet. Changes in the valuation of these securities were included in Accumulated Other Comprehensive Loss ("AOCL") on our Consolidated Balance Sheet. We sold all the shares of Platform common stock in 2015 and reported a gain on sale of $3 million which is included in Other income (expense), net. Asset Retirement Obligation We apply the provisions of ASC Topic 410, Asset Retirements and Environmental Obligations (“ASC 410”), which requires us to make estimates regarding future events in order to record a liability for asset retirement obligations in the period in which a legal obligation is created. Such liabilities are recorded at fair value, with an offsetting increase to the carrying value of the related long-lived assets. The fair value is estimated by discounting projected cash flows over the estimated life of the assets using our credit adjusted risk-free rate applicable at the time the obligation is initially recorded. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from revisions to the timing of future cash flows or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. Our asset retirement obligations are primarily the result of legal obligations for the removal of leasehold improvements and restoration of premises to their original condition upon termination of leases; legal obligations to close brine supply, brine disposal, waste disposal and hazardous waste injection wells and the related pipelines at the end of their useful lives; and decommissioning and decontamination obligations that are legally required to be fulfilled upon closure of our manufacturing facilities. During 2015 and 2014 , accretion expense was $2 million and $3 million , respectively (recorded primarily to COGS). At December 31, 2015 , $1 million of the asset retirement obligation balance was included in accrued expenses and $15 million was included in other liabilities in our Consolidated Balance Sheet. At December 31, 2014 , $3 million of the asset retirement obligation balance was included in accrued expenses and $13 million was included in other liabilities in our Consolidated Balance Sheet. Recoverability of Long-Lived Assets and Goodwill We evaluate the recoverability of the carrying value of long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Under such circumstances, we assess whether the projected undiscounted cash flows of our long-lived assets are sufficient to recover the existing unamortized cost of our long-lived assets. If the undiscounted projected cash flows are not sufficient, we calculate the impairment amount by discounting the projected cash flows using our weighted-average cost of capital. The amount of the impairment is written off against earnings in the period in which the impairment is determined. We have elected to perform our annual goodwill impairment procedures for all of our reporting units in accordance with ASC Subtopic 350-20 , Intangibles – Goodwill and Other - Goodwill (“ASC 350-20”) as of July 31, or sooner, if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below the carrying value. We estimate the fair value of our reporting units utilizing income and market approaches through the application of discounted cash flow and market comparable methods (Level 3 inputs as described in Note 14 – Financial Instruments and Fair Value Measurements). The assessment is required to be performed in two steps: step one to test for a potential impairment of goodwill and, if a potential impairment is identified, step two to measure the impairment loss through a full fair valuation of the assets and liabilities of the reporting unit utilizing the acquisition method of accounting. We concluded that no goodwill impairment existed in any of our reporting units based on our reviews in 2015 , 2014 and 2013 . Income Taxes We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted rates. The effect of a change in tax rates on deferred tax assets is recognized in income in the period that includes the enactment date. We recognize the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We accrue for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely reinvested. Valuation allowances are established when we determine that it is more likely than not that the results of future operations will not generate sufficient taxable income to realize our deferred tax assets. We consider the scheduled reversal of deferred tax assets and liabilities, projected future taxable income, and tax planning strategies in making this assessment. Thus, changes in future results of operations could result in adjustments to our valuation allowances. Environmental Liabilities Each quarter, we evaluate and review our estimates for future remediation, operation and management costs directly related to environmental remediation, to determine appropriate environmental reserve amounts. For each site where the cost of remediation is probable and reasonably estimable, we determine the specific measures that are believed to be required to remediate the site, the estimated total cost to carry out the remediation plan, the portion of the total remediation costs to be borne by us and the anticipated time frame over which payments to implement the remediation plan will occur. In regards to remediation costs, we accrue on an undiscounted basis, for a period of generally no more than 10 years , those costs which are probable and estimable. At sites where we expect to incur ongoing operations and maintenance expenditures, we accrue on an undiscounted basis, for a period of generally no more than 10 years , those costs which are probable and estimable. Below-Market Obligation Contemporaneously with the sale of our Chemtura AgroSolutions business we entered into supply agreements with Platform to manufacture products of that business. The supply agreements were designed to recover the cash costs incurred to manufacture the products under the agreements and do not include reimbursement for depreciation and amortization of property, plant and equipment which we have retained to perform under these supply agreements. As such, we have determined that the supply agreements with Platform are below-market. To determine the undiscounted value of this obligation we utilized a Level 3 fair value technique. Our fair value calculation was based upon taking the reduction in sales prices on a before and after basis factoring in the favorable cost benefit of reduced SG&A, R&D and distribution expense. Historical volumes under the supply agreements are anticipated to represent the requirements of Platform on a going forward basis. We did not consider depreciation or amortization as these amounts are not reimbursable under the terms of the supply agreements. We applied a growth factor to each year to represent inflation over the terms of the supply agreements. We discounted the calculated loss of profits for those products over the period of the supply agreements by applying our internal weighted average cost of capital to determine the amount of the initial obligation. Accretion of the obligation to its undiscounted fair value and the recognition of our fulfillment of the below market contract obligation is recorded in net sales on a straight-line basis over the estimated 6 year life of the supply agreements based on the estimated timing of shipments on an annual basis. Litigation and Contingencies In accordance with guidance now codified under ASC Topic 450, Contingencies and ASC Topic 460, Guarantees , we record in our Consolidated Financial Statements amounts representing our probable and estimable liability for claims, litigation and guarantees. As information about current or future litigation or other contingencies becomes available, management assesses whether such information warrants the recording of additional expenses relating to those contingencies. See Note 15 - Legal Proceedings and Contingencies for further information. Stock-Based Compensation We recognize compensation expense for stock-based awards issued over the requisite service period for each separately vesting tranche, as if multiple awards were granted. Stock-based compensation expense is measured at the date of grant, based on the fair value of the award. We used the Monte-Carlo simulation model to determine the fair value of performance shares. We used the Black-Scholes option-pricing model to determine the fair value of nonqualified stock options. See Note 12 - Stock Incentive Plans for further information. Translation of Foreign Currencies Balance sheet accounts denominated in foreign currencies are translated at the current rate of exchange as of the balance sheet date, while revenues and expenses are translated at average rates of exchange during the periods presented. The cumulative foreign currency adjustments resulting from such translation are included in accumulated other comprehensive loss. Upon complete or substantial liquidation of any of our subsidiaries, the value of the cumulative translation adjustment of such subsidiaries prior to their liquidation is recorded in other income, net. Derivatives and Hedging Our activities expose our earnings, cash flows and financial condition to a variety of market risks, including the effects of changes in foreign currency exchange rates, interest rates and energy prices. We maintain a risk management strategy that may utilize derivative instruments to mitigate risk against foreign currency movements and to manage energy price volatility. We do not enter into derivative instruments for trading or speculative purposes. We have exposure to changes in foreign currency exchange rates resulting from transactions entered into by us and our foreign subsidiaries in currencies other than their functional currency (primarily trade payables and receivables). We are also exposed to currency risk on intercompany transactions (including intercompany loans). We manage these currency risks on a consolidated basis, which allows us to net our exposure. There were no outstanding derivatives at December 31, 2015 or 2014. Cash Flows Cash and cash equivalents include bank term deposits with original maturities of three months or less. Cash payments included interest payments of $31 million in 2015 , $46 million in 2014 and $57 million in 2013 . Cash payments also included income tax payments, net of refunds of $36 million in 2015 , $68 million in 2014 and $21 million in 2013 . Accounting Developments In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective on January 1, 2018. Early application is permitted in 2017 for calendar year entities. We currently do not intend to adopt this ASU before its effective date. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . Under current U.S. GAAP, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense. This ASU requires that they be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, which is similar to the presentation of debt discounts or premiums. The costs will continue to be amortized to interest expense using the effective interest method. This ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this ASU will not have a material impact on our financial statements. In July 2015, the FASB issued ASU No. 2015-11 Simplifying the Measurement of Inventory , which requires inventory to be measured at the lower of cost and net realizable value. This guidance excludes inventory measured using the last-in first-out method or the retail inventory method. This new standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and is to be applied prospectively. Early application is permitted. We are evaluating the impact of this new standard on our consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU No. 2015-17 Balance Sheet Classification of Deferred Taxes , which requires that deferred tax liabilities and assets and related valuation allowances be classified as non-current in the balance sheet. Previous to this adoption deferred tax assets or liabilities and related valuation allowances could be classified as either current or non-current depending on the nature of the assets or liability that gave rise to the deferred tax position. There is no effect to our Consolidated Statement of Operations. We elected to early adopt this guidance prospectively during the fourth quarter of 2015. Given that we elected prospective adoption, we did not reclassify prior year information to conform with ASU 2015-17. If we had applied the guidance to our Consolidated Balance Sheet at December 31, 2014, the impact would have been as follows: (In millions) 2014 As Reported Reclassification Adjustment 2014 Comparative Other current assets $ 238 $ (34 ) $ 204 Total current assets $ 1,216 $ (34 ) $ 1,182 Deferred tax asset - non-current $ 313 $ 20 $ 333 Total Assets $ 2,667 $ (14 ) $ 2,653 Accrued expenses $ 170 $ (8 ) $ 162 Total Current Liabilities $ 405 $ (8 ) $ 397 Deferred tax liability - non-current $ 25 $ (6 ) $ 19 Total liabilities $ 1,613 $ (14 ) $ 1,599 Risks and Uncertainties Our revenues are largely dependent on the continued operation of our manufacturing facilities. There are many risks involved in operating chemical manufacturing plants, including the breakdown, failure or substandard performance of equipment, operating errors, natural disasters, the need to comply with directives of, and maintain all necessary permits from, government agencies as well as potential terrorist attacks. Our operations can be adversely affected by raw material shortages, labor force shortages or work stoppages and events impeding or increasing the cost of transporting our raw materials and finished products. The occurrence of material operational problems, including but not limited to the events described above, may have a material adverse effect on the productivity and profitability of a particular manufacturing facility. With respect to certain facilities, such events could have a material effect on Chemtura as a whole. Our operations are also subject to various hazards incident to the production of industrial chemicals. These include the use, handling, processing, storage and transportation of certain hazardous materials. Under certain circumstances, these hazards could cause personal injury and loss of life, severe damage to and destruction of property and equipment, environmental damage and suspension of operations. Claims arising from any future catastrophic occurrence at any one of our facilities may result in us being named as a defendant in lawsuits asserting potential claims. We perform ongoing credit evaluations of our customers’ financial condition including an assessment of the impact, if any, of prevailing economic conditions. We generally do not require collateral from our customers. We are exposed to credit losses in the event of nonperformance by counterparties on derivative instruments when utilized. The counterparties to these transactions are major financial institutions, which may be adversely affected by global economic impacts. However, we consider the risk of default to be minimal. International operations are subject to various risks which may or may not be present in U.S. operations. These risks include, among others, political instability, the possibility of expropriation, restrictions on dividends and remittances, instabilities of currencies, requirements for governmental approvals for new ventures and local participation in operations such as local equity ownership and workers' councils. Currency fluctuations between the U.S. dollar and the currencies in which we conduct business have caused and will continue to cause foreign currency transaction gains and losses, which may be material. Any of these events could have an adverse effect on our international operations.

DIVESTITURES

DIVESTITURES	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
DIVESTITURES	DIVESTITURES Divestitures Chemtura AgroSolutions Business In November 2014, we sold our Chemtura AgroSolutions business to Platform under a Stock and Asset Purchase Agreement ("SAPA") for approximately $1 billion , consisting of $950 million in cash and 2 million shares of Platform's common stock. The purchase price was subject to customary post-closing adjustments, primarily for working capital which was settled during the second quarter of 2015. Under the terms of the SAPA, we have retained most of the property, plant and equipment used to manufacture products of the Chemtura AgroSolutions business and have continued to manufacture products for Platform under several supply agreements and a tolling agreement (collectively, the "supply agreements"). The supply agreements have minimum terms of between two and four years. In alignment with the change in the nature of operations, we changed the name of this segment to Agrochemical Manufacturing in 2014. The supply agreements with Platform are designed to recover the cash costs incurred to manufacture the products under those agreements. Accordingly, the supply agreements are considered below-market contracts for their full term. Contemporaneously with the sale, we recorded an obligation of $230 million on a discounted basis, which represented the loss of profit on these products over the terms of the supply agreements, including contractual obligations to continue to supply for a period of up to 2 years after the termination of the contracts. The recognition of this obligation, along with the accretion of the obligation to its undiscounted value of $345 million will be recorded as net sales on a straight-line basis over the term of each supply agreement based on our estimate of the timing of shipments. Although the recognition of our fulfillment of this obligation will be recorded as net sales to the Agrochemical Manufacturing segment over this period, this recognition will not generate cash flows during the term of the supply agreements. We recognized $38 million and $6 million of amortization, net of accretion, of this obligation for the years ended December 31, 2015 and 2014, respectively. As of December 31, 2015 , the remaining below market obligation, on a discounted basis was $183 million of which $38 million and $145 million were the current and long-term portions, respectively. In connection with the sale, we entered into a transitional services agreement which requires us to provide various support services to Platform. These services were reimbursable by Platform. As of December 31 2015, the majority of these transitional service agreements had been terminated and we anticipate finalization of the remaining services in early 2016. We evaluated the transaction and determined that upon signing of the SAPA in April 2014, those assets that form part of the transaction under the SAPA met the criteria to be reported as assets held for sale and we ceased recording depreciation and amortization on those assets as of that date. As of December 31, 2014 , we had not transferred ownership of our wholly-owned subsidiary in Russia and our 15% investment in Certis Europe B.V. to Platform as provided in the SAPA due to customary pending approvals. Therefore the value of these assets and liabilities, along with the proceeds received for these investments, were presented as assets and liabilities held for sale on our December 31, 2014 Consolidated Balance Sheet. We transferred our ownership in our subsidiary in Russia to Platform in January 2015 and transferred our shares in Certis to Platform during the second quarter of 2015. We further evaluated whether the Chemtura AgroSolutions business met the criteria to be presented as a discontinued operation under the provisions of ASC 205-20-45. Due to the significant gross cash flows associated with the post-closing supply agreements, we concluded that the Chemtura AgroSolutions business did not meet the criteria to be presented as a discontinued operation. As a result, the historical results of the Chemtura AgroSolutions business through the date of sale as well as the results associated with the supply agreements from the date of sale will be presented in continuing operations. In 2014, we recognized a pre-tax gain on the sale of the business of $529 million in operating income, which included a $3 million non-cash gain related to the release of accumulated other comprehensive loss ("AOCL") associated with the release of cumulative translation adjustments of the entities sold. In 2015, we recognized a loss on sale of business of $4 million which included the working capital adjustment that was settled in the second quarter of 2015 and the sale of our wholly-owned subsidiary in Russia in the first quarter of 2015. The following is a summary of the assets and liabilities sold or settled related to the Chemtura AgroSolutions business as of November 3, 2014 and the assets and liabilities held for sale as of December 31, 2014. (In millions) December 31, 2014 November 3, 2014 Cash and cash equivalents $ — $ 7 Accounts receivable, net 3 158 Inventories, net 1 94 Other current assets — 8 Property, plant and equipment — 11 Intangible assets, net — 32 Other assets 2 3 Assets 6 313 Accounts payable — 21 Accrued expenses 9 30 Income taxes payable — 4 Liabilities 9 55 Net Assets $ (3 ) $ 258 The following table reconciles the adjusted cash proceeds to the 2014 pre-tax gain on the sale: (In millions) 2014 Cash consideration $ 950 Pre-closing working capital and other adjustments 28 Cash proceeds 978 Platform Stock (1) 51 Less direct items: Net assets sold or settled, excluding domestic tax liabilities reversed upon sale and included in tax effect 258 Below market supply contract 230 Transaction costs and other (2) 21 Post-closing adjustments, obligations and other, net (6 ) Less non-cash items: Release of AOCL - cumulative translation adjustment (3 ) Pre-tax gain on sale of Chemtura AgroSolutions $ 529 (1) Represents 2 million shares of PSP common stock at $26.00 per share discounted for the value of a restriction to sell of $1 million . (2) Transaction costs include success fees to a financial adviser, legal fees and other direct costs incurred to sell the business since October 1, 2014. During the second quarter of 2015, we sold 2 million shares of Platform common stock for net proceeds of $54 million . As a result of holding these shares, which were accounted for as available for sale securities, we reported a net gain of $3 million in the second quarter of 2015 which is included in other income, net in the Consolidated Statement of Operations. Divestitures Reported as Discontinued Operations Consumer Products Divestiture In December 2013 , we sold our investment in the dedicated legal entities that constituted our Consumer Products business, including dedicated manufacturing plants in the U.S. and South Africa, to KIK Customer Products Inc. ("KIK") for $300 million and the assumption by KIK of pension and other liabilities totaling approximately $8 million . The purchase price was subject to customary post-closing adjustments, primarily for working capital and assumed pension liabilities. We received an additional $14 million in cash from KIK in 2014 to settle these post-closing adjustments. In connection with the sale, we entered into a transition services agreement to provide various support services and a supply contract with KIK to supply products from our Adrian, MI facility. Under the terms of the supply contract, KIK had the option, exercisable for a period of six -months following the closing date, to purchase the net assets of the Adrian facility at a price that was below the carrying value of the net assets. Accordingly, as of December 31, 2013, we concluded the net assets of the Adrian facility met the criteria to be classified as assets held for sale and we recorded an impairment charge in December 2013 of $7 million to write-down the property, plant and equipment to its fair value less the costs to sell. The option expired un-exercised as of June 30, 2014. See Note 3 - Restructuring and Asset Impairment for a further discussion of initiatives related to that plant. In 2014, we recognized a pre-tax loss of $8 million ( $8 million after-tax), primarily for transaction costs and post-closing adjustments and obligations. In 2013, we recognized a pre-tax loss of $24 million ( $25 million after-tax), which included a $39 million non-cash gain related to the release of accumulated other comprehensive loss ("AOCL") associated with the release of cumulative translation adjustments of the entities sold and the pension obligations transferred. Antioxidant Divestiture In April 2013 , we sold substantially all the assets of our Antioxidant business (the "Antioxidant Sale") to SK Blue Holdings, Ltd. (“SK”), an affiliate of SK Capital Partners III, L.P., and Addivant USA Holdings Corp ("Addivant") for $97 million , $9 million in preferred stock issued by Addivant and the assumption by SK and Addivant of pension, environmental and other liabilities totaling approximately $91 million . Additionally, we paid $2 million in cash as part of a pre-closing adjustment. We received the final payment for the remaining working capital adjustment of $4 million in March 2014. Included as part of the consideration, we received 9.2 million shares of Series A Preferred Stock of Addivant with a face value of $9 million . These shares accrue dividends at escalating rates beginning at 7% in the first year and up to 11% in the third year and beyond which are payable upon declaration and which become preferential payments in liquidation if not declared and paid by Addivant. Addivant did not declare any dividends through December 31, 2015 . In connection with the sale, we entered into several ancillary agreements, including site sharing and supply agreements, a distribution agreement and a transition services agreement. In 2014, we recognized a pre-tax loss of $1 million ( $1 million after-tax) primarily related to the final settlement of the working capital component of the transaction. In 2013, we recognized a pre-tax loss of $164 million ( $155 million after-tax), which included $121 million of non-cash charges related to the release of AOCL associated with the pension obligations transferred, the release of cumulative translation adjustments and the release of our non-controlling interest in a Korean joint venture. We retained ownership of certain manufacturing assets that will be used to meet our obligations under the supply agreements in Canada, Italy, the United States, Taiwan, Mexico and Brazil. The minimum terms of the supply agreements range from two to five years. Based on the terms of the supply agreements and the forecasted costs to meet our obligations under those agreements, we have fair valued the supply agreements using Level 3 fair value techniques and included a $13 million charge in 2013 to the loss on sale of discontinued operations in our Consolidated Statement of Operations. Financial Information of Our Discontinued Operations The charts below summarize the assets and liabilities sold in 2013, as well as the results of operations for those businesses that have been presented as Discontinued Operations in our Consolidated Statement of Operations for the years ended December 31, 2014 and 2013. The Consumer Products (" Consumer ") transaction represented a sale of stock in dedicated legal entities. The chart below presents the underlying assets and liabilities of those legal entities as assets and liabilities of discontinued operations. The Antioxidants transaction primarily represented a sale of assets as presented in the chart below. Earnings and direct costs associated with both our Consumer Products and Antioxidants businesses have been presented as earnings (loss) from discontinued operations, net of tax in our Consolidated Statements of Operations for the current and comparative periods. All applicable disclosures included in the accompanying footnotes reflect the Consumer Products and Antioxidants businesses as discontinued operations. The following table reconciles the adjusted cash proceeds to the pre-tax loss on the sales of Consumer Products and Antioxidants: December 31, 2013 (In millions) Consumer AOUV Cash consideration $ 300 97 Working capital and other adjustments (36 ) (10 ) Post-closing adjustments — (2 ) Cash proceeds 264 85 Preferred stock — 9 Less direct items: Net assets sold or settled (1) 335 111 Transaction costs and other (2) 10 5 Post-closing adjustments, obligations and other, net (18 ) 8 Fair value of supply agreements — 13 Less non-cash items: Release of AOCL - pension 5 122 Release of AOCL - cumulative translation adjustment (44 ) 6 Release of non-controlling interest — (7 ) Pre-tax loss on sale of discontinued operations $ (24 ) $ (164 ) (1) The net assets sold primarily included accounts receivable; inventories; property, plant and equipment; and intangible assets offset by transferred pension and post-retirement health care liabilities; and other miscellaneous liabilities. (2) Transaction costs include legal fees and other direct costs incurred to sell the business. Earnings (loss) from discontinued operations for the years ended December 31, 2014 and 2013 and the loss from the sale of discontinued operations for the year ended December 31, 2014 and 2013 consists of the following: Year Ended (In millions) 2014 2014 2014 2013 2013 2013 Consumer Antioxidant Total Consumer Antioxidant Total Net sales $ — $ — $ — $ 408 $ 123 $ 531 Earnings from discontinued operations: Pre-tax earnings $ 1 $ — $ 1 $ 24 $ 4 $ 28 Income tax expense — — — (3 ) — (3 ) Earnings, net of taxes $ 1 $ — $ 1 $ 21 $ 4 $ 25 Loss on sale of discontinued operations: Pre-tax loss $ (8 ) $ (1 ) $ (9 ) $ (24 ) $ (164 ) $ (188 ) Income tax (expense) benefit (a) — — — (1 ) 9 8 Net loss $ (8 ) $ (1 ) $ (9 ) $ (25 ) $ (155 ) $ (180 ) (a) Income tax expense on the sale of our Consumer Products business is primarily a cash tax charge for estimated U.S. Federal alternative minimum tax and state taxes. Deferred taxes in our non-U.S. entities are included in the calculation of the pre-tax loss on sale. However, the reversal of deferred tax assets and liabilities of our U.S. entities are included in tax expense, reflecting the election made to treat the sale of stock of the U.S. legal entities in the transaction as a sale of assets. The reversal of these U.S. net deferred tax liabilities increased the value of our consolidated U.S. net deferred tax assets against which we provide a valuation allowance. The result was that there was no net deferred tax expense. The income tax benefit on the sale of our Antioxidant business is primarily related to the domestic tax impacts of the release of AOCL related to pensions that was not offset by a valuation allowance and reduced by tax expense in various foreign jurisdictions. Other Dispositions Tetrabrom Joint Venture Divestiture On November 28, 2011, we sold our 50% interest in Tetrabrom Technologies Ltd. for net consideration of $38 million . The consideration was be paid in equal annual installments over a three -year period starting in 2012. In April 2012, we purchased two forward contracts with a notional amount totaling $25 million to reduce the risk of currency exposure related to the remaining two annual installments. We used fair value accounting methods for these contracts. One contract expired in the second quarter of 2013 and the second contract expired in the second quarter of 2014. We have recorded realized gains of less than $1 million in 2014 and 2013 on these forward contracts. The final installment of the purchase price was deposited into an escrow account in 2014 pending the resolution of certain regulatory matters. ISEM Alliance During 2013, we sold, in two separate transactions, two product lines of our investment in ISEM S.r.l. (“ISEM”), a strategic research and development alliance with Isagro S.p.A., for €38 million ( $51 million ). Our remaining investment in ISEM was dissolved during the fourth quarter of 2014.

RESTRUCTURING AND ASSET IMPAIRM

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES	RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES Restructuring In November 2014 , the Board of Directors (the "Board") approved a restructuring plan to reduce manufacturing costs, eliminate stranded costs arising from the sale of our Chemtura AgroSolutions business and reduce SG&A costs. The primary action being implemented to achieve this plan was headcount reductions. The total cash costs approved by the Board to implement this plan was $37 million , of which $21 million was incurred in the fourth quarter of 2014 for severance and related costs. We recorded a pre-tax charge of $2 million in 2015 for professional fees and severance related costs primarily related to the closure of our West Lafayette, IN facility that was initiated in February 2015. In June 2014 , as a result of KIK not exercising its option to purchase the net assets of the Adrian, MI facility, our Board approved the closure of this facility, which occurred in mid-2015. Additionally, during the second quarter of 2014, our management approved further actions to consolidate our business' organizational structure. We expected the total cost of these initiatives to be approximately $7 million to $9 million , of which we recorded a pre-tax charge of $4 million in 2014, which included $3 million for severance and related costs and $1 million for accelerated asset retirement obligations related to the Adrian facility. We recorded a pre-tax charge of approximately $1 million in 2015, which included professional fees and demolition costs related to the Adrian, MI facility closure. In February 2013 , our Board approved a restructuring plan providing for, among other things, actions to reduce stranded costs related to divestitures. This plan is expected to preserve pre-divestiture operating margins following our portfolio changes. On October 9, 2013, the Board approved additional restructuring actions to consolidate our business' organizational structure in an effort to streamline the organization and gain efficiencies and additional cost savings. In December 2013 , we substantially completed employee communications and the consultation process regarding the closure of our Droitwich, UK facility and consolidation of those operations into our Perth Amboy, NJ facility, in order to improve our competitiveness in the current economic environment. We recorded a pre-tax charge of $44 million in 2013, which included $27 million for severance and related costs, $15 million for professional fees, $1 million for accelerated depreciation of property, plant and equipment and $1 million for accelerated asset retirement obligations. We recorded a pre-tax charge of $7 million in 2014 which included $1 million related to severance and professional fees, $5 million for accelerated depreciation of property, plant and equipment, and $1 million for accelerated asset retirement obligations. A summary of the changes in the liabilities established for restructuring programs is as follows: (In millions) Severance and Related Costs Other Facility Closure Costs Total Balance at January 1, 2013 $ 8 $ — $ 8 Facility closure, severance and related costs Continuing operations 27 15 42 Discontinued operations — 1 1 Cash payments (19 ) (14 ) (33 ) Reclassifications (2 ) — (2 ) Balance at December 31, 2013 14 2 16 Facility closure, severance and related costs 22 3 25 Cash payments (15 ) (5 ) (20 ) Balance at December 31, 2014 21 — 21 Facility closure, severance and related costs 1 2 3 Cash payments (18 ) (2 ) (20 ) Foreign currency translation (1 ) — (1 ) Balance at December 31, 2015 $ 3 $ — $ 3 At December 31, 2015 and 2014, the balance of these reserves was included in accrued expenses in our Consolidated Balance Sheet. Asset Impairments In accordance with ASC Topic 350, Intangibles – Goodwill and Other (“ASC 350”) and ASC Topic 360, Property, Plant and Equipment (“ASC 360”), we recorded a $1 million impairment of the land at our Droitwich, UK facility in 2015, which was closed as part of our 2013 restructuring programs, to bring the value of the property to its net realizable value less costs to sell as of December 31, 2015. In conjunction with the sale of our Consumer Product business in 2013, our Adrian, MI facility was classified as an asset held for sale at December 31, 2013 and the value of that facility was determined based upon the lower of its book value or its fair value less cost to sell. As such, we recorded pre-tax charge of $7 million to earnings from discontinued operations, net of tax in our Consolidated Statements of Operations in 2013 to reflect the fair value less cost to sell of that facility. Our Adrian, MI facility was closed in 2015 as part of our June 2014 restructuring program. We continually monitor and evaluate business and competitive conditions that affect our operations and reflects the impact of these factors in our financial projections. If permanent or sustained changes in business or, competitive conditions occur, they can lead to revised projections that could potentially give rise to impairment charges. Subsequent Event In February 2016, we made a decision to discontinue one of our product lines within the Industrial Engineered Products segment. Inventory associated with this product line has been written down to its net realizable value of zero in the fourth quarter of 2015. The value of the property, plant and equipment associated with this product line at December 31, 2015 was approximately $7 million . We are currently in the process of determining whether this property, plant and equipment has an alternative use and the amount, if any, of asset impairment we will take in the first quarter of 2016.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES (In millions) 2015 2014 Finished goods $ 209 $ 200 Work in process 38 35 Raw materials and supplies 68 94 $ 315 $ 329 Included in the above net inventory balances are inventory excess and obsolescence reserves of approximately $20 million and $13 million at December 31, 2015 and 2014 .

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT (In millions) 2015 2014 Land and improvements $ 63 $ 71 Buildings and improvements 200 209 Machinery and equipment 1,201 1,248 Information systems and equipment 161 167 Furniture, fixtures and other 19 22 Construction in progress 65 82 1,709 1,799 Less: accumulated depreciation 1,046 1,095 $ 663 $ 704 Depreciation expense from continuing operations amounted to $81 million , $87 million and $82 million for 2015 , 2014 and 2013 , respectively. Depreciation expense from continuing operations includes accelerated depreciation of certain fixed assets associated with our restructuring programs of $2 million for 2015 , $4 million for 2014 and $1 million for 2013 .

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill Our remaining goodwill relates to the Industrial Performance Products segment. Changes in the carrying amount of goodwill were as follows: (In millions) Gross Goodwill Accumulated Impairments Net Goodwill Balance at December 31, 2013 $ 269 $ (90 ) $ 179 Foreign currency translation (7 ) — (7 ) Balance at December 31, 2014 262 (90 ) 172 Foreign currency translation (6 ) — (6 ) Balance at December 31, 2015 $ 256 $ (90 ) $ 166 Intangible Assets Our intangible assets (excluding goodwill) are comprised of the following: 2015 2014 (In millions) Gross Value Accumulated Amortization Net Intangibles Gross Value Accumulated Amortization Net Intangibles Patents $ 26 $ (18 ) $ 8 $ 26 $ (17 ) $ 9 Trademarks 43 (14 ) 29 44 (13 ) 31 Customer relationships 41 (22 ) 19 41 (20 ) 21 Production rights 45 (45 ) — 45 (41 ) 4 Other 71 (39 ) 32 72 (38 ) 34 Total $ 226 $ (138 ) $ 88 $ 228 $ (129 ) $ 99 Amortization expense from continuing operations related to intangible assets amounted to $12 million in 2015 , $15 million in 2014 and $19 million in 2013 . Estimated amortization expense of intangible assets for the next five fiscal years is as follows: $8 million ( 2016 ), $8 million ( 2017 ), $7 million ( 2018 ) $7 million ( 2019 ) and $6 million ( 2020 ).

DEBT

DEBT	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
DEBT	DEBT Our debt is comprised of the following: 2015 2014 (In millions) Carrying Value Fair Value Carrying Value Fair Value 5.75% Senior Notes due 2021, with an effective interest rate of 5.94% in 2015 and 5.93% in 2014 $ 450 $ 452 $ 450 $ 439 Term Loan due 2016, with an effective interest rate of 3.78% in 2015 and 2014 40 40 82 82 Other borrowings 27 27 42 42 Total Debt 517 $ 519 574 $ 563 Less: Other short-term borrowings (6 ) (18 ) Less: Current portion of Term Loan (40 ) — Total Long-Term Debt $ 471 $ 556 Financing Facilities 2021 Senior Notes In July 2013, we completed a registered public offering of $450 million of 5.75% Senior Notes due 2021 (the "2021 Senior Notes"). The purpose of the 2021 Senior Notes was to fund the tender for any and all of our outstanding $455 million aggregate principal amount of 7.875% Senior Notes due 2018 (the “2018 Senior Notes”) pursuant to our Offer to Purchase and Consent Solicitation Statement (the “Offer to Purchase”), pay expenses related to the offering and prepay a portion of our senior secured term loan facility due 2016 (the “Term Loan"). In July 2013, we completed the purchase of $354 million of the 2018 Senior Notes tendered in response to the Offer to Purchase. In addition, we used the balance of the proceeds from the offering of the 2021 Senior Notes, after completing the purchase of the 2018 Senior Notes tendered and paying transaction costs, of approximately $45 million and approximately $5 million of cash on hand to prepay $50 million of principal of our Term Loan. At any time prior to July 15, 2016, we are permitted to redeem some or all of the 2021 Senior Notes at a redemption price equal to 100% of the principal amount thereof plus a make-whole premium (as defined in the indenture governing the 2021 Senior Notes (the "2021 Indenture")) and accrued and unpaid interest up to, but excluding, the redemption date. At any time after July 15, 2016, we are permitted to redeem some or all of the 2021 Senior Notes at any time, with the redemption prices being, prior to July 15, 2017, 104.313% of the principal amount; on or after July 15, 2017 and prior to July 15, 2018, 102.875% of the principal amount; on or after July 15, 2018 and prior to July 15, 2019, 101.438% of the principal amount; and thereafter 100% of the principal amount, in each case plus any accrued and unpaid interest to the redemption date. In addition, prior to July 15, 2016, we may redeem up to 35% of the 2021 Senior Notes from the proceeds of certain equity offerings at a redemption price of 105.75% plus accrued but unpaid interest to the redemption date. If we experience certain kinds of changes in control, as defined in the 2021 Indenture, we may be required to offer to repurchase all of the 2021 Senior Notes at a redemption price (subject to limitations as described in the 2021 Indenture) equal to 101% of the aggregate principal amount plus accrued and unpaid interest. Our 2021 Senior Notes contain covenants that limit our ability to enter into certain transactions, such as incurring secured debt and subsidiary debt and entering into sale and lease-back transactions. Our 2021 Senior Notes are subject to certain events of default, including, among others, breach of other agreements in the 2021 Indenture; any guarantee of a significant subsidiary ceasing to be in full force and effect; a default by us or our restricted subsidiaries under any bonds, debentures, notes or other evidences of indebtedness of a certain amount, resulting in its acceleration; and certain events of bankruptcy or insolvency. 2018 Senior Notes In August 2010, we completed a $455 million private placement offering under Securities and Exchange Commission ("SEC") Rule 144A for the 2018 Senior Notes at an issue price of 99.269% in reliance on an exemption pursuant to Section 4(2) of the Securities Act of 1933. The 2018 Senior Notes were exchanged in June 2011 for identical registered 2018 Senior Notes. In July 2013, we purchased in a tender $354 million of the $455 million outstanding balance with proceeds from the 2021 Senior Notes offering. In the third quarter of 2013, we recorded a $50 million loss on the early extinguishment of debt. The loss included $42 million for the difference between the principal amount of the 2018 Senior Notes tendered and the sum of the tender offer consideration and consent payments. The loss also included $8 million for the write-off of unamortized capitalized financing costs and original issuance discount with respect to the 2018 Senior Notes purchased under the tender. In December 2014, we called the remaining $101 million of the 2018 Senior Notes, repurchasing them with proceeds from the sale of our Chemtura AgroSolutions business. In the fourth quarter of 2014, we recorded a $6 million loss on the early extinguishment of debt which included a tender premium of $4 million and the write-off of unamortized capitalized financing costs and original issuance discount with respect to the 2018 Senior Notes of $2 million . Term Loan In August 2010, we entered into the Term Loan due in 2016 with Bank of America, N.A., as administrative agent, and other lenders party thereto for an aggregate principal amount of $295 million with an original issue discount of 1% . The Term Loan permitted us to increase the size of the facility with an accordion feature by up to $125 million . On October 31, 2012, we exercised the accordion feature of our Term Loan and borrowed the additional $125 million for the purpose of funding potential investment opportunities and for general corporate purposes. During 2013, we repaid $102 million of the Term Loan with proceeds from the 2021 Senior Notes offering and cash on hand. In October 2013, we entered into Amendment No. 2 to the Term Loan which, among other things, reduced the interest rate and LIBOR floor on the term loans outstanding under the Term Loan agreement and permitted additional flexibility under certain of our operating covenants (including but not limited to additional flexibility for debt, investments, restricted payments and dispositions) in the Term Loan agreement. In January 2014, we repaid $110 million of the Term Loan with proceeds from the sale of the Consumer Products business and in November 2014, we repaid an additional $126 million of our Term Loan with proceeds from the sale of our Chemtura AgroSolutions business. In 2014, we recorded a $1 million loss on the early extinguishment of debt which included the write-off of unamortized capitalized financing costs and original issuance discount with respect to the Term Loan. In May 2015, we made a further repayment of $42 million . As of December 31, 2015, $40 million remained outstanding under the Term Loan, which is now classified as short term borrowings in our Consolidated Balance Sheet. Borrowings under the amended Term Loan bear interest at a rate per annum equal to, at our election, (i) 1.75% plus the Base Rate (defined as the higher of (a) the Federal Funds rate plus 0.5% ; (b) Bank of America’s published prime rate ; and (c) the Eurodollar Rate plus 1% ) or (ii) 2.75% plus the Eurodollar Rate (defined as the higher of (a) 0.75% and (b) the current LIBOR adjusted for reserve requirements). The Term Loan is secured by a first priority lien on substantially all of our U.S. tangible and intangible assets (excluding accounts receivable, inventory, deposit accounts and certain other related assets), including, without limitation, real property, equipment and intellectual property, together with a pledge of the equity interests of our first tier subsidiaries and the guarantors of the Term Loan, and a second priority lien on substantially all of our U.S. accounts receivable and inventory. Our obligations as borrower under the Term Loan are guaranteed by certain of our U.S. subsidiaries. The Term Loan contains covenants that limit, among other things, our ability to enter into certain transactions, such as creating liens, incurring additional indebtedness or repaying certain indebtedness, making investments, paying dividends, and entering into acquisitions, dispositions and joint ventures. Additionally, the Term Loan requires that we meet certain financial maintenance covenants including a maximum Secured Leverage Ratio (net of unrestricted cash, as defined in the agreement) of 2.5 :1.0 and a minimum Consolidated Interest Coverage Ratio (as defined in the agreement) of 3.0 :1.0. Additionally, the Term Loan contains a covenant related to the repayment of excess cash flow (as defined in the agreement). As of December 31, 2015 , we were in compliance with the covenant requirements of the Term Loan. The Term Loan is subject to certain events of default, applicable to Chemtura, the guarantors and their respective subsidiaries, including, nonpayment of principal, interest, fees or other amounts, violation of covenants, material inaccuracy of representations and warranties (including the existence of a material adverse event as defined in the agreement), cross-default to material indebtedness, certain events of bankruptcy and insolvency, material judgments, certain ERISA events, a change in control, and actual or asserted invalidity of liens or guarantees or any collateral document, in certain cases subject to the threshold amounts and grace periods set forth in the Term Loan agreement. ABL Facility In December 2013, we entered into a five -year senior secured revolving credit facility available through 2018 which provides for $175 million available to our domestic subsidiaries (the "US ABL Facility") and €60 million available to Chemtura Sales Europe B.V., a Netherlands subsidiary (the “Foreign ABL Facility”, and together with the US ABL Facility, the “2018 ABL Facility”), subject in each case to availability under a borrowing base. The 2018 ABL Facility provides a $125 million letter of credit sub-facility. The revolving loans under the 2018 ABL Facility will bear interest at a rate per annum which, at our option, can be either: (a) a base rate (which varies depending on the currency in which the loans are borrowed) plus a margin of between 0.50% and 1.00% for loans denominated in U.S. dollars or between 1.50% and 2.00% for loans denominated in other currencies, in each case based on the average excess availability under the 2018 ABL Facility for the preceding quarter; or (b) the current reserve adjusted Eurocurrency Rate plus a margin of between 1.50% and 2.00% based on the average excess availability under the 2018 ABL Facility for the preceding quarter. Our obligations (and the obligations of the other borrowing subsidiaries) under the US ABL Facility will continue to be guaranteed on a secured basis by all of the existing domestic subsidiaries that are borrowers or guarantors and by certain of our future direct and indirect domestic subsidiaries (collectively, the “US Loan Parties”). The obligations under the Foreign ABL Facility are guaranteed on a secured basis by Chemtura Europe GmbH, a Swiss subsidiary, and are guaranteed and secured on a junior priority basis by the US Loan Parties. The obligations and guarantees under the US ABL Facility will continue to be secured by (i) a first-priority security interest in the US Loan Parties’ existing and future inventory and accounts receivable, together with general intangibles relating to inventory and accounts receivable, contract rights under agreements relating to inventory and accounts receivable, documents relating to inventory, supporting obligations and letter-of-credit rights relating to inventory and accounts receivable, instruments evidencing payment for inventory and accounts receivable; money, cash, cash equivalents, securities and other property held by the Administrative Agent or any lender under the US ABL Facility; deposit accounts, credits and balances with any financial institution with which any US Loan Party maintains deposits and which contain proceeds of, or collections on, inventory and accounts receivable; books, records and other property related to or referring to any of the foregoing and proceeds of any of the foregoing (the “US ABL Priority Collateral”); and (ii) a second-priority security interest in substantially all of the US Loan Parties’ other assets (the “Term Loan Priority Collateral”), including (x) 100% of the capital stock of US Loan Parties’ direct domestic subsidiaries held by the US Loan Parties and 100% of the non-voting capital stock of the US Loan Parties’ direct foreign subsidiaries held by the US Loan Parties, and (y) 65% of the voting capital stock of the US Loan Parties’ direct foreign subsidiaries (to the extent held by the US Loan Parties), in each case subject to certain exceptions set forth in the 2018 ABL Facility Agreement and the related loan documentation. The obligations and guarantees under the Foreign ABL Facility are secured by (i) a first priority security interest on certain of Chemtura Sales Europe B.V., a Netherlands accounts receivable and receivables collection accounts and certain of Chemtura Europe GmbH’s inventory; (ii) a second-priority security interest in the US ABL Priority Collateral; and (iii) a third-priority security interest in the Term Loan Priority Collateral; in each case subject to certain exceptions set forth in the 2018 ABL Facility and the related loan documentation. Mandatory prepayments of the loans under the US ABL Facility (and cash collateralization of outstanding letters of credit) shall be required (i) to the extent the usage of the US ABL Facility exceeds the lesser of (x) the borrowing base for the US ABL Facility and (y) the then effective commitments under the US ABL Facility, and mandatory prepayments of the loans under the Foreign ABL Facility shall be required (i) to the extent the usage of the Foreign ABL Facility exceeds the lesser of (x) the borrowing base for the Foreign ABL Facility and (y) the then effective commitments under the Foreign ABL Facility. Mandatory prepayments of the loans under the 2018 ABL Facility (and cash collateralization of outstanding letters of credit) shall also be required, subject to exceptions, thresholds and reinvestment rights, with the proceeds of certain sales or casualty events of assets on which the 2018 ABL Facility have a first priority security interest (but, solely during a cash dominion period). The 2018 ABL Facility Agreement contains certain affirmative and negative covenants (applicable to us, the other borrowing subsidiaries, the guarantors and their respective subsidiaries other than unrestricted subsidiaries), including, without limitation, covenants requiring financial reporting and notices of certain events, and covenants imposing limitations on incurrence of indebtedness and guaranties; liens; loans and investments; asset dispositions; dividends, redemptions, and repurchases of stock and prepayments, redemptions and repurchases of certain indebtedness; mergers, consolidations, acquisitions, joint ventures or creation of subsidiaries; material changes in business; transactions with affiliates; restrictions on distributions from restricted subsidiaries and granting of negative pledges; changes in accounting and reporting; sale leasebacks; and speculative transactions, and a springing financial covenant requiring a minimum trailing four quarter fixed charge coverage ratio of 1.0 to 1.0 at all times during (A) any period from the date when the amount available for borrowings under the 2018 ABL Facility falls below the greater of (i) $25 million and (ii) 10% of the aggregate commitments to the date such available amount has been equal to or greater than the greater of (i) $25 million and (ii) 10% of the aggregate commitments for 30 consecutive days, or (B) any period from the date when the amount available for borrowings under the US ABL Facility falls below the greater of (i) $18 million and (ii) 10% of the aggregate commitments under the US ABL Facility to the date such available amount has been equal to or greater than the greater of (i) $18 million and (ii) 10% of the aggregate commitments under the US ABL Facility for 30 consecutive days. The 2018 ABL Facility Agreement contains certain events of default (applicable to us, the other borrowers, the guarantors and their respective restricted subsidiaries), including nonpayment of principal, interest, fees or other amounts, violation of covenants, material inaccuracy of representations and warranties, cross-default to material indebtedness, certain events of bankruptcy and insolvency, material judgments, certain ERISA events, a change in control, and actual or asserted invalidity of liens or guarantees or any collateral document, in certain cases subject to the threshold amounts and grace periods set forth in the 2018 ABL Facility Agreement. At December 31, 2015 and 2014 , we had no borrowings under the 2018 ABL Facility, but we had $14 million and $15 million at December 31, 2015 and 2014 of outstanding letters of credit (primarily related to insurance obligations, environmental obligations and banking credit facilities) which utilizes available capacity under the facility. At December 31, 2015 and 2014 , we had approximately $186 million and $211 million , respectively, of undrawn availability under the 2018 ABL Facility. Other Facilities In December 2012, we entered into a CNY 250 million (approximately $40 million ) five -year secured credit facility available through December 2017 (the “China Bank Facility”) with Agricultural Bank of China, Nantong Branch (“ABC Bank”). The China Bank Facility is being used for funding construction of our manufacturing facility in Nantong, China. The China Bank Facility is secured by land, property and machinery of our subsidiary Chemtura Advanced Materials (Nantong) Co., Ltd. The loans under the China Bank Facility bear interest at a rate determined from time to time by ABC Bank based on the prevailing People Bank of China Lending Rate. At December 31, 2015 and 2014 , we had borrowings of $12 million and $27 million , respectively, under the China Bank Facility. Repayments of principal will be made in semi-annual installments from December 2014 through December 2017. In December 2014 and January 2015, we repaid $5 million and $15 million , respectively, of the China Bank Facility with proceeds from the sale of the Chemtura AgroSolutions business. In March 2013, we entered into a promissory note in the principal sum of $7 million with a term of six years bearing interest at a rate of 5.29% per annum to finance the cost of certain information technology software licenses. The principal is to be repaid in equal monthly installments over its term. Maturities At December 31, 2015 , the scheduled maturities of debt are as follows: 2016 - $46 million ; 2017 - $11 million ; 2018 - $2 million and thereafter $450 million .

LEASES

LEASES	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
LEASES	LEASES At December 31, 2015 , minimum rental commitments, primarily for buildings, land and equipment under non-cancelable operating leases, net of sublease income, amounted to $8 million ( 2016 ), $8 million ( 2017 ), $6 million ( 2018 ), $5 million ( 2019 ), $3 million ( 2020 ), $8 million ( 2021 and thereafter) and $38 million in the aggregate. Sublease income is not significant in future periods. Rental expenses under operating leases were $16 million ( 2015 ), $21 million ( 2014 ) and $23 million ( 2013 ). Future minimum lease payments under capital leases at December 31, 2015 were not significant. Real estate taxes, insurance and maintenance expenses are generally our obligations and, accordingly, were not included as part of rental payments. It is expected that in the normal course of business, leases that expire will be renewed or replaced by similar leases.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of earnings (loss) from continuing operations before income taxes and the income tax expense (benefit) are as follows: (In millions) 2015 2014 2013 Pre-tax Earnings (Loss) from Continuing Operations: Domestic $ 54 $ 388 $ (105 ) Foreign 98 191 101 $ 152 $ 579 $ (4 ) Income Tax Expense (Benefit) Domestic Current $ — $ 34 $ — Deferred (3 ) (274 ) (1 ) (3 ) (240 ) (1 ) Foreign Current 30 48 17 Deferred (11 ) — 2 19 48 19 Total Current 30 82 17 Deferred (14 ) (274 ) 1 $ 16 $ (192 ) $ 18 The expense (benefit) for income taxes from continuing operations differs from the Federal statutory rate for the following reasons: (In millions) 2015 2014 2013 Income tax (benefit) expense at the U.S. statutory rate $ 53 $ 203 $ (1 ) Foreign rate differential (9 ) (45 ) (17 ) Valuation allowances (32 ) (389 ) 21 U.S. tax on foreign earnings 17 92 26 Foreign withholding 2 40 — Nondeductible expenses, other 2 1 7 Nondeductible stock compensation 1 1 1 Depletion (3 ) (3 ) (3 ) Income tax credits (22 ) (85 ) (6 ) State income taxes, net of federal benefit (4 ) (12 ) — Taxes attributable to prior periods 14 (10 ) (11 ) Other, net (3 ) 15 1 Income tax (benefit) expense $ 16 $ (192 ) $ 18 In 2015, we generated $22 million of foreign tax credits that will be carried back to 2014 to offset previously paid taxes. We have evaluated additional positive evidence in 2015 that we believe allows us to release valuation allowance against our federal general business credits and state net operating losses. The positive evidence that weighed in favor of releasing the valuation allowance as of December 31, 2015 included: • At December 31, 2015 , our U.S. operations had a three year cumulative pretax income of $244 million (including discontinued operations). • For 2015, our U.S operations pretax income exceeded our forecasted 2015 U.S. pretax income. • Our 2016-2019 forecasted U.S. pretax income exceeds our prior year pretax income for the same period. • We have a full year of actual results on both a U.S. and state basis from our cost saving initiatives reflected in our 2015 pretax income. The federal valuation allowance benefit includes a $10 million release on general business credits that we believe based on the positive evidence discussed above are more likely than not to be realized before expiration. Additionally, valuation allowance on pre-bankruptcy foreign tax credits which is offset by pre-bankruptcy foreign tax credit assets of $21 million were written-off. The state income tax benefit includes a net benefit of $8 million for the release of valuation allowance on net operating losses. Additionally, expired state net operating loss assets of $3 million were also written-off against the associated valuation allowance. We recognize deferred tax assets and liabilities for future tax consequences arising from differences between the carrying amounts of existing assets and liabilities under GAAP and their respective tax bases, and for net operating loss carryforwards and tax credit carryforwards. We evaluate the recoverability of our deferred tax assets, by jurisdiction, as of the end of each quarter, weighing all positive and negative evidence, and are required to establish or maintain a valuation allowance for these assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which the evidence can be objectively verified. If negative evidence exists, positive evidence is necessary to support a conclusion that a valuation allowance is not needed. In 2014, after weighing all of the evidence, we determined that the positive evidence in favor of releasing the valuation allowance, particularly the evidence that was objectively verifiable, outweighed the negative evidence against releasing the allowance as of December 31, 2014 . Therefore, we concluded that it is more likely than not that our U.S. deferred tax assets will be realized, except the deferred tax assets relating to certain long lived assets, pre-bankruptcy foreign tax and general business credits, and certain state net operating losses. As a result, we released net $404 million of the valuation allowance, including $141 million related to the release of a valuation allowance against the Chemtura AgroSolutions sale, of our U.S. deferred tax assets as of December 31, 2014 . Of the net $404 million reduction in the total U.S. valuation allowance during 2014, $33 million was recorded to the income tax benefit in our Consolidated Statements of Operations and $2 million was recorded to other comprehensive loss in our Consolidated Balance Sheet. The positive evidence that weighed in favor of releasing the U.S. valuation allowance as of December 31, 2014 and ultimately outweighed the negative evidence against releasing the allowance included the following: • At December 31, 2014, our U.S. operations had a 3 year cumulative pretax income of $258 million (including discontinued operations). • At December 31, 2014, our U.S. operations had a three year cumulative income of $38 million after excluding the contribution of the three businesses we divested in the period 2013-2014, the expense incurred to divest those businesses and of the gain/loss on those divestitures as well as including the benefit of lower interest expense arising from the pay down of debt with a portion of the proceeds from the divestitures. • The pay down of both third party and intercompany debt during 2013 and 2014 has reduced the interest expense (both third party and interest paid on loans from our foreign subsidiaries) of our U.S. operations by $18 million compared to what was incurred in 2013 and $36 million compared to what was incurred in 2012. • Our U.S. operations benefit from significant foreign source income from their international operations. A review of historic receipts of foreign source income, adjusted to exclude income from the divested businesses, or that arose from intercompany lending that has now been repaid, indicates that the U.S. operations can reasonably expect $15 - 20 million of recurring foreign source income annually. The benefit of the foreign source income reduces the value of U.S. pretax income that is required to fully utilize the U.S. federal NOL released each year by an equal amount. • Our U.S. Federal NOLs have a 20 year carryforward period and will expire in 2029 and 2030. • The U.S. federal NOL utilization is based on U.S. federal taxable income, which is comprised of pretax income, permanent items and reversals of temporary differences. As of December 31, 2014, we will need to generate approximately $725 million of pretax income over the next 16 years to realize all of our federal NOLs and absorb reversing temporary differences. The amount of pretax income needed to utilize the federal NOL is significantly less than our projected U.S. pretax income for the same time period. We believe our U.S. deferred tax liabilities will reverse in the same time period as our U.S. deferred tax assets. • The profitability of our U.S. operations are driven by the performance of our Great Lakes Solutions products manufactured in the U.S. Performance is expected to progressively improve in 2015 and in subsequent years initially led by our manufacturing and SG&A cost reduction programs. A significant portion of the actions to reduce manufacturing and SG&A costs (primarily reductions in headcount) have already been taken and in conjunction with improvement in manufacturing efficiencies and yields, will yield cost reductions of $26 million annually in the U.S.. • We are not relying on any tax planning strategies as a source of U.S. income necessary to utilize our U.S. federal NOLs. The negative evidence that was considered in our determination that positive evidence is greater than negative evidence was the following: • We disposed of two profitable businesses in 2013 (Consumer Products) and 2014 (Chemtura AgroSolutions). However, we have already eliminated the stranded costs associated with the Consumer Products business and we anticipate that we will eliminate the stranded cost associated with the Chemtura AgroSolutions business by the end of the first quarter of 2015. We have used a portion of the net after-tax sale proceeds to repay debt, reducing U.S. interest expense. We have also transferred pension liabilities to the buyers of the Antioxidants and Consumer Products business. We also refinanced a significant portion of our debt in 2013, further reducing interest expense from that in 2012 and prior years. • If we exclude the profit contribution of the Antioxidants, Consumer Products and Chemtura AgroSolutions businesses, U.S. operations incurred a loss in both 2013 and 2014. However, as indicated in positive evidence, these results adjusted for lower third party and intercompany interest expense in the U.S., eliminated costs incurred by the U.S. in support of the international operations of these businesses and the release of the obligations and the accretion related to the below market nature of the Supply Agreements, U.S. operations would have been profitable in these periods and was profitable in 2012. • In 2012 and 2013, our forecast of pretax income of our U.S. operations was not fully achieved. However, the achievement of U.S. pretax income forecasts in full is not required to fully utilize the Company’s U.S. deferred tax assets as they become available to offset U.S. taxable income. • At September 30, 2014 and December 31, 2013, our U.S. operations had a three-year cumulative loss of $105 million and $89 million , respectively, (including discontinued operations). The cumulative loss was eliminated by the gain on the sale of our Chemtura AgroSolutions business in the quarter ended December 31, 2014. • As a result of our emergence from Chapter 11 Bankruptcy in 2010, we will be subject to annual U.S. federal NOL limitations under Internal Revenue Code (“IRC”) Section 382 in the future. Our federal NOL annual limitation will be $72 million in 2015 and $59 million annually in the period 2016-2024 and $8 million in 2025. • At December 31, 2014, Chemtura had a deferred tax asset related to Low Income Housing credits (“LIH”) in the amount of $23 million ; post 1998 LIH credits have a 20 year carry forward (the oldest is pre-2003 in the amount of $10 million ). LIH credits are not available for use until all pre-Chapter 11 federal NOLs are utilized. Therefore, we do not believe it is more likely than not that we will utilize pre-Chapter 11 LIH credits before they expire. We had valuation allowances related to U.S. operations of $55 million , $102 million and $506 million at December 31, 2015 , 2014 and 2013 , respectively. We had valuation allowances related to our foreign subsidiaries of $37 million , $25 million and $23 million at December 31, 2015 , 2014 and 2013 , respectively. A valuation allowance has been provided for deferred tax assets where it is more likely than not that these assets will expire before we are able to realize their benefit. Of the $35 million reduction in the total valuation allowance during 2015, $33 million was recorded to the income tax benefit in our Consolidated Statement of Operations and $2 million was recorded to other comprehensive loss in our Consolidated Balance Sheet. Of the $402 million reduction in the total valuation allowance during 2014 , $404 million was recorded to the income tax benefit in our Consolidated Statements of Operations and $2 million was recorded to other comprehensive loss in our Consolidated Balance Sheet. The components of the deferred tax assets and liabilities are as follows: (In millions) 2015 2014 Deferred tax assets: Pension and other post-retirement liabilities $ 72 $ 83 Net operating loss carryforwards 274 253 Other accruals 19 3 Below market contracts, net of discount 67 82 Tax credit carryforwards 43 66 Accruals for environmental remediation 20 23 Intangibles — 2 Inventories and other 17 15 Financial instruments — 1 Total deferred tax assets 512 528 Valuation allowance (92 ) (127 ) Net deferred tax assets after valuation allowance 420 401 Deferred tax liabilities: Unremitted foreign earnings of subsidiaries (1 ) (11 ) Property, plant and equipment (66 ) (63 ) Other (6 ) (13 ) Total deferred tax liabilities (73 ) (87 ) Net deferred tax asset (liability) after valuation allowance $ 347 $ 314 Net current and non-current deferred taxes from each tax jurisdiction are included in the following accounts: (In millions) 2015 2014 Net current deferred taxes Other current assets $ — $ 34 Other current liabilities — (8 ) Net non-current deferred taxes Other assets 354 313 Other liabilities (7 ) (25 ) We early adopted ASU 2015-17 Balance Sheet Classification of Deferred Taxes in the fourth quarter of 2015 which requires that deferred tax liabilities and assets and associated valuation allowances be classified as non-current in the balance sheet. Given that we elected prospective adoption, we did not reclassify prior year information to conform with ASU 2015-17. The components of our gross net operating loss (“NOL”) are as follows: (In millions) 2015 2014 Federal NOL $ 560 $ 591 State NOL $ 867 $ 929 Foreign NOL $ 181 $ 181 State and foreign NOL and credits expire over the period 2016-2034, foreign tax credits expire over the period 2016-2020. Low income housing credits expire over the period 2019-2030 and federal NOL expire over the period 2029-2030. As a result of our emergence from Chapter 11 bankruptcy in 2010, we are subject to future annual federal NOL limitations under Internal Revenue Code (“IRC”) Section 382. Our federal annual limitations on the release of our NOLs are $59 million annually in the period 2016-2024 and $8 million in 2025, subject to adjustment upon audit, if any. At December 31, 2015 , we had federal and state tax credit carryforwards of $41 million and $2 million , respectively. At December 31, 2014 , we had federal and state tax credit carryforwards of $63 million and $3 million , respectively. We anticipate that we will repatriate the undistributed earnings of certain foreign subsidiaries. For the year ended December 31, 2015 , we decreased by $10 million the amount of the net deferred tax liability we provide for the U.S. tax consequences of these repatriations, primarily due to the repatriations completed in 2015 as a result of the sale of our Chemtura AgroSolutions business. For the year ended December 31, 2014 , we decreased by $25 million , the amount of the net deferred tax liability we provide for the U.S. tax consequences of these repatriations. We consider undistributed earnings of all other foreign subsidiaries to be indefinitely invested in their operations. At December 31, 2015 , such undistributed earnings deemed to be indefinitely reinvested in foreign operations amounted to $481 million . We also have not recognized a deferred tax liability for the difference between the book basis and tax basis of investments in the common stock of foreign subsidiaries. Such differences relate primarily to the unremitted earnings of both Witco’s and Great Lakes’ foreign subsidiaries prior to their mergers with us. The basis difference in subsidiaries of Witco, acquired on September 1, 1999, is approximately $89 million and the basis difference in subsidiaries of Great Lakes, acquired on July 1, 2005, is approximately $11 million . Estimating the tax liability for these entities that would arise if these earnings were repatriated is not practicable at this time. During the year ended December 31, 2015 , we recorded a decrease to our liability for unrecognized tax benefits of approximately $1 million . This decrease is primarily due to actual cash repatriations during the current year that offset the liability established in prior years for deemed repatriations and settlements of tax audits in various foreign and domestic jurisdictions. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. The beginning and ending amount of unrecognized tax benefits reconciles as follows: (In millions) 2015 2014 2013 Balance at January 1 $ 28 $ 44 $ 41 Gross (decreases) increases for tax positions taken during current year — 2 (1 ) Gross increases for tax positions taken during a prior period 3 2 1 Gross decreases for tax positions taken during a prior period (2 ) (19 ) — Settlements / payments (1 ) (2 ) — Foreign currency impact (1 ) 1 3 Balance at December 31 $ 27 $ 28 $ 44 We recognized an insignificant amount of interest expense in 2015 related to unrecognized tax benefits within tax expense in our Consolidated Statements of Operations and had interest expense of $1 million in 2014 and 2013 . We also recognized, in our Consolidated Balance Sheets at December 31, 2015 and 2014 , a total amount of $10 million and $10 million of interest, respectively, related to unrecognized tax benefits. We file income tax returns in the U.S., various U.S. states and certain foreign jurisdictions. The Internal Revenue Service has completed our federal examination through tax years ending December 31, 2012. There are no tax years currently under examination by the Internal Revenue Service. United States and foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years . We have a number of state, local and foreign examinations currently in process. Major foreign exams in process include Germany, France and Italy. We believe it is reasonably possible that our unrecognized tax benefits will remain unchanged during the next year. We do not project any measurable changes in our unrecognized tax benefits due to the statute of limitations expirations or conclusion of examinations by tax authorities. We further expect that the amount of unrecognized tax benefits will continue to change in the future as a result of ongoing operations, the outcomes of audits, and the expiration of the statute of limitations. This change is not expected to have a significant impact on our results of operations or financial condition.

CAPITAL STOCK AND EARNINGS (LOS

CAPITAL STOCK AND EARNINGS (LOSS) PER COMMON SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
CAPITAL STOCK AND EARNINGS (LOSS) PER COMMON SHARE	CAPITAL STOCK AND EARNINGS (LOSS) PER COMMON SHARE Capital Stock Common Shares We are authorized to issue 500 million shares of $0.01 par value common stock. There were 100.6 million shares issued, of which 33.4 million were held in treasury at December 31, 2015 and there were 100.5 million shares issued, of which 28.8 million were held in treasury at December 31, 2014 . We are authorized to issue 0.3 million shares of $0.01 par value preferred stock, none of which are outstanding. Treasury Shares In November 2013, the Board authorized an increase in our share repurchase program to $291 million and extended the program through November 9, 2014 ( the "November 2014 Authorization"). In May 2014, the Board authorized a further increase in our share repurchase program by $100 million , up to $391 million when combined with the November 2013 authorization. During 2014 , we purchased 12.1 million shares for $287 million under this share repurchase program. Through October 2014, we purchased 17.9 million shares for $382 million since inception of the share repurchase program in 2011. The remaining authorization of $9 million expired without any share repurchases in November 2014. In October 2014, the Board approved a new share repurchase authorization of up to $500 million conditioned upon the sale of our Chemtura AgroSolutions business which authorization was scheduled to expire on December 1, 2015 (the "October 2014 Authorization"). In October 2014, we announced the commencement of a modified Dutch auction tender offer to purchase for cash shares of our common stock (the "Tender Offer"). In November 2014, we closed the sale of our Chemtura AgroSolutions business and in December 2014, we completed the Tender Offer and purchased 12.5 million shares of our common stock at a purchase price of $24.20 per share, for an aggregate cost of $302 million , excluding fees and expenses. In December 2014, we purchased an additional 1.2 million shares for $28 million under our share repurchase program through open market purchases In August 2015 , the Board authorized an increase to the October 2014 Authorization by $150 million , up to $650 million in the aggregate when combined with the October 2014 Authorization, and extended the program to December 1, 2016. During 2015, we repurchased a total of 6.2 million shares of our common stock under our share repurchase program at a cost of $150 million . As of December 31, 2015, $171 million remained under the October 2014 Authorization. The shares are expected to be repurchased from time to time through open market purchases. Our share repurchase programs do not obligate us to repurchase any particular amount of common stock, may be modified or suspended at any time at the Board’s discretion. The manner, price, number and timing of such repurchases, if any, will be subject to a variety of factors, including market conditions and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). We release the value of treasury shares at the weighted average price per share when shares are issued from treasury. Earnings (Loss) per Common Share The computation of basic earnings (loss) per common share is based on the weighted average number of common shares outstanding. The computation of diluted earnings (loss) per common share is based on the weighted average number of common and common share equivalents outstanding. For the year ended December 31, 2013, the computation of diluted earnings (loss) per share equals the basic earnings (loss) per common share calculation since common stock equivalents were antidilutive due to losses from continuing operations. Common stock equivalents amounted to 1.3 million for the year ended December 31, 2013. The following is a reconciliation of the shares used in the computation of earnings (loss) per share: Year ended (In millions) 2015 2014 2013 Weighted average shares outstanding - Basic 67.8 90.2 97.7 Dilutive effect of common share equivalents 1.0 1.3 — Weighted average shares outstanding - Diluted 68.8 91.5 97.7

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss (“AOCL”), net of tax at December 31, 2015 and 2014 , are as follows: (in millions) Foreign Currency Translation Adjustments Unrecognized Pension and Other Post-Retirement Benefit Costs Available for Sale Securities - Adjustments Total As of December 31, 2013 $ (13 ) $ (267 ) $ — $ (280 ) Other comprehensive loss before reclassifications (70 ) (70 ) (5 ) (145 ) Amounts reclassified from AOCL (3 ) 31 — 28 Net current period other comprehensive loss (73 ) (39 ) (5 ) (117 ) As of December 31, 2014 (86 ) (306 ) (5 ) (397 ) Other comprehensive (loss) income before reclassifications (52 ) (26 ) 7 (71 ) Amounts reclassified from AOCL (3 ) 11 (2 ) 6 Net current period other comprehensive (loss) income (55 ) (15 ) 5 (65 ) As of December 31, 2015 $ (141 ) $ (321 ) $ — $ (462 ) The following table summarizes the reclassifications from AOCL to the Consolidated Statement of Operations for the periods ending December 31, 2015 , 2014 and 2013: Amount Reclassified from AOCL (in millions) 2015 2014 2013 Affected line item in the consolidated statement of operations Foreign currency translation items: Liquidation of consolidated entities $ 8 $ — $ 13 Other income, net (Loss) gain on sale of business (b) (5 ) 3 — (Loss) gain on sale of business Sale of discontinued operations (c) — — 38 Loss on sale of discontinued operations, net of tax Net of tax 3 3 51 Defined benefit pension plan items: Amortization of prior-service credits (a) 5 5 5 Primarily SG&A Amortization of actuarial losses (a) (22 ) (18 ) (21 ) Primarily SG&A Settlement loss (a) — (21 ) — Primarily SG&A Sale of discontinued operations (c) — — (127 ) Loss on sale of discontinued operations, net of tax Total before tax (17 ) (34 ) (143 ) Total tax 6 3 1 Income tax benefit Tax on discontinued operations — — 15 Loss on sale of discontinued operations, net of tax Total tax 6 3 16 Net of tax (11 ) (31 ) (127 ) Available for sale securities: Gain on sale of Platform shares 2 — — Other income, net Net of tax 2 — — Total reclassifications $ (6 ) $ (28 ) $ (76 ) (a) These items are included in the computation of net periodic benefit pension cost (see Note 13 - Pension and Other Post-Retirement Plans for additional information). (b) Sale of the Chemtura AgroSolutions business (see Note 2 - Divestitures) (c) Sale of Antioxidant and Consumer Products businesses (see Note 2 - Divestitures)

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK INCENTIVE PLANS	STOCK INCENTIVE PLANS We utilize various employee stock-based compensation plans. Awards under these plans are granted to eligible officers, management employees and non-employee directors. Awards may be made in the form of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock and/or restricted stock units ("RSUs"). Under the plans, we issue additional shares of common stock upon the exercise of stock options or the vesting of RSUs. Stock issuances can be from treasury shares or newly issued shares. Description of the Plans In 2010, we adopted the Chemtura Corporation 2010 Long-Term Incentive Plan (the “2010 LTIP”) . The 2010 LTIP provides for grants of nonqualified stock options ("NQOs"), incentive stock options ("ISOs"), stock appreciation rights, dividend equivalent rights, stock units, bonus stock, performance awards, share awards, restricted stock, time-based RSUs and performance-based RSUs. The 2010 LTIP provides for the issuance of a maximum of 11 million shares. Stock options may be granted under the 2010 LTIP at prices equal to the fair market value of the underlying common shares on the date of the grant. All outstanding stock options will expire not more than ten years from the date of the grant. During the years ended December 31, 2015 and 2014 , we had 4.3 million and 4.6 million shares available for grant, respectively. Total stock-based compensation expense, including amounts for RSUs and stock options, was $12 million for 2015 and $14 million for 2014 and 2013 . In 2015 , stock-based compensation expense of $11 million and $1 million was reported in SG&A and COGS, respectively. In 2014 , stock-based compensation expense of $13 million and $1 million was reported in SG&A and COGS, respectively. In 2013 , stock-based compensation expense of $12 million , $1 million , and $1 million was reported in SG&A, COGS and earnings from discontinued operations, net of tax, respectively. Approximately 19% , 23% and 23% of the stock-based compensation expense was allocated to our operating segments in 2015 , 2014 and 2013 , respectively. All other stock-based compensation expense was included in our Corporate segment. Stock Options The compensation and governance committee of the Board of Directors (the "Compensation Committee") did not grant any stock options during the years ended December 31, 2015 and 2014. In March 2013, the Compensation Committee approved the grant of 0.4 million NQOs under the 2013 long-term incentive awards. These options vest ratably over a three -year period. We use the Black-Scholes option-pricing model to determine the fair value of NQOs. We have elected to recognize compensation cost for NQOs equally over the requisite service period for each separately vesting tranche, as if multiple awards were granted. Using this method, the weighted average fair value of stock options granted during the year ended December 31, 2013 was $9.92 . The Black-Scholes option-pricing model requires the use of various assumptions. The following table presents the weighted average assumptions used: 2013 Dividend yield 0.0 % Expected volatility 51.0 % Risk-free interest rate 1.0 % Expected life (in years) 6 The weighted average expected life of six years for the 2013 grant reflects the simplified method, which defines the expected life as the average of the contractual term of the options and the weighted average vesting period for all option tranches. We continued to use the simplified method because there is insufficient data to develop a justifiable expected term. Expected volatility for the 2013 awards of NQOs is based primarily on a combination of the historical volatility prior to our entering into Chapter 11 in 2009 and historical volatility since emergence from Chapter 11 in 2010. For additional information on our emergence from Chapter 11 see Note 15 - Legal Proceedings. A summary of our stock option activities for 2015 is summarized as follows: Weighted Average Remaining Aggregate Intrinsic Price Per Share Shares Contractual Value Average (in millions) Life (in millions) Outstanding at 12/31/14 $ 16.56 2.2 6.5 $ 18 Exercised 15.97 (1.3 ) 17 Outstanding at 12/31/15 $ 17.38 0.9 5.8 $ 9 Exercisable at 12/31/15 $ 16.96 0.8 5.7 $ 8 The intrinsic value of the exercised options was $17 million , $5 million and $4 million for 2015 , 2014 and 2013 , respectively. Total remaining unrecognized compensation cost associated with unvested stock options was not material at December 31, 2015 . Restricted Stock Awards In March 2015, 2014 and 2013, the Compensation Committee approved the grant of 0.2 million , 0.4 million and 0.2 million , respectively, time-based RSUs under the 2015, 2014 and 2013 long-term incentive awards. These RSUs vest ratably over a three -year period. In March of 2015, 2014 and 2013, the Compensation Committee approved the grant of 0.2 million performance shares under the 2015, 2014 and 2013 long-term incentive awards. The share grant is subject to a performance multiplier of up to 2 times the targeted award. The performance measurement period is the three calendar year period ending December 31, 2017, 2016, and 2015, respectively. The performance share metric is our relative total shareholder return against the companies comprising the Dow Jones Chemical Index for the 2015 and 2014 long-term incentive awards and the Russell 3000 for the 2013 long-term incentive awards. The performance shares will be settled as soon as practicable after the performance period but no later than March 15, 2017 for the 2014 long-term incentive awards and March 15, 2018 for the 2015 long-term incentive awards. The 2013 long-term incentive awards were settled in January 2016. We used the Monte-Carlo simulation model to determine the fair value of the performance shares. Using this method, the average per share fair value of these awards was $34.91 , $26.98 and $27.27 for the 2015, 2014 and 2013 incentive awards, respectively. RSUs award activity for 2015 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Aggregate Fair Value (in millions) Unvested RSU awards, December 31, 2014 1.1 23.81 $ 28 Granted 1 0.6 29.61 Vested (0.7 ) 23.10 16 Unvested RSU awards, December 31, 2015 1.0 $ 26.89 $ 28 1) Includes performance multiplier adjustments for actual payout received on the 2013 performance shares. The weighted average grant date fair value of RSUs granted was $29.61 , $25.56 and $23.18 for 2015 , 2014 and 2013 , respectively. The fair value of RSUs at time of vesting was $16 million , $8 million and $8 million for 2015 , 2014 and 2013 , respectively. Total remaining unrecognized compensation expense associated with unvested RSUs at December 31, 2015 was $11 million , which will be recognized over the weighted average period of approximately 2 years . Tax Benefits of Stock-Based Compensation Plans ASC 718 Stock Compensation requires the benefits of tax deductions in excess of grant-date fair value be presented in the cash flows from financing section of our Consolidated Statements of Cash Flows. We recognized a cash tax benefit in the amount of $5 million associated with shares exercised during the year ended December 31, 2014. We did not obtain any cash tax benefit associated with shares exercised during the years ended December 31, 2015 and 2013 as we utilized net operating losses. Cash proceeds received from stock option exercises during 2015 , 2014 and 2013 was $20 million , $10 million and $8 million , respectively.

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
PENSION AND OTHER POST-RETIREMENT PLANS	PENSION AND OTHER POST-RETIREMENT PLANS We have several defined benefit and defined contribution pension plans covering substantially all of our domestic employees and certain international employees. Benefits under the defined benefit plans are primarily based on the employees' years of service and compensation during employment. Effective January 1, 2006, we eliminated future earnings benefits to participants of our domestic defined benefit plans for non-bargained employees. All active non-bargained employees would subsequently earn benefits under defined contribution plans for all service incurred on or after January 1, 2006. Our funding policy for the defined benefit plans is based on contributions at the minimum annual amounts required by law plus such amounts as we may deem appropriate. Contributions for the defined contribution plans are determined as a percentage of the covered employee’s salary. Plan assets consist of publicly traded securities and mutual funds and investments in commingled funds administered by independent investment advisors. International employees are covered by various pension benefit arrangements, some of which are considered to be defined benefit plans for financial reporting purposes. Assets of these plans are comprised primarily of equity investments and fixed-income investments. Benefits under these plans are primarily based upon levels of compensation. Funding policies are based on legal requirements, tax considerations and local practices. We also provide health and life insurance benefits for substantially all of our active domestic employees and certain retired and international employees. These plans are generally not prefunded and are paid by us as incurred. In September 2014, we offered vested pension plan participants in our U.S. qualified pension plan who are no longer employed at the Company a limited-time opportunity to take their pension benefits as a one-time single lump sum or an immediate annuity. Announcement letters were mailed on September 12, 2014. The window for participants to make the election was from September 22, 2014 until October 31, 2014. Based on the elections received, we reduced our projected benefit obligation and plan assets by $52 million which resulted in a settlement charge in the fourth quarter of 2014 of $21 million . In May 2011, one of our UK subsidiaries entered into definitive agreements with the trustees of the Great Lakes U.K. Limited Pension Plan (“the UK Pension Plan”) over the terms of a “recovery plan” which provided for a series of additional cash contributions to be made to reduce the underfunding over time. The agreements provided, among other things, for our UK subsidiary to make cash contributions of £60 million (approximately $96 million ) between 2011 and 2014. The final contribution of £8 million ( $12 million ) was made in the first quarter of 2014. The agreements also provided for the granting of both a security interest and a guarantee to support certain of the liabilities under the UK Pension Plan. There was also an evaluation being undertaken as to whether additional benefit obligations exist in connection with the equalization of certain benefits under the UK Pension Plan that occurred in the early 1990s. Based on the results of the evaluation in 2011, $8 million of expense was recorded in the fourth quarter of 2011, which was subject to adjustment as further information was gathered as part of the evaluation. Additional information was gathered and evaluated during the second quarter of 2013 and resulted in a reduction of the estimated liability from that originally estimated. Accordingly we recorded $2 million of income to SG&A in the second quarter of 2013. During the third quarter of 2014, we obtained a recovery from third parties that reduced our estimated net liability by a further $4 million which was released to SG&A. When we reach agreement with the trustees of the UK Pension Plan as to what additional benefit obligations exist, our UK subsidiary will be required to make additional cash contributions to the UK Pension Plan. Benefit Obligations Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2015 2014 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 652 $ 623 $ 542 $ 519 $ 108 $ 96 Service cost — — 2 2 — — Interest cost 24 28 17 21 4 4 Actuarial (gains) losses (a) (32 ) 99 (6 ) 64 (8 ) 20 Benefits paid (46 ) (46 ) (20 ) (20 ) (7 ) (11 ) Settlements — (52 ) (4 ) (3 ) — — Foreign currency exchange rate changes (b) — — (36 ) (41 ) (3 ) (1 ) Projected benefit obligation at end of year $ 598 $ 652 $ 495 $ 542 $ 94 $ 108 Accumulated benefit obligation at end of year $ 598 $ 651 $ 494 $ 541 Weighted-average year-end assumptions used to determine benefit obligations: Discount rate 4.10 % 3.80 % 3.46 % 3.28 % 3.97 % 3.70 % Rate of compensation increase 3.00 % 3.00 % 2.42 % 2.41 % N/A N/A Health care cost trend rate 4.87 % 6.16 % (a) The gains for 2015 primarily related to an update to the revised mortality tables for the U.S. pension plans, and increases in discount rates. The losses for 2014 primarily related to the utilization of the recently revised mortality tables for the U.S. pension plans and certain international plans, and decreases in discount rates. (b) The significant foreign currency decrease in 2015 and 2014 is due to decreases in Euro and British Pound exchange rates from December 2014 to December 2015 and from December 2013 to December 2014, respectively. A 4.87% weighted-average rate of increase in the health care cost trend rate was assumed for the accumulated post-retirement benefit obligation as of December 31, 2015 . The rate was assumed to increase gradually to a weighted average rate of 5.0% over approximately the next 4 to 6 years. Assumed health care cost trend rates have a significant effect on the post-retirement benefit obligation reported for the health care plans. A one percentage point increase in assumed health care cost trend rates would increase the accumulated post-retirement benefit obligation by $5 million for health care benefits as of December 31, 2015 . A one percentage point decrease in assumed health care cost trend rates would decrease the accumulated post-retirement benefit obligation by $4 million for health care benefits as of December 31, 2015 . Plan Assets Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2015 2014 2015 2014 Change in plan assets: Fair value of plan assets at beginning of year $ 570 $ 595 $ 455 $ 408 $ — $ — Actual return on plan assets (7 ) 59 3 75 — — Employer contributions 14 14 9 24 7 11 Benefits paid (46 ) (46 ) (20 ) (20 ) (7 ) (11 ) Settlements — (52 ) (4 ) (3 ) — — Foreign currency exchange rate changes (a) — — (27 ) (29 ) — — Fair value of plan assets at end of year $ 531 $ 570 $ 416 $ 455 $ — $ — (a) The significant foreign currency decrease in 2015 and 2014 is due to decreases in Euro and British Pound exchange rates from December 2014 to December 2015 and from December 2013 to December 2014, respectively. Our pension plan assets are managed by outside investment managers as appointed by the Employee Investment Committee ("EIC"). Our investment managers are SEI Investments Management Corporation ("SEI") for our U.S. qualified pension plans, Northern Trust for our Canadian non-qualified pension plans and Mercer Limited for our UK pension plans. Assets are monitored regularly to ensure they are within the range of parameters as set forth by the EIC. Our investment strategy with respect to pension assets is to achieve the expected rate of return within an acceptable or appropriate level of risk. Our investment strategy is designed to promote diversification, to moderate volatility and to attempt to balance the expected return with risk levels. The target allocations for qualified domestic plans are 32% equity securities, 58% fixed income securities and 10% to all other types of investments. The weighted average target allocations for international pension plans are 29% equity securities, 68% fixed income securities and 3% to all other types of investments. The fair values of our defined benefit pension plan assets at December 31, 2015 and 2014 , by asset category are as follows: Fair Value Measurements at December 31, 2015 Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans (In millions) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity securities: Pooled equity (a) $ 146 $ 146 $ — $ — $ 120 $ 5 $ 115 $ — Fixed income securities: U.S. government bonds (b) 62 — 62 — — — — — International government bonds (b) — — — — 16 — 16 — Pooled fixed income funds (c) 263 263 — — 265 — 264 1 Alternative collective funds (d) 60 — — 60 — — — — Other instruments (e) — — — — 14 — — 14 Cash & cash equivalents — — — — 1 1 — — $ 531 $ 409 $ 62 $ 60 $ 416 $ 6 $ 395 $ 15 Fair Value Measurements at December 31, 2014 Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Equity securities: Pooled equity (a) $ 164 $ 164 $ — $ — $ 152 $ 8 $ 144 $ — Fixed income securities: U.S. government bonds (b) 72 — 72 — — — — — International government bonds (b) — — — — 20 — 20 — Pooled fixed income funds (c) 258 258 — — 268 — 265 3 Alternative collective funds (d) 75 — — 75 — — — — Other instruments (e) 1 1 — — 14 — — 14 Cash & cash equivalents — — — — 1 1 — — $ 570 $ 423 $ 72 $ 75 $ 455 $ 9 $ 429 $ 17 (a) Pooled equity funds include mutual and collective funds that invest primarily in marketable equity securities of various sized companies in a diverse set of industries in various regions of the world. Shares of publicly traded mutual funds are valued at the closing price reported on the U.S. and international exchanges where the underlying securities are actively traded. Units of collective funds are valued at the per unit value determined by the fund manager, which is based on market price of the underlying securities. (b) U.S. and international government bonds include U.S. treasury, municipal and agency obligations and international government debt. Such instruments are valued at quoted market prices for those instruments or on institutional bid valuations. (c) Pooled fixed income funds are fixed income funds that invest primarily in corporate and government bonds. Publicly traded funds are valued at the closing price in active markets and observable data, whereas collective funds are valued by broker or dealer quotations, which are based on the market price of the underlying securities. (d) Alternative collective funds include funds that invest mainly in asset backed securities, real estate funds, hedge funds and other alternative investments. The underlying funds are valued based on the net asset values of the investments as determined by the respective individual fund administrators on a daily, weekly or monthly basis depending on the fund. Such valuations are reviewed by the portfolio managers who determine the value of collective funds based on these inputs. Certain of these funds have lock up periods and all of them have notification periods. Due to the process used to value these funds and the restricted trading, we have categorized these funds as level 3. (e) Other instruments include primarily annuities and real estate funds instruments for which there are significant unobservable inputs and therefore have been classified as level 3. Below is the rollforward of the activity in the pension plan assets classified as Level 3 above: Alternative Collective Funds (d) Other Instruments (e) Total Level 3 Investments Balance at December 31, 2014 $ 75 $ 17 $ 92 Purchases — — — Transfers to/(from) Level 3 (18 ) (3 ) (21 ) Unrealized gains 3 1 4 Disbursements — — — Balance at December 31, 2015 $ 60 $ 15 $ 75 Funded Status The funded status at the end of the year, and the related amounts recognized on the Consolidated Balance Sheet, are as follows: Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2015 2014 2015 2014 Funded status, end of year: Fair value of plan assets $ 531 $ 570 $ 416 $ 455 $ — $ — Benefit obligations 598 652 495 542 94 108 Net amount recognized $ (67 ) $ (82 ) $ (79 ) $ (87 ) $ (94 ) $ (108 ) Amounts recognized in the Consolidated Balance Sheets at the end of year consist of: Noncurrent assets $ — $ — $ 46 $ 57 $ — $ — Current liability — — (8 ) (7 ) (8 ) (9 ) Noncurrent liability (67 ) (82 ) (117 ) (137 ) (86 ) (99 ) Net amount recognized $ (67 ) $ (82 ) $ (79 ) $ (87 ) $ (94 ) $ (108 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss/(gain) $ 270 $ 269 $ 137 $ 130 $ 38 $ 49 Prior service cost/(credit) — — — — (30 ) (35 ) $ 270 $ 269 $ 137 $ 130 $ 8 $ 14 As of December 31, 2015 and 2014 , the current liability positions are included in accrued expenses, the noncurrent assets are included in other assets, and the noncurrent liability positions are shown as pension and post-retirement health care liabilities in our Consolidated Balance Sheets. The estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in 2016 are as follows: Qualified Domestic International and Non- Qualified Post- Retirement Health Care (In millions) Plans Plans Plans Actuarial loss $ 11 $ 5 $ 2 Prior service credit — — (5 ) Total amortization cost (credit) $ 11 $ 5 $ (3 ) Our funding assumptions for our domestic pension plans assume no significant change with regards to demographics, legislation, plan provisions, or actuarial assumptions or methods to determine the estimated funding requirements. We contributed approximately $31 million and $49 million to our pension and post retirement plans in 2015 and 2014 , respectively. The 2015 contribution includes a $14 million discretionary contribution to one of our domestic qualified plans. The 2014 contribution included $12 million for one of our UK pension plans as required by the “recovery plan” agreed to with the trustees of that plan and a $14 million discretionary contribution to one of our domestic qualified plans. The projected benefit obligation and fair value of plan assets for pension and post-retirement plans with a projected benefit obligation in excess of plan assets at December 31, 2015 and 2014 were as follows: (In millions) 2015 2014 Projected benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 820 $ 919 Fair value of plan assets 534 584 The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension and post-retirement plans with an accumulated benefit obligation in excess of plan assets at December 31, 2015 and 2014 were as follows: (In millions) 2015 2014 Accumulated benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 725 $ 798 Accumulated benefit obligation 725 797 Fair value of plan assets 533 572 Expected Cash Flows Information about the expected cash flows for the domestic qualified defined benefit plans, international and non-qualified defined benefit plans and post-retirement health care plans are as follows: Defined Benefit Pension Plans Qualified Domestic International and Non-Qualified Post- Retirement Health Care (in millions) Plans Plans Plans Expected Employer Contributions: (a) 2016 $ — $ 10 $ 8 Expected Benefit Payments (b): 2016 45 20 8 2017 45 21 8 2018 44 23 8 2019 44 23 7 2020 43 24 7 2021-2025 202 128 30 (a) The expected employer contributions reflect the minimum required by law or contractual obligation, including benefits paid directly by employer. We may elect to make additional discretionary contributions as deemed appropriate consistent with past practice. (b) The expected benefit payments are based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service. Net Periodic Cost Defined Benefit Pension Plans Qualified Domestic Plans (a) International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost (credit): Service cost $ — $ — $ — $ 2 $ 2 $ 3 $ — $ — $ — Interest cost 24 28 30 17 21 20 4 4 4 Expected return on plan assets (39 ) (41 ) (45 ) (22 ) (26 ) (23 ) — — — Amortization of prior service cost — — — — — — (5 ) (5 ) (5 ) Recognized actuarial losses 13 11 14 6 4 5 3 3 2 Curtailment loss recognized — — — — — 1 — — — Settlement loss recognized (b) — 21 32 — — — — — — Net periodic benefit cost $ (2 ) $ 19 $ 31 $ 3 $ 1 $ 6 $ 2 $ 2 $ 1 (a) The net periodic benefit cost for the year ended December 31, 2013 includes pension expense related to the earnings (loss) from discontinued operations of $1 million . (b) The settlement loss recognized in 2014 of $21 million relates to the lump sum payout made to certain participants in our U.S. qualified pension plan (included in SG&A). The settlement loss recognized in 2013 includes a loss of $40 million related to the divestiture of our Antioxidants business in April 2013 (included in loss on sale of discontinued operations), partly offset by a $2 million gain related to the divestiture of our Consumer Products business (included in loss on sale of discontinued operations) and a $6 million gain related to an adjustment for a legacy pension plan ( $2 million included in SG&A and $4 million in loss from discontinued operations). Weighted-average assumptions used to determine net cost: Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans 2015 2014 2013 2015 2014 2013 2015 2014 2013 Discount rate 3.80 % 4.60 % 3.80 % 3.47 % 4.20 % 3.89 % 3.70 % 4.45 % 3.71 % Expected return on plan assets 7.50 % 7.50 % 7.50 % 5.66 % 6.68 % 6.53 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 2.41 % 2.85 % 2.77 % The expected return on pension plan assets is based on our investment strategy, historical experience, and our expectations for long term rates of return. We determine the long-term rate of return assumptions for the domestic and international pension plans based on its investment allocation between various asset classes. The expected rate of return on plan assets is derived by applying the expected returns on various asset classes to our target asset allocation. The expected returns are based on the expected performance of the various asset classes and are further supported by historical investment returns. We utilized a weighted average expected long-term rate of 7.50% on all domestic assets and a weighted average rate of 5.66% for the international plan assets for the year ended December 31, 2015 . Assumed health care cost trend rates have a significant effect on the service and interest cost components reported for the health care plans. A one percentage point increase or decrease in assumed health care cost trend rates increases or decreases the service and interest cost components of net periodic post-retirement health care benefit cost by less than $1 million for 2015 . Our cost of the defined contribution plans was $9 million for 2015 , and $11 million for 2014 and 2013 . We participate in a multi-employer pension plan that provides defined benefits to certain employees covered under a collective bargaining agreement. The risks of participating in a multi-employer plan differ from those of a single employer plan. The net pension cost of a multi-employer plan is equal to the annual contribution determined in accordance with the provisions of the collective bargaining agreement. Contributions that we make to the plan are not segregated and may be used to fund benefits to employees of other participating employers. The future cost of the plan is dependent on a number of factors, including the funded status of the plan and the ability of other participating companies to meet ongoing funding obligations. If one employer stops contributing to the plan the unfunded obligation of the plan may have to be assumed by the remaining participating employers. Our contributions to the plan for 2015 and prior years have been insignificant. However, due to the withdrawal of certain employers from the plan, there is uncertainty regarding the impact on our future contributions, although any incremental future contributions are not expected to have a significant impact on our financial statements. Subsequent Event On February 22, 2016, we announced that, in accordance with the selection made by Evercore Trust Company, N.A. ("Evercore Trust"), the independent fiduciary for the Chemtura Corporation Retirement Plan (the “Plan”), we entered into a purchase agreement with Voya Retirement Insurance and Annuity Company ("Voya"), a member of the Voya Financial, Inc. family of companies, for a group annuity contract that will transfer payment responsibility to Voya for retirement pension benefit benefits owed to approximately 5,000 of our retirees in the U.S. or their designated beneficiaries. By irrevocably transferring the obligations to Voya, we will partially mitigate our exposure to our defined benefit pension plans and estimate a reduction in our overall projected pension benefit obligation in the range of $350 million to $375 million , based on the valuation date of February 17, 2016. The annuity purchase price will be funded by the assets of the Plan. We expect to make a cash contribution to the Plan in the first quarter of 2016 of between $30 million and $40 million in order to maintain the Plan’s funded status. We expect to incur a non-cash pension settlement charge in the range of $150 million to $170 million before tax during the first quarter of 2016 in connection with this group annuity purchase.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial Instruments The carrying amounts for cash and cash equivalents, accounts receivable, other current assets, accounts payable and other current liabilities, approximate their fair value because of the short-term maturities of these instruments. The fair value of debt is based primarily on quoted market values. Fair Value Measurements We apply provisions of ASC 820 with respect to our financial assets and liabilities that are measured at fair value within the financial statements on a recurring basis. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. The fair value hierarchy specified by ASC 820 is as follows: • Level 1 – Quoted prices in active markets for identical assets and liabilities. • Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market date. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. Level 1 fair value measurements in 2015 and 2014 included securities purchased in connection with the deferral of compensation, our match and investment earnings related to the supplemental savings plan. These securities are considered our general assets until distributed to the participant and are included in other assets in our Consolidated Balance Sheets. A corresponding liability is included in other liabilities at December 31, 2015 and 2014 in our Consolidated Balance Sheets. Quoted market prices were used to determine fair values of these Level 1 investments which are held in a trust with a third-party brokerage firm. The fair value of the asset and corresponding liability was $4 million and $3 million at December 31, 2015 and 2014 , respectively. For the year ended December 31, 2015 , there were no transfers into or out of Level 1 and Level 2. Level 3 fair value measurements are utilized in our impairment reviews of Goodwill. We also used Level 3 fair value measurements to determine the undiscounted value of our below-market contract obligation with Platform in 2014 (see Note 1 – Nature of Operations and Summary of Significant Accounting Polices). During the second quarter of 2013, we obtained an investment in non-public preferred equity securities with a face value of $9 million . We have estimated the fair value to be $4 million , utilizing Level 3 measurements, where the fair value estimate is determined internally based on business and market sector fundamentals. We have reported the fair value of this investment in Other Non-Current Assets and reported the difference between the face value and fair value at the date received in loss on sale of discontinued operations in 2013. Level 1, 2 and 3 fair value measurements are utilized for defined benefit plan assets, depending on their nature, in determining the funded status of our pension and post-retirement benefit plan liabilities on an annual basis at December 31 (see Note 13 – Pension and Other Post-Retirement Plans).

LEGAL PROCEEDINGS AND CONTINGEN

LEGAL PROCEEDINGS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS AND CONTINGENCIES	LEGAL PROCEEDINGS AND CONTINGENCIES We are involved in claims, litigation, administrative proceedings and investigations of various types in a number of jurisdictions. A number of such matters involve, or may involve, claims for a material amount of damages and relate to or allege, among other things, environmental liabilities, including clean-up costs associated with hazardous waste disposal sites, natural resource damages, property damage and personal injury. Emergence from Chapter 11 On March 18, 2009 (the “Petition Date”) Chemtura and 26 of our U.S. affiliates (collectively the “U.S. Debtors” or the “Debtors” when used in relation to matters before August 8, 2010) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (“Chapter 11”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On August 8, 2010, our Canadian subsidiary, Chemtura Canada Co/Cie (“Chemtura Canada”), filed a voluntary petition for relief under Chapter 11. The U.S. Debtors along with Chemtura Canada after it filed for Chapter 11 (collectively the “Debtors”) requested the Bankruptcy Court to enter an order jointly administering Chemtura Canada’s Chapter 11 case with the previously filed Chapter 11 cases and appoint Chemtura Canada as the “foreign representative” for the purposes of the Canadian Case. Such orders were granted on August 9, 2010. On November 3, 2010, the Bankruptcy Court entered an order confirming the Debtors’ plan of reorganization (the “Plan”). On November 10, 2010 (the “Effective Date”), the Debtors substantially consummated their reorganization through a series of transactions contemplated by the Plan and the Plan became effective. As of March 31, 2014, the Bankruptcy Court had entered orders granting final decrees closing all of the Debtors’ Chapter 11 cases. Litigation and Claims Environmental Liabilities As part of the Chapter 11 cases, under the Plan, the Debtors retained responsibility for environmental cleanup liabilities relating to currently owned or operated sites (i.e. sites that were part of the Debtors' estates) and, with certain exceptions, discharged or settled liabilities relating to formerly owned or operated sites (i.e., sites that were no longer part of the Debtors' estates) and third-party sites (i.e., sites that were never part of the Debtors' estates). We are involved in environmental matters of various types in a number of jurisdictions. A number of such matters involve claims for material amounts of damages and relate to or allege environmental liabilities, including clean-up costs associated with hazardous waste disposal sites and natural resource damages. The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), and comparable state statutes impose strict liability upon various classes of persons with respect to the costs associated with the investigation and remediation of waste disposal sites. Such persons are typically referred to as “Potentially Responsible Parties” or PRPs. Chemtura and several of our subsidiaries have been identified by federal, state or local governmental agencies or by other PRPs, as a PRP at various locations in the United States. Because in certain circumstances these laws have been construed to authorize the imposition of joint and several liability, the Environmental Protection Agency (“EPA”) and comparable state agencies could seek to recover all costs involving a waste disposal site from any one of the PRPs for such site, including Chemtura, despite the involvement of other PRPs. Where other financially responsible PRPs are involved, we expect that any ultimate liability resulting from such matters will be apportioned between us and such other parties. In addition, we are involved with environmental remediation and compliance activities at some of our current and former sites in the United States and abroad. Each quarter, we evaluate and review estimates for future remediation and other costs to determine appropriate environmental reserve amounts. For each site where the cost of remediation is probable and reasonably estimable, we determine the specific measures that are believed to be required to remediate the site, the estimated total cost to carry out the remediation plan, the portion of the total remediation costs to be borne by us and the anticipated time frame over which payments toward the remediation plan will occur. At sites where we expect to incur ongoing operation and maintenance expenditures, we accrue on an undiscounted basis for a period of generally 10 years those costs which we believe are probable and estimable. The total amount accrued for environmental liabilities as of December 31, 2015 and December 31, 2014 , was $63 million and $76 million , respectively. At December 31, 2015 and December 31, 2014 , $16 million and $17 million , respectively, of these environmental liabilities were reflected as accrued expenses and $47 million and $59 million , respectively, were reflected as other liabilities in our Consolidated Balance Sheets. We estimate that ongoing environmental liabilities could range up to $76 million at December 31, 2015 . Our accruals for environmental liabilities include estimates for determinable clean-up costs. We recorded a pre-tax charge of $8 million in 2015 , $6 million in 2014 , and $29 million in 2013 , to increase our environmental liabilities and made payments of $14 million in 2015 , $18 million in 2014 and $15 million in 2013 . At certain sites, we have contractual agreements with certain other parties to share remediation costs. As of December 31, 2015 , no receivables are outstanding related to these agreements. At a number of these sites, the extent of contamination has not yet been fully investigated or the final scope of remediation is not yet determinable. We intend to assert all meritorious legal defenses and will pursue other equitable factors that are available with respect to these matters. However, the final cost of clean-up at these sites could exceed our present estimates, and could have, individually or in the aggregate, a material adverse effect on our financial condition, results of operations or cash flows. Our estimates for environmental remediation liabilities may change in the future should additional sites be identified, further remediation measures be required or undertaken, current laws and regulations be modified or additional environmental laws and regulations be enacted, and as negotiations with respect to certain sites. Other We are routinely subject to other civil claims, litigation and arbitration, and regulatory investigations, arising in the ordinary course of our business, as well as in respect of our divested businesses. Some of these claims and litigations relate to product liability claims, including claims related to our current and historic products and asbestos-related claims concerning premises and historic products of our corporate affiliates and predecessors. Guarantees In addition to the letters of credit of $14 million and $15 million outstanding at December 31, 2015 and 2014 , we have guarantees that have been provided to various financial institutions. At December 31, 2015 and 2014 , we had $6 million and $10 million in guarantees. The letters of credit and guarantees were primarily related to liabilities for insurance obligations, environmental obligations, banking and credit facilities, vendor deposits and European value added tax (“VAT”) obligations. In the ordinary course of business, we enter into contractual arrangements under which we may agree to indemnify a third party to such arrangement from any losses incurred relating to the services they perform on our behalf or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation, claims or environmental matters relating to our past performance. For any losses that we believe are probable and estimable, we have accrued for such amounts in our Consolidated Balance Sheets.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS We evaluate a segment’s performance based on several factors, of which the primary factor is operating income (loss). In computing operating income (loss) by segment, the following items have not been deducted: (1) general corporate expense; (2) amortization; (3) facility closures, severance and related costs; (4) gain (loss) on sale of business; and (5) impairment charges. Pursuant to ASC Topic 280, Segment Reporting (“ASC 280”), these items have been excluded from our presentation of segment operating income (loss) because they are not reported to the chief operating decision maker for purposes of allocating resources among reporting segments or assessing segment performance. Industrial Performance Products Industrial Performance Products are engineered solutions for our customers’ specialty chemical needs. Industrial Performance Products include petroleum additives that provide detergency, friction modification and corrosion protection in automotive lubricants, greases, refrigeration and turbine lubricants as well as synthetic lubricant base-stocks and greases; castable urethane prepolymers engineered to provide superior abrasion resistance and durability in many industrial and recreational applications; and polyurethane dispersions and urethane prepolymers used in various types of coatings such as clear floor finishes, high-gloss paints and textiles treatments. These products are sold directly to manufacturers and through distribution channels. Industrial Engineered Products Industrial Engineered Products are chemical additives designed to improve the performance of polymers in their end-use applications. Industrial Engineered Products include brominated performance products, flame retardants, fumigants and organometallics. The products are sold across the entire value chain ranging from direct sales to monomer producers, polymer manufacturers, compounders and fabricators, manufacturers of electronic components, fine chemical manufacturers, utilities, pharmaceutical manufacturers and oilfield service companies to industry distributors. Agrochemical Manufacturing In November 2014, we completed the sale of the Chemtura AgroSolutions business to Platform. Under the terms of the SAPA, we have retained most of the property, plant and equipment used to manufacture products of the Chemtura AgroSolutions business and have continued to manufacture products for Platform under several supply agreements. These supply agreements have minimum terms of between two and four years. The supply agreements with Platform are designed to recover the cash costs incurred to manufacture the products under the agreement. Because of this, the supply agreements are considered below-market contracts for their full term and we recorded an obligation, on a discounted basis, which represents the loss of profit on these products over the terms of the supply agreements, including contractual obligations to continue to supply for a period of up to 2 years after the termination of the contracts. The recognition of our fulfillment of this obligation, along with the accretion of the obligation to its undiscounted value, is being recorded as net sales on a straight-line basis over the term of each supply agreement based on our estimate of the timing of shipments. Although the recognition of our fulfillment of this obligation is being recorded as net sales to the Agrochemical Manufacturing Segment over this period, this recognition will not generate cash flows during the term of the supply agreements. Prior to the sale, Chemtura AgroSolutions developed, supplied and registered and sold agricultural chemicals formulated for specific crops in various geographic regions for the purpose of enhancing quality and improving yields. The business was focused on specific target markets in six major product lines: seed treatments, fungicides, miticides, insecticides, growth regulators and herbicides, which were mainly sold to distributors and retailers in the agricultural sector. Corporate and Other Charges Corporate includes costs and expenses that are of a general corporate nature or managed on a corporate basis. These costs (net of allocations to the business segments) primarily represent corporate stewardship and administration activities together with costs associated with legacy activities and intangible asset amortization. Functional costs are allocated between the business segments and general corporate expense. Certain functional and other expenses that are managed company-wide that were allocated to the Antioxidant and Consumer Products businesses do not transfer directly under the sale agreements. As such, in historic periods these costs are shown as part of continuing operations in the corporate segment and not included under earnings from discontinued operations, net of tax. These costs approximate $20 million for 2013 . Additionally, our Corporate segment excludes $8 million for 2013 of amortization expense related directly to our Antioxidant and Consumer Product business which has been included in earnings from discontinued operations, net of tax in our Consolidated Statement of Operations. Facility closures, severance and related costs are primarily for severance costs related to our cost savings initiatives. The (loss) gain on sale of business in 2015 and 2014 related to the sale of our Chemtura AgroSolutions business in 2014. Corporate assets are principally cash and cash equivalents, intangible assets (including goodwill) and other assets (including deferred tax assets) maintained for general corporate purposes. Discontinued Operations Consumer Products In December 2013, we completed the sale of our investment in legal entities dedicated to the Consumer Products business. As a result, earnings and direct costs associated with Consumer Products business prior to the date of sale have been presented as earnings from discontinued operations, net of tax in our Consolidated Statements of Operations. Antioxidant Business In April 2013, we completed the sale of our Antioxidant business. As a result earnings and direct costs associated with the Antioxidant business prior to the date of sale have been presented as earnings from discontinued operations, net of tax. The Antioxidant business was formerly included in the Industrial Performance Product segment. A summary of business data for our reportable segments for the years 2015 , 2014 and 2013 is as follows: Information by Business Segment (In millions) Net Sales 2015 2014 2013 Petroleum additives $ 614 $ 687 $ 689 Urethanes 272 300 290 Industrial Performance Products 886 987 979 Bromine based & related products 575 641 639 Organometallics 147 159 164 Industrial Engineered Products 722 800 803 Agrochemical Manufacturing 137 403 449 Net Sales $ 1,745 $ 2,190 $ 2,231 Operating Income 2015 2014 2013 Industrial Performance Products $ 141 $ 106 $ 109 Industrial Engineered Products 58 16 55 Agrochemical Manufacturing 35 86 88 Segment Operating Income 234 208 252 General corporate expense (52 ) (80 ) (97 ) Amortization (12 ) (13 ) (15 ) Facility closures, severance and related costs (3 ) (25 ) (42 ) (Loss) gain on sale of business (4 ) 529 — Impairment charges (1 ) — — Total Operating Income $ 162 $ 619 $ 98 Depreciation and Amortization 2015 2014 2013 Industrial Performance Products $ 28 $ 34 $ 28 Industrial Engineered Products 47 44 43 Agrochemical Manufacturing 4 8 12 79 86 83 Corporate 14 16 18 Total continuing operations 93 102 101 Discontinued operations — — 22 $ 93 $ 102 $ 123 Segment Assets 2015 2014 2013 Industrial Performance Products $ 578 $ 642 $ 591 Industrial Engineered Products 670 696 743 Agrochemical Manufacturing 50 87 285 1,298 1,425 1,619 Corporate 1,068 1,242 1,085 $ 2,366 $ 2,667 $ 2,704 Capital Expenditures 2015 2014 2013 Industrial Performance Products $ 31 $ 54 $ 73 Industrial Engineered Products 47 51 73 Agrochemical Manufacturing 1 6 7 79 111 153 Corporate 1 2 6 Total continuing operations 80 113 159 Discontinued operations — — 11 $ 80 $ 113 $ 170 Information by Geographic Area (In millions) Net sales (based on location of customer) 2015 2014 2013 United States $ 751 $ 888 $ 944 Canada 46 48 42 Latin America 74 174 194 Europe/Africa 504 639 624 Asia/Pacific 370 441 427 $ 1,745 $ 2,190 $ 2,231 Property, Plant and Equipment 2015 2014 2013 United States $ 333 $ 338 $ 336 Canada 44 54 61 Latin America 8 10 13 Europe/Africa 156 181 216 Asia/Pacific 122 121 91 $ 663 $ 704 $ 717

GUARANTOR CONDENSED CONSOLIDATI

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA	12 Months Ended
	Dec. 31, 2015
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA	GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA Our obligations under the 2021 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by each current and future domestic restricted subsidiary, other than excluded subsidiaries that guarantee any indebtedness of Chemtura or our restricted subsidiaries. Our subsidiaries that do not guarantee the 2021 Senior Notes are referred to as the “Non-Guarantor Subsidiaries.” The Guarantor Condensed Consolidating Financial Data presented below presents the statements of operations, statements of comprehensive income, balance sheets and statements of cash flow data for: (i) Chemtura Corporation (the “Parent Company”), the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis (which is derived from Chemtura historical reported financial information); (ii) the Parent Company, alone (accounting for our Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on an equity basis under which the investments are recorded by each entity owning a portion of another entity at cost, adjusted for the applicable share of the subsidiary's cumulative results of operations, capital contributions and distributions, and other equity changes); (iii) the Guarantor Subsidiaries alone; and (iv) the Non-Guarantor Subsidiaries alone. Condensed Consolidating Statement of Operations Year ended December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 1,745 $ (1,320 ) $ 1,139 $ 378 $ 1,548 Cost of goods sold 1,312 (1,320 ) 928 308 1,396 Selling, general and administrative 151 — 96 11 44 Depreciation and amortization 93 — 22 37 34 Research and development 20 — 11 4 5 Facility closures, severance and related costs 3 — — 4 (1 ) Loss (gain) on sale of business 4 — 13 — (9 ) Impairment charges 1 — — — 1 Equity income (1 ) — (1 ) — — Operating income 162 — 70 14 78 Interest expense (30 ) — (33 ) — 3 Other income, net 20 — 1 1 18 Equity in net earnings of subsidiaries — (96 ) 96 — — Earnings from continuing operations before income taxes 152 (96 ) 134 15 99 Income tax (expense) benefit (16 ) — 2 2 (20 ) Net earnings $ 136 $ (96 ) $ 136 $ 17 $ 79 Condensed Consolidating Statement of Comprehensive Income (Loss) As of December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net earnings $ 136 $ (96 ) $ 136 $ 17 $ 79 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (55 ) — 24 — (79 ) Unrecognized pension and other post-retirement benefit costs (15 ) — (6 ) — (9 ) Available for sale securities adjustments 5 — 5 — — Comprehensive income (loss) $ 71 $ (96 ) $ 159 $ 17 $ (9 ) Condensed Consolidating Balance Sheet As of December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries ASSETS Current assets $ 978 $ — $ 402 $ 108 $ 468 Intercompany receivables — (1,610 ) 541 223 846 Investment in subsidiaries — (4,799 ) 782 1,135 2,882 Property, plant and equipment 663 — 112 221 330 Goodwill 166 — 93 3 70 Other assets 559 — 446 29 84 Total assets $ 2,366 $ (6,409 ) $ 2,376 $ 1,719 $ 4,680 LIABILITIES AND EQUITY Current liabilities $ 361 $ — $ 180 $ 41 $ 140 Intercompany payables — (1,610 ) 407 488 715 Long-term debt 471 — 461 — 10 Other long-term liabilities 532 — 326 71 135 Total liabilities 1,364 (1,610 ) 1,374 600 1,000 Total equity 1,002 (4,799 ) 1,002 1,119 3,680 Total liabilities and equity $ 2,366 $ (6,409 ) $ 2,376 $ 1,719 $ 4,680 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 136 $ (96 ) $ 136 $ 17 $ 79 Adjustments to reconcile net earnings to net cash provided by operations: Loss (gain) on sale of business 4 — 13 — (9 ) Impairment charges 1 — — — 1 Agrochemical Manufacturing supply agreements (38 ) — (35 ) — (3 ) Reclass of translation adjustment from liquidated entities (8 ) — — — (8 ) Depreciation and amortization 93 — 22 37 34 Stock-based compensation expense 12 — 12 — — Deferred tax benefit (14 ) — (1 ) (2 ) (11 ) Changes in assets and liabilities, net (27 ) 96 (74 ) (18 ) (31 ) Net cash provided by operations 159 — 73 34 52 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 3 — 4 — (1 ) Sale of Platform Specialty Products Corporation shares 54 — 54 — — Capital expenditures (80 ) — (13 ) (34 ) (33 ) Net cash (used in) provided by investing activities (23 ) — 45 (34 ) (34 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term debt 1 — — — 1 Payments on long term debt, includes premium on tendering of notes (60 ) — (44 ) — (16 ) Common shares acquired (150 ) — (150 ) — — Proceeds from the exercise of stock options 20 — 20 — — Net cash used in financing activities (189 ) — (174 ) — (15 ) CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents (16 ) — — — (16 ) Change in cash and cash equivalents (69 ) — (56 ) — (13 ) Cash and cash equivalents at beginning of year 392 — $ 227 $ — $ 165 Cash and cash equivalents at end of year $ 323 $ — $ 171 $ — $ 152 Condensed Consolidating Statement of Operations Year ended December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 2,190 $ (1,878 ) $ 1,346 $ 437 $ 2,285 Cost of goods sold 1,682 (1,878 ) 1,112 370 2,078 Selling, general and administrative 255 — 150 16 89 Depreciation and amortization 102 — 25 32 45 Research and development 36 — 14 6 16 Facility closures, severance and related costs 25 — 3 2 20 Gain on sale of business (529 ) — (399 ) — (130 ) Operating income 619 — 441 11 167 Interest expense (45 ) — (50 ) — 5 Loss on early extinguishment of debt (7 ) — (7 ) — — Other income (expense), net 12 — (11 ) 2 21 Equity in net earnings of subsidiaries — (145 ) 145 — — Earnings from continuing operations before income taxes 579 (145 ) 518 13 193 Income tax benefit (expense) 192 — 244 (4 ) (48 ) Earnings from continuing operations 771 (145 ) 762 9 145 Earnings from discontinued operations, net of tax 1 — 1 — — Loss on sale of discontinued operations, net of tax (9 ) — — (8 ) (1 ) Net earnings $ 763 $ (145 ) $ 763 $ 1 $ 144 Condensed Consolidating Statement of Comprehensive Income (Loss) As of December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net earnings $ 763 $ (145 ) $ 763 $ 1 $ 144 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (73 ) — 45 — (118 ) Unrecognized pension and other post-retirement benefit costs (39 ) — (32 ) — (7 ) Available for sale securities adjustments (5 ) — (5 ) — — Comprehensive income (loss) $ 646 $ (145 ) $ 771 $ 1 $ 19 Condensed Consolidating Balance Sheet As of December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries ASSETS Current assets $ 1,216 $ — $ 539 $ 113 $ 564 Intercompany receivables — (6,937 ) 3,094 2,752 1,091 Investment in subsidiaries — (4,923 ) 822 1,134 2,967 Property, plant and equipment 704 — 116 222 366 Goodwill 172 — 93 3 76 Other assets 575 — 448 36 91 Total assets $ 2,667 $ (11,860 ) $ 5,112 $ 4,260 $ 5,155 LIABILITIES AND EQUITY Current liabilities $ 405 $ — $ 155 $ 44 $ 206 Intercompany payables — (6,937 ) 2,971 3,031 935 Long-term debt 556 — 541 — 15 Other long-term liabilities 652 — 391 83 178 Total liabilities 1,613 (6,937 ) 4,058 3,158 1,334 Total equity 1,054 (4,923 ) 1,054 1,102 3,821 Total liabilities and equity $ 2,667 $ (11,860 ) $ 5,112 $ 4,260 $ 5,155 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 763 $ (145 ) $ 763 $ 1 $ 144 Adjustments to reconcile net earnings to net cash (used in) provided by operations: Loss on sale of discontinued operations 9 — — 8 1 Gain on sale of business (529 ) — (399 ) — (130 ) Agrochemical Manufacturing supply agreements (6 ) — (5 ) — (1 ) Loss on early extinguishment of debt 7 — 7 — — Depreciation and amortization 102 — 25 32 45 Stock-based compensation expense 14 — 14 — — Deferred tax (benefit) expense (274 ) — (278 ) 4 — Changes in assets and liabilities, net (164 ) 145 (218 ) (27 ) (64 ) Net cash (used in) provided by operations (78 ) — (91 ) 18 (5 ) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 984 — 964 15 5 Capital expenditures (113 ) — (18 ) (33 ) (62 ) Net cash provided by (used in) investing activities 871 — 946 (18 ) (57 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term debt 19 — — — 19 Payments on long term debt, includes premium on tendering of notes (350 ) — (342 ) — (8 ) Payments on short term borrowings, net (1 ) — — — (1 ) Common shares acquired (618 ) — (618 ) — — Proceeds from exercise of stock options 10 — 10 — — Other financing activities 5 — 5 — — Net cash (used in) provided by financing activities (935 ) — (945 ) — 10 CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents (15 ) — — — (15 ) Change in cash and cash equivalents (157 ) — (90 ) — (67 ) Cash and cash equivalents at beginning of year 549 — 317 — 232 Cash and cash equivalents at end of year $ 392 $ — $ 227 $ — $ 165 Condensed Consolidating Statement of Operations Year ended December 31, 2013 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 2,231 $ (1,813 ) $ 1,443 $ 449 $ 2,152 Cost of goods sold 1,721 (1,813 ) 1,235 389 1,910 Selling, general and administrative 229 — 109 15 105 Depreciation and amortization 101 — 29 35 37 Research and development 40 — 15 8 17 Facility closures, severance and related costs 42 — 21 1 20 Operating income 98 — 34 1 63 Interest expense (60 ) — (69 ) — 9 Loss on early extinguishment of debt (50 ) — (50 ) — — Other income (expense), net 8 — (21 ) — 29 Equity in net earnings of subsidiaries — (85 ) 85 — — (Loss) earnings from continuing operations before income taxes (4 ) (85 ) (21 ) 1 101 Income tax expense (18 ) — — — (18 ) (Loss) earnings from continuing operations (22 ) (85 ) (21 ) 1 83 Earnings (loss) from discontinued operations, net of tax 25 — (3 ) 23 5 (Loss) gain on sale of discontinued operations, net of tax (180 ) — (153 ) 14 (41 ) Net (loss) earnings $ (177 ) $ (85 ) $ (177 ) $ 38 $ 47 Condensed Consolidating Statement of Comprehensive (Loss) Income As of December 31, 2013 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net (loss) earnings $ (177 ) $ (85 ) $ (177 ) $ 38 $ 47 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (60 ) — (18 ) 2 (44 ) Unrecognized pension and other post-retirement benefit costs 208 — 202 — 6 Comprehensive (loss) income $ (29 ) $ (85 ) $ 7 $ 40 $ 9 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2013 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) earnings $ (177 ) $ (85 ) $ (177 ) $ 38 $ 47 Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operations: Loss (gain) on sale of discontinued operations 180 — 153 (14 ) 41 Impairment charges 7 — — 7 — Reclass of translation adjustment from liquidation of entities (13 ) — — — (13 ) Loss on early extinguishment of debt 50 — 50 — — Depreciation and amortization 123 — 33 45 45 Stock-based compensation expense 14 — 14 — — Changes in assets and liabilities, net (105 ) 85 (84 ) (27 ) (79 ) Net cash provided by (used in) operations 79 — (11 ) 49 41 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 357 — 255 (2 ) 104 Payments for acquisitions, net of cash acquired (3 ) — — — (3 ) Capital expenditures (170 ) — (20 ) (47 ) (103 ) Net cash provided by (used in) investing activities 184 — 235 (49 ) (2 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term debt 481 — 457 — 24 Payments on long term debt, includes premium on tendering of notes (502 ) — (499 ) — (3 ) Payments on other short term borrowings, net (1 ) — — — (1 ) Payments for debt issuance and refinancing costs (12 ) — (12 ) — — Common shares acquired (54 ) — (54 ) — — Proceeds from exercise of stock options 8 — 8 — — Net cash (used in) provided by financing activities (80 ) — (100 ) — 20 CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents 1 — — — 1 Change in cash and cash equivalents 184 — 124 — 60 Cash and cash equivalents at beginning of year 365 — 193 — 172 Cash and cash equivalents at end of year $ 549 $ — $ 317 $ — $ 232

SUMMARIZED UNAUDITED QUARTERLY

SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA	SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA (In millions, except per share data) 2015 First Second Third Fourth Net sales $ 438 (a) $ 464 (a) $ 444 (a) $ 399 (a) Gross profit $ 98 $ 114 $ 117 $ 104 Earnings from continuing operations, net of tax $ 21 $ 18 $ 31 $ 66 (Loss) earnings on sale of discontinued operations, net of tax (1 ) 1 — — Net earnings $ 20 $ 19 $ 31 $ 66 BASIC PER SHARE (d): Earnings from continuing operations, net of tax $ 0.31 $ 0.27 $ 0.46 $ 0.98 (Loss) earnings on sale of discontinued operations, net of tax (0.01 ) 0.01 — — Net earnings $ 0.30 $ 0.28 $ 0.46 $ 0.98 DILUTED PER SHARE (d): Earnings from continuing operations, net of tax $ 0.30 $ 0.26 $ 0.45 $ 0.96 (Loss) earnings on sale of discontinued operations, net of tax (0.01 ) 0.01 — — Net earnings $ 0.29 $ 0.27 $ 0.45 $ 0.96 Basic weighted-average shares outstanding 68.8 67.6 67.5 67.4 Diluted weighted-average shares outstanding 69.8 68.5 68.3 68.5 2014 First Second Third Fourth Net sales $ 556 $ 609 $ 558 $ 467 (b) Gross profit $ 120 $ 158 $ 134 $ 96 Earnings from continuing operations, net of tax $ 10 $ 43 $ 15 $ 703 (c) Earnings from discontinued operations, net of tax 1 — — — Loss on sale of discontinued operations, net of tax (5 ) (4 ) — — Net earnings $ 6 $ 39 $ 15 $ 703 BASIC PER SHARE (d): Earnings from continuing operations, net of tax $ 0.10 $ 0.46 $ 0.17 $ 8.57 Earnings from discontinued operations, net of tax 0.01 — — — Loss on sale of discontinued operations, net of tax (0.05 ) (0.04 ) — — Net earnings $ 0.06 $ 0.42 $ 0.17 $ 8.57 DILUTED PER SHARE (d): Earnings from continuing operations, net of tax $ 0.10 $ 0.46 $ 0.17 $ 8.44 Earnings from discontinued operations, net of tax 0.01 — — — Loss on sale of discontinued operations, net of tax (0.05 ) (0.04 ) — — Net earnings $ 0.06 $ 0.42 $ 0.17 $ 8.44 Basic weighted-average shares outstanding 96.3 93.2 89.4 82.0 Diluted weighted-average shares outstanding 97.8 94.4 90.7 83.3 (a) Net sales included $9 million , $10 million , $10 million and $9 million in the first, second, third and fourth quarters of 2015, respectively, related to the non-cash portion of the amortization, net of accretion, of the below-market contract obligation associated with the sale of our Chemtura AgroSolutions business in 2014. (b) Net sales included $6 million in the fourth quarter of 2014 related to the non-cash portion of the amortization, net of accretion, of the below-market contract obligation associated with the sale of our Chemtura AgroSolutions business in 2014. (c) The earnings from continuing operations for the fourth quarter of 2014 included a pre-tax gain on the sale of the Chemtura AgroSolutions business of $529 million and pre-tax charges for facility closures, severance and related costs of $19 million and loss on early extinguishment of debt of $7 million . (d) The sum of the earnings (loss) per common share for the four quarters may not equal the total earnings (loss) per common share for the full year due to quarterly changes in the average number of shares outstanding.

NATURE OF OPERATIONS AND SUMM27

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of Chemtura and our wholly-owned and majority-owned subsidiaries that we control. Other affiliates in which we have a 20% to 50% ownership interest or a non-controlling majority interest are accounted for in accordance with the equity method. Other investments in which we have less than 20% ownership are recorded at cost. All significant intercompany balances and transactions have been eliminated in consolidation. Our Consolidated Financial Statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation. These changes did not have a material impact on previously reported results of operations, cash flows or financial position.
Revenue Recognition	Revenue Recognition Substantially all of our revenues are derived from the sale of products. Revenue is recognized when risk of loss and title to the product is transferred to the customer. Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities with the collected taxes recorded as current liabilities until remitted to the respective governmental authorities. Our products are sold subject to various shipping terms. Our terms of delivery are included on our sales invoices and order confirmation documents. We record the revenue and costs associated with our supply agreements for our Agrochemical Manufacturing segment on a gross basis. Additionally, included in revenue for this segment is the recognition of our fulfillment of the below market contract obligation associated with these supply agreements, net of discount accretion, on a straight-line basis based on our estimate of the timing of shipments.
Customer Rebates	Customer Rebates We accrue for the estimated cost of customer rebates as a reduction of sales. Customer rebates are primarily based on customers achieving defined sales targets over a specified period of time. We estimate the cost of these rebates based on the likelihood of the rebate being achieved and recognize the cost as a deduction from sales when such sales are recognized. Rebate programs are monitored on a regular basis and adjusted as required. Customer rebates are included as a reduction to accounts receivable on our Consolidated Balance Sheet.
Operating Costs and Expenses	Operating Costs and Expenses Cost of goods sold (“COGS”) includes all costs incurred in manufacturing goods, including raw materials, direct manufacturing costs and manufacturing overhead. COGS also includes warehousing, distribution, engineering, purchasing, customer service, environmental, health and safety functions, and shipping and handling costs for outbound product shipments. Selling, general and administrative (“SG&A”) expenses include costs and expenses related to the following functions and activities: selling, advertising, legal, provision for doubtful accounts, corporate facilities and corporate administration. SG&A also includes accounting, information technology, finance and human resources, excluding direct support in manufacturing operations, which is included as COGS. Research and development (“R&D”) expenses include basic and applied research and development activities of a technical and non-routine nature. R&D costs are expensed as incurred. COGS, SG&A and R&D expenses exclude depreciation and amortization expenses which are presented on a separate line in our Consolidated Statements of Operations.
Allowance for doubtful accounts	Allowance for Doubtful Accounts The allowance for doubtful accounts reflects a reserve representing our estimate of the amounts that may not be collectible. In addition to reviewing delinquent accounts receivable, we consider many factors in estimating our reserves, including historical data, experience, customer types, credit worthiness, and economic trends. From time to time, we may adjust our assumptions for anticipated changes in any of these or other factors expected to affect collection. Allowances for doubtful accounts are included as a reduction to accounts receivable in our Consolidated Balance Sheet.
Inventory Valuation	Inventory Valuation Inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. Depreciation expense is principally computed on the straight-line method using the following ranges of asset lives: land improvements - 3 to 20 years ; buildings and improvements - 2 to 40 years ; machinery and equipment - 2 to 25 years ; information systems and equipment - 2 to 10 years ; and furniture, fixtures and other - 1 to 10 years . See Note 5 – Property, Plant and Equipment for further information. Renewals and improvements that significantly extend the useful lives of the assets are capitalized. Capitalized leased assets and leasehold improvements are depreciated over the shorter of their useful lives or the remaining lease term. Expenditures for maintenance and repairs are charged to expense as incurred.
Intangible Assets	Intangible Assets Patents, trademarks and other intangibles assets are being amortized principally on a straight-line basis using the following ranges for their estimated useful lives: patents - 10 to 20 years ; trademarks - 30 to 40 years ; customer relationships - 15 to 30 years ; and other intangibles - 5 to 50 years . See Note 6 – Goodwill and Intangible Assets for further information.
Marketable Securities	Marketable Securities We apply the provision of ASC Topic 360 - Investments - Debt and Equity Securities ("ASC 320"), in evaluating and accounting for marketable securities. Our primary marketable security was 2 million shares of Platform Specialty Products Corporation ("Platform") common stock which was acquired as part of the sale of our Chemtura AgroSolutions business in 2014. The stock was restricted from trading for a period of six months from the date of sale. We had deemed these securities as available-for-sale. The valuation of these securities was based upon Level 2 valuation techniques. At December 31, 2014 , the value of the shares of $45 million was included in Other Current Assets on our Consolidated Balance Sheet. Changes in the valuation of these securities were included in Accumulated Other Comprehensive Loss ("AOCL") on our Consolidated Balance Sheet.
Asset Retirement Obligation	Asset Retirement Obligation We apply the provisions of ASC Topic 410, Asset Retirements and Environmental Obligations (“ASC 410”), which requires us to make estimates regarding future events in order to record a liability for asset retirement obligations in the period in which a legal obligation is created. Such liabilities are recorded at fair value, with an offsetting increase to the carrying value of the related long-lived assets. The fair value is estimated by discounting projected cash flows over the estimated life of the assets using our credit adjusted risk-free rate applicable at the time the obligation is initially recorded. In future periods, the liability is accreted to its present value and the capitalized cost is depreciated over the useful life of the related asset. We also adjust the liability for changes resulting from revisions to the timing of future cash flows or the amount of the original estimate. Upon retirement of the long-lived asset, we either settle the obligation for its recorded amount or incur a gain or loss. Our asset retirement obligations are primarily the result of legal obligations for the removal of leasehold improvements and restoration of premises to their original condition upon termination of leases; legal obligations to close brine supply, brine disposal, waste disposal and hazardous waste injection wells and the related pipelines at the end of their useful lives; and decommissioning and decontamination obligations that are legally required to be fulfilled upon closure of our manufacturing facilities.
Recoverability of Long-Lived Assets and Goodwill	Recoverability of Long-Lived Assets and Goodwill We evaluate the recoverability of the carrying value of long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Under such circumstances, we assess whether the projected undiscounted cash flows of our long-lived assets are sufficient to recover the existing unamortized cost of our long-lived assets. If the undiscounted projected cash flows are not sufficient, we calculate the impairment amount by discounting the projected cash flows using our weighted-average cost of capital. The amount of the impairment is written off against earnings in the period in which the impairment is determined. We have elected to perform our annual goodwill impairment procedures for all of our reporting units in accordance with ASC Subtopic 350-20 , Intangibles – Goodwill and Other - Goodwill (“ASC 350-20”) as of July 31, or sooner, if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below the carrying value. We estimate the fair value of our reporting units utilizing income and market approaches through the application of discounted cash flow and market comparable methods (Level 3 inputs as described in Note 14 – Financial Instruments and Fair Value Measurements). The assessment is required to be performed in two steps: step one to test for a potential impairment of goodwill and, if a potential impairment is identified, step two to measure the impairment loss through a full fair valuation of the assets and liabilities of the reporting unit utilizing the acquisition method of accounting.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted rates. The effect of a change in tax rates on deferred tax assets is recognized in income in the period that includes the enactment date. We recognize the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. We accrue for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be indefinitely reinvested. Valuation allowances are established when we determine that it is more likely than not that the results of future operations will not generate sufficient taxable income to realize our deferred tax assets. We consider the scheduled reversal of deferred tax assets and liabilities, projected future taxable income, and tax planning strategies in making this assessment. Thus, changes in future results of operations could result in adjustments to our valuation allowances.
Environmental Liabilities	Environmental Liabilities Each quarter, we evaluate and review our estimates for future remediation, operation and management costs directly related to environmental remediation, to determine appropriate environmental reserve amounts. For each site where the cost of remediation is probable and reasonably estimable, we determine the specific measures that are believed to be required to remediate the site, the estimated total cost to carry out the remediation plan, the portion of the total remediation costs to be borne by us and the anticipated time frame over which payments to implement the remediation plan will occur. In regards to remediation costs, we accrue on an undiscounted basis, for a period of generally no more than 10 years , those costs which are probable and estimable. At sites where we expect to incur ongoing operations and maintenance expenditures, we accrue on an undiscounted basis, for a period of generally no more than 10 years , those costs which are probable and estimable.
Below-Market Obligation	Below-Market Obligation Contemporaneously with the sale of our Chemtura AgroSolutions business we entered into supply agreements with Platform to manufacture products of that business. The supply agreements were designed to recover the cash costs incurred to manufacture the products under the agreements and do not include reimbursement for depreciation and amortization of property, plant and equipment which we have retained to perform under these supply agreements. As such, we have determined that the supply agreements with Platform are below-market. To determine the undiscounted value of this obligation we utilized a Level 3 fair value technique. Our fair value calculation was based upon taking the reduction in sales prices on a before and after basis factoring in the favorable cost benefit of reduced SG&A, R&D and distribution expense. Historical volumes under the supply agreements are anticipated to represent the requirements of Platform on a going forward basis. We did not consider depreciation or amortization as these amounts are not reimbursable under the terms of the supply agreements. We applied a growth factor to each year to represent inflation over the terms of the supply agreements. We discounted the calculated loss of profits for those products over the period of the supply agreements by applying our internal weighted average cost of capital to determine the amount of the initial obligation. Accretion of the obligation to its undiscounted fair value and the recognition of our fulfillment of the below market contract obligation is recorded in net sales on a straight-line basis over the estimated 6 year life of the supply agreements based on the estimated timing of shipments on an annual basis.
Litigation and Contingencies	Litigation and Contingencies In accordance with guidance now codified under ASC Topic 450, Contingencies and ASC Topic 460, Guarantees , we record in our Consolidated Financial Statements amounts representing our probable and estimable liability for claims, litigation and guarantees. As information about current or future litigation or other contingencies becomes available, management assesses whether such information warrants the recording of additional expenses relating to those contingencies. See Note 15 - Legal Proceedings and Contingencies for further information.
Stock-Based Compensation	Stock-Based Compensation We recognize compensation expense for stock-based awards issued over the requisite service period for each separately vesting tranche, as if multiple awards were granted. Stock-based compensation expense is measured at the date of grant, based on the fair value of the award. We used the Monte-Carlo simulation model to determine the fair value of performance shares. We used the Black-Scholes option-pricing model to determine the fair value of nonqualified stock options. See Note 12 - Stock Incentive Plans for further information.
Translation of Foreign Currencies	Translation of Foreign Currencies Balance sheet accounts denominated in foreign currencies are translated at the current rate of exchange as of the balance sheet date, while revenues and expenses are translated at average rates of exchange during the periods presented. The cumulative foreign currency adjustments resulting from such translation are included in accumulated other comprehensive loss. Upon complete or substantial liquidation of any of our subsidiaries, the value of the cumulative translation adjustment of such subsidiaries prior to their liquidation is recorded in other income, net.
Derivatives and Hedging	Derivatives and Hedging Our activities expose our earnings, cash flows and financial condition to a variety of market risks, including the effects of changes in foreign currency exchange rates, interest rates and energy prices. We maintain a risk management strategy that may utilize derivative instruments to mitigate risk against foreign currency movements and to manage energy price volatility. We do not enter into derivative instruments for trading or speculative purposes. We have exposure to changes in foreign currency exchange rates resulting from transactions entered into by us and our foreign subsidiaries in currencies other than their functional currency (primarily trade payables and receivables). We are also exposed to currency risk on intercompany transactions (including intercompany loans). We manage these currency risks on a consolidated basis, which allows us to net our exposure.
Cash Flows	Cash Flows Cash and cash equivalents include bank term deposits with original maturities of three months or less.
Accounting Developments	Accounting Developments In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective on January 1, 2018. Early application is permitted in 2017 for calendar year entities. We currently do not intend to adopt this ASU before its effective date. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs . Under current U.S. GAAP, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense. This ASU requires that they be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, which is similar to the presentation of debt discounts or premiums. The costs will continue to be amortized to interest expense using the effective interest method. This ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The adoption of this ASU will not have a material impact on our financial statements. In July 2015, the FASB issued ASU No. 2015-11 Simplifying the Measurement of Inventory , which requires inventory to be measured at the lower of cost and net realizable value. This guidance excludes inventory measured using the last-in first-out method or the retail inventory method. This new standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and is to be applied prospectively. Early application is permitted. We are evaluating the impact of this new standard on our consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU No. 2015-17 Balance Sheet Classification of Deferred Taxes , which requires that deferred tax liabilities and assets and related valuation allowances be classified as non-current in the balance sheet. Previous to this adoption deferred tax assets or liabilities and related valuation allowances could be classified as either current or non-current depending on the nature of the assets or liability that gave rise to the deferred tax position. There is no effect to our Consolidated Statement of Operations. We elected to early adopt this guidance prospectively during the fourth quarter of 2015. Given that we elected prospective adoption, we did not reclassify prior year information to conform with ASU 2015-17. If we had applied the guidance to our Consolidated Balance Sheet at December 31, 2014, the impact would have been as follows: (In millions) 2014 As Reported Reclassification Adjustment 2014 Comparative Other current assets $ 238 $ (34 ) $ 204 Total current assets $ 1,216 $ (34 ) $ 1,182 Deferred tax asset - non-current $ 313 $ 20 $ 333 Total Assets $ 2,667 $ (14 ) $ 2,653 Accrued expenses $ 170 $ (8 ) $ 162 Total Current Liabilities $ 405 $ (8 ) $ 397 Deferred tax liability - non-current $ 25 $ (6 ) $ 19 Total liabilities $ 1,613 $ (14 ) $ 1,599

NATURE OF OPERATIONS AND SUMM28

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule for customer rebates	Activity in our customer rebate accounts are as follows: (In millions) 2015 2014 2013 Balance, January 1 $ 2 $ 10 $ 14 Charged to costs and expenses 6 37 36 Payments to customers (5 ) (40 ) (40 ) Other 1 — (5 ) — Balance, December 31 $ 3 $ 2 $ 10 1 Relates to the sale of Chemtura AgroSolutions in November 2014.
Schedule of other income (expense), net	Other income (expense), net includes: (In millions) 2015 2014 2013 Foreign exchange gain (loss) $ 6 $ 10 $ (7 ) Interest income 2 3 3 Release of cumulative foreign currency translation adjustments from liquidation of entities 8 — 13 Gain on sale of Platform shares 3 — — Reorganization items, net — (1 ) (1 ) Other 1 — — $ 20 $ 12 $ 8
Schedule of allowances for doubtful accounts	Activity in allowance for doubtful accounts is a follows: (In millions) 2015 2014 2013 Balance, January 1 $ 2 $ 11 $ 11 Charged to costs and expenses 1 8 2 Write-offs (1 ) (3 ) (1 ) Other 1 — (14 ) (1 ) Balance, December 31 $ 2 $ 2 $ 11 1 Relates to the sale of Chemtura AgroSolutions in November 2014.
Schedule of balance sheet classification of deferred taxes	If we had applied the guidance to our Consolidated Balance Sheet at December 31, 2014, the impact would have been as follows: (In millions) 2014 As Reported Reclassification Adjustment 2014 Comparative Other current assets $ 238 $ (34 ) $ 204 Total current assets $ 1,216 $ (34 ) $ 1,182 Deferred tax asset - non-current $ 313 $ 20 $ 333 Total Assets $ 2,667 $ (14 ) $ 2,653 Accrued expenses $ 170 $ (8 ) $ 162 Total Current Liabilities $ 405 $ (8 ) $ 397 Deferred tax liability - non-current $ 25 $ (6 ) $ 19 Total liabilities $ 1,613 $ (14 ) $ 1,599

DIVESTITURES (Tables)

DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Summary of the assets and liabilities sold or settled and the assets and liabilities held for sale	The following is a summary of the assets and liabilities sold or settled related to the Chemtura AgroSolutions business as of November 3, 2014 and the assets and liabilities held for sale as of December 31, 2014. (In millions) December 31, 2014 November 3, 2014 Cash and cash equivalents $ — $ 7 Accounts receivable, net 3 158 Inventories, net 1 94 Other current assets — 8 Property, plant and equipment — 11 Intangible assets, net — 32 Other assets 2 3 Assets 6 313 Accounts payable — 21 Accrued expenses 9 30 Income taxes payable — 4 Liabilities 9 55 Net Assets $ (3 ) $ 258
Schedule of reconciliation of adjusted cash proceeds to pre-tax gain (loss) on sale	The following table reconciles the adjusted cash proceeds to the 2014 pre-tax gain on the sale: (In millions) 2014 Cash consideration $ 950 Pre-closing working capital and other adjustments 28 Cash proceeds 978 Platform Stock (1) 51 Less direct items: Net assets sold or settled, excluding domestic tax liabilities reversed upon sale and included in tax effect 258 Below market supply contract 230 Transaction costs and other (2) 21 Post-closing adjustments, obligations and other, net (6 ) Less non-cash items: Release of AOCL - cumulative translation adjustment (3 ) Pre-tax gain on sale of Chemtura AgroSolutions $ 529 (1) Represents 2 million shares of PSP common stock at $26.00 per share discounted for the value of a restriction to sell of $1 million . (2) Transaction costs include success fees to a financial adviser, legal fees and other direct costs incurred to sell the business since October 1, 2014. The following table reconciles the adjusted cash proceeds to the pre-tax loss on the sales of Consumer Products and Antioxidants: December 31, 2013 (In millions) Consumer AOUV Cash consideration $ 300 97 Working capital and other adjustments (36 ) (10 ) Post-closing adjustments — (2 ) Cash proceeds 264 85 Preferred stock — 9 Less direct items: Net assets sold or settled (1) 335 111 Transaction costs and other (2) 10 5 Post-closing adjustments, obligations and other, net (18 ) 8 Fair value of supply agreements — 13 Less non-cash items: Release of AOCL - pension 5 122 Release of AOCL - cumulative translation adjustment (44 ) 6 Release of non-controlling interest — (7 ) Pre-tax loss on sale of discontinued operations $ (24 ) $ (164 ) (1) The net assets sold primarily included accounts receivable; inventories; property, plant and equipment; and intangible assets offset by transferred pension and post-retirement health care liabilities; and other miscellaneous liabilities. (2) Transaction costs include legal fees and other direct costs incurred to sell the business.
Schedule of earnings (loss) from discontinued operations and the loss from the sale of discontinued operations	Earnings (loss) from discontinued operations for the years ended December 31, 2014 and 2013 and the loss from the sale of discontinued operations for the year ended December 31, 2014 and 2013 consists of the following: Year Ended (In millions) 2014 2014 2014 2013 2013 2013 Consumer Antioxidant Total Consumer Antioxidant Total Net sales $ — $ — $ — $ 408 $ 123 $ 531 Earnings from discontinued operations: Pre-tax earnings $ 1 $ — $ 1 $ 24 $ 4 $ 28 Income tax expense — — — (3 ) — (3 ) Earnings, net of taxes $ 1 $ — $ 1 $ 21 $ 4 $ 25 Loss on sale of discontinued operations: Pre-tax loss $ (8 ) $ (1 ) $ (9 ) $ (24 ) $ (164 ) $ (188 ) Income tax (expense) benefit (a) — — — (1 ) 9 8 Net loss $ (8 ) $ (1 ) $ (9 ) $ (25 ) $ (155 ) $ (180 ) (a) Income tax expense on the sale of our Consumer Products business is primarily a cash tax charge for estimated U.S. Federal alternative minimum tax and state taxes. Deferred taxes in our non-U.S. entities are included in the calculation of the pre-tax loss on sale. However, the reversal of deferred tax assets and liabilities of our U.S. entities are included in tax expense, reflecting the election made to treat the sale of stock of the U.S. legal entities in the transaction as a sale of assets. The reversal of these U.S. net deferred tax liabilities increased the value of our consolidated U.S. net deferred tax assets against which we provide a valuation allowance. The result was that there was no net deferred tax expense. The income tax benefit on the sale of our Antioxidant business is primarily related to the domestic tax impacts of the release of AOCL related to pensions that was not offset by a valuation allowance and reduced by tax expense in various foreign jurisdictions.

RESTRUCTURING AND ASSET IMPAI30

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Summary of changes in liabilities established for restructuring programs	A summary of the changes in the liabilities established for restructuring programs is as follows: (In millions) Severance and Related Costs Other Facility Closure Costs Total Balance at January 1, 2013 $ 8 $ — $ 8 Facility closure, severance and related costs Continuing operations 27 15 42 Discontinued operations — 1 1 Cash payments (19 ) (14 ) (33 ) Reclassifications (2 ) — (2 ) Balance at December 31, 2013 14 2 16 Facility closure, severance and related costs 22 3 25 Cash payments (15 ) (5 ) (20 ) Balance at December 31, 2014 21 — 21 Facility closure, severance and related costs 1 2 3 Cash payments (18 ) (2 ) (20 ) Foreign currency translation (1 ) — (1 ) Balance at December 31, 2015 $ 3 $ — $ 3

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Components of inventories	(In millions) 2015 2014 Finished goods $ 209 $ 200 Work in process 38 35 Raw materials and supplies 68 94 $ 315 $ 329

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	(In millions) 2015 2014 Land and improvements $ 63 $ 71 Buildings and improvements 200 209 Machinery and equipment 1,201 1,248 Information systems and equipment 161 167 Furniture, fixtures and other 19 22 Construction in progress 65 82 1,709 1,799 Less: accumulated depreciation 1,046 1,095 $ 663 $ 704

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	Changes in the carrying amount of goodwill were as follows: (In millions) Gross Goodwill Accumulated Impairments Net Goodwill Balance at December 31, 2013 $ 269 $ (90 ) $ 179 Foreign currency translation (7 ) — (7 ) Balance at December 31, 2014 262 (90 ) 172 Foreign currency translation (6 ) — (6 ) Balance at December 31, 2015 $ 256 $ (90 ) $ 166
Schedule of intangible assets (excluding goodwill)	Our intangible assets (excluding goodwill) are comprised of the following: 2015 2014 (In millions) Gross Value Accumulated Amortization Net Intangibles Gross Value Accumulated Amortization Net Intangibles Patents $ 26 $ (18 ) $ 8 $ 26 $ (17 ) $ 9 Trademarks 43 (14 ) 29 44 (13 ) 31 Customer relationships 41 (22 ) 19 41 (20 ) 21 Production rights 45 (45 ) — 45 (41 ) 4 Other 71 (39 ) 32 72 (38 ) 34 Total $ 226 $ (138 ) $ 88 $ 228 $ (129 ) $ 99

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of debt	Our debt is comprised of the following: 2015 2014 (In millions) Carrying Value Fair Value Carrying Value Fair Value 5.75% Senior Notes due 2021, with an effective interest rate of 5.94% in 2015 and 5.93% in 2014 $ 450 $ 452 $ 450 $ 439 Term Loan due 2016, with an effective interest rate of 3.78% in 2015 and 2014 40 40 82 82 Other borrowings 27 27 42 42 Total Debt 517 $ 519 574 $ 563 Less: Other short-term borrowings (6 ) (18 ) Less: Current portion of Term Loan (40 ) — Total Long-Term Debt $ 471 $ 556

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of (loss) earnings from continuing operations before income taxes and the income tax expense (benefit)	The components of earnings (loss) from continuing operations before income taxes and the income tax expense (benefit) are as follows: (In millions) 2015 2014 2013 Pre-tax Earnings (Loss) from Continuing Operations: Domestic $ 54 $ 388 $ (105 ) Foreign 98 191 101 $ 152 $ 579 $ (4 ) Income Tax Expense (Benefit) Domestic Current $ — $ 34 $ — Deferred (3 ) (274 ) (1 ) (3 ) (240 ) (1 ) Foreign Current 30 48 17 Deferred (11 ) — 2 19 48 19 Total Current 30 82 17 Deferred (14 ) (274 ) 1 $ 16 $ (192 ) $ 18
Schedule of expense (benefit) for income taxes from continuing operations that differs from federal statutory rate	The expense (benefit) for income taxes from continuing operations differs from the Federal statutory rate for the following reasons: (In millions) 2015 2014 2013 Income tax (benefit) expense at the U.S. statutory rate $ 53 $ 203 $ (1 ) Foreign rate differential (9 ) (45 ) (17 ) Valuation allowances (32 ) (389 ) 21 U.S. tax on foreign earnings 17 92 26 Foreign withholding 2 40 — Nondeductible expenses, other 2 1 7 Nondeductible stock compensation 1 1 1 Depletion (3 ) (3 ) (3 ) Income tax credits (22 ) (85 ) (6 ) State income taxes, net of federal benefit (4 ) (12 ) — Taxes attributable to prior periods 14 (10 ) (11 ) Other, net (3 ) 15 1 Income tax (benefit) expense $ 16 $ (192 ) $ 18
Schedule of components of the deferred tax assets and liabilities	The components of the deferred tax assets and liabilities are as follows: (In millions) 2015 2014 Deferred tax assets: Pension and other post-retirement liabilities $ 72 $ 83 Net operating loss carryforwards 274 253 Other accruals 19 3 Below market contracts, net of discount 67 82 Tax credit carryforwards 43 66 Accruals for environmental remediation 20 23 Intangibles — 2 Inventories and other 17 15 Financial instruments — 1 Total deferred tax assets 512 528 Valuation allowance (92 ) (127 ) Net deferred tax assets after valuation allowance 420 401 Deferred tax liabilities: Unremitted foreign earnings of subsidiaries (1 ) (11 ) Property, plant and equipment (66 ) (63 ) Other (6 ) (13 ) Total deferred tax liabilities (73 ) (87 ) Net deferred tax asset (liability) after valuation allowance $ 347 $ 314
Schedule of net current and non-current deferred taxes from each tax jurisdiction	Net current and non-current deferred taxes from each tax jurisdiction are included in the following accounts: (In millions) 2015 2014 Net current deferred taxes Other current assets $ — $ 34 Other current liabilities — (8 ) Net non-current deferred taxes Other assets 354 313 Other liabilities (7 ) (25 )
Schedule of components of gross net operating loss	The components of our gross net operating loss (“NOL”) are as follows: (In millions) 2015 2014 Federal NOL $ 560 $ 591 State NOL $ 867 $ 929 Foreign NOL $ 181 $ 181
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits	The beginning and ending amount of unrecognized tax benefits reconciles as follows: (In millions) 2015 2014 2013 Balance at January 1 $ 28 $ 44 $ 41 Gross (decreases) increases for tax positions taken during current year — 2 (1 ) Gross increases for tax positions taken during a prior period 3 2 1 Gross decreases for tax positions taken during a prior period (2 ) (19 ) — Settlements / payments (1 ) (2 ) — Foreign currency impact (1 ) 1 3 Balance at December 31 $ 27 $ 28 $ 44

CAPITAL STOCK AND EARNINGS (L36

CAPITAL STOCK AND EARNINGS (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of reconciliation of the shares used in computation of earnings (loss) per share	The following is a reconciliation of the shares used in the computation of earnings (loss) per share: Year ended (In millions) 2015 2014 2013 Weighted average shares outstanding - Basic 67.8 90.2 97.7 Dilutive effect of common share equivalents 1.0 1.3 — Weighted average shares outstanding - Diluted 68.8 91.5 97.7

ACCUMULATED OTHER COMPREHENSI37

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of components of accumulated other comprehensive loss ("AOCL"), net of tax	The components of accumulated other comprehensive loss (“AOCL”), net of tax at December 31, 2015 and 2014 , are as follows: (in millions) Foreign Currency Translation Adjustments Unrecognized Pension and Other Post-Retirement Benefit Costs Available for Sale Securities - Adjustments Total As of December 31, 2013 $ (13 ) $ (267 ) $ — $ (280 ) Other comprehensive loss before reclassifications (70 ) (70 ) (5 ) (145 ) Amounts reclassified from AOCL (3 ) 31 — 28 Net current period other comprehensive loss (73 ) (39 ) (5 ) (117 ) As of December 31, 2014 (86 ) (306 ) (5 ) (397 ) Other comprehensive (loss) income before reclassifications (52 ) (26 ) 7 (71 ) Amounts reclassified from AOCL (3 ) 11 (2 ) 6 Net current period other comprehensive (loss) income (55 ) (15 ) 5 (65 ) As of December 31, 2015 $ (141 ) $ (321 ) $ — $ (462 )
Summary of reclassifications from AOCL to the Consolidated Statement of Operations	The following table summarizes the reclassifications from AOCL to the Consolidated Statement of Operations for the periods ending December 31, 2015 , 2014 and 2013: Amount Reclassified from AOCL (in millions) 2015 2014 2013 Affected line item in the consolidated statement of operations Foreign currency translation items: Liquidation of consolidated entities $ 8 $ — $ 13 Other income, net (Loss) gain on sale of business (b) (5 ) 3 — (Loss) gain on sale of business Sale of discontinued operations (c) — — 38 Loss on sale of discontinued operations, net of tax Net of tax 3 3 51 Defined benefit pension plan items: Amortization of prior-service credits (a) 5 5 5 Primarily SG&A Amortization of actuarial losses (a) (22 ) (18 ) (21 ) Primarily SG&A Settlement loss (a) — (21 ) — Primarily SG&A Sale of discontinued operations (c) — — (127 ) Loss on sale of discontinued operations, net of tax Total before tax (17 ) (34 ) (143 ) Total tax 6 3 1 Income tax benefit Tax on discontinued operations — — 15 Loss on sale of discontinued operations, net of tax Total tax 6 3 16 Net of tax (11 ) (31 ) (127 ) Available for sale securities: Gain on sale of Platform shares 2 — — Other income, net Net of tax 2 — — Total reclassifications $ (6 ) $ (28 ) $ (76 ) (a) These items are included in the computation of net periodic benefit pension cost (see Note 13 - Pension and Other Post-Retirement Plans for additional information). (b) Sale of the Chemtura AgroSolutions business (see Note 2 - Divestitures) (c) Sale of Antioxidant and Consumer Products businesses (see Note 2 - Divestitures)

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of weighted average assumptions	The following table presents the weighted average assumptions used: 2013 Dividend yield 0.0 % Expected volatility 51.0 % Risk-free interest rate 1.0 % Expected life (in years) 6
Summary of stock option activities	A summary of our stock option activities for 2015 is summarized as follows: Weighted Average Remaining Aggregate Intrinsic Price Per Share Shares Contractual Value Average (in millions) Life (in millions) Outstanding at 12/31/14 $ 16.56 2.2 6.5 $ 18 Exercised 15.97 (1.3 ) 17 Outstanding at 12/31/15 $ 17.38 0.9 5.8 $ 9 Exercisable at 12/31/15 $ 16.96 0.8 5.7 $ 8
Schedule of RSUs award activity	RSUs award activity for 2015 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Aggregate Fair Value (in millions) Unvested RSU awards, December 31, 2014 1.1 23.81 $ 28 Granted 1 0.6 29.61 Vested (0.7 ) 23.10 16 Unvested RSU awards, December 31, 2015 1.0 $ 26.89 $ 28 1) Includes performance multiplier adjustments for actual payout received on the 2013 performance shares.

PENSION AND OTHER POST-RETIRE39

PENSION AND OTHER POST-RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of benefit obligation and weighted-average assumptions used	Benefit Obligations Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2015 2014 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 652 $ 623 $ 542 $ 519 $ 108 $ 96 Service cost — — 2 2 — — Interest cost 24 28 17 21 4 4 Actuarial (gains) losses (a) (32 ) 99 (6 ) 64 (8 ) 20 Benefits paid (46 ) (46 ) (20 ) (20 ) (7 ) (11 ) Settlements — (52 ) (4 ) (3 ) — — Foreign currency exchange rate changes (b) — — (36 ) (41 ) (3 ) (1 ) Projected benefit obligation at end of year $ 598 $ 652 $ 495 $ 542 $ 94 $ 108 Accumulated benefit obligation at end of year $ 598 $ 651 $ 494 $ 541 Weighted-average year-end assumptions used to determine benefit obligations: Discount rate 4.10 % 3.80 % 3.46 % 3.28 % 3.97 % 3.70 % Rate of compensation increase 3.00 % 3.00 % 2.42 % 2.41 % N/A N/A Health care cost trend rate 4.87 % 6.16 % (a) The gains for 2015 primarily related to an update to the revised mortality tables for the U.S. pension plans, and increases in discount rates. The losses for 2014 primarily related to the utilization of the recently revised mortality tables for the U.S. pension plans and certain international plans, and decreases in discount rates. (b) The significant foreign currency decrease in 2015 and 2014 is due to decreases in Euro and British Pound exchange rates from December 2014 to December 2015 and from December 2013 to December 2014, respectively.
Schedule of changes in fair value of plan assets	Plan Assets Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2015 2014 2015 2014 Change in plan assets: Fair value of plan assets at beginning of year $ 570 $ 595 $ 455 $ 408 $ — $ — Actual return on plan assets (7 ) 59 3 75 — — Employer contributions 14 14 9 24 7 11 Benefits paid (46 ) (46 ) (20 ) (20 ) (7 ) (11 ) Settlements — (52 ) (4 ) (3 ) — — Foreign currency exchange rate changes (a) — — (27 ) (29 ) — — Fair value of plan assets at end of year $ 531 $ 570 $ 416 $ 455 $ — $ — (a) The significant foreign currency decrease in 2015 and 2014 is due to decreases in Euro and British Pound exchange rates from December 2014 to December 2015 and from December 2013 to December 2014, respectively.
Schedule of fair values of defined benefit pension plan assets, by asset category	tments. The fair values of our defined benefit pension plan assets at December 31, 2015 and 2014 , by asset category are as follows: Fair Value Measurements at December 31, 2015 Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans (In millions) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity securities: Pooled equity (a) $ 146 $ 146 $ — $ — $ 120 $ 5 $ 115 $ — Fixed income securities: U.S. government bonds (b) 62 — 62 — — — — — International government bonds (b) — — — — 16 — 16 — Pooled fixed income funds (c) 263 263 — — 265 — 264 1 Alternative collective funds (d) 60 — — 60 — — — — Other instruments (e) — — — — 14 — — 14 Cash & cash equivalents — — — — 1 1 — — $ 531 $ 409 $ 62 $ 60 $ 416 $ 6 $ 395 $ 15 Fair Value Measurements at December 31, 2014 Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (in millions) Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3) Equity securities: Pooled equity (a) $ 164 $ 164 $ — $ — $ 152 $ 8 $ 144 $ — Fixed income securities: U.S. government bonds (b) 72 — 72 — — — — — International government bonds (b) — — — — 20 — 20 — Pooled fixed income funds (c) 258 258 — — 268 — 265 3 Alternative collective funds (d) 75 — — 75 — — — — Other instruments (e) 1 1 — — 14 — — 14 Cash & cash equivalents — — — — 1 1 — — $ 570 $ 423 $ 72 $ 75 $ 455 $ 9 $ 429 $ 17 (a) Pooled equity funds include mutual and collective funds that invest primarily in marketable equity securities of various sized companies in a diverse set of industries in various regions of the world. Shares of publicly traded mutual funds are valued at the closing price reported on the U.S. and international exchanges where the underlying securities are actively traded. Units of collective funds are valued at the per unit value determined by the fund manager, which is based on market price of the underlying securities. (b) U.S. and international government bonds include U.S. treasury, municipal and agency obligations and international government debt. Such instruments are valued at quoted market prices for those instruments or on institutional bid valuations. (c) Pooled fixed income funds are fixed income funds that invest primarily in corporate and government bonds. Publicly traded funds are valued at the closing price in active markets and observable data, whereas collective funds are valued by broker or dealer quotations, which are based on the market price of the underlying securities. (d) Alternative collective funds include funds that invest mainly in asset backed securities, real estate funds, hedge funds and other alternative investments. The underlying funds are valued based on the net asset values of the investments as determined by the respective individual fund administrators on a daily, weekly or monthly basis depending on the fund. Such valuations are reviewed by the portfolio managers who determine the value of collective funds based on these inputs. Certain of these funds have lock up periods and all of them have notification periods. Due to the process used to value these funds and the restricted trading, we have categorized these funds as level 3. (e) Other instruments include primarily annuities and real estate funds instruments for which there are significant unobservable inputs and therefore have been classified as level 3.
Schedule of activity in the pension plan assets classified as Level 3	Below is the rollforward of the activity in the pension plan assets classified as Level 3 above: Alternative Collective Funds (d) Other Instruments (e) Total Level 3 Investments Balance at December 31, 2014 $ 75 $ 17 $ 92 Purchases — — — Transfers to/(from) Level 3 (18 ) (3 ) (21 ) Unrealized gains 3 1 4 Disbursements — — — Balance at December 31, 2015 $ 60 $ 15 $ 75
Schedule of funded status and related amounts recognized on statement of financial condition	Funded Status The funded status at the end of the year, and the related amounts recognized on the Consolidated Balance Sheet, are as follows: Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2015 2014 2015 2014 Funded status, end of year: Fair value of plan assets $ 531 $ 570 $ 416 $ 455 $ — $ — Benefit obligations 598 652 495 542 94 108 Net amount recognized $ (67 ) $ (82 ) $ (79 ) $ (87 ) $ (94 ) $ (108 ) Amounts recognized in the Consolidated Balance Sheets at the end of year consist of: Noncurrent assets $ — $ — $ 46 $ 57 $ — $ — Current liability — — (8 ) (7 ) (8 ) (9 ) Noncurrent liability (67 ) (82 ) (117 ) (137 ) (86 ) (99 ) Net amount recognized $ (67 ) $ (82 ) $ (79 ) $ (87 ) $ (94 ) $ (108 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss/(gain) $ 270 $ 269 $ 137 $ 130 $ 38 $ 49 Prior service cost/(credit) — — — — (30 ) (35 ) $ 270 $ 269 $ 137 $ 130 $ 8 $ 14
Schedule of estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year	The estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in 2016 are as follows: Qualified Domestic International and Non- Qualified Post- Retirement Health Care (In millions) Plans Plans Plans Actuarial loss $ 11 $ 5 $ 2 Prior service credit — — (5 ) Total amortization cost (credit) $ 11 $ 5 $ (3 )
Schedule of benefit obligation and fair value of plan assets in excess of plan assets	The projected benefit obligation and fair value of plan assets for pension and post-retirement plans with a projected benefit obligation in excess of plan assets at December 31, 2015 and 2014 were as follows: (In millions) 2015 2014 Projected benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 820 $ 919 Fair value of plan assets 534 584
Schedule of accumulated benefit obligation in excess of plan assets	The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension and post-retirement plans with an accumulated benefit obligation in excess of plan assets at December 31, 2015 and 2014 were as follows: (In millions) 2015 2014 Accumulated benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 725 $ 798 Accumulated benefit obligation 725 797 Fair value of plan assets 533 572
Schedule of expected employer contributions and expected benefit payments	Expected Cash Flows Information about the expected cash flows for the domestic qualified defined benefit plans, international and non-qualified defined benefit plans and post-retirement health care plans are as follows: Defined Benefit Pension Plans Qualified Domestic International and Non-Qualified Post- Retirement Health Care (in millions) Plans Plans Plans Expected Employer Contributions: (a) 2016 $ — $ 10 $ 8 Expected Benefit Payments (b): 2016 45 20 8 2017 45 21 8 2018 44 23 8 2019 44 23 7 2020 43 24 7 2021-2025 202 128 30 (a) The expected employer contributions reflect the minimum required by law or contractual obligation, including benefits paid directly by employer. We may elect to make additional discretionary contributions as deemed appropriate consistent with past practice. (b) The expected benefit payments are based on the same assumptions used to measure our benefit obligation at the end of the year and include benefits attributable to estimated future employee service.
Schedule of components of net periodic benefit cost (credit) and weighted-average assumptions used to determine net cost	ervice. Net Periodic Cost Defined Benefit Pension Plans Qualified Domestic Plans (a) International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost (credit): Service cost $ — $ — $ — $ 2 $ 2 $ 3 $ — $ — $ — Interest cost 24 28 30 17 21 20 4 4 4 Expected return on plan assets (39 ) (41 ) (45 ) (22 ) (26 ) (23 ) — — — Amortization of prior service cost — — — — — — (5 ) (5 ) (5 ) Recognized actuarial losses 13 11 14 6 4 5 3 3 2 Curtailment loss recognized — — — — — 1 — — — Settlement loss recognized (b) — 21 32 — — — — — — Net periodic benefit cost $ (2 ) $ 19 $ 31 $ 3 $ 1 $ 6 $ 2 $ 2 $ 1 (a) The net periodic benefit cost for the year ended December 31, 2013 includes pension expense related to the earnings (loss) from discontinued operations of $1 million . (b) The settlement loss recognized in 2014 of $21 million relates to the lump sum payout made to certain participants in our U.S. qualified pension plan (included in SG&A). The settlement loss recognized in 2013 includes a loss of $40 million related to the divestiture of our Antioxidants business in April 2013 (included in loss on sale of discontinued operations), partly offset by a $2 million gain related to the divestiture of our Consumer Products business (included in loss on sale of discontinued operations) and a $6 million gain related to an adjustment for a legacy pension plan ( $2 million included in SG&A and $4 million in loss from discontinued operations). Weighted-average assumptions used to determine net cost: Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans 2015 2014 2013 2015 2014 2013 2015 2014 2013 Discount rate 3.80 % 4.60 % 3.80 % 3.47 % 4.20 % 3.89 % 3.70 % 4.45 % 3.71 % Expected return on plan assets 7.50 % 7.50 % 7.50 % 5.66 % 6.68 % 6.53 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 2.41 % 2.85 % 2.77 %

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Summary of business data for reportable segments	A summary of business data for our reportable segments for the years 2015 , 2014 and 2013 is as follows: Information by Business Segment (In millions) Net Sales 2015 2014 2013 Petroleum additives $ 614 $ 687 $ 689 Urethanes 272 300 290 Industrial Performance Products 886 987 979 Bromine based & related products 575 641 639 Organometallics 147 159 164 Industrial Engineered Products 722 800 803 Agrochemical Manufacturing 137 403 449 Net Sales $ 1,745 $ 2,190 $ 2,231 Operating Income 2015 2014 2013 Industrial Performance Products $ 141 $ 106 $ 109 Industrial Engineered Products 58 16 55 Agrochemical Manufacturing 35 86 88 Segment Operating Income 234 208 252 General corporate expense (52 ) (80 ) (97 ) Amortization (12 ) (13 ) (15 ) Facility closures, severance and related costs (3 ) (25 ) (42 ) (Loss) gain on sale of business (4 ) 529 — Impairment charges (1 ) — — Total Operating Income $ 162 $ 619 $ 98 Depreciation and Amortization 2015 2014 2013 Industrial Performance Products $ 28 $ 34 $ 28 Industrial Engineered Products 47 44 43 Agrochemical Manufacturing 4 8 12 79 86 83 Corporate 14 16 18 Total continuing operations 93 102 101 Discontinued operations — — 22 $ 93 $ 102 $ 123 Segment Assets 2015 2014 2013 Industrial Performance Products $ 578 $ 642 $ 591 Industrial Engineered Products 670 696 743 Agrochemical Manufacturing 50 87 285 1,298 1,425 1,619 Corporate 1,068 1,242 1,085 $ 2,366 $ 2,667 $ 2,704 Capital Expenditures 2015 2014 2013 Industrial Performance Products $ 31 $ 54 $ 73 Industrial Engineered Products 47 51 73 Agrochemical Manufacturing 1 6 7 79 111 153 Corporate 1 2 6 Total continuing operations 80 113 159 Discontinued operations — — 11 $ 80 $ 113 $ 170
Schedule of information by geographic area	Information by Geographic Area (In millions) Net sales (based on location of customer) 2015 2014 2013 United States $ 751 $ 888 $ 944 Canada 46 48 42 Latin America 74 174 194 Europe/Africa 504 639 624 Asia/Pacific 370 441 427 $ 1,745 $ 2,190 $ 2,231 Property, Plant and Equipment 2015 2014 2013 United States $ 333 $ 338 $ 336 Canada 44 54 61 Latin America 8 10 13 Europe/Africa 156 181 216 Asia/Pacific 122 121 91 $ 663 $ 704 $ 717

GUARANTOR CONDENSED CONSOLIDA41

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2015
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA
Schedule of condensed consolidating statement of operations	Condensed Consolidating Statement of Operations Year ended December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 2,190 $ (1,878 ) $ 1,346 $ 437 $ 2,285 Cost of goods sold 1,682 (1,878 ) 1,112 370 2,078 Selling, general and administrative 255 — 150 16 89 Depreciation and amortization 102 — 25 32 45 Research and development 36 — 14 6 16 Facility closures, severance and related costs 25 — 3 2 20 Gain on sale of business (529 ) — (399 ) — (130 ) Operating income 619 — 441 11 167 Interest expense (45 ) — (50 ) — 5 Loss on early extinguishment of debt (7 ) — (7 ) — — Other income (expense), net 12 — (11 ) 2 21 Equity in net earnings of subsidiaries — (145 ) 145 — — Earnings from continuing operations before income taxes 579 (145 ) 518 13 193 Income tax benefit (expense) 192 — 244 (4 ) (48 ) Earnings from continuing operations 771 (145 ) 762 9 145 Earnings from discontinued operations, net of tax 1 — 1 — — Loss on sale of discontinued operations, net of tax (9 ) — — (8 ) (1 ) Net earnings $ 763 $ (145 ) $ 763 $ 1 $ 144 Condensed Consolidating Statement of Operations Year ended December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 1,745 $ (1,320 ) $ 1,139 $ 378 $ 1,548 Cost of goods sold 1,312 (1,320 ) 928 308 1,396 Selling, general and administrative 151 — 96 11 44 Depreciation and amortization 93 — 22 37 34 Research and development 20 — 11 4 5 Facility closures, severance and related costs 3 — — 4 (1 ) Loss (gain) on sale of business 4 — 13 — (9 ) Impairment charges 1 — — — 1 Equity income (1 ) — (1 ) — — Operating income 162 — 70 14 78 Interest expense (30 ) — (33 ) — 3 Other income, net 20 — 1 1 18 Equity in net earnings of subsidiaries — (96 ) 96 — — Earnings from continuing operations before income taxes 152 (96 ) 134 15 99 Income tax (expense) benefit (16 ) — 2 2 (20 ) Net earnings $ 136 $ (96 ) $ 136 $ 17 $ 79 Condensed Consolidating Statement of Operations Year ended December 31, 2013 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 2,231 $ (1,813 ) $ 1,443 $ 449 $ 2,152 Cost of goods sold 1,721 (1,813 ) 1,235 389 1,910 Selling, general and administrative 229 — 109 15 105 Depreciation and amortization 101 — 29 35 37 Research and development 40 — 15 8 17 Facility closures, severance and related costs 42 — 21 1 20 Operating income 98 — 34 1 63 Interest expense (60 ) — (69 ) — 9 Loss on early extinguishment of debt (50 ) — (50 ) — — Other income (expense), net 8 — (21 ) — 29 Equity in net earnings of subsidiaries — (85 ) 85 — — (Loss) earnings from continuing operations before income taxes (4 ) (85 ) (21 ) 1 101 Income tax expense (18 ) — — — (18 ) (Loss) earnings from continuing operations (22 ) (85 ) (21 ) 1 83 Earnings (loss) from discontinued operations, net of tax 25 — (3 ) 23 5 (Loss) gain on sale of discontinued operations, net of tax (180 ) — (153 ) 14 (41 ) Net (loss) earnings $ (177 ) $ (85 ) $ (177 ) $ 38 $ 47
Schedule of condensed consolidating statement of comprehensive income (loss)	Condensed Consolidating Statement of Comprehensive Income (Loss) As of December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net earnings $ 763 $ (145 ) $ 763 $ 1 $ 144 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (73 ) — 45 — (118 ) Unrecognized pension and other post-retirement benefit costs (39 ) — (32 ) — (7 ) Available for sale securities adjustments (5 ) — (5 ) — — Comprehensive income (loss) $ 646 $ (145 ) $ 771 $ 1 $ 19 Condensed Consolidating Statement of Comprehensive (Loss) Income As of December 31, 2013 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net (loss) earnings $ (177 ) $ (85 ) $ (177 ) $ 38 $ 47 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments (60 ) — (18 ) 2 (44 ) Unrecognized pension and other post-retirement benefit costs 208 — 202 — 6 Comprehensive (loss) income $ (29 ) $ (85 ) $ 7 $ 40 $ 9 Condensed Consolidating Statement of Comprehensive Income (Loss) As of December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net earnings $ 136 $ (96 ) $ 136 $ 17 $ 79 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (55 ) — 24 — (79 ) Unrecognized pension and other post-retirement benefit costs (15 ) — (6 ) — (9 ) Available for sale securities adjustments 5 — 5 — — Comprehensive income (loss) $ 71 $ (96 ) $ 159 $ 17 $ (9 )
Schedule of condensed consolidating balance sheet	Condensed Consolidating Balance Sheet As of December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries ASSETS Current assets $ 1,216 $ — $ 539 $ 113 $ 564 Intercompany receivables — (6,937 ) 3,094 2,752 1,091 Investment in subsidiaries — (4,923 ) 822 1,134 2,967 Property, plant and equipment 704 — 116 222 366 Goodwill 172 — 93 3 76 Other assets 575 — 448 36 91 Total assets $ 2,667 $ (11,860 ) $ 5,112 $ 4,260 $ 5,155 LIABILITIES AND EQUITY Current liabilities $ 405 $ — $ 155 $ 44 $ 206 Intercompany payables — (6,937 ) 2,971 3,031 935 Long-term debt 556 — 541 — 15 Other long-term liabilities 652 — 391 83 178 Total liabilities 1,613 (6,937 ) 4,058 3,158 1,334 Total equity 1,054 (4,923 ) 1,054 1,102 3,821 Total liabilities and equity $ 2,667 $ (11,860 ) $ 5,112 $ 4,260 $ 5,155 Condensed Consolidating Balance Sheet As of December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries ASSETS Current assets $ 978 $ — $ 402 $ 108 $ 468 Intercompany receivables — (1,610 ) 541 223 846 Investment in subsidiaries — (4,799 ) 782 1,135 2,882 Property, plant and equipment 663 — 112 221 330 Goodwill 166 — 93 3 70 Other assets 559 — 446 29 84 Total assets $ 2,366 $ (6,409 ) $ 2,376 $ 1,719 $ 4,680 LIABILITIES AND EQUITY Current liabilities $ 361 $ — $ 180 $ 41 $ 140 Intercompany payables — (1,610 ) 407 488 715 Long-term debt 471 — 461 — 10 Other long-term liabilities 532 — 326 71 135 Total liabilities 1,364 (1,610 ) 1,374 600 1,000 Total equity 1,002 (4,799 ) 1,002 1,119 3,680 Total liabilities and equity $ 2,366 $ (6,409 ) $ 2,376 $ 1,719 $ 4,680
Schedule of condensed consolidating statement of cash flows	Condensed Consolidating Statement of Cash Flows Year ended December 31, 2013 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) earnings $ (177 ) $ (85 ) $ (177 ) $ 38 $ 47 Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operations: Loss (gain) on sale of discontinued operations 180 — 153 (14 ) 41 Impairment charges 7 — — 7 — Reclass of translation adjustment from liquidation of entities (13 ) — — — (13 ) Loss on early extinguishment of debt 50 — 50 — — Depreciation and amortization 123 — 33 45 45 Stock-based compensation expense 14 — 14 — — Changes in assets and liabilities, net (105 ) 85 (84 ) (27 ) (79 ) Net cash provided by (used in) operations 79 — (11 ) 49 41 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 357 — 255 (2 ) 104 Payments for acquisitions, net of cash acquired (3 ) — — — (3 ) Capital expenditures (170 ) — (20 ) (47 ) (103 ) Net cash provided by (used in) investing activities 184 — 235 (49 ) (2 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term debt 481 — 457 — 24 Payments on long term debt, includes premium on tendering of notes (502 ) — (499 ) — (3 ) Payments on other short term borrowings, net (1 ) — — — (1 ) Payments for debt issuance and refinancing costs (12 ) — (12 ) — — Common shares acquired (54 ) — (54 ) — — Proceeds from exercise of stock options 8 — 8 — — Net cash (used in) provided by financing activities (80 ) — (100 ) — 20 CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents 1 — — — 1 Change in cash and cash equivalents 184 — 124 — 60 Cash and cash equivalents at beginning of year 365 — 193 — 172 Cash and cash equivalents at end of year $ 549 $ — $ 317 $ — $ 232 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2015 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 136 $ (96 ) $ 136 $ 17 $ 79 Adjustments to reconcile net earnings to net cash provided by operations: Loss (gain) on sale of business 4 — 13 — (9 ) Impairment charges 1 — — — 1 Agrochemical Manufacturing supply agreements (38 ) — (35 ) — (3 ) Reclass of translation adjustment from liquidated entities (8 ) — — — (8 ) Depreciation and amortization 93 — 22 37 34 Stock-based compensation expense 12 — 12 — — Deferred tax benefit (14 ) — (1 ) (2 ) (11 ) Changes in assets and liabilities, net (27 ) 96 (74 ) (18 ) (31 ) Net cash provided by operations 159 — 73 34 52 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 3 — 4 — (1 ) Sale of Platform Specialty Products Corporation shares 54 — 54 — — Capital expenditures (80 ) — (13 ) (34 ) (33 ) Net cash (used in) provided by investing activities (23 ) — 45 (34 ) (34 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term debt 1 — — — 1 Payments on long term debt, includes premium on tendering of notes (60 ) — (44 ) — (16 ) Common shares acquired (150 ) — (150 ) — — Proceeds from the exercise of stock options 20 — 20 — — Net cash used in financing activities (189 ) — (174 ) — (15 ) CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents (16 ) — — — (16 ) Change in cash and cash equivalents (69 ) — (56 ) — (13 ) Cash and cash equivalents at beginning of year 392 — $ 227 $ — $ 165 Cash and cash equivalents at end of year $ 323 $ — $ 171 $ — $ 152 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2014 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net earnings $ 763 $ (145 ) $ 763 $ 1 $ 144 Adjustments to reconcile net earnings to net cash (used in) provided by operations: Loss on sale of discontinued operations 9 — — 8 1 Gain on sale of business (529 ) — (399 ) — (130 ) Agrochemical Manufacturing supply agreements (6 ) — (5 ) — (1 ) Loss on early extinguishment of debt 7 — 7 — — Depreciation and amortization 102 — 25 32 45 Stock-based compensation expense 14 — 14 — — Deferred tax (benefit) expense (274 ) — (278 ) 4 — Changes in assets and liabilities, net (164 ) 145 (218 ) (27 ) (64 ) Net cash (used in) provided by operations (78 ) — (91 ) 18 (5 ) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 984 — 964 15 5 Capital expenditures (113 ) — (18 ) (33 ) (62 ) Net cash provided by (used in) investing activities 871 — 946 (18 ) (57 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of long term debt 19 — — — 19 Payments on long term debt, includes premium on tendering of notes (350 ) — (342 ) — (8 ) Payments on short term borrowings, net (1 ) — — — (1 ) Common shares acquired (618 ) — (618 ) — — Proceeds from exercise of stock options 10 — 10 — — Other financing activities 5 — 5 — — Net cash (used in) provided by financing activities (935 ) — (945 ) — 10 CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents (15 ) — — — (15 ) Change in cash and cash equivalents (157 ) — (90 ) — (67 ) Cash and cash equivalents at beginning of year 549 — 317 — 232 Cash and cash equivalents at end of year $ 392 $ — $ 227 $ — $ 165

SUMMARIZED UNAUDITED QUARTERL42

SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of summarized unaudited quarterly financial data	(In millions, except per share data) 2015 First Second Third Fourth Net sales $ 438 (a) $ 464 (a) $ 444 (a) $ 399 (a) Gross profit $ 98 $ 114 $ 117 $ 104 Earnings from continuing operations, net of tax $ 21 $ 18 $ 31 $ 66 (Loss) earnings on sale of discontinued operations, net of tax (1 ) 1 — — Net earnings $ 20 $ 19 $ 31 $ 66 BASIC PER SHARE (d): Earnings from continuing operations, net of tax $ 0.31 $ 0.27 $ 0.46 $ 0.98 (Loss) earnings on sale of discontinued operations, net of tax (0.01 ) 0.01 — — Net earnings $ 0.30 $ 0.28 $ 0.46 $ 0.98 DILUTED PER SHARE (d): Earnings from continuing operations, net of tax $ 0.30 $ 0.26 $ 0.45 $ 0.96 (Loss) earnings on sale of discontinued operations, net of tax (0.01 ) 0.01 — — Net earnings $ 0.29 $ 0.27 $ 0.45 $ 0.96 Basic weighted-average shares outstanding 68.8 67.6 67.5 67.4 Diluted weighted-average shares outstanding 69.8 68.5 68.3 68.5 2014 First Second Third Fourth Net sales $ 556 $ 609 $ 558 $ 467 (b) Gross profit $ 120 $ 158 $ 134 $ 96 Earnings from continuing operations, net of tax $ 10 $ 43 $ 15 $ 703 (c) Earnings from discontinued operations, net of tax 1 — — — Loss on sale of discontinued operations, net of tax (5 ) (4 ) — — Net earnings $ 6 $ 39 $ 15 $ 703 BASIC PER SHARE (d): Earnings from continuing operations, net of tax $ 0.10 $ 0.46 $ 0.17 $ 8.57 Earnings from discontinued operations, net of tax 0.01 — — — Loss on sale of discontinued operations, net of tax (0.05 ) (0.04 ) — — Net earnings $ 0.06 $ 0.42 $ 0.17 $ 8.57 DILUTED PER SHARE (d): Earnings from continuing operations, net of tax $ 0.10 $ 0.46 $ 0.17 $ 8.44 Earnings from discontinued operations, net of tax 0.01 — — — Loss on sale of discontinued operations, net of tax (0.05 ) (0.04 ) — — Net earnings $ 0.06 $ 0.42 $ 0.17 $ 8.44 Basic weighted-average shares outstanding 96.3 93.2 89.4 82.0 Diluted weighted-average shares outstanding 97.8 94.4 90.7 83.3 (a) Net sales included $9 million , $10 million , $10 million and $9 million in the first, second, third and fourth quarters of 2015, respectively, related to the non-cash portion of the amortization, net of accretion, of the below-market contract obligation associated with the sale of our Chemtura AgroSolutions business in 2014. (b) Net sales included $6 million in the fourth quarter of 2014 related to the non-cash portion of the amortization, net of accretion, of the below-market contract obligation associated with the sale of our Chemtura AgroSolutions business in 2014. (c) The earnings from continuing operations for the fourth quarter of 2014 included a pre-tax gain on the sale of the Chemtura AgroSolutions business of $529 million and pre-tax charges for facility closures, severance and related costs of $19 million and loss on early extinguishment of debt of $7 million . (d) The sum of the earnings (loss) per common share for the four quarters may not equal the total earnings (loss) per common share for the full year due to quarterly changes in the average number of shares outstanding.

NATURE OF OPERATIONS AND SUMM43

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)country	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of countries in which entity operates | country	90
Other Income (Expense), Net
Foreign exchange gain (loss)	$ 6	$ 10	$ (7)
Interest income	2	3	3
Release of cumulative foreign currency translation adjustments from liquidation of entities	8	0	13
Gain on sale of Platform shares	3	0	0
Reorganization items, net	0	(1)	(1)
Other	1	0	0
Other income (expense), net	20	12	8
Allowance for Promotions
Movement in Valuation Allowances and Reserves
Balance, January 1	2	10	14
Charged to costs and expenses	6	37	36
Payments to customers and write-offs	(5)	(40)	(40)
Other	0	(5)	0
Balance, December 31	3	2	10
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves
Balance, January 1	2	11	11
Charged to costs and expenses	1	8	2
Payments to customers and write-offs	(1)	(3)	(1)
Other	0	(14)	(1)
Balance, December 31	$ 2	$ 2	$ 11
Minimum
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment in other affiliates to be accounted using the equity method	20.00%
Maximum
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment in other affiliates to be accounted using the equity method	50.00%
Ownership interest in other affiliates to be accounted for at cost	20.00%

NATURE OF OPERATIONS AND SUMM44

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Plant, Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2015
Land improvements | Minimum
Property, plant and equipment
Asset lives	3 years
Land improvements | Maximum
Property, plant and equipment
Asset lives	20 years
Buildings and improvements | Minimum
Property, plant and equipment
Asset lives	2 years
Buildings and improvements | Maximum
Property, plant and equipment
Asset lives	40 years
Machinery and equipment | Minimum
Property, plant and equipment
Asset lives	2 years
Machinery and equipment | Maximum
Property, plant and equipment
Asset lives	25 years
Information systems and equipment | Minimum
Property, plant and equipment
Asset lives	2 years
Information systems and equipment | Maximum
Property, plant and equipment
Asset lives	10 years
Furniture, fixtures and other | Minimum
Property, plant and equipment
Asset lives	1 year
Furniture, fixtures and other | Maximum
Property, plant and equipment
Asset lives	10 years

NATURE OF OPERATIONS AND SUMM45

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2015
Patents | Minimum
Intangible assets (excluding goodwill)
Estimated useful lives	10 years
Patents | Maximum
Intangible assets (excluding goodwill)
Estimated useful lives	20 years
Trademarks | Minimum
Intangible assets (excluding goodwill)
Estimated useful lives	30 years
Trademarks | Maximum
Intangible assets (excluding goodwill)
Estimated useful lives	40 years
Customer relationships | Minimum
Intangible assets (excluding goodwill)
Estimated useful lives	15 years
Customer relationships | Maximum
Intangible assets (excluding goodwill)
Estimated useful lives	30 years
Other | Minimum
Intangible assets (excluding goodwill)
Estimated useful lives	5 years
Other | Maximum
Intangible assets (excluding goodwill)
Estimated useful lives	50 years

NATURE OF OPERATIONS AND SUMM46

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Environmental Liabilities
Period for accrual of probable and reasonable remediation costs on an undiscounted basis (no more than)	10 years
Term of supply contract	6 years
Marketable Securities [Abstract]
Primary marketable security		$ 2,000,000
Period stock is restricted from trading		6 months
Marketable securities held as other current assets		$ 45,000,000
Asset Retirement Obligation
Accretion expense	$ 2,000,000	3,000,000
Asset retirement obligations included in accrued expenses	1,000,000	3,000,000
Asset retirement obligations included in other liabilities	15,000,000	13,000,000
Recoverability of Long-Lived Assets and Goodwill
Goodwill impairment charge	0	0	$ 0
Outstanding derivatives	$ 0	0
Cash Flows
Maximum term of original maturity to classify bank term deposits as cash equivalents	3 months
Interest paid	$ 31,000,000	46,000,000	57,000,000
Income taxes (net of refunds)	$ 36,000,000	$ 68,000,000	$ 21,000,000
Environmental
Environmental Liabilities
Period for accrual of probable and reasonable remediation costs on an undiscounted basis (no more than)	10 years

NATURE OF OPERATIONS AND SUMM47

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Developments (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
New Accounting Pronouncement, Early Adoption [Line Items]
Other current assets	$ 130	$ 238
Total current assets	978	1,216
Deferred tax asset - non-current	354	313
Total Assets	2,366	2,667	$ 2,704
Accrued expenses	142	170
Total Current Liabilities	361	405
Deferred tax liability - non-current	7	25
Total liabilities	$ 1,364	1,613
New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption [Line Items]
Other current assets		204
Total current assets		1,182
Deferred tax asset - non-current		333
Total Assets		2,653
Accrued expenses		162
Total Current Liabilities		397
Deferred tax liability - non-current		19
Total liabilities		1,599
Adjustments for New Accounting Principle, Early Adoption | New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption [Line Items]
Other current assets		(34)
Total current assets		(34)
Deferred tax asset - non-current		20
Total Assets		(14)
Accrued expenses		(8)
Total Current Liabilities		(8)
Deferred tax liability - non-current		(6)
Total liabilities		$ (14)

DIVESTITURES (Details)

DIVESTITURES (Details) - USD ($)	Nov. 03, 2014	Apr. 30, 2013	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Acquisitions/Divestitures
Term of supply contract					6 years
Accrued expenses				$ 170,000,000	$ 142,000,000	$ 170,000,000
Other liabilities				124,000,000	110,000,000	124,000,000
Assets and liabilities held for sale
Assets				6,000,000	0	6,000,000
Liabilities				9,000,000	0	9,000,000
Reconciliation of cash proceeds to pre-tax loss on sale
Proceeds from divestments, net					3,000,000	984,000,000	$ 357,000,000
Less non-cash items:
Pre-tax gain on sale of Chemtura AgroSolutions				529,000,000	(4,000,000)	529,000,000	0
Proceeds from sale of shares of Platform common stock					$ 54,000,000	0	0
Minimum
Acquisitions/Divestitures
Ownership interest in Certis Europe B V not transferred due to pending approval					20.00%
Maximum
Acquisitions/Divestitures
Extension term of supply contract after termination					2 years
Ownership interest in Certis Europe B V not transferred due to pending approval					50.00%
Chemtura AgroSolutions
Acquisitions/Divestitures
Cash consideration on sale of business	$ 950,000,000
Assets and liabilities held for sale
Cash and cash equivalents	7,000,000			0		0
Accounts receivable, net	158,000,000			3,000,000		3,000,000
Inventories, net	94,000,000			1,000,000		1,000,000
Other current assets	8,000,000			0		0
Property, plant and equipment	11,000,000			0		0
Intangible assets, net	32,000,000			0		0
Other assets	3,000,000			2,000,000		2,000,000
Assets	313,000,000			6,000,000		6,000,000
Accounts payable	21,000,000			0		0
Accrued expenses	30,000,000			9,000,000		9,000,000
Income taxes payable	4,000,000			0		0
Liabilities	55,000,000			9,000,000		9,000,000
Net Assets	258,000,000			(3,000,000)		(3,000,000)
Reconciliation of cash proceeds to pre-tax loss on sale
Cash consideration				950,000,000		950,000,000
Pre-closing working capital and other adjustments				28,000,000		28,000,000
Proceeds from divestments, net						978,000,000
Platform Stock				51,000,000		51,000,000
Less direct items:
Net assets sold or settled, excluding domestic tax liabilities reversed upon sale and included in tax effect				258,000,000		258,000,000
Below market supply contract						230,000,000
Transaction costs and other						21,000,000
Post-closing adjustments, obligations and other, net				$ (6,000,000)		(6,000,000)
Less non-cash items:
Release of AOCL - cumulative translation adjustment						(3,000,000)
Pre-tax gain on sale of Chemtura AgroSolutions						529,000,000
Consumer Products Business Divestiture
Acquisitions/Divestitures
Non-cash charges							39,000,000
Reconciliation of cash proceeds to pre-tax loss on sale
Cash consideration							300,000,000
Pre-closing working capital and other adjustments							36,000,000
Post-closing adjustments							0
Proceeds from divestments, net							264,000,000
Preferred stock							0
Less direct items:
Net assets sold or settled, excluding domestic tax liabilities reversed upon sale and included in tax effect							335,000,000
Transaction costs and other							10,000,000
Post-closing adjustments, obligations and other, net							(18,000,000)
Fair value of supply agreements							0
Less non-cash items:
Disposal Group Including Discontinued Operation Amount of Pension Released from Accumulated Other Comprehensive Income (Loss)							5,000,000
Release of AOCL - cumulative translation adjustment							(44,000,000)
Disposal Group Including Discontinued Operation Release of Non Controlling Interest							0
Antioxidant Business Divestiture
Acquisitions/Divestitures
Non-cash charges							121,000,000
Reconciliation of cash proceeds to pre-tax loss on sale
Cash consideration		$ 97,000,000
Less direct items:
Fair value of supply agreements							13,000,000
Antioxidant Business Divestiture | Minimum
Acquisitions/Divestitures
Term of supply contract		2 years
Antioxidant Business Divestiture | Maximum
Acquisitions/Divestitures
Term of supply contract		5 years
Platform | Chemtura AgroSolutions
Acquisitions/Divestitures
Consideration on sale of business	$ 1,000,000,000
Shares of common stock received as consideration	2,000,000
Deferred gain	$ 230,000,000
Extension term of supply contract after termination	2 years
Deferred income and accretion liability	$ 345,000,000
Depreciation net of accretion					$ 38,000,000	6,000,000
Remaining deferred gain					183,000,000
Accrued expenses					38,000,000
Other liabilities					$ 145,000,000
Ownership interest in Certis Europe B V not transferred due to pending approval					15.00%
Non-cash charges						3,000,000
Less non-cash items:
Platform stock, share price	$ 26
Platform stock, restriction to sell	$ 1,000,000
Pre-tax gain on sale of Chemtura AgroSolutions						$ 529,000,000
Number of shares of Platform common stock sold			2,000,000
Proceeds from sale of shares of Platform common stock			$ 54,000,000
Gain on sale of Platform stock			$ 3,000,000
Platform | Chemtura AgroSolutions | Minimum
Acquisitions/Divestitures
Term of supply contract	2 years
Platform | Chemtura AgroSolutions | Maximum
Acquisitions/Divestitures
Term of supply contract	4 years
KIK Custom Products Inc. (KIK) | Consumer Products Business Divestiture
Reconciliation of cash proceeds to pre-tax loss on sale
Cash consideration							300,000,000
SK and Addivant | Antioxidant Business Divestiture
Reconciliation of cash proceeds to pre-tax loss on sale
Cash consideration							97,000,000
Pre-closing working capital and other adjustments							10,000,000
Post-closing adjustments							(2,000,000)
Proceeds from divestments, net							85,000,000
Preferred stock							9,000,000
Less direct items:
Net assets sold or settled, excluding domestic tax liabilities reversed upon sale and included in tax effect							111,000,000
Transaction costs and other							5,000,000
Post-closing adjustments, obligations and other, net							8,000,000
Fair value of supply agreements							13,000,000
Less non-cash items:
Disposal Group Including Discontinued Operation Amount of Pension Released from Accumulated Other Comprehensive Income (Loss)							122,000,000
Release of AOCL - cumulative translation adjustment							6,000,000
Disposal Group Including Discontinued Operation Release of Non Controlling Interest							$ (7,000,000)

DIVESTITURES - Divestitures Rep

DIVESTITURES - Divestitures Reported as Discontinued Operations (Details) - USD ($) shares in Millions	1 Months Ended		3 Months Ended								12 Months Ended
	Dec. 31, 2013	Apr. 30, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Divestitures and Acquisitions
Impairment charge related to property, plant and equipment held for sale											$ 1,000,000	$ 0	$ 0
Term of supply contract											6 years
Net sales												0	531,000,000
Earnings from discontinued operations:
Pre-tax earnings												1,000,000	28,000,000
Income tax expense												0	(3,000,000)
Earnings, net of taxes											$ 0	1,000,000	25,000,000
Loss on sale of discontinued operations:
Pre-tax loss												(9,000,000)	(188,000,000)
Income tax (expense) benefit												0	8,000,000
Net loss			$ 0	$ 0	$ 1,000,000	$ (1,000,000)	$ 0	$ 0	$ (4,000,000)	$ (5,000,000)	$ 0	(9,000,000)	(180,000,000)
Consumer Products Business Divestiture
Divestitures and Acquisitions
Cash consideration	$ 300,000,000												300,000,000
Non-cash charges													39,000,000
Fair value of supply agreements													0
Net sales												0	408,000,000
Earnings from discontinued operations:
Pre-tax earnings												1,000,000	24,000,000
Income tax expense												0	(3,000,000)
Earnings, net of taxes												1,000,000	21,000,000
Loss on sale of discontinued operations:
Pre-tax loss												(8,000,000)	(24,000,000)
Income tax (expense) benefit												0	(1,000,000)
Net loss												(8,000,000)	(25,000,000)
Consumer Products Business Divestiture | KIK Custom Products Inc. (KIK)
Divestitures and Acquisitions
Cash consideration	300,000,000												300,000,000
Assumption of pension, environmental and other liabilities	$ 8,000,000												8,000,000
Remaining payment received												14,000,000
Option exercisable period from the closing date under the terms of supply contract	6 months
Impairment charge related to property, plant and equipment held for sale	$ 7,000,000
Antioxidant Business Divestiture
Divestitures and Acquisitions
Cash consideration		$ 97,000,000
Assumption of pension, environmental and other liabilities		91,000,000
Non-cash charges													121,000,000
Fair value of supply agreements													13,000,000
Cash consideration paid as part of adjustment		$ 2,000,000
Final payment received for remaining working capital adjustments										$ 4,000,000
Net sales												0	123,000,000
Earnings from discontinued operations:
Pre-tax earnings												0	4,000,000
Income tax expense												0	0
Earnings, net of taxes												0	4,000,000
Loss on sale of discontinued operations:
Pre-tax loss												(1,000,000)	(164,000,000)
Income tax (expense) benefit												0	9,000,000
Net loss												$ (1,000,000)	(155,000,000)
Antioxidant Business Divestiture | Minimum
Divestitures and Acquisitions
Term of supply contract		2 years
Series A Preferred Stock dividend rate		7.00%
Antioxidant Business Divestiture | Maximum
Divestitures and Acquisitions
Term of supply contract		5 years
Series A Preferred Stock dividend rate		11.00%
Antioxidant Business Divestiture | SK and Addivant
Divestitures and Acquisitions
Cash consideration	$ 97,000,000												97,000,000
Fair value of supply agreements													13,000,000
Face value of Series A Preferred Stock received as part of the consideration		$ 9,000,000
Shares of Series A Preferred Stock received as consideration		9.2
Loss on sale of discontinued operations:
Pre-tax loss													$ (164,000,000)

DIVESTITURES - Other Dispositio

DIVESTITURES - Other Dispositions (Details) € in Millions, $ in Millions	Nov. 28, 2011USD ($)contract	Jun. 30, 2013item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)item	Dec. 31, 2013EUR (€)item	Apr. 30, 2012USD ($)facility_installment
ISEM
Divestitures and Acquisitions
Number of transactions by joint venture | item				2	2
Number of product lines sold by joint venture | item				2	2
Amount of sale of product lines by joint venture				$ 51	€ 38
Tetrabrom Technologies Ltd.
Divestitures and Acquisitions
Percentage ownership interest sold	50.00%
Sales price of investment | $	$ 38
Period for receiving proceeds from sale of an investment interest in annual installments	3 years
Tetrabrom Technologies Ltd. | Forward contract
Divestitures and Acquisitions
Number of forward contracts purchased to reduce the risk of currency exposure | contract	2
Notional amount of option and forward contracts purchased to reduce the risk of currency exposure | $						$ 25
Number of annual installments remaining | facility_installment						2
Number of contracts expired | item		1
Tetrabrom Technologies Ltd. | Forward contract | Maximum
Divestitures and Acquisitions
Gain (loss) due to change in fair market value of foreign exchange forward contracts (less than) | $			$ 1	$ 1

RESTRUCTURING AND ASSET IMPAI51

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES - Restructuring (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2014
Restructuring information
Estimated cost of restructuring plan						$ 37
Pre-tax charges for restructuring			$ 2
Accelerated depreciation of certain fixed assets			2	$ 4	$ 1
Adrian, MI facility
Restructuring information
Pre-tax charges for restructuring		$ 4	$ 1
Accelerated asset retirement obligations		1
Adrian, MI facility | Minimum
Restructuring information
Estimated cost of restructuring plan		7
Adrian, MI facility | Maximum
Restructuring information
Estimated cost of restructuring plan		9
Droitwich, UK facility
Restructuring information
Pre-tax charges for restructuring				7	44
Accelerated asset retirement obligations				1	1
Accelerated depreciation of certain fixed assets				5	1
Severance and Related Costs
Restructuring information
Pre-tax charges for restructuring	$ 21
Severance and Related Costs | Adrian, MI facility
Restructuring information
Pre-tax charges for restructuring		$ 3
Severance and Related Costs | Droitwich, UK facility
Restructuring information
Pre-tax charges for restructuring				$ 1	27
Other Facility Closure Costs | Droitwich, UK facility
Restructuring information
Pre-tax charges for restructuring					$ 15

RESTRUCTURING AND ASSET IMPAI52

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES - Asset Impairments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 29, 2016
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs	$ 19,000,000	$ 3,000,000	$ 25,000,000	$ 42,000,000
Asset Impairment Review
Impairment of property, plant and equipment, net		1,000,000
Pre-tax charges for impairment		1,000,000	0	7,000,000
Industrial Engineered Products | Subsequent event
Asset Impairment Review
Disposal group, inventory					$ 0
Disposal group, property, plant and equipment					$ 7,000,000
Corporate Restructuring Programs
Changes in liabilities established for restructuring programs
Balance at beginning of period		21,000,000	16,000,000	8,000,000
Cash payments		(20,000,000)	(20,000,000)	(33,000,000)
Reclassifications				(2,000,000)
Foreign currency translation		(1,000,000)
Balance at end of period	21,000,000	3,000,000	21,000,000	16,000,000
Corporate Restructuring Programs | Continuing operations
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs		3,000,000	25,000,000	42,000,000
Corporate Restructuring Programs | Discontinued operations
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs				1,000,000
Severance and Related Costs | Corporate Restructuring Programs
Changes in liabilities established for restructuring programs
Balance at beginning of period		21,000,000	14,000,000	8,000,000
Cash payments		(18,000,000)	(15,000,000)	(19,000,000)
Reclassifications				(2,000,000)
Foreign currency translation		(1,000,000)
Balance at end of period	21,000,000	3,000,000	21,000,000	14,000,000
Severance and Related Costs | Corporate Restructuring Programs | Continuing operations
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs		1,000,000	22,000,000	27,000,000
Severance and Related Costs | Corporate Restructuring Programs | Discontinued operations
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs				0
Other Facility Closure Costs | Corporate Restructuring Programs
Changes in liabilities established for restructuring programs
Balance at beginning of period		0	2,000,000	0
Cash payments		(2,000,000)	(5,000,000)	(14,000,000)
Reclassifications				0
Foreign currency translation		0
Balance at end of period	$ 0	0	0	2,000,000
Other Facility Closure Costs | Corporate Restructuring Programs | Continuing operations
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs		$ 2,000,000	$ 3,000,000	15,000,000
Other Facility Closure Costs | Corporate Restructuring Programs | Discontinued operations
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs				$ 1,000,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Finished goods	$ 209	$ 200
Work in process	38	35
Raw materials and supplies	68	94
Inventory, net	315	329
Inventory obsolescence reserves	$ 20	$ 13

PROPERTY, PLANT AND EQUIPMENT54

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, plant and equipment
Property, plant and equipment, gross	$ 1,709	$ 1,799
Less: accumulated depreciation	1,046	1,095
Property, plant and equipment, net	663	704	$ 717
Depreciation expense	81	87	82
Accelerated depreciation of certain fixed assets	2	4	$ 1
Land and improvements
Property, plant and equipment
Property, plant and equipment, gross	63	71
Buildings and improvements
Property, plant and equipment
Property, plant and equipment, gross	200	209
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	1,201	1,248
Information systems and equipment
Property, plant and equipment
Property, plant and equipment, gross	161	167
Furniture, fixtures and other
Property, plant and equipment
Property, plant and equipment, gross	19	22
Construction in progress
Property, plant and equipment
Property, plant and equipment, gross	$ 65	$ 82

GOODWILL AND INTANGIBLE ASSET55

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill by reportable segment
Net goodwill at the beginning of the period	$ 172
Net goodwill at the end of the period	166	$ 172
Industrial Performance Products
Goodwill by reportable segment
Goodwill at the beginning of the period	262	269
Accumulated impairments at the beginning of the period	(90)	(90)
Net goodwill at the beginning of the period	172	179
Foreign currency translation	(6)	(7)
Goodwill at the end of the period	256	262
Accumulated impairments at the end of the period	(90)	(90)
Net goodwill at the end of the period	$ 166	$ 172

GOODWILL AND INTANGIBLE ASSET56

GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Intangible assets (excluding goodwill)
Gross Value	$ 226	$ 228
Accumulated Amortization	(138)	(129)
Net Intangibles	88	99
Amortization expense	12	15	$ 19
Estimated amortization expense of intangible assets for the next five fiscal years
2,016	8
2,017	8
2,018	7
2,019	7
2,020	6
Patents
Intangible assets (excluding goodwill)
Gross Value	26	26
Accumulated Amortization	(18)	(17)
Net Intangibles	8	9
Trademarks
Intangible assets (excluding goodwill)
Gross Value	43	44
Accumulated Amortization	(14)	(13)
Net Intangibles	29	31
Customer relationships
Intangible assets (excluding goodwill)
Gross Value	41	41
Accumulated Amortization	(22)	(20)
Net Intangibles	19	21
Production rights
Intangible assets (excluding goodwill)
Gross Value	45	45
Accumulated Amortization	(45)	(41)
Net Intangibles	0	4
Other
Intangible assets (excluding goodwill)
Gross Value	71	72
Accumulated Amortization	(39)	(38)
Net Intangibles	$ 32	$ 34

DEBT (Details)

DEBT (Details)	Oct. 31, 2012USD ($)	May. 31, 2015USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2014USD ($)	Jan. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jul. 31, 2013USD ($)	Mar. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Aug. 31, 2010USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2013EUR (€)	Aug. 31, 2013USD ($)	Dec. 31, 2012CNY (¥)
DEBT
Total Debt, Carrying Value				$ 574,000,000								$ 574,000,000		$ 517,000,000	$ 574,000,000
Total Debt, Fair value				563,000,000								563,000,000		519,000,000	563,000,000
Less: Other short-term borrowings				(18,000,000)								(18,000,000)		(6,000,000)	(18,000,000)
Less: Current portion of Term Loan				0								0		(40,000,000)	0
Total Long-term debt				556,000,000								556,000,000		471,000,000	556,000,000
Loss on early extinguishment of debt												(7,000,000)		0	(7,000,000)	$ (50,000,000)
Amount outstanding under Term Loan				18,000,000								18,000,000		46,000,000	18,000,000
Outstanding letters of credit				15,000,000								15,000,000		14,000,000	15,000,000
Maturities
2,016														46,000,000
2,017														11,000,000
2,018														2,000,000
Thereafter														450,000,000
5.75% Senior Notes due 2021
DEBT
Total Debt, Carrying Value				450,000,000								450,000,000		450,000,000	450,000,000
Total Debt, Fair value				$ 439,000,000								$ 439,000,000		$ 452,000,000	$ 439,000,000
Aggregate principal amount								$ 450,000,000
Interest rate								5.75%						5.75%
Proceeds from the offering of senior notes utilized for prepayment of principal of term loan								$ 45,000,000
Cash on hand utilized for prepayment of principal of term loan								5,000,000
Prepayment of principal of debt								50,000,000
Effective interest rate				5.93%								5.93%		5.94%	5.93%
5.75% Senior Notes due 2021 | Redemption prior to July 15, 2016
DEBT
Percentage of principal amount at which the entity may redeem some or all of the notes														100.00%
5.75% Senior Notes due 2021 | Redemption prior to July 15, 2016 | Maximum
DEBT
Percentage of redeemable notes that can be redeemed from the proceeds of equity offerings														35.00%
5.75% Senior Notes due 2021 | Redemption after July 15, 2016 prior to July 15, 2017
DEBT
Percentage of principal amount at which the entity may redeem some or all of the notes														104.313%
5.75% Senior Notes due 2021 | Redemption after July 15, 2017 prior to July 15, 2018
DEBT
Percentage of principal amount at which the entity may redeem some or all of the notes														102.875%
Term Loan Due 2016
DEBT
Total Debt, Carrying Value				$ 82,000,000								$ 82,000,000		$ 40,000,000	$ 82,000,000
Total Debt, Fair value				$ 82,000,000								$ 82,000,000		40,000,000	82,000,000
Aggregate principal amount											$ 295,000,000
Loss on early extinguishment of debt															$ (1,000,000)
Discount rate											1.00%
Drawdown of term loan	$ 125,000,000
Payments on secured debt		$ 42,000,000			$ 126,000,000	$ 110,000,000										102,000,000
Amount outstanding under Term Loan														$ 40,000,000
Effective interest rate				3.78%								3.78%		3.78%	3.78%
Term Loan Due 2016 | Base Rate | Interest option 1
DEBT
Margin over reference rate														1.75%
Reference rate														Base Rate
Term Loan Due 2016 | Federal Funds rate | Interest option 1
DEBT
Margin over reference rate														0.50%
Reference rate														Federal Funds rate
Term Loan Due 2016 | Primary rate | Interest option 1
DEBT
Reference rate														prime rate
Term Loan Due 2016 | Eurodollar rate | Interest option 1
DEBT
Margin over reference rate														1.00%
Reference rate														Eurodollar Rate
Term Loan Due 2016 | Eurodollar rate | Interest option 2
DEBT
Margin over reference rate														2.75%
Reference rate														Eurodollar Rate
Term Loan Due 2016 | Minimum
DEBT
Consolidated Interest Coverage Ratio														3
Term Loan Due 2016 | Maximum
DEBT
Option to increase the size of the facility																		$ 125,000,000
Secured Leverage Ratio														2.5
Term Loan Due 2016 | Maximum | Interest option 2
DEBT
Margin over alternate reference rate														0.75%
Other borrowings
DEBT
Total Debt, Carrying Value				$ 42,000,000								$ 42,000,000		$ 27,000,000	$ 42,000,000
Total Debt, Fair value				42,000,000								42,000,000		$ 27,000,000	42,000,000
7.875% Senior Notes due 2018
DEBT
Aggregate principal amount								$ 455,000,000			$ 455,000,000
Issue price as a percentage of par value								7.875%			99.269%
Amount redeemed				101,000,000				$ 354,000,000				101,000,000			101,000,000
Percentage of principal amount redeemed														101.00%
Loss on early extinguishment of debt													$ (50,000,000)		(6,000,000)
Charge for loss on early extinguishment of debt as difference between principal amount and tender offer consideration and consent payments													(42,000,000)
Write-off of unamortized discount													$ 8,000,000
Tender premium				4,000,000								4,000,000			4,000,000
Unamortized discount				2,000,000								2,000,000			2,000,000
7.875% Senior Notes due 2018 | Redemption prior to July 15, 2016
DEBT
Percentage of principal amount at which the entity may redeem some or all of the notes														105.75%
7.875% Senior Notes due 2018 | Redemption on or after July 15, 2018 prior to July 15, 2019
DEBT
Percentage of principal amount at which the entity may redeem some or all of the notes														101.438%
7.875% Senior Notes due 2018 | Redemption after July 15, 2019
DEBT
Percentage of principal amount at which the entity may redeem some or all of the notes														100.00%
ABL Facility
DEBT
Collateral - interest in domestic subsidiaries														100.00%
Collateral - interest in non-voting capital stock of foreign subsidiaries														100.00%
Collateral - interest in voting capital stock of foreign subsidiaries														65.00%
ABL Facility | Minimum
DEBT
Fixed charge coverage ratio														1
ABL Facility | Maximum
DEBT
Fixed charge coverage ratio														1
2018 ABL Facility
DEBT
Term of credit facility							5 years
Maximum borrowing capacity for letter of credit sub-facility							$ 125,000,000									125,000,000
Available Borrowings level that triggers applicability of fixed charge ratio covenant														$ 25,000,000
Percentage of Aggregate Commitments that triggers applicability of fixed charge ratio covenant														10.00%
Commitment period measurement														30 days
Outstanding borrowings				0								0		$ 0	0
Total undrawn availability				211,000,000								211,000,000		186,000,000	211,000,000
2018 ABL Facility | Base Rate
DEBT
Reference rate							base rate
2018 ABL Facility | Eurodollar rate
DEBT
Reference rate							adjusted Eurocurrency Rate
2018 ABL Facility | Minimum | Base Rate
DEBT
Margin over reference rate							0.50%
2018 ABL Facility | Minimum | Eurodollar rate
DEBT
Margin over reference rate							1.50%
2018 ABL Facility | Maximum | Base Rate
DEBT
Margin over reference rate							1.00%
2018 ABL Facility | Maximum | Eurodollar rate
DEBT
Margin over reference rate							2.00%
US ABL Facility
DEBT
Maximum borrowing capacity							$ 175,000,000									$ 175,000,000
Available Borrowings level that triggers applicability of fixed charge ratio covenant														$ 18,000,000
Percentage of Aggregate Commitments that triggers applicability of fixed charge ratio covenant														10.00%
Commitment period measurement														30 days
Foreign ABL Facility
DEBT
Maximum borrowing capacity | €																	€ 60,000,000
China Bank Facility
DEBT
Aggregate principal amount										$ 40,000,000									¥ 250,000,000
Payments on secured debt			$ 15,000,000	5,000,000
Outstanding borrowings				$ 27,000,000								$ 27,000,000		$ 12,000,000	$ 27,000,000
Term of debt										5 years
Promissory note
DEBT
Aggregate principal amount									$ 7,000,000
Interest rate									5.29%
Term of debt									6 years

LEASES (Details)

LEASES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Minimum rental commitments, primarily for buildings, land and equipment under non-cancelable operating leases, net of sublease income
2,016	$ 8
2,017	8
2,018	6
2,019	5
2,020	3
2021 and thereafter	8
Aggregate minimum rental commitments	38
Rental expenses under operating leases	$ 16	$ 21	$ 23

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pre-tax Earnings (Loss) from Continuing Operations:
Domestic	$ 54	$ 388	$ (105)
Foreign	98	191	101
Total pre-tax (loss) earnings from continuing operations	152	579	(4)
Domestic
Current	0	34	0
Deferred	(3)	(274)	(1)
Total domestic	(3)	(240)	(1)
Foreign
Current	30	48	17
Deferred	(11)	0	2
Total foreign	19	48	19
Total
Current	30	82	17
Deferred	(14)	(274)	1
Income tax (benefit) expense	16	(192)	18
Expense (benefit) for income taxes from continuing operations differing from federal statutory rate
Income tax (benefit) expense at the U.S. statutory rate	53	203	(1)
Foreign rate differential	(9)	(45)	(17)
Valuation allowances	(32)	(389)	21
U.S. tax on foreign earnings	17	92	26
Foreign withholding	2	40	0
Nondeductible expenses, other	2	1	7
Nondeductible stock compensation	1	1	1
Depletion	(3)	(3)	(3)
Income tax credits	(22)	(85)	(6)
State income taxes, net of federal benefit	(4)	(12)	0
Taxes attributable to prior periods	14	(10)	(11)
Other, net	(3)	15	1
Income tax (benefit) expense	16	(192)	18
Income tax (benefit) expense	16	(192)	$ 18
Deferred tax assets:
Pension and other post-retirement liabilities	72	83
Net operating loss carryforwards	274	253
Other accruals	19	3
Below market contracts, net of discount	67	82
Tax credit carryforwards	43	66
Accruals for environmental remediation	20	23
Intangibles	0	2
Inventories and other	17	15
Financial instruments	0	1
Total deferred tax assets	512	528
Valuation allowance	(92)	(127)
Net deferred tax assets after valuation allowance	420	401
Deferred tax liabilities:
Unremitted foreign earnings of subsidiaries	(1)	(11)
Property, plant and equipment	(66)	(63)
Other	(6)	(13)
Total deferred tax liabilities	(73)	(87)
Net deferred tax liability after valuation allowance	347	314
Net current deferred taxes
Other current assets	0	34
Other current liabilities	0	(8)
Net non-current deferred taxes
Other assets	354	313
Other liabilities	$ (7)	$ (25)

INCOME TAXES - Valuation Allowa

INCOME TAXES - Valuation Allowances (Details) $ in Millions	12 Months Ended			24 Months Ended	36 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2014USD ($)business	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Valuation allowances
Foreign tax credits	$ 22				$ 22
Cumulative pretax income, including discontinued operations					244
Foreign income tax expense (benefit) for release of valuation allowance	19	$ 48	$ 19
Reduction in valuation allowance	35	(404)
Amount of valuation allowances	$ 92	127		$ 127	92	$ 127
Valuation allowance recorded in income tax (benefit) provision		(404)
Valuation allowance recorded in other comprehensive loss		(2)
Cumulative pretax income (loss) of U.S. operations						258	$ (105)	$ (89)
Cumulative adjusted three year domestic pretax income excluding divested businesses		38
Number of businesses divested | business				3
Reduction in U.S. operations interest expense compared to 2013		18
Reduction in U.S. operations interest expense compared to 2012		$ 36
U.S. Federal NOL carryforward period	20 years	20 years
Required U.S. Federal taxable income to realize all NOLs		$ 725
NOL expiration period		16 years
Anticipated annual cost savings	$ 26
Number of profitable businesses divested | business				2
LIH deferred tax credits		$ 23
Pre 2003 LIH deferred tax credits		10
Minimum
Valuation allowances
Expected foreign source income in U.S. operations	15
Maximum
Valuation allowances
Expected foreign source income in U.S. operations	20
Chemtura AgroSolutions
Valuation allowances
Reduction in valuation allowance		141
General business tax credit carryforward
Valuation allowances
Tax credit carryforward, valuation allowance	10				10
State | Release of valuation allowance
Valuation allowances
State income tax expense (benefit) for release of valuation allowance	(8)
Expired state income tax expense (benefit) for release of valuation allowance	(3)
U.S.
Valuation allowances
Reduction in valuation allowance		402
Amount of valuation allowances	55	102	506	$ 102	55	102		506
Valuation allowance recorded in income tax (benefit) provision	(33)
Valuation allowance recorded in other comprehensive loss	2
Foreign
Valuation allowances
Amount of valuation allowances	37	$ 25	$ 23	$ 25	$ 37	$ 25		$ 23
Foreign | Release of valuation allowance
Valuation allowances
Foreign income tax expense (benefit) for release of valuation allowance	$ (21)

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
U.S.
Income taxes
NOL	$ 560	$ 591
U.S. | Tax year 2016
Income taxes
Cumulative NOL available for use in 2016	72
U.S. | Minimum | Tax years 2016-2024
Income taxes
NOL annual limitation	59
U.S. | Maximum | Tax year 2024
Income taxes
NOL annual limitation	8
State
Income taxes
NOL	867	929
Foreign
Income taxes
NOL	$ 181	$ 181

INCOME TAXES - Tax Credit Carry

INCOME TAXES - Tax Credit Carryforwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income taxes
Increase/(Decrease) in deferred tax liability due to repatriation of undistributed earnings of foreign subsidiaries	$ (10)	$ 25
Undistributed earnings of foreign subsidiaries	481
U.S.
Income taxes
Tax credit carryforwards	41	63
State
Income taxes
Tax credit carryforwards	$ 2	$ 3

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 01, 2005	Sep. 01, 1999
Income taxes
Increase (decrease) in liability for unrecognized tax benefits	$ 1
Reconciliation of beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the period	28	$ 44	$ 41
Gross (decreases) increases for tax positions taken during current year	0	2	(1)
Gross increases for tax positions taken during a prior period	3	2	1
Gross decreases for tax positions taken during a prior period	(2)	(19)	0
Settlements / payments	(1)	(2)	0
Foreign currency impact	(1)	1	3
Balance at the end of the period	27	28	44
Interest expense related to unrecognized tax benefits		1	$ 1
Interest accrued related to unrecognized tax benefits	$ 10	$ 10
Minimum
Reconciliation of beginning and ending amount of unrecognized tax benefits
Statutes of limitations under foreign and United States jurisdictions	3 years
Maximum
Reconciliation of beginning and ending amount of unrecognized tax benefits
Statutes of limitations under foreign and United States jurisdictions	5 years
Subsidiaries of Witco
Income taxes
Basis difference of investments in the common stock of foreign subsidiaries					$ 89
Subsidiaries of Great Lakes
Income taxes
Basis difference of investments in the common stock of foreign subsidiaries				$ 11

CAPITAL STOCK AND EARNINGS (L64

CAPITAL STOCK AND EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($)	1 Months Ended				3 Months Ended								6 Months Ended	12 Months Ended			18 Months Ended
	Aug. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	May. 31, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Oct. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Oct. 31, 2015	Nov. 30, 2013
Earnings Per Share [Abstract]
Shares authorized pursuant to Plan		500,000,000			500,000,000				500,000,000					500,000,000	500,000,000
Par value of common stock (in dollars per share)		$ 0.01			$ 0.01				$ 0.01					$ 0.01	$ 0.01
Shares issued		100,500,000			100,600,000				100,500,000					100,600,000	100,500,000
Shares held in treasury		28,800,000			33,400,000				28,800,000					33,400,000	28,800,000
Preferred stock, shares authorized					300,000									300,000
Par value of preferred stock (in dollars per share)					$ 0.01									$ 0.01
Preferred stock, shares outstanding					0									0
Value of common stock authorized to be repurchased	$ 650,000,000			$ 391,000,000									$ 500,000,000					$ 291,000,000
Increase in value of common stock authorized to be repurchased	$ 150,000,000			$ 100,000,000
Number of shares repurchased		12,500,000											17,900,000	6,200,000	12,100,000
Value of shares repurchased		$ 302,000,000												$ 150,000,000	$ 287,000,000		$ 382,000,000
Value of shares repurchased (in dollars per share)		$ 24.2
Number of shares repurchased through open market		1,200,000
Authorized shares expired unpurchased			$ 9,000,000
Value of shares repurchased through open market		$ 28,000,000
Remaining value of common stock authorized to be repurchased					$ 171,000,000									$ 171,000,000
Antidilutive securities excluded from the calculation of diluted earnings (loss) per share																1,300,000
Reconciliation of the shares used in the computation of earnings (loss) per share
Weighted average shares outstanding - Basic					67,400,000	67,500,000	67,600,000	68,800,000	82,000,000	89,400,000	93,200,000	96,300,000		67,800,000	90,200,000	97,700,000
Dilutive effect of common share equivalents														1,000,000	1,300,000	0
Weighted average shares outstanding - Diluted					68,500,000	68,300,000	68,500,000	69,800,000	83,300,000	90,700,000	94,400,000	97,800,000		68,800,000	91,500,000	97,700,000

ACCUMULATED OTHER COMPREHENSI65

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	$ (397)	$ (280)
Other comprehensive (loss) income before reclassifications	(71)	(145)
Amounts reclassified from AOCL	6	28
Net current period other comprehensive (loss) income	(65)	(117)	$ 148
Balance at the end of the period	(462)	(397)	(280)
Foreign Currency Translation Adjustments
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(86)	(13)
Other comprehensive (loss) income before reclassifications	(52)	(70)
Amounts reclassified from AOCL	(3)	(3)
Net current period other comprehensive (loss) income	(55)	(73)
Balance at the end of the period	(141)	(86)	(13)
Defined benefit pension plan
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(306)	(267)
Other comprehensive (loss) income before reclassifications	(26)	(70)
Amounts reclassified from AOCL	11	31
Net current period other comprehensive (loss) income	(15)	(39)
Balance at the end of the period	(321)	(306)	(267)
Unrealized loss on available for sale securities
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(5)	0
Other comprehensive (loss) income before reclassifications	7	(5)
Amounts reclassified from AOCL	(2)	0
Net current period other comprehensive (loss) income	5	(5)
Balance at the end of the period	$ 0	$ (5)	$ 0

ACCUMULATED OTHER COMPREHENSI66

ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassifications from AOCL to the Consolidated Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassifications out of AOCL to net earnings
Liquidation of consolidated entities									$ 8	$ 0	$ 13
Pre-tax gain on sale of Chemtura AgroSolutions					$ 529				(4)	529	0
Loss on sale of discontinued operations										(9)	(188)
Loss on sale of discontinued operations, net of tax	$ 0	$ 0	$ 1	$ (1)	0	$ 0	$ (4)	$ (5)	0	(9)	(180)
Earnings (loss) from continuing operations before income taxes									152	579	(4)
Tax on discontinued operations										0	8
Total tax									(16)	192	(18)
Net earnings (loss)	$ 66	$ 31	$ 19	$ 20	$ 703	$ 15	$ 39	$ 6	136	763	(177)
Net of tax									(5)	5	0
Total reclassifications									(6)	(28)
Foreign Currency Translation Adjustments
Reclassifications out of AOCL to net earnings
Total reclassifications									3	3
Foreign Currency Translation Adjustments | Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Liquidation of consolidated entities									8	0	13
Pre-tax gain on sale of Chemtura AgroSolutions									(5)	3	0
Loss on sale of discontinued operations									0	0	38
Net earnings (loss)									3	3	51
Defined benefit pension plan
Reclassifications out of AOCL to net earnings
Total reclassifications									(11)	(31)
Defined benefit pension plan | Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Amortization of prior-service credits									5	5	5
Amortization of actuarial losses									(22)	(18)	(21)
Settlement loss									0	(21)	0
Loss on sale of discontinued operations, net of tax									0	0	(127)
Earnings (loss) from continuing operations before income taxes									(17)	(34)	(143)
Total tax									6	3	1
Tax on discontinued operations									0	0	15
Total tax									6	3	16
Net earnings (loss)									(11)	(31)	(127)
Total reclassifications									(6)	(28)	(76)
Available for sale securities
Reclassifications out of AOCL to net earnings
Total reclassifications									2	0
Available for sale securities | Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Gain on sale of Platform shares									2	0	0
Net of tax									$ 2	$ 0	$ 0

STOCK INCENTIVE PLANS (Details)

STOCK INCENTIVE PLANS (Details) - shares	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2015	Dec. 31, 2014
Stock incentive plans
Number of shares available for grant		4,300,000	4,600,000
2010 LTIP
Stock incentive plans
Number of shares available for issuance	11,000,000
2010 LTIP | Maximum
Stock incentive plans
Expiration period	10 years

STOCK INCENTIVE PLANS - Stock B

STOCK INCENTIVE PLANS - Stock Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
STOCK INCENTIVE PLANS
Stock-based compensation expense	$ 12	$ 14	$ 14
Percentage of stock-based compensation expense allocated to operating segments	19.00%	23.00%	23.00%
SG&A
STOCK INCENTIVE PLANS
Stock-based compensation expense	$ 11	$ 13	$ 12
Cost of goods sold
STOCK INCENTIVE PLANS
Stock-based compensation expense	$ 1	$ 1	1
Earnings/loss from discontinued operations, net of tax
STOCK INCENTIVE PLANS
Stock-based compensation expense			$ 1

STOCK INCENTIVE PLANS - Stock O

STOCK INCENTIVE PLANS - Stock Options (Details) - $ / shares shares in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2013
Stock options
Weighted average assumptions
Dividend yield		0.00%
Expected volatility		51.00%
Risk-free interest rate		1.00%
Expected life		6 years
NQOs
Stock incentive plans
Weighted average fair value of options granted (in dollars per share)		$ 9.92
2013 Awards | NQOs
Stock incentive plans
Grants approved (in shares)	0.4
Vesting period	3 years

STOCK INCENTIVE PLANS - Stock70

STOCK INCENTIVE PLANS - Stock Options Activities (Details) - NQOs - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Price Per Share
Outstanding at the beginning of the period, Average (in dollars per share)	$ 16.56
Outstanding at the end of the period, Average (in dollars per share)	$ 17.38	$ 16.56
Shares
Outstanding at the beginning of the year (in shares)	2.2
Exercised (in shares)	(1.3)
Outstanding at the end of the year (in shares)	0.9	2.2
Shares	0.8
Weighted Average Remaining Contractual Life
Outstanding	5 years 9 months 18 days	6 years 6 months
Exercisable	5 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period	$ 9	$ 18
Exercised	17	$ 5	$ 4
Exercisable	$ 8
Average
Price Per Share
Exercised (in dollars per share)	$ 15.97
Price per share	$ 16.96

STOCK INCENTIVE PLANS - Restric

STOCK INCENTIVE PLANS - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Tax Benefits of Stock-Based Compensation Plans
Cash tax benefit					$ 5
Proceeds from exercise of stock options				$ 20	$ 10	$ 8
Time-based RSU
Stock incentive plans
Vesting period		3 years
Restricted stock units
Shares
Unvested RSU awards at the beginning of the period (in shares)				1.1
Granted (in shares)				0.6
Vested (in shares)				(0.7)
Unvested RSU awards at the end of the period (in shares)				1	1.1
Weighted Average Grant Date Fair Value
Unvested RSU awards at the beginning of the period (in dollars per share)				$ 23.81
Granted (in dollars per share)				29.61	$ 25.56	$ 23.18
Vested (in dollars per share)				23.10
Unvested RSU awards at the end of the period (in dollars per share)				$ 26.89	$ 23.81
Unvested RSU awards, aggregate fair value				$ 28	$ 28
Vested RSU awards, aggregate fair value				16	$ 8	$ 8
Unrecognized compensation expense
Remaining unrecognized compensation expense associated with unvested awards				$ 11
Weighted average period for recognition				2 years
2015 Awards | Time-based RSU
Stock incentive plans
Grants approved (in shares)	0.2
2015 Awards | Performance-based RSU
Stock incentive plans
Grants approved (in shares)	0.2
Vesting period	3 years
Performance multiplier (up to)	200.00%				200.00%
Weighted average fair value of options granted (in dollars per share)	$ 34.91
2014 Awards | Time-based RSU
Stock incentive plans
Grants approved (in shares)		0.4
2014 Awards | Performance-based RSU
Stock incentive plans
Grants approved (in shares)		0.2
Vesting period		3 years
Weighted average fair value of options granted (in dollars per share)		$ 26.98
2013 Awards | Time-based RSU
Stock incentive plans
Grants approved (in shares)			0.2
2013 Awards | Performance-based RSU
Stock incentive plans
Grants approved (in shares)			0.2
Vesting period			3 years
Performance multiplier (up to)			200.00%
Weighted average fair value of options granted (in dollars per share)			$ 27.27

PENSION AND OTHER POST-RETIRE72

PENSION AND OTHER POST-RETIREMENT PLANS - Benefit Obligations (Details) £ in Millions, $ in Millions	1 Months Ended		3 Months Ended						12 Months Ended
	May. 31, 2011USD ($)subsidiary	May. 31, 2011GBP (£)subsidiary	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Mar. 31, 2014GBP (£)	Jun. 30, 2013USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Pension and other post-retirement benefit plans
Reduction in projected benefit obligation			$ 52
Change in projected benefit obligation:
Settlements			(21)
Change in plan assets:
Employer contributions									$ 31	$ 49
UK pension plans
Pension and other post-retirement benefit plans
Number of UK subsidiaries that entered into a definitive agreement with Great Lakes U.K. Limited Pension Plan | subsidiary	1	1
Cash contributions by foreign subsidiary	$ 96	£ 60			$ 12	£ 8
Expense recognized based on the results of the evaluation of additional benefit obligations								$ 8
Gain related to adjustment for plan to SG & A				$ (4)			$ (2)
Change in plan assets:
Employer contributions										12
Qualified Domestic Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year					623				652	623
Service cost											$ 0
Interest cost									24	28
Actuarial (gains) losses									(32)	99
Benefits paid									(46)	(46)
Settlements									0	(52)
Projected benefit obligation at end of year			652						598	652	623
Accumulated benefit obligation at end of year			$ 651						$ 598	$ 651
Weighted-average year-end assumptions used to determine benefit obligations:
Discount rate			3.80%						4.10%	3.80%
Rate of compensation increase			3.00%						3.00%	3.00%
Change in plan assets:
Fair value of plan assets at beginning of year					595				$ 570	$ 595
Actual return on plan assets									(7)	59
Employer contributions									14	14
Benefits paid									(46)	(46)
Settlements									0	(52)
Fair value of plan assets at end of year			$ 570						$ 531	570	595
Qualified Domestic Plans | Fixed income securities
Target allocations
Target allocations									58.00%
Qualified Domestic Plans | Other types of investments
Target allocations
Target allocations									10.00%
Qualified Domestic Plans | Equity securities
Target allocations
Target allocations									32.00%
International and Non-Qualified Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year					519				$ 542	519
Service cost									2	2	3
Interest cost									17	21
Actuarial (gains) losses									(6)	64
Benefits paid									(20)	(20)
Settlements									(4)	(3)
Foreign currency exchange rate changes									(36)	(41)
Projected benefit obligation at end of year			542						495	542	519
Accumulated benefit obligation at end of year			$ 541						$ 494	$ 541
Weighted-average year-end assumptions used to determine benefit obligations:
Discount rate			3.28%						3.46%	3.28%
Rate of compensation increase			2.41%						2.42%	2.41%
Change in plan assets:
Fair value of plan assets at beginning of year					408				$ 455	$ 408
Actual return on plan assets									3	75
Employer contributions									9	24
Benefits paid									(20)	(20)
Settlements									(4)	(3)
Foreign currency exchange rate changes									(27)	(29)
Fair value of plan assets at end of year			$ 455						$ 416	455	408
International and Non-Qualified Plans | Fixed income securities
Target allocations
Target allocations									68.00%
International and Non-Qualified Plans | Other types of investments
Target allocations
Target allocations									3.00%
International and Non-Qualified Plans | Equity securities
Target allocations
Target allocations									29.00%
Post-Retirement Health Care Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year					$ 96				$ 108	96
Service cost											0
Interest cost									4	4
Actuarial (gains) losses									8	20
Benefits paid									(7)	(11)
Foreign currency exchange rate changes									(3)	(1)
Projected benefit obligation at end of year			$ 108						$ 94	$ 108	$ 96
Weighted-average year-end assumptions used to determine benefit obligations:
Discount rate			3.70%						3.97%	3.70%
Health care cost trend rate			6.16%						4.87%	6.16%
Ultimate health care cost trend rate									5.00%
Effect of one percentage point increase in assumed health care cost trend rates on accumulated post-retirement benefit obligation									$ 5
Effect of one percentage point decrease in assumed health care cost trend rates on accumulated post-retirement benefit obligation									4
Change in plan assets:
Employer contributions									7	$ 11
Benefits paid									$ (7)	$ (11)
Post-Retirement Health Care Plans | Minimum
Weighted-average year-end assumptions used to determine benefit obligations:
Period over which health care cost trend rate was assumed to be decreased									4 years
Post-Retirement Health Care Plans | Maximum
Weighted-average year-end assumptions used to determine benefit obligations:
Period over which health care cost trend rate was assumed to be decreased									6 years

PENSION AND OTHER POST-RETIRE73

PENSION AND OTHER POST-RETIREMENT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013
Significant Unobservable Inputs (Level 3)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	$ 92
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	92
Purchases	0
Transfers to/(from) Level 3	(21)
Unrealized gains	(4)
Disbursements	0
Fair value of plan assets at end of year	75
Significant Unobservable Inputs (Level 3) | Alternative Collective funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	75
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	75
Purchases	0
Transfers to/(from) Level 3	(18)
Unrealized gains	3
Disbursements	0
Fair value of plan assets at end of year	60
Significant Unobservable Inputs (Level 3) | Other instruments
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	17
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	17
Purchases	0
Transfers to/(from) Level 3	(3)
Unrealized gains	1
Fair value of plan assets at end of year	15
Qualified Domestic Plans
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	570	$ 595
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	570
Fair value of plan assets at end of year	531
Qualified Domestic Plans | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	164
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	164
Fair value of plan assets at end of year	146
Qualified Domestic Plans | U.S. government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	72
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	72
Fair value of plan assets at end of year	62
Qualified Domestic Plans | Pooled fixed income funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	258
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	258
Fair value of plan assets at end of year	263
Qualified Domestic Plans | Alternative Collective funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	75
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	75
Fair value of plan assets at end of year	60
Qualified Domestic Plans | Other instruments
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	1
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	1
Fair value of plan assets at end of year	0
Qualified Domestic Plans | Cash & cash equivalents
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	0
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0
Qualified Domestic Plans | Quoted Prices in Active Markets for Identical Assets (Level 1)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	423
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	423
Fair value of plan assets at end of year	409
Qualified Domestic Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	164
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	164
Fair value of plan assets at end of year	146
Qualified Domestic Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pooled fixed income funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	258
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	258
Fair value of plan assets at end of year	263
Qualified Domestic Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other instruments
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	1
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	1
Fair value of plan assets at end of year	0
Qualified Domestic Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash & cash equivalents
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	0
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	0
Fair value of plan assets at end of year	0
Qualified Domestic Plans | Significant Observable Inputs (Level 2)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	72
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	72
Fair value of plan assets at end of year	62
Qualified Domestic Plans | Significant Observable Inputs (Level 2) | U.S. government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	72
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	72
Fair value of plan assets at end of year	62
Qualified Domestic Plans | Significant Unobservable Inputs (Level 3)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	75
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	75
Fair value of plan assets at end of year	60
Qualified Domestic Plans | Significant Unobservable Inputs (Level 3) | Alternative Collective funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	75
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	75
Fair value of plan assets at end of year	60
International and Non-Qualified Plans
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	455	$ 408
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	455
Fair value of plan assets at end of year	416
International and Non-Qualified Plans | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	152
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	152
Fair value of plan assets at end of year	120
International and Non-Qualified Plans | International government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	20
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	20
Fair value of plan assets at end of year	16
International and Non-Qualified Plans | Pooled fixed income funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	268
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	268
Fair value of plan assets at end of year	265
International and Non-Qualified Plans | Other instruments
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	14
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	14
Fair value of plan assets at end of year	14
International and Non-Qualified Plans | Cash & cash equivalents
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	1
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	1
Fair value of plan assets at end of year	1
International and Non-Qualified Plans | Quoted Prices in Active Markets for Identical Assets (Level 1)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	9
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	9
Fair value of plan assets at end of year	6
International and Non-Qualified Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	8
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	8
Fair value of plan assets at end of year	5
International and Non-Qualified Plans | Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash & cash equivalents
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	1
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	1
Fair value of plan assets at end of year	1
International and Non-Qualified Plans | Significant Observable Inputs (Level 2)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	429
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	429
Fair value of plan assets at end of year	395
International and Non-Qualified Plans | Significant Observable Inputs (Level 2) | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	144
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	144
Fair value of plan assets at end of year	115
International and Non-Qualified Plans | Significant Observable Inputs (Level 2) | International government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	20
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	20
Fair value of plan assets at end of year	16
International and Non-Qualified Plans | Significant Observable Inputs (Level 2) | Pooled fixed income funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	265
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	265
Fair value of plan assets at end of year	264
International and Non-Qualified Plans | Significant Unobservable Inputs (Level 3)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	17
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	17
Fair value of plan assets at end of year	15
International and Non-Qualified Plans | Significant Unobservable Inputs (Level 3) | Pooled fixed income funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	3
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	3
Fair value of plan assets at end of year	1
International and Non-Qualified Plans | Significant Unobservable Inputs (Level 3) | Other instruments
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	14
Investments transferred into pooled equity and fixed income funds due to the change in asset management
Fair value of plan assets at beginning of year	14
Fair value of plan assets at end of year	$ 14

PENSION AND OTHER POST-RETIRE74

PENSION AND OTHER POST-RETIREMENT PLANS - Funded Status (Details) retiree_or_beneficiary in Thousands, $ in Millions	Feb. 22, 2016USD ($)retiree_or_beneficiary	Apr. 30, 2013USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2015USD ($)plan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Noncurrent liability				$ (318)	$ (270)	$ (318)
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Employer contributions					31	49
Projected benefit obligation in excess of plan assets at end of year:
Projected benefit obligation				919	820	919
Fair value of plan assets				584	534	584
Accumulated benefit obligation in excess of plan assets at end of year:
Projected benefit obligation				798	725	798
Accumulated benefit obligation				797	725	797
Fair value of plan assets				572	533	572
Weighted-average assumptions used to determine net cost:
Receivable related to additional cash contributions				11	9	11	$ 11
Non-cash pension settlement charges				21
Antioxidant Business Divestiture
Components of net periodic benefit cost (credit):
Settlement loss recognized		$ 40
Consumer Products Business Divestiture
Components of net periodic benefit cost (credit):
Settlement loss recognized							2
Qualified Domestic Plans
Funded status, end of year:
Fair value of plan assets				570	531	570	595
Benefit obligations				652	598	652	623
Net amount recognized				(82)	(67)	(82)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Noncurrent liability				(82)	(67)	(82)
Net amount recognized				(82)	(67)	(82)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss/(gain)				269	270	269
Net amount recognized				269	270	269
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Actuarial loss					11
Total amortization cost (credit)					11
Employer contributions					14	14
Discretionary contributions					14	14
Expected Employer Contributions:
2,016					0
Expected Benefit Payments:
2,016					45
2,017					45
2,018					44
2,019					44
2,020					43
2021-2024					202
Components of net periodic benefit cost (credit):
Service cost							0
Interest cost					24	28	30
Expected return on plan assets					(39)	(41)	(45)
Recognized actuarial losses					13	11	14
Settlement loss recognized					0	21	32
Net periodic benefit cost					$ (2)	$ 19	$ 31
Weighted-average assumptions used to determine net cost:
Discount rate					3.80%	4.60%	3.80%
Expected return on plan assets					7.50%	7.50%	7.50%
Rate of compensation increase					3.00%	3.00%	3.00%
Non-cash pension settlement charges					$ 0	$ 52
Qualified Domestic Plans | Scenario, forecast | Evercore Trust and VOYA
Weighted-average assumptions used to determine net cost:
Number of retirees or designated beneficiaries | retiree_or_beneficiary	5
Qualified Domestic Plans | Scenario, forecast | Evercore Trust and VOYA | Minimum
Expected Employer Contributions:
2,016			$ 30
Weighted-average assumptions used to determine net cost:
Projected benefit obligation increase (decrease)	$ (350)
Non-cash pension settlement charges			150
Qualified Domestic Plans | Scenario, forecast | Evercore Trust and VOYA | Maximum
Expected Employer Contributions:
2,016			40
Weighted-average assumptions used to determine net cost:
Projected benefit obligation increase (decrease)	$ (375)
Non-cash pension settlement charges			$ 170
Qualified Domestic Plans | Discontinued operations
Components of net periodic benefit cost (credit):
Net periodic benefit cost							$ 1
International and Non-Qualified Plans
Funded status, end of year:
Fair value of plan assets				455	416	455	408
Benefit obligations				542	495	542	519
Net amount recognized				(87)	(79)	(87)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Noncurrent assets				57	46	57
Current liability				(7)	(8)	(7)
Noncurrent liability				(137)	(117)	(137)
Net amount recognized				(87)	(79)	(87)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss/(gain)				130	137	130
Net amount recognized				130	137	130
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Actuarial loss					5
Total amortization cost (credit)					5
Employer contributions					9	24
Expected Employer Contributions:
2,016					10
Expected Benefit Payments:
2,016					20
2,017					21
2,018					23
2,019					23
2,020					24
2021-2024					128
Components of net periodic benefit cost (credit):
Service cost					2	2	3
Interest cost					17	21	20
Expected return on plan assets					(22)	(26)	(23)
Recognized actuarial losses					6	4	5
Curtailment loss recognized						0	1
Net periodic benefit cost					$ 3	$ 1	$ 6
Weighted-average assumptions used to determine net cost:
Discount rate					3.47%	4.20%	3.89%
Expected return on plan assets					5.66%	6.68%	6.53%
Rate of compensation increase					2.41%	2.85%	2.77%
Non-cash pension settlement charges					$ 4	$ 3
Post-Retirement Health Care Plans
Funded status, end of year:
Benefit obligations				108	94	108	$ 96
Net amount recognized				(108)	(94)	(108)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Current liability				(9)	(8)	(9)
Noncurrent liability				(99)	(86)	(99)
Net amount recognized				(108)	(94)	(108)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss/(gain)				49	38	49
Prior service cost/(credit)				(35)	(30)	(35)
Net amount recognized				$ 14	8	14
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Actuarial loss					2
Prior service credit					(5)
Total amortization cost (credit)					(3)
Employer contributions					7	11
Expected Employer Contributions:
2,016					8
Expected Benefit Payments:
2,016					8
2,017					8
2,018					8
2,019					7
2,020					7
2021-2024					30
Components of net periodic benefit cost (credit):
Service cost							0
Interest cost					4	4	4
Amortization of prior service cost					(5)	(5)	(5)
Recognized actuarial losses					3	3	2
Net periodic benefit cost					$ 2	$ 2	$ 1
Weighted-average assumptions used to determine net cost:
Discount rate					3.70%	4.45%	3.71%
Effect of one percentage point increase in assumed health care cost trend rates on service and interest cost components (less than)					$ 1
Effect of one percentage point decrease in assumed health care cost trend rates on service and interest cost components (less than)					$ 1
UK pension plans
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Employer contributions						$ 12
Number of domestic qualified plans | plan					1
Legacy pension plan
Components of net periodic benefit cost (credit):
Settlement loss recognized							$ (6)
Legacy pension plan | SG&A
Components of net periodic benefit cost (credit):
Settlement loss recognized							(2)
Legacy pension plan | Discontinued operations
Components of net periodic benefit cost (credit):
Settlement loss recognized							$ 4

FINANCIAL INSTRUMENTS AND FAI75

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Nov. 03, 2014	Jun. 30, 2013
Fair Value Measurements
Amount of transfer of assets out of Level 1 into Level 2	$ 0
Chemtura AgroSolutions | Platform
Fair Value Measurements
Shares of common stock received as consideration			2,000,000
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurements
Fair value of asset	4,000,000
Fair value of liability	$ 3,000,000	$ 3,000,000
Recurring basis | Significant Unobservable Inputs (Level 3)
Fair Value Measurements
Face value of investment in non-public preferred equity securities				$ 9,000,000
Investment in non-public preferred equity securities				$ 4,000,000

LEGAL PROCEEDINGS AND CONTING76

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Environmental Liabilities that Have Not Been Discharged or Settled
Period for accrual of probable and reasonable remediation costs on an undiscounted basis	10 years
Environmental
Environmental Liabilities that Have Not Been Discharged or Settled
Period for accrual of probable and reasonable remediation costs on an undiscounted basis	10 years
Amount accrued for environmental liabilities	$ 63	$ 76
Environmental liabilities reflected as accrued expenses	16	17
Environmental liabilities reflected as other liabilities	47	59
Reasonably possible ongoing environmental liabilities	76
Pre-tax charge for clean-up costs	8	6	$ 29
Payments for clean-up costs	$ 14	$ 18	$ 15

LEGAL PROCEEDINGS AND CONTING77

LEGAL PROCEEDINGS AND CONTINGENCIES - Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Guarantees
Outstanding letters of credit	$ 14	$ 15
Guarantees provided to financial institutions
Guarantees
Outstanding guarantees	$ 6	$ 10

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)product	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
BUSINESS SEGMENT DATA
Term of supply contract									6 years
Net sales	$ 399	$ 444	$ 464	$ 438	$ 467	$ 558	$ 609	$ 556	$ 1,745	$ 2,190	$ 2,231
OPERATING INCOME									162	619	98
Amortization	(9)	$ (10)	$ (10)	$ (9)	(6)
Facility closures, severance and related costs					(19)				(3)	(25)	(42)
Loss (gain) on sale of business					(529)				4	(529)	0
Impairment charges									(1)	0	0
Depreciation and amortization									93	102	123
Assets	2,366				2,667				2,366	2,667	2,704
Capital expenditures									80	113	170
Operating segments
BUSINESS SEGMENT DATA
OPERATING INCOME									234	208	252
Segment Reconciling Items
BUSINESS SEGMENT DATA
General corporate expense									(52)	(80)	(97)
Amortization									(12)	(13)	(15)
Facility closures, severance and related costs									(3)	(25)	(42)
Loss (gain) on sale of business									4	(529)	0
Continuing operations
BUSINESS SEGMENT DATA
Depreciation and amortization									93	102	101
Capital expenditures									80	113	159
Continuing operations | Operating segments
BUSINESS SEGMENT DATA
Depreciation and amortization									79	86	83
Assets	1,298				1,425				1,298	1,425	1,619
Capital expenditures									79	111	153
Discontinued operations
BUSINESS SEGMENT DATA
Depreciation and amortization									0	0	22
Capital expenditures									$ 0	0	11
Chemtura AgroSolutions | Operating segments
BUSINESS SEGMENT DATA
Number of major product lines | product									6
Net sales									$ 137	403	449
OPERATING INCOME									35	86	88
Chemtura AgroSolutions | Continuing operations | Operating segments
BUSINESS SEGMENT DATA
Depreciation and amortization									4	8	12
Assets	50				87				50	87	285
Capital expenditures									1	6	7
Industrial Performance Products | Operating segments
BUSINESS SEGMENT DATA
Net sales									886	987	979
OPERATING INCOME									141	106	109
Industrial Performance Products | Petroleum additives
BUSINESS SEGMENT DATA
Net sales									614	687	689
Industrial Performance Products | Urethanes
BUSINESS SEGMENT DATA
Net sales									272	300	290
Industrial Performance Products | Continuing operations | Operating segments
BUSINESS SEGMENT DATA
Depreciation and amortization									28	34	28
Assets	578				642				578	642	591
Capital expenditures									31	54	73
Industrial Engineered Products | Operating segments
BUSINESS SEGMENT DATA
Net sales									722	800	803
OPERATING INCOME									58	16	55
Industrial Engineered Products | Bromine based & related products
BUSINESS SEGMENT DATA
Net sales									575	641	639
Industrial Engineered Products | Organometallics
BUSINESS SEGMENT DATA
Net sales									147	159	164
Industrial Engineered Products | Continuing operations | Operating segments
BUSINESS SEGMENT DATA
Depreciation and amortization									47	44	43
Assets	670				696				670	696	743
Capital expenditures									47	51	73
Corporate
BUSINESS SEGMENT DATA
Assets	$ 1,068				$ 1,242				1,068	1,242	1,085
Corporate | Continuing operations
BUSINESS SEGMENT DATA
Depreciation and amortization									14	16	18
Capital expenditures									$ 1	$ 2	6
Corporate | Antioxidant and Consumer Product businesses
BUSINESS SEGMENT DATA
Amortization											(8)
Corporate | Antioxidant and Consumer Product businesses | Continuing operations
BUSINESS SEGMENT DATA
General corporate expense											$ (20)
Minimum | Chemtura AgroSolutions | Platform
BUSINESS SEGMENT DATA
Term of supply contract									2 years
Maximum
BUSINESS SEGMENT DATA
Extension term of supply contract after termination									2 years
Maximum | Chemtura AgroSolutions | Platform
BUSINESS SEGMENT DATA
Term of supply contract									4 years

BUSINESS SEGMENTS - Information

BUSINESS SEGMENTS - Information by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 399	$ 444	$ 464	$ 438	$ 467	$ 558	$ 609	$ 556	$ 1,745	$ 2,190	$ 2,231
Property, plant and equipment	663				704				663	704	717
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									751	888	944
Property, plant and equipment	333				338				333	338	336
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									46	48	42
Property, plant and equipment	44				54				44	54	61
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									74	174	194
Property, plant and equipment	8				10				8	10	13
Europe/Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									504	639	624
Property, plant and equipment	156				181				156	181	216
Asia/Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									370	441	427
Property, plant and equipment	$ 122				$ 121				$ 122	$ 121	$ 91

GUARANTOR CONDENSED CONSOLIDA80

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed consolidating statement of operations
Net sales	$ 399	$ 444	$ 464	$ 438	$ 467	$ 558	$ 609	$ 556	$ 1,745	$ 2,190	$ 2,231
Cost of goods sold									1,312	1,682	1,721
Selling, general and administrative									151	255	229
Depreciation and amortization									93	102	101
Research and development									20	36	40
Facility closures, severance and related costs					19				3	25	42
Loss (gain) on sale of business					(529)				4	(529)	0
Impairment charges									1	0	7
Equity income									(1)	0	0
OPERATING INCOME									162	619	98
Interest expense									(30)	(45)	(60)
Gains (Losses) on Extinguishment of Debt					(7)				0	(7)	(50)
Other income, net									20	12	8
Earnings (loss) from continuing operations before income taxes									152	579	(4)
Income tax (expense) benefit									(16)	192	(18)
(Loss) earnings from continuing operations									136	771	(22)
Earnings from discontinued operations, net of tax									0	1	25
(Loss) earnings on sale of discontinued operations, net of tax	0	0	1	(1)	0	0	(4)	(5)	0	(9)	(180)
Net earnings (loss)	$ 66	$ 31	$ 19	$ 20	$ 703	$ 15	$ 39	$ 6	136	763	(177)
Eliminations
Condensed consolidating statement of operations
Net sales									(1,320)	(1,878)	(1,813)
Cost of goods sold									(1,320)	(1,878)	(1,813)
Loss (gain) on sale of business										0
Impairment charges									0
Equity income									0
Equity in net earnings of subsidiaries									(96)	(145)	(85)
Earnings (loss) from continuing operations before income taxes									(96)	(145)	(85)
(Loss) earnings from continuing operations										(145)	(85)
Net earnings (loss)									(96)	(145)	(85)
Parent Company
Condensed consolidating statement of operations
Net sales									1,139	1,346	1,443
Cost of goods sold									928	1,112	1,235
Selling, general and administrative									96	150	109
Depreciation and amortization									22	25	29
Research and development									11	14	15
Facility closures, severance and related costs									0	3	21
Loss (gain) on sale of business									13	(399)
Impairment charges									0		0
Equity income									(1)
OPERATING INCOME									70	441	34
Interest expense									(33)	(50)	(69)
Gains (Losses) on Extinguishment of Debt										(7)	(50)
Other income, net									1	(11)	(21)
Equity in net earnings of subsidiaries									96	145	85
Earnings (loss) from continuing operations before income taxes									134	518	(21)
Income tax (expense) benefit									2	244
(Loss) earnings from continuing operations										762	(21)
Earnings from discontinued operations, net of tax										1	(3)
(Loss) earnings on sale of discontinued operations, net of tax										0	(153)
Net earnings (loss)									136	763	(177)
Guarantor Subsidiaries
Condensed consolidating statement of operations
Net sales									378	437	449
Cost of goods sold									308	370	389
Selling, general and administrative									11	16	15
Depreciation and amortization									37	32	35
Research and development									4	6	8
Facility closures, severance and related costs									4	2	1
Loss (gain) on sale of business										0
Impairment charges									0		7
Equity income									0
OPERATING INCOME									14	11	1
Other income, net									1	2	0
Earnings (loss) from continuing operations before income taxes									15	13	1
Income tax (expense) benefit									2	(4)
(Loss) earnings from continuing operations										9	1
Earnings from discontinued operations, net of tax										0	23
(Loss) earnings on sale of discontinued operations, net of tax										(8)	14
Net earnings (loss)									17	1	38
Non-Guarantor Subsidiaries
Condensed consolidating statement of operations
Net sales									1,548	2,285	2,152
Cost of goods sold									1,396	2,078	1,910
Selling, general and administrative									44	89	105
Depreciation and amortization									34	45	37
Research and development									5	16	17
Facility closures, severance and related costs									(1)	20	20
Loss (gain) on sale of business									(9)	(130)
Impairment charges									1		0
Equity income									0
OPERATING INCOME									78	167	63
Interest expense									3	5	9
Other income, net									18	21	29
Earnings (loss) from continuing operations before income taxes									99	193	101
Income tax (expense) benefit									(20)	(48)	(18)
(Loss) earnings from continuing operations										145	83
Earnings from discontinued operations, net of tax										0	5
(Loss) earnings on sale of discontinued operations, net of tax										(1)	(41)
Net earnings (loss)									$ 79	$ 144	$ 47

GUARANTOR CONDENSED CONSOLIDA81

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA - Condensed Consolidating Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)	$ 66	$ 31	$ 19	$ 20	$ 703	$ 15	$ 39	$ 6	$ 136	$ 763	$ (177)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									(55)	(73)	(60)
Unrecognized pension and other post-retirement benefit costs									(15)	(39)	208
Available for sale securities adjustment									5	(5)	0
Comprehensive income (loss)									71	646	(29)
Eliminations
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)									(96)	(145)	(85)
Other comprehensive income (loss), net of tax:
Comprehensive income (loss)									(96)	(145)	(85)
Parent Company
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)									136	763	(177)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									24	45	(18)
Unrecognized pension and other post-retirement benefit costs									(6)	(32)	202
Available for sale securities adjustment									5	(5)
Comprehensive income (loss)									159	771	7
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)									17	1	38
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									0	0	2
Comprehensive income (loss)									17	1	40
Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)									79	144	47
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									(79)	(118)	(44)
Unrecognized pension and other post-retirement benefit costs									(9)	(7)	6
Comprehensive income (loss)									$ (9)	$ 19	$ 9

GUARANTOR CONDENSED CONSOLIDA82

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Current assets	$ 978	$ 1,216
Property, plant and equipment	663	704	$ 717
Goodwill	166	172
Other assets	559	575
Total Assets	2,366	2,667	2,704
LIABILITIES AND EQUITY
Current liabilities	361	405
Long-term debt	471	556
Other long-term liabilities	532	652
Total liabilities	1,364	1,613
Total equity	1,002	1,054	$ 999	$ 1,068
Total Liabilities and Equity	2,366	2,667
Eliminations
ASSETS
Intercompany receivables	(1,610)	(6,937)
Investment in subsidiaries	(4,799)	(4,923)
Total Assets	(6,409)	(11,860)
LIABILITIES AND EQUITY
Intercompany payables	(1,610)	(6,937)
Total liabilities	(1,610)	(6,937)
Total equity	(4,799)	(4,923)
Total Liabilities and Equity	(6,409)	(11,860)
Parent Company
ASSETS
Current assets	402	539
Intercompany receivables	541	3,094
Investment in subsidiaries	782	822
Property, plant and equipment	112	116
Goodwill	93	93
Other assets	446	448
Total Assets	2,376	5,112
LIABILITIES AND EQUITY
Current liabilities	180	155
Intercompany payables	407	2,971
Long-term debt	461	541
Other long-term liabilities	326	391
Total liabilities	1,374	4,058
Total equity	1,002	1,054
Total Liabilities and Equity	2,376	5,112
Guarantor Subsidiaries
ASSETS
Current assets	108	113
Intercompany receivables	223	2,752
Investment in subsidiaries	1,135	1,134
Property, plant and equipment	221	222
Goodwill	3	3
Other assets	29	36
Total Assets	1,719	4,260
LIABILITIES AND EQUITY
Current liabilities	41	44
Intercompany payables	488	3,031
Other long-term liabilities	71	83
Total liabilities	600	3,158
Total equity	1,119	1,102
Total Liabilities and Equity	1,719	4,260
Non-Guarantor Subsidiaries
ASSETS
Current assets	468	564
Intercompany receivables	846	1,091
Investment in subsidiaries	2,882	2,967
Property, plant and equipment	330	366
Goodwill	70	76
Other assets	84	91
Total Assets	4,680	5,155
LIABILITIES AND EQUITY
Current liabilities	140	206
Intercompany payables	715	935
Long-term debt	10	15
Other long-term liabilities	135	178
Total liabilities	1,000	1,334
Total equity	3,680	3,821
Total Liabilities and Equity	$ 4,680	$ 5,155

GUARANTOR CONDENSED CONSOLIDA83

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$ 66	$ 31	$ 19	$ 20	$ 703	$ 15	$ 39	$ 6	$ 136	$ 763	$ (177)
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operations:
Loss on sale of discontinued operations	0	$ 0	$ (1)	1	0	$ 0	$ 4	5	0	9	180
Loss (gain) on sale of business					(529)				4	(529)	0
Agrochemical Manufacturing supply agreements									(38)	(6)	0
Impairment charges									1	0	7
Reclass of translation adjustment from liquidation of entities									(8)	0	(13)
Loss on early extinguishment of debt					7				0	7	50
Depreciation and amortization									93	102	123
Stock-based compensation expense									12	14	14
Deferred tax (benefit) expense									(14)	(274)	1
Changes in assets and liabilities, net									(27)	(164)	(105)
Net cash provided by (used in) operating activities									159	(78)	79
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									3	984	357
Payments for acquisitions, net of cash acquired									0	0	(3)
Sale of Platform Specialty Products Corporation shares									54	0	0
Capital expenditures									(80)	(113)	(170)
Net cash (used in) provided by investing activities									(23)	871	184
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long term debt									1	19	481
Payments on long term debt, includes premium on tendering of notes									(60)	(350)	(502)
Payments on other short term borrowings, net									0	(1)	(1)
Common shares acquired									(150)	(618)	(54)
Payments for debt issuance and refinancing costs									0	0	(12)
Proceeds from the exercise of stock options									20	10	8
Other financing activities										5
Net cash used in financing activities									(189)	(935)	(80)
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents									(16)	(15)	1
Change in cash and cash equivalents									(69)	(157)	184
Cash and cash equivalents at beginning of year				392				549	392	549	365
Cash and cash equivalents at end of year	323				392				323	392	549
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)									(96)	(145)	(85)
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operations:
Loss (gain) on sale of business										0
Impairment charges									0
Reclass of translation adjustment from liquidation of entities									0
Changes in assets and liabilities, net									96	145	85
Net cash provided by (used in) operating activities										0
CASH FLOWS FROM INVESTING ACTIVITIES
Sale of Platform Specialty Products Corporation shares									0
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)									136	763	(177)
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operations:
Loss on sale of discontinued operations										0	153
Loss (gain) on sale of business									13	(399)
Agrochemical Manufacturing supply agreements									(35)	(5)
Impairment charges									0		0
Reclass of translation adjustment from liquidation of entities									0
Loss on early extinguishment of debt										7	50
Depreciation and amortization									22	25	33
Stock-based compensation expense									12	14	14
Deferred tax (benefit) expense									(1)	(278)
Changes in assets and liabilities, net									(74)	(218)	(84)
Net cash provided by (used in) operating activities									73	(91)	(11)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									4	964	255
Sale of Platform Specialty Products Corporation shares									54
Capital expenditures									(13)	(18)	(20)
Net cash (used in) provided by investing activities									45	946	235
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long term debt										0	457
Payments on long term debt, includes premium on tendering of notes									(44)	(342)	(499)
Common shares acquired									(150)	(618)	(54)
Payments for debt issuance and refinancing costs											(12)
Proceeds from the exercise of stock options									20	10	8
Other financing activities										5
Net cash used in financing activities									(174)	(945)	(100)
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents									(56)	(90)	124
Cash and cash equivalents at beginning of year				227				317	227	317	193
Cash and cash equivalents at end of year	171				227				171	227	317
Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)									17	1	38
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operations:
Loss on sale of discontinued operations										8	(14)
Loss (gain) on sale of business										0
Impairment charges									0		7
Reclass of translation adjustment from liquidation of entities									0
Depreciation and amortization									37	32	45
Deferred tax (benefit) expense									(2)	4
Changes in assets and liabilities, net									(18)	(27)	(27)
Net cash provided by (used in) operating activities									34	18	49
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									0	15	(2)
Capital expenditures									(34)	(33)	(47)
Net cash (used in) provided by investing activities									(34)	(18)	(49)
Non-Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)									79	144	47
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operations:
Loss on sale of discontinued operations										1	41
Loss (gain) on sale of business									(9)	(130)
Agrochemical Manufacturing supply agreements									(3)	(1)
Impairment charges									1		0
Reclass of translation adjustment from liquidation of entities									(8)		(13)
Depreciation and amortization									34	45	45
Deferred tax (benefit) expense									(11)
Changes in assets and liabilities, net									(31)	(64)	(79)
Net cash provided by (used in) operating activities									52	(5)	41
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									(1)	5	104
Payments for acquisitions, net of cash acquired											(3)
Capital expenditures									(33)	(62)	(103)
Net cash (used in) provided by investing activities									(34)	(57)	(2)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long term debt									1	19	24
Payments on long term debt, includes premium on tendering of notes									(16)	(8)	(3)
Payments on other short term borrowings, net										(1)	(1)
Payments for debt issuance and refinancing costs											0
Net cash used in financing activities									(15)	10	20
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents									(16)	(15)	1
Change in cash and cash equivalents									(13)	(67)	60
Cash and cash equivalents at beginning of year				$ 165				$ 232	165	232	172
Cash and cash equivalents at end of year	$ 152				$ 165				$ 152	$ 165	$ 232

SUMMARIZED UNAUDITED QUARTERL84

SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 399	$ 444	$ 464	$ 438	$ 467	$ 558	$ 609	$ 556	$ 1,745	$ 2,190	$ 2,231
Gross profit	104	117	114	98	96	134	158	120
Earnings from continuing operations, net of tax	66	31	18	21	703	15	43	10
Earnings from discontinued operations, net of tax					0	0	0	1
(Loss) earnings on sale of discontinued operations, net of tax	0	0	1	(1)	0	0	(4)	(5)	0	(9)	(180)
Net earnings (loss)	$ 66	$ 31	$ 19	$ 20	$ 703	$ 15	$ 39	$ 6	$ 136	$ 763	$ (177)
BASIC PER SHARE
Earnings from continuing operations, net of tax (in dollars per share)	$ 0.98	$ 0.46	$ 0.27	$ 0.31	$ 8.57	$ 0.17	$ 0.46	$ 0.10	$ 2.01	$ 8.55	$ (0.23)
Earnings from discontinued operations, net of tax (in dollars per share)					0	0	0	0.01	0	0.01	0.26
(Loss) earnings on sale of discontinued operations, net of tax (in dollars per share)	0	0	0.01	(0.01)	0	0	(0.04)	(0.05)	0	(0.10)	(1.84)
Net earnings (loss) (in dollars per share)	0.98	0.46	0.28	0.30	8.57	0.17	0.42	0.06	2.01	8.46	(1.81)
DILUTED PER SHARE
Earnings from continuing operations, net of tax (in dollars per share)	0.96	0.45	0.26	0.30	8.44	0.17	0.46	0.10	1.98	8.43	(0.23)
Earnings from discontinued operations, net of tax (in dollars per share)					0	0	0	0.01	0	0.01	0.26
(Loss) earnings on sale of discontinued operations, net of tax (in dollars per share)	0	0	0.01	(0.01)	0	0	(0.04)	(0.05)	0	(0.10)	(1.84)
Net earnings (loss) (in dollars per share)	$ 0.96	$ 0.45	$ 0.27	$ 0.29	$ 8.44	$ 0.17	$ 0.42	$ 0.06	$ 1.98	$ 8.34	$ (1.81)
Basic weighted - average shares outstanding (in shares)	67.4	67.5	67.6	68.8	82	89.4	93.2	96.3	67.8	90.2	97.7
Diluted weighted - average shares outstanding (in shares)	68.5	68.3	68.5	69.8	83.3	90.7	94.4	97.8	68.8	91.5	97.7
Amortization, net of accretion	$ 9	$ 10	$ 10	$ 9	$ 6
Pre-tax gain on sale of Chemtura AgroSolutions					529				$ (4)	$ 529	$ 0
Facility closures, severance and related costs					19				3	25	42
Loss on early extinguishment of debt					$ (7)				$ 0	$ (7)	$ (50)