LANXESS Solutions US (CEMJQ) 10-K 22 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) shares in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	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, 2016
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			$ 1.6
Entity Common Stock, Shares Outstanding		63.2
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
NET SALES	$ 1,654	$ 1,745	$ 2,190
COSTS AND EXPENSES
Cost of goods sold	1,181	1,312	1,682
Selling, general and administrative	143	151	234
Depreciation and amortization	85	93	102
Research and development	21	20	36
Facility closures, severance and related costs	1	3	25
Merger and integration costs	13	0	0
Loss (gain) on sale of business	(1)	(4)	529
Impairment charges	1	1	0
Pension settlement	162	0	21
Equity income	0	(1)	0
OPERATING INCOME	46	162	619
Interest expense	(32)	(30)	(45)
Loss on early extinguishment of debt	0	0	(7)
Other income, net	0	20	12
Earnings from continuing operations before income taxes	14	152	579
Income tax (expense) benefit	(29)	(16)	192
(Loss) earnings from continuing operations	(15)	136	771
Earnings from discontinued operations, net of tax	0	0	1
Loss on sale of discontinued operations, net of tax	0	0	(9)
Net (loss) earnings	$ (15)	$ 136	$ 763
BASIC PER SHARE INFORMATION:
(Loss) earnings from continuing operations, net of tax (in dollars per share)	$ (0.24)	$ 2.01	$ 8.55
Earnings from discontinued operations, net of tax (in dollars per share)	0	0	0.01
Loss on sale of discontinued operations, net of tax (in dollars per share)	0	0	(0.10)
Net (loss) earnings (in dollars per share)	(0.24)	2.01	8.46
DILUTED PER SHARE INFORMATION:
(Loss) earnings from continuing operations, net of tax (in dollars per share)	(0.24)	1.98	8.43
Earnings from discontinued operations, net of tax (in dollars per share)	0	0	0.01
Loss on sale of discontinued operations, net of tax (in dollars per share)	0	0	(0.10)
Net (loss) earnings (in dollars per share)	$ (0.24)	$ 1.98	$ 8.34
Basic weighted - average shares outstanding (in shares)	63.8	67.8	90.2
Diluted weighted - average shares outstanding (in shares)	63.8	68.8	91.5

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) earnings	$ 22	$ 25	$ 34	$ (96)	$ 66	$ 31	$ 19	$ 20	$ (15)	$ 136	$ 763
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments - net of income tax benefit of $4, $11 and $10									(42)	(55)	(73)
Unrecognized pension and other post-retirement benefit changes - net of income tax (expense) benefit of $(41), $(8) and $39									138	(15)	(39)
Available for sale securities adjustments									0	5	(5)
Comprehensive income									$ 81	$ 71	$ 646

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Foreign currency translation adjustments, income tax benefit (expense)	$ 4	$ 11	$ 10
Unrecognized pension and other post-retirement benefit costs, income tax benefit (expense)	$ (41)	$ (8)	$ 39

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 220	$ 323
Accounts receivable, net	213	210
Inventories, net	310	315
Other current assets	122	130
Total current assets	865	978
NON-CURRENT ASSETS
Property, plant and equipment	652	663
Goodwill	158	166
Intangible assets, net	77	88
Deferred tax assets	305	354
Other assets	111	111
Total Assets	2,168	2,360
CURRENT LIABILITIES
Short-term borrowings	19	46
Accounts payable	120	120
Accrued expenses	122	142
Below market obligation - current	38	38
Income taxes payable	11	15
Total current liabilities	310	361
NON-CURRENT LIABILITIES
Long-term debt	457	465
Pension and post-retirement health care liabilities	207	270
Below market obligation - non-current	107	145
Deferred tax liabilities	6	7
Other liabilities	103	110
Total liabilities	1,190	1,358
EQUITY
Common stock - $.01 par value, authorized - 500.0 shares, issued - 100.6 shares in 2016 and 2015	1	1
Additional paid-in capital	4,377	4,371
Accumulated deficit	(2,141)	(2,126)
Accumulated other comprehensive loss	(366)	(462)
Treasury stock at cost - 37.6 shares in 2016 and 33.4 shares in 2015	(893)	(783)
Total Chemtura stockholders' equity	978	1,001
Non-controlling interests	0	1
Total equity	978	1,002
Total Liabilities and Equity	$ 2,168	$ 2,360

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	100,600,000
Treasury stock at cost, shares	37,600,000	33,400,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings	$ (15)	$ 136	$ 763
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities:
Merger and integration costs	4	0	0
Loss on sale of discontinued operations	0	0	9
Loss (gain) on sale of business	1	4	(529)
Impairment charges	1	1	0
Agrochemical Manufacturing supply agreements	(38)	(38)	(6)
Pension settlement	162	0	21
Release of translation adjustment from liquidation of entities	2	(8)	0
Loss on early extinguishment of debt	0	0	7
Depreciation and amortization	85	93	102
Stock-based compensation expense	13	12	14
Deferred tax expense (benefit)	8	(14)	(274)
Other non-cash transactions	2	0	3
Changes in assets and liabilities, net:
Accounts receivable	(11)	24	(89)
Inventories	(5)	(5)	(31)
Other current assets	(1)	4	(27)
Other assets	6	7	6
Accounts payable	5	(18)	4
Accrued expenses	(23)	(6)	(37)
Income taxes payable	(3)	(8)	19
Pension and post-retirement health care liabilities	(60)	(28)	(48)
Other liabilities	11	4	12
Other	(7)	(1)	3
Net cash provided by (used in) operating activities	137	159	(78)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net	6	3	984
Sale of Platform Specialty Products Corporation shares	0	54	0
Capital expenditures	(88)	(80)	(113)
Net cash (used in) provided by investing activities	(82)	(23)	871
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	0	1	19
Payments on long-term debt, includes premium on tendering of notes	(44)	(60)	(350)
Payments on other short-term borrowings, net	8	0	(1)
Common shares acquired	(116)	(150)	(618)
Proceeds from exercise of stock options	1	20	10
Other financing activities	0	0	5
Net cash used in financing activities	(151)	(189)	(935)
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents	(7)	(16)	(15)
Change in cash and cash equivalents	(103)	(69)	(157)
Cash and cash equivalents at beginning of year	323	392	549
Cash and cash equivalents at end of year	$ 220	$ 323	$ 392

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, 2013		96.5
Beginning balance at Dec. 31, 2013	$ 999	$ 1	$ 4,375	$ (3,025)	$ (280)	$ (73)	$ 998	$ 1
Increase (Decrease) in Stockholders' Equity
Net (loss) earnings	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 (loss) earnings	136			136			136
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
Increase (Decrease) in Stockholders' Equity
Net (loss) earnings	(15)			(15)			(15)
Other comprehensive income (loss)	96				96		96
Divestiture	(1)							1
Share-based compensation	13		13				13
Stock options exercised	$ 1					1	1
Common shares acquired (in shares)	(4.5)	(4.5)
Common shares acquired	$ (116)					(116)	(116)
Other issuances (in shares)		0.3
Other issuances	(2)		(7)			5	(2)
Ending balance (in shares) at Dec. 31, 2016		63
Ending balance at Dec. 31, 2016	$ 978	$ 1	$ 4,377	$ (2,141)	$ (366)	$ (893)	$ 978	$ 0

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
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 more than 70 countries. 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 primarily related to activity within our Chemtura AgroSolutions business which has since been divested. Activity in our customer rebate accounts are as follows: (In millions) 2016 2015 2014 Balance, January 1 $ 3 $ 2 $ 10 Charged to costs and expenses 5 6 37 Payments to customers (5 ) (5 ) (40 ) Other 1 — — (5 ) Balance, December 31 $ 3 $ 3 $ 2 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) 2016 2015 2014 Foreign exchange (loss) gain $ (1 ) $ 6 $ 10 Interest income 2 2 3 Release of cumulative foreign currency translation adjustments from liquidation of entities (2 ) 8 — Gain on sale of Platform shares — 3 — Other 1 1 (1 ) $ — $ 20 $ 12 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) 2016 2015 2014 Balance, January 1 $ 2 $ 2 $ 11 Charged to costs and expenses 1 1 8 Write-offs — (1 ) (3 ) Other 1 — — (14 ) Balance, December 31 $ 3 $ 2 $ 2 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 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. 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, 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 initially 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 removal of 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 2016 and 2015 , accretion expense was $2 million (recorded primarily to COGS). At December 31, 2016 , $2 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, 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. 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 at other times during the year, 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 2016 , 2015 and 2014 . 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 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 or reduced 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. As of December 31, 2016, our financial instruments, subject to foreign currency exchange risk, consist of one forward contract with a total notional amount of $10 million , due August 2017. This contract limits our risk to changes in the U.S. Dollar against the China Yuan Renminbi ("CNY") through the period and represents a net asset position of less than $1 million which is included in Other current assets on our Consolidated Balance Sheet and in Other income, net on our Consolidated Statement of Operations as of and for the year ended December 31, 2016. There were no outstanding derivatives at December 31, 2015. Cash Flows Cash and cash equivalents include bank term deposits with original maturities of three months or less. Cash payments included interest payments of $30 million in 2016 , $31 million in 2015 and $46 million in 2014 . Cash payments also included income tax payments, net of refunds of $29 million in 2016 , $36 million in 2015 and $68 million in 2014 . Accounting Developments In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. In addition, this ASU requires certain additional disclosure around the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective on January 1, 2018. Early application is permitted in 2017 for calendar year entities. The standard permits the use of either the retrospective or modified retrospective cumulative effect transition method. We assembled an implementation work team to gather, review and document contracts with our customers in order to identify key revenue streams. As of December 31, 2016, we have completed significant work in identifying, documenting and assessing how those key revenue streams may impact our Consolidated Financial Statements after the adoption of this ASU. At this time, although our evaluation and assessment is ongoing, we currently anticipate that the impact of the adoption of this ASU on many of our revenue streams in our Industrial Performance Products and Industrial Engineered Products segments will be immaterial. However, within our Agrochemical Manufacturing segment, our analysis of long term supply contracts indicates the potential for a change in the timing of our revenues which could result in a portion of these revenues, as well as the recognition of the amortization and accretion of our below-market contracts, being recognized in earlier periods. Based on our assessment to date, we do not anticipate adopting the provisions of this ASU early nor have we completed our determination of whether we will adopt this ASU under either the retrospective or modified retrospective cumulative effect transition method. 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. We adopted the guidance retrospectively during the first quarter of 2016. As a result of the adoption of this guidance, total assets and total liabilities as of December 15, 2015 decreased as discussed below: December 31, 2015 (in millions) Previously reported Reclassification Current presentation Other assets 117 (6 ) 111 Total assets 2,366 (6 ) 2,360 Long-term debt 471 (6 ) 465 Total liabilities 1,364 (6 ) 1,358 Total liabilities and equity 2,366 (6 ) 2,360 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. The adoption of the ASU on January 1, 2017 will not have a material impact on our Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases , which revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases with terms greater than 12 months. Leases will continue to be classified as either finance or operating, however, the criteria used to distinguish those types of classifications will change slightly. The provisions of ASU 2016-02 are effective for fiscal years and interim periods beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We do not intend to adopt this ASU before its effective date. While we are still assessing the impact this accounting standard will have on our Consolidated Financial Statements and related disclosures, we currently anticipate this standard will have a material impact on our Consolidated Financial Statements and related disclosures but is not anticipated to have an impact on our liquidity position. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which changes several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, employee tax withholding, calculation of shares for use in diluted earnings per share and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for fiscal years and interim periods beginning after December 15, 2016. The adoption of the ASU on January 1, 2017 will not have a material impact on our Consolidated Financial Statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory . This ASU requires an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time that the transfer occurs. Current guidance does not require recognition of tax consequences until the asset is eventually sold to a third party. The provisions of ASU 2016-16 are effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. We are still evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment. This ASU removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The provisions of ASU No. 2017-04 are effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted. We are still evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures. 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 on a global basis, 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.

MERGERS AND DIVESTITURES

MERGERS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
MERGERS AND DIVESTITURES	MERGERS AND DIVESTITURES Pending Merger Transaction with Lanxess On September 25, 2016 , we entered into an agreement and plan of merger (the "Merger Agreement") with Lanxess Deutschland GmbH, a limited liability company under the laws of Germany ("Lanxess"), and LANXESS Additives Inc., a Delaware corporation and an indirect, wholly owned subsidiary of Lanxess ("Merger Subsidiary"). Upon the terms, and subject to the conditions set forth in the Merger Agreement, Merger Subsidiary will merge with and into Chemtura (the "Merger"), with Chemtura surviving the merger in an all-cash transaction in which Chemtura stockholders will receive $33.50 in cash, without interest, per share of Chemtura common stock, which represented an 18.9% premium to the stock’s closing share price of $28.18 on September 23, 2016 , the last trading day prior to the announcement of the Merger. Chemtura and Lanxess have each made customary representations, warranties and covenants in the Merger Agreement. On February 1, 2017, Chemtura's stockholders voted to approve and adopt the Merger Agreement. The Merger Agreement remains subject to customary closing conditions including, among others, the receipt of necessary antitrust and regulatory approvals, the accuracy of representations and warranties made in the Merger Agreement and the absence of a material adverse effect on our financial condition, business, assets, liabilities or results of operations. Closing is not subject to any vote of Lanxess’s stockholders or any financing condition. The Merger Agreement contains certain termination rights for both Chemtura and Lanxess and further provides that, upon termination of the Merger Agreement under certain circumstances, including if we terminate the Merger Agreement to accept a superior proposal, we may be required to pay Lanxess a termination fee equal to $75 million as a condition to our ability to exercise our right to terminate the Merger Agreement and accept the superior proposal as such term is defined in the Merger Agreement. Until the Merger has occurred, we will continue to operate as an autonomous company from Lanxess. However, as a direct result of the Merger, changes to our common stock, strategic initiatives, structure, markets or locations may occur that would not have occurred if we were to continue as an independent entity. Additionally, there are interim operating covenants in the Merger Agreement that limit our ability to operate our business. The Merger Agreement prohibits us from declaring any cash dividends. We filed a proxy statement with the SEC regarding the Merger on December 23, 2016. The description of the Merger Agreement and the Merger herein does not purport to be complete and is subject to, and qualified in its entirety, by the full text of the Merger Agreement attached as Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on September 26, 2016 and other information disclosed in our proxy statement dated December 23, 2016 and in a Current Report on Form 8-K filed with the SEC on January 17, 2017. Contemporaneous with the execution of the Merger Agreement, we entered into an agreement with SK Blue Holdings, Ltd., and Addivant USA Holdings Corp. (collectively, "Addivant") that committed us to surrender our shares of Addivant preferred stock to Addivant, a cash payment of $1 million to Addivant and certain other changes to our continuing supply agreements with Addivant contingent upon the completion of the Merger in exchange for a modification of a non-compete agreement entered into in conjunction with the sale of our antioxidants business to Addivant in 2013. Reflecting the terms of this agreement, in the third quarter of 2016, we took a charge of $5 million which is included in merger and integration costs described below. During 2016, we recorded $13 million of merger and integration costs, which primarily are comprised of legal and other fees associated with the signing of the Merger Agreement and the terms of the agreement with Addivant. Divestitures 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 paid in equal annual installments over a three -year period starting in 2012. The final installment of the purchase price was deposited into an escrow account in 2014 pending the resolution of certain regulatory matters. Those regulatory matters were resolved in 2016 and $6 million was released from the escrow account. 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 retained most of the property, plant and equipment used to manufacture products of the Chemtura AgroSolutions business and continue 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. 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 supply agreements. 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 , $38 million and $6 million of amortization, net of accretion, of this obligation for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016 , the remaining below market obligation on a discounted basis was $145 million of which $38 million and $107 million were the current and long-term portions, respectively. We 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 are presented in continuing operations and represent the entire Agrochemical Manufacturing segment. 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 Platform common stock at $26.00 per share discounted for the value of a restriction to sell of $1 million . (2) Transaction costs included 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 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 2014, we recognized a pre-tax loss of $8 million ( $8 million after-tax), primarily for transaction costs and post-closing adjustments and obligations. 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 . Contemporaneously with the entry into the Merger Agreement we agreed to surrender our shares of Addivant preferred stock described above. 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.

RESTRUCTURING AND ASSET IMPAIRM

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES	12 Months Ended
	Dec. 31, 2016
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. We recorded $21 million 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. We recorded a pre-tax charge of $1 million in 2016 for professional fees related to the closure of our West Lafayette, IN facility. 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 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 2013, our Board approved a restructuring plan providing for actions to reduce stranded costs related to divestitures and 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. Most of the charges for this plan were recorded in 2013, however, 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, 2014 $ 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 Facility closure, severance and related costs — 1 1 Cash payments (2 ) (1 ) (3 ) Balance at December 31, 2016 $ 1 $ — $ 1 At December 31, 2016 and 2015, 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 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 had 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 . Based upon review it was determined that certain of the property, plant and equipment had no alternate use and as such we recorded a $1 million impairment charge during the first quarter of 2016. We continually monitor and evaluate business and competitive conditions that affect our operations and reflect 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.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES (In millions) 2016 2015 Finished goods $ 201 $ 209 Work in process 37 38 Raw materials and supplies 72 68 $ 310 $ 315 Included in the above net inventory balances are inventory excess and obsolescence reserves of $11 million and $20 million at December 31, 2016 and 2015 . Included in 2015 was a charge of $8 million related to an increase in our inventory reserves at December 31, 2015 for a discontinued product that was disposed in 2016.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT (In millions) 2016 2015 Land and improvements $ 60 $ 63 Buildings and improvements 198 200 Machinery and equipment 1,241 1,201 Information systems and equipment 151 161 Furniture, fixtures and other 18 19 Construction in progress 54 65 1,722 1,709 Less: accumulated depreciation 1,070 1,046 $ 652 $ 663 Depreciation expense amounted to $78 million , $81 million and $87 million for 2016 , 2015 and 2014 , respectively. Depreciation expense includes accelerated depreciation of certain fixed assets associated with our restructuring programs of $2 million for 2015 and $4 million for 2014 .

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2016
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, 2014 $ 262 $ (90 ) $ 172 Foreign currency translation (6 ) — (6 ) Balance at December 31, 2015 256 (90 ) 166 Foreign currency translation (8 ) — (8 ) Balance at December 31, 2016 $ 248 $ (90 ) $ 158 Intangible Assets Our intangible assets (excluding goodwill) are comprised of the following: 2016 2015 (In millions) Gross Value Accumulated Amortization Net Intangibles Gross Value Accumulated Amortization Net Intangibles Patents $ 24 $ (18 ) $ 6 $ 26 $ (18 ) $ 8 Trademarks 41 (15 ) 26 43 (14 ) 29 Customer relationships 40 (24 ) 16 41 (22 ) 19 Production rights 45 (45 ) — 45 (45 ) — Other 69 (40 ) 29 71 (39 ) 32 Total $ 219 $ (142 ) $ 77 $ 226 $ (138 ) $ 88 Amortization expense related to intangible assets amounted to $7 million in 2016 , $12 million in 2015 and $15 million in 2014 . Estimated amortization expense of intangible assets for the next five fiscal years is as follows: $7 million ( 2017 ), $7 million ( 2018 ), $7 million ( 2019 ) $6 million ( 2020 ) and $6 million ( 2021 ).

DEBT

DEBT	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Our debt is comprised of the following: 2016 2015 (In millions) Carrying Value Fair Value Carrying Value Fair Value 5.75% Senior Notes due 2021, with an effective interest rate of 5.95% in 2016 and 5.94% in 2015 $ 445 $ 468 $ 444 $ 452 Term Loan, with an effective interest rate of 3.52% in 2016 and 3.78% 2015 1 1 40 40 Other borrowings 30 30 27 27 Total Debt 476 $ 499 511 $ 519 Less: Other short-term borrowings (18 ) (6 ) Less: Current portion of Term Loan (1 ) (40 ) Total Long-Term Debt $ 457 $ 465 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"). 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. If we experience certain kinds of changes in control coupled with certain kinds of credit rating downgrades of the 2021 Senior Notes, in each case as defined in the indenture governing the 2021 Senior Notes (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 Merger with Lanxess would constitute a change in control as defined in the 2021 Indenture. 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 the acceleration of the maturity of such indebtedness; and certain events of bankruptcy or insolvency. Term Loan In August 2010, we entered into the senior secured term loan facility 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"). In 2013, we amended the terms of this agreement to, 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. We prepaid $39 million , $42 million and $236 million of principal under the Term Loan in 2016, 2015 and 2014, respectively. In July 2016, we further amended the Term Loan agreement to provide for a new $1 million term loan which was borrowed to refinance the remaining balance of the existing Term Loan. The interest rate for the new term loan (also referred to as the "Term Loan") is identical to and maintains substantially identical collateral, covenants, events of default, representations and warranties and other terms as the original Term Loan, but with an extended maturity date to July 2017, a waiver of the prepayment requirements for proceeds of asset sales and annual excess cash flow, and a reduction of the annual administrative agency fee. The balance outstanding under the Term Loan as of December 31, 2016 was $1 million . Borrowings under the 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. As of December 31, 2016 , we were in compliance with the financial covenant requirements of the Term Loan. 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, as defined in the agreement, 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. 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. Our Merger with Lanxess would constitute a change in control under the 2018 ABL Facility Agreement. At December 31, 2016 and 2015 , we had no borrowings under the 2018 ABL Facility, but we had $14 million 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, 2016 and 2015 . At December 31, 2016 and 2015 , we had approximately $154 million and $186 million , respectively, of undrawn availability under the 2018 ABL Facility. Other Facilities 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. 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's Bank of China Lending Rate. At December 31, 2016 and 2015 , we had borrowings of $8 million and $12 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, January 2015 and December 2016, we repaid $5 million and $15 million , and $2 million , respectively. We have an uncommitted revolving facility with Bank of America, N.A., Shanghai Branch for supporting the general working capital requirements of our Chinese entities. The facility currently provides for borrowings of up to $10 million . The loans under the facility bear interest at a rate determined from time to time by the bank based on the prevailing People's Bank of China Lending Rate. At December 31, 2016 and December 31, 2015 , we had borrowings of $8 million and $1 million under the facility, respectively. 2018 Senior Notes In December 2014, we called the remaining $101 million of the senior notes due 2018 (the "2018 Senior Notes") and 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 . Maturities At December 31, 2016 , the scheduled maturities of debt are as follows: 2017 - $19 million ; 2018 - $2 million and $450 million in 2021.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
LEASES	LEASES At December 31, 2016 , minimum rental commitments, primarily for buildings, land and equipment under non-cancelable operating leases, net of sublease income, amounted to $8 million ( 2017 ), $7 million ( 2018 ), $7 million ( 2019 ), $3 million ( 2020 ), $2 million ( 2021 ), $7 million ( 2022 and thereafter) and $34 million in the aggregate. Sublease income is not significant in future periods. Rental expenses under operating leases were $16 million ( 2016 ), $16 million ( 2015 ) and $21 million ( 2014 ). Future minimum lease payments under capital leases at December 31, 2016 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, 2016
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) 2016 2015 2014 Pre-tax Earnings (Loss) from Continuing Operations: Domestic $ (75 ) $ 54 $ 388 Foreign 89 98 191 $ 14 $ 152 $ 579 Income Tax Expense (Benefit) Domestic Current $ 5 $ — $ 34 Deferred 5 (3 ) (274 ) 10 (3 ) (240 ) Foreign Current 16 30 48 Deferred 3 (11 ) — 19 19 48 Total Current 21 30 82 Deferred 8 (14 ) (274 ) $ 29 $ 16 $ (192 ) The expense (benefit) for income taxes from continuing operations differs from the Federal statutory rate for the following reasons: (In millions) 2016 2015 2014 Income tax expense at the U.S. statutory rate $ 5 $ 53 $ 203 Foreign rate differential (6 ) (9 ) (45 ) Valuation allowances (10 ) (32 ) (389 ) U.S. tax on foreign earnings 7 17 92 Foreign withholding — 2 40 Pension settlement 25 — 6 Nondeductible expenses, other 1 2 1 Nondeductible stock compensation 1 1 1 Nondeductible merger and integration costs 5 — — Depletion (3 ) (3 ) (3 ) Income tax credits 8 (22 ) (85 ) State income taxes, net of federal benefit 2 (4 ) (12 ) Taxes attributable to prior periods (5 ) 14 (10 ) Other, net (1 ) (3 ) 9 Income tax expense (benefit) $ 29 $ 16 $ (192 ) In 2016, we generated $6 million of foreign tax credits that will be carried forward and $14 million of pre-bankruptcy foreign tax credits expired. The expired foreign tax credits were written off as well as the associated valuation allowance. In 2015, we generated $22 million of foreign tax credits that were carried back to 2014 to offset previously paid taxes. We evaluated additional positive evidence in 2015 that allowed us to release valuation allowance against our federal Low Income Housing ("LIH") 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 forecasted pretax income for the same period. • We had 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 included a $10 million release on general LIH credits that we believed, based on the positive evidence discussed above, are more likely than not to be realized before expiration. Additionally, a valuation allowance on pre-bankruptcy foreign tax credits which was offset by pre-bankruptcy foreign tax credit assets of $21 million , was written-off. The state income tax benefit included 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 was more likely than not that our U.S. deferred tax assets would 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, $406 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 had 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 benefited 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 needed 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 was significantly less than our projected U.S. pretax income for the same time period. We believed our U.S. deferred tax liabilities would 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 was 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) had already been taken and in conjunction with improvement in manufacturing efficiencies and yields, were expected to yield cost reductions of $26 million annually in the U.S.. • We were 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 had already eliminated the stranded costs associated with the Consumer Products business and we anticipated the elimination of the stranded cost associated with the Chemtura AgroSolutions business by the end of the first quarter of 2015. We had used a portion of the net after-tax sale proceeds to repay debt, reducing U.S. interest expense. We had 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 excluded 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 U.S. operations, if 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 would have been profitable in these periods and were 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 are be subject to annual U.S. federal NOL limitations under Internal Revenue Code (“IRC”) Section 382 in the future. Our federal NOL annual limitation was $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 LIH credits 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 was more likely than not that we would utilize pre-Chapter 11 LIH credits before they expired. As discussed above, we evaluated the additional evidence in 2015 that we believe allowed us to release valuation allowance against our federal LIH credits. We had valuation allowances related to U.S. operations of $45 million , $55 million and $102 million at December 31, 2016 , 2015 and 2014 , respectively. We had valuation allowances related to our foreign subsidiaries of $35 million , $37 million and $25 million at December 31, 2016 , 2015 and 2014 , 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 $12 million worldwide reduction in the total valuation allowance during 2016, $10 million was recorded to income tax expense in our Consolidated Statements of Operations and $2 million was recorded to other comprehensive loss in our Consolidated Balance Sheet. Of the $35 million reduction in the total valuation allowance during 2015 , $33 million was recorded to the income tax expense 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) 2016 2015 Deferred tax assets: Pension and other post-retirement liabilities $ 50 $ 72 Net operating loss carryforwards 259 274 Other accruals 20 19 Below market contracts, net of discount 53 67 Tax credit carryforwards 35 43 Accruals for environmental remediation 19 20 Inventories and other 12 17 Total deferred tax assets 448 512 Valuation allowance (80 ) (92 ) Net deferred tax assets after valuation allowance 368 420 Deferred tax liabilities: Unremitted foreign earnings of subsidiaries 2 (1 ) Property, plant and equipment (63 ) (66 ) Intangibles (2 ) — Other (6 ) (6 ) Total deferred tax liabilities (69 ) (73 ) Net deferred tax asset after valuation allowance $ 299 $ 347 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. These balances are shown as separate line items on our Consolidated Balance Sheet. The components of our gross net operating loss (“NOL”) are as follows: (In millions) 2016 2015 Federal NOL $ 539 $ 560 State NOL $ 824 $ 867 Foreign NOL $ 161 $ 181 State and foreign NOL and credits expire over the period 2017-2034, foreign tax credits expire over the period 2025-2026. LIH 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 2017-2024 and $8 million in 2025, subject to adjustment upon audit, if any. At December 31, 2016 , we had federal and state tax credit carryforwards of $33 million and $2 million , respectively. At December 31, 2015 , we had federal and state tax credit carryforwards of $41 million and $2 million , respectively. We anticipate that we will repatriate the undistributed earnings of certain foreign subsidiaries. For the year ended December 31, 2016 , we decreased by $3 million the amount of the net deferred tax liability we provide for the U.S. tax consequences of these repatriations, primarily due to currency exchange fluctuations. 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 the repatriations completed in 2015 as a result of the sale of our Chemtura AgroSolutions business. We consider undistributed earnings of all other foreign subsidiaries to be indefinitely invested in their operations. At December 31, 2016 , such undistributed earnings deemed to be indefinitely reinvested in foreign operations amounted to $457 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, 2016 , we recorded a decrease to our liability for unrecognized tax benefits of approximately $1 million . This net decrease is due to a $3 million decrease for settlements of tax audits in various foreign jurisdictions during the current year that relate to a liability established in prior years offset by a $2 million increase for unrecognized tax benefits identified during the current year. 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) 2016 2015 2014 Balance at January 1 $ 27 $ 28 $ 44 Gross increases for tax positions taken during current year 2 — 2 Gross increases for tax positions taken during a prior period 1 3 2 Gross decreases for tax positions taken during a prior period (1 ) (2 ) (19 ) Settlements / payments (3 ) (1 ) (2 ) Foreign currency impact — (1 ) 1 Balance at December 31 $ 26 $ 27 $ 28 We recognized an insignificant amount of interest expense in 2016 and 2015 related to unrecognized tax benefits within tax expense in our Consolidated Statements of Operations and had interest expense of $1 million in 2014 . We also recognized, in our Consolidated Balance Sheets at December 31, 2016 and 2015 , approximately $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 and Canada. 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, 2016
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 37.6 million were held in treasury at December 31, 2016 and there were 100.6 million shares issued, of which 33.4 million were held in treasury at December 31, 2015 . 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 . During 2016, we repurchased a total of 4.5 million shares of our common stock under our share repurchase program at a cost of $116 million . Due to the pending merger transaction with Lanxess, we ceased purchases of our common stock. The October 2014 Authorization program expired in December 2016. 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, 2016, 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 0.9 million for the year ended December 31, 2016. The following is a reconciliation of the shares used in the computation of earnings (loss) per share: Year ended (In millions) 2016 2015 2014 Weighted average shares outstanding - Basic 63.8 67.8 90.2 Dilutive effect of common share equivalents — 1.0 1.3 Weighted average shares outstanding - Diluted 63.8 68.8 91.5

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 , 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, 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 ) Other comprehensive (loss) income before reclassifications (44 ) 5 — (39 ) Amounts reclassified from AOCL 2 133 — 135 Net current period other comprehensive (loss) income (42 ) 138 — 96 As of December 31, 2016 $ (183 ) $ (183 ) $ — $ (366 ) The following table summarizes the reclassifications from AOCL to the Consolidated Statement of Operations for the periods ending December 31, 2016 , 2015 and 2014: Amount Reclassified from AOCL (in millions) 2016 2015 2014 Affected line item in the consolidated statement of operations Foreign currency translation items: Liquidation of consolidated entities $ (2 ) $ 8 $ — Other income, net (Loss) gain on sale of business (b) — (5 ) 3 (Loss) gain on sale of business Net of tax (2 ) 3 3 Defined benefit pension plan items: Amortization of prior-service credits (a) 5 5 5 Primarily SG&A Amortization of actuarial losses (a) (10 ) (22 ) (18 ) Primarily SG&A Settlement loss (a) (162 ) — (21 ) Pension settlement Total before tax (167 ) (17 ) (34 ) Total tax 34 6 3 Income tax (expense) benefit Net of tax (133 ) (11 ) (31 ) Available for sale securities: Gain on sale of Platform shares — 2 — Other income, net Net of tax — 2 — Total reclassifications $ (135 ) $ (6 ) $ (28 ) (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 - Mergers and Divestitures)

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS	12 Months Ended
	Dec. 31, 2016
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, 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, the vesting of RSUs and achieving the performance metrics in performance shares. 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, 2016 and 2015 , we had 4.0 million and 4.3 million shares available for grant, respectively. A summary of our share-based compensation expense is shown below 2016, 2015 and 2014. 2016 2015 2014 Selling, General & Administrative 12 11 13 Cost of goods sold 1 1 1 Total share-based compensation 13 12 14 Percentage of expense allocated to Corporate segment 81 % 81 % 77 % Percentage of expense allocated to Operating segments 19 % 19 % 23 % Stock Options The Compensation & Governance Committee of the Board (the "Compensation Committee") did not grant any stock options during the years ended December 31, 2016, 2015 and 2014. All previously granted stock options have vested under their terms. A summary of our stock option balances for 2016 is summarized as follows: Price Per Share Shares Weighted Average Remaining Contractual Aggregate Intrinsic Value Average (in millions) Life (in millions) Outstanding at 12/31/15 $ 17.38 0.9 5.8 $ 9 Outstanding at 12/31/16 $ 17.35 0.9 4.9 $ 14 Exercisable at 12/31/16 $ 17.35 0.9 4.9 $ 14 The intrinsic value of the exercised options was less than $1 million for 2016 , and $17 million and $5 million for 2015 and 2014 , respectively. Restricted Stock Awards In March 2016, 2015 and 2014, the Compensation Committee approved the grant of 0.2 million , 0.2 million and 0.4 million , respectively, time-based RSUs under the 2016, 2015 and 2014 long-term incentive awards. These RSUs vest ratably over a three -year period. In March 2016, 2015 and 2014, the Compensation Committee approved the grant of 0.2 million performance shares under the 2016, 2015 and 2014 long-term incentive awards. The share grants are subject to a performance multiplier of up to 2 times the targeted award. The performance measurement period for these grants is the end of the third calendar year, including the year of issuance, ending on December 31. The performance share metric is our relative total shareholder return against the companies comprising the Dow Jones Chemical Index for the 2016, 2015 and 2014 long-term incentive awards. The performance shares will be settled as soon as practicable after the performance period but no later than March 15, 2018 for the 2015 long-term incentive awards and March 15, 2019 for the 2016 long-term incentive awards. The 2014 long-term incentive awards were settled in January 2017. 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 $28.89 , $34.91 and $26.98 for the 2016, 2015 and 2014 incentive awards, respectively. RSUs award activity for 2016 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Aggregate Fair Value (in millions) Unvested RSU awards, December 31, 2015 1.0 26.89 $ 28 Granted 1 0.4 26.68 Vested (0.4 ) 25.04 9 Unvested RSU awards, December 31, 2016 1.0 $ 27.40 $ 35 1) Includes performance multiplier adjustments for actual payout received on the performance shares. The weighted average grant date fair value of RSUs granted was $26.68 , $29.61 and $25.56 for 2016 , 2015 and 2014 , respectively. The fair value of RSUs at time of vesting was $9 million , $16 million and $8 million for 2016 , 2015 and 2014 , respectively. Total remaining unrecognized compensation expense associated with unvested RSUs at December 31, 2016 was $10 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. The cash tax benefit associated with shares exercised during the years ended December 31, 2016 and 2015 was not material. Cash proceeds received from stock option exercises during 2016 , 2015 and 2014 was $1 million , $20 million and $10 million , respectively.

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2016
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 additional 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. 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 “US Qualified Plan”), our US Qualified Plan 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 transferring payment responsibility for the pension benefits of approximately 5,000 U.S. retirees, or their designated beneficiaries, to Voya. By irrevocably transferring these pension benefit payment obligations to Voya, our overall projected pension benefit obligation has been reduced by $363 million , based on the valuation date of February 17, 2016. The annuity purchase price was $354 million and was funded by the assets of the US Qualified Plan. As a result, we recorded a pre-tax non-cash pension settlement charge of $162 million to pension settlement in the first quarter of 2016. Additionally, we contributed $35 million of cash to the US Qualified Plan during the first quarter of 2016 to maintain the US Qualified Plan’s funded status at the approximate level that existed prior to the pension annuity transaction. 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. 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. We also completed the evaluation as to whether additional benefit obligations existed in connection with the equalization of certain benefits under the UK Pension Plan that occurred in the early 1990s. As of December 31, 2013, we had an estimated liability of $6 million . During the third quarter of 2014, we obtained a recovery from third parties that reduced our estimated net liability by $4 million which was released to SG&A. During the first quarter of 2016, we reached a final agreement with the trustees of the UK Pension Plan as to the contribution our UK subsidiary should make to fund this benefit obligation. Therefore, in the first quarter of 2016, our UK subsidiary made a contribution of under $1 million to the UK Pension Plan in accordance with the agreement reached with the trustees and released the $2 million remainder of the estimated liability as a credit to SG&A. Benefit Obligations Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2016 2015 2016 2015 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 598 $ 652 $ 495 $ 542 $ 94 $ 108 Service cost — — 2 2 — — Interest cost 11 24 16 17 4 4 Actuarial (gains) losses (a) (9 ) (32 ) 78 (6 ) (5 ) (8 ) Benefits paid (20 ) (46 ) (22 ) (20 ) (7 ) (7 ) Settlements (363 ) — (2 ) (4 ) — — Foreign currency exchange rate changes (b) — — (70 ) (36 ) — (3 ) Other — — 2 — — — Projected benefit obligation at end of year $ 217 $ 598 $ 499 $ 495 $ 86 $ 94 Accumulated benefit obligation at end of year $ 217 $ 598 $ 499 $ 494 Weighted-average year-end assumptions used to determine benefit obligations: Discount rate 4.00 % 4.10 % 2.57 % 3.46 % 3.77 % 3.97 % Rate of compensation increase 3.00 % 3.00 % 2.44 % 2.42 % N/A N/A Health care cost trend rate 6.25 % 4.87 % (a) The gains for 2016 primarily related to an update to the revised mortality tables for the U.S. pension plans and the losses primarily related to decreases in discount rates for the international plans. 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. (b) The significant foreign currency decrease in 2016 and 2015 is due to decreases in Euro and British Pound exchange rates from December 2015 to December 2016 and from December 2014 to December 2015, respectively. A 6.25% 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, 2016 . The rate was assumed to decrease gradually to a weighted average rate of 5.0% over approximately the next 3 to 8 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 $4 million for health care benefits as of December 31, 2016 . A one percentage point decrease in assumed health care cost trend rates would decrease the accumulated post-retirement benefit obligation by $3 million for health care benefits as of December 31, 2016 . Plan Assets Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2016 2015 2016 2015 2016 2015 Change in plan assets: Fair value of plan assets at beginning of year $ 531 $ 570 $ 416 $ 455 $ — $ — Actual return on plan assets 14 (7 ) 87 3 — — Employer contributions 35 14 18 9 7 7 Benefits paid (20 ) (46 ) (22 ) (20 ) (7 ) (7 ) Settlements (354 ) — (2 ) (4 ) — — Foreign currency exchange rate changes (a) — — (73 ) (27 ) — — Other — — 2 — — — Fair value of plan assets at end of year $ 206 $ 531 $ 426 $ 416 $ — $ — (a) The significant foreign currency decrease in 2016 and 2015 is due to decreases in Euro and British Pound exchange rates from December 2015 to December 2016 and from December 2014 to December 2015, respectively. Our pension plan assets are managed by outside investment managers as appointed by the Employee Investment Committee (the "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 25% equity securities, 66% fixed income securities and 9% to all other types of investments. The fair values of our defined benefit pension plan assets at December 31, 2016 and 2015 , by asset category are as follows: Fair Value Measurements at December 31, 2016 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) $ 83 $ 83 $ — $ — $ 88 $ 5 $ 83 $ — Fixed income securities: U.S. government bonds (b) 16 — 16 — — — — — International government bonds (b) — — — — 17 — 17 — Pooled fixed income funds (c) 86 86 — — 307 — 305 2 Alternative collective funds (d) 21 — — 21 — — — — Other instruments (e) — — — — 14 — — 14 $ 206 $ 169 $ 16 $ 21 $ 426 $ 5 $ 405 $ 16 Fair Value Measurements at December 31, 2015 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) $ 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 (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 roll-forward 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, 2015 $ 60 $ 15 $ 75 Purchases — 1 1 Transfers to Level 1 (41 ) — (41 ) Unrealized gains 2 — 2 Balance at December 31, 2016 $ 21 $ 16 $ 37 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) 2016 2015 2016 2015 2016 2015 Funded status, end of year: Fair value of plan assets $ 206 $ 531 $ 426 $ 416 $ — $ — Benefit obligations 217 598 499 495 86 94 Net amount recognized $ (11 ) $ (67 ) $ (73 ) $ (79 ) $ (86 ) $ (94 ) Amounts recognized in the Consolidated Balance Sheets at the end of year consist of: Noncurrent assets $ — $ — $ 51 $ 46 $ — $ — Current liability — — (7 ) (8 ) (7 ) (8 ) Noncurrent liability (11 ) (67 ) (117 ) (117 ) (79 ) (86 ) Net amount recognized $ (11 ) $ (67 ) $ (73 ) $ (79 ) $ (86 ) $ (94 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 92 $ 270 $ 143 $ 137 $ 31 $ 38 Prior service credit — — — — (25 ) (30 ) $ 92 $ 270 $ 143 $ 137 $ 6 $ 8 As of December 31, 2016 and 2015 , 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 2017 are as follows: Qualified Domestic International and Non- Qualified Post- Retirement Health Care (In millions) Plans Plans Plans Actuarial loss $ 2 $ 6 $ 2 Prior service credit — — (4 ) Total amortization cost (credit) $ 2 $ 6 $ (2 ) Our funding assumptions for our domestic pension plans assume no significant change with regard to demographics, legislation, plan provisions, or actuarial assumptions or methods to determine the estimated funding requirements. We contributed $60 million and $31 million to our pension and post retirement plans in 2016 and 2015 , respectively. The 2016 contribution includes a $35 million discretionary contribution to one of our domestic qualified plans. The 2015 contribution included 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, 2016 and 2015 were as follows: (In millions) 2016 2015 Projected benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 439 $ 820 Fair value of plan assets 217 534 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, 2016 and 2015 were as follows: (In millions) 2016 2015 Accumulated benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 345 $ 725 Accumulated benefit obligation 344 725 Fair value of plan assets 210 533 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) 2017 $ — $ 15 $ 8 Expected Benefit Payments (b): 2017 12 21 8 2018 13 22 7 2019 13 23 7 2020 13 25 7 2021 14 24 6 2022-2026 70 133 27 (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 International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost (credit): Service cost $ — $ — $ — $ 2 $ 2 $ 2 $ — $ — $ — Interest cost 11 24 28 16 17 21 4 4 4 Expected return on plan assets (20 ) (39 ) (41 ) (19 ) (22 ) (26 ) — — — Amortization of prior service cost — — — — — — (5 ) (5 ) (5 ) Recognized actuarial losses 4 13 11 4 6 4 2 3 3 Settlement loss recognized (a) 162 — 21 — — — — — — Net periodic benefit cost $ 157 $ (2 ) $ 19 $ 3 $ 3 $ 1 $ 1 $ 2 $ 2 (a) The settlement loss recognized in 2016 of $162 million related to the retiree annuity purchase transaction in our U.S. qualified pension plan (included in Pension settlement). The settlement loss recognized in 2014 of $21 million related to the lump sum payout made to certain participants in our U.S. qualified pension plan (included in Pension settlement). 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 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.10 % 3.80 % 4.60 % 3.63 % 3.47 % 4.20 % 3.83 % 3.70 % 4.45 % Expected return on plan assets 7.50 % 7.50 % 7.50 % 5.13 % 5.66 % 6.68 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 2.42 % 2.41 % 2.85 % 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 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. 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 2016 . Our cost of the defined contribution plans was $11 million for 2016 , $9 million for 2015 and $11 million for 2014 . 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 2016 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.

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
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 2016 and 2015 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, 2016 and 2015 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 $5 million and $4 million at December 31, 2016 and 2015 , respectively. For the year ended December 31, 2016 , there were no transfers into or out of Level 1 and Level 2, except for certain pension plan assets (see Note 13 – Pension and Other Post-Retirement Plans). 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 Policies). 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, 2016
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. Litigation and Claims Environmental Liabilities As part of the Chapter 11 cases that we filed in 2009, under the Plan of Reorganization, the Debtors in the Chapter 11 cases 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, 2016 and December 31, 2015 , was $61 million and $63 million , respectively. At December 31, 2016 and December 31, 2015 , $13 million and $16 million , respectively, of these environmental liabilities were reflected as accrued expenses and $48 million and $47 million , respectively, were reflected as other liabilities in our Consolidated Balance Sheets. We estimate that ongoing environmental liabilities could range up to $71 million at December 31, 2016 . Our accruals for environmental liabilities include estimates for determinable clean-up costs. We recorded a pre-tax charge of $7 million in 2016 , $8 million in 2015 , and $6 million in 2014 , to increase our environmental liabilities and made payments of $8 million in 2016 , $14 million in 2015 and $18 million in 2014 . At certain sites, we have contractual agreements with certain other parties to share remediation costs. As of December 31, 2016 , 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 outstanding at December 31, 2016 and 2015 , we have guarantees that have been provided to various financial institutions. At December 31, 2016 and 2015 , we had $5 million and $6 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, 2016
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 adjusted for: (1) general corporate expense; (2) amortization; (3) facility closures, severance and related costs; (4) merger and integration costs; (5) gain or loss on sale of business; (6) impairment charges; and (7) pension settlement charge. 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, 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. Facility closures, severance and related costs are primarily for severance costs related to our cost savings initiatives. Merger and integration costs primarily are comprised of legal and other fees associated with the signing of the Merger Agreement with Lanxess and the charge related to the modification of the non-compete agreement with Addivant. The (loss) gain on sale of business primarily relates to the sale of our Chemtura AgroSolutions business in 2014. The pension settlement in 2016 related to the transfer of certain pension benefit obligations to Voya which occurred in the first quarter of 2016. The pension settlement charge in 2014 related to a one-time single lump sum or an immediate annuity offered to certain former employees who participated in our U.S. qualified pension plan. Corporate assets are principally cash and cash equivalents, intangible assets (including goodwill) and other assets (including deferred tax assets) maintained for general corporate purposes. A summary of business data for our reportable segments for the years 2016 , 2015 and 2014 is as follows: Information by Business Segment (In millions) Net Sales 2016 2015 2014 Petroleum additives $ 576 $ 614 $ 687 Urethanes 247 272 300 Industrial Performance Products 823 886 987 Bromine based & related products 555 575 641 Organometallics 166 147 159 Industrial Engineered Products 721 722 800 Agrochemical Manufacturing 110 137 403 Net Sales $ 1,654 $ 1,745 $ 2,190 Operating Income 2016 2015 2014 Industrial Performance Products $ 148 $ 141 $ 106 Industrial Engineered Products 94 58 16 Agrochemical Manufacturing 37 35 86 Segment Operating Income 279 234 208 General corporate expense (48 ) (52 ) (59 ) Amortization (7 ) (12 ) (13 ) Facility closures, severance and related costs (1 ) (3 ) (25 ) Merger and integration costs (13 ) — — (Loss) gain on sale of business (1 ) (4 ) 529 Impairment charges (1 ) (1 ) — Pension settlement (162 ) — (21 ) Total Operating Income $ 46 $ 162 $ 619 Depreciation and Amortization 2016 2015 2014 Industrial Performance Products $ 30 $ 28 $ 34 Industrial Engineered Products 42 47 44 Agrochemical Manufacturing 4 4 8 76 79 86 Corporate 9 14 16 $ 85 $ 93 $ 102 Segment Assets 2016 2015 2014 Industrial Performance Products $ 547 $ 578 $ 642 Industrial Engineered Products 681 670 696 Agrochemical Manufacturing 49 50 87 1,277 1,298 1,425 Corporate 891 1,062 1,235 $ 2,168 $ 2,360 $ 2,660 Capital Expenditures 2016 2015 2014 Industrial Performance Products $ 26 $ 31 $ 54 Industrial Engineered Products 57 47 51 Agrochemical Manufacturing 1 1 6 84 79 111 Corporate 4 1 2 $ 88 $ 80 $ 113 Information by Geographic Area (In millions) Net sales (based on location of customer) 2016 2015 2014 United States $ 674 $ 751 $ 888 Canada 40 46 48 Latin America 37 74 174 Europe 510 504 639 Asia/Pacific 393 370 441 $ 1,654 $ 1,745 $ 2,190 Property, Plant and Equipment 2016 2015 2014 United States $ 343 $ 333 $ 338 Canada 47 44 54 Latin America 7 8 10 Europe 144 156 181 Asia/Pacific 111 122 121 $ 652 $ 663 $ 704

GUARANTOR CONDENSED CONSOLIDATI

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA	12 Months Ended
	Dec. 31, 2016
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 do not 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, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 1,654 $ (1,270 ) $ 1,046 $ 341 $ 1,537 Cost of goods sold 1,181 (1,270 ) 795 283 1,373 Selling, general and administrative 143 — 91 8 44 Depreciation and amortization 85 — 20 29 36 Research and development 21 — 14 1 6 Facility closures, severance and related costs 1 — 1 1 (1 ) Merger and integration costs 13 — 13 — — Loss on sale of business 1 — — — 1 Impairment charges 1 — — 1 — Pension settlement 162 — 162 — — Operating income (loss) 46 — (50 ) 18 78 Interest expense (32 ) — (32 ) — — Other (expense) income, net — — (14 ) 7 7 Equity in net earnings (loss) of subsidiaries — (89 ) 90 (1 ) — Earnings (loss) from continuing operations before income taxes 14 (89 ) (6 ) 24 85 Income tax expense (29 ) — (9 ) (1 ) (19 ) Net (loss) earnings $ (15 ) $ (89 ) $ (15 ) $ 23 $ 66 Condensed Consolidating Statement of Comprehensive Income (Loss) As of December 31, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net (loss) earnings $ (15 ) $ (89 ) $ (15 ) $ 23 $ 66 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (42 ) — 17 — (59 ) Unrecognized pension and other post-retirement benefit changes 138 — 141 — (3 ) Comprehensive income (loss) $ 81 $ (89 ) $ 143 $ 23 $ 4 Condensed Consolidating Balance Sheet As of December 31, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries ASSETS Current assets $ 865 $ — $ 259 $ 93 $ 513 Intercompany receivables — (1,473 ) 519 223 731 Investment in subsidiaries — (4,669 ) 795 1,132 2,742 Property, plant and equipment 652 — 111 232 309 Goodwill 158 — 93 3 62 Other assets 493 — 388 25 80 Total assets $ 2,168 $ (6,142 ) $ 2,165 $ 1,708 $ 4,437 LIABILITIES AND EQUITY Current liabilities $ 310 $ — $ 140 $ 34 $ 136 Intercompany payables — (1,473 ) 370 461 642 Long-term debt 457 — 456 — 1 Other long-term liabilities 423 — 221 69 133 Total liabilities 1,190 (1,473 ) 1,187 564 912 Total equity 978 (4,669 ) 978 1,144 3,525 Total liabilities and equity $ 2,168 $ (6,142 ) $ 2,165 $ 1,708 $ 4,437 Condensed Consolidating Statement of Cash Flows Year ended December 31, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) earnings $ (15 ) $ (89 ) $ (15 ) $ 23 $ 66 Adjustments to reconcile net (loss) earnings to net cash provided by operations: Loss on sale of business 1 — — — 1 Merger and integration costs 4 — 4 — — Impairment charges 1 — — 1 — Agrochemical Manufacturing supply agreements (38 ) — (35 ) — (3 ) Pension settlement 162 — 162 — — Release of translation adjustment from liquidation of entities 2 — — — 2 Depreciation and amortization 85 — 20 29 36 Stock-based compensation expense 13 — 13 — — Deferred tax benefit 8 — 4 1 3 Changes in assets and liabilities, net (86 ) 89 (118 ) (14 ) (43 ) Net cash provided by operations 137 — 35 40 62 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 6 — — — 6 Capital expenditures (88 ) — (17 ) (40 ) (31 ) Net cash used in investing activities (82 ) — (17 ) (40 ) (25 ) CASH FLOWS FROM FINANCING ACTIVITIES Payments on long-term debt (44 ) — (41 ) — (3 ) Proceeds from short-term borrowings, net 8 — — — 8 Common shares acquired (116 ) — (116 ) — — Proceeds from the exercise of stock options 1 — 1 — — Net cash (used in) provided by financing activities (151 ) — (156 ) — 5 CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents (7 ) — — — (7 ) Change in cash and cash equivalents (103 ) — (138 ) — 35 Cash and cash equivalents at beginning of year 323 — $ 171 $ — $ 152 Cash and cash equivalents at end of year $ 220 $ — $ 33 $ — $ 187 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 553 — 440 29 84 Total assets $ 2,360 $ (6,409 ) $ 2,370 $ 1,719 $ 4,680 LIABILITIES AND EQUITY Current liabilities $ 361 $ — $ 180 $ 41 $ 140 Intercompany payables — (1,610 ) 407 488 715 Long-term debt 465 — 455 — 10 Other long-term liabilities 532 — 326 71 135 Total liabilities 1,358 (1,610 ) 1,368 600 1,000 Total equity 1,002 (4,799 ) 1,002 1,119 3,680 Total liabilities and equity $ 2,360 $ (6,409 ) $ 2,370 $ 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 ) Release of translation adjustment from liquidation of 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 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 234 — 129 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 ) Pension settlement 21 — 21 — — 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 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 — — Pension settlement 21 — 21 — — Deferred tax (benefit) expense (274 ) — (278 ) 4 — Changes in assets and liabilities, net (185 ) 145 (239 ) (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 other 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 QUARTERLY

SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA	SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA (In millions, except per share data) 2016 First Second Third Fourth Net sales $ 414 (a) $ 441 (a) $ 414 (a) $ 385 (a) Gross profit $ 121 $ 119 $ 125 $ 108 Net (loss) earnings $ (96 ) (b) $ 34 $ 25 (c) $ 22 (c) BASIC PER SHARE (e): Net (loss) earnings $ (1.46 ) $ 0.54 $ 0.40 $ 0.35 DILUTED PER SHARE (e): Net (loss) earnings $ (1.46 ) $ 0.53 $ 0.39 $ 0.34 Basic weighted-average shares outstanding 65.7 63.5 63.0 63.0 Diluted weighted-average shares outstanding 65.7 64.2 63.9 64.1 2015 First Second Third Fourth Net sales $ 438 (d) $ 464 (d) $ 444 (d) $ 399 (d) Gross profit $ 98 $ 114 $ 117 $ 104 Earnings from continuing operations, net of tax $ 21 $ 18 $ 31 $ 66 Loss on sale of discontinued operations, net of tax (1 ) 1 — — Net earnings $ 20 $ 19 $ 31 $ 66 BASIC PER SHARE (e): Earnings from continuing operations, net of tax $ 0.31 $ 0.27 $ 0.46 $ 0.98 (Loss) gain 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 (e): Earnings from continuing operations, net of tax $ 0.30 $ 0.26 $ 0.45 $ 0.96 (Loss) gain 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 (a) Net sales included $9 million , $10 million , $10 million and $9 million in the first, second, third and fourth quarters of 2016, respectively, related to the non-cash portion of the amortization, net of accretion, of the below-market contract obligation with Platform. (b) The net loss for the first quarter of 2016 included a pre-tax non-cash pension settlement charge of $162 million . (c) The net earnings included pre-tax charges of $11 million and $2 million in the third and fourth quarters of 2016, respectively, related to merger and integration costs. (d) 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 with Platform. (e) 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, 2016
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 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. 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 initially 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 removal of 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 at other times during the year, 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 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 or reduced 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 Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. In addition, this ASU requires certain additional disclosure around the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective on January 1, 2018. Early application is permitted in 2017 for calendar year entities. The standard permits the use of either the retrospective or modified retrospective cumulative effect transition method. We assembled an implementation work team to gather, review and document contracts with our customers in order to identify key revenue streams. As of December 31, 2016, we have completed significant work in identifying, documenting and assessing how those key revenue streams may impact our Consolidated Financial Statements after the adoption of this ASU. At this time, although our evaluation and assessment is ongoing, we currently anticipate that the impact of the adoption of this ASU on many of our revenue streams in our Industrial Performance Products and Industrial Engineered Products segments will be immaterial. However, within our Agrochemical Manufacturing segment, our analysis of long term supply contracts indicates the potential for a change in the timing of our revenues which could result in a portion of these revenues, as well as the recognition of the amortization and accretion of our below-market contracts, being recognized in earlier periods. Based on our assessment to date, we do not anticipate adopting the provisions of this ASU early nor have we completed our determination of whether we will adopt this ASU under either the retrospective or modified retrospective cumulative effect transition method. 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. We adopted the guidance retrospectively during the first quarter of 2016. As a result of the adoption of this guidance, total assets and total liabilities as of December 15, 2015 decreased as discussed below: December 31, 2015 (in millions) Previously reported Reclassification Current presentation Other assets 117 (6 ) 111 Total assets 2,366 (6 ) 2,360 Long-term debt 471 (6 ) 465 Total liabilities 1,364 (6 ) 1,358 Total liabilities and equity 2,366 (6 ) 2,360 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. The adoption of the ASU on January 1, 2017 will not have a material impact on our Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases , which revises the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases with terms greater than 12 months. Leases will continue to be classified as either finance or operating, however, the criteria used to distinguish those types of classifications will change slightly. The provisions of ASU 2016-02 are effective for fiscal years and interim periods beginning after December 15, 2018 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We do not intend to adopt this ASU before its effective date. While we are still assessing the impact this accounting standard will have on our Consolidated Financial Statements and related disclosures, we currently anticipate this standard will have a material impact on our Consolidated Financial Statements and related disclosures but is not anticipated to have an impact on our liquidity position. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which changes several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, employee tax withholding, calculation of shares for use in diluted earnings per share and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for fiscal years and interim periods beginning after December 15, 2016. The adoption of the ASU on January 1, 2017 will not have a material impact on our Consolidated Financial Statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory . This ASU requires an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time that the transfer occurs. Current guidance does not require recognition of tax consequences until the asset is eventually sold to a third party. The provisions of ASU 2016-16 are effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. We are still evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairment. This ASU removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The provisions of ASU No. 2017-04 are effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted. We are still evaluating the impact of this ASU on our Consolidated Financial Statements and related disclosures.

NATURE OF OPERATIONS AND SUMM28

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule for customer rebates	Activity in our customer rebate accounts are as follows: (In millions) 2016 2015 2014 Balance, January 1 $ 3 $ 2 $ 10 Charged to costs and expenses 5 6 37 Payments to customers (5 ) (5 ) (40 ) Other 1 — — (5 ) Balance, December 31 $ 3 $ 3 $ 2 1 Relates to the sale of Chemtura AgroSolutions in November 2014.
Schedule of other income (expense), net	Other income (expense), net includes: (In millions) 2016 2015 2014 Foreign exchange (loss) gain $ (1 ) $ 6 $ 10 Interest income 2 2 3 Release of cumulative foreign currency translation adjustments from liquidation of entities (2 ) 8 — Gain on sale of Platform shares — 3 — Other 1 1 (1 ) $ — $ 20 $ 12
Schedule of allowances for doubtful accounts	Activity in allowance for doubtful accounts is a follows: (In millions) 2016 2015 2014 Balance, January 1 $ 2 $ 2 $ 11 Charged to costs and expenses 1 1 8 Write-offs — (1 ) (3 ) Other 1 — — (14 ) Balance, December 31 $ 3 $ 2 $ 2 1 Relates to the sale of Chemtura AgroSolutions in November 2014.
Schedule of balance sheet classification of deferred taxes	December 31, 2015 (in millions) Previously reported Reclassification Current presentation Other assets 117 (6 ) 111 Total assets 2,366 (6 ) 2,360 Long-term debt 471 (6 ) 465 Total liabilities 1,364 (6 ) 1,358 Total liabilities and equity 2,366 (6 ) 2,360

MERGERS AND DIVESTITURES (Table

MERGERS AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2016
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 Platform common stock at $26.00 per share discounted for the value of a restriction to sell of $1 million . (2) Transaction costs included success fees to a financial adviser, legal fees and other direct costs incurred to sell the business since October 1, 2014.

RESTRUCTURING AND ASSET IMPAI30

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2014 $ 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 Facility closure, severance and related costs — 1 1 Cash payments (2 ) (1 ) (3 ) Balance at December 31, 2016 $ 1 $ — $ 1

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Components of inventories	(In millions) 2016 2015 Finished goods $ 201 $ 209 Work in process 37 38 Raw materials and supplies 72 68 $ 310 $ 315

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	(In millions) 2016 2015 Land and improvements $ 60 $ 63 Buildings and improvements 198 200 Machinery and equipment 1,241 1,201 Information systems and equipment 151 161 Furniture, fixtures and other 18 19 Construction in progress 54 65 1,722 1,709 Less: accumulated depreciation 1,070 1,046 $ 652 $ 663

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2014 $ 262 $ (90 ) $ 172 Foreign currency translation (6 ) — (6 ) Balance at December 31, 2015 256 (90 ) 166 Foreign currency translation (8 ) — (8 ) Balance at December 31, 2016 $ 248 $ (90 ) $ 158
Schedule of intangible assets (excluding goodwill)	Our intangible assets (excluding goodwill) are comprised of the following: 2016 2015 (In millions) Gross Value Accumulated Amortization Net Intangibles Gross Value Accumulated Amortization Net Intangibles Patents $ 24 $ (18 ) $ 6 $ 26 $ (18 ) $ 8 Trademarks 41 (15 ) 26 43 (14 ) 29 Customer relationships 40 (24 ) 16 41 (22 ) 19 Production rights 45 (45 ) — 45 (45 ) — Other 69 (40 ) 29 71 (39 ) 32 Total $ 219 $ (142 ) $ 77 $ 226 $ (138 ) $ 88

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of debt	Our debt is comprised of the following: 2016 2015 (In millions) Carrying Value Fair Value Carrying Value Fair Value 5.75% Senior Notes due 2021, with an effective interest rate of 5.95% in 2016 and 5.94% in 2015 $ 445 $ 468 $ 444 $ 452 Term Loan, with an effective interest rate of 3.52% in 2016 and 3.78% 2015 1 1 40 40 Other borrowings 30 30 27 27 Total Debt 476 $ 499 511 $ 519 Less: Other short-term borrowings (18 ) (6 ) Less: Current portion of Term Loan (1 ) (40 ) Total Long-Term Debt $ 457 $ 465

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
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) 2016 2015 2014 Pre-tax Earnings (Loss) from Continuing Operations: Domestic $ (75 ) $ 54 $ 388 Foreign 89 98 191 $ 14 $ 152 $ 579 Income Tax Expense (Benefit) Domestic Current $ 5 $ — $ 34 Deferred 5 (3 ) (274 ) 10 (3 ) (240 ) Foreign Current 16 30 48 Deferred 3 (11 ) — 19 19 48 Total Current 21 30 82 Deferred 8 (14 ) (274 ) $ 29 $ 16 $ (192 )
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) 2016 2015 2014 Income tax expense at the U.S. statutory rate $ 5 $ 53 $ 203 Foreign rate differential (6 ) (9 ) (45 ) Valuation allowances (10 ) (32 ) (389 ) U.S. tax on foreign earnings 7 17 92 Foreign withholding — 2 40 Pension settlement 25 — 6 Nondeductible expenses, other 1 2 1 Nondeductible stock compensation 1 1 1 Nondeductible merger and integration costs 5 — — Depletion (3 ) (3 ) (3 ) Income tax credits 8 (22 ) (85 ) State income taxes, net of federal benefit 2 (4 ) (12 ) Taxes attributable to prior periods (5 ) 14 (10 ) Other, net (1 ) (3 ) 9 Income tax expense (benefit) $ 29 $ 16 $ (192 )
Schedule of components of the deferred tax assets and liabilities	The components of the deferred tax assets and liabilities are as follows: (In millions) 2016 2015 Deferred tax assets: Pension and other post-retirement liabilities $ 50 $ 72 Net operating loss carryforwards 259 274 Other accruals 20 19 Below market contracts, net of discount 53 67 Tax credit carryforwards 35 43 Accruals for environmental remediation 19 20 Inventories and other 12 17 Total deferred tax assets 448 512 Valuation allowance (80 ) (92 ) Net deferred tax assets after valuation allowance 368 420 Deferred tax liabilities: Unremitted foreign earnings of subsidiaries 2 (1 ) Property, plant and equipment (63 ) (66 ) Intangibles (2 ) — Other (6 ) (6 ) Total deferred tax liabilities (69 ) (73 ) Net deferred tax asset after valuation allowance $ 299 $ 347
Schedule of components of gross net operating loss	The components of our gross net operating loss (“NOL”) are as follows: (In millions) 2016 2015 Federal NOL $ 539 $ 560 State NOL $ 824 $ 867 Foreign NOL $ 161 $ 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) 2016 2015 2014 Balance at January 1 $ 27 $ 28 $ 44 Gross increases for tax positions taken during current year 2 — 2 Gross increases for tax positions taken during a prior period 1 3 2 Gross decreases for tax positions taken during a prior period (1 ) (2 ) (19 ) Settlements / payments (3 ) (1 ) (2 ) Foreign currency impact — (1 ) 1 Balance at December 31 $ 26 $ 27 $ 28

CAPITAL STOCK AND EARNINGS (L36

CAPITAL STOCK AND EARNINGS (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2016
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) 2016 2015 2014 Weighted average shares outstanding - Basic 63.8 67.8 90.2 Dilutive effect of common share equivalents — 1.0 1.3 Weighted average shares outstanding - Diluted 63.8 68.8 91.5

ACCUMULATED OTHER COMPREHENSI37

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 , 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, 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 ) Other comprehensive (loss) income before reclassifications (44 ) 5 — (39 ) Amounts reclassified from AOCL 2 133 — 135 Net current period other comprehensive (loss) income (42 ) 138 — 96 As of December 31, 2016 $ (183 ) $ (183 ) $ — $ (366 )
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, 2016 , 2015 and 2014: Amount Reclassified from AOCL (in millions) 2016 2015 2014 Affected line item in the consolidated statement of operations Foreign currency translation items: Liquidation of consolidated entities $ (2 ) $ 8 $ — Other income, net (Loss) gain on sale of business (b) — (5 ) 3 (Loss) gain on sale of business Net of tax (2 ) 3 3 Defined benefit pension plan items: Amortization of prior-service credits (a) 5 5 5 Primarily SG&A Amortization of actuarial losses (a) (10 ) (22 ) (18 ) Primarily SG&A Settlement loss (a) (162 ) — (21 ) Pension settlement Total before tax (167 ) (17 ) (34 ) Total tax 34 6 3 Income tax (expense) benefit Net of tax (133 ) (11 ) (31 ) Available for sale securities: Gain on sale of Platform shares — 2 — Other income, net Net of tax — 2 — Total reclassifications $ (135 ) $ (6 ) $ (28 ) (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 - Mergers and Divestitures)

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of share-based compensation expense	A summary of our share-based compensation expense is shown below 2016, 2015 and 2014. 2016 2015 2014 Selling, General & Administrative 12 11 13 Cost of goods sold 1 1 1 Total share-based compensation 13 12 14 Percentage of expense allocated to Corporate segment 81 % 81 % 77 % Percentage of expense allocated to Operating segments 19 % 19 % 23 %
Summary of stock option activities	A summary of our stock option balances for 2016 is summarized as follows: Price Per Share Shares Weighted Average Remaining Contractual Aggregate Intrinsic Value Average (in millions) Life (in millions) Outstanding at 12/31/15 $ 17.38 0.9 5.8 $ 9 Outstanding at 12/31/16 $ 17.35 0.9 4.9 $ 14 Exercisable at 12/31/16 $ 17.35 0.9 4.9 $ 14
Schedule of RSUs award activity	RSUs award activity for 2016 is as follows: Shares (in millions) Weighted Average Grant Date Fair Value Aggregate Fair Value (in millions) Unvested RSU awards, December 31, 2015 1.0 26.89 $ 28 Granted 1 0.4 26.68 Vested (0.4 ) 25.04 9 Unvested RSU awards, December 31, 2016 1.0 $ 27.40 $ 35 1) Includes performance multiplier adjustments for actual payout received on the performance shares.

PENSION AND OTHER POST-RETIRE39

PENSION AND OTHER POST-RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2016
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) 2016 2015 2016 2015 2016 2015 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 598 $ 652 $ 495 $ 542 $ 94 $ 108 Service cost — — 2 2 — — Interest cost 11 24 16 17 4 4 Actuarial (gains) losses (a) (9 ) (32 ) 78 (6 ) (5 ) (8 ) Benefits paid (20 ) (46 ) (22 ) (20 ) (7 ) (7 ) Settlements (363 ) — (2 ) (4 ) — — Foreign currency exchange rate changes (b) — — (70 ) (36 ) — (3 ) Other — — 2 — — — Projected benefit obligation at end of year $ 217 $ 598 $ 499 $ 495 $ 86 $ 94 Accumulated benefit obligation at end of year $ 217 $ 598 $ 499 $ 494 Weighted-average year-end assumptions used to determine benefit obligations: Discount rate 4.00 % 4.10 % 2.57 % 3.46 % 3.77 % 3.97 % Rate of compensation increase 3.00 % 3.00 % 2.44 % 2.42 % N/A N/A Health care cost trend rate 6.25 % 4.87 % (a) The gains for 2016 primarily related to an update to the revised mortality tables for the U.S. pension plans and the losses primarily related to decreases in discount rates for the international plans. 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. (b) The significant foreign currency decrease in 2016 and 2015 is due to decreases in Euro and British Pound exchange rates from December 2015 to December 2016 and from December 2014 to December 2015, 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) 2016 2015 2016 2015 2016 2015 Change in plan assets: Fair value of plan assets at beginning of year $ 531 $ 570 $ 416 $ 455 $ — $ — Actual return on plan assets 14 (7 ) 87 3 — — Employer contributions 35 14 18 9 7 7 Benefits paid (20 ) (46 ) (22 ) (20 ) (7 ) (7 ) Settlements (354 ) — (2 ) (4 ) — — Foreign currency exchange rate changes (a) — — (73 ) (27 ) — — Other — — 2 — — — Fair value of plan assets at end of year $ 206 $ 531 $ 426 $ 416 $ — $ — (a) The significant foreign currency decrease in 2016 and 2015 is due to decreases in Euro and British Pound exchange rates from December 2015 to December 2016 and from December 2014 to December 2015, respectively.
Schedule of fair values of defined benefit pension plan assets, by asset category	The fair values of our defined benefit pension plan assets at December 31, 2016 and 2015 , by asset category are as follows: Fair Value Measurements at December 31, 2016 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) $ 83 $ 83 $ — $ — $ 88 $ 5 $ 83 $ — Fixed income securities: U.S. government bonds (b) 16 — 16 — — — — — International government bonds (b) — — — — 17 — 17 — Pooled fixed income funds (c) 86 86 — — 307 — 305 2 Alternative collective funds (d) 21 — — 21 — — — — Other instruments (e) — — — — 14 — — 14 $ 206 $ 169 $ 16 $ 21 $ 426 $ 5 $ 405 $ 16 Fair Value Measurements at December 31, 2015 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) $ 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 (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 roll-forward 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, 2015 $ 60 $ 15 $ 75 Purchases — 1 1 Transfers to Level 1 (41 ) — (41 ) Unrealized gains 2 — 2 Balance at December 31, 2016 $ 21 $ 16 $ 37
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) 2016 2015 2016 2015 2016 2015 Funded status, end of year: Fair value of plan assets $ 206 $ 531 $ 426 $ 416 $ — $ — Benefit obligations 217 598 499 495 86 94 Net amount recognized $ (11 ) $ (67 ) $ (73 ) $ (79 ) $ (86 ) $ (94 ) Amounts recognized in the Consolidated Balance Sheets at the end of year consist of: Noncurrent assets $ — $ — $ 51 $ 46 $ — $ — Current liability — — (7 ) (8 ) (7 ) (8 ) Noncurrent liability (11 ) (67 ) (117 ) (117 ) (79 ) (86 ) Net amount recognized $ (11 ) $ (67 ) $ (73 ) $ (79 ) $ (86 ) $ (94 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss $ 92 $ 270 $ 143 $ 137 $ 31 $ 38 Prior service credit — — — — (25 ) (30 ) $ 92 $ 270 $ 143 $ 137 $ 6 $ 8
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 2017 are as follows: Qualified Domestic International and Non- Qualified Post- Retirement Health Care (In millions) Plans Plans Plans Actuarial loss $ 2 $ 6 $ 2 Prior service credit — — (4 ) Total amortization cost (credit) $ 2 $ 6 $ (2 )
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, 2016 and 2015 were as follows: (In millions) 2016 2015 Projected benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 439 $ 820 Fair value of plan assets 217 534
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, 2016 and 2015 were as follows: (In millions) 2016 2015 Accumulated benefit obligation in excess of plan assets at end of year: Projected benefit obligation $ 345 $ 725 Accumulated benefit obligation 344 725 Fair value of plan assets 210 533
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) 2017 $ — $ 15 $ 8 Expected Benefit Payments (b): 2017 12 21 8 2018 13 22 7 2019 13 23 7 2020 13 25 7 2021 14 24 6 2022-2026 70 133 27 (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	Net Periodic Cost Defined Benefit Pension Plans Qualified Domestic Plans International and Non-Qualified Plans Post-Retirement Health Care Plans (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost (credit): Service cost $ — $ — $ — $ 2 $ 2 $ 2 $ — $ — $ — Interest cost 11 24 28 16 17 21 4 4 4 Expected return on plan assets (20 ) (39 ) (41 ) (19 ) (22 ) (26 ) — — — Amortization of prior service cost — — — — — — (5 ) (5 ) (5 ) Recognized actuarial losses 4 13 11 4 6 4 2 3 3 Settlement loss recognized (a) 162 — 21 — — — — — — Net periodic benefit cost $ 157 $ (2 ) $ 19 $ 3 $ 3 $ 1 $ 1 $ 2 $ 2 (a) The settlement loss recognized in 2016 of $162 million related to the retiree annuity purchase transaction in our U.S. qualified pension plan (included in Pension settlement). The settlement loss recognized in 2014 of $21 million related to the lump sum payout made to certain participants in our U.S. qualified pension plan (included in Pension settlement). 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 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rate 4.10 % 3.80 % 4.60 % 3.63 % 3.47 % 4.20 % 3.83 % 3.70 % 4.45 % Expected return on plan assets 7.50 % 7.50 % 7.50 % 5.13 % 5.66 % 6.68 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 2.42 % 2.41 % 2.85 %

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Summary of business data for reportable segments	A summary of business data for our reportable segments for the years 2016 , 2015 and 2014 is as follows: Information by Business Segment (In millions) Net Sales 2016 2015 2014 Petroleum additives $ 576 $ 614 $ 687 Urethanes 247 272 300 Industrial Performance Products 823 886 987 Bromine based & related products 555 575 641 Organometallics 166 147 159 Industrial Engineered Products 721 722 800 Agrochemical Manufacturing 110 137 403 Net Sales $ 1,654 $ 1,745 $ 2,190 Operating Income 2016 2015 2014 Industrial Performance Products $ 148 $ 141 $ 106 Industrial Engineered Products 94 58 16 Agrochemical Manufacturing 37 35 86 Segment Operating Income 279 234 208 General corporate expense (48 ) (52 ) (59 ) Amortization (7 ) (12 ) (13 ) Facility closures, severance and related costs (1 ) (3 ) (25 ) Merger and integration costs (13 ) — — (Loss) gain on sale of business (1 ) (4 ) 529 Impairment charges (1 ) (1 ) — Pension settlement (162 ) — (21 ) Total Operating Income $ 46 $ 162 $ 619 Depreciation and Amortization 2016 2015 2014 Industrial Performance Products $ 30 $ 28 $ 34 Industrial Engineered Products 42 47 44 Agrochemical Manufacturing 4 4 8 76 79 86 Corporate 9 14 16 $ 85 $ 93 $ 102 Segment Assets 2016 2015 2014 Industrial Performance Products $ 547 $ 578 $ 642 Industrial Engineered Products 681 670 696 Agrochemical Manufacturing 49 50 87 1,277 1,298 1,425 Corporate 891 1,062 1,235 $ 2,168 $ 2,360 $ 2,660 Capital Expenditures 2016 2015 2014 Industrial Performance Products $ 26 $ 31 $ 54 Industrial Engineered Products 57 47 51 Agrochemical Manufacturing 1 1 6 84 79 111 Corporate 4 1 2 $ 88 $ 80 $ 113
Schedule of information by geographic area	Information by Geographic Area (In millions) Net sales (based on location of customer) 2016 2015 2014 United States $ 674 $ 751 $ 888 Canada 40 46 48 Latin America 37 74 174 Europe 510 504 639 Asia/Pacific 393 370 441 $ 1,654 $ 1,745 $ 2,190 Property, Plant and Equipment 2016 2015 2014 United States $ 343 $ 333 $ 338 Canada 47 44 54 Latin America 7 8 10 Europe 144 156 181 Asia/Pacific 111 122 121 $ 652 $ 663 $ 704

GUARANTOR CONDENSED CONSOLIDA41

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2016
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA
Schedule of condensed consolidating statement of operations	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, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net sales $ 1,654 $ (1,270 ) $ 1,046 $ 341 $ 1,537 Cost of goods sold 1,181 (1,270 ) 795 283 1,373 Selling, general and administrative 143 — 91 8 44 Depreciation and amortization 85 — 20 29 36 Research and development 21 — 14 1 6 Facility closures, severance and related costs 1 — 1 1 (1 ) Merger and integration costs 13 — 13 — — Loss on sale of business 1 — — — 1 Impairment charges 1 — — 1 — Pension settlement 162 — 162 — — Operating income (loss) 46 — (50 ) 18 78 Interest expense (32 ) — (32 ) — — Other (expense) income, net — — (14 ) 7 7 Equity in net earnings (loss) of subsidiaries — (89 ) 90 (1 ) — Earnings (loss) from continuing operations before income taxes 14 (89 ) (6 ) 24 85 Income tax expense (29 ) — (9 ) (1 ) (19 ) Net (loss) earnings $ (15 ) $ (89 ) $ (15 ) $ 23 $ 66 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 234 — 129 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 ) Pension settlement 21 — 21 — — 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
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 Income (Loss) As of December 31, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Net (loss) earnings $ (15 ) $ (89 ) $ (15 ) $ 23 $ 66 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (42 ) — 17 — (59 ) Unrecognized pension and other post-retirement benefit changes 138 — 141 — (3 ) Comprehensive income (loss) $ 81 $ (89 ) $ 143 $ 23 $ 4 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, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries ASSETS Current assets $ 865 $ — $ 259 $ 93 $ 513 Intercompany receivables — (1,473 ) 519 223 731 Investment in subsidiaries — (4,669 ) 795 1,132 2,742 Property, plant and equipment 652 — 111 232 309 Goodwill 158 — 93 3 62 Other assets 493 — 388 25 80 Total assets $ 2,168 $ (6,142 ) $ 2,165 $ 1,708 $ 4,437 LIABILITIES AND EQUITY Current liabilities $ 310 $ — $ 140 $ 34 $ 136 Intercompany payables — (1,473 ) 370 461 642 Long-term debt 457 — 456 — 1 Other long-term liabilities 423 — 221 69 133 Total liabilities 1,190 (1,473 ) 1,187 564 912 Total equity 978 (4,669 ) 978 1,144 3,525 Total liabilities and equity $ 2,168 $ (6,142 ) $ 2,165 $ 1,708 $ 4,437 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 553 — 440 29 84 Total assets $ 2,360 $ (6,409 ) $ 2,370 $ 1,719 $ 4,680 LIABILITIES AND EQUITY Current liabilities $ 361 $ — $ 180 $ 41 $ 140 Intercompany payables — (1,610 ) 407 488 715 Long-term debt 465 — 455 — 10 Other long-term liabilities 532 — 326 71 135 Total liabilities 1,358 (1,610 ) 1,368 600 1,000 Total equity 1,002 (4,799 ) 1,002 1,119 3,680 Total liabilities and equity $ 2,360 $ (6,409 ) $ 2,370 $ 1,719 $ 4,680
Schedule of condensed consolidating statement of cash flows	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 — — Pension settlement 21 — 21 — — Deferred tax (benefit) expense (274 ) — (278 ) 4 — Changes in assets and liabilities, net (185 ) 145 (239 ) (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 other 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 Cash Flows Year ended December 31, 2016 (In millions) Consolidated Eliminations Parent Company Guarantor Subsidiaries Non- Guarantor Subsidiaries Increase (decrease) to cash CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) earnings $ (15 ) $ (89 ) $ (15 ) $ 23 $ 66 Adjustments to reconcile net (loss) earnings to net cash provided by operations: Loss on sale of business 1 — — — 1 Merger and integration costs 4 — 4 — — Impairment charges 1 — — 1 — Agrochemical Manufacturing supply agreements (38 ) — (35 ) — (3 ) Pension settlement 162 — 162 — — Release of translation adjustment from liquidation of entities 2 — — — 2 Depreciation and amortization 85 — 20 29 36 Stock-based compensation expense 13 — 13 — — Deferred tax benefit 8 — 4 1 3 Changes in assets and liabilities, net (86 ) 89 (118 ) (14 ) (43 ) Net cash provided by operations 137 — 35 40 62 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from divestments, net 6 — — — 6 Capital expenditures (88 ) — (17 ) (40 ) (31 ) Net cash used in investing activities (82 ) — (17 ) (40 ) (25 ) CASH FLOWS FROM FINANCING ACTIVITIES Payments on long-term debt (44 ) — (41 ) — (3 ) Proceeds from short-term borrowings, net 8 — — — 8 Common shares acquired (116 ) — (116 ) — — Proceeds from the exercise of stock options 1 — 1 — — Net cash (used in) provided by financing activities (151 ) — (156 ) — 5 CASH AND CASH EQUIVALENTS Effect of exchange rates on cash and cash equivalents (7 ) — — — (7 ) Change in cash and cash equivalents (103 ) — (138 ) — 35 Cash and cash equivalents at beginning of year 323 — $ 171 $ — $ 152 Cash and cash equivalents at end of year $ 220 $ — $ 33 $ — $ 187 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 ) Release of translation adjustment from liquidation of 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 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

SUMMARIZED UNAUDITED QUARTERL42

SUMMARIZED UNAUDITED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of summarized unaudited quarterly financial data	(In millions, except per share data) 2016 First Second Third Fourth Net sales $ 414 (a) $ 441 (a) $ 414 (a) $ 385 (a) Gross profit $ 121 $ 119 $ 125 $ 108 Net (loss) earnings $ (96 ) (b) $ 34 $ 25 (c) $ 22 (c) BASIC PER SHARE (e): Net (loss) earnings $ (1.46 ) $ 0.54 $ 0.40 $ 0.35 DILUTED PER SHARE (e): Net (loss) earnings $ (1.46 ) $ 0.53 $ 0.39 $ 0.34 Basic weighted-average shares outstanding 65.7 63.5 63.0 63.0 Diluted weighted-average shares outstanding 65.7 64.2 63.9 64.1 2015 First Second Third Fourth Net sales $ 438 (d) $ 464 (d) $ 444 (d) $ 399 (d) Gross profit $ 98 $ 114 $ 117 $ 104 Earnings from continuing operations, net of tax $ 21 $ 18 $ 31 $ 66 Loss on sale of discontinued operations, net of tax (1 ) 1 — — Net earnings $ 20 $ 19 $ 31 $ 66 BASIC PER SHARE (e): Earnings from continuing operations, net of tax $ 0.31 $ 0.27 $ 0.46 $ 0.98 (Loss) gain 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 (e): Earnings from continuing operations, net of tax $ 0.30 $ 0.26 $ 0.45 $ 0.96 (Loss) gain 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 (a) Net sales included $9 million , $10 million , $10 million and $9 million in the first, second, third and fourth quarters of 2016, respectively, related to the non-cash portion of the amortization, net of accretion, of the below-market contract obligation with Platform. (b) The net loss for the first quarter of 2016 included a pre-tax non-cash pension settlement charge of $162 million . (c) The net earnings included pre-tax charges of $11 million and $2 million in the third and fourth quarters of 2016, respectively, related to merger and integration costs. (d) 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 with Platform. (e) 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, 2016USD ($)country	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of countries in which entity operates | country	70
Other Income (Expense), Net
Foreign exchange (loss) gain	$ (1)	$ 6	$ 10
Interest income	2	2	3
Release of cumulative foreign currency translation adjustments from liquidation of entities	(2)	8	0
Gain on sale of Platform shares	0	3	0
Other	1	1	(1)
Other income (expense), net	0	20	12
Allowance for Promotions
Movement in Valuation Allowances and Reserves
Balance, January 1	3	2	10
Charged to costs and expenses	5	6	37
Payments to customers and write-offs	(5)	(5)	(40)
Other	0	0	(5)
Balance, December 31	3	3	2
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves
Balance, January 1	2	2	11
Charged to costs and expenses	1	1	8
Payments to customers and write-offs	0	(1)	(3)
Other	0	0	(14)
Balance, December 31	$ 3	$ 2	$ 2
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 (less than)	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, 2016
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, 2016
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Marketable Securities [Abstract]
Primary marketable security			$ 2,000,000
Period stock is restricted from trading			6 months
Asset Retirement Obligation
Accretion expense	$ 2,000,000	$ 2,000,000
Asset retirement obligations included in accrued expenses	2,000,000	1,000,000
Asset retirement obligations included in other liabilities	15,000,000	15,000,000
Recoverability of Long-Lived Assets and Goodwill
Goodwill impairment charge	$ 0	0
Period for accrual of probable and reasonable remediation costs on an undiscounted basis (no more than)	10 years
Term of supply contract	6 years
Outstanding derivatives (less than $1 million - 2016)	$ 1,000,000	0
Cash Flows
Maximum term of original maturity to classify bank term deposits as cash equivalents	3 months
Interest paid	$ 30,000,000	31,000,000	$ 46,000,000
Income taxes (net of refunds)	29,000,000	$ 36,000,000	$ 68,000,000
Forward contract
Recoverability of Long-Lived Assets and Goodwill
Derivative asset, notional amount	$ 10,000,000
Environmental
Recoverability of Long-Lived Assets and Goodwill
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, 2016	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 111	$ 111
Total assets	2,168	2,360	$ 2,660
Long-term debt	457	465
Total liabilities	1,190	1,358
Total liabilities and equity	$ 2,168	2,360
Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets		111
Total assets		2,360
Long-term debt		465
Total liabilities		1,358
Total liabilities and equity		2,360
Reclassification | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets		117
Total assets		2,366
Long-term debt		471
Total liabilities		1,364
Total liabilities and equity		2,366
Reclassification | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets		(6)
Total assets		(6)
Long-term debt		(6)
Total liabilities		(6)
Total liabilities and equity		$ (6)

MERGERS AND DIVESTITURES - Lanx

MERGERS AND DIVESTITURES - Lanxess (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 25, 2016	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 23, 2016
Business Acquisition [Line Items]
Share price (in dollars per share)						$ 28.18
Business combination, integration related costs			$ 13	$ 0	$ 0
Addivant USA Holdings Corp
Business Acquisition [Line Items]
Exchange agreement, cash payment	$ 1
Business combination, integration related costs		$ 5
LANXESS
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share)	$ 33.5
Business acquisition, share price premium	18.90%
Termination fee	$ 75

MERGERS AND DIVESTITURES - Tetr

MERGERS AND DIVESTITURES - Tetrabrom (Details) - Tetrabrom Technologies Ltd. - USD ($) $ in Millions	Nov. 28, 2011	Dec. 31, 2016
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
Proceeds representing the majority of escrow balance		$ 6

MERGERS AND DIVESTITURES - Chem

MERGERS AND DIVESTITURES - Chemtura AgroSolutions (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 03, 2014	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisitions/Divestitures
Term of supply contract			6 years
Accrued expenses			$ 122	$ 142
Other liabilities			103	110
Reconciliation of cash proceeds to pre-tax loss on sale
Proceeds from divestments, net			6	3	$ 984
Less non-cash items:
Pre-tax gain on sale of Chemtura AgroSolutions			(1)	(4)	529
Proceeds from sale of shares of Platform common stock			0	54	0
Chemtura AgroSolutions
Acquisitions/Divestitures
Cash consideration on sale of business	$ 950
Assets and liabilities held for sale
Cash and cash equivalents	7				0
Accounts receivable, net	158				3
Inventories, net	94				1
Other current assets	8				0
Property, plant and equipment	11				0
Intangible assets, net	32				0
Other assets	3				2
Assets	313				6
Accounts payable	21				0
Accrued expenses	30				9
Income taxes payable	4				0
Liabilities	55				9
Net Assets	258				(3)
Reconciliation of cash proceeds to pre-tax loss on sale
Cash consideration					950
Pre-closing working capital and other adjustments					28
Proceeds from divestments, net					978
Platform Stock					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					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
Platform | Chemtura AgroSolutions
Acquisitions/Divestitures
Consideration on sale of business	$ 1,000
Shares of common stock received as consideration	2,000,000
Deferred gain	$ 230
Extension term of supply contract after termination	2 years
Deferred income and accretion liability	$ 345
Depreciation net of accretion			38	$ 38	6
Remaining deferred gain			145
Accrued expenses			38
Other liabilities			$ 107
Non-cash charges					3
Less non-cash items:
Pre-tax gain on sale of Chemtura AgroSolutions					$ 529
Platform stock, share price (in dollars per share)	$ 26
Platform stock, restriction to sell	$ 1
Number of shares of Platform common stock sold		2,000,000
Proceeds from sale of shares of Platform common stock		$ 54
Gain on sale of Platform stock		$ 3
Platform | Chemtura AgroSolutions | Minimum
Acquisitions/Divestitures
Term of supply contract	2 years
Platform | Chemtura AgroSolutions | Maximum
Acquisitions/Divestitures
Term of supply contract	4 years

MERGERS AND DIVESTITURES - Dive

MERGERS AND DIVESTITURES - Divestitures Reported as Discontinued Operations (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended				12 Months Ended
	Apr. 30, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Divestitures and Acquisitions
(Loss) earnings on sale of discontinued operations, net of tax		$ 0	$ 0	$ 1,000,000	$ (1,000,000)	$ 0	$ 0	$ (9,000,000)
Consumer Products Business Divestiture
Divestitures and Acquisitions
Loss on sale of discontinued operations, net of tax								(8,000,000)
(Loss) earnings on sale of discontinued operations, net of tax								(8,000,000)
Consumer Products Business Divestiture | KIK Custom Products Inc. (KIK)
Divestitures and Acquisitions
Cash consideration										$ 300,000,000
Assumption of pension, environmental and other liabilities										$ 8,000,000
Remaining payment received								14,000,000
Antioxidant Business Divestiture
Divestitures and Acquisitions
Cash consideration	$ 97,000,000
Assumption of pension, environmental and other liabilities	91,000,000
Loss on sale of discontinued operations, net of tax								(1,000,000)
(Loss) earnings on sale of discontinued operations, net of tax								$ (1,000,000)
Cash consideration paid as part of adjustment	2,000,000
Final payment received for remaining working capital adjustments									$ 4,000,000
Antioxidant Business Divestiture | SK and Addivant
Divestitures and Acquisitions
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

RESTRUCTURING AND ASSET IMPAI52

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES - Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Restructuring information
Pre-tax charges for restructuring		$ 2
Accelerated depreciation of certain fixed assets		2	$ 4
West Lafayette, IN
Restructuring information
Pre-tax charges for professional fees	$ 1
Adrian, MI facility
Restructuring information
Pre-tax charges for restructuring		$ 1	4
Accelerated asset retirement obligations			1
Droitwich, UK facility
Restructuring information
Pre-tax charges for restructuring			7
Accelerated asset retirement obligations			1
Accelerated depreciation of certain fixed assets			5
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

RESTRUCTURING AND ASSET IMPAI53

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES - Asset Impairments (Details) - USD ($)	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 29, 2016
Changes in liabilities established for restructuring programs
Facility closures, severance and related costs	$ 2,000,000	$ 11,000,000		$ 1,000,000	$ 3,000,000	$ 25,000,000
Asset Impairment Review
Impairment of property, plant and equipment, net					1,000,000
Pre-tax charges for impairment				1,000,000	1,000,000	0
Industrial Engineered Products
Asset Impairment Review
Impairment of property, plant and equipment, net			$ 1,000,000
Disposal group, inventory							$ 0
Disposal group, property, plant and equipment	7,000,000			7,000,000
Corporate Restructuring Programs
Changes in liabilities established for restructuring programs
Balance at beginning of period			3,000,000	3,000,000	21,000,000	16,000,000
Facility closures, severance and related costs				1,000,000	3,000,000	25,000,000
Cash payments				(3,000,000)	(20,000,000)	(20,000,000)
Foreign currency translation					(1,000,000)
Balance at end of period	1,000,000			1,000,000	3,000,000	21,000,000
Severance and Related Costs | Corporate Restructuring Programs
Changes in liabilities established for restructuring programs
Balance at beginning of period			3,000,000	3,000,000	21,000,000	14,000,000
Facility closures, severance and related costs				0	1,000,000	22,000,000
Cash payments				(2,000,000)	(18,000,000)	(15,000,000)
Foreign currency translation					(1,000,000)
Balance at end of period	1,000,000			1,000,000	3,000,000	21,000,000
Other Facility Closure Costs | Corporate Restructuring Programs
Changes in liabilities established for restructuring programs
Balance at beginning of period			$ 0	0	0	2,000,000
Facility closures, severance and related costs				1,000,000	2,000,000	3,000,000
Cash payments				(1,000,000)	(2,000,000)	(5,000,000)
Foreign currency translation					0
Balance at end of period	$ 0			$ 0	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished goods	$ 201	$ 209
Work in process	37	38
Raw materials and supplies	72	68
Inventory, net	310	315
Inventory excess and obsolescence
Inventory [Line Items]
Inventory obsolescence reserves	$ 11	20
Discontinued product
Inventory [Line Items]
Inventory obsolescence reserves		$ 8

PROPERTY, PLANT AND EQUIPMENT55

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, plant and equipment
Property, plant and equipment, gross	$ 1,722	$ 1,709
Less: accumulated depreciation	1,070	1,046
Property, plant and equipment, net	652	663	$ 704
Depreciation expense	78	81	87
Accelerated depreciation of certain fixed assets		2	$ 4
Land and improvements
Property, plant and equipment
Property, plant and equipment, gross	60	63
Buildings and improvements
Property, plant and equipment
Property, plant and equipment, gross	198	200
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	1,241	1,201
Information systems and equipment
Property, plant and equipment
Property, plant and equipment, gross	151	161
Furniture, fixtures and other
Property, plant and equipment
Property, plant and equipment, gross	18	19
Construction in progress
Property, plant and equipment
Property, plant and equipment, gross	$ 54	$ 65

GOODWILL AND INTANGIBLE ASSET56

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill by reportable segment
Net goodwill at the beginning of the period	$ 166
Net goodwill at the end of the period	158	$ 166
Industrial Performance Products
Goodwill by reportable segment
Goodwill at the beginning of the period	256	262
Accumulated impairments at the beginning of the period	(90)	(90)
Net goodwill at the beginning of the period	166	172
Foreign currency translation	(8)	(6)
Goodwill at the end of the period	248	256
Accumulated impairments at the end of the period	(90)	(90)
Net goodwill at the end of the period	$ 158	$ 166

GOODWILL AND INTANGIBLE ASSET57

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangible assets (excluding goodwill)
Gross Value	$ 219	$ 226
Accumulated Amortization	(142)	(138)
Net Intangibles	77	88
Amortization expense	7	12	$ 15
Estimated amortization expense of intangible assets for the next five fiscal years
2,017	7
2,018	7
2,019	7
2,020	6
2,021	6
Patents
Intangible assets (excluding goodwill)
Gross Value	24	26
Accumulated Amortization	(18)	(18)
Net Intangibles	6	8
Trademarks
Intangible assets (excluding goodwill)
Gross Value	41	43
Accumulated Amortization	(15)	(14)
Net Intangibles	26	29
Customer relationships
Intangible assets (excluding goodwill)
Gross Value	40	41
Accumulated Amortization	(24)	(22)
Net Intangibles	16	19
Production rights
Intangible assets (excluding goodwill)
Gross Value	45	45
Accumulated Amortization	(45)	(45)
Net Intangibles	0	0
Other
Intangible assets (excluding goodwill)
Gross Value	69	71
Accumulated Amortization	(40)	(39)
Net Intangibles	$ 29	$ 32

DEBT (Details)

DEBT (Details)	1 Months Ended							12 Months Ended
	Dec. 31, 2016USD ($)	Jan. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Mar. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Aug. 31, 2010USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jul. 31, 2016USD ($)	Dec. 31, 2013EUR (€)	Jul. 31, 2013USD ($)	Dec. 31, 2012CNY (¥)
DEBT
Total Debt, Carrying Value	$ 476,000,000							$ 476,000,000	$ 511,000,000
Total Debt, Fair value	499,000,000							499,000,000	519,000,000
Less: Other short-term borrowings	(18,000,000)							(18,000,000)	(6,000,000)
Less: Current portion of Term Loan	(1,000,000)							(1,000,000)	(40,000,000)
Total Long-term debt	457,000,000							457,000,000	465,000,000
Amount outstanding under Term Loan	19,000,000							19,000,000	46,000,000
Outstanding letters of credit	14,000,000							14,000,000	14,000,000
Gain (loss) on early extinguishment of debt								0	$ 0	$ (7,000,000)
Maturities
2,017	19,000,000							19,000,000
2,018	2,000,000							2,000,000
Thereafter	$ 450,000,000							$ 450,000,000
5.75% Senior Notes due 2021
DEBT
Effective interest rate	5.95%							5.95%	5.94%
Total Debt, Carrying Value	$ 445,000,000							$ 445,000,000	$ 444,000,000
Total Debt, Fair value	$ 468,000,000							$ 468,000,000	$ 452,000,000
Aggregate principal amount													$ 450,000,000
Interest rate	5.75%							5.75%					5.75%
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
Effective interest rate	3.52%							3.52%	3.78%
Total Debt, Carrying Value	$ 1,000,000							$ 1,000,000	$ 40,000,000
Total Debt, Fair value	1,000,000							1,000,000	40,000,000
Aggregate principal amount							$ 295,000,000				$ 1,000,000
Discount rate							1.00%
Payments on secured debt								39,000,000	42,000,000	236,000,000
Amount outstanding under Term Loan	1,000,000							$ 1,000,000
Term Loan, Interest Option One | Base Rate
DEBT
Margin over reference rate								1.75%
Reference rate								Base Rate
Term Loan, Interest Option One | Federal Funds rate
DEBT
Margin over reference rate								0.50%
Reference rate								Federal Funds rate
Term Loan, Interest Option One | Primary rate
DEBT
Reference rate								prime rate
Term Loan, Interest Option One | Eurodollar rate
DEBT
Margin over reference rate								1.00%
Reference rate								Eurodollar Rate
Term Loan, Interest Option Two | Eurodollar rate
DEBT
Margin over reference rate								2.75%
Reference rate								Eurodollar Rate
Term Loan, Interest Option Two | Maximum
DEBT
Margin over alternate reference rate								0.75%
Other borrowings
DEBT
Total Debt, Carrying Value	30,000,000							$ 30,000,000	27,000,000
Total Debt, Fair value	30,000,000							$ 30,000,000	27,000,000
7.875% Senior Notes due 2018
DEBT
Percentage of principal amount redeemed								101.00%
Amount redeemed			$ 101,000,000							101,000,000
Gain (loss) on early extinguishment of debt										(6,000,000)
Tender premium			4,000,000							4,000,000
Unamortized discount			2,000,000							$ 2,000,000
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%
2018 ABL Facility
DEBT
Term of credit facility				5 years
Maximum borrowing capacity for letter of credit sub-facility				$ 125,000,000
Outstanding borrowings	0							$ 0	0
Total undrawn availability	$ 154,000,000							$ 154,000,000	186,000,000
2018 ABL Facility | Base Rate
DEBT
Reference rate				base rate
2018 ABL Facility | Eurodollar rate
DEBT
Reference rate				adjusted Eurocurrency Rate
2018 ABL Facility | Maximum | Base Rate
DEBT
Margin over reference rate				1.00%
2018 ABL Facility | Maximum | Eurodollar rate
DEBT
Margin over reference rate				2.00%
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%
US ABL Facility
DEBT
Maximum borrowing capacity				$ 175,000,000
Foreign ABL Facility
DEBT
Maximum borrowing capacity | €												€ 60,000,000
ABL Facility
DEBT
Collateral - interest in domestic subsidiaries	100.00%							100.00%
Collateral - interest in non-voting capital stock of foreign subsidiaries	100.00%							100.00%
Collateral - interest in voting capital stock of foreign subsidiaries	65.00%							65.00%
Promissory note
DEBT
Aggregate principal amount					$ 7,000,000
Interest rate					5.29%
Term of debt					6 years
China Bank Facility
DEBT
Aggregate principal amount						$ 40,000,000								¥ 250,000,000
Payments on secured debt	$ 2,000,000	$ 15,000,000	$ 5,000,000
Outstanding borrowings	8,000,000							$ 8,000,000	12,000,000
Term of debt						5 years
Bank of America Facility
DEBT
Maximum borrowing capacity	10,000,000							10,000,000
Outstanding borrowings	$ 8,000,000							$ 8,000,000	$ 1,000,000

LEASES (Details)

LEASES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Minimum rental commitments, primarily for buildings, land and equipment under non-cancelable operating leases, net of sublease income
2,017	$ 8
2,018	7
2,019	7
2,020	3
2,021	2
2022 and thereafter	7
Aggregate minimum rental commitments	34
Rental expenses under operating leases	$ 16	$ 16	$ 21

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pre-tax Earnings (Loss) from Continuing Operations:
Domestic	$ (75)	$ 54	$ 388
Foreign	89	98	191
Total pre-tax (loss) earnings from continuing operations	14	152	579
Domestic
Current	5	0	34
Deferred	5	(3)	(274)
Total domestic	10	(3)	(240)
Foreign
Current	16	30	48
Deferred	3	(11)	0
Total foreign	19	19	48
Total
Current	21	30	82
Deferred	8	(14)	(274)
Income tax (benefit) expense	29	16	(192)
Expense (benefit) for income taxes from continuing operations differing from federal statutory rate
Income tax expense at the U.S. statutory rate	5	53	203
Foreign rate differential	(6)	(9)	(45)
Valuation allowances	(10)	(32)	(389)
U.S. tax on foreign earnings	7	17	92
Foreign withholding	0	2	40
Pension settlement	25	0	6
Nondeductible expenses, other	1	2	1
Nondeductible stock compensation	1	1	1
Nondeductible merger and integration costs	5	0	0
Depletion	(3)	(3)	(3)
Income tax credits	8	(22)	(85)
State income taxes, net of federal benefit	2	(4)	(12)
Taxes attributable to prior periods	(5)	14	(10)
Other, net	(1)	(3)	9
Income tax (benefit) expense	29	16	$ (192)
Deferred tax assets:
Pension and other post-retirement liabilities	50	72
Net operating loss carryforwards	259	274
Other accruals	20	19
Below market contracts, net of discount	53	67
Tax credit carryforwards	35	43
Accruals for environmental remediation	19	20
Inventories and other	12	17
Total deferred tax assets	448	512
Valuation allowance	(80)	(92)
Net deferred tax assets after valuation allowance	368	420
Deferred tax liabilities:
Unremitted foreign earnings of subsidiaries	2	(1)
Property, plant and equipment	(63)	(66)
Intangibles	(2)	0
Other	(6)	(6)
Total deferred tax liabilities	(69)	(73)
Net deferred tax asset after valuation allowance	$ 299	$ 347

INCOME TAXES - Valuation Allowa

INCOME TAXES - Valuation Allowances (Details) $ in Millions	12 Months Ended				24 Months Ended	36 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	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	$ 6	$ 22				$ 22
Expired foreign tax credit	14
Cumulative pretax income, including discontinued operations						244
Foreign income tax expense (benefit) for release of valuation allowance	19	19	$ 48
Valuation allowance recorded in other comprehensive loss	2	2	2
Reduction in valuation allowance	12	35
Valuation allowance recorded in income tax (benefit) provision	$ 10	33
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
Valuation allowance	80	92				92
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
Foreign
Valuation allowances
Valuation allowance	35	37	25		$ 25	37	25
U.S.
Valuation allowances
Valuation allowance recorded in other comprehensive loss			404
Valuation allowance recorded in income tax (benefit) provision			406
Valuation allowance	45	$ 55	$ 102		$ 102	$ 55	$ 102
U.S. | Tax year 2016
Valuation allowances
Cumulative NOL available for use in 2016	72
U.S. | Minimum | Tax years 2016-2024
Valuation allowances
NOL annual limitation	59
U.S. | Maximum | Tax year 2024
Valuation allowances
NOL annual limitation	8
Release of valuation allowance | Foreign
Valuation allowances
Foreign income tax expense (benefit) for release of valuation allowance	21
Release of valuation allowance | State
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
General business tax credit carryforward
Valuation allowances
Tax credit carryforward, valuation allowance	$ 10

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
U.S.
Income taxes
NOL	$ 539	$ 560
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	824	867
Foreign
Income taxes
NOL	$ 161	$ 181

INCOME TAXES - Tax Credit Carry

INCOME TAXES - Tax Credit Carryforwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income taxes
Increase/(Decrease) in deferred tax liability due to repatriation of undistributed earnings of foreign subsidiaries	$ (3)	$ (10)
Undistributed earnings of foreign subsidiaries	457
U.S.
Income taxes
Tax credit carryforwards	33	41
State
Income taxes
Tax credit carryforwards	$ 2	$ 2

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	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	27	$ 28	$ 44
Gross increases for tax positions taken during current year	2	0	2
Gross increases for tax positions taken during a prior period	1	3	2
Gross decreases for tax positions taken during a prior period	(1)	(2)	(19)
Settlements / payments	(3)	(1)	(2)
Foreign currency impact	0	(1)	1
Balance at the end of the period	26	27	28
Interest expense related to unrecognized tax benefits			$ 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 (L65

CAPITAL STOCK AND EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($)	1 Months Ended				3 Months Ended								6 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2014	Nov. 30, 2014	May 31, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Oct. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 30, 2013
Earnings Per Share [Abstract]
Shares authorized pursuant to Plan					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
Shares issued					100,600,000				100,600,000					100,600,000	100,600,000
Shares held in treasury					37,600,000				33,400,000					37,600,000	33,400,000
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	4,500,000	6,200,000	12,100,000
Value of shares repurchased		$ 302,000,000											$ 382,000,000	$ 116,000,000	$ 150,000,000	$ 287,000,000
Authorized shares expired unpurchased			$ 9,000,000
Value of shares repurchased (in dollars per share)		$ 24.2
Number of shares repurchased through open market		1,200,000
Value of shares repurchased through open market		$ 28,000,000
Antidilutive securities excluded from the calculation of diluted earnings (loss) per share														900,000
Reconciliation of the shares used in the computation of earnings (loss) per share
Weighted average shares outstanding - Basic					63,000,000	63,000,000	63,500,000	65,700,000	67,400,000	67,500,000	67,600,000	68,800,000		63,800,000	67,800,000	90,200,000
Dilutive effect of common share equivalents														0	1,000,000	1,300,000
Weighted average shares outstanding - Diluted					64,100,000	63,900,000	64,200,000	65,700,000	68,500,000	68,300,000	68,500,000	69,800,000		63,800,000	68,800,000	91,500,000

ACCUMULATED OTHER COMPREHENSI66

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	$ (462)	$ (397)
Other comprehensive (loss) income before reclassifications	(39)	(71)
Amounts reclassified from AOCL	135	6
Net current period other comprehensive (loss) income	96	(65)	$ (117)
Balance at the end of the period	(366)	(462)	(397)
Foreign Currency Translation Adjustments
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(141)	(86)
Other comprehensive (loss) income before reclassifications	(44)	(52)
Amounts reclassified from AOCL	2	(3)
Net current period other comprehensive (loss) income	(42)	(55)
Balance at the end of the period	(183)	(141)	(86)
Unrecognized Pension and Other Post-Retirement Benefit Costs
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	(321)	(306)
Other comprehensive (loss) income before reclassifications	5	(26)
Amounts reclassified from AOCL	133	11
Net current period other comprehensive (loss) income	138	(15)
Balance at the end of the period	(183)	(321)	(306)
Available for Sale Securities - Adjustments
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	0	(5)
Other comprehensive (loss) income before reclassifications	0	7
Amounts reclassified from AOCL	0	(2)
Net current period other comprehensive (loss) income	0	5
Balance at the end of the period	$ 0	$ 0	$ (5)

ACCUMULATED OTHER COMPREHENSI67

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassifications out of AOCL to net earnings
Liquidation of consolidated entities									$ (2)	$ 8	$ 0
Loss (gain) on sale of business									(1)	(4)	529
Earnings from continuing operations before income taxes									14	152	579
Net (loss) earnings	$ 22	$ 25	$ 34	$ (96)	$ 66	$ 31	$ 19	$ 20	(15)	136	763
Net of tax									0	5	(5)
Total reclassifications									135	6
Foreign currency translation items
Reclassifications out of AOCL to net earnings
Total reclassifications									2	(3)
Foreign currency translation items | Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Liquidation of consolidated entities									(2)	8	0
Loss (gain) on sale of business									0	(5)	3
Net (loss) earnings									(2)	3	3
Defined benefit pension plan
Reclassifications out of AOCL to net earnings
Total reclassifications									133	11
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									(10)	(22)	(18)
Settlement loss									(162)	0	(21)
Earnings from continuing operations before income taxes									(167)	(17)	(34)
Total tax									34	6	3
Net (loss) earnings									(133)	(11)	(31)
Total reclassifications									(135)	(6)	(28)
Available for sale securities
Reclassifications out of AOCL to net earnings
Total reclassifications									0	(2)
Available for sale securities | Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Gain on sale of Platform shares									0	2	0
Net of tax									$ 0	$ 2	$ 0

STOCK INCENTIVE PLANS (Details)

STOCK INCENTIVE PLANS (Details) - shares	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2016	Dec. 31, 2015
Stock incentive plans
Number of shares available for grant		4,000,000	4,300,000
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, 2016	Dec. 31, 2015	Dec. 31, 2014
STOCK INCENTIVE PLANS
Stock-based compensation expense	$ 13	$ 12	$ 14
SG&A
STOCK INCENTIVE PLANS
Stock-based compensation expense	12	11	13
Cost of goods sold
STOCK INCENTIVE PLANS
Stock-based compensation expense	$ 1	$ 1	$ 1
Corporate
STOCK INCENTIVE PLANS
Percentage of stock-based compensation expense allocated to operating segments	81.00%	81.00%	77.00%
Operating segments
STOCK INCENTIVE PLANS
Percentage of stock-based compensation expense allocated to operating segments	19.00%	19.00%	23.00%

STOCK INCENTIVE PLANS - Stock O

STOCK INCENTIVE PLANS - Stock Options Activities (Details) - NQOs - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Shares
Outstanding at the beginning of the year (in shares)	0.9
Outstanding at the end of the year (in shares)	0.9	0.9
Shares	0.9
Weighted Average Remaining Contractual Life
Outstanding	4 years 10 months 24 days	5 years 9 months 18 days
Exercisable	4 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding at the beginning of the period	$ 14	$ 9
Exercised	1	$ 17	$ 5
Exercisable	$ 14
Average
Price Per Share
Outstanding at the beginning of the period, Average (in dollars per share)	$ 17.38
Outstanding at the end of the period, Average (in dollars per share)	17.35	$ 17.38
Price per share (in dollars per share)	$ 17.35

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, 2016	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Tax Benefits of Stock-Based Compensation Plans
Cash tax benefit						$ 5
Proceeds from exercise of stock options				$ 1	$ 20	$ 10
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
Granted (in shares)				0.4
Vested (in shares)				(0.4)
Unvested RSU awards at the end of the period (in shares)				1	1
Weighted Average Grant Date Fair Value
Unvested RSU awards at the beginning of the period (in dollars per share)				$ 26.89
Granted (in dollars per share)				26.68	$ 29.61	$ 25.56
Vested (in dollars per share)				25.04
Unvested RSU awards at the end of the period (in dollars per share)				$ 27.40	$ 26.89
Unvested RSU awards, aggregate fair value				$ 35	$ 28
Vested RSU awards, aggregate fair value				9	$ 16	$ 8
Unrecognized compensation expense
Remaining unrecognized compensation expense associated with unvested awards				$ 10
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)	$ 28.89
2014 Awards | Time-based RSU
Stock incentive plans
Grants approved (in shares)		0.2
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)		$ 34.91
2013 Awards | Time-based RSU
Stock incentive plans
Grants approved (in shares)			0.4
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)			$ 26.98

PENSION AND OTHER POST-RETIRE72

PENSION AND OTHER POST-RETIREMENT PLANS - Benefit Obligations (Details) retiree_or_beneficiary in Thousands, £ in Millions, $ in Millions	Feb. 17, 2016USD ($)	May 31, 2011USD ($)subsidiary	May 31, 2011GBP (£)subsidiary	Mar. 31, 2016USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2014USD ($)	Mar. 31, 2014GBP (£)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Feb. 22, 2016USD ($)retiree_or_beneficiary
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								$ 60	$ 31
Qualified Domestic Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year				$ 598				598	652
Service cost								0	0	$ 0
Interest cost								11	24
Actuarial (gains) losses								(9)	(32)
Benefits paid								(20)	(46)
Settlements								(363)	0
Foreign currency exchange rate changes								0	0
Other								0	0
Projected benefit obligation at end of year					652			217	598	652
Accumulated benefit obligation at end of year								$ 217	$ 598
Weighted-average year-end assumptions used to determine benefit obligations:
Discount rate								4.00%	4.10%
Rate of compensation increase								3.00%	3.00%
Change in plan assets:
Fair value of plan assets at beginning of year				531				$ 531	$ 570
Actual return on plan assets								14	(7)
Employer contributions								35	14
Benefits paid								(20)	(46)
Settlements								(354)	0
Foreign currency exchange rate changes								0	0
Other								0	0
Fair value of plan assets at end of year					570			$ 206	531	570
Qualified Domestic Plans | Equity securities
Target allocations
Target allocations								32.00%
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%
International and Non-Qualified Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year				495				$ 495	542
Service cost								2	2	2
Interest cost								16	17
Actuarial (gains) losses								78	(6)
Benefits paid								(22)	(20)
Settlements								(2)	(4)
Foreign currency exchange rate changes								(70)	(36)
Other								2	0
Projected benefit obligation at end of year					542			499	495	542
Accumulated benefit obligation at end of year								$ 499	$ 494
Weighted-average year-end assumptions used to determine benefit obligations:
Discount rate								2.57%	3.46%
Rate of compensation increase								2.44%	2.42%
Change in plan assets:
Fair value of plan assets at beginning of year				416				$ 416	$ 455
Actual return on plan assets								87	3
Employer contributions								18	9
Benefits paid								(22)	(20)
Settlements								(2)	(4)
Foreign currency exchange rate changes								(73)	(27)
Other								2	0
Fair value of plan assets at end of year					455			$ 426	416	455
International and Non-Qualified Plans | Equity securities
Target allocations
Target allocations								25.00%
International and Non-Qualified Plans | Fixed income securities
Target allocations
Target allocations								66.00%
International and Non-Qualified Plans | Other types of investments
Target allocations
Target allocations								9.00%
International and Non-Qualified Plans | UNITED KINGDOM
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	1		$ 12	£ 8
Gain related to adjustment for plan to SG & A				(2)	(4)
Change in projected benefit obligation:
Projected benefit obligation at beginning of year						$ 6				6
Post-Retirement Health Care Plans
Change in projected benefit obligation:
Projected benefit obligation at beginning of year				94				$ 94	108
Service cost								0	0	0
Interest cost								4	4
Actuarial (gains) losses								(5)	(8)
Benefits paid								(7)	(7)
Settlements								0	0
Foreign currency exchange rate changes								0	(3)
Other								0	0
Projected benefit obligation at end of year					108			$ 86	$ 94	108
Weighted-average year-end assumptions used to determine benefit obligations:
Discount rate								3.77%	3.97%
Health care cost trend rate								6.25%	4.87%
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								$ 4
Effect of one percentage point decrease in assumed health care cost trend rates on accumulated post-retirement benefit obligation								3
Change in plan assets:
Fair value of plan assets at beginning of year				0				0	$ 0
Actual return on plan assets								0	0
Employer contributions								7	7
Benefits paid								(7)	(7)
Settlements								0	0
Foreign currency exchange rate changes								0	0
Other								0	0
Fair value of plan assets at end of year					$ 0			$ 0	$ 0	$ 0
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								3 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								8 years
Evercore Trust and VOYA Retirement Insurance & Annuity Company | Qualified Domestic Plans
Pension and other post-retirement benefit plans
Number of retirees or designated beneficiaries | retiree_or_beneficiary											5
Projected benefit obligation increase (decrease)	$ (363)
Annuity purchase price											$ 354
Change in projected benefit obligation:
Settlements				(162)
Change in plan assets:
Employer contributions				$ 35

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, 2016	Dec. 31, 2014
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
Purchases	1
Transfers to Level 1	(41)
Unrealized gains	2
Fair value of plan assets at end of year	37
Significant Unobservable Inputs (Level 3) | Alternative Collective funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	60
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	60
Purchases	0
Transfers to Level 1	(41)
Unrealized gains	2
Fair value of plan assets at end of year	21
Significant Unobservable Inputs (Level 3) | Other instruments
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	15
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	15
Purchases	1
Transfers to Level 1	0
Unrealized gains	0
Fair value of plan assets at end of year	16
Qualified Domestic Plans
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	531	$ 570
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	531
Fair value of plan assets at end of year	206
Qualified Domestic Plans | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	146
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	146
Fair value of plan assets at end of year	83
Qualified Domestic Plans | U.S. government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	62
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	62
Fair value of plan assets at end of year	16
Qualified Domestic Plans | Pooled fixed income funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	263
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	263
Fair value of plan assets at end of year	86
Qualified Domestic Plans | Alternative Collective funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	60
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	60
Fair value of plan assets at end of year	21
Qualified Domestic Plans | Other instruments
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 | 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
Qualified Domestic Plans | Quoted Prices in Active Markets for Identical Assets (Level 1)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	409
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	409
Fair value of plan assets at end of year	169
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	146
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	146
Fair value of plan assets at end of year	83
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	263
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	263
Fair value of plan assets at end of year	86
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	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) | 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
Qualified Domestic Plans | Significant Observable Inputs (Level 2)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	62
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	62
Fair value of plan assets at end of year	16
Qualified Domestic Plans | Significant Observable Inputs (Level 2) | U.S. government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	62
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	62
Fair value of plan assets at end of year	16
Qualified Domestic Plans | Significant Unobservable Inputs (Level 3)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	60
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	60
Fair value of plan assets at end of year	21
Qualified Domestic Plans | Significant Unobservable Inputs (Level 3) | Alternative Collective funds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	60
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	60
Fair value of plan assets at end of year	21
International and Non-Qualified Plans
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	416	$ 455
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	416
Fair value of plan assets at end of year	426
International and Non-Qualified Plans | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	120
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	120
Fair value of plan assets at end of year	88
International and Non-Qualified Plans | International government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	16
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	16
Fair value of plan assets at end of year	17
International and Non-Qualified Plans | 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	307
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
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	6
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	6
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) | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	5
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	5
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
International and Non-Qualified Plans | Significant Observable Inputs (Level 2)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	395
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	395
Fair value of plan assets at end of year	405
International and Non-Qualified Plans | Significant Observable Inputs (Level 2) | Pooled equity
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	115
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	115
Fair value of plan assets at end of year	83
International and Non-Qualified Plans | Significant Observable Inputs (Level 2) | International government bonds
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	16
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	16
Fair value of plan assets at end of year	17
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	264
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	264
Fair value of plan assets at end of year	305
International and Non-Qualified Plans | Significant Unobservable Inputs (Level 3)
PENSION AND OTHER POST-RETIREMENT PLANS
Fair value of plan assets	15
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	15
Fair value of plan assets at end of year	16
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	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	2
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) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)plan	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Noncurrent liability	$ (207)	$ (270)
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Employer contributions	60	31
Projected benefit obligation in excess of plan assets at end of year:
Projected benefit obligation	439	820
Fair value of plan assets	217	534
Accumulated benefit obligation in excess of plan assets at end of year:
Projected benefit obligation	345	725
Accumulated benefit obligation	344	725
Fair value of plan assets	210	533
Weighted-average assumptions used to determine net cost:
Receivable related to additional cash contributions	11	9	$ 11
Qualified Domestic Plans
Funded status, end of year:
Fair value of plan assets	206	531	570
Benefit obligations	217	598	652
Net amount recognized	(11)	(67)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Noncurrent assets	0	0
Current liability	0	0
Noncurrent liability	(11)	(67)
Net amount recognized	(11)	(67)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	92	270
Prior service credit	0	0
Net amount recognized	92	270
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Actuarial loss	2
Prior service credit	0
Total amortization cost (credit)	2
Employer contributions	35	14
Discretionary contributions	35	14
Expected Employer Contributions:
2,017	0
Expected Benefit Payments:
2,017	12
2,018	13
2,019	13
2,020	13
2,021	14
2022-2026	70
Components of net periodic benefit cost (credit):
Service cost	0	0	0
Interest cost	11	24	28
Expected return on plan assets	(20)	(39)	(41)
Amortization of prior service cost	0	0	0
Recognized actuarial losses	4	13	11
Settlement loss recognized	162	0	21
Net periodic benefit cost	$ 157	$ (2)	$ 19
Weighted-average assumptions used to determine net cost:
Discount rate	4.10%	3.80%	4.60%
Expected return on plan assets	7.50%	7.50%	7.50%
Rate of compensation increase	3.00%	3.00%	3.00%
International and Non-Qualified Plans
Funded status, end of year:
Fair value of plan assets	$ 426	$ 416	$ 455
Benefit obligations	499	495	542
Net amount recognized	(73)	(79)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Noncurrent assets	51	46
Current liability	(7)	(8)
Noncurrent liability	(117)	(117)
Net amount recognized	(73)	(79)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	143	137
Prior service credit	0	0
Net amount recognized	143	137
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Actuarial loss	6
Prior service credit	0
Total amortization cost (credit)	6
Employer contributions	18	9
Expected Employer Contributions:
2,017	15
Expected Benefit Payments:
2,017	21
2,018	22
2,019	23
2,020	25
2,021	24
2022-2026	133
Components of net periodic benefit cost (credit):
Service cost	2	2	2
Interest cost	16	17	21
Expected return on plan assets	(19)	(22)	(26)
Amortization of prior service cost	0	0	0
Recognized actuarial losses	4	6	4
Settlement loss recognized	0	0	0
Net periodic benefit cost	$ 3	$ 3	$ 1
Weighted-average assumptions used to determine net cost:
Discount rate	3.63%	3.47%	4.20%
Expected return on plan assets	5.13%	5.66%	6.68%
Rate of compensation increase	2.42%	2.41%	2.85%
International and Non-Qualified Plans | UNITED KINGDOM
Funded status, end of year:
Benefit obligations				$ 6
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Number of domestic qualified plans | plan	1
Post-Retirement Health Care Plans
Funded status, end of year:
Fair value of plan assets	$ 0	$ 0	$ 0
Benefit obligations	86	94	108
Net amount recognized	(86)	(94)
Amounts recognized in the Consolidated Balance Sheets at the end of year consist of:
Noncurrent assets	0	0
Current liability	(7)	(8)
Noncurrent liability	(79)	(86)
Net amount recognized	(86)	(94)
Amounts recognized in accumulated other comprehensive loss consist of:
Net actuarial loss	31	38
Prior service credit	(25)	(30)
Net amount recognized	6	8
Estimated amounts that will be amortized from AOCL into net periodic benefit cost (credit) in next fiscal year
Actuarial loss	2
Prior service credit	(4)
Total amortization cost (credit)	(2)
Employer contributions	7	7
Expected Employer Contributions:
2,017	8
Expected Benefit Payments:
2,017	8
2,018	7
2,019	7
2,020	7
2,021	6
2022-2026	27
Components of net periodic benefit cost (credit):
Service cost	0	0	0
Interest cost	4	4	4
Expected return on plan assets	0	0	0
Amortization of prior service cost	(5)	(5)	(5)
Recognized actuarial losses	2	3	3
Settlement loss recognized	0	0	0
Net periodic benefit cost	$ 1	$ 2	$ 2
Weighted-average assumptions used to determine net cost:
Discount rate	3.83%	3.70%	4.45%
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)	$ 0

FINANCIAL INSTRUMENTS AND FAI75

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value Measurements
Amount of transfer of assets out of Level 1 into Level 2	$ 0
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurements
Fair value of asset	$ 5,000,000	$ 4,000,000

LEGAL PROCEEDINGS AND CONTING76

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Period for accrual of probable and reasonable remediation costs on an undiscounted basis	10 years
Environmental
Commitments and Contingencies Disclosure [Abstract]
Period for accrual of probable and reasonable remediation costs on an undiscounted basis	10 years
Environmental Liabilities that Have Not Been Discharged or Settled
Amount accrued for environmental liabilities	$ 61	$ 63
Environmental liabilities reflected as accrued expenses	13	16
Environmental liabilities reflected as other liabilities	48	47
Pre-tax charge for clean-up costs	7	8	$ 6
Payments for clean-up costs	8	$ 14	$ 18
Environmental | Maximum
Environmental Liabilities that Have Not Been Discharged or Settled
Reasonably possible ongoing environmental liabilities	$ 71

LEGAL PROCEEDINGS AND CONTING77

LEGAL PROCEEDINGS AND CONTINGENCIES - Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit	$ 14	$ 14
Guarantees provided to financial institutions
Guarantees
Outstanding guarantees	$ 5	$ 6

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)product	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
BUSINESS SEGMENT DATA
Term of supply contract									6 years
Net sales	$ 385	$ 414	$ 441	$ 414	$ 399	$ 444	$ 464	$ 438	$ 1,654	$ 1,745	$ 2,190
OPERATING INCOME									46	162	619
Amortization	(9)	(10)	$ (10)	(9)	(9)	$ (10)	$ (10)	$ (9)
Facility closures, severance and related costs	(2)	$ (11)							(1)	(3)	(25)
Merger and integration costs									(13)	0	0
Loss (gain) on sale of business									(1)	(4)	529
Impairment charges									(1)	(1)	0
Pension settlement				$ (162)					(162)	0	(21)
Depreciation and amortization									85	93	102
Assets	2,168				2,360				2,168	2,360	2,660
Capital expenditures									88	80	113
Operating segments
BUSINESS SEGMENT DATA
OPERATING INCOME									279	234	208
Depreciation and amortization									76	79	86
Assets	1,277				1,298				1,277	1,298	1,425
Capital expenditures									84	79	111
Segment Reconciling Items
BUSINESS SEGMENT DATA
General corporate expense									(48)	(52)	(59)
Amortization									(7)	(12)	(13)
Facility closures, severance and related costs									(1)	(3)	(25)
Merger and integration costs									(13)	0	0
Loss (gain) on sale of business									$ (1)	(4)	529
Chemtura AgroSolutions | Operating segments
BUSINESS SEGMENT DATA
Number of major product lines | product									6
Net sales									$ 110	137	403
OPERATING INCOME									37	35	86
Depreciation and amortization									4	4	8
Assets	49				50				49	50	87
Capital expenditures									1	1	6
Corporate
BUSINESS SEGMENT DATA
Depreciation and amortization									9	14	16
Assets	891				1,062				891	1,062	1,235
Capital expenditures									4	1	2
Industrial Performance Products | Operating segments
BUSINESS SEGMENT DATA
Net sales									823	886	987
OPERATING INCOME									148	141	106
Depreciation and amortization									30	28	34
Assets	547				578				547	578	642
Capital expenditures									26	31	54
Industrial Performance Products | Petroleum additives | Operating segments
BUSINESS SEGMENT DATA
Net sales									576	614	687
Industrial Performance Products | Urethanes | Operating segments
BUSINESS SEGMENT DATA
Net sales									247	272	300
Industrial Engineered Products | Operating segments
BUSINESS SEGMENT DATA
Net sales									721	722	800
OPERATING INCOME									94	58	16
Depreciation and amortization									42	47	44
Assets	$ 681				$ 670				681	670	696
Capital expenditures									57	47	51
Industrial Engineered Products | Bromine based & related products | Operating segments
BUSINESS SEGMENT DATA
Net sales									555	575	641
Industrial Engineered Products | Organometallics | Operating segments
BUSINESS SEGMENT DATA
Net sales									$ 166	$ 147	$ 159
Minimum | Chemtura AgroSolutions | Platform
BUSINESS SEGMENT DATA
Term of supply contract									2 years
Maximum | Chemtura AgroSolutions
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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 385	$ 414	$ 441	$ 414	$ 399	$ 444	$ 464	$ 438	$ 1,654	$ 1,745	$ 2,190
Property, plant and equipment	652				663				652	663	704
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									674	751	888
Property, plant and equipment	343				333				343	333	338
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									40	46	48
Property, plant and equipment	47				44				47	44	54
Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									37	74	174
Property, plant and equipment	7				8				7	8	10
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									510	504	639
Property, plant and equipment	144				156				144	156	181
Asia/Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									393	370	441
Property, plant and equipment	$ 111				$ 122				$ 111	$ 122	$ 121

GUARANTOR CONDENSED CONSOLIDA80

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed consolidating statement of operations
Net sales	$ 385	$ 414	$ 441	$ 414	$ 399	$ 444	$ 464	$ 438	$ 1,654	$ 1,745	$ 2,190
Cost of goods sold									1,181	1,312	1,682
Selling, general and administrative									143	151	234
Depreciation and amortization									85	93	102
Research and development									21	20	36
Facility closures, severance and related costs	2	11							1	3	25
Merger and integration costs									13	0	0
Loss (gain) on sale of business									1	4	(529)
Impairment charges									1	1	0
Pension settlement				162					162	0	21
Equity income									0	(1)	0
OPERATING INCOME									46	162	619
Interest expense									(32)	(30)	(45)
Loss on early extinguishment of debt									0	0	(7)
Other (expense) income, net									0	20	12
Equity in net earnings (loss) of subsidiaries									0	0	0
Earnings from continuing operations before income taxes									14	152	579
Income tax (expense) benefit									(29)	(16)	192
(Loss) earnings from continuing operations									(15)	136	771
Earnings (loss) from discontinued operations, net of tax									0	0	1
(Loss) earnings on sale of discontinued operations, net of tax					0	0	1	(1)	0	0	(9)
Net (loss) earnings	$ 22	$ 25	$ 34	$ (96)	$ 66	$ 31	$ 19	$ 20	(15)	136	763
Parent Company
Condensed consolidating statement of operations
Net sales									1,046	1,139	1,346
Cost of goods sold									795	928	1,112
Selling, general and administrative									91	96	129
Depreciation and amortization									20	22	25
Research and development									14	11	14
Facility closures, severance and related costs									1	0	3
Merger and integration costs									13
Loss (gain) on sale of business									0	13	(399)
Impairment charges									0	0
Pension settlement									162		21
Equity income										(1)
OPERATING INCOME									(50)	70	441
Interest expense									(32)	(33)	(50)
Loss on early extinguishment of debt											(7)
Other (expense) income, net									(14)	1	(11)
Equity in net earnings (loss) of subsidiaries									90	96	145
Earnings from continuing operations before income taxes									(6)	134	518
Income tax (expense) benefit									(9)	2	244
(Loss) earnings from continuing operations											762
Earnings (loss) from discontinued operations, net of tax											1
(Loss) earnings on sale of discontinued operations, net of tax											0
Net (loss) earnings									(15)	136	763
Guarantor Subsidiaries
Condensed consolidating statement of operations
Net sales									341	378	437
Cost of goods sold									283	308	370
Selling, general and administrative									8	11	16
Depreciation and amortization									29	37	32
Research and development									1	4	6
Facility closures, severance and related costs									1	4	2
Merger and integration costs									0
Loss (gain) on sale of business									0	0	0
Impairment charges									1	0
Pension settlement									0		0
Equity income										0
OPERATING INCOME									18	14	11
Interest expense									0	0	0
Loss on early extinguishment of debt											0
Other (expense) income, net									7	1	2
Equity in net earnings (loss) of subsidiaries									(1)	0	0
Earnings from continuing operations before income taxes									24	15	13
Income tax (expense) benefit									(1)	2	(4)
(Loss) earnings from continuing operations											9
Earnings (loss) from discontinued operations, net of tax											0
(Loss) earnings on sale of discontinued operations, net of tax											(8)
Net (loss) earnings									23	17	1
Non-Guarantor Subsidiaries
Condensed consolidating statement of operations
Net sales									1,537	1,548	2,285
Cost of goods sold									1,373	1,396	2,078
Selling, general and administrative									44	44	89
Depreciation and amortization									36	34	45
Research and development									6	5	16
Facility closures, severance and related costs									(1)	(1)	20
Merger and integration costs									0
Loss (gain) on sale of business									1	(9)	(130)
Impairment charges									0	1
Pension settlement									0		0
Equity income										0
OPERATING INCOME									78	78	167
Interest expense									0	3	5
Loss on early extinguishment of debt											0
Other (expense) income, net									7	18	21
Equity in net earnings (loss) of subsidiaries									0	0	0
Earnings from continuing operations before income taxes									85	99	193
Income tax (expense) benefit									(19)	(20)	(48)
(Loss) earnings from continuing operations											145
Earnings (loss) from discontinued operations, net of tax											0
(Loss) earnings on sale of discontinued operations, net of tax											(1)
Net (loss) earnings									66	79	144
Eliminations
Condensed consolidating statement of operations
Net sales									(1,270)	(1,320)	(1,878)
Cost of goods sold									(1,270)	(1,320)	(1,878)
Selling, general and administrative									0	0	0
Depreciation and amortization									0	0	0
Research and development									0	0	0
Facility closures, severance and related costs									0	0	0
Merger and integration costs									0
Loss (gain) on sale of business									0	0	0
Impairment charges									0	0
Pension settlement									0		0
Equity income										0
OPERATING INCOME									0	0	0
Interest expense									0	0	0
Loss on early extinguishment of debt											0
Other (expense) income, net									0	0	0
Equity in net earnings (loss) of subsidiaries									(89)	(96)	(145)
Earnings from continuing operations before income taxes									(89)	(96)	(145)
Income tax (expense) benefit									0	0	0
(Loss) earnings from continuing operations											(145)
Earnings (loss) from discontinued operations, net of tax											0
(Loss) earnings on sale of discontinued operations, net of tax											0
Net (loss) earnings									$ (89)	$ (96)	$ (145)

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Statement of Income Captions [Line Items]
Net (loss) earnings	$ 22	$ 25	$ 34	$ (96)	$ 66	$ 31	$ 19	$ 20	$ (15)	$ 136	$ 763
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									(42)	(55)	(73)
Unrecognized pension and other post-retirement benefit costs									138	(15)	(39)
Available for sale securities adjustment									0	5	(5)
Comprehensive income									81	71	646
Parent Company
Condensed Statement of Income Captions [Line Items]
Net (loss) earnings									(15)	136	763
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									17	24	45
Unrecognized pension and other post-retirement benefit costs									141	(6)	(32)
Available for sale securities adjustment										5	(5)
Comprehensive income									143	159	771
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net (loss) earnings									23	17	1
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									0	0	0
Unrecognized pension and other post-retirement benefit costs										0	0
Available for sale securities adjustment										0	0
Comprehensive income									23	17	1
Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net (loss) earnings									66	79	144
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments									(59)	(79)	(118)
Unrecognized pension and other post-retirement benefit costs									(3)	(9)	(7)
Available for sale securities adjustment										0	0
Comprehensive income									4	(9)	19
Eliminations
Condensed Statement of Income Captions [Line Items]
Net (loss) earnings									(89)	(96)	(145)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments										0	0
Unrecognized pension and other post-retirement benefit costs										0	0
Available for sale securities adjustment										0	0
Comprehensive income									$ (89)	$ (96)	$ (145)

GUARANTOR CONDENSED CONSOLIDA82

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Current assets	$ 865	$ 978
Intercompany receivables	0	0
Investment in subsidiaries	0	0
Property, plant and equipment	652	663	$ 704
Goodwill	158	166
Other assets	493	553
Total Assets	2,168	2,360	2,660
LIABILITIES AND EQUITY
Current liabilities	310	361
Intercompany payables	0	0
Long-term debt	457	465
Other long-term liabilities	423	532
Total liabilities	1,190	1,358
Total equity	978	1,002	$ 1,054	$ 999
Total Liabilities and Equity	2,168	2,360
Parent Company
ASSETS
Current assets	259	402
Intercompany receivables	519	541
Investment in subsidiaries	795	782
Property, plant and equipment	111	112
Goodwill	93	93
Other assets	388	440
Total Assets	2,165	2,370
LIABILITIES AND EQUITY
Current liabilities	140	180
Intercompany payables	370	407
Long-term debt	456	455
Other long-term liabilities	221	326
Total liabilities	1,187	1,368
Total equity	978	1,002
Total Liabilities and Equity	2,165	2,370
Guarantor Subsidiaries
ASSETS
Current assets	93	108
Intercompany receivables	223	223
Investment in subsidiaries	1,132	1,135
Property, plant and equipment	232	221
Goodwill	3	3
Other assets	25	29
Total Assets	1,708	1,719
LIABILITIES AND EQUITY
Current liabilities	34	41
Intercompany payables	461	488
Long-term debt	0	0
Other long-term liabilities	69	71
Total liabilities	564	600
Total equity	1,144	1,119
Total Liabilities and Equity	1,708	1,719
Non-Guarantor Subsidiaries
ASSETS
Current assets	513	468
Intercompany receivables	731	846
Investment in subsidiaries	2,742	2,882
Property, plant and equipment	309	330
Goodwill	62	70
Other assets	80	84
Total Assets	4,437	4,680
LIABILITIES AND EQUITY
Current liabilities	136	140
Intercompany payables	642	715
Long-term debt	1	10
Other long-term liabilities	133	135
Total liabilities	912	1,000
Total equity	3,525	3,680
Total Liabilities and Equity	4,437	4,680
Eliminations
ASSETS
Current assets	0	0
Intercompany receivables	(1,473)	(1,610)
Investment in subsidiaries	(4,669)	(4,799)
Property, plant and equipment	0	0
Goodwill	0	0
Other assets	0	0
Total Assets	(6,142)	(6,409)
LIABILITIES AND EQUITY
Current liabilities	0	0
Intercompany payables	(1,473)	(1,610)
Long-term debt	0	0
Other long-term liabilities	0	0
Total liabilities	(1,473)	(1,610)
Total equity	(4,669)	(4,799)
Total Liabilities and Equity	$ (6,142)	$ (6,409)

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings	$ 22	$ 25	$ 34	$ (96)	$ 66	$ 31	$ 19	$ 20	$ (15)	$ 136	$ 763
Adjustments to reconcile net earnings to net cash (used in) provided by operations:
Loss on sale of discontinued operations					0	$ 0	$ (1)	1	0	0	9
Loss (gain) on sale of business									1	4	(529)
Impairment charges									1	1	0
Merger and integration costs									4	0	0
Agrochemical Manufacturing supply agreements									(38)	(38)	(6)
Pension settlement				162					162	0	21
Reclass of translation adjustment from liquidation of entities									2	(8)	0
Loss on early extinguishment of debt									0	0	7
Depreciation and amortization									85	93	102
Stock-based compensation expense									13	12	14
Deferred tax expense (benefit)									8	(14)	(274)
Changes in assets and liabilities, net									(86)	(27)	(185)
Net cash provided by (used in) operating activities									137	159	(78)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									6	3	984
Sale of Platform Specialty Products Corporation shares									0	54	0
Capital expenditures									(88)	(80)	(113)
Net cash (used in) provided by investing activities									(82)	(23)	871
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt									0	1	19
Payments on long-term debt, includes premium on tendering of notes									(44)	(60)	(350)
(Payments on) proceeds from other short term borrowings, net									8	0	(1)
Common shares acquired									(116)	(150)	(618)
Proceeds from the exercise of stock options									1	20	10
Other financing activities									0	0	5
Net cash used in financing activities									(151)	(189)	(935)
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents									(7)	(16)	(15)
Change in cash and cash equivalents									(103)	(69)	(157)
Cash and cash equivalents at beginning of year				323				392	323	392	549
Cash and cash equivalents at end of year	220				323				220	323	392
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings									(15)	136	763
Adjustments to reconcile net earnings to net cash (used in) provided by operations:
Loss on sale of discontinued operations											0
Loss (gain) on sale of business									0	13	(399)
Impairment charges									0	0
Merger and integration costs									4
Agrochemical Manufacturing supply agreements									(35)	(35)	(5)
Pension settlement									162		21
Reclass of translation adjustment from liquidation of entities									0	0
Loss on early extinguishment of debt											7
Depreciation and amortization									20	22	25
Stock-based compensation expense									13	12	14
Deferred tax expense (benefit)									4	(1)	(278)
Changes in assets and liabilities, net									(118)	(74)	(239)
Net cash provided by (used in) operating activities									35	73	(91)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									0	4	964
Sale of Platform Specialty Products Corporation shares										54
Capital expenditures									(17)	(13)	(18)
Net cash (used in) provided by investing activities									(17)	45	946
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt										0	0
Payments on long-term debt, includes premium on tendering of notes									(41)	(44)	(342)
(Payments on) proceeds from other short term borrowings, net									0		0
Common shares acquired									(116)	(150)	(618)
Proceeds from the exercise of stock options									1	20	10
Other financing activities											5
Net cash used in financing activities									(156)	(174)	(945)
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents									0	0	0
Change in cash and cash equivalents									(138)	(56)	(90)
Cash and cash equivalents at beginning of year				171				227	171	227	317
Cash and cash equivalents at end of year	33				171				33	171	227
Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings									23	17	1
Adjustments to reconcile net earnings to net cash (used in) provided by operations:
Loss on sale of discontinued operations											8
Loss (gain) on sale of business									0	0	0
Impairment charges									1	0
Merger and integration costs									0
Agrochemical Manufacturing supply agreements									0	0	0
Pension settlement									0		0
Reclass of translation adjustment from liquidation of entities									0	0
Loss on early extinguishment of debt											0
Depreciation and amortization									29	37	32
Stock-based compensation expense									0	0	0
Deferred tax expense (benefit)									1	(2)	4
Changes in assets and liabilities, net									(14)	(18)	(27)
Net cash provided by (used in) operating activities									40	34	18
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									0	0	15
Sale of Platform Specialty Products Corporation shares										0
Capital expenditures									(40)	(34)	(33)
Net cash (used in) provided by investing activities									(40)	(34)	(18)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt										0	0
Payments on long-term debt, includes premium on tendering of notes									0	0	0
(Payments on) proceeds from other short term borrowings, net									0		0
Common shares acquired									0	0	0
Proceeds from the exercise of stock options									0	0	0
Other financing activities											0
Net cash used in financing activities									0	0	0
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents									0	0	0
Change in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of year				0				0	0	0	0
Cash and cash equivalents at end of year	0				0				0	0	0
Non-Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings									66	79	144
Adjustments to reconcile net earnings to net cash (used in) provided by operations:
Loss on sale of discontinued operations											1
Loss (gain) on sale of business									1	(9)	(130)
Impairment charges									0	1
Merger and integration costs									0
Agrochemical Manufacturing supply agreements									(3)	(3)	(1)
Pension settlement									0		0
Reclass of translation adjustment from liquidation of entities									2	(8)
Loss on early extinguishment of debt											0
Depreciation and amortization									36	34	45
Stock-based compensation expense									0	0	0
Deferred tax expense (benefit)									3	(11)	0
Changes in assets and liabilities, net									(43)	(31)	(64)
Net cash provided by (used in) operating activities									62	52	(5)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									6	(1)	5
Sale of Platform Specialty Products Corporation shares										0
Capital expenditures									(31)	(33)	(62)
Net cash (used in) provided by investing activities									(25)	(34)	(57)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt										1	19
Payments on long-term debt, includes premium on tendering of notes									(3)	(16)	(8)
(Payments on) proceeds from other short term borrowings, net									8		(1)
Common shares acquired									0	0	0
Proceeds from the exercise of stock options									0	0	0
Other financing activities											0
Net cash used in financing activities									5	(15)	10
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents									(7)	(16)	(15)
Change in cash and cash equivalents									35	(13)	(67)
Cash and cash equivalents at beginning of year				152				165	152	165	232
Cash and cash equivalents at end of year	187				152				187	152	165
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) earnings									(89)	(96)	(145)
Adjustments to reconcile net earnings to net cash (used in) provided by operations:
Loss on sale of discontinued operations											0
Loss (gain) on sale of business									0	0	0
Impairment charges									0	0
Merger and integration costs									0
Agrochemical Manufacturing supply agreements									0	0	0
Pension settlement									0		0
Reclass of translation adjustment from liquidation of entities									0	0
Loss on early extinguishment of debt											0
Depreciation and amortization									0	0	0
Stock-based compensation expense									0	0	0
Deferred tax expense (benefit)									0	0	0
Changes in assets and liabilities, net									89	96	145
Net cash provided by (used in) operating activities									0	0	0
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from divestments, net									0	0	0
Sale of Platform Specialty Products Corporation shares										0
Capital expenditures									0	0	0
Net cash (used in) provided by investing activities									0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long-term debt										0	0
Payments on long-term debt, includes premium on tendering of notes									0	0	0
(Payments on) proceeds from other short term borrowings, net									0		0
Common shares acquired									0	0	0
Proceeds from the exercise of stock options									0	0	0
Other financing activities											0
Net cash used in financing activities									0	0	0
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents									0	0	0
Change in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of year				$ 0				$ 0	0	0	0
Cash and cash equivalents at end of year	$ 0				$ 0				$ 0	$ 0	$ 0

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 385	$ 414	$ 441	$ 414	$ 399	$ 444	$ 464	$ 438	$ 1,654	$ 1,745	$ 2,190
Gross profit	108	125	119	121	104	117	114	98
(Loss) earnings from continuing operations, net of tax					66	31	18	21
(Loss) earnings on sale of discontinued operations, net of tax					0	0	1	(1)	0	0	(9)
Net (loss) earnings	$ 22	$ 25	$ 34	$ (96)	$ 66	$ 31	$ 19	$ 20	$ (15)	$ 136	$ 763
BASIC PER SHARE
(Loss) earnings from continuing operations, net of tax (in dollars per share)					$ 0.98	$ 0.46	$ 0.27	$ 0.31	$ (0.24)	$ 2.01	$ 8.55
(Loss) earnings on sale of discontinued operations, net of tax (in dollars per share)					0	0	0.01	(0.01)	0	0	(0.10)
Net (loss) earnings (in dollars per share)	$ 0.35	$ 0.40	$ 0.54	$ (1.46)	0.98	0.46	0.28	0.30	(0.24)	2.01	8.46
DILUTED PER SHARE
(Loss) earnings from continuing operations, net of tax (in dollars per share)					0.96	0.45	0.26	0.30	(0.24)	1.98	8.43
(Loss) earnings on sale of discontinued operations, net of tax (in dollars per share)					0	0	0.01	(0.01)	0	0	(0.10)
Net (loss) earnings (in dollars per share)	$ 0.34	$ 0.39	$ 0.53	$ (1.46)	$ 0.96	$ 0.45	$ 0.27	$ 0.29	$ (0.24)	$ 1.98	$ 8.34
Basic weighted - average shares outstanding (in shares)	63	63	63.5	65.7	67.4	67.5	67.6	68.8	63.8	67.8	90.2
Diluted weighted - average shares outstanding (in shares)	64.1	63.9	64.2	65.7	68.5	68.3	68.5	69.8	63.8	68.8	91.5
Amortization, net of accretion	$ 9	$ 10	$ 10	$ 9	$ 9	$ 10	$ 10	$ 9
Pension settlement				$ 162					$ 162	$ 0	$ 21
Facility closures, severance and related costs	$ 2	$ 11							$ 1	$ 3	$ 25