LANXESS Solutions US (CEMJQ) 10-Q 29 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Document and Entity Information
Entity Registrant Name	Chemtura CORP
Entity Central Index Key	1091862
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	67,175,569
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Operations
Net sales	$438	$556
COSTS AND EXPENSES
Cost of goods sold	340	436
Selling, general and administrative	36	60
Depreciation and amortization	24	28
Research and development	5	8
Facility closures, severance and related costs	1	2
Loss on sale of business	3
Operating income	29	22
Interest expense	-8	-12
Other income, net	11	3
Earnings from continuing operations before income taxes	32	13
Income tax expense	-11	-3
Earnings from continuing operations	21	10
Earnings from discontinued operations, net of tax		1
Loss on sale of discontinued operations, net of tax	-1	-5
Net earnings	$20	$6
Basic per share information
Earnings from continuing operations (in dollars per share)	$0.31	$0.10
Earnings from discontinued operations, net of tax (in dollars per share)		$0.01
Loss on sale of discontinued operations, net of tax (in dollars per share)	($0.01)	($0.05)
Net earnings (in dollars per share)	$0.30	$0.06
Diluted per share information
Earnings from continuing operations (in dollars per share)	$0.30	$0.10
Earnings from discontinued operations, net of tax (in dollars per share)		$0.01
Loss on sale of discontinued operations, net of tax (in dollars per share)	($0.01)	($0.05)
Net earnings (in dollars per share)	$0.29	$0.06
Weighted average shares outstanding - Basic (in shares)	68.8	96.3
Weighted average shares outstanding - Diluted (in shares)	69.8	97.8

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive (Loss) Income (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements of Comprehensive (loss) Income
Net earnings	$20	$6
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	-38	-6
Unrecognized pension and other post-retirement benefit costs		1
Unrealized gain on available for sale securities	4
Comprehensive (loss) income	($14)	$1

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$245	$392
Accounts receivable, net	259	251
Inventories, net	313	329
Other current assets	233	238
Assets held for sale	2	6
Total current assets	1,052	1,216
NON-CURRENT ASSETS
Property, plant and equipment, net	672	704
Goodwill	166	172
Intangible assets, net	95	99
Deferred tax asset - non-current	300	313
Other assets	158	163
Total assets	2,443	2,667
CURRENT LIABILITIES
Short-term borrowings	2	18
Accounts payable	152	146
Accrued expenses	159	170
Below market contract obligation- current	38	38
Income taxes payable	4	24
Liabilities held for sale	2	9
Total current liabilities	357	405
NON-CURRENT LIABILITIES
Long-term debt	556	556
Pension and post-retirement health care liabilities	299	318
Below market contract obligation - non-current	174	185
Deferred tax liability - non-current	21	25
Other liabilities	116	124
Total liabilities	1,523	1,613
EQUITY
Common stock - $0.01 par value Authorized - 500.0 shares Issued - 100.5 shares at March 31, 2015 and December 31, 2014	1	1
Additional paid-in capital	4,370	4,383
Accumulated deficit	-2,242	-2,262
Accumulated other comprehensive loss	-431	-397
Treasury stock - at cost - 33.4 shares at March 31, 2015 and 28.8 shares at December 31, 2014	-779	-672
Total Chemtura stockholders' equity	919	1,053
Non-controlling interest	1	1
Total equity	920	1,054
Total liabilities and equity	$2,443	$2,667

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, except Per Share data, unless otherwise specified
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, Authorized shares	500	500
Common stock, Issued shares	100.5	100.5
Treasury stock at cost, shares	33.4	28.8

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$20	$6
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Loss on sale of discontinued operations	1	5
Loss on sale of business	3
Below market contract obligation	9
Depreciation and amortization	24	28
Share-based compensation expense	3	4
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable	-23	-75
Inventories	1	-2
Accounts payable	11	39
Pension and post-retirement health care liabilities	-4	-20
Other	-11	-35
Net cash provided by (used in) operating activities	16	-50
CASH FLOWS FROM INVESTING ACTIVITIES
Net Proceeds from divestments,	-2	8
Capital expenditures	-13	-23
Net cash used in investing activities	-15	-15
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of long term debt		10
Payments on long term debt	-17	-111
Payments on other short-term borrowings, net		-1
Common shares acquired	-122	-22
Proceeds from exercise of stock options	3	4
Net cash used in financing activities	-136	-120
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents	-12	-1
Change in cash and cash equivalents	-147	-186
Cash and cash equivalents at beginning of period	392	549
Cash and cash equivalents at end of period	$245	$363

NATURE_OF_OPERATIONS_AND_SUMMA

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	1)NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Nature of Operations
	Chemtura Corporation, together with our consolidated subsidiaries, is a global specialty 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 80 countries.
	Our principal executive offices are located in Philadelphia, PA and Middlebury, CT.
	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.
	The information in the foregoing Consolidated Financial Statements for the quarters ended March 31, 2015 and 2014 is unaudited but reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the results of operations for the interim periods presented.  All such adjustments are of a normal recurring nature, except as otherwise disclosed in the accompanying notes to our Consolidated Financial Statements.
	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 (“U.S.GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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.
	The interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).  The consolidated results of operations for the quarter ended March 31, 2015 are not necessarily indicative of the results expected for the full year.
	Accounting Policies and Other Items
	Included in accounts receivable are allowances for doubtful accounts of $2 million as of March 31, 2015 and December 31, 2014.
	During the three months ended March 31, 2015 and 2014, we made cash interest payments of approximately $14 million and $19 million, respectively.  During the three months ended March 31, 2015 and 2014, we made cash payments for income taxes (net of refunds) of $18 million and $4 million, respectively.
	At March 31, 2015, $4 million of our asset retirement obligation was included in accrued expenses and $13 million was included in other liabilities in our Consolidated Balance Sheet.  At December 31, 2014, $3 million of our asset retirement obligation was included in accrued expenses and $13 million was included in other liabilities in our Consolidated Balance Sheet.
	Accounting Developments
	In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs.  Under current U.S. GAAP, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense.  This ASU requires that they be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, which is similar to the presentation of debt discounts or premiums.  The costs will continue to be amortized to interest expense using the effective interest method.  This ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years.  We do not expect the adoption of this amendment to have a material impact on our financial statements.

DIVESTITURES

DIVESTITURES	3 Months Ended
	Mar. 31, 2015
DIVESTITURES
DIVESTITURES
	2)DIVESTITURES
	Divestitures Reported as Gain or Loss on Sale of Business
	On November 3, 2014, we sold our Chemtura AgroSolutions business to Platform Specialty Products Corporation (“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 is subject to customary post-closing adjustments, primarily for working capital.
	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”) with minimum terms of between two and four years.  In alignment with the change in the nature of operations, we changed the name of this segment to Agrochemical Manufacturing.
	The supply agreements with Platform are designed to recover the cash costs incurred to manufacture the products under the agreement.  Accordingly, the supply agreements are considered below-market contracts for their full term. As of March 31, 2015, our Consolidated Balance Sheet included $212 million, on a discounted basis, which represents the remaining loss of profit on these products over the remaining 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, has been and will continue to be recorded as net sales in the Agrochemical Manufacturing segment on a straight-line basis over the term of each supply agreement based on our estimate of the timing of shipments. The recognition of this obligation will not generate cash flows during the term of the supply agreements.  As of March 31, 2015, the current and long-term portions of this obligation, on a discounted basis, were $38 million and $174 million, respectively.
	As of December 31, 2014, we had not transferred ownership of our wholly-owned subsidiary in Russia and our 15% investment in Certis Europe B.V. (“Certis”) to Platform as provided in the SAPA due to certain pending approvals.  Therefore, the value of these assets and liabilities along with the proceeds received for these investments were presented as assets and liabilities held for sale as of that date.  The value ascribed to these investments as part of the purchase price was received at the closing in November 2014.
	In January 2015, we closed on the sale of our subsidiary in Russia.  The transfer of Certis to Platform is still awaiting certain approvals.  The value of the Certis assets and proceeds received for this investment have been presented as assets and liabilities held for sale as of March 31, 2015.
	The following is a summary of the Chemtura AgroSolutions assets and liabilities held for sale as of March 31, 2015 and December 31, 2014:
	(In millions)	March 31, 2015		December 31, 2014
	Accounts receivable, net	$	—	$	3
	Inventories	—		1
	Other assets	2		2
	Assets	2		6
	Accrued expenses	2		9
	Liabilities	2		9
	Net Assets	$	—	$	(3	)
	Included in the loss on sale of business for the quarter ended March 31, 2015 is customary working capital and other adjustments and the sale of our wholly-owned subsidiary in Russia.
	Divestitures Reported as Discontinued Operations
	In December 2013, we sold our Consumer Products business to KIK Custom Products Inc. (“KIK”) and 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”).  During the three months ended March 31, 2015 and March 31, 2014, we recognized a pre-tax loss of  $1 million ($1 million after tax) and $5 million ($5 million after tax), primarily for transaction costs and post-closing adjustments and obligations which were recognized in loss on sale of discontinued operations, net of tax in the Consolidated Statement of Operations.

RESTRUCTURING_AND_ASSET_IMPAIR

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES	3 Months Ended
	Mar. 31, 2015
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES
	3)RESTRUCTURING ACTIVITIES
	We recorded pre-tax charges of $1 million and $2 million during the first quarters of 2015 and 2014, respectively, to facility closures, severance and related costs in our Consolidated Statements of Operations.  The first quarter 2015 charge was mainly for severance related to the planned closure of our West Lafayette, IN facility that was initiated in February 2015 under the restructuring plan approved by our Board of Directors (the “Board”) in November 2014.  The first quarter 2014 charge was primarily for severance and professional fees related to our organizational restructuring plan that was approved by the Board in 2013.
	A summary of the changes in the liabilities established for restructuring programs during the first quarter of 2015 is as follows:
	(In millions)	Severance and
		Related Costs
	Balance at December 31, 2014	$	21
	2015 charge	1
	Cash payments	(12		)
	Balance at March 31, 2015	$	10
	At March 31, 2015 and December 31, 2014, the balance of these reserves were included in accrued expenses in our Consolidated Balance Sheet.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2015
INVENTORIES
INVENTORIES
	4)INVENTORIES
	(In millions)	March 31, 2015		December 31, 2014
	Finished goods	$	197	$	200
	Work in process	36		35
	Raw materials and supplies	80		94
		$	313	$	329
	Included in the above net inventory balances are inventory obsolescence reserves of approximately $12 million and $13 million at March 31, 2015 and December 31, 2014, respectively.

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2015
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
	5)PROPERTY, PLANT AND EQUIPMENT
	(In millions)	March 31, 2015		December 31, 2014
	Land and improvements	$	69	$	71
	Buildings and improvements	197		209
	Machinery and equipment	1,196		1,248
	Information systems equipment	164		167
	Furniture, fixtures and other	20		22
	Construction in progress	75		82
		1,721		1,799
	Less: accumulated depreciation	1,049		1,095
		$	672	$	704
	Depreciation expense was $21 million and $23 million for the quarters ended March 31, 2015 and 2014, respectively.  Depreciation expense included accelerated depreciation of certain fixed assets associated with our restructuring programs of $1 million and $3 million for the quarters ended March 31, 2015 and March 31, 2014, respectively.

GOODWILL_AND_INTANGIBLE_ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2015
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS
	6)GOODWILL AND INTANGIBLE ASSETS
	Goodwill was $166 million and $172 million at March 31, 2015 and December 31, 2014, respectively.  The decrease in goodwill since December 31, 2014 was due to foreign currency translation.  The goodwill is allocated to the Industrial Performance Products segment.
	Our intangible assets (excluding goodwill) consist of Patents, Trademarks, Customer Relationships, Production rights and Other Intangibles.  At March 31, 2015 and December 31, 2014, our net intangible assets were $95 million and $99 million, respectively.  The decrease was due to amortization expense and foreign currency translation.  Amortization expense related to intangible assets was $3 million and $5 million for the quarters ended March 31, 2015 and 2014, respectively.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2015
DEBT
DEBT
	7)DEBT
	Our debt is comprised of the following:
		March 31, 2015					December 31, 2014
	(In millions)	Carrying Value			Fair Value		Carrying Value			Fair Value
	5.75% Senior Notes due 2021	$	450		$	456	$	450		$	439
	Term Loan due 2016	82			82		82			82
	Other borrowings	26			26		42			42
	Total Debt	558			564		574			563
	Less: Other short-term borrowings	(2		)			(18		)
	Total Long-term debt	$	556				$	556
	Financing Facilities
	2021 Senior Notes
	In July 2013, we completed a registered public offering of $450 million of 5.75% Senior Notes due 2021 (the “2021 Senior Notes”).
	At any time prior to July 15, 2016, we are permitted to redeem some or all of the 2021 Senior Notes at a redemption price equal to 100% of the principal amount thereof plus a make-whole premium (as defined in the indenture governing the 2021 Senior Notes (the “2021 Indenture”)) and accrued and unpaid interest up to, but excluding, the redemption date.  At any time after July 15, 2016, we are permitted to redeem some or all of the 2021 Senior Notes, with the redemption prices being, prior to July 15, 2017, 104.313% of the principal amount; on or after July 15, 2017 and prior to July 15, 2018, 102.875% of the principal amount; on or after July 15, 2018 and prior to July 15, 2019, 101.438% of the principal amount; and thereafter 100% of the principal amount, in each case plus any accrued and unpaid interest to the redemption date.  In addition, prior to July 15, 2016, we may redeem up to 35% of the 2021 Senior Notes from the proceeds of certain equity offerings at a redemption price of 105.75% plus accrued but unpaid interest to the redemption date.  If we experience certain kinds of changes in control, as defined in the 2021 Indenture, we may be required to offer to repurchase all of the 2021 Senior Notes at a redemption price (subject to limitations as described in the 2021 Indenture) equal to 101% of the aggregate principal amount plus accrued and unpaid interest.
	Our 2021 Senior Notes contain covenants that limit our ability to enter into certain transactions, such as incurring secured debt and subsidiary debt and entering into sale and lease-back transactions.
	Our 2021 Senior Notes are subject to certain events of default, including, among others, breach of other agreements in the 2021 Indenture; any guarantee of a significant subsidiary ceasing to be in full force and effect; a default by us or our restricted subsidiaries under any bonds, debentures, notes or other evidences of indebtedness of a certain amount, resulting in its acceleration; and certain events of bankruptcy or insolvency.
	Term Loan
	In August 2010, we entered into the Term Loan due 2016 with Bank of America, N.A., as administrative agent, and other lenders party thereto for an aggregate principal amount of $295 million with an original issue discount of 1%.  The Term Loan permitted us to increase the size of the facility with an accordion feature by up to $125 million.  Repayments were made on the Term Loan in 2013 and 2014 with proceeds from the 2021 Senior Notes offering, the cash proceeds from the sale of businesses and cash on hand.  As of March 31, 2015, $82 million remained outstanding under the Term Loan.
	Borrowings under the amended Term Loan bear interest at a rate per annum equal to, at our election, (i) 1.75% plus the Base Rate (defined as the higher of (a) the Federal Funds rate plus 0.5%; (b) Bank of America’s published prime rate; and (c) the Eurodollar Rate plus 1%) or (ii) 2.75% plus the Eurodollar Rate (defined as the higher of (a) 0.75% and (b) the current LIBOR adjusted for reserve requirements).
	The Term Loan contains covenants that limit, among other things, our ability to enter into certain transactions, such as creating liens, incurring additional indebtedness or repaying certain indebtedness, making investments, paying dividends, and entering into acquisitions, dispositions and joint ventures.
	Additionally, the Term Loan requires that we meet certain financial maintenance covenants including a maximum Secured Leverage Ratio (net of unrestricted cash, as defined in the agreement) of 2.5:1.0 and a minimum Consolidated Interest Coverage Ratio (as defined in the agreement) of 3.0:1.0.  Additionally, the Term Loan contains a covenant related to the repayment of excess cash flow (as defined in the agreement).  As of March 31, 2015, we were in compliance with the covenant requirements of the Term Loan.
	ABL Facility
	In December 2013, we entered into a five-year senior secured revolving credit facility that 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.
	The 2018 ABL Facility Agreement contains certain affirmative and negative covenants (applicable to us, the other borrowing subsidiaries, the guarantors and their respective subsidiaries other than unrestricted subsidiaries), including, without limitation, covenants requiring financial reporting and notices of certain events, and covenants imposing limitations on incurrence of indebtedness and guaranties; liens; loans and investments; asset dispositions; dividends, redemptions, and repurchases of stock and prepayments, redemptions and repurchases of certain indebtedness; mergers, consolidations, acquisitions, joint ventures or creation of subsidiaries; material changes in business; transactions with affiliates; restrictions on distributions from restricted subsidiaries and granting of negative pledges; changes in accounting and reporting; sale leasebacks; and speculative transactions, and a springing financial covenant requiring a minimum trailing four quarter fixed charge coverage ratio of 1.0 to 1.0 at all times during (A) any period from the date when the amount available for borrowings under the 2018 ABL Facility falls below the greater of (i) $25 million and (ii) 10% of the aggregate commitments to the date such available amount has been equal to or greater than the greater of (i) $25 million and (ii) 10% of the aggregate commitments for 30 consecutive days, or (B) any period from the date when the amount available for borrowings under the US ABL Facility falls below the greater of (i) $18 million and (ii) 10% of the aggregate commitments under the US ABL Facility to the date such available amount has been equal to or greater than the greater of (i) $18 million and (ii) 10% of the aggregate commitments under the US ABL Facility for 30 consecutive days.
	At March 31, 2015 and December 31, 2014, we had no borrowings under the 2018 ABL Facility.  However, we had $15 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 March 31, 2015 and December 31, 2014, we had approximately $207 million and $211 million, respectively, of undrawn availability under the 2018 ABL Facility.
	Other Facilities
	In December 2012, we entered into a CNY 250 million (approximately $40 million) 5 year secured credit facility available through December 2017 (the “China Bank Facility”) with Agricultural Bank of China, Nantong Branch (the “ABC Bank”).  The China Bank Facility has been used for funding construction of our manufacturing facility in Nantong, China and 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 March 31, 2015 and December 31, 2014, we had borrowings of $12 million and $27 million, respectively, under the China Bank Facility.  Repayments of principal will be made in semi-annual installments from December 2014 through December 2017.  In January 2015, we prepaid $15 million of the China Bank Facility with proceeds from the sale of the Chemtura AgroSolutions business.  As of March 31, 2015, $12 million remained outstanding under the China Bank Facility.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2015
INCOME TAXES
INCOME TAXES
	8)INCOME TAXES
	We reported income tax expense of $11 million and $3 million for the quarters ended March 31, 2015 and 2014, respectively.  The tax expense reported for the quarter ended March 31, 2015 reflected higher earnings and that following the release of  U.S.valuation allowance in the fourth quarter of 2014, we provided a full tax provision on our U.S. income.  In the fourth quarter of 2014, we concluded that the positive evidence outweighed the negative evidence and that we can utilize our U.S. deferred tax assets before they expire. As a result we released a majority of our U.S. valuation allowance.
	The tax expense reported for the quarter ended March 31, 2014 related to taxable income of certain of our international subsidiaries.
	We have net liabilities related to unrecognized tax benefits of $28 million at March 31, 2015 and December 31, 2014.

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS.
ACCUMULATED OTHER COMPREHENSIVE LOSS
	9)ACCUMULATED OTHER COMPREHENSIVE LOSS
	The components of accumulated other comprehensive loss (“AOCL”), net of tax at March 31, 2015 and December 31, 2014, were as follows:
	(in millions)	Foreign			Unrecognized			Unrealized			Total
		Currency			Pension and			loss on
		Translation			Other Post-			available for
		Adjustments			Retirement			sale securities
					Benefit Costs
	As of December 31, 2014	$	(86	)	$	(306	)	$	(5	)	$	(397	)
	Other comprehensive income (loss) before reclassifications	(43		)	(5		)	4			(44		)
	Amounts reclassified from AOCL	5			5			—			10
	Net current period other comprehensive loss	(38		)	—			4			(34		)
	As of March 31, 2015	$	(124	)	$	(306	)	$	(1	)	$	(431	)
	The following table summarizes the reclassifications from AOCL to the Consolidated Statement of Operations for the quarters ended March 31, 2015 and 2014:
		Amount Reclassified from AOCL						Affected line item in the
		Quarters ended March 31,						consolidated statement of
	(in millions)	2015			2014			operations
	Foreign currency translation items:
	Loss on sale of business (a)	$	(5	)	$	—		Loss on sale of business
	Net of tax	(5		)	—
	Defined benefit pension plan items:
	Amortization of prior-service costs (b)	1			1			Primarily SG&A
	Amortization of actuarial losses (b)	(7		)	(4		)	Primarily SG&A
	Total before tax	(6		)	(3		)
	Total tax	1			—			Income Tax Expense
	Net of tax	(5		)	(3		)
	Total reclassifications	$	(10	)	$	(3	)
	(a) Sale of the Chemtura AgroSolutions business (see Note 2 - Divestitures).
	(b) These items are included in the computation of net periodic benefit pension cost (see Note 12 - Pension and other Post-Retirement Benefit Plans for additional information).

COMMON_SHARES

COMMON SHARES	3 Months Ended
	Mar. 31, 2015
COMMON SHARES
COMMON SHARES
	10)COMMON SHARES
	The computation of basic earnings per common share is based on the weighted average number of common shares outstanding.  The computation of diluted earnings per common share is based on the weighted average number of common and common share equivalents outstanding.
	The following is a reconciliation of the shares used in the computation of earnings per share:
		Quarters ended March 31,
	(In millions)	2015	2014
	Weighted average shares outstanding - Basic	68.8	96.3
	Dilutive effect of common share equivalents	1.0	1.5
	Weighted average shares outstanding - Diluted	69.8	97.8
	In October 2014, the Board approved a share repurchase authorization of up to $500 million conditioned upon the sale of the Chemtura AgroSolutions business.  This repurchase program will expire on December 1, 2015.
	During the quarter ended March 31, 2015, we repurchased 5.1 million shares of our common stock at a cost of $122 million.  As of March 31, 2015, $48 million remained under the share repurchase program.
	The shares are expected to be repurchased from time to time through open market purchases.  The program does not obligate us to repurchase any particular amount of common stock and may be modified or suspended at any time at the Board’s discretion.  The manner, price, number and timing of such repurchases, if any, will be subject to a variety of factors, including market conditions and the applicable rules and regulations of the SEC.  We release the value of treasury shares at the weighted average price per share when shares are issued from treasury.

STOCK_INCENTIVE_PLANS

STOCK INCENTIVE PLANS	3 Months Ended
	Mar. 31, 2015
STOCK INCENTIVE PLANS
STOCK INCENTIVE PLANS
	11)STOCK INCENTIVE 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 restricted stock units (“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.  Stock issuances can be from treasury shares or newly issued shares.
	Share-based compensation expense was $3 million and $4 million for the quarters ended March 31, 2015 and 2014, respectively.  Stock-based compensation expense was primarily reported in SG&A.
	Restricted Stock Units and Performance Shares
	In March 2015, the compensation and governance committee of the Board (the “Compensation Committee”) approved the grant of 0.2 million time-based RSUs under the 2015 long-term incentive awards (the “2015 Awards”).  These RSUs vest ratably over a three-year period.
	In March 2015, the Compensation Committee also approved the grant of 0.2 million performance shares under the 2015 Awards.  The share grant is subject to a performance multiplier of up to 2 times the targeted award.  The performance measurement period is the three calendar year period ending December 31, 2017 and the performance share metric is the relative total shareholder return against the companies comprising the Dow Jones Chemical Index.  The performance shares will be settled as soon as practicable after the performance period but no later than March 15, 2018.  We used the Monte-Carlo simulation model to determine the fair value of the performance shares.  Using this method, the average per share fair value of these awards was $34.91.
	Total remaining unrecognized compensation expense associated with all unvested time-based RSUs and performance shares at March 31, 2015 was $20 million, which will be recognized over the weighted average period of approximately 2 years.

PENSION_AND_OTHER_POSTRETIREME

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2015
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
	12)PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
	Components of our defined benefit plans net periodic benefit (credit) cost for the quarters ended March 31, 2015 and 2014 are as follows:
		Defined Benefit Plans
		Qualified						International and						Post-Retirement
		U.S. Plans						Non-Qualified Plans						Health Care Plans
		Quarters ended March 31,						Quarters ended March 31,						Quarters ended March 31,
	(In millions)	2015			2014			2015			2014			2015			2014
	Service cost	$	—		$	—		$	—		$	1		$	—		$	—
	Interest cost	6			7			4			5			1			1
	Expected return on plan assets	(10		)	(10		)	(6		)	(7		)	—			—
	Amortization of prior service cost	—			—			—			—			(1		)	(1		)
	Amortization of actuarial losses	4			2			2			1			1			1
	Net periodic benefit cost (credit)	$	—		$	(1	)	$	—		$	—		$	1		$	1
	We contributed $1 million to our U.S. non-qualified pension plans and $2 million to our international pension plans for the three months ended March 31, 2015.  Contributions to post-retirement health care plans for the three months ended March 31, 2015 were $2 million.

LEGAL_PROCEEDINGS_AND_CONTINGE

LEGAL PROCEEDINGS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
LEGAL PROCEEDINGS AND CONTINGENCIES
LEGAL PROCEEDINGS AND CONTINGENCIES
	13)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
	We are involved in environmental matters of various types in a number of jurisdictions.  These matters may, from time to time, 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.  In many cases, we are one of a large number of PRPs with respect to a site.  In a few instances, we are the sole or one of only a handful of PRPs performing investigation and remediation.  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 March 31, 2015 and December 31, 2014 was $70 million and $76 million, respectively.  At March 31, 2015 and December 31, 2014, $16 million and $17 million, respectively, of these environmental liabilities were reflected as accrued expenses and $54 million and $59 million, respectively, were reflected as other liabilities.  We estimate that ongoing environmental liabilities could range up to $80 million at March 31, 2015.  Our accruals for environmental liabilities include estimates for determinable clean-up costs.  We recorded pre-tax charges of $2 million for the three months ended March 31, 2015 and made payments of $3 million during the three months ended March 31, 2015 for clean-up costs, which reduced our environmental liabilities.  At certain sites, we have contractual agreements with certain other parties to share remediation costs.  As of March 31, 2015, no receivables are outstanding related to these agreements.  At a number of these sites, the extent of contamination has not yet been fully investigated or the final scope of remediation is not yet determinable.  We intend to assert all meritorious legal defenses and will pursue other equitable factors that are available with respect to these matters.  However, the final cost of clean-up at these sites could exceed our present estimates, and could have, individually or in the aggregate, a material adverse effect on our financial condition, results of operations, or cash flows.  Our estimates for environmental remediation liabilities may change in the future should additional sites be identified, further remediation measures be required or undertaken, current laws and regulations be modified or additional environmental laws and regulations be enacted, and as negotiations with respect to certain sites.
	Other
	We are routinely subject to civil claims, litigations, arbitrations, 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 historical 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 $15 million outstanding at March 31, 2015 and December 31, 2014, we have guarantees that have been provided to various financial institutions.  At March 31, 2015 and December 31, 2014, we had $8 million and $10 million of outstanding guarantees, respectively.  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_SEGMENT_DATA

BUSINESS SEGMENT DATA	3 Months Ended
	Mar. 31, 2015
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA
	14)BUSINESS SEGMENT DATA
	We evaluate a segment’s performance based on several factors, of which the primary factor is operating income (loss).  In computing operating income (loss) by segment, the following items have not been deducted:  (1) general corporate expense; (2) amortization; (3) facility closures, severance and related costs and (4) gain or loss on sale of business.  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, manufactures of electronic components, fine chemical manufacturers, utilities, pharmaceutical manufactures and oilfield service companies to industry distributors.
	Agrochemical Manufacturing (formerly Chemtura AgroSolutions)
	In November 2014, we sold our 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 continue to manufacture products for Platform under several supply agreements with minimum terms of between two and four years.  In alignment with the change in the nature of operations, we changed the name of this segment to Agrochemical Manufacturing.
	The supply agreements with Platform are designed to recover the cash costs incurred to manufacture the products under the agreement.  Due to these economics,, the supply agreements are considered below-market contracts for their full term. At closing, an obligation was recorded, on a discounted basis, which represents the remaining loss of profit on these products over the remaining terms of the supply agreements, including contractual obligations to continue to supply for a period of up to 2 years after the termination of the contracts.  The recognition of this obligation, along with the accretion of the obligation to its undiscounted value, has been and will continue to be recorded as net sales in the Agrochemical Manufacturing segment on a straight-line basis over the term of each supply agreement based on our estimate of the timing of shipments. The recognition of this obligation 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.  The loss on sale of business relates to the sale of our Chemtura AgroSolutions business in 2014.
	A summary of business data for our reportable segments for the quarters ended March 31, 2015 and 2014 are as follows:
		Quarters ended March 31,
	(In millions)	2015			2014
	Net Sales
	Petroleum additives	$	159		$	171
	Urethanes	73			76
	Industrial Performance Products	232			247
	Bromine based & related products	139			166
	Organometallics	36			42
	Industrial Engineered Products	175			208
	Agrochemical Manufacturing	31			101
	Total net sales	$	438		$	556
		Quarters ended March 31,
	(In millions)	2015			2014
	Operating Income
	Industrial Performance Products	$	36		$	27
	Industrial Engineered Products	2			(4		)
	Agrochemical Manufacturing	8			22
		46			45
	General corporate expense, including amortization	(13		)	(21		)
	Facility closures, severance and related costs	(1		)	(2		)
	Loss on sale of business	(3		)	—
	Total operating income	$	29		$	22

GUARANTOR_CONDENSED_CONSOLIDAT

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA	3 Months Ended
	Mar. 31, 2015
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA
	15)GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA
	Our obligations under the 2021 Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by each current and future domestic restricted subsidiary, other than excluded subsidiaries that guarantee any indebtedness of Chemtura or our restricted subsidiaries.  Our subsidiaries that do not guarantee the 2021 Senior Notes are referred to as the “Non-Guarantor Subsidiaries.”  The Guarantor Condensed Consolidating Financial Data presented below presents the statements of operations, statements of comprehensive income (loss), balance sheets and statements of cash flow 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
	Quarter ended March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Net sales	$	438		$	(343	)	$	289		$	97		$	395
	Cost of goods sold	340			(343		)	245			80			358
	Selling, general and administrative	36			—			24			2			10
	Depreciation and amortization	24			—			5			10			9
	Research and development	5			—			2			1			2
	Facility closures, severance and related costs	1			—			—			1			—
	Loss (gain) on sale of business	3			—			(2		)	—			5
	Operating income	29			—			15			3			11
	Interest expense	(8		)	—			(9		)	—			1
	Other income, net	11			—			5			2			4
	Equity in net earnings of subsidiaries	—			(15		)	15			—			—
	Earnings from continuing operations before income taxes	32			(15		)	26			5			16
	Income tax expense	(11		)	—			(5		)	—			(6		)
	Earnings from continuing operations	21			(15		)	21			5			10
	Loss on sale of discontinued operations, net of tax	(1		)	—			(1		)	—			—
	Net earnings	$	20		$	(15	)	$	20		$	5		$	10
	Condensed Consolidating Statement of Comprehensive (Loss) Income
	Quarter ended March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Net earnings	$	20		$	(15	)	$	20		$	5		$	10
	Other comprehensive (loss) income, net of tax
	Foreign currency translation adjustments	(38		)	—			16			—			(54		)
	Unrecognized pension and other post-retirement benefit costs	—			—			(2		)	—			2
	Unrealized gain on securities	4			—			4			—			—
	Comprehensive (loss) income	$	(14	)	$	(15	)	$	38		$	5		$	(42	)
	Condensed Consolidating Balance Sheet
	As of March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	ASSETS
	Current assets	$	1,052		$	—		$	453		$	107		$	492
	Intercompany receivables	—			(6,939		)	3,172			2,858			909
	Investment in subsidiaries	—			(4,846		)	757			1,135			2,954
	Property, plant and equipment	672			—			113			218			341
	Goodwill	166			—			93			3			70
	Other assets	553			—			434			35			84
	Total assets	$	2,443		$	(11,785	)	$	5,022		$	4,356		$	4,850
	LIABILITIES AND EQUITY
	Current liabilities	$	357		$	—		$	138		$	44		$	175
	Intercompany payables	—			(6,939		)	3,048			3,122			769
	Long-term debt	556			—			542			—			14
	Other long-term liabilities	610			—			374			83			153
	Total liabilities	1,523			(6,939		)	4,102			3,249			1,111
	Total equity	920			(4,846		)	920			1,107			3,739
	Total liabilities and equity	$	2,443		$	(11,785	)	$	5,022		$	4,356		$	4,850
	Condensed Consolidating Statement of Cash Flows
	Quarter ended March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
											Subsidiaries
Increase (decrease) to cash
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	20		$	(15	)	$	20		$	5		$	10
Adjustments to reconcile net earnings to net cash provided by operations:
Loss on sale of discontinued operations	1			—			1			—			—
Loss (gain) on sale of business	3			—			(2		)				5
Below market contract obligation	(9		)	—			(8		)	—			(1		)
Depreciation and amortization	24			—			5			10			9
Share-based compensation expense	3			—			3			—			—
Changes in assets and liabilities, net	(26		)	15			(18		)	(11		)	(12		)
Net cash provided by operations	16			—			1			4			11
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds from divestments	(2		)	—			(2		)	—			—
Capital expenditures	(13		)	—			(3		)	(4		)	(6		)
Net cash used in investing activities	(15		)	—			(5		)	(4		)	(6		)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on long term debt	(17		)	—			(1		)	—			(16		)
Common shares acquired	(122		)	—			(122		)	—			—
Proceeds from the exercise of stock options	3			—			3			—			—
Net cash used in financing activities	(136		)	—			(120		)	—			(16		)
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents	(12		)	—			—			—			(12		)
Change in cash and cash equivalents	(147		)	—			(124		)	—			(23		)
Cash and cash equivalents at beginning of period	392			—			227			—			165
Cash and cash equivalents at end of period	$	245		$	—		$	103		$	—		$	142
Condensed Consolidating Statement of Operations
Quarter ended March 31, 2014
(In millions)
	Consolidated			Eliminations			Parent			Guarantor			Non-
							Company			Subsidiaries			Guarantor
													Subsidiaries
Net sales	$	556		$	(492	)	$	334		$	114		$	600
Cost of goods sold	436			(492		)	283			99			546
Selling, general and administrative	60			—			34			4			22
Depreciation and amortization	28			—			6			8			14
Research and development	8			—			3			2			3
Facility closures, severance and related costs	2			—			2			—			—
Operating income	22			—			6			1			15
Interest expense	(12		)	—			(13		)	—			1
Other income, net	3			—			—			—			3
Equity in net earnings of subsidiaries	—			(13		)	13			—			—
Earnings from continuing operations before income taxes	13			(13		)	6			1			19
Income tax expense	(3		)	—			—			—			(3		)
Earnings from continuing operations	10			(13		)	6			1			16
Earnings from discontinued operations, net of tax	1			—			1			—			—
Loss on sale of discontinued operations, net of tax	(5		)	—			(1		)	(3		)	(1		)
Net earnings (loss)	$	6		$	(13	)	$	6		$	(2	)	$	15
Condensed Consolidating Statement of Comprehensive Income (Loss)
Quarter ended March 31, 2014
(In millions)
	Consolidated			Eliminations			Parent			Guarantor			Non-
							Company			Subsidiaries			Guarantor
													Subsidiaries
Net earnings (loss)	$	6		$	(13	)	$	6		$	(2	)	$	15
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(6		)	—			1			—			(7		)
Unrecognized pension and other post-retirement benefit costs	1			—			5			—			(4		)
Comprehensive income (loss)	$	1		$	(13	)	$	12		$	(2	)	$	4
Condensed Consolidating Balance Sheet
As of December 31, 2014
(In millions)
	Consolidated			Eliminations			Parent			Guarantor			Non-
							Company			Subsidiaries			Guarantor
													Subsidiaries
ASSETS
Current assets	$	1,216		$	—		$	539		$	113		$	564
Intercompany receivables	—			(6,937		)	3,094			2,752			1,091
Investment in subsidiaries	—			(4,923		)	822			1,134			2,967
Property, plant and equipment	704			—			116			222			366
Goodwill	172			—			93			3			76
Other assets	575			—			448			36			91
Total assets	$	2,667		$	(11,860	)	$	5,112		$	4,260		$	5,155
LIABILITIES AND EQUITY
Current liabilities	$	405		$	—		$	155		$	44		$	206
Intercompany payables	—			(6,937		)	2,971			3,031			935
Long-term debt	556			—			541			—			15
Other long-term liabilities	652			—			391			83			178
Total liabilities	1,613			(6,937		)	4,058			3,158			1,334
Total equity	1,054			(4,923		)	1,054			1,102			3,821
Total liabilities and equity	$	2,667		$	(11,860	)	$	5,112		$	4,260		$	5,155
Condensed Consolidating Statement of Cash Flows
Quarter ended March 31, 2014
(In millions)
	Consolidated			Eliminations			Parent			Guarantor			Non-
							Company			Subsidiaries			Guarantor
													Subsidiaries
Increase (decrease) to cash
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings (loss)	$	6		$	(13	)	$	6		$	(2	)	$	15
Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operations:
Loss on sale of discontinued operations	5			—			1			3			1
Depreciation and amortization	28			—			6			8			14
Share-based compensation expense	4			—			4			—			—
Changes in assets and liabilities, net	(93		)	13			3			(12		)	(97		)
Net cash (used in) provided by operations	(50		)	—			20			(3		)	(67		)
CASH FLOWS FROM INVESTING ACTIVITIES
Net proceeds from divestments	8			—			(1		)	9			—
Capital expenditures	(23		)	—			(3		)	(6		)	(14		)
Net cash (used in) provided by investing activities	(15		)	—			(4		)	3			(14		)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term debt	10			—			—			—			10
Payments on long term debt	(111		)	—			(110		)	—			(1		)
Payments on other short-term borrowings, net	(1		)	—			—			—			(1		)
Common shares acquired	(22		)	—			(22		)	—			—
Proceeds from exercise of stock options	4			—			4			—			—
Net cash (used in) provided by financing activities	(120		)	—			(128		)	—			8
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents	(1		)	—			—			—			(1		)
Change in cash and cash equivalents	(186		)	—			(112		)	—			(74		)
Cash and cash equivalents at beginning of period	549			—			317			—			232
Cash and cash equivalents at end of period	$	363		$	—		$	205		$	—		$	158

NATURE_OF_OPERATIONS_AND_SUMMA1

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 (“U.S.GAAP”), which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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.
	The interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).  The consolidated results of operations for the quarter ended March 31, 2015 are not necessarily indicative of the results expected for the full year.
Accounting Developments
	Accounting Developments
	In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs.  Under current U.S. GAAP, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense.  This ASU requires that they be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, which is similar to the presentation of debt discounts or premiums.  The costs will continue to be amortized to interest expense using the effective interest method.  This ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years.  We do not expect the adoption of this amendment to have a material impact on our financial statements.

DIVESTITURES_Tables

DIVESTITURES (Tables) (Agrochemical Manufacturing)	3 Months Ended
	Mar. 31, 2015
Agrochemical Manufacturing
Divestitures
Summary of the assets and liabilities sold or settled and the assets and liabilities of discontinued operations
	(In millions)	March 31, 2015		December 31, 2014
	Accounts receivable, net	$	—	$	3
	Inventories	—		1
	Other assets	2		2
	Assets	2		6
	Accrued expenses	2		9
	Liabilities	2		9
	Net Assets	$	—	$	(3	)

RESTRUCTURING_ACTIVITIES_Table

RESTRUCTURING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2015
RESTRUCTURING ACTIVITIES
Summary of changes in liabilities established for restructuring programs
	(In millions)	Severance and
		Related Costs
	Balance at December 31, 2014	$	21
	2015 charge	1
	Cash payments	(12		)
	Balance at March 31, 2015	$	10

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2015
INVENTORIES
Components of inventories
	(In millions)	March 31, 2015		December 31, 2014
	Finished goods	$	197	$	200
	Work in process	36		35
	Raw materials and supplies	80		94
		$	313	$	329

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2015
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment
	(In millions)	March 31, 2015		December 31, 2014
	Land and improvements	$	69	$	71
	Buildings and improvements	197		209
	Machinery and equipment	1,196		1,248
	Information systems equipment	164		167
	Furniture, fixtures and other	20		22
	Construction in progress	75		82
		1,721		1,799
	Less: accumulated depreciation	1,049		1,095
		$	672	$	704

DEBT_Tables

DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
DEBT
Schedule of debt
		March 31, 2015					December 31, 2014
	(In millions)	Carrying Value			Fair Value		Carrying Value			Fair Value
	5.75% Senior Notes due 2021	$	450		$	456	$	450		$	439
	Term Loan due 2016	82			82		82			82
	Other borrowings	26			26		42			42
	Total Debt	558			564		574			563
	Less: Other short-term borrowings	(2		)			(18		)
	Total Long-term debt	$	556				$	556

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS.
Schedule of components of accumulated other comprehensive loss ("AOCL"), net of tax
	(in millions)	Foreign			Unrecognized			Unrealized			Total
		Currency			Pension and			loss on
		Translation			Other Post-			available for
		Adjustments			Retirement			sale securities
					Benefit Costs
	As of December 31, 2014	$	(86	)	$	(306	)	$	(5	)	$	(397	)
	Other comprehensive income (loss) before reclassifications	(43		)	(5		)	4			(44		)
	Amounts reclassified from AOCL	5			5			—			10
	Net current period other comprehensive loss	(38		)	—			4			(34		)
	As of March 31, 2015	$	(124	)	$	(306	)	$	(1	)	$	(431	)
Summary of reclassifications from AOCL to the Consolidated Statement of Operations
		Amount Reclassified from AOCL						Affected line item in the
		Quarters ended March 31,						consolidated statement of
	(in millions)	2015			2014			operations
	Foreign currency translation items:
	Loss on sale of business (a)	$	(5	)	$	—		Loss on sale of business
	Net of tax	(5		)	—
	Defined benefit pension plan items:
	Amortization of prior-service costs (b)	1			1			Primarily SG&A
	Amortization of actuarial losses (b)	(7		)	(4		)	Primarily SG&A
	Total before tax	(6		)	(3		)
	Total tax	1			—			Income Tax Expense
	Net of tax	(5		)	(3		)
	Total reclassifications	$	(10	)	$	(3	)
	(a) Sale of the Chemtura AgroSolutions business (see Note 2 - Divestitures).
	(b) These items are included in the computation of net periodic benefit pension cost (see Note 12 - Pension and other Post-Retirement Benefit Plans for additional information).

COMMON_SHARES_Tables

COMMON SHARES (Tables)	3 Months Ended
	Mar. 31, 2015
COMMON SHARES
Schedule of reconciliation of the shares used in computation of earnings per share
		Quarters ended March 31,
	(In millions)	2015	2014
	Weighted average shares outstanding - Basic	68.8	96.3
	Dilutive effect of common share equivalents	1.0	1.5
	Weighted average shares outstanding - Diluted	69.8	97.8

PENSION_AND_OTHER_POSTRETIREME1

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2015
PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS
Components of the entity's defined benefit plans net periodic benefit (credit) cost
		Defined Benefit Plans
		Qualified						International and						Post-Retirement
		U.S. Plans						Non-Qualified Plans						Health Care Plans
		Quarters ended March 31,						Quarters ended March 31,						Quarters ended March 31,
	(In millions)	2015			2014			2015			2014			2015			2014
	Service cost	$	—		$	—		$	—		$	1		$	—		$	—
	Interest cost	6			7			4			5			1			1
	Expected return on plan assets	(10		)	(10		)	(6		)	(7		)	—			—
	Amortization of prior service cost	—			—			—			—			(1		)	(1		)
	Amortization of actuarial losses	4			2			2			1			1			1
	Net periodic benefit cost (credit)	$	—		$	(1	)	$	—		$	—		$	1		$	1

BUSINESS_SEGMENT_DATA_Tables

BUSINESS SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2015
BUSINESS SEGMENT DATA
Summary of business data for reportable segments
		Quarters ended March 31,
	(In millions)	2015			2014
	Net Sales
	Petroleum additives	$	159		$	171
	Urethanes	73			76
	Industrial Performance Products	232			247
	Bromine based & related products	139			166
	Organometallics	36			42
	Industrial Engineered Products	175			208
	Agrochemical Manufacturing	31			101
	Total net sales	$	438		$	556
		Quarters ended March 31,
	(In millions)	2015			2014
	Operating Income
	Industrial Performance Products	$	36		$	27
	Industrial Engineered Products	2			(4		)
	Agrochemical Manufacturing	8			22
		46			45
	General corporate expense, including amortization	(13		)	(21		)
	Facility closures, severance and related costs	(1		)	(2		)
	Loss on sale of business	(3		)	—
	Total operating income	$	29		$	22

GUARANTOR_CONDENSED_CONSOLIDAT1

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Tables)	3 Months Ended
	Mar. 31, 2015
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA
Schedule of condensed consolidating statement of operations
	Condensed Consolidating Statement of Operations
	Quarter ended March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Net sales	$	438		$	(343	)	$	289		$	97		$	395
	Cost of goods sold	340			(343		)	245			80			358
	Selling, general and administrative	36			—			24			2			10
	Depreciation and amortization	24			—			5			10			9
	Research and development	5			—			2			1			2
	Facility closures, severance and related costs	1			—			—			1			—
	Loss (gain) on sale of business	3			—			(2		)	—			5
	Operating income	29			—			15			3			11
	Interest expense	(8		)	—			(9		)	—			1
	Other income, net	11			—			5			2			4
	Equity in net earnings of subsidiaries	—			(15		)	15			—			—
	Earnings from continuing operations before income taxes	32			(15		)	26			5			16
	Income tax expense	(11		)	—			(5		)	—			(6		)
	Earnings from continuing operations	21			(15		)	21			5			10
	Loss on sale of discontinued operations, net of tax	(1		)	—			(1		)	—			—
	Net earnings	$	20		$	(15	)	$	20		$	5		$	10
	Condensed Consolidating Statement of Operations
	Quarter ended March 31, 2014
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Net sales	$	556		$	(492	)	$	334		$	114		$	600
	Cost of goods sold	436			(492		)	283			99			546
	Selling, general and administrative	60			—			34			4			22
	Depreciation and amortization	28			—			6			8			14
	Research and development	8			—			3			2			3
	Facility closures, severance and related costs	2			—			2			—			—
	Operating income	22			—			6			1			15
	Interest expense	(12		)	—			(13		)	—			1
	Other income, net	3			—			—			—			3
	Equity in net earnings of subsidiaries	—			(13		)	13			—			—
	Earnings from continuing operations before income taxes	13			(13		)	6			1			19
	Income tax expense	(3		)	—			—			—			(3		)
	Earnings from continuing operations	10			(13		)	6			1			16
	Earnings from discontinued operations, net of tax	1			—			1			—			—
	Loss on sale of discontinued operations, net of tax	(5		)	—			(1		)	(3		)	(1		)
	Net earnings (loss)	$	6		$	(13	)	$	6		$	(2	)	$	15
Schedule of condensed consolidating statement of comprehensive income
	Condensed Consolidating Statement of Comprehensive (Loss) Income
	Quarter ended March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Net earnings	$	20		$	(15	)	$	20		$	5		$	10
	Other comprehensive (loss) income, net of tax
	Foreign currency translation adjustments	(38		)	—			16			—			(54		)
	Unrecognized pension and other post-retirement benefit costs	—			—			(2		)	—			2
	Unrealized gain on securities	4			—			4			—			—
	Comprehensive (loss) income	$	(14	)	$	(15	)	$	38		$	5		$	(42	)
	Condensed Consolidating Statement of Comprehensive Income (Loss)
	Quarter ended March 31, 2014
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Net earnings (loss)	$	6		$	(13	)	$	6		$	(2	)	$	15
	Other comprehensive income (loss), net of tax
	Foreign currency translation adjustments	(6		)	—			1			—			(7		)
	Unrecognized pension and other post-retirement benefit costs	1			—			5			—			(4		)
	Comprehensive income (loss)	$	1		$	(13	)	$	12		$	(2	)	$	4
Schedule of condensed consolidating balance sheet
	Condensed Consolidating Balance Sheet
	As of March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	ASSETS
	Current assets	$	1,052		$	—		$	453		$	107		$	492
	Intercompany receivables	—			(6,939		)	3,172			2,858			909
	Investment in subsidiaries	—			(4,846		)	757			1,135			2,954
	Property, plant and equipment	672			—			113			218			341
	Goodwill	166			—			93			3			70
	Other assets	553			—			434			35			84
	Total assets	$	2,443		$	(11,785	)	$	5,022		$	4,356		$	4,850
	LIABILITIES AND EQUITY
	Current liabilities	$	357		$	—		$	138		$	44		$	175
	Intercompany payables	—			(6,939		)	3,048			3,122			769
	Long-term debt	556			—			542			—			14
	Other long-term liabilities	610			—			374			83			153
	Total liabilities	1,523			(6,939		)	4,102			3,249			1,111
	Total equity	920			(4,846		)	920			1,107			3,739
	Total liabilities and equity	$	2,443		$	(11,785	)	$	5,022		$	4,356		$	4,850
	Condensed Consolidating Balance Sheet
	As of December 31, 2014
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	ASSETS
	Current assets	$	1,216		$	—		$	539		$	113		$	564
	Intercompany receivables	—			(6,937		)	3,094			2,752			1,091
	Investment in subsidiaries	—			(4,923		)	822			1,134			2,967
	Property, plant and equipment	704			—			116			222			366
	Goodwill	172			—			93			3			76
	Other assets	575			—			448			36			91
	Total assets	$	2,667		$	(11,860	)	$	5,112		$	4,260		$	5,155
	LIABILITIES AND EQUITY
	Current liabilities	$	405		$	—		$	155		$	44		$	206
	Intercompany payables	—			(6,937		)	2,971			3,031			935
	Long-term debt	556			—			541			—			15
	Other long-term liabilities	652			—			391			83			178
	Total liabilities	1,613			(6,937		)	4,058			3,158			1,334
	Total equity	1,054			(4,923		)	1,054			1,102			3,821
	Total liabilities and equity	$	2,667		$	(11,860	)	$	5,112		$	4,260		$	5,155
Schedule of condensed consolidating statement of cash flows
	Condensed Consolidating Statement of Cash Flows
	Quarter ended March 31, 2015
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Increase (decrease) to cash
	CASH FLOWS FROM OPERATING ACTIVITIES
	Net earnings	$	20		$	(15	)	$	20		$	5		$	10
	Adjustments to reconcile net earnings to net cash provided by operations:
	Loss on sale of discontinued operations	1			—			1			—			—
	Loss (gain) on sale of business	3			—			(2		)				5
	Below market contract obligation	(9		)	—			(8		)	—			(1		)
	Depreciation and amortization	24			—			5			10			9
	Share-based compensation expense	3			—			3			—			—
	Changes in assets and liabilities, net	(26		)	15			(18		)	(11		)	(12		)
	Net cash provided by operations	16			—			1			4			11
	CASH FLOWS FROM INVESTING ACTIVITIES
	Net proceeds from divestments	(2		)	—			(2		)	—			—
	Capital expenditures	(13		)	—			(3		)	(4		)	(6		)
	Net cash used in investing activities	(15		)	—			(5		)	(4		)	(6		)
	CASH FLOWS FROM FINANCING ACTIVITIES
	Payments on long term debt	(17		)	—			(1		)	—			(16		)
	Common shares acquired	(122		)	—			(122		)	—			—
	Proceeds from the exercise of stock options	3			—			3			—			—
	Net cash used in financing activities	(136		)	—			(120		)	—			(16		)
	CASH AND CASH EQUIVALENTS
	Effect of exchange rates on cash and cash equivalents	(12		)	—			—			—			(12		)
	Change in cash and cash equivalents	(147		)	—			(124		)	—			(23		)
	Cash and cash equivalents at beginning of period	392			—			227			—			165
	Cash and cash equivalents at end of period	$	245		$	—		$	103		$	—		$	142
	Condensed Consolidating Statement of Cash Flows
	Quarter ended March 31, 2014
	(In millions)
		Consolidated			Eliminations			Parent			Guarantor			Non-
								Company			Subsidiaries			Guarantor
														Subsidiaries
	Increase (decrease) to cash
	CASH FLOWS FROM OPERATING ACTIVITIES
	Net earnings (loss)	$	6		$	(13	)	$	6		$	(2	)	$	15
	Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operations:
	Loss on sale of discontinued operations	5			—			1			3			1
	Depreciation and amortization	28			—			6			8			14
	Share-based compensation expense	4			—			4			—			—
	Changes in assets and liabilities, net	(93		)	13			3			(12		)	(97		)
	Net cash (used in) provided by operations	(50		)	—			20			(3		)	(67		)
	CASH FLOWS FROM INVESTING ACTIVITIES
	Net proceeds from divestments	8			—			(1		)	9			—
	Capital expenditures	(23		)	—			(3		)	(6		)	(14		)
	Net cash (used in) provided by investing activities	(15		)	—			(4		)	3			(14		)
	CASH FLOWS FROM FINANCING ACTIVITIES
	Proceeds from long term debt	10			—			—			—			10
	Payments on long term debt	(111		)	—			(110		)	—			(1		)
	Payments on other short-term borrowings, net	(1		)	—			—			—			(1		)
	Common shares acquired	(22		)	—			(22		)	—			—
	Proceeds from exercise of stock options	4			—			4			—			—
	Net cash (used in) provided by financing activities	(120		)	—			(128		)	—			8
	CASH AND CASH EQUIVALENTS
	Effect of exchange rates on cash and cash equivalents	(1		)	—			—			—			(1		)
	Change in cash and cash equivalents	(186		)	—			(112		)	—			(74		)
	Cash and cash equivalents at beginning of period	549			—			317			—			232
	Cash and cash equivalents at end of period	$	363		$	—		$	205		$	—		$	158

NATURE_OF_OPERATIONS_AND_SUMMA2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2015
	country
Minimum
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of Countries in which Entity Operates	80
Maximum
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ownership interest in other affiliates to be accounted for at cost (as a percent)	20.00%

NATURE_OF_OPERATIONS_AND_SUMMA3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Cash Flows
Allowances for doubtful accounts	$2		$2
Interest paid	14	19
Income taxes (net of refunds)	18	4
Asset Retirement Obligation
Asset retirement obligations included in accrued expenses	4		3
Asset retirement obligations included in other liabilities	$13		$13

DIVESTITURES_Details

DIVESTITURES (Details) (USD $)	3 Months Ended		0 Months Ended
Share data in Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Nov. 03, 2014	Dec. 31, 2014
Divestitures
After-tax loss on sale of business	$1,000,000	$5,000,000
Extension term of supply contract after termination	2 years
Accrued expenses	159,000,000			170,000,000
Other liabilities	116,000,000			124,000,000
Assets and liabilities held for sale
Assets	2,000,000			6,000,000
Liabilities	2,000,000			9,000,000
Consumer Products And Antioxidant Businesses Divestiture
Divestitures
Pre-tax loss	1,000,000	5,000,000
After-tax loss on sale of business	1,000,000	5,000,000
Agrochemical Manufacturing
Assets and liabilities held for sale
Accounts receivable, net				3,000,000
Inventories, net				1,000,000
Other assets	2,000,000			2,000,000
Assets	2,000,000			6,000,000
Accrued expenses	2,000,000			9,000,000
Liabilities	2,000,000			9,000,000
Net Assets				-3,000,000
Platform | Agrochemical Manufacturing
Divestitures
Cash consideration on sale of business			950,000,000
Consideration on sale of business			1,000,000,000
Shares of common stock received as consideration			2
Deferred gain	212,000,000
Extension term of supply contract after termination	2 years
Accrued expenses	38,000,000
Other liabilities	$174,000,000
Ownership interest in Certis Europe B V not transferred due to pending approval				15.00%
Platform | Agrochemical Manufacturing | Minimum
Divestitures
Term of supply contract			2 years
Platform | Agrochemical Manufacturing | Maximum
Divestitures
Term of supply contract			4 years

RESTRUCTURING_ACTIVITIES_Detai

RESTRUCTURING ACTIVITIES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Restructuring information
Restructuring Charges	$1	$2
Facility closures, severance and related costs	$1	$2

RESTRUCTURING_AND_ASSET_IMPAIR1

RESTRUCTURING AND ASSET IMPAIRMENT ACTIVITIES (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Changes in liabilities established for restructuring programs
2015 charge	$1	$2
Severance and Related Costs | Corporate Restructuring Programs
Changes in liabilities established for restructuring programs
Balance at beginning of period	21
2015 charge	1
Cash payments	-12
Balance at end of period	$10

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
INVENTORIES
Finished goods	$197	$200
Work in process	36	35
Raw materials and supplies	80	94
Inventory, net	313	329
Inventory obsolescence reserves	$12	$13

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property, plant and equipment
Property, plant and equipment, gross	$1,721		$1,799
Less: accumulated depreciation	1,049		1,095
Property, plant and equipment, net	672		704
Depreciation expense	21	23
Accelerated depreciation of certain fixed assets	1	3
Land and improvements
Property, plant and equipment
Property, plant and equipment, gross	69		71
Buildings and improvements
Property, plant and equipment
Property, plant and equipment, gross	197		209
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, gross	1,196		1,248
Information systems equipment
Property, plant and equipment
Property, plant and equipment, gross	164		167
Furniture, fixtures and other
Property, plant and equipment
Property, plant and equipment, gross	20		22
Construction in progress
Property, plant and equipment
Property, plant and equipment, gross	$75		$82

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Goodwill by reportable segment
Goodwill	$166	$172
Industrial Performance Products
Goodwill by reportable segment
Goodwill	$166	$172

GOODWILL_AND_INTANGIBLE_ASSETS2

GOODWILL AND INTANGIBLE ASSETS (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS
Amortization expense	$3	$5
Finite-Lived Intangible Assets, Net	$95		$99

DEBT_Details

DEBT (Details)

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Jul. 31, 2013

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Aug. 31, 2010

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2013

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2015

Mar. 31, 2015

Jan. 31, 2015

Dec. 31, 2012

Dec. 31, 2012

Mar. 31, 2015

Dec. 31, 2014

In Millions, unless otherwise specified

USD ($)

USD ($)

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

5.75% Senior Notes due 2021

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

Term Loan Due 2016

ABL Facility

ABL Facility

ABL Facility

ABL Facility

2018 ABL Facility

2018 ABL Facility

2018 ABL Facility

2018 ABL Facility

2018 ABL Facility

2018 ABL Facility

2018 ABL Facility

US ABL Facility

US ABL Facility

Foreign ABL Facility

Foreign ABL Facility

Foreign ABL Facility

China Bank Facility

China Bank Facility

China Bank Facility

China Bank Facility

China Bank Facility

USD ($)

USD ($)

USD ($)

Redemption prior to July 15, 2016

Redemption after July 15, 2016 prior to July 15, 2017

Redemption after July 15, 2017 prior to July 15, 2018

Redemption after July 15, 2018 prior to July 15, 2019

Redemption after July 15, 2019

Maximum

USD ($)

USD ($)

USD ($)

Base Rate

Federal Funds rate

Primary rate

Eurodollar rate

Eurodollar rate

LIBOR

Minimum

Maximum

Maximum

USD ($)

USD ($)

Minimum

Maximum

USD ($)

USD ($)

USD ($)

Minimum

Minimum

Maximum

Maximum

USD ($)

USD ($)

EUR (€)

Minimum

Maximum

USD ($)

USD ($)

CNY

USD ($)

USD ($)

Redemption prior to July 15, 2016

Interest option 1

Interest option 1

Interest option 1

Interest option 1

Interest option 2

Interest option 2

USD ($)

Interest option 2

Base Rate

Eurodollar rate

Base Rate

Eurodollar rate

Base Rate

Base Rate

DEBT

Debt

$558

$574

$450

$450

$450

$82

$82

$26

$42

Total Debt, Fair value

564

563

456

439

82

82

26

42

Less: Other short-term borrowings

-2

-18

Total Long-term debt

556

556

Interest rate (as a percent)

5.75%

Aggregate principal amount

295

40

250

Term of debt

5 years

5 years

Discount rate (as a percent)

1.00%

Option to increase the size of the facility

125

Amount Outstanding

82

Term of credit facility

5 years

Percentage of principal amount at which the entity may redeem some or all of the notes plus accrued and unpaid interest

105.75%

100.00%

104.31%

102.88%

101.44%

100.00%

Percentage of redeemable notes that can be redeemed from the proceeds of equity offerings

35.00%

Redemption percentage of principal amount plus accrued and unpaid interest

101.00%

Payments on secured debt

15

Maximum borrowing capacity

175

60

Maximum borrowing capacity for letter of credit sub-facility

125

Secured Leverage Ratio

2.5

Consolidated Interest Coverage Ratio

3

Margin over reference rate (as a percent)

1.75%

0.50%

1.00%

2.75%

0.50%

1.50%

1.00%

2.00%

1.50%

2.00%

Reference rate

Base Rate

Federal Funds Rate

Prime Rate

Eurodollar Rate

Eurodollar Rate

reserve adjusted LIBOR

Margin over alternate reference rate (as a percent)

0.75%

Fixed charge coverage ratio

1

1

Available Borrowings level that triggers applicability of fixed charge ratio covenant

25

18

Percentage of Aggregate Commitments that triggers applicability of fixed charge ratio covenant

10.00%

10.00%

Commitment period measurement

30 days

30 days

Outstanding borrowings

0

0

12

27

Outstanding letters of credit

15

15

Total undrawn availability

$207

$211

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
INCOME TAXES
Income tax expense	$11	$3
Net liabilities related to unrecognized tax benefits	$28		$28

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	($397)
Other comprehensive income (loss) before reclassifications	-44
Amounts reclassified from AOCL	10
Net current period other comprehensive loss	-34
Balance at the end of the period	-431
Foreign Currency Translation Adjustments
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	-86
Other comprehensive income (loss) before reclassifications	-43
Amounts reclassified from AOCL	5
Net current period other comprehensive loss	-38
Balance at the end of the period	-124
Unrecognized Pension and Other Post-Retirement Benefit Costs
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	-306
Other comprehensive income (loss) before reclassifications	-5
Amounts reclassified from AOCL	5
Balance at the end of the period	-306
Unrealized loss on available for sale securities
Changes in accumulated other comprehensive income (loss) by component
Balance at the beginning of the period	-5
Other comprehensive income (loss) before reclassifications	4
Net current period other comprehensive loss	4
Balance at the end of the period	($1)

ACCUMULATED_OTHER_COMPREHENSIV3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reclassifications out of AOCL to net earnings
Loss on sale of business	($3)
Earnings from continuing operations before income taxes	32	13
Total tax	11	3
Net earnings	20	6
Total reclassifications	-10
Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Total reclassifications	-10	-3
Foreign Currency Translation Adjustments
Reclassifications out of AOCL to net earnings
Total reclassifications	-5
Foreign Currency Translation Adjustments | Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Loss on sale of business	-5
Net earnings	-5
Unrecognized Pension and Other Post-Retirement Benefit Costs
Reclassifications out of AOCL to net earnings
Total reclassifications	-5
Unrecognized Pension and Other Post-Retirement Benefit Costs | Amount Reclassified from AOCL
Reclassifications out of AOCL to net earnings
Amortization of prior-service costs	1	1
Amortization of actuarial losses	-7	-4
Earnings from continuing operations before income taxes	-6	-3
Total tax	1
Net earnings	($5)	($3)

COMMON_SHARES_Details

COMMON SHARES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Oct. 31, 2014
Reconciliation of the shares used in the computation of earnings per share
Weighted average shares outstanding - Basic	68.8	96.3
Dilutive effect of common share equivalents	1	1.5
Weighted average shares outstanding - Diluted	69.8	97.8
Number of shares repurchased	5.1
Value of shares repurchased	$122
Remaining value of common stock authorized to be repurchased	48
Maximum
Reconciliation of the shares used in the computation of earnings per share
Value of common stock authorized to be repurchased			$500

STOCK_INCENTIVE_PLANS_Details

STOCK INCENTIVE PLANS (Details) (USD $)	3 Months Ended		12 Months Ended	1 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2010	Mar. 31, 2015
Stock incentive plans
Stock-based compensation expense	$3	$4
Restricted stock units
Unrecognized compensation expense
Remaining unrecognized compensation expense associated with unvested shares or units	$20			20
Weighted average period for recognition	2 years
2010 LTIP
Stock incentive plans
Number of shares available for issuance			11
2010 LTIP | Maximum
Stock incentive plans
Expiration period			10 years
2015 Awards | Time-based RSU
Stock incentive plans
Grants approved (in shares)				0.2
Vesting period				3 years
2015 Awards | Performance-based RSU
Stock incentive plans
Performance multiplier				2
Grants approved (in shares)				0.2
Vesting period				3 years
Weighted average fair value of options granted (in dollars per share)				34.91

PENSION_AND_OTHER_POSTRETIREME2

PENSION AND OTHER POST-RETIREMENT BENEFIT PLANS (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Qualified Domestic Plans
Defined benefit plans net periodic benefit (credit) cost
Interest cost	$6	$7
Expected return on plan assets	-10	-10
Amortization of actuarial losses	4	2
Net periodic benefit cost (credit)		-1
International and Non-Qualified Plans
Defined benefit plans net periodic benefit (credit) cost
Service cost		1
Interest cost	4	5
Expected return on plan assets	-6	-7
Amortization of actuarial losses	2	1
Employer contribution	2
Post-Retirement Health Care Plans
Defined benefit plans net periodic benefit (credit) cost
Interest cost	1	1
Amortization of prior service cost	-1	-1
Amortization of actuarial losses	1	1
Net periodic benefit cost (credit)	1	1
Employer contribution	2
U.S. non-qualified pension plans
Defined benefit plans net periodic benefit (credit) cost
Employer contribution	$1

LEGAL_PROCEEDINGS_AND_CONTINGE1

LEGAL PROCEEDINGS AND CONTINGENCIES (Details) (Environmental, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Environmental
Environmental Liabilities that Have Not Been Discharged or Settled
Period for accrual of probable and reasonable remediation costs on an undiscounted basis	10 years
Amount accrued for environmental liabilities	$70	$76
Environmental liabilities reflected as accrued expenses	16	17
Environmental liabilities reflected as other liabilities	54	59
Reasonably possible ongoing environmental liabilities	80
Pre-tax charge for clean-up costs	2
Payments for clean-up costs	3
Receivables based on contractual agreement	$0

LEGAL_PROCEEDINGS_AND_CONTINGE2

LEGAL PROCEEDINGS AND CONTINGENCIES (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Guarantees
Outstanding letters of credit	$15	$15
Guarantees provided to financial institutions
Guarantees
Outstanding guarantees	$8	$10

BUSINESS_SEGMENT_DATA_Details

BUSINESS SEGMENT DATA (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
BUSINESS SEGMENT DATA
Extension term of supply contract after termination	2 years
Net Sales
Net sales	$438	$556
Operating Income
Operating income	29	22
General corporate expense, including amortization	-13	-21
Facility closures, severance and related costs	-1	-2
Loss on sale of business	3
Operating segments
Operating Income
Operating income	46	45
Industrial Performance Products | Operating segments
Net Sales
Net sales	232	247
Operating Income
Operating income	36	27
Industrial Performance Products | Petroleum additives
Net Sales
Net sales	159	171
Industrial Performance Products | Urethanes
Net Sales
Net sales	73	76
Industrial Engineered Products | Operating segments
Net Sales
Net sales	175	208
Operating Income
Operating income	2	-4
Industrial Engineered Products | Bromine based & related products
Net Sales
Net sales	139	166
Industrial Engineered Products | Organometallics
Net Sales
Net sales	36	42
Agrochemical Manufacturing | Operating segments
BUSINESS SEGMENT DATA
Number of major product lines	6
Net Sales
Net sales	31	101
Operating Income
Operating income	$8	$22
Minimum | Agrochemical Manufacturing | Platform
BUSINESS SEGMENT DATA
Term of supply contract	2 years
Maximum | Agrochemical Manufacturing | Platform
BUSINESS SEGMENT DATA
Term of supply contract	4 years

GUARANTOR_CONDENSED_CONSOLIDAT2

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Condensed consolidating statement of operations and comprehensive loss
Net sales	$438	$556
Cost of goods sold	340	436
Selling, general and administrative	36	60
Depreciation and amortization	24	28
Research and development	5	8
Facility closures, severance and related costs	1	2
Loss (gain) on sale of business	3
Operating income	29	22
Interest expense	-8	-12
Other income, net	11	3
Earnings from continuing operations before income taxes	32	13
Income tax expense	-11	-3
Earnings from continuing operations	21	10
Earnings (loss) from discontinued operations, net of tax		1
Loss on sale of discontinued operations, net of tax	-1	-5
Net earnings	20	6
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Net earnings	20	6
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	-38	-6
Unrecognized pension and other post-retirement benefit costs		1
Unrealized gain on available for sale securities	4
Comprehensive (loss) income	-14	1
Eliminations
Condensed consolidating statement of operations and comprehensive loss
Net sales	-343	-492
Cost of goods sold	-343	-492
Equity in net earnings of subsidiaries	-15	-13
Earnings from continuing operations before income taxes	-15	-13
Earnings from continuing operations	-15	-13
Net earnings	-15	-13
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Net earnings	-15	-13
Other comprehensive (loss) income, net of tax
Comprehensive (loss) income	-15	-13
Parent Company | Legal Entities
Condensed consolidating statement of operations and comprehensive loss
Net sales	289	334
Cost of goods sold	245	283
Selling, general and administrative	24	34
Depreciation and amortization	5	6
Research and development	2	3
Facility closures, severance and related costs		2
Loss (gain) on sale of business	-2
Operating income	15	6
Interest expense	-9	-13
Other income, net	5
Equity in net earnings of subsidiaries	15	13
Earnings from continuing operations before income taxes	26	6
Income tax expense	-5
Earnings from continuing operations	21	6
Earnings (loss) from discontinued operations, net of tax		1
Loss on sale of discontinued operations, net of tax	-1	-1
Net earnings	20	6
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Net earnings	20	6
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	16	1
Unrecognized pension and other post-retirement benefit costs	-2	5
Unrealized gain on available for sale securities	4
Comprehensive (loss) income	38	12
Guarantor Subsidiaries | Legal Entities
Condensed consolidating statement of operations and comprehensive loss
Net sales	97	114
Cost of goods sold	80	99
Selling, general and administrative	2	4
Depreciation and amortization	10	8
Research and development	1	2
Facility closures, severance and related costs	1
Operating income	3	1
Other income, net	2
Earnings from continuing operations before income taxes	5	1
Earnings from continuing operations	5	1
Loss on sale of discontinued operations, net of tax		-3
Net earnings	5	-2
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Net earnings	5	-2
Other comprehensive (loss) income, net of tax
Comprehensive (loss) income	5	-2
Non-Guarantor Subsidiaries | Legal Entities
Condensed consolidating statement of operations and comprehensive loss
Net sales	395	600
Cost of goods sold	358	546
Selling, general and administrative	10	22
Depreciation and amortization	9	14
Research and development	2	3
Loss (gain) on sale of business	5
Operating income	11	15
Interest expense	1	1
Other income, net	4	3
Earnings from continuing operations before income taxes	16	19
Income tax expense	-6	-3
Earnings from continuing operations	10	16
Loss on sale of discontinued operations, net of tax		-1
Net earnings	10	15
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Net earnings	10	15
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	-54	-7
Unrecognized pension and other post-retirement benefit costs	2	-4
Comprehensive (loss) income	($42)	$4

GUARANTOR_CONDENSED_CONSOLIDAT3

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
ASSETS
Current assets	$1,052	$1,216
Property, plant and equipment	672	704
Goodwill	166	172
Other assets	553	575
Total assets	2,443	2,667
LIABILITIES AND EQUITY
Current liabilities	357	405
Long-term debt	556	556
Other long-term liabilities	610	652
Total liabilities	1,523	1,613
Total equity	920	1,054
Total liabilities and equity	2,443	2,667
Legal Entities | Parent Company
ASSETS
Current assets	453	539
Intercompany receivables	3,172	3,094
Investment in subsidiaries	757	822
Property, plant and equipment	113	116
Goodwill	93	93
Other assets	434	448
Total assets	5,022	5,112
LIABILITIES AND EQUITY
Current liabilities	138	155
Intercompany payables	3,048	2,971
Long-term debt	542	541
Other long-term liabilities	374	391
Total liabilities	4,102	4,058
Total equity	920	1,054
Total liabilities and equity	5,022	5,112
Legal Entities | Guarantor Subsidiaries
ASSETS
Current assets	107	113
Intercompany receivables	2,858	2,752
Investment in subsidiaries	1,135	1,134
Property, plant and equipment	218	222
Goodwill	3	3
Other assets	35	36
Total assets	4,356	4,260
LIABILITIES AND EQUITY
Current liabilities	44	44
Intercompany payables	3,122	3,031
Other long-term liabilities	83	83
Total liabilities	3,249	3,158
Total equity	1,107	1,102
Total liabilities and equity	4,356	4,260
Legal Entities | Non-Guarantor Subsidiaries
ASSETS
Current assets	492	564
Intercompany receivables	909	1,091
Investment in subsidiaries	2,954	2,967
Property, plant and equipment	341	366
Goodwill	70	76
Other assets	84	91
Total assets	4,850	5,155
LIABILITIES AND EQUITY
Current liabilities	175	206
Intercompany payables	769	935
Long-term debt	14	15
Other long-term liabilities	153	178
Total liabilities	1,111	1,334
Total equity	3,739	3,821
Total liabilities and equity	4,850	5,155
Eliminations
ASSETS
Intercompany receivables	-6,939	-6,937
Investment in subsidiaries	-4,846	-4,923
Total assets	-11,785	-11,860
LIABILITIES AND EQUITY
Intercompany payables	-6,939	-6,937
Total liabilities	-6,939	-6,937
Total equity	-4,846	-4,923
Total liabilities and equity	($11,785)	($11,860)

GUARANTOR_CONDENSED_CONSOLIDAT4

GUARANTOR CONDENSED CONSOLIDATING FINANCIAL DATA (Details 3) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$20	$6
Adjustments to reconcile net earnings to net cash provided by operations:
Loss on sale of discontinued operations	1	5
Loss (gain) on sale of business	3
Below market contract obligation	9
Depreciation and amortization	24	28
Share-based compensation expense	3	4
Changes in assets and liabilities, net	-26	-93
Net cash provided by (used in) operating activities	16	-50
CASH FLOWS FROM INVESTING ACTIVITIES
Net Proceeds from divestments,	-2	8
Capital expenditures	-13	-23
Net cash used in investing activities	-15	-15
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term debt		10
Payments on long term debt	-17	-111
Payments on other short-term borrowings, net		-1
Common shares acquired	-122	-22
Proceeds from the exercise of stock options	3	4
Net cash used in financing activities	-136	-120
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents	-12	-1
Change in cash and cash equivalents	-147	-186
Cash and cash equivalents at beginning of period	392	549
Cash and cash equivalents at end of period	245	363
Legal Entities | Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	20	6
Adjustments to reconcile net earnings to net cash provided by operations:
Loss on sale of discontinued operations	1	1
Loss (gain) on sale of business	-2
Below market contract obligation	8
Depreciation and amortization	5	6
Share-based compensation expense	3	4
Changes in assets and liabilities, net	-18	3
Net cash provided by (used in) operating activities	1	20
CASH FLOWS FROM INVESTING ACTIVITIES
Net Proceeds from divestments,	-2	-1
Capital expenditures	-3	-3
Net cash used in investing activities	-5	-4
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on long term debt	-1	-110
Common shares acquired	-122	-22
Proceeds from the exercise of stock options	3	4
Net cash used in financing activities	-120	-128
CASH AND CASH EQUIVALENTS
Change in cash and cash equivalents	-124	-112
Cash and cash equivalents at beginning of period	227	317
Cash and cash equivalents at end of period	103	205
Legal Entities | Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	5	-2
Adjustments to reconcile net earnings to net cash provided by operations:
Loss on sale of discontinued operations		3
Depreciation and amortization	10	8
Changes in assets and liabilities, net	-11	-12
Net cash provided by (used in) operating activities	4	-3
CASH FLOWS FROM INVESTING ACTIVITIES
Net Proceeds from divestments,		9
Capital expenditures	-4	-6
Net cash used in investing activities	-4	3
Legal Entities | Non-Guarantor Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	10	15
Adjustments to reconcile net earnings to net cash provided by operations:
Loss on sale of discontinued operations		1
Loss (gain) on sale of business	5
Below market contract obligation	1
Depreciation and amortization	9	14
Changes in assets and liabilities, net	-12	-97
Net cash provided by (used in) operating activities	11	-67
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	-6	-14
Net cash used in investing activities	-6	-14
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term debt		10
Payments on long term debt	-16	-1
Payments on other short-term borrowings, net		-1
Net cash used in financing activities	-16	8
CASH AND CASH EQUIVALENTS
Effect of exchange rates on cash and cash equivalents	-12	-1
Change in cash and cash equivalents	-23	-74
Cash and cash equivalents at beginning of period	165	232
Cash and cash equivalents at end of period	142	158
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	-15	-13
Adjustments to reconcile net earnings to net cash provided by operations:
Changes in assets and liabilities, net	$15	$13