Usg (USG) 10-Q 21 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	USG CORP
Entity Central Index Key	757,011
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	145,853,372

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 970	$ 909
Cost of products sold	775	756
Gross profit	195	153
Selling and administrative expenses	71	77
Recovery of receivable	(3)	0
Operating profit	127	76
Income from equity method investments	7	8
Interest expense	(40)	(43)
Interest income	2	1
Loss on extinguishment of debt	(2)	(19)
Other income (expense), net	3	(1)
Income (loss) from continuing operations before income taxes	97	22
Income tax (expense) benefit	(30)	2
Net income	$ 67	$ 24
Earnings (loss) per common share - basic:
Earnings per average common share	$ 0.46	$ 0.16
Earnings (loss) per common share - diluted:
Earnings per average diluted common share	$ 0.46	$ 0.16
Average common shares	145,819,026	145,381,269
Average diluted common shares	146,986,392	147,176,197

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 67	$ 24
Derivatives qualifying as cash flow hedges:
Loss on derivatives qualifying as cash flow hedges, net of tax (benefit) of ($3) and $1, respectively	(8)	(1)
Less: Reclassification adjustment for loss on derivatives included in net income, net of tax (benefit) of ($1) and $0, respectively	(2)	(2)
Net derivatives qualifying as cash flow hedges	(6)	1
Pension and postretirement benefits:
Changes in pension and postretirement benefits, net of tax (benefit) of ($1) and $1, respectively	(3)	6
Less: Amortization of prior service credit (cost) included in net periodic pension cost, net of tax (benefit) of $0 and ($1), respectively	0	(1)
Net pension and postretirement benefits	(3)	7
Foreign currency translation:
Changes in foreign currency translation, net of tax of $0 in all periods	24	(34)
Other comprehensive income (loss), net of tax	15	(26)
Comprehensive income (loss)	$ 82	$ (2)

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivatives Qualifying as Hedges, Tax:
Loss on derivatives qualifying as cash flow hedges, tax expense (benefit)	$ (3)	$ 1
Less: Reclassification adjustment for loss on derivatives included in net income, tax expense (benefit)	(1)	0
Pension and Other Postretirement Benefit Plans, Tax:
Changes in pension and postretirement benefits, tax expense (benefit)	(1)	1
Less: Amortization of prior service benefit (cost) included in net periodic pension cost, tax expense (benefit)	0	(1)
Foreign Currency Translation Adjustment, Tax:
Changes in foreign currency translation, tax expense (benefit)	0	0
Less: Translation gains realized upon sale of foreign entities, tax expense (benefit)	$ 0	$ 0

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 347	$ 442
Short-term marketable securities	206	194
Restricted cash	0	9
Receivables (net of reserves - $11 and $14)	459	391
Inventories	318	314
Income taxes receivable	4	5
Other current assets	36	45
Total current assets	1,370	1,400
Long-term marketable securities	20	36
Property, plant and equipment (net of accumulated depreciation and depletion - $1,974 and $1,936)	1,770	1,788
Deferred income taxes	698	728
Equity method investments	706	682
Other assets	98	102
Total assets	4,662	4,736
Liabilities and Stockholders’ Equity
Accounts payable	267	259
Accrued expenses	198	214
Current portion of long-term debt	438	500
Income taxes payable	6	9
Litigation settlement accrual	0	9
Total current liabilities	909	991
Long-term debt	1,676	1,675
Deferred income taxes	3	5
Pension and other postretirement benefits	341	392
Other liabilities	215	237
Total liabilities	3,144	3,300
Preferred stock – $1 par value, authorized 36,000,000 shares; outstanding - none	0	0
Common stock – $0.10 par value; authorized 200,000,000 shares; issued: 2016 - 145,853,000 shares; 2015 - 145,667,000 shares	15	15
Additional paid-in capital	3,027	3,027
Accumulated other comprehensive loss	(299)	(314)
Retained earnings (accumulated deficit)	(1,225)	(1,292)
Total stockholders’ equity	1,518	1,436
Total liabilities and stockholders’ equity	$ 4,662	$ 4,736

Consolidated Balance Sheets (U6

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Reserves on receivables	$ 11	$ 14
Accumulated depreciation	$ 1,974	$ 1,936
Preferred stock - par value	$ 1	$ 1
Preferred stock - authorized shares	36,000,000	36,000,000
Preferred stock - outstanding shares	0	0
Common stock - par value	$ 0.1	$ 0.1
Common stock - authorized shares	200,000,000	200,000,000
Common stock - issued shares	145,853,000	145,667,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating Activities
Net income	$ 67	$ 24
Adjustments to reconcile net income to net cash:
Depreciation, depletion and amortization	36	36
Loss on extinguishment of debt	2	19
Recovery of receivable	(3)	0
Share-based compensation expense	4	3
Deferred income taxes	29	1
Income from equity method investments	(7)	(8)
Pension settlement	2	0
(Increase) decrease in working capital:
Receivables	(65)	(54)
Income taxes receivable	1	(1)
Inventories	(3)	(2)
Other current assets	5	1
Payables	5	(43)
Accrued expenses	(42)	(23)
Decrease in other assets	1	0
(Decrease) increase in pension and other postretirement benefits	(56)	6
Decrease in other liabilities	(1)	(4)
Other, net	(5)	3
Net cash used for operating activities	(30)	(42)
Investing Activities
Purchases of marketable securities	(79)	(21)
Sales or maturities of marketable securities	84	87
Capital expenditures	(15)	(29)
Net proceeds from asset dispositions	0	1
Return (deposit) of restricted cash	9	(39)
Net cash used for investing activities	(1)	(1)
Financing Activities
Issuance of debt	0	350
Repayment of debt	(64)	(368)
Payment of debt issuance fees	0	(6)
Issuance of common stock	0	3
Repurchases of common stock to satisfy employee tax withholding obligations	(1)	(8)
Net cash used for financing activities	(65)	(29)
Effect of exchange rate changes on cash	1	(3)
Net decrease in cash and cash equivalents	(95)	(75)
Cash and cash equivalents at beginning of period	442	228
Cash and cash equivalents at end of period	347	153
Supplemental Cash Flow Disclosures:
Interest paid, net of capitalized interest	47	50
Income taxes paid, net of refunds received	3	1
Noncash Investing and Financing Activities:
Amount in accounts payable for capital expenditures	$ 3	$ 8

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements	Organization, Consolidation and Presentation of Financial Statements PREPARATION OF FINANCIAL STATEMENTS We prepared the accompanying unaudited consolidated financial statements of USG Corporation in accordance with applicable United States Securities and Exchange Commission, or SEC, guidelines pertaining to interim financial information. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ materially from those estimates. In the opinion of our management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of our financial results for the interim periods. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results of operations to be expected for the entire year. Our segments are structured around our key products and business units: Gypsum, Ceilings, Distribution and USG Boral Building Products, or UBBP. Our Gypsum reportable segment is an aggregation of the operating segments of the gypsum businesses in the United States, Canada, Mexico, and Latin America, our mining operation in Canada, and our shipping operations, which we exited in the second quarter of 2015. Gypsum manufactures products throughout the United States, Canada, Mexico and Latin America. These products include USG Sheetrock ® brand gypsum wallboard, Sheetrock ® brand joint compound, Durock ® brand cement board, Levelrock ® brand gypsum underlayment, Fiberock ® brand backerboard, Securock ® brand glass mat sheathing used for building exteriors, Securock ® brand gypsum fiber and glass mat panels used as roof cover board and structural panel concrete roofing. Our Ceilings reportable segment is an aggregation of the operating segments of the ceilings businesses in the United States, Canada, Mexico, and Latin America. Ceilings manufactures ceiling tile in the United States and ceiling grid in the United States and Canada. Our Distribution reportable segment delivers gypsum wallboard, drywall metal, ceilings products, joint compound and other building products throughout the United States. UBBP is our 50/50 joint ventures with Boral Limited. UBBP manufactures, distributes and sells certain building products, mines raw gypsum and sells natural and synthetic gypsum throughout Asia, Australasia and the Middle East. These financial statements and notes are to be read in conjunction with the financial statements and notes included in USG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 , which we filed with the SEC on February 10, 2016 . RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which provides for simplification of certain aspects of employee share-based payment accounting including income taxes, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard will be effective for us in the first quarter of 2017 and will be applied either prospectively, retrospectively or using a modified retrospective transition approach depending on the area covered in this update. We are currently in the process of assessing the impact of the ASU on our consolidated financial statements and disclosures. In February 2016, the FASB issued ASU 2016-02, “Leases”, which supersedes existing lease guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. The standard will be effective for us in the first quarter of 2019, and we will adopt using the modified retrospective approach. While we continue to evaluate the impact of the new standard, we believe the standard will require us to implement new lease accounting systems and processes. Further, we anticipate the adoption of ASU 2016-02 will have a significant impact to our consolidated balance sheets, consolidated statements of income and disclosures. In January 2016, the FASB issued ASU 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabilities,” which requires that most equity instruments be measured at fair value, with subsequent changes in fair value recognized in net income. The pronouncement also impacts the financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The ASU does not apply to equity method investments or investments in consolidated subsidiaries. The new standard will be effective for us in the first quarter of 2018 and will be applied as a cumulative-effect adjustment to the balance sheet in the year of adoption. We are currently in the process of assessing the impact of the ASU to our consolidated financial statements and disclosures. In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory", which changes the measurement principle for inventory from the lower of cost or market to the lower of cost or net realizable value for entities that measure inventory using the first-in, first-out (FIFO) or average cost method. The ASU defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The standard will be effective for us in the first quarter of 2017 and will be applied prospectively. We do not expect the adoption of ASU 2015-11 will have a significant impact to our consolidated financial statements or disclosures. In May 2015, the FASB issued ASU 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)," which updates the disclosure requirements for investments that are measured at net asset value using the practical expedient. These investments are to be removed from the fair value hierarchy and shown as a reconciling item. The standard is effective for us in the first quarter of 2016 and will be applied retrospectively. The update will impact our disclosure for the Annual Report on Form 10-K. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting revenue gross versus net),” which clarifies gross versus net revenue reporting when another party is involved in the transaction. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing,” which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. There are two transition methods available under the new standard, either cumulative effect or retrospective. The standard will be effective for us in the first quarter of 2018, and we will adopt the new standard using the retrospective approach with practical expedients. We do not expect that the adoption of ASU 2014-09, ASU 2016-08, or ASU 2016-10 will have a significant impact to our consolidated financial statements or disclosures.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments Equity method investments as of March 31, 2016 and December 31, 2015 , were as follows: March 31, 2016 December 31, 2015 (dollars in millions) Carrying Value Ownership Percentage Carrying Value Ownership Percentage USG Boral Building Products $ 699 50% $ 675 50% Other equity method investments 7 33% - 50% 7 33% - 50% Total equity method investments $ 706 $ 682 Investment in USG Boral Building Products UBBP is our 50 / 50 joint ventures with Boral Limited, or Boral, and consists of USG Boral Building Products Pte. Limited, a company organized under the laws of Singapore, and USG Boral Building Products Pty Limited, a company organized under the laws of Australia. It manufactures, distributes and sells certain building products, mines raw gypsum and sells natural and synthetic gypsum throughout Asia, Australasia and the Middle East (the Territory). The products that UBBP manufactures and distributes include products for wall, ceiling, floor lining and exterior systems that utilize gypsum, wallboard, referred to as plasterboard in the Territory, mineral fiber ceiling tiles, steel grid and joint compound. We account for our investment in UBBP using the equity method of accounting. As of March 31, 2016 , the amount of our consolidated retained earnings which represents undistributed earnings from UBBP is $49 million . We formed the joint ventures with Boral on February 27, 2014. In the event certain performance targets are satisfied by UBBP, we will be obligated to pay Boral scheduled earnout payments in an aggregate amount up to $75 million , comprised first of $25 million based on performance during the first three years after closing and then up to $50 million based on performance during the first five years after closing. We recorded a liability representing the present value of the first earnout payment. If our conclusion on the probability were to change, we would reduce the liability with a corresponding reduction to our investment. We have not recorded a liability for the second earnout payment as we have concluded that it is currently not probable that the five-year performance target will be achieved. If our conclusion on the probability of achievement were to change, we will record a liability representing the present value of the second earnout payment with a corresponding increase to our investment. As of both March 31, 2016 and December 31, 2015 , our liability for the earnout payments totaled $24 million . On our accompanying consolidated balance sheets, it is included in "Accrued expenses" as of March 31, 2016 and in "Other liabilities" as of December 31, 2015 . All of our investments accounted for under the equity method of accounting are initially recorded at cost, and subsequently adjusted for our share of the net income or loss and cash contributions and distributions to or from these entities. Because the underlying net assets in our investments are denominated in a foreign currency, translation gains or losses will impact the recorded value of our investments. Translation gains or losses recorded in other comprehensive income were as follows: Three months ended March 31, (in millions) 2016 2015 Translation gain (loss) $ 17 $ (16 ) Summarized financial information for our equity method investments is as follows: Three months ended March 31, (in millions) 2016 2015 USG Boral Building Products: Net sales $ 229 $ 228 Gross profit 65 61 Operating profit 23 23 Income from continuing operations before income taxes 24 26 Net income 15 18 Net income attributable to USG Boral Building Products 14 16 USG share of income from investment accounted for using the equity method 7 8 Other equity method investments: USG share of income from investments accounted for using the equity method — — Total income from equity method investments 7 8 Transactions with UBBP Our Gypsum segment sells products to UBBP. Total sales to UBBP for the three months ended March 31, 2016 and March 31, 2015 were immaterial. In 2014, in connection with the formation of UBBP, we contributed our ownership interest in a joint venture in China to UBBP, but retained our loan receivable from this joint venture. As of March 31, 2016 and December 31, 2015 , the loan receivable, including interest, totaled $14 million and is included in "Other assets" on our accompanying consolidated balance sheets.

Segments

Segments	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segments	Segments Our operations are organized into four reportable segments: Gypsum, Ceilings, Distribution and UBBP. See Note 2 for segment results for UBBP. Segment results for our Gypsum, Ceilings and Distribution segments were as follows: Three months ended March 31, (millions) 2016 2015 Net Sales : Gypsum $ 635 $ 577 Ceilings 125 123 Distribution 357 334 Eliminations (147 ) (125 ) Total $ 970 $ 909 Operating Profit (Loss) : Gypsum $ 111 $ 68 Ceilings 29 21 Distribution 11 4 Corporate (21 ) (23 ) Eliminations (3 ) 6 Total $ 127 $ 76

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earning Per Share Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding plus the dilutive effect, if any, of market share units, or MSUs, performance shares, restricted stock units, or RSUs, stock options, and deferred shares associated with our deferred compensation program for non-employee directors. The reconciliation of basic earnings per share to diluted earnings per share is shown in the following table. Three months ended March 31, (millions, except per-share data) 2016 2015 Net income $ 67 $ 24 Effect of dilutive securities - Deferred compensation program for non-employee directors — — Income available to shareholders $ 67 $ 24 Average common shares 145.8 145.4 Dilutive RSUs, MSUs, performance shares and stock options 1.2 1.6 Deferred shares associated with a deferred compensation program for non-employee directors — 0.2 Average diluted common shares 147.0 147.2 Earnings per average common share $ 0.46 $ 0.16 Earnings per average diluted common share $ 0.46 $ 0.16 MSUs, performance shares, RSUs, and stock options and deferred shares associated with our deferred compensation program for non-employee directors that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows: Three months ended March 31, (millions, common shares) 2016 2015 MSUs, performance shares, RSUs and stock options 1.7 2.0 Deferred shares associated with a deferred compensation program for non-employee directors 0.2 —

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Marketable Securities Marketable securities are classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in accumulated other comprehensive loss on our accompanying consolidated balance sheets. Proceeds received from sales or maturities of marketable securities were $84 million for the three months ended March 31, 2016 . Our investments in marketable securities consisted of the following: As of March 31, 2016 As of December 31, 2015 (millions) Amortized Cost Fair Value Amortized Cost Fair Value Corporate debt securities $ 134 $ 134 $ 134 $ 134 U.S. government and agency debt securities 52 52 57 57 Asset-backed debt securities 13 13 21 21 Certificates of deposit 26 26 15 15 Municipal debt securities 1 1 3 3 Total marketable securities $ 226 $ 226 $ 230 $ 230 The realized and unrealized gains and losses for the three months ended March 31, 2016 and 2015 were immaterial. Cost basis for securities sold are determined on a first-in-first-out basis. Contractual maturities of marketable securities as of March 31, 2016 were as follows: (millions) Amortized Cost Fair Value Due in 1 year or less $ 206 $ 206 Due in 1-5 years 20 20 Total marketable securities $ 226 $ 226 Actual maturities may differ from the contractual maturities because issuers of the securities may have the right to prepay them.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets are included in other assets on our accompanying consolidated balance sheets. Intangible assets with definite lives are amortized. These assets are summarized as follows: As of March 31, 2016 As of December 31, 2015 (millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible Assets with Definite Lives: Customer relationships $ 70 $ (63 ) $ 7 $ 70 $ (61 ) $ 9 Other 9 (8 ) 1 9 (8 ) 1 Total $ 79 $ (71 ) $ 8 $ 79 $ (69 ) $ 10 Total amortization expense was $2 million for both of the three months ended March 31, 2016 and 2015 . Estimated amortization expense for the remainder of 2016 and for future years is as follows: (millions) 2016 2017 2018 and thereafter Estimated future amortization expense $ 5 $ 2 $ 1 Intangible assets with indefinite lives are not amortized. The gross carrying amount of these assets are as follows: (millions) March 31, 2016 December 31, 2015 Intangible Assets with Indefinite Lives: Trade names $ 22 $ 22 Other 8 8 Total $ 30 $ 30

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Total debt, including the current portion of long-term debt, consisted of the following: (millions) March 31, December 31, 5.5% senior notes due 2025 $ 350 $ 350 5.875% senior notes due 2021 350 350 6.3% senior notes due 2016 438 500 7.75% senior notes due 2018 500 500 7.875% senior notes due 2020, net of discount 249 249 Industrial revenue bonds (due 2028 through 2034) 239 239 Total $ 2,126 $ 2,188 Less unamortized debt issuance costs 12 13 Total $ 2,114 $ 2,175 REPURCHASE OF SENIOR NOTES In the first quarter of 2016, we repurchased $62 million of our 6.3% Senior Notes due in 2016, referred to as the 6.3% Notes, on the open market. The transaction included premiums of $2 million and accrued interest of $1 million for aggregate consideration of $65 million . As a result of the repurchases, we recorded a loss on early extinguishment of debt, before tax, of $2 million including premiums, write-off of deferred financing fees and broker fees. Subsequent to quarter end, we repurchased an additional $47 million of the 6.3% Notes. The transaction included $2 million for premiums and $1 million for accrued interest for an aggregate consideration of $50 million . These notes are recorded in "Current portion of long-term debt" on our consolidated balance sheets. In the first quarter of 2015, we repurchased $350 million of our 8.375% Senior Notes due in 2018, referred to as the 2018 Notes, through both a cash tender offer and a subsequent notice of redemption of the remaining 2018 Notes. We completed a cash tender offer pursuant to which we repurchased $126 million of the 2018 Notes for aggregate consideration, including tender offer premium and accrued and unpaid interest, of $135 million . We repurchased the remaining $224 million of the 2018 Notes for aggregate consideration, including premiums and accrued and unpaid interest, of $242 million . As a result of the repurchases, we recorded a loss on early extinguishment of debt of $19 million including premiums and write-off of deferred financing fees. Also in the first quarter of 2015, we issued $350 million of 5.5% senior notes due March 1, 2025. The net proceeds from the issuance of these notes and cash on hand were used to fund the repurchases of the 2018 Notes and all related costs and expenses. We deferred approximately $6 million of debt issuance costs that are being amortized to interest expense over the term of the notes. As of March 31, 2016 , these notes were recorded on the accompanying consolidated balance sheet at $344 million . CREDIT FACILITY Taking into account the most recent borrowing base calculation delivered under the credit facility, which reflects trade receivables and inventory as of March 31, 2016 , and outstanding letters of credit, borrowings available under the credit facility were approximately $347 million , including $50 million for CGC. As of March 31, 2016 and during the quarter then-ended, there were no borrowings under the facility. Had there been any borrowings as of that date, the applicable interest rate would have been 1.88% for loans in the US and 2.15% for loans in Canada. Outstanding letters of credit totaled $49 million as of March 31, 2016 . The fair value of our debt was approximately $2.251 billion as of March 31, 2016 and $2.295 billion as of December 31, 2015 . The fair values were based on quoted prices for identical or similar liabilities in markets that are not active or valuation models in which all significant inputs and value drivers are observable and, as a result, are classified as Level 2 inputs. See Note 9 for further discussion on fair value measurements and classifications. As of March 31, 2016 , we were in compliance with the covenants contained in our credit facilities.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments We use derivative instruments to manage selected commodity price and foreign currency exposures as described below. We do not use derivative instruments for speculative trading purposes, and we typically do not hedge beyond three years. Cash flows from derivative instruments are included in net cash used for operating activities in the consolidated statements of cash flows. COMMODITY DERIVATIVE INSTRUMENTS As of March 31, 2016 , we had outstanding natural gas swap contracts to hedge forecasted purchases with an aggregate notional amount of 18 million mmBTUs (millions of British Thermal Units). All of these contracts mature by December 31, 2017 . For contracts designated as cash flow hedges, the pre-tax net unrealized loss that remained in accumulated other comprehensive income (loss), or AOCI, as of March 31, 2016 was $18 million and as of December 31, 2015 was $19 million . No ineffectiveness was recorded on contracts designated as cash flow hedges in the first three months of both 2016 and 2015 . Gains and losses on contracts designated as cash flow hedges are reclassified into earnings when the underlying forecasted transactions affect earnings. For contracts designated as cash flow hedges, we reassess the probability of the underlying forecasted transactions occurring on a quarterly basis. Changes in fair value on contracts not designated as cash flow hedges are recorded to earnings. The fair value of those contracts not designated as cash flow hedges was a $2 million unrealized loss as of March 31, 2016 and December 31, 2015 . FOREIGN EXCHANGE DERIVATIVE INSTRUMENTS We have foreign exchange forward contracts to hedge forecasted purchases of products and services denominated in foreign currencies. The notional amount of these contracts was $132 million as of March 31, 2016 , and they mature by December 31, 2017 . These forward contracts are designated as cash flow hedges and no ineffectiveness was recorded in the first three months of both 2016 and 2015 . Gains and losses on the contracts are reclassified into earnings when the underlying transactions affect earnings. The fair value of these contracts that remained in AOCI was an unrealized pre-tax loss of $1 million as of March 31, 2016 and an unrealized pre-tax gain of $8 million as of December 31, 2015 . COUNTERPARTY RISK, MASTER NETTING ARRANGEMENTS AND BALANCE SHEET OFFSETTING We are exposed to credit losses in the event of nonperformance by the counterparties to our derivative instruments. As of March 31, 2016 , our derivatives were in a $21 million net liability position. All of our counterparties have investment grade credit ratings; accordingly, we anticipate that they will be able to fully satisfy their obligations under the contracts. All of our derivative contracts are governed by master netting agreements negotiated between us and the counterparties that reduce our counterparty credit exposure. The agreements outline the conditions (such as credit ratings and net derivative fair values) upon which we, or the counterparties, are required to post collateral. As required by certain of our agreements, we had $21 million of collateral posted with our counterparties related to our derivatives as of March 31, 2016 . Amounts paid as cash collateral are included in receivables on our accompanying consolidated balance sheets. We have not adopted an accounting policy to offset fair value amounts related to derivative contracts under our master netting arrangements; therefore, individual derivative contracts are reflected on a gross basis, as either assets or liabilities, on our consolidated balance sheets, based on their fair value as of the balance sheet date. FINANCIAL STATEMENT INFORMATION The following are the pretax effects of derivative instruments on the consolidated statements of income for the three months ended March 31, 2016 and 2015 . Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) (millions) 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships Commodity contracts $ (5 ) $ (5 ) Cost of products sold $ (5 ) $ (3 ) Foreign exchange contracts (6 ) 5 Cost of products sold 2 1 Total $ (11 ) $ — $ (3 ) $ (2 ) Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives (millions) 2016 2015 Derivatives Not Designated as Hedging Instruments Commodity contracts Cost of products sold $ (1 ) $ (1 ) Total $ (1 ) $ (1 ) The following are the fair values of derivative instruments and the location on our accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015 . Balance Sheet Location Fair Value Balance Sheet Location Fair Value (millions) 3/31/16 12/31/15 3/31/16 12/31/15 Derivatives in Cash Flow Hedging Relationships Commodity contracts Other current assets $ 1 $ 1 Accrued expenses $ 15 $ 15 Commodity contracts Other assets — — Other liabilities 4 5 Foreign exchange contracts Other current assets 2 8 Accrued expenses 1 — Foreign exchange contracts Other assets — — Other liabilities 2 — Total derivatives in cash flow hedging relationships $ 3 $ 9 $ 22 $ 20 Derivatives Not Designated as Hedging Instruments Commodity contracts Other current assets $ — $ — Accrued expenses $ 2 $ 2 Total derivatives not designated as hedging instruments $ — $ — $ 2 $ 2 Total derivatives Total assets $ 3 $ 9 Total liabilities $ 24 $ 22 As of March 31, 2016 , we had no derivatives designated as fair value hedges or net investment hedges.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities are required to be recorded at fair value. There are three levels of inputs that may be used to measure fair value. Level 1 is defined as quoted prices for identical assets and liabilities in active markets. Level 2 is defined as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 is defined as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Certain assets and liabilities are measured at fair value on a nonrecurring basis rather than on an ongoing basis, but are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment or when a new liability is being established that requires fair value measurement. The cash equivalents shown in the table below primarily consist of money market funds that are valued based on quoted prices in active markets and, as a result, are classified as Level 1. Equity mutual funds are valued based on quoted prices in active markets and, as a result, are classified as Level 1. We use quoted prices, other readily observable market data and internally developed valuation models when valuing our marketable securities and derivatives and have classified them as Level 2. Marketable securities are valued using income and market value approaches and values are based on quoted prices or other observable market inputs received from data providers. The valuation process may include pricing matrices, or prices based upon yields, credit spreads or prices of securities of comparable quality, coupon, maturity and type. Derivatives are valued using the income approach including discounted-cash-flow models or a Black-Scholes option pricing model and readily observable market data. The inputs for the valuation models are obtained from data providers and include end-of-period spot and forward natural gas prices, foreign currency exchange rates, natural gas price volatility and LIBOR and swap rates for discounting the cash flows implied from the derivative contracts. Our assets and liabilities measured at fair value on a recurring basis were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) 3/31/16 12/31/15 3/31/16 12/31/15 3/31/16 12/31/15 3/31/16 12/31/15 Cash equivalents $ 112 $ 223 $ 50 $ 25 $ — $ — $ 162 $ 248 Equity mutual funds 4 4 — — — — 4 4 Marketable securities: Corporate debt securities — — 134 134 — — 134 134 U.S. government and agency debt securities — — 52 57 — — 52 57 Asset-backed debt securities — — 13 21 — — 13 21 Certificates of deposit — — 26 15 — — 26 15 Municipal debt securities — — 1 3 — — 1 3 Derivative assets — — 3 9 — — 3 9 Derivative liabilities — — (24 ) (22 ) — — (24 ) (22 )

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Retirement Plans	Employee Retirement Plans The components of net pension and postretirement benefits costs are summarized in the following table: Three months ended March 31, (millions) 2016 2015 Pension: Service cost of benefits earned $ 11 $ 13 Interest cost on projected benefit obligation 17 17 Expected return on plan assets (22 ) (21 ) Settlement 2 — Net amortization 5 9 Net pension cost $ 13 $ 18 Postretirement: Service cost of benefits earned $ 1 $ 1 Interest cost on projected benefit obligation 1 1 Net amortization (7 ) (8 ) Net postretirement benefit $ (5 ) $ (6 ) During the first three months of 2016 , we made cash contributions of $50 million to the USG Corporation Retirement Plan Trust, $6 million to our pension plan in Canada, and $5 million , in aggregate, to certain other domestic pension plans. We expect to make total contributions to our pension plans in 2016 of approximately $65 million .

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation During the first three months of 2016 , we granted share-based compensation in the form of market share units, or MSUs, performance shares, and restricted stock units, or RSUs, to eligible participants under our Long-Term Incentive Plan. We recognize expense on all share-based grants over the service period, which is the shorter of the period until the employees’ retirement eligibility dates and the service period of the award for awards expected to vest. Expense is generally reduced for estimated forfeitures. Awards granted during the first three months of 2016 , weighted average fair value, and assumptions used to determine fair value were as follows: MSUs Performance Shares RSUs Awards granted 800,834 213,626 43,000 Weighted average fair value $ 19.59 $ 21.10 $ 21.31 Expected volatility 34.02 % 34.02 % N/A Risk-free rate (a) 0.86 % 0.86 % N/A Expected term (in years) (b) 2.95 2.95 N/A Expected dividends — — N/A (a) The risk-free rate was based on zero coupon U.S. government issues at the time of grant. (b) The expected term represents the period from the valuation date to the end of the performance period. MARKET SHARE UNITS The MSUs granted during the first three months of 2016 generally vest after a three -year period based on our actual stock price performance during such period. The number of MSUs earned will vary from zero to 150% of the number of MSUs awarded depending on the actual performance of our stock price. In the case of termination of employment due to death, disability or retirement during the performance period, vesting will be pro-rated based on the number of full months employed in 2016 . Awards earned will be issued at the end of the three -year period. MSUs may vest earlier in the case of a change in control in most circumstances only if there is also a related loss of employment or diminution of duties. Each MSU earned will be settled in common stock. We estimated the fair value of each MSU granted on the date of grant using a Monte Carlo simulation that used the assumptions noted in the table above. Volatility was based on stock price history immediately prior to grant for a period commensurate with the expected term. PERFORMANCE SHARES The performance shares granted during the first three months of 2016 generally vest after a three -year period based on our total stockholder return relative to the performance of the Dow Jones U.S. Construction and Materials Index, with adjustments to that index in certain circumstances, for the three-year period. The number of performance shares earned will vary from zero to 200% of the number of performance shares awarded depending on that relative performance. Generally, vesting will be pro-rated based on the number of full months employed during the performance period in the case of death, disability, or retirement, and pro-rated awards earned will be issued at the end of the three-year period. Each performance share earned will be settled in common stock. We estimated the fair value of each performance share granted on the date of grant using a Monte Carlo simulation that used the assumptions noted in the table above. Volatility was based on stock price history immediately prior to grant for a period commensurate with the expected term. RESTRICTED STOCK UNITS The RSUs granted during the first three months of 2016 vest after a specified number of years from the date of grant or at a specified date, subject to cliff vesting. Generally, RSUs may vest earlier in the case of death, disability, or a change in control, provided that RSUs will vest upon a change in control in most circumstances only if there is also a related loss of employment or diminution of duties. Each RSU is settled in a share of our common stock after the vesting period. The fair value of each RSU granted is equal to the closing price of our common stock on the date of grant.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information INVENTORIES Total inventories consisted of the following: (millions) March 31, 2016 December 31, 2015 Finished goods $ 215 $ 210 Work in progress 34 36 Raw materials 69 68 Total $ 318 $ 314 ASSET RETIREMENT OBLIGATIONS Changes in the liability for asset retirement obligations consisted of the following: Three months ended March 31, (millions) 2016 2015 Balance as of January 1 $ 119 $ 123 Accretion expense 2 2 Foreign currency translation 1 (3 ) Balance as of March 31 $ 122 $ 122 ACCRUED INTEREST Interest accrued on our debt as of March 31, 2016 and December 31, 2015 was $35 million and $45 million , respectively, and is included in "Accrued expenses" on our accompanying consolidated balance sheets.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in the balances of each component of AOCI for the three months ended March 31, 2016 and 2015 were as follows: Derivatives Defined Benefit Plans Foreign Currency Translation AOCI (millions) 2016 2015 2016 2015 2016 2015 2016 2015 Balance as of January 1 $ 20 $ 16 $ (221 ) $ (302 ) $ (113 ) $ (52 ) $ (314 ) $ (338 ) Other comprehensive income (loss) before reclassifications, net of tax (8 ) (1 ) (3 ) 6 24 (34 ) 13 (29 ) Less: Amounts reclassified from AOCI, net of tax (2 ) (2 ) — (1 ) — — (2 ) (3 ) Net other comprehensive income (loss) (6 ) 1 (3 ) 7 24 (34 ) 15 (26 ) Balance as of March 31 $ 14 $ 17 $ (224 ) $ (295 ) $ (89 ) $ (86 ) $ (299 ) $ (364 ) Amounts reclassified from AOCI, net of tax, for the three months ended March 31, 2016 and 2015 , were as follows: Three months ended March 31, (millions) 2016 2015 Derivatives Net reclassification from AOCI for cash flow hedges included in cost of products sold $ (3 ) $ (2 ) Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit) (1 ) — Net amount reclassified from AOCI $ (2 ) $ (2 ) Defined Benefit Plans Net reclassification from AOCI for amortization of prior service benefit included in cost of products sold $ (2 ) $ (1 ) Net reclassification from AOCI for amortization of prior service cost included in selling and administrative expenses 2 (1 ) Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit) — (1 ) Net amount reclassified from AOCI $ — $ (1 ) Foreign Currency Translation Net reclassification from AOCI for translation gains realized upon the deconsolidation of foreign subsidiaries included in selling and administrative expenses $ — $ — Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit) — — Net amount reclassified from AOCI $ — $ — We estimate that we will reclassify a net $8 million after-tax loss on derivatives from AOCI to earnings within the next 12 months.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In the first quarter of 2016 , we recorded income tax expense of approximately $30 million . The income tax expense for the three months reflects taxes from federal, foreign, state and local jurisdictions. Our effective tax rate was 30.9% . Our effective tax rate was lower than the U.S. statutory rate primarily because of earnings realized in countries that had lower statutory tax rates and our equity method income. Our effective tax rate in the future will depend on the portion of our profits earned within and outside the United States. As of March 31, 2016 , we had federal net operating loss, or NOL, carryforwards of approximately $1.682 billion that are available to offset future federal taxable income and will expire in the years 2026 through 2032 , none of which are subject to Internal Revenue Code limitations under Section 382. In addition, as of that date, we had federal AMT credit carryforwards of approximately $40 million that are available to reduce future regular federal income taxes over an indefinite period. In order to fully realize these U.S. federal net deferred tax assets, taxable income of approximately $1.797 billion would need to be generated during the period before their expiration. As of March 31, 2016 , we had a gross deferred tax asset related to our state NOLs and tax credit carryforwards of $228 million , of which $27 million will expire in 2016 . The remainder will expire if unused in years 2017 through 2035 . We also had NOL and tax credit carryforwards in various foreign jurisdictions in the amount of $1 million as of March 31, 2016 , against which we have maintained a valuation allowance. A reduction of the carrying amounts of deferred tax assets by a valuation allowance is required if, based on all available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed at each reporting date. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more-likely-than-not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, our experience with operating loss and tax credit carryforwards not expiring unused and tax planning strategies. Based on our evaluation, during the first three months of 2016 , we made no adjustments to the valuation allowance against our deferred tax assets of $75 million , which relates to certain net operating losses that we anticipate will not be used prior to their expiration. The Internal Revenue Code imposes limitations on a corporation’s ability to utilize NOLs if it experiences an “ownership change” which can result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percentage points over a three -year period. If we were to experience an ownership change, utilization of our NOLs would be subject to an annual limitation that may be carried over to later years within the allowed NOL carryforward period. Over the entire carryforward period, we may not be able to use all our NOLs due to the aforementioned annual limitation. If an ownership change had occurred as of March 31, 2016 , our annual U.S. federal NOL utilization would have been limited to approximately $96 million per year.

Litigation

Litigation	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation WALLBOARD PRICING CLASS ACTION LAWSUITS In late 2012, USG Corporation and United States Gypsum Company were named as defendants in putative class action lawsuits alleging that since at least September 2011, U.S. wallboard manufacturers conspired to fix and raise the price of gypsum wallboard sold in the United States and to effectuate the alleged conspiracy by ending the practice of providing job quotes on wallboard. These lawsuits, brought on behalf of direct and indirect wallboard purchasers in the U.S., were consolidated for pretrial proceedings in multi-district litigation in the United States District Court for the Eastern District of Pennsylvania, under the title In re: Domestic Drywall Antitrust Litigation , MDL No. 2437. Similar lawsuits have been filed in Quebec, Ontario and British Columbia courts on behalf of purchasers of wallboard in Canada. The Canadian lawsuits also name as defendants CGC Inc., our Canadian operating subsidiary, as well as other Canadian and U.S. wallboard manufacturers. USG denied the allegations made in these wallboard pricing lawsuits, believes these cases were without merit, and that USG’s pricing and selling policies were and are made independently and in full compliance with the law. Class action antitrust litigation in the United States, however, is expensive, protracted, and carries the risk of triple damages and joint and several liability. To avoid the expense, risk and distraction of this litigation, in late 2014, we agreed to a settlement of the U.S. class actions, and in the third quarter of 2014, we recorded a $48 million charge for the settlements ( $39.25 million for the direct purchaser settlement and $8.75 million for the indirect purchaser settlement). The settlements were approved by the Court and are now final. The settlement of the U.S. class action lawsuits described above does not include the Canadian lawsuits. At this stage of the Canadian lawsuits, we are not able to estimate the amount, if any, of any reasonably possible loss or range of reasonably possible losses. We believe, however, that these Canadian lawsuits will not have a material effect on our results of operations, financial position or cash flows. In addition to the class action lawsuits, in the first quarter of 2015, USG, United States Gypsum Company, L&W Supply Corporation and seven other wallboard manufacturers were named as defendants in a lawsuit filed in federal court in California by twelve homebuilders asserting individual claims similar to the claims asserted in the U.S. class action lawsuits. The lawsuit has been transferred to the United States District Court for the Eastern District of Pennsylvania that is presiding over the U.S. class action lawsuits. We believe that the cost, if any, of resolving these homebuilders’ claims will not materially increase our exposure above the $48 million agreed to in the U.S. class action settlements. ENVIRONMENTAL LITIGATION We have been notified by state and federal environmental protection agencies of possible involvement as one of numerous “potentially responsible parties” in a number of Superfund sites in the United States. As a potentially responsible party, we may be responsible to pay for some part of the cleanup of hazardous waste at those sites. In most of these sites, our involvement is expected to be minimal. In addition, we are involved in environmental cleanups of other property that we own or owned. As of both March 31, 2016 and December 31, 2015 , we had an accrual of $16 million for our probable and reasonably estimable liability in connection with these matters. Our accruals take into account all known or estimated undiscounted costs associated with these sites, including site investigations and feasibility costs, site cleanup and remediation, certain legal costs, and fines and penalties, if any. However, we continue to review these accruals as additional information becomes available and revise them as appropriate. Based on the information known to us, we believe these environmental matters will not have a material effect on our results of operations, financial position or cash flows. OTHER LITIGATION We are named as defendants in other claims and lawsuits arising from our operations, including claims and lawsuits arising from the operation of our vehicles, product performance or warranties, personal injury and commercial disputes. We believe that we have properly accrued for our probable liability in connection with these claims and suits, taking into account the probability of liability, whether our exposure can be reasonably estimated and, if so, our estimate of our liability or the range of our liability. We do not expect these or any other litigation matters involving USG to have a material effect on our results of operations, financial position or cash flows.

Gypsum Transportation Limited

Gypsum Transportation Limited	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Gypsum Transportation Limited We exited our shipping operations in the second quarter of 2015. In November 2015, we entered into a release and debt settlement agreement (Settlement Agreement) to recover a portion of our loss incurred when our former trading partner ceased performing under the contract in the fourth quarter of 2014. The Settlement Agreement required payments totaling $14 million beginning in December 2015. The payments received to settle a $9 million loss on the outstanding trade receivable was recorded as a benefit to our statements of income when we determined the payments to be probable. We recorded a recovery of $6 million in the fourth quarter of 2015 and $8 million in the first quarter of 2016. With the payments received in the first quarter, the total recovery under the Settlement Agreement is complete. For the three months ended March 31, 2016 , the recovery is presented as $3 million within "Recovery of receivable", $1 million within "Interest income", and $4 million within "Other income (expense), net" on our consolidated statements of income. GTL recorded operating profit of $3 million for the three months ended March 31, 2016 related to the recovery of the receivable compared with operating profit of $0 million for the three months ended March 31, 2015 .

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity method investments as of March 31, 2016 and December 31, 2015 , were as follows: March 31, 2016 December 31, 2015 (dollars in millions) Carrying Value Ownership Percentage Carrying Value Ownership Percentage USG Boral Building Products $ 699 50% $ 675 50% Other equity method investments 7 33% - 50% 7 33% - 50% Total equity method investments $ 706 $ 682 Translation gains or losses recorded in other comprehensive income were as follows: Three months ended March 31, (in millions) 2016 2015 Translation gain (loss) $ 17 $ (16 ) Summarized financial information for our equity method investments is as follows: Three months ended March 31, (in millions) 2016 2015 USG Boral Building Products: Net sales $ 229 $ 228 Gross profit 65 61 Operating profit 23 23 Income from continuing operations before income taxes 24 26 Net income 15 18 Net income attributable to USG Boral Building Products 14 16 USG share of income from investment accounted for using the equity method 7 8 Other equity method investments: USG share of income from investments accounted for using the equity method — — Total income from equity method investments 7 8

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Net sales and operating profit (loss) by segment	Segment results for our Gypsum, Ceilings and Distribution segments were as follows: Three months ended March 31, (millions) 2016 2015 Net Sales : Gypsum $ 635 $ 577 Ceilings 125 123 Distribution 357 334 Eliminations (147 ) (125 ) Total $ 970 $ 909 Operating Profit (Loss) : Gypsum $ 111 $ 68 Ceilings 29 21 Distribution 11 4 Corporate (21 ) (23 ) Eliminations (3 ) 6 Total $ 127 $ 76

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of basic earnings per share to diluted earnings per share	The reconciliation of basic earnings per share to diluted earnings per share is shown in the following table. Three months ended March 31, (millions, except per-share data) 2016 2015 Net income $ 67 $ 24 Effect of dilutive securities - Deferred compensation program for non-employee directors — — Income available to shareholders $ 67 $ 24 Average common shares 145.8 145.4 Dilutive RSUs, MSUs, performance shares and stock options 1.2 1.6 Deferred shares associated with a deferred compensation program for non-employee directors — 0.2 Average diluted common shares 147.0 147.2 Earnings per average common share $ 0.46 $ 0.16 Earnings per average diluted common share $ 0.46 $ 0.16
Schedule of anti-dilutive securities excluded from computation of earnings per share	MSUs, performance shares, RSUs, and stock options and deferred shares associated with our deferred compensation program for non-employee directors that were not included in the computation of diluted earnings per share for those periods because their inclusion would be anti-dilutive were as follows: Three months ended March 31, (millions, common shares) 2016 2015 MSUs, performance shares, RSUs and stock options 1.7 2.0 Deferred shares associated with a deferred compensation program for non-employee directors 0.2 —

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investments in marketable securities	Our investments in marketable securities consisted of the following: As of March 31, 2016 As of December 31, 2015 (millions) Amortized Cost Fair Value Amortized Cost Fair Value Corporate debt securities $ 134 $ 134 $ 134 $ 134 U.S. government and agency debt securities 52 52 57 57 Asset-backed debt securities 13 13 21 21 Certificates of deposit 26 26 15 15 Municipal debt securities 1 1 3 3 Total marketable securities $ 226 $ 226 $ 230 $ 230
Contractual maturities of marketable securities	Contractual maturities of marketable securities as of March 31, 2016 were as follows: (millions) Amortized Cost Fair Value Due in 1 year or less $ 206 $ 206 Due in 1-5 years 20 20 Total marketable securities $ 226 $ 226

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets with definitive lives	Intangible assets with definite lives are amortized. These assets are summarized as follows: As of March 31, 2016 As of December 31, 2015 (millions) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible Assets with Definite Lives: Customer relationships $ 70 $ (63 ) $ 7 $ 70 $ (61 ) $ 9 Other 9 (8 ) 1 9 (8 ) 1 Total $ 79 $ (71 ) $ 8 $ 79 $ (69 ) $ 10
Estimated annual amortization expense intangible assets	Estimated amortization expense for the remainder of 2016 and for future years is as follows: (millions) 2016 2017 2018 and thereafter Estimated future amortization expense $ 5 $ 2 $ 1
Schedule of indefinite-lived intangible assets	Intangible assets with indefinite lives are not amortized. The gross carrying amount of these assets are as follows: (millions) March 31, 2016 December 31, 2015 Intangible Assets with Indefinite Lives: Trade names $ 22 $ 22 Other 8 8 Total $ 30 $ 30

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Total debt, including the current portion of long-term debt, consisted of the following: (millions) March 31, December 31, 5.5% senior notes due 2025 $ 350 $ 350 5.875% senior notes due 2021 350 350 6.3% senior notes due 2016 438 500 7.75% senior notes due 2018 500 500 7.875% senior notes due 2020, net of discount 249 249 Industrial revenue bonds (due 2028 through 2034) 239 239 Total $ 2,126 $ 2,188 Less unamortized debt issuance costs 12 13 Total $ 2,114 $ 2,175

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Pretax effects of derivative instruments on consolidated statements of operations	FINANCIAL STATEMENT INFORMATION The following are the pretax effects of derivative instruments on the consolidated statements of income for the three months ended March 31, 2016 and 2015 . Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) (millions) 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships Commodity contracts $ (5 ) $ (5 ) Cost of products sold $ (5 ) $ (3 ) Foreign exchange contracts (6 ) 5 Cost of products sold 2 1 Total $ (11 ) $ — $ (3 ) $ (2 ) Location of Gain or (Loss) Recognized in Income on Derivatives Amount of Gain or (Loss) Recognized in Income on Derivatives (millions) 2016 2015 Derivatives Not Designated as Hedging Instruments Commodity contracts Cost of products sold $ (1 ) $ (1 ) Total $ (1 ) $ (1 )
Fair values of derivative instruments and the location on the consolidated balance sheets	he following are the fair values of derivative instruments and the location on our accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015 . Balance Sheet Location Fair Value Balance Sheet Location Fair Value (millions) 3/31/16 12/31/15 3/31/16 12/31/15 Derivatives in Cash Flow Hedging Relationships Commodity contracts Other current assets $ 1 $ 1 Accrued expenses $ 15 $ 15 Commodity contracts Other assets — — Other liabilities 4 5 Foreign exchange contracts Other current assets 2 8 Accrued expenses 1 — Foreign exchange contracts Other assets — — Other liabilities 2 — Total derivatives in cash flow hedging relationships $ 3 $ 9 $ 22 $ 20 Derivatives Not Designated as Hedging Instruments Commodity contracts Other current assets $ — $ — Accrued expenses $ 2 $ 2 Total derivatives not designated as hedging instruments $ — $ — $ 2 $ 2 Total derivatives Total assets $ 3 $ 9 Total liabilities $ 24 $ 22

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	Our assets and liabilities measured at fair value on a recurring basis were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (millions) 3/31/16 12/31/15 3/31/16 12/31/15 3/31/16 12/31/15 3/31/16 12/31/15 Cash equivalents $ 112 $ 223 $ 50 $ 25 $ — $ — $ 162 $ 248 Equity mutual funds 4 4 — — — — 4 4 Marketable securities: Corporate debt securities — — 134 134 — — 134 134 U.S. government and agency debt securities — — 52 57 — — 52 57 Asset-backed debt securities — — 13 21 — — 13 21 Certificates of deposit — — 26 15 — — 26 15 Municipal debt securities — — 1 3 — — 1 3 Derivative assets — — 3 9 — — 3 9 Derivative liabilities — — (24 ) (22 ) — — (24 ) (22 )

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Components of net pension and postretirement benefits costs	The components of net pension and postretirement benefits costs are summarized in the following table: Three months ended March 31, (millions) 2016 2015 Pension: Service cost of benefits earned $ 11 $ 13 Interest cost on projected benefit obligation 17 17 Expected return on plan assets (22 ) (21 ) Settlement 2 — Net amortization 5 9 Net pension cost $ 13 $ 18 Postretirement: Service cost of benefits earned $ 1 $ 1 Interest cost on projected benefit obligation 1 1 Net amortization (7 ) (8 ) Net postretirement benefit $ (5 ) $ (6 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Awards granted during the period and assumptions used to determine fair value	Awards granted during the first three months of 2016 , weighted average fair value, and assumptions used to determine fair value were as follows: MSUs Performance Shares RSUs Awards granted 800,834 213,626 43,000 Weighted average fair value $ 19.59 $ 21.10 $ 21.31 Expected volatility 34.02 % 34.02 % N/A Risk-free rate (a) 0.86 % 0.86 % N/A Expected term (in years) (b) 2.95 2.95 N/A Expected dividends — — N/A (a) The risk-free rate was based on zero coupon U.S. government issues at the time of grant. (b) The expected term represents the period from the valuation date to the end of the performance period.

Supplemental Balance Sheet In34

Supplemental Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of inventories	Total inventories consisted of the following: (millions) March 31, 2016 December 31, 2015 Finished goods $ 215 $ 210 Work in progress 34 36 Raw materials 69 68 Total $ 318 $ 314
Changes in the liability for asset retirement obligations	Changes in the liability for asset retirement obligations consisted of the following: Three months ended March 31, (millions) 2016 2015 Balance as of January 1 $ 119 $ 123 Accretion expense 2 2 Foreign currency translation 1 (3 ) Balance as of March 31 $ 122 $ 122

Accumulated Other Comprehensi35

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in the balances of each component of AOCI	Changes in the balances of each component of AOCI for the three months ended March 31, 2016 and 2015 were as follows: Derivatives Defined Benefit Plans Foreign Currency Translation AOCI (millions) 2016 2015 2016 2015 2016 2015 2016 2015 Balance as of January 1 $ 20 $ 16 $ (221 ) $ (302 ) $ (113 ) $ (52 ) $ (314 ) $ (338 ) Other comprehensive income (loss) before reclassifications, net of tax (8 ) (1 ) (3 ) 6 24 (34 ) 13 (29 ) Less: Amounts reclassified from AOCI, net of tax (2 ) (2 ) — (1 ) — — (2 ) (3 ) Net other comprehensive income (loss) (6 ) 1 (3 ) 7 24 (34 ) 15 (26 ) Balance as of March 31 $ 14 $ 17 $ (224 ) $ (295 ) $ (89 ) $ (86 ) $ (299 ) $ (364 )
Amounts reclassified from AOCI, net of tax	Amounts reclassified from AOCI, net of tax, for the three months ended March 31, 2016 and 2015 , were as follows: Three months ended March 31, (millions) 2016 2015 Derivatives Net reclassification from AOCI for cash flow hedges included in cost of products sold $ (3 ) $ (2 ) Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit) (1 ) — Net amount reclassified from AOCI $ (2 ) $ (2 ) Defined Benefit Plans Net reclassification from AOCI for amortization of prior service benefit included in cost of products sold $ (2 ) $ (1 ) Net reclassification from AOCI for amortization of prior service cost included in selling and administrative expenses 2 (1 ) Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit) — (1 ) Net amount reclassified from AOCI $ — $ (1 ) Foreign Currency Translation Net reclassification from AOCI for translation gains realized upon the deconsolidation of foreign subsidiaries included in selling and administrative expenses $ — $ — Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit) — — Net amount reclassified from AOCI $ — $ —

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 706	$ 682
USG Boral Building Products
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 699	$ 675
Ownership percentage	50.00%	50.00%
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 7	$ 7
Other equity method investments | Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33.00%	33.00%
Other equity method investments | Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%	50.00%

Equity Method Investments (De37

Equity Method Investments (Details 1) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Translation gain (loss)	$ 24	$ (34)
USG Boral Building Products [Member]
Schedule of Equity Method Investments [Line Items]
Translation gain (loss)	$ 17	$ (16)

Equity Method Investments (De38

Equity Method Investments (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
USG share of income from investment accounted for using the equity method	$ 7	$ 8
USG Boral Building Products
Schedule of Equity Method Investments [Line Items]
Net sales	229	228
Gross profit	65	61
Operating profit	23	23
Income from continuing operations before income taxes	24	26
Net income	15	18
Net income attributable to USG Boral Building Products	14	16
USG share of income from investment accounted for using the equity method	7	8
Other equity method investments
Schedule of Equity Method Investments [Line Items]
USG share of income from investment accounted for using the equity method	$ 0	$ 0

Equity Method Investments (De39

Equity Method Investments (Details Textual) - USD ($)	Feb. 27, 2014	Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Present value of contingent liability for contingent consideration for equity method investment		$ 24,000,000	$ 24,000,000
USG Boral Building Products
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%	50.00%
Undistributed earnings		$ 49,000,000
Range of outcomes in contingent consideration arrangements, value, high	$ 75,000,000
Contingent consideration for first performance period	$ 25,000,000
First performance period for contingent consideration	3 years
Contingent consideration for second performance period	$ 50,000,000
Second performance period for contingent consideration	5 years
Boral Limited | USG Boral Building Products
Schedule of Equity Method Investments [Line Items]
Ownership percentage by joint venture partner of equity method investment	50.00%
USG Boral Building Products
Schedule of Equity Method Investments [Line Items]
Loan receivable from related party		$ 14,000,000	$ 14,000,000

Segments (Details)

Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Sales:
Net sales	$ 970	$ 909
Operating Profit (Loss):
Operating profit	127	76
Operating segments | Gypsum
Net Sales:
Net sales	635	577
Operating Profit (Loss):
Operating profit	111	68
Operating segments | Ceilings
Net Sales:
Net sales	125	123
Operating Profit (Loss):
Operating profit	29	21
Operating segments | Distribution
Net Sales:
Net sales	357	334
Operating Profit (Loss):
Operating profit	11	4
Corporate
Operating Profit (Loss):
Operating profit	(21)	(23)
Eliminations
Net Sales:
Net sales	(147)	(125)
Operating Profit (Loss):
Operating profit	$ (3)	$ 6

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income	$ 67	$ 24
Effect of dilutive securities - Deferred compensation program for non-employee directors	0	0
Income available to shareholders	$ 67	$ 24
Average common shares	145,819,026	145,381,269
Dilutive RSUs, MSUs, performance shares and stock options	1,200,000	1,600,000
Deferred shares associated with a deferred compensation program for non-employee directors	0	200,000
Average diluted common shares	146,986,392	147,176,197
Earnings per average common share	$ 0.46	$ 0.16
Earnings per average diluted common share	$ 0.46	$ 0.16

Earnings Per Share (Details 1)

Earnings Per Share (Details 1) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
MSUs, performance shares, RSUs and stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1.7	2
Deferred shares associated with a deferred compensation program for non-employee directors
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0.2	0

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Investments in marketable securities
Amortized Cost	$ 226	$ 230
Fair Value	226	230
Corporate debt securities
Investments in marketable securities
Amortized Cost	134	134
Fair Value	134	134
U.S. government and agency debt securities
Investments in marketable securities
Amortized Cost	52	57
Fair Value	52	57
Asset-backed debt securities
Investments in marketable securities
Amortized Cost	13	21
Fair Value	13	21
Certificates of deposit
Investments in marketable securities
Amortized Cost	26	15
Fair Value	26	15
Municipal debt securities
Investments in marketable securities
Amortized Cost	1	3
Fair Value	$ 1	$ 3

Marketable Securities (Details

Marketable Securities (Details 1) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Contractual maturities of marketable securities
Due in 1 year or less, amortized cost	$ 206
Due in 1-5 years, amortized cost	20
Marketable securities, amortized cost	226	$ 230
Due in 1 year or less, fair value	206
Due in 1-5 years, fair value	20
Marketable securities, fair value	$ 226	$ 230

Marketable Securities (Detail45

Marketable Securities (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Sales or maturities of marketable securities	$ 84	$ 87

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Intangible assets with definite lives
Gross Carrying Amount	$ 79	$ 79
Accumulated Amortization	(71)	(69)
Net	8	10
Customer relationships
Intangible assets with definite lives
Gross Carrying Amount	70	70
Accumulated Amortization	(63)	(61)
Net	7	9
Other
Intangible assets with definite lives
Gross Carrying Amount	9	9
Accumulated Amortization	(8)	(8)
Net	$ 1	$ 1

Intangible Assets (Details 1)

Intangible Assets (Details 1) $ in Millions	Mar. 31, 2016USD ($)
Estimated annual amortization expense intangible assets
Estimated future amortization expense, 2016	$ 5
Estimated future amortization expense, 2017	2
Estimated future amortization expense, 2018 and thereafter	$ 1

Intangible Assets (Details 2)

Intangible Assets (Details 2) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Intangible assets with indefinite lives
Indefinite-lived intangible assets	$ 30	$ 30
Trade names
Intangible assets with indefinite lives
Indefinite-lived intangible assets	22	22
Other
Intangible assets with indefinite lives
Indefinite-lived intangible assets	$ 8	$ 8

Intangible Assets (Details Text

Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 2	$ 2

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015	Feb. 24, 2015
Debt Instrument [Line Items]
Total debt	$ 2,126	$ 2,188
Deferred financing fees	12	13
Long term debt net of unamortized debt issuance costs	$ 2,114	$ 2,175
5.5% senior notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate	5.50%	5.50%
Total debt	$ 350	$ 350
Deferred financing fees			$ 6
Long term debt net of unamortized debt issuance costs	$ 344
5.875% senior notes due 2021
Debt Instrument [Line Items]
Debt instrument interest rate	5.875%	5.875%
Total debt	$ 350	$ 350
6.3% senior notes due 2016
Debt Instrument [Line Items]
Debt instrument interest rate	6.30%	6.30%
Total debt	$ 438	$ 500
7.75% senior notes due 2018
Debt Instrument [Line Items]
Debt instrument interest rate	7.75%	7.75%
Total debt	$ 500	$ 500
7.875% senior notes due 2020, net of discount
Debt Instrument [Line Items]
Debt instrument interest rate	7.875%	7.875%
Total debt	$ 249	$ 249
Industrial revenue bonds (due 2028 through 2034)
Debt Instrument [Line Items]
Total debt	$ 239	$ 239

Debt (Details Textual)

Debt (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Apr. 21, 2016	Dec. 31, 2015	Mar. 26, 2015	Feb. 24, 2015
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ (2)	$ (19)
Deferred financing fees	12			$ 13
Long term debt net of unamortized debt issuance costs	2,114			2,175
Fair value of debt	2,251			$ 2,295
Credit facility
Debt Instrument [Line Items]
Borrowing available under credit facility	347
Outstanding lines of credit	$ 0
Interest rate at period end for line of credit facility	1.88%
Amount of letters of credit outstanding	$ 49
CGC Credit Facility CAD
Debt Instrument [Line Items]
Interest rate at period end for line of credit facility	2.15%
CGC credit facility USD
Debt Instrument [Line Items]
Borrowing available under credit facility	$ 50
8.375% senior notes due 2018
Debt Instrument [Line Items]
Repurchase of outstanding debt		350			$ 224	$ 126
Amount paid in consideration of debt repurchase					$ 242	135
6.3% senior notes due 2016
Debt Instrument [Line Items]
Repurchase of outstanding debt		$ 62
Debt instrument interest rate	6.30%			6.30%
Premiums paid on repurchased debt	$ 2
Accrued interest paid on repurchased debt	1
Amount paid in consideration of debt repurchase	$ 65
5.5% senior notes due 2025
Debt Instrument [Line Items]
Debt instrument interest rate	5.50%			5.50%
Face amount of debt						350
Deferred financing fees						$ 6
Long term debt net of unamortized debt issuance costs	$ 344
Subsequent Event [Member] | 6.3% senior notes due 2016
Debt Instrument [Line Items]
Repurchase of outstanding debt			$ 47
Premiums paid on repurchased debt			2
Accrued interest paid on repurchased debt			1
Amount paid in consideration of debt repurchase			$ 50

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion)	$ (11)	$ 0
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)	(3)	(2)
Derivatives in Cash Flow Hedging Relationships | Commodity contracts | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion)	(5)	(5)
Derivatives in Cash Flow Hedging Relationships | Commodity contracts | Cost of products sold | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)	(5)	(3)
Derivatives in Cash Flow Hedging Relationships | Foreign exchange contracts | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion)	(6)	5
Derivatives in Cash Flow Hedging Relationships | Foreign exchange contracts | Cost of products sold | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion)	2	1
Derivatives Not Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(1)	(1)
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Cost of products sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ (1)	$ (1)

Derivative Instruments (Detai53

Derivative Instruments (Details 1) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative assets	$ 3	$ 9
Derivative liabilities	24	22
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivative liabilities	2	2
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivatives Not Designated as Hedging Instruments | Commodity contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	2
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships
Derivatives, Fair Value [Line Items]
Derivative assets	3	9
Derivative liabilities	22	20
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Commodity contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	1	1
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Commodity contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Commodity contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	15	15
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Commodity contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	4	5
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Foreign exchange contracts | Other current assets
Derivatives, Fair Value [Line Items]
Derivative assets	2	8
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Foreign exchange contracts | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Foreign exchange contracts | Accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liabilities	1	0
Cash flow hedging | Derivatives in Cash Flow Hedging Relationships | Foreign exchange contracts | Other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 2	$ 0

Derivative Instruments (Detai54

Derivative Instruments (Details Textual) MMBTU in Millions	3 Months Ended
	Mar. 31, 2016USD ($)MMBTU	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Typical hedging period	3 years
Net liability aggregate fair value	$ 21,000,000
Collateral provided to counterparties related to derivatives	$ 21,000,000
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Nonmonetary notional amount of derivatives | MMBTU	18
Fair value of contracts not designated as cash flow hedges	$ 2,000,000		$ 2,000,000
Cash flow hedging | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Loss on cash flow hedge ineffectiveness	0	$ 0
Cash flow hedging | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Loss on cash flow hedge ineffectiveness	0	$ 0
Notional amounts of foreign exchange forward contracts	132,000,000
Cash flow hedging | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) that remained in AOCI from cash flow hedges, net of tax	(18,000,000)		(19,000,000)
Cash flow hedging | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) that remained in AOCI from cash flow hedges, net of tax	$ (1,000,000)		$ 8,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	$ 162	$ 248
Equity mutual funds	4	4
Marketable securities	226	230
Derivative assets	3	9
Derivative liabilities	(24)	(22)
Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	134	134
U.S. government and agency debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	52	57
Asset-backed debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	13	21
Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	26	15
Municipal debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	1	3
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	112	223
Equity mutual funds	4	4
Derivative assets	0	0
Derivative liabilities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Significant Other Observable Inputs (Level 2)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	50	25
Equity mutual funds	0	0
Derivative assets	3	9
Derivative liabilities	(24)	(22)
Significant Other Observable Inputs (Level 2) | Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	134	134
Significant Other Observable Inputs (Level 2) | U.S. government and agency debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	52	57
Significant Other Observable Inputs (Level 2) | Asset-backed debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	13	21
Significant Other Observable Inputs (Level 2) | Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	26	15
Significant Other Observable Inputs (Level 2) | Municipal debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	1	3
Significant Unobservable Inputs (Level 3)
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	0	0
Equity mutual funds	0	0
Derivative assets	0	0
Derivative liabilities	0	0
Significant Unobservable Inputs (Level 3) | Corporate debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Significant Unobservable Inputs (Level 3) | U.S. government and agency debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Significant Unobservable Inputs (Level 3) | Asset-backed debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Significant Unobservable Inputs (Level 3) | Certificates of deposit
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	0	0
Significant Unobservable Inputs (Level 3) | Municipal debt securities
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	$ 0	$ 0

Employee Retirement Plans (Deta

Employee Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension
Components of net pension and postretirement benefits costs
Service cost of benefits earned	$ 11	$ 13
Interest cost on projected benefit obligation	17	17
Expected return on plan assets	(22)	(21)
Settlement	2	0
Net amortization	5	9
Net pension cost	13	18
Postretirement
Components of net pension and postretirement benefits costs
Service cost of benefits earned	1	1
Interest cost on projected benefit obligation	1	1
Net amortization	(7)	(8)
Net pension cost	$ (5)	$ (6)

Employee Retirement Plans (De57

Employee Retirement Plans (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Defined Benefit Plan Disclosure [Line Items]
Estimated total contributions in current year	$ 65
United States pension plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer	50
Canada pension plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer	6
Other domestic pension plan
Defined Benefit Plan Disclosure [Line Items]
Contribution by employer	$ 5

Share-Based Compensation (Detai

Share-Based Compensation (Details)	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
MSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted | shares	800,834
Weighted average fair value | $ / shares	$ 19.59
Expected volatility	34.02%
Risk-free rate	0.86%	[1]
Expected term (in years)	2 years 11 months 13 days	[2]
Expected dividends | $	$ 0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted | shares	213,626
Weighted average fair value | $ / shares	$ 21.10
Expected volatility	34.02%
Risk-free rate	0.86%	[1]
Expected term (in years)	2 years 11 months 13 days	[2]
Expected dividends | $	$ 0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted | shares	43,000
Weighted average fair value | $ / shares	$ 21.31
[1]	The risk-free rate was based on zero coupon U.S. government issues at the time of grant.
[2]	The expected term represents the period from the valuation date to the end of the performance period.

Share-Based Compensation (Det59

Share-Based Compensation (Details Textual)	3 Months Ended
	Mar. 31, 2016
MSUs
Share Based Compensation [Abstract]
Vesting period	3 years
Minimum of range for number of shares earned	0.00%
Maximum of range for number of shares earned	150.00%
Performance Shares
Share Based Compensation [Abstract]
Vesting period	3 years
Minimum of range for number of shares earned	0.00%
Maximum of range for number of shares earned	200.00%

Supplemental Balance Sheet In60

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventories
Finished goods	$ 215	$ 210
Work in process	34	36
Raw materials	69	68
Total	$ 318	$ 314

Supplemental Balance Sheet In61

Supplemental Balance Sheet Information (Details 1) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 119	$ 123
Accretion expense	2	2
Foreign currency translation	1	(3)
Ending balance	$ 122	$ 122

Supplemental Balance Sheet In62

Supplemental Balance Sheet Information (Details Textual) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Supplemental Balance Sheet Information [Abstract]
Interest accrued on debt	$ 35	$ 45

Accumulated Other Comprehensi63

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (314)	$ (338)
Other comprehensive income (loss) before reclassifications, net of tax	13	(29)
Less: Amounts reclassified from AOCI, net of tax	(2)	(3)
Other comprehensive income (loss), net of tax	15	(26)
Ending balance	(299)	(364)
Derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	20	16
Other comprehensive income (loss) before reclassifications, net of tax	(8)	(1)
Less: Amounts reclassified from AOCI, net of tax	(2)	(2)
Other comprehensive income (loss), net of tax	(6)	1
Ending balance	14	17
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(221)	(302)
Other comprehensive income (loss) before reclassifications, net of tax	(3)	6
Less: Amounts reclassified from AOCI, net of tax	0	(1)
Other comprehensive income (loss), net of tax	(3)	7
Ending balance	(224)	(295)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(113)	(52)
Other comprehensive income (loss) before reclassifications, net of tax	24	(34)
Less: Amounts reclassified from AOCI, net of tax	0	0
Other comprehensive income (loss), net of tax	24	(34)
Ending balance	$ (89)	$ (86)

Accumulated Other Comprehensi64

Accumulated Other Comprehensive Income (Loss) (Details 1) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net reclassification from AOCI included in cost of products sold	$ 775	$ 756
Net reclassification from AOCI included in selling and administrative expenses	71	77
Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit)	(30)	2
Net amount reclassified from AOCI	67	24
Derivatives | Amounts reclassified from AOCI, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net reclassification from AOCI included in cost of products sold	(3)	(2)
Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit)	(1)	0
Net amount reclassified from AOCI	(2)	(2)
Defined Benefit Plans | Amounts reclassified from AOCI, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net reclassification from AOCI included in cost of products sold	(2)	(1)
Net reclassification from AOCI included in selling and administrative expenses	2	(1)
Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit)	0	(1)
Net amount reclassified from AOCI	0	(1)
Foreign Currency Translation | Amounts reclassified from AOCI, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net reclassification from AOCI included in selling and administrative expenses	0	0
Less: Income tax expense on reclassification from AOCI included in income tax expense (benefit)	0	0
Net amount reclassified from AOCI	$ 0	$ 0

Accumulated Other Comprehensi65

Accumulated Other Comprehensive Income (Loss) (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Equity [Abstract]
Estimated after-tax loss on derivatives to be reclassified from AOCI to earnings within the next 12 months	$ (8)

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ (30,000,000)	$ 2,000,000
Effective tax rate	30.90%
Federal net operating loss carryforwards	$ 1,682,000,000
Federal alternative minimum tax credit carryforwards	40,000,000
Minimum taxable income needed to fully realize the U.S. federal net deferred tax assets	1,797,000,000
Deferred tax assets related to state net operating loss and tax credit carryforwards	228,000,000
Gross deferred tax assets related to state net operating loss and tax credit carry forwards that will expire in current year	27,000,000
Net operating loss and tax credit carryforwards in various foreign jurisdictions	1,000,000
Increase (decrease) in valuation allowance against deferred tax asset	0
Valuation allowance on deferred tax assets	$ 75,000,000
Percentage of change in ownership	50.00%
Period of change in ownership	3 years
Approximate annual NOL utilization had an ownership change occurred	$ 96,000,000

Litigation (Details Textual)

Litigation (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)HomebuilderDefendants	Sep. 30, 2014USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement charge	$ 48,000
Settlement Amount Allocated to Direct Purchaser Class Settlement Fund				$ 39,250
Settlement Amount Allocated to Indirect Purchaser Class Settlement Fund				$ 8,750
Number of defendants named in class action lawsuits | Defendants			7
Homebuilders asserting individual claims | Homebuilder			12
Original litigation settlement accrual			$ 48,000
Accrual for probable and reasonably estimable liability for environmental cleanup	$ 16,000	$ 16,000

Gypsum Transportation Limited (

Gypsum Transportation Limited (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Long Lived Assets Held-for-sale [Line Items]
Receivable Per Release And Debt Settlement Agreement		$ 14
Receivable Per Release And Debt Settlement Agreement, Loss on Trade Receivable		9
Receivable Per Release And Debt Settlement Agreement, Recovered Receivable	$ 8	$ 6
Recovery of receivable	(3)		$ 0
Receivable Per Release And Debt Settlement Agreement, Recovered Receivable, Interest income	1
Receivable Per Release And Debt Settlement Agreement, Recovered Receivable, Other Income	4
Operating profit	127		76
Gypsum Transportation Limited
Long Lived Assets Held-for-sale [Line Items]
Operating profit	$ 3		$ 0