Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2019shares | |
Cover page. | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2019 |
Document Transition Report | false |
Entity File Number | 1-1463 |
Entity Registrant Name | Union Carbide Corporation |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 13-1421730 |
Entity Address, Address Line One | 7501 STATE HIGHWAY 185 NORTH |
Entity Address, City or Town | SEADRIFT |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77983 |
City Area Code | 361 |
Local Phone Number | 553-2997 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 935.51 |
Entity Central Index Key | 0000100790 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net trade sales | $ 31 | $ 39 | $ 106 | $ 105 |
Net sales to related companies | 1,028 | 1,385 | 3,270 | 3,998 |
Total Net Sales | 1,059 | 1,424 | 3,376 | 4,103 |
Cost of sales | 854 | 1,062 | 2,706 | 3,102 |
Research and development expenses | 6 | 4 | 19 | 14 |
Selling, general and administrative expenses | 2 | 1 | 4 | 5 |
Restructuring and asset related charges - net | 77 | 1 | 79 | 3 |
Integration and separation costs | 0 | 1 | 2 | 2 |
Sundry income (expense) - net | (19) | (20) | (58) | (48) |
Interest Income, Other | 9 | 8 | 28 | 20 |
Interest expense and amortization of debt discount | 7 | 9 | 21 | 22 |
Income before income taxes | 103 | 334 | 515 | 927 |
Provision for income taxes | (19) | 62 | 38 | 184 |
Net Income Attributable to Union Carbide Corporation | 122 | 272 | 477 | 743 |
Depreciation | 43 | 49 | 128 | 137 |
Capital Expenditures | $ 40 | $ 73 | $ 145 | $ 174 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income attributable to Union Carbide Corporation | $ 122 | $ 272 | $ 477 | $ 743 |
Other comprehensive income, net of tax | ||||
Cumulative translation adjustments | 1 | 1 | 1 | 2 |
Pension and other postretirement benefit plans | 14 | 16 | 43 | 49 |
Total other comprehensive income | 15 | 17 | 44 | 51 |
Comprehensive income attributable to Union Carbide Corporation | $ 137 | $ 289 | $ 521 | $ 794 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 13 | $ 13 |
Accounts receivable: | ||
Trade (net of allowance for doubtful receivables 2019: $-; 2018: $-) | 30 | 21 |
Related companies | 745 | 1,029 |
Other | 19 | 31 |
Income taxes receivable | 299 | 330 |
Notes receivable from related companies | 1,485 | 1,281 |
Inventories | 250 | 304 |
Other current assets | 25 | 15 |
Total current assets | 2,866 | 3,024 |
Investments | ||
Investments in related companies | 238 | 639 |
Other investments | 21 | 23 |
Noncurrent receivables | 96 | 67 |
Noncurrent receivables from related companies | 67 | 54 |
Total investments | 422 | 783 |
Property | ||
Property | 7,410 | 7,430 |
Less accumulated depreciation | 6,040 | 5,982 |
Net property | 1,370 | 1,448 |
Other Assets | ||
Intangible assets (net of accumulated amortization 2019: $90; 2018: $87) | 23 | 25 |
Operating lease right-of-use assets | 93 | 0 |
Deferred income tax assets - noncurrent | 474 | 463 |
Deferred charges and other assets | 26 | 34 |
Total other assets | 616 | 522 |
Total Assets | 5,274 | 5,777 |
Current Liabilities | ||
Notes payable - related companies | 32 | 28 |
Notes Payable - Other | 2 | 1 |
Long-term debt due within one year | 1 | 1 |
Accounts payable: | ||
Trade | 207 | 247 |
Related companies | 313 | 515 |
Other | 11 | 39 |
Dividends payable | 112 | 0 |
Operating lease liabilities - current | 18 | 0 |
Income taxes payable | 24 | 24 |
Asbestos-related liabilities - current | 105 | 118 |
Accrued and other current liabilities | 169 | 163 |
Total current liabilities | 994 | 1,136 |
Long-Term Debt | 472 | 473 |
Other Noncurrent Liabilities | ||
Pension and other postretirement benefits - noncurrent | 949 | 979 |
Asbestos-related liabilities - noncurrent | 1,087 | 1,142 |
Operating lease liabilities - noncurrent | 75 | 0 |
Other noncurrent obligations | 184 | 132 |
Total other noncurrent liabilities | 2,295 | 2,253 |
Stockholder's Equity | ||
Common stock (authorized: 1,000 shares of $0.01 par value each; issued: 935.51 shares) | 0 | 0 |
Additional paid-in capital | 138 | 138 |
Retained earnings | 2,892 | 3,338 |
Accumulated other comprehensive loss | (1,517) | (1,561) |
Union Carbide Corporation's stockholder's equity | 1,513 | 1,915 |
Total Liabilities and Equity | $ 5,274 | $ 5,777 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 0 | $ 0 |
Accumulated Amortization | $ 90 | $ 87 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000 | 1,000 |
Common stock, shares issued | 935.51 | 935.51 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Activities | ||
Net income attributable to Union Carbide Corporation | $ 477 | $ 743 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 148 | 157 |
Provision (credit) for deferred income tax | (23) | 28 |
Net loss on sales of property and investments | (1) | 0 |
Restructuring and asset related charges - net | 79 | 3 |
Net periodic pension benefit cost | 39 | 33 |
Pension contributions | (2) | (42) |
Changes in assets and liabilities: | ||
Accounts and notes receivable | 7 | 25 |
Related company receivables | 39 | (86) |
Inventories | 34 | (25) |
Accounts payable | (58) | 12 |
Related company payables | (195) | (112) |
Asbestos-related payments | (68) | (79) |
Other assets and liabilities | 14 | (63) |
Cash provided by operating activities | 492 | 594 |
Investing Activities | ||
Capital expenditures | (145) | (174) |
Change in noncurrent receivable from related company | (13) | 0 |
Proceeds from sales of property | 1 | 0 |
Proceeds from sales of investments | 3 | 0 |
Cash used for investing activities | (154) | (174) |
Financing Activities | ||
Dividends paid to parent | (338) | (423) |
Changes in short-term notes payable | 1 | 4 |
Payments on long-term debt | (1) | (1) |
Cash used for financing activities | (338) | (420) |
Summary | ||
Increase in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 13 | 13 |
Cash and cash equivalents at end of period | $ 13 | $ 13 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Union Carbide Corporation's Stockholder's Equity at Dec. 31, 2017 | $ 0 | $ 138 | $ 2,582 | $ (1,352) | |
Net income attributable to Union Carbide Corporation | $ 743 | 743 | |||
Dividends, Common Stock | (423) | ||||
Stockholders' Equity, Other | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 51 | 51 | |||
Union Carbide Corporation's Stockholder's Equity at Sep. 30, 2018 | 1,739 | 0 | 138 | 3,156 | (1,555) |
Union Carbide Corporation's Stockholder's Equity at Jun. 30, 2018 | 3,061 | (1,572) | |||
Net income attributable to Union Carbide Corporation | 272 | 272 | |||
Dividends, Common Stock | (177) | ||||
Stockholders' Equity, Other | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 17 | 17 | |||
Union Carbide Corporation's Stockholder's Equity at Sep. 30, 2018 | 1,739 | 0 | 138 | 3,156 | (1,555) |
Union Carbide Corporation's Stockholder's Equity at Dec. 31, 2018 | 1,915 | 0 | 138 | 3,338 | (1,561) |
Net income attributable to Union Carbide Corporation | 477 | 477 | |||
Dividends, Common Stock | (922) | ||||
Stockholders' Equity, Other | (1) | ||||
Other Comprehensive Income (Loss), Net of Tax | 44 | 44 | |||
Union Carbide Corporation's Stockholder's Equity at Sep. 30, 2019 | 1,513 | 0 | 138 | 2,892 | (1,517) |
Union Carbide Corporation's Stockholder's Equity at Jun. 30, 2019 | 2,882 | (1,532) | |||
Net income attributable to Union Carbide Corporation | 122 | 122 | |||
Dividends, Common Stock | (112) | ||||
Stockholders' Equity, Other | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 15 | 15 | |||
Union Carbide Corporation's Stockholder's Equity at Sep. 30, 2019 | $ 1,513 | $ 0 | $ 138 | $ 2,892 | $ (1,517) |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | CONSOLIDATED FINANCIAL STATEMENTS Basis of Presentation The unaudited interim consolidated financial statements of Union Carbide Corporation and its subsidiaries (the "Corporation" or "UCC") were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2018 . The Corporation is a wholly owned subsidiary of The Dow Chemical Company ("TDCC"). In accordance with the accounting guidance for earnings per share, the presentation of earnings per share is not required in financial statements of wholly owned subsidiaries. The Corporation’s business activities comprise components of TDCC’s global operations rather than stand-alone operations. TDCC conducts its worldwide operations through global businesses. Because there are no separable reportable business segments for UCC under the accounting guidance related to segment reporting and no detailed business information is provided to a chief operating decision maker regarding the Corporation’s stand-alone operations, the Corporation’s results are reported as a single operating segment. On April 1, 2019, DowDuPont Inc. (“DowDuPont” and effective June 3, 2019, n/k/a DuPont de Nemours, Inc.) completed the separation of its materials science business and Dow Inc. became the direct parent company of TDCC. The separation was contemplated by the merger of equals transaction effective August 31, 2017, under the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017. TDCC and E. I. du Pont de Nemours and Company and its consolidated subsidiaries ("Historical DuPont") each merged with subsidiaries of DowDuPont, and, as a result, TDCC and Historical DuPont became subsidiaries of DowDuPont (the “Merger”). Subsequent to the Merger, TDCC and Historical DuPont engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products. Dow Inc. was formed as a wholly owned subsidiary of DowDuPont to serve as the holding company for the materials science business. UCC remains a wholly owned subsidiary of TDCC. See Note 3 for additional information. Intercompany transactions and balances are eliminated in consolidation. Transactions with the Corporation’s parent company, TDCC, and other subsidiaries of TDCC, have been reflected as related company transactions in the consolidated financial statements. See Note 13 for additional information. Adoption of Accounting Standards In the first quarter of 2019, UCC adopted Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," and associated ASUs (collectively, "Topic 842"). See Notes 2 and 9 for additional information. UCC added a significant accounting policy for leases as a result of the adoption of Topic 842: Leases UCC determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Corporation has the right to control the asset. Operating lease right-of-use (“ROU”) assets represent UCC’s right to use an underlying asset for the lease term, and lease liabilities represent UCC’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. UCC uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. If lease terms include options to extend or terminate the lease, the ROU asset and lease liability are measured based on the reasonably certain decision. Leases with a term of 12 months or less at the commencement date are not recognized on the balance sheet and are expensed as incurred. UCC has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all classes of leased assets for which UCC is the lessee. Additionally, for certain equipment leases, the portfolio approach is applied to account for the operating lease ROU assets and lease liabilities. In the consolidated statements of income, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. Some leasing arrangements require variable payments that are dependent upon usage or output, or may vary for other reasons, such as insurance or tax payments. Variable lease payments are recognized as incurred and are not presented as part of the ROU asset or lease liability. In the second quarter of 2018, the Corporation adopted ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which resulted in a $254 million increase to retained earnings due to the reclassification from accumulated other comprehensive loss ("AOCL") for the effect of the federal corporate income tax rate change as a result of the Tax Cuts and Jobs Act of 2017 on the Corporation's pension plans. This reclassification is reflected in the "Adoption of accounting standard" line in the consolidated statements of equity. Changes in Consolidated Statements of Income Presentation In the second quarter of 2019, the Corporation made a change to separately report "Interest income" which had previously been included in "Sundry income (expense) - net" in the consolidated statements of income. |
RECENT ACCOUNTING GUIDANCE
RECENT ACCOUNTING GUIDANCE | 9 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the first quarter of 2019, the Corporation adopted Topic 842, which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from legacy U.S. GAAP but does contain some targeted improvements to align with revenue recognition guidance Topic 606, "Revenue from Contracts with Customers." The new standard was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption was permitted. The Corporation adopted Topic 842 using the modified retrospective transition approach, applying the new standard to leases existing at the date of initial adoption. The Corporation elected to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, and prior periods were not restated. In addition, the Corporation elected to apply the package of practical expedients permitted under the transition guidance which does not require reassessment of prior conclusions, lease classification and initial direct lease costs. The Corporation did not elect to use the hindsight practical expedient in determining the lease term or assessing impairment of ROU assets. Adoption of the new standard resulted in the recording of operating lease ROU assets and lease liabilities of $99 million at January 1, 2019. The difference between the additional operating lease ROU assets and lease liabilities, net of deferred taxes, was recorded as an adjustment to retained earnings and was not material. The adoption of the new guidance did not have a material impact on the Corporation's consolidated statements of income and had no impact on cash flows. See Note 9 |
BUSINESS SEPARATION
BUSINESS SEPARATION | 9 Months Ended |
Sep. 30, 2019 | |
BUSINESS SEPARATION [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | BUSINESS SEPARATION On April 1, 2019, DowDuPont completed the separation of its materials science business and Dow Inc. became the direct parent company of TDCC. UCC remains a wholly owned subsidiary of TDCC. In the first quarter of 2019, in anticipation of the business separations, UCC's assets and liabilities aligned with the specialty products business were transferred to TDCC as part of the internal reorganization steps to align TDCC's specialty products business to DowDuPont. In order to align entity ownership under TDCC, UCC distributed shares and assets to TDCC through dividends or asset distributions. As a result, in February 2019, UCC issued to TDCC a dividend of 1,067 shares of common stock of Dow International Holding Company (“DIHC”), a cost method investment. Prior to the distribution, UCC had an 11.9 percent ownership interest in DIHC with the other 88.1 percent owned by TDCC and its other wholly owned subsidiaries. After the dividend, UCC’s investment in DIHC was reduced to 4.4 percent and resulted in a reduction in "Investments in related companies" of $401 million . UCC also transferred, as an asset distribution, the assets and liabilities aligned with the specialty products business for an additional dividend of $71 million to TDCC. The results of these transactions are reflected in “Investments in related companies” and “Retained earnings” in the consolidated balance sheets. |
REVENUE FROM CONTRACT WITH CUST
REVENUE FROM CONTRACT WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Substantially all of the Corporation's revenues are generated by intercompany sales to TDCC. Products are sold to and purchased from TDCC at market-based prices in accordance with the terms of TDCC’s intercompany pricing policies. Approximately 99 percent of the Corporation's revenue for the three and nine months ended September 30, 2019 , related to sales of product ( 99 percent for the three and nine months ended September 30, 2018 ); the remaining 1 percent primarily related to the licensing of patents and technology. The Corporation sells its products to TDCC to simplify the customer interface process. The Corporation’s contract liabilities include payments received in advance of performance under long-term contracts for product sales and royalties, and are realized when the associated revenue is recognized under the contract with remaining contract terms that range up to 22 years . The Corporation will have rights to future consideration for revenue recognized when product is delivered to the customer. The balance of contract liabilities was $41 million at September 30, 2019 ( $41 million at December 31, 2018 ) and was included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets. The Corporation disaggregates its revenue from contracts with customers by type of customer (sales to related parties and sales to trade customers) as presented in the consolidated statements of income and believes this disaggregation best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. Substantially all of the product sales are made to the parent entity, TDCC, and there are no unique economic factors that affect revenue recognition and cash flows associated with these product sales. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | In September and November 2017, the Corporation approved restructuring actions that were aligned with DowDuPont’s synergy targets. For the three months ended September 30, 2019 , the Corporation recorded pretax restructuring charges of $2 million for severance and related benefit costs ( $1 million for the three months ended September 30, 2018 ). For the nine months ended September 30, 2019 , the Corporation recorded pretax restructuring charges of $4 million for severance and related benefit costs ( $3 million for the nine months ended September 30, 2018 ). The impact of these charges was shown as “Restructuring and asset related charges - net” in the consolidated statements of income. These actions are expected to be substantially completed by the end of 2019. The Corporation recorded pretax restructuring charges of $79 million inception-to-date under the restructuring program, consisting of severance and related benefit costs of $17 million and $62 million for asset write-downs and write-offs of manufacturing and facility related assets at multiple UCC sites, including a steam unit in Institute, West Virginia. At September 30, 2019 , severance of $15 million had been paid, leaving a liability of $2 million . The Corporation expects to incur additional costs in the future related to restructuring activities, as UCC continually looks for ways to enhance the efficiency and cost effectiveness of its operations. The Corporation expects to incur additional employee-related costs, including involuntary termination benefits, related to its other optimization activities. These costs cannot be reasonably estimated at this time. On August 13, 2019, the Corporation entered into a definitive agreement to sell its acetone derivatives product line to ALTIVIA Ketones & Additives, LLC. The divestiture includes the Corporation's acetone derivatives related inventory and production assets located in Institute, West Virginia, in addition to the site infrastructure, land and utilities. The divestiture is expected to close in the fourth quarter of 2019. The Corporation will remain at the Institute site as a tenant. As a result of this planned divestiture, the Corporation recognized a pretax impairment charge of $75 million in the third quarter of 2019. The impairment charge was included in "Restructuring and asset related charges - net" in the consolidated statements of income. See Note 12 for additional information. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The following table provides a breakdown of inventories: Inventories Sep 30, Dec 31, In millions Finished goods $ 183 $ 264 Work in process 32 45 Raw materials 41 45 Supplies 89 85 Total $ 345 $ 439 Adjustment of inventories to a LIFO basis (95 ) (135 ) Total inventories $ 250 $ 304 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
INTANGIBLE ASSETS DISCLOSURE | INTANGIBLE ASSETS The following table provides information regarding the Corporation’s intangible assets: Intangible Assets Sep 30, 2019 Dec 31, 2018 In millions Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets with finite lives: Licenses and developed technology $ 33 $ (33 ) $ — $ 33 $ (33 ) $ — Software 80 (57 ) 23 79 (54 ) 25 Total intangible assets $ 113 $ (90 ) $ 23 $ 112 $ (87 ) $ 25 Total estimated amortization expense for 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions 2019 $ 7 2020 $ 8 2021 $ 6 2022 $ 4 2023 $ 2 2024 $ 1 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES DISCLOSURE | COMMITMENTS AND CONTINGENT LIABILITIES Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. At September 30, 2019 , the Corporation had accrued obligations of $141 million for probable environmental remediation and restoration costs, including $21 million for the remediation of Superfund sites. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Corporation has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Corporation's results of operations, financial condition and cash flows. It is the opinion of the Corporation’s management that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Corporation’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. As new or additional information becomes available and/or certain spending trends become known, management will evaluate such information in determination of the current estimate of the environmental liability. At December 31, 2018 , the Corporation had accrued obligations of $94 million for probable environmental remediation and restoration costs, including $16 million for the remediation of Superfund sites. During the third quarter of 2019, the Corporation recorded a pretax charge of $55 million , included in "Cost of sales" in the consolidated statements of income, related to environmental remediation matters at a number of current and historical locations. The charge primarily resulted from the culmination of long-standing negotiations and discussions with regulators and agencies, including technical studies supporting higher cost estimates for final or staged remediation plans, and the Corporation’s review of its closure strategies and obligations to monitor ongoing operations and maintenance activities. Litigation The Corporation is involved in a number of legal proceedings and claims with both private and governmental parties. These cover a wide range of matters, including, but not limited to: product liability; trade regulation; governmental regulatory proceedings; health, safety and environmental matters; employment; patents; contracts; taxes; and commercial disputes. Asbestos-Related Matters A summary of asbestos-related matters can be found in Note 13 to the Consolidated Financial Statements included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2018 . Introduction The Corporation is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past four decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that UCC sold in the past, alleged exposure to asbestos-containing products located on UCC’s premises and UCC’s responsibility for asbestos suits filed against a former UCC subsidiary, Amchem Products, Inc. ("Amchem"). In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable loss as a result of such exposure, or that injuries incurred in fact resulted from exposure to the Corporation’s products. The Corporation expects more asbestos-related suits to be filed against UCC and Amchem in the future, and will aggressively defend or reasonably resolve, as appropriate, both pending and future claims. Estimating the Asbestos-Related Liability Since 2003, the Corporation has engaged Ankura Consulting Group, LLC ("Ankura"), a third party actuarial specialist, to review the Corporation's historical asbestos-related claim and resolution activity in order to assist UCC management in estimating the Corporation's asbestos-related liability. Each year, Ankura reviews the claim and resolution activity to determine the appropriateness of updating the most recent Ankura study. Based on the December 2018 Ankura review and the Corporation's own review of the data, the Corporation's total asbestos-related liability through the terminal year of 2049, including asbestos-related defense and processing costs, was $1,260 million at December 31, 2018 , and was included in “Asbestos-related liabilities - current” and “Asbestos-related liabilities - noncurrent” in the consolidated balance sheets. Each quarter, the Corporation reviews claims filed, settled and dismissed, as well as average settlement and resolution costs by disease category. The Corporation also considers additional quantitative and qualitative factors such as the nature of pending claims, trial experience of the Corporation and other asbestos defendants, current spending for defense and processing costs, significant appellate rulings and legislative developments, trends in the tort system, and their respective effects on expected future resolution costs. UCC management considers all these factors in conjunction with the most recent Ankura study and determines whether a change in the estimate is warranted. Based on the Corporation's review of 2019 activity, it was determined that no adjustment to the accrual was required at September 30, 2019 . The Corporation’s asbestos-related liability for pending and future claims and defense and processing costs was $1,192 million at September 30, 2019 , and approximately 18 percent of the recorded liability related to pending claims and approximately 82 percent related to future claims. Summary The Corporation's management believes the amounts recorded for the asbestos-related liability (including defense and processing costs) reflect reasonable and probable estimates of the liability based on current, known facts. However, future events, such as the number of new claims to be filed and/or received each year and the average cost of defending and disposing of each such claim, as well as the numerous uncertainties surrounding asbestos litigation in the United States over a significant period of time, could cause the actual costs for the Corporation to be higher or lower than those projected or those recorded. Any such event could result in an increase or decrease in the recorded liability. Because of the uncertainties described above, the Corporation cannot estimate the full range of the cost of resolving pending and future asbestos-related claims facing UCC and Amchem. As a result, it is reasonably possible that an additional cost of disposing of asbestos-related claims, including future defense and processing costs, could have a material impact on the Corporation's results of operations and cash flows for a particular period and on the consolidated financial position. Other Litigation While it is not possible at this time to determine with certainty the ultimate outcome of any of the legal proceedings and claims referred to in this filing, management believes that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, cash flows and financial position of the Corporation. |
LEASES (Notes)
LEASES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES Operating lease ROU assets are included in "Operating lease right-of-use assets" and finance lease ROU assets are included in "Net property" in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in "Operating lease liabilities - current" and "Operating lease liabilities - noncurrent," and finance lease liabilities are included in "Long-term debt due within one year" and "Long-Term Debt" in the consolidated balance sheets. The Corporation routinely leases sales and administrative offices, product and utility production facilities, warehouses and tanks for product storage, motor vehicles, railcars, computers, office machines and equipment. Some leases contain renewal provisions, purchase options and escalation clauses. The terms for these leased assets vary depending on the lease agreement. These leased assets have remaining lease terms that currently range from 1 to 10 years . The Corporation's lease agreements do not contain any material residual value guarantees or restrictive covenants. See Notes 1 and 2 for additional information on leases. The components of lease cost for operating and finance leases for the three and nine months ended September 30, 2019 were as follows: Lease Cost Three Months Ended Sep 30, 2019 Nine Months Ended In millions Operating lease cost $ 7 $ 18 Short-term lease cost 6 20 Variable lease cost 1 3 Amortization of right-of-use assets - finance — 1 Total lease cost $ 14 $ 42 The following table provides supplemental cash flow information related to leases: Other Lease Information Nine Months Ended Sep 30, 2019 In millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 18 Financing cash flows for finance leases $ 1 The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at September 30, 2019 : Lease Position Balance Sheet Classification Sep 30, 2019 In millions Right-of-use assets obtained in exchange for lease obligations: Operating leases 1 $ 105 Assets Operating lease assets Operating lease right-of-use assets $ 93 Finance lease assets Property 12 Finance lease amortization Accumulated depreciation (6 ) Total lease assets $ 99 Liabilities Current Operating Operating lease liabilities - current $ 18 Finance Long-term debt due within one year 1 Noncurrent Operating Operating lease liabilities - noncurrent 75 Finance Long-Term Debt 5 Total lease liabilities $ 99 1. Includes $99 million related to the adoption of Topic 842. See Note 2 for additional information. Lease Term and Discount Rate Sep 30, 2019 Weighted-average remaining lease term Operating leases 6.4 years Finance leases 4.8 years Weighted-average discount rate Operating leases 4.23 % Finance leases 4.22 % The following table provides the maturities of lease liabilities at September 30, 2019: Maturities of Lease Liabilities at Sep 30, 2019 Operating Leases Finance Leases In millions 2019 $ 5 $ — 2020 20 2 2021 16 2 2022 15 1 2023 13 1 2024 and thereafter 37 1 Total future undiscounted lease payments $ 106 $ 7 Less imputed interest 13 1 Total present value of lease liabilities $ 93 $ 6 At September 30, 2019, the Corporation had an additional lease of approximately $15 million for a rail yard, which has not yet commenced. This lease is expected to commence in 2020, with a lease term of 20 years . Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at Dec 31, 2018 In millions 2019 $ 18 2020 16 2021 14 2022 13 2023 13 2024 and thereafter 37 Total $ 111 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in the balances for each component of AOCL for the three and nine months ended September 30, 2019 and 2018 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended In millions Sep 30, 2019 Sep 30, 2018 Sep 30, 2019 Sep 30, 2018 Cumulative Translation Adjustment Beginning balance $ (57 ) $ (58 ) $ (57 ) $ (59 ) Gains (losses) on foreign currency translation 1 2 1 2 (Gains) losses reclassified from AOCL to net income 1 — (1 ) — — Other comprehensive income (loss), net of tax 1 1 1 2 Ending balance $ (56 ) $ (57 ) $ (56 ) $ (57 ) Pension and Other Postretirement Benefits Beginning balance $ (1,475 ) $ (1,514 ) $ (1,504 ) $ (1,293 ) Amortization and recognition of net loss 2 18 21 56 64 Less: Tax expense (benefit) 3 (4 ) (5 ) (13 ) (15 ) Other comprehensive income (loss), net of tax 14 16 43 49 Reclassification of stranded tax effects 4 — — — (254 ) Ending balance $ (1,461 ) $ (1,498 ) $ (1,461 ) $ (1,498 ) Total AOCL ending balance $ (1,517 ) $ (1,555 ) $ (1,517 ) $ (1,555 ) 1. Reclassified to "Sundry income (expense) - net." 2. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other postretirement benefit plans. See Note 11 for additional information. 3. Reclassified to "Provision (credit) for income taxes." 4. |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS A summary of the Corporation's pension plans and other postretirement benefits can be found in Note 15 to the Consolidated Financial Statements included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2018 . The following table provides the components of the Corporation's net periodic benefit cost for all significant plans: Net Periodic Benefit Cost for All Significant Plans Three Months Ended Nine Months Ended In millions Sep 30, Sep 30, Sep 30, Sep 30, Defined Benefit Pension Plans: Service cost $ 9 $ 10 $ 27 $ 30 Interest cost 36 32 108 96 Expected return on plan assets (52 ) (55 ) (158 ) (164 ) Amortization of net loss 20 24 62 71 Net periodic benefit cost $ 13 $ 11 $ 39 $ 33 Other Postretirement Benefits: Interest cost $ 2 $ 2 $ 6 $ 5 Amortization of net gain (2 ) (3 ) (6 ) (7 ) Net periodic benefit cost $ — $ (1 ) $ — $ (2 ) Net periodic benefit cost, other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Financial Instruments [Abstract] | |
Financial Instruments Disclosure [Text Block] | FAIR VALUE MEASUREMENTS The Corporation's financial instruments are classified as Level 2 measurements. For assets and liabilities classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability, or by using observable market data points of similar, more liquid securities to imply the price. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks. The following table summarizes the fair value of the Corporation's financial instruments at September 30, 2019 and December 31, 2018 : Fair Value of Financial Instruments Sep 30, 2019 Dec 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents 1 $ 10 $ — $ — $ 10 $ 10 $ — $ — $ 10 Long-term debt including debt due within one year $ (474 ) $ — $ (115 ) $ (589 ) $ (474 ) $ — $ (67 ) $ (541 ) 1. Money market fund is included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value. Cost approximates fair value for all other financial instruments. Fair Value Measurements on a Nonrecurring Basis In the third quarter of 2019, the Corporation recognized an impairment charge of $75 million resulting from the planned divestiture of its acetone derivatives product line to ALTIVIA Ketones & Additives, LLC. The divestiture includes the Corporation's acetone derivatives related inventory and production assets located in Institute, West Virginia, in addition to the site infrastructure, land and utilities. The assets, classified as Level 3 measurements and valued using unobservable inputs, were written down to zero in the third quarter of 2019, except for inventory, which will be sold at the lower of cost or market. The impairment charge was included in "Restructuring and asset related charges - net" in the consolidated statements of income. See Note 5 for additional information. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS DISCLOSURE | RELATED PARTY TRANSACTIONS The Corporation sells its products to TDCC to simplify the customer interface process. Products are sold to and purchased from TDCC at market-based prices in accordance with the terms of TDCC’s intercompany pricing policies. After each quarter, the Corporation and TDCC analyze the pricing used for the sales in that quarter and reach agreement on any necessary adjustments, at which point the prices are final. The Corporation also procures certain commodities and raw materials through a TDCC subsidiary and pays a commission to that TDCC subsidiary based on the volume and type of commodities and raw materials purchased. The commission expense is included in "Sundry income (expense) - net" in the consolidated statements of income. Purchases from that TDCC subsidiary were $247 million in the third quarter of 2019 ( $407 million in the third quarter of 2018 ) and $861 million during the first nine months of 2019 ( $1,219 million during the first nine months of 2018 ). The decrease in purchase costs for the three and nine months ended 2019 when compared with the same period last year was due to lower feedstock and energy costs, lower demand and the impact of the separation of the specialty products business. See Note 3 for additional information. The Corporation has a master services agreement with TDCC, whereby TDCC provides services including, but not limited to, accounting, legal, treasury (investments, cash management, risk management, insurance), procurement, human resources, environmental, health and safety and business management for UCC. Under the master services agreement with TDCC, general administrative and overhead type services that TDCC routinely allocates to various businesses are charged to UCC. The master services agreement cost allocation basis is headcount and includes a 10 percent service fee. This agreement resulted in expense of $6 million in the third quarter of 2019 ( $8 million in the third quarter of 2018 ) and $18 million for the first nine months of 2019 ( $22 million for the first nine months of 2018 ) for general administrative and overhead type services and the 10 percent service fee, included in "Sundry income (expense) - net" in the consolidated statements of income. The remaining activity-based costs were $21 million in the third quarter of 2019 ( $23 million in the third quarter of 2018 ) and $65 million for the first nine months of 2019 ( $67 million for the first nine months of 2018 ), and were included in "Cost of sales" in the consolidated statements of income. Management believes the method used for determining expenses charged by TDCC is reasonable. TDCC provides these services by leveraging its centralized functional service centers to provide services at a cost that management believes provides an advantage to the Corporation. The monitoring and execution of risk management policies related to interest rate and foreign currency risks, which are based on TDCC’s risk management philosophy, are provided as a service to UCC. As part of TDCC’s cash management process, UCC is a party to revolving loans with TDCC that have interest rates based on LIBOR (London Interbank Offered Rate) with varying maturities. At September 30, 2019 , the Corporation had a note receivable of $1.5 billion ( $1.3 billion at December 31, 2018 ) from TDCC under a revolving loan agreement. The Corporation may draw from this note receivable in support of its daily working capital requirements and, as such, the net effect of cash inflows and outflows under this revolving loan agreement is presented in the consolidated statements of cash flows as an operating activity. The Corporation also has a separate revolving credit agreement with TDCC that allows the Corporation to borrow or obtain credit enhancements up to an aggregate of $1 billion that matures on December 30, 2019. TDCC may demand repayment with a 30-day written notice to the Corporation, subject to certain restrictions. A related collateral agreement provides for the replacement of certain existing pledged assets, primarily equity interests in various subsidiaries, with cash collateral. At September 30, 2019 , $936 million was available under the revolving credit agreement ( $949 million at December 31, 2018 ). The cash collateral is reported as “Noncurrent receivables from related companies” in the consolidated balance sheets. On a quarterly basis, the Corporation's board of directors reviews and determines if there will be a dividend distribution to its parent company and sole shareholder, TDCC. The Board takes into consideration the level of earnings and cash flows, among other factors, in determining the amount of the dividend distribution. In the third quarter of 2019 , the Corporation declared a cash dividend of $112 million to TDCC, which was paid on October 3, 2019; cash dividends paid to TDCC totaled $338 million for the first nine months of 2019 . In the third quarter of 2018 , the Corporation declared and paid a cash dividend of $177 million to TDCC; cash dividends to TDCC totaled $423 million for the first nine months of 2018 . Also, in the first quarter of 2019 , in anticipation of the business separation activities to align the specialty products business with DowDuPont, UCC issued a stock dividend to TDCC for 63.4 percent of its ownership in DIHC, a cost method investment, which totaled $401 million . UCC also distributed assets and liabilities aligned with the specialty products business for an additional dividend to TDCC of $71 million . See Note 3 for additional information. |
CONSOLIDATED FINANCIAL STATEM_2
CONSOLIDATED FINANCIAL STATEMENTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Adoption of Accounting Standards In the first quarter of 2019, UCC adopted Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," and associated ASUs (collectively, "Topic 842"). See Notes 2 and 9 for additional information. UCC added a significant accounting policy for leases as a result of the adoption of Topic 842: |
Lessee, Leases [Policy Text Block] | Leases UCC determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Corporation has the right to control the asset. Operating lease right-of-use (“ROU”) assets represent UCC’s right to use an underlying asset for the lease term, and lease liabilities represent UCC’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. UCC uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. If lease terms include options to extend or terminate the lease, the ROU asset and lease liability are measured based on the reasonably certain decision. Leases with a term of 12 months or less at the commencement date are not recognized on the balance sheet and are expensed as incurred. UCC has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all classes of leased assets for which UCC is the lessee. Additionally, for certain equipment leases, the portfolio approach is applied to account for the operating lease ROU assets and lease liabilities. In the consolidated statements of income, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. Some leasing arrangements require variable payments that are dependent upon usage or output, or may vary for other reasons, such as insurance or tax payments. Variable lease payments are recognized as incurred and are not presented as part of the ROU asset or lease liability. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The following table provides a breakdown of inventories: Inventories Sep 30, Dec 31, In millions Finished goods $ 183 $ 264 Work in process 32 45 Raw materials 41 45 Supplies 89 85 Total $ 345 $ 439 Adjustment of inventories to a LIFO basis (95 ) (135 ) Total inventories $ 250 $ 304 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | The following table provides information regarding the Corporation’s intangible assets: Intangible Assets Sep 30, 2019 Dec 31, 2018 In millions Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets with finite lives: Licenses and developed technology $ 33 $ (33 ) $ — $ 33 $ (33 ) $ — Software 80 (57 ) 23 79 (54 ) 25 Total intangible assets $ 113 $ (90 ) $ 23 $ 112 $ (87 ) $ 25 |
Schedule of Expected Amortization Expense [Table Text Block] | Total estimated amortization expense for 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions 2019 $ 7 2020 $ 8 2021 $ 6 2022 $ 4 2023 $ 2 2024 $ 1 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Abstract] | ||
Lease, Cost [Table Text Block] | Lease Cost Three Months Ended Sep 30, 2019 Nine Months Ended In millions Operating lease cost $ 7 $ 18 Short-term lease cost 6 20 Variable lease cost 1 3 Amortization of right-of-use assets - finance — 1 Total lease cost $ 14 $ 42 | |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | Other Lease Information Nine Months Ended Sep 30, 2019 In millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 18 Financing cash flows for finance leases $ 1 | |
Schedule of Lease Assets and Liabilities [Table Text Block] | The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at September 30, 2019 : Lease Position Balance Sheet Classification Sep 30, 2019 In millions Right-of-use assets obtained in exchange for lease obligations: Operating leases 1 $ 105 Assets Operating lease assets Operating lease right-of-use assets $ 93 Finance lease assets Property 12 Finance lease amortization Accumulated depreciation (6 ) Total lease assets $ 99 Liabilities Current Operating Operating lease liabilities - current $ 18 Finance Long-term debt due within one year 1 Noncurrent Operating Operating lease liabilities - noncurrent 75 Finance Long-Term Debt 5 Total lease liabilities $ 99 1. Includes $99 million related to the adoption of Topic 842. See Note 2 | |
Lease Terms and Discount Rates [Table Text Block] | Lease Term and Discount Rate Sep 30, 2019 Weighted-average remaining lease term Operating leases 6.4 years Finance leases 4.8 years Weighted-average discount rate Operating leases 4.23 % Finance leases 4.22 % | |
Maturities of Lease Liabilities [Table Text Block] | The following table provides the maturities of lease liabilities at September 30, 2019: Maturities of Lease Liabilities at Sep 30, 2019 Operating Leases Finance Leases In millions 2019 $ 5 $ — 2020 20 2 2021 16 2 2022 15 1 2023 13 1 2024 and thereafter 37 1 Total future undiscounted lease payments $ 106 $ 7 Less imputed interest 13 1 Total present value of lease liabilities $ 93 $ 6 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at Dec 31, 2018 In millions 2019 $ 18 2020 16 2021 14 2022 13 2023 13 2024 and thereafter 37 Total $ 111 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) | The changes in the balances for each component of AOCL for the three and nine months ended September 30, 2019 and 2018 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Nine Months Ended In millions Sep 30, 2019 Sep 30, 2018 Sep 30, 2019 Sep 30, 2018 Cumulative Translation Adjustment Beginning balance $ (57 ) $ (58 ) $ (57 ) $ (59 ) Gains (losses) on foreign currency translation 1 2 1 2 (Gains) losses reclassified from AOCL to net income 1 — (1 ) — — Other comprehensive income (loss), net of tax 1 1 1 2 Ending balance $ (56 ) $ (57 ) $ (56 ) $ (57 ) Pension and Other Postretirement Benefits Beginning balance $ (1,475 ) $ (1,514 ) $ (1,504 ) $ (1,293 ) Amortization and recognition of net loss 2 18 21 56 64 Less: Tax expense (benefit) 3 (4 ) (5 ) (13 ) (15 ) Other comprehensive income (loss), net of tax 14 16 43 49 Reclassification of stranded tax effects 4 — — — (254 ) Ending balance $ (1,461 ) $ (1,498 ) $ (1,461 ) $ (1,498 ) Total AOCL ending balance $ (1,517 ) $ (1,555 ) $ (1,517 ) $ (1,555 ) 1. Reclassified to "Sundry income (expense) - net." 2. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other postretirement benefit plans. See Note 11 for additional information. 3. Reclassified to "Provision (credit) for income taxes." 4. |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost for All Significant Plans | The following table provides the components of the Corporation's net periodic benefit cost for all significant plans: Net Periodic Benefit Cost for All Significant Plans Three Months Ended Nine Months Ended In millions Sep 30, Sep 30, Sep 30, Sep 30, Defined Benefit Pension Plans: Service cost $ 9 $ 10 $ 27 $ 30 Interest cost 36 32 108 96 Expected return on plan assets (52 ) (55 ) (158 ) (164 ) Amortization of net loss 20 24 62 71 Net periodic benefit cost $ 13 $ 11 $ 39 $ 33 Other Postretirement Benefits: Interest cost $ 2 $ 2 $ 6 $ 5 Amortization of net gain (2 ) (3 ) (6 ) (7 ) Net periodic benefit cost $ — $ (1 ) $ — $ (2 ) |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Financial Instruments [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table summarizes the fair value of the Corporation's financial instruments at September 30, 2019 and December 31, 2018 : Fair Value of Financial Instruments Sep 30, 2019 Dec 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents 1 $ 10 $ — $ — $ 10 $ 10 $ — $ — $ 10 Long-term debt including debt due within one year $ (474 ) $ — $ (115 ) $ (589 ) $ (474 ) $ — $ (67 ) $ (541 ) 1. Money market fund is included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value. |
CONSOLIDATED FINANCIAL STATEM_3
CONSOLIDATED FINANCIAL STATEMENTS Summary of Changes in Financial Statement Presentation (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Changes in Financial Statement Presentation [Abstract] | |
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ (254) |
RECENT ACCOUNTING GUIDANCE ADOP
RECENT ACCOUNTING GUIDANCE ADOPTION OF NEW ACCOUNTING GUIDANCE (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Sep. 30, 2019 |
Accounting Changes and Error Corrections [Abstract] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 99 | $ 105 |
BUSINESS SEPARATION (Details)
BUSINESS SEPARATION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Feb. 15, 2019 | |
Dow International Holdings Company [Member] | ||
Related Party Transaction [Line Items] | ||
Common Stock, Related Company | 1,067 | |
Ownership Interest Percentage, Related Company | 4.40% | 11.90% |
The Dow Chemical Company [Member] | ||
Related Party Transaction [Line Items] | ||
Dividends, Paid-in-kind | $ 71 | |
The Dow Chemical Company [Member] | Dow International Holdings Company [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership Interest Percentage, Related Company | 88.10% | |
Dividends, Common Stock, Stock | $ 401 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Revenue from External Customer [Line Items] | |||
Revenue, Performance Obligation, Description of Timing | 22 years | ||
Contract with Customer, Liability, Noncurrent | $ 41 | $ 41 | |
Product [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue, Percentage from Products and Services Transferred to Customers | 99.00% | 99.00% | |
Licensing of Technology [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue, Percentage from Products and Services Transferred to Customers | 1.00% | 1.00% |
REVENUE Phantom Tags (Details)
REVENUE Phantom Tags (Details) | Sep. 30, 2019 | Sep. 30, 2018 |
Product [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue, Percentage from Products and Services Transferred to Customers | 99.00% | 99.00% |
Licensing of Technology [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue, Percentage from Products and Services Transferred to Customers | 1.00% | 1.00% |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 25 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | $ 77 | $ 1 | $ 79 | $ 3 | |
2017 Restructuring [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 2 | $ 1 | 4 | $ 3 | |
Payments for Restructuring | $ (15) | ||||
Restructuring Reserve | 2 | $ 2 | 2 | ||
2017 Restructuring [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset Impairment Charges | 62 | ||||
2017 Restructuring [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 79 | ||||
2017 Restructuring [Member] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Payments for Restructuring | $ (17) | ||||
Fair Value, Nonrecurring [Member] | Manufacturing Assets [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Asset Impairment Charges | $ 75 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 183 | $ 264 |
Work in process | 32 | 45 |
Raw materials | 41 | 45 |
Supplies | 89 | 85 |
Total | 345 | 439 |
Adjustment of inventories to a LIFO basis | (95) | (135) |
Total inventories | $ 250 | $ 304 |
INTANGIBLE ASSETS (Schedule of
INTANGIBLE ASSETS (Schedule of Amortization Expense of Intangible Assets) (Table and Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 113 | $ 112 |
Finite-Lived Intangible Assets, Accumulated Amortization | (90) | (87) |
Finite-Lived Intangible Assets, Net | 23 | 25 |
Licenses and developed technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 33 | 33 |
Finite-Lived Intangible Assets, Accumulated Amortization | (33) | (33) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 80 | 79 |
Finite-Lived Intangible Assets, Accumulated Amortization | (57) | (54) |
Finite-Lived Intangible Assets, Net | $ 23 | $ 25 |
INTANGIBLE ASSETS (Schedule o_2
INTANGIBLE ASSETS (Schedule of Future Amortization Expense of Intangible Assets) (Details) $ in Millions | Sep. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Amortization Expense, 2019 | $ 7 |
Estimated Amortization Expense, 2020 | 8 |
Estimated Amortization Expense, 2021 | 6 |
Estimated Amortization Expense, 2022 | 4 |
Estimated Amortization Expense, 2023 | 2 |
Estimated Amortization Expense, 2024 | $ 1 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Environmental Matters) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 141 | $ 94 |
Accrual for Environmental Loss Contingencies, Revision in Estimates | 55 | |
Super Fund Sites [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 21 | $ 16 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES (Asbestos-Related Matters of Union Carbide Corporation) (Table and Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Liability for Asbestos Claims and Defense Costs Gross | $ 1,192 | $ 1,260 |
Percentage of recorded asbestos liability related to pending claims | 18.00% | |
Percentage of recorded asbestos liability related to future claims | 82.00% |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Operating Lease Cost | $ 7 | $ 18 | ||
Short-term Lease Cost | 6 | 20 | ||
Variable Lease, Cost | 1 | 3 | ||
Finance Lease, Right-of-Use Asset, Amortization | 0 | 1 | ||
Lease, Cost | 14 | 42 | ||
Operating Lease, Payments | 18 | |||
Finance Lease, Principal Payments | 1 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 99 | 105 | ||
Operating lease right-of-use assets | 93 | 93 | $ 0 | |
Finance Lease, Right-of-Use Asset | 12 | 12 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 6,040 | 6,040 | 5,982 | |
Total Lease Assets | 99 | 99 | ||
Operating lease liabilities - current | 18 | 18 | 0 | |
Finance Lease, Liability, Current | 1 | 1 | ||
Operating lease liabilities - noncurrent | 75 | 75 | 0 | |
Finance Lease, Liability, Noncurrent | 5 | 5 | ||
Total Lease Liabilities | $ 99 | $ 99 | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 4 months 24 days | 6 years 4 months 24 days | ||
Finance Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days | 4 years 9 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.23% | 4.23% | ||
Finance Lease, Weighted Average Discount Rate, Percent | 4.22% | 4.22% | ||
Lessee, Operating Lease, Liability, Payments, Remainder of 2019 | $ 5 | $ 5 | ||
Finance Lease, Liability, Payments, Due 2019 | 0 | 0 | ||
Lessee, Operating Lease, Liability, Payments, Due 2020 | 20 | 20 | ||
Finance Lease, Liability, Payments, Due 2020 | 2 | 2 | ||
Lessee, Operating Lease, Liability, Payments, Due 2021 | 16 | 16 | ||
Finance Lease, Liability, Payments, Due 2021 | 2 | 2 | ||
Lessee, Operating Lease, Liability, Payments, Due 2022 | 15 | 15 | ||
Finance Lease, Liability, Payments, Due 2022 | 1 | 1 | ||
Lessee, Operating Lease, Liability, Payments, Due 2023 | 13 | 13 | ||
Finance Lease, Liability, Payments, Due 2023 | 1 | 1 | ||
Lessee, Operating Lease, Liability, Payments, Due 2024 and thereafter | 37 | 37 | ||
Finance Lease, Liability, Payments, Due 2024 and thereafter | 1 | 1 | ||
Lessee, Operating Lease, Liability, Payments, Due | 106 | 106 | ||
Finance Lease, Liability, Payment, Due | 7 | 7 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 13 | 13 | ||
Finance Lease, Liability, Undiscounted Excess Amount | 1 | 1 | ||
Operating Lease, Liability | 93 | 93 | ||
Finance Lease, Liability | 6 | 6 | ||
Lessee, Additional Leases Not yet Commenced, Assumptions and Judgment, Amount | $ 15 | $ 15 | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 20 years | |||
Lessee, Operating Lease, Liability, Payments, Due 2019 | 18 | |||
Operating Leases, Future Minimum Payments, Due 2020 | 16 | |||
Operating Leases, Future Minimum Payments, Due 2021 | 14 | |||
Operating Leases, Future Minimum Payments, Due 2022 | 13 | |||
Operating Leases, Future Minimum Payments, Due 2023 | 13 | |||
Operating Leases, Future Minimum Payments, Due 2024 and thereafter | 37 | |||
Operating Leases, Future Minimum Payments Due | $ 111 | |||
Minimum [Member] | ||||
Lessee, Operating and Finance Leases, Remaining Lease Term | 1 year | |||
Maximum [Member] | ||||
Lessee, Operating and Finance Leases, Remaining Lease Term | 10 years | |||
finance leases [Member] | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 6 | $ 6 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 01, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jul. 01, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax | $ 15 | $ 17 | $ 44 | $ 51 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,517) | (1,555) | (1,517) | (1,555) | $ (1,561) | |||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | 2 | 1 | 2 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 1 | 1 | 1 | 2 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (56) | (57) | (56) | (57) | $ (57) | (57) | $ (58) | $ (59) | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 14 | 16 | 43 | 49 | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 18 | 21 | 56 | 64 | ||||||||
Reclassification from AOCI, Current Period, Tax | (4) | (5) | (13) | (15) | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,461) | (1,498) | (1,461) | (1,498) | $ (1,475) | $ (1,504) | $ (1,514) | $ (1,293) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ (1) | $ 0 | $ 0 | ||||||||
Retained Earnings [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ 0 | $ 0 | $ (254) |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Pension Plans [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 9 | $ 10 | $ 27 | $ 30 |
Interest cost | 36 | 32 | 108 | 96 |
Expected return on plan assets | (52) | (55) | (158) | (164) |
Amortization of net (gain) loss | 20 | 24 | 62 | 71 |
Net periodic benefit cost | 13 | 11 | 39 | 33 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Interest cost | 2 | 2 | 6 | 5 |
Amortization of net (gain) loss | (2) | (3) | (6) | (7) |
Net periodic benefit cost | $ 0 | $ (1) | $ 0 | $ (2) |
FAIR VALUE MEASUREMENTS FAIR _2
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Long-term Debt | $ (474) | $ (474) |
Long-term Debt, Fair Value | (589) | (541) |
Long-term Debt [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Financial Instruments Gross Unrealized Gains | 0 | 0 |
Financial Instruments Gross Unrealized Loss | (115) | (67) |
Money Market Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash Equivalents, at Carrying Value | 10 | 10 |
Financial Instruments Gross Unrealized Gains | 0 | 0 |
Financial Instruments Gross Unrealized Loss | 0 | 0 |
Cash Equivalents, Fair Value | 10 | $ 10 |
Fair Value, Nonrecurring [Member] | Manufacturing Assets [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Asset Impairment Charges | $ 75 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Feb. 15, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||
Dividends payable | $ 112 | $ 112 | $ 0 | ||||
Payments of Dividends | 338 | $ 423 | |||||
The Dow Chemical Company [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 247 | $ 407 | $ 861 | 1,219 | |||
Service Fee with Parent | 10.00% | ||||||
Notes Receivable, Related Parties | 1,500 | $ 1,500 | 1,300 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | 1,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 936 | 936 | $ 949 | ||||
Dividends payable | 112 | 112 | |||||
Payments of Dividends | 177 | 338 | 423 | ||||
Dividends, Paid-in-kind | $ 71 | ||||||
The Dow Chemical Company [Member] | Sundry income (expense) [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 6 | 8 | 18 | 22 | |||
The Dow Chemical Company [Member] | Cost of Sales [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 21 | $ 23 | $ 65 | $ 67 | |||
Dow International Holdings Company [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Stock Dividend Ownership Interest Percentage, Related Company | 63.40% | ||||||
The Dow Chemical Company [Member] | Dow International Holdings Company [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Dividends, Common Stock, Stock | $ 401 |
Uncategorized Items - ucc-3q19x
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 254,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (254,000,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |