Restructuring (Notes)

3 Months Ended

Mar. 31, 2015

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

Restructuring and Cost Reduction Programs

In 2014, in response to an uncertain economic outlook, the Company initiated significant restructuring and cost reduction programs with the intent to optimize its cost structure and bring manufacturing capacity in line with demand. The Company estimates that these activities will occur over the next 18 to 24 months. As of March 31, 2015 the total costs expected to be incurred on restructuring and cost reduction activities are estimated at $19, consisting primarily of workforce reduction costs.

The following table summarizes restructuring and cost reduction information:



Restructuring costs expected to be incurred	$	19
Cumulative restructuring costs incurred through March 31, 2015	$	14

Accrued liability at December 31, 2014	$	12
Restructuring charges	1
Payments	(2		)
Accrued liability at March 31, 2015	$	11

Workforce reduction costs primarily relate to non-voluntary employee termination benefits and are accounted for under the guidance for nonretirement postemployment benefits or as exit and disposal costs, as applicable. During the three months ended March 31, 2015, charges of $1 were recorded in “Business realignment costs” in the Consolidated Statements of Operations. At March 31, 2015 and December 31, 2014, the Company had accrued $11 and $12 for restructuring liabilities in “Other current liabilities” in the Consolidated Balance Sheets.

The following table summarizes restructuring and cost reduction information by reporting segment:



	Epoxy, Phenolic and Coating Resins			Forest Products Resins		Corporate and Other		Total
Restructuring costs expected to be incurred	$	14		$	—	$	5	$	19
Cumulative restructuring costs incurred through March 31, 2015	$	10		$	—	$	4	$	14

Accrued liability at December 31, 2014	$	9		$	—	$	3	$	12
Restructuring charges	—			—		1		1
Payments	(2		)	—		—		(2		)
Accrued liability at March 31, 2015	$	7		$	—	$	4	$	11

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References+ Details