Delaware | 38-1285128 | |
State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) |
Title of each class | Name of each exchange on which registered | |
Common Stock, par value $2.50 per share | New York Stock Exchange |
PAGE | ||
Business. | ||
Risk Factors. | ||
Unresolved Staff Comments. | ||
Properties. | ||
Legal Proceedings. | ||
Mine Safety Disclosures. | ||
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. | ||
Selected Financial Data. | ||
Management’s Discussion and Analysis of Financial Condition and Results of Operations. | ||
Quantitative and Qualitative Disclosures About Market Risk. | ||
Financial Statements and Supplementary Data. | ||
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. | ||
Controls and Procedures. | ||
Other Information. | ||
Directors, Executive Officers and Corporate Governance. | ||
Executive Compensation. | ||
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. | ||
Certain Relationships and Related Transactions, and Director Independence. | ||
Principal Accounting Fees and Services. | ||
Exhibits, Financial Statement Schedules. | ||
The Dow Chemical Company and Subsidiaries |
The Dow Chemical Company and Subsidiaries | ||
PART I, Item 1. Business. |
(1) | Europe, Middle East, Africa and India |
Crop Application | ||||||||||
Key Product Lines | Canola | Cereals | Corn | Cotton | Range and Pasture | Rice | Soybeans | Sunflower | Trees, Fruits and Vegetables | Others |
Insecticides | x | x | x | x | x | x | x | x | x | |
Fungicides | x | x | x | x | x | x | ||||
Herbicides | x | x | x | x | x | x | x | x | x | x |
Seeds | x | x | x | x | x | x | x | x | ||
Other | x | x | x |
Key Product Lines | Brands and Technologies |
Insecticides | ISOCLAST™; LORSBAN™; RADIANT™; SENTRICON™; TRACER™ |
Fungicides | DITHANE™; INATREQ™ |
Herbicides | ARYLEX™; BROADWAY™; CLINCHER™; DURANGO™; FENCER™; GARLON™; LONTREL™; MILESTONE™; PANZER™; PRIMUS™; RESICORE™; RINSKOR™; SPIDER™; STARANE™; SURESTART™; TORDON™ |
Seed Brands | AGROMEN™(1); BRODBECK™ Seeds; DAIRYLAND SEED™; DOW™ Seeds; MYCOGEN™ Seeds; NEXERA™; Omega-9 Healthier Oils; PFISTER™ Seeds; PHYTOGEN™; PRAIRIE BRAND™ Seeds; PROPOUND™ |
Seed Traits and Technologies | ENLIST™; ENLIST DUO™; EXZACT™ Precision Technology; POWERCORE™ Insect Trait Technology(2); REFUGE ADVANCED™ powered by SmartStax®(2); SmartStax® Insect Trait Technology(2) |
Other | INSTINCT®; N-SERVE™ Nitrogen Stabilizer; TELONE™ |
(1) | AGROMEN trademark used under license from Agromen Sementes Agricolas Ltda. |
(2) | Smartstax® and POWERCORE™ multi-event technology developed by Dow AgroSciences LLC and Monsanto. Smartstax®, the Smartstax® logo, POWERCORE™ and the POWERCORE™ logo are trademarks of Monsanto Technology, LLC. |
Business | Market Segments | Technologies |
Dow Home, Institutional & Personal Care Solutions | Personal care, home care and specialty applications with key focus on hair care, skin care, sun care, cleansing, as well as fabric, dish, floor, hard surface and air care applications | From polymers and emollients to chelants and dispersants, Dow offers unique innovations that empower consumer brands around the world to deliver exceptional product performance and process enhancements that create value. Other notable technologies include opacifiers, rheology modifiers, surfactants and solvents. |
Dow Pharma and Food Solutions | Pharmaceutical, food and nutrition | Cellulosic and other technologies help bring new classes of medicines to market and enable foods that are healthier (gluten-free, reduced oil/fat content). Notable technologies include excipients and active pharmaceutical ingredients, solubility enhancers, reagents, granulation and binders, as well as coatings and controlled release. |
SAFECHEM™(1) | A service business responsible for the sustainable and innovative use of solvents | Offers cleaning solutions, equipment and services for metal and dry cleaning applications. Provides closed-loop SAFE-TAINER™ System delivery systems to ensure emission free use of cleaning agents. |
(1) | On December 31, 2016, the Company sold its SAFECHEM™ business. SAFECHEM™ was reported as part of the Consumer Solutions segment through the date of divestiture. |
Business | Market Segments | Technologies |
Adhesives | Elastic, structural and specialty adhesives | Innovative and differentiated adhesive technologies to meet customer specifications for durability and crash performance |
Performance Solutions | Performance plastics, fluids and polyurethane foam solutions | Technologies that differentiate customers’ products with improved performance characteristics |
Business | Market Segments | Technologies |
Semiconductor Technologies | Integrated circuit fabrication for memory and logic | CMP consumables, photolithography materials |
Interconnect Technologies | Printed circuit board, electronic and industrial finishing | Interconnect metallization and imaging process chemistries |
Display Technologies | Display materials | Display films and filters, OLED materials |
Growth Technologies | New and emerging technologies | Advanced chip packaging materials, metalorganic precursors, optical and ceramic materials |
Business | Applications/Market Segments | Technologies |
Beauty and Personal Care | Hair care, skin care, sun care and color cosmetics | Innovative beauty care ingredients that help improve product performance and meet the needs of consumers. Notable silicone technologies include elastomers, emulsifiers, rheology modifiers, film formers-resins, gums and acrylates, powders and fluids. |
Household Care | Laundry and fabric care, hard surface care | Proven solutions to deliver benefits to both consumers and manufacturers alike. Notable silicone technologies include antifoams, processing aids, polishing gloss aids and softening agents. |
Healthcare | Drug delivery, medical device, wound care and topical ingredient applications | Innovative silicone solutions backed by industry application and regulatory expertise. Notable silicone technologies include elastomers, emulsifiers, excipients, tubing and molded assemblies, adhesives, antifoams and fluids. |
Consumer Goods | Electronics, packaging, sporting goods, household goods, infant care | Elastomer and thermal plastic technologies with proven performance delivering benefits to consumers around the world in multiple applications. Notable technology includes liquid silicone rubbers, high consistency rubbers, TPSiV™, thermoplastic additives and food-grade materials. |
Automotive | Safety, lighting, sealing, electronics, NVH (noise, vibration, harshness), exterior trim | Notable technology includes: elastomers, liquid silicone rubbers, high consistency rubbers, thermoplastics, additives, coatings, thermal management materials, sealants and lubricants. |
Business | Applications/Market Segments | Major Products |
Dow Building & Construction | Rigid and spray foam insulation; weatherization, waterproofing and air sealing; caulks and sealants; elastomeric roof coatings; exterior insulation finishing systems; roof tiles and siding; industrial non-wovens; cement-based tile adhesives; plasters and renders; tape joint compounds; and concrete additives | AQUASET™ acrylic thermosetting resins, DOW™ latex powder, FROTH-PAK™ foam insulation and sealants, GREAT STUFF™ insulating foam sealants and adhesives, RHOPLEX™ and PRIMAL™ acrylic emulsion polymers, STYROFOAM™ brand insulation products, THERMAX™ exterior insulation, WALOCEL™ cellulose ethers, WEATHERMATE™ house wrap, XENERGY™ high performance insulation, LIQUIDARMOR™ flashing and sealant |
Dow Coating Materials | Acrylic binders for architectural paint and coatings, industrial coatings, and paper; dispersants; rheology modifiers; opacifiers and surfactants for both architectural and industrial applications; protective and functional coatings | ACRYSOL™ Rheology Modifiers, AVANSE™ acrylic binders, EVOQUE™ Pre-Composite Polymer, FORMASHIELD™ acrylic binder, RHOPLEX™ acrylic resin, TAMOL™ Dispersants, MAINCOTE™ acrylic epoxy hybrid, PARALOID™ Edge ISO-free technology and ACOUSTICRYL™ liquid-applied sound damping technology |
Energy & Water Solutions | Helping customers in exploration, production, transmission, refining and gas processing to optimize supply, improve efficiencies and manage emissions. Providing expertise and localized solutions for microbial control for well souring, industrial cooling water, fabric odor elimination, in-can preservation and dry film protection. Providing advanced, cost effective separation and purification technology for water treatment and filtration, pharmaceutical, food and beverage, and chemical processing | Demulsifiers, drilling and completion fluids, heat transfer fluids, rheology modifiers, scale inhibitors, shale inhibitors, specialty amine solvents, surfactants, water clarifiers, DOW ADSORBSIA™ selective media, DOW EDI™ modules, DOWEX™ and AMBERJET™ ion exchange resins, DOWEX™ OPTIPORE™ polymeric adsorbent resins, DOW FILMTEC™ reverse osmosis and nanofiltration elements, TEQUATIC™ PLUS fine particle filter, AMBERLYST™ polymeric catalysts, AQUCAR™, BIOBAN™, SILVADUR™ antimicrobial |
Performance Monomers | Super absorbents, water treatment, flocculants and detergents, acrylic sheets, coatings, inks and paints, molding compounds, impact modifiers, processing aids, electronic displays, adhesives, textiles, automotive and architectural safety glass, and plastics additives | Acrylates, methacrylates, vinyl acetate monomers, high-quality impact modifiers, processing aids, foam cell promoters and weatherable acrylic capstock compounds for thermoplastic and thermosetting materials |
Infrastructure Solutions - Silicones | Commercial glazing, building envelope, construction chemicals, window and door infrastructure, wire and cable, electrical and high voltage insulation, power transmission, sleeving, optical devices, light-emitting diodes, lamp and luminaire, oil and gas, solar | Elastomers, fluids, pottants, potting agents, thermal interface materials, adhesives and sealants, encapsulants, gels, resins, antifoams, demulsifiers, lubricants |
(1) | Hydrogen peroxide to propylene oxide manufacturing technology is utilized by MTP HPPO Manufacturing Company Limited, a Thailand-based consolidated variable interest entity ultimately owned 50 percent by the Company and 50 percent by SCG Chemicals Co. Ltd.; and BASF DOW HPPO Production B.V.B.A., a Belgium-based joint venture ultimately owned 100 percent by HPPO Holding & Finance C.V., which is owned 50 percent by the Company and 50 percent by BASF. |
• | EQUATE Petrochemicals Company K.S.C. ("EQUATE") - a Kuwait-based company that manufactures ethylene, polyethylene and ethylene glycol; and manufactures and markets monoethylene glycol, diethylene glycol and polyethylene terephthalate resins; owned 42.5 percent by the Company. |
• | The Kuwait Olefins Company K.S.C. - a Kuwait-based company that manufactures ethylene and ethylene glycol; owned 42.5 percent by the Company. |
• | Map Ta Phut Olefins Company Limited - effective ownership is 32.77 percent of which the Company directly owns 20.27 percent (aligned with Performance Materials & Chemicals) and indirectly owns 12.5 percent through its equity interest in Siam Polyethylene Company Limited and Siam Synthetic Latex Company Limited (both part of The SCG-Dow Group and aligned with Performance Plastics). This Thailand-based company manufactures propylene and ethylene. |
• | Sadara Chemical Company - a Saudi Arabian company that currently manufactures chlorine, ethylene and propylene for internal consumption and manufactures and sells polyethylene; will produce and sell high-value added chemical products and other performance plastics when fully operational; owned 35 percent by the Company. |
Business | Applications/Market Segments | Major Products |
Dow Elastomers | Adhesives, footwear, housewares, infrastructure, sports recreation, toys and infant products, transportation | Elastomers, polyolefin plastomers, ethylene propylene diene monomer elastomers ("EPDMs") |
Dow Electrical and Telecommunications | Building and construction, electrical transmission and distribution infrastructure, telecommunications infrastructure | Wire and cable insulation, semiconductive and jacketing compound solutions, bio-based plasticizers |
Dow Packaging and Specialty Plastics | Adhesives, food and specialty packaging, hygiene and medical, industrial and consumer packaging, transmission pipe and photovoltaics | Acrylics, polyethylene, low-density polyethylene, linear low-density polyethylene, high-density polyethylene, polyolefin plastomers |
Energy | Principally for use in Dow’s global operations | Power, steam and other utilities |
Hydrocarbons | Purchaser of feedstocks; production of cost competitive monomers utilized by Dow’s derivative businesses | Ethylene, propylene, benzene, butadiene, octene, aromatics co-products, crude C4 Advantaged feedstock positions in the United States, Canada, Argentina and the Middle East |
• | The Kuwait Styrene Company K.S.C. - a Kuwait-based company that manufactures styrene monomer; owned 42.5 percent by the Company. |
• | The SCG-Dow Group consists of Siam Polyethylene Company Limited; Siam Polystyrene Company Limited; Siam Styrene Monomer Co., Ltd.; and Siam Synthetic Latex Company Limited. These Thailand-based companies manufacture polyethylene, polystyrene, styrene and latex; owned 50 percent by the Company. |
• | EQUATE - a Kuwait-based company that manufactures ethylene, polyethylene and ethylene glycol; and manufactures and markets monoethylene glycol, diethylene glycol and polyethylene terephthalate resins; owned 42.5 percent by the Company. |
• | The Kuwait Olefins Company K.S.C. - a Kuwait-based company that manufactures ethylene and ethylene glycol; owned 42.5 percent by the Company. |
• | Map Ta Phut Olefins Company Limited - effective ownership is 32.77 percent of which the Company directly owns 20.27 percent (aligned with Performance Materials & Chemicals) and indirectly owns 12.5 percent through its equity interest in Siam Polyethylene Company Limited and Siam Synthetic Latex Company Limited (both part of The SCG-Dow Group and aligned with Performance Plastics). This Thailand-based company manufactures propylene and ethylene. |
• | Sadara Chemical Company - a Saudi Arabian company that currently manufactures chlorine, ethylene and propylene for internal consumption and manufactures and sells polyethylene; will produce and sell high-value added chemical products and other performance plastics when fully operational; owned 35 percent by the Company. |
Significant Raw Materials | Performance Materials & Chemicals | ||||
Raw Material | Agricultural Sciences | Consumer Solutions | Infrastructure Solutions | Performance Plastics | |
Acetone | x | x | |||
Ammonia | x | x | x | ||
Aniline (1) | x | ||||
Benzene | x | x | |||
Butane | x | ||||
Butene | x | x | |||
Butyl Acrylate (1) | x | x | x | ||
Carbon Black | x | x | |||
Carbon Monoxide | x | ||||
Caustic Soda (1) | x | x | x | x | |
Chlorine (1) | x | x | x | x | |
Condensate | x | ||||
Electric Power | x | x | |||
Ethane | x | ||||
Ethanol | x | x | x | x | |
Ethylene (1) | x | x | x | ||
Formaldehyde | x | x | x | ||
Hexene | x | ||||
Hydrogen Peroxide (2) | x | ||||
Isopropanol | x | x | |||
Methanol | x | x | x | x | x |
Naphtha | x | ||||
Natural Gas | x | ||||
Nitrogen | x | x | |||
Octene (1) | x | ||||
Polystyrene | x | x | |||
Propane | x | x | x | ||
Propylene (1) | x | x | x | x | |
Pygas | x | ||||
Silica | x | x | |||
Silicon Metal (1) | x | x | |||
Styrene | x | x | |||
Wood Pulp | x | x |
Patents Owned at December 31, 2016 | United States | Foreign | ||||
Agricultural Sciences | 1,041 | 4,603 | ||||
Consumer Solutions | 1,645 | 6,189 | ||||
Infrastructure Solutions | 1,338 | 6,827 | ||||
Performance Materials & Chemicals | 375 | 2,332 | ||||
Performance Plastics | 1,150 | 5,283 | ||||
Corporate | 102 | 215 | ||||
Total | 5,651 | 25,449 |
Remaining Life of Patents Owned at December 31, 2016 | ||||||
United States | Foreign | |||||
Within 5 years | 1,384 | 5,170 | ||||
6 to 10 years | 1,187 | 8,000 | ||||
11 to 15 years | 2,312 | 10,843 | ||||
16 to 20 years | 768 | 1,436 | ||||
Total | 5,651 | 25,449 |
Principal Nonconsolidated Affiliate | Ownership Interest | Business Description | |||
Dow Corning Corporation (1) | N/A | A U.S. company that manufactures silicone and silicone products | |||
EQUATE Petrochemical Company K.S.C. | 42.50 | % | A Kuwait-based company that manufactures ethylene, polyethylene and ethylene glycol, and manufactures and markets monoethylene glycol, diethylene glycol and polyethylene terephthalate resins | ||
The HSC Group: (1) | |||||
DC HSC Holdings LLC (2) | 50.00 | % | A U.S.-based group of companies that manufactures polycrystalline silicon products | ||
Hemlock Semiconductor L.L.C. | 50.10 | % | A U.S. company that sells polycrystalline silicon products | ||
The Kuwait Olefins Company K.S.C. | 42.50 | % | A Kuwait-based company that manufactures ethylene and ethylene glycol | ||
The Kuwait Styrene Company K.S.C. | 42.50 | % | A Kuwait-based company that manufactures styrene monomer | ||
Map Ta Phut Olefins Company Limited (3) | 32.77 | % | A Thailand-based company that manufactures propylene and ethylene | ||
Sadara Chemical Company (4) | 35.00 | % | A Saudi Arabian company that currently manufactures chlorine, ethylene and propylene for internal consumption and manufactures and sells polyethylene; will produce and sell high-value added chemical products and other performance plastics when fully operational | ||
The SCG-Dow Group: | |||||
Siam Polyethylene Company Limited | 50.00 | % | A Thailand-based company that manufactures polyethylene | ||
Siam Polystyrene Company Limited | 50.00 | % | A Thailand-based company that manufactures polystyrene | ||
Siam Styrene Monomer Co., Ltd. | 50.00 | % | A Thailand-based company that manufactures styrene | ||
Siam Synthetic Latex Company Limited | 50.00 | % | A Thailand-based company that manufactures latex |
(1) | As of June 1, 2016, Dow Corning, previously a 50:50 joint venture with Corning, became a wholly owned subsidiary of Dow as a result of the DCC Transaction. Dow and Corning continue to maintain their historical proportional equity interest in the HSC Group. Dow Corning was treated as a principal nonconsolidated affiliate through May 31, 2016. Beginning in June 2016, the results of Dow Corning, excluding the HSC Group, are fully consolidated into the Company's consolidated statements of income. The results of the HSC Group will continue to be reported as "Equity in earnings of nonconsolidated affiliates" in the Company's consolidated statements of income. See Note 4 to the Consolidated Financial Statements for additional information on this transaction. |
(2) | DC HSC Holdings LLC holds an 80.5 percent indirect ownership interest in Hemlock Semiconductor Operations. |
(3) | The Company's effective ownership of Map Ta Phut Olefins Company Limited is 32.77 percent, of which the Company directly owns 20.27 percent and indirectly owns 12.5 percent through its equity interest in Siam Polyethylene Company Limited and Siam Synthetic Latex Company Limited. |
(4) | Dow is responsible for marketing the majority of Sadara products outside of the Middle East zone through the Company's established sales channels. Under this arrangement, the Company purchases and sells Sadara products for a marketing fee. |
Name - Age | Present Position with Registrant | Year Elected to be an Officer | Other Business Experience since January 1, 2012 |
Ronald C. Edmonds, 59 | Controller and Vice President of Controllers and Tax | 2009 | Vice President and Controller 2009 to date. Present position held since January 2016. |
James R. Fitterling, 55 | President and Chief Operating Officer | 2010 | Executive Vice President and President, Feedstocks & Energy and Corporate Development September 2011 to September 2012. Executive Vice President, Feedstocks, Performance Plastics, Asia and Latin America September 2012 to December 2013. Executive Vice President, Feedstocks, Performance Plastics and Supply Chain December 2013 to October 2014. Vice Chairman, Business Operations October 2014 to October 2015. Vice Chairman and Chief Operating Officer October 2015 to February 2016. Present position held since February 2016. |
Heinz Haller, 61 | Executive Vice President and President of Dow Europe, Middle East, Africa and India | 2006 | Executive Vice President and Chief Commercial Officer August 2010 to September 2012. Present position held since September 2012. |
Joe E. Harlan, 57 | Vice Chairman and Chief Commercial Officer | 2011 | Executive Vice President, Performance Materials September 2011 to September 2012. Executive Vice President, Chemicals, Energy and Performance Materials September 2012 to October 2014. Chief Commercial Officer and Vice Chairman, Market Businesses October 2014 to October 2015. Present position held since October 2015. |
Peter Holicki, 56 | Senior Vice President, Operations, Manufacturing & Engineering, Environment, Health & Safety Operations, and Emergency Services & Security | 2014 | Global Manufacturing Vice President, Hydrocarbons May 2009 to October 2012. Vice President for Manufacturing and Engineering Europe, Middle East and Africa May 2009 to October 2012. Vice President of Operations for Europe, Middle East and Africa and the Ethylene Envelope October 2012 to December 2013. Emergency Services and Security Expertise Center September 2014 to present. Corporate Vice President October 2014 to October 2015. Present position held since 2015. |
Charles J. Kalil, 65 | Executive Vice President and General Counsel | 2004 | General Counsel 2004 to date. Executive Vice President 2008 to date. Corporate Secretary 2005 to February 2015. |
Andrew N. Liveris, 62 | Chief Executive Officer and Chairman of the Board | 2003 | President 2004 to February 2016. Chief Executive Officer 2004 to date. Chairman 2006 to date. |
Johanna Söderström, 45 | Corporate Vice President, Human Resources and Aviation, and Chief Human Resource Officer | 2015 | Global Human Resources Director, Performance Materials Division January 2011 to October 2012. Vice President, Human Resource Center of Expertise October 2012 to January 2015. Present position held since January 2015. |
A. N. Sreeram, 49 | Senior Vice President, Research & Development and Chief Technology Officer | 2013 | Vice President, Research & Development, Dow Advanced Materials 2009 to October 2013. Corporate Vice President, Research & Development October 2013 to October 2015. Present position held since October 2015. |
Howard I. Ungerleider, 48 | Vice Chairman and Chief Financial Officer | 2011 | Senior Vice President and President, Performance Plastics March 2011 to September 2012. Executive Vice President, Advanced Materials September 2012 to October 2014. Chief Financial Officer and Executive Vice President October 2014 to October 2015. Present position held since October 2015. |
The Dow Chemical Company and Subsidiaries |
PART I, Item 1A. Risk Factors. |
The Dow Chemical Company and Subsidiaries |
PART I, Item 1B. Unresolved Staff Comments. |
The Dow Chemical Company and Subsidiaries |
PART I, Item 2. Properties. |
Location | Agricultural Sciences | Consumer Solutions | Infrastructure Solutions | Performance Materials & Chemicals | Performance Plastics |
Bahia Blanca, Argentina | x | ||||
Candeias, Brazil | x | ||||
Canada: | |||||
Fort Saskatchewan, Alberta | x | ||||
Joffre, Alberta | x | ||||
Germany: | |||||
Boehlen | x | x | x | ||
Bomlitz | x | x | |||
Leuna | x | ||||
Schkopau | x | x | x | x | |
Stade | x | x | x | x | x |
Terneuzen, The Netherlands | x | x | x | x | |
Tarragona, Spain | x | x | x | ||
Map Ta Phut, Thailand | x | x | x | ||
United States: | |||||
Carrollton, Kentucky | x | x | |||
Louisville, Kentucky | x | ||||
Hahnville (St. Charles), Louisiana | x | x | x | ||
Plaquemine, Louisiana | x | x | x | x | |
Midland, Michigan | x | x | x | x | x |
Deer Park, Texas | x | x | |||
Freeport, Texas | x | x | x | x | |
Seadrift, Texas | x | x | x | x | |
Texas City, Texas | x | x | |||
Wales, United Kingdom | x | x | |||
Zhangjiagang, China | x | x | x |
Asia Pacific: | 40 manufacturing locations in 11 countries. |
Canada: | 6 manufacturing locations in 3 provinces. |
Europe, Middle East, Africa and India: | 50 manufacturing locations in 17 countries. |
Latin America: | 33 manufacturing locations in 4 countries. |
United States: | 60 manufacturing locations in 25 states and 1 U.S. territory. |
The Dow Chemical Company and Subsidiaries |
PART I, Item 3. Legal Proceedings. |
The Dow Chemical Company and Subsidiaries |
PART I, Item 4. Mine Safety Disclosures. |
The Dow Chemical Company and Subsidiaries |
PART II, Item 5. Market for Registrant’s Common Equity, |
Related Stockholder Matters and Issuer Purchases of Equity Securities. |
Issuer Purchases of Equity Securities | Average price paid per share | Total number of shares purchased as part of the Company's publicly announced share repurchase program (1) | Approximate dollar value of shares that may yet be purchased under the Company's publicly announced share repurchase program (1) (In millions) | |||||||||||
Period | Total number of shares purchased | |||||||||||||
October 2016 | — | $ | — | — | $ | 1,896 | ||||||||
November 2016 | 8,822,551 | $ | 53.64 | 8,822,551 | $ | 1,423 | ||||||||
December 2016 | 493,480 | $ | 54.25 | 493,480 | $ | 1,396 | ||||||||
Fourth quarter 2016 | 9,316,031 | $ | 53.67 | 9,316,031 | $ | 1,396 |
(1) | On February 13, 2013, the Board of Directors approved a share buy-back program, authorizing up to $1.5 billion to be spent on the repurchase of the Company’s common stock. On January 29, 2014, the Board of Directors announced an expansion of the Company's share buy-back authorization, authorizing an additional amount not to exceed $3 billion to be spent on the repurchase of the Company's common stock over a period of time. On November 12, 2014, the Board of Directors announced a new $5 billion tranche to its share buy-back program. As a result of these actions, the total authorized amount of the share repurchase program is $9.5 billion. |
The Dow Chemical Company and Subsidiaries |
PART II, Item 6. Selected Financial Data. |
In millions, except as noted (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Summary of Operations | |||||||||||||||
Net sales | $ | 48,158 | $ | 48,778 | $ | 58,167 | $ | 57,080 | $ | 56,786 | |||||
Net income (1) | $ | 4,404 | $ | 7,783 | $ | 3,839 | $ | 4,816 | $ | 1,100 | |||||
Per share of common stock (in dollars): | |||||||||||||||
Net income per common share - basic (1) | $ | 3.57 | $ | 6.45 | $ | 2.91 | $ | 3.72 | $ | 0.71 | |||||
Net income per common share - diluted (1) | $ | 3.52 | $ | 6.15 | $ | 2.87 | $ | 3.68 | $ | 0.70 | |||||
Cash dividends declared per share of common stock | $ | 1.84 | $ | 1.72 | $ | 1.53 | $ | 1.28 | $ | 1.21 | |||||
Book value per share of common stock | $ | 21.70 | $ | 23.06 | $ | 19.71 | $ | 22.59 | $ | 17.73 | |||||
Year-end Financial Position | |||||||||||||||
Total assets (2) (3) | $ | 79,511 | $ | 67,938 | $ | 68,639 | $ | 69,380 | $ | 69,462 | |||||
Long-term debt (2) | $ | 20,456 | $ | 16,215 | $ | 18,741 | $ | 16,732 | $ | 19,819 | |||||
Financial Ratios | |||||||||||||||
Research and development expenses as percent of net sales | 3.3 | % | 3.3 | % | 2.8 | % | 3.1 | % | 3.0 | % | |||||
Income before income taxes as percent of net sales (1) | 9.2 | % | 20.4 | % | 9.1 | % | 11.9 | % | 2.9 | % | |||||
Return on stockholders’ equity (1) | 15.3 | % | 34.4 | % | 18.6 | % | 19.4 | % | 5.0 | % | |||||
Debt as a percent of total capitalization | 44.0 | % | 39.7 | % | 45.5 | % | 38.9 | % | 48.7 | % |
(1) | The 2016 values include the impact of a change in accounting policy for asbestos-related defense and processing costs. See Notes 1 and 15 to the Consolidated Financial Statements for additional information. |
(2) | Adjusted for the reclassification of debt issuance costs related to the adoption of ASU 2015-03 in 2015. See Note 2 to the Consolidated Financial Statements for additional information. |
(3) | Adjusted for the adoption of ASU 2015-17 in 2016. See Notes 1 and 2 to the Consolidated Financial Statements for additional information. |
The Dow Chemical Company and Subsidiaries | ||
PART II, Item 7. Management’s Discussion and | ||
(Unaudited) | Analysis of Financial Condition and Results of Operations. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Table of Contents | Page |
(1) | Excludes prior period sales of recent divestitures including the chlorine value chain, divested on October 5, 2015 (primarily Performance Materials & Chemicals and Performance Plastics); the AgroFresh business, divested on July 31, 2015 (Agricultural Sciences); ANGUS Chemical Company, divested on February 2, 2015 (Performance Materials & Chemicals); and the global Sodium Borohydride business, divested on January 30, 2015 (Performance Materials & Chemicals). Also excludes current period sales related to the ownership restructure of Dow Corning announced on June 1, 2016 (Consumer Solutions and Infrastructure Solutions) and sales from January 1, 2016 through April 30, 2016 for the step acquisition of Univation Technologies, LLC, acquired on May 5, 2015 (Performance Plastics). |
• | On March 7, 2016, the Company announced its new, on-purpose propylene production facility in Freeport, Texas, successfully completed the performance test, certifying that the 750 kilotonnes per annum ("KTA") unit is capable of operating at full operating capacity. |
• | On June 1, 2016, the Company announced the closing of the transaction to restructure the ownership of Dow Corning, a former 50:50 joint venture. As a result, Dow is now the 100 percent owner of Dow Corning's silicones business. |
• | On June 9, 2016, DowDuPont's registration statement filed with the U.S. Securities and Exchange Commission on Form S-4 (File No. 333-209869), as amended, was declared effective. The registration statement was filed in connection with the proposed merger with E. I. du Pont de Nemours & Company ("DuPont") and includes a joint proxy statement of Dow and DuPont and a prospectus of DowDuPont. |
• | In connection with the planned merger of equals transaction with DuPont, Dow held a special meeting of stockholders on July 20, 2016. Stockholders of the Company voted to approve all stockholder proposals necessary to complete the merger of equals transaction. |
• | On August 29, 2016, the Company announced that its joint venture in the Middle East - Sadara - achieved a significant milestone with the successful start-up of its mixed feed cracker and a third polyethylene train, which added to the two polyethylene trains already in operation. |
• | On December 9, 2016, the Company announced that it will invest in a new, state-of-the-art innovation center in Midland, Michigan, which will support approximately 200 research and development jobs in Michigan, including 100 newly created jobs while repatriating 100 jobs from other Dow facilities throughout the globe to Midland. |
• | Dow launched two additional Pack Studios in 2016 - the opening of Pack Studios Singapore, the second Pack Studios center for Asia Pacific, and Pack Studios Ringwood, located in North America and focused on laminating adhesives. |
• | Dow completed expansions of its Louisiana ethylene and Seadrift, Texas, gas-phase polyethylene production facilities, delivering further integration strength to complement the Company's market-focused downstream investments. |
• | Dow was named to the Dow Jones Sustainability World Index - marking the 16th time the Company has been named to this global benchmark. |
• | Dow received seven R&D 100 Awards from R&D Magazine for revolutionary technologies including: BETAFORCE™ 2817 Structural Adhesive, two awards for CANVERA™ Polyolefin Dispersions, Dow Corning® TC-3040 Thermal Gel, Flexible Acrylic Resin, PARADIGM™ WG Herbicide with ARYLEX™ Active and DOW AGILITY™ Performance LDPE. |
• | Dow received two 2016 Sustainability Awards from the Business Intelligence Group including the Sustainability Initiative of the Year Award for RETAIN™ Polymer Modifiers and the Sustainability Product of the Year Award for CANVERA™ Polyolefin Dispersions. |
• | Dow AgroSciences LLC was the recipient of a Presidential Green Chemistry Challenge Award from the U.S. Environmental Protection Agency for INSTINCT® Nitrogen Stabilizer. |
• | Dow was recognized in the Top 10 Best Companies for Leaders by Chief Executive magazine. |
• | Dow was named to the 2016 Working Mother 100 Best Companies list, marking the 12th time Dow has received this prestigious recognition. |
• | Dow was named to Forbes Just 100: America's Best Corporation Citizens in 2016 list - recognizing the Company's strategic vision and actions to deliver long-term value to society as a whole while earning the right to operate. |
• | Dow was named the ICIS Company of the Year, based on financial metrics, by weekly global publication ICIS Chemical Business. The selection takes into account year-on-year growth in profits at the operating and net levels, as well as margins. |
• | Dow was honored for the 12th consecutive year by the Human Rights Campaign for achieving a 100 percent rating on its corporate equality index - a global benchmarking tool on corporate policies and practices related to lesbian, gay, bisexual and transgender (LGBT) employees. |
• | On February 2, 2016, Dow announced the planned transition of Chairman and Chief Executive Officer Andrew N. Liveris. The transition will occur on the earlier of the material completion of the anticipated spins following the closing of the announced DowDuPont merger transaction or June 30, 2017. |
• | On February 2, 2016, James R. Fitterling was appointed President and Chief Operating Officer. He succeeds Andrew N. Liveris as President with Mr. Liveris continuing as the Company's Chairman and Chief Executive Officer. |
• | On April 15, 2016, Gary McGuire was elected Vice President and Treasurer, succeeding Fernando Ruiz, Corporate Vice President and Treasurer, who announced his intention to retire from the Company. |
(1) | Excludes prior period sales of recent divestitures including the chlorine value chain, divested on October 5, 2015 (primarily Performance Materials & Chemicals and Performance Plastics); the AgroFresh business, divested on July 31, 2015 (Agricultural Sciences); ANGUS Chemical Company, divested on February 2, 2015 (Performance Materials & Chemicals); and the global Sodium Borohydride business, divested on January 30, 2015 (Performance Materials & Chemicals). Also excludes current period sales related to the ownership restructure of Dow Corning announced on June 1, 2016 (Consumer Solutions and Infrastructure Solutions) and sales from January 1, 2016 through April 30, 2016 for the step acquisition of Univation, acquired on May 5, 2015 (Performance Plastics). |
Production Costs and Operating Expenses | |||||||||
Cost components as a percent of total | 2016 | 2015 | 2014 | ||||||
Hydrocarbon feedstocks and energy | 24 | % | 27 | % | 38 | % | |||
Salaries, wages and employee benefits | 17 | 18 | 15 | ||||||
Maintenance | 4 | 5 | 4 | ||||||
Depreciation | 5 | 4 | 4 | ||||||
Restructuring charges | 1 | 1 | — | ||||||
Supplies, services and other raw materials | 49 | 45 | 39 | ||||||
Total | 100 | % | 100 | % | 100 | % |
Certain Items Impacting Results | Pretax Impact (1) | Impact on Net Income (2) | Impact on EPS (3) (4) (5) | ||||||||||||||||||||||||||||||||
In millions, except per share amounts | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||
Reported U.S. GAAP Amounts (6) | $ | 3,978 | $ | 7,345 | $ | 3,432 | $ | 3.52 | $ | 6.15 | $ | 2.87 | |||||||||||||||||||||||
- Certain items: | |||||||||||||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||||||||
Environmental charges | $ | (295 | ) | $ | — | $ | — | (205 | ) | — | — | (0.17 | ) | — | — | ||||||||||||||||||||
Charge for termination of a terminal use agreement | (117 | ) | — | — | (74 | ) | — | — | (0.06 | ) | — | — | |||||||||||||||||||||||
Impact of Dow Corning ownership restructure | (317 | ) | — | — | (216 | ) | — | — | (0.19 | ) | — | — | |||||||||||||||||||||||
Asset impairments and related costs | — | (91 | ) | (23 | ) | — | (70 | ) | (14 | ) | — | (0.06 | ) | (0.01 | ) | ||||||||||||||||||||
Warranty accrual adjustment of exited business | — | — | (100 | ) | — | — | (63 | ) | — | — | (0.05 | ) | |||||||||||||||||||||||
Univation step acquisition | — | (12 | ) | — | — | (8 | ) | — | — | (0.01 | ) | — | |||||||||||||||||||||||
Transactions and productivity costs | (124 | ) | (24 | ) | — | (79 | ) | (16 | ) | — | (0.06 | ) | (0.01 | ) | — | ||||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||||||||||||||
Transactions and productivity costs | (379 | ) | (51 | ) | — | (307 | ) | (38 | ) | — | (0.27 | ) | (0.03 | ) | — | ||||||||||||||||||||
Goodwill and other intangible asset impairment losses | — | — | (50 | ) | — | — | (33 | ) | — | — | (0.03 | ) | |||||||||||||||||||||||
Restructuring charges | (454 | ) | (415 | ) | — | (308 | ) | (274 | ) | — | (0.27 | ) | (0.24 | ) | — | ||||||||||||||||||||
Asbestos-related charge | (1,113 | ) | — | (78 | ) | (701 | ) | — | (49 | ) | (0.58 | ) | — | (0.04 | ) | ||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates: | |||||||||||||||||||||||||||||||||||
Impact of Dow Corning ownership restructure | (22 | ) | — | — | (20 | ) | — | — | (0.02 | ) | — | — | |||||||||||||||||||||||
Joint venture actions | — | (36 | ) | (93 | ) | — | (26 | ) | (87 | ) | — | (0.02 | ) | (0.08 | ) | ||||||||||||||||||||
Sundry income (expense) - net: | |||||||||||||||||||||||||||||||||||
Implant liability adjustment | 27 | — | — | 17 | — | — | 0.01 | — | — | ||||||||||||||||||||||||||
Charges related to AgroFresh | (163 | ) | — | — | (103 | ) | — | — | (0.08 | ) | — | — | |||||||||||||||||||||||
Impact of Dow Corning ownership restructure | 2,445 | — | — | 2,586 | — | — | 2.28 | — | — | ||||||||||||||||||||||||||
Urethane matters legal settlements | (1,235 | ) | — | — | (778 | ) | — | — | (0.70 | ) | — | — | |||||||||||||||||||||||
Gain on split-off of chlorine value chain | 6 | 2,233 | — | 6 | 2,215 | — | 0.01 | 1.96 | — | ||||||||||||||||||||||||||
Gain on sale of MEGlobal | — | 723 | — | — | 589 | — | — | 0.52 | — | ||||||||||||||||||||||||||
Gain on 2015 business divestitures | — | 1,320 | — | — | 823 | — | — | 0.71 | — | ||||||||||||||||||||||||||
Gain on Univation step acquisition | — | 361 | — | — | 359 | — | — | 0.31 | — | ||||||||||||||||||||||||||
Asset impairments and related costs | — | (53 | ) | — | — | (53 | ) | — | — | (0.05 | ) | — | |||||||||||||||||||||||
Impact of Argentine peso devaluation | — | (98 | ) | — | — | (106 | ) | — | — | (0.09 | ) | — | |||||||||||||||||||||||
Loss on early extinguishment of debt | — | (8 | ) | — | — | (5 | ) | — | — | — | — | ||||||||||||||||||||||||
Transactions and productivity costs | (41 | ) | (119 | ) | (49 | ) | (48 | ) | (99 | ) | (31 | ) | (0.05 | ) | (0.09 | ) | (0.03 | ) | |||||||||||||||||
Provision for income taxes: | |||||||||||||||||||||||||||||||||||
Uncertain tax position | — | — | — | (13 | ) | — | — | (0.01 | ) | — | — | ||||||||||||||||||||||||
Total certain items | $ | (1,782 | ) | $ | 3,730 | $ | (393 | ) | $ | (243 | ) | $ | 3,291 | $ | (277 | ) | $ | (0.16 | ) | $ | 2.90 | $ | (0.24 | ) | |||||||||||
+ Dilutive effect of assumed preferred stock conversion into shares of common stock | $ | 0.04 | $ | 0.22 | N/A | ||||||||||||||||||||||||||||||
= Operating Results (Non-GAAP) (7) | $ | 4,221 | $ | 4,054 | $ | 3,709 | $ | 3.72 | $ | 3.47 | $ | 3.11 |
(1) | Impact on "Income Before Income Taxes." |
(2) | Impact on "Net Income Available for The Dow Chemical Company Common Stockholders." |
(3) | Impact on "Earnings per common share - diluted." |
(4) | The assumed conversion of the Company's Preferred Stock into shares of the Company's common stock was excluded from the calculation of "Earnings per common share - diluted" for the twelve-month periods ended December 31, 2016 and December 31, 2014. The assumed conversion of the Company's Preferred Stock into shares of the Company's common stock was excluded from the calculation of "Operating earnings per common share - diluted" (Non-GAAP) as well as the certain items earnings per share impact for the twelve-month periods ended December 31, 2015 and December 31, 2014 because the effect of including them would have been antidilutive. |
(5) | For the twelve-month period ended December 31, 2016, an assumed conversion of the Company's Preferred Stock into shares of the Company's common stock was included in the calculation of "Operating earnings per common share - diluted" (Non-GAAP). For the twelve-month period ended December 31, 2015, an assumed conversion of the Company's Preferred Stock into shares of the Company's common stock was included in the calculation of "Earnings per common share - diluted" (GAAP). |
(6) | The Company used "Net Income Attributable to The Dow Chemical Company" when calculating "Earnings per common share - diluted" (GAAP) for the twelve-month period ended December 31, 2015, as it excludes preferred dividends of $340 million. |
(7) | "Operating earnings per common share - diluted" (Non-GAAP) for the twelve-month period ended December 31, 2016, excludes preferred dividends of $340 million. |
Sales Volume and Price by Operating Segment and Geographic Area | ||||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||||
Percent change from prior year | Volume | Price | Total | Volume | Price | Total | Volume | Price | Total | |||||||||||||||||
Operating Segments: | ||||||||||||||||||||||||||
Agricultural Sciences | (3 | )% | — | % | (3 | )% | (4 | )% | (8 | )% | (12 | )% | 3 | % | (1 | )% | 2 | % | ||||||||
Consumer Solutions | 29 | (4 | ) | 25 | 1 | (7 | ) | (6 | ) | 3 | (1 | ) | 2 | |||||||||||||
Infrastructure Solutions | 23 | (6 | ) | 17 | 2 | (14 | ) | (12 | ) | 1 | — | 1 | ||||||||||||||
Performance Materials & Chemicals | (14 | ) | (9 | ) | (23 | ) | (6 | ) | (15 | ) | (21 | ) | 2 | — | 2 | |||||||||||
Performance Plastics | 8 | (8 | ) | — | 5 | (23 | ) | (18 | ) | — | 2 | 2 | ||||||||||||||
Total | 5 | % | (6 | )% | (1 | )% | 1 | % | (17 | )% | (16 | )% | 2 | % | — | % | 2 | % | ||||||||
Geographic Areas: | ||||||||||||||||||||||||||
United States | 5 | % | (6 | )% | (1 | )% | — | % | (14 | )% | (14 | )% | 2 | % | 2 | % | 4 | % | ||||||||
Europe, Middle East, Africa & India | 3 | (7 | ) | (4 | ) | — | (22 | ) | (22 | ) | 3 | (1 | ) | 2 | ||||||||||||
Rest of World | 7 | (6 | ) | 1 | 1 | (13 | ) | (12 | ) | (1 | ) | — | (1 | ) | ||||||||||||
Total | 5 | % | (6 | )% | (1 | )% | 1 | % | (17 | )% | (16 | )% | 2 | % | — | % | 2 | % |
Sales Volume and Price by Operating Segment and Geographic Area, Excluding Acquisitions and Divestitures (1) | ||||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||||
Percent change from prior year | Volume | Price | Total | Volume | Price | Total | Volume | Price | Total | |||||||||||||||||
Operating Segments: | ||||||||||||||||||||||||||
Agricultural Sciences | (2 | )% | — | % | (2 | )% | (3 | )% | (8 | )% | (11 | )% | 3 | % | (1 | )% | 2 | % | ||||||||
Consumer Solutions | 4 | (4 | ) | — | 1 | (7 | ) | (6 | ) | 3 | (1 | ) | 2 | |||||||||||||
Infrastructure Solutions | (3 | ) | (6 | ) | (9 | ) | 2 | (14 | ) | (12 | ) | 1 | — | 1 | ||||||||||||
Performance Materials & Chemicals | 2 | (11 | ) | (9 | ) | 1 | (16 | ) | (15 | ) | 2 | — | 2 | |||||||||||||
Performance Plastics | 9 | (8 | ) | 1 | 5 | (23 | ) | (18 | ) | 1 | 2 | 3 | ||||||||||||||
Total | 4 | % | (7 | )% | (3 | )% | 2 | % | (17 | )% | (15 | )% | 2 | % | — | % | 2 | % | ||||||||
Geographic Areas: | ||||||||||||||||||||||||||
United States | 4 | % | (7 | )% | (3 | )% | 2 | % | (14 | )% | (12 | )% | 2 | % | 2 | % | 4 | % | ||||||||
Europe, Middle East, Africa & India | 4 | (8 | ) | (4 | ) | 3 | (23 | ) | (20 | ) | 4 | (1 | ) | 3 | ||||||||||||
Rest of World | 3 | (6 | ) | (3 | ) | 2 | (13 | ) | (11 | ) | — | — | — | |||||||||||||
Total | 4 | % | (7 | )% | (3 | )% | 2 | % | (17 | )% | (15 | )% | 2 | % | — | % | 2 | % |
(1) | Excludes prior period sales of recent divestitures including the chlorine value chain, divested on October 5, 2015 (primarily Performance Materials & Chemicals and Performance Plastics); the AgroFresh business, divested on July 31, 2015 (Agricultural Sciences); ANGUS Chemical Company, divested on February 2, 2015 (Performance Materials & Chemicals); the global Sodium Borohydride business, divested on January 30, 2015 (Performance Materials & Chemicals); the Polypropylene Licensing and Catalysts business, divested on December 2, 2013 (Performance Plastics); and sales related to Nippon Unicar Company Limited, divested on July 1, 2013 (Performance Plastics). Also excludes current period sales related to the ownership restructure of Dow Corning announced on June 1, 2016 (Consumer Solutions and Infrastructure Solutions), the step acquisition of Univation, acquired on May 5, 2015 (Performance Plastics) and sales from Cooperativa Central de Pesquisa Agrícola's ("Coodetec"), acquired on February 1, 2015 (Agricultural Sciences). |
Agricultural Sciences In millions | 2016 | 2015 | 2014 | |||||||||
Sales | $ | 6,174 | $ | 6,381 | $ | 7,290 | ||||||
Price change from comparative period | — | % | (8 | )% | (1 | )% | ||||||
Volume change from comparative period | (3 | )% | (4 | )% | 3 | % | ||||||
Volume change, excluding acquisitions and divestitures | (2 | )% | (3 | )% | 3 | % | ||||||
Equity earnings (losses) | $ | 3 | $ | (15 | ) | $ | 4 | |||||
EBITDA | $ | 806 | $ | 1,432 | $ | 962 | ||||||
Certain items impacting EBITDA | $ | (170 | ) | $ | 573 | $ | — | |||||
EBITDA excluding certain items | $ | 976 | $ | 859 | $ | 962 |
Consumer Solutions In millions | 2016 | 2015 | 2014 | |||||||||
Sales | $ | 5,455 | $ | 4,379 | $ | 4,639 | ||||||
Price change from comparative period | (4 | )% | (7 | )% | (1 | )% | ||||||
Volume change from comparative period | 29 | % | 1 | % | 3 | % | ||||||
Volume change, excluding acquisitions | 4 | % | 1 | % | 3 | % | ||||||
Equity earnings | $ | 132 | $ | 91 | $ | 281 | ||||||
EBITDA | $ | 2,828 | $ | 1,048 | $ | 1,130 | ||||||
Certain items impacting EBITDA | $ | 1,144 | $ | (59 | ) | $ | 82 | |||||
EBITDA excluding certain items | $ | 1,684 | $ | 1,107 | $ | 1,048 |
Infrastructure Solutions In millions | 2016 | 2015 | 2014 | |||||||||
Sales | $ | 8,621 | $ | 7,394 | $ | 8,429 | ||||||
Price change from comparative period | (6 | )% | (14 | )% | — | % | ||||||
Volume change from comparative period | 23 | % | 2 | % | 1 | % | ||||||
Volume change, excluding acquisitions | (3 | )% | 2 | % | 1 | % | ||||||
Equity earnings (losses) | $ | 215 | $ | 203 | $ | (6 | ) | |||||
EBITDA | $ | 2,318 | $ | 1,021 | $ | 817 | ||||||
Certain items impacting EBITDA | $ | 864 | $ | (101 | ) | $ | (348 | ) | ||||
EBITDA excluding certain items | $ | 1,454 | $ | 1,122 | $ | 1,165 |
Performance Materials & Chemicals In millions | 2016 | 2015 | 2014 | |||||||||
Sales | $ | 9,225 | $ | 11,973 | $ | 15,114 | ||||||
Price change from comparative period | (9 | )% | (15 | )% | — | % | ||||||
Volume change from comparative period | (14 | )% | (6 | )% | 2 | % | ||||||
Volume change, excluding divestitures | 2 | % | 1 | % | 2 | % | ||||||
Equity earnings (losses) | $ | (18 | ) | $ | 225 | $ | 322 | |||||
EBITDA | $ | 134 | $ | 5,479 | $ | 2,193 | ||||||
Certain items impacting EBITDA | $ | (1,230 | ) | $ | 3,409 | $ | — | |||||
EBITDA excluding certain items | $ | 1,364 | $ | 2,070 | $ | 2,193 |
Performance Plastics In millions | 2016 | 2015 | 2014 | |||||||||
Sales | $ | 18,404 | $ | 18,357 | $ | 22,386 | ||||||
Price change from comparative period | (8 | )% | (23 | )% | 2 | % | ||||||
Volume change from comparative period | 8 | % | 5 | % | — | % | ||||||
Volume change, excluding acquisitions and divestitures | 9 | % | 5 | % | 1 | % | ||||||
Equity earnings | $ | 137 | $ | 220 | $ | 257 | ||||||
EBITDA | $ | 4,503 | $ | 5,399 | $ | 4,422 | ||||||
Certain items impacting EBITDA | $ | (129 | ) | $ | 597 | $ | — | |||||
EBITDA excluding certain items | $ | 4,632 | $ | 4,802 | $ | 4,422 |
Corporate In millions | 2016 | 2015 | 2014 | |||||||||
Sales | $ | 279 | $ | 294 | $ | 309 | ||||||
Equity losses | $ | (27 | ) | $ | (50 | ) | $ | (23 | ) | |||
EBITDA | $ | (2,563 | ) | $ | (1,053 | ) | $ | (580 | ) | |||
Certain items impacting EBITDA | $ | (2,261 | ) | $ | (689 | ) | $ | (127 | ) | |||
EBITDA excluding certain items | $ | (302 | ) | $ | (364 | ) | $ | (453 | ) |
Cash Flow Summary In millions | 2016 | 2015 | 2014 | |||||||||
Cash provided by (used in): | ||||||||||||
Operating activities | $ | 5,478 | $ | 7,516 | $ | 6,502 | ||||||
Investing activities | (3,479 | ) | (1,350 | ) | (3,105 | ) | ||||||
Financing activities | (3,892 | ) | (3,041 | ) | (3,583 | ) | ||||||
Effect of exchange rate changes on cash | (77 | ) | (202 | ) | (100 | ) | ||||||
Summary | ||||||||||||
Increase (decrease) in cash and cash equivalents | $ | (1,970 | ) | $ | 2,923 | $ | (286 | ) | ||||
Cash and cash equivalents at beginning of year | 8,577 | 5,654 | 5,940 | |||||||||
Cash and cash equivalents at end of year | $ | 6,607 | $ | 8,577 | $ | 5,654 |
Net Working Capital at December 31 In millions | 2016 | 2015 | ||||||
Current assets (1) | $ | 23,659 | $ | 23,941 | ||||
Current liabilities (1) | 12,604 | 11,115 | ||||||
Net working capital | $ | 11,055 | $ | 12,826 | ||||
Current ratio | 1.88 | :1 | 2.15 | :1 | ||||
Days-sales-outstanding-in-receivables | 47 | 47 | ||||||
Days-sales-in-inventory | 67 | 72 |
(1) | Presented in accordance with newly implemented ASU 2015-17. See Notes 1 and 2 to the Consolidated Financial Statements for further information. |
Capital Expenditures Summary | ||||||||||||
In millions | 2016 | 2015 | 2014 | |||||||||
Capital expenditures | $ | 3,804 | $ | 3,703 | $ | 3,572 | ||||||
Spending by project type: | ||||||||||||
Projects related to additional capacity for new and existing products | 67 | % | 68 | % | 68 | % | ||||||
Projects related to environmental protection, safety, loss prevention and industrial hygiene | 9 | % | 9 | % | 10 | % | ||||||
Other (primarily shared infrastructure and plant maintenance/health) | 24 | % | 23 | % | 22 | % |
Reconciliation of Free Cash Flow to "Cash Provided by Operating Activities" | |||||||||||
In millions | 2016 | 2015 | 2014 | ||||||||
Cash provided by operating activities | $ | 5,478 | $ | 7,516 | $ | 6,502 | |||||
Capital expenditures | (3,804 | ) | (3,703 | ) | (3,572 | ) | |||||
Free Cash Flow | $ | 1,674 | $ | 3,813 | $ | 2,930 |
Committed and Available Credit Facilities at December 31, 2016 | ||||||||||||||
In millions | Effective Date | Committed Credit | Credit Available | Maturity Date | Interest | |||||||||
Five Year Competitive Advance and Revolving Credit Facility | March 2015 | $ | 5,000 | $ | 5,000 | March 2020 | Floating rate | |||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2017 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 280 | 280 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 200 | 200 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | May 2016 | 200 | 200 | May 2018 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | July 2016 | 200 | 200 | July 2018 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2016 | 100 | 100 | August 2018 | Floating rate | |||||||||
DCC Term Loan Facility (1) | February 2016 | 4,500 | — | May 2018 | Floating rate | |||||||||
Total Committed and Available Credit Facilities | $ | 10,880 | $ | 6,380 |
(1) | Drawn on May 31, 2016, by Dow Corning, a wholly owned subsidiary of the Company as of June 1, 2016. |
Total Debt at December 31 In millions | 2016 | 2015 | ||||||
Notes payable | $ | 272 | $ | 454 | ||||
Long-term debt due within one year (1) | 635 | 541 | ||||||
Long-term debt (1) | 20,456 | 16,215 | ||||||
Gross debt | $ | 21,363 | $ | 17,210 | ||||
Cash and cash equivalents | $ | 6,607 | $ | 8,577 | ||||
Net debt | $ | 14,756 | $ | 8,633 | ||||
Gross debt as a percent of total capitalization | 44.0 | % | 39.7 | % | ||||
Net debt as a percent of total capitalization | 35.1 | % | 24.8 | % |
(1) | Presented net of unamortized debt issuance costs. See Note 17 to the Consolidated Financial Statements for additional information. |
Credit Ratings | Long-Term | Short-Term | |
Rating Agency | Rating | Rating | Outlook |
Standard & Poor’s | BBB | A-2 | Watch Developing |
Moody’s Investors Service | Baa2 | P-2 | Stable |
Fitch Ratings | BBB | F2 | Watch Positive |
Dividends Paid at December 31 In millions, except per share amounts | 2016 | 2015 | 2014 | ||||||||
Dividends paid, per common share | $ | 1.84 | $ | 1.68 | $ | 1.43 | |||||
Dividends paid to common shareholders | $ | 2,037 | $ | 1,913 | $ | 1,680 | |||||
Dividends paid to preferred shareholders (1) | $ | 425 | $ | 340 | $ | 340 |
(1) | Dividends paid to preferred shareholders in 2016 includes payment of the fourth quarter 2016 declared dividend. |
Contractual Obligations at December 31, 2016 | Payments Due by Year | ||||||||||||||||||||||||||
In millions | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 and beyond | Total | ||||||||||||||||||||
Long-term debt – current and noncurrent (1) | $ | 659 | $ | 5,237 | $ | 2,391 | $ | 1,825 | $ | 1,567 | $ | 9,785 | $ | 21,464 | |||||||||||||
Deferred income tax liabilities (2) | — | — | — | — | — | 923 | 923 | ||||||||||||||||||||
Pension and other postretirement benefits | 658 | 450 | 450 | 883 | 933 | 7,825 | 11,199 | ||||||||||||||||||||
Other noncurrent obligations (3) | — | 756 | 691 | 548 | 372 | 4,326 | 6,693 | ||||||||||||||||||||
Uncertain tax positions, including interest and penalties (4) | 26 | — | — | — | — | 231 | 257 | ||||||||||||||||||||
Other contractual obligations: | |||||||||||||||||||||||||||
Minimum lease commitments | 351 | 300 | 272 | 246 | 221 | 1,064 | 2,454 | ||||||||||||||||||||
Purchase commitments – take-or-pay and throughput obligations | 2,600 | 2,498 | 2,172 | 2,083 | 1,725 | 7,304 | 18,382 | ||||||||||||||||||||
Purchase commitments – other (5) | 203 | 145 | 148 | 85 | 63 | 88 | 732 | ||||||||||||||||||||
Expected cash requirements for interest (6) | 997 | 921 | 789 | 690 | 609 | 6,710 | 10,716 | ||||||||||||||||||||
Total | $ | 5,494 | $ | 10,307 | $ | 6,913 | $ | 6,360 | $ | 5,490 | $ | 38,256 | $ | 72,820 |
(1) | Excludes unamortized debt discount and issuance costs of $373 million. Includes $295 million of capital lease obligations. Assumes the option to extend the DCC Term Loan facility will be exercised. |
(2) | Deferred income tax liabilities may vary according to changes in tax laws, tax rates and the operating results of the Company. As a result, it is impractical to determine whether there will be a cash impact to an individual year. All noncurrent deferred income tax liabilities have been reflected in “2022 and beyond.” |
(3) | Includes "Asbestos-related liabilities - noncurrent." Annual payments to resolve asbestos-related matters will vary based on changes in defense strategies, changes in state and national law, and claims filing and resolution rates. |
(4) | Due to uncertainties in the timing of the effective settlement of tax positions with the respective taxing authorities, the Company is unable to determine the timing of payments related to its uncertain tax positions, including interest and penalties. Amounts beyond the current year are therefore reflected in “2022 and beyond.” |
(5) | Includes outstanding purchase orders and other commitments greater than $1 million, obtained through a survey conducted within the Company. |
(6) | Cash requirements for interest on long-term debt was calculated using current interest rates at December 31, 2016, and includes approximately $4,968 million of various floating rate notes. |
Decrease in Market-Related Asset Value Due to Recognition of Prior Losses In millions | |||
2017 | $ | 94 | |
2018 | 148 | ||
2019 | 241 | ||
2020 | 37 | ||
Total | $ | 520 |
• | Conserve - aggressively pursue energy efficiency and conservation |
• | Optimize - increase and diversify energy resources |
• | Accelerate - develop cost-effective, clean, renewable and alternative energy sources |
• | Transition - to a sustainable energy future |
Environmental Sites | Dow-owned Sites (1) | Superfund Sites (2) | ||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Number of sites at January 1 | 180 | 184 | 124 | 124 | ||||||||
Sites added during year | 16 | 7 | 10 | 7 | ||||||||
Sites closed during year | (7 | ) | (11 | ) | (3 | ) | (7 | ) | ||||
Number of sites at December 31 | 189 | 180 | 131 | 124 |
(1) | Dow-owned sites are sites currently or formerly owned by Dow. In the United States, remediation obligations are imposed by the Resource Conservation and Recovery Act or analogous state law. At December 31, 2016, 38 of these sites (41 sites at December 31, 2015) were formerly owned by Dowell Schlumberger, Inc., a group of companies in which the Company previously owned a 50 percent interest. Dow sold its interest in Dowell Schlumberger in 1992. |
(2) | Superfund sites are sites, including sites not owned by Dow, where remediation obligations are imposed by Superfund Law. |
Asbestos-Related Claim Activity | 2016 | 2015 | 2014 | ||||||
Claims unresolved at January 1 | 18,778 | 26,116 | 29,005 | ||||||
Claims filed | 7,813 | 7,544 | 8,857 | ||||||
Claims settled, dismissed or otherwise resolved | (10,450 | ) | (14,882 | ) | (11,746 | ) | |||
Claims unresolved at December 31 | 16,141 | 18,778 | 26,116 | ||||||
Claimants with claims against both UCC and Amchem | (5,741 | ) | (6,804 | ) | (8,209 | ) | |||
Individual claimants at December 31 | 10,400 | 11,974 | 17,907 |
The Dow Chemical Company and Subsidiaries |
PART II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk. |
Total Daily VAR by Exposure Type at December 31 | 2016 | 2015 | |||||||||||||
In millions | Year-end | Average | Year-end | Average | |||||||||||
Commodities | $ | 24 | $ | 23 | $ | 21 | $ | 20 | |||||||
Equities | $ | 17 | $ | 16 | $ | 15 | $ | 16 | |||||||
Foreign exchange | $ | 28 | $ | 9 | $ | 1 | $ | 2 | |||||||
Interest rate | $ | 82 | $ | 90 | $ | 96 | $ | 103 | |||||||
Composite | $ | 151 | $ | 138 | $ | 133 | $ | 141 |
The Dow Chemical Company and Subsidiaries |
PART II, Item 8. Financial Statements and Supplementary Data. |
/s/ DELOITTE & TOUCHE LLP |
(In millions, except per share amounts) For the years ended December 31 | 2016 | 2015 | 2014 | ||||||||
Net Sales | $ | 48,158 | $ | 48,778 | $ | 58,167 | |||||
Cost of sales | 37,641 | 37,836 | 47,464 | ||||||||
Research and development expenses | 1,584 | 1,598 | 1,647 | ||||||||
Selling, general and administrative expenses | 3,304 | 2,971 | 3,106 | ||||||||
Amortization of intangibles | 544 | 419 | 436 | ||||||||
Goodwill and other intangible asset impairment losses | — | — | 50 | ||||||||
Restructuring charges (credits) | 452 | 415 | (3 | ) | |||||||
Asbestos-related charge | 1,113 | — | 78 | ||||||||
Equity in earnings of nonconsolidated affiliates | 442 | 674 | 835 | ||||||||
Sundry income (expense) - net | 1,202 | 4,592 | (27 | ) | |||||||
Interest income | 107 | 71 | 51 | ||||||||
Interest expense and amortization of debt discount | 858 | 946 | 983 | ||||||||
Income Before Income Taxes | 4,413 | 9,930 | 5,265 | ||||||||
Provision for income taxes | 9 | 2,147 | 1,426 | ||||||||
Net Income | 4,404 | 7,783 | 3,839 | ||||||||
Net income attributable to noncontrolling interests | 86 | 98 | 67 | ||||||||
Net Income Attributable to The Dow Chemical Company | 4,318 | 7,685 | 3,772 | ||||||||
Preferred stock dividends | 340 | 340 | 340 | ||||||||
Net Income Available for The Dow Chemical Company Common Stockholders | $ | 3,978 | $ | 7,345 | $ | 3,432 | |||||
Per Common Share Data: | |||||||||||
Earnings per common share - basic | $ | 3.57 | $ | 6.45 | $ | 2.91 | |||||
Earnings per common share - diluted | $ | 3.52 | $ | 6.15 | $ | 2.87 | |||||
Dividends declared per share of common stock | $ | 1.84 | $ | 1.72 | $ | 1.53 | |||||
Weighted-average common shares outstanding - basic | 1,108.1 | 1,130.1 | 1,170.9 | ||||||||
Weighted-average common shares outstanding - diluted | 1,123.2 | 1,241.4 | 1,187.0 |
(In millions) For the years ended December 31 | 2016 | 2015 | 2014 | ||||||||
Net Income | $ | 4,404 | $ | 7,783 | $ | 3,839 | |||||
Other Comprehensive Income (Loss), Net of Tax | |||||||||||
Unrealized losses on investments | (4 | ) | (94 | ) | (19 | ) | |||||
Cumulative translation adjustments | (644 | ) | (986 | ) | (1,227 | ) | |||||
Pension and other postretirement benefit plans | (620 | ) | 552 | (1,861 | ) | ||||||
Derivative instruments | 113 | (122 | ) | (83 | ) | ||||||
Total other comprehensive loss | (1,155 | ) | (650 | ) | (3,190 | ) | |||||
Comprehensive Income | 3,249 | 7,133 | 649 | ||||||||
Comprehensive income attributable to noncontrolling interests, net of tax | 83 | 65 | 35 | ||||||||
Comprehensive Income Attributable to The Dow Chemical Company | $ | 3,166 | $ | 7,068 | $ | 614 |
(In millions, except share amounts) At December 31 | 2016 | 2015 | |||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents (variable interest entities restricted - 2016: $75; 2015: $158) | $ | 6,607 | $ | 8,577 | |||
Accounts and notes receivable: | |||||||
Trade (net of allowance for doubtful receivables - 2016: $110; 2015: $94) | 4,666 | 4,078 | |||||
Other | 4,358 | 3,768 | |||||
Inventories | 7,363 | 6,871 | |||||
Other current assets | 665 | 647 | |||||
Total current assets | 23,659 | 23,941 | |||||
Investments | |||||||
Investment in nonconsolidated affiliates | 3,747 | 3,958 | |||||
Other investments (investments carried at fair value - 2016: $1,959; 2015: $1,866) | 2,969 | 2,923 | |||||
Noncurrent receivables | 708 | 816 | |||||
Total investments | 7,424 | 7,697 | |||||
Property | |||||||
Property | 57,438 | 50,802 | |||||
Less accumulated depreciation | 33,952 | 32,948 | |||||
Net property (variable interest entities restricted - 2016: $961; 2015: $1,717) | 23,486 | 17,854 | |||||
Other Assets | |||||||
Goodwill | 15,272 | 12,154 | |||||
Other intangible assets (net of accumulated amortization - 2016: $4,295; 2015: $3,770) | 6,026 | 3,617 | |||||
Deferred income tax assets | 3,079 | 2,140 | |||||
Deferred charges and other assets | 565 | 535 | |||||
Total other assets | 24,942 | 18,446 | |||||
Total Assets | $ | 79,511 | $ | 67,938 | |||
Liabilities and Equity | |||||||
Current Liabilities | |||||||
Notes payable | $ | 272 | $ | 454 | |||
Long-term debt due within one year | 635 | 541 | |||||
Accounts payable: | |||||||
Trade | 4,519 | 3,577 | |||||
Other | 2,401 | 2,287 | |||||
Income taxes payable | 600 | 452 | |||||
Dividends payable | 508 | 592 | |||||
Accrued and other current liabilities | 3,669 | 3,212 | |||||
Total current liabilities | 12,604 | 11,115 | |||||
Long-Term Debt (variable interest entities nonrecourse - 2016: $330; 2015: $487) | 20,456 | 16,215 | |||||
Other Noncurrent Liabilities | |||||||
Deferred income tax liabilities | 923 | 587 | |||||
Pension and other postretirement benefits - noncurrent | 11,375 | 9,119 | |||||
Asbestos-related liabilities - noncurrent | 1,364 | 387 | |||||
Other noncurrent obligations | 5,560 | 4,332 | |||||
Total other noncurrent liabilities | 19,222 | 14,425 | |||||
Stockholders’ Equity | |||||||
Preferred stock, series A (issued $1.00 par, $1,000 liquidation preference; outstanding 2016: zero; 2015: 4,000,000 shares) | — | 4,000 | |||||
Common stock (authorized 1,500,000,000 shares of $2.50 par value each; issued 2016: 1,242,794,836 shares; 2015: 1,242,794,836 shares) | 3,107 | 3,107 | |||||
Additional paid-in capital | 4,262 | 4,936 | |||||
Retained earnings | 30,338 | 28,425 | |||||
Accumulated other comprehensive loss | (9,822 | ) | (8,667 | ) | |||
Unearned ESOP shares | (239 | ) | (272 | ) | |||
Treasury stock at cost (2016: 31,661,501 shares; 2015: 125,853,161 shares) | (1,659 | ) | (6,155 | ) | |||
The Dow Chemical Company’s stockholders’ equity | 25,987 | 25,374 | |||||
Noncontrolling interests | 1,242 | 809 | |||||
Total equity | 27,229 | 26,183 | |||||
Total Liabilities and Equity | $ | 79,511 | $ | 67,938 |
(In millions) For the years ended December 31 | 2016 | 2015 | 2014 | ||||||||
Operating Activities | |||||||||||
Net income | $ | 4,404 | $ | 7,783 | $ | 3,839 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 2,862 | 2,521 | 2,747 | ||||||||
Provision (Credit) for deferred income tax | (1,259 | ) | 305 | 466 | |||||||
Earnings of nonconsolidated affiliates less than dividends received | 243 | 142 | 121 | ||||||||
Pension contributions | (629 | ) | (844 | ) | (815 | ) | |||||
Net gain on sales of investments | (116 | ) | (95 | ) | (76 | ) | |||||
Net gain on sales of property, businesses and consolidated companies | (88 | ) | (3,811 | ) | (45 | ) | |||||
Net (gain) loss on sales of ownership interests in nonconsolidated affiliates | (10 | ) | (749 | ) | 1 | ||||||
Net gain on step acquisition of nonconsolidated affiliates | (2,445 | ) | (361 | ) | — | ||||||
Goodwill and other intangible asset impairment losses | — | — | 50 | ||||||||
Asset impairments and related costs | 143 | 144 | 23 | ||||||||
Restructuring charges (credits) | 452 | 415 | (3 | ) | |||||||
Loss on early extinguishment of debt | — | 8 | — | ||||||||
Asbestos-related charge | 1,113 | — | 78 | ||||||||
Excess tax benefits from share-based payment arrangements | (57 | ) | (41 | ) | (42 | ) | |||||
Other net loss | 113 | 172 | 70 | ||||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: | |||||||||||
Accounts and notes receivable | (1,539 | ) | (84 | ) | (884 | ) | |||||
Proceeds from interests in trade accounts receivable conduits | 1,257 | 1,034 | 1,079 | ||||||||
Inventories | 610 | 780 | 224 | ||||||||
Accounts payable | 458 | (681 | ) | (79 | ) | ||||||
Other assets and liabilities | (34 | ) | 878 | (252 | ) | ||||||
Cash provided by operating activities | 5,478 | 7,516 | 6,502 | ||||||||
Investing Activities | |||||||||||
Capital expenditures | (3,804 | ) | (3,703 | ) | (3,572 | ) | |||||
Investment in gas field developments | (113 | ) | — | — | |||||||
Construction of assets pending sale / leaseback | (63 | ) | — | (48 | ) | ||||||
Proceeds from sale / leaseback of assets | 87 | 3 | 470 | ||||||||
Payment into escrow account | (835 | ) | — | — | |||||||
Distribution from escrow account | 835 | — | — | ||||||||
Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 284 | 2,383 | 119 | ||||||||
Acquisitions of property, businesses and consolidated companies, net of cash acquired | (187 | ) | (123 | ) | — | ||||||
Purchases of previously leased assets | — | (46 | ) | — | |||||||
Cash acquired in step acquisition of nonconsolidated affiliate | 1,050 | — | — | ||||||||
Investments in consolidated companies, net of cash acquired | — | — | (5 | ) | |||||||
Investments in and loans to nonconsolidated affiliates | (1,020 | ) | (803 | ) | (270 | ) | |||||
Distributions and loan repayments from nonconsolidated affiliates | 109 | 17 | 69 | ||||||||
Proceeds from sales of ownership interests in nonconsolidated affiliates | 22 | 1,528 | 8 | ||||||||
Purchases of investments | (577 | ) | (1,246 | ) | (643 | ) | |||||
Proceeds from sales and maturities of investments | 733 | 640 | 767 | ||||||||
Cash used in investing activities | (3,479 | ) | (1,350 | ) | (3,105 | ) | |||||
Financing Activities | |||||||||||
Changes in short-term notes payable | (33 | ) | (82 | ) | 74 | ||||||
Proceeds from issuance of long-term debt | 32 | 1,383 | 2,448 | ||||||||
Payments on long-term debt | (588 | ) | (1,114 | ) | (747 | ) | |||||
Purchases of treasury stock | (916 | ) | (1,166 | ) | (4,193 | ) | |||||
Proceeds from issuance of common stock | — | — | 679 | ||||||||
Proceeds from sales of common stock | 398 | 508 | 269 | ||||||||
Transaction financing, debt issuance and other costs | (2 | ) | (88 | ) | (20 | ) | |||||
Excess tax benefits from share-based payment arrangements | 57 | 41 | 42 | ||||||||
Distributions to noncontrolling interests | (176 | ) | (112 | ) | (91 | ) | |||||
Contributions from noncontrolling interests | — | 17 | 36 | ||||||||
Purchases of noncontrolling interests | (202 | ) | (175 | ) | (60 | ) | |||||
Dividends paid to stockholders | (2,462 | ) | (2,253 | ) | (2,020 | ) | |||||
Cash used in financing activities | (3,892 | ) | (3,041 | ) | (3,583 | ) | |||||
Effect of Exchange Rate Changes on Cash | (77 | ) | (202 | ) | (100 | ) | |||||
Summary | |||||||||||
Increase (decrease) in cash and cash equivalents | (1,970 | ) | 2,923 | (286 | ) | ||||||
Cash and cash equivalents at beginning of year | 8,577 | 5,654 | 5,940 | ||||||||
Cash and cash equivalents at end of year | $ | 6,607 | $ | 8,577 | $ | 5,654 |
(In millions, except per share amounts) For the years ended December 31 | 2016 | 2015 | 2014 | ||||||||
Preferred Stock | |||||||||||
Balance at beginning of year | $ | 4,000 | $ | 4,000 | $ | 4,000 | |||||
Preferred stock converted to common stock | (4,000 | ) | — | — | |||||||
Balance at end of year | — | 4,000 | 4,000 | ||||||||
Common Stock | |||||||||||
Balance at beginning of year | 3,107 | 3,107 | 3,054 | ||||||||
Common stock issued | — | — | 53 | ||||||||
Balance at end of year | 3,107 | 3,107 | 3,107 | ||||||||
Additional Paid-in Capital | |||||||||||
Balance at beginning of year | 4,936 | 4,846 | 3,928 | ||||||||
Common stock issued / sold | 398 | 508 | 895 | ||||||||
Stock-based compensation and allocation of ESOP shares | (376 | ) | (429 | ) | 30 | ||||||
Preferred stock converted to common stock | (695 | ) | — | — | |||||||
Other | (1 | ) | 11 | (7 | ) | ||||||
Balance at end of year | 4,262 | 4,936 | 4,846 | ||||||||
Retained Earnings | |||||||||||
Balance at beginning of year | 28,425 | 23,045 | 21,407 | ||||||||
Net income available for The Dow Chemical Company common stockholders | 3,978 | 7,345 | 3,432 | ||||||||
Dividends declared on common stock (per share - 2016: $1.84; 2015: $1.72; 2014: $1.53) | (2,037 | ) | (1,942 | ) | (1,777 | ) | |||||
Dividend equivalents on participating securities | (28 | ) | (23 | ) | (17 | ) | |||||
Balance at end of year | 30,338 | 28,425 | 23,045 | ||||||||
Accumulated Other Comprehensive Loss | |||||||||||
Balance at beginning of year | (8,667 | ) | (8,017 | ) | (4,827 | ) | |||||
Other comprehensive loss | (1,155 | ) | (650 | ) | (3,190 | ) | |||||
Balance at end of year | (9,822 | ) | (8,667 | ) | (8,017 | ) | |||||
Unearned ESOP Shares | |||||||||||
Balance at beginning of year | (272 | ) | (325 | ) | (357 | ) | |||||
Shares acquired | (18 | ) | — | (11 | ) | ||||||
Shares allocated to ESOP participants | 51 | 53 | 43 | ||||||||
Balance at end of year | (239 | ) | (272 | ) | (325 | ) | |||||
Treasury Stock | |||||||||||
Balance at beginning of year | (6,155 | ) | (4,233 | ) | (307 | ) | |||||
Purchases | (916 | ) | (2,688 | ) | (4,193 | ) | |||||
Issuances - compensation plans | 717 | 766 | 267 | ||||||||
Issuances - Preferred stock converted to common stock | 4,695 | — | — | ||||||||
Balance at end of year | (1,659 | ) | (6,155 | ) | (4,233 | ) | |||||
The Dow Chemical Company’s Stockholders’ Equity | 25,987 | 25,374 | 22,423 | ||||||||
Noncontrolling Interests | 1,242 | 809 | 931 | ||||||||
Total Equity | $ | 27,229 | $ | 26,183 | $ | 23,354 |
The Dow Chemical Company and Subsidiaries |
Notes to the Consolidated Financial Statements |
Note | Page | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
8 | ||
9 | ||
10 | ||
11 | ||
12 | ||
13 | ||
14 | ||
15 | ||
16 | ||
17 | ||
18 | ||
19 | ||
20 | ||
21 | ||
22 | ||
23 | ||
24 | ||
25 | ||
26 | ||
27 |
Summary of Changes to the Consolidated Balance Sheets at December 31, 2015 | |||||||
In millions | As Filed | Updated | |||||
Deferred income tax assets - current | $ | 827 | $ | — | |||
Other current assets | $ | 354 | $ | 647 | |||
Total current assets | $ | 24,475 | $ | 23,941 | |||
Noncurrent receivables | $ | 765 | $ | 816 | |||
Total investments | $ | 7,646 | $ | 7,697 | |||
Deferred income tax assets - noncurrent | $ | 1,694 | $ | 2,140 | |||
Asbestos-related insurance receivables - noncurrent | $ | 51 | $ | — | |||
Total other assets | $ | 18,051 | $ | 18,446 | |||
Total Assets | $ | 68,026 | $ | 67,938 | |||
Deferred income tax liabilities - current | $ | 100 | $ | — | |||
Total current liabilities | $ | 11,215 | $ | 11,115 | |||
Deferred income tax liabilities - noncurrent | $ | 575 | $ | 587 | |||
Total other noncurrent liabilities | $ | 14,413 | $ | 14,425 | |||
Total Liabilities and Equity | $ | 68,026 | $ | 67,938 |
2016 Restructuring Charges | Severance Costs | Impairment of Long-Lived Assets and Other Assets | Costs Associated with Exit and Disposal Activities | Total | ||||||||||||
In millions | ||||||||||||||||
Consumer Solutions | $ | — | $ | 23 | $ | 5 | $ | 28 | ||||||||
Infrastructure Solutions | — | 74 | 23 | 97 | ||||||||||||
Performance Plastics | — | 10 | — | 10 | ||||||||||||
Corporate | 268 | 46 | — | 314 | ||||||||||||
2016 restructuring charges | $ | 268 | $ | 153 | $ | 28 | $ | 449 | ||||||||
Charges against the reserve | — | (153 | ) | — | (153 | ) | ||||||||||
Cash payments | (67 | ) | — | (1 | ) | (68 | ) | |||||||||
Reserve balance at December 31, 2016 | $ | 201 | $ | — | $ | 27 | $ | 228 |
• | The Company recorded a charge of $70 million for asset write-downs and write-offs including the shutdown of an Energy & Water Solutions solar manufacturing facility in Midland, Michigan; the write-down of a solar facility in Milpitas, California; and, the write-off of capital projects and in-process research and development. The charge was reflected in the Infrastructure Solutions operating segment. The Midland facility was shut down in the third quarter of 2016. |
• | To enhance competitiveness and streamline costs associated with the ownership restructure of Dow Corning, silicones manufacturing facilities in Yamakita, Japan, and Greensboro, North Carolina, will be shut down by the end of 2018. In addition, an idled facility was shut down in the second quarter of 2016. As a result, the Company recorded a charge of $25 million, reflected in Consumer Solutions ($21 million) and Infrastructure Solutions ($4 million). |
• | The Company will close and/or consolidate certain corporate facilities and data centers. Write-downs of $25 million were charged against Corporate. These facilities will be shut down no later than the end of the second quarter of 2018. |
• | A decision was made to shut down a small manufacturing facility and to write-down other non-manufacturing assets, including a cost method investment and certain aircraft. Write-downs of $33 million were recorded, impacting Consumer Solutions ($2 million), Performance Plastics ($10 million) and Corporate ($21 million). The manufacturing facility was shut down in the second quarter of 2016. |
2015 Restructuring Charges | Impairment of Long-Lived Assets, Investments and Other Assets | Costs Associated with Exit and Disposal Activities | ||||||||||||||
In millions | Severance Costs | Total | ||||||||||||||
Agricultural Sciences | $ | — | $ | 8 | $ | 6 | $ | 14 | ||||||||
Consumer Solutions | — | 65 | 2 | 67 | ||||||||||||
Infrastructure Solutions | — | 25 | 2 | 27 | ||||||||||||
Performance Plastics | — | 12 | — | 12 | ||||||||||||
Corporate | 196 | 59 | — | 255 | ||||||||||||
2015 restructuring charges | $ | 196 | $ | 169 | $ | 10 | $ | 375 | ||||||||
Charges against the reserve | — | (169 | ) | — | (169 | ) | ||||||||||
Adjustments to the reserve | 39 | — | 1 | 40 | ||||||||||||
Impact of currency | — | — | (1 | ) | (1 | ) | ||||||||||
Cash payments | (92 | ) | — | — | (92 | ) | ||||||||||
Reserve balance at December 31, 2015 | $ | 143 | $ | — | $ | 10 | $ | 153 | ||||||||
Charges against the reserve | — | 3 | — | 3 | ||||||||||||
Adjustments to the reserve | — | (3 | ) | 6 | 3 | |||||||||||
Cash payments | (98 | ) | — | (8 | ) | (106 | ) | |||||||||
Reserve balance at December 31, 2016 | $ | 45 | $ | — | $ | 8 | $ | 53 |
• | As a result of changing market dynamics in certain end-use markets, select manufacturing facilities and non-core assets aligned with the Dow Electronic Materials business were shut down in 2016. The assets impacted included certain display films and metalorganic precursors, including a metalorganic materials manufacturing site in North Andover, Massachusetts, and related operations in Taoyuan, Taiwan, as well as certain display films’ manufacturing assets aligned with SKC Haas Display Films Co., Ltd., a majority-owned joint venture located in Cheonan, South Korea. The Company recorded a $51 million charge for asset write-downs and write-offs in the Dow Electronic Materials business, which is reflected in the Consumer Solutions segment. |
• | The Company shut down and/or consolidated manufacturing capacity in the Dow Building & Construction business during 2016. As a result, the Company recorded a charge of $15 million for asset write-offs which is reflected in the Infrastructure Solutions segment. |
• | A Consumer Care manufacturing facility in Institute, West Virginia, was shut down in the fourth quarter of 2015. As a result, an asset write-down of $14 million was recorded against the Consumer Solutions segment. |
• | A Dow Packaging and Specialty Plastics plant in Schkopau, Germany, was permanently shut down in the second quarter of 2015, resulting in an asset write-off of $12 million against the Performance Plastics segment. |
• | Select operations in Agricultural Sciences were shut down, closed or idled in the second half of 2015, resulting in a pretax charge of $8 million for the write-down of assets. In the fourth quarter of 2015, the Company recorded an additional charge of $1 million related to the impairment of long-lived assets and other assets. |
• | A decision was made to shut down two small manufacturing facilities and an administrative facility to optimize the Company's asset footprint. Write-downs of $14 million were recorded impacting Infrastructure Solutions ($10 million) and Corporate ($4 million). The manufacturing facilities were shut down in 2015 and the administrative facility will be shut down no later than the second quarter of 2017. In the fourth quarter of 2015, the Company recorded a favorable adjustment to the restructuring charge related to the impairment of long-lived assets of $1 million, impacting Infrastructure Solutions. |
• | Due to a change in the Company's strategy to monetize and exit certain Venture Capital portfolio investments, a write-down of $55 million was recorded, reflected in Corporate. |
Assets Acquired and Liabilities Assumed on June 1, 2016 | |||
In millions | |||
Fair Value of Previously Held Equity Investment, excluding the HSC Group | $ | 4,818 | |
Fair Value of Assets Acquired | |||
Cash and cash equivalents | $ | 1,050 | |
Accounts and notes receivable - Trade | 647 | ||
Accounts and notes receivable - Other | 223 | ||
Inventories | 1,147 | ||
Other current assets | 51 | ||
Investment in nonconsolidated affiliates | 110 | ||
Noncurrent receivables | 112 | ||
Net property | 3,996 | ||
Other intangible assets (1) | 2,987 | ||
Deferred income tax assets | 999 | ||
Other assets | 98 | ||
Total Assets Acquired | $ | 11,420 | |
Fair Value of Liabilities Assumed | |||
Accounts payable - Trade | $ | 374 | |
Income taxes payable | 260 | ||
Accrued and other current liabilities | 404 | ||
Other current liabilities | 112 | ||
Long-Term Debt | 4,672 | ||
Deferred income tax liabilities | 1,858 | ||
Pension and other postretirement benefits - noncurrent (2) | 1,241 | ||
Other noncurrent obligations | 437 | ||
Total Liabilities Assumed | $ | 9,358 | |
Noncontrolling interests | $ | 473 | |
Goodwill | $ | 3,229 |
(1) | Includes $30 million of trademarks, $1,200 million of licenses and intellectual property, $2 million of software and $1,755 million of customer-related intangibles. See Note 10 for additional information. |
(2) | Includes pension and other postretirement benefits as well as long-term disability obligations. |
Deferred Tax Balances at June 1, 2016 | Deferred Tax | Deferred Tax | ||||
In millions | Assets | Liabilities | ||||
Property | $ | 161 | $ | 762 | ||
Tax loss and credit carryforwards | 227 | — | ||||
Postretirement benefit obligations | 474 | — | ||||
Other accruals and reserves | 70 | 47 | ||||
Intangibles | 11 | 1,008 | ||||
Inventory | 2 | 33 | ||||
Long-term debt | 49 | — | ||||
Investments | 23 | 8 | ||||
Subtotal | $ | 1,017 | $ | 1,858 | ||
Valuation allowances | (18 | ) | — | |||
Total Deferred Tax Balances | $ | 999 | $ | 1,858 |
Assets Acquired and Liabilities Assumed on January 30, 2015 | |||
In millions | |||
Purchase Price | $ | 169 | |
Fair Value of Assets Acquired | |||
Inventories | $ | 24 | |
Net property | 35 | ||
Other intangible assets (1) | 81 | ||
Total Assets Acquired | $ | 140 | |
Fair Value of Liabilities Assumed | |||
Accrued and other current liabilities | $ | 2 | |
Goodwill | $ | 31 |
(1) | Includes $14 million of trademarks, $1 million of customer-related intangibles, $20 million of germplasm and $46 million of in-process research and development. See Note 10 for additional information. |
Assets Acquired and Liabilities Assumed on May 5, 2015 | |||
In millions | |||
Fair Value of Previously Held Equity Investment | $ | 520 | |
Fair Value of Assets Acquired | |||
Current assets | $ | 113 | |
Net property | 56 | ||
Other intangible assets (1) | 433 | ||
Total Assets Acquired | $ | 602 | |
Fair Value of Liabilities Assumed | |||
Current liabilities | $ | 102 | |
Long-Term Debt | 9 | ||
Deferred income tax liabilities | 126 | ||
Total Liabilities Assumed | $ | 237 | |
Goodwill (2) | $ | 141 |
(1) | Includes $340 million of licenses and intellectual property, $5 million of software, $12 million of trademarks and $76 million of customer-related intangibles. See Note 10 for additional information. |
(2) | Net of a $14 million settlement of an affiliate's pre-existing obligations and not deductible for tax purposes. |
SBH Assets and Liabilities Divested on January 30, 2015 | |||
In millions | |||
Inventories | $ | 23 | |
Net property | 21 | ||
Goodwill | 45 | ||
Other intangible assets | 75 | ||
Total assets divested | $ | 164 | |
Components of accumulated other comprehensive loss divested | $ | 2 | |
Net carrying value divested | $ | 166 |
ANGUS Assets and Liabilities Divested on February 2, 2015 | |||
In millions | |||
Current assets | $ | 124 | |
Net property | 101 | ||
Goodwill | 292 | ||
Deferred charges and other assets | 8 | ||
Total assets divested | $ | 525 | |
Current liabilities | $ | 17 | |
Other noncurrent liabilities | 37 | ||
Total liabilities divested | $ | 54 | |
Components of accumulated other comprehensive loss divested | $ | 10 | |
Net carrying value divested | $ | 481 |
AgroFresh Assets and Liabilities Divested on July 31, 2015 | |||
In millions | |||
Current assets | $ | 40 | |
Inventories | 18 | ||
Net property | 5 | ||
Goodwill | 101 | ||
Other intangible assets | 82 | ||
Deferred charges and other assets | 1 | ||
Total assets divested | $ | 247 | |
Current liabilities | $ | 8 | |
Other noncurrent obligations | 4 | ||
Total liabilities divested | $ | 12 | |
Net carrying value divested | $ | 235 |
Dow Chlorine Value Chain Assets and Liabilities Divested | Performance Materials & Chemicals | Performance Plastics | Corporate | Total | ||||||||||||
In millions | ||||||||||||||||
Accounts and notes receivable - Trade | $ | 269 | $ | — | $ | (6 | ) | $ | 263 | |||||||
Inventories | 297 | 34 | 7 | 338 | ||||||||||||
Other current assets | 5 | 6 | 100 | 111 | ||||||||||||
Net property | 1,268 | 205 | 58 | 1,531 | ||||||||||||
Goodwill | 71 | — | — | 71 | ||||||||||||
Other noncurrent assets | 9 | 1 | 34 | 44 | ||||||||||||
Total assets divested | $ | 1,919 | $ | 246 | $ | 193 | $ | 2,358 | ||||||||
Long-term debt due within one year (1) | $ | — | $ | — | $ | 51 | $ | 51 | ||||||||
Other current liabilities | 99 | 17 | — | 116 | ||||||||||||
Long-Term Debt (1) | — | — | 518 | 518 | ||||||||||||
Deferred income tax liabilities | — | — | 265 | 265 | ||||||||||||
Pension and other postretirement benefits - noncurrent | — | — | 439 | 439 | ||||||||||||
Total liabilities divested | $ | 99 | $ | 17 | $ | 1,273 | $ | 1,389 | ||||||||
Components of accumulated other comprehensive loss divested | $ | — | $ | — | $ | (215 | ) | $ | (215 | ) | ||||||
Net carrying value divested | $ | 1,820 | $ | 229 | $ | (865 | ) | $ | 1,184 |
(1) | Excludes $1,161 million included as part of the debt exchange offer and $875 million from a term loan entered into under the terms of the Transaction. See Note 17 for additional information. |
Dow Chlorine Value Chain Income Statement Information | |||||||
In millions | 2015 (1) | 2014 | |||||
Income Before Income Taxes (2) | $ | 139 | $ | 281 | |||
Loss before income taxes attributable to noncontrolling interests | 11 | 5 | |||||
Income Before Income Taxes attributable to The Dow Chemical Company (2) | $ | 150 | $ | 286 |
Inventories at December 31 In millions | 2016 | 2015 | |||||
Finished goods | $ | 4,230 | $ | 3,879 | |||
Work in process | 1,510 | 1,502 | |||||
Raw materials | 853 | 730 | |||||
Supplies | 823 | 768 | |||||
Total FIFO inventories | $ | 7,416 | $ | 6,879 | |||
Adjustment of inventories to a LIFO basis | (53 | ) | (8 | ) | |||
Total inventories | $ | 7,363 | $ | 6,871 |
Property at December 31 In millions | Estimated Useful Lives (Years) | 2016 | 2015 | ||||||||
Land | — | $ | 1,157 | $ | 855 | ||||||
Land and waterway improvements | 15-25 | 1,367 | 1,282 | ||||||||
Buildings | 5-55 | 5,935 | 4,793 | ||||||||
Machinery and equipment | 3-20 | 38,499 | 35,454 | ||||||||
Utility and supply lines | 5-20 | 2,117 | 2,053 | ||||||||
Other property | 3-50 | 2,263 | 2,010 | ||||||||
Construction in progress | — | 6,100 | 4,355 | ||||||||
Total property | $ | 57,438 | $ | 50,802 |
In millions | 2016 | 2015 | 2014 | |||||||||
Depreciation expense | $ | 2,130 | $ | 1,908 | $ | 2,136 | ||||||
Manufacturing maintenance and repair costs | $ | 1,972 | $ | 1,991 | $ | 2,117 | ||||||
Capitalized interest | $ | 243 | $ | 218 | $ | 125 |
Investments in Nonconsolidated Affiliates at December 31 | |||||||
In millions | 2016 (1) | 2015 (2) | |||||
Investment in nonconsolidated affiliates | $ | 3,747 | $ | 3,958 | |||
Other noncurrent obligations | (1,030 | ) | (148 | ) | |||
Net investment in nonconsolidated affiliates | $ | 2,717 | $ | 3,810 |
(1) | The carrying amount of the Company’s investments in nonconsolidated affiliates was $62 million more than its share of the investees’ net assets, exclusive of additional differences for EQUATE and AFSI, which are discussed separately below. |
(2) | The carrying amount of the Company’s investments in nonconsolidated affiliates was $97 million more than its share of the investees’ net assets, exclusive of additional differences for Dow Corning and EQUATE, which are discussed separately below. |
Dividends Received from Nonconsolidated Affiliates | |||||||||||
In millions | 2016 | 2015 | 2014 (1) | ||||||||
Dividends from nonconsolidated affiliates | $ | 685 | $ | 816 | $ | 961 |
(1) | Includes accrued dividends of $5 million. |
HSC Group at June 1, 2016 | Ownership Interest | Investment | Balance Sheet Classification | |||||
In millions | ||||||||
Hemlock Semiconductor L.L.C. (1) | 50.1 | % | $ | (958 | ) | Other noncurrent obligations | ||
DC HSC Holdings LLC (2) | 50.0 | % | $ | 571 | Investment in nonconsolidated affiliates |
(1) | Hemlock Semiconductor L.L.C. is a nonconsolidated variable interest entity. See Note 20 for additional information. |
(2) | DC HSC Holdings LLC holds an 80.5 percent indirect ownership interest in Hemlock Semiconductor Operations. |
Balances Due To or Due From Nonconsolidated Affiliates at December 31 | ||||||||
In millions | 2016 | 2015 | ||||||
Accounts and notes receivable - Other | $ | 388 | $ | 389 | ||||
Noncurrent receivables | 267 | 473 | ||||||
Total assets | $ | 655 | $ | 862 | ||||
Notes payable | $ | 44 | $ | 171 | ||||
Accounts payable - Other | 400 | 230 | ||||||
Total current liabilities | $ | 444 | $ | 401 |
Principal Nonconsolidated Affiliates at December 31 | Ownership Interest | ||||||||
2016 | 2015 | 2014 | |||||||
Dow Corning Corporation (1) | N/A | 50 | % | 50 | % | ||||
EQUATE Petrochemical Company K.S.C. | 42.5 | % | 42.5 | % | 42.5 | % | |||
The HSC Group: (2) | |||||||||
DC HSC Holdings LLC | 50 | % | N/A | N/A | |||||
Hemlock Semiconductor L.L.C. | 50.1 | % | N/A | N/A | |||||
The Kuwait Olefins Company K.S.C. ("TKOC") | 42.5 | % | 42.5 | % | 42.5 | % | |||
The Kuwait Styrene Company K.S.C. ("TKSC") | 42.5 | % | 42.5 | % | 42.5 | % | |||
Map Ta Phut Olefins Company Limited (3) | 32.77 | % | 32.77 | % | 32.77 | % | |||
MEGlobal (4) | N/A | N/A | 50 | % | |||||
Sadara Chemical Company | 35 | % | 35 | % | 35 | % | |||
The SCG-Dow Group: | |||||||||
Siam Polyethylene Company Limited | 50 | % | 50 | % | 50 | % | |||
Siam Polystyrene Company Limited | 50 | % | 50 | % | 50 | % | |||
Siam Styrene Monomer Co., Ltd. | 50 | % | 50 | % | 50 | % | |||
Siam Synthetic Latex Company Limited | 50 | % | 50 | % | 50 | % | |||
Univation Technologies, LLC (5) | N/A | N/A | 50 | % |
(1) | On June 1, 2016, Dow became the 100 percent owner of Dow Corning. See Note 4 for additional information. |
(2) | The HSC Group was previously part of the Dow Corning equity method investment and was added as principal nonconsolidated affiliates in the fourth quarter of 2016. |
(3) | The Company's effective ownership of Map Ta Phut Olefins Company Limited is 32.77 percent, of which the Company directly owns 20.27 percent and indirectly owns 12.5 percent through its equity interest in Siam Polyethylene Company Limited and Siam Synthetic Latex Company Limited. |
(4) | On December 23, 2015, the Company sold its 50 percent ownership interest in MEGlobal to EQUATE. MEGlobal is treated as a separate principal nonconsolidated affiliate through the date of divestiture. See Note 5 for additional information. |
(5) | On May 5, 2015, Univation, previously a 50:50 joint venture between Dow and ExxonMobil, became a wholly owned subsidiary of Dow. See Note 4 for additional information. |
Investment in Principal Nonconsolidated Affiliates at December 31 | |||||||
In millions | 2016 | 2015 (1) | |||||
Investment in nonconsolidated affiliates | $ | 3,029 | $ | 3,120 | |||
Other noncurrent obligations | (1,030 | ) | (148 | ) | |||
Net investment in principal nonconsolidated affiliates | $ | 1,999 | $ | 2,972 |
(1) | Adjusted to conform to the current year presentation. |
Equity Earnings from Principal Nonconsolidated Affiliates | |||||||||||
In millions | 2016 | 2015 | 2014 | ||||||||
Equity in earnings of nonconsolidated affiliates | $ | 449 | $ | 704 | $ | 845 |
Summarized Balance Sheet Information at December 31 | ||||||||
In millions | 2016 (1) | 2015 (2) | ||||||
Current assets | $ | 6,092 | $ | 8,794 | ||||
Noncurrent assets | 28,588 | 31,723 | ||||||
Total assets | $ | 34,680 | $ | 40,517 | ||||
Current liabilities | $ | 3,953 | $ | 9,850 | ||||
Noncurrent liabilities | 23,223 | 21,461 | ||||||
Total liabilities | $ | 27,176 | $ | 31,311 | ||||
Noncontrolling interests | $ | 300 | $ | 663 |
(1) | The summarized balance sheet information for 2016 does not include Dow Corning. |
(2) | The summarized balance sheet information for 2015 does not include Univation; MEGlobal is included as part of EQUATE. |
Summarized Income Statement Information | ||||||||||||
In millions | 2016 (1) | 2015 (2) | 2014 | |||||||||
Sales | $ | 12,003 | $ | 15,468 | $ | 19,333 | ||||||
Gross profit | $ | 2,518 | $ | 3,206 | $ | 3,526 | ||||||
Net income | $ | 831 | $ | 1,343 | $ | 1,673 |
(1) | The summarized income statement information for 2016 includes the results of Dow Corning through May 31, 2016. |
(2) | The summarized income statement information for 2015 includes the results of Univation through April 30, 2015 and MEGlobal through November 30, 2015. |
Goodwill | Agricultural Sciences | Consumer Solutions | Infrastructure Solutions | Performance Materials & Chemicals | Performance Plastics | Total | |||||||||||||||||
In millions | |||||||||||||||||||||||
Balance at January 1, 2015 | $ | 1,558 | $ | 4,389 | $ | 4,451 | $ | 809 | $ | 1,425 | $ | 12,632 | |||||||||||
Divestiture of ANGUS Chemical Company | — | — | — | (292 | ) | — | (292 | ) | |||||||||||||||
Divestiture of the Sodium Borohydride business | — | — | — | (45 | ) | — | (45 | ) | |||||||||||||||
Sale of Agricultural Sciences product lines | (16 | ) | — | — | — | — | (16 | ) | |||||||||||||||
Divestiture of AgroFresh | (101 | ) | — | — | — | — | (101 | ) | |||||||||||||||
Split-off of the chlorine value chain | — | — | — | (71 | ) | — | (71 | ) | |||||||||||||||
Goodwill related to the Coodetec acquisition | 31 | — | — | — | — | 31 | |||||||||||||||||
Goodwill related to the Univation step acquisition | — | — | — | — | 141 | 141 | |||||||||||||||||
Foreign currency impact | — | (15 | ) | (69 | ) | (10 | ) | (31 | ) | (125 | ) | ||||||||||||
Balance at December 31, 2015 | $ | 1,472 | $ | 4,374 | $ | 4,382 | $ | 391 | $ | 1,535 | $ | 12,154 | |||||||||||
Acquisition of an aniline plant | — | — | — | 37 | — | 37 | |||||||||||||||||
Sale of product lines | — | (10 | ) | — | — | (5 | ) | (15 | ) | ||||||||||||||
Goodwill related to the DCC Transaction | — | 1,705 | 1,524 | — | — | 3,229 | |||||||||||||||||
Foreign currency impact | — | (52 | ) | (66 | ) | (3 | ) | (12 | ) | (133 | ) | ||||||||||||
Balance at December 31, 2016 | $ | 1,472 | $ | 6,017 | $ | 5,840 | $ | 425 | $ | 1,518 | $ | 15,272 |
Other Intangible Assets at December 31 | 2016 | 2015 | |||||||||||||||||||||
In millions | Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||
Licenses and intellectual property | $ | 3,148 | $ | (1,286 | ) | $ | 1,862 | $ | 1,943 | $ | (1,087 | ) | $ | 856 | |||||||||
Patents | 106 | (97 | ) | 9 | 119 | (108 | ) | 11 | |||||||||||||||
Software | 1,336 | (696 | ) | 640 | 1,253 | (628 | ) | 625 | |||||||||||||||
Trademarks | 696 | (503 | ) | 193 | 666 | (441 | ) | 225 | |||||||||||||||
Customer-related | 4,806 | (1,567 | ) | 3,239 | 3,164 | (1,366 | ) | 1,798 | |||||||||||||||
Other | 168 | (146 | ) | 22 | 165 | (140 | ) | 25 | |||||||||||||||
Total other intangible assets, finite lives | $ | 10,260 | $ | (4,295 | ) | $ | 5,965 | $ | 7,310 | $ | (3,770 | ) | $ | 3,540 | |||||||||
IPR&D (1), indefinite lives | 61 | — | 61 | 77 | — | 77 | |||||||||||||||||
Total other intangible assets | $ | 10,321 | $ | (4,295 | ) | $ | 6,026 | $ | 7,387 | $ | (3,770 | ) | $ | 3,617 |
Dow Corning Intangible Assets at June 1, 2016 | Gross Carrying Amount | Weighted-average Amortization Period | |||
In millions | |||||
Intangible assets with finite lives: | |||||
Licenses and intellectual property | $ | 1,200 | 9 years | ||
Software | 2 | 5 years | |||
Trademarks | 30 | 3 years | |||
Customer-related | 1,755 | 19 years | |||
Total | $ | 2,987 | 15 years |
Univation Intangible Assets at May 5, 2015 | Gross Carrying Amount | Weighted-average Amortization Period | |||
In millions | |||||
Intangible assets with finite lives: | |||||
Licenses and intellectual property | $ | 340 | 10 years | ||
Software | 5 | 5 years | |||
Trademarks | 12 | 18 years | |||
Customer-related | 76 | 10 years | |||
Total | $ | 433 | 10 years |
Amortization Expense In millions | 2016 | 2015 | 2014 | |||||||||
Other intangible assets, excluding software | $ | 544 | $ | 419 | $ | 436 | ||||||
Software, included in “Cost of sales” | $ | 73 | $ | 72 | $ | 70 |
Estimated Amortization Expense for Next Five Years In millions | |||
2017 | $ | 716 | |
2018 | $ | 722 | |
2019 | $ | 646 | |
2020 | $ | 609 | |
2021 | $ | 576 |
Fair Value of Financial Instruments at December 31 | |||||||||||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||||||||||
In millions | Cost | Gain | Loss | Fair Value | Cost | Gain | Loss | Fair Value | |||||||||||||||||||||||
Marketable securities: (1) | |||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||
Government debt (2) | $ | 607 | $ | 13 | $ | (12 | ) | $ | 608 | $ | 597 | $ | 22 | $ | (7 | ) | $ | 612 | |||||||||||||
Corporate bonds | 623 | 27 | (5 | ) | 645 | 633 | 26 | (8 | ) | 651 | |||||||||||||||||||||
Total debt securities | $ | 1,230 | $ | 40 | $ | (17 | ) | $ | 1,253 | $ | 1,230 | $ | 48 | $ | (15 | ) | $ | 1,263 | |||||||||||||
Equity securities | 658 | 98 | (50 | ) | 706 | 555 | 108 | (60 | ) | 603 | |||||||||||||||||||||
Total marketable securities | $ | 1,888 | $ | 138 | $ | (67 | ) | $ | 1,959 | $ | 1,785 | $ | 156 | $ | (75 | ) | $ | 1,866 | |||||||||||||
Long-term debt including debt due within one year (3) | $ | (21,091 | ) | $ | 129 | $ | (1,845 | ) | $ | (22,807 | ) | $ | (16,756 | ) | $ | 424 | $ | (1,668 | ) | $ | (18,000 | ) | |||||||||
Derivatives relating to: | |||||||||||||||||||||||||||||||
Interest rates | $ | — | $ | — | $ | (5 | ) | $ | (5 | ) | $ | — | $ | — | $ | (4 | ) | $ | (4 | ) | |||||||||||
Commodities (4) | $ | — | $ | 56 | $ | (213 | ) | $ | (157 | ) | $ | — | $ | 6 | $ | (248 | ) | $ | (242 | ) | |||||||||||
Foreign currency | $ | — | $ | 84 | $ | (30 | ) | $ | 54 | $ | — | $ | 109 | $ | (32 | ) | $ | 77 |
(1) | Included in “Other investments” in the consolidated balance sheets. |
(2) | U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. |
(3) | Cost includes fair value adjustments of $18 million at December 31, 2016 and $18 million at December 31, 2015. |
(4) | Presented net of cash collateral, as disclosed in Note 12. |
Investing Results | |||||||||||
In millions | 2016 | 2015 | 2014 | ||||||||
Proceeds from sales of available-for-sale securities | $ | 535 | $ | 565 | $ | 675 | |||||
Gross realized gains | $ | 58 | $ | 96 | $ | 99 | |||||
Gross realized losses | $ | (2 | ) | $ | (14 | ) | $ | (6 | ) |
Contractual Maturities of Debt Securities at December 31, 2016 | |||||||
In millions | Amortized Cost | Fair Value | |||||
Within one year | $ | 33 | $ | 32 | |||
One to five years | 331 | 341 | |||||
Six to ten years | 665 | 664 | |||||
After ten years | 201 | 216 | |||||
Total | $ | 1,230 | $ | 1,253 |
Temporarily Impaired Securities at December 31, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
In millions | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Government debt (1) | $ | 351 | $ | (12 | ) | $ | — | $ | — | $ | 351 | $ | (12 | ) | |||||||||
Corporate bonds | 193 | (4 | ) | 16 | (1 | ) | 209 | (5 | ) | ||||||||||||||
Equity securities | 48 | (6 | ) | 163 | (44 | ) | 211 | (50 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 592 | $ | (22 | ) | $ | 179 | $ | (45 | ) | $ | 771 | $ | (67 | ) |
(1) | U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities' obligations. |
Temporarily Impaired Securities at December 31, 2015 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
In millions | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||
Government debt (1) | $ | 251 | $ | (7 | ) | $ | 1 | $ | — | $ | 252 | $ | (7 | ) | |||||||||
Corporate bonds | 175 | (8 | ) | 1 | — | 176 | (8 | ) | |||||||||||||||
Equity securities | 197 | (54 | ) | 10 | (6 | ) | 207 | (60 | ) | ||||||||||||||
Total temporarily impaired securities | $ | 623 | $ | (69 | ) | $ | 12 | $ | (6 | ) | $ | 635 | $ | (75 | ) |
(1) | U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities' obligations. |
Commodity | Dec 31, 2016 | Dec 31, 2015 | Notional Volume Unit | ||||
Corn | 0.4 | 1.0 | million bushels | ||||
Crude Oil | 0.6 | 0.4 | million barrels | ||||
Ethane | 3.6 | — | million barrels | ||||
Natural Gas | 78.6 | 257.4 | million British thermal units | ||||
Propane | 1.5 | — | million barrels | ||||
Soybeans | — | 1.4 | million bushels |
Commodity | Dec 31, 2016 | Dec 31, 2015 | Notional Volume Unit | |||
Ethane | 2.6 | — | million barrels | |||
Gasoline | 30.0 | — | kilotons | |||
Naphtha Price Spread | 50.0 | 15.0 | kilotons | |||
Propane | 2.7 | 0.5 | million barrels |
Fair Value of Derivative Instruments In millions | Balance Sheet Classification | 2016 | 2015 | ||||||
Asset Derivatives | |||||||||
Derivatives designated as hedges: | |||||||||
Commodities | Other current assets | $ | 42 | $ | 3 | ||||
Commodities | Deferred charges and other assets | 10 | — | ||||||
Foreign currency | Accounts and notes receivable – Other | 90 | 5 | ||||||
Total derivatives designated as hedges | $ | 142 | $ | 8 | |||||
Derivatives not designated as hedges: | |||||||||
Commodities | Other current assets | $ | 13 | $ | 4 | ||||
Commodities | Deferred charges and other assets | 12 | — | ||||||
Foreign currency | Accounts and notes receivable – Other | 103 | 156 | ||||||
Total derivatives not designated as hedges | $ | 128 | $ | 160 | |||||
Total asset derivatives | $ | 270 | $ | 168 | |||||
Liability Derivatives | |||||||||
Derivatives designated as hedges: | |||||||||
Interest rates | Accrued and other current liabilities | $ | 3 | $ | 3 | ||||
Interest rates | Other noncurrent obligations | 2 | 1 | ||||||
Commodities | Accrued and other current liabilities | 32 | 28 | ||||||
Commodities | Other noncurrent obligations | 196 | 234 | ||||||
Foreign currency | Accrued and other current liabilities | 55 | 1 | ||||||
Total derivatives designated as hedges | $ | 288 | $ | 267 | |||||
Derivatives not designated as hedges: | |||||||||
Commodities | Accrued and other current liabilities | $ | 4 | $ | — | ||||
Commodities | Other noncurrent obligations | 2 | — | ||||||
Foreign currency | Accounts payable – Other | 84 | 83 | ||||||
Total derivatives not designated as hedges | $ | 90 | $ | 83 | |||||
Total liability derivatives | $ | 378 | $ | 350 |
Basis of Fair Value Measurements on a Recurring Basis at December 31, 2016 In millions | Quoted Prices in Active Markets for Identical Items (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Counterparty and Cash Collateral Netting (1) | Total | ||||||||||||||
Assets at fair value: | |||||||||||||||||||
Cash equivalents (2) | $ | — | $ | 500 | $ | — | $ | — | $ | 500 | |||||||||
Interests in trade accounts receivable conduits (3) | — | — | 1,237 | — | 1,237 | ||||||||||||||
Equity securities (4) | 619 | 87 | — | — | 706 | ||||||||||||||
Debt securities: (4) | |||||||||||||||||||
Government debt (5) | — | 608 | — | — | 608 | ||||||||||||||
Corporate bonds | — | 645 | — | — | 645 | ||||||||||||||
Derivatives relating to: (6) | |||||||||||||||||||
Commodities | 48 | 29 | — | (21 | ) | 56 | |||||||||||||
Foreign currency | — | 193 | — | (109 | ) | 84 | |||||||||||||
Total assets at fair value | $ | 667 | $ | 2,062 | $ | 1,237 | $ | (130 | ) | $ | 3,836 | ||||||||
Liabilities at fair value: | |||||||||||||||||||
Long-term debt (7) | $ | — | $ | 22,807 | $ | — | $ | — | $ | 22,807 | |||||||||
Derivatives relating to: (6) | |||||||||||||||||||
Interest rates | — | 5 | — | — | 5 | ||||||||||||||
Commodities | 20 | 214 | — | (21 | ) | 213 | |||||||||||||
Foreign currency | — | 139 | — | (109 | ) | 30 | |||||||||||||
Total liabilities at fair value | $ | 20 | $ | 23,165 | $ | — | $ | (130 | ) | $ | 23,055 |
(1) | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the cash collateral placed with the same counterparty. |
(2) | Treasury Bills and money market funds included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value. |
(3) | Included in "Accounts and notes receivable – Other" in the consolidated balance sheets. See Note 16 for additional information on transfers of financial assets. |
(4) | The Company’s investments in equity and debt securities are primarily classified as available-for-sale and are included in “Other investments” in the consolidated balance sheets. |
(5) | U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. |
(6) | See Note 11 for the classification of derivatives in the consolidated balance sheets. |
(7) | See Note 11 for information on fair value measurements of long-term debt. |
Basis of Fair Value Measurements on a Recurring Basis at December 31, 2015 In millions | Quoted Prices in Active Markets for Identical Items (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Counterparty and Cash Collateral Netting (1) | Total | ||||||||||||||
Assets at fair value: | |||||||||||||||||||
Cash equivalents (2) | $ | — | $ | 5,043 | $ | — | $ | — | $ | 5,043 | |||||||||
Interests in trade accounts receivable conduits (3) | — | — | 943 | — | 943 | ||||||||||||||
Equity securities (4) | 564 | 39 | — | — | 603 | ||||||||||||||
Debt securities: (4) | |||||||||||||||||||
Government debt (5) | — | 612 | — | — | 612 | ||||||||||||||
Corporate bonds | — | 651 | — | — | 651 | ||||||||||||||
Derivatives relating to: (6) | |||||||||||||||||||
Commodities | 5 | 2 | — | (1 | ) | 6 | |||||||||||||
Foreign currency | — | 161 | — | (52 | ) | 109 | |||||||||||||
Total assets at fair value | $ | 569 | $ | 6,508 | $ | 943 | $ | (53 | ) | $ | 7,967 | ||||||||
Liabilities at fair value: | |||||||||||||||||||
Long-term debt (7) | $ | — | $ | 18,000 | $ | — | $ | — | $ | 18,000 | |||||||||
Derivatives relating to: (6) | |||||||||||||||||||
Interest Rates | — | 4 | — | — | 4 | ||||||||||||||
Commodities | 6 | 256 | — | (14 | ) | 248 | |||||||||||||
Foreign currency | — | 84 | — | (52 | ) | 32 | |||||||||||||
Total liabilities at fair value | $ | 6 | $ | 18,344 | $ | — | $ | (66 | ) | $ | 18,284 |
(1) | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the cash collateral placed with the same counterparty. |
(2) | Treasury Bills and money market funds included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value. |
(3) | Included in "Accounts and notes receivable – Other" in the consolidated balance sheets. See Note 16 for additional information on transfers of financial assets. |
(4) | The Company’s investments in equity and debt securities are primarily classified as available-for-sale and are included in “Other investments” in the consolidated balance sheets. |
(5) | U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. |
(6) | See Note 11 for the classification of derivatives in the consolidated balance sheets. |
(7) | See Note 11 for information on fair value measurements of long-term debt. |
Fair Value Measurements Using Level 3 Inputs for Interests Held in Trade Receivable Conduits (1) | 2016 | 2015 | |||||
In millions | |||||||
Balance at January 1 | $ | 943 | $ | 1,328 | |||
Gain (Loss) included in earnings (2) | (1 | ) | 2 | ||||
Purchases | 1,552 | 647 | |||||
Settlements | (1,257 | ) | (1,034 | ) | |||
Balance at December 31 | $ | 1,237 | $ | 943 |
(1) | Included in "Accounts and notes receivable – Other" in the consolidated balance sheets. |
(2) | Included in "Selling, general and administrative expenses" in the consolidated statements of income. |
Basis of Fair Value Measurements on a Nonrecurring Basis at December 31 | Quoted Prices in Active Markets for Identical Items | Significant Other Unobservable Inputs | ||||||||
In millions | (Level 1) | (Level 3) | Total Losses | |||||||
2016 | ||||||||||
Assets at fair value: | ||||||||||
Long-lived assets, other assets and equity method investments | $ | 46 | $ | — | $ | (296 | ) | |||
2015 | ||||||||||
Assets at fair value: | ||||||||||
Long-lived assets, equity method investments, investments and other assets | $ | — | $ | 24 | $ | (313 | ) | |||
2014 | ||||||||||
Assets at fair value: | ||||||||||
Long-lived assets and other assets | $ | — | $ | 4 | $ | (73 | ) |
Sundry Income (Expense) – Net | ||||||||||||
In millions | 2016 | 2015 | 2014 | |||||||||
Gain on sales of other assets and investments | $ | 170 | $ | 237 | $ | 40 | ||||||
Foreign exchange losses | (126 | ) | (191 | ) | (61 | ) | ||||||
Gain on ownership restructure of Dow Corning (1) | 2,445 | — | — | |||||||||
Settlement of the urethane matters class action lawsuit and opt-out cases (2) | (1,235 | ) | — | — | ||||||||
Loss on partial impairment of equity interest in AgroFresh (3) | (143 | ) | — | — | ||||||||
Costs associated with transactions and productivity actions (4) | (41 | ) | (119 | ) | (49 | ) | ||||||
Implant liability adjustment | 27 | — | — | |||||||||
Gain (Loss) on divestiture of AgroFresh business (3) (5) | (25 | ) | 618 | — | ||||||||
Impact of split-off of chlorine value chain (6) | 6 | 2,233 | — | |||||||||
Gain (Loss) on sale of MEGlobal (3) | (1 | ) | 723 | — | ||||||||
Gain on sale of Agricultural Sciences subsidiary (7) | — | 44 | — | |||||||||
Gain on divestiture of ANGUS Chemical Company (3) | — | 682 | — | |||||||||
Gain on Univation step acquisition (1) | — | 361 | — | |||||||||
Gain on divestiture of Sodium Borohydride business (3) | — | 20 | — | |||||||||
Loss on early extinguishment of debt (8) | — | (8 | ) | — | ||||||||
Gain on termination of ethylene off-take agreement | — | — | 53 | |||||||||
Gain on sale of Polypropylene Licensing and Catalysts business (3) | — | — | 5 | |||||||||
Reclassification of cumulative translation adjustments | — | (4 | ) | (12 | ) | |||||||
Other - net | 125 | (4 | ) | (3 | ) | |||||||
Total sundry income (expense) – net | $ | 1,202 | $ | 4,592 | $ | (27 | ) |
(1) | See Note 4 for additional information. |
(2) | See Note 15 for additional information. |
(3) | See Note 5 for additional information. |
(4) | Transaction costs associated with the separation of the chlorine value chain. |
(5) | Includes a $5 million loss in 2016 ($8 million loss in 2015) on mark-to-market adjustments related to warrants. |
(6) | See Note 6 for additional information. |
(7) | See Note 20 for additional information. |
(8) | Excludes $68 million related to the split-off of the chlorine value chain. See Notes 6 and 17 for additional information. |
Other Income Statement Information | ||||||||||||
In millions | 2016 | 2015 (1) | 2014 | |||||||||
Provision for doubtful receivables (2) | $ | 22 | $ | 1 | $ | 52 |
(1) | Dow's provision for doubtful accounts was lower in 2015 due to the adjustment of certain reserve rates based on historical write-off experience, the impact of lower selling prices and the impact of divestitures. |
(2) | Included in “Selling, general and administrative expenses” in the consolidated statements of income. |
Supplemental Disclosure of Cash Flow Information | ||||||||||||
In millions | 2016 | 2015 | 2014 | |||||||||
Cash payments for interest | $ | 1,192 | $ | 1,137 | $ | 1,038 | ||||||
Cash payments for income taxes | $ | 1,592 | $ | 1,405 | $ | 1,109 |
Investments in Company-owned Life Insurance at December 31 | |||||||
In millions | 2016 | 2015 | |||||
Gross cash value | $ | 834 | $ | 850 | |||
Less: Outstanding borrowings | 59 | 58 | |||||
Investment in Company-owned life insurance (1) | $ | 775 | $ | 792 |
Net Income for Earnings Per Share Calculations - Basic In millions | 2016 | 2015 | 2014 | |||||||||
Net income attributable to The Dow Chemical Company | $ | 4,318 | $ | 7,685 | $ | 3,772 | ||||||
Preferred stock dividends | (340 | ) | (340 | ) | (340 | ) | ||||||
Net income attributable to participating securities (1) | (22 | ) | (51 | ) | (27 | ) | ||||||
Net income attributable to common stockholders | $ | 3,956 | $ | 7,294 | $ | 3,405 |
Earnings Per Share Calculations - Basic Dollars per share | 2016 | 2015 | 2014 | |||||||||
Net income attributable to The Dow Chemical Company | $ | 3.90 | $ | 6.80 | $ | 3.22 | ||||||
Preferred stock dividends | (0.31 | ) | (0.30 | ) | (0.29 | ) | ||||||
Net income attributable to participating securities (1) | (0.02 | ) | (0.05 | ) | (0.02 | ) | ||||||
Net income attributable to common stockholders | $ | 3.57 | $ | 6.45 | $ | 2.91 |
Net Income for Earnings Per Share Calculations - Diluted In millions | 2016 | 2015 | 2014 | |||||||||
Net income attributable to The Dow Chemical Company | $ | 4,318 | $ | 7,685 | $ | 3,772 | ||||||
Preferred stock dividends (2) | (340 | ) | — | (340 | ) | |||||||
Net income attributable to participating securities (1) | (22 | ) | (51 | ) | (27 | ) | ||||||
Net income attributable to common stockholders | $ | 3,956 | $ | 7,634 | $ | 3,405 |
Earnings Per Share Calculations - Diluted Dollars per share | 2016 | 2015 | 2014 | |||||||||
Net income attributable to The Dow Chemical Company | $ | 3.84 | $ | 6.19 | $ | 3.18 | ||||||
Preferred stock dividends (2) | (0.30 | ) | — | (0.29 | ) | |||||||
Net income attributable to participating securities (1) | (0.02 | ) | (0.04 | ) | (0.02 | ) | ||||||
Net income attributable to common stockholders | $ | 3.52 | $ | 6.15 | $ | 2.87 |
Share Count Information Shares in millions | 2016 | 2015 | 2014 | ||||||
Weighted-average common shares - basic (3) | 1,108.1 | 1,130.1 | 1,170.9 | ||||||
Plus dilutive effect of stock options and awards | 15.1 | 14.5 | 16.1 | ||||||
Plus dilutive effect of preferred stock (4) | — | 96.8 | — | ||||||
Weighted-average common shares - diluted | 1,123.2 | 1,241.4 | 1,187.0 | ||||||
Stock options and deferred stock awards excluded from EPS calculations (5) | 1.9 | 4.6 | 5.8 |
(1) | Deferred stock awards are considered participating securities due to Dow's practice of paying dividend equivalents on unvested shares. |
(2) | Preferred stock dividends were not added back in the calculation of diluted earnings per share for the periods ended December 31, 2016 and December 31, 2014, because the effect of an assumed conversion of the Company's Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") would have been antidilutive. |
(3) | On December 30, 2016, the Company converted 4 million shares of Preferred Stock into 96.8 million shares of the Company's common stock. As a result of this conversion, 0.5 million shares of common stock are included in "Weighted-average common shares - basic" for the period ended December 31, 2016. |
(4) | The calculation of diluted earnings per share for the period ending December 31, 2016, excludes 96.3 million shares of common stock because the effect of an assumed conversion of Preferred Stock for the full period would have been antidilutive (excludes 96.8 million shares for the period ended December 31, 2014). |
(5) | These deferred stock awards and outstanding options to purchase shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
Accrued Obligations for Environmental Matters | |||||||
In millions | 2016 | 2015 | |||||
Balance at January 1 | $ | 670 | $ | 706 | |||
Accrual adjustment | 479 | 230 | |||||
Payments against reserve | (246 | ) | (233 | ) | |||
Foreign currency impact | 6 | (33 | ) | ||||
Balance at December 31 | $ | 909 | $ | 670 |
• | Future claim filing levels in the Settlement Facility will be similar to the RSP; |
• | Future acceptance rates, disease mix, and payment values will be materially consistent with historical experience; |
• | No material negative outcomes in future controversies or disputes over Plan interpretation will occur; and |
• | The Plan will not be modified. |
Fixed and Determinable Portion of Take-or-Pay and Throughput Obligations at December 31, 2016 In millions | |||
2017 | $ | 2,600 | |
2018 | 2,498 | ||
2019 | 2,172 | ||
2020 | 2,083 | ||
2021 | 1,725 | ||
2022 and beyond | 7,304 | ||
Total | $ | 18,382 |
Guarantees at December 31, 2016 In millions | Final Expiration | Maximum Future Payments | Recorded Liability | ||||||
Guarantees | 2021 | $ | 5,096 | $ | 86 | ||||
Residual value guarantees | 2027 | 947 | 134 | ||||||
Total guarantees | $ | 6,043 | $ | 220 |
Guarantees at December 31, 2015 In millions | Final Expiration | Maximum Future Payments | Recorded Liability | ||||||
Guarantees | 2021 | $ | 4,910 | $ | 102 | ||||
Residual value guarantees | 2025 | 912 | 117 | ||||||
Total guarantees | $ | 5,822 | $ | 219 |
Warranty Accrual | |||||||
In millions | 2016 | 2015 | |||||
Balance at January 1 | $ | 93 | $ | 107 | |||
Accruals related to existing warranties (1) | 11 | 5 | |||||
Settlements made during the year | (20 | ) | (19 | ) | |||
Balance at December 31 | $ | 84 | $ | 93 |
(1) | In the second quarter of 2016, the Company recorded a pretax charge of $10 million as part of the 2016 restructuring charge. The charge was included in "Restructuring charges (credits)" in the consolidated statements of income and reflected in Infrastructure Solutions. See Note 3 for additional information. |
Asset Retirement Obligations | ||||||||
In millions | 2016 | 2015 | ||||||
Balance at January 1 | $ | 96 | $ | 84 | ||||
Additional accruals (1) | 17 | 8 | ||||||
Liabilities settled | (9 | ) | (8 | ) | ||||
Accretion expense | 2 | 1 | ||||||
Revisions in estimated cash flows | 5 | 17 | ||||||
Other | (1 | ) | (6 | ) | ||||
Balance at December 31 | $ | 110 | $ | 96 |
(1) | Includes $14 million of asset retirement obligations from the DCC Transaction. |
Interests Held at December 31 | |||||||
In millions | 2016 | 2015 | |||||
Carrying value of interests held | $ | 1,237 | $ | 943 | |||
Percentage of anticipated credit losses | 0.36 | % | 0.34 | % | |||
Impact to carrying value - 10% adverse change | $ | 1 | $ | 1 | |||
Impact to carrying value - 20% adverse change | $ | 1 | $ | 1 |
Cash Proceeds | |||||||||||
In millions | 2016 | 2015 | 2014 | ||||||||
Sale of receivables | $ | 1 | $ | 18 | $ | 98 | |||||
Collections reinvested in revolving receivables | $ | 21,652 | $ | 22,951 | $ | 26,479 | |||||
Interests in conduits (1) | $ | 1,257 | $ | 1,034 | $ | 1,079 |
Trade Accounts Receivable Sold at December 31 | |||||||
In millions | 2016 | 2015 | |||||
Delinquencies on sold receivables still outstanding | $ | 86 | $ | 97 | |||
Trade accounts receivable outstanding and derecognized | $ | 2,257 | $ | 2,152 |
Notes Payable at December 31 In millions | 2016 | 2015 | |||||
Notes payable to banks and other lenders | $ | 225 | $ | 277 | |||
Notes payable to related companies | 44 | 171 | |||||
Notes payable trade | 3 | 6 | |||||
Total notes payable | $ | 272 | $ | 454 | |||
Year-end average interest rates | 4.60 | % | 4.00 | % |
Long-Term Debt at December 31 In millions | 2016 Average Rate | 2016 | 2015 Average Rate | 2015 | |||||||||
Promissory notes and debentures: | |||||||||||||
Final maturity 2016 | — | % | $ | — | 2.64 | % | $ | 356 | |||||
Final maturity 2017 | 6.06 | % | 442 | 6.06 | % | 442 | |||||||
Final maturity 2018 | 5.78 | % | 339 | 5.78 | % | 339 | |||||||
Final maturity 2019 | 8.55 | % | 2,122 | 8.55 | % | 2,123 | |||||||
Final maturity 2020 | 4.46 | % | 1,547 | 4.46 | % | 1,547 | |||||||
Final maturity 2021 | 4.72 | % | 1,424 | 4.72 | % | 1,424 | |||||||
Final maturity 2022 and thereafter | 5.54 | % | 8,449 | 5.54 | % | 8,448 | |||||||
Other facilities: | |||||||||||||
U.S. dollar loans, various rates and maturities | 1.60 | % | 4,595 | 2.32 | % | 125 | |||||||
Foreign currency loans, various rates and maturities | 3.42 | % | 882 | 2.74 | % | 856 | |||||||
Medium-term notes, varying maturities through 2025 | 3.82 | % | 1,026 | 3.79 | % | 1,082 | |||||||
Tax-exempt bonds, varying maturities through 2038 | 5.66 | % | 343 | 5.66 | % | 343 | |||||||
Capital lease obligations | — | 295 | — | 76 | |||||||||
Unamortized debt discount and issuance costs | — | (373 | ) | — | (405 | ) | |||||||
Long-term debt due within one year (1) | — | (635 | ) | — | (541 | ) | |||||||
Long-term debt | — | $ | 20,456 | — | $ | 16,215 |
(1) | Presented net of current portion of unamortized debt issuance costs of $24 million at December 31, 2016 and $9 million at |
Annual Installments on Long-Term Debt for Next Five Years (1) In millions | |||
2017 | $ | 659 | |
2018 | $ | 5,237 | |
2019 | $ | 2,391 | |
2020 | $ | 1,825 | |
2021 | $ | 1,567 |
(1) | Assumes the option to extend a term loan facility |
Committed and Available Credit Facilities at December 31, 2016 | ||||||||||||||
In millions | Effective Date | Committed Credit | Credit Available | Maturity Date | Interest | |||||||||
Five Year Competitive Advance and Revolving Credit Facility | March 2015 | $ | 5,000 | $ | 5,000 | March 2020 | Floating rate | |||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2017 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 280 | 280 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 100 | 100 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2015 | 200 | 200 | March 2020 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | May 2016 | 200 | 200 | May 2018 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | July 2016 | 200 | 200 | July 2018 | Floating rate | |||||||||
Bilateral Revolving Credit Facility | August 2016 | 100 | 100 | August 2018 | Floating rate | |||||||||
DCC Term Loan Facility (1) | February 2016 | 4,500 | — | May 2018 | Floating rate | |||||||||
Total Committed and Available Credit Facilities | $ | 10,880 | $ | 6,380 |
(1) | Drawn on May 31, 2016, by Dow Corning, a wholly owned subsidiary of the Company as of June 1, 2016. |
(a) | the obligation to maintain the ratio of the Company’s consolidated indebtedness to consolidated capitalization at no greater than 0.65 to 1.00 at any time the aggregate outstanding amount of loans under the Five Year Competitive Advance and Revolving Credit Facility Agreement dated March 24, 2015, equals or exceeds $500 million, |
(b) | a default if the Company or an applicable subsidiary fails to make any payment, including principal, premium or interest, under the applicable agreement on other indebtedness of, or guaranteed by, the Company or such applicable subsidiary in an aggregate amount of $100 million or more when due, or any other default or other event under the applicable agreement with respect to such indebtedness occurs which permits or results in the acceleration of $400 million or more in the aggregate of principal, and |
(c) | a default if the Company or any applicable subsidiary fails to discharge or stay within 60 days after the entry of a final judgment against the Company or such applicable subsidiary of more than $400 million. |
Plan Assets and Obligations for all Significant Plans Assumed from Dow Corning at June 1, 2016 | Defined Benefit Pension Plans | Other Postretirement Benefits | |||||
In millions | |||||||
Fair value of plan assets | $ | 2,327 | $ | — | |||
Projected benefit obligations | 3,252 | 313 | |||||
Net liability assumed | $ | 925 | $ | 313 |
Weighted-Average Assumptions for All Pension Plans | Benefit Obligations at December 31 | Net Periodic Costs for the Year | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | |||||||||||||
Discount rate | 3.52 | % | 3.88 | % | 3.60 | % | 3.85 | % | 3.60 | % | 4.54 | % | ||||||
Rate of increase in future compensation levels | 3.90 | % | 4.13 | % | 4.13 | % | 4.04 | % | 4.13 | % | 4.15 | % | ||||||
Expected long-term rate of return on plan assets | — | — | — | 7.22 | % | 7.35 | % | 7.40 | % |
Weighted-Average Assumptions for U.S. Pension Plans | Benefit Obligations at December 31 | Net Periodic Costs for the Year | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | |||||||||||||
Discount rate | 4.11 | % | 4.40 | % | 4.04 | % | 4.40 | % | 4.04 | % | 4.92 | % | ||||||
Rate of increase in future compensation levels | 4.25 | % | 4.50 | % | 4.50 | % | 4.50 | % | 4.50 | % | 4.50 | % | ||||||
Expected long-term rate of return on plan assets | — | — | — | 7.77 | % | 7.85 | % | 7.82 | % |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets at December 31 | ||||||||
In millions | 2016 | 2015 | ||||||
Projected benefit obligations | $ | 27,877 | $ | 23,421 | ||||
Accumulated benefit obligations | $ | 26,590 | $ | 22,409 | ||||
Fair value of plan assets | $ | 18,523 | $ | 16,066 |
U.S. Plan Assumptions for Other Postretirement Benefits | Benefit Obligations at December 31 | Net Periodic Costs for the Year | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | |||||||||||||
Discount rate | 3.83 | % | 3.97 | % | 3.68 | % | 3.96 | % | 3.68 | % | 4.37 | % | ||||||
Initial health care cost trend rate | 7.00 | % | 7.25 | % | 7.06 | % | 7.25 | % | 7.06 | % | 7.45 | % | ||||||
Ultimate health care cost trend rate | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | ||||||
Year ultimate trend rate to be reached | 2025 | 2025 | 2020 | 2025 | 2020 | 2020 |
Net Periodic Benefit Cost for All Significant Plans | ||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | |||||||||||||||||||||||
In millions | 2016 (1) | 2015 | 2014 | 2016 (1) | 2015 | 2014 | ||||||||||||||||||
Service cost | $ | 463 | $ | 484 | $ | 411 | $ | 13 | $ | 14 | $ | 14 | ||||||||||||
Interest cost | 846 | 975 | 1,096 | 52 | 59 | 72 | ||||||||||||||||||
Expected return on plan assets | (1,447 | ) | (1,382 | ) | (1,322 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost (credit) | (24 | ) | (28 | ) | 22 | (3 | ) | (2 | ) | (2 | ) | |||||||||||||
Amortization of unrecognized (gain) loss | 587 | 706 | 500 | (7 | ) | (11 | ) | (14 | ) | |||||||||||||||
Curtailment/settlement/other (2) | (36 | ) | — | (2 | ) | — | — | — | ||||||||||||||||
Net periodic benefit cost | $ | 389 | $ | 755 | $ | 705 | $ | 55 | $ | 60 | $ | 70 |
(1) | Includes net periodic benefit costs of $26 million for defined benefit pension plans and $8 million of other postretirement benefits for plans assumed from Dow Corning. |
(2) | The 2016 impact relates to the curtailment of benefits for certain participants of a Dow Corning plan in the U.S. The 2014 impact relates to settlements associated with the wind-up of a pension plan in The Netherlands and a pension plan in Canada. |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss for All Significant Plans | ||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | |||||||||||||||||||||||
In millions | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Net (gain) loss | $ | 1,954 | $ | (127 | ) | $ | 3,528 | $ | 14 | $ | 11 | $ | 63 | |||||||||||
Prior service cost (credit) arising during period | — | 63 | (500 | ) | — | — | — | |||||||||||||||||
Amortization of prior service (cost) credit | 24 | 28 | (22 | ) | 3 | 2 | 2 | |||||||||||||||||
Amortization of unrecognized gain (loss) | (587 | ) | (706 | ) | (498 | ) | 7 | 11 | 14 | |||||||||||||||
Total recognized in other comprehensive (income) loss | $ | 1,391 | $ | (742 | ) | $ | 2,508 | $ | 24 | $ | 24 | $ | 79 | |||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | 1,780 | $ | 13 | $ | 3,213 | $ | 79 | $ | 84 | $ | 149 |
Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans | ||||||||||||||||
In millions | Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||
Change in projected benefit obligations: | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Benefit obligations at beginning of year | $ | 25,652 | $ | 27,979 | $ | 1,597 | $ | 1,707 | ||||||||
Service cost | 463 | 484 | 13 | 14 | ||||||||||||
Interest cost | 846 | 975 | 52 | 59 | ||||||||||||
Plan participants’ contributions | 19 | 19 | — | — | ||||||||||||
Plan amendments | — | 30 | — | — | ||||||||||||
Actuarial changes in assumptions and experience | 1,967 | (929 | ) | 13 | 11 | |||||||||||
Acquisition/divestiture/other activity (1) | 3,201 | (894 | ) | 313 | — | |||||||||||
Benefits paid | (1,324 | ) | (1,289 | ) | (154 | ) | (172 | ) | ||||||||
Currency impact | (506 | ) | (723 | ) | 1 | (22 | ) | |||||||||
Termination benefits/curtailment cost/settlements (2) | (38 | ) | — | — | — | |||||||||||
Benefit obligations at end of year | $ | 30,280 | $ | 25,652 | $ | 1,835 | $ | 1,597 | ||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 18,774 | $ | 19,629 | $ | — | $ | — | ||||||||
Actual return on plan assets | 1,437 | 314 | — | — | ||||||||||||
Currency impact | (404 | ) | (488 | ) | — | — | ||||||||||
Employer contributions | 629 | 844 | — | — | ||||||||||||
Plan participants’ contributions | 19 | 19 | — | — | ||||||||||||
Acquisition/divestiture/other activity (3) | 2,077 | (255 | ) | — | — | |||||||||||
Benefits paid | (1,324 | ) | (1,289 | ) | — | — | ||||||||||
Fair value of plan assets at end of year | $ | 21,208 | $ | 18,774 | $ | — | $ | — | ||||||||
Less: Fair value of assets due to Olin | $ | — | $ | (179 | ) | $ | — | $ | — | |||||||
Net fair value of plan assets at end of year | $ | 21,208 | $ | 18,595 | $ | — | $ | — | ||||||||
Funded status at end of year | $ | (9,072 | ) | $ | (7,057 | ) | $ | (1,835 | ) | $ | (1,597 | ) | ||||
Net amounts recognized in the consolidated balance sheets at December 31: | ||||||||||||||||
Noncurrent assets | $ | 292 | $ | 317 | $ | — | $ | — | ||||||||
Current liabilities | (74 | ) | (64 | ) | (158 | ) | (146 | ) | ||||||||
Noncurrent liabilities | (9,290 | ) | (7,310 | ) | (1,677 | ) | (1,451 | ) | ||||||||
Net amounts recognized in the consolidated balance sheets | $ | (9,072 | ) | $ | (7,057 | ) | $ | (1,835 | ) | $ | (1,597 | ) | ||||
Pretax amounts recognized in AOCL at December 31: | ||||||||||||||||
Net loss (gain) | $ | 11,379 | $ | 10,012 | $ | (133 | ) | $ | (154 | ) | ||||||
Prior service credit | (304 | ) | (328 | ) | — | (3 | ) | |||||||||
Pretax balance in AOCL at end of year | $ | 11,075 | $ | 9,684 | $ | (133 | ) | $ | (157 | ) |
(1) | The 2016 impact includes pension benefit obligations of $3,252 million and other postretirement benefit obligations of $313 million assumed with the ownership restructure of Dow Corning. The 2016 impact also includes the transfer of benefit obligations of $53 million in the U.S. through the purchase of annuity contracts from an insurance company. The 2015 impact includes the transfer of benefit obligations associated with the Reverse Morris Trust transaction with Olin of $618 million and the transfer of benefit obligations associated with the divestiture of ANGUS to Golden Gate Capital of $34 million. The 2015 impact also includes the transfer of benefit obligations of $248 million in the U.S. through the purchase of annuity contracts from an insurance company. See Notes 4, 5 and 6 for additional information. |
(2) | The 2016 impact primarily relates to the curtailment of benefits for certain participants of a U.S. Dow Corning plan of $36 million. |
(3) | The 2016 impact includes plan assets assumed with the ownership restructure of Dow Corning of $2,327 million. The 2016 impact also includes the purchase of annuity contracts of $55 million in the U.S. associated with the transfer of benefit obligations to an insurance company and the transfer of plan assets associated with the Reverse Morris Trust transaction with Olin of $184 million. The 2015 impact includes the transfer of plan assets associated with the divestiture of ANGUS to Golden Gate Capital of $9 million. The 2015 impact also includes the purchase of annuity contracts of $247 million in the U.S. associated with the transfer of benefit obligations to an insurance company. |
Estimated Future Benefit Payments at December 31, 2016 | ||||||||
In millions | Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||
2017 | $ | 1,433 | $ | 161 | ||||
2018 | 1,460 | 155 | ||||||
2019 | 1,501 | 151 | ||||||
2020 | 1,536 | 146 | ||||||
2021 | 1,571 | 142 | ||||||
2022 through 2026 | 8,374 | 627 | ||||||
Total | $ | 15,875 | $ | 1,382 |
Strategic Weighted-Average Target Allocation of Plan Assets for All Significant Plans | ||
Asset Category | Target Allocation | |
Equity securities | 35 | % |
Fixed income securities | 34 | % |
Alternative investments | 30 | % |
Other investments | 1 | % |
Total | 100 | % |
Basis of Fair Value Measurements of Pension Plan Assets at December 31, 2016 | Quoted Prices in Active Markets for Identical Items | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
In millions | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Cash and cash equivalents | $ | 73 | $ | 806 | $ | — | $ | 879 | ||||||||
Equity securities: | ||||||||||||||||
U.S. equity (1) | $ | 2,642 | $ | 983 | $ | 1 | $ | 3,626 | ||||||||
Non-U.S. equity – developed countries | 1,955 | 1,232 | 1 | 3,188 | ||||||||||||
Emerging markets | 508 | 557 | 31 | 1,096 | ||||||||||||
Convertible bonds | 21 | 199 | 1 | 221 | ||||||||||||
Total equity securities | $ | 5,126 | $ | 2,971 | $ | 34 | $ | 8,131 | ||||||||
Fixed income securities: | ||||||||||||||||
U.S. government and municipalities | $ | — | $ | 2,091 | $ | — | $ | 2,091 | ||||||||
U.S. agency and agency mortgage-backed securities | — | 309 | — | 309 | ||||||||||||
Corporate bonds – investment grade | — | 1,562 | — | 1,562 | ||||||||||||
Non-U.S. governments – developed countries | — | 1,135 | — | 1,135 | ||||||||||||
Non-U.S. corporate bonds – developed countries | — | 1,176 | — | 1,176 | ||||||||||||
Emerging market debt | — | 131 | — | 131 | ||||||||||||
Other asset-backed securities | — | 95 | 2 | 97 | ||||||||||||
High yield bonds | — | 190 | 13 | 203 | ||||||||||||
Other fixed income funds | — | 351 | 483 | 834 | ||||||||||||
Fixed income derivatives | — | (17 | ) | — | (17 | ) | ||||||||||
Total fixed income securities | $ | — | $ | 7,023 | $ | 498 | $ | 7,521 | ||||||||
Alternative investments: | ||||||||||||||||
Real estate | $ | 21 | $ | 24 | $ | 2,042 | $ | 2,087 | ||||||||
Private equity | — | — | 1,128 | 1,128 | ||||||||||||
Absolute return | — | 723 | 465 | 1,188 | ||||||||||||
Total alternative investments | $ | 21 | $ | 747 | $ | 3,635 | $ | 4,403 | ||||||||
Other investments | $ | — | $ | 179 | $ | 95 | $ | 274 | ||||||||
Total pension plan assets at fair value | $ | 5,220 | $ | 11,726 | $ | 4,262 | $ | 21,208 |
(1) | Includes no Company common stock. |
Basis of Fair Value Measurements of Pension Plan Assets at December 31, 2015 | Quoted Prices in Active Markets for Identical Items | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||
In millions | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Cash and cash equivalents | $ | 84 | $ | 733 | $ | — | $ | 817 | ||||||||
Equity securities: | ||||||||||||||||
U.S. equity (1) | $ | 2,525 | $ | 558 | $ | 1 | $ | 3,084 | ||||||||
Non-U.S. equity – developed countries | 1,877 | 1,167 | — | 3,044 | ||||||||||||
Emerging markets | 462 | 542 | 27 | 1,031 | ||||||||||||
Convertible bonds | 26 | 177 | — | 203 | ||||||||||||
Equity derivatives | — | 8 | — | 8 | ||||||||||||
Total equity securities | $ | 4,890 | $ | 2,452 | $ | 28 | $ | 7,370 | ||||||||
Fixed income securities: | ||||||||||||||||
U.S. government and municipalities | $ | — | $ | 1,320 | $ | — | $ | 1,320 | ||||||||
U.S. agency and agency mortgage-backed securities | — | 279 | — | 279 | ||||||||||||
Corporate bonds – investment grade | — | 1,527 | — | 1,527 | ||||||||||||
Non-U.S. governments – developed countries | — | 1,161 | — | 1,161 | ||||||||||||
Non-U.S. corporate bonds – developed countries | — | 917 | — | 917 | ||||||||||||
Emerging market debt | — | 109 | — | 109 | ||||||||||||
Other asset-backed securities | — | 88 | 1 | 89 | ||||||||||||
High yield bonds | 47 | 166 | 16 | 229 | ||||||||||||
Other fixed income funds | — | 295 | 276 | 571 | ||||||||||||
Fixed income derivatives | — | 33 | — | 33 | ||||||||||||
Total fixed income securities | $ | 47 | $ | 5,895 | $ | 293 | $ | 6,235 | ||||||||
Alternative investments: | ||||||||||||||||
Real estate | $ | 22 | $ | 38 | $ | 1,772 | $ | 1,832 | ||||||||
Private equity | — | — | 1,054 | 1,054 | ||||||||||||
Absolute return | — | 483 | 695 | 1,178 | ||||||||||||
Total alternative investments | $ | 22 | $ | 521 | $ | 3,521 | $ | 4,064 | ||||||||
Other investments | $ | — | $ | 250 | $ | 38 | $ | 288 | ||||||||
Total pension plan assets at fair value | $ | 5,043 | $ | 9,851 | $ | 3,880 | $ | 18,774 | ||||||||
Less: Fair value of pension plan assets due to Olin (2) | (179 | ) | — | — | (179 | ) | ||||||||||
Net pension plan assets at fair value | $ | 4,864 | $ | 9,851 | $ | 3,880 | $ | 18,595 |
(1) | Includes no Company common stock. |
(2) | Pension plan assets were transferred to Olin in 2016. The final plan assets transferred totaled $184 million, which reflected return on plan assets and benefits paid to participants from the closing date of the Transaction with Olin to the date of transfer. See Note 6 for additional information. |
Fair Value Measurement of Level 3 Pension Plan Assets | Equity Securities | Fixed Income Securities | Alternative Investments | Other Investments | Total | |||||||||||||||
In millions | ||||||||||||||||||||
Balance at January 1, 2015 | $ | 32 | $ | 311 | $ | 3,342 | $ | 40 | $ | 3,725 | ||||||||||
Actual return on plan assets: | ||||||||||||||||||||
Relating to assets sold during 2015 | — | 18 | 233 | — | 251 | |||||||||||||||
Relating to assets held at Dec 31, 2015 | — | (9 | ) | 58 | (2 | ) | 47 | |||||||||||||
Purchases, sales and settlements | 2 | (27 | ) | (90 | ) | — | (115 | ) | ||||||||||||
Transfers in (out) of Level 3, net | (6 | ) | (1 | ) | 5 | — | (2 | ) | ||||||||||||
Foreign currency impact | — | 1 | (27 | ) | — | (26 | ) | |||||||||||||
Balance at December 31, 2015 | $ | 28 | $ | 293 | $ | 3,521 | $ | 38 | $ | 3,880 | ||||||||||
Actual return on plan assets: | ||||||||||||||||||||
Relating to assets sold during 2016 | — | 2 | 163 | (7 | ) | 158 | ||||||||||||||
Relating to assets held at Dec 31, 2016 | 9 | (4 | ) | 10 | 11 | 26 | ||||||||||||||
Purchases, sales and settlements (1) | 1 | 202 | (35 | ) | 53 | 221 | ||||||||||||||
Transfers in (out) of Level 3, net | (2 | ) | 3 | — | — | 1 | ||||||||||||||
Foreign currency impact | (2 | ) | 2 | (24 | ) | — | (24 | ) | ||||||||||||
Balance at December 31, 2016 | $ | 34 | $ | 498 | $ | 3,635 | $ | 95 | $ | 4,262 |
(1) | Includes $35 million of alternative investments associated with the ownership restructure of Dow Corning. |
Minimum Lease Commitments at December 31, 2016 In millions | |||
2017 | $ | 351 | |
2018 | 300 | ||
2019 | 272 | ||
2020 | 246 | ||
2021 | 221 | ||
2022 and thereafter | 1,064 | ||
Total | $ | 2,454 |
Assets and Liabilities of Consolidated VIEs at December 31 In millions | 2016 | 2015 | ||||||
Cash and cash equivalents | $ | 75 | $ | 158 | ||||
Other current assets | 95 | 112 | ||||||
Net property | 961 | 1,717 | ||||||
Other noncurrent assets | 55 | 65 | ||||||
Total assets (1) | $ | 1,186 | $ | 2,052 | ||||
Current liabilities (nonrecourse 2016: $286; 2015: $256) | $ | 286 | $ | 258 | ||||
Long-term debt (nonrecourse 2016: $330; 2015: $487) | 330 | 504 | ||||||
Other noncurrent obligations (nonrecourse 2016: $47; 2015: $51) | 47 | 51 | ||||||
Total liabilities | $ | 663 | $ | 813 |
(1) | All assets were restricted at December 31, 2016 and December 31, 2015. |
Weighted-Average Assumptions | 2016 | 2015 | 2014 | ||||||
Dividend yield | 4.13 | % | 3.54 | % | 3.08 | % | |||
Expected volatility | 31.60 | % | 27.84 | % | 28.11 | % | |||
Risk-free interest rate | 1.12 | % | 1.02 | % | 1.11 | % | |||
Expected life of stock options granted during period (years) | 7.8 | 7.7 | 7.7 | ||||||
Life of Employee Stock Purchase Plan (months) | 4 | 6 | 6 |
Employee Stock Purchase Plan | 2016 | ||||||
Shares in thousands | Shares | Exercise Price (1) | |||||
Outstanding and exercisable at January 1, 2016 | 7 | $ | 41.49 | ||||
Granted | 2,122 | $ | 40.44 | ||||
Exercised | (2,124 | ) | $ | 40.44 | |||
Forfeited/Expired | (5 | ) | $ | 40.56 | |||
Outstanding and exercisable at December 31, 2016 | — | $ | — |
(1) | Weighted average price per share |
Additional Information about Employee Stock Purchase Plan In millions, except per share amounts | 2016 | 2015 | 2014 | |||||||||
Weighted-average fair value per share of purchase rights granted | $ | 3.40 | $ | 4.62 | $ | 5.45 | ||||||
Total compensation expense for ESPP | $ | 7 | $ | 15 | $ | 20 | ||||||
Related tax benefit | $ | 3 | $ | 5 | $ | 7 | ||||||
Total amount of cash received from the exercise of purchase rights | $ | 86 | $ | 131 | $ | 138 | ||||||
Total intrinsic value of purchase rights exercised (1) | $ | 23 | $ | 25 | $ | 42 | ||||||
Related tax benefit | $ | 9 | $ | 9 | $ | 15 |
(1) | Difference between the market price at exercise and the price paid by the employee to exercise the purchase rights. |
Stock Options | 2016 | |||||||
Shares in thousands | Shares | Exercise Price (1) | ||||||
Outstanding at January 1, 2016 | 41,461 | $ | 35.50 | |||||
Granted | 2,988 | $ | 46.01 | |||||
Exercised | (9,061 | ) | $ | 35.89 | ||||
Forfeited/Expired | (618 | ) | $ | 41.56 | ||||
Outstanding at December 31, 2016 | 34,770 | $ | 36.20 | |||||
Remaining contractual life in years | 5.24 | |||||||
Aggregate intrinsic value in millions | $ | 731 | ||||||
Exercisable at December 31, 2016 | 28,932 | $ | 33.96 | |||||
Remaining contractual life in years | 4.60 | |||||||
Aggregate intrinsic value in millions | $ | 673 |
(1) | Weighted-average per share. |
Additional Information about Stock Options In millions, except per share amounts | 2016 | 2015 | 2014 | |||||||||
Weighted-average fair value per share of options granted | $ | 10.95 | $ | 11.61 | $ | 11.49 | ||||||
Total compensation expense for stock option plans | $ | 32 | $ | 55 | $ | 65 | ||||||
Related tax benefit | $ | 12 | $ | 20 | $ | 24 | ||||||
Total amount of cash received from the exercise of options | $ | 312 | $ | 377 | $ | 810 | ||||||
Total intrinsic value of options exercised (1) | $ | 153 | $ | 175 | $ | 300 | ||||||
Related tax benefit | $ | 57 | $ | 65 | $ | 111 |
(1) | Difference between the market price at exercise and the price paid by the employee to exercise the options. |
Deferred Stock | 2016 | ||||||
Shares in thousands | Shares | Grant Date Fair Value (1) | |||||
Nonvested at January 1, 2016 | 7,979 | $ | 40.96 | ||||
Granted | 2,134 | $ | 46.25 | ||||
Vested | (3,525 | ) | $ | 32.16 | |||
Canceled | (206 | ) | $ | 43.70 | |||
Nonvested at December 31, 2016 | 6,382 | $ | 47.49 |
(1) | Weighted-average per share. |
Additional Information about Deferred Stock In millions, except per share amounts | 2016 | 2015 | 2014 | |||||||||
Weighted-average fair value per share of deferred stock granted | $ | 46.25 | $ | 49.42 | $ | 46.88 | ||||||
Total fair value of deferred stock vested and delivered (1) | $ | 166 | $ | 162 | $ | 156 | ||||||
Related tax benefit | $ | 61 | $ | 60 | $ | 58 | ||||||
Total compensation expense for deferred stock awards | $ | 97 | $ | 110 | $ | 99 | ||||||
Related tax benefit | $ | 36 | $ | 41 | $ | 37 |
(1) | Includes the fair value of shares vested in prior years and delivered in the reporting year. |
Performance Deferred Stock Awards | Target Shares Granted (1) | Grant Date Fair Value (2) | |||||||
Shares in thousands | |||||||||
Year | Performance Period | ||||||||
2016 | January 1, 2016 – December 31, 2018 | 2,283 | $ | 52.68 | |||||
2015 | January 1, 2015 – December 31, 2017 | 2,258 | $ | 59.08 | |||||
2014 | January 1, 2014 – December 31, 2016 | 2,425 | $ | 54.42 |
(1) | At the end of the performance period, the actual number of shares issued can range from zero to 200 percent of target shares granted. |
(2) | Weighted-average per share. |
Performance Deferred Stock | 2016 | ||||||
Shares in thousands | Target Shares Granted (1) | Grant Date Fair Value (2) | |||||
Nonvested at January 1, 2016 | 4,621 | $ | 56.68 | ||||
Granted | 2,283 | $ | 52.68 | ||||
Vested (3) | (2,342 | ) | $ | 54.42 | |||
Canceled | (108 | ) | $ | 55.46 | |||
Nonvested at December 31, 2016 | 4,454 | $ | 55.85 |
(1) | At the end of the performance period, the actual number of shares issued can range from zero to 200 percent of target shares granted. |
(2) | Weighted-average per share. |
(3) | Vested shares for the 2014 - 2016 performance period that were earned (i.e., performance conditions were satisfied and the target shares granted for the performance period vested) during the applicable fiscal year. Shares earned will be delivered in February 2017 at the applicable pay-out percentage. Certain executive employees may opt to receive a cash payment equal to the value of the stock award on the date of delivery. |
Additional Information about Performance Deferred Stock | ||||||||||||
In millions | 2016 | 2015 | 2014 | |||||||||
Total fair value of performance deferred stock vested and delivered (1) | $ | 103 | $ | 37 | $ | 12 | ||||||
Related tax benefit | $ | 38 | $ | 14 | $ | 5 | ||||||
Total compensation expense for performance deferred stock awards | $ | 125 | $ | 172 | $ | 67 | ||||||
Related tax benefit | $ | 46 | $ | 63 | $ | 25 | ||||||
Shares of performance deferred stock settled in cash (2) | 0.9 | 0.3 | 0.1 | |||||||||
Total cash paid to settle performance deferred stock awards (3) | $ | 40 | $ | 16 | $ | 6 |
(1) | Includes the fair value of shares vested in prior years and delivered in the reporting year. |
(2) | Performance deferred stock awards vested in prior years and delivered in the reporting year. |
(3) | Cash paid to certain executive employees for performance deferred stock awards vested in prior periods and delivered in the reporting year, equal to the value of the stock award on the date of delivery. |
Restricted Stock | Shares Issued | Weighted-Average Fair Value | |||||
Year | |||||||
2016 | 32,160 | $ | 50.55 | ||||
2015 | 31,560 | $ | 51.51 | ||||
2014 | 24,840 | $ | 48.98 |
New Common Stock Shares Issued | ||||||
Shares in thousands | 2016 | 2015 | 2014 | |||
To employees | — | — | 21,181 | |||
To non-employee directors | — | 32 | 25 |
Treasury Shares Repurchased with Cash | ||
Shares in millions | ||
2016 | 17.1 | |
2015 | 23.1 | |
2014 | 84.1 |
Treasury Shares Issued to Employees and Non-Employee Directors | ||
Shares in millions | ||
2016 | 14.5 | |
2015 | 16.5 | |
2014 | 7.1 |
Domestic and Foreign Components of Income Before Income Taxes | ||||||||||||
In millions | 2016 | 2015 | 2014 | |||||||||
Domestic (1) (2) | $ | 485 | $ | 5,313 | $ | 1,652 | ||||||
Foreign (1) | 3,928 | 4,617 | 3,613 | |||||||||
Total | $ | 4,413 | $ | 9,930 | $ | 5,265 |
(1) | In 2016, the domestic component of "Income Before Income Taxes" included approximately $2.1 billion ($3.5 billion in 2015) and the foreign component contained zero ($1.1 billion in 2015) of income from portfolio actions. Amounts include gains from transactions noted below in the Reconciliation to U.S. Statutory Rate table. |
(2) | In 2016, the domestic component of “Income Before Income Taxes” included approximately $2.6 billion of expenses related to the urethane matters class action lawsuit and opt-out cases settlements, asbestos-related charge and charges for environmental matters. |
Provision for Income Taxes | ||||||||||||||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||||||
In millions | Current | Deferred | Total | Current | Deferred | Total | Current | Deferred | Total | |||||||||||||||||||||||||||
Federal (1) | $ | 91 | $ | (1,255 | ) | $ | (1,164 | ) | $ | 583 | $ | 358 | $ | 941 | $ | (161 | ) | $ | 442 | $ | 281 | |||||||||||||||
State and local | 21 | (10 | ) | 11 | 38 | (8 | ) | 30 | (4 | ) | 43 | 39 | ||||||||||||||||||||||||
Foreign | 1,156 | 6 | 1,162 | 1,221 | (45 | ) | 1,176 | 1,125 | (19 | ) | 1,106 | |||||||||||||||||||||||||
Total | $ | 1,268 | $ | (1,259 | ) | $ | 9 | $ | 1,842 | $ | 305 | $ | 2,147 | $ | 960 | $ | 466 | $ | 1,426 |
(1) | The 2016 amount reflects the tax impact of accrued one-time items and reduced domestic income which limited the utilization of tax credits. The 2014 amount reflects the impact of accelerated deductions. |
Reconciliation to U.S. Statutory Rate | ||||||||||||
In millions | 2016 | 2015 | 2014 | |||||||||
Taxes at U.S. statutory rate | $ | 1,545 | $ | 3,476 | $ | 1,843 | ||||||
Equity earnings effect | (52 | ) | (197 | ) | (307 | ) | ||||||
Foreign income taxed at rates other than 35% (1) | (309 | ) | (398 | ) | (195 | ) | ||||||
U.S. tax effect of foreign earnings and dividends | (204 | ) | 130 | 54 | ||||||||
Goodwill impact from divestitures | 5 | 57 | — | |||||||||
Discrete equity earnings (2) | — | 21 | 26 | |||||||||
Change in valuation allowances | 8 | (32 | ) | 33 | ||||||||
Unrecognized tax benefits | (34 | ) | 81 | (30 | ) | |||||||
Federal tax accrual adjustments | (6 | ) | 13 | (3 | ) | |||||||
Gain on ownership restructure of Dow Corning (3) | (993 | ) | — | — | ||||||||
Non-deductible costs associated with transactions and productivity actions | 33 | — | — | |||||||||
Impact from split-off of chlorine value chain (4) | 21 | (763 | ) | — | ||||||||
Gain on Univation step acquisition (3) | — | (124 | ) | — | ||||||||
Gain on sale of MEGlobal (5) | — | (120 | ) | — | ||||||||
Other – net | (5 | ) | 3 | 5 | ||||||||
Total tax provision | $ | 9 | $ | 2,147 | $ | 1,426 | ||||||
Effective tax rate | 0.2 | % | 21.6 | % | 27.1 | % |
(1) | Includes the tax provision for statutory taxable income in foreign jurisdictions for which there is no corresponding amount in “Income Before Income Taxes.” |
(2) | Includes nonrecurring charges related to equity in earnings of nonconsolidated affiliates in 2015 and 2014. |
(3) | See Note 4 for further information. |
(4) | See Note 6 for further information. |
(5) | See Note 5 for further information. |
Deferred Tax Balances at December 31 | 2016 | 2015 | ||||||||||||||
In millions | Deferred Tax Assets (1) | Deferred Tax Liabilities (1) | Deferred Tax Assets | Deferred Tax Liabilities | ||||||||||||
Property (2) | $ | 307 | $ | 2,860 | $ | 130 | $ | 2,097 | ||||||||
Tax loss and credit carryforwards | 2,450 | — | 1,647 | — | ||||||||||||
Postretirement benefit obligations (2) | 3,715 | 75 | 2,939 | 84 | ||||||||||||
Other accruals and reserves (2) | 1,964 | 883 | 1,389 | 882 | ||||||||||||
Intangibles | 128 | 1,536 | 208 | 692 | ||||||||||||
Inventory (3) | 50 | 197 | 13 | 218 | ||||||||||||
Investments | 179 | 119 | 204 | 242 | ||||||||||||
Other – net (2) | 737 | 643 | 780 | 542 | ||||||||||||
Subtotal | $ | 9,530 | $ | 6,313 | $ | 7,310 | $ | 4,757 | ||||||||
Valuation allowances | (1,061 | ) | — | (1,000 | ) | — | ||||||||||
Total | $ | 8,469 | $ | 6,313 | $ | 6,310 | $ | 4,757 |
(1) | The Company assumed $999 million of deferred tax assets and $1,858 million of deferred tax liabilities as part of the DCC Transaction. See Note 4 for additional information. |
(2) | Prior year was adjusted to conform to the current year presentation. |
(3) | Prior year was adjusted to conform to the current year presentation for the reclassification of $293 million of prepaid tax assets to "Other current assets." See Note 1 for additional information. |
Total Gross Unrecognized Tax Benefits | ||||||||||||
In millions | 2016 | 2015 | 2014 | |||||||||
Balance at January 1 | $ | 280 | $ | 240 | $ | 266 | ||||||
Increases related to positions taken on items from prior years (1) | 153 | 92 | 42 | |||||||||
Decreases related to positions taken on items from prior years | (12 | ) | (6 | ) | (57 | ) | ||||||
Increases related to positions taken in the current year (2) | 135 | 10 | 10 | |||||||||
Settlement of uncertain tax positions with tax authorities (1) | (325 | ) | (56 | ) | (13 | ) | ||||||
Decreases due to expiration of statutes of limitations | — | — | (8 | ) | ||||||||
Balance at December 31 | $ | 231 | $ | 280 | $ | 240 |
(1) | Includes the impact of a settlement agreement related to a historical change in the legal ownership structure of a nonconsolidated affiliate. |
(2) | Includes $126 million assumed in the DCC Transaction. |
Tax Years Subject to Examination by Major Tax Jurisdiction at December 31 | ||||
Earliest Open Year | ||||
Jurisdiction | 2016 | 2015 | ||
Argentina | 2009 | 2008 | ||
Brazil | 2006 | 2006 | ||
Canada | 2012 | 2010 | ||
Germany | 2006 | 2006 | ||
Italy | 2012 | 2011 | ||
The Netherlands | 2015 | 2013 | ||
Switzerland | 2012 | 2012 | ||
United States: | ||||
Federal income tax | 2004 | 2004 | ||
State and local income tax | 2004 | 2004 |
Accumulated Other Comprehensive Loss | |||||||||||
In millions | 2016 | 2015 | 2014 | ||||||||
Unrealized Gains on Investments at beginning of year | $ | 47 | $ | 141 | $ | 160 | |||||
Net change in unrealized gains (losses) (net of tax of $22, $(22), $22) | 32 | (40 | ) | 41 | |||||||
Reclassification to earnings - Net sales (net of tax of $(19), $(27), $(32)) (1) | (34 | ) | (49 | ) | (59 | ) | |||||
Reclassification to earnings - Sundry income (expense) - net (net of tax of $(1), $(3), $(1)) (1) | (2 | ) | (5 | ) | (1 | ) | |||||
Balance at end of period | $ | 43 | $ | 47 | $ | 141 | |||||
Cumulative Translation Adjustments at beginning of year | $ | (1,737 | ) | $ | (751 | ) | $ | 476 | |||
Translation adjustments (net of tax of $171, $(84), $(28)) | (644 | ) | (990 | ) | (1,239 | ) | |||||
Reclassification to earnings - Sundry income (expense) - net (2) | — | 4 | 12 | ||||||||
Balance at end of period | $ | (2,381 | ) | $ | (1,737 | ) | $ | (751 | ) | ||
Pension and Other Postretirement Benefit Plans at beginning of year | $ | (6,769 | ) | $ | (7,321 | ) | $ | (5,460 | ) | ||
Net gain (loss) arising during period (net of tax of $(617), $70, $(1,228)) (3) | (1,354 | ) | 132 | (2,516 | ) | ||||||
Prior service credit (cost) arising during period (net of tax of $-, $(36), $185) (3) | — | (27 | ) | 315 | |||||||
Amortization of prior service cost (credit) included in net periodic pension costs (net of tax of $(10), $(10), $6) (3) | (17 | ) | (20 | ) | 14 | ||||||
Amortization of net loss included in net periodic pension costs (net of tax of $189, $228, $158) (3) | 391 | 467 | 326 | ||||||||
Reclassification to earnings - Sundry income (expense) - net (4) | 360 | — | — | ||||||||
Balance at end of period | $ | (7,389 | ) | $ | (6,769 | ) | $ | (7,321 | ) | ||
Derivative Instruments at beginning of year | $ | (208 | ) | $ | (86 | ) | $ | (3 | ) | ||
Net hedging results (net of tax of $27, $(79), $(25)) | 84 | (136 | ) | (91 | ) | ||||||
Reclassification to earnings - Cost of sales (net of tax of $5, $9, $2) (1) | 28 | 14 | 8 | ||||||||
Reclassification to earnings - Sundry income (expense) - net | 1 | — | — | ||||||||
Balance at end of period | $ | (95 | ) | $ | (208 | ) | $ | (86 | ) | ||
Total Accumulated Other Comprehensive Loss | $ | (9,822 | ) | $ | (8,667 | ) | $ | (8,017 | ) |
(1) | Tax amounts are included in "Provision for income taxes" in the consolidated statements of income. |
(2) | In 2015 and 2014, reclassification resulted from the liquidation and divestiture of subsidiaries. |
(3) | See Note 18 for additional information. |
(4) | Related to the DCC Transaction. See Note 4 for additional information. |
Noncontrolling Interests In millions | 2016 | 2015 | 2014 | ||||||||
Balance at January 1 | $ | 809 | $ | 931 | $ | 1,026 | |||||
Net income attributable to noncontrolling interests | 86 | 98 | 67 | ||||||||
Distributions to noncontrolling interests (1) | (123 | ) | (76 | ) | (64 | ) | |||||
Capital contributions (2) | — | 38 | 36 | ||||||||
Purchases of noncontrolling interests (3) | — | (42 | ) | (56 | ) | ||||||
Transfers of redeemable noncontrolling interest (4) | — | (108 | ) | (46 | ) | ||||||
Acquisition of noncontrolling interests (5) | 473 | — | — | ||||||||
Cumulative translation adjustments | (4 | ) | (34 | ) | (29 | ) | |||||
Other | 1 | 2 | (3 | ) | |||||||
Balance at December 31 | $ | 1,242 | $ | 809 | $ | 931 |
(1) | Distributions to noncontrolling interests is net of $53 million for the year ended 2016 ($36 million in 2015 and $27 million in 2014) in dividends paid to a joint venture, which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the consolidated statements of income. |
(2) | Includes non-cash capital contributions of $21 million in 2015. |
(3) | The 2016 value excludes a $202 million cash payment as the noncontrolling interest was classified as "Accrued and other current liabilities" in the consolidated balance sheets. The 2015 value excludes a $133 million cash payment for the purchase of a Redeemable Noncontrolling Interest. See Notes 6 and 20 for additional information. |
(4) | See Notes 6 and 20 for additional information. |
(5) | Assumed in the DCC Transaction. See Note 4 for additional information. |
Geographic Area Information | United States | Europe, Middle East, Africa and India | Rest of World | Total | ||||||||||||
In millions | ||||||||||||||||
2016 | ||||||||||||||||
Sales to external customers | $ | 16,637 | $ | 14,667 | $ | 16,854 | $ | 48,158 | ||||||||
Long-lived assets | $ | 14,812 | $ | 2,751 | $ | 5,923 | $ | 23,486 | ||||||||
2015 | ||||||||||||||||
Sales to external customers | $ | 16,821 | $ | 15,291 | $ | 16,666 | $ | 48,778 | ||||||||
Long-lived assets | $ | 11,062 | $ | 2,172 | $ | 4,620 | $ | 17,854 | ||||||||
2014 | ||||||||||||||||
Sales to external customers | $ | 19,449 | $ | 19,671 | $ | 19,047 | $ | 58,167 | ||||||||
Long-lived assets | $ | 10,605 | $ | 2,628 | $ | 4,818 | $ | 18,051 |
Operating Segment Information | Agri-cultural Sciences | Consumer Solutions | Infra-structure Solutions | Perf Materials & Chemicals | Perf Plastics | Corp | Total | |||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||||||
Sales to external customers | $ | 6,174 | $ | 5,455 | $ | 8,621 | $ | 9,225 | $ | 18,404 | $ | 279 | $ | 48,158 | ||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | 3 | 132 | 215 | (18 | ) | 137 | (27 | ) | 442 | |||||||||||||||||||
Restructuring charges (1) | 5 | 29 | 94 | — | 10 | 314 | 452 | |||||||||||||||||||||
Asbestos-related charge (2) | — | — | — | — | — | 1,113 | 1,113 | |||||||||||||||||||||
EBITDA (3) | 806 | 2,828 | 2,318 | 134 | 4,503 | (2,563 | ) | 8,026 | ||||||||||||||||||||
Total assets (4) (5) | 7,015 | 13,946 | 17,644 | 9,747 | 17,832 | 13,327 | 79,511 | |||||||||||||||||||||
Investment in nonconsolidated affiliates (5) | 130 | 329 | 647 | 1,588 | 881 | 172 | 3,747 | |||||||||||||||||||||
Depreciation and amortization | 186 | 479 | 776 | 530 | 770 | 121 | 2,862 | |||||||||||||||||||||
Capital expenditures | 223 | 157 | 481 | 212 | 2,731 | — | 3,804 | |||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||
Sales to external customers | $ | 6,381 | $ | 4,379 | $ | 7,394 | $ | 11,973 | $ | 18,357 | $ | 294 | $ | 48,778 | ||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | (15 | ) | 91 | 203 | 225 | 220 | (50 | ) | 674 | |||||||||||||||||||
Restructuring charges (1) | 16 | 67 | 26 | — | 12 | 294 | 415 | |||||||||||||||||||||
EBITDA (3) | 1,432 | 1,048 | 1,021 | 5,479 | 5,399 | (1,053 | ) | 13,326 | ||||||||||||||||||||
Total assets (4) | 6,333 | 9,234 | 12,186 | 7,694 | 14,310 | 18,181 | 67,938 | |||||||||||||||||||||
Investment in nonconsolidated affiliates | 275 | 732 | 986 | 155 | 304 | 1,506 | 3,958 | |||||||||||||||||||||
Depreciation and amortization | 195 | 354 | 495 | 637 | 746 | 94 | 2,521 | |||||||||||||||||||||
Capital expenditures | 308 | 134 | 355 | 223 | 2,683 | — | 3,703 | |||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Sales to external customers | $ | 7,290 | $ | 4,639 | $ | 8,429 | $ | 15,114 | $ | 22,386 | $ | 309 | $ | 58,167 | ||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | 4 | 281 | (6 | ) | 322 | 257 | (23 | ) | 835 | |||||||||||||||||||
Goodwill and other intangible asset impairment losses (6) | — | 50 | — | — | — | — | 50 | |||||||||||||||||||||
Restructuring credits (1) | — | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||||
Asbestos-related charge (2) | — | — | — | — | — | 78 | 78 | |||||||||||||||||||||
EBITDA (3) | 962 | 1,130 | 817 | 2,193 | 4,422 | (580 | ) | 8,944 | ||||||||||||||||||||
Total assets (4) | 7,292 | 9,629 | 12,245 | 12,166 | 13,459 | 13,848 | 68,639 | |||||||||||||||||||||
Investment in nonconsolidated affiliates | 83 | 691 | 922 | 698 | 705 | 1,102 | 4,201 | |||||||||||||||||||||
Depreciation and amortization | 208 | 396 | 510 | 780 | 759 | 94 | 2,747 | |||||||||||||||||||||
Capital expenditures | 383 | 114 | 269 | 315 | 2,490 | 1 | 3,572 |
(1) | See Note 3 for information regarding the Company's restructuring programs. |
(2) | See Note 15 for information regarding the asbestos-related charge. |
(3) | A reconciliation of “Income Before Income Taxes” to EBITDA is provided below. |
(4) | Presented in accordance with newly implemented ASU 2015-17 and ASU 2015-03. See Notes 1 and 2 for additional information. |
(5) | Equity contributions to Sadara, which prior to 2016 were reflected in the Corporate segment, were reallocated to Performance Materials & Chemicals and Performance Plastics in 2016. |
(6) | See Note 12 for information regarding intangible asset impairment losses. |
Reconciliation of “Income Before Income Taxes” to EBITDA In millions | 2016 | 2015 | 2014 | |||||||||
Income Before Income Taxes | $ | 4,413 | $ | 9,930 | $ | 5,265 | ||||||
+ Interest expense and amortization of debt discount | 858 | 946 | 983 | |||||||||
- Interest income | 107 | 71 | 51 | |||||||||
+ Depreciation and amortization | 2,862 | 2,521 | 2,747 | |||||||||
EBITDA | $ | 8,026 | $ | 13,326 | $ | 8,944 |
The Dow Chemical Company and Subsidiaries |
Selected Quarterly Financial Data |
In millions, except per share amounts (Unaudited) | ||||||||||||||||||||
2016 | 1st | 2nd | 3rd | 4th | Year | |||||||||||||||
Net sales | $ | 10,703 | $ | 11,952 | $ | 12,483 | $ | 13,020 | $ | 48,158 | ||||||||||
Cost of sales | 7,951 | 9,275 | 9,841 | 10,574 | 37,641 | |||||||||||||||
Gross margin | 2,752 | 2,677 | 2,642 | 2,446 | 10,517 | |||||||||||||||
Restructuring charges (credits) | (2 | ) | 454 | — | — | 452 | ||||||||||||||
Asbestos-related charge | — | — | — | 1,113 | 1,113 | |||||||||||||||
Net income | 275 | 3,227 | 818 | 84 | 4,404 | |||||||||||||||
Net income (loss) available for common stockholders | 169 | 3,123 | 719 | (33 | ) | 3,978 | ||||||||||||||
Earnings (Loss) per common share - basic (1) (2) | 0.15 | 2.79 | 0.64 | (0.03 | ) | 3.57 | ||||||||||||||
Earnings (Loss) per common share - diluted (1) (3) (4) | 0.15 | 2.61 | 0.63 | (0.03 | ) | 3.52 | ||||||||||||||
Dividends declared per share of common stock | 0.46 | 0.46 | 0.46 | 0.46 | 1.84 | |||||||||||||||
Market price range of common stock: (5) | ||||||||||||||||||||
High | 52.23 | 53.98 | 54.59 | 59.33 | 59.33 | |||||||||||||||
Low | 40.26 | 47.75 | 47.51 | 51.60 | 40.26 |
In millions, except per share amounts (Unaudited) | ||||||||||||||||||||
2015 | 1st | 2nd | 3rd | 4th | Year | |||||||||||||||
Net sales | $ | 12,370 | $ | 12,910 | $ | 12,036 | $ | 11,462 | $ | 48,778 | ||||||||||
Cost of sales | 9,535 | 10,146 | 9,349 | 8,806 | 37,836 | |||||||||||||||
Gross margin | 2,835 | 2,764 | 2,687 | 2,656 | 10,942 | |||||||||||||||
Restructuring charges | — | 375 | — | 40 | 415 | |||||||||||||||
Net income | 1,519 | 1,197 | 1,436 | 3,631 | 7,783 | |||||||||||||||
Net income available for common stockholders | 1,393 | 1,135 | 1,290 | 3,527 | 7,345 | |||||||||||||||
Earnings per common share - basic (1) | 1.22 | 0.99 | 1.12 | 3.17 | 6.45 | |||||||||||||||
Earnings per common share - diluted (1) (4) | 1.18 | 0.97 | 1.09 | 2.94 | 6.15 | |||||||||||||||
Dividends declared per share of common stock | 0.42 | 0.42 | 0.42 | 0.46 | 1.72 | |||||||||||||||
Market price range of common stock: (5) | ||||||||||||||||||||
High | 50.22 | 53.77 | 53.20 | 57.10 | 57.10 | |||||||||||||||
Low | 41.95 | 47.21 | 35.11 | 42.15 | 35.11 |
(1) | Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters does not equal the earnings per share amount calculated for the year. |
(2) | On December 30, 2016, the Company converted 4 million shares of Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") into 96.8 million shares of the Company's common stock. As a result, the basic share count reflects a two-day averaging effect for the three- and twelve-month periods ended December 31, 2016. |
(3) | "Earnings (Loss) per common share - diluted" for the three-month period ended December 31, 2016, was calculated using "Weighted average common shares outstanding - basic" due to a net loss reported in the period. |
(4) | For the quarters ended June 30, 2016, March 31, 2015, June 30, 2015, September 30, 2015, and December 31, 2015, and the year ended December 31, 2015, an assumed conversion of Preferred Stock into shares of the Company's common stock was included in the calculation of earnings per common share - diluted. The assumed conversion of the Preferred Stock was considered antidilutive for all other periods. See Note 14 for additional information. |
(5) | Composite price as reported by the New York Stock Exchange. |
The Dow Chemical Company and Subsidiaries |
PART II, Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
The Dow Chemical Company and Subsidiaries |
PART II, Item 9A. Controls and Procedures. |
• | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
• | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and Directors of the Company; and |
• | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the consolidated financial statements. |
/s/ ANDREW N. LIVERIS | /s/ HOWARD I. UNGERLEIDER | |||
Andrew N. Liveris | Howard I. Ungerleider | |||
Chief Executive Officer and | Vice Chairman and | |||
Chairman of the Board | Chief Financial Officer | |||
/s/ RONALD C. EDMONDS | ||||
Ronald C. Edmonds | ||||
Controller and Vice President of Controllers and Tax |
The Dow Chemical Company and Subsidiaries |
PART II |
/S/ DELOITTE & TOUCHE LLP |
Deloitte & Touche LLP |
Midland, Michigan |
February 9, 2017 |
The Dow Chemical Company and Subsidiaries |
PART II, Item 9B. Other Information. |
The Dow Chemical Company and Subsidiaries |
PART III |
The Dow Chemical Company and Subsidiaries |
PART IV, Item 15. Exhibits, Financial Statement Schedules. |
(a) | The following documents are filed as part of this report: |
(1) | The Company’s 2016 Consolidated Financial Statements and the Report of Independent Registered Public Accounting Firm are included in Part II, Item 8. Financial Statements and Supplementary Data. |
(2) | Financial Statement Schedules – The following Financial Statement Schedule should be read in conjunction with the Consolidated Financial Statements and Report of Independent Registered Public Accounting Firm included in Part II, Item 8. Financial Statements and Supplementary Data: |
Schedule II | Valuation and Qualifying Accounts |
(3) | Exhibits – See the Exhibit Index for the exhibits filed with this Annual Report on Form 10-K or incorporated by reference. The following exhibits are filed with this Annual Report on Form 10-K: |
Exhibit No. | Description of Exhibit | |
10(a)(iii) | Amendment to The Dow Chemical Company Executives' Supplemental Retirement Plan. | |
10(dd)(iii) | Amendment to The Dow Chemical Company Elective Deferral Plan (Post 2004). | |
12.1 | Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements. | |
21 | Subsidiaries of The Dow Chemical Company. | |
23(a) | Consent of Independent Registered Public Accounting Firm. | |
23(b) | Ankura Consulting Group, LLC's Consent. | |
31(a) | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31(b) | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32(a) | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32(b) | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
The Dow Chemical Company and Subsidiaries | Schedule II | |
Valuation and Qualifying Accounts | ||
In millions | For the Years Ended December 31 |
COLUMN A | COLUMN B | COLUMN C - Additions | COLUMN D | COLUMN E | ||||||||||||||||
Description | Balance at Beginning of Year | Charged to Costs and Expenses | Charged to Other Accounts | Deductions from Reserves | Balance at End of Year | |||||||||||||||
2016 | ||||||||||||||||||||
RESERVES DEDUCTED FROM ASSETS TO WHICH THEY APPLY: | ||||||||||||||||||||
For doubtful receivables | $ | 94 | $ | 31 | $ | — | $ | 15 | (1) | $ | 110 | |||||||||
Other investments and noncurrent receivables | $ | 494 | $ | 153 | (2) | $ | — | $ | 289 | (3) | $ | 358 | ||||||||
Deferred tax assets | $ | 1,000 | $ | 155 | $ | — | $ | 94 | $ | 1,061 | ||||||||||
2015 | ||||||||||||||||||||
RESERVES DEDUCTED FROM ASSETS TO WHICH THEY APPLY: | ||||||||||||||||||||
For doubtful receivables | $ | 110 | $ | 24 | $ | 2 | (4) | $ | 42 | (1) | $ | 94 | ||||||||
Other investments and noncurrent receivables | $ | 477 | $ | 108 | $ | — | $ | 91 | $ | 494 | ||||||||||
Deferred tax assets | $ | 1,106 | $ | 67 | $ | — | $ | 173 | $ | 1,000 | ||||||||||
2014 | ||||||||||||||||||||
RESERVES DEDUCTED FROM ASSETS TO WHICH THEY APPLY: | ||||||||||||||||||||
For doubtful receivables | $ | 148 | $ | 53 | $ | 8 | (4) | $ | 99 | (1) | $ | 110 | ||||||||
Other investments and noncurrent receivables | $ | 454 | $ | 62 | $ | — | $ | 39 | $ | 477 | ||||||||||
Deferred tax assets | $ | 1,112 | $ | 126 | $ | — | $ | 132 | $ | 1,106 | ||||||||||
(1) | Deductions represent notes and accounts receivable written off, credits to profit and loss and other miscellaneous items. |
(2) | Additions to reserves for "Other investments and noncurrent receivables" charged to costs and expenses include $143 million related to the Company's investment in AgroFresh Solutions, Inc. See Note 5 to the Consolidated Financial Statements for further information. |
(3) | Deductions from reserves for "Other investments and noncurrent receivables" include $237 million related to the DCC Transaction. See Note 4 to the Consolidated Financial Statements for further information. |
(4) | Additions to reserves for doubtful receivables charged to other accounts were classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. These reserves relate to the Company's sale of trade accounts receivable. Anticipated credit losses in the portfolio of receivables sold are used to fair value the Company's interests held in trade accounts receivable conduits. See Notes 12 and 16 to the Consolidated Financial Statements for further information. |
The Dow Chemical Company and Subsidiaries | ||||
Signatures |
THE DOW CHEMICAL COMPANY | ||
By | /s/ R. C. EDMONDS | |
R. C. Edmonds, Controller and Vice President of Controllers and Tax | ||
Date | February 9, 2017 |
By | /s/ A. BANGA | By | /s/ R. J. MILCHOVICH | |||
A. Banga, Director | R. J. Milchovich, Director | |||||
Date | February 9, 2017 | Date | February 9, 2017 | |||
By | /s/ J. K. BARTON | By | /s/ R. S. MILLER | |||
J. K. Barton, Director | R. S. Miller, Director | |||||
Date | February 9, 2017 | Date | February 9, 2017 | |||
By | /s/ J. A. BELL | By | /s/ P. POLMAN | |||
J. A. Bell, Director | P. Polman, Director | |||||
Date | February 9, 2017 | Date | February 9, 2017 | |||
By | /s/ R. K. DAVIS | By | /s/ D. H. REILLEY | |||
R. K. Davis, Director | D. H. Reilley, Director | |||||
Date | February 9, 2017 | Date | February 9, 2017 | |||
By | /s/ R. C. EDMONDS | By | /s/ J. M. RINGLER | |||
R. C. Edmonds, Controller and Vice President of Controllers and Tax | J. M. Ringler, Director | |||||
Date | February 9, 2017 | Date | February 9, 2017 | |||
By | /s/ J. M. FETTIG | By | /s/ R. G. SHAW | |||
J. M. Fettig, Lead Director | R. G. Shaw, Director | |||||
Date | February 9, 2017 | Date | February 9, 2017 | |||
By | /s/ A. N. LIVERIS | By | /s/ H. I. UNGERLEIDER | |||
A. N. Liveris, Director, Chief Executive Officer and Chairman of the Board | H. I. Ungerleider, Vice Chairman and Chief Financial Officer | |||||
Date | February 9, 2017 | Date | February 9, 2017 | |||
By | /s/ M. LOUGHRIDGE | |||||
M. Loughridge, Director | ||||||
Date | February 9, 2017 |
The Dow Chemical Company and Subsidiaries |
Trademark Listing |
The Dow Chemical Company and Subsidiaries | ||||
Exhibit Index | ||||
EXHIBIT NO. | DESCRIPTION |
2(b) | Agreement and Plan of Merger, dated as of July 10, 2008, among The Dow Chemical Company, Ramses Acquisition Corp. and Rohm and Haas Company, incorporated by reference to Exhibit 2.1 to The Dow Chemical Company Current Report on Form 8-K filed on July 10, 2008. |
2(e) | Shareholders' Agreement, dated as of October 8, 2011, between Dow Saudi Arabia Holding B.V. and Performance Chemicals Holding Company, incorporated by reference to Exhibit 99.1 to The Dow Chemical Company Current Report on Form 8-K/A filed on June 27, 2012. |
2(e)(i) | First Amendment, effective June 1, 2012, to the Shareholders' Agreement, dated as of October 8, 2011, between Performance Chemicals Holding Company, Dow Saudi Arabia Holding B.V., Saudi Arabian Oil Company, Dow Europe Holding B.V. and The Dow Chemical Company, incorporated by reference to Exhibit 99.1 to The Dow Chemical Company Current Report on Form 8-K filed on February 14, 2013. |
2(f) | Agreement and Plan of Merger, dated as of March 26, 2015, among The Dow Chemical Company, Blue Cube Spinco Inc., Olin Corporation and Blue Cube Acquisition Corp., incorporated by reference to Exhibit 2.1 to The Dow Chemical Company Current Report on Form 8-K filed on March 27, 2015. |
2(f)(i) | Separation Agreement, dated as of March 26, 2015, between The Dow Chemical Company and Blue Cube Spinco Inc., incorporated by reference to Exhibit 2.2 to The Dow Chemical Company Current Report on Form 8-K filed on March 27, 2015. |
2(g) | Transaction Agreement, dated as of December 10, 2015, among The Dow Chemical Company, Corning Incorporated, Dow Corning Corporation and HS Upstate Inc., incorporated by reference to Exhibit 2.1 to The Dow Chemical Company Current Report on Form 8-K filed on December 11, 2015. |
2(g)(i) | Tax Matters Agreement, dated as of December 10, 2015, among The Dow Chemical Company, Corning Incorporated, Dow Corning Corporation and HS Upstate Inc., incorporated by reference to Exhibit 2.2 to The Dow Chemical Company Current Report on Form 8-K filed on December 11, 2015. |
2(h) | Agreement and Plan of Merger, dated as of December 11, 2015, among The Dow Chemical Company, E. I. du Pont de Nemours and Company, Diamond Merger Sub, Inc., Orion Merger Sub, Inc. and Diamond-Orion HoldCo Inc., incorporated by reference to Exhibit 2.1 to The Dow Chemical Company Current Report on Form 8-K filed on December 11, 2015. |
3(i) | The Restated Certificate of Incorporation of The Dow Chemical Company as filed with the Secretary of State, State of Delaware on May 17, 2010, incorporated by reference to Exhibit 3(i) to The Dow Chemical Company Quarterly Report on Form 10-Q for the quarter ended September 30, 2010. |
3(i)(a) | Certificate of Designations for the Cumulative Convertible Perpetual Preferred Stock, Series A, as originally filed with the Secretary of State, State of Delaware on March 31, 2009, incorporated by reference to Exhibit 3.1 to The Dow Chemical Company Current Report on Form 8-K filed on April 1, 2009; and as re-filed with the Secretary of State, State of Delaware on May 17, 2010. |
3(ii) | The Bylaws of The Dow Chemical Company, as amended and re-adopted in full on December 15, 2016, effective December 15, 2016, incorporated by reference to Exhibit 3(ii) to The Dow Chemical Company Current Report on Form 8-K filed on December 16, 2016. |
The Dow Chemical Company and Subsidiaries | ||||
Exhibit Index | ||||
EXHIBIT NO. | DESCRIPTION |
4 | Indenture, dated as of April 1, 1992, between The Dow Chemical Company and the First National Bank of Chicago, as trustee (incorporated by reference to Exhibit 4.1 to The Dow Chemical Company's Registration Statement on Form S-3, File No. 333-88617 (the "S-3 Registration Statement")), as amended by the Supplemental Indenture, dated as of January 1, 1994, between The Dow Chemical Company and The First National Bank of Chicago, as trustee (incorporated by reference to Exhibit 4.2 to the S-3 Registration Statement), as amended by the Second Supplemental Indenture, dated as of October 1, 1999, between The Dow Chemical Company and Bank One Trust Company, N.A. (formerly The First National Bank of Chicago), as trustee (incorporated by reference to Exhibit 4.3 to the S-3 Registration Statement), as amended by the Third Supplemental Indenture, dated as of May 15, 2001, between The Dow Chemical Company and Bank One Trust Company, N.A. (formerly The First National Bank of Chicago), as trustee (incorporated by reference to Exhibit 4.4 to The Dow Chemical Company's Registration Statement on Form S-4, File No. 333-67368); and all other such indentures that define the rights of holders of long-term debt of The Dow Chemical Company and its consolidated subsidiaries as shall be requested to be furnished to the Securities and Exchange Commission pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. |
4(a) | Indenture, dated May 1, 2008, between The Dow Chemical Company and The Bank of New York Trust Company, N.A., as trustee, incorporated by reference to Exhibit 4.1 to Post-Effective Amendment No. 1 to The Dow Chemical Company's Registration Statement on Form S-3, File No. 333-140859. |
10(a) | The Dow Chemical Company Executives' Supplemental Retirement Plan, as amended, restated and effective as of April 14, 2010, incorporated by reference to Exhibit 10.1 to The Dow Chemical Company Current Report on Form 8-K filed on May 3, 2010. |
10(a)(i) | An Amendment to The Dow Chemical Company Executives' Supplemental Retirement Plan, effective as of April 14, 2010, incorporated by reference to Exhibit 10.4 to The Dow Chemical Company Current Report on Form 8-K filed on May 3, 2010. |
10(a)(ii) | An Amendment to The Dow Chemical Company Executives' Supplemental Retirement Plan, effective as of July 19, 2013, incorporated by reference to Exhibit 10(a)(ii) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2013. |
10(a)(iii) | An Amendment to The Dow Chemical Company Executives' Supplemental Retirement Plan, effective as of January 19, 2017, incorporated by reference to Exhibit 10(a)(iii) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2016. |
10(b) | Support Agreement, dated November 20, 2014, by and among The Dow Chemical Company and Third Point LLC, Third Point Partners Qualified L.P., Third Point Partners L.P., Third Point Offshore Master Fund L.P., Third Point Ultra Master Fund L.P. and Third Point Reinsurance Co., Ltd., incorporated by reference to Exhibit 10.1 to the Dow Chemical Company Current Report on Form 8-K filed on November 21, 2014. |
10(c) | The Dow Chemical Company Voluntary Deferred Compensation Plan for Outside Directors (for deferrals made through December 31, 2004), as amended effective as of July 1, 1994, incorporated by reference to Exhibit 10(f) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 1994, as amended in the manner described in the definitive Proxy Statement for the Annual Meeting of Stockholders of The Dow Chemical Company held on May 14, 1998. |
10(e) | The Dow Chemical Company Dividend Unit Plan, incorporated by reference to Exhibit 10(e) to The Dow Chemical Company Quarterly Report on Form 10-Q for the quarter ended March 31, 2009. |
The Dow Chemical Company and Subsidiaries | ||||
Exhibit Index | ||||
EXHIBIT NO. | DESCRIPTION |
10(f) | The Dow Chemical Company 1988 Award and Option Plan, as amended and restated on December 10, 2008, effective as of January 1, 2009, incorporated by reference to Exhibit 10(f) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2008. |
10(g) | Employment Offer Letter for Joe Harlan, President, Performance Materials and Executive Vice President of The Dow Chemical Company, incorporated by reference to Exhibit 10.3 to The Dow Chemical Company Current Report on Form 8-K filed on February 14, 2012. |
10(h) | The Dow Chemical Company 1994 Executive Performance Plan, as amended and restated on December 10, 2008, effective as of January 1, 2009, incorporated by reference to Exhibit 10(h) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2008. |
10(l) | A written description of compensation for Directors of The Dow Chemical Company, incorporated by reference to the definitive Proxy Statement for the 2017 Annual Meeting of Stockholders of The Dow Chemical Company. |
10(m) | A written description of the manner in which compensation is set for the Executive Officers of The Dow Chemical Company, incorporated by reference to the definitive Proxy Statement for the 2017 Annual Meeting of Stockholders of The Dow Chemical Company. |
10(o) | The template used for The Dow Chemical Company Key Employee Insurance Program (“KEIP”), which provides benefits using insurance policies that replace benefits otherwise payable under The Dow Chemical Company Executives' Supplemental Retirement Plan and Company-Paid Life Insurance Plan, incorporated by reference to Exhibit 10(o) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2002. KEIP is a component of the annual pension benefits listed in and incorporated by reference to the definitive Proxy Statement for the 2017 Annual Meeting of Stockholders of The Dow Chemical Company. |
10(p) | The Dow Chemical Company Elective Deferral Plan (for deferrals made through December 31, 2004), as amended, restated and effective as of April 14, 2010, incorporated by reference to Exhibit 10.2 to The Dow Chemical Company Current Report on Form 8-K filed on May 3, 2010. |
10(p)(i) | An Amendment to The Dow Chemical Company Elective Deferral Plan (for deferrals made through December 31, 2004), effective as of April 14, 2010, incorporated by reference to Exhibit 10.5 to The Dow Chemical Company Current Report on Form 8-K filed on May 3, 2010. |
10(s) | The Summary Plan Description for The Dow Chemical Company Company-Paid Life Insurance Plan, Employee-Paid Life Insurance Plan, and Dependent Life Insurance Plan, amended and restated effective as of January 1, 2014, incorporated by reference to Exhibit 10.1 to The Dow Chemical Company Current Report on Form 8-K filed on February 13, 2014. |
10(t) | The Summary Plan Description for The Dow Chemical Company Retiree Company-Paid Life Insurance Plan, Retiree Optional Life Insurance Plan, and Retiree Dependent Life Insurance Plan, amended and restated effective as of January 1, 2014, incorporated by reference to Exhibit 10.2 to The Dow Chemical Company Current Report on Form 8-K filed on February 13, 2014. |
10(u) | Amended and Restated 2003 Non-Employee Directors' Stock Incentive Plan, adopted by the Board of Directors of The Dow Chemical Company on December 10, 2007, incorporated by reference to Exhibit 10(u) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2007. |
The Dow Chemical Company and Subsidiaries | ||||
Exhibit Index | ||||
EXHIBIT NO. | DESCRIPTION |
10(w) | Non-Qualified Stock Option Agreement Pursuant to The Dow Chemical Company 2003 Non-Employee Directors' Stock Incentive Plan, incorporated by reference to Exhibit 10(w) to The Dow Chemical Company Quarterly Report on Form 10-Q for the quarter ended September 30, 2004. |
10(x) | The Performance Shares Deferred Stock Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2009, incorporated by reference to Exhibit 10(x) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2008. |
10(y) | The Deferred Stock Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2009, incorporated by reference to Exhibit 10(y) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2008. |
10(z) | The Non-Qualified Stock Option Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2009, incorporated by reference to Exhibit 10(z) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2008. |
10(cc) | The Dow Chemical Company Voluntary Deferred Compensation Plan for Non-Employee Directors, effective for deferrals after January 1, 2005, as amended and restated on December 10, 2008, effective as of January 1, 2009, incorporated by reference to Exhibit 10(cc) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2008. |
10(dd) | The Dow Chemical Company Elective Deferral Plan, effective for deferrals after January 1, 2005, as amended, restated and effective as of April 14, 2010, incorporated by reference to Exhibit 10.3 to The Dow Chemical Company Current Report on Form 8-K filed on May 3, 2010. |
10(dd)(i) | An Amendment to The Dow Chemical Company Elective Deferral Plan, effective for deferrals after January 1, 2005, effective as of April 14, 2010, incorporated by reference to Exhibit 10.6 to The Dow Chemical Company Current Report on Form 8-K filed on May 3, 2010. |
10(dd)(ii) | An Amendment to The Dow Chemical Company Elective Deferral Plan, effective for deferrals after January 1, 2005, dated December 11, 2014, incorporated by reference to Exhibit 10(dd)(ii) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2014. |
10(dd)(iii) | An Amendment to The Dow Chemical Company Elective Deferral Plan (Post 2004), effective as of January 19, 2017, incorporated by reference to Exhibit 10(dd)(iii) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2016. |
10(ii) | Employment agreement dated February 14, 2006, between Heinz Haller and The Dow Chemical Company, incorporated by reference to Exhibit 10(ii) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2008. |
10(jj) | Change in Control Executive Severance Agreement - Tier 1, incorporated by reference to Exhibit 10(jj) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2007. |
10(kk) | Change in Control Executive Severance Agreement - Tier 2, incorporated by reference to Exhibit 10(kk) to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2007. |
10(nn) | Investment Agreement, dated as of October 27, 2008, between The Dow Chemical Company and Berkshire Hathaway Inc., incorporated by reference to Exhibit 10.1 to The Dow Chemical Company Current Report on Form 8-K filed on October 27, 2008. |
The Dow Chemical Company and Subsidiaries | ||||
Exhibit Index | ||||
EXHIBIT NO. | DESCRIPTION |
10(oo) | Investment Agreement, dated as of October 27, 2008, between The Dow Chemical Company and The Kuwait Investment Authority, incorporated by reference to Exhibit 10.2 to The Dow Chemical Company Current Report on Form 8-K filed on October 27, 2008. |
10(ww) | The Deferred Stock Units Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2010, incorporated by reference to Exhibit 10.7 to The Dow Chemical Company Current Report on Form 8-K filed on February 18, 2010. |
10(xx) | The Special Deferred Stock Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2010, incorporated by reference to Exhibit 10.8 to The Dow Chemical Company Current Report on Form 8-K filed on February 18, 2010. |
10(yy) | The Performance Shares Deferred Stock Units Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2010, incorporated by reference to Exhibit 10.9 to The Dow Chemical Company Current Report on Form 8-K filed on February 18, 2010. |
10(zz) | The Special Performance Shares Deferred Stock Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2010, incorporated by reference to Exhibit 10.10 to The Dow Chemical Company Current Report on Form 8-K filed on February 18, 2010. |
10(aaa) | The Stock Appreciation Rights Agreement Relating to a Stock Option Granted Under The Dow Chemical Company 1988 Award and Option Plan, as amended, restated and effective as of January 1, 2010, incorporated by reference to Exhibit 10.11 to The Dow Chemical Company Current Report on Form 8-K filed on February 18, 2010. |
10(bbb) | The Dow Chemical Company 2012 Stock Incentive Plan, effective as of May 10, 2012, incorporated by reference to Exhibit 10.1 to The Dow Chemical Company Current Report on Form 8-K filed on May 14, 2012. |
10(ccc) | Performance Shares Deferred Stock Agreement Pursuant to The Dow Chemical Company 2012 Stock Incentive Plan, effective as of May 10, 2012, incorporated by reference to Exhibit 10(ccc) to The Dow Chemical Company Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. |
10(ddd) | Deferred Stock Agreement Pursuant to The Dow Chemical Company 2012 Stock Incentive Plan, effective as of May 10, 2012, incorporated by reference to Exhibit 10(ddd) to The Dow Chemical Company Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. |
10(eee) | Non-Qualified Stock Option Agreement Pursuant to The Dow Chemical Company 2012 Stock Incentive Plan, effective as of May 10, 2012, incorporated by reference to Exhibit 10(eee) to The Dow Chemical Company Quarterly Report on Form 10-Q for the quarter ended June 30, 2012. |
10(fff) | The Dow Chemical Company Amended and Restated 2012 Stock Incentive Plan, effective as of May 15, 2014, incorporated by reference to Exhibit 10.1 to The Dow Chemical Company Current Report on Form 8-K filed on May 20, 2014. |
12.1 | Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements. |
14 | Code of Ethics for Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer, incorporated by reference to Exhibit 14 to The Dow Chemical Company Annual Report on Form 10-K for the year ended December 31, 2003. |
The Dow Chemical Company and Subsidiaries | ||||
Exhibit Index | ||||
EXHIBIT NO. | DESCRIPTION |
21 | Subsidiaries of The Dow Chemical Company. |
23(a) | Consent of Independent Registered Public Accounting Firm. |
23(b) | Ankura Consulting Group, LLC's Consent. |
31(a) | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31(b) | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32(a) | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32(b) | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
99.1 | Guarantee relating to the 6.00% Notes of Rohm and Haas Company, incorporated by reference to Exhibit 99.5 to The Dow Chemical Company Current Report on Form 8-K filed on April 1, 2009. |
99.2 | Guarantee relating to the 9.80% Debentures of Rohm and Haas Company, incorporated by reference to Exhibit 99.6 to The Dow Chemical Company Current Report on Form 8-K filed on April 1, 2009. |
101.INS | XBRL Instance Document. |
101.SCH | XBRL Taxonomy Extension Schema Document. |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
The Dow Chemical Company and Subsidiaries | EXHIBIT 10(a)(iii) | |||
1. | The following sentence is added at the end of the first paragraph of the Preambles: |
2. | Section 1.11(b) (definition of “Compensation”) is amended to state: |
3. | The following new sections are added to Article I, inserted alphabetically, and the other subsections of Article I (and any cross references to them) are revised accordingly: |
4. | The following Sections 2.01(e) and (f) are added to the Plan: |
e. | An Employee of the Rohm and Haas Company or its subsidiaries shall only be eligible to participate in the Plan, however, if his benefit under the Dow Employees’ Pension Plan is determined under the main body of the Dow Employees’ Pension Plan or another part of the Dow Employees’ Pension Plan other than the Rohm and Haas Appendix. An Employee of the Rohm and Haas Company or its subsidiaries whose benefit under the Dow Employees’ Pension Plan is determined under the Rohm and Haas Appendix shall not be eligible to participate in the Plan. |
f. | An Employee of Dow Corning Corporation or its subsidiaries shall only be eligible to participate in the Plan, however, if his benefit under the Dow Employees’ Pension Plan |
5. | The following sentence is added at the end of Section 4.01(b)(v): |
/s/ BRYAN JENDRETZKE |
Bryan Jendretzke |
Global Benefits Director |
The Dow Chemical Company |
Reviewed by Plan Administrator: | /s/ MARIA CURRERI |
Maria Curreri | |
Reviewed by Legal Department: | /s/ BRITA DE MALIGNON |
Brita de Malignon | |
Dated: January 19, 2017 |
The Dow Chemical Company and Subsidiaries | EXHIBIT 10(dd)(iii) | |||
/s/ BRYAN JENDRETZKE |
Bryan Jendretzke |
Global Benefits Director |
The Dow Chemical Company |
Reviewed by Plan Administrator: | /s/ MARIA CURRERI |
Maria Curreri | |
Reviewed by Legal Department: | /s/ BRITA DE MALIGNON |
Brita de Malignon | |
Dated: January 19, 2017 |
The Dow Chemical Company and Subsidiaries | EXHIBIT 12.1 | |||
For the Years Ended December 31 | |||||||||||||||
In millions, except ratios (Unaudited) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Income Before Income Taxes | $ | 4,413 | $ | 9,930 | $ | 5,265 | $ | 6,804 | $ | 1,665 | |||||
Add (deduct): | |||||||||||||||
Equity in earnings of nonconsolidated affiliates | (442 | ) | (674 | ) | (835 | ) | (1,034 | ) | (536 | ) | |||||
Distributed income of earnings of nonconsolidated affiliates | 685 | 816 | 961 | 905 | 823 | ||||||||||
Capitalized interest | (243 | ) | (218 | ) | (125 | ) | (78 | ) | (84 | ) | |||||
Amortization of capitalized interest | 83 | 78 | 83 | 91 | 90 | ||||||||||
Adjusted earnings | $ | 4,496 | $ | 9,932 | $ | 5,349 | $ | 6,688 | $ | 1,958 | |||||
Fixed charges: | |||||||||||||||
Interest expense and amortization of debt discount | $ | 858 | $ | 946 | $ | 983 | $ | 1,101 | $ | 1,269 | |||||
Capitalized interest | 243 | 218 | 125 | 78 | 84 | ||||||||||
Rental expense – interest component | 161 | 167 | 134 | 122 | 120 | ||||||||||
Total fixed charges | $ | 1,262 | $ | 1,331 | $ | 1,242 | $ | 1,301 | $ | 1,473 | |||||
Earnings available for the payment of fixed charges | $ | 5,758 | $ | 11,263 | $ | 6,591 | $ | 7,989 | $ | 3,431 | |||||
Ratio of earnings to fixed charges | 4.6 | 8.5 | 5.3 | 6.1 | 2.3 | ||||||||||
Earnings required for combined fixed charges and preferred stock dividends (1): | |||||||||||||||
Preferred stock dividends | $ | 340 | $ | 340 | $ | 340 | $ | 340 | $ | 340 | |||||
Adjustment to pretax basis (at 35 percent) | 183 | 183 | 183 | 183 | 183 | ||||||||||
Preferred stock dividends - pretax | $ | 523 | $ | 523 | $ | 523 | $ | 523 | $ | 523 | |||||
Combined fixed charges and preferred stock dividend requirements | $ | 1,785 | $ | 1,854 | $ | 1,765 | $ | 1,824 | $ | 1,996 | |||||
Ratio of earnings to combined fixed charges and preferred stock dividend requirements | 3.2 | 6.1 | 3.7 | 4.4 | 1.7 |
(1) | On December 30, 2016 ("Conversion Date"), the Company's Cumulative Convertible Perpetual Preferred Stock, Series A ("Preferred Stock") was converted into shares of the Company's common stock. From and after the Conversion Date, no shares of the Preferred Stock are issued or outstanding and all rights of the holders of the Preferred Stock have terminated. |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
The Dow Chemical Company | Delaware | ||||||||||||||||||
AM Robin LLC | Delaware | ||||||||||||||||||
Arabian Chemical Company (Latex) Ltd. (1) | Saudi Arabia | ||||||||||||||||||
Arabian Chemical Company (Polystyrene) Limited (1) | Saudi Arabia | ||||||||||||||||||
Battleground Water Company | Texas | ||||||||||||||||||
Centen Ag Inc. | Delaware | ||||||||||||||||||
Dow AgroSciences LLC | Delaware | ||||||||||||||||||
DowBrands Inc. | Delaware | ||||||||||||||||||
Mycogen Corporation | California | ||||||||||||||||||
Chemars III LLC | Delaware | ||||||||||||||||||
Chemtech II L.P. | Delaware | ||||||||||||||||||
Clean Filtration Technologies LLC | Delaware | ||||||||||||||||||
DCOMCO, Inc. | Delaware | ||||||||||||||||||
Denmerco Inc. | Delaware | ||||||||||||||||||
Dow Business Services LLC | Delaware | ||||||||||||||||||
Dow Chemical (China) Investment Company Limited | China | ||||||||||||||||||
Dow Chemical (Guangzhou) Company Limited | China | ||||||||||||||||||
Dow Chemical (Shanghai) Company Limited | China | ||||||||||||||||||
Dow Chemical (Sichuan) Co., Ltd. | China | ||||||||||||||||||
Dow Chemical (Zhangjiagang) Company Limited | China | ||||||||||||||||||
Guangdong Zhongshan Amerchol Specialty Chemicals Co., Ltd. | China | ||||||||||||||||||
Zhejiang Pacific Chemical Corporation | China | ||||||||||||||||||
Dow Chemical (Singapore) Private Limited | Singapore | ||||||||||||||||||
Dow Chemical (Myanmar) Ltd. | Myanmar | ||||||||||||||||||
Dow Chemical Bangladesh Private Limited | Bangladesh | ||||||||||||||||||
PT Dow Indonesia | Indonesia | ||||||||||||||||||
Dow Chemical China Holdings Pte. Ltd. | Singapore | ||||||||||||||||||
Dow Chemical Delaware Corp. | Delaware | ||||||||||||||||||
Chemtech II L.P. | Delaware | ||||||||||||||||||
Chemtech Portfolio Inc. | Texas | ||||||||||||||||||
Chemtech Portfolio II Inc. | Michigan | ||||||||||||||||||
Dow Chemical International Ltd. | Delaware | ||||||||||||||||||
Dow Chemical Thailand Ltd. | Thailand | ||||||||||||||||||
Dow International Holdings Company | Delaware | ||||||||||||||||||
Dow International Holdings S.A. | Switzerland | ||||||||||||||||||
Petroquimica-Dow S.A. (Petrodow) | Chile | ||||||||||||||||||
Dow Chemical Kuwait B.V. | Netherlands | ||||||||||||||||||
Dow Chemical Singapore Holdings Pte. Ltd. | Singapore | ||||||||||||||||||
Dow Chemical Taiwan Limited | Taiwan | ||||||||||||||||||
Dow Chemical Telecommunications Corp. | Delaware | ||||||||||||||||||
Dow Chemical Tianjin Holdings Pte. Ltd. | Singapore | ||||||||||||||||||
Dow Chemical (Tianjin) Company Limited | China | ||||||||||||||||||
Dow Corning Corporation | Michigan | ||||||||||||||||||
Bay Asset Leasing, L.L.C. | Delaware | ||||||||||||||||||
DC Feedstock Financing, LLC | Delaware | ||||||||||||||||||
DC Canada Financing ULC | Canada | ||||||||||||||||||
DC HSC Holdings LLC (1) | Delaware | ||||||||||||||||||
DC Global Holdings S.a.r.l | Luxembourg | ||||||||||||||||||
DC Finance S.a.r.l. | Luxembourg | ||||||||||||||||||
DC Japan Holdings B.V. | Netherlands | ||||||||||||||||||
Dow Corning Holding Japan Company, Ltd. | Japan | ||||||||||||||||||
Dow Corning Toray Co., Ltd | Japan | ||||||||||||||||||
Site Services Japan, Co., Ltd. | Japan | ||||||||||||||||||
DC Metals Holding B.V. | Netherlands |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Dow Corning Silicio do Brasil Industria e Comercio Ltda. | Brazil | ||||||||||||||||||
Palmyra Recursos Naturais Exploracao e Comercio | Brazil | ||||||||||||||||||
DC MIT Holdings B.V. | Netherlands | ||||||||||||||||||
Dow Corning Australia Pty. Ltd. | Australia | ||||||||||||||||||
Dow Corning (Thailand) Limited | Thailand | ||||||||||||||||||
Dow Corning de Argentina S.R.L. | Argentina | ||||||||||||||||||
Dow Corning de Mexico S.A. de C.V. | Mexico | ||||||||||||||||||
Dow Corning Kimya Sanayi Ve Ticaret Limited Sirketi | Turkey | ||||||||||||||||||
DC Netherlands Holding B.V. | Netherlands | ||||||||||||||||||
Dow Corning United Kingdom Holding Company, L.L.C. | Delaware | ||||||||||||||||||
Dow Corning Limited | United Kingdom | ||||||||||||||||||
Dow Corning Canada Inc. | Canada | ||||||||||||||||||
Dow Corning de Argentina S.R.L. | Argentina | ||||||||||||||||||
Dow Corning de Mexico S.A. de C.V. | Mexico | ||||||||||||||||||
Dow Corning do Brasil, Limitada | Brazil | ||||||||||||||||||
Dow Corning Silicio do Brasil Industria e Comercio Ltda. | Brazil | ||||||||||||||||||
Dow Corning do Brasil, Limitada | Brazil | ||||||||||||||||||
Dow Corning de Colombia Ltda. | Columbia | ||||||||||||||||||
Palmyra Recursos Naturais Exploracao e Comercio | Brazil | ||||||||||||||||||
Dow Corning Europe S.A. | Belgium | ||||||||||||||||||
Dow Corning France S.A.S. | France | ||||||||||||||||||
Multibase S.A. | France | ||||||||||||||||||
Multibase India Limited | India | ||||||||||||||||||
Multibase, Inc. | Delaware | ||||||||||||||||||
Dow Corning Korea Holdings, B.V. | Netherlands | ||||||||||||||||||
Dow Corning Korea, Ltd. | Korea | ||||||||||||||||||
Dow Corning Taiwan Inc. | Taiwan | ||||||||||||||||||
Dow Corning Luxembourg Holdings S.a.r.l. | Luxembourg | ||||||||||||||||||
Dow Corning GmbH | Germany | ||||||||||||||||||
Dow Corning Limited Liability Company | Russia | ||||||||||||||||||
Dow Corning S.r.l. | Italy | ||||||||||||||||||
Dow Corning Europe S.A. | Belgium | ||||||||||||||||||
Dow Corning Siloxane (Zhangjiagang) Holding Co. Private Ltd. | Singapore | ||||||||||||||||||
Dow Corning (Zhangjiagang) Co., Ltd. | China | ||||||||||||||||||
Dow Corning Singapore Pte. Ltd. | Singapore | ||||||||||||||||||
Dow Corning (China) Holding Company Ltd. | China | ||||||||||||||||||
Dow Corning (Thailand) Limited | Thailand | ||||||||||||||||||
Dow Corning (Shanghai) Co., Ltd. | China | ||||||||||||||||||
Dow Corning Silicones Malaysia SDN. BHD. | Malaysia | ||||||||||||||||||
DCC Litigation Facility, Inc. | Delaware | ||||||||||||||||||
Devonshire Underwriters Ltd. | District of Columbia | ||||||||||||||||||
Dow Corning (Thailand) Limited | Thailand | ||||||||||||||||||
Dow Corning (Zhangjiagang) Holding Company Limited | China | ||||||||||||||||||
Dow Corning Alabama, Inc. | Delaware | ||||||||||||||||||
Dow Corning China Limited | China | ||||||||||||||||||
Dow Corning de Colombia Ltda. | Columbia | ||||||||||||||||||
Dow Corning Enterprises, LLC | Delaware | ||||||||||||||||||
Dow Corning (Shanghai) Management Company Limited | China | ||||||||||||||||||
Dow Corning (Zhangjiagang) Silicone Co. Ltd. | China | ||||||||||||||||||
Dow Corning India Private Limited | India | ||||||||||||||||||
Dow Corning Ireland Limited | Ireland | ||||||||||||||||||
Dow Corning Polska Sp. z o.o. | Poland | ||||||||||||||||||
Dow Corning Titrisation | France | ||||||||||||||||||
Multibase, Inc. | Delaware |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Dow Corning GmbH | Germany | ||||||||||||||||||
Dow Corning Iberica S.A. | Spain | ||||||||||||||||||
Dow Corning New Zealand Limited | New Zealand | ||||||||||||||||||
Dow Corning STI, Inc. | Delaware | ||||||||||||||||||
Dow Corning Kimya Sanayi Ve Ticaret Limited Sirketi | Turkey | ||||||||||||||||||
Dow Corning Titrisation | France | ||||||||||||||||||
Hemlock Semiconductor, L.L.C. (1) | Delaware | ||||||||||||||||||
Hemlock Semiconductor, L.L.C. (1) | Delaware | ||||||||||||||||||
Valley Asset Funding, LLC | Delaware | ||||||||||||||||||
Valley Asset Leasing, LLC | Delaware | ||||||||||||||||||
Dow Deutschland Inc. | Delaware | ||||||||||||||||||
Dow Chemical Inter-American Limited | Delaware | ||||||||||||||||||
Dow Quimica de Colombia S.A. | Colombia | ||||||||||||||||||
Dow Engineering Company | Delaware | ||||||||||||||||||
Dow Engineering, Inc. | Michigan | ||||||||||||||||||
Dow Financial Services Inc. | Delaware | ||||||||||||||||||
Dow Global Technologies LLC | Delaware | ||||||||||||||||||
Chemtech Portfolio Inc. | Texas | ||||||||||||||||||
Stonehenge Community Development XVII, LLC | Delaware | ||||||||||||||||||
Dow Technology Investments LLC | Delaware | ||||||||||||||||||
Dow Hydrocarbons and Resources LLC | Delaware | ||||||||||||||||||
Cayuse Pipeline, Inc. | Texas | ||||||||||||||||||
Dow Intrastate Gas Company | Louisiana | ||||||||||||||||||
Dow Pipeline Company | Texas | ||||||||||||||||||
K/D/S Promix, LLC (1) | Texas | ||||||||||||||||||
Midland Pipeline Corp. | Delaware | ||||||||||||||||||
Fort Saskatchewan Ethylene Storage Corporation (1) | Canada | ||||||||||||||||||
Fort Saskatchewan Ethylene Storage Limited Partnership | Canada | ||||||||||||||||||
Dow Internacional Mexicana S.A. de C.V. | Mexico | ||||||||||||||||||
Dow International Financial Services | Ireland | ||||||||||||||||||
Dow Capital Public Limited Company | Ireland | ||||||||||||||||||
Dow International Holdings Company | Delaware | ||||||||||||||||||
Dow Netherlands Holdings LLC | Delaware | ||||||||||||||||||
DC Spectrum Holding C.V. | Netherlands | ||||||||||||||||||
DowBrands Inc. | Delaware | ||||||||||||||||||
Dow International Technology Corporation | Delaware | ||||||||||||||||||
Dow Kakoh Kabushiki Kaisha | Japan | ||||||||||||||||||
Dow Luxembourg Galaxy Holding S.a.r.l. | Luxembourg | ||||||||||||||||||
Dow Luxembourg Spectrum Holding S.a.r.l. | Luxembourg | ||||||||||||||||||
Dow Olefinverbund GmbH | Germany | ||||||||||||||||||
Dow Peru S.A. | Peru | ||||||||||||||||||
Dow Quimica Argentina S.R.L. | Argentina | ||||||||||||||||||
Dow Quimica Chilena S.A. | Chile | ||||||||||||||||||
Dow Quimica de Colombia S.A. | Colombia | ||||||||||||||||||
Dow Quimica Mexicana S.A. de C.V. | Mexico | ||||||||||||||||||
Dow Roofing Systems LLC | Delaware | ||||||||||||||||||
Dow South Africa Holdings (Pty) Ltd. | South Africa | ||||||||||||||||||
Sentrachem Limited | South Africa | ||||||||||||||||||
Cisvaal (Proprietary) Limited | South Africa | ||||||||||||||||||
Minchem International Inc. | Panama | ||||||||||||||||||
Dow Switzerland Holding GmbH | Switzerland | ||||||||||||||||||
DC Spectrum Holding C.V. | Netherlands | ||||||||||||||||||
Coöperatieve DC Prisma Holding U.A. | Netherlands | ||||||||||||||||||
Dow Dutch Holding B.V. | Netherlands |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
DC Galaxy Holding C.V. | Netherlands | ||||||||||||||||||
Dow International Holdings S.A. | Switzerland | ||||||||||||||||||
Dow International Holdings S.A. | Switzerland | ||||||||||||||||||
DC Galaxy Holding C.V. | Netherlands | ||||||||||||||||||
Dow Europe Holding B.V. | Netherlands | ||||||||||||||||||
BASF DOW HPPO B.V. (1) | Netherlands | ||||||||||||||||||
BASF DOW HPPO Technology B.V. (1) | Netherlands | ||||||||||||||||||
DoNedPa B.V. | Netherlands | ||||||||||||||||||
Dow Austria Gesellschaft m.b.H. | Austria | ||||||||||||||||||
Dow Belgium B.V.B.A. | Belgium | ||||||||||||||||||
Dow Benelux B.V. | Netherlands | ||||||||||||||||||
Dow Netwerk B.V. | Netherlands | ||||||||||||||||||
Polyol Belgium B.V.B.A. | Belgium | ||||||||||||||||||
Valuepark Terneuzen Beheer B.V. (1) | Netherlands | ||||||||||||||||||
Valuepark Terneuzen C.V. (1) | Netherlands | ||||||||||||||||||
Dow Beteiligungsgesellschaft mbH & Co. KG | Germany | ||||||||||||||||||
Dow Olefinverbund GmbH | Germany | ||||||||||||||||||
Dow Chemical Company Limited | United Kingdom | ||||||||||||||||||
Dow Chemical Services UK Limited | United Kingdom | ||||||||||||||||||
Dow Services Trustees UK Limited | United Kingdom | ||||||||||||||||||
Dow Trent Limited | United Kingdom | ||||||||||||||||||
Dow UK Limited | United Kingdom | ||||||||||||||||||
Hyperlast Limited | United Kingdom | ||||||||||||||||||
Rohm and Haas (Scotland) Limited | United Kingdom | ||||||||||||||||||
Dow Chemical East Africa Limited | Kenya | ||||||||||||||||||
Dow Chemical Iberica S.L. | Spain | ||||||||||||||||||
Terminal de Atraque de Productos Petroquimicos, A.I.E. (1) | Spain | ||||||||||||||||||
Transformadora de Etileno A.I.E. (1) | Spain | ||||||||||||||||||
Dow Chemical Korea Limited | Korea | ||||||||||||||||||
Dow Chemical OOO | Russia | ||||||||||||||||||
Dow Chemical Romania S.R.L. | Romania | ||||||||||||||||||
Dow Chemical West Africa Limited | Ghana | ||||||||||||||||||
Dow Deutschland Verwaltungs Vertriebs GmbH | Germany | ||||||||||||||||||
Dow Produktions und Vertriebs GmbH & Co. OHG | Germany | ||||||||||||||||||
Dow Stade Produktions GmbH & Co. OHG | Germany | ||||||||||||||||||
Dow Europe GmbH | Switzerland | ||||||||||||||||||
Dow Chemical IMEA GmbH | Switzerland | ||||||||||||||||||
Dow Egypt Services Limited | Egypt | ||||||||||||||||||
Dow International Finance S.a.r.l. | Luxembourg | ||||||||||||||||||
Dow Mideast Systems S.A.E. (JSC) | Egypt | ||||||||||||||||||
Dow Hellas A.E. | Greece | ||||||||||||||||||
Dow Hungary Kft. | Hungary | ||||||||||||||||||
Dow Industrial Chemical Products Nigeria Limited | Nigeria | ||||||||||||||||||
Dow InterBranch B.V. | Netherlands | ||||||||||||||||||
Business Process Service Center Terneuzen B.V. | Netherlands | ||||||||||||||||||
Dow Chemical East Africa Limited | Kenya | ||||||||||||||||||
Dow Danmark A/S | Denmark | ||||||||||||||||||
Dow Industrial Chemical Products Nigeria Limited | Nigeria | ||||||||||||||||||
Dow Mideast Systems S.A.E. (JSC) | Egypt | ||||||||||||||||||
Dow Norge A/S | Norway | ||||||||||||||||||
Dow Saudi Arabia Company | Saudi Arabia | ||||||||||||||||||
Dow Specialties Limited | Saudi Arabia | ||||||||||||||||||
PT Rohm and Haas Indonesia | Indonesia | ||||||||||||||||||
Rohm and Haas International SNC | France |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Rohm and Haas Latinoamerica, S. de R.L. de C.V. | Mexico | ||||||||||||||||||
Rohm and Haas Mexico, S. de R.L. de C.V. | Mexico | ||||||||||||||||||
Santa Vitoria Acucar e Alcool Ltda. | Brazil | ||||||||||||||||||
Dow Italia s.r.l. | Italy | ||||||||||||||||||
Dow AgroSciences Italia s.r.l. | Italy | ||||||||||||||||||
Dow Italia Divisione Commerciale s.r.l. | Italy | ||||||||||||||||||
Dow Mideast Systems S.A.E. (JSC) | Egypt | ||||||||||||||||||
Dow Egypt Services Limited | Egypt | ||||||||||||||||||
Dow Narmer Holding B.V. | Netherlands | ||||||||||||||||||
Rohm and Haas (UK) Holdings Ltd. | United Kingdom | ||||||||||||||||||
Morton International Limited | United Kingdom | ||||||||||||||||||
Rohm and Haas UK Investment Ltd. | United Kingdom | ||||||||||||||||||
Dow Olefinverbund GmbH | Germany | ||||||||||||||||||
Dow AgroSciences GmbH | Germany | ||||||||||||||||||
Dow Deutschland Anlagengesellschaft mbH | Germany | ||||||||||||||||||
Dow MF Verwaltungs GmbH | Germany | ||||||||||||||||||
Dow Produktions und Vertriebs GmbH & Co. OHG | Germany | ||||||||||||||||||
Dow Stade Produktions GmbH & Co. OHG | Germany | ||||||||||||||||||
Dow Pipeline Gesellschaft mbH & Co. KG | Germany | ||||||||||||||||||
Dow Pipeline Verwaltungsgesellschaft mbH | Germany | ||||||||||||||||||
Dow Polska Sp.z.o.o. | Poland | ||||||||||||||||||
Dow Portugal Produtos Quimicos, Unipessoal, Lda. | Portugal | ||||||||||||||||||
Dow Saudi Arabia Company | Saudi Arabia | ||||||||||||||||||
Dow Saudi Arabia Holding B.V. | Netherlands | ||||||||||||||||||
Dow Saudi Arabia Investment B.V. | Netherlands | ||||||||||||||||||
Dow Saudi Arabia Product Marketing B.V. | Netherlands | ||||||||||||||||||
Dow Southern Africa (Pty) Ltd | South Africa | ||||||||||||||||||
Rohm and Haas South Africa (PTY) Limited | South Africa | ||||||||||||||||||
Dow Specialties Limited | Saudi Arabia | ||||||||||||||||||
Dow Suomi OY | Finland | ||||||||||||||||||
Dow Sverige AB | Sweden | ||||||||||||||||||
Dow Turkiye Kimya Sanayi ve Ticaret Limited Sirketi | Turkey | ||||||||||||||||||
Rohm and Haas Kimya Sanayi Limited Sirketi | Turkey | ||||||||||||||||||
DowAksa Advanced Composites Holdings B.V. (1) | Netherlands | ||||||||||||||||||
Finndisp Ltd. | Russia | ||||||||||||||||||
HPPO Holding & Finance C.V. (1) | Netherlands | ||||||||||||||||||
MTP HPJV C.V. | Netherlands | ||||||||||||||||||
MTP HPJV Management B.V. | Netherlands | ||||||||||||||||||
Polyol Belgium B.V.B.A. | Belgium | ||||||||||||||||||
Rohm and Haas (UK) Limited | United Kingdom | ||||||||||||||||||
Rohm and Haas Denmark Bermuda GP ApS | Denmark | ||||||||||||||||||
Rohm and Haas Denmark Holding Company ApS | Denmark | ||||||||||||||||||
Rohm and Haas Espana Production Holding, S.L. | Spain | ||||||||||||||||||
Rohm and Haas Espana, S.L. | Spain | ||||||||||||||||||
Rohm and Haas Europe Services ApS | Denmark | ||||||||||||||||||
Rohm and Haas Europe Trading ApS | Denmark | ||||||||||||||||||
Rohm and Haas Italia S.r.l. | Italy | ||||||||||||||||||
Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S. | Turkey | ||||||||||||||||||
Rohm and Haas International SNC | France | ||||||||||||||||||
Dow France S.A.S. | France | ||||||||||||||||||
Rohm and Haas Electronic Materials Europe Ltd. | United Kingdom | ||||||||||||||||||
Rohm and Haas Nederland B.V. | Netherlands | ||||||||||||||||||
RUS Polyurethanes Holding B.V. | Netherlands | ||||||||||||||||||
Dow Izolan OOO | Russia |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Dow Izolan Ukraine LLC | Ukraine | ||||||||||||||||||
Specialty Electronic Materials Netherlands B.V. | Netherlands | ||||||||||||||||||
DSP S.A.S. | Netherlands | ||||||||||||||||||
Specialty Electronic Materials Switzerland GmbH | Switzerland | ||||||||||||||||||
Specialty Electronic Materials UK Limited | United Kingdom | ||||||||||||||||||
UC Investment B.V. | Netherlands | ||||||||||||||||||
EQUATE Marketing Company E.C. (1) | Bahrain | ||||||||||||||||||
Rofan Automation and Information Systems B.V. | Netherlands | ||||||||||||||||||
Terneuzen Partnership Services B.V. | Netherlands | ||||||||||||||||||
Valuepark Terneuzen C.V. (1) | Netherlands | ||||||||||||||||||
Dow Netherlands Investments LLC | Delaware | ||||||||||||||||||
Coöperatieve DC Prisma Holding U.A. | Netherlands | ||||||||||||||||||
Dow Venezuela, C.A. | Venezuela | ||||||||||||||||||
Dow Verwaltungsgesellschaft mbH | Germany | ||||||||||||||||||
DowDuPont Inc. (1) | Delaware | ||||||||||||||||||
Essex Chemical Corporation | New Jersey | ||||||||||||||||||
Essex Specialty Products LLC | New Jersey | ||||||||||||||||||
American Mortell Corporation | Texas | ||||||||||||||||||
Mortell Company | Delaware | ||||||||||||||||||
Dow Chemical (Wuhan) Company Limited | China | ||||||||||||||||||
Dow International Holdings Company | Delaware | ||||||||||||||||||
GWN Holding, Inc. | Delaware | ||||||||||||||||||
FilmTec Corporation | Delaware | ||||||||||||||||||
OMEX Overseas Holdings Inc. | Virgin Islands | ||||||||||||||||||
Zhejiang OMEX Environmental Engineering Co., Ltd. | China | ||||||||||||||||||
Flexible Products Company | Georgia | ||||||||||||||||||
Forbanco Inc. | Delaware | ||||||||||||||||||
General Latex and Chemical Corporation | Massachusetts | ||||||||||||||||||
GNS Enterprises, LLC | Georgia | ||||||||||||||||||
GNS Technologies, LLC | Georgia | ||||||||||||||||||
Great Western Pipeline Company, Inc. | California | ||||||||||||||||||
GWN Holding, Inc. | Delaware | ||||||||||||||||||
Dow Chemical Pacific (Singapore) Private Limited | Singapore | ||||||||||||||||||
DoCanPa B.V. | Netherlands | ||||||||||||||||||
Rohm and Haas Canada Investments ULC | Canada | ||||||||||||||||||
3229809 Nova Scotia Company | Canada | ||||||||||||||||||
Dow Investment Argentina S.R.L. | Argentina | ||||||||||||||||||
PBBPolisur S.R.L. | Argentina | ||||||||||||||||||
PBBPolisur S.R.L. | Argentina | ||||||||||||||||||
Rohm and Haas Canada LP | Canada | ||||||||||||||||||
Dow Investment Argentina S.R.L. | Argentina | ||||||||||||||||||
Rohm and Haas Canada LP | Canada | ||||||||||||||||||
Dow Chemical Canada ULC | Canada | ||||||||||||||||||
3294027 Nova Scotia Limited | Canada | ||||||||||||||||||
Fort Saskatchewan Ethylene Storage Limited Partnership | Canada | ||||||||||||||||||
Pétromont and Company, Limited Partnership (1) | Canada | ||||||||||||||||||
Pétromont Inc. (1) | Canada | ||||||||||||||||||
SD Group Service Company Limited (1) | Thailand | ||||||||||||||||||
Siam Polyethylene Company Limited (1) | Thailand | ||||||||||||||||||
Siam Polyethylene Company Limited (1) | Thailand | ||||||||||||||||||
Dow Chemical (Malaysia) Sdn. Bhd. | Malaysia | ||||||||||||||||||
Dow Chemical (Myanmar) Ltd. | Myanmar | ||||||||||||||||||
Dow Chemical Bangladesh Private Limited | Bangladesh | ||||||||||||||||||
Dow Chemical International Private Limited | India |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Dow Chemical Pacific Limited | Hong Kong | ||||||||||||||||||
Dow Chemical Vietnam Limited Liability Company | Vietnam | ||||||||||||||||||
Dow Netherlands Holding 1 B.V. | Netherlands | ||||||||||||||||||
Dow Brasil Industria e Comercio de Produtos Quimicos Ltda. | Brazil | ||||||||||||||||||
Dow Brasil Sudeste Industrial Ltda. | Brazil | ||||||||||||||||||
Dow Especialidades Quimicas Ltda. | Brazil | ||||||||||||||||||
Dow Especialidades Quimicas Ltda. | Brazil | ||||||||||||||||||
Dow Brasil Sudeste Industrial Ltda. | Brazil | ||||||||||||||||||
PT Dow Indonesia | Indonesia | ||||||||||||||||||
Voltas Water Solutions Private Limited (1) | India | ||||||||||||||||||
Ifco Inc. | Delaware | ||||||||||||||||||
Chemtech II L.P. | Delaware | ||||||||||||||||||
Liana Limited | Delaware | ||||||||||||||||||
Dorinco Reinsurance Company | Michigan | ||||||||||||||||||
Dorintal Reinsurance Limited | Vermont | ||||||||||||||||||
NuvoSun, Inc. | California | ||||||||||||||||||
NuvoSun (Shanghai) Co. Ltd. | China | ||||||||||||||||||
Photon Systems LLC | Delaware | ||||||||||||||||||
Rofan Services Inc. | Delaware | ||||||||||||||||||
Dow AgroSciences LLC | Delaware | ||||||||||||||||||
DowBrands Inc. | Delaware | ||||||||||||||||||
H Hotel Holding LLC | Delaware | ||||||||||||||||||
MVCC Limited Partnership | Delaware | ||||||||||||||||||
MVCC Limited Partnership | Delaware | ||||||||||||||||||
Mycogen Corporation | California | ||||||||||||||||||
Dow AgroSciences LLC | Delaware | ||||||||||||||||||
DAS Agricultural Investment Holding Company Ltd. | Mauritius | ||||||||||||||||||
Dow AgroSciences (China) Company Limited | China | ||||||||||||||||||
Dintec Agrichemicals LLC (1) | Delaware | ||||||||||||||||||
Dow AgroSciences Agricultural Products Limited | Mauritius | ||||||||||||||||||
Dow AgroSciences Singapore Pte. Ltd. | Singapore | ||||||||||||||||||
Dow AgroSciences India Pvt. Ltd. | India | ||||||||||||||||||
PT Dow AgroSciences Commerce Indonesia | Indonesia | ||||||||||||||||||
PT Dow AgroSciences Indonesia | Indonesia | ||||||||||||||||||
Dow AgroSciences B.V. | Netherlands | ||||||||||||||||||
Ambito DAS S.A. (1) | Argentina | ||||||||||||||||||
Cal/West Seeds S.R.L. | Argentina | ||||||||||||||||||
ChacoDAS S.A. (1) | Argentina | ||||||||||||||||||
DasAgro Uruguay S.A. | Uruguay | ||||||||||||||||||
Daser Agro S.A. (1) | Argentina | ||||||||||||||||||
Desab S.A. (1) | Argentina | ||||||||||||||||||
Dow AgroSciences (Jiangsu) Co., Ltd. | China | ||||||||||||||||||
Dow AgroSciences A.S. | Turkey | ||||||||||||||||||
Dow AgroSciences Asia Sdn. Bhd. | Malaysia | ||||||||||||||||||
Dow AgroSciences Australia Limited | Australia | ||||||||||||||||||
Advantage Wheats Pty Ltd | Australia | ||||||||||||||||||
Dow AgroSciences Bolivia S.A. | Bolivia | ||||||||||||||||||
Dow AgroSciences Canada Inc. | Canada | ||||||||||||||||||
Dow AgroSciences Chile S.A. | Chile | ||||||||||||||||||
Dow AgroSciences Costa Rica S.A. | Costa Rica | ||||||||||||||||||
Dow AgroSciences Danmark A/S | Denmark | ||||||||||||||||||
Dow AgroSciences de Colombia S.A. | Colombia | ||||||||||||||||||
Dow AgroSciences de Mexico S.A. de C.V. | Mexico | ||||||||||||||||||
Dow AgroSciences Export S.A.S. | France |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Dow AgroSciences Finance Company B.V. | Netherlands | ||||||||||||||||||
DDP Agro US Holding LLC | Delaware | ||||||||||||||||||
Dow AgroSciences Guatemala S.A. | Guatemala | ||||||||||||||||||
Dow AgroSciences Iberica S.A. | Spain | ||||||||||||||||||
Dow AgroSciences Limited | United Kingdom | ||||||||||||||||||
Dow AgroSciences Lithuania UAB | Lithuania | ||||||||||||||||||
Dow AgroSciences (Malaysia) Sdn Bhd | Malaysia | ||||||||||||||||||
Dow AgroSciences (NZ) Limited | New Zealand | ||||||||||||||||||
Dow AgroSciences OOO | Russia | ||||||||||||||||||
Dow AgroSciences Pacific Limited | Hong Kong | ||||||||||||||||||
Dow AgroSciences Paraguay S.A. | Paraguay | ||||||||||||||||||
Dow AgroSciences Bolivia S.A. | Bolivia | ||||||||||||||||||
Dow AgroSciences Polska Sp. z o.o. | Poland | ||||||||||||||||||
Dow AgroSciences S.A.S. | France | ||||||||||||||||||
Dow AgroSciences Distribution S.A.S. | France | ||||||||||||||||||
Dow AgroSciences s.r.o. | Czech Republic | ||||||||||||||||||
Dow AgroSciences Sverige A/B | Sweden | ||||||||||||||||||
Dow AgroSciences Taiwan Ltd. | Taiwan | ||||||||||||||||||
Dow AgroSciences Technology GmbH | Switzerland | ||||||||||||||||||
DDP Agro Switzerland Holding GmbH | Switzerland | ||||||||||||||||||
DDP AgroSciences Switzerland GmbH | Switzerland | ||||||||||||||||||
Dow AgroSciences Argentina S.R.L. | Argentina | ||||||||||||||||||
Dow AgroSciences Switzerland S.A. | Switzerland | ||||||||||||||||||
Dow AgroSciences Argentina S.R.L. | Argentina | ||||||||||||||||||
DasAgro Uruguay S.A. | Uruguay | ||||||||||||||||||
Dow AgroSciences Bolivia S.A. | Bolivia | ||||||||||||||||||
Dow AgroSciences Paraguay S.A. | Paraguay | ||||||||||||||||||
Dow AgroSciences Switzerland S.A. | Switzerland | ||||||||||||||||||
DDP Agro Netherlands Holding B.V. | Netherlands | ||||||||||||||||||
Coodetec Desenvolvimento, Producao e Comercializacao Agricola Ltda. | Brazil | ||||||||||||||||||
Dow AgroSciences Industrial Ltda. | Brazil | ||||||||||||||||||
Dow AgroSciences Sementes & Biotecnologia Brasil Ltda. | Brazil | ||||||||||||||||||
Nexsem Sementes Ltda. (1) | Brazil | ||||||||||||||||||
Dow AgroSciences Hungary Kft. | Hungary | ||||||||||||||||||
Dow AgroSciences Ukraine LLC | Ukraine | ||||||||||||||||||
Dow AgroSciences Ukraine LLC | Ukraine | ||||||||||||||||||
Dow AgroSciences Vertriebsgesellschaft m.b.H. | Austria | ||||||||||||||||||
Dow Chemical Japan Limited | Japan | ||||||||||||||||||
Dow Venezuela, C.A. | Venezuela | ||||||||||||||||||
Fedea S.A. (1) | Argentina | ||||||||||||||||||
PT Dow AgroSciences Indonesia | Indonesia | ||||||||||||||||||
PT Dow AgroSciences Commerce Indonesia | Indonesia | ||||||||||||||||||
Rindes y Cultivos DAS S.A. (1) | Argentina | ||||||||||||||||||
SUMIDAS JV S.A. (1) | Argentina | ||||||||||||||||||
Terramar JV S.A. (1) | Argentina | ||||||||||||||||||
Ubajay DAS S.A. (1) | Argentina | ||||||||||||||||||
Dow AgroSciences China Ltd. | Delaware | ||||||||||||||||||
Dow AgroSciences India Pvt. Ltd. | India | ||||||||||||||||||
Dow AgroSciences International Ltd. | Delaware | ||||||||||||||||||
Dow AgroSciences (Thailand) Limited | Thailand | ||||||||||||||||||
Dow AgroSciences Southern Africa (Proprietary) Limited | South Africa | ||||||||||||||||||
Sanachem Zimbabwe (Pvt) Ltd. | Zimbabwe | ||||||||||||||||||
Dow Chemical Pacific (Singapore) Private Limited | Singapore | ||||||||||||||||||
DowBrands Inc. | Delaware |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Mycogen Plant Science, Inc. | Delaware | ||||||||||||||||||
Agrigenetics, Inc. | Delaware | ||||||||||||||||||
Agrigenetics Molokai LLC | Hawaii | ||||||||||||||||||
Alforex Seeds LLC | Delaware | ||||||||||||||||||
Brodbeck Seeds LLC | Delaware | ||||||||||||||||||
Cal/West Seeds S.R.L. | Argentina | ||||||||||||||||||
Dairyland Seed Co., Inc. | Wisconsin | ||||||||||||||||||
Mycogen Seeds-Puerto Rico Corporation | Delaware | ||||||||||||||||||
Pfister Seeds LLC | Delaware | ||||||||||||||||||
Prairie Brand Seeds LLC | Delaware | ||||||||||||||||||
Texas Triumph Seed Co., Inc. | Texas | ||||||||||||||||||
Phytogen Seed Company, LLC | Delaware | ||||||||||||||||||
Rohm and Haas Company | Delaware | ||||||||||||||||||
Charles Lennig & Company LLC | Delaware | ||||||||||||||||||
Rohm and Haas Australia Pty. Ltd. | Australia | ||||||||||||||||||
Rohm and Haas Chile Limitada | Chile | ||||||||||||||||||
Rohm and Haas Colombia Ltda | Colombia | ||||||||||||||||||
Rohm and Haas Argentina S.R.L. | Argentina | ||||||||||||||||||
Rohm and Haas Australia Pty. Ltd. | Australia | ||||||||||||||||||
Rohm and Haas Chemicals LLC | Delaware | ||||||||||||||||||
CVD Incorporated | Delaware | ||||||||||||||||||
Morton Intermediate Company | Delaware | ||||||||||||||||||
Rohm and Haas Electronic Materials Taiwan Ltd. | Taiwan | ||||||||||||||||||
Morton International Co., Ltd. | Japan | ||||||||||||||||||
Morton International, LLC | Indiana | ||||||||||||||||||
Morton International Productos Quimicos Ltda. | Brazil | ||||||||||||||||||
Rohm and Haas Capital Corporation | Delaware | ||||||||||||||||||
Rohm and Haas Equity Corporation | Delaware | ||||||||||||||||||
GWN Holding, Inc. | Delaware | ||||||||||||||||||
ROH Venture GmbH | Germany | ||||||||||||||||||
StoHaas Management GmbH (1) | Germany | ||||||||||||||||||
StoHaas Monomer GmbH & Co. KG (1) | Germany | ||||||||||||||||||
Rohm and Haas (Far East) Limited | Hong Kong | ||||||||||||||||||
Rohm and Haas Chemical (Thailand) Limited | Thailand | ||||||||||||||||||
Rohm and Haas China, Inc. | Delaware | ||||||||||||||||||
Beijing Eastern Rohm and Haas Company Limited | China | ||||||||||||||||||
Rohm and Haas International Trading (Shanghai) Co. Ltd. | China | ||||||||||||||||||
Shanghai Eastern Rohm and Haas Co., Ltd. | China | ||||||||||||||||||
Rohm and Haas European Holding ApS | Denmark | ||||||||||||||||||
Rohm and Haas Denmark A/S | Denmark | ||||||||||||||||||
Rohm and Haas Denmark Finance A/S | Denmark | ||||||||||||||||||
Dow Chemical International Private Limited | India | ||||||||||||||||||
PT Rohm and Haas Indonesia | Indonesia | ||||||||||||||||||
RH DK ChemiHaas Holding ApS | Denmark | ||||||||||||||||||
RH DK Korea FPD Holdings ApS | Denmark | ||||||||||||||||||
SKC Haas Display Films Co., Ltd. | Korea | ||||||||||||||||||
SKC Haas Display Films (USA) LLC | Delaware | ||||||||||||||||||
SKC Haas Display Films Japan K.K. | Japan | ||||||||||||||||||
SKC Haas Display Films Taiwan Ltd. | Taiwan | ||||||||||||||||||
SKC Haas Polska Sp. z o.o. | Poland | ||||||||||||||||||
SKC Haas Display Films (Suzhou) Co., Ltd. | China | ||||||||||||||||||
RH DK Korea OLED Holdings ApS | Denmark | ||||||||||||||||||
Dow Chemical OLED Ltd. | Korea | ||||||||||||||||||
Rohm and Haas Electronic Materials Korea Ltd. | Korea |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
RH DK Mexico Holding ApS | Denmark | ||||||||||||||||||
Rohm and Haas Mexico, S. de R.L. de C.V. | Mexico | ||||||||||||||||||
RH DK Vietnam Holdings ApS | Denmark | ||||||||||||||||||
Rohm and Haas Vietnam Co., Ltd. | Vietnam | ||||||||||||||||||
Rohm and Haas Argentina S.R.L. | Argentina | ||||||||||||||||||
Rohm and Haas Asia (Sanshui) Specialty Coatings Investment ApS | Denmark | ||||||||||||||||||
Rohm and Haas (Foshan) Specialty Materials Co., Ltd. | China | ||||||||||||||||||
Rohm and Haas Chemicals Singapore Pte. Ltd. | Singapore | ||||||||||||||||||
Rohm and Haas China Holding ApS | Denmark | ||||||||||||||||||
Rohm and Haas (China) Holding Co., Ltd. | China | ||||||||||||||||||
Rohm and Haas Denmark Bermuda Holding Company ApS | Denmark | ||||||||||||||||||
RH Asia Holding GmbH | Switzerland | ||||||||||||||||||
Rohm and Haas Electronic Materials Asia Limited | Hong Kong | ||||||||||||||||||
RH Denmark Dongguan Holding Company ApS | Denmark | ||||||||||||||||||
Rohm and Haas Electronic Materials (Shanghai) Co., Ltd. | China | ||||||||||||||||||
Rohm and Haas Electronic Materials Singapore Pte. Ltd. | Singapore | ||||||||||||||||||
Rohm and Haas Electronic Materials Singapore Pte. Ltd. | Singapore | ||||||||||||||||||
Rohm and Haas Denmark China Investment ApS | Denmark | ||||||||||||||||||
Rohm and Haas Shanghai Chemical Industry Co., Ltd. | China | ||||||||||||||||||
Rohm and Haas HK Dongguan Holding Limited | Hong Kong | ||||||||||||||||||
Rohm and Haas Electronic Materials (Dongguan) Co., Ltd. | China | ||||||||||||||||||
Rohm and Haas Latinoamerica, S. de R.L. de C.V. | Mexico | ||||||||||||||||||
Rohm and Haas Singapore (Pte.) Ltd. | Singapore | ||||||||||||||||||
Rohm and Haas Korea Co., Ltd. | Korea | ||||||||||||||||||
Rohm and Haas Malaysia Sdn Bhd | Malaysia | ||||||||||||||||||
Rohm and Haas Texas Incorporated | Texas | ||||||||||||||||||
Battleground Water Company | Texas | ||||||||||||||||||
ROH Monomer Holding Company | Delaware | ||||||||||||||||||
Rohm and Haas Investment Holdings Inc. | Delaware | ||||||||||||||||||
Specialty Electronic Materials (Thailand) Company Limited | Thailand | ||||||||||||||||||
Rohm and Haas Wood Treatment LLC | Delaware | ||||||||||||||||||
Rohm and Haas Chile Limitada | Chile | ||||||||||||||||||
Rohm and Haas Colombia Ltda | Colombia | ||||||||||||||||||
Rohm and Haas Electronic Materials K.K. | Japan | ||||||||||||||||||
Rohm and Haas Japan Kabushiki Kaisha | Japan | ||||||||||||||||||
Japan Acrylic Chemical Co., Ltd. | Japan | ||||||||||||||||||
Rohm and Haas Equity Corporation | Delaware | ||||||||||||||||||
Rohm and Haas Electronic Materials CMP Inc. | Delaware | ||||||||||||||||||
Rohm and Haas Electronic Materials CMP Asia Inc. | Delaware | ||||||||||||||||||
Nitta Haas Trading Company | Japan | ||||||||||||||||||
Rohm and Haas Electronic Materials CMP Korea Ltd. | Korea | ||||||||||||||||||
Rohm and Haas Electronic Materials CMP Sdn. Bhd. | Malaysia | ||||||||||||||||||
Rohm and Haas Electronic Materials CMP Holdings, Inc. | Delaware | ||||||||||||||||||
Rohm and Haas International Holdings Inc. | Delaware | ||||||||||||||||||
Dow Chemical Singapore Holdings Pte. Ltd. | Singapore | ||||||||||||||||||
Dow Chemical (Australia) Pty Ltd | Australia | ||||||||||||||||||
Dow Australia Superannuation Fund Pty Limited | Australia | ||||||||||||||||||
Dow Chemical (NZ) Limited | New Zealand | ||||||||||||||||||
Dow Chemical International Private Limited | India | ||||||||||||||||||
Dow Chemical Korea Limited | Korea | ||||||||||||||||||
Rohm and Haas Asia Holdings B.V. | Netherlands | ||||||||||||||||||
Dow Chemical OLED Ltd. | Korea | ||||||||||||||||||
DSP Singapore Holdings Pte. Ltd. | Singapore | ||||||||||||||||||
CUPOSIT Electronic Materials Zhangjiagang Co., Ltd. | China |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Rohm and Haas Electronic Materials Asia-Pacific Co., Ltd. | Taiwan | ||||||||||||||||||
Rohm and Haas Electronic Materials Korea Ltd. | Korea | ||||||||||||||||||
Rohm and Haas Japan Holdings YK | Japan | ||||||||||||||||||
Nitta Haas Incorporated | Japan | ||||||||||||||||||
Rodel Particles, Inc. | Japan | ||||||||||||||||||
Rohm and Haas Taiwan, Inc. | Taiwan | ||||||||||||||||||
Rohm and Haas Electronic Materials LLC | Delaware | ||||||||||||||||||
Rohm and Haas Equity Corporation | Delaware | ||||||||||||||||||
Rohm and Haas Investment Holdings Inc. | Delaware | ||||||||||||||||||
Rohm and Haas New Zealand Limited | New Zealand | ||||||||||||||||||
Rohm and Haas Philippines, Inc. | Philippines | ||||||||||||||||||
Rohm and Haas Quimica Ltda. | Brazil | ||||||||||||||||||
Bee Chemical Industria e Comercio Ltda. | Brazil | ||||||||||||||||||
Specialty Electronic Materials Comercio de Produtos Quimicos Ltda | Brazil | ||||||||||||||||||
Shipley Brazil Productos Quimicos Ltda. | Brazil | ||||||||||||||||||
Santa Vitoria Acucar e Alcool Ltda. | Brazil | ||||||||||||||||||
Sentrachem US, Inc. | Delaware | ||||||||||||||||||
Hampshire Holdings, Inc. | Delaware | ||||||||||||||||||
Hampshire Chemical Corp. | Delaware | ||||||||||||||||||
Siam Polystyrene Company Limited (1) | Thailand | ||||||||||||||||||
Siam Styrene Monomer Company Limited (1) | Thailand | ||||||||||||||||||
Siam Synthetic Latex Company Limited (1) | Thailand | ||||||||||||||||||
TDCC Subsidiary C, Inc. | Delaware | ||||||||||||||||||
Univation Technologies, LLC | Delaware | ||||||||||||||||||
Univation Technologies (Hong Kong) Limited | Hong Kong | ||||||||||||||||||
Univation (Zhangjiagang) Chemical Company Limited | China | ||||||||||||||||||
Univation Technologies International, LLC | Delaware | ||||||||||||||||||
Tianjin Panda Terminal Holdings Pte. Ltd. | Singapore | ||||||||||||||||||
Tianjin Panda Terminal (Hong Kong) Limited | Hong Kong | ||||||||||||||||||
Tianjin Panda Terminal Company Limited | China | ||||||||||||||||||
U.S. Laboratories, Inc. | Ohio | ||||||||||||||||||
Administrative Business Systems, Inc. | Ohio | ||||||||||||||||||
POLY-CARB, Inc. | Ohio | ||||||||||||||||||
Union Carbide Corporation | New York | ||||||||||||||||||
Amerchol Corporation | Delaware | ||||||||||||||||||
Calidria Corporation | Delaware | ||||||||||||||||||
Carbide Chemical (Thailand) Limited | Thailand | ||||||||||||||||||
Dow International Holdings Company | Delaware | ||||||||||||||||||
Dow Quimica Argentina S.A. | Argentina | ||||||||||||||||||
Dow Quimica Mexicana S.A. de C.V. | Mexico | ||||||||||||||||||
Global Industrial Corporation | New York | ||||||||||||||||||
Peñuelas Technology Park LLC | Delaware | ||||||||||||||||||
Seadrift Pipeline Corporation | Delaware | ||||||||||||||||||
South Charleston Sewage Treatment Company | West Virginia | ||||||||||||||||||
UCAR Louisiana Pipeline Company | Delaware | ||||||||||||||||||
UCAR Pipeline Incorporated | Delaware | ||||||||||||||||||
Dow Quimica Argentina S.A. | Argentina | ||||||||||||||||||
Dow Quimica Chilena S.A. | Chile | ||||||||||||||||||
Dow Peru S.A. | Peru | ||||||||||||||||||
UCAR Emulsion Systems FZE | Dubai | ||||||||||||||||||
Umetco Minerals Corporation | Delaware | ||||||||||||||||||
Blue Creek Coal Company, Inc. | Delaware | ||||||||||||||||||
Predate Properties (Pty) Ltd. | South Africa | ||||||||||||||||||
Union Carbide Asia Limited | Hong Kong |
Subsidiaries of The Dow Chemical Company | EXHIBIT 21 | ||||||||||||||||||
At December 31, 2016 | |||||||||||||||||||
Location* | |||||||||||||||||||
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more. | |||||||||||||||||||
Union Carbide Asia Pacific, Inc. | Delaware | ||||||||||||||||||
Union Carbide Chemicals & Plastics Technology LLC | Delaware | ||||||||||||||||||
Dow Technology Investments LLC | Delaware | ||||||||||||||||||
Union Carbide Customer Services Pte. Ltd. | Singapore | ||||||||||||||||||
Union Carbide Middle East Limited | Delaware | ||||||||||||||||||
Union Carbide Philippines (Far East), Inc. | Philippines | ||||||||||||||||||
Union Carbide South Africa (Proprietary) Limited | South Africa | ||||||||||||||||||
Union Polymers Sdn. Bhd. | Malaysia | ||||||||||||||||||
Westbridge Insurance Ltd. | Vermont | ||||||||||||||||||
Warbler I LLC | Delaware | ||||||||||||||||||
* | Location of incorporation or organization. Primary location of organization is reported for partnerships. | ||||||||||||||||||
(1 | ) | These companies are 50 percent owned, nonconsolidated affiliates of The Dow Chemical Company and are accounted for as an equity method investment. Separate financial statements for these companies are not included in this Annual Report on Form 10-K. These companies are not controlled, directly or indirectly, by The Dow Chemical Company. Subsidiaries of these companies, if any, are not listed in this Exhibit 21. |
Consent of Independent Registered Public Accounting Firm | EXHIBIT 23(a) | |
Form S-3: | |
No. | 333-214289 |
Form S-4: | |
No. | 333-88443 |
333-209869 | |
Form S-8: | |
Nos. | 33-21748 |
33-52841 | |
33-61795 | |
333-27381 | |
333-40271 | |
333-43730 | |
333-67414 | |
333-91027 | |
333-103518 | |
333-103519 | |
333-105080 | |
333-122932 | |
333-145015 | |
333-162910 | |
333-181356 | |
333-207634 | |
333-209581 | |
333-209582 |
/s/ DELOITTE & TOUCHE LLP |
Deloitte & Touche LLP |
Midland, Michigan |
February 9, 2017 |
Ankura Consulting Group, LLC's Consent | EXHIBIT 23(b) | |
Form S-3: | |
No. | 333-214289 |
Form S-4: | |
No. | 333-88443 |
333-209869 | |
Form S-8: | |
Nos. | 33-21748 |
33-52841 | |
33-61795 | |
333-27381 | |
333-40271 | |
333-43730 | |
333-67414 | |
333-91027 | |
333-103518 | |
333-103519 | |
333-105080 | |
333-122932 | |
333-145015 | |
333-162910 | |
333-181356 | |
333-207634 | |
333-209581 | |
333-209582 |
/s/ B. THOMAS FLORENCE |
B. Thomas Florence |
Senior Managing Director |
Ankura Consulting Group, LLC |
February 9, 2017 |
The Dow Chemical Company and Subsidiaries | EXHIBIT 31(a) | |||
1. | I have reviewed this annual report on Form 10-K of The Dow Chemical Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ ANDREW N. LIVERIS |
Andrew N. Liveris |
Chief Executive Officer and |
Chairman of the Board |
The Dow Chemical Company and Subsidiaries | EXHIBIT 31(b) | |||
1. | I have reviewed this annual report on Form 10-K of The Dow Chemical Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ HOWARD I. UNGERLEIDER |
Howard I. Ungerleider |
Vice Chairman and Chief Financial Officer |
The Dow Chemical Company and Subsidiaries | EXHIBIT 32(a) | |||
1. | the Annual Report on Form 10-K of the Company for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ ANDREW N. LIVERIS |
Andrew N. Liveris |
Chief Executive Officer and |
Chairman of the Board |
February 9, 2017 |
The Dow Chemical Company and Subsidiaries | EXHIBIT 32(b) | |||
1. | the Annual Report on Form 10-K of the Company for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ HOWARD I. UNGERLEIDER |
Howard I. Ungerleider |
Vice Chairman and Chief Financial Officer |
February 9, 2017 |
6-0J6^/M#L2P"I!N7SF8A8
MMR^85R*5KF!&E1IHE>"))YD:1%:*&1I5CFE5F!CBD:"<)(X5',,H4DQN% )J
M*\G\>_'/X2?##4=+TGQYX\T#PU?:K:QZC##J%Q,5L]&EU&WTA/$.MSVL%S;^
M'/#)U6ZM],_X2?Q%-I7AX:A*MF=3%QNC'J!N[4"4FX@ MY5@G)FC @F=(I$A
MFRP\J5HYH7$3[9"DL3!2LB%@"Q14<4T4ZLT,D R_$G6?BGX"U/QSK?B[Q-XZU+3
MM2^#XG\):UJ>I>//ASX^L?#%QHMSX_GUK4_ ^G3^"[VWU?2[W7;NZOM1N_#'
MBR"XTO4?"OV36>8/_!*CPC_PC6I:/-\0-$U#6[^+XC+!XIU7X6Z5=:G9OXX_
M92\+_LX:+:VG_%1"XM_#_P /]6\.OXY\&>';>_6RT73FTGPG826U[HD7BVZ
M/TH\:?%_X8?#NWM+KQKX[\,>'(]0\21^#=/BU#5;87FI>,)]"U/Q-:>$M-L(
M&FOM0\4W^@Z-J>IZ;X=M+>76=2MK20V%E<.T:/TW_"6>&ETN#6I=ORX_X(E_\HD/^"='_ &:%\$__ %$;.OU'H **** "BBB@ HHHH **** "
MOF?X[VA35/#U]CBXL+VT+ =[6XAF4$YR<+=OCCUP>U?3%?)G[;7Q7^''[/\
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MNA:H$0%!=>(8=:U&12WG7LI)) /]2'P'_P %9/\ @GQX+_:N^&G[+
//B0VH22_N+:VOO#.@W>A123DI+J.L6%FD<
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M'=/\3^$#>7GA[X>ZCJVE7.OZ[KHTG7/$,6C7&FZFVCIJ>H>KZM_P4
"O@WX;UR23QK=>%F^
MVZ3J'CR#3KY=-M]"U:^N7\F[.EF[FE@6= C2H]S$LO]@- !1110 4444 ?
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M5\3?^%U?LL_LW?&+[7]N_P"%K? 7X/?$
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end
Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Jan. 31, 2017 |
Jun. 30, 2016 |
|
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | DOW CHEMICAL CO /DE/ | ||
Entity Central Index Key | 0000029915 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,213,311,580 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 55.8 |
Consolidated Statements of Income - USD ($) shares in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||
Net Sales | $ 48,158,000,000 | $ 48,778,000,000 | $ 58,167,000,000 | ||||||||
Cost of sales | 37,641,000,000 | 37,836,000,000 | 47,464,000,000 | ||||||||
Research and development expenses | 1,584,000,000 | 1,598,000,000 | 1,647,000,000 | ||||||||
Selling, general and administrative expenses | 3,304,000,000 | 2,971,000,000 | 3,106,000,000 | ||||||||
Amortization of intangibles | 544,000,000 | 419,000,000 | 436,000,000 | ||||||||
Goodwill and other intangible asset impairment losses | 0 | 0 | 50,000,000 | ||||||||
Restructuring charges (credits) | [1] | 452,000,000 | 415,000,000 | (3,000,000) | |||||||
Asbestos-related charge | 1,113,000,000 | [2] | 0 | 78,000,000 | [2] | ||||||
Equity in earnings of nonconsolidated affiliates | 442,000,000 | 674,000,000 | 835,000,000 | ||||||||
Sundry income (expense) - net | 1,202,000,000 | 4,592,000,000 | (27,000,000) | ||||||||
Interest income | 107,000,000 | 71,000,000 | 51,000,000 | ||||||||
Interest expense and amortization of debt discount | 858,000,000 | 946,000,000 | 983,000,000 | ||||||||
Income Before Income Taxes | 4,413,000,000 | 9,930,000,000 | 5,265,000,000 | ||||||||
Provision for income taxes | 9,000,000 | 2,147,000,000 | 1,426,000,000 | ||||||||
Net Income | 4,404,000,000 | 7,783,000,000 | 3,839,000,000 | ||||||||
Net income attributable to noncontrolling interests | 86,000,000 | 98,000,000 | 67,000,000 | ||||||||
Net Income Attributable to The Dow Chemical Company | 4,318,000,000 | 7,685,000,000 | 3,772,000,000 | ||||||||
Preferred stock dividends | (340,000,000) | (340,000,000) | (340,000,000) | ||||||||
Net Income Available for The Dow Chemical Company Common Stockholders | $ 3,978,000,000 | $ 7,345,000,000 | $ 3,432,000,000 | ||||||||
Per Common Share Data: | |||||||||||
Earnings per common share - basic (in dollars per share) | $ 3.57 | $ 6.45 | $ 2.91 | ||||||||
Earnings per common share - diluted (in dollars per share) | 3.52 | 6.15 | 2.87 | ||||||||
Dividends declared per share of common stock | $ 1.84 | $ 1.72 | $ 1.53 | ||||||||
Weighted-average common shares outstanding - basic | 1,108.1 | [3] | 1,130.1 | 1,170.9 | |||||||
Weighted-average common shares outstanding - diluted | 1,123.2 | 1,241.4 | 1,187.0 | ||||||||
|
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Net Income | $ 4,404 | $ 7,783 | $ 3,839 |
Other Comprehensive Income (Loss), Net of Tax | |||
Unrealized losses on investments | (4) | (94) | (19) |
Cumulative translation adjustments | (644) | (986) | (1,227) |
Pension and other postretirement benefit plans | (620) | 552 | (1,861) |
Derivative instruments | 113 | (122) | (83) |
Total other comprehensive income (loss) | (1,155) | (650) | (3,190) |
Comprehensive Income | 3,249 | 7,133 | 649 |
Comprehensive income attributable to noncontrolling interests, net of tax | 83 | 65 | 35 |
Comprehensive Income Attributable to The Dow Chemical Company | $ 3,166 | $ 7,068 | $ 614 |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Current Assets | ||
Cash and cash equivalents (variable interest entities restricted) | $ 75 | $ 158 |
Accounts and notes receivable: | ||
Trade (allowance for doubtful receivables) | 110 | 94 |
Investments | ||
Other investments (investments carried at fair value) | 1,959 | 1,866 |
Property | ||
Net property (variable interest entities restricted) | 961 | 1,717 |
Other Assets | ||
Other intangible assets (accumulated amortization) | 4,295 | 3,770 |
Liabilities and Equity | ||
Long-Term Debt (variable interest entities non-recourse) | $ 330 | $ 487 |
Stockholders' Equity | ||
Preferred stock, series A par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, series A liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock issued, shares | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Outstanding | 0 | 4,000,000 |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 |
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 |
Common Stock, Shares, Issued | 1,242,794,836 | 1,242,794,836 |
Treasury Stock, Shares | 31,661,501 | 125,853,161 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Operating Activities | |||||||
Net Income | $ 4,404 | $ 7,783 | $ 3,839 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 2,862 | 2,521 | 2,747 | ||||
Provision (Credit) for deferred income tax | (1,259) | 305 | 466 | ||||
Earnings of nonconsolidated affiliates less than dividends received | 243 | 142 | 121 | ||||
Pension contributions | (629) | (844) | (815) | ||||
Net gain on sales of investments | (116) | (95) | (76) | ||||
Net gain on sales of property, businesses and consolidated companies | (88) | (3,811) | (45) | ||||
Net (gain) loss on sales of ownership interests in nonconsolidated affiliates | (10) | (749) | 1 | ||||
Net gain on step acquisition of a nonconsolidated affiliate | (2,445) | (361) | 0 | ||||
Goodwill and other intangible asset impairment losses | 0 | 0 | 50 | ||||
Assets impairments and related costs | 143 | 144 | 23 | ||||
Restructuring charges (credits) | 452 | 415 | (3) | ||||
Loss on early extinguishment of debt | 0 | 8 | 0 | ||||
Asbestos-related charge | 1,113 | [1] | 0 | 78 | [1] | ||
Excess tax benefits from share-based payment arrangements | (57) | (41) | (42) | ||||
Other net loss | 113 | 172 | 70 | ||||
Changes in assets and liabilities, net of effects of acquired and divested companies: | |||||||
Accounts and notes receivable | (1,539) | (84) | (884) | ||||
Proceeds from interests in trade accounts receivable conduits | 1,257 | 1,034 | 1,079 | ||||
Inventories | 610 | 780 | 224 | ||||
Accounts payable | 458 | (681) | (79) | ||||
Other assets and liabilities | (34) | 878 | (252) | ||||
Cash provided by operating activities | 5,478 | 7,516 | 6,502 | ||||
Investing Activities | |||||||
Capital expenditures | (3,804) | (3,703) | (3,572) | ||||
Investment in gas field developments | (113) | 0 | 0 | ||||
Construction of assets pending sale / leaseback | (63) | 0 | (48) | ||||
Proceeds from sale / leaseback of assets | 87 | 3 | 470 | ||||
Payment into escrow account | (835) | 0 | 0 | ||||
Distribution from escrow account | 835 | 0 | 0 | ||||
Proceeds from sales of property, businesses and consolidated companies, net of cash divested | 284 | 2,383 | 119 | ||||
Acquisitions of property, businesses and consolidated companies, net of cash acquired | (187) | (123) | 0 | ||||
Purchases of previously leased assets | 0 | 46 | 0 | ||||
Cash acquired in step acquisition of nonconsolidated affiliate | 1,050 | 0 | 0 | ||||
Investments in consolidated companies, net of cash acquired | 0 | 0 | (5) | ||||
Investments in and loans to nonconsolidated affiliates | (1,020) | (803) | (270) | ||||
Distributions and loan repayments from nonconsolidated affiliates | 109 | 17 | 69 | ||||
Proceeds from sale of ownership interests in nonconsolidated affiliates | 22 | 1,528 | 8 | ||||
Purchases of investments | (577) | (1,246) | (643) | ||||
Proceeds from sales and maturities of investments | 733 | 640 | 767 | ||||
Cash used in investing activities | (3,479) | (1,350) | (3,105) | ||||
Financing Activities | |||||||
Changes in short-term notes payable | (33) | (82) | 74 | ||||
Proceeds from issuance of long-term debt | 32 | 1,383 | 2,448 | ||||
Payments on long-term debt | (588) | (1,114) | (747) | ||||
Purchases of treasury stock | (916) | (1,166) | (4,193) | ||||
Proceeds from issuance of common stock | 0 | 0 | 679 | ||||
Proceeds from sales of common stock | 398 | 508 | 269 | ||||
Transaction financing, debt issuance and other costs | (2) | (88) | (20) | ||||
Excess tax benefits from share-based payment arrangements | 57 | 41 | 42 | ||||
Distributions to noncontrolling interests | (176) | (112) | (91) | ||||
Contributions from noncontrolling interest | 0 | 17 | 36 | ||||
Purchases of noncontrolling interests | (202) | (175) | (60) | ||||
Dividends paid to stockholders | (2,462) | (2,253) | (2,020) | ||||
Cash used in financing activities | (3,892) | (3,041) | (3,583) | ||||
Effect of Exchange Rate Changes on Cash | (77) | (202) | (100) | ||||
Summary | |||||||
Increase (Decrease) in cash and cash equivalents | (1,970) | 2,923 | (286) | ||||
Cash and cash equivalents at beginning of year | 8,577 | 5,654 | 5,940 | ||||
Cash and cash equivalents at end of year | $ 6,607 | $ 8,577 | $ 5,654 | ||||
|
Consolidated Statements of Equity - USD ($) $ in Millions |
Total |
The Dow Chemical Company's Stockholder's Equity [Member] |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Loss [Member] |
Unearned ESOP Shares [Member] |
Treasury Stock [Member] |
Noncontrolling Interests [Member] |
---|---|---|---|---|---|---|---|---|---|---|
Stockholders' Equity Attributable to Parent, Beginning at Dec. 31, 2013 | $ 4,000 | $ 3,054 | $ 3,928 | $ 21,407 | $ (4,827) | $ (357) | $ (307) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Preferred stock converted to common stock | 0 | |||||||||
Common stock issued / sold | 53 | 895 | ||||||||
Stock-based compensation and allocation of ESOP shares | 30 | |||||||||
Preferred stock converted to common stock | 0 | |||||||||
Other | (7) | |||||||||
Net Income available for The Dow Chemical Company common stockholders | $ 3,432 | 3,432 | ||||||||
Dividends declared on common stock (per share - 2016: $1.84; 2015: $1.72; 2014: $1.53) | (1,777) | |||||||||
Dividend equivalents on participating securities | (17) | |||||||||
Other comprehensive loss | (3,190) | (3,190) | ||||||||
Shares acquired | (11) | |||||||||
Shares allocated to ESOP participants | 43 | |||||||||
Purchases | (4,193) | |||||||||
Issuances - compensation plans | 267 | |||||||||
Issuances - Preferred stock converted to common stock | 0 | |||||||||
Stockholders' Equity Attributable to Parent, Ending at Dec. 31, 2014 | $ 22,423 | 4,000 | 3,107 | 4,846 | 23,045 | (8,017) | (325) | (4,233) | ||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending at Dec. 31, 2014 | $ 931 | |||||||||
Total Equity, Ending at Dec. 31, 2014 | 23,354 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Preferred stock converted to common stock | 0 | |||||||||
Common stock issued / sold | 0 | 508 | ||||||||
Stock-based compensation and allocation of ESOP shares | (429) | |||||||||
Preferred stock converted to common stock | 0 | |||||||||
Other | 11 | |||||||||
Net Income available for The Dow Chemical Company common stockholders | 7,345 | 7,345 | ||||||||
Dividends declared on common stock (per share - 2016: $1.84; 2015: $1.72; 2014: $1.53) | (1,942) | |||||||||
Dividend equivalents on participating securities | (23) | |||||||||
Other comprehensive loss | (650) | (650) | ||||||||
Shares acquired | 0 | |||||||||
Shares allocated to ESOP participants | 53 | |||||||||
Purchases | (2,688) | |||||||||
Issuances - compensation plans | 766 | |||||||||
Issuances - Preferred stock converted to common stock | 0 | |||||||||
Stockholders' Equity Attributable to Parent, Ending at Dec. 31, 2015 | 25,374 | 25,374 | 4,000 | 3,107 | 4,936 | 28,425 | (8,667) | (272) | (6,155) | |
Stockholders' Equity Attributable to Noncontrolling Interest, Ending at Dec. 31, 2015 | 809 | 809 | ||||||||
Total Equity, Ending at Dec. 31, 2015 | 26,183 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Preferred stock converted to common stock | (4,000) | |||||||||
Common stock issued / sold | 0 | 398 | ||||||||
Stock-based compensation and allocation of ESOP shares | (376) | |||||||||
Preferred stock converted to common stock | (695) | |||||||||
Other | (1) | |||||||||
Net Income available for The Dow Chemical Company common stockholders | 3,978 | 3,978 | ||||||||
Dividends declared on common stock (per share - 2016: $1.84; 2015: $1.72; 2014: $1.53) | (2,037) | |||||||||
Dividend equivalents on participating securities | (28) | |||||||||
Other comprehensive loss | (1,155) | (1,155) | ||||||||
Shares acquired | (18) | |||||||||
Shares allocated to ESOP participants | 51 | |||||||||
Purchases | (916) | |||||||||
Issuances - compensation plans | 717 | |||||||||
Issuances - Preferred stock converted to common stock | 4,695 | |||||||||
Stockholders' Equity Attributable to Parent, Ending at Dec. 31, 2016 | 25,987 | $ 25,987 | $ 0 | $ 3,107 | $ 4,262 | $ 30,338 | $ (9,822) | $ (239) | $ (1,659) | |
Stockholders' Equity Attributable to Noncontrolling Interest, Ending at Dec. 31, 2016 | 1,242 | $ 1,242 | ||||||||
Total Equity, Ending at Dec. 31, 2016 | $ 27,229 |
Consolidated Statements of Equity (Parentheticals) - $ / shares |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Mar. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Retained Earnings [Abstract] | ||||||
Dividends declared on common stock (Per share) | $ 0.46 | $ 0.42 | $ 0.37 | $ 1.84 | $ 1.72 | $ 1.53 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements of The Dow Chemical Company and its subsidiaries (“Dow” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. Intercompany transactions and balances are eliminated in consolidation. Investments in nonconsolidated affiliates (20-50 percent owned companies, joint ventures and partnerships) are accounted for using the equity method. Adoption of Accounting Standards Update ("ASU") 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" and Other Prior Year Balance Sheet and Footnote Changes In the first quarter of 2016, the Company early adopted ASU 2015-17. The Company elected to apply the new guidance on a retrospective basis and, as a result, changes have been made to the presentation of deferred income tax assets and liabilities in the consolidated balance sheets at December 31, 2015. See Note 2 for additional information. A change was also made to the prior year consolidated balance sheets to reclassify prepaid tax assets of $293 million to "Other current assets." In addition, a change was made to the prior year consolidated balance sheets to reclassify $51 million from "Asbestos-related insurance receivables - noncurrent" to "Noncurrent receivables." The change was made to conform with current year presentation. A summary of the changes made to the consolidated balance sheets at December 31, 2015, is included in the table that follows.
Certain reclassifications of prior years' footnote disclosure amounts have been made to conform to the 2016 presentation. Change in Method of Accounting for Asbestos-Related Matters - Legal Costs In September 2014, Union Carbide Corporation ("Union Carbide"), a wholly owned subsidiary of the Company, began to implement a strategy designed to reduce and to ultimately stabilize and forecast defense and processing costs associated with asbestos-related matters. The strategy included a number of important changes including: invoicing protocols including capturing costs by plaintiff and review of existing counsel roles, work processes and workflow. Union Carbide also began utilizing enterprise legal management software, which enabled claim-specific tracking of asbestos-related defense costs. Union Carbide reviewed the information generated from this new strategy and determined that it now had the ability to reasonably estimate asbestos-related defense and processing costs for the same periods that it estimates asbestos-related resolution costs for pending and future claims. Union Carbide believes that including estimates of the liability for asbestos-related defense and processing costs provides a more complete assessment and measure of the liability associated with resolving asbestos-related matters, which Union Carbide and the Company believe is preferable in these circumstances. In the fourth quarter of 2016, the Company elected to change its method of accounting for Union Carbide's asbestos-related defense and processing costs from expensing as incurred to estimating and accruing a liability. The Company believes this change is preferable as asbestos-related defense and processing costs represent expenditures related to legacy activities that do not contribute to current or future revenue generating activities. The change is also reflective of the manner in which Union Carbide manages the asbestos-related exposure, including careful monitoring of the correlation between defense spending and resolution costs. Together, these two sources of cost more accurately represent the “total cost” of resolving asbestos-related claims now and in the future. In the fourth quarter of 2016, the Company added a new accounting policy for asbestos-related matters and updated its existing accounting policy for legal costs, as follows: Asbestos-Related Matters Accruals for asbestos-related matters, including defense and processing costs, are recorded based on an analysis of claim and resolution activity, defense spending, and pending and future claims. These accruals are assessed at each balance sheet date to determine if the asbestos-related liability remains appropriate. Accruals for asbestos-related matters are included in the consolidated balance sheets in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent.” Legal Costs The Company expenses legal costs as incurred, with the exception of defense and processing costs associated with asbestos-related matters. This accounting policy change has been reflected as a change in accounting estimate effected by a change in accounting principle. As a result of this accounting policy change, the Company recorded a pretax charge for asbestos-related defense and processing costs of $1,009 million in the fourth quarter of 2016, included in “Asbestos-related charge” in the consolidated statements of income (after-tax loss of $636 million or $0.57 per share). The Company’s total asbestos-related liability, including defense and processing costs, was $1,490 million at December 31, 2016, and is included in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent” in the consolidated balance sheets. See Note 15 for additional information. Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Foreign Currency Translation The local currency has been primarily used as the functional currency throughout the world. Translation gains and losses of those operations that use local currency as the functional currency are included in the consolidated balance sheets in "Accumulated other comprehensive loss" ("AOCL"). For certain subsidiaries, the U.S. dollar is used as the functional currency. This occurs when the subsidiary operates in an economic environment where the products produced and sold are tied to U.S. dollar-denominated markets, or when the foreign subsidiary operates in a hyper-inflationary environment. Where the U.S. dollar is used as the functional currency, foreign currency translation gains and losses are reflected in income. 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. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the consolidated balance sheets in “Accrued and other current liabilities” and “Other noncurrent obligations” at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the consolidated balance sheets as “Accounts and notes receivable - Other.” Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. Cash and Cash Equivalents Cash and cash equivalents include time deposits and investments with maturities of three months or less at the time of purchase. Financial Instruments The Company calculates the fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available for various types of financial instruments (such as forwards, options and swaps), the Company uses standard pricing models with market-based inputs that take into account the present value of estimated future cash flows. The Company utilizes derivatives to manage exposures to foreign currency exchange rates, commodity prices and interest rate risk. The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date. Changes in the fair value of these instruments are reported in income or AOCL, depending on the use of the derivative and whether it qualifies for hedge accounting treatment. Gains and losses on derivatives that are designated and qualify as cash flow hedging instruments are recorded in AOCL, to the extent the hedges are effective, until the underlying transactions are recognized in income. To the extent effective, gains and losses on derivative and nonderivative instruments used as hedges of the Company’s net investment in foreign operations are recorded in AOCL as part of the cumulative translation adjustment. The ineffective portions of cash flow hedges and hedges of net investment in foreign operations, if any, are recognized in income immediately. Gains and losses on derivatives designated and qualifying as fair value hedging instruments, as well as the offsetting losses and gains on the hedged items, are reported in income in the same accounting period. Derivatives not designated as hedging instruments are marked-to-market at the end of each accounting period with the results included in income. Inventories Inventories are stated at the lower of cost or market. The method of determining cost for each subsidiary varies among last-in, first-out (“LIFO”); first-in, first-out (“FIFO”); and average cost, and is used consistently from year to year. The Company routinely exchanges and swaps raw materials and finished goods with other companies to reduce delivery time, freight and other transportation costs. These transactions are treated as non-monetary exchanges and are valued at cost. Property Land, buildings and equipment, including property under capital lease agreements, are carried at cost less accumulated depreciation. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method, unless the asset was capitalized before 1997 when the declining balance method was used. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. In the case of disposals, assets and related accumulated depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in income. Impairment and Disposal of Long-Lived Assets The Company evaluates long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When undiscounted future cash flows are not expected to be sufficient to recover an asset’s carrying amount, the asset is written down to its fair value based on bids received from third parties or a discounted cash flow analysis based on market participant assumptions. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value, and depreciation is recognized over the remaining useful life of the assets. Goodwill and Other Intangible Assets The Company records goodwill when the purchase price of a business combination exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value. The Company primarily utilizes a discounted cash flow methodology to calculate the fair value of its reporting units. See Note 10 for further information on goodwill. Finite-lived intangible assets such as purchased customer lists, licenses, intellectual property, patents, trademarks and software, are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from three to twenty years. Intangible assets are reviewed for impairment or obsolescence annually, or more frequently when events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows. Asset Retirement Obligations The Company records asset retirement obligations as incurred and reasonably estimable, including obligations for which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the Company. The fair values of obligations are recorded as liabilities on a discounted basis and are accreted over time for the change in present value. Costs associated with the liabilities are capitalized and amortized over the estimated remaining useful life of the asset, generally for periods of 10 years or less. Investments Investments in debt and marketable equity securities (including warrants), primarily held by the Company’s insurance operations, are classified as trading, available-for-sale or held-to-maturity. Investments classified as trading are reported at fair value with unrealized gains and losses related to mark-to-market adjustments included in income. Those classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in AOCL. Those classified as held-to-maturity are recorded at amortized cost. The cost of investments sold is determined by FIFO or specific identification. The Company routinely reviews available-for-sale and held-to-maturity securities for other-than-temporary declines in fair value below the cost basis. When events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the security is written down to fair value, establishing a new cost basis. Revenue Sales are recognized when the revenue is realized or realizable, and the earnings process is complete. Approximately 99 percent of the Company’s sales in 2016 related to sales of product (99 percent in 2015 and 99 percent in 2014). The remaining 1 percent in 2016 primarily related to the Company’s insurance operations and licensing of patents and technology (1 percent in 2015 and 1 percent in 2014). Revenue for product sales is recognized as risk and title to the product transfer to the customer, which usually occurs at the time shipment is made. As such, title to the product passes when the product is delivered to the freight carrier. Dow’s standard terms of delivery are included in its contracts of sale, order confirmation documents and invoices. Freight costs and any directly related costs of transporting finished product to customers are recorded as “Cost of sales” in the consolidated statements of income. Revenue related to the Company’s insurance operations includes third-party insurance premiums, which are earned over the terms of the related insurance policies and reinsurance contracts. Revenue related to the initial licensing of patents and technology is recognized when earned; revenue related to running royalties is recognized according to licensee production levels. Severance Costs The Company routinely reviews its operations around the world in an effort to ensure competitiveness across its businesses and geographic areas. When the reviews result in a workforce reduction related to the shutdown of facilities or other optimization activities, severance benefits are provided to employees primarily under Dow’s ongoing benefit arrangements. These severance costs are accrued once management commits to a plan of termination including the number of employees to be terminated, their job classifications or functions, their locations and the expected termination date. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. Annual tax provisions include amounts considered sufficient to pay assessments that may result from examinations of prior year tax returns; however, the amount ultimately paid upon resolution of issues raised may differ from the amounts accrued. The Company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. The current portion of uncertain income tax positions is included in “Income taxes payable” and the long-term portion is included in “Other noncurrent obligations” in the consolidated balance sheets. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the Company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all dilutive potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
RECENT ACCOUNTING GUIDANCE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the fourth quarter of 2015, the Company adopted ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, and amortization of those costs should be reported as interest expense. This ASU was effective for annual and interim periods beginning after December 15, 2015, and early adoption was permitted for financial statements that had not been previously issued. The new guidance required retrospective application for each period presented in the balance sheet. This change is reflected in "Other current assets," "Deferred charges and other assets," "Long-term debt due within one year" and "Long-Term Debt" in the consolidated balance sheets on a retrospective basis and did not have a material impact on the consolidated financial statements. In the first quarter of 2016, the Company early adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU was effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, and may be applied prospectively or retrospectively, and early adoption was permitted. The change is reflected in "Deferred income tax assets" and "Deferred income tax liabilities" in the consolidated balance sheets on a retrospective basis and did not have a material impact on the consolidated financial statements. See Note 1 for additional information. Accounting Guidance Issued But Not Adopted as of December 31, 2016 In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which was issued in August 2015, revised the effective date for this ASU to annual and interim periods beginning on or after December 15, 2017, with early adoption permitted, but not earlier than the original effective date of annual and interim periods beginning on or after December 15, 2016, for public entities. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in ASU 2014-09. In May 2014, the FASB and International Accounting Standards Board formed The Joint Transition Resource Group for Revenue Recognition ("TRG"), consisting of financial statement preparers, auditors and users, to seek feedback on potential issues related to the implementation of the new revenue standard. As a result of feedback from the TRG, the FASB has issued additional guidance to provide clarification, implementation guidance and practical expedients to address some of the challenges of implementation. In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which is an amendment on assessing whether an entity is a principal or an agent in a revenue transaction. This amendment addresses issues to clarify the principal versus agent assessment and lead to more consistent application. In April 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing," which contains amendments to the new revenue recognition standard on identifying performance obligations and accounting for licenses of intellectual property. The amendments related to identifying performance obligations clarify when a promised good or service is separately identifiable and allows entities to disregard items that are immaterial in the context of a contract. The licensing implementation amendments clarify how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether revenue is recognized over time or at a point in time. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," which provides clarity and implementation guidance on assessing collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The new standards have the same effective date and transition requirements as ASU 2014-09. The Company has a team in place to analyze the impact of ASU 2014-09, and the related ASU's, across all revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. In 2016, the Company made significant progress on contract reviews and expects to complete the contract evaluations and validate results by the end of the first quarter of 2017. The Company has also started drafting its accounting policies and evaluating the new disclosure requirements and expects to complete its evaluations of the impacts of the accounting and disclosure requirements on its business processes, controls and systems by the end of the second quarter of 2017. Full implementation will be completed by the end of 2017. Based on analysis completed to date, the Company expects the potential impact on accounting for product sales and licensing arrangements to remain substantially unchanged. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," which applies to inventory that is measured using FIFO or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using LIFO. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company will adopt the new guidance in the first quarter of 2017, and the adoption of this guidance will not have a material impact on the consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02, "Leases (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 with lease terms of more than twelve months 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 will require 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 current U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, using a modified retrospective approach, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted in any annual or interim period for which financial statements have not yet been issued, and all amendments in the ASU that apply must be adopted in the same period. The Company will adopt the new guidance in the first quarter of 2017. Under the new guidance, excess tax benefits related to equity compensation will be recognized in the "Provision for income taxes" in the consolidated statements of income rather than in "Additional paid-in capital" in the consolidated balance sheets and will be applied on a prospective basis. Changes to the statements of cash flows related to the classification of excess tax benefits and employee taxes paid for share-based payment arrangements will be implemented on a retrospective basis. The Company does not expect further impacts from the guidance. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows with respect to eight specific cash flow issues. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The amendments should be applied using a retrospective transition method to each period presented, if practicable. Early adoption is permitted, including adoption in an interim period, and any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. All amendments must be adopted in the same period. The Company is currently evaluating the impact of adopting this guidance. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the beginning period of adoption. Early adoption is permitted in the first interim period of an annual reporting period for which financial statements have not been issued. The Company is currently evaluating the impact of adopting this guidance. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)", which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows, and, as a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. An entity with a material balance of restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted and the new guidance must be applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which provides guidance to entities to assist with evaluating when a set of transferred assets and activities (collectively, the "set") is a business and provides a screen to determine when a set is not a business. Under the new guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a prospective basis to any transactions occurring within the period of adoption. Early adoption is permitted for interim or annual periods in which the financial statements have not been issued. The Company is currently evaluating the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company is currently evaluating the impact of adopting this guidance. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Guidance [Text Block] | Adoption of Accounting Standards Update ("ASU") 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" and Other Prior Year Balance Sheet and Footnote Changes In the first quarter of 2016, the Company early adopted ASU 2015-17. The Company elected to apply the new guidance on a retrospective basis and, as a result, changes have been made to the presentation of deferred income tax assets and liabilities in the consolidated balance sheets at December 31, 2015. See Note 2 for additional information. A change was also made to the prior year consolidated balance sheets to reclassify prepaid tax assets of $293 million to "Other current assets." In addition, a change was made to the prior year consolidated balance sheets to reclassify $51 million from "Asbestos-related insurance receivables - noncurrent" to "Noncurrent receivables." The change was made to conform with current year presentation. A summary of the changes made to the consolidated balance sheets at December 31, 2015, is included in the table that follows.
Certain reclassifications of prior years' footnote disclosure amounts have been made to conform to the 2016 presentation. RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the fourth quarter of 2015, the Company adopted ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, and amortization of those costs should be reported as interest expense. This ASU was effective for annual and interim periods beginning after December 15, 2015, and early adoption was permitted for financial statements that had not been previously issued. The new guidance required retrospective application for each period presented in the balance sheet. This change is reflected in "Other current assets," "Deferred charges and other assets," "Long-term debt due within one year" and "Long-Term Debt" in the consolidated balance sheets on a retrospective basis and did not have a material impact on the consolidated financial statements. In the first quarter of 2016, the Company early adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU was effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, and may be applied prospectively or retrospectively, and early adoption was permitted. The change is reflected in "Deferred income tax assets" and "Deferred income tax liabilities" in the consolidated balance sheets on a retrospective basis and did not have a material impact on the consolidated financial statements. See Note 1 for additional information. Accounting Guidance Issued But Not Adopted as of December 31, 2016 In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which was issued in August 2015, revised the effective date for this ASU to annual and interim periods beginning on or after December 15, 2017, with early adoption permitted, but not earlier than the original effective date of annual and interim periods beginning on or after December 15, 2016, for public entities. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in ASU 2014-09. In May 2014, the FASB and International Accounting Standards Board formed The Joint Transition Resource Group for Revenue Recognition ("TRG"), consisting of financial statement preparers, auditors and users, to seek feedback on potential issues related to the implementation of the new revenue standard. As a result of feedback from the TRG, the FASB has issued additional guidance to provide clarification, implementation guidance and practical expedients to address some of the challenges of implementation. In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which is an amendment on assessing whether an entity is a principal or an agent in a revenue transaction. This amendment addresses issues to clarify the principal versus agent assessment and lead to more consistent application. In April 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing," which contains amendments to the new revenue recognition standard on identifying performance obligations and accounting for licenses of intellectual property. The amendments related to identifying performance obligations clarify when a promised good or service is separately identifiable and allows entities to disregard items that are immaterial in the context of a contract. The licensing implementation amendments clarify how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether revenue is recognized over time or at a point in time. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," which provides clarity and implementation guidance on assessing collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The new standards have the same effective date and transition requirements as ASU 2014-09. The Company has a team in place to analyze the impact of ASU 2014-09, and the related ASU's, across all revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. In 2016, the Company made significant progress on contract reviews and expects to complete the contract evaluations and validate results by the end of the first quarter of 2017. The Company has also started drafting its accounting policies and evaluating the new disclosure requirements and expects to complete its evaluations of the impacts of the accounting and disclosure requirements on its business processes, controls and systems by the end of the second quarter of 2017. Full implementation will be completed by the end of 2017. Based on analysis completed to date, the Company expects the potential impact on accounting for product sales and licensing arrangements to remain substantially unchanged. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," which applies to inventory that is measured using FIFO or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using LIFO. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company will adopt the new guidance in the first quarter of 2017, and the adoption of this guidance will not have a material impact on the consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02, "Leases (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 with lease terms of more than twelve months 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 will require 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 current U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, using a modified retrospective approach, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted in any annual or interim period for which financial statements have not yet been issued, and all amendments in the ASU that apply must be adopted in the same period. The Company will adopt the new guidance in the first quarter of 2017. Under the new guidance, excess tax benefits related to equity compensation will be recognized in the "Provision for income taxes" in the consolidated statements of income rather than in "Additional paid-in capital" in the consolidated balance sheets and will be applied on a prospective basis. Changes to the statements of cash flows related to the classification of excess tax benefits and employee taxes paid for share-based payment arrangements will be implemented on a retrospective basis. The Company does not expect further impacts from the guidance. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows with respect to eight specific cash flow issues. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The amendments should be applied using a retrospective transition method to each period presented, if practicable. Early adoption is permitted, including adoption in an interim period, and any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. All amendments must be adopted in the same period. The Company is currently evaluating the impact of adopting this guidance. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the beginning period of adoption. Early adoption is permitted in the first interim period of an annual reporting period for which financial statements have not been issued. The Company is currently evaluating the impact of adopting this guidance. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)", which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows, and, as a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. An entity with a material balance of restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted and the new guidance must be applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which provides guidance to entities to assist with evaluating when a set of transferred assets and activities (collectively, the "set") is a business and provides a screen to determine when a set is not a business. Under the new guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a prospective basis to any transactions occurring within the period of adoption. Early adoption is permitted for interim or annual periods in which the financial statements have not been issued. The Company is currently evaluating the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company is currently evaluating the impact of adopting this guidance. |
RESTRUCTURING |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING 2016 Restructuring On June 27, 2016, the Board of Directors of the Company approved a restructuring plan that incorporates actions related to the recent ownership restructure of Dow Corning Corporation ("Dow Corning"). These actions, aligned with Dow’s value growth and synergy targets, will result in a global workforce reduction of approximately 2,500 positions, with most of these positions resulting from synergies related to the Dow Corning transaction. These actions are expected to be substantially completed by June 30, 2018. As a result of these actions, the Company recorded pretax restructuring charges of $449 million in the second quarter of 2016 consisting of severance charges of $268 million, asset write-downs and write-offs of $153 million and costs associated with exit and disposal activities of $28 million. The impact of these charges is shown as "Restructuring charges (credits)" in the consolidated statements of income and reflected in the Company's segment results in the table that follows. The table also summarizes the activities related to the Company's 2016 restructuring reserve, which is included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.
Details regarding the components of the 2016 restructuring charge are discussed below: Severance Costs The restructuring charge included severance of $268 million for the separation of approximately 2,500 employees under the terms of the Company's ongoing benefit arrangements, primarily by June 30, 2018. These costs were charged against Corporate. At December 31, 2016, severance of $67 million was paid, leaving a liability of $201 million for approximately 1,700 employees. Impairment of Long-Lived Assets and Other Assets The restructuring charges related to the write-down and write-off of assets in the second quarter of 2016 totaled $153 million. Details regarding the write-downs and write-offs are as follows:
Costs Associated with Exit and Disposal Activities The restructuring charges for cost associated with exit and disposal activities, including contract cancellation penalties, environmental remediation and warranty liabilities, totaled $28 million in the second quarter of 2016, impacting Consumer Solutions ($5 million) and Infrastructure Solutions ($23 million). 2015 Restructuring On April 29, 2015, Dow's Board of Directors approved actions to further streamline the organization and optimize the Company’s footprint as a result of the separation of a significant portion of Dow’s chlorine value chain. These actions, which will further accelerate Dow’s value growth and productivity targets, will result in a reduction of approximately 1,750 positions across a number of businesses and functions and adjustments to the Company's asset footprint to enhance competitiveness. These actions are expected to be completed primarily by June 30, 2017. As a result of these actions, the Company recorded pretax restructuring charges of $375 million in the second quarter of 2015 consisting of severance costs of $196 million, asset write-downs and write-offs of $169 million and costs associated with exit and disposal activities of $10 million. In the fourth quarter of 2015, the Company recorded restructuring charge adjustments of $40 million, including severance costs of $39 million for the separation of approximately 500 additional positions as part of the Company's efforts to further streamline the organization, and $1 million of costs associated with exit and disposal activities. The impact of these charges is shown as "Restructuring charges (credits)" in the consolidated statements of income and reflected in the Company's segment results in the table that follows. The table also summarizes the activities related to the Company's 2015 restructuring reserve, which is included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.
The Company also recorded $14 million of restructuring charges to "Net income attributable to noncontrolling interests" in the consolidated statements of income for the noncontrolling interests' portion of the charge. Details regarding the components of the 2015 restructuring charges are discussed below: Severance Costs The restructuring charges recorded in the second quarter of 2015 included severance of $196 million for the separation of approximately 1,750 employees under the terms of the Company's ongoing benefit arrangements. In the fourth quarter of 2015, the Company recorded an additional charge of $39 million related to the separation of approximately 500 additional employees, primarily by June 30, 2017. These costs were charged against Corporate. At December 31, 2015, severance of $92 million was paid, leaving a liability of $143 million for approximately 1,250 employees. At December 31, 2016, severance of $190 million has been paid, leaving a liability of $45 million for approximately 290 employees. Impairment of Long-Lived Assets, Investments and Other Assets The restructuring charges related to the write-down and write-off of assets in the second quarter of 2015 totaled $169 million. Details regarding the write-downs and write-offs are as follows:
Costs Associated with Exit and Disposal Activities The restructuring charges for costs associated with exit and disposal activities, primarily environmental remediation and contract penalties, totaled $10 million in the second quarter of 2015, impacting Agricultural Sciences ($6 million), Consumer Solutions ($2 million) and Infrastructure Solutions ($2 million). In the fourth quarter of 2015, the Company increased the restructuring reserve for costs associated with exit and disposal activities by $1 million, impacting Agricultural Sciences. 2016 Adjustments to the 2015 Restructuring In 2016, the Company increased the 2015 restructuring reserve related to additional accruals for costs associated with exit and disposal activities by $6 million. In addition, a favorable adjustment was recorded for the impairment of long-lived assets of $3 million. The net change was included in "Restructuring charges (credits)" in the consolidated statements of income and reflected in Agricultural Sciences ($5 million charge), Consumer Solutions ($1 million charge) and Infrastructure Solutions ($3 million gain). 2014 Adjustments to the 4Q12 Restructuring Plan In 2014, the Company reduced the 4Q12 Restructuring reserve related to contract cancellation fees by $3 million. The impact of this adjustment is shown as "Restructuring charges (credits)" in the consolidated statements of income and reflected in Performance Materials & Chemicals. Dow expects to incur additional costs in the future related to its restructuring activities, as the Company continually looks for ways to enhance the efficiency and cost effectiveness of its operations, and to ensure competitiveness across its businesses and geographic areas. Future costs are expected to include demolition costs related to closed facilities and restructuring plan implementation costs; these costs will be recognized as incurred. The Company also 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. |
ACQUISITIONS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Description [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions [Text Block] | ACQUISITIONS Ownership Restructure of Dow Corning Corporation On June 1, 2016, the Company announced the closing of the transaction with Corning Incorporated ("Corning"), Dow Corning and HS Upstate Inc., (“Splitco”), pursuant to which Corning exchanged with Dow Corning its 50 percent equity interest in Dow Corning for 100 percent of the stock of Splitco which held Corning's historical proportional interest in the Hemlock Semiconductor Group ("HSC Group") and approximately $4.8 billion in cash (the “DCC Transaction”). As a result of the DCC Transaction, Dow Corning, previously a 50:50 joint venture between Dow and Corning, became a wholly owned subsidiary of Dow. In connection with the DCC Transaction, on May 31, 2016, Dow Corning incurred $4.5 billion of indebtedness in order to fund the contribution of cash to Splitco. See Notes 9, 10, 17 and 20 for additional information. At June 1, 2016, the Company's equity interest in Dow Corning, excluding the HSC Group, was $1,968 million and previously classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. This equity interest was remeasured to fair value. As a result, the Company recognized a non-taxable gain of $2,445 million in the second quarter of 2016, net of closing costs and other comprehensive loss related to the Company's interest in Dow Corning. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Consumer Solutions ($1,301 million) and Infrastructure Solutions ($1,144 million) segments. The Company recognized a tax benefit of $141 million on the DCC Transaction in the second quarter of 2016, primarily due to the reassessment of a previously recognized deferred tax liability related to the basis difference in the Company’s investment in Dow Corning. The Company utilized an income approach with a discounted cash flow model to determine the enterprise fair value of Dow Corning. The valuation process resulted in an enterprise fair value of $9,636 million. The following table summarizes the fair values of Dow Corning's assets and liabilities, excluding the HSC Group, which are now fully consolidated by Dow. The valuation process was complete at December 31, 2016.
The DCC Transaction resulted in the recognition of $3,229 million of goodwill which is not deductible for tax purposes. Goodwill largely consists of expected synergies resulting from the DCC Transaction. Cost synergies will be achieved through a combination of workforce consolidation and savings from actions such as harmonizing energy contracts at large sites, optimizing warehouse and logistics footprints, implementing materials and maintenance best practices, combining information technology service structures and leveraging existing research and development knowledge management systems. See Note 10 for additional information on goodwill, including the allocation by segment. The fair value of "Accounts and notes receivables - Trade" acquired was $647 million, with gross contractual amounts receivable of $654 million. The fair value step-up in "Inventories" acquired was an increase of $317 million, which was expensed to "Cost of sales" over a three-month period beginning on June 1, 2016, and is reflected in the Consumer Solutions ($147 million) and Infrastructure Solutions ($170 million) segments. Liabilities assumed from Dow Corning on June 1, 2016, included certain contingent liabilities relating to breast implant and other product liability claims which were valued at $290 million and included in "Other noncurrent obligations" and commercial creditor issues which were valued at $105 million and included in “Accrued and other current liabilities” in the consolidated balance sheets. See Note 15 for additional information on these contingent liabilities. Gross operating loss carryforwards of $568 million were assumed from Dow Corning on June 1, 2016. The operating loss carryforwards expire either in years beyond 2020 or have an indefinite carryforward period. The following table summarizes the major classes of assets and liabilities underlying the deferred tax assets and liabilities resulting from the DCC Transaction:
The Company evaluated the disclosure requirements under Accounting Standards Codification ("ASC") 805 "Business Combinations" and determined the DCC Transaction was not a material business combination for purposes of disclosing the revenue and earnings of Dow Corning since the date of the ownership restructure as well as supplemental pro forma information. Beginning in June 2016, the results of Dow Corning, excluding the HSC Group, are fully consolidated in the Company’s consolidated statements of income. Prior to June 2016, the Company’s 50 percent share of Dow Corning’s results of operations was reported in “Equity in earnings of nonconsolidated affiliates” in the consolidated statements of income. The results of the HSC Group continue to be treated as an equity method investment and reported as “Equity in earnings of nonconsolidated affiliates” in the consolidated statements of income. Acquisition of Cooperativa Central de Pesquisa Agrícola's Seed Business On January 30, 2015, Dow AgroSciences LLC ("DAS") acquired Cooperativa Central de Pesquisa Agrícola's ("Coodetec") seed business for $169 million, of which $121 million was paid in 2015, $24 million was paid in 2016 and the remaining portion will be paid by the end of the first quarter of 2017. The acquisition of Coodetec's seed business is expected to advance the development of Dow AgroSciences' soybean program and strengthen the Company’s position in the corn market segment. The following table summarizes the fair values of the assets acquired and liabilities assumed from Coodetec on January 30, 2015. The valuation process was complete at December 31, 2015.
Step Acquisition of Univation Technologies, LLC On May 5, 2015, Univation Technologies, LLC ("Univation"), previously a 50:50 joint venture between Dow and ExxonMobil Chemical Company ("ExxonMobil"), became a wholly owned subsidiary of Dow as a result of ExxonMobil redeeming its entire equity interest in Univation in exchange for certain assets and liabilities of Univation. The Company's equity interest in Univation of $159 million, previously classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets, was remeasured to fair value which resulted in a non-taxable gain of $361 million recognized in the second quarter of 2015, included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Plastics segment. The following table summarizes the fair values of Univation's remaining assets and liabilities on May 5, 2015, which are fully consolidated by Dow. The valuation process was complete at December 31, 2015.
Beginning in May 2015, Univation's results of operations were fully consolidated in the Company's consolidated statements of income. Prior to May 2015, the Company's 50 percent share of Univation's results of operations was reported as "Equity in earnings of nonconsolidated affiliates" in the consolidated statements of income. |
DIVESTITURES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures [Text block] | DIVESTITURES Divestiture of the Global Sodium Borohydride Business On January 30, 2015, the Company sold its global Sodium Borohydride business ("SBH"), part of the Performance Materials & Chemicals segment, to Vertellus Performance Chemicals LLC. The divestiture included a manufacturing facility located in Elma, Washington, as well as the associated business, inventory, customer contracts and lists, process technology, business know-how and certain intellectual property. The sale was completed for $184 million, net of working capital adjustments and costs to sell, with proceeds subject to customary post-closing adjustments. Post-closing adjustments were finalized in the fourth quarter of 2015. In 2015, the Company recognized a pretax gain of $20 million on the sale, including post-closing adjustments of $2 million. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment. The Company recognized an after-tax loss of $10 million on the sale, primarily due to non-deductible goodwill included with this transaction.
Divestiture of ANGUS Chemical Company On February 2, 2015, the Company sold ANGUS Chemical Company (“ANGUS”), part of the Performance Materials & Chemicals segment, to Golden Gate Capital. The divestiture included the business headquarters and research and development facility in Buffalo Grove, Illinois; manufacturing facilities located in Sterlington, Louisiana, and Ibbenbueren, Germany; a packaging facility in Niagara Falls, New York; as well as the associated business, inventory, customer contracts, process technology, business know-how and certain intellectual property. The sale was completed for $1,151 million, net of working capital adjustments, costs to sell and other transaction expenses, with proceeds subject to customary post-closing adjustments. The proceeds included a $10 million note receivable included in "Noncurrent receivables" in the consolidated balance sheets. Post-closing adjustments were finalized in the fourth quarter of 2015. In 2015, the Company recognized a pretax gain of $682 million on the sale, including post-closing adjustments of $12 million. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment.
Divestiture of the AgroFresh Business On July 31, 2015, the Company sold its AgroFresh business, part of the Agricultural Sciences segment, to Boulevard Acquisition Corp., which was subsequently renamed AgroFresh Solutions, Inc. (“AFSI”). The divestiture included trade receivables, inventory, property, customer lists, trademarks and certain intellectual property. The sale was completed for $859 million, net of working capital adjustments, costs to sell and other transaction expenses, with proceeds subject to customary post-closing adjustments. The proceeds included a $635 million cash payment; 17.5 million common shares of AFSI, which represented a 35 percent equity interest valued at $210 million based on the closing stock price on July 31, 2015 and included in “Investment in nonconsolidated affiliates” in the consolidated balance sheets; and, a receivable for six million warrants to purchase common shares of AFSI, which was valued at $14 million and classified as “Accounts and notes receivable - other” in the consolidated balance sheets. The Company is also eligible to receive contingent consideration of $50 million, subject to certain performance conditions. In addition, the Company has an ongoing tax receivable agreement with AFSI, where AFSI is obligated to share with Dow tax savings associated with the purchase of the AgroFresh business. The Company did not recognize the contingent consideration or tax receivable agreement as proceeds. In 2015, the Company recognized a pretax gain of $626 million on the sale (including post-closing adjustments of $2 million), of which $128 million related to the Company's retained equity interest in AFSI. The pretax gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Agricultural Sciences segment.
In the fourth quarter of 2016, as a result of a decline in the market value of AFSI, the Company recognized a $143 million pretax impairment charge related to its equity interest in AFSI. The Company also recognized a pretax loss of $20 million for post-closing adjustments related to non-cash consideration. The impairment charge and the post-closing adjustment are both included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Agricultural Sciences segment. At December 31, 2016, the Company has yet to receive the warrants. See Notes 9, 12 and 20 for further information on the Company’s equity interest and variable interests in AFSI. The Company evaluated the divestitures of SBH, ANGUS and AgroFresh and determined they did not represent a strategic shift that had a major effect on the Company’s operations and financial results and did not qualify as individually significant components of the Company. As a result, these divestitures were not reported as discontinued operations. Divestiture of Investment in MEGlobal On December 23, 2015, the Company completed the sale of its ownership interest in MEGlobal, a nonconsolidated affiliate, to EQUATE Petrochemical Company K.S.C. ("EQUATE"). The Company received pretax proceeds of $1,472 million, net of costs to sell and other transaction expenses. The Company eliminated 42.5 percent of the gain on the sale (equivalent to Dow's ownership interest in EQUATE), or $555 million. In 2015, the Company recorded a pretax gain of $723 million on the sale, which is included in “Sundry income (expense) – net” in the consolidated statements of income and reflected in Performance Materials & Chemicals. The Company recognized an after-tax gain of $589 million on the sale. See Note 9 for further information on the Company’s equity interest in EQUATE. Divestiture of Polypropylene Licensing and Catalysts Business On December 2, 2013, the Company sold its global Polypropylene Licensing and Catalysts business to W. R. Grace & Co. Post-closing adjustments were finalized in the fourth quarter of 2014 and the Company recorded a pretax gain of $5 million ($3 million after tax) for the post-closing adjustments. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Performance Plastics. REVERSE MORRIS TRUST TRANSACTION On October 5, 2015, (i) the Company completed the transfer of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses ("chlorine value chain") into a new company ("Splitco"), (ii) participating Dow shareholders tendered, and the Company accepted, Dow shares for Splitco shares in a public exchange offer, and (iii) Splitco merged with a wholly owned subsidiary of Olin Corporation ("Olin") in a tax-efficient Reverse Morris Trust transaction (collectively, the “Transaction”). The Transaction was subject to Olin shareholder approval, customary regulatory approvals, tax authority rulings including a favorable private letter ruling from the U.S. Internal Revenue Service which confirms the Transaction to be substantially free of U.S. federal income tax, and expiration of the public exchange offer. Dow does not have an ownership interest in Olin as a result of the Transaction. Under the terms of a debt exchange offer, Dow received $1,220 million principal amount of new debt instruments from Splitco, which were subsequently transferred to certain investment banks in a non-cash fair value exchange for $1,154 million principal amount of the Company’s outstanding debt instruments owned by such investment banks. As a result of this debt exchange offer and related transactions, the Company retired $1,161 million of certain notes and recognized a $68 million loss on the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income as a component of the pretax gain on the Transaction and reflected in Corporate. See Note 17 for additional information on the early extinguishment of debt. Dow shareholders who elected to participate in the public exchange offer tendered 34.1 million shares of Dow common stock in exchange for 100 million shares of Splitco. Following the merger of Splitco with Olin, each share of Splitco common stock was automatically converted to the right to receive 0.87482759 shares of Olin common stock, or 87.5 million shares, which represented approximately 52.7 percent of Olin’s common stock outstanding. As a result of this non-cash share exchange offer, the Company recorded an increase of $1,523 million in “Treasury stock at cost” in the consolidated balance sheets, which is valued based on Dow’s opening stock price on October 5, 2015. The Company’s outstanding common shares were reduced by 3 percent as a result of the Transaction. Under the terms of the Transaction, Dow received cash proceeds of $875 million in the form of a one-time special payment from Splitco from proceeds received from a term loan and included in "Proceeds from issuance of long-term debt" in the consolidated statements of cash flows. The Company also received a $434 million advance payment from Olin, included in "Other assets and liabilities" in the consolidated statements of cash flows, related to a long-term ethylene supply agreement, of which $16 million was classified as "Accrued and other current liabilities" and $418 million was classified as "Other noncurrent obligations" in the consolidated balance sheets at the time of receipt. The Transaction also resulted in numerous long-term supply, service and purchase agreements between Dow and Olin. In connection with the Transaction, the Company purchased Mitsui & Co. Texas Chlor-Alkali Inc.’s (“Mitsui”) 50 percent equity interest in a membrane chlor-alkali joint venture (“JV Entity”), which resulted in Dow becoming the sole equity owner of the JV Entity. The Company purchased Mitsui's equity interest for $133 million, which resulted in a loss of $25 million included in "Sundry income (expense) - net" in the consolidated statements of income and included as a component of the pretax gain on the Transaction. The JV Entity was included in the transfer of the chlorine value chain to Splitco. See Note 20 for further information on the acquisition of Mitsui’s equity interest in the JV Entity. The Company also transferred $439 million of net unfunded defined pension and other postretirement benefit obligations in the United States and Germany to Olin. See Note 18 for further details. The following table presents the major classes of assets and liabilities divested in the Transaction, by operating segment:
In the fourth quarter of 2015, the Company completed the split-off of the chlorine value chain for $3,510 million, net of working capital adjustments and costs to sell, with proceeds subject to post-closing adjustments. The proceeds included cash received from Splitco in the form of a one-time special payment from proceeds received from a term loan, the principal amount of the Splitco debt included in the debt exchange offer and the market value of the Dow common shares tendered in the public exchange offer. The Company recognized a pretax gain of $2,233 million on the Transaction, which is the excess of the sum of the net proceeds received over the chlorine value chain's net book value, a loss on the early extinguishment of debt and a loss on the acquisition of Mitsui's noncontrolling interest. The pretax gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the following operating segments: Performance Materials & Chemicals (gain of $1,984 million), Performance Plastics (gain of $317 million), and Corporate (loss of $68 million). The Company recognized an after-tax gain of $2,215 million, primarily due to the tax-efficient nature of the Transaction. In 2016, the Company recognized a pretax gain of $6 million for post-closing adjustments, including a $5 million reduction to the net unfunded defined pension and other postretirement benefit obligation. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment. See Note 18 for additional information. The Company did not report the historical results of the chlorine value chain as discontinued operations in Dow's financial statements as the divestiture of these businesses did not represent a strategic shift that had a major effect on the Company's operations and financial results. However, the chlorine value chain was considered an individually significant component and select income statement information is presented below:
(1) Income statement information for 2015 includes results through September 30, 2015. (2) Excludes transaction costs associated with the separation of the chlorine value chain, which are reported below. In 2015, the Company incurred pretax charges of $119 million ($49 million in 2014) for nonrecurring transaction costs associated with the separation of the chlorine value chain, consisting primarily of financial and professional advisory fees, legal fees and information systems infrastructure costs. These charges, which are part of costs associated with transactions and productivity actions, were included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Corporate. |
REVERSE MORRIS TRUST TRANSACTION (Notes) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVERSE MORRIS TRUST TRANSACTION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestitures [Text block] | DIVESTITURES Divestiture of the Global Sodium Borohydride Business On January 30, 2015, the Company sold its global Sodium Borohydride business ("SBH"), part of the Performance Materials & Chemicals segment, to Vertellus Performance Chemicals LLC. The divestiture included a manufacturing facility located in Elma, Washington, as well as the associated business, inventory, customer contracts and lists, process technology, business know-how and certain intellectual property. The sale was completed for $184 million, net of working capital adjustments and costs to sell, with proceeds subject to customary post-closing adjustments. Post-closing adjustments were finalized in the fourth quarter of 2015. In 2015, the Company recognized a pretax gain of $20 million on the sale, including post-closing adjustments of $2 million. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment. The Company recognized an after-tax loss of $10 million on the sale, primarily due to non-deductible goodwill included with this transaction.
Divestiture of ANGUS Chemical Company On February 2, 2015, the Company sold ANGUS Chemical Company (“ANGUS”), part of the Performance Materials & Chemicals segment, to Golden Gate Capital. The divestiture included the business headquarters and research and development facility in Buffalo Grove, Illinois; manufacturing facilities located in Sterlington, Louisiana, and Ibbenbueren, Germany; a packaging facility in Niagara Falls, New York; as well as the associated business, inventory, customer contracts, process technology, business know-how and certain intellectual property. The sale was completed for $1,151 million, net of working capital adjustments, costs to sell and other transaction expenses, with proceeds subject to customary post-closing adjustments. The proceeds included a $10 million note receivable included in "Noncurrent receivables" in the consolidated balance sheets. Post-closing adjustments were finalized in the fourth quarter of 2015. In 2015, the Company recognized a pretax gain of $682 million on the sale, including post-closing adjustments of $12 million. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment.
Divestiture of the AgroFresh Business On July 31, 2015, the Company sold its AgroFresh business, part of the Agricultural Sciences segment, to Boulevard Acquisition Corp., which was subsequently renamed AgroFresh Solutions, Inc. (“AFSI”). The divestiture included trade receivables, inventory, property, customer lists, trademarks and certain intellectual property. The sale was completed for $859 million, net of working capital adjustments, costs to sell and other transaction expenses, with proceeds subject to customary post-closing adjustments. The proceeds included a $635 million cash payment; 17.5 million common shares of AFSI, which represented a 35 percent equity interest valued at $210 million based on the closing stock price on July 31, 2015 and included in “Investment in nonconsolidated affiliates” in the consolidated balance sheets; and, a receivable for six million warrants to purchase common shares of AFSI, which was valued at $14 million and classified as “Accounts and notes receivable - other” in the consolidated balance sheets. The Company is also eligible to receive contingent consideration of $50 million, subject to certain performance conditions. In addition, the Company has an ongoing tax receivable agreement with AFSI, where AFSI is obligated to share with Dow tax savings associated with the purchase of the AgroFresh business. The Company did not recognize the contingent consideration or tax receivable agreement as proceeds. In 2015, the Company recognized a pretax gain of $626 million on the sale (including post-closing adjustments of $2 million), of which $128 million related to the Company's retained equity interest in AFSI. The pretax gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Agricultural Sciences segment.
In the fourth quarter of 2016, as a result of a decline in the market value of AFSI, the Company recognized a $143 million pretax impairment charge related to its equity interest in AFSI. The Company also recognized a pretax loss of $20 million for post-closing adjustments related to non-cash consideration. The impairment charge and the post-closing adjustment are both included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Agricultural Sciences segment. At December 31, 2016, the Company has yet to receive the warrants. See Notes 9, 12 and 20 for further information on the Company’s equity interest and variable interests in AFSI. The Company evaluated the divestitures of SBH, ANGUS and AgroFresh and determined they did not represent a strategic shift that had a major effect on the Company’s operations and financial results and did not qualify as individually significant components of the Company. As a result, these divestitures were not reported as discontinued operations. Divestiture of Investment in MEGlobal On December 23, 2015, the Company completed the sale of its ownership interest in MEGlobal, a nonconsolidated affiliate, to EQUATE Petrochemical Company K.S.C. ("EQUATE"). The Company received pretax proceeds of $1,472 million, net of costs to sell and other transaction expenses. The Company eliminated 42.5 percent of the gain on the sale (equivalent to Dow's ownership interest in EQUATE), or $555 million. In 2015, the Company recorded a pretax gain of $723 million on the sale, which is included in “Sundry income (expense) – net” in the consolidated statements of income and reflected in Performance Materials & Chemicals. The Company recognized an after-tax gain of $589 million on the sale. See Note 9 for further information on the Company’s equity interest in EQUATE. Divestiture of Polypropylene Licensing and Catalysts Business On December 2, 2013, the Company sold its global Polypropylene Licensing and Catalysts business to W. R. Grace & Co. Post-closing adjustments were finalized in the fourth quarter of 2014 and the Company recorded a pretax gain of $5 million ($3 million after tax) for the post-closing adjustments. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Performance Plastics. REVERSE MORRIS TRUST TRANSACTION On October 5, 2015, (i) the Company completed the transfer of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses ("chlorine value chain") into a new company ("Splitco"), (ii) participating Dow shareholders tendered, and the Company accepted, Dow shares for Splitco shares in a public exchange offer, and (iii) Splitco merged with a wholly owned subsidiary of Olin Corporation ("Olin") in a tax-efficient Reverse Morris Trust transaction (collectively, the “Transaction”). The Transaction was subject to Olin shareholder approval, customary regulatory approvals, tax authority rulings including a favorable private letter ruling from the U.S. Internal Revenue Service which confirms the Transaction to be substantially free of U.S. federal income tax, and expiration of the public exchange offer. Dow does not have an ownership interest in Olin as a result of the Transaction. Under the terms of a debt exchange offer, Dow received $1,220 million principal amount of new debt instruments from Splitco, which were subsequently transferred to certain investment banks in a non-cash fair value exchange for $1,154 million principal amount of the Company’s outstanding debt instruments owned by such investment banks. As a result of this debt exchange offer and related transactions, the Company retired $1,161 million of certain notes and recognized a $68 million loss on the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income as a component of the pretax gain on the Transaction and reflected in Corporate. See Note 17 for additional information on the early extinguishment of debt. Dow shareholders who elected to participate in the public exchange offer tendered 34.1 million shares of Dow common stock in exchange for 100 million shares of Splitco. Following the merger of Splitco with Olin, each share of Splitco common stock was automatically converted to the right to receive 0.87482759 shares of Olin common stock, or 87.5 million shares, which represented approximately 52.7 percent of Olin’s common stock outstanding. As a result of this non-cash share exchange offer, the Company recorded an increase of $1,523 million in “Treasury stock at cost” in the consolidated balance sheets, which is valued based on Dow’s opening stock price on October 5, 2015. The Company’s outstanding common shares were reduced by 3 percent as a result of the Transaction. Under the terms of the Transaction, Dow received cash proceeds of $875 million in the form of a one-time special payment from Splitco from proceeds received from a term loan and included in "Proceeds from issuance of long-term debt" in the consolidated statements of cash flows. The Company also received a $434 million advance payment from Olin, included in "Other assets and liabilities" in the consolidated statements of cash flows, related to a long-term ethylene supply agreement, of which $16 million was classified as "Accrued and other current liabilities" and $418 million was classified as "Other noncurrent obligations" in the consolidated balance sheets at the time of receipt. The Transaction also resulted in numerous long-term supply, service and purchase agreements between Dow and Olin. In connection with the Transaction, the Company purchased Mitsui & Co. Texas Chlor-Alkali Inc.’s (“Mitsui”) 50 percent equity interest in a membrane chlor-alkali joint venture (“JV Entity”), which resulted in Dow becoming the sole equity owner of the JV Entity. The Company purchased Mitsui's equity interest for $133 million, which resulted in a loss of $25 million included in "Sundry income (expense) - net" in the consolidated statements of income and included as a component of the pretax gain on the Transaction. The JV Entity was included in the transfer of the chlorine value chain to Splitco. See Note 20 for further information on the acquisition of Mitsui’s equity interest in the JV Entity. The Company also transferred $439 million of net unfunded defined pension and other postretirement benefit obligations in the United States and Germany to Olin. See Note 18 for further details. The following table presents the major classes of assets and liabilities divested in the Transaction, by operating segment:
In the fourth quarter of 2015, the Company completed the split-off of the chlorine value chain for $3,510 million, net of working capital adjustments and costs to sell, with proceeds subject to post-closing adjustments. The proceeds included cash received from Splitco in the form of a one-time special payment from proceeds received from a term loan, the principal amount of the Splitco debt included in the debt exchange offer and the market value of the Dow common shares tendered in the public exchange offer. The Company recognized a pretax gain of $2,233 million on the Transaction, which is the excess of the sum of the net proceeds received over the chlorine value chain's net book value, a loss on the early extinguishment of debt and a loss on the acquisition of Mitsui's noncontrolling interest. The pretax gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the following operating segments: Performance Materials & Chemicals (gain of $1,984 million), Performance Plastics (gain of $317 million), and Corporate (loss of $68 million). The Company recognized an after-tax gain of $2,215 million, primarily due to the tax-efficient nature of the Transaction. In 2016, the Company recognized a pretax gain of $6 million for post-closing adjustments, including a $5 million reduction to the net unfunded defined pension and other postretirement benefit obligation. The gain was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment. See Note 18 for additional information. The Company did not report the historical results of the chlorine value chain as discontinued operations in Dow's financial statements as the divestiture of these businesses did not represent a strategic shift that had a major effect on the Company's operations and financial results. However, the chlorine value chain was considered an individually significant component and select income statement information is presented below:
(1) Income statement information for 2015 includes results through September 30, 2015. (2) Excludes transaction costs associated with the separation of the chlorine value chain, which are reported below. In 2015, the Company incurred pretax charges of $119 million ($49 million in 2014) for nonrecurring transaction costs associated with the separation of the chlorine value chain, consisting primarily of financial and professional advisory fees, legal fees and information systems infrastructure costs. These charges, which are part of costs associated with transactions and productivity actions, were included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Corporate. |
INVENTORIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | INVENTORIES The following table provides a breakdown of inventories:
Inventories valued on a LIFO basis, principally hydrocarbon and U.S. chemicals and plastics product inventories, represented 27 percent of the total inventories at December 31, 2016 and 30 percent of total inventories at December 31, 2015. A reduction of certain inventories resulted in the liquidation of some of the Company’s LIFO inventory layers, decreasing pretax income $10 million in 2016, increasing pretax income $3 million in 2015 and decreasing pretax income $23 million in 2014. |
PROPERTY |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY
Total property increased from 2015, primarily due to $4 billion of property assumed in the DCC Transaction. See Note 4 for further information on this transaction. |
NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS The Company’s investments in companies accounted for using the equity method (“nonconsolidated affiliates”), by classification in the consolidated balance sheets, and dividends received from nonconsolidated affiliates are shown in the following tables:
The nonconsolidated affiliates in which the Company has investments, excluding AFSI, are privately held companies; therefore, quoted market prices are not available. Dow Corning and the HSC Group As a result of the DCC Transaction, Dow Corning, previously a 50:50 joint venture between Dow and Corning, became a wholly owned subsidiary of Dow as of June 1, 2016. The Company's equity interest in Dow Corning, which was previously classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets, was remeasured to fair value. See Note 4 for additional information on the DCC Transaction, including details on the fair value of assets acquired and liabilities assumed. Dow Corning continues to maintain an equity interest in the HSC Group. The HSC Group was included as part of the Dow Corning equity method investment and was classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. The following table includes the carrying value of the nonconsolidated affiliates included in the HSC Group at June 1, 2016, including the balance sheet classification of each investment:
At December 31, 2016, the negative investment balance in Hemlock Semiconductor L.L.C. was $902 million. At December 31, 2015, the Company’s investment in Dow Corning was $149 million less than the Company’s proportionate share of Dow Corning’s underlying net assets. This amount was considered a permanent difference related to the other-than-temporary decline in the Company's investment in Dow Corning, triggered by Dow Corning's May 15, 1995, bankruptcy filing, and Dow Corning's purchase of additional ownership interests in its HSC Group in 2013. MEGlobal and EQUATE On December 23, 2015, the Company sold its interest in MEGlobal to EQUATE. The Company eliminated 42.5 percent of the gain on the sale (equivalent to Dow's ownership interest in EQUATE), or $555 million, against the Company's investment in EQUATE, resulting in a negative investment of $148 million at December 31, 2015, which is classified as "Other noncurrent obligations" in the consolidated balance sheets. The Company's investment in EQUATE was $555 million less than the Company's proportionate share of EQUATE's underlying net assets, which represents the difference between the preliminary fair values of certain MEGlobal assets acquired and the Company's related valuation on a U.S. GAAP basis, of which approximately $250 million was being amortized over the remaining useful lives of the assets and approximately $305 million was considered a permanent difference. At December 31, 2016, the negative investment balance was $128 million and the Company's investment in EQUATE was $536 million less than the Company's proportionate share of EQUATE's underlying net assets, of which $216 million of the difference is being amortized over the remaining useful lives of the assets and the remainder is considered a permanent difference. AFSI On July 31, 2015, the Company sold its AgroFresh business to AFSI. Proceeds received on the divestiture of AgroFresh included 17.5 million common shares of AFSI, which were valued at $210 million and represented an approximate 35 percent ownership interest in AFSI. Based on the December 31, 2016 closing stock price of AFSI, the value of this investment would have been lower than the carrying value by $143 million ($80 million based on the closing stock price at December 31, 2015). In the fourth quarter of 2016, the Company determined the decline in market value of AFSI was other-than-temporary and recognized a $143 million pretax impairment charge related to its equity interest in AFSI. The impairment charge was included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Agricultural Sciences segment. At December 31, 2016, the Company's investment in AFSI was $96 million less than the Company's proportionate share of AFSI's underlying net assets. This amount primarily relates to the other-than-temporary decline in the Company's investment in AFSI. See Notes 5, 12 and 20 for further information on this investment. Sadara The Company and Saudi Arabian Oil Company formed Sadara Chemical Company ("Sadara") to build and operate a world-scale, fully integrated chemicals complex in Jubail Industrial City, Kingdom of Saudi Arabia. Sadara achieved its first polyethylene production in December 2015 and announced the start-up of its mixed feed cracker and a third polyethylene train (which added to the two polyethylene trains already in operation) in August 2016. Sadara will follow a phased approach to start up the remaining manufacturing facilities. At December 31, 2016, the Company had a $258 million note receivable with Sadara, included in "Noncurrent receivables" in the consolidated balance sheets, of which $193 million is expected to be converted to equity in the first quarter of 2017 ($473 million at December 31, 2015, of which $460 million was converted to equity in the first quarter of 2016). During 2016, the Company loaned $1,015 million to Sadara and $1,230 million was converted to equity. Transactions with Nonconsolidated Affiliates The Company has service agreements with certain nonconsolidated affiliates, including contracts to manage the operations of manufacturing sites and the construction of new facilities; licensing and technology agreements; and marketing, sales, purchase, lease and sublease agreements. The Company sells excess ethylene glycol produced at Dow's manufacturing facilities in the United States and Europe to MEGlobal, an EQUATE subsidiary since December 23, 2015. The Company also sells ethylene to MEGlobal as a raw material for its ethylene glycol plants in Canada. Sales of these products to MEGlobal represented 1 percent of total net sales in 2016 (1 percent of total net sales in 2015 and 1 percent of total net sales in 2014). Sales of ethylene glycol to MEGlobal are reflected in the Performance Materials & Chemicals segment and represented 2 percent of the segment's sales in 2016 (2 percent in 2015 and 2 percent in 2014). Sales of ethylene to MEGlobal are reflected in the Performance Plastics segment and represented 1 percent of the segment's sales in 2016 (1 percent in 2015 and 1 percent in 2014). Dow Corning supplies trichlorosilane, a raw material used in the production of polycrystalline silicon, to the HSC Group. Sales of this material to the HSC Group for the period from June 1, 2016 through December 31, 2016, represented less than 1 percent of total net sales in 2016 (2 percent of Infrastructure Solutions sales). Dow is responsible for marketing the majority of Sadara products outside of the Middle East zone through the Company’s established sales channels. Under this arrangement, the Company purchases and sells Sadara products for a marketing fee. Purchases and sales of Sadara products were not material in 2016. Sales to and purchases from other nonconsolidated affiliates were not material to the consolidated financial statements. Balances due to or due from nonconsolidated affiliates at December 31, 2016 and 2015 are as follows:
Principal Nonconsolidated Affiliates Dow had an ownership interest in 59 nonconsolidated affiliates at December 31, 2016 (55 at December 31, 2015). The Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at December 31, 2016, 2015 and 2014 are as follows:
The Company’s investment in and equity earnings from its principal nonconsolidated affiliates are shown in the tables below:
The summarized financial information that follows represents the combined accounts (at 100 percent) of the principal nonconsolidated affiliates.
|
GOODWILL AND OTHER INTANGIBLE ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015, by operating segment:
Goodwill Impairments The carrying amount of goodwill for all periods presented was net of accumulated impairments of $209 million in Consumer Solutions and $220 million in Performance Materials & Chemicals. Goodwill Impairment Testing The Company performs an impairment test for goodwill annually during the fourth quarter. Qualitative factors may be assessed by the Company to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative factors assessed at the Company level include, but are not limited to, GDP growth rates, long-term hydrocarbon and energy prices, equity and credit market activity, discount rates, foreign exchange rates and overall financial performance. Qualitative factors assessed at the reporting unit level include, but are not limited to, changes in industry and market structure, competitive environments, planned capacity and new product launches, cost factors such as raw material prices, and financial performance of the reporting unit. In 2016, the Company assessed qualitative factors for 11 of the 14 reporting units carrying goodwill (9 of 12 reporting units in 2015 and 9 of 14 reporting units in 2014). The qualitative assessment indicated that it was more likely than not that fair value exceeded carrying value for those reporting units included in the qualitative test. The Company performed the first step of the quantitative testing for the remaining three reporting units (three in 2015 and five in 2014). The Company utilized a discounted cash flow methodology to calculate the fair value of the reporting units. Based on the fair value analysis, management concluded that fair value exceeded carrying value for all reporting units in 2016, 2015 and 2014. As a result, no additional quantitative testing was required for the reporting units. Other Intangible Assets The following table provides information regarding the Company’s other intangible assets:
(1) In-process research and development ("IPR&D") purchased in a business combination. Intangible assets assumed in the DCC Transaction are presented in the table below. See Note 4 for additional information on this transaction.
Intangible assets acquired as part of the Univation step acquisition are presented in the table below. See Note 4 for additional information on this acquisition.
On January 30, 2015, DAS acquired Coodetec's seed business resulting in an increase to intangible assets of $81 million, which included $14 million of trademarks, $1 million of customer-related intangibles, $20 million of germplasm (included in "Other") and $46 million of IPR&D. See Note 4 for additional information on this acquisition. The following table provides information regarding amortization expense related to intangible assets:
In the second quarter of 2016, the Company wrote-off $11 million of IPR&D as part of the 2016 restructuring charge. See Note 3 for additional information. In 2014, the Company recognized a $50 million asset impairment charge for customer-related, trademarks and intellectual property intangible assets in the Dow Electronic Materials business, which is recorded in "Goodwill and other intangible asset impairment losses" in the consolidated statements of income and reflected in Consumer Solutions. Total estimated amortization expense for the next five fiscal years is as follows:
|
FINANCIAL INSTRUMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstact] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Text Block | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at December 31, 2016 and 2015:
Cost approximates fair value for all other financial instruments. Investments The Company’s investments in marketable securities are primarily classified as available-for-sale securities. The following table provides the investing results from available-for-sale securities for the years ended December 31, 2016, 2015 and 2014.
The following table summarizes the contractual maturities of the Company’s investments in debt securities:
At December 31, 2016, the Company had $261 million ($3,354 million at December 31, 2015) of held-to-maturity securities (primarily Treasury Bills) classified as cash equivalents, as these securities had maturities of three months or less at the time of purchase. The Company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. At December 31, 2016, the Company had investments in money market funds of $239 million classified as cash equivalents ($1,689 million at December 31, 2015). The net unrealized gain/loss from mark-to-market adjustments recognized in earnings on trading securities held at the end of the year was a $6 million loss in 2016, a $2 million loss in 2015 and a $3 million gain in 2014. The following tables provide the fair value and gross unrealized losses of the Company’s investments that were deemed to be temporarily impaired at December 31, 2016 and 2015, aggregated by investment category:
Portfolio managers regularly review the Company’s holdings to determine if any investments are other-than-temporarily impaired. The analysis includes reviewing the amount of the impairment, as well as the length of time it has been impaired. In addition, specific guidelines for each instrument type are followed to determine if an other-than-temporary impairment has occurred. For debt securities, the credit rating of the issuer, current credit rating trends, the trends of the issuer’s overall sector, the ability of the issuer to pay expected cash flows and the length of time the security has been in a loss position are considered in determining whether unrealized losses represent an other-than-temporary impairment. The Company did not have any credit-related losses during 2016, 2015 or 2014. For equity securities, the Company’s investments are primarily in Standard & Poor’s (“S&P”) 500 companies; however, the Company’s policies allow investments in companies outside of the S&P 500. The largest holdings are Exchange Traded Funds that represent the S&P 500 index or an S&P 500 sector or subset; the Company also has holdings in Exchange Traded Funds that represent emerging markets. The Company considers the evidence to support the recovery of the cost basis of a security including volatility of the stock, the length of time the security has been in a loss position, value and growth expectations, and overall market and sector fundamentals, as well as technical analysis, in determining whether unrealized losses represent an other-than-temporary impairment. In 2016, there were no other-than-temporary impairment write-downs on investments still held by the Company ($2 million in 2015). The aggregate cost of the Company's cost method investments totaled $120 million at December 31, 2016 ($157 million at December 31, 2015). Due to the nature of these investments, either the cost basis approximates fair market value or fair value is not readily determinable. These investments are reviewed quarterly for impairment indicators. In 2016, a write-down of $4 million was recorded as part of the 2016 restructuring charge. In 2015, a write-down of $55 million was recorded as part of the 2015 restructuring charge. See Note 3 for more information on the Company's restructuring activities. The Company's impairment analysis resulted in no additional reductions in the cost basis of these investments for the year ended December 31, 2016; the analysis in 2015 resulted in additional reductions of less than $1 million for the year ended December 31, 2015. Risk Management Dow’s business operations give rise to market risk exposure due to changes in interest rates, foreign currency exchange rates, commodity prices and other market factors such as equity prices. To manage such risks effectively, the Company enters into hedging transactions, pursuant to established guidelines and policies, which enable it to mitigate the adverse effects of financial market risk. Derivatives used for this purpose are designated as cash flow, fair value or net foreign investment hedges where appropriate. Accounting guidance requires companies to recognize all derivative instruments as either assets or liabilities at fair value. A secondary objective is to add value by creating additional nonspecific exposures within established limits and policies; derivatives used for this purpose are not designated as hedges. The potential impact of creating such additional exposures is not material to the Company’s results. The Company’s risk management program for interest rate, foreign currency and commodity risks is based on fundamental, mathematical and technical models that take into account the implicit cost of hedging. Risks created by derivative instruments and the mark-to-market valuations of positions are strictly monitored at all times, using value-at-risk and stress tests. Counterparty credit risk arising from these contracts is not significant because the Company minimizes counterparty concentration, deals primarily with major financial institutions of solid credit quality, and the majority of its hedging transactions mature in less than three months. In addition, the Company minimizes concentrations of credit risk through its global orientation by transacting with large, internationally diversified financial counterparties. It is the Company’s policy to not have credit-risk-related contingent features in its derivative instruments. No significant concentration of counterparty credit risk existed at December 31, 2016. The Company does not anticipate losses from credit risk, and the net cash requirements arising from counterparty risk associated with risk management activities are not expected to be material in 2017. The Company revises its strategies as market conditions dictate and management reviews its overall financial strategies and the impacts from using derivatives in its risk management program with the Company’s Board of Directors. Interest Rate Risk Management The Company enters into various interest rate contracts with the objective of lowering funding costs or altering interest rate exposures related to fixed and variable rate obligations. In these contracts, the Company agrees with other parties to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated on an agreed-upon notional principal amount. At December 31, 2016, the Company had open interest rate swaps with maturity dates that extend to 2021. Foreign Currency Risk Management The Company’s global operations require active participation in foreign exchange markets. The Company enters into foreign exchange forward contracts and options, and cross-currency swaps to hedge various currency exposures or create desired exposures. Exposures primarily relate to assets, liabilities and bonds denominated in foreign currencies, as well as economic exposure, which is derived from the risk that currency fluctuations could affect the dollar value of future cash flows related to operating activities. The primary business objective of the activity is to optimize the U.S. dollar value of the Company’s assets, liabilities and future cash flows with respect to exchange rate fluctuations. Assets and liabilities denominated in the same foreign currency are netted, and only the net exposure is hedged. At December 31, 2016, the Company had forward contracts, options and cross-currency swaps to buy, sell or exchange foreign currencies. These contracts had various expiration dates, through the first quarter of 2018. Commodity Risk Management The Company has exposure to the prices of commodities in its procurement of certain raw materials. The primary purpose of commodity hedging activities is to manage the price volatility associated with these forecasted inventory purchases. At December 31, 2016, the Company had futures contracts, options and swaps to buy, sell or exchange commodities. These agreements had various expiration dates through the fourth quarter of 2020. Accounting for Derivative Instruments and Hedging Activities Cash Flow Hedges For derivatives that are designated and qualify as cash flow hedging instruments, the effective portion of the gain or loss on the derivative is recorded in “Accumulated other comprehensive loss” (“AOCL”); it is reclassified to “Cost of sales” in the same period or periods that the hedged transaction affects income. The unrealized amounts in AOCL fluctuate based on changes in the fair value of open contracts at the end of each reporting period. The Company anticipates volatility in AOCL and net income from its cash flow hedges. The amount of volatility varies with the level of derivative activities and market conditions during any period. Gains and losses on the derivatives representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current period income. The Company had open interest rate derivatives designated as cash flow hedges at December 31, 2016, with a net loss of $4 million after tax and a notional U.S. dollar equivalent of $245 million (net loss of $3 million after tax and a notional U.S. dollar equivalent of $338 million at December 31, 2015). Current open foreign currency forward contracts hedge the currency risk of forecasted feedstock purchase transactions until September 2017. The effective portion of the mark-to-market effects of the foreign currency contracts is recorded in AOCL; it is reclassified to income in the same period or periods that the underlying feedstock purchase affects income. The net gain from the foreign currency hedges included in AOCL at December 31, 2016 was $22 million after tax (net gain of $4 million after tax at December 31, 2015). In 2016, 2015 and 2014, there was no material impact on the consolidated financial statements due to foreign currency hedge ineffectiveness. At December 31, 2016, the Company had open contracts with various expiration dates to buy, sell or exchange foreign currencies with a notional U.S. dollar equivalent of $1,411 million ($398 million at December 31, 2015). Commodity swaps, futures and option contracts with maturities of not more than 48 months are utilized and designated as cash flow hedges of forecasted commodity purchases. Current open contracts hedge forecasted transactions until December 2020. The effective portion of the mark-to-market effect of the cash flow hedge instrument is recorded in AOCL; it is reclassified to income in the same period or periods that the underlying commodity purchase affects income. The net loss from commodity hedges included in AOCL at December 31, 2016 was $99 million after tax ($180 million after tax loss at December 31, 2015). In 2016, 2015 and 2014, there was no material impact on the consolidated financial statements due to commodity hedge ineffectiveness. At December 31, 2016 and 2015, the Company had the following gross aggregate notionals of outstanding commodity forward, options and futures contracts to hedge forecasted purchases:
The net after-tax amounts to be reclassified from AOCL to income within the next 12 months are a $14 million gain for commodity contracts, a $22 million gain for foreign currency contracts and a $2 million loss for interest rate contracts. Fair Value Hedges For derivative instruments that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current period income and reflected as “Interest expense and amortization of debt discount” in the consolidated statements of income. The short-cut method is used when the criteria are met. During 2015, the Company entered into and subsequently terminated an interest rate swap designated as a fair value hedge of an underlying fixed rate debt obligation with a maturity date of May 2019. The fair value adjustment resulting from this swap was a gain on the derivative of less than $1 million. At December 31, 2016 and 2015, the Company had no open interest rate swaps designated as fair value hedges of underlying fixed rate debt obligations. Net Foreign Investment Hedges For derivative instruments that are designated and qualify as net foreign investment hedges, the effective portion of the gain or loss on the derivative is included in “Cumulative Translation Adjustments” in AOCL. The Company had open foreign currency contracts designated as net foreign investment hedges with a gross notional U.S. dollar equivalent of $2,641 million at December 31, 2016 (zero at December 31, 2015). In addition, at December 31, 2016, the Company had outstanding foreign-currency denominated debt designated as a hedge of net foreign investment of $172 million ($166 million at December 31, 2015). The results of hedges of the Company’s net investment in foreign operations included in “Cumulative Translation Adjustments” in AOCL was a net gain of $1 million after tax for the period ended December 31, 2016 (net gain of $1 million after tax for the period ended December 31, 2015). In 2016, 2015 and 2014 there was no material impact on the consolidated financial statements due to hedge ineffectiveness. See Note 24 for further detail on changes in AOCL. Other Derivative Instruments The Company utilizes futures, options and swap instruments that are effective as economic hedges of commodity price exposures, but do not meet hedge accounting criteria for derivatives and hedging. At December 31, 2016 and 2015, the Company had the following gross aggregate notionals of outstanding commodity contracts:
The Company also uses foreign exchange forward contracts, options and cross-currency swaps that are not designated as hedging instruments primarily to manage foreign currency exposure. The Company had open foreign exchange contracts and cross-currency swaps with various expiration dates to buy, sell or exchange foreign currencies with a gross notional U.S. dollar equivalent of $12,388 million at December 31, 2016 ($14,515 million at December 31, 2015) and had no open interest rate swaps at December 31, 2016 and December 31, 2015. The following table provides the fair value and gross balance sheet classification of derivative instruments at December 31, 2016 and 2015:
Foreign currency derivatives not designated as hedges are offset by foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The amount charged on a pretax basis related to foreign currency derivatives not designated as a hedge, which is included in "Sundry income (expense) - net" in the consolidated statements of income, was a loss of $180 million for 2016, loss of $318 million for 2015 and loss of $333 million for 2014. See Note 13 for the net impact of foreign exchange transactions. |
FAIR VALUE MEASUREMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis:
Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding liabilities. The Company posted cash collateral of less than $1 million at December 31, 2016 ($26 million of cash collateral at December 31, 2015). For assets and liabilities classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. 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 and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks. For all other assets and liabilities for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models. See Note 11 for further information on the types of instruments used by the Company for risk management. There were no transfers between Levels 1 and 2 during the years ended December 31, 2016 and December 31, 2015. For assets classified as Level 3 measurements, the fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the Company’s interests held in trade receivable conduits is determined by calculating the expected amount of cash to be received using the key input of anticipated credit losses in the portfolio of receivables sold that have not yet been collected. Given the short-term nature of the underlying receivables, discount rate and prepayments are not factors in determining the fair value of the interests. See Note 16 for further information on assets classified as Level 3 measurements. The following table summarizes the changes in fair value measurements using Level 3 inputs for the years ended December 31, 2016 and 2015:
Fair Value Measurements on a Nonrecurring Basis The following table summarizes the basis used to measure certain assets and liabilities at fair value on a nonrecurring basis in the consolidated balance sheets in 2016, 2015 and 2014:
2016 Fair Value Measurements on a Nonrecurring Basis As part of the 2016 restructuring plan, the Company has or will shut down a number of manufacturing and corporate facilities. The manufacturing facilities and related assets, corporate facilities and data centers associated with this plan were written down to zero in the second quarter of 2016. The Company also rationalized its aircraft fleet in the second quarter of 2016. Certain aircraft, classified as a Level 3 measurement, were considered held for sale and written down to fair value, using unobservable inputs, including assumptions a market participant would use to measure the fair value of the aircraft. The aircraft were subsequently sold during the second half of 2016. The impairment charges related to the 2016 restructuring plan, totaling$153 million, were included in "Restructuring charges (credits)" in the consolidated statements of income. See Note 3 for additional information on the Company's restructuring activities. The Company recognized an impairment charge of $143 million in the fourth quarter of 2016, related to its equity interest in AFSI. This investment, classified as a Level 1 measurement, was written down to $46 million using quoted prices in an active market. The impairment charge was included in “Sundry income (expense) - net" in the consolidated statements of income and reflected in Agricultural Sciences. See Notes 5, 9 and 13 for additional information. 2015 Fair Value Measurements on a Nonrecurring Basis As part of the 2015 restructuring plan that was approved on April 29, 2015, the Company has or will shut down a number of manufacturing facilities. The manufacturing assets and facilities associated with this plan, classified as Level 3 measurements, were written down to $7 million using unobservable inputs, including assumptions a market participant would use to measure the fair value of the group of assets. In addition, a change in the Company's strategy to monetize and exit certain Venture Capital portfolio investments resulted in the write-down of certain investments. These investments, also classified as Level 3 measurements, were valued at $17 million using unobservable inputs, including assumptions a market participant would use to measure the fair value of the investment. These impairment charges, totaling $169 million, are included in "Restructuring charges (credits)" in the consolidated statements of income. As a result of the Company’s continued actions to optimize its footprint, the Company recognized an impairment charge of $144 million in the fourth quarter of 2015, related to manufacturing assets and facilities and an equity method investment. These assets, classified as Level 3 measurements, were written down to zero. The impairment charges were included in "Cost of sales" ($91 million) and "Sundry income (expense) - net" ($53 million) in the consolidated statements of income and reflected in Infrastructure Solutions ($87 million) and Performance Plastics ($57 million). 2014 Fair Value Measurements on a Nonrecurring Basis As a result of weakening demand for certain optical and ceramic technologies, the Company recognized a $73 million asset impairment charge in the fourth quarter of 2014 in the Dow Electronic Materials business. The charge was included in "Cost of sales" ($23 million) and "Goodwill and other intangible asset impairment losses" ($50 million) in the consolidated statements of income and reflected in Consumer Solutions. The assets, classified as Level 3 measurements, were written down to $4 million based on a valuation using unobservable inputs, including assumptions a market participant would use to measure the fair value of the group of assets, which included projected cash flows. |
SUPPLEMENTARY INFORMATION SUPPLEMENTARY INFORMATION |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION
Accrued and Other Current Liabilities “Accrued and other current liabilities” were $3,669 million at December 31, 2016 and $3,212 million at December 31, 2015. Accrued payroll, which is a component of “Accrued and other current liabilities,” was $1,105 million at December 31, 2016 and $1,120 million at December 31, 2015. No other component of accrued liabilities was more than 5 percent of total current liabilities. Other Investments The Company has investments in company-owned life insurance policies, which are recorded at their cash surrender value as of each balance sheet date, as provided below:
(1) Classified as "Other investments" in the consolidated balance sheets. In 2015, the Company repaid $697 million of principal outstanding loan amounts plus accrued interest, which is reflected in "Purchases of investments" in the consolidated statements of cash flows. |
EARNINGS PER SHARE CALCULATIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | EARNINGS PER SHARE CALCULATIONS The following tables provide the earnings per share calculations for the years ended December 31, 2016, 2015 and 2014:
|
COMMITMENTS AND CONTINGENT LIABILITIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Environmental Matters Introduction 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 December 31, 2016, the Company had accrued obligations of $909 million for probable environmental remediation and restoration costs, including $151 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 Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two 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 Company’s results of operations, financial condition and cash flows. It is the opinion of the Company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Company’s results of operations, financial condition or cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2015, the Company had accrued obligations of $670 million for probable environmental remediation and restoration costs, including $74 million for the remediation of Superfund sites. In the fourth quarter of 2016, the Company recorded a pretax charge of $295 million for environmental remediation at a number of historical locations, including the Midland manufacturing site/off-site matters and the Wood-Ridge sites, primarily resulting from the culmination of negotiations with regulators and/or final agency approval. These charges are included in "Cost of sales" in the consolidated statements of income and are included in the total accrued obligation of $909 million. The following table summarizes the activity in the Company's accrued obligations for environmental matters for the years ended December 31, 2016 and 2015:
The amounts charged to income on a pretax basis related to environmental remediation totaled $504 million in 2016, $218 million in 2015 and $227 million in 2014. Capital expenditures for environmental protection were $66 million in 2016, $49 million in 2015 and $78 million in 2014. Midland Off-Site Environmental Matters On June 12, 2003, the Michigan Department of Environmental Quality ("MDEQ") issued a Hazardous Waste Operating License (the "License") to the Company’s Midland, Michigan manufacturing site (the “Midland site”), which was renewed and replaced by the MDEQ on September 25, 2015, and included provisions requiring the Company to conduct an investigation to determine the nature and extent of off-site contamination in the City of Midland soils, the Tittabawassee River and Saginaw River sediment and floodplain soils, and the Saginaw Bay, and, if necessary, undertake remedial action. City of Midland On March 6, 2012, the Company submitted an Interim Response Activity Plan Designed to Meet Criteria ("Work Plan") to the MDEQ that involved the sampling of soil at residential properties near the Midland site for the presence of dioxins to determine where clean-up may be required and then conducting remediation for properties that sampled above the remediation criteria. The MDEQ approved the Work Plan on June 1, 2012 and implementation of the Work Plan began on June 4, 2012. The Company also submitted and had approved by the MDEQ, amendments to the Work Plan. As of December 31, 2014, remediation was completed on all 132 properties that tested above the remediation criteria, and this completion is noted in the License. On July 21, 2016, the MDEQ approved a Corrective Action report, including a Remedial Action Plan ("RAP"), for the City of Midland. This is the final regulatory approval required for the City of Midland. Dow is implementing the monitoring and maintenance requirements of the RAP. Tittabawassee and Saginaw Rivers, Saginaw Bay The Company, the U.S. Environmental Protection Agency (“EPA”) and the State of Michigan ("State") entered into an administrative order on consent (“AOC”), effective January 21, 2010, that requires the Company to conduct a remedial investigation, a feasibility study and a remedial design for the Tittabawassee River, the Saginaw River and the Saginaw Bay, and pay the oversight costs of the EPA and the State under the authority of the Comprehensive Environmental Response, Compensation, and Liability Act. These actions, to be conducted under the lead oversight of the EPA, will build upon the investigative work completed under the State Resource Conservation Recovery Act program from 2005 through 2009. The Tittabawassee River, beginning at the Midland Site and extending down to the first six miles of the Saginaw River, are designated as the first Operable Unit for purposes of conducting the remedial investigation, feasibility study and remedial design work. This work will be performed in a largely upriver to downriver sequence for eight geographic segments of the Tittabawassee and upper Saginaw Rivers. In the first quarter of 2012, the EPA requested the Company address the Tittabawassee River floodplain ("Floodplain") as an additional segment. In August 2014, the EPA proposed for public comment the techniques that can be used to remedy the Floodplain, including proposed site specific clean-up criteria. In January 2015, the Company and the EPA entered into an order to address remediation of the Floodplain. The remedial work is expected to take place over the next five years. The remainder of the Saginaw River and the Saginaw Bay are designated as a second Operable Unit and the work associated with that unit may also be geographically segmented. The AOC does not obligate the Company to perform removal or remedial action; that action can only be required by a separate order. The Company and the EPA will be negotiating orders separate from the AOC that will obligate the Company to perform remedial actions under the scope of work of the AOC. The Company and the EPA have entered into three separate orders to perform limited remedial actions to implement early actions - three separate orders to address remedial actions in three of the nine geographic segments in the first Operable Unit - and the order to address the Floodplain. Alternative Dispute Resolution Process The Company, the EPA, the U.S. Department of Justice, and the natural resource damage trustees (which include the Michigan Office of the Attorney General, the MDEQ, the U.S. Fish and Wildlife Service, the U.S. Bureau of Indian Affairs and the Saginaw-Chippewa tribe) have been engaged in negotiations to seek to resolve potential governmental claims against the Company related to historical off-site contamination associated with the City of Midland, the Tittabawassee and Saginaw Rivers and the Saginaw Bay. The Company and the governmental parties started meeting in the fall of 2005 and entered into a Confidentiality Agreement in December 2005. The Company continues to conduct negotiations under the Federal Alternative Dispute Resolution Act with all of the governmental parties, except the EPA which withdrew from the alternative dispute resolution process on September 12, 2007. On September 28, 2007, the Company and the natural resource damage trustees entered into a Funding and Participation Agreement that addressed the Company’s payment of past costs incurred by the natural resource damage trustees, payment of the costs of a trustee coordinator and a process to review additional cooperative studies that the Company might agree to fund or conduct with the natural resource damage trustees. On March 18, 2008, the Company and the natural resource damage trustees entered into a Memorandum of Understanding ("MOU") to provide a mechanism for the Company to fund cooperative studies related to the assessment of natural resource damages. This MOU was amended and funding of cooperative studies was extended until March 2014. All cooperative studies have been completed. On April 7, 2008, the natural resource damage trustees released their “Natural Resource Damage Assessment Plan for the Tittabawassee River System Assessment Area.” At December 31, 2016, the accrual for these off-site matters was $93 million (included in the total accrued obligation of $909 million). At December 31, 2015, the Company had an accrual for these off-site matters of $62 million (included in the total accrued obligation of $670 million). Environmental Matters Summary It is the opinion of the Company’s management that the possibility is remote that costs in excess of those disclosed will have a material impact on the Company’s results of operations, financial condition or cash flows. Litigation Asbestos-Related Matters of Union Carbide Corporation Introduction Union Carbide 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 Union Carbide sold in the past, alleged exposure to asbestos-containing products located on Union Carbide’s premises, and Union Carbide’s responsibility for asbestos suits filed against a former Union Carbide subsidiary, 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 Union Carbide’s products. Union Carbide expects more asbestos-related suits to be filed against Union Carbide and Amchem in the future, and will aggressively defend or reasonably resolve, as appropriate, both pending and future claims. Estimating the Liability for Asbestos-Related Pending and Future Claims Based on a study completed in January 2003 by Analysis, Research & Planning Corporation (now known as Ankura Consulting Group, LLC ("Ankura") as a result of the March 2016 merger of Analysis, Research & Planning Corporation and Ankura), Union Carbide increased its December 31, 2002 asbestos-related liability for pending and future claims for a 15-year period ending in 2017 to $2.2 billion, excluding future defense and processing costs. Since then, Union Carbide has compared current asbestos claim and resolution activity to the results of the most recent Ankura study at each balance sheet date to determine whether the accrual continues to be appropriate. In addition, Union Carbide has requested Ankura to review Union Carbide’s historical asbestos claim and resolution activity each year since 2004 to determine the appropriateness of updating the most recent Ankura study. In October 2014, Union Carbide requested Ankura to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2012 study. In response to that request, Ankura reviewed and analyzed data through September 30, 2014. The resulting study, completed by Ankura in December 2014, estimated the undiscounted cost of disposing of pending and future claims against Union Carbide and Amchem, excluding future defense and processing costs, was between $540 million and $640 million through 2029 based on the data as of September 30, 2014. In December 2014, based on Ankura's December 2014 study and Union Carbide's own review of the asbestos claim and resolution activity, Union Carbide determined that an adjustment to the accrual was required due to the increase in mesothelioma claim activity compared with what had been forecasted in the December 2012 study. Accordingly, Union Carbide increased its asbestos-related liability for pending and future claims by $78 million, which was included in "Asbestos-related charge" in the consolidated statements of income. At December 31, 2014, the asbestos-related liability for pending and future claims was $513 million, and approximately 22 percent of the recorded liability related to pending claims and approximately 78 percent related to future claims. In October 2015, Union Carbide requested Ankura to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2014 study. In response to that request, Ankura reviewed and analyzed data through September 30, 2015. In December 2015, Ankura stated that an update of its December 2014 study would not provide a more likely estimate of future events than the estimate reflected in the study and, therefore, the estimate in that study remained applicable. Based on Union Carbide's own review of the asbestos claim and resolution activity and Ankura's response, Union Carbide determined that no change to the accrual was required. At December 31, 2015, the asbestos-related liability for pending and future claims was $437 million, and approximately 21 percent of the recorded liability related to pending claims and approximately 79 percent related to future claims. In October 2016, Union Carbide requested Ankura to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2014 study. In response to the request, Ankura reviewed and analyzed asbestos-related claim and resolution data through September 30, 2016. The resulting study, completed by Ankura in December 2016, provided estimates for the undiscounted cost of disposing of pending and future claims against Union Carbide and Amchem, excluding future defense and processing costs, for both a 15-year period and through the terminal year of 2049. Based on the study completed in December 2016 by Ankura, and Union Carbide's own review of the asbestos claim and resolution activity, it was determined that an adjustment to the accrual was necessary. Union Carbide determined that using the estimate through the terminal year of 2049 was more appropriate due to increasing knowledge and data about the costs to resolve claims and diminished volatility in filing rates. Using the range in the Ankura December 2016 study, which was estimated to be between $502 million and $565 million for the undiscounted cost of disposing of pending and future claims, Union Carbide increased its asbestos-related liability for pending and future claims through the terminal year of 2049 by $104 million, included in "Asbestos-related charge" in the consolidated statements of income. At December 31, 2016, Union Carbide's asbestos-related liability for pending and future claims was $486 million, and approximately 14 percent of the recorded liability related to pending claims and approximately 86 percent related to future claims. Estimating the Asbestos-Related Liability for Defense and Processing Costs In September 2014, Union Carbide began to implement a strategy designed to reduce and to ultimately stabilize and forecast defense costs associated with asbestos-related matters. The strategy included a number of important changes including: invoicing protocols including capturing costs by plaintiff; review of existing counsel roles, work processes and workflow; and the utilization of enterprise legal management software, which enabled claim-specific tracking of asbestos-related defense and processing costs. Union Carbide reviewed the information generated from this new strategy and determined that it now had the ability to reasonably estimate asbestos-related defense and processing costs for the same periods that it estimates its asbestos-related liability for pending and future claims. Union Carbide believes that including estimates of the liability for asbestos-related defense and processing costs provides a more complete assessment and measure of the liability associated with resolving asbestos-related matters, which Union Carbide and the Company believe is preferable in these circumstances. In October 2016, in addition to the study for asbestos claim and resolution activity, Union Carbide requested Ankura to review asbestos-related defense and processing costs and provide an estimate of defense and processing costs associated with resolving pending and future asbestos-related claims facing Union Carbide and Amchem for the same periods of time that Union Carbide uses for estimating resolution costs. In December 2016, Ankura conducted the study and provided Union Carbide with an estimate of future defense and processing costs for both a 15-year period and through the terminal year of 2049. The resulting study estimated asbestos-related defense and processing costs for pending and future asbestos claims to be between $1,009 million and $1,081 million through the terminal year of 2049. In the fourth quarter of 2016, Union Carbide and the Company elected to change their method of accounting for asbestos-related defense and processing costs from expensing as incurred to estimating and accruing a liability. This change is believed to be preferable as asbestos-related defense and processing costs represent expenditures related to legacy activities that do not contribute to current or future revenue generating activities of the Company. The change is also reflective of the manner in which Union Carbide manages its asbestos-related exposure, including careful monitoring of the correlation between defense spending and resolution costs. Together, these two sources of cost more accurately represent the “total cost” of resolving asbestos-related claims now and in the future. This accounting policy change has been reflected as a change in accounting estimate effected by a change in accounting principle. As a result of this accounting policy change and based on the December 2016 Ankura study of asbestos-related defense and processing costs and Union Carbide's own review of the data, Union Carbide recorded a pretax charge for asbestos-related defense and processing costs of $1,009 million in the fourth quarter of 2016, included in “Asbestos-related charge” in the consolidated statements of income. Union Carbide’s total asbestos-related liability, including defense and processing costs, was $1,490 million at December 31, 2016, and was included in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent” in the consolidated balance sheets. Insurance Receivables Union Carbide has receivables for insurance recoveries related to its asbestos liability as well as receivables for defense and resolution costs submitted to insurance carriers that have settlement agreements in place regarding their asbestos-related insurance coverage. Union Carbide continues to believe that its recorded receivable for insurance recoveries from all insurance carriers is probable of collection. At December 31, 2016, Union Carbide’s receivable for insurance recoveries related to its asbestos liability and defense and resolution costs was $41 million ($61 million at December 31, 2015). Summary The Company’s management believes the amounts recorded by Union Carbide for the asbestos-related liability (including defense and processing costs) reflect reasonable and probable estimates of the liability based upon 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, could cause the actual costs for Union Carbide to be higher or lower than those projected or those recorded. Any such events could result in an increase or decrease in the recorded liability. Urethane Matters Class Action Lawsuit On February 16, 2006, the Company, among others, received a subpoena from the U.S. Department of Justice ("DOJ") as part of a previously announced antitrust investigation of manufacturers of polyurethane chemicals, including methylene diphenyl diisocyanate, toluene diisocyanate, polyether polyols and system house products. The Company cooperated with the DOJ and, following an extensive investigation, on December 10, 2007, the Company received notice from the DOJ that it had closed its investigation of potential antitrust violations involving these products without indictments or pleas. In 2005, the Company, among others, was named as a defendant in multiple civil class action lawsuits alleging a conspiracy to fix the price of various urethane chemical products, namely the products that were the subject of the above described DOJ antitrust investigation. On July 29, 2008, a Kansas City federal district court (the "district court") certified a class of purchasers of the products for the six-year period from 1999 through 2004 ("plaintiff class"). In January 2013, the class action lawsuit went to trial with the Company as the sole remaining defendant, the other defendants having previously settled. On February 20, 2013, the federal jury returned a damages verdict of approximately $400 million against the Company, which ultimately was trebled under applicable antitrust laws, less offsets from other settling defendants, resulting in a judgment entered in July 2013 in the amount of $1.06 billion. The Company appealed this judgment to the U.S. Tenth Circuit Court of Appeals ("Tenth Circuit" or "Court of Appeals"), and on September 29, 2014, the Court of Appeals issued an opinion affirming the district court judgment. On March 9, 2015, the Company filed a petition for writ of certiorari ("Writ Petition") with the U.S. Supreme Court, seeking judicial review and requesting that it correct fundamental errors in the Circuit Court opinion. On June 8, 2015, the Supreme Court granted a petition for a writ of certiorari in another case, Tyson Foods, Inc. v. Bouaphakeo, PEG, et al., ("Tyson Foods") (Supreme Court No. 14-1146), which presented an issue core to the questions presented in the Company's Writ Petition: whether class-wide damages can be determined by simply applying the average injury observed in a sample. The Company was advised that its Writ Petition was being held pending the Supreme Court's consideration of the merits in Tyson Foods. In the first quarter of 2016, the Company changed its risk assessment on this matter as a result of growing political uncertainties due to events within the Supreme Court, including Justice Scalia's death, and the increased likelihood for unfavorable outcomes for businesses involved in class action lawsuits. On February 26, 2016, the Company announced a proposed settlement under which the Company would pay the plaintiff class $835 million, which included damages, class attorney fees and post-judgment interest. The district court granted final approval of the settlement on July 29, 2016, and the settlement amount, having previously been funded by the Company into an escrow account, was released to a court administrator for distribution to the various class members. The settlement resolves the $1.06 billion judgment and any subsequent claim for attorneys' fees, costs and post-judgment interest against the Company. As a result, in the first quarter of 2016, the Company recorded a loss of $835 million, included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment. The Company continues to believe that it was not part of any conspiracy and the judgment was fundamentally flawed as a matter of class action law. Opt-Out Cases Shortly after the July 2008 class certification ruling, a series of "opt-out" cases were filed by a number of large volume purchasers who elected not to be class members in the district court case. These opt-out cases were substantively identical to the class action lawsuit, but expanded the period of time to include 1994 through 1998. A consolidated jury trial of the opt-out cases began on March 8, 2016. Prior to a jury verdict, on April 5, 2016, the Company entered into a binding settlement for the opt-out cases under which the Company would pay the named plaintiffs $400 million, inclusive of damages and attorney fees. Payment of this settlement occurred on May 4, 2016. The Company changed its risk assessment on this matter as a result of the class settlement and the uncertainty of a jury trial outcome along with the automatic trebling of an adverse verdict. As a result, the Company recorded a loss of $400 million in the first quarter of 2016, included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Performance Materials & Chemicals segment. As with the class action case, the Company continues to deny allegations of price fixing and maintains that it was not part of any conspiracy. Bayer CropScience v. Dow AgroSciences ICC Arbitration On August 13, 2012, Bayer CropScience AG and Bayer CropScience NV (together, “Bayer”) filed a request for arbitration with the International Chamber of Commerce ("ICC") International Court of Arbitration against Dow AgroSciences LLC, a wholly owned subsidiary of the Company, and other subsidiaries of the Company (collectively, “DAS”) under a 1992 license agreement executed by predecessors of the parties (the “License Agreement”). In its request for arbitration, Bayer alleged that (i) DAS breached the License Agreement, (ii) the License Agreement was properly terminated with no ongoing rights to DAS, (iii) DAS has infringed and continues to infringe its patent rights related to the use of the pat gene in certain soybean and cotton seed products, and (iv) Bayer is entitled to monetary damages and injunctive relief. DAS denied that it breached the License Agreement and asserted that the License Agreement remained in effect because it was not properly terminated. DAS also asserted that all of Bayer’s patents at issue are invalid and/or not infringed, and, therefore, for these reasons (and others), a license was not required. During the pendency of the arbitration proceeding, DAS filed six re-examination petitions with the United States Patent & Trademark Office (“USPTO”) against the Bayer patents, asserting that each patent is invalid based on the doctrine against double-patenting and/or prior art. The USPTO granted all six petitions, and, on February 26, 2015, the USPTO issued an office action rejecting the patentability of the sole Bayer patent claim in the only asserted Bayer patent that has not expired (the "'962 patent") and that forms the basis for the vast majority of the damages in the arbitral award discussed below. A three-member arbitration tribunal presided over the arbitration proceeding (the “tribunal”). In a decision dated October 9, 2015, the tribunal determined that (i) DAS breached the License Agreement, (ii) Bayer properly terminated the License Agreement, (iii) all of the patents remaining in the proceeding are valid and infringed, and (iv) that Bayer is entitled to monetary damages in the amount of $455 million inclusive of pre-judgment interest and costs (the “arbitral award”). One of the arbitrators, however, issued a partial dissent finding that all of the patents are invalid based on the double-patenting doctrine. The tribunal also denied Bayer’s request for injunctive relief. The arbitration award is not self-executing, and must be confirmed by a court for it to be enforceable and to have the legal effect of a judgment. On October 16, 2015, Bayer filed a motion in U.S. District Court for the Eastern District of Virginia ("federal district court") seeking to confirm the arbitral award. DAS opposed the motion and filed separate motions to vacate the award, or in the alternative, to stay enforcement of the award until the USPTO issues final office actions with respect to the re-examination proceedings. On January 15, 2016, the federal district court denied DAS' motions and confirmed the award. DAS has appealed the federal district court's decision, and DAS has posted a bond to stay enforcement of the award during the appeal. Briefing for the appeal is complete and oral argument at the U.S. Court of Appeals for the Federal Circuit has been scheduled for February 9, 2017. The Company believes the arbitral award is fundamentally flawed in numerous respects and is confident that it will be vacated on appeal because it (i) violates U.S. public policy prohibiting enforcement of invalid patents, (ii) manifestly disregards applicable law, and (iii) disregards unambiguous contract provisions and ignores the essence of the applicable contracts. The Company continues to believe that Bayer’s patents are invalid for multiple reasons and that the damages awarded cannot be supported under prevailing patent law, including U.S. Supreme Court precedent. The USPTO has issued office actions rejecting the patentability of all four patents that Bayer asserted in the case. In January 2017, the USPTO issued final office actions for two of the patents asserted in the case, including the ‘962 patent, in which it rejected all relevant claims based on the doctrine against double-patenting. The re-examination proceedings with respect to the other two patents remain pending, although the Company anticipates that the USPTO will likewise invalidate those patents under the double-patenting doctrine. Although Bayer may appeal these decisions to the U.S. Patent Trial and Appeal Board, the Company believes the USPTO final office actions will provide a strong basis to vacate the arbitral award. If the federal appellate court denies the Company's appeal, the Company can seek judicial review by the U.S. Supreme Court. As part of the Company’s review of the arbitral award, the Company assessed the legal and factual circumstances of the case, the record of the arbitration and USPTO re-examination status, and the applicable law to vacate the arbitral award. Based on this review and the reasons stated above, the Company has concluded it is not probable that a loss has been incurred and, therefore, a liability has not been recorded with respect to this matter. While the Company believes it is not probable that a loss has been incurred, the existence of the arbitral award and the federal district court confirmation of the award indicates that it is reasonably possible that a loss could occur. The estimate of the possible range of loss to the Company is zero to the $455 million amount set forth in the arbitral award (excluding post-judgment interest). The arbitral award will not impact DAS’s commercialization of its soybean and cotton seed products, including those containing the ENLIST™ technologies. Rocky Flats Matter The Company and Rockwell International Corporation ("Rockwell") (collectively, the "defendants") were defendants in a class action lawsuit filed in 1990 on behalf of property owners ("plaintiffs") in Rocky Flats, Colorado, who asserted claims for nuisance and trespass based on alleged property damage caused by plutonium releases from a nuclear weapons facility owned by the U.S. Department of Energy ("DOE") (the "facility"). Dow and Rockwell were both DOE contractors that operated the facility - Dow from 1952 to 1975 and Rockwell from 1975 to 1989. The facility was permanently shut down in 1989. In 1993, the United States District Court for the District of Colorado ("District Court") certified the class of property owners. The plaintiffs tried their case as a public liability action under the Price Anderson Act ("PAA"). In 2005, the jury returned a damages verdict of $926 million. Dow and Rockwell appealed the jury award to the U.S. Tenth Circuit Court of Appeals ("Court of Appeals") which concluded the PAA had its own injury requirements, on which the jury had not been instructed, and also vacated the District Court's class certification ruling, reversed and remanded the case, and vacated the District Court's judgment (Cook v. Rockwell Int'l Corp., 618 F.3d 1127, 1133 (10th Cir. 2010)). The plaintiffs argued on remand to the District Court that they were entitled to reinstate the judgment as a state law nuisance claim, independent of the PAA. The District Court rejected that argument and entered judgment in favor of the defendants (Cook v. Rockwell Int'l Corp, 13 F. Supp. 3d 1153 (D. Colo. 2014)). The plaintiffs appealed to the Court of Appeals, which reversed the District Court's ruling, holding that the PAA did not preempt the plaintiffs' nuisance claim under Colorado law and that the plaintiffs could seek reinstatement of the prior nuisance verdict under Colorado law, and remanded for additional proceedings, including consideration of whether the District Court could recertify the class (Cook v. Rockwell Int'l Corp., 790 F.3d 1088 (10th Cir. 2015)). Dow and Rockwell continued to litigate this matter in the District Court and in the United States Supreme Court. On May 18, 2016, Dow, Rockwell and the plaintiffs entered into a settlement agreement for $375 million, of which $131 million was to be paid by Dow and $244 million was to be paid by Rockwell (collectively, the "Settlement Agreement"). The DOE authorized the settlement pursuant to the PAA and the nuclear hazards indemnity provisions contained in Dow and Rockwell's contracts. The District Court granted preliminary approval to the class settlement on August 5, 2016. On December 13, 2016, the United States Civil Board of Contract Appeals unanimously ordered the United States government to pay the amounts stipulated in the Settlement Agreement. At December 31, 2016, the Company had a liability of $130 million related to this matter (having already paid $1 million towards class notice costs), included in "Accrued and other current liabilities" in the consolidated balance sheets and a receivable of $131 million, included in "Accounts and notes receivable - Other" in the consolidated balance sheets. On January 17, 2017, the Company received a full indemnity payment ($131 million) from the United States government for Dow's share of the class settlement. The Company subsequently funded an escrow account for the settlement payment owed to the plaintiffs, which will remain in escrow until the settlement is approved by the District Court and finalized. A fairness hearing on the class settlement is scheduled for April 28, 2017. Dow Corning Chapter 11 Related Matters Introduction In 1995, Dow Corning, then a 50:50 joint venture between Dow and Corning Incorporated, voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to resolve Dow Corning’s breast implant liabilities and related matters (the “Chapter 11 Proceeding”). Dow Corning emerged from the Chapter 11 Proceeding on June 1, 2004 (the “Effective Date”) and is implementing the Joint Plan of Reorganization (the “Plan”). The Plan provides funding for the resolution of breast implant and other product liability litigation covered by the Chapter 11 Proceeding and provides a process for the satisfaction of commercial creditor claims in the Chapter 11 Proceeding. As of June 1, 2016, Dow Corning is a wholly owned subsidiary of Dow. Breast Implant and Other Product Liability Claims The centerpiece of the Plan is a product liability settlement program administered by an independent claims office (the “Settlement Facility”). Product liability claimants rejecting the settlement program in favor of pursuing litigation must bring suit against a litigation facility (the “Litigation Facility”). Under the Plan, total payments committed by Dow Corning to resolving product liability claims are capped at a maximum $2,350 million net present value (“NPV”) determined as of the Effective Date using a discount rate of seven percent (approximately $3,600 million undiscounted at December 31, 2016). Of this amount, no more than $400 million NPV determined as of the Effective Date can be used to fund the Litigation Facility. Dow Corning has an obligation to fund the Settlement Facility and the Litigation Facility over a 16-year period, commencing at the Effective Date. Under the Plan, Dow Corning is not required to remit additional funds to the Settlement Facility unless and until necessary to preserve liquidity. As of December 31, 2016, Dow Corning and its insurers have made life-to-date payments of $1,762 million to the Settlement Facility and the Settlement Facility reported an unexpended balance of $148 million. On June 1, 2016, as part of the ownership restructure of Dow Corning and in accordance with ASC 450 "Accounting for Contingencies," the Company recorded a liability of $290 million for breast implant and other product liability claims (“Implant Liability”), which reflected the estimated impact of the settlement of future claims primarily based on reported claim filing levels in the Revised Settlement Program (the “RSP”) and on the resolution of almost all cases pending against the Litigation Facility. The RSP was a program sponsored by certain other breast implant manufacturers in the context of multi-district, coordinated federal breast implant cases and was open from 1995 through 2010. The RSP was also a revised successor to an earlier settlement plan involving Dow Corning (prior to its bankruptcy filing). While Dow Corning withdrew from the RSP, many of the benefit categories and payment levels in Dow Corning’s settlement program were drawn from the RSP. Based on the comparability in design and actual claim experience of both plans, management concluded that claim information from the RSP provides a reasonable basis to estimate future claim filing levels for the Settlement Facility. In 2014, with the assistance of a third party consultant ("consultant"), Dow Corning developed an estimate of its Implant Liability ("2014 Estimate"), primarily based on the assumption that future claim filings in the remaining periods of the Settlement Facility will be similar to claim filing trends observed in the RSP. In the fourth quarter of 2016, Dow Corning requested the consultant review the available data and determine the appropriateness of updating the 2014 Estimate. In response to that request, the consultant reviewed and analyzed data through June 30, 2016, and updated its estimate of the Implant Liability to $263 million, primarily reflecting a decrease in Class 7 costs (claimants who have breast implants made by certain other manufacturers using primarily Dow Corning silicone gel), a decrease resulting from the passage of time (claims forecast as future claims in 2014 had, by 2016, been filed and resolved), decreased claim filing activity and administrative costs compared with the 2014 Estimate, and an increase in investment income resulting from insurance proceeds. In December 2016, based on the consultant's updated estimate and Dow Corning's own review of claim filing activity, Dow Corning determined that an adjustment to the Implant Liability was required. Accordingly, Dow Corning decreased its Implant Liability by $27 million, which is included in "Sundry income (expense) - net" in the consolidated statements of income. At December 31, 2016, the Implant Liability was $263 million, which is included in "Other noncurrent obligations" in the consolidated balance sheets. Dow Corning is not aware of circumstances that would change the factors used in estimating the Implant Liability and believes the recorded Implant Liability reflects the best estimate of the remaining funding obligations under the Plan; however, the estimate relies upon a number of significant assumptions, including:
If actual outcomes related to any of these assumptions prove to be materially different, the future liability to fund the Plan may be materially different than the amount estimated. If Dow Corning was ultimately required to fund the full liability up to the maximum capped value, the liability would be $1,867 million at December 31, 2016. Commercial Creditor Issues The Plan provides that each of Dow Corning’s commercial creditors (the “Commercial Creditors”) would receive in cash the sum of (a) an amount equal to the principal amount of their claims and (b) interest on such claims. The actual amount of interest that will ultimately be paid to these Commercial Creditors is uncertain due to pending litigation between Dow Corning and the Commercial Creditors regarding the appropriate interest rates to be applied to outstanding obligations from the 1995 bankruptcy filing date through the Effective Date, as well as the presence of any recoverable fees, costs, and expenses. In 2006, the U.S. Court of Appeals for the Sixth Circuit concluded that there is a general presumption that contractually specified default interest should be paid by a solvent debtor to unsecured creditors (the “Interest Rate Presumption”) and permitting Dow Corning’s Commercial Creditors to recover fees, costs, and expenses where allowed by relevant loan agreements and state law. The matter was remanded to the U.S. District Court for the Eastern District of Michigan ("District Court") for further proceedings, including rulings on the facts surrounding specific claims and consideration of any equitable factors that would preclude the application of the Interest Rate Presumption. Upon the Plan becoming effective, Dow Corning paid approximately $1,500 million to the Commercial Creditors, representing principal and an amount of interest that Dow Corning considers undisputed. At December 31, 2016, Dow Corning has estimated its remaining liability to the Commercial Creditors to be within a range of $108 million to $356 million. However, no single amount within the range appears to be a better estimate than any other amount within the range. Therefore, Dow Corning recorded the minimum liability within the range. At December 31, 2016, the liability related to Dow Corning’s potential obligation to pay additional interest to its Commercial Creditors in the Chapter 11 Proceeding was $108 million and included in "Accrued and other current liabilities" in the consolidated balance sheets. The actual amount of interest that will be paid to these creditors is uncertain and will ultimately be resolved through continued proceedings in the District Court. Indemnifications In connection with the DCC Transaction discussed in Note 4, the Company is indemnified for 50 percent of future losses associated with certain pre-closing liabilities, including the Implant Liability and Commercial Creditors matters described above, subject to certain conditions and limits. The maximum amount of indemnified losses which may be recovered are subject to a cap that declines over time. Indemnified losses are capped at (1) $1.5 billion until May 31, 2018, (2) $1 billion between May 31, 2018 and May 31, 2023, and (3) no recoveries are permitted after May 31, 2023. No indemnification assets were recorded at December 31, 2016. Summary The amounts recorded by Dow Corning for the Chapter 11 related matters described above were based upon current, known facts, which management believes reflect reasonable and probable estimates of the liability. However, future events could cause the actual costs for Dow Corning to be higher or lower than those projected or those recorded. Any such events could result in an increase or decrease in the recorded liability. Other Litigation Matters In addition to the specific matters described above, the Company is party to a number of other claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, employment matters, governmental tax and regulation disputes, contract and commercial litigation and other actions. Certain of these actions purport to be class actions and seek damages in very large amounts. All such claims are being contested. Dow has an active risk management program consisting of numerous insurance policies secured from many carriers at various times. These policies may provide coverage that could be utilized to minimize the financial impact, if any, of certain contingencies described above. It is the opinion of the Company’s management 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, financial condition and cash flows of the Company. Purchase Commitments The Company has various commitments for take-or-pay and throughput agreements. These commitments are at prices not in excess of current market prices. The remaining terms for all but one of these agreements extend from 1 to 28 years. One agreement has a remaining term of 60 years. The 10-year future commitments for this agreement as well as the fixed and determinable portion of all other obligations under the Company's purchase commitments have been updated as of December 31, 2016, and are included in the following table:
In addition to the take-or-pay obligations at December 31, 2016, the Company had outstanding commitments which ranged from 1 to 25 years for materials, services and other items used in the normal course of business of approximately $732 million. Such commitments were at prices not in excess of current market prices. Guarantees The following tables provide a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for each type of guarantee:
Guarantees Guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates when the Company undertakes an obligation to guarantee the performance of others (via delivery of cash or other assets) if specified triggering events occur. With guarantees, such as commercial or financial contracts, non-performance by the guaranteed party triggers the obligation of the Company to make payments to the beneficiary of the guarantee. The majority of the Company’s guarantees relate to debt of nonconsolidated affiliates, which have expiration dates ranging from less than one year to five years, and trade financing transactions in Latin America, which typically expire within one year of inception. The Company’s current expectation is that future payment or performance related to the non-performance of others is considered unlikely. The Company has entered into guarantee agreements (“Guarantees”) related to project financing for Sadara, a nonconsolidated affiliate. The total of an Islamic bond and additional project financing (collectively “Total Project Financing”) obtained by Sadara is approximately $12.5 billion. Sadara had $12.4 billion of Total Project Financing outstanding at December 31, 2016 ($11.9 billion at December 31, 2015). The Company's guarantee of the Total Project Financing is in proportion to the Company's 35 percent ownership interest in Sadara, or up to approximately $4.4 billion when the project financing is fully drawn. The Guarantees will be released upon completion of construction of the Sadara complex and satisfactory fulfillment of certain other conditions, including passage of an extensive operational testing program, which is currently anticipated by the end of the first quarter of 2018 and must occur no later than December 2020. Residual Value Guarantees The Company provides guarantees related to leased assets specifying the residual value that will be available to the lessor at lease termination through sale of the assets to the lessee or third parties. In 2014, the Company entered into a residual value guarantee as part of a sale-leaseback transaction for a significant portion of its North American railcar fleet. The sale transaction resulted in a deferred gain of $102 million, which was recorded as a liability due to the guarantee and will be deferred until expiration of the ten-year lease unless otherwise terminated. The maximum value of the guarantee was $234 million at December 31, 2016 ($236 million at December 31, 2015). Warranties The Company provides warranty policies on certain products and accrues liabilities under warranty policies using historical warranty claim experience. Adjustments are made to accruals as claim data and historical experience change. The following table summarizes changes in the Company's warranty liability for the years ended December 31, 2016 and 2015:
Asset Retirement Obligations Dow has 189 manufacturing sites in 34 countries. Most of these sites contain numerous individual manufacturing operations, particularly at the Company’s larger sites. Asset retirement obligations are recorded as incurred and reasonably estimable, including obligations for which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the Company. The retirement of assets may involve such efforts as remediation and treatment of asbestos, contractually required demolition, and other related activities, depending on the nature and location of the assets; and retirement obligations are typically realized only upon demolition of those facilities. In identifying asset retirement obligations, the Company considers identification of legally enforceable obligations, changes in existing law, estimates of potential settlement dates and the calculation of an appropriate discount rate to be used in calculating the fair value of the obligations. Dow has a well-established global process to identify, approve and track the demolition of retired or to-be-retired facilities; and no assets are retired from service until this process has been followed. Dow typically forecasts demolition projects based on the usefulness of the assets; environmental, health and safety concerns; and other similar considerations. Under this process, as demolition projects are identified and approved, reasonable estimates are determined for the time frames during which any related asset retirement obligations are expected to be settled. For those assets where a range of potential settlement dates may be reasonably estimated, obligations are recorded. Dow routinely reviews all changes to items under consideration for demolition to determine if an adjustment to the value of the asset retirement obligation is required. The Company has recognized asset retirement obligations for the following activities: demolition and remediation activities at manufacturing sites primarily in the United States, Canada, Brazil, Argentina and Europe; and capping activities at landfill sites in the United States, Canada, Brazil and Italy. The Company has also recognized conditional asset retirement obligations related to asbestos encapsulation as a result of planned demolition and remediation activities at manufacturing and administrative sites primarily in the United States, Canada, Argentina and Europe. The aggregate carrying amount of conditional asset retirement obligations recognized by the Company (included in the asset retirement obligations balance shown below) was $31 million at December 31, 2016 ($33 million at December 31, 2015). The following table shows changes in the aggregate carrying amount of the Company’s asset retirement obligations for the years ended December 31, 2016 and 2015:
The discount rate used to calculate the Company’s asset retirement obligations at December 31, 2016, was 1.87 percent (1.48 percent at December 31, 2015). These obligations are included in the consolidated balance sheets as "Accrued and other current liabilities" and "Other noncurrent obligations." The Company has not recognized conditional asset retirement obligations for which a fair value cannot be reasonably estimated in its consolidated financial statements. Assets that have not been submitted/reviewed for potential demolition activities are considered to have continued usefulness and are generally still operating normally. Therefore, without a plan to demolish the assets or the expectation of a plan, such as shortening the useful life of assets for depreciation purposes in accordance with the accounting guidance related to property, plant and equipment, the Company is unable to reasonably forecast a time frame to use for present value calculations. As such, the Company has not recognized obligations for individual plants/buildings at its manufacturing sites where estimates of potential settlement dates cannot be reasonably made. In addition, the Company has not recognized conditional asset retirement obligations for the capping of its approximately 42 underground storage wells and 141 underground brine mining and other wells at Dow-owned sites when there are no plans or expectations of plans to exit the sites. It is the opinion of the Company’s management that the possibility is remote that such conditional asset retirement obligations, when estimable, will have a material impact on the Company’s consolidated financial statements based on current costs. |
TRANSFERS OF FINANCIAL ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing of Financial Assets [Text Block] | TRANSFERS OF FINANCIAL ASSETS The Company sells trade accounts receivable of select North American entities and qualifying trade accounts receivable of select European entities on a revolving basis to certain multi-seller commercial paper conduit entities ("conduits"). The proceeds received are comprised of cash and interests in specified assets of the conduits (the receivables sold by the Company) that entitle the Company to the residual cash flows of such specified assets in the conduits after the commercial paper has been repaid. Neither the conduits nor the investors in those entities have recourse to other assets of the Company in the event of nonpayment by the debtors. During the year ended December 31, 2016, the Company recognized a loss of $20 million on the sale of these receivables ($15 million loss for the year ended December 31, 2015 and $16 million loss for the year ended December 31, 2014), which is included in “Interest expense and amortization of debt discount” in the consolidated statements of income. The Company's interests in the conduits are carried at fair value and included in “Accounts and notes receivable – Other” in the consolidated balance sheets. Fair value of the interests is determined by calculating the expected amount of cash to be received and is based on unobservable inputs (a Level 3 measurement). The key input in the valuation is the percentage of anticipated credit losses in the portfolio of receivables sold that have not yet been collected. Given the short-term nature of the underlying receivables, discount rates and prepayments are not factors in determining the fair value of the interests. The following table summarizes the carrying value of interests held, which represents the Company's maximum exposure to loss related to the receivables sold, and the percentage of anticipated credit losses related to the trade accounts receivable sold. Also provided is the sensitivity of the fair value of the interests held to hypothetical adverse changes in the anticipated credit losses; amounts shown below are the corresponding hypothetical decreases in the carrying value of interests.
Credit losses, net of any recoveries, were insignificant for the year ended December 31, 2016 ($1 million for the year ended December 31, 2015, and $7 million for the year ended December 31, 2014). Following is an analysis of certain cash flows between the Company and the conduits:
(1) Presented in "Operating Activities" in the consolidated statements of cash flows. Following is additional information related to the sale of receivables under these facilities:
In 2016, the Company repurchased $4 million of previously sold receivables ($11 million in 2015). |
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
December 31, 2015.
related to the DCC Transaction will be exercised. 2016 Activity In 2016, the Company redeemed $349 million of 2.5 percent notes that matured on February 15, 2016, and $52 million principal amount of InterNotes at maturity. In addition, approximately $128 million of long-term debt (net of $28 million of additional borrowings) was repaid by consolidated variable interest entities. As part of the DCC Transaction, the fair value of debt assumed by Dow was $4,672 million and is reflected in the long-term debt table above. See Note 4 for additional information. 2015 Activity In the fourth quarter of 2015, the Company redeemed $724 million aggregate principal amount of InterNotes of various interest rates and maturities between 2016 and 2024. As a result of this redemption, the Company realized an $8 million pretax loss related to the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in Corporate. On October 5, 2015, (i) the Company completed the transfer of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses into a new company ("Splitco"), (ii) participating Dow shareholders tendered, and the Company accepted, Dow shares for Splitco shares in a public exchange offer, and (iii) Splitco merged with a wholly owned subsidiary of Olin in a tax-efficient Reverse Morris Trust transaction (collectively, the “Transaction”). Under the terms of a debt exchange offer, the Company received $1,220 million principal amount of new debt instruments from Splitco, which were subsequently transferred to certain investment banks in a non-cash fair value exchange for $1,154 million principal amount of the Company’s outstanding debt instruments owned by such investment banks. As a result of this debt exchange offer and related transactions, the Company retired $1,161 million of certain notes, including $401 million of 2.50 percent notes due 2016, $182 million of 5.70 percent notes due 2018, $278 million of 4.25 percent notes due 2020 and a $300 million Term Loan Facility with a maturity date of 2016. The Company recognized a loss on the early extinguishment of debt of $68 million, included in "Sundry income (expense) - net" in the consolidated statements of income as a component of the pretax gain on the Transaction and reflected in Corporate. In connection with the Transaction, a membrane chlor-alkali joint venture was included as part of the assets and liabilities divested. This resulted in an additional reduction of $569 million principal amount of debt. See Notes 6 and 20 for further information. In 2015, the Company issued $346 million aggregate principal amount of InterNotes and approximately $163 million of long-term debt (net of $8 million of additional borrowings) was repaid by consolidated variable interest entities. 2014 Activity On September 16, 2014, the Company issued $2 billion of senior unsecured notes in a public offering. The offering included $900 million aggregate principal amount of 3.5 percent notes due 2024; $600 million aggregate principal amount of 4.25 percent notes due 2034; and $500 million aggregate principal amount of 4.625 percent notes due 2044. In 2014, the Company issued $390 million aggregate principal amount of InterNotes with varying maturities in 2019, 2021 and 2024, at various interest rates averaging 2.94 percent. The Company also repaid $346 million of long-term debt related to the purchase of an ethylene production facility (see Note 20 for additional information), redeemed $124 million of tax-exempt bonds at maturity and repurchased $51 million of tax-exempt bonds. In addition, approximately $97 million of long-term debt (net of $69 million of additional borrowings) was repaid by consolidated variable interest entities. Available Credit Facilities The following table summarizes the Company's credit facilities:
In connection with the DCC Transaction, on May 31, 2016, Dow Corning incurred $4.5 billion of indebtedness under a certain third party credit agreement ("DCC Term Loan Facility") in order to fund the contribution of cash to Splitco. Subsequent to the DCC Transaction, the Company guaranteed the obligations of Dow Corning under the DCC Term Loan Facility and, as a result, the covenants and events of default applicable to the DCC Term Loan Facility are substantially similar to the covenants and events of default set forth in the Company's Five Year Competitive Advance and Revolving Credit Facility. Amounts borrowed under the DCC Term Loan Facility are repayable on May 30, 2017, subject to a 364-day extension option, at Dow Corning's election, upon the satisfaction of certain customary conditions precedent. Dow Corning intends to exercise the 364-day extension option on the DCC Term Loan Facility. See Note 4 for additional information on the DCC Transaction. Debt Covenants and Default Provisions The Company’s outstanding long-term debt has been issued under indentures which contain, among other provisions, certain customary restrictive covenants with which the Company must comply while the underlying notes are outstanding. Such covenants include obligations to not allow liens on principal U.S. manufacturing facilities, enter into sale and lease-back transactions with respect to principal U.S. manufacturing facilities, merge or consolidate with any other corporation, or sell or convey all or substantially all of the Company’s assets. The outstanding debt also contains customary default provisions. Failure of the Company to comply with any of these covenants could result in a default under the applicable indenture, which would allow the note holders to accelerate the due date of the outstanding principal and accrued interest on the underlying notes. The Company expects to remain in compliance with these covenants after completion of the all-stock, merger of equals strategic combination with DuPont. The Company’s primary, private credit agreements also contain certain customary restrictive covenant and default provisions in addition to the covenants set forth above with respect to the Company’s debt. Significant other restrictive covenants and default provisions related to these agreements include:
Failure of the Company to comply with any of the covenants or default provisions could result in a default under the applicable credit agreement which would allow the lenders to not fund future loan requests and to accelerate the due date of the outstanding principal and accrued interest on any outstanding indebtedness. |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Ownership Restructure of Dow Corning As part of the June 1, 2016 ownership restructure of Dow Corning, the Company assumed sponsorship of qualified and non-qualified pension and other postretirement benefit plans that provide defined benefits to U.S. and non-U.S. employees. Plan assets and obligations for all significant plans assumed from Dow Corning are as follows:
Pension Plans The Company has defined benefit pension plans that cover employees in the United States and a number of other countries. The U.S. qualified plan covering the parent company is the largest plan. Benefits for employees hired before January 1, 2008, are based on length of service and the employee’s three highest consecutive years of compensation. Employees hired after January 1, 2008, earn benefits that are based on a set percentage of annual pay, plus interest. The Company’s funding policy is to contribute to the plans when pension laws and/or economics either require or encourage funding. In 2016, Dow contributed $629 million to its pension plans, including contributions to fund benefit payments for its non-qualified supplemental plans. Dow expects to contribute approximately $500 million to its pension plans in 2017. The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for the plans are provided in the two tables below:
The Company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for each plan. The Company’s historical experience with the pension fund asset performance is also considered. Effective January 1, 2016, the Company adopted the spot rate approach to determine the discount rate utilized to measure the service cost and interest cost components of net periodic pension and other postretirement benefit costs for the U.S. and other selected countries. Under the spot rate approach, the Company calculates service cost and interest cost by applying individual spot rates from the Willis Towers Watson RATE:Link yield curve (based on high-quality corporate bond yields) for each selected country to the separate expected cash flow components of service cost and interest cost; service cost and interest cost for all other plans (including all plans prior to adoption) are determined on the basis of the single equivalent discount rates derived in determining those plan obligations. The Company changed to the new method to provide a more precise measure of interest and service costs for certain countries by improving the correlation between projected benefit cash flows and the discrete spot yield curves. The Company accounted for this change as a change in accounting estimate and it was applied prospectively starting in 2016. The discount rates utilized to measure the pension and other postretirement obligations of the U.S. qualified plans are based on the yield on high-quality corporate fixed income investments at the measurement date. Future expected actuarially determined cash flows for Dow’s U.S. plans are individually discounted at the spot rates under the Willis Towers Watson U.S. RATE:Link 60-90 corporate yield curve (based on 60th to 90th percentile high-quality corporate bond yields) to arrive at the plan’s obligations as of the measurement date. In 2014, the Society of Actuaries ("SOA") published updated mortality tables and mortality improvement scales (generational mortality tables), which reflect increased life expectancy. Based on an evaluation of the mortality experience of the Company's U.S. pension plans and the SOA's tables, effective for 2014 and forward, the Company adopted updated generational mortality tables for purposes of measuring U.S. pension and other postretirement obligations. The accumulated benefit obligation for all defined benefit pension plans was $28.8 billion at December 31, 2016 and $24.5 billion at December 31, 2015.
In addition to the U.S. qualified defined benefit pension plan, U.S. employees may participate in defined contribution plans (Employee Savings Plans or 401(k) plans) by contributing a portion of their compensation, which is partially matched by the Company. Defined contribution plans also cover employees in some subsidiaries in other countries, including Australia, Brazil, Canada, Italy, Spain and the United Kingdom. Expense recognized for all defined contribution plans was $283 million in 2016, $235 million in 2015 and $243 million in 2014. Other Postretirement Benefits The Company provides certain health care and life insurance benefits to retired employees. The Company’s plans outside of the United States are not significant; therefore, this discussion relates to the U.S. plans only. The plans provide health care benefits, including hospital, physicians’ services, drug and major medical expense coverage, and life insurance benefits. In general, for employees hired before January 1, 1993, the plans provide benefits supplemental to Medicare when retirees are eligible for these benefits. The Company and the retiree share the cost of these benefits, with the Company portion increasing as the retiree has increased years of credited service, although there is a cap on the Company portion. The Company has the ability to change these benefits at any time. Employees hired after January 1, 2008, are not covered under the plans. On January 1, 2014, the Company implemented an Employer Group Waiver Plan (“EGWP”) for its Medicare-eligible, retiree medical plan participants. The Medicare Part D Retiree Drug Subsidy program (“RDS”) was eliminated on January 1, 2014. The EGWP does not significantly alter the benefits provided to retiree medical plan participants. Federal subsidies to be earned under the EGWP are expected to exceed those earned under the RDS and will be partially offset by increased costs related to the administration of the EGWP. The net periodic benefit cost decreased by $25 million in 2014 due to the EGWP. The Company funds most of the cost of these health care and life insurance benefits as incurred. In 2016, Dow did not make any contributions to its other postretirement benefit plan trusts. The trusts did not hold assets at December 31, 2016. Dow does not expect to contribute assets to its other postretirement benefit plan trusts in 2017. The weighted-average assumptions used to determine other postretirement benefit obligations and net periodic benefit costs for the U.S. plans are provided below:
Increasing the assumed medical cost trend rate for all plans by one percentage point in each year would decrease the accumulated postretirement benefit obligation at December 31, 2016, by $7 million and decrease the net periodic postretirement benefit cost for the year by $1 million. Decreasing the assumed medical cost trend rate for all plans by one percentage point in each year would increase the accumulated postretirement benefit obligation at December 31, 2016, by $11 million and the net periodic postretirement benefit cost for the year by $1 million.
In 2017, an estimated net loss of $626 million and prior service credit of $24 million for the defined benefit pension plans will be amortized from AOCL to net periodic benefit cost. In 2017, an estimated net gain of $6 million for other postretirement benefit plans will be amortized from AOCL to net periodic benefit cost. Estimated Future Benefit Payments The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:
Plan Assets Plan assets consist primarily of equity and fixed income securities of U.S. and foreign issuers, and include alternative investments such as real estate, private equity and absolute return strategies. At December 31, 2016, plan assets totaled $21.2 billion and included no Company common stock. At December 31, 2015, plan assets totaled $18.8 billion and included no Company common stock. Investment Strategy and Risk Management for Plan Assets The Company’s investment strategy for the plan assets is to manage the assets in relation to the liability in order to pay retirement benefits to plan participants over the life of the plans. This is accomplished by identifying and managing the exposure to various market risks, diversifying investments across various asset classes and earning an acceptable long-term rate of return consistent with an acceptable amount of risk, while considering the liquidity needs of the plans. The plans are permitted to use derivative instruments for investment purposes, as well as for hedging the underlying asset and liability exposure and rebalancing the asset allocation. The plans use value-at-risk, stress testing, scenario analysis and Monte Carlo simulations to monitor and manage both the risk within the portfolios and the surplus risk of the plans. Equity securities primarily include investments in large- and small-cap companies located in both developed and emerging markets around the world. Fixed income securities include investment and non-investment grade corporate bonds of companies diversified across industries, U.S. treasuries, non-U.S. developed market securities, U.S. agency mortgage-backed securities, emerging market securities and fixed income related funds. Alternative investments primarily include investments in real estate, private equity limited partnerships and absolute return strategies. Other significant investment types include various insurance contracts and interest rate, equity, commodity and foreign exchange derivative investments and hedges.
Concentration of Risk The Company mitigates the credit risk of investments by establishing guidelines with investment managers that limit investment in any single issue or issuer to an amount that is not material to the portfolio being managed. These guidelines are monitored for compliance both by the Company and external managers. Credit risk related to derivative activity is mitigated by utilizing multiple counterparties, collateral support agreements and centralized clearing, where appropriate. The Northern Trust Collective Government Short Term Investment money market fund is utilized as the sweep vehicle for the U.S. plans, which from time to time can represent a significant investment. For one U.S. plan, approximately 40 percent of the liability is covered by a participating group annuity issued by Prudential Insurance Company. The following tables summarize the bases used to measure the Company’s pension plan assets at fair value for the years ended December 31, 2016 and 2015:
For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets 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. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For other pension plan assets for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models. For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers or fund managers provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Where available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. Some pension plan assets are held in funds where fair value is based on an estimated net asset value per share (or its equivalent) as of the most recently available fund financial statements, and adjusted for estimated earnings and investment activity. These funds are classified as Level 3 due to the significant unobservable inputs inherent in the fair value measurement. The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2015 and 2016:
|
LEASED PROPERTY |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Leases of Lessee Disclosure [Text Block] | LEASED PROPERTY Leased Property The Company routinely leases premises for use as sales and administrative offices, warehouses and tanks for product storage, motor vehicles, railcars, computers, office machines and equipment. In addition, the Company leases aircraft in the United States. At the termination of the leases, the Company has the option to purchase certain leased equipment and buildings based on a fair market value determination. Rental expenses under leases, net of sublease rental income, were $661 million in 2016, $600 million in 2015 and $539 million in 2014. Future minimum rental payments under leases with remaining noncancelable terms in excess of one year are as follows:
|
VARIABLE INTEREST ENTITIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities Disclosure [Text Block] | VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities At December 31, 2016, the Company holds a variable interest in seven joint ventures or entities for which the Company is the primary beneficiary. Three joint ventures own and operate manufacturing and logistics facilities, which produce chemicals and provide services in Asia Pacific. The Company’s variable interest in these joint ventures relates to arrangements between the joint ventures and the Company, involving the majority of the output on take-or-pay terms with pricing ensuring a guaranteed return to the joint ventures. The fourth joint venture manufactures products in Japan for the semiconductor industry. Each joint venture partner holds several equivalent variable interests, with the exception of a royalty agreement held exclusively between the joint venture and the Company. In addition, the entire output of the joint venture is sold to the Company for resale to third-party customers. The fifth joint venture provides ethylene storage in Alberta, Canada. The Company's variable interests relate to arrangements involving a majority of the joint venture's storage capacity on take-or-pay terms with pricing ensuring a guaranteed return to the joint venture; and favorably priced leases provided to the joint venture. The Company provides the joint venture with operation and maintenance services and utilities. The Company was a partner in a joint venture located in Brazil that produces ethanol from sugarcane. The Company's variable interests in this joint venture related to an equity option between the partners, a parental loan and guarantee related to debt financing, and contractual arrangements limiting the partner's initial participation in the economics of certain assets and liabilities. After formation of the joint venture, the partners amended the governing documents, including terms of the equity option. Terms of the equity option required the Company to purchase the partner's equity investment at a price based on a specified formula if the partner elected to exit the joint venture. In August 2015, the partner exercised its equity option which required Dow to purchase their equity investment. As a result, the Company reclassified the partner's equity investment from "Redeemable Noncontrolling Interest" to "Accrued and other current liabilities" in the consolidated balance sheets at December 31, 2015. On March 31, 2016, the partner's equity investment transferred to the Company. On July 11, 2016, the Company paid $202 million to the former partner, which is classified as "Purchases of noncontrolling interests" in the consolidated statements of cash flows. This former joint venture is now 100 percent owned by the Company, therefore its asset and liability balances are not included in the December 31, 2016, balances in the "Assets and Liabilities of Consolidated VIEs at December 31" table that follows. The Company continues to hold variable interests in a related entity that owns a cogeneration facility, which represents the sixth entity for which the Company is the primary beneficiary. The Company's variable interests are the result of a tolling arrangement where it provides fuel to the entity and purchases a majority of the cogeneration facility’s output on terms that ensure a return to the entity’s equity holders. The assets and liabilities of the cogeneration facility continue to be included in the table that follows. The Company previously held an equity interest in a joint venture that owns and operates a membrane chlor-alkali manufacturing facility. The Company’s variable interests in this joint venture related to equity options between the partners and a cost-plus off-take arrangement between the joint venture and the Company, involving proportional purchase commitments on take-or-pay terms and ensuring a guaranteed return to the joint venture. In the second quarter of 2015, Mitsui & Co. Texas Chlor-Alkali Inc. ("Mitsui"), a 50 percent equity owner in this joint venture, provided notice of its intention to transfer its equity interest to Dow as part of the Transaction with Olin. On October 5, 2015, the Company purchased Mitsui's equity interest in the membrane chlor-alkali joint venture for $133 million, which resulted in a loss of $25 million included in "Sundry income (expense) - net" in the consolidated statements of income and included as a component of the pretax gain on the Transaction. The loss is reflected in the Performance Materials & Chemicals segment. See Note 6 for additional information on this Transaction. The Company previously held a 49 percent equity interest in a joint venture that managed the growth, harvest and conditioning of soybean seed and grain, corn and wheat in the United States. The Company's variable interest in this joint venture related to an equity option between the partners. Terms of the equity option required the Company to purchase the partner's equity investment at a price based on a specified formula, after a specified period of time, and satisfaction of certain conditions, if the partner elected to sell its equity investment. On August 10, 2015, the equity option was determined to be exercisable and the partner provided notice to the Company of its intent to exercise the equity option, which resulted in an after-tax loss of $22 million, included in "Net income attributable to noncontrolling interests" in the consolidated statements of income. The Company purchased the partner's equity investment on September 18, 2015, which resulted in the joint venture becoming a wholly owned subsidiary of Dow. Subsequent to the purchase of the partner's equity investment, the Company sold its entire ownership interest in the subsidiary to a third party and recognized a pretax gain of $44 million on the sale in the third quarter of 2015, included in "Sundry income (expense) - net" in the consolidated statements of income and reflected in the Agricultural Sciences segment. The Company previously held a variable interest in an owner trust, for which the Company was the primary beneficiary. The owner trust leased an ethylene production facility in The Netherlands to the Company, whereby substantially all of the rights and obligations of ownership were transferred to the Company. The Company’s variable interest in the owner trust related to a fixed purchase price option. On January 2, 2014, the Company purchased the ethylene production facility for $406 million. The Company classified $346 million as "Payments on long-term debt" and $60 million as "Purchases of noncontrolling interests" in the consolidated statements of cash flows. The Company's consolidated financial statements include the assets, liabilities and results of operations of variable interest entities ("VIEs") for which the Company is the primary beneficiary. The other equity holders’ interests are reflected in "Net income attributable to noncontrolling interests" in the consolidated statements of income and "Noncontrolling interests" and "Accrued and other current liabilities" in the consolidated balance sheets. The following table summarizes the carrying amounts of these entities’ assets and liabilities included in the Company’s consolidated balance sheets at December 31, 2016 and 2015:
In addition, the Company holds a variable interest in an entity created to monetize accounts receivable of select European entities. This is the seventh entity for which the Company is the primary beneficiary and it results from the Company holding subordinated notes while maintaining servicing responsibilities for the accounts receivable. The carrying amounts of assets and liabilities included in the Company’s consolidated balance sheets pertaining to this entity were current assets of $477 million (zero restricted) at December 31, 2016 ($103 million, zero restricted, at December 31, 2015) and current liabilities of less than $1 million (zero nonrecourse) at December 31, 2016 (less than $1 million, zero nonrecourse, at December 31, 2015). Amounts presented in the consolidated balance sheets and the table above as restricted assets or nonrecourse obligations relating to consolidated VIEs at December 31, 2016 and 2015 are adjusted for intercompany eliminations and parental guarantees. Nonconsolidated Variable Interest Entities As a result of the DCC Transaction, the Company holds variable interests in Hemlock Semiconductor L.L.C. The variable interests relate to an equity interest held by the Company and arrangements between the Company and the joint venture to provide services. The Company is not the primary beneficiary, as it does not direct the activities that most significantly impact the economic performance of this entity; therefore, the entity is accounted for under the equity method of accounting. At December 31, 2016, the Company had a negative investment basis of $902 million in this joint venture, which is classified as "Other noncurrent obligations" in the consolidated balance sheets. The Company's maximum exposure to loss was zero at December 31, 2016. See Note 9 for additional information on this variable interest entity. Also as a result of the DCC Transaction, the Company holds minority voting interests in certain joint ventures that produce silicon inputs for the Company. These joint ventures operate under supply agreements that sell inventory to the equity owners using pricing mechanisms that guarantee a return, therefore shielding the joint ventures from the obligation to absorb expected losses. As a result of the pricing mechanisms of these agreements, these entities are determined to be variable interest entities. The Company is not the primary beneficiary, as it does not hold the power to direct the activities that most significantly impact the economic performance of these entities; therefore, the entities are accounted for under the equity method of accounting. The Company's maximum exposure to loss as a result of its involvement with these variable interest entities is determined to be the carrying value of the investment in these entities. At December 31, 2016, the Company's investment in these joint ventures was $96 million and is classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets, representing the Company's maximum exposure to loss. The Company holds a variable interest in a joint venture that manufactures crude acrylic acid in the United States and Germany on behalf of the Company and the other joint venture partner. The variable interest relates to a cost-plus arrangement between the joint venture and each joint venture partner. The Company is not the primary beneficiary, as a majority of the joint venture’s output is committed to the other joint venture partner; therefore, the entity is accounted for under the equity method of accounting. At December 31, 2016, the Company’s investment in the joint venture was $171 million ($160 million at December 31, 2015), classified as “Investment in nonconsolidated affiliates” in the consolidated balance sheets, representing the Company’s maximum exposure to loss. The Company holds variable interests in AFSI, a company that produces and sells proprietary technologies for the horticultural market. The variable interests in AFSI relate to a sublease agreement between Dow and AFSI; a tax receivable agreement that entitles Dow to additional consideration in the form of tax savings, which is contingent on the operations and earnings of AFSI; and contingent consideration, which is subject to certain performance conditions. The Company is not the primary beneficiary, as Dow is a minority shareholder in AFSI and AFSI is governed by a board of directors, the composition of which is mandated by AFSI's corporate governance requirements that a majority of the directors be independent. At December 31, 2016, the Company's investment in AFSI was $46 million ($191 million at December 31, 2015), and is classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. In the fourth quarter of 2016, as a result of a decline in the market value of AFSI, the Company recognized a $143 million pretax impairment charge related to its equity interest in AFSI (see Notes 9 and 12 for further information). In addition, the Company has a receivable with AFSI related to the tax receivable agreement of $12 million at December 31, 2016 (zero at December 31, 2015) and a receivable for six million warrants, valued at $1 million at December 31, 2016 ($6 million at December 31, 2015), which are classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. The Company's maximum exposure to loss was $59 million at December 31, 2016 ($197 million at December 31, 2015). |
STOCK-BASED COMPENSATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION The Company provides stock-based compensation in the form of the Employee Stock Purchase Plan (“ESPP”), which grants eligible employees the right to purchase shares of the Company's common stock at a discounted price. The Company also grants stock-based compensation to employees and non-employee directors in the form of stock incentive plans, which include stock options, deferred stock, performance deferred stock and restricted stock. Information regarding these plans is provided below. Accounting for Stock-Based Compensation The Company grants stock-based compensation awards that vest over a specified period or upon employees meeting certain performance and/or retirement eligibility criteria. The fair value of equity instruments issued to employees is measured on the grant date. The fair value of liability instruments issued to employees (specifically, performance deferred stock awards, which are granted to executive employees subject to stock ownership requirements, that provide the recipient the option to elect to receive a cash payment equal to the value of the stock award on the date of delivery) is measured at the end of each quarter. The fair value of equity and liability instruments is expensed over the vesting period or, in the case of retirement, from the grant date to the date on which retirement eligibility provisions have been met and additional service is no longer required. The Company uses a lattice-based option valuation model to estimate the fair value of stock options, the Black-Scholes option valuation model for subscriptions to purchase shares under the ESPP and Monte Carlo simulation for the market portion of performance deferred stock awards. The weighted-average assumptions used to calculate total stock-based compensation are included in the following table:
The dividend yield assumption for 2016 and 2015 was equal to the dividend yield on the grant date, which reflected the most recent quarterly dividend payment of $0.46 per share in 2016 ($0.42 per share in 2015). The dividend yield assumption for 2014 was equal to the dividend yield on the grant date, which for stock options was the most recent quarterly dividend declared on the grant date of $0.37 per share and for the ESPP was the first quarter dividend payment of $0.32 per share. The expected volatility assumptions for stock options and ESPP were based on an equal weighting of the historical daily volatility for the term of the awards and current implied volatility from exchange-traded options. The expected volatility assumption for the market portion of the performance deferred stock awards was based on historical daily volatility for the term of the award. The risk-free interest rate was based on the weighted-average of U.S. Treasury strip rates over the contractual term of the options. The expected life of stock options granted was based on an analysis of historical exercise patterns. Employee Stock Purchase Plan On February 9, 2012, the Board of Directors authorized The Dow Chemical Company 2012 Employee Stock Purchase Plan which was approved by stockholders at the Company’s annual meeting on May 10, 2012. Under the 2016 annual offering, most employees were eligible to purchase shares of common stock of the Company valued at up to 10 percent of their annual base salary. The value is determined using the plan price multiplied by the number of shares subscribed to by the employee. The plan price of the stock is set at an amount equal to at least 85 percent of the fair market value (closing price) of the common stock on a date during the fourth quarter of the year prior to the offering, or the average fair market value (closing price) of the common stock over a period during the fourth quarter of the year prior to the offering, in each case, specified by the Vice President of Human Resources.
Stock Incentive Plan The Company has historically granted equity awards under various plans (the "Prior Plans"). On February 9, 2012, the Board of Directors authorized The Dow Chemical Company 2012 Stock Incentive Plan (the "2012 Plan"), which was approved by stockholders at the Company's annual meeting on May 10, 2012 ("Original Effective Date") and became effective on that date. On February 13, 2014, the Board of Directors adopted The Dow Chemical Company Amended and Restated 2012 Stock Incentive Plan (the "2012 Restated Plan"). The 2012 Restated Plan was approved by stockholders at the Company's annual meeting on May 15, 2014 and became effective on that date. The Prior Plans were superseded by the 2012 Plan and the 2012 Restated Plan (collectively, the "2012 Plan"). Under the 2012 Plan, the Company may grant options, deferred stock, performance deferred stock, restricted stock, stock appreciation rights and stock units to employees and non-employee directors until the tenth anniversary of the Original Effective Date, subject to an aggregate limit and annual individual limits. The terms of the grants are fixed at the grant date. At December 31, 2016, there were approximately 45 million shares available for grant under the 2012 Plan. Stock Options The Company grants stock options to certain employees, subject to certain annual and individual limits, with terms of the grants fixed at the grant date. The exercise price of each stock option equals the market price of the Company’s stock on the grant date. Options vest from one to three years, and have a maximum term of 10 years. The following table summarizes stock option activity for 2016:
Total unrecognized compensation cost related to unvested stock option awards of $16 million at December 31, 2016, is expected to be recognized over a weighted-average period of 0.84 years. Deferred Stock The Company grants deferred stock to certain employees. The grants vest after a designated period of time, generally one to three years. The following table shows changes in nonvested deferred stock:
Total unrecognized compensation cost related to deferred stock awards of $75 million at December 31, 2016, is expected to be recognized over a weighted-average period of 0.86 years. At December 31, 2016, approximately 26,000 deferred shares with a grant date weighted-average fair value per share of $37.19 had previously vested, but were not issued. These shares are scheduled to be issued to employees within one to three years or upon retirement. Performance Deferred Stock The Company grants performance deferred stock to certain employees. The grants vest when the Company attains specified performance targets, such as return on capital and relative total shareholder return, over a predetermined period, generally one to three years. Compensation expense related to performance deferred stock awards is recognized over the lesser of the service or performance period. Changes in the fair value of liability instruments are recognized as compensation expense each quarter. The following table shows the performance deferred stock awards granted:
The following table shows changes in nonvested performance deferred stock:
Total unrecognized compensation cost related to performance deferred stock awards of $74 million at December 31, 2016, is expected to be recognized over a weighted-average period of 0.81 years. At December 31, 2016, approximately 3.4 million performance deferred shares with a grant date weighted-average fair value of $54.42 per share were vested, but not issued. These shares are scheduled to be issued in February 2017. Restricted Stock Under the 2012 Plan, the Company may grant shares (including options, stock appreciation rights, stock units and restricted stock) to non-employee directors over the 10-year duration of the program, subject to the plan's aggregate limit as well as annual individual limits. The restricted stock issued under this plan cannot be sold, assigned, pledged or otherwise transferred by the non-employee director, until the director is no longer a member of the Board. The following table shows the restricted stock issued under this plan:
|
STOCKHOLDERS' EQUITY |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS’ EQUITY Cumulative Convertible Perpetual Preferred Stock, Series A Equity securities in the form of Cumulative Convertible Perpetual Preferred Stock, Series A (“preferred series A”) were issued on April 1, 2009 to Berkshire Hathaway Inc. in the amount of $3 billion (3 million shares) and the Kuwait Investment Authority in the amount of $1 billion (1 million shares). Shareholders of preferred series A could convert all or any portion of their shares, at their option, at any time, into shares of the Company’s common stock at an initial conversion ratio of 24.2010 shares of common stock for each share of preferred series A. On or after the fifth anniversary of the issuance date, if the common stock price exceeded $53.72 per share for any 20 trading days in a consecutive 30-day window, the Company had the option, at any time, in whole or in part, to convert preferred series A into common stock at the then applicable conversion rate. On December 15, 2016, the trading price of Dow's common stock closed at $58.35, marking the 20th trading day in the previous 30 trading days that the common stock closed above $53.72, triggering the right of the Company to exercise its conversion right. On December 16, 2016, the Company sent a Notice of Conversion at the Option of the Company (the "Notice") to all holders of its preferred series A. Pursuant to the Notice, on December 30, 2016 (the "Conversion Date") all 4 million outstanding shares of preferred series A were converted into shares of common stock at a conversion ratio of 24.2010 shares of common stock for each share of preferred series A, resulting in the issuance of 96.8 million shares of common stock from treasury stock. From and after the Conversion Date, no shares of the preferred series A are issued or outstanding and all rights of the holders of the preferred series A have terminated. On January 6, 2017, the Company filed an amendment to the Company’s Restated Certificate of Incorporation by way of a certificate of elimination (the “Certificate of Elimination”) with the Secretary of State of the State of Delaware which had the effect of: (a) eliminating the previously designated 4 million shares of the preferred series A, none of which were outstanding at the time of the filing; (b) upon such elimination, causing such preferred series A to resume the status of authorized and unissued shares of preferred stock, par value $1.00 per share, of the Company, without designation as to series; and (c) eliminating from the Company’s Restated Certificate of Incorporation all references to, and all matters set forth in, the certificates of designations for the preferred series A. The Company paid cumulative dividends on preferred series A at a rate of 8.5 percent per annum, or $85 million per quarter. The final dividend for the preferred series A was declared on December 15, 2016 and payable on the earlier of the Conversion Date (if applicable) or January 3, 2017, to shareholders of record at December 15, 2016. The accrued dividend was paid in full on the Conversion Date. Common Stock The Company may issue common stock shares out of treasury stock or as new common stock shares for purchases under the Employee Stock Purchase Plan, for options exercised and for the release of deferred, performance deferred and restricted stock. New common stock shares issued by the Company are summarized in the table below:
Retained Earnings There are no significant restrictions limiting the Company’s ability to pay dividends. Undistributed earnings of nonconsolidated affiliates included in retained earnings were $1,196 million at December 31, 2016 and $2,708 million at December 31, 2015. Employee Stock Ownership Plan The Company has the Dow Employee Stock Ownership Plan (the “ESOP”), which is an integral part of The Dow Chemical Company Employees’ Savings Plan (the “Plan”). A significant majority of full-time employees in the United States are eligible to participate in the Plan. The Company uses the ESOP to provide the Company’s matching contribution in the form of the Company’s stock to Plan participants. In connection with the acquisition of Rohm and Haas on April 1, 2009, the Rohm and Haas Employee Stock Ownership Plan (the "Rohm and Haas ESOP") was merged into the Plan, and the Company assumed the $78 million balance of debt at 9.8 percent interest with final maturity in 2020 that was used to finance share purchases by the Rohm and Haas ESOP in 1990. The outstanding balance of the debt was $24 million at December 31, 2016 and $30 million at December 31, 2015. Dividends on unallocated shares held by the ESOP are used by the ESOP to make debt service payments and to purchase additional shares if dividends exceed the debt service payments. Dividends on allocated shares are used by the ESOP to make debt service payments to the extent needed; otherwise, they are paid to the Plan participants. Shares are released for allocation to participants based on the ratio of the current year’s debt service to the sum of the principal and interest payments over the life of the loan. The shares are allocated to Plan participants in accordance with the terms of the Plan. Compensation expense for allocated shares is recorded at the fair value of the shares on the date of allocation. ESOP shares that have not been released or committed to be released are not considered outstanding for purposes of computing basic and diluted earnings per share. Compensation expense for ESOP shares was $192 million in 2016, $174 million in 2015 and $163 million in 2014. At December 31, 2016, 15.8 million shares out of a total 29.3 million shares held by the ESOP had been allocated to participants’ accounts; 1.9 million shares were released but unallocated; and 11.6 million shares, at a fair value of $661 million, were considered unearned. Treasury Stock On February 13, 2013, the Board of Directors approved a share buy-back program, authorizing up to $1.5 billion to be spent on the repurchase of the Company's common stock over a period of time. On January 29, 2014, the Board of Directors announced an expansion of the Company's share buy-back authorization, authorizing an additional amount not to exceed $3 billion to be spent on the repurchase of the Company's common stock over a period of time. On November 12, 2014, the Board of Directors announced a new $5 billion tranche to its share buy-back program, with the repurchase of the Company's common stock timed to proceeds received from portfolio management actions and increases in operating cash flows. As a result of these actions, the total authorized amount of the share repurchase program is $9.5 billion. At December 31, 2016, $1.4 billion of the share buy-back authorization remained available for repurchases. The following table shows the total number of treasury shares purchased by the Company under the share repurchase program for each period presented:
In 2015, the Company also recorded 34.1 million treasury shares as part of the Transaction with Olin, which were tendered as part of a non-cash, public exchange offer. See Note 6 for additional information. On December 11, 2015, the Company and DuPont announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals strategic combination. The combined company will be named DowDuPont. As a result of the planned merger of equals with DuPont, the Company determined that it would not repurchase shares until after the July 20, 2016, shareholder vote on the DowDuPont merger. The Company resumed share repurchases in the third quarter of 2016. The Company may issue shares for purchases under the Employee Stock Purchase Plan, for options exercised as well as for the release of deferred, performance deferred and restricted stock out of treasury stock or as new common stock shares. The number of treasury shares issued to employees and non-employee directors under the Company’s stock-based compensation programs are summarized in the table below:
On December 30, 2016, preferred series A shares with a carrying value of $4,000 million were converted to shares of common stock, resulting in the issuance of 96.8 million shares of common stock from treasury stock. The treasury stock issued was carried at an aggregate historical cost of $4,695 million, resulting in a reduction to "Additional paid-in capital" in the consolidated balance sheets of $695 million. |
INCOME TAXES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | INCOME TAXES
The tax rate for 2016 was favorably impacted by the non-taxable gain on the DCC Transaction and a tax benefit on the reassessment of a deferred tax liability related to the basis difference in the Company’s investment in Dow Corning. The tax rate was also favorably impacted by the geographic mix of earnings, the availability of foreign tax credits and the deductibility of both the urethane matters class action lawsuit and opt-out cases settlements and the asbestos-related charge. A reduction in equity earnings and non-deductible costs associated with transactions and productivity actions unfavorably impacted the tax rate. These factors resulted in an effective tax rate of 0.2 percent for 2016. The tax rate for 2015 was favorably impacted by portfolio actions, specifically the tax-efficient split-off of the chlorine value chain, the non-taxable gain from the Univation step acquisition and the sale of MEGlobal. The geographic mix of earnings favorably impacted the tax rate with the gain from the ANGUS Chemical Company divestiture and continued profitability improvement in Europe and Asia Pacific providing most of the benefit. The tax rate was unfavorably impacted by foreign subsidiaries repatriating cash to the United States, which was primarily derived from divestiture proceeds. Reduced equity earnings and continued increases in statutory income in Latin America and Canada due to local currency devaluations also unfavorably impacted the tax rate. These factors resulted in an effective tax rate of 21.6 percent for 2015. The tax rate for 2014 was favorably impacted by the geographic mix of earnings, with the most notable components being improved profitability in Europe and Asia Pacific as well as equity earnings providing additional favorable impact on the tax rate. The tax rate was also favorably impacted by a reduction in the tax on remittances by foreign subsidiaries to the United States. The tax rate was unfavorably impacted by a continued increase in statutory income in Latin America due to local currency devaluations, and increase in valuation allowances, primarily in Asia Pacific. These factors resulted in an effective tax rate of 27.1 percent for 2014.
Gross operating loss carryforwards amounted to $10,580 million at December 31, 2016 and $10,364 million at December 31, 2015. At December 31, 2016, $1,922 million of the operating loss carryforwards were subject to expiration in 2017 through 2021. The remaining operating loss carryforwards expire in years beyond 2021 or have an indefinite carryforward period. Tax credit carryforwards at December 31, 2016 amounted to $928 million ($128 million at December 31, 2015), net of uncertain tax positions. The increase in tax credit carryforwards in 2016 was primarily due to reduced domestic income which limited the utilization of tax credits. Tax credit carryforwards of $28 million are subject to expiration in 2017 through 2021 and the remaining expire in years beyond 2021 or have an indefinite carryforward period. The Company had valuation allowances that primarily related to the realization of recorded tax benefits on tax loss carryforwards from operations in the United States, Brazil and Asia Pacific of $1,061 million at December 31, 2016 and $1,000 million at December 31, 2015. Undistributed earnings of foreign subsidiaries and related companies that are deemed to be permanently invested amounted to $18,668 million at December 31, 2016, $18,773 million at December 31, 2015 and $18,037 million at December 31, 2014. It is not practicable to calculate the unrecognized deferred tax liability on undistributed earnings. In the fourth quarter of 2016, a settlement of $206 million was reached on a tax matter associated with a historical change in the legal ownership structure of a nonconsolidated affiliate. As a result of the settlement, the Company recorded a net decrease in uncertain tax positions of $67 million, included in “Other noncurrent obligations” in the consolidated balance sheets, and an unfavorable impact of $13 million to “Provision for income taxes” in the consolidated statements of income. The following table provides a reconciliation of the Company's unrecognized tax benefits:
At December 31, 2016, the total amount of unrecognized tax benefits which would impact the effective tax rate if recognized was $223 million ($206 million at December 31, 2015). Interest and penalties are recognized as components of the “Provision for income taxes,” and totaled a benefit of $55 million in 2016, a charge of $80 million in 2015 and a charge of $15 million in 2014. The Company’s accrual for interest and penalties associated with uncertain tax positions was $59 million at December 31, 2016 and $159 million at December 31, 2015. On January 9, 2017, the U.S. Supreme Court denied certiorari in the Company’s tax treatment of partnerships and transactions associated with Chemtech, a wholly owned subsidiary. The Company has fully accrued the position and does not expect a future impact to “Provision for income taxes” in the consolidated statements of income as a result of the ruling. Tax years that remain subject to examination for the Company’s major tax jurisdictions are shown below:
The Company is currently under examination in a number of tax jurisdictions. It is reasonably possible that some of these examinations may be resolved within twelve months. As a result, it is reasonably possible that the total gross unrecognized tax benefits of the Company at December 31, 2016, may range from an increase of $10 million to a decrease of $61 million in the next twelve months as a result of these resolved examinations. The impact on the Company’s results of operations is not expected to be material. The reserve for non-income tax contingencies related to issues in the United States and foreign locations was $108 million at December 31, 2016 and $64 million at December 31, 2015. This is management’s best estimate of the potential liability for non-income tax contingencies. Inherent uncertainties exist in estimates of tax contingencies due to changes in tax law, both legislated and concluded through the various jurisdictions’ tax court systems. It is the opinion of the Company’s management that the possibility is remote that costs in excess of those accrued will have a material impact on the Company’s consolidated financial statements. |
ACCUMULATED OTHER COMPREHENSIVE LOSS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss Note [Text Block] | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table provides an analysis of the changes in accumulated other comprehensive loss for the years ended December 31, 2016, 2015 and 2014:
|
NONCONTROLLING INTERESTS Noncontrolling Interests |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | NONCONTROLLING INTERESTS Ownership interests in the Company's subsidiaries held by parties other than the Company are presented separately from the Company's equity in the consolidated balance sheets as "Accrued and other current liabilities" and "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the consolidated statements of income. The following table summarizes the activity for equity attributable to noncontrolling interests for the years ended December 31, 2016, 2015 and 2014:
|
OPERATING SEGMENTS AND GEOGRAPHIC AREAS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | OPERATING SEGMENTS AND GEOGRAPHIC AREAS Dow is a diversified, worldwide manufacturer and supplier of products used primarily as raw materials in the manufacture of customer products and services. The Company serves the following industries: appliance; automotive; agricultural; building and construction; chemical processing; electronics; furniture; housewares; oil and gas; packaging; paints, coatings and adhesives; personal care; pharmaceutical; processed foods; pulp and paper; textile and carpet; utilities; and water treatment. Dow conducts its worldwide operations through global businesses, which are reported in five operating segments. Corporate contains the reconciliation between the totals for the reportable segments and the Company’s totals and includes research and other expenses related to new business development activities, and other corporate items not allocated to the reportable operating segments. The Company uses EBITDA (which Dow defines as earnings (i.e., "Net Income") before interest, income taxes, depreciation and amortization) as its measure of profit/loss for segment reporting purposes. EBITDA by operating segment includes all operating items relating to the businesses; items that principally apply to the Company as a whole are assigned to Corporate. See the tables at the end of this footnote for depreciation and amortization by segment, as well as a reconciliation of “Income Before Income Taxes” to EBITDA. Corporate Profile Dow combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world's most challenging problems, such as the need for fresh food, safer and more sustainable transportation, clean water, energy efficiency, more durable infrastructure, and increasing agricultural productivity. Dow's integrated, market-driven portfolio delivers a broad range of technology-based products and solutions to customers in 175 countries and in high-growth sectors such as packaging, infrastructure, transportation, consumer care, electronics and agriculture. In 2016, Dow had annual sales of $48 billion and employed approximately 56,000 people worldwide. The Company's more than 7,000 product families are manufactured at 189 sites in 34 countries across the globe. The Company conducts its worldwide operations through global businesses, which are reported in five operating segments: Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals and Performance Plastics. Agricultural Sciences The Agricultural Sciences segment is a global leader in providing crop protection and seed/plant biotechnology products and technologies, urban pest management solutions and healthy oils. The business invents, develops, manufactures and markets products for use in agricultural, industrial and commercial pest management. Agricultural Sciences consists of two businesses - Crop Protection and Seeds. Acquisition: On January 30, 2015, DAS acquired Coodetec's seed business. See Note 4 for additional information on this acquisition. Divestiture: On July 31, 2015, the Company sold its AgroFresh business to AFSI. The AgroFresh business was reported in the Agricultural Sciences segment through the date of divestiture. The Company has retained a minority interest in AFSI which is reported in the Agricultural Sciences segment and accounted for as an equity method investment. See Note 5 for additional information on this divestiture. Consumer Solutions The Consumer Solutions segment consists of four global businesses: Consumer Care, Dow Automotive Systems, Dow Electronic Materials and Consumer Solutions - Silicones. These global businesses develop and market customized materials using advanced technology and unique chemistries for specialty applications - including semiconductors and organic light-emitting diodes, adhesives and foams used by the transportation industry, cellulosics and other polymers for innovative pharmaceutical formulations and food solutions, and silicone solutions used in consumer goods and automotive applications. These businesses serve the needs of market segments as diverse as: automotive; electronics and entertainment; food and pharmaceuticals; and, personal and home care products. The Consumer Solutions segment also includes a portion of the Company's share of the results of Dow Corning, a joint venture of the Company, through May 31, 2016, and the results of the HSC Group. Dow Corning Ownership Restructure: As of June 1, 2016, Dow Corning, previously a 50:50 joint venture between Dow and Corning, became a wholly owned subsidiary of Dow as a result of an ownership restructure. Dow and Corning continue to maintain their historical proportional equity interest in the HSC Group. Beginning in June 2016, the results of Dow Corning, excluding the HSC Group, are fully consolidated into the Company's consolidated statements of income and aligned with the Consumer Solutions and Infrastructure Solutions operating segments. The results of the HSC Group will continue to be reported as "Equity in earnings of nonconsolidated affiliates" in the consolidated statements of income and aligned with the Consumer Solutions and Infrastructure Solutions operating segments. See Note 4 for additional information on this transaction. Infrastructure Solutions The Infrastructure Solutions segment is comprised of an industry-leading portfolio of businesses utilizing advanced technology to deliver products such as architectural and industrial coatings, construction material ingredients, building insulation and materials, adhesives, microbial protection for the oil and gas industry, telecommunications, light and water technologies. Infrastructure Solutions consists of five global businesses: Dow Building & Construction, Dow Coating Materials, Energy & Water Solutions, Performance Monomers and Infrastructure Solutions - Silicones. The Infrastructure Solutions segment also includes a portion of the Company's share of the results of Dow Corning, a joint venture of the Company, through May 31, 2016, and the results of the HSC Group. Dow Corning Ownership Restructure: See discussion above under Consumer Solutions for additional information. Performance Materials & Chemicals The Performance Materials & Chemicals segment is comprised of three technology-driven, customer-centric global businesses that are advantaged through integration and driven by innovative technology and solutions: Chlor-Alkali and Vinyl, Industrial Solutions and Polyurethanes. Products produced by this segment are back-integrated into feedstocks, supporting a low-cost manufacturing base and consistent, reliable supply. The Performance Materials & Chemicals segment is positioned for growth through diverse markets and product offerings. The Performance Materials & Chemicals segment also includes a portion of the results of EQUATE, TKOC, Map Ta Phut Olefins Company Limited and Sadara, all joint ventures of the Company. Divestitures: On January 30, 2015, the Company sold its global Sodium Borohydride business to Vertellus Specialty Materials LLC. On February 2, 2015, the Company sold ANGUS Chemical Company to Golden Gate Capital. On October 5, 2015, the Company completed the split-off of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses to Olin in a tax-efficient Reverse Morris Trust transaction. These businesses were reported in the Performance Materials & Chemicals segment through the date of divestiture. On December 23, 2015, the Company sold its 50 percent ownership interest in MEGlobal to EQUATE. MEGlobal was aligned to Performance Materials & Chemicals through the date of divestiture. Dow retained a 42.5 percent ownership stake in MEGlobal through its ownership in EQUATE. See Notes 5, 6 and 9 for additional information on these transactions. Performance Plastics The Performance Plastics segment is the world’s leading plastics franchise, and is a market-oriented portfolio composed of five global businesses: Dow Elastomers, Dow Electrical and Telecommunications, Dow Packaging and Specialty Plastics, Energy and Hydrocarbons. The segment is advantaged through its low cost position into key feedstocks and broad geographic reach and benefits from Dow’s R&D expertise to deliver leading-edge technology that provides a competitive benefit to customers in key strategic markets. The Performance Plastics segment also includes the results of TKSC and The SCG-Dow Group as well as a portion of the results of EQUATE, TKOC, Map Ta Phut Olefins Limited and Sadara, all joint ventures of the Company. Acquisition: On May 5, 2015, Univation Technologies, LLC, previously a 50:50 joint venture between Dow and ExxonMobil, became a wholly owned subsidiary of Dow. See Note 4 for additional information on this step acquisition. Corporate Corporate includes certain enterprise and governance activities (including insurance operations, geographic management, risk management such as foreign currency hedging activities, audit fees, donations, etc.); the results of Ventures (including business incubation platforms and non-business aligned joint ventures); environmental operations; gains and losses on the sales of financial assets; severance costs; non-business aligned litigation expenses (including asbestos-related defense costs and reserve adjustments); and, foreign exchange results. Product transfers to Agricultural Sciences from other operating segments are generally valued at market-based prices. Other transfers of products between operating segments are generally valued at cost. The Company operates 189 manufacturing sites in 34 countries. The United States is home to 59 of these sites, representing 63 percent of the Company’s long-lived assets. Sales are attributed to geographic areas based on customer location; long-lived assets are attributed to geographic areas based on asset location.
|
Valuation and Qualifying Accounts |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] |
|
Planned Merger with DuPont (Notes) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Statement of Financial Position [Abstract] | |
Proposed Merger with DuPont [Text Block] | PLANNED MERGER WITH DUPONT On December 11, 2015, Dow and E.I. du Pont de Nemours and Company ("DuPont") entered into an Agreement and Plan of Merger ("Merger Agreement"), to effect an all-stock, merger of equals strategic combination ("Merger Transaction") resulting in a newly formed corporation named DowDuPont Inc. ("DowDuPont"). Pursuant to the terms of the Merger Agreement, Dow and DuPont will each merge with wholly owned subsidiaries of DowDuPont (the "Mergers") and, as a result of the Mergers, will become subsidiaries of DowDuPont. Following the consummation of the Mergers, Dow and DuPont intend to pursue, subject to the receipt of regulatory approvals and approval by the board of directors of DowDuPont, the separation of the combined company’s agriculture business, specialty products business and material science business through one or more tax-efficient transactions. Additional information about the Merger Agreement is included in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") on December 11, 2015. Subject to the terms and conditions set forth in the Merger Agreement, at the effective time of the Mergers ("Effective Time"), each share of common stock, par value $2.50 per share, of Dow (the "Dow Common Stock") issued and outstanding immediately prior to the Effective Time (excluding any shares of Dow Common Stock that are held in treasury) will be converted into the right to receive one share of common stock, par value $0.01 per share, of DowDuPont (the "DowDuPont Common Stock"). On December 30, 2016, 4 million issued and outstanding shares of Dow's Cumulative Convertible Perpetual Preferred Stock, Series A ("Dow Preferred Stock"), par value $1.00 per share, were converted into 96.8 million shares of Dow Common Stock. As a result of this conversion, no shares of Dow Preferred Stock remain issued or outstanding and all rights of the holders of the Dow Preferred Stock have terminated. See Note 22 for additional information. Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $0.30 per share, of DuPont (the "DuPont Common Stock") issued and outstanding immediately prior to the Effective Time (excluding any shares of DuPont Common Stock that are held in treasury) will be converted into the right to receive 1.2820 shares of DowDuPont Common Stock, and each share of DuPont Preferred Stock—$4.50 Series and DuPont Preferred Stock—$3.50 Series, in each case issued and outstanding immediately prior to the Effective Time shall remain issued and outstanding and be unaffected by the Mergers. The aforementioned 1.2820 exchange ratio set forth in the Merger Agreement will result in Dow common stockholders and DuPont common stockholders each owning approximately 52 percent and 48 percent, respectively, of the outstanding shares of DowDuPont Common Stock immediately following the Effective Time. The Merger Agreement provides that, at the Effective Time, the Dow stock options and other equity awards and the DuPont stock options and other equity awards generally will automatically convert into stock options and equity awards with respect to DowDuPont Common Stock, on the same terms and conditions under the applicable plans and award agreements immediately prior to the Effective Time and, in the case of DuPont stock options and equity awards, after giving effect to the exchange ratio and appropriate adjustments to reflect the consummation of the Mergers. After the Effective Time, DowDuPont Common Stock will be listed on the New York Stock Exchange. On June 9, 2016, DowDuPont's registration statement filed with the SEC on Form S-4 (File No. 333-209869), as amended, was declared effective. The registration statement was filed in connection with the proposed Mergers and includes a joint proxy statement of Dow and DuPont and a prospectus of DowDuPont. The companies also scheduled special meetings of their respective stockholders to seek adoption of the Merger Agreement and approval of related matters from such stockholders. Each company's common stockholders of record as of the close of business on June 2, 2016, were entitled to vote at the respective meeting. Dow's special meeting of stockholders was held on July 20, 2016, which resulted in a vote for adoption of the Merger Agreement and approval of related matters. On February 2, 2017, the Company announced it reached an agreement to sell its global ethylene acrylic acid ("EAA") copolymers and ionomers business to SK Global Chemical Co., Ltd. as part of the ongoing regulatory approval process for the Merger Transaction. The divestiture will be conditioned on Dow and DuPont closing the Merger Transaction, in addition to other closing conditions, including regulatory filings, local employment law and governance obligations. On February 7, 2017, Dow and DuPont submitted a proposed remedy package to the European Commission (“EC”) which includes the proposed divestment of Dow’s EAA business and a portion of DuPont’s crop protection business and associated research and development. As a result, the EC’s deadline to review the proposed remedy actions has been extended to April 4, 2017. Dow and DuPont remain focused on closing the transaction and continue to work constructively with regulatory agencies in all relevant jurisdictions, including the United States, European Union, China, Brazil and Canada. Given current regulatory agency status, closing is expected to occur in the first half of 2017, subject to satisfaction of customary closing conditions, including receipt of all regulatory approvals. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements of The Dow Chemical Company and its subsidiaries (“Dow” or the “Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. Intercompany transactions and balances are eliminated in consolidation. Investments in nonconsolidated affiliates (20-50 percent owned companies, joint ventures and partnerships) are accounted for using the equity method. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of Accounting Standards Update ("ASU") 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" and Other Prior Year Balance Sheet and Footnote Changes In the first quarter of 2016, the Company early adopted ASU 2015-17. The Company elected to apply the new guidance on a retrospective basis and, as a result, changes have been made to the presentation of deferred income tax assets and liabilities in the consolidated balance sheets at December 31, 2015. See Note 2 for additional information. A change was also made to the prior year consolidated balance sheets to reclassify prepaid tax assets of $293 million to "Other current assets." In addition, a change was made to the prior year consolidated balance sheets to reclassify $51 million from "Asbestos-related insurance receivables - noncurrent" to "Noncurrent receivables." The change was made to conform with current year presentation. A summary of the changes made to the consolidated balance sheets at December 31, 2015, is included in the table that follows.
Certain reclassifications of prior years' footnote disclosure amounts have been made to conform to the 2016 presentation. RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the fourth quarter of 2015, the Company adopted ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, and amortization of those costs should be reported as interest expense. This ASU was effective for annual and interim periods beginning after December 15, 2015, and early adoption was permitted for financial statements that had not been previously issued. The new guidance required retrospective application for each period presented in the balance sheet. This change is reflected in "Other current assets," "Deferred charges and other assets," "Long-term debt due within one year" and "Long-Term Debt" in the consolidated balance sheets on a retrospective basis and did not have a material impact on the consolidated financial statements. In the first quarter of 2016, the Company early adopted ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes," which simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This ASU was effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, and may be applied prospectively or retrospectively, and early adoption was permitted. The change is reflected in "Deferred income tax assets" and "Deferred income tax liabilities" in the consolidated balance sheets on a retrospective basis and did not have a material impact on the consolidated financial statements. See Note 1 for additional information. Accounting Guidance Issued But Not Adopted as of December 31, 2016 In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which was issued in August 2015, revised the effective date for this ASU to annual and interim periods beginning on or after December 15, 2017, with early adoption permitted, but not earlier than the original effective date of annual and interim periods beginning on or after December 15, 2016, for public entities. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance in ASU 2014-09. In May 2014, the FASB and International Accounting Standards Board formed The Joint Transition Resource Group for Revenue Recognition ("TRG"), consisting of financial statement preparers, auditors and users, to seek feedback on potential issues related to the implementation of the new revenue standard. As a result of feedback from the TRG, the FASB has issued additional guidance to provide clarification, implementation guidance and practical expedients to address some of the challenges of implementation. In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)," which is an amendment on assessing whether an entity is a principal or an agent in a revenue transaction. This amendment addresses issues to clarify the principal versus agent assessment and lead to more consistent application. In April 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing," which contains amendments to the new revenue recognition standard on identifying performance obligations and accounting for licenses of intellectual property. The amendments related to identifying performance obligations clarify when a promised good or service is separately identifiable and allows entities to disregard items that are immaterial in the context of a contract. The licensing implementation amendments clarify how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether revenue is recognized over time or at a point in time. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients," which provides clarity and implementation guidance on assessing collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The new standards have the same effective date and transition requirements as ASU 2014-09. The Company has a team in place to analyze the impact of ASU 2014-09, and the related ASU's, across all revenue streams to evaluate the impact of the new standard on revenue contracts. This includes reviewing current accounting policies and practices to identify potential differences that would result from applying the requirements under the new standard. In 2016, the Company made significant progress on contract reviews and expects to complete the contract evaluations and validate results by the end of the first quarter of 2017. The Company has also started drafting its accounting policies and evaluating the new disclosure requirements and expects to complete its evaluations of the impacts of the accounting and disclosure requirements on its business processes, controls and systems by the end of the second quarter of 2017. Full implementation will be completed by the end of 2017. Based on analysis completed to date, the Company expects the potential impact on accounting for product sales and licensing arrangements to remain substantially unchanged. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," which applies to inventory that is measured using FIFO or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using LIFO. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company will adopt the new guidance in the first quarter of 2017, and the adoption of this guidance will not have a material impact on the consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU 2016-02, "Leases (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 with lease terms of more than twelve months 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 will require 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 current U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, using a modified retrospective approach, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and classification in the statement of cash flows. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted in any annual or interim period for which financial statements have not yet been issued, and all amendments in the ASU that apply must be adopted in the same period. The Company will adopt the new guidance in the first quarter of 2017. Under the new guidance, excess tax benefits related to equity compensation will be recognized in the "Provision for income taxes" in the consolidated statements of income rather than in "Additional paid-in capital" in the consolidated balance sheets and will be applied on a prospective basis. Changes to the statements of cash flows related to the classification of excess tax benefits and employee taxes paid for share-based payment arrangements will be implemented on a retrospective basis. The Company does not expect further impacts from the guidance. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments," which addresses the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows with respect to eight specific cash flow issues. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The amendments should be applied using a retrospective transition method to each period presented, if practicable. Early adoption is permitted, including adoption in an interim period, and any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. All amendments must be adopted in the same period. The Company is currently evaluating the impact of adopting this guidance. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the beginning period of adoption. Early adoption is permitted in the first interim period of an annual reporting period for which financial statements have not been issued. The Company is currently evaluating the impact of adopting this guidance. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)", which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows, and, as a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. An entity with a material balance of restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted and the new guidance must be applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which provides guidance to entities to assist with evaluating when a set of transferred assets and activities (collectively, the "set") is a business and provides a screen to determine when a set is not a business. Under the new guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and should be applied on a prospective basis to any transactions occurring within the period of adoption. Early adoption is permitted for interim or annual periods in which the financial statements have not been issued. The Company is currently evaluating the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company is currently evaluating the impact of adopting this guidance. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Changes [Text Block] | Change in Method of Accounting for Asbestos-Related Matters - Legal Costs In September 2014, Union Carbide Corporation ("Union Carbide"), a wholly owned subsidiary of the Company, began to implement a strategy designed to reduce and to ultimately stabilize and forecast defense and processing costs associated with asbestos-related matters. The strategy included a number of important changes including: invoicing protocols including capturing costs by plaintiff and review of existing counsel roles, work processes and workflow. Union Carbide also began utilizing enterprise legal management software, which enabled claim-specific tracking of asbestos-related defense costs. Union Carbide reviewed the information generated from this new strategy and determined that it now had the ability to reasonably estimate asbestos-related defense and processing costs for the same periods that it estimates asbestos-related resolution costs for pending and future claims. Union Carbide believes that including estimates of the liability for asbestos-related defense and processing costs provides a more complete assessment and measure of the liability associated with resolving asbestos-related matters, which Union Carbide and the Company believe is preferable in these circumstances. In the fourth quarter of 2016, the Company elected to change its method of accounting for Union Carbide's asbestos-related defense and processing costs from expensing as incurred to estimating and accruing a liability. The Company believes this change is preferable as asbestos-related defense and processing costs represent expenditures related to legacy activities that do not contribute to current or future revenue generating activities. The change is also reflective of the manner in which Union Carbide manages the asbestos-related exposure, including careful monitoring of the correlation between defense spending and resolution costs. Together, these two sources of cost more accurately represent the “total cost” of resolving asbestos-related claims now and in the future. In the fourth quarter of 2016, the Company added a new accounting policy for asbestos-related matters and updated its existing accounting policy for legal costs, as follows: Asbestos-Related Matters Accruals for asbestos-related matters, including defense and processing costs, are recorded based on an analysis of claim and resolution activity, defense spending, and pending and future claims. These accruals are assessed at each balance sheet date to determine if the asbestos-related liability remains appropriate. Accruals for asbestos-related matters are included in the consolidated balance sheets in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent.” Legal Costs The Company expenses legal costs as incurred, with the exception of defense and processing costs associated with asbestos-related matters. This accounting policy change has been reflected as a change in accounting estimate effected by a change in accounting principle. As a result of this accounting policy change, the Company recorded a pretax charge for asbestos-related defense and processing costs of $1,009 million in the fourth quarter of 2016, included in “Asbestos-related charge” in the consolidated statements of income (after-tax loss of $636 million or $0.57 per share). The Company’s total asbestos-related liability, including defense and processing costs, was $1,490 million at December 31, 2016, and is included in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent” in the consolidated balance sheets. See Note 15 for additional information. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asbestos-Related Matters - Legal Costs [Policy Text Block] | Asbestos-Related Matters Accruals for asbestos-related matters, including defense and processing costs, are recorded based on an analysis of claim and resolution activity, defense spending, and pending and future claims. These accruals are assessed at each balance sheet date to determine if the asbestos-related liability remains appropriate. Accruals for asbestos-related matters are included in the consolidated balance sheets in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent.” |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal Costs, Policy [Policy Text Block] | Legal Costs The Company expenses legal costs as incurred, with the exception of defense and processing costs associated with asbestos-related matters. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The local currency has been primarily used as the functional currency throughout the world. Translation gains and losses of those operations that use local currency as the functional currency are included in the consolidated balance sheets in "Accumulated other comprehensive loss" ("AOCL"). For certain subsidiaries, the U.S. dollar is used as the functional currency. This occurs when the subsidiary operates in an economic environment where the products produced and sold are tied to U.S. dollar-denominated markets, or when the foreign subsidiary operates in a hyper-inflationary environment. Where the U.S. dollar is used as the functional currency, foreign currency translation gains and losses are reflected in income. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Costs, Policy [Policy Text Block] | 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. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the consolidated balance sheets in “Accrued and other current liabilities” and “Other noncurrent obligations” at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the consolidated balance sheets as “Accounts and notes receivable - Other.” Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include time deposits and investments with maturities of three months or less at the time of purchase. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments Accounting Policies [Text Block] | Financial Instruments The Company calculates the fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available for various types of financial instruments (such as forwards, options and swaps), the Company uses standard pricing models with market-based inputs that take into account the present value of estimated future cash flows. The Company utilizes derivatives to manage exposures to foreign currency exchange rates, commodity prices and interest rate risk. The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date. Changes in the fair value of these instruments are reported in income or AOCL, depending on the use of the derivative and whether it qualifies for hedge accounting treatment. Gains and losses on derivatives that are designated and qualify as cash flow hedging instruments are recorded in AOCL, to the extent the hedges are effective, until the underlying transactions are recognized in income. To the extent effective, gains and losses on derivative and nonderivative instruments used as hedges of the Company’s net investment in foreign operations are recorded in AOCL as part of the cumulative translation adjustment. The ineffective portions of cash flow hedges and hedges of net investment in foreign operations, if any, are recognized in income immediately. Gains and losses on derivatives designated and qualifying as fair value hedging instruments, as well as the offsetting losses and gains on the hedged items, are reported in income in the same accounting period. Derivatives not designated as hedging instruments are marked-to-market at the end of each accounting period with the results included in income. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market. The method of determining cost for each subsidiary varies among last-in, first-out (“LIFO”); first-in, first-out (“FIFO”); and average cost, and is used consistently from year to year. The Company routinely exchanges and swaps raw materials and finished goods with other companies to reduce delivery time, freight and other transportation costs. These transactions are treated as non-monetary exchanges and are valued at cost. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property Land, buildings and equipment, including property under capital lease agreements, are carried at cost less accumulated depreciation. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method, unless the asset was capitalized before 1997 when the declining balance method was used. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. In the case of disposals, assets and related accumulated depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in income. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment and Disposal of Long-Lived Assets The Company evaluates long-lived assets and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When undiscounted future cash flows are not expected to be sufficient to recover an asset’s carrying amount, the asset is written down to its fair value based on bids received from third parties or a discounted cash flow analysis based on market participant assumptions. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value, and depreciation is recognized over the remaining useful life of the assets. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets The Company records goodwill when the purchase price of a business combination exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, the carrying value of goodwill is written down to fair value. The Company primarily utilizes a discounted cash flow methodology to calculate the fair value of its reporting units. See Note 10 for further information on goodwill. Finite-lived intangible assets such as purchased customer lists, licenses, intellectual property, patents, trademarks and software, are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from three to twenty years. Intangible assets are reviewed for impairment or obsolescence annually, or more frequently when events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations The Company records asset retirement obligations as incurred and reasonably estimable, including obligations for which the timing and/or method of settlement are conditional on a future event that may or may not be within the control of the Company. The fair values of obligations are recorded as liabilities on a discounted basis and are accreted over time for the change in present value. Costs associated with the liabilities are capitalized and amortized over the estimated remaining useful life of the asset, generally for periods of 10 years or less. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment, Policy [Policy Text Block] | Investments Investments in debt and marketable equity securities (including warrants), primarily held by the Company’s insurance operations, are classified as trading, available-for-sale or held-to-maturity. Investments classified as trading are reported at fair value with unrealized gains and losses related to mark-to-market adjustments included in income. Those classified as available-for-sale are reported at fair value with unrealized gains and losses recorded in AOCL. Those classified as held-to-maturity are recorded at amortized cost. The cost of investments sold is determined by FIFO or specific identification. The Company routinely reviews available-for-sale and held-to-maturity securities for other-than-temporary declines in fair value below the cost basis. When events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the security is written down to fair value, establishing a new cost basis. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Sales are recognized when the revenue is realized or realizable, and the earnings process is complete. Approximately 99 percent of the Company’s sales in 2016 related to sales of product (99 percent in 2015 and 99 percent in 2014). The remaining 1 percent in 2016 primarily related to the Company’s insurance operations and licensing of patents and technology (1 percent in 2015 and 1 percent in 2014). Revenue for product sales is recognized as risk and title to the product transfer to the customer, which usually occurs at the time shipment is made. As such, title to the product passes when the product is delivered to the freight carrier. Dow’s standard terms of delivery are included in its contracts of sale, order confirmation documents and invoices. Freight costs and any directly related costs of transporting finished product to customers are recorded as “Cost of sales” in the consolidated statements of income. Revenue related to the Company’s insurance operations includes third-party insurance premiums, which are earned over the terms of the related insurance policies and reinsurance contracts. Revenue related to the initial licensing of patents and technology is recognized when earned; revenue related to running royalties is recognized according to licensee production levels. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severance Costs [Policy Text Block] | Severance Costs The Company routinely reviews its operations around the world in an effort to ensure competitiveness across its businesses and geographic areas. When the reviews result in a workforce reduction related to the shutdown of facilities or other optimization activities, severance benefits are provided to employees primarily under Dow’s ongoing benefit arrangements. These severance costs are accrued once management commits to a plan of termination including the number of employees to be terminated, their job classifications or functions, their locations and the expected termination date. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. Annual tax provisions include amounts considered sufficient to pay assessments that may result from examinations of prior year tax returns; however, the amount ultimately paid upon resolution of issues raised may differ from the amounts accrued. The Company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. The current portion of uncertain income tax positions is included in “Income taxes payable” and the long-term portion is included in “Other noncurrent obligations” in the consolidated balance sheets. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the Company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all dilutive potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
RESTRUCTURING (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 Restructuring [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The impact of these charges is shown as "Restructuring charges (credits)" in the consolidated statements of income and reflected in the Company's segment results in the table that follows. The table also summarizes the activities related to the Company's 2016 restructuring reserve, which is included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2Q15 Restructuring [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The impact of these charges is shown as "Restructuring charges (credits)" in the consolidated statements of income and reflected in the Company's segment results in the table that follows. The table also summarizes the activities related to the Company's 2015 restructuring reserve, which is included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.
|
ACQUISITIONS ACQUISITIONS AND DIVESTITURE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dow Corning Corporation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The following table summarizes the major classes of assets and liabilities underlying the deferred tax assets and liabilities resulting from the DCC Transaction:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coodetec [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the fair values of the assets acquired and liabilities assumed from Coodetec on January 30, 2015. The valuation process was complete at December 31, 2015.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Univation Technologies, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the fair values of Univation's remaining assets and liabilities on May 5, 2015, which are fully consolidated by Dow. The valuation process was complete at December 31, 2015.
|
DIVESTITURES Divestiture(Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
(1) Income statement information for 2015 includes results through September 30, 2015. (2) Excludes transaction costs associated with the separation of the chlorine value chain, which are reported below. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sodium Borohydride business [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ANGUS Chemical Company [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AgroFresh [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
|
REVERSE MORRIS TRUST TRANSACTION REVERSE MORRIS TRUST TRANSACTION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
(1) Income statement information for 2015 includes results through September 30, 2015. (2) Excludes transaction costs associated with the separation of the chlorine value chain, which are reported below. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chlorine Value Chain [Domain] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table presents the major classes of assets and liabilities divested in the Transaction, by operating segment:
|
INVENTORIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
|
PROPERTY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other items related to property |
|
NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonconsolidated Affiliates - Investments and Dividends [Table Text Block] | The Company’s investments in companies accounted for using the equity method (“nonconsolidated affiliates”), by classification in the consolidated balance sheets, and dividends received from nonconsolidated affiliates are shown in the following tables:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HSC Group at June 1, 2016 [Table Text Block] | The following table includes the carrying value of the nonconsolidated affiliates included in the HSC Group at June 1, 2016, including the balance sheet classification of each investment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances Due To or Due From Nonconsolidated Affiliates [Table Text Block] | Balances due to or due from nonconsolidated affiliates at December 31, 2016 and 2015 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment [Table Text Block] | The Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at December 31, 2016, 2015 and 2014 are as follows:
The Company’s investment in and equity earnings from its principal nonconsolidated affiliates are shown in the tables below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment Summarized Balance Sheet Information [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investment Summarized Income Statement Information [Table Text Block] |
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill By Operating Segment |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets |
(1) In-process research and development ("IPR&D") purchased in a business combination. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization Expense of Intangible Assets |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dow Corning Corporation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Univation Technologies, LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] |
|
FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstact] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investing Results |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Maturities of Debt Securities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value and Gross Unrealized Losses of Investments Temporarily Impaired |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Hedge Commodity Contracts |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Non-Hedge Commodity Contracts |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Fair Values of Derivative Instruments |
|
FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] |
|
SUPPLEMENTARY INFORMATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sundry Income, Net [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income Statement Information [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Disclosure of Cash Flow Information [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Owned Life Insurance [Table Text Block] | Other Investments The Company has investments in company-owned life insurance policies, which are recorded at their cash surrender value as of each balance sheet date, as provided below:
(1) Classified as "Other investments" in the consolidated balance sheets. |
EARNINGS PER SHARE CALCULATIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
|
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Loss Contingency Disclosure [Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] |
|
TRANSFERS OF FINANCIAL ASSETS (Tables) - North America and Europe [Member] |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tranfers of Financial Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | The following table summarizes the carrying value of interests held, which represents the Company's maximum exposure to loss related to the receivables sold, and the percentage of anticipated credit losses related to the trade accounts receivable sold. Also provided is the sensitivity of the fair value of the interests held to hypothetical adverse changes in the anticipated credit losses; amounts shown below are the corresponding hypothetical decreases in the carrying value of interests.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Certain Cash Flows Between the Company and the Conduits | Following is an analysis of certain cash flows between the Company and the conduits:
(1) Presented in "Operating Activities" in the consolidated statements of cash flows. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade Accounts Receivable Sold [Table Text Block] | Following is additional information related to the sale of receivables under these facilities:
|
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] |
December 31, 2015. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] |
related to the DCC Transaction will be exercised. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] |
|
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for the plans are provided in the two tables below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2015 and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans, U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States Postretirement Benefit Plan of US Entity [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dow Corning Corporation [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Projected Benefit Obligations, Plan Assets and Funded Status of Plans from Ownership Restructure of Dow Corning [Table Text Block] |
|
LEASED PROPERTY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Leases of Lessee Disclosure [Table Text Block] |
|
VARIABLE INTEREST ENTITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] |
|
STOCK-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Issued [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employees' Stock Purchase Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of value of employees' stock purchase plan |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of value of stock option plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of value of deferred stock [Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Deferred Stock Awards [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonvested Performance-based Units Activity [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Additional Information About Performance Deferred Stock [Table Text Block] |
|
STOCKHOLDERS' EQUITY NEW COMMON STOCK SHARES ISSUED (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
New Common Stock Shares Issued [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | New common stock shares issued by the Company are summarized in the table below:
|
STOCKHOLDERS' EQUITY (Tables) |
12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||
Treasury Stock [Text Block] | The following table shows the total number of treasury shares purchased by the Company under the share repurchase program for each period presented:
|
|||||||||||||||||||||
Schedule of Other Share-based Compensation, Activity [Table Text Block] | The number of treasury shares issued to employees and non-employee directors under the Company’s stock-based compensation programs are summarized in the table below:
|
INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Gross Unrecognized Tax Benefits [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Years Subject to Examination by Major Tax Jurisdiction |
|
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss [Table Text Block] |
|
NONCONTROLLING INTERESTS Noncontrolling Interests (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests [Table Text Block] |
|
OPERATING SEGMENTS AND GEOGRAPHIC AREAS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Segments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Income Before Income Taxes to EBITDA |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
yr
$ / shares
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 293 | ||||||||||||
Prior Period Reclassification Adjustment | 51 | ||||||||||||
Deferred income tax assets - current | 0 | ||||||||||||
Other current assets | $ 665 | $ 665 | 647 | ||||||||||
Total current assets | 23,659 | 23,659 | 23,941 | ||||||||||
Noncurrent receivables | 708 | 708 | 816 | ||||||||||
Total investments | 7,424 | 7,424 | 7,697 | ||||||||||
Deferred income tax assets - noncurrent | 3,079 | 3,079 | 2,140 | ||||||||||
Asbestos-related insurance receivables - noncurrent | 0 | ||||||||||||
Total other assets | 24,942 | 24,942 | 18,446 | ||||||||||
Total Assets | [2] | 79,511 | [1] | 79,511 | [1] | 67,938 | $ 68,639 | ||||||
Deferred income tax liabilities - current | 0 | ||||||||||||
Total current liabilities | 12,604 | 12,604 | 11,115 | ||||||||||
Deferred income tax liabilities - noncurrent | 923 | 923 | 587 | ||||||||||
Total other noncurrent liabilities | 19,222 | 19,222 | 14,425 | ||||||||||
Total Liabilities and Equity | 79,511 | 79,511 | 67,938 | ||||||||||
Asbestos-related charge | $ 1,113 | [3] | $ 0 | $ 78 | [3] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | (636) | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Diluted Earnings Per Share | $ / shares | $ (0.57) | ||||||||||||
Liability for Asbestos Claims and Defense Costs Gross | 1,490 | $ 1,490 | |||||||||||
Amortization Period for Cost Capitalized on Asset Retirement Obligations (in years) | yr | 10 | ||||||||||||
Sales Revenue, Goods, Net, Percentage | 99.00% | 99.00% | 99.00% | ||||||||||
Sales Revenue, Non Goods, Net, Percentage | 1.00% | 1.00% | 1.00% | ||||||||||
Asbestos liability for defense and processing costs [Member] | |||||||||||||
Asbestos-related charge | $ 1,009 | ||||||||||||
Scenario, Previously Reported [Member] | |||||||||||||
Deferred income tax assets - current | $ 827 | ||||||||||||
Other current assets | 354 | ||||||||||||
Total current assets | 24,475 | ||||||||||||
Noncurrent receivables | 765 | ||||||||||||
Total investments | 7,646 | ||||||||||||
Deferred income tax assets - noncurrent | 1,694 | ||||||||||||
Asbestos-related insurance receivables - noncurrent | 51 | ||||||||||||
Total other assets | 18,051 | ||||||||||||
Total Assets | 68,026 | ||||||||||||
Deferred income tax liabilities - current | 100 | ||||||||||||
Total current liabilities | 11,215 | ||||||||||||
Deferred income tax liabilities - noncurrent | 575 | ||||||||||||
Total other noncurrent liabilities | 14,413 | ||||||||||||
Total Liabilities and Equity | $ 68,026 | ||||||||||||
|
RESTRUCTURING RESTRUCTURING 2016 (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
employees
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
employees
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | [1] | $ 452 | $ 415 | $ (3) | |||||
Entity Number of Employees | employees | 56,000 | ||||||||
Consumer Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ 29 | [1] | 67 | [1] | 0 | ||||
Infrastructure Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 94 | [1] | 26 | [1] | 0 | ||||
Other Asset Impairment Charges | $ 87 | ||||||||
Performance Plastics [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 10 | [1] | $ 12 | [1] | $ 0 | ||||
Other Asset Impairment Charges | $ 57 | ||||||||
2016 Restructuring [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ 449 | ||||||||
Charges against the reserve | (153) | ||||||||
Cash payments | (68) | ||||||||
Restructuring Reserve | 228 | ||||||||
2016 Restructuring [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employees | 2,500 | ||||||||
Severance Costs | $ 268 | ||||||||
Charges against the reserve | 0 | ||||||||
Cash payments | (67) | ||||||||
Restructuring Reserve | $ 201 | ||||||||
Entity Number of Employees | employees | 1,700 | ||||||||
2016 Restructuring [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 153 | ||||||||
Charges against the reserve | $ (153) | ||||||||
Cash payments | 0 | ||||||||
Restructuring Reserve | 0 | ||||||||
2016 Restructuring [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Business Exit Costs | 28 | ||||||||
Charges against the reserve | 0 | ||||||||
Cash payments | (1) | ||||||||
Restructuring Reserve | $ 27 | ||||||||
2016 Restructuring [Member] | Consumer Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 28 | ||||||||
2016 Restructuring [Member] | Consumer Solutions [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 0 | ||||||||
2016 Restructuring [Member] | Consumer Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 23 | ||||||||
2016 Restructuring [Member] | Consumer Solutions [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Business Exit Costs | 5 | ||||||||
2016 Restructuring [Member] | Infrastructure Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 97 | ||||||||
2016 Restructuring [Member] | Infrastructure Solutions [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 0 | ||||||||
2016 Restructuring [Member] | Infrastructure Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 74 | ||||||||
2016 Restructuring [Member] | Infrastructure Solutions [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Business Exit Costs | 23 | ||||||||
2016 Restructuring [Member] | Performance Plastics [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 10 | ||||||||
2016 Restructuring [Member] | Performance Plastics [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 0 | ||||||||
2016 Restructuring [Member] | Performance Plastics [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 10 | ||||||||
2016 Restructuring [Member] | Performance Plastics [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Business Exit Costs | 0 | ||||||||
2016 Restructuring [Member] | Corporate Segment [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 314 | ||||||||
2016 Restructuring [Member] | Corporate Segment [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 268 | ||||||||
2016 Restructuring [Member] | Corporate Segment [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 46 | ||||||||
2016 Restructuring [Member] | Corporate Segment [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Business Exit Costs | 0 | ||||||||
Shut Down of Energy & Water Solutions Facilities and Assets [Member] | Infrastructure Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 70 | ||||||||
Shut Down of Dow Corning Silicone Facilities [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 25 | ||||||||
Shut Down of Dow Corning Silicone Facilities [Member] | Consumer Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 21 | ||||||||
Shut Down of Dow Corning Silicone Facilities [Member] | Infrastructure Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 4 | ||||||||
Shut Down and Consolidation of Corporate Facilities [Member] | Corporate Segment [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 25 | ||||||||
Shut Down and Write Down of Small Manufacturing Facilities and Assets [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 33 | ||||||||
Shut Down and Write Down of Small Manufacturing Facilities and Assets [Member] | Consumer Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 2 | ||||||||
Shut Down and Write Down of Small Manufacturing Facilities and Assets [Member] | Performance Plastics [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | 10 | ||||||||
Shut Down and Write Down of Small Manufacturing Facilities and Assets [Member] | Corporate Segment [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Other Asset Impairment Charges | $ 21 | ||||||||
|
RESTRUCTURING 2015 (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
employees
|
Jun. 30, 2015
USD ($)
employees
|
Dec. 31, 2016
USD ($)
employees
|
Dec. 31, 2015
USD ($)
employees
|
Dec. 31, 2014
USD ($)
|
|||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | [1] | $ 452 | $ 415 | $ (3) | |||||
Restructuring Reserve [Roll Forward] | |||||||||
Net income attributable to noncontrolling interest | $ (86) | (98) | (67) | ||||||
Entity Number of Employees | employees | 56,000 | ||||||||
Agricultural Sciences [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ 5 | [1] | 16 | [1] | 0 | ||||
Consumer Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 29 | [1] | 67 | [1] | 0 | ||||
Infrastructure Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 94 | [1] | 26 | [1] | 0 | ||||
Impairment of Long-Lived Assets, Investments and Other Assets | $ 87 | ||||||||
Performance Plastics [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 10 | [1] | 12 | [1] | 0 | ||||
Impairment of Long-Lived Assets, Investments and Other Assets | 57 | ||||||||
2Q15 Restructuring [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | $ 375 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Charges against the reserve | 3 | (169) | |||||||
Restructuring Reserve, Accrual Adjustment | 40 | 3 | 40 | ||||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | ||||||||
Cash payments | (106) | (92) | |||||||
Restructuring Reserve | $ 153 | 53 | 153 | ||||||
2Q15 Restructuring [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employees | 500 | 1,750 | |||||||
Severance Costs | $ 196 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Charges against the reserve | 0 | 0 | |||||||
Restructuring Reserve, Accrual Adjustment | 0 | 39 | |||||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | ||||||||
Cash payments | (98) | (92) | |||||||
Restructuring Reserve | $ 143 | $ 45 | $ 143 | ||||||
Entity Number of Employees | employees | 1,250 | 290 | 1,250 | ||||||
Payments for Restructuring, life to date | $ (190) | ||||||||
2Q15 Restructuring [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 169 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Charges against the reserve | 3 | $ (169) | |||||||
Restructuring Reserve, Accrual Adjustment | (3) | 0 | |||||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | ||||||||
Cash payments | 0 | 0 | |||||||
Restructuring Reserve | $ 0 | 0 | 0 | ||||||
2Q15 Restructuring [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Costs Associated with Exit or Disposal Activities | 10 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Charges against the reserve | 0 | 0 | |||||||
Restructuring Reserve, Accrual Adjustment | 1 | 6 | 1 | ||||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | ||||||||
Cash payments | (8) | 0 | |||||||
Restructuring Reserve | 10 | 8 | 10 | ||||||
2Q15 Restructuring [Member] | Agricultural Sciences [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 14 | ||||||||
2Q15 Restructuring [Member] | Agricultural Sciences [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 0 | ||||||||
2Q15 Restructuring [Member] | Agricultural Sciences [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 8 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Accrual Adjustment | 1 | ||||||||
2Q15 Restructuring [Member] | Agricultural Sciences [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Costs Associated with Exit or Disposal Activities | 6 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Accrual Adjustment | 1 | 5 | |||||||
2Q15 Restructuring [Member] | Consumer Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 67 | ||||||||
2Q15 Restructuring [Member] | Consumer Solutions [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 0 | ||||||||
2Q15 Restructuring [Member] | Consumer Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 65 | ||||||||
2Q15 Restructuring [Member] | Consumer Solutions [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Costs Associated with Exit or Disposal Activities | 2 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Accrual Adjustment | 1 | ||||||||
2Q15 Restructuring [Member] | Infrastructure Solutions [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 27 | ||||||||
2Q15 Restructuring [Member] | Infrastructure Solutions [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 0 | ||||||||
2Q15 Restructuring [Member] | Infrastructure Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 25 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Accrual Adjustment | (1) | (3) | |||||||
2Q15 Restructuring [Member] | Infrastructure Solutions [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Costs Associated with Exit or Disposal Activities | 2 | ||||||||
2Q15 Restructuring [Member] | Performance Plastics [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 12 | ||||||||
2Q15 Restructuring [Member] | Performance Plastics [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 0 | ||||||||
2Q15 Restructuring [Member] | Performance Plastics [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 12 | ||||||||
2Q15 Restructuring [Member] | Performance Plastics [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Costs Associated with Exit or Disposal Activities | 0 | ||||||||
2Q15 Restructuring [Member] | Corporate Segment [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 255 | ||||||||
2Q15 Restructuring [Member] | Corporate Segment [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Severance Costs | 196 | ||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Restructuring Reserve, Accrual Adjustment | $ 39 | ||||||||
2Q15 Restructuring [Member] | Corporate Segment [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 59 | ||||||||
2Q15 Restructuring [Member] | Corporate Segment [Member] | Costs Associated with Exit and Disposal Activities [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Costs Associated with Exit or Disposal Activities | 0 | ||||||||
Shut Down of Dow Electronics Materials Facilities and Assets [Member] | Consumer Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 51 | ||||||||
Shut Down and Consolidation of Dow Building and Construction Assets [Member] | Infrastructure Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 15 | ||||||||
Write Down of Consumer Care Assets [Member] | Consumer Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 14 | ||||||||
Shut Down of Dow Packaging and Specialty Plastics Facilities [Member] | Performance Plastics [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 12 | ||||||||
Shut Down of Small Manufacturing Facilities [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 14 | ||||||||
Shut Down of Small Manufacturing Facilities [Member] | Infrastructure Solutions [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 10 | ||||||||
Shut Down of Small Manufacturing Facilities [Member] | Corporate Segment [Member] | Impairment of Long-Lived Assets and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 4 | ||||||||
Write Down of Certain Venture Capital Investments [Member] | Corporate Segment [Member] | Impairment of Long-Lived Assets, Other Investments and Other Assets [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Impairment of Long-Lived Assets, Investments and Other Assets | 55 | 4 | 55 | ||||||
Noncontrolling Interests [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Net income attributable to noncontrolling interest | $ (86) | $ (98) | $ (67) | ||||||
Noncontrolling Interests [Member] | 2Q15 Restructuring [Member] | |||||||||
Restructuring Reserve [Roll Forward] | |||||||||
Net income attributable to noncontrolling interest | $ (14) | ||||||||
|
RESTRUCTURING (2014 Adjustments to the 4Q12 Restructuring Plan) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2014
USD ($)
| |
4Q12 Restructuring [Member] | Exit Or Disposal Activities [Member] | Performance Materials & Chemicals [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, Accrual Adjustment | $ (3) |
ACQUISITIONS ACQUISITIONS (Ownership Restructure of Dow Corning) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 01, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
May 31, 2016 |
|||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investments | $ 3,747 | [1] | $ 3,958 | $ 4,201 | |||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,445 | 361 | $ 0 | ||||||||||||||||||||
Operating Loss Carryforwards | 10,580 | 10,364 | |||||||||||||||||||||
Deferred Tax Liabilities, Property | 2,860 | [2] | 2,097 | [3] | |||||||||||||||||||
Deferred Tax Assets, Postretirement benefit obligations | 3,715 | [2] | 2,939 | [3] | |||||||||||||||||||
Deferred Tax Assets, Other accruals and reserves | 1,964 | [2] | 1,389 | [3] | |||||||||||||||||||
Deferred Tax Liabilities, Other accruals and reserves | 883 | [2] | 882 | [3] | |||||||||||||||||||
Deferred Tax Liabilities, Intangibles | 1,536 | [2] | 692 | ||||||||||||||||||||
Deferred Tax Assets, Inventory | 50 | [2] | 13 | [4] | |||||||||||||||||||
Deferred Tax Liabilities, Inventory | 197 | [2] | 218 | ||||||||||||||||||||
Deferred Tax Assets, Investments | 179 | [2] | 204 | ||||||||||||||||||||
Deferred Tax Liabilities, Investments | 119 | [2] | 242 | ||||||||||||||||||||
Deferred Tax Assets, Gross | 9,530 | [2] | 7,310 | ||||||||||||||||||||
Deferred Tax Liabilities, Net | 6,313 | [2] | 4,757 | ||||||||||||||||||||
Deferred Tax Assets, Valuation Allowances | (1,061) | [2] | (1,000) | ||||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 8,469 | [2] | $ 6,310 | ||||||||||||||||||||
Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investments | $ 1,968 | ||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,445 | ||||||||||||||||||||||
Deferred Other Tax Expense (Benefit) | 141 | ||||||||||||||||||||||
Total Enterprise Fair Value of Dow Corning Ownership Restructure | 9,636 | ||||||||||||||||||||||
Fair Value of Previously Held Equity Investment, excluding the HSC Group | 4,818 | ||||||||||||||||||||||
Cash and cash equivalents | 1,050 | ||||||||||||||||||||||
Accounts and notes receivable - Trade | 647 | ||||||||||||||||||||||
Accounts and notes receivable - Other | 223 | ||||||||||||||||||||||
Inventories | 1,147 | ||||||||||||||||||||||
Other current assets | 51 | ||||||||||||||||||||||
Investment in nonconsolidated affiliates | 110 | ||||||||||||||||||||||
Noncurrent receivables | 112 | ||||||||||||||||||||||
Net property | 3,996 | ||||||||||||||||||||||
Other intangible assets (1) | [5] | 2,987 | |||||||||||||||||||||
Deferred income tax assets | 999 | ||||||||||||||||||||||
Other assets | 98 | ||||||||||||||||||||||
Total Assets Acquired | 11,420 | ||||||||||||||||||||||
Accounts payable - Trade | 374 | ||||||||||||||||||||||
Income taxes payable | 260 | ||||||||||||||||||||||
Accrued and other current liabilities | 404 | ||||||||||||||||||||||
Other current liabilities | 112 | ||||||||||||||||||||||
Long-Term Debt | 4,672 | ||||||||||||||||||||||
Deferred income tax liabilities | 1,858 | ||||||||||||||||||||||
Pension and other postretirement benefits - noncurrent (2) | [6] | 1,241 | |||||||||||||||||||||
Other noncurrent obligations | 437 | ||||||||||||||||||||||
Total Liabilities Assumed | 9,358 | ||||||||||||||||||||||
Noncontrolling interests | 473 | ||||||||||||||||||||||
Goodwill | 3,229 | 3,229 | |||||||||||||||||||||
Business Combination, Acquired Receivables, Fair Value | 647 | ||||||||||||||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 654 | ||||||||||||||||||||||
Business Combination, Acquired Inventory, Fair Value Step-Up, Portion Expensed | 317 | ||||||||||||||||||||||
Operating Loss Carryforwards | 568 | ||||||||||||||||||||||
Deferred Tax Assets, Property | 161 | ||||||||||||||||||||||
Deferred Tax Liabilities, Property | 762 | ||||||||||||||||||||||
Deferred Tax Assets, Tax loss and credit carryforwards | 227 | ||||||||||||||||||||||
Deferred Tax Liabilities, Tax loss and credit carryforwards | 0 | ||||||||||||||||||||||
Deferred Tax Assets, Postretirement benefit obligations | 474 | ||||||||||||||||||||||
Deferred Tax Liabilities, Postretirement benefit obligations | 0 | ||||||||||||||||||||||
Deferred Tax Assets, Other accruals and reserves | 70 | ||||||||||||||||||||||
Deferred Tax Liabilities, Other accruals and reserves | 47 | ||||||||||||||||||||||
Deferred Tax Assets, Intangibles | 11 | ||||||||||||||||||||||
Deferred Tax Liabilities, Intangibles | 1,008 | ||||||||||||||||||||||
Deferred Tax Assets, Inventory | 2 | ||||||||||||||||||||||
Deferred Tax Liabilities, Inventory | 33 | ||||||||||||||||||||||
Deferred Tax Assets, Long-term debt | 49 | ||||||||||||||||||||||
Deferred Tax Liabilities, Long-term debt | 0 | ||||||||||||||||||||||
Deferred Tax Assets, Investments | 23 | ||||||||||||||||||||||
Deferred Tax Liabilities, Investments | 8 | ||||||||||||||||||||||
Deferred Tax Assets, Gross | 1,017 | ||||||||||||||||||||||
Deferred Tax Liabilities, Net | 1,858 | ||||||||||||||||||||||
Deferred Tax Assets, Valuation Allowances | (18) | ||||||||||||||||||||||
Deferred Tax Liabilities, Valuation Allowances | 0 | ||||||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance | $ 999 | ||||||||||||||||||||||
Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Corning's Ownership Percentage Prior to Restructure | 50.00% | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 50.00% | [7] | 50.00% | [7] | 50.00% | |||||||||||||||||
SplitCo [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Corning, Inc Ownership Percentage | 100.00% | ||||||||||||||||||||||
SplitCo's Cash and Cash Equivalents | $ 4,800 | ||||||||||||||||||||||
DCC Term Loan Facility [Domain] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,500 | ||||||||||||||||||||||
DCC Term Loan Facility [Domain] | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | ||||||||||||||||||||||
Consumer Solutions [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investments | 329 | [1] | $ 732 | $ 691 | |||||||||||||||||||
Goodwill | 0 | 0 | |||||||||||||||||||||
Consumer Solutions [Member] | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 1,301 | ||||||||||||||||||||||
Goodwill | 1,705 | ||||||||||||||||||||||
Business Combination, Acquired Inventory, Fair Value Step-Up, Portion Expensed | 147 | ||||||||||||||||||||||
Infrastructure Solutions [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Equity Method Investments | 647 | [1] | 986 | $ 922 | |||||||||||||||||||
Goodwill | 0 | $ 0 | |||||||||||||||||||||
Infrastructure Solutions [Member] | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 1,144 | ||||||||||||||||||||||
Goodwill | 1,524 | ||||||||||||||||||||||
Business Combination, Acquired Inventory, Fair Value Step-Up, Portion Expensed | $ 170 | ||||||||||||||||||||||
Trademarks | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Other intangible assets (1) | 30 | ||||||||||||||||||||||
Licenses and intellectual property | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Other intangible assets (1) | 1,200 | ||||||||||||||||||||||
Software | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Other intangible assets (1) | 2 | ||||||||||||||||||||||
Customer-related | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Other intangible assets (1) | 1,755 | ||||||||||||||||||||||
Breast Implant and Other Products Liability Claims [Domain] | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | 290 | ||||||||||||||||||||||
Commercial Creditor Issues [Domain] | Dow Corning Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability | $ 105 | ||||||||||||||||||||||
|
ACQUISITIONS (Acquisition of Coodetec) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Jan. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Net | $ 5,965 | $ 3,540 | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 61 | 77 | |||
Trademarks | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 193 | 225 | |||
Customer Related Intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 3,239 | 1,798 | |||
Other Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 22 | 25 | |||
Coodetec [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase Price | $ 169 | ||||
Payments to Acquire Businesses | $ 24 | $ 121 | |||
Inventories | 24 | ||||
Net property | 35 | ||||
Other intangible assets (1) | [1] | 81 | |||
Total Assets Acquired | 140 | ||||
Accrued and other current liabilities | 2 | ||||
Goodwill | 31 | ||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 46 | ||||
Coodetec [Member] | In Process Research and Development [Member] | |||||
Business Acquisition [Line Items] | |||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 46 | ||||
Coodetec [Member] | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 14 | ||||
Coodetec [Member] | Customer Related Intangibles [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Net | 1 | ||||
Coodetec [Member] | Other Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Net | $ 20 | ||||
|
ACQUISITIONS ACQUISITIONS AND DIVESTITURES (Acquisition of Univation) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
May 05, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity Method Investments | $ 3,747 | [1] | $ 3,958 | $ 4,201 | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,445 | 361 | 0 | |||||||||
Performance Plastics [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity Method Investments | 881 | [1] | 304 | 705 | ||||||||
Goodwill, Other Changes | (5) | 0 | ||||||||||
Univation Technologies, LLC [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Equity Method Investments | $ 159 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 0 | $ 361 | $ 0 | |||||||||
Fair Value of Previously Held Equity Investment, excluding the HSC Group | 520 | |||||||||||
Current assets | 113 | |||||||||||
Net property | 56 | |||||||||||
Other intangible assets (1) | [2] | 433 | ||||||||||
Total Assets Acquired | 602 | |||||||||||
Current liabilities | 102 | |||||||||||
Long-Term Debt | 9 | |||||||||||
Deferred income tax liabilities | 126 | |||||||||||
Total Liabilities Assumed | 237 | |||||||||||
Goodwill | [3] | 141 | ||||||||||
Goodwill, Other Changes | $ 14 | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||
Univation Technologies, LLC [Member] | Licenses and intellectual property | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other intangible assets (1) | $ 340 | |||||||||||
Univation Technologies, LLC [Member] | Software | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other intangible assets (1) | 5 | |||||||||||
Univation Technologies, LLC [Member] | Trademarks | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other intangible assets (1) | 12 | |||||||||||
Univation Technologies, LLC [Member] | Customer Related Intangibles [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Other intangible assets (1) | 76 | |||||||||||
Univation Technologies, LLC [Member] | Performance Plastics [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 361 | |||||||||||
|
DIVESTITURES (Divestiture of Sodium Borohydride Business) (Details) - Performance Materials & Chemicals [Member] - Sodium Borohydride business [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Jan. 30, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 184 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, including post closing adjustments | $ 20 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, post closing adjustments | 2 | |
Disposal Group Not Discontinued Operation Gain (Loss) On Disposal After Tax | $ (10) | |
Inventories | 23 | |
Net property | 21 | |
Goodwill | 45 | |
Other Intangible Assets | 75 | |
Total assets divested | 164 | |
Components of accumulated comprehensive loss divested | 2 | |
Net carrying value divested | $ 166 |
DIVESTITURES (Divestiture of ANGUS Chemical Company) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2016 |
Feb. 02, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Net, Noncurrent | $ 816 | $ 708 | |
Performance Materials & Chemicals [Member] | ANGUS Chemical Company [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,151 | ||
Accounts, Notes, Loans and Financing Receivable, Net, Noncurrent | 10 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, including post closing adjustments | 682 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, post closing adjustments | $ 12 | ||
Current assets | 124 | ||
Net property | 101 | ||
Goodwill | 292 | ||
Deferred charges and other assets | 8 | ||
Total assets divested | 525 | ||
Other current liabilities | 17 | ||
Other noncurrent liabilities | 37 | ||
Total liabilities divested | 54 | ||
Components of accumulated comprehensive loss divested | 10 | ||
Net carrying value divested | $ 481 |
DIVESTITURES DIVESTITURES (Divestiture of Agrofresh Business) (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Equity Method Investments | $ 3,747 | [1] | $ 3,747 | [1] | $ 3,958 | $ 4,201 | |||
Agricultural Sciences [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Equity Method Investments | 130 | [1] | 130 | [1] | 275 | 83 | |||
Agricultural Sciences [Member] | AFSI [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 6 | ||||||||
Other Receivables | 12 | 12 | 0 | ||||||
Agricultural Sciences [Member] | AgroFresh [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 859 | ||||||||
Proceeds from Divestiture of Businesses | 635 | ||||||||
Other Receivables | 14 | ||||||||
Business Combination, Contingent Consideration, Asset | 50 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, including post closing adjustments | 626 | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, post closing adjustments | (20) | 2 | |||||||
Current assets | 40 | ||||||||
Inventories | 18 | ||||||||
Net property | 5 | ||||||||
Goodwill | 101 | ||||||||
Other Intangible Assets | 82 | ||||||||
Deferred charges and other assets | 1 | ||||||||
Total assets divested | 247 | ||||||||
Current liabilities | 8 | ||||||||
Other noncurrent obligations | 4 | ||||||||
Total liabilities divested | 12 | ||||||||
Net carrying value divested | $ 235 | ||||||||
AFSI [Member] | Agricultural Sciences [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Equity Method Investment, Additional Information | 17.5 | ||||||||
Equity Method Investment, Ownership Percentage | 35.00% | ||||||||
Equity Method Investments | $ 210 | ||||||||
Equity Method Investment, Other than Temporary Impairment | 143 | $ (143) | 0 | $ 0 | |||||
AgroFresh [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Equity Method Investment, Additional Information | 17.5 | ||||||||
Equity Method Investment, Ownership Percentage | 35.00% | ||||||||
Equity Method Investments | $ 210 | ||||||||
Equity Method Investment, Other than Temporary Impairment | $ 143 | ||||||||
AgroFresh [Member] | Agricultural Sciences [Member] | AgroFresh [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Income (Loss) of Disposal Group, Equity Method Investment Retained after Disposal, before Income Tax | $ 128 | ||||||||
|
DIVESTITURES Divestiture of Investment in MEGlobal (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 23, 2015 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Sale of Equity Method Investments | $ 22 | $ 1,528 | $ 8 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 10 | $ 749 | $ (1) | ||
EQUATE Petrochemical Company K.S.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 42.50% | 42.50% | 42.50% | 42.50% | 42.50% |
MEGlobal [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ (1) | $ 723 | $ 0 | ||
Performance Materials & Chemicals [Member] | MEGlobal [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Sale of Equity Method Investments | $ 1,472 | ||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 723 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal, after tax | 589 | ||||
Performance Materials & Chemicals [Member] | EQUATE Petrochemical Company K.S.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Realized Gain on Disposal Eliminated | $ 555 | $ 555 |
DIVESTITURES (Divestiture of Polypropylene Licensing and Catalysts Business) (Details) - Polypropylene Licensing and Catalyst Busines [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0 | $ 0 | $ 5 |
Performance Plastics [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 5 | ||
Disposal Group Not Discontinued Operation Gain (Loss) On Disposal After Tax | $ 3 |
REVERSE MORRIS TRUST TRANSACTION Reverse Morris Trust (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 05, 2015 |
Sep. 30, 2015 |
[3] | Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Principal Amount of Subsidiary New Debt Instruments Exchanged | $ 1,220 | ||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 0 | $ (8) | $ 0 | ||||||||||
Dow Shares Exchange in Share Exchange Offer | 34,100,000 | ||||||||||||
Number of Splitco shares exchanged | 100,000,000 | ||||||||||||
Conversion Factor, number of Olin Shares for each share of Splitco | 0.87482759 | ||||||||||||
Number of Olin shares distributed in share exchange | 87,500,000 | ||||||||||||
Shareholder Ownership Percentage in Olin | 52.70% | ||||||||||||
Increase in Treasury Stock from Share Exchange, Noncash | $ 1,523 | ||||||||||||
Costs associated with portfolio and productivity actions | 33 | 0 | 0 | ||||||||||
Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Percent reduction in outstanding shares | 3.00% | ||||||||||||
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation | $ 439 | ||||||||||||
Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Principal Amount of Subsidiary New Debt Instruments Exchanged | 1,220 | ||||||||||||
Principal Amount of the Company's Debt Exchanged | 1,154 | ||||||||||||
Extinguishment of Debt, Amount | 1,161 | ||||||||||||
Proceeds from Issuance of Debt | 875 | ||||||||||||
Accounts and notes receivable - Trade | 263 | ||||||||||||
Inventories | 338 | ||||||||||||
Other current assets | 111 | ||||||||||||
Net property | 1,531 | ||||||||||||
Goodwill | 71 | ||||||||||||
Other noncurrent assets | 44 | ||||||||||||
Total assets divested | 2,358 | ||||||||||||
Long-term debt due within one year (1) | [1] | 51 | |||||||||||
Other current liabilities | 116 | ||||||||||||
Long-Term Debt (1) | [1] | 518 | |||||||||||
Deferred income tax liabilities | 265 | ||||||||||||
Pension and other postretirement benefits - noncurrent | 439 | ||||||||||||
Total liabilities divested | 1,389 | ||||||||||||
Components of accumulated other comprehensive loss divested | (215) | ||||||||||||
Net carrying value divested | 1,184 | ||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 3,510 | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 2,233 | 6 | 2,233 | 0 | |||||||||
Disposal Group Not Discontinued Operation Gain (Loss) On Disposal After Tax | 2,215 | ||||||||||||
Income Before Income Taxes (2) | [2] | $ 139 | 281 | ||||||||||
Loss before income taxes attributable to noncontrolling interests | (11) | (5) | |||||||||||
Income Before Income Taxes attributable to The Dow Chemical Company (2) | [2] | $ 150 | 286 | ||||||||||
Costs associated with portfolio and productivity actions | $ 119 | $ 49 | |||||||||||
Ethylene Supply Agreement [Member] | Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Deferred Revenue | 434 | ||||||||||||
Deferred Revenue, Current | 16 | ||||||||||||
Deferred Revenue, Noncurrent | $ 418 | ||||||||||||
Chlor-Alkali joint venture [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | |||||||||||
Chlor-Alkali joint venture [Member] | Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 569 | ||||||||||||
Loss on purchase of Redeemable Noncontrolling Interest included in disposal group | 25 | ||||||||||||
Chlor-Alkali joint venture [Member] | Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 133 | ||||||||||||
Performance Materials & Chemicals [Member] | Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Accounts and notes receivable - Trade | 269 | ||||||||||||
Inventories | 297 | ||||||||||||
Other current assets | 5 | ||||||||||||
Net property | 1,268 | ||||||||||||
Goodwill | 71 | ||||||||||||
Other noncurrent assets | 9 | ||||||||||||
Total assets divested | 1,919 | ||||||||||||
Long-term debt due within one year (1) | [1] | 0 | |||||||||||
Other current liabilities | 99 | ||||||||||||
Long-Term Debt (1) | [1] | 0 | |||||||||||
Deferred income tax liabilities | 0 | ||||||||||||
Pension and other postretirement benefits - noncurrent | 0 | ||||||||||||
Total liabilities divested | 99 | ||||||||||||
Components of accumulated other comprehensive loss divested | 0 | ||||||||||||
Net carrying value divested | 1,820 | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 1,984 | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, post closing adjustments | 6 | ||||||||||||
Performance Plastics [Member] | Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Accounts and notes receivable - Trade | 0 | ||||||||||||
Inventories | 34 | ||||||||||||
Other current assets | 6 | ||||||||||||
Net property | 205 | ||||||||||||
Goodwill | 0 | ||||||||||||
Other noncurrent assets | 1 | ||||||||||||
Total assets divested | 246 | ||||||||||||
Long-term debt due within one year (1) | [1] | 0 | |||||||||||
Other current liabilities | 17 | ||||||||||||
Long-Term Debt (1) | [1] | 0 | |||||||||||
Deferred income tax liabilities | 0 | ||||||||||||
Pension and other postretirement benefits - noncurrent | 0 | ||||||||||||
Total liabilities divested | 17 | ||||||||||||
Components of accumulated other comprehensive loss divested | 0 | ||||||||||||
Net carrying value divested | 229 | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 317 | ||||||||||||
Corporate, Non-Segment [Member] | Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Accounts and notes receivable - Trade | (6) | ||||||||||||
Inventories | 7 | ||||||||||||
Other current assets | 100 | ||||||||||||
Net property | 58 | ||||||||||||
Goodwill | 0 | ||||||||||||
Other noncurrent assets | 34 | ||||||||||||
Total assets divested | 193 | ||||||||||||
Long-term debt due within one year (1) | [1] | 51 | |||||||||||
Other current liabilities | 0 | ||||||||||||
Long-Term Debt (1) | [1] | 518 | |||||||||||
Deferred income tax liabilities | 265 | ||||||||||||
Pension and other postretirement benefits - noncurrent | 439 | ||||||||||||
Total liabilities divested | 1,273 | ||||||||||||
Components of accumulated other comprehensive loss divested | (215) | ||||||||||||
Net carrying value divested | (865) | ||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (68) | ||||||||||||
Corporate, Non-Segment [Member] | Tender Offer of Long Term Debt [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gains (Losses) on Extinguishment of Debt | $ (68) | $ (68) | |||||||||||
Pension Plan [Member] | Performance Materials & Chemicals [Member] | Chlorine Value Chain [Domain] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, post closing adjustments | $ 5 | ||||||||||||
|
INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Inventory Disclosure [Abstract] | |||
Finished goods | $ 4,230 | $ 3,879 | |
Work in process | 1,510 | 1,502 | |
Raw materials | 853 | 730 | |
Supplies | 823 | 768 | |
FIFO Inventory Amount | 7,416 | 6,879 | |
Total inventories | 7,363 | 6,871 | |
Inventory, LIFO Reserve | $ (53) | $ (8) | |
Percentage of LIFO Inventory | 27.00% | 30.00% | |
Effect of LIFO Inventory Liquidation on Income | $ (10) | $ 3 | $ (23) |
PROPERTY (Schedule of Property) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Property, Plant and Equipment [Line Items] | ||
Property | $ 57,438 | $ 50,802 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 1,157 | 855 |
Land and waterway improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 1,367 | 1,282 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 5,935 | 4,793 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 38,499 | 35,454 |
Utility and Supply Lines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 2,117 | 2,053 |
Other property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | 2,263 | 2,010 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property | $ 6,100 | $ 4,355 |
Minimum [Member] | Land and waterway improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 15 years | |
Minimum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Minimum [Member] | Utility and Supply Lines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Other property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | Land and waterway improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 25 years | |
Maximum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 55 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Utility and Supply Lines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Other property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 50 years |
PROPERTY (Schedule of Other Items Related to Property) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 2,130 | $ 1,908 | $ 2,136 |
Manufacturing maintenance and repair costs | 1,972 | 1,991 | 2,117 |
Capitalized interest | $ 243 | $ 218 | $ 125 |
PROPERTY PROPERTY (Narrative) (Details) $ in Billions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Dow Corning, Ownership Restructure [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Additions | $ 4 |
NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS, Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 23, 2015 |
Jul. 31, 2015 |
Dec. 31, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 01, 2016 |
May 31, 2016 |
||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | $ 3,747 | [1] | $ 3,958 | $ 3,747 | [1] | $ 3,958 | $ 4,201 | ||||||||||||||||||||||||||
Equity method investment classified as Other noncurrent obligations | (1,030) | (148) | (1,030) | (148) | |||||||||||||||||||||||||||||
Equity Method Investments less portion classified as Other noncurrent obligations | [2] | 2,717 | 3,810 | 2,717 | 3,810 | ||||||||||||||||||||||||||||
Equity Method Investment, Dividends or Distributions | 685 | 816 | 961 | [3] | |||||||||||||||||||||||||||||
Equity Method Investment, Accrued Dividends | 5 | ||||||||||||||||||||||||||||||||
Investments in and loans to nonconsolidated affiliates | 1,020 | 803 | $ 270 | ||||||||||||||||||||||||||||||
Exclusive of additional differences for Dow Corning and MEGlobal [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | (62) | (97) | (62) | (97) | |||||||||||||||||||||||||||||
Hemlock Semiconductor LLC [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | [4] | $ (958) | |||||||||||||||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ (902) | $ (902) | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.10% | [5] | 50.10% | [5] | 50.10% | [4] | |||||||||||||||||||||||||||
DC HSC Holdings LLC [Member] [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | [5] | 50.00% | [5] | 50.00% | [6] | |||||||||||||||||||||||||||
Dow Corning Corporation [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 149 | $ 149 | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | [7] | 50.00% | [7] | 50.00% | [7] | 100.00% | 50.00% | |||||||||||||||||||||||||
EQUATE Petrochemical Company K.S.C. [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 536 | $ 555 | $ 536 | $ 555 | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 42.50% | 42.50% | 42.50% | 42.50% | 42.50% | 42.50% | |||||||||||||||||||||||||||
Equate, Amount Amortized Over the Remaining Useful Lives of the Assets [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ (216) | $ (250) | $ (216) | $ (250) | |||||||||||||||||||||||||||||
Equate Permanent Difference in Investment with Investor [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ (305) | $ (305) | |||||||||||||||||||||||||||||||
MEGlobal [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | [8] | |||||||||||||||||||||||||||||
AgroFresh [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | $ 210 | ||||||||||||||||||||||||||||||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | (96) | $ (80) | $ (96) | $ (80) | |||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 35.00% | ||||||||||||||||||||||||||||||||
Equity Method Investment, Additional Information | 17.5 | ||||||||||||||||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 143 | ||||||||||||||||||||||||||||||||
Sadara [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | ||||||||||||||||||||||||||||
Equity Method Investments Loan Conversion to Equity | $ 1,230 | ||||||||||||||||||||||||||||||||
Investments in and loans to nonconsolidated affiliates | 1,015 | ||||||||||||||||||||||||||||||||
Equity Method Investee [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Noncurrent receivables, Balance Due From Nonconsolidated Affiliates | $ 267 | $ 473 | 267 | $ 473 | |||||||||||||||||||||||||||||
Equity Method Investee [Member] | Sadara [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Noncurrent receivables, Balance Due From Nonconsolidated Affiliates | 258 | 473 | 258 | 473 | |||||||||||||||||||||||||||||
Equity Method Investments Loan Conversion to Equity | 193 | $ 460 | |||||||||||||||||||||||||||||||
Performance Materials & Chemicals [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | 1,588 | [1] | 155 | 1,588 | [1] | 155 | $ 698 | ||||||||||||||||||||||||||
Performance Materials & Chemicals [Member] | EQUATE Petrochemical Company K.S.C. [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Realized Gain on Disposal Eliminated | $ 555 | 555 | |||||||||||||||||||||||||||||||
Other Noncurrent Obligations [Member] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | $ 128 | $ 148 | $ 128 | $ 148 | |||||||||||||||||||||||||||||
Indirect Ownership Interest [Domain] | Hemlock Semiconductor Operations [Domain] | |||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 80.50% | ||||||||||||||||||||||||||||||||
|
NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS, Impact of Sales to Nonconsolidated Affiliates (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 01, 2016 |
||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | $ 3,747 | [1] | $ 3,958 | $ 4,201 | |||||
Performance Materials & Chemicals [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | 1,588 | [1] | 155 | 698 | |||||
Performance Plastics [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | 881 | [1] | 304 | 705 | |||||
Infrastructure Solutions [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | $ 647 | [1] | $ 986 | $ 922 | |||||
MEGlobal [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percent of net total sales made to related party | 1.00% | 1.00% | 1.00% | ||||||
MEGlobal [Member] | Performance Materials & Chemicals [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percent of net total sales made to related party | 2.00% | 2.00% | 2.00% | ||||||
MEGlobal [Member] | Performance Plastics [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percent of net total sales made to related party | 1.00% | 1.00% | 1.00% | ||||||
DC HSC Holdings LLC [Member] [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percent of net total sales made to related party | 1.00% | ||||||||
DC HSC Holdings LLC [Member] [Member] | Infrastructure Solutions [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percent of net total sales made to related party | 2.00% | ||||||||
Investment in nonconsolidated affiliates [Member] | DC HSC Holdings LLC [Member] [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity Method Investments | [2] | $ 571 | |||||||
|
NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS, Balances Due To or Due From Nonconsolidated Affiliates (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Notes payable | $ 44 | $ 171 |
Equity Method Investee [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Accounts and notes receivable - Other | 388 | 389 |
Noncurrent receivables | 267 | 473 |
Total assets | 655 | 862 |
Notes payable | 44 | 171 |
Accounts payable - Other | 400 | 230 |
Total current liabilities | 444 | 401 |
Sadara [Member] | Equity Method Investee [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncurrent receivables | $ 258 | $ 473 |
NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS, Schedule of the Company's Direct or Indirect Ownership Interest in Principal Nonconsolidated Affiliates (Details) $ in Millions |
12 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
jointventures
|
Dec. 31, 2015
USD ($)
jointventures
|
Dec. 31, 2014
USD ($)
|
Jun. 01, 2016
USD ($)
|
May 31, 2016 |
Dec. 23, 2015 |
||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | $ 3,747 | [1] | $ 3,958 | $ 4,201 | |||||||||||||||||||||||||||
Other noncurrent obligations | (1,030) | (148) | |||||||||||||||||||||||||||||
Net investment in principal nonconsolidated affiliates | [2] | 2,717 | 3,810 | ||||||||||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | $ 442 | $ 674 | $ 835 | ||||||||||||||||||||||||||||
Dow Corning Corporation [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | [3] | 50.00% | [3] | 100.00% | 50.00% | |||||||||||||||||||||||||
EQUATE Petrochemical Company K.S.C. [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 42.50% | 42.50% | 42.50% | 42.50% | |||||||||||||||||||||||||||
DC HSC Holdings LLC [Member] [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | [4] | 50.00% | [5] | |||||||||||||||||||||||||||
Hemlock Semiconductor LLC [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.10% | [4] | 50.10% | [6] | |||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | [6] | $ (958) | |||||||||||||||||||||||||||||
The Kuwait Olefins Company K.S.C. [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 42.50% | 42.50% | 42.50% | ||||||||||||||||||||||||||||
The Kuwait Styrene Company KSC [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 42.50% | 42.50% | 42.50% | ||||||||||||||||||||||||||||
Map Ta Phut Olefins Company [Domain] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [7] | 32.77% | 32.77% | 32.77% | |||||||||||||||||||||||||||
MEGlobal [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | [8] | ||||||||||||||||||||||||||||
Sadara [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | 35.00% | ||||||||||||||||||||||||||||
Siam Polyethylene Company Limited [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Siam Polystyrene Company Limited [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Siam Styrene Monomer Co, Ltd [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Siam Synthetic Latex Company Limited [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Univation Technologies, LLC [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [9] | 50.00% | |||||||||||||||||||||||||||||
Nonconsolidated Affiliates [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Number of Nonconsolidated Affiliates | jointventures | 59 | 55 | |||||||||||||||||||||||||||||
Principal Nonconsolidated Affiliates [Member] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Investment in nonconsolidated affiliates | $ 3,029 | $ 3,120 | [10] | ||||||||||||||||||||||||||||
Other noncurrent obligations | (1,030) | (148) | [10] | ||||||||||||||||||||||||||||
Net investment in principal nonconsolidated affiliates | 1,999 | 2,972 | [10] | ||||||||||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | $ 449 | $ 704 | $ 845 | ||||||||||||||||||||||||||||
Direct Ownership Interest [Domain] | Map Ta Phut Olefins Company [Domain] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 20.27% | ||||||||||||||||||||||||||||||
Indirect Ownership Interest [Domain] [Domain] | Map Ta Phut Olefins Company [Domain] | |||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 12.50% | ||||||||||||||||||||||||||||||
|
NONCONSOLIDATED AFFILIATES AND RELATED COMPANY TRANSACTIONS, Summarized Financial Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percent of principal nonconsolidated entities financial information which is presented | 100.00% | ||||||||||||
Principal Nonconsolidated Affiliates [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Current assets | $ 6,092 | [1] | $ 8,794 | [2] | |||||||||
Noncurrent assets | 28,588 | [1] | 31,723 | [2] | |||||||||
Total assets | 34,680 | [1] | 40,517 | [2] | |||||||||
Current liabilities | 3,953 | [1] | 9,850 | [2] | |||||||||
Noncurrent liabilities | 23,223 | [1] | 21,461 | [2] | |||||||||
Total liabilities | 27,176 | [1] | 31,311 | [2] | |||||||||
Noncontrolling interests | 300 | [1] | 663 | [2] | |||||||||
Sales | 12,003 | [3] | 15,468 | [4] | $ 19,333 | ||||||||
Gross profit | 2,518 | [3] | 3,206 | [4] | 3,526 | ||||||||
Net income | $ 831 | [3] | $ 1,343 | [4] | $ 1,673 | ||||||||
|
GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill By Operating Segment) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Jun. 01, 2016 |
May 05, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Goodwill [Roll Forward] | ||||
Net goodwill, beginning balance | $ 12,154 | $ 12,632 | ||
Goodwill, Translation and Purchase Accounting Adjustments | (133) | (125) | ||
Net goodwill, ending balance | 15,272 | 12,154 | ||
Agricultural Sciences [Member] | ||||
Goodwill [Roll Forward] | ||||
Net goodwill, beginning balance | 1,472 | 1,558 | ||
Goodwill, Translation and Purchase Accounting Adjustments | 0 | 0 | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | ||
Goodwill, Acquired During Period | 0 | 0 | ||
Net goodwill, ending balance | 1,472 | 1,472 | ||
Consumer Solutions [Member] | ||||
Goodwill [Roll Forward] | ||||
Net goodwill, beginning balance | 4,374 | 4,389 | ||
Goodwill, Translation and Purchase Accounting Adjustments | (52) | (15) | ||
Goodwill, Written off Related to Sale of Business Unit | (10) | 0 | ||
Goodwill, Acquired During Period | 0 | 0 | ||
Net goodwill, ending balance | 6,017 | 4,374 | ||
Goodwill, accumulated impairments, ending balance | (209) | |||
Infrastructure Solutions [Member] | ||||
Goodwill [Roll Forward] | ||||
Net goodwill, beginning balance | 4,382 | 4,451 | ||
Goodwill, Translation and Purchase Accounting Adjustments | (66) | (69) | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | ||
Goodwill, Acquired During Period | 0 | 0 | ||
Net goodwill, ending balance | 5,840 | 4,382 | ||
Performance Materials & Chemicals [Member] | ||||
Goodwill [Roll Forward] | ||||
Net goodwill, beginning balance | 391 | 809 | ||
Goodwill, Translation and Purchase Accounting Adjustments | (3) | (10) | ||
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 | ||
Goodwill, Acquired During Period | 0 | 0 | ||
Net goodwill, ending balance | 425 | 391 | ||
Goodwill, accumulated impairments, ending balance | (220) | |||
Performance Plastics [Member] | ||||
Goodwill [Roll Forward] | ||||
Net goodwill, beginning balance | 1,535 | 1,425 | ||
Goodwill, Translation and Purchase Accounting Adjustments | (12) | (31) | ||
Goodwill, Written off Related to Sale of Business Unit | (5) | 0 | ||
Goodwill, Acquired During Period | 0 | 0 | ||
Net goodwill, ending balance | 1,518 | 1,535 | ||
ANGUS Chemical Company [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (292) | |||
ANGUS Chemical Company [Member] | Performance Materials & Chemicals [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (292) | |||
Sodium Borohydride business [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (45) | |||
Sodium Borohydride business [Member] | Performance Materials & Chemicals [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (45) | |||
Sale of an Agricultural Sciences product line [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (16) | |||
Sale of an Agricultural Sciences product line [Member] | Agricultural Sciences [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (16) | |||
AgroFresh [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (101) | |||
AgroFresh [Member] | Agricultural Sciences [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (101) | |||
Chlorine Value Chain [Domain] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (71) | |||
Chlorine Value Chain [Domain] | Performance Materials & Chemicals [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (71) | |||
Univation Technologies, LLC [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | $ 14 | |||
Goodwill, Acquired During Period | 141 | |||
Univation Technologies, LLC [Member] | Performance Plastics [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 141 | |||
Coodetec [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 31 | |||
Coodetec [Member] | Agricultural Sciences [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 31 | |||
Acquisition of an Analine plant [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 37 | |||
Acquisition of an Analine plant [Member] | Performance Materials & Chemicals [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 37 | |||
Sale of a product line [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Written off Related to Sale of Business Unit | (15) | |||
Dow Corning Corporation [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 3,229 | 3,229 | ||
Dow Corning Corporation [Member] | Consumer Solutions [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 1,705 | |||
Dow Corning Corporation [Member] | Infrastructure Solutions [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 1,524 |
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Annual Goodwill Impairment Test) (Details) - ReportingUnits |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Goodwill [Line Items] | |||
Number of Reporting Units Carrying Goodwill | 14 | 12 | 14 |
Qualitative Goodwill Testing Approach [Member] | |||
Goodwill [Line Items] | |||
Number of Reporting Units Carrying Goodwill | 11 | 9 | 9 |
Quantitative Goodwill Testing Approach [Member] | |||
Goodwill [Line Items] | |||
Number of Reporting Units Carrying Goodwill | 3 | 3 | 5 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Other Intangible Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 10,260 | $ 7,310 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 61 | 77 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization | 0 | 0 |
Intangible assets gross carrying amount | 10,321 | 7,387 |
Other Intangible Assets, Accumulated Amortization | (4,295) | (3,770) |
Finite-Lived Intangible Assets, Net | 5,965 | 3,540 |
Other Intangible Assets, Net | 6,026 | 3,617 |
Licenses and Intellectual Property [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,148 | 1,943 |
Other Intangible Assets, Accumulated Amortization | (1,286) | (1,087) |
Finite-Lived Intangible Assets, Net | 1,862 | 856 |
Patents [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 106 | 119 |
Other Intangible Assets, Accumulated Amortization | (97) | (108) |
Finite-Lived Intangible Assets, Net | 9 | 11 |
Software | ||
Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,336 | 1,253 |
Other Intangible Assets, Accumulated Amortization | (696) | (628) |
Finite-Lived Intangible Assets, Net | 640 | 625 |
Trademarks | ||
Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 696 | 666 |
Other Intangible Assets, Accumulated Amortization | (503) | (441) |
Finite-Lived Intangible Assets, Net | 193 | 225 |
Customer Related Intangibles [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 4,806 | 3,164 |
Other Intangible Assets, Accumulated Amortization | (1,567) | (1,366) |
Finite-Lived Intangible Assets, Net | 3,239 | 1,798 |
Other Intangible Assets [Member] | ||
Other Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 168 | 165 |
Other Intangible Assets, Accumulated Amortization | (146) | (140) |
Finite-Lived Intangible Assets, Net | $ 22 | $ 25 |
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Acquisition of Dow Corning) (Details) - Dow Corning Corporation [Member] $ in Millions |
Jun. 01, 2016
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 2,987 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |
Licenses and intellectual property | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1,200 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years |
Software | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 2 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 30 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years |
Customer-related | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 1,755 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years |
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Acquisition of Univation) (Details) - Univation Technologies, LLC [Member] $ in Millions |
May 05, 2015
USD ($)
|
---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 433 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Licenses and intellectual property | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 340 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
Software | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 5 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Trademarks | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 12 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 18 years |
Customer-related | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $ 76 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years |
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Acquisition of Coodetec) (Details) - USD ($) $ in Millions |
Jan. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 61 | $ 77 | |
Coodetec [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 81 | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 46 | ||
Coodetec [Member] | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 14 | ||
Coodetec [Member] | Customer-related | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | 1 | ||
Coodetec [Member] | Other Intangible Assets [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived Intangible Assets Acquired | $ 20 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Amortization Expense of Intangible Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense, other intangible assets, excluding software | $ 544 | $ 419 | $ 436 | |
Amortization expense, software, included in 'Cost of sales' | $ 73 | $ 72 | 70 | |
Goodwill and other intangible asset impairment losses [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 50 | |||
2016 Restructuring [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 11 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Schedule of Future Amortization Expense of Intangible Assets) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Amortization Expense, 2017 | $ 716 |
Estimated Amortization Expense, 2018 | 722 |
Estimated Amortization Expense, 2019 | 646 |
Estimated Amortization Expense, 2020 | 609 |
Estimated Amortization Expense, 2021 | $ 576 |
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 1,888 | $ 1,785 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 138 | 156 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 67 | 75 |
Available-for-sale Securities | 1,959 | 1,866 |
Long-term Debt | 21,091 | 16,756 |
Long-term Debt, Liabilities at Fair Value | 22,807 | 18,000 |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 18 | 18 |
Long-term Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Financial Instruments Gross Unrealized Gains | 129 | 424 |
Financial Instruments Gross Unrealized Losses | 1,845 | 1,668 |
Interest Rate Contract [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Financial Instruments Amortized Cost | 0 | 0 |
Financial Instruments Gross Unrealized Gains | 0 | 0 |
Financial Instruments Gross Unrealized Losses | 5 | 4 |
Derivative Liability | 5 | 4 |
Commodity Contract [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Financial Instruments Amortized Cost | 0 | 0 |
Financial Instruments Gross Unrealized Gains | 56 | 6 |
Financial Instruments Gross Unrealized Losses | 213 | 248 |
Derivative Liability | 157 | 242 |
Foreign Exchange Contract [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Financial Instruments Amortized Cost | 0 | 0 |
Financial Instruments Gross Unrealized Gains | 84 | 109 |
Financial Instruments Gross Unrealized Losses | 30 | 32 |
Derivative Asset | 54 | 77 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 607 | 597 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 13 | 22 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 12 | 7 |
Available-for-sale Securities | 608 | 612 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 623 | 633 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 27 | 26 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 5 | 8 |
Available-for-sale Securities | 645 | 651 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,230 | 1,230 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 40 | 48 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 17 | 15 |
Available-for-sale Securities | 1,253 | 1,263 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 658 | 555 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 98 | 108 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 50 | 60 |
Available-for-sale Securities | $ 706 | $ 603 |
FINANCIAL INSTRUMENTS (Investments) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Investing Results, Proceeds from sales of available-for-sale securities | $ 535 | $ 565 | $ 675 | |
Investing Results, Gross realized gains | 58 | 96 | 99 | |
Investing Results, Gross realized losses | 2 | 14 | 6 | |
Contractual Maturities of Debt Securities, Within one year, Amortized Cost | 33 | |||
Contractual Maturities of Debt Securities, One to five years, Amortized Cost | 331 | |||
Contractual Maturities of Debt Securities, Six to ten years, Amortized Cost | 665 | |||
Contractual Maturities of Debt Securities, After ten years, Amortized Cost | 201 | |||
Contractual Maturities of Debt Securities, Total, Amortized Cost | 1,230 | |||
Contractual Maturities of Debt Securities, Within one year, Fair Value | 32 | |||
Contractual Maturities of Debt Securities, One to five years, Fair Value | 341 | |||
Contractual Maturities of Debt Securities, Six to ten years, Fair Value | 664 | |||
Contractual Maturities of Debt Securities, After ten years, Fair Value | 216 | |||
Contractual Maturities of Debt Securities, Total, Fair Value | 1,253 | |||
Held-to-maturity securities | 261 | 3,354 | ||
Investments in money market funds | 239 | 1,689 | ||
Net unrealized gain (loss) recognized in earnings on trading securities | (6) | (2) | $ 3 | |
Corporate Segment [Member] | impairment of Long-Lived Assets, Other Investments and Other Assets [Member] | Write Down of Certain Venture Capital Investments [Member] | ||||
Other Asset Impairment Charges | $ 55 | $ 4 | $ 55 |
FINANCIAL INSTRUMENTS (Fair Value and Gross Unrealized Losses of the Company's Investments) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Schedule of Available-for-sale Securities [Line Items] | |||
Temporarily Impaired Securities, Less than 12 Months, Fair Value | $ 592 | $ 623 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months | 22 | 69 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 179 | 12 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, More than 12 Months | 45 | 6 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 771 | 635 | |
Available-for-sale Securities, Continuous Unrealized Position | 67 | 75 | |
Other than temporary impairment write-downs on investments still held | 0 | 2 | |
Cost method investments, aggregate cost | 120 | 157 | |
Cost method investments, reduction in cost basis due to impairment | 0 | 1 | |
Government Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Temporarily Impaired Securities, Less than 12 Months, Fair Value | 351 | 251 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months | 12 | 7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, More than 12 Months | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 351 | 252 | |
Available-for-sale Securities, Continuous Unrealized Position | 12 | 7 | |
Corporate Bonds - Investment Grade [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Temporarily Impaired Securities, Less than 12 Months, Fair Value | 193 | 175 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months | 4 | 8 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16 | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, More than 12 Months | 1 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 209 | 176 | |
Available-for-sale Securities, Continuous Unrealized Position | 5 | 8 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Temporarily Impaired Securities, Less than 12 Months, Fair Value | 48 | 197 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months | 6 | 54 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 163 | 10 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, More than 12 Months | 44 | 6 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 211 | 207 | |
Available-for-sale Securities, Continuous Unrealized Position | 50 | 60 | |
Impairment of Long-Lived Assets, Other Investments and Other Assets [Member] | Corporate Segment [Member] | Write Down of Certain Venture Capital Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Other Asset Impairment Charges | $ 55 | $ 4 | $ 55 |
FINANCIAL INSTRUMENTS (Accounting for Derivative Instruments and Hedging Activities) (Details) bu in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
T
bu
MMBTU
MMBbls
|
Dec. 31, 2015
USD ($)
T
bu
MMBTU
MMBbls
|
Dec. 31, 2014
USD ($)
|
|
Financial Instruments [Line Items] | |||
Derivative, Notional Amount | $ 1,411 | $ 398 | |
AOCI, Net gain (loss) in net investment in foreign operations | $ 1 | $ 1 | |
Commodity Forward Contract Corn [Member] | |||
Financial Instruments [Line Items] | |||
Nonmonetary notional amount of price risk cash flow hedge derivatives | bu | 0.4 | 1.0 | |
Commodity Contract [Member] | |||
Financial Instruments [Line Items] | |||
AOCI, Net gain (loss) in cash flow hedging instruments | $ (99) | $ (180) | |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | $ 14 | ||
Commodity Forward Contract Crude Oil [Member] | |||
Financial Instruments [Line Items] | |||
Nonmonetary notional amount of price risk cash flow hedge derivatives | MMBbls | 0.6 | 0.4 | |
Commodity Forward Contract Natural Gas [Member] | |||
Financial Instruments [Line Items] | |||
Nonmonetary notional amount of price risk cash flow hedge derivatives | MMBTU | 78.6 | 257.4 | |
Commodity Contract Ethane [Member] | |||
Financial Instruments [Line Items] | |||
Nonmonetary notional amount of price risk cash flow hedge derivatives | MMBbls | 3.6 | 0.0 | |
Derivative, nonmonetary notional amount | MMBbls | 2.6 | 0.0 | |
Commodity Contract Gasoline [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, nonmonetary notional amount | T | 30,000 | 0 | |
Commodity Contract Naphtha Price Spread [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, nonmonetary notional amount | T | 50,000 | 15,000 | |
Ethane Propane Mix [Member] | |||
Financial Instruments [Line Items] | |||
Nonmonetary notional amount of price risk cash flow hedge derivatives | MMBbls | 1.5 | 0.0 | |
Foreign Currency Contract [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, Notional Amount | $ 12,388 | $ 14,515 | |
AOCI, Net gain (loss) in cash flow hedging instruments | 22 | 4 | |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 22 | ||
Interest Rate Contract [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, Notional Amount | 0 | ||
AOCI, Net gain (loss) in cash flow hedging instruments | (4) | $ (3) | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (2) | ||
Commodity Forward Contract Soybeans [Member] | |||
Financial Instruments [Line Items] | |||
Nonmonetary notional amount of price risk cash flow hedge derivatives | bu | 0.0 | 1.4 | |
Commodity Contract Propane [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, nonmonetary notional amount | MMBTU | 2.7 | 0.5 | |
Other Expense [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (180) | $ (318) | $ (333) |
Interest Rate Derivative [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, Notional Amount | 245 | 338 | |
Foreign Currency Contracts [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, Notional Amount | 2,641 | 0 | |
Foreign Currency Denominated Debt [Member] | |||
Financial Instruments [Line Items] | |||
Nonderivative Instruments Notional | 172 | $ 166 | |
Fair Value Hedging [Member] | Interest Rate Swap [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 1 | ||
Maximum [Member] | Commodity swaps futures and option contracts [Member] | |||
Financial Instruments [Line Items] | |||
Derivative, Higher Remaining Maturity Range | 48 months |
FINANCIAL INSTRUMENTS (Schedule of Fair Values of Derivative Instruments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | $ 270 | $ 168 | |
Derivative liability, fair value | 378 | 350 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 142 | 8 | |
Derivative liability, fair value | 288 | 267 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 128 | 160 | |
Derivative liability, fair value | 90 | 83 | |
Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 42 | 3 | |
Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 13 | 4 | |
Deferred charges and other assets [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 10 | 0 | |
Deferred charges and other assets [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 12 | 0 | |
Accounts and Notes Receivable - Other [Member] | Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 90 | 5 | |
Accounts and Notes Receivable - Other [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset, fair value | 103 | 156 | |
Accrued and Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 3 | 3 | |
Accrued and Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 55 | 1 | |
Accrued and Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 32 | 28 | |
Accrued and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 4 | 0 | |
Accounts Payable - Other [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 84 | 83 | |
Other Noncurrent Obligations [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 2 | 1 | |
Other Noncurrent Obligations [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 196 | 234 | |
Other Noncurrent Obligations [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability, fair value | 2 | 0 | |
Other Expense [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ (180) | $ (318) | $ (333) |
FAIR VALUE MEASUREMENTS (Basis of Fair Value Measurements on a Recurring Basis) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | $ 130 | $ 53 |
Long-term Debt, Liabilities at Fair Value | 22,807 | 18,000 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 130 | 66 |
Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 21 | |
Interest Rate Derivative Liabilities, at Fair Value | 157 | 242 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 21 | |
Foreign Currency Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodities Derivative Assets, at Fair Value | 54 | 77 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 109 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 109 | |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Assets at Fair Value | 500 | 5,043 |
Interest in trade accounts receivable conduits, Assets at Fair Value | 1,237 | 943 |
Assets, at Fair Value | (3,836) | (7,967) |
Long-term Debt, Liabilities at Fair Value | 22,807 | 18,000 |
Liabilities, at Fair Value | 23,055 | 18,284 |
Fair Value, Measurements, Recurring [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodities Derivative Assets, at Fair Value | 56 | 6 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 1 | |
Interest Rate Derivative Liabilities, at Fair Value | 213 | 248 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 14 | |
Fair Value, Measurements, Recurring [Member] | Foreign Currency Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodities Derivative Assets, at Fair Value | 84 | 109 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 52 | |
Interest Rate Derivative Liabilities, at Fair Value | 30 | 32 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 52 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | |
Interest Rate Derivative Liabilities, at Fair Value | 5 | 4 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 706 | 603 |
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 608 | 612 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 645 | 651 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Assets at Fair Value | 0 | 0 |
Interest in trade accounts receivable conduits, Assets at Fair Value | 0 | 0 |
Assets, at Fair Value | (667) | (569) |
Long-term Debt, Liabilities at Fair Value | 0 | 0 |
Liabilities, at Fair Value | 20 | 6 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 48 | 5 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 20 | 6 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Foreign Currency Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 619 | 564 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Assets at Fair Value | 500 | 5,043 |
Interest in trade accounts receivable conduits, Assets at Fair Value | 0 | 0 |
Assets, at Fair Value | (2,062) | (6,508) |
Long-term Debt, Liabilities at Fair Value | 22,807 | 18,000 |
Liabilities, at Fair Value | 23,165 | 18,344 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 29 | 2 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 214 | 256 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Foreign Currency Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 193 | 161 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 139 | 84 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 5 | 4 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 87 | 39 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 608 | 612 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 645 | 651 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Assets at Fair Value | 0 | 0 |
Interest in trade accounts receivable conduits, Assets at Fair Value | 1,237 | 943 |
Assets, at Fair Value | (1,237) | (943) |
Long-term Debt, Liabilities at Fair Value | 0 | 0 |
Liabilities, at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign Currency Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Assets at Fair Value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Additional Information) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 1 | 26 |
North America and Europe [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period, fair value measurements using Level 3 inputs | 943 | 1,328 |
Gain Included in Earnings | (1) | 2 |
Purchases, fair value measurements using Level 3 inputs | 1,552 | 647 |
Settlements, fair value measurements using Level 3 inputs | (1,257) | (1,034) |
Balance at end of period, fair value measurements using Level 3 inputs | $ 1,237 | $ 943 |
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Basis of Fair Value Measurements on a Nonrecurring Basis) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Apr. 29, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 1,959 | $ 1,866 | $ 1,959 | $ 1,866 | ||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Other Asset Impairment Charges | 144 | $ 169 | $ 73 | 153 | ||||
Asset Impairment Charges | 296 | 313 | ||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | 46 | 0 | 0 | 46 | 0 | $ 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Other Assets, Fair Value Disclosure | 0 | 0 | $ 7 | |||||
Investments, Fair Value Disclosure | 0 | 24 | 4 | 0 | 24 | 4 | ||
Polyurethanes [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Asset Impairment Charges | 73 | |||||||
Corporate Segment [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 17 | |||||||
Infrastructure Solutions [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Other Asset Impairment Charges | 87 | |||||||
Performance Plastics [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Other Asset Impairment Charges | 57 | |||||||
Cost of Sales [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Other Asset Impairment Charges | 91 | 23 | ||||||
Impact to Sundry income (expense) [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Other Asset Impairment Charges | $ 53 | |||||||
Goodwill and other intangible asset impairment losses [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Other Asset Impairment Charges | $ 50 | |||||||
AFSI [Member] | Agricultural Sciences [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Method Investment, Other than Temporary Impairment | 143 | (143) | $ 0 | $ 0 | ||||
AFSI [Member] | Agricultural Sciences [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Equity Method Investments, Fair Value Disclosure | $ 46 | $ 46 |
SUPPLEMENTARY INFORMATION (Sundry Income, Net) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 01, 2016 |
Dec. 23, 2015 |
Oct. 05, 2015 |
Dec. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2016 |
|
Supplementary Information [Line Items] | ||||||||
Total sundry income (expense) - net | $ 1,202 | $ 4,592 | $ (27) | |||||
Gain on sales of other assets and securities | 170 | 237 | 40 | |||||
Foreign exchange loss | (126) | (191) | (61) | |||||
Gain (Loss) on Contract Termination | 0 | 0 | 53 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,445 | 361 | 0 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 10 | 749 | (1) | |||||
Non-deductible costs associated with portfolio and productivity actions | 41 | 119 | 49 | |||||
Loss on early extinguishment of debt | 0 | (8) | 0 | |||||
Reclassification of cumulative translation adjustment | 0 | (4) | (12) | |||||
Other Income | 125 | |||||||
Other Expenses | (4) | (3) | ||||||
Polypropylene Licensing and Catalyst Busines [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | 0 | 0 | 5 | |||||
Chlorine Value Chain [Domain] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | $ 2,233 | 6 | 2,233 | 0 | ||||
MEGlobal [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | (1) | 723 | 0 | |||||
ANGUS Chemical Company [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | 0 | 682 | 0 | |||||
AgroFresh [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | (25) | 618 | 0 | |||||
Sodium Borohydride business [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | 0 | 20 | 0 | |||||
Sale of an Agricultural Sciences product line [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | 0 | 44 | 0 | |||||
Corporate, Non-Segment [Member] | Chlorine Value Chain [Domain] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | (68) | |||||||
Performance Materials & Chemicals [Member] | Chlorine Value Chain [Domain] | ||||||||
Supplementary Information [Line Items] | ||||||||
Gain (loss) on divestiture | 1,984 | |||||||
Performance Materials & Chemicals [Member] | MEGlobal [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 723 | |||||||
Urethane Antitrust Litigation and opt-out cases [Domain] [Domain] | Performance Materials & Chemicals [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Loss Contingency, Loss in Period | (1,235) | 0 | 0 | |||||
AFSI [Member] | Agricultural Sciences [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Equity Method Investment, Other than Temporary Impairment | $ 143 | (143) | 0 | 0 | ||||
AgroFresh [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Equity Method Investment, Other than Temporary Impairment | 143 | |||||||
Loss on mark to market | (5) | (8) | ||||||
Tender Offer of Long Term Debt [Member] | Corporate, Non-Segment [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Loss on early extinguishment of debt | $ (68) | (68) | ||||||
Dow Corning Corporation [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 2,445 | |||||||
Dow Corning Corporation [Member] | Consumer Solutions and Infrastructure Solutions [Member] [Domain] | ||||||||
Supplementary Information [Line Items] | ||||||||
Ownership Restructure of Equity Interest in Acquiree, Remeasurement Gain | 2,445 | 0 | 0 | |||||
Univation Technologies, LLC [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 0 | 361 | 0 | |||||
Breast Implant and Other Products Liability Claims [Domain] | ||||||||
Supplementary Information [Line Items] | ||||||||
Estimated Litigation Liability, Noncurrent | 263 | 263 | $ 290 | |||||
Breast Implant and Other Products Liability Claims [Domain] | Impact to Sundry income (expense) [Member] | ||||||||
Supplementary Information [Line Items] | ||||||||
Estimated Litigation Liability, Noncurrent | $ 27 | $ 27 | $ 0 | $ 0 |
SUPPLEMENTARY INFORMATION (Accrued and other current liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accrued and other current liabilities | $ 3,669 | $ 3,212 |
Accrued and Other Current Liabilities [Member] | ||
Accrued payroll | $ 1,105 | $ 1,120 |
SUPPLEMENTARY INFORMATION (Other Income Statement and Cash Flow Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Supplementary Information [Abstract] | |||
Cash payments for interest | $ 1,192 | $ 1,137 | $ 1,038 |
Cash payments for income taxes | 1,592 | 1,405 | 1,109 |
Provision for doubtful receivables | $ 22 | $ 1 | $ 52 |
SUPPLEMENTARY INFORMATION SUPPLEMENTARY INFORMATION (Company Owned Life Insurance) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2016 |
|
Loan repayments on life insurance | $ 697 | |
Gross Cash Value of Life Insurance | 850 | $ 834 |
Outstanding Borrowings Against Life Insurance | 58 | 59 |
Cash Surrender Value of Life Insurance | $ 792 | $ 775 |
EARNINGS PER SHARE CALCULATIONS (Net Income) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Earnings Per Share [Abstract] | |||||
Net income attributable to The Dow Chemical Company | $ 4,318 | $ 7,685 | $ 3,772 | ||
Preferred stock dividends | (340) | (340) | (340) | ||
Net income attributable to participating securities (1) | [1] | (22) | (51) | (27) | |
Net income attributable to common stockholders | $ 3,956 | $ 7,294 | $ 3,405 | ||
|
EARNINGS PER SHARE CALCULATIONS (Earnings Per Share Calculation - Basic) (Details) - $ / shares |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Earnings Per Share [Abstract] | |||||
Net income attributable to The Dow Chemical Company | $ 3.90 | $ 6.80 | $ 3.22 | ||
Preferred stock dividends | (0.31) | (0.30) | (0.29) | ||
Net income attributable to participating securities (1) | [1] | (0.02) | (0.05) | (0.02) | |
Net income attributable to common stockholders | $ 3.57 | $ 6.45 | $ 2.91 | ||
|
EARNINGS PER SHARE CALCULATIONS (Earnings Per Share Calculation - Diluted) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||
Earnings Per Share [Abstract] | ||||||||||
Net income attributable to The Dow Chemical Company | $ 4,318 | $ 7,685 | $ 3,772 | |||||||
Preferred stock dividends (2) | (340) | [1] | 0 | (340) | [1] | |||||
Net income attributable to participating securities (1) | [2] | (22) | (51) | (27) | ||||||
Net income attributable to common stockholders | $ 3,956 | $ 7,634 | $ 3,405 | |||||||
Net income attributable to The Dow Chemical Company | $ 3.84 | $ 6.19 | $ 3.18 | |||||||
Preferred stock dividends (2) | (0.30) | [1] | (0.00) | (0.29) | [1] | |||||
Net income attributable to participating securities (1) | [2] | (0.02) | (0.04) | (0.02) | ||||||
Net income attributable to common stockholders | $ 3.52 | $ 6.15 | $ 2.87 | |||||||
|
EARNINGS PER SHARE CALCULATIONS (Reconciliation of Shares) (Details) - shares shares in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||||||
Weighted-average common shares - basic (3) | 1,108.1 | [1] | 1,130.1 | 1,170.9 | ||||||||
Plus dilutive effect of stock options and awards | 15.1 | 14.5 | 16.1 | |||||||||
Plus dilutive effect of preferred stock (4) | 0.0 | [2] | 96.8 | 0.0 | [2] | |||||||
Weighted-average common shares - diluted | 1,123.2 | 1,241.4 | 1,187.0 | |||||||||
Stock options and deferred stock awards excluded from EPS calculations (5) | 96.3 | 96.8 | ||||||||||
Conversion of Stock, Shares Converted | 4.0 | |||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 96.8 | |||||||||||
Weighted-average common share impact of preferred stock conversion | 0.5 | |||||||||||
Employee Stock Option [Member] | ||||||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||||||
Stock options and deferred stock awards excluded from EPS calculations (5) | [3] | 1.9 | 4.6 | 5.8 | ||||||||
|
COMMITMENTS AND CONTINGENT LIABILITIES (Environmental Matters) (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Environmental Remediation Expense | $ 504 | $ 218 | $ 227 | |
Capital expenditures for environmental protection | 66 | 49 | 78 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||
Accrued Obligations for Environmental Matters, beginning balance | 670 | 706 | ||
Accrued Obligations for Environmental Matters, Additional accruals | $ 295 | 479 | 230 | |
Accrued Obligations for Environmental Matters, Charges against reserve | (246) | (233) | ||
Accrued Obligations for Environmental Matters, Foreign currency impact | 6 | (33) | ||
Accrued Obligations for Environmental Matters, ending balance | 909 | 909 | $ 670 | $ 706 |
Number of of Properties Remediated, City of Midland | 132 | |||
Accrual For Environmental Loss Contingencies Superfund Sites [Member] | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||
Accrued Obligations for Environmental Matters, beginning balance | 74 | |||
Accrued Obligations for Environmental Matters, ending balance | 151 | 151 | $ 74 | |
Accrual For Environmental Loss Contingencies Midland Offsite Matters [Member] | ||||
Accrual for Environmental Loss Contingencies [Roll Forward] | ||||
Accrued Obligations for Environmental Matters, beginning balance | 62 | |||
Accrued Obligations for Environmental Matters, ending balance | $ 93 | $ 93 | $ 62 |
COMMITMENTS AND CONTINGENT LIABILITIES (Asbestos-Related Matters of Union Carbide Corporation) (Table and Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2002 |
|||||
Loss Contingencies [Line Items] | |||||||||
Asbestos-related charge | $ 1,113 | [1] | $ 0 | $ 78 | [1] | ||||
Asbestos Related Loss Contingency, Range of Possible Loss, Minimum | $ 502 | 502 | |||||||
Asbestos Related Loss Contingency, Range of Possible Loss, Maximum | 565 | 565 | |||||||
Asbestos Related Defense Cost Contingency, Range of Possible Expense, Minimum | 1,009 | 1,009 | |||||||
Asbestos Related Defense Cost Contingency, Range of Possible Expense, Maximum | 1,081 | 1,081 | |||||||
Liability for Asbestos Claims and Defense Costs Gross | 1,490 | 1,490 | |||||||
Asbestos liability for pending and future claims [Domain] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Asbestos-related charge | 104 | ||||||||
Asbestos liability for defense and processing costs [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Asbestos-related charge | 1,009 | ||||||||
Union Carbide Corporation [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Liability for asbestos claims, gross | $ 486 | $ 486 | $ 437 | $ 513 | $ 2,200 | ||||
Percentage of recorded asbestos liability related to pending claims | 14.00% | 14.00% | 21.00% | 22.00% | |||||
Percentage of recorded asbestos liability related to future claims | 86.00% | 86.00% | 79.00% | 78.00% | |||||
Estimated insurance recoveries | $ 41 | $ 41 | $ 61 | ||||||
Minimum [Member] | Union Carbide Corporation [Member] | Asbestos Issue [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Range of Possible Loss, Maximum | 540 | ||||||||
Maximum [Member] | Union Carbide Corporation [Member] | Asbestos Issue [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Range of Possible Loss, Maximum | $ 640 | ||||||||
|
COMMITMENTS AND CONTINGENT LIABILITIES (Urethane Matters) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jul. 31, 2013 |
Mar. 31, 2016 |
Mar. 31, 2013 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount | $ (835) | $ 0 | $ 0 | |||
February 20, 2013 Urethane Matters Ruling [Member] | Urethane Antitrust Litigation [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Damages Awarded, Value | $ 400 | |||||
July 26, 2013 Urethane Matters Ruling [Member] | Urethane Antitrust Litigation [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Damages Awarded, Value | $ 1,060 | |||||
Maximum [Member] | July 26, 2013 Urethane Matters Ruling [Member] | Urethane Antitrust Litigation [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 1,060 | |||||
Performance Materials & Chemicals [Member] | Urethane Antitrust Litigation [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount | 835 | |||||
Loss Contingency, Loss in Period | $ 835 | |||||
Performance Materials & Chemicals [Member] | Opt-out Cases [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation Settlement, Amount | $ 400 | |||||
Loss Contingency, Loss in Period | $ 400 |
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINGENT LIABILITIES (Bayer Arbitration Matter) (Details) - October 9, 2015 Bayer Arbitral Award [Member] - Bayer Arbitration [Domain] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2016 |
|
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Awarded, Value | $ 455 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 455 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 0 |
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINEGENT LIABILITIES (Rocky Flats Matter) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2005 |
|
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount | $ (835) | $ 0 | $ 0 | |
Payments for Legal Settlements | 835 | $ 0 | $ 0 | |
Rocky Flats Matter [Domain] | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Amount | 375 | |||
Loss Contingency, loss in Period - Dow's portion | 131 | |||
Loss Contingency, Loss in Period - Rockwell's portion | 244 | |||
Estimated Litigation Liability, Current | 130 | |||
Payments for Legal Settlements | 1 | |||
Nontrade Receivables, Noncurrent | $ 131 | |||
2005 Rocky Flats Matter Ruling [Member] | Rocky Flats Matter [Domain] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Damages Awarded, Value | $ 926 |
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINEGENT LIABILITIES (Dow Corning Chapter 11 Related Matters) (Details) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 01, 2016 |
Jun. 01, 2004 |
Dec. 31, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Breast Implant and Other Products Liability Claims [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Unexpended Balance of Settlement Facility | $ 148 | |||||
Estimated Litigation Liability, Noncurrent | 263 | $ 290 | ||||
Estimated Litigation Liability to Fund the Full Liability up to the Maximum Capped value of the Settlement Facility | 1,867 | |||||
Indemnification Asset | 0 | |||||
Commercial Creditor Issues [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated Litigation Liability, Current | 108 | |||||
June 1, 2004 Breast Implant and Other Products Liability Claims [Member] | Breast Implant and Other Products Liability Claims [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Net Present Value of Payments Committed by Dow Corning to the Settlement and Litigation Facilities to Resolve Products Liability Claims | $ 2,350 | |||||
Product Liability, Discount Rate | 7.00% | |||||
Undiscounted Value of Payments Committed by Dow Corning to the Settlement and Litigation Facilities to Resolve Products Liability Claims | 3,600 | |||||
Net Present Value of Payments Committed by Dow Corning to the Litigation Facility to Resolve Products Liability Claims | $ 400 | |||||
Life to Date Payments to the Settlement Facility | 1,762 | |||||
June 1, 2004 Breast Implant and Other Products Liability Claims [Member] | Commercial Creditor Issues [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Payments made to Commercial Creditors for Principal and Interest | $ 1,500 | |||||
June 1, 2004 Breast Implant and Other Products Liability Claims [Member] | Commercial Creditor Issues [Domain] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 108 | |||||
June 1, 2004 Breast Implant and Other Products Liability Claims [Member] | Commercial Creditor Issues [Domain] | Maximum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 356 | |||||
Impact to Sundry income (expense) [Member] | Breast Implant and Other Products Liability Claims [Domain] | ||||||
Loss Contingencies [Line Items] | ||||||
Estimated Litigation Liability, Noncurrent | 27 | $ 0 | $ 0 | |||
Loss Contingency Accrual, Period Increase (Decrease) | $ 27 | |||||
Dow Corning Corporation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum Amount of Indemnified Losses Which may be Recovered after May 31, 2023 for certain pre-closing liabilities | $ 0 | |||||
Indemnification Percentage of Future Losses Associated with Certain Pre-closing Liabilities | 50.00% | |||||
Maximum Amount of Indemnified Losses Which may be Recovered until May 31, 2018 for certain pre-closing liabilities | $ 1,500 | |||||
Maximum Amount of Indemnified Losses Which may be Recovered Between May 31, 2018 and May 31, 2023 for certain pre-closing liabilities | $ 1,000 |
COMMITMENTS AND CONTINGENT LIABILITIES (Purchase Commitments) (Table and Narrative) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Inventories [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Fixed and determinable portion of obligations under purchase commitments, 2017 | $ 2,600 |
Fixed and determinable portion of obligations under purchase commitments, 2018 | 2,498 |
Fixed and determinable portion of obligations under purchase commitments, 2019 | 2,172 |
Fixed and determinable portion of obligations under purchase commitments, 2020 | 2,083 |
Fixed and determinable portion of obligations under purchase commitments, 2021 | 1,725 |
Fixed and determinable portion of obligations under purchase commitments, 2022 and beyond | 7,304 |
Fixed and determinable portion of obligations under purchase commitments, total | $ 18,382 |
Long-term Purchase Commitment, Period | 60 years |
Materials Services and Other Items [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Other outstanding purchase commitments | $ 732 |
Minimum [Member] | Inventories [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Long-term Purchase Commitment, Period | 1 year |
Minimum [Member] | Materials Services and Other Items [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Long-term Purchase Commitment, Period | 1 year |
Maximum [Member] | Inventories [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Long-term Purchase Commitment, Period | 28 years |
Maximum [Member] | Materials Services and Other Items [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Long-term Purchase Commitment, Period | 25 years |
COMMITMENTS AND CONTINGENT LIABILITIES (Guarantees) (Table and Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
|
Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Final expiration | 2021 | 2021 | ||
Guarantees, Maximum Future Payments | $ 5,096 | $ 4,910 | ||
Guarantees, Recorded Liability | $ 86 | $ 102 | ||
Residual Value Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Final expiration | 2027 | 2025 | ||
Guarantees, Maximum Future Payments | $ 947 | $ 912 | ||
Guarantees, Recorded Liability | 134 | 117 | ||
Total Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantees, Maximum Future Payments | 6,043 | 5,822 | ||
Guarantees, Recorded Liability | 220 | 219 | ||
Railcar sale-leaseback [Member] | Residual Value Guarantees [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantees, Maximum Future Payments | $ 234 | $ 236 | ||
Deferred Gain on Sale of Property | $ 102 | |||
Sadara [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 35.00% | 35.00% | 35.00% | |
Sadara [Member] | Guarantee of Indebtedness of Others [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Guarantees, Maximum Future Payments | $ 4,400 | |||
Sadara [Member] | Long Term Debt entered into by Equity Method Investee [Domain] | Total Project Financing [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Project Financing, Maximum Borrowing Capacity | 12,500 | |||
Project Financing, Amount Outstanding | $ 12,400 | $ 11,900 |
COMMITMENTS AND CONTINGENT LIABILITIES (Warranties) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
||||
Warranty Accrual [Roll Forward] | |||||
Warranty Accrual, Balance at January 1 | $ 93 | $ 107 | |||
Accruals related to existing warranties | 11 | [1] | 5 | ||
Settlements made during the year | (20) | (19) | |||
Warranty Accrual, Balance at December 31 | $ 84 | 93 | |||
Infrastructure Solutions [Member] | |||||
Warranty Accrual [Roll Forward] | |||||
Accruals related to existing warranties | $ 10 | ||||
|
COMMITMENTS AND CONTINGENT LIABILITIES (Asset Retirement Obligations) (Narrative) (Details) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
wells
brinesandwells
countries
manufacturingsites
|
Dec. 31, 2015
USD ($)
|
||||
Loss Contingencies [Line Items] | |||||
Conditional Asset Retirement Obligations Carrying Value | $ 31 | $ 33 | |||
Asset retirement obligation discount rate | 1.87% | 1.48% | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, beginning balance | $ 96 | $ 84 | |||
Additional accruals | 17 | [1] | 8 | ||
Liabilities settled | (9) | (8) | |||
Accretion expense | 2 | 1 | |||
Revisions in estimated cash flows | 5 | 17 | |||
Other | (1) | (6) | |||
Asset retirement obligation, ending balance | $ 110 | $ 96 | |||
Number Of Manufacturing Sites | manufacturingsites | 189 | ||||
Number Of Countries With Manufacturing Sites | countries | 34 | ||||
Number of underground storage wells without conditional asset retirement obligation | wells | 42 | ||||
Number of underground brine, mining and other wells without conditional asset retirement obligation | brinesandwells | 141 | ||||
Dow Corning, Ownership Restructure [Member] | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Additional accruals | $ 14 | ||||
|
TRANSFERS OF FINANCIAL ASSETS (Sale of Trade Accounts Receivable in North America and Europe) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Tranfers of Financial Assets [Line Items] | |||||
Interests in conduits (1) | $ 1,257 | $ 1,034 | $ 1,079 | ||
North America and Europe [Member] | |||||
Tranfers of Financial Assets [Line Items] | |||||
Carrying value of interests held | 1,237 | 943 | |||
North America and Europe [Member] | Trade Accounts Receivable [Member] | |||||
Tranfers of Financial Assets [Line Items] | |||||
Gain (Loss) from sale of transferred financial assets | $ (20) | $ (15) | (16) | ||
Percentage of anticipated credit losses | 0.36% | 0.34% | |||
Impact to carrying value, 10 percent adverse change | $ 1 | $ 1 | |||
Impact to carrying value, 20 percent adverse change | 1 | 1 | |||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Net Credit Losses During Period | 1 | 7 | |||
Sale of receivables | 1 | 18 | 98 | ||
Collections reinvested in revolving receivables | 21,652 | 22,951 | 26,479 | ||
Interests in conduits (1) | [1] | 1,257 | 1,034 | $ 1,079 | |
Delinquencies on sold receivables still outstanding | 86 | 97 | |||
Trade accounts receivable outstanding and derecognized | 2,257 | 2,152 | |||
Repurchase of previously sold receivables, related to a divestiture | $ 4 | $ 11 | |||
|
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Schedule of Notes Payable) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Disclosure [Abstract] | ||
Notes payable to banks and other lenders | $ 225 | $ 277 |
Notes payable to related companies | 44 | 171 |
Notes payable trade | 3 | 6 |
Notes payable | $ 272 | $ 454 |
Year-end average interest rates | 4.60% | 4.00% |
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
Debt Instrument [Line Items] | |||||||
Unamortized debt discount and issuance costs | $ 373 | $ 405 | |||||
Long-term Debt, Current Maturities Net of Current Portion of Unamortized Issuance Costs | [1] | 635 | 541 | ||||
Long-term Debt and Capital Lease Obligations, Net of Unamortized Issuance Costs | 20,456 | 16,215 | |||||
Unamortized Issuance Costs, Current Portion | 24 | 9 | |||||
Maturities of Long-term Debt [Abstract] | |||||||
2017 | 659 | ||||||
2018 | [2] | 5,237 | |||||
2019 | 2,391 | ||||||
2020 | 1,825 | ||||||
2021 | 1,567 | ||||||
Capital Lease Obligations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-Term Debt | $ 295 | $ 76 | |||||
Final maturity 2016 | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 0.00% | 2.64% | |||||
Long-Term Debt | $ 0 | $ 356 | |||||
Final maturity 2017 | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 6.06% | 6.06% | |||||
Long-Term Debt | $ 442 | $ 442 | |||||
Final maturity 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 5.78% | 5.78% | |||||
Long-Term Debt | $ 339 | $ 339 | |||||
Final maturity 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 8.55% | 8.55% | |||||
Long-Term Debt | $ 2,122 | $ 2,123 | |||||
Final maturity 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 4.46% | 4.46% | |||||
Long-Term Debt | $ 1,547 | $ 1,547 | |||||
Final maturity 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 4.72% | 4.72% | |||||
Long-Term Debt | $ 1,424 | $ 1,424 | |||||
Final maturity 2022 and thereafter | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 5.54% | 5.54% | |||||
Long-Term Debt | $ 8,449 | $ 8,448 | |||||
U.S. Dollar loans, Various Rates and Maturities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 1.60% | 2.32% | |||||
Long-Term Debt | $ 4,595 | $ 125 | |||||
Foreign Currency Loans, Various Rates and Maturities [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 3.42% | 2.74% | |||||
Long-Term Debt | $ 882 | $ 856 | |||||
Medium Term Notes Varying Maturities Through 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 3.82% | 3.79% | |||||
Long-Term Debt | $ 1,026 | $ 1,082 | |||||
Tax-exempt Bonds, Varying Maturities Through 2038 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Average interest rate in period | 5.66% | 5.66% | |||||
Long-Term Debt | $ 343 | $ 343 | |||||
|
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 05, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Jun. 01, 2016
USD ($)
|
Sep. 16, 2014
USD ($)
|
|
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Loss on early extinguishment of debt | $ 0 | $ 8 | $ 0 | ||||
Debt instrument covenant, ratio of indebtedness to net capital, maximum | 0.65 | ||||||
Amount at which a failure to pay results in default | $ 100 | ||||||
Permitted amount of acceleration of principal which causes default | 400 | ||||||
Amount of judgment which causes default | 400 | ||||||
Proceeds from issuance of long-term debt | 32 | 1,383 | $ 2,448 | ||||
Principal Amount of Subsidiary New Debt Instruments Exchanged | $ 1,220 | ||||||
2011 Revolving Credit Facility [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 5,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | ||||||
Amount of debt, if exceeded, causes company to comply with capitalization ratios | 500 | ||||||
InterNotes redeemed [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Repayments of Notes Payable | 52 | ||||||
InterNotes issued [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.94% | ||||||
Proceeds from issuance of long-term debt | 346 | $ 390 | |||||
Long Term Debt Repayment-Purchase of Ethylene Facility [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Repayments of Debt | 346 | ||||||
Long Term Debt Repayment - Variable Interest Entity [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Proceeds from (Repayments of) Debt | 163 | 97 | |||||
Repayments of Debt | 128 | ||||||
Long Term Debt entered into by Variable Interest Entities [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Proceeds from Issuance of Debt | $ 28 | $ 8 | 69 | ||||
Public Offering [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Face Amount on Issuance | $ 2,000 | ||||||
Three point five percent notes due October 1 2024 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Face Amount on Issuance | $ 900 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||
Four point two five percent notes due October 1 2034 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Face Amount on Issuance | $ 600 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||
Four point six two five percent notes due October 1 2044 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Face Amount on Issuance | $ 500 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | ||||||
Dow Corning Corporation [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Long-Term Debt | $ 4,672 | ||||||
Senior Notes [Member] | Two point five percent due February 15, 2016 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||||||
Repayments of Notes Payable | $ 349 | ||||||
Redemption of InterNotes [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Extinguishment of Debt, Amount | $ 724 | ||||||
Redemption of Notes [Member] | Term Loan Facility [Domain] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Repayments of Lines of Credit | 300 | ||||||
Redemption of Notes [Member] | Two Point Five Percent Notes Due 2016 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.50% | |||||
Extinguishment of Debt, Amount | 401 | ||||||
Redemption of Notes [Member] | Tax-exempt bonds due 2014 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Repayments of Notes Payable | 124 | ||||||
Redemption of Notes [Member] | Tax-exempt bonds due 2028 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Repayments of Notes Payable | $ 51 | ||||||
Redemption of Notes [Member] | Five Point Seven Percent Notes Due 2018 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | 5.70% | |||||
Extinguishment of Debt, Amount | 182 | ||||||
Redemption of Notes [Member] | Four Point Two Five Percent Notes Due 2020 [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||
Extinguishment of Debt, Amount | 278 | ||||||
Corporate [Member] | Redemption of InterNotes [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Loss on early extinguishment of debt | $ 8 | ||||||
Corporate, Non-Segment [Member] | Tender Offer of Long Term Debt [Member] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Loss on early extinguishment of debt | 68 | $ 68 | |||||
Chlorine Value Chain [Domain] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Extinguishment of Debt, Amount | 1,161 | ||||||
Proceeds from Issuance of Debt | 875 | ||||||
Principal Amount of Subsidiary New Debt Instruments Exchanged | 1,220 | ||||||
Principal Amount of the Company's Debt Exchanged | 1,154 | ||||||
Chlor-Alkali joint venture [Member] | Chlorine Value Chain [Domain] | |||||||
Notes Payable Long Term Debt and Available Credit Facilities [Line Items] | |||||||
Extinguishment of Debt, Amount | $ 569 |
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Schedule of Committed and Available Credit Facilities) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
|||
---|---|---|---|---|
Five Year Competitive Advance and Revolving Credit Facility Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 5,000 | |||
$100M Revolving Credit Facility Due 3/2017 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
$100M Revolving Credit Facility 1 Due 3/2020 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
$280M Revolving Credit Facility Due 3/2020 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 280 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 280 | |||
$100M Revolving Credit Facility 2 Due 3/2020 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
$100M Revolving Credit Facility 3 Due 3/2020 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
$200M Revolving Credit Facility Due 3/2020 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 200 | |||
$200M Revolving Credit Facility Due 5/2018 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 200 | |||
$200M Revolving Credit Facility Due 7/2018 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 200 | |||
$100M Revolving Credit Facility Due 8/2018 [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
DCC Term Loan Facility [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | [1] | ||
|
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Pension Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 01, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension contributions | $ 629 | $ 844 | $ 815 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 27,877 | 23,421 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 26,590 | 22,409 | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $ 18,523 | $ 16,066 | ||||
Minimum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Bond Indices | .60 | |||||
Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate Support, Bond Indices | .90 | |||||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | [1] | $ 2,077 | ||||
Expected pension contributions | $ 500 | |||||
Discount rate - benefit obligations | 3.52% | 3.88% | 3.60% | |||
Rate of increase in future compensation levels - benefit obligations | 3.90% | 4.13% | 4.13% | |||
Discount rate - net periodic costs | 3.85% | 3.60% | 4.54% | |||
Rate of increase in future compensation levels - net periodic costs | 4.04% | 4.13% | 4.15% | |||
Expected long-term rate of return on plan assets - net periodic costs | 7.22% | 7.35% | 7.40% | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 28,800 | $ 24,500 | ||||
Defined Benefit Pension Plans, U.S. | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate - benefit obligations | 4.11% | 4.40% | 4.04% | |||
Rate of increase in future compensation levels - benefit obligations | 4.25% | 4.50% | 4.50% | |||
Discount rate - net periodic costs | 4.40% | 4.04% | 4.92% | |||
Rate of increase in future compensation levels - net periodic costs | 4.50% | 4.50% | 4.50% | |||
Expected long-term rate of return on plan assets - net periodic costs | 7.77% | 7.85% | 7.82% | |||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Contribution Plan, Cost Recognized | $ 283 | $ 235 | $ 243 | |||
Dow Corning Corporation [Member] | Other Postretirement Benefit Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | $ 0 | |||||
Projected benefit obligations | 313 | 313 | ||||
Net liability assumed | 313 | |||||
Dow Corning Corporation [Member] | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of plan assets | 2,327 | 2,327 | ||||
Projected benefit obligations | 3,252 | $ 3,252 | ||||
Net liability assumed | $ 925 | |||||
|
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Other Postretirement Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Decrease in net periodic benefit costs in next twelve months | $ 25 | ||
United States Postretirement Benefit Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate - benefit obligations | 3.83% | 3.97% | 3.68% |
Initial health care cost trend rate - benefit obligations | 7.00% | 7.25% | 7.06% |
Ultimate health care cost trend rate - benefit obligations | 5.00% | 5.00% | 5.00% |
Year ultimate trend rate to be reached - benefit obligations | 2025 | 2025 | 2020 |
Discount rate - net periodic costs | 3.96% | 3.68% | 4.37% |
Initial health care cost trend rate - net periodic costs | 7.25% | 7.06% | 7.45% |
Ultimate health care cost trend rate - net periodic costs | 5.00% | 5.00% | 5.00% |
Year ultimate trend rate to be reached - net periodic costs | 2025 | 2020 | 2020 |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $ 7 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase On Net Periodic Postretirement Benefit Cost | 1 | ||
Defined benefit plan effect of one percentage point decrease on accumulated postretirement benefit obligation | 11 | ||
Defined benefit plan effect of one percentage point decrease on net periodic postretirement benefit cost | $ 1 |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income for All Significant Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
Defined Benefit Pension Plans [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Service cost | $ 463 | [1] | $ 484 | $ 411 | |||||
Interest cost | 846 | [1] | 975 | 1,096 | |||||
Expected return on plan assets | (1,447) | [1] | (1,382) | (1,322) | |||||
Amortization of prior service cost (credit) | (24) | [1] | (28) | 22 | |||||
Amortization of unrecognized (gain) loss | 587 | [1] | 706 | 500 | |||||
Curtailment/settlement/other | (36) | [1],[2] | 0 | (2) | [2] | ||||
Net periodic benefit cost | 389 | [1] | 755 | 705 | |||||
Net (gain) loss | 1,954 | (127) | 3,528 | ||||||
Prior service cost (credit) arising during period | 0 | 63 | (500) | ||||||
Amortization of prior service (cost) credit | 24 | 28 | (22) | ||||||
Amortization of unrecognized gain (loss) | (587) | (706) | (498) | ||||||
Total recognized in other comprehensive (income) loss | 1,391 | (742) | 2,508 | ||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 1,780 | 13 | 3,213 | ||||||
Other Postretirement Benefits [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Service cost | 13 | [1] | 14 | 14 | |||||
Interest cost | 52 | [1] | 59 | 72 | |||||
Expected return on plan assets | 0 | [1] | 0 | 0 | |||||
Amortization of prior service cost (credit) | (3) | [1] | (2) | (2) | |||||
Amortization of unrecognized (gain) loss | (7) | [1] | (11) | (14) | |||||
Curtailment/settlement/other | 0 | [1] | 0 | 0 | |||||
Net periodic benefit cost | 55 | [1] | 60 | 70 | |||||
Net (gain) loss | 14 | 11 | 63 | ||||||
Prior service cost (credit) arising during period | 0 | 0 | 0 | ||||||
Amortization of prior service (cost) credit | 3 | 2 | 2 | ||||||
Amortization of unrecognized gain (loss) | 7 | 11 | 14 | ||||||
Total recognized in other comprehensive (income) loss | 24 | 24 | 79 | ||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 79 | $ 84 | $ 149 | ||||||
Dow Corning Corporation [Member] | Defined Benefit Pension Plans [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Net periodic benefit cost | 26 | ||||||||
Dow Corning Corporation [Member] | Other Postretirement Benefits [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Net periodic benefit cost | $ 8 | ||||||||
|
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 01, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||
Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | $ (24) | |||||||||||||
Defined Benefit Plan, Change in Benefit Obligations [Roll Forward] | ||||||||||||||
Benefit Obligations, Beginning Balance | 25,652 | $ 27,979 | ||||||||||||
Service cost | 463 | [1] | 484 | $ 411 | ||||||||||
Interest cost | 846 | [1] | 975 | 1,096 | ||||||||||
Plan participants' contributions | 19 | 19 | ||||||||||||
Plan amendments | 0 | 30 | ||||||||||||
Actuarial changes in assumptions and experience | 1,967 | (929) | ||||||||||||
Acquisition/divestiture/other activity (1) | [2] | 3,201 | (894) | |||||||||||
Benefits paid | (1,324) | (1,289) | ||||||||||||
Currency impact | (506) | (723) | ||||||||||||
Termination benefits/curtailment cost/settlements (2) | (38) | [3] | 0 | |||||||||||
Benefit Obligations, Ending Balance | 30,280 | 25,652 | 27,979 | |||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||||||||||
Fair value of plan assets, beginning balance | 18,595 | |||||||||||||
Actual return on plan assets | 1,437 | 314 | ||||||||||||
Currency impact | (404) | (488) | ||||||||||||
Employer contributions | 629 | 844 | ||||||||||||
Plan participants' contributions | 19 | 19 | ||||||||||||
Acquisition/divestiture/other activity | [4] | 2,077 | ||||||||||||
Acquisition/divestiture/other activity (3) | [4] | (255) | ||||||||||||
Benefits paid | (1,324) | (1,289) | ||||||||||||
Fair value of plan assets at end of year | 21,208 | 18,774 | 19,629 | |||||||||||
Less: Fair value of assets due to Olin | 0 | (179) | ||||||||||||
Fair value of plan assets, ending balance | 21,208 | 18,595 | ||||||||||||
Funded status at end of year | (9,072) | (7,057) | ||||||||||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||||||||||||
Noncurrent assets | 292 | 317 | ||||||||||||
Current liabilities | (74) | (64) | ||||||||||||
Noncurrent liabilities | (9,290) | (7,310) | ||||||||||||
Net amounts recognized in the consolidated balance sheets | (9,072) | (7,057) | ||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||||||||||
Net loss (gain) | 11,379 | 10,012 | ||||||||||||
Prior service credit | (304) | (328) | ||||||||||||
Pretax balance in AOCL at end of year | 11,075 | 9,684 | ||||||||||||
Defined Benefit Plan, Amortization of Net Gains (Losses) | (626) | |||||||||||||
Other Postretirement Benefits [Member] | ||||||||||||||
Defined Benefit Plan, Change in Benefit Obligations [Roll Forward] | ||||||||||||||
Benefit Obligations, Beginning Balance | 1,597 | 1,707 | ||||||||||||
Service cost | 13 | [1] | 14 | 14 | ||||||||||
Interest cost | 52 | [1] | 59 | 72 | ||||||||||
Plan participants' contributions | 0 | 0 | ||||||||||||
Plan amendments | 0 | 0 | ||||||||||||
Actuarial changes in assumptions and experience | 13 | 11 | ||||||||||||
Acquisition/divestiture/other activity (1) | 313 | [2] | 0 | |||||||||||
Benefits paid | (154) | (172) | ||||||||||||
Currency impact | 1 | (22) | ||||||||||||
Termination benefits/curtailment cost/settlements (2) | 0 | 0 | ||||||||||||
Benefit Obligations, Ending Balance | 1,835 | 1,597 | 1,707 | |||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||||||||||
Fair value of plan assets, beginning balance | 0 | |||||||||||||
Actual return on plan assets | 0 | 0 | ||||||||||||
Currency impact | 0 | 0 | ||||||||||||
Employer contributions | 0 | 0 | ||||||||||||
Plan participants' contributions | 0 | 0 | ||||||||||||
Acquisition/divestiture/other activity (3) | 0 | 0 | ||||||||||||
Benefits paid | 0 | 0 | ||||||||||||
Fair value of plan assets at end of year | 0 | 0 | $ 0 | |||||||||||
Less: Fair value of assets due to Olin | 0 | 0 | ||||||||||||
Fair value of plan assets, ending balance | 0 | 0 | ||||||||||||
Funded status at end of year | (1,835) | (1,597) | ||||||||||||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||||||||||||
Noncurrent assets | 0 | 0 | ||||||||||||
Current liabilities | (158) | (146) | ||||||||||||
Noncurrent liabilities | (1,677) | (1,451) | ||||||||||||
Net amounts recognized in the consolidated balance sheets | (1,835) | (1,597) | ||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||||||||||
Net loss (gain) | (133) | (154) | ||||||||||||
Prior service credit | 0 | (3) | ||||||||||||
Pretax balance in AOCL at end of year | (133) | (157) | ||||||||||||
Defined Benefit Plan, Amortization of Net Gains (Losses) | 6 | |||||||||||||
Olin [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||||||||||
Acquisition/divestiture/other activity (3) | (184) | |||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||||||||||
Defined Benefit Plan, Divestitures, Benefit Obligation | 618 | |||||||||||||
ANGUS Chemical Company [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||||||||||
Acquisition/divestiture/other activity (3) | (9) | |||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||||||||||
Defined Benefit Plan, Divestitures, Benefit Obligation | 34 | |||||||||||||
Insurance Company[Member] [Domain] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||||||||||
Defined Benefit Plan, Settlements, Benefit Obligation | 53 | 248 | ||||||||||||
Defined Benefit Plan, Settlements, Plan Assets | 55 | $ 247 | ||||||||||||
Dow Corning Corporation [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||||||||||
Acquisition/divestiture/other activity | $ 2,327 | 2,327 | ||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||||||||||
Projected benefit obligations | 3,252 | 3,252 | ||||||||||||
Defined Benefit Plan, Curtailments | 36 | |||||||||||||
Dow Corning Corporation [Member] | Other Postretirement Benefits [Member] | ||||||||||||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||||||||||||
Acquisition/divestiture/other activity | 0 | |||||||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract] | ||||||||||||||
Projected benefit obligations | $ 313 | $ 313 | ||||||||||||
|
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Estimated Future Benefit Payments) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Defined Benefit Pension Plans [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2017 | $ 1,433 |
2018 | 1,460 |
2019 | 1,501 |
2020 | 1,536 |
2021 | 1,571 |
2022 through 2026 | 8,374 |
Total | 15,875 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2017 | 161 |
2018 | 155 |
2019 | 151 |
2020 | 146 |
2021 | 142 |
2022 through 2026 | 627 |
Total | $ 1,382 |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Plan Assets) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Company common stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Defined Benefit Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets Subtotal | 21,208 | 18,774 | $ 19,629 |
Fair value of plan assets | $ 21,208 | $ 18,595 |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Investment Strategy and Risk Management for Plan Assets) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 35.00% |
Fixed Income securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 34.00% |
Alternative Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 30.00% |
Other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 1.00% |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Basis of Fair Value Measurements of Pension Plan Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||
Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Defined Benefit Plan, Divestitures, Plan Assets | [1] | $ 255 | ||||||||||||
Fair value of plan assets | $ 21,208 | 18,595 | ||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets Subtotal | 21,208 | 18,774 | $ 19,629 | |||||||||||
Defined Benefit Plan, Assets Due to (from) Plan | 0 | (179) | ||||||||||||
Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 4,864 | |||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets Subtotal | 5,220 | 5,043 | ||||||||||||
Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 9,851 | |||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets Subtotal | 11,726 | 9,851 | ||||||||||||
Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 4,262 | 3,880 | 3,725 | |||||||||||
Defined Benefit Plan, Fair Value of Plan Assets Subtotal | 4,262 | 3,880 | ||||||||||||
Cash and Cash Equivalents [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 879 | 817 | ||||||||||||
Cash and Cash Equivalents [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 73 | 84 | ||||||||||||
Cash and Cash Equivalents [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 806 | 733 | ||||||||||||
Cash and Cash Equivalents [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Equity Securities [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 8,131 | 7,370 | ||||||||||||
Equity Securities [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 5,126 | 4,890 | ||||||||||||
Equity Securities [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 2,971 | 2,452 | ||||||||||||
Equity Securities [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 34 | 28 | 32 | |||||||||||
U.S. Equity [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 3,626 | [2] | 3,084 | [3] | ||||||||||
U.S. Equity [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 2,642 | [2] | 2,525 | [3] | ||||||||||
U.S. Equity [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 983 | [2] | 558 | [3] | ||||||||||
U.S. Equity [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1 | [2] | 1 | [3] | ||||||||||
Company common stock [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Non-U.S. Equity - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 3,188 | 3,044 | ||||||||||||
Non-U.S. Equity - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,955 | 1,877 | ||||||||||||
Non-U.S. Equity - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,232 | 1,167 | ||||||||||||
Non-U.S. Equity - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1 | 0 | ||||||||||||
Emerging Markets Equity [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,096 | 1,031 | ||||||||||||
Emerging Markets Equity [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 508 | 462 | ||||||||||||
Emerging Markets Equity [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 557 | 542 | ||||||||||||
Emerging Markets Equity [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 31 | 27 | ||||||||||||
Convertible Bonds [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 221 | 203 | ||||||||||||
Convertible Bonds [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 21 | 26 | ||||||||||||
Convertible Bonds [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 199 | 177 | ||||||||||||
Convertible Bonds [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1 | 0 | ||||||||||||
Equity Derivatives [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 8 | |||||||||||||
Equity Derivatives [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | |||||||||||||
Equity Derivatives [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 8 | |||||||||||||
Equity Derivatives [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | |||||||||||||
Fixed Income Securities [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 7,521 | 6,235 | ||||||||||||
Fixed Income Securities [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 47 | ||||||||||||
Fixed Income Securities [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 7,023 | 5,895 | ||||||||||||
Fixed Income Securities [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 498 | 293 | 311 | |||||||||||
US Treasury and Government [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 2,091 | 1,320 | ||||||||||||
US Treasury and Government [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
US Treasury and Government [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 2,091 | 1,320 | ||||||||||||
US Treasury and Government [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
U.S. agency and agency mortgage backed securities [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 309 | 279 | ||||||||||||
U.S. agency and agency mortgage backed securities [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
U.S. agency and agency mortgage backed securities [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 309 | 279 | ||||||||||||
U.S. agency and agency mortgage backed securities [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Corporate Bonds - Investment Grade [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,562 | 1,527 | ||||||||||||
Corporate Bonds - Investment Grade [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Corporate Bonds - Investment Grade [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,562 | 1,527 | ||||||||||||
Corporate Bonds - Investment Grade [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Non-U.S. Governments - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,135 | 1,161 | ||||||||||||
Non-U.S. Governments - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Non-U.S. Governments - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,135 | 1,161 | ||||||||||||
Non-U.S. Governments - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Non-U.S. Corporate Bonds - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,176 | 917 | ||||||||||||
Non-U.S. Corporate Bonds - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Non-U.S. Corporate Bonds - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,176 | 917 | ||||||||||||
Non-U.S. Corporate Bonds - Developed Countries [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Emerging Market Debt [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 131 | 109 | ||||||||||||
Emerging Market Debt [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Emerging Market Debt [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 131 | 109 | ||||||||||||
Emerging Market Debt [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Other Asset-backed Securities [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 97 | 89 | ||||||||||||
Other Asset-backed Securities [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Other Asset-backed Securities [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 95 | 88 | ||||||||||||
Other Asset-backed Securities [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 2 | 1 | ||||||||||||
High Yield Bonds [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 203 | 229 | ||||||||||||
High Yield Bonds [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 47 | ||||||||||||
High Yield Bonds [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 190 | 166 | ||||||||||||
High Yield Bonds [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 13 | 16 | ||||||||||||
Other Fixed Income Funds [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 834 | 571 | ||||||||||||
Other Fixed Income Funds [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Other Fixed Income Funds [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 351 | 295 | ||||||||||||
Other Fixed Income Funds [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 483 | 276 | ||||||||||||
Fixed Income Derivatives [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | (17) | 33 | ||||||||||||
Fixed Income Derivatives [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Fixed Income Derivatives [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | (17) | 33 | ||||||||||||
Fixed Income Derivatives [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Alternative Investments [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 4,403 | 4,064 | ||||||||||||
Alternative Investments [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 21 | 22 | ||||||||||||
Alternative Investments [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 747 | 521 | ||||||||||||
Alternative Investments [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 3,635 | 3,521 | 3,342 | |||||||||||
Real Estate [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 2,087 | 1,832 | ||||||||||||
Real Estate [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 21 | 22 | ||||||||||||
Real Estate [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 24 | 38 | ||||||||||||
Real Estate [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 2,042 | 1,772 | ||||||||||||
Private Equity Funds [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,128 | 1,054 | ||||||||||||
Private Equity Funds [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Private Equity Funds [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Private Equity Funds [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,128 | 1,054 | ||||||||||||
Absolute Return [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 1,188 | 1,178 | ||||||||||||
Absolute Return [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Absolute Return [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 723 | 483 | ||||||||||||
Absolute Return [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 465 | 695 | ||||||||||||
Other Investments [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 274 | 288 | ||||||||||||
Other Investments [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 0 | 0 | ||||||||||||
Other Investments [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 179 | 250 | ||||||||||||
Other Investments [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Fair value of plan assets | 95 | 38 | $ 40 | |||||||||||
Less: Fair value of Pension plan assets due Olin [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Defined Benefit Plan, Assets Due to (from) Plan | (179) | |||||||||||||
Less: Fair value of Pension plan assets due Olin [Member] | Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Items (Level 1) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Defined Benefit Plan, Assets Due to (from) Plan | [4] | (179) | ||||||||||||
Less: Fair value of Pension plan assets due Olin [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Defined Benefit Plan, Assets Due to (from) Plan | 0 | |||||||||||||
Less: Fair value of Pension plan assets due Olin [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Defined Benefit Plan, Assets Due to (from) Plan | $ 0 | |||||||||||||
Olin [Member] | Defined Benefit Pension Plans [Member] | ||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Defined Benefit Plan, Divestitures, Plan Assets | $ 184 | |||||||||||||
|
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Fair Value Measurement of Level 3 Pension Plan Assets) (Details) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | $ 18,595 | ||||
Foreign currency impact | (404) | $ (488) | |||
Fair value of plan assets, ending balance | 21,208 | 18,595 | |||
Significant Unobservable Inputs (Level 3) [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 3,880 | 3,725 | |||
Relating to assets sold | 158 | 251 | |||
Relating to assets held | 26 | 47 | |||
Purchases, sales and settlements | 221 | (115) | |||
Transfers into (out of) Level 3, net | 1 | (2) | |||
Foreign currency impact | (24) | (26) | |||
Fair value of plan assets, ending balance | 4,262 | 3,880 | |||
Equity Securities [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 7,370 | ||||
Fair value of plan assets, ending balance | 8,131 | 7,370 | |||
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 28 | 32 | |||
Relating to assets sold | 0 | 0 | |||
Relating to assets held | 9 | 0 | |||
Purchases, sales and settlements | 1 | 2 | |||
Transfers into (out of) Level 3, net | (2) | (6) | |||
Foreign currency impact | (2) | 0 | |||
Fair value of plan assets, ending balance | 34 | 28 | |||
Fixed Income Securities [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 6,235 | ||||
Fair value of plan assets, ending balance | 7,521 | 6,235 | |||
Fixed Income Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 293 | 311 | |||
Relating to assets sold | 2 | 18 | |||
Relating to assets held | (4) | (9) | |||
Purchases, sales and settlements | 202 | (27) | |||
Transfers into (out of) Level 3, net | 3 | (1) | |||
Foreign currency impact | 2 | 1 | |||
Fair value of plan assets, ending balance | 498 | 293 | |||
Alternative Investments [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 4,064 | ||||
Fair value of plan assets, ending balance | 4,403 | 4,064 | |||
Alternative Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 3,521 | 3,342 | |||
Relating to assets sold | 163 | 233 | |||
Relating to assets held | 10 | 58 | |||
Purchases, sales and settlements | (35) | [1] | (90) | ||
Transfers into (out of) Level 3, net | 0 | 5 | |||
Foreign currency impact | (24) | (27) | |||
Fair value of plan assets, ending balance | 3,635 | 3,521 | |||
Other Investments [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 288 | ||||
Fair value of plan assets, ending balance | 274 | 288 | |||
Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Fair value of plan assets, beginning balance | 38 | 40 | |||
Relating to assets sold | (7) | 0 | |||
Relating to assets held | 11 | (2) | |||
Purchases, sales and settlements | 53 | 0 | |||
Transfers into (out of) Level 3, net | 0 | 0 | |||
Foreign currency impact | 0 | 0 | |||
Fair value of plan assets, ending balance | 95 | $ 38 | |||
Dow Corning Corporation [Member] | Alternative Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Pension Plan, Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Purchases, sales and settlements | [1] | $ 35 | |||
|
LEASED PROPERTY (Leased Property) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Leases [Abstract] | |||
Operating Leases, Rent Expense | $ 661 | $ 600 | $ 539 |
Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Future minimum lease commitments due during 2017 | 351 | ||
Future minimum lease commitments due during 2018 | 300 | ||
Future minimum lease commitments due during 2019 | 272 | ||
Future minimum lease commitments due during 2020 | 246 | ||
Future minimum lease commitments due during 2021 | 221 | ||
Future minimum lease commitments due during 2022 and thereafter | 1,064 | ||
Total future minimum operating lease commitments | $ 2,454 |
VARIABLE INTEREST ENTITIES (Schedule of Consolidated Variable Interest Entities, Carrying Amounts of Assets and Liabilities) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 05, 2015
USD ($)
|
Jan. 02, 2014
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Jun. 30, 2015 |
Dec. 31, 2013
USD ($)
|
|||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Net income attributable to noncontrolling interest | $ (86) | $ (98) | $ (67) | |||||||||||
Repayments of Long-term Debt | 588 | 1,114 | 747 | |||||||||||
Payments to Acquire Additional Interest in Subsidiaries | 202 | 175 | 60 | |||||||||||
Cash and cash equivalents | 6,607 | 8,577 | 5,654 | $ 5,940 | ||||||||||
Other current assets | 23,659 | 23,941 | ||||||||||||
Net property | 23,486 | 17,854 | 18,051 | |||||||||||
Other noncurrent assets | 565 | 535 | ||||||||||||
Total Assets | [2] | 79,511 | [1] | 67,938 | 68,639 | |||||||||
Current liabilities (nonrecourse 2016: $286; 2015: $256) | 12,604 | 11,115 | ||||||||||||
Other noncurrent obligations (nonrecourse 2016: $47; 2015: $51) | 5,560 | 4,332 | ||||||||||||
Long-Term Debt Nonrecourse | $ 330 | 487 | ||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Number of Joint Ventures | 7 | |||||||||||||
Cash and cash equivalents | $ 75 | 158 | ||||||||||||
Other current assets | 95 | 112 | ||||||||||||
Net property | 961 | 1,717 | ||||||||||||
Other noncurrent assets | 55 | 65 | ||||||||||||
Total Assets | 1,186 | 2,052 | ||||||||||||
Current liabilities (nonrecourse 2016: $286; 2015: $256) | 286 | 258 | ||||||||||||
Long-term debt (nonrecourse 2016: $330; 2015: $487) | 330 | 504 | ||||||||||||
Other noncurrent obligations (nonrecourse 2016: $47; 2015: $51) | 47 | 51 | ||||||||||||
Total liabilities | 663 | 813 | ||||||||||||
Current liabilities, nonrecourse | 286 | 256 | ||||||||||||
Long-Term Debt Nonrecourse | 330 | 487 | ||||||||||||
Other Nonrecourse Liabilities Noncurrent | 47 | 51 | ||||||||||||
Ethanol to sugarcane joint venture [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Redeemable Noncontrolling Interest, Liability, Redemption Value | $ 202 | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||
Netherlands Owner Trust [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
VariableInterestEntityLeaseExpirationPurchaseAmount | $ 406 | |||||||||||||
Repayments of Long-term Debt | 346 | |||||||||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 60 | |||||||||||||
Variable Interest Entities Used to Monetize Accounts Receivable [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Other current assets | $ 477 | 103 | ||||||||||||
Current liabilities (nonrecourse 2016: $286; 2015: $256) | 1 | 1 | ||||||||||||
Current Assets Restricted To Consolidated Variable Interest Entities | 0 | 0 | ||||||||||||
Current liabilities, nonrecourse | 0 | $ 0 | ||||||||||||
Chlor-Alkali joint venture [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | ||||||||||||
Variable Interest in Midwest US Ag Joint Venture [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 49.00% | |||||||||||||
Net income attributable to noncontrolling interest | $ 22 | |||||||||||||
Agricultural Sciences [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Total Assets | [2] | 7,015 | [1] | $ 6,333 | 7,292 | |||||||||
Chlorine Value Chain [Domain] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 2,233 | $ 6 | $ 2,233 | $ 0 | ||||||||||
Chlorine Value Chain [Domain] | Chlor-Alkali joint venture [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | 133 | |||||||||||||
Chlorine Value Chain [Domain] | Chlor-Alkali joint venture [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Loss on purchase of Redeemable Noncontrolling Interest included in disposal group | $ 25 | |||||||||||||
Midwest US Ag Subsidiary [Member] | Agricultural Sciences [Member] | ||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 44 | |||||||||||||
|
VARIABLE INTEREST ENTITIES (Nonconsolidated Variable Interest Entity) (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | $ 3,747 | [1] | $ 3,747 | [1] | $ 3,958 | $ 4,201 | |||
Ethanol to sugarcane joint venture [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||||
Crude Acrylic Acid Joint Venture [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | $ 171 | $ 171 | 160 | ||||||
Hemlock Semiconductor LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 | |||||||
Silicon Inputs Joint Ventures [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | 96 | 96 | |||||||
AFSI [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | 46 | 46 | 191 | ||||||
Agricultural Sciences [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | 130 | [1] | 130 | [1] | 275 | 83 | |||
AFSI [Member] | Agricultural Sciences [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 59 | 59 | 197 | ||||||
Other Receivables | 12 | 12 | 0 | ||||||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 6 | ||||||||
Other Receivables, Gross, Current | 1 | 1 | 6 | ||||||
Other Noncurrent Obligations [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | 128 | 128 | 148 | ||||||
Other Noncurrent Obligations [Member] | Hemlock Semiconductor LLC [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | (902) | (902) | |||||||
AFSI [Member] | Agricultural Sciences [Member] | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Investment in nonconsolidated affiliates | $ 210 | ||||||||
Equity Method Investment, Other than Temporary Impairment | $ 143 | $ (143) | $ 0 | $ 0 | |||||
|
STOCK-BASED COMPENSATION (Accounting for Stock-Based Compensation) (Details) |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2016
$ / shares
|
Mar. 31, 2015
$ / shares
|
Mar. 31, 2014
$ / shares
|
Dec. 31, 2016
yr
mo
$ / shares
|
Dec. 31, 2015
yr
mo
$ / shares
|
Dec. 31, 2014
yr
mo
$ / shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Dividend yield | 4.13% | 3.54% | 3.08% | |||
Expected volatility | 31.60% | 27.84% | 28.11% | |||
Risk-free interest rate | 1.12% | 1.02% | 1.11% | |||
Dividends declared on common stock (Per share) | $ 0.46 | $ 0.42 | $ 0.37 | $ 1.84 | $ 1.72 | $ 1.53 |
Dividend Paid Per Share | $ 0.32 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected life of award | yr | 7.8 | 7.7 | 7.7 | |||
Employees' Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected life of award | mo | 4 | 6 | 6 |
STOCK-BASED COMPENSATION (Employees' Stock Purchase Plan) (Details) shares in Thousands, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
|
|||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Outstanding, shares, beginning balance | shares | 7 | ||||
Outstanding, shares, ending balance | shares | 0 | 7 | |||
Employees' Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | ||||
Plan price of the stock is set a no less than the following percentage of market price | 85.00% | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price | $ / shares | 0.00 | 41.49 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted, shares | shares | 2,122 | ||||
Granted, exercise price | $ / shares | 40.44 | ||||
Exercised, shares | shares | (2,124) | ||||
Exercised, exercise price | $ / shares | 40.44 | ||||
Forfeited/Expired, shares | shares | (5) | ||||
Forfeited/Expired, exercise price | $ / shares | 40.56 | ||||
Weighted-average fair value per share of purchase rights granted | $ / shares | $ 3.40 | $ 4.62 | $ 5.45 | ||
Total Compensation Expense | $ | $ 7 | $ 15 | $ 20 | ||
Stock-based compensation expense related tax benefit | $ | 3 | 5 | 7 | ||
Total amount of cash received from the exercise of purchase rights | $ | 86 | 131 | 138 | ||
Total intrinsic value of purchase rights exercised | $ | [1] | 23 | 25 | 42 | |
Total intrinsic value of purchase rights exercised, related tax benefit | $ | $ 9 | $ 9 | $ 15 | ||
|
STOCK-BASED COMPENSATION (Stock Option Plans) (Details) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
yr
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
|
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Weighted-average fair value per share of options granted | $ / shares | $ 10.95 | $ 11.61 | $ 11.49 |
Total Compensation Expense | $ 32 | $ 55 | $ 65 |
Stock-based compensation expense related tax benefit | 12 | 20 | 24 |
Total amount of cash received from the exercise of options | 312 | 377 | 810 |
Total intrinsic value of options exercised | 153 | 175 | 300 |
Options exercised related tax benefit | 57 | 65 | 111 |
Unrecognized Compensation Cost | $ 16 | ||
Employee Service Share-based Compensation, Nonvested, Total Compensation Cost not yet recognized and period for recognition in years | yr | 0.84 | ||
Maximum term by share based compensation after vesting | 10 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Maximum term by share based compensation after vesting | 10 years | ||
Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Total Compensation Expense | $ 97 | 110 | 99 |
Stock-based compensation expense related tax benefit | 36 | $ 41 | $ 37 |
Unrecognized Compensation Cost | $ 75 | ||
Employee Service Share-based Compensation, Nonvested, Total Compensation Cost not yet recognized and period for recognition in years | yr | 0.86 | ||
Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Exercised, shares | shares | (900,000) | (300,000) | (100,000) |
Total Compensation Expense | $ 125 | $ 172 | $ 67 |
Stock-based compensation expense related tax benefit | 46 | $ 63 | $ 25 |
Unrecognized Compensation Cost | $ 74 | ||
Employee Service Share-based Compensation, Nonvested, Total Compensation Cost not yet recognized and period for recognition in years | yr | 0.81 | ||
2012 Stock Incentive Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 45,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, shares, beginning balance | shares | 41,461,000 | ||
Outstanding, exercise price, beginning balance | $ / shares | $ 35.50 | ||
Granted, shares | shares | 2,988,000 | ||
Granted, exercise price | $ / shares | $ 46.01 | ||
Exercised, shares | shares | (9,061,000) | ||
Exercised, exercise price | $ / shares | $ 35.89 | ||
Forfeited/Expired, shares | shares | (618,000) | ||
Forfeited/Expired, exercise price | $ / shares | $ 41.56 | ||
Outstanding, shares, ending balance | shares | 34,770,000 | 41,461,000 | |
Outstanding, exercise price, ending balance | $ / shares | $ 36.20 | $ 35.50 | |
Remaining contractual life in years | yr | 5.24 | ||
Aggregate intrinsic value in millions | $ 731 | ||
Options exercisable at end of period, shares | shares | 28,932,000 | ||
Options exercisable at end of year, weighted average exercise price | $ / shares | $ 33.96 | ||
Options exercisable at end of year, weighted average remaining contractual term (years) | yr | 4.60 | ||
Option exercisable aggregate intrinsic value in millions | $ 673 | ||
January 1, 2013 - December 31, 2015 [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Actual number of shares granted above target minimum range | 0.00% | ||
Actual number of shares granted above target maximum range | 200.00% | ||
Minimum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Minimum [Member] | Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Vested Award but not issued as of period end and expected date of issuance | 1 year | ||
Minimum [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Maximum [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Vested Award but not issued as of period end and expected date of issuance | 3 years | ||
Maximum [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
STOCK-BASED COMPENSATION (Deferred and Restricted Stock) (Details) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
yr
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, shares, beginning balance | 7,000 | ||
Outstanding, shares, ending balance | 0 | 7,000 | |
Nonvested Performance Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, shares, beginning balance | 4,621,000 | ||
Nonvested, weighted average grant date fair value per share, beginning of period | $ / shares | $ 56.68 | ||
Granted, shares | 2,283,000 | ||
Weighted-average grant date fair value per share, granted | $ / shares | $ 52.68 | ||
Vested, shares | (2,342,000) | ||
Weighted-average fair value per share of deferred stock granted vested | $ / shares | $ 54.42 | ||
Canceled, shares | (108,000) | ||
Weighted average grant date fair value per share, canceled | $ / shares | $ 55.46 | ||
Outstanding, shares, ending balance | 4,454,000 | 4,621,000 | |
Nonvested, weighted average grant date fair value per share, end of period | $ / shares | $ 55.85 | $ 56.68 | |
Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ | $ 75 | ||
Employee Service Share-based Compensation, Nonvested, Total Compensation Cost not yet recognized and period for recognition in years | yr | 0.86 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested But Not Issued | 26,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, shares, beginning balance | 7,979,000 | ||
Nonvested, weighted average grant date fair value per share, beginning of period | $ / shares | $ 40.96 | ||
Granted, shares | 2,134,000 | ||
Weighted-average grant date fair value per share, granted | $ / shares | $ 46.25 | $ 49.42 | $ 46.88 |
Vested, shares | (3,525,000) | ||
Weighted-average fair value per share of deferred stock granted vested | $ / shares | $ 32.16 | ||
Canceled, shares | (206,000) | ||
Weighted average grant date fair value per share, canceled | $ / shares | $ 43.70 | ||
Outstanding, shares, ending balance | 6,382,000 | 7,979,000 | |
Nonvested, weighted average grant date fair value per share, end of period | $ / shares | $ 47.49 | $ 40.96 | |
Total fair value of deferred stock vested and delivered | $ | $ 166 | $ 162 | $ 156 |
Total fair value of deferred stock vested and delivered, related tax benefit | $ | 61 | 60 | 58 |
Total Compensation Expense | $ | 97 | 110 | 99 |
Stock-based compensation expense related tax benefit | $ | $ 36 | 41 | 37 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested But Not Issued, Weighted Average Grant Date Fair Value | $ / shares | $ 37.19 | ||
Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Compensation Cost | $ | $ 74 | ||
Employee Service Share-based Compensation, Nonvested, Total Compensation Cost not yet recognized and period for recognition in years | yr | 0.81 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Total fair value of deferred stock vested and delivered | $ | $ 103 | 37 | 12 |
Employee Service Share-based Compensation, Tax Benefit Realized from Vesting of Performance Deferred Stock Awards | $ | 38 | 14 | 5 |
Total Compensation Expense | $ | 125 | 172 | 67 |
Stock-based compensation expense related tax benefit | $ | $ 46 | $ 63 | $ 25 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 900,000 | 300,000 | 100,000 |
Employee Service Share-based Compensation, Cash Flow Effect, Cash Used to Settle Awards | $ | $ 40 | $ 16 | $ 6 |
Performance Deferred Stock vested and not issued [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation arrangement by share based payment award number of shares vested and not issued | 3,400,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Weighted-average fair value per share of deferred stock granted vested | $ / shares | $ 54.42 | ||
Non-Employee Directors' Stock Incentive Plan 2012 [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, weighted average grant date fair value per share, beginning of period | $ / shares | 51.51 | $ 48.98 | |
Nonvested, weighted average grant date fair value per share, end of period | $ / shares | $ 50.55 | $ 51.51 | $ 48.98 |
Deferred Compensation Arrangement with Individual, Shares Issued | 32,160 | 31,560 | 24,840 |
Maximum [Member] | Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested Award but not issued as of period end and expected date of issuance | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Maximum [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Minimum [Member] | Deferred Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested Award but not issued as of period end and expected date of issuance | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Minimum [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
January 1, 2016 - December 31, 2018 [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted, shares | 2,283,000 | ||
Weighted-average grant date fair value per share, granted | $ / shares | $ 52.68 | ||
January 1, 2015 - December 31, 2017 [Member] [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted, shares | 2,258,000 | ||
Weighted-average grant date fair value per share, granted | $ / shares | $ 59.08 | ||
January 1, 2014 - December 31, 2016 [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Actual number of shares granted above target minimum range | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted, shares | 2,425,000 | ||
Weighted-average grant date fair value per share, granted | $ / shares | $ 54.42 | ||
Actual number of shares granted above target maximum range | 200.00% | ||
January 1, 2013 - December 31, 2015 [Member] | Performance Deferred Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Actual number of shares granted above target minimum range | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Actual number of shares granted above target maximum range | 200.00% |
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Dec. 30, 2016 |
Apr. 30, 2009 |
Dec. 31, 2009 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 15, 2016 |
|
Class of Stock [Line Items] | |||||||
Shares of common stock for each share of preferred stock | 24.2010 | ||||||
Convertible Preferred Stock Term of Conversion Share Price | $ 53.72 | ||||||
Share Price | $ 58.35 | ||||||
Conversion of Stock, Shares Converted | 4,000,000 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 96,800,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Undistributed earnings of nonconsolidated affiliates | $ 1,196 | $ 2,708 | |||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | $ 24 | $ 30 | |||||
Series A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock dividend rate | 8.50% | ||||||
Ongoing dividends | $ 85 | ||||||
Common Stock [Member] | Employee [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common shares issued under ESPP | 0 | 0 | 21,181,000 | ||||
Common Stock [Member] | Non-Employee Directors [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common shares issued under ESPP | 0 | 32,000 | 25,000 | ||||
Berkshire Hathaway [Member] | Series A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Value of shares issued | $ 3,000 | ||||||
Stock Issued During Period, Shares, New Issues | 3,000,000 | ||||||
Kuwait Investment Authority [Member] | Series A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Value of shares issued | $ 1,000 | ||||||
Stock Issued During Period, Shares, New Issues | 1,000,000 |
STOCKHOLDERS' EQUITY (Employee Stock Ownership Plan) (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2009 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Apr. 02, 2009 |
|
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Debt of ESOP | $ 24 | $ 30 | |||
Dow ESOP [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
ESOP, compensation expense | $ 192 | $ 174 | $ 163 | ||
Shares allocated to participants' accounts | 15.8 | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 29.3 | ||||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares | 1.9 | ||||
Number of unearned shares | 11.6 | ||||
Fair value of unearned shares | $ 661 | ||||
Rohm And Haas [Member] | Rohm and Haas ESOP [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Debt of ESOP | $ 78 | ||||
Interest rate on debt of ESOP | 9.80% |
STOCKHOLDERS' EQUITY (Treasury Stock) (Details) - USD ($) shares in Millions, $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Oct. 05, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 30, 2016 |
Nov. 12, 2014 |
Jan. 29, 2014 |
Mar. 31, 2013 |
|
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,400 | |||||||
Treasury Stock, Shares, Acquired | 17.1 | 23.1 | 84.1 | |||||
Dow Shares Exchange in Share Exchange Offer | 34.1 | |||||||
Shares issued under option and purchase plans (in shares) | 14.5 | 16.5 | 7.1 | |||||
Preferred Stock, Value, Outstanding | $ 0 | $ 4,000 | $ 4,000 | |||||
Treasury Stock [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Issued During Period, Value of Treasury Stock Reissued upon Preferred Stock Conversion | 4,695 | 0 | $ 0 | |||||
Additional Paid-in Capital [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Adjustments to Additional Paid in Capital, Conversion of Preferred Stock to Common Stock | (695) | $ 0 | $ 0 | |||||
Common Stock [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 9,500 | $ 1,500 | ||||||
Common Stock [Member] | January 2014 Additional Authorization [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 3,000 | |||||||
Common Stock [Member] | November 2014 Additional Authorization [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 5,000 |
INCOME TAXES (Schedule of Domestic and Foreign Components of Income Before Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
Domestic and Foreign Components of Income Before Income Taxes [Abstract] | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 485 | [1],[2] | $ 5,313 | [1] | $ 1,652 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 3,928 | [1] | 4,617 | [1] | 3,613 | ||||
Income Before Income Taxes | 4,413 | 9,930 | $ 5,265 | ||||||
Income (loss) from portfolio actions included in Continuing Operations before Income Taxes, Domestic | 2,100 | 3,500 | |||||||
Income (loss) from Portfolio Actions Included in Continuing Operations before Income Taxes, Foreign | 0 | $ 1,100 | |||||||
Expenses related to the urethane matters settlements, asbestos-related charge and charges for environmental matters included in Continuing Operations before Income Taxes, Domestic | $ 2,600 | ||||||||
|
INCOME TAXES (Schedule of Provision (Credit) for Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||
Federal, current | $ 91 | [1] | $ 583 | $ (161) | [1] | ||
State and local, current | 21 | 38 | (4) | ||||
Foreign, current | 1,156 | 1,221 | 1,125 | ||||
Total, current | 1,268 | 1,842 | 960 | ||||
Federal, deferred | (1,255) | [1] | 358 | 442 | [1] | ||
State and local, deferred | (10) | (8) | 43 | ||||
Foreign, deferred | 6 | (45) | (19) | ||||
Total, deferred | (1,259) | 305 | 466 | ||||
Federal | (1,164) | [1] | 941 | 281 | [1] | ||
State and local | 11 | 30 | 39 | ||||
Foreign | 1,162 | 1,176 | 1,106 | ||||
Total tax provision | $ 9 | $ 2,147 | $ 1,426 | ||||
|
INCOME TAXES (Reconciliation to U.S. Statutory Rate) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Taxes at U.S. statutory rate | $ 1,545 | $ 3,476 | $ 1,843 | |||||||||||
Equity earnings effect | (52) | (197) | (307) | |||||||||||
Foreign income taxed at rates other than 35% (1) | [1] | (309) | (398) | (195) | ||||||||||
U.S. tax effect of foreign earnings and dividends, Negative Amount | (204) | |||||||||||||
U.S. tax effect of foreign earnings and dividends | 130 | 54 | ||||||||||||
Goodwill impact from divestitures | 5 | 57 | 0 | |||||||||||
Discrete equity earnings (2) | [2] | 0 | 21 | 26 | ||||||||||
Change in valuation allowances | 8 | (32) | 33 | |||||||||||
Unrecognized tax benefits | (34) | 81 | (30) | |||||||||||
Federal tax accrual adjustments | (6) | 13 | (3) | |||||||||||
Gain on ownership restructure of Dow Corning (3) | [3] | (993) | 0 | 0 | ||||||||||
Non-deductible costs associated with transactions and productivity actions | 33 | 0 | 0 | |||||||||||
Impact from split-off of chlorine value chain (4) | [4] | 21 | (763) | 0 | ||||||||||
Gain on Univation step acquisition (3) | [3] | 0 | (124) | 0 | ||||||||||
Gain on sale of MEGlobal (5) | [5] | 0 | (120) | 0 | ||||||||||
Other - net | (5) | 3 | 5 | |||||||||||
Total tax provision | $ 9 | $ 2,147 | $ 1,426 | |||||||||||
Effective tax rate | 0.20% | 21.60% | 27.10% | |||||||||||
|
INCOME TAXES (Schedule of Deferred Tax Balances) (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Jun. 01, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Income Tax Note [Line Items] | ||||||||||||
Property, deferred tax assets | $ 307 | [1] | $ 130 | [2] | ||||||||
Tax loss and credit carryforwards, deferred tax assets | 2,450 | [1] | 1,647 | |||||||||
Postretirement benefit obligations, deferred tax assets | 3,715 | [1] | 2,939 | [2] | ||||||||
Other accruals and reserves, deferred tax assets | 1,964 | [1] | 1,389 | [2] | ||||||||
Intangibles, deferred tax assets | 128 | [1] | 208 | |||||||||
Inventory, deferred tax assets | 50 | [1] | 13 | [3] | ||||||||
Investments, deferred tax assets | 179 | [1] | 204 | |||||||||
Other - net, deferred tax assets | 737 | [1] | 780 | [2] | ||||||||
Subtotal, deferred tax assets | 9,530 | [1] | 7,310 | |||||||||
Valuation allowances, deferred tax assets | (1,061) | [1] | (1,000) | |||||||||
Total, deferred tax assets | 8,469 | [1] | 6,310 | |||||||||
Prepaid tax assets, deferred tax assets | 293 | |||||||||||
Property, deferred tax liabilities | 2,860 | [1] | 2,097 | [2] | ||||||||
Postretirement benefit obligations, deferred tax liabilities | 75 | [1] | 84 | [2] | ||||||||
Other accruals and reserves, deferred tax liabilities | 883 | [1] | 882 | [2] | ||||||||
Intangibles, deferred tax liabilities | 1,536 | [1] | 692 | |||||||||
Inventory, deferred tax liabilities | 197 | [1] | 218 | |||||||||
Investments, deferred tax liabilities | 119 | [1] | 242 | |||||||||
Other - net, deferred tax liabilities | 643 | [1] | 542 | [2] | ||||||||
Total, deferred tax liabilities | 6,313 | [1] | 4,757 | |||||||||
Operating Loss Carryforwards | 10,580 | 10,364 | ||||||||||
Tax Credit Carryforward, Amount | 928 | 128 | ||||||||||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 18,668 | $ 18,773 | $ 18,037 | |||||||||
Dow Corning Corporation [Member] | ||||||||||||
Income Tax Note [Line Items] | ||||||||||||
Postretirement benefit obligations, deferred tax assets | $ 474 | |||||||||||
Other accruals and reserves, deferred tax assets | 70 | |||||||||||
Inventory, deferred tax assets | 2 | |||||||||||
Investments, deferred tax assets | 23 | |||||||||||
Subtotal, deferred tax assets | 1,017 | |||||||||||
Valuation allowances, deferred tax assets | (18) | |||||||||||
Total, deferred tax assets | 999 | |||||||||||
Property, deferred tax liabilities | 762 | |||||||||||
Other accruals and reserves, deferred tax liabilities | 47 | |||||||||||
Intangibles, deferred tax liabilities | 1,008 | |||||||||||
Inventory, deferred tax liabilities | 33 | |||||||||||
Investments, deferred tax liabilities | 8 | |||||||||||
Total, deferred tax liabilities | 1,858 | |||||||||||
Operating Loss Carryforwards | $ 568 | |||||||||||
Expiration 2017 through 2021 [Member] [Member] | ||||||||||||
Income Tax Note [Line Items] | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 1,922 | |||||||||||
Tax Credit Carryforward, Amount | $ 28 | |||||||||||
|
INCOME TAXES (Uncertain Tax Position) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Gross unrecognized tax benefits, beginning balance | $ 280 | $ 240 | $ 266 | |||||
Increases related to positions taken on items from prior years (1) | 153 | [1] | 92 | 42 | ||||
Decreases related to positions taken on items from prior years | (12) | (6) | (57) | |||||
Increases related to positions taken in the current year (2) | 135 | [2] | 10 | 10 | ||||
Settlement of uncertain tax positions with tax authorities (1) | (325) | [1] | (56) | (13) | ||||
Decreases due to expiration of statutes of limitations | 0 | 0 | (8) | |||||
Gross unrecognized tax benefits, ending balance | 231 | 280 | 240 | |||||
Unrecognized tax benefits that would impact effective tax rate | 223 | 206 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (55) | 80 | $ 15 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 59 | $ 159 | ||||||
Argentina [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2009 | 2008 | ||||||
Brazil [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2006 | 2006 | ||||||
Canada [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2012 | 2010 | ||||||
Germany [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2006 | 2006 | ||||||
Italy [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2012 | 2011 | ||||||
The Netherlands [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2015 | 2013 | ||||||
Switzerland [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2012 | 2012 | ||||||
Federal Income Tax [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2004 | 2004 | ||||||
State and Local Income Tax [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Earliest open year | 2004 | 2004 | ||||||
Non-Income Tax Contingencies Related To Issues In US And Foreign Locations [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Loss Contingency, Estimate of Possible Loss | $ 108 | $ 64 | ||||||
Provision (credit) for income taxes [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 13 | |||||||
Minimum [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 10 | |||||||
Maximum [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 61 | |||||||
Other Noncurrent Obligations [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 67 | |||||||
Dow Corning Corporation [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Increases related to positions taken in the current year (2) | 126 | |||||||
Settlement with Taxing Authority [Member] | ||||||||
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward] | ||||||||
Settlement of uncertain tax positions with tax authorities (1) | [1] | $ (206) | ||||||
|
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Stockholders' Equity Attributable to Parent | $ 25,987 | $ 25,374 | |||||||||
Accumulated Unrealized Gain (Loss) on Investments [Member] | |||||||||||
Stockholders' Equity Attributable to Parent | 43 | 47 | $ 141 | $ 160 | |||||||
Net change in unrealized gains (losses) (net of tax of $(22), $22, $25) | 32 | (40) | 41 | ||||||||
Accumulated Translation Adjustment [Member] | |||||||||||
Stockholders' Equity Attributable to Parent | (2,381) | (1,737) | (751) | 476 | |||||||
Translation adjustments (net of tax of $(84), $(28), $6) | (644) | (990) | (1,239) | ||||||||
Accumulated Pension and Other Postretirement Benefit Plans Adjustments [Member] | |||||||||||
Stockholders' Equity Attributable to Parent | (7,389) | (6,769) | (7,321) | (5,460) | |||||||
Net gain (loss) arising during period (net of tax of $70, $(1,228), $876) | (1,354) | 132 | (2,516) | ||||||||
Prior service credit arising during period (net of tax of $(36), $185, $1) | 0 | (27) | 315 | ||||||||
Amortization of prior service cost included in net periodic pension costs (net of tax of $(10), $6, $6) | (17) | (20) | 14 | ||||||||
Amortization of net loss included in net periodic pension costs (net of tax of $228, $158, 266) | 391 | 467 | 326 | ||||||||
Accumulated Derivative Gain (Loss) [Member] | |||||||||||
Stockholders' Equity Attributable to Parent | (95) | (208) | (86) | (3) | |||||||
Net hedging results (net of tax of $(79), $(25), $5) | 84 | (136) | (91) | ||||||||
Accumulated Other Comprehensive Loss [Member] | |||||||||||
Stockholders' Equity Attributable to Parent | (9,822) | (8,667) | (8,017) | $ (4,827) | |||||||
Sales [Member] | Accumulated Unrealized Gain (Loss) on Investments [Member] | |||||||||||
Unrealized Gains, Reclassification to earnings | (34) | (49) | (59) | ||||||||
Impact to Sundry income (expense) [Member] | Accumulated Unrealized Gain (Loss) on Investments [Member] | |||||||||||
Unrealized Gains, Reclassification to earnings | (2) | (5) | (1) | ||||||||
Impact to Sundry income (expense) [Member] | Accumulated Translation Adjustment [Member] | |||||||||||
Reclassification to earnings - Sundry income (expense) - net | 0 | 4 | [1] | 12 | [1] | ||||||
Impact to Sundry income (expense) [Member] | Accumulated Pension and Other Postretirement Benefit Plans Adjustments [Member] | |||||||||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 360 | [2] | 0 | 0 | |||||||
Impact to Sundry income (expense) [Member] | Accumulated Derivative Gain (Loss) [Member] | |||||||||||
Reclassification to earnings - Cost of sales (net of tax of $9, $2, $(8)) | 1 | 0 | 0 | ||||||||
Cost of Sales [Member] | Accumulated Derivative Gain (Loss) [Member] | |||||||||||
Reclassification to earnings - Cost of sales (net of tax of $9, $2, $(8)) | $ 28 | $ 14 | $ 8 | ||||||||
|
ACCUMULATED OTHER COMPREHENSIVE LOSS - Other (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 22 | $ (22) | $ 22 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (1) | (3) | (1) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 171 | (84) | (28) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | (617) | 70 | (1,228) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | 0 | (36) | 185 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | (10) | (10) | 6 |
Other comprehensive income amortization of net loss included in net periodic pension costs, tax | 189 | 228 | 158 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 27 | (79) | (25) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | 5 | 9 | 2 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ (19) | $ (27) | $ (32) |
NONCONTROLLING INTERESTS Noncontrolling Interests (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 809 | |||||||||||||||
Net income attributable to noncontrolling interest | 86 | $ 98 | $ 67 | |||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending | 1,242 | 809 | ||||||||||||||
Noncontrolling Interests [Member] | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 809 | 931 | 1,026 | |||||||||||||
Net income attributable to noncontrolling interest | 86 | 98 | 67 | |||||||||||||
Distributions to noncontrolling interests (1) | [1] | (123) | (76) | (64) | ||||||||||||
Capital contributions (2) | 0 | 38 | [2] | 36 | ||||||||||||
Purchases of noncontrolling interests (3) | 0 | [3] | (42) | [3] | (56) | |||||||||||
Transfers of redeemable noncontrolling interest (4) | 0 | (108) | [4] | (46) | [4] | |||||||||||
Acquisition of noncontrolling interests (5) | 473 | [5] | 0 | 0 | ||||||||||||
Cumulative translation adjustment | (4) | (34) | (29) | |||||||||||||
Other | 1 | 2 | (3) | |||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest, Ending | 1,242 | 809 | 931 | |||||||||||||
Dividends Paid to a Joint Venture Not Included in Distributions to NCI | 53 | 36 | $ 27 | |||||||||||||
Minority Interest Increase From Non-Cash Capital Contribution From Noncontrolling Interest Holders | 21 | |||||||||||||||
Redeemable Noncontrolling Interest, Liability, Redemption Value | $ 133 | |||||||||||||||
Ethanol to sugarcane joint venture [Member] | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Variable Interest Entity Purchase Amount | 202 | |||||||||||||||
Redeemable Noncontrolling Interest, Liability, Redemption Value | $ 202 | |||||||||||||||
|
OPERATING SEGMENTS AND GEOGRAPHIC AREAS (Schedule of Revenue by Geographic Area and Other Details) (Details) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
employees
countries
manufacturingsites
products
segments
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 23, 2015 |
|
Sales by operating segment [Line Items] | ||||
Number of Operating Segments | segments | 5 | |||
Number Of Countries With Customers Of Company | countries | 175 | |||
Sales to external customers | $ 48,158 | $ 48,778 | $ 58,167 | |
Entity Number of Employees | employees | 56,000 | |||
Number Of Products Manufactured | products | 7,000 | |||
Number Of Manufacturing Sites | manufacturingsites | 189 | |||
Number Of Countries With Manufacturing Sites | countries | 34 | |||
Long-lived assets | $ 23,486 | $ 17,854 | $ 18,051 | |
EQUATE Petrochemical Company K.S.C. [Member] | ||||
Sales by operating segment [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 42.50% | 42.50% | 42.50% | 42.50% |
United States | ||||
Sales by operating segment [Line Items] | ||||
Sales to external customers | $ 16,637 | $ 16,821 | $ 19,449 | |
Number Of Manufacturing Sites | manufacturingsites | 59 | |||
Percent of Long Lived Assets | 63.00% | |||
Long-lived assets | $ 14,812 | 11,062 | 10,605 | |
Europe, Middle East, Africa and India | ||||
Sales by operating segment [Line Items] | ||||
Sales to external customers | 14,667 | 15,291 | 19,671 | |
Long-lived assets | 2,751 | 2,172 | 2,628 | |
Rest of World | ||||
Sales by operating segment [Line Items] | ||||
Sales to external customers | 16,854 | 16,666 | 19,047 | |
Long-lived assets | 5,923 | 4,620 | 4,818 | |
Performance Materials & Chemicals [Member] | ||||
Sales by operating segment [Line Items] | ||||
Sales to external customers | $ 9,225 | $ 11,973 | $ 15,114 | |
MEGlobal [Member] | Performance Materials & Chemicals [Member] | ||||
Sales by operating segment [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% |
OPERATING SEGMENTS AND GEOGRAPHIC AREAS (Schedule of Operating Segments) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales to external customers | $ 48,158 | $ 48,778 | $ 58,167 | ||||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | 442 | 674 | 835 | ||||||||||||||||
Goodwill and other intangible asset impairment losses | [1] | 50 | |||||||||||||||||
Restructuring charges (credits) | [2] | 452 | 415 | (3) | |||||||||||||||
Asbestos-related charge | 1,113 | [3] | 0 | 78 | [3] | ||||||||||||||
EBITDA | [4] | 8,026 | 13,326 | 8,944 | |||||||||||||||
Total Assets | [6] | 79,511 | [5] | 67,938 | 68,639 | ||||||||||||||
Investment in nonconsolidated affiliates | 3,747 | [5] | 3,958 | 4,201 | |||||||||||||||
Depreciation and amortization | 2,862 | 2,521 | 2,747 | ||||||||||||||||
Capital expenditures | 3,804 | 3,703 | 3,572 | ||||||||||||||||
Agricultural Sciences [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales to external customers | 6,174 | 6,381 | 7,290 | ||||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | 3 | (15) | 4 | ||||||||||||||||
Goodwill and other intangible asset impairment losses | [1] | 0 | |||||||||||||||||
Restructuring charges (credits) | 5 | [2] | 16 | [2] | 0 | ||||||||||||||
Asbestos-related charge | 0 | [3] | 0 | ||||||||||||||||
EBITDA | [4] | 806 | 1,432 | 962 | |||||||||||||||
Total Assets | [6] | 7,015 | [5] | 6,333 | 7,292 | ||||||||||||||
Investment in nonconsolidated affiliates | 130 | [5] | 275 | 83 | |||||||||||||||
Depreciation and amortization | 186 | 195 | 208 | ||||||||||||||||
Capital expenditures | 223 | 308 | 383 | ||||||||||||||||
Consumer Solutions [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales to external customers | 5,455 | 4,379 | 4,639 | ||||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | 132 | 91 | 281 | ||||||||||||||||
Goodwill and other intangible asset impairment losses | [1] | 50 | |||||||||||||||||
Restructuring charges (credits) | 29 | [2] | 67 | [2] | 0 | ||||||||||||||
Asbestos-related charge | 0 | [3] | 0 | ||||||||||||||||
EBITDA | [4] | 2,828 | 1,048 | 1,130 | |||||||||||||||
Total Assets | [6] | 13,946 | [5] | 9,234 | 9,629 | ||||||||||||||
Investment in nonconsolidated affiliates | 329 | [5] | 732 | 691 | |||||||||||||||
Depreciation and amortization | 479 | 354 | 396 | ||||||||||||||||
Capital expenditures | 157 | 134 | 114 | ||||||||||||||||
Infrastructure Solutions [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales to external customers | 8,621 | 7,394 | 8,429 | ||||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | 215 | 203 | (6) | ||||||||||||||||
Goodwill and other intangible asset impairment losses | [1] | 0 | |||||||||||||||||
Restructuring charges (credits) | 94 | [2] | 26 | [2] | 0 | ||||||||||||||
Asbestos-related charge | 0 | [3] | 0 | ||||||||||||||||
EBITDA | [4] | 2,318 | 1,021 | 817 | |||||||||||||||
Total Assets | [6] | 17,644 | [5] | 12,186 | 12,245 | ||||||||||||||
Investment in nonconsolidated affiliates | 647 | [5] | 986 | 922 | |||||||||||||||
Depreciation and amortization | 776 | 495 | 510 | ||||||||||||||||
Capital expenditures | 481 | 355 | 269 | ||||||||||||||||
Performance Materials & Chemicals [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales to external customers | 9,225 | 11,973 | 15,114 | ||||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | (18) | 225 | 322 | ||||||||||||||||
Goodwill and other intangible asset impairment losses | [1] | 0 | |||||||||||||||||
Restructuring charges (credits) | [2] | 0 | 0 | (3) | |||||||||||||||
Asbestos-related charge | 0 | [3] | 0 | ||||||||||||||||
EBITDA | [4] | 134 | 5,479 | 2,193 | |||||||||||||||
Total Assets | [6] | 9,747 | [5] | 7,694 | 12,166 | ||||||||||||||
Investment in nonconsolidated affiliates | 1,588 | [5] | 155 | 698 | |||||||||||||||
Depreciation and amortization | 530 | 637 | 780 | ||||||||||||||||
Capital expenditures | 212 | 223 | 315 | ||||||||||||||||
Performance Plastics [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales to external customers | 18,404 | 18,357 | 22,386 | ||||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | 137 | 220 | 257 | ||||||||||||||||
Goodwill and other intangible asset impairment losses | [1] | 0 | |||||||||||||||||
Restructuring charges (credits) | 10 | [2] | 12 | [2] | 0 | ||||||||||||||
Asbestos-related charge | 0 | [3] | 0 | ||||||||||||||||
EBITDA | [4] | 4,503 | 5,399 | 4,422 | |||||||||||||||
Total Assets | [6] | 17,832 | [5] | 14,310 | 13,459 | ||||||||||||||
Investment in nonconsolidated affiliates | 881 | [5] | 304 | 705 | |||||||||||||||
Depreciation and amortization | 770 | 746 | 759 | ||||||||||||||||
Capital expenditures | 2,731 | 2,683 | 2,490 | ||||||||||||||||
Corporate [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales to external customers | 279 | 294 | 309 | ||||||||||||||||
Equity in earnings (losses) of nonconsolidated affiliates | (27) | (50) | (23) | ||||||||||||||||
Goodwill and other intangible asset impairment losses | [1] | 0 | |||||||||||||||||
Restructuring charges (credits) | 314 | [2] | 294 | [2] | 0 | ||||||||||||||
Asbestos-related charge | [3] | 1,113 | 78 | ||||||||||||||||
EBITDA | [4] | (2,563) | (1,053) | (580) | |||||||||||||||
Total Assets | [6] | 13,327 | [5] | 18,181 | 13,848 | ||||||||||||||
Investment in nonconsolidated affiliates | 172 | [5] | 1,506 | 1,102 | |||||||||||||||
Depreciation and amortization | 121 | 94 | 94 | ||||||||||||||||
Capital expenditures | $ 0 | $ 0 | $ 1 | ||||||||||||||||
|
OPERATING SEGMENTS AND GEOGRAPHIC AREAS (Reconciliation of EBITDA to Income Before Income Taxes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Reconciliation of Income Before Income Taxes to EBITDA[Abstract] | |||||
Income Before Income Taxes | $ 4,413 | $ 9,930 | $ 5,265 | ||
Interest expense and amortization of debt discount | 858 | 946 | 983 | ||
Interest income | 107 | 71 | 51 | ||
Depreciation and amortization | 2,862 | 2,521 | 2,747 | ||
EBITDA | [1] | $ 8,026 | $ 13,326 | $ 8,944 | |
|
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
For Doubtful Receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 94 | $ 110 | $ 148 |
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 31 | 24 | 53 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 2 | 8 |
Deductions from reserves | 15 | 42 | 99 |
Balance at end of year | 110 | 94 | 110 |
Other Investments and Noncurrent Receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 494 | 477 | 454 |
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 153 | 108 | 62 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Deductions from reserves | 289 | 91 | 39 |
Balance at end of year | 358 | 494 | 477 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 1,000 | 1,106 | 1,112 |
Valuation Allowances and Reserves, Additions for Charges to Cost and Expense | 155 | 67 | 126 |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 |
Deductions from reserves | 94 | 173 | 132 |
Balance at end of year | $ 1,061 | $ 1,000 | $ 1,106 |
Planned Merger with DuPont (Details) - $ / shares |
Dec. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 11, 2015 |
---|---|---|---|---|
Planned Merger with DuPont [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 2.50 | $ 2.50 | ||
Conversion of Stock, Shares Converted | 4,000,000 | |||
Preferred stock, series A par value (in dollars per share) | $ 1.00 | $ 1.00 | $ 1.00 | |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 96,800,000 | |||
Dow [Member] | ||||
Planned Merger with DuPont [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 2.50 | |||
Dow to DowDuPont Share Exchange Ratio for Common Shares | 1 | |||
Dow and DuPont approximate Common Stock ownership | 52.00% | |||
DowDuPont [Member] | ||||
Planned Merger with DuPont [Line Items] | ||||
Proposed Merger, Common Stock, Par or Stated Value per Share | $ 0.01 | |||
DuPont [Member] | ||||
Planned Merger with DuPont [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.30 | |||
Dupont to DowDuPont share exchange ratio | 1.2820 | |||
Dow and DuPont approximate Common Stock ownership | 48.00% | |||
$4.50 Series [Member] | DuPont [Member] | ||||
Planned Merger with DuPont [Line Items] | ||||
Preferred stock, series A par value (in dollars per share) | $ 4.50 | |||
$3.50 Series [Member] | DuPont [Member] | ||||
Planned Merger with DuPont [Line Items] | ||||
Preferred stock, series A par value (in dollars per share) | $ 3.50 |