Business Segments

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

BUSINESS SEGMENTS

BUSINESS SEGMENTS

	Three Months Ended
	March 31,
(In millions)	2015			2014
Sales:
North America	$	1,858		$	1,879
Europe, Middle East and Africa	1,331			1,676
Asia Pacific	450			492
Latin America	385			422
Net Sales	$	4,024		$	4,469
Segment Operating Income:
North America	$	198		$	156
Europe, Middle East and Africa	73			110
Asia Pacific	67			65
Latin America	53			42
Total Segment Operating Income	391			373
Less:
Rationalizations	16			41
Interest expense	103			105
Other (income) expense (1)	(128		)	168
Asset write-offs and accelerated depreciation	3			1
Corporate incentive compensation plans	13			27
Pension curtailments/settlements	—			33
Intercompany profit elimination	6			13
Retained expenses of divested operations	2			4
Other	17			11
Income (Loss) before Income Taxes	$	359		$	(30	)

(1) For the three months ended March 31, 2015, Other (income) expense includes royalty income of $155 million attributable to a one-time gain on the recognition of deferred income resulting from the termination of a licensing agreement associated with the sale of our former Engineered Products business that is not included in segment operating income. For the three months ended March 31, 2014, Other (income) expense includes a net foreign currency remeasurement loss of $157 million related to the January 24, 2014 devaluation of the Venezuelan bolivar fuerte against the U.S. dollar.

Substantially all of the pension curtailment charges of $33 million for the three months ended March 31, 2014 noted above related to our North America strategic business unit ("SBU"); however, such costs were not included in North America segment operating income for purposes of management's assessment of SBU operating performance. In addition, rationalizations, as described in Note 2, Costs Associated with Rationalization Programs; net (gains) losses on asset sales; and asset write-offs and accelerated depreciation are not (credited) charged to the SBUs for performance evaluation purposes, but were attributable to the SBUs as follows:

	Three Months Ended
	March 31,
(In millions)	2015			2014
Rationalizations:
North America	$	—		$	(1	)
Europe, Middle East and Africa	15			38
Asia Pacific	1			4
Total Segment Rationalizations	$	16		$	41
Net (Gains) Losses on Asset Sales:
Europe, Middle East and Africa	$	2		$	2
Latin America	(1		)	—
Total Segment Asset Sales	$	1		$	2

Asset Write-offs and Accelerated Depreciation:
Europe, Middle East and Africa	$	3	$	1
Total Segment Asset Write-offs and Accelerated Depreciation	$	3	$	1