10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

R ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended DECEMBER 31, 2013

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to ____________________

Commission File Number: 1-1463

UNION CARBIDE CORPORATION

(Exact name of registrant as specified in its charter)

New York State or other jurisdiction of
incorporation or organization 13-1421730 (I.R.S. Employer Identification No.)

1254 Enclave Parkway, Houston, Texas  77077

(Address of principal executive offices)          (Zip Code)

Registrant's telephone number, including area code:  281-966-2727

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

o Yes    R No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

o Yes    R No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                    R Yes    o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

R Yes    o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o Non-accelerated filer R Small reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes    R No

At February 14, 2014, 1,000 shares of common stock were outstanding, all of which were held by the registrant’s parent, The Dow Chemical Company.

The registrant meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure format.

DOCUMENTS INCORPORATED BY REFERENCE

None

Union Carbide Corporation

ANNUAL REPORT ON FORM 10-K

For the Fiscal Year Ended December 31, 2013

TABLE OF CONTENTS

		PAGE
PART I
Item 1.	Business	4
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	10
Item 2.	Properties	11
Item 3.	Legal Proceedings	12
Item 4.	Mine Safety Disclosures	13
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	14
Item 6.	Selected Financial Data	15
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 8.	Financial Statements and Supplementary Data	25
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	59
Item 9A.	Controls and Procedures	60
Item 9B.	Other Information	61
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	62
Item 11.	Executive Compensation	62
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	62
Item 13.	Certain Relationships and Related Transactions, and Director Independence	62
Item 14.	Principal Accounting Fees and Services	62
PART IV
Item 15.	Exhibits, Financial Statement Schedules	63
SIGNATURES		65

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Union Carbide Corporation and Subsidiaries

FORWARD-LOOKING STATEMENTS

Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including without limitation, the following sections: “Item 1. Business,” “Management's Discussion and Analysis,” and “Risk Factors.” These forward-looking statements are generally identified by the words “believe,” “project”, “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” (Part I, Item 1A of this Form 10-K). Union Carbide Corporation undertakes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

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Union Carbide Corporation and Subsidiaries

PART I, Item 1. Business.

THE CORPORATION

Union Carbide Corporation (the “Corporation” or “UCC”) is a chemicals and polymers company that has been a wholly owned subsidiary of The Dow Chemical Company (“Dow”) since 2001. Except as otherwise indicated by the context, the terms “Corporation” or “UCC” as used herein mean Union Carbide Corporation and its consolidated subsidiaries.

Dow conducts its worldwide operations through global businesses, and the Corporation's business activities comprise components of Dow's global businesses rather than stand-alone operations. Because there are no separable reportable business segments for UCC and no detailed business information is provided to a chief operating decision maker regarding the Corporation's stand-alone operations, the Corporation's results are reported as a single operating segment. In addition, in order to simplify the customer interface process, the Corporation sells substantially all its products to Dow. Products are sold to Dow at market-based prices, in accordance with the terms of Dow's intercompany pricing policies.

BUSINESS AND PRODUCTS

The following is a description of the Corporation's principal products.

Ethylene Oxide/Ethylene Glycol (“EO/EG”) - ethylene oxide (“EO”), a chemical intermediate primarily used in the manufacture of monoethylene glycol (“MEG”), polyethylene glycol, glycol ethers, ethanolamines, surfactants and other performance chemicals and polymers; di- and triethylene glycol, used in a variety of applications, including boat construction, shoe manufacturing, natural gas-drying and other moisture-removing applications, and plasticizers for safety glasses; and tetraethylene glycol, used predominantly in the production of plasticizers for automotive windows. MEG is used extensively in the production of polyester fiber, resin and film, automotive antifreeze and engine coolants, and aircraft anti-icing and deicing fluids.

Industrial Chemicals and Polymers - broad range of products for specialty applications, including pharmaceutical, animal food supplements, personal care, industrial and household cleaning, coatings for beverage and food cans, industrial coatings and many other industrial uses. Product lines include acrolein and derivatives, CARBOWAX™ and CARBOWAX™ SENTRY™ polyethylene glycols and methoxypolyethylene glycols, TERGITOL™ and TRITON™ surfactants, UCAR™ deicing fluids, UCARTHERM™ heat transfer fluids and UCON™ fluids.

Polyethylene - includes FLEXOMER™ very low density polyethylene resins used as impact modifiers in other polymers and to produce flexible hose and tubing, frozen-food bags and stretch wrap; TUFLIN™ linear low density and UNIVAL™ high density polyethylene resins used in high-volume applications such as housewares; milk, water, bleach and detergent bottles; grocery sacks; trash bags; packaging; and water and gas pipe.

Solvents and Intermediates - includes oxo aldehydes, acids and alcohols used as chemical intermediates and industrial solvents and in herbicides, plasticizers, paint dryers, jet-turbine lubricants, lube oil additives, and food and feed preservatives; and esters, which serve as solvents in industrial coatings and printing inks and in the manufacturing processes for pharmaceuticals and polymers.

Technology Licensing and Catalysts - includes catalysts for supply and licensing of the METEOR™ process for EO/EG and the LP OXO process for oxo alcohols and licensing of the METEOR™ process for EO/EG and the LP OXO process for oxo alcohols through Dow Technology Investments LLC, a 50:50 joint venture with Dow Global Technologies LLC, a Dow subsidiary.

Vinyl Acetate Monomer - a building block for the manufacture of a variety of polymers used in water-based emulsion paints, adhesives, paper coatings, textiles, safety glass and acrylic fibers.

Water Soluble Polymers - polymers used to enhance the physical and sensory properties of end-use products in a wide range of applications including food, paints and coatings, pharmaceuticals, oil and gas, home and personal care, building and construction, and other specialty applications. Key product lines include CELLOSIZE™ hydroxyethyl cellulose, POLYOX™ water-soluble resins, and products for hair and skin manufactured by Amerchol Corporation, a wholly owned subsidiary.

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Electrical and Telecommunications - polyolefin-based compounds for high-performance insulation, semiconductives and jacketing systems for power distribution, telecommunications, and flame-retardant wire and cable. Key product lines include: REDI-LINK™ polyethylene-based wire and cable compounds, SI-LINK™ polyethylene-based low voltage insulation compounds, UNIGARD™ HP high-performance flame-retardant compounds, UNIGARD™ RE reduced emissions flame-retardant compounds, and UNIPURGE™ purging compounds.

COMPETITION

The chemical industry has been historically competitive and this competitive environment is expected to continue. The chemical divisions of the major national and international oil companies also provide substantial competition both in the United States and abroad.

RESEARCH AND DEVELOPMENT

The Corporation is engaged in a continuous program of basic and applied research to develop new products and processes, to improve and refine existing products and processes, and to develop new applications for existing products. Research and development expenses were $25 million in 2013, $35 million in 2012 and $47 million in 2011.

PATENTS, LICENSES AND TRADEMARKS

The Corporation continually applies for and obtains U.S. and foreign patents that relate to a wide variety of products and processes, has a substantial number of pending patent applications throughout the world and is licensed under a number of patents. At December 31, 2013, the Corporation owned 160 active U.S. patents and 588 active foreign patents related to a wide variety of products and processes. These patents expire as follows:

Remaining Life of Patents Owned at December 31, 2013
	United States	Foreign
Within 5 years	72	174
6 to 10 years	54	267
11 to 15 years	15	111
16 to 20 years	19	36
Total	160	588

The Corporation also has a large number of trademarks. Although the Corporation considers that its patents, licenses and trademarks in the aggregate constitute a valuable asset, it does not regard its business as being materially dependent on any single or group of related patents, licenses or trademarks.

PRINCIPAL PARTLY OWNED COMPANIES

UCC had no principal nonconsolidated affiliates at December 31, 2013 and the Corporation's ownership interest changed in 2013 for the following:

• Nippon Unicar Company, Limited - previously owned 50 percent - a Japan-based manufacturer of polyethylene and specialty polyethylene compounds was sold to TonenGeneral Sekiyu K. K. on July 1, 2013.

• Univation Technologies, LLC - previously owned 50 percent - a United States-based company that develops, markets and licenses the UNIPOL™ polyethylene process technology and sells related catalysts, including metallocene catalysts. On September 26, 2013, UCC declared a stock dividend to Dow of its 100 percent ownership in Union Carbide Subsidiary C, Inc., which included UCC's full ownership interest in Univation Technologies, LLC.

FINANCIAL INFORMATION ABOUT FOREIGN AND DOMESTIC OPERATIONS AND EXPORT SALES

In 2013, the Corporation derived 38 percent of its trade sales to external customers from customers outside the United States and had 3 percent of its property investment located outside the United States. See Note 20 to the Consolidated Financial Statements for information on sales to external customers and long-lived assets by geographic area.

PROTECTION OF THE ENVIRONMENT

Matters pertaining to the environment are discussed in Management's Discussion and Analysis of Financial Condition and Results of Operations, and Notes 1 and 13 to the Consolidated Financial Statements.

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OTHER ACTIVITIES

Divestitures

On October 11, 2013, Dow entered into a definitive agreement under which the global Polypropylene Licensing and Catalysts business would be divested to W.R. Grace & Co. On December 2, 2013, the sale was completed and proceeds allocated to the Corporation were $398 million, net of working capital adjustments and cost to sell, with proceeds subject to customary post closing adjustments to be finalized in subsequent periods. Included in the divestiture was the Corporation's polypropylene catalysts manufacturing facility in Norco, Louisiana as well as customer contracts, accounts receivable, licenses, intellectual property and inventory. See Note 4 to the Consolidated Financial Statements for additional information.

On January 31, 2013, UCC entered into a definitive agreement to sell its 50 percent ownership interest in Nippon Unicar Company, Limited to TonenGeneral Sekiyu K. K. On July1, 2013, the sale was completed for $13 million. As a result of this share sale, the Corporation reclassified a $20 million gain, primarily attributable to cumulative translation adjustments, from "Accumulated other comprehensive loss" into earnings in the third quarter of 2013 and is included in "Sundry income (expense) - net" in the consolidated statements of operations. Including this reclassification, the sale resulted in no pretax gain or loss. See Note 7 to the Consolidated Financial Statements for additional information.

On September 30, 2011, Dow sold its global Polypropylene business which included the following Corporation assets: polypropylene manufacturing facility at Seadrift, Texas; railcars; inventory; business know-how; and certain product and process technology. See Note 4 and Note 17 to the Consolidated Financial Statements for additional information.

Stock Dividend

On September 26, 2013, UCC declared a stock dividend to Dow of its 100 percent ownership interest in Union Carbide Subsidiary C, Inc., which included UCC's full ownership interest in Univation Technologies, LLC. This stock dividend was effective on September 29, 2013 and totaled $70 million.

6

Union Carbide Corporation and Subsidiaries

PART I, Item 1A. Risk Factors.

RISK FACTORS

The factors described below represent the Corporation's principal risks.

Global Economic Conditions: The Corporation operates in a global, competitive environment, which gives rise to operating and market risk.

The Corporation sells substantially all of its products to Dow, which operates in a competitive, global environment, and competes worldwide for sales. Increased levels of competition could result in lower prices or lower sales volumes, which could have a negative impact on the Corporation's operations.

Economic conditions around the world and in certain industries in which the Corporation does business also impact sales price and volume. As a result, market uncertainty and an economic downturn in the geographic areas or industries in which UCC sells its products could reduce demand for these products and result in decreased sales volume, which could have a negative impact on UCC's results of operations.

Raw Materials: Availability of purchased feedstocks and energy and the volatility of these costs impact the Corporation's operating costs and add variability to earnings.

Purchased feedstock and energy costs account for a substantial portion of the Corporation's total production costs and operating expenses. The Corporation purchases hydrocarbon raw materials including ethane, propane and naphtha as feedstocks. The Corporation also purchases certain monomers, primarily ethylene and propylene, to supplement internal production, as well as other raw materials. The Corporation purchases natural gas, mainly to generate electricity, and purchases electric power.

Feedstock and energy costs generally follow price trends in crude oil and natural gas, which are sometimes volatile. Ultimately, the ability to pass on underlying cost increases is dependent on market conditions. Conversely, when feedstock and energy costs decline, selling prices generally decline as well. As a result, volatility in these costs could impact the Corporation's results of operations.

The Corporation is beginning to take advantage of increasing supplies of low-cost natural gas and natural gas liquids ("NGLs") from shale gas by re-starting an ethylene facility in St. Charles, Louisiana, which was completed at the end of December 2012. As a result of this action, the Corporation's exposure to purchased ethylene and propylene has started to decline, offset by increased exposure to ethane and propane feedstocks.

While the Corporation expects abundant and cost-advantaged supplies of NGLs in the United States to persist for the foreseeable future, if NGLs were to become significantly less advantaged than crude oil-based feedstocks, it could have a negative impact on the Corporation's results of operations and future investments.

Also, if the Corporation's key suppliers of feedstocks and energy are unable to provide the raw materials required for production, it could have a negative impact on the Corporation's results of operations.

Supply/Demand Balance: Earnings generated by the Corporation vary based in part on the balance of supply relative to demand within the industry.

The balance of supply relative to demand within the industry may be significantly impacted by the addition of new capacity, especially for basic commodities where capacity is generally added in large increments as world-scale facilities are built. This may disrupt industry balances and result in downward pressure on prices due to the increase in supply, which could negatively impact the Corporation's results of operations.

Financial Flexibility: Market conditions could reduce Dow's financial flexibility, which could impact the financial flexibility of the Corporation.

Adverse economic conditions could reduce Dow's flexibility to respond to changing business and economic conditions or to fund capital expenditures or working capital needs. In addition, the economic environment could result in a contraction in the availability of credit in the marketplace and reduce sources of liquidity for Dow and could result in higher borrowing costs. Since Dow is a service provider, material debtor, and the major customer of the Corporation, reduced financial flexibility for Dow could potentially impact the financial flexibility of the Corporation.

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Environmental Compliance: The costs of complying with evolving regulatory requirements could negatively impact the Corporation's financial results. Actual or alleged violations of environmental laws or permit requirements could result in restrictions or prohibitions on plant operations, substantial civil or criminal sanctions, as well as the assessment of strict liability and/or joint and several liability.

The Corporation is subject to extensive federal, state, local and foreign laws, regulations, rules and ordinances relating to pollution, protection of the environment, greenhouse gas emissions and the generation, storage, handling, transportation, treatment, disposal and remediation of hazardous substances and waste materials. At December 31, 2013, the Corporation had accrued obligations of $126 million ($95 million at December 31, 2012) for probable environmental remediation and restoration costs, including $23 million ($21 million at December 31, 2012) for the remediation of Superfund sites. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Corporation has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. Costs and capital expenditures relating to environmental, health or safety matters are subject to evolving regulatory requirements and depend on the timing of the promulgation and enforcement of specific standards which impose the requirements. Moreover, changes in environmental regulations could inhibit or interrupt the Corporation's operations, or require modifications to its facilities. Accordingly, environmental, health or safety regulatory matters could result in significant unanticipated costs or liabilities.

Litigation: The Corporation is party to a number of claims and lawsuits arising out of the normal course of business with respect to commercial matters, including product liability, governmental regulation and other actions.

The Corporation is involved in a number of legal proceedings and claims with both private and governmental parties. These cover a wide range of matters, including, but not limited to: product liability; trade regulation; governmental regulatory proceedings; health, safety and environmental matters; employment; patents; contracts; taxes; and commercial disputes. With the exception of the possible effect of the asbestos-related liability described below, it is the opinion of the Corporation's management that the possibility is remote that the aggregate of all such claims and lawsuits will have a material adverse impact on the Corporation's consolidated financial statements.

The Corporation is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past three decades. At December 31, 2013, the Corporation's asbestos-related liability for pending and future claims was $501 million ($602 million at December 31, 2012) and the Corporation's receivable for insurance recoveries related to its asbestos liability was $25 million ($25 million at December 31, 2012). At December 31, 2013, the Corporation also had receivables of $66 million ($154 million at December 31, 2012) for insurance recoveries for defense and resolution costs.

Management believes that it is reasonably possible that the cost of disposing of the Corporation's asbestos-related claims, including future defense costs, could have a material impact on the Corporation's consolidated financial statements.

Chemical Safety: Increased concerns regarding the safety of chemicals in commerce and their potential impact on the environment have resulted in more restrictive regulations from local, state and federal governments and could lead to new regulations.

Concerns regarding the safe use of chemicals in commerce and their potential impact on health and the environment reflect a growing trend in societal demands for increasing levels of product safety and environmental protection. These concerns could manifest themselves in stockholder proposals, preferred purchasing and continued pressure for more stringent regulatory intervention. These concerns could also influence public perceptions, the viability of the Corporation's products, the Corporation's reputation and the cost to comply with regulations. In addition, terrorist attacks and natural disasters have increased concerns about the security and safety of chemical production and distribution. These concerns could have a negative impact on the Corporation's results of operations.

Local, state and federal governments continue to propose new regulations related to the security of chemical plant locations and the transportation of hazardous chemicals, which would result in higher operating costs.

Operational Event: A significant operational event could negatively impact the Corporation's results of operations.

As a diversified chemical manufacturing company, the Corporation's operations, the transportation of products, cyber attacks or severe weather conditions and other natural phenomena (such as drought, hurricanes, earthquakes, tsunamis, floods, etc.) could result in an unplanned event that could be significant in scale and could negatively impact operations, neighbors or the public at large, which could have a negative impact on the Corporation's results of operations.

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Major hurricanes have caused significant disruption in UCC's operations on the U.S. Gulf Coast, logistics across the region, and the supply of certain raw materials, which had an adverse impact on volume and cost for some of UCC's products. Due to the Corporation's substantial presence on the U.S. Gulf Coast, similar severe weather conditions or other natural phenomena in the future could negatively affect UCC's results of operations.

Pension and Other Postretirement Benefits: Increased obligations and expenses related to the Corporation's defined benefit pension plans and other postretirement benefit plan could negatively affect UCC's financial condition and results of operations.

The Corporation has defined benefit pension plans and an other postretirement benefit plan (the “plans”) in the United States. The assets of the Corporation's funded plans are primarily invested in fixed income and equity securities of U.S. and foreign issuers. Changes in the market value of plan assets, investment returns, discount rates, mortality rates, the rate of increase in compensation levels, regulations and health care cost trends may affect the funded status of the Corporation's plans and could cause volatility in the net periodic benefit cost, future funding requirements of the plans and the funded status of the plans. A significant increase in the Corporation's obligations or future funding requirements could have a negative impact on the Corporation's results of operations and cash flows for a particular period and on the consolidated financial position of the Corporation.

Implementation of ERP system: Dow's implementation of an enterprise resource planning (“ERP”) system may adversely affect the Corporation's business and results of operations or the effectiveness of internal control over financial reporting.

Beginning in the first quarter of 2011, Dow began business implementation of a new ERP system that will deliver a new generation of information systems and work processes. Through the master services agreement, Dow provides accounting, treasury and procurement services to the Corporation. ERP implementations are complex and very time-consuming projects that involve substantial expenditures on system software and implementation activities that take several years. The staging of implementations allows a gradual build of risk in terms of business impact. Dow expects to complete its ERP system implementation in 2014. If Dow does not effectively implement the ERP system or if the system does not operate as intended, it could adversely affect financial reporting systems, the Corporation's ability to produce financial reports, and/or the effectiveness of internal control over financial reporting.

Cyber Vulnerability: The risk of loss of the Corporation's intellectual property, trade secrets or other sensitive business information or disruption of operations could negatively impact the Corporation's financial results.

Cyber attacks or security breaches could compromise confidential, business critical information or cause a disruption in the Corporation's operations. The Corporation has attractive information assets, including intellectual property, trade secrets and other sensitive, business critical information. While the Corporation has a comprehensive cyber security program that is continuously reviewed, maintained and upgraded, a significant cyber attack could result in the loss of critical business information and/or could negatively impact operations, which could have a negative impact on the Corporation's financial results.

9

Union Carbide Corporation and Subsidiaries

PART I, Item 1B. Unresolved Staff Comments.

UNRESOLVED STAFF COMMENTS

None.

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Union Carbide Corporation and Subsidiaries

PART I, Item 2. Properties.

PROPERTIES

The Corporation operates 9 manufacturing sites in 4 countries. The Corporation considers its properties to be in good operating condition and that its machinery and equipment have been well maintained. The following are the major production sites:

United States: Hahnville (St. Charles), Louisiana; Texas City and Seadrift, Texas.

All of UCC's plants are owned or leased, subject to certain easements of other persons that, in the opinion of management, do not substantially interfere with the continued use of such properties or materially affect their value.

A summary of property, classified by type, is contained in Note 6 to the Consolidated Financial Statements.

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Union Carbide Corporation and Subsidiaries

PART I, Item 3. Legal Proceedings.

LEGAL PROCEEDINGS

Asbestos-Related Matters

The Corporation is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past three decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that UCC sold in the past, alleged exposure to asbestos-containing products located on UCC's premises, and UCC's responsibility for asbestos suits filed against a former subsidiary, Amchem Products, Inc.

It is the opinion of UCC's management that it is reasonably possible that the cost of disposing of its asbestos-related claims, including future defense costs, could have a material impact on the Corporation's results of operations and cash flows for a particular period and on the consolidated financial position of the Corporation.

For additional information, see Asbestos-Related Matters in Management's Discussion and Analysis of Financial Condition and Results of Operations, and Note 13 to the Consolidated Financial Statements.

12

Union Carbide Corporation and Subsidiaries

PART I, Item 4. Mine Safety Disclosures.

MINE SAFETY DISCLOSURES

Not applicable.

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Union Carbide Corporation and Subsidiaries

PART II, Item 5. Market for Registrant's Common Equity,

Related Stockholder Matters and Issuer Purchases of Equity Securities.

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

The Corporation is a wholly owned subsidiary of Dow; therefore, there is no public trading market for the Corporation's common stock.

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Union Carbide Corporation and Subsidiaries

PART II, Item 6. Selected Financial Data.

SELECTED FINANCIAL DATA

Omitted pursuant to General Instruction I of Form 10‑K.

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Union Carbide Corporation and Subsidiaries

PART II, Item 7. Management's Discussion and

Analysis of Financial Condition and Results of Operations.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Pursuant to General Instruction I of Form 10-K “Omission of Information by Certain Wholly-Owned Subsidiaries,” this section includes only management's narrative analysis of the results of operations for the year ended December 31, 2013, the most recent fiscal year, compared with the year ended December 31, 2012, the fiscal year immediately preceding it.

References below to “Dow” refer to The Dow Chemical Company and its consolidated subsidiaries, except as otherwise indicated by the context.

Dow conducts its worldwide operations through global businesses, and Union Carbide Corporation's (the “Corporation” or “UCC”) business activities comprise components of Dow's global operations rather than stand-alone operations. Because there are no separable reportable business segments for UCC and no detailed business information is provided to a chief operating decision maker regarding the Corporation's stand-alone operations, the Corporation's results are reported as a single operating segment.

Results of Operations

Total net sales for 2013 were $6,948 million, compared with $6,247 million for 2012, an increase of 11 percent. Net sales to related companies, principally to Dow, were $6,787 million for 2013, compared with $6,070 million for 2012, an increase of12 percent. Selling prices to Dow are based on market prices for the related products.

Average selling prices increased 3 percent in 2013 compared with 2012, primarily driven by increases in polyethylene followed by ethylene and related by-products. Volume was up 8 percent in 2013 mainly due to stronger demand for ethylene and related by-products, vinyl acetate monomers, and solvents and intermediates. Operating rates were also up in 2013 due to the restart of an ethylene facility in St. Charles, Louisiana, in December 2012.

Cost of sales increased 2 percent from $6,088 million in 2012 to $6,214 million in 2013, as increased sales demand was partially offset by lower raw material costs and turnaround costs in 2013 and the restart of an ethylene facility.

Research and development (“R&D”) expenses were $25 million in 2013, compared with $35 million in 2012. The decrease of $10 million was due primarily to cost reduction initiatives.

In the fourth quarter of 2012, the Board of Directors approved a restructuring plan to improve the cost effectiveness of the Corporation's global operations. As a result, the Corporation recorded pretax restructuring charges totaling $71 million in the fourth quarter of 2012, which included asset write-downs and write-offs of $48 million, severance costs of $10 million and costs associated with exit or disposal activities of $13 million. The restructuring will affect approximately 100 positions and result in a shutdown of certain manufacturing facilities. At December 31, 2013, $6 million of severance and $2 million of costs related to contract cancellation fees had been paid. In the first quarter of 2012, the Corporation recorded restructuring charges totaling $3 million related to a workforce reduction of approximately 20 employees. See Note 3 to the Consolidated Financial Statements for additional information on the Corporation's restructuring activities.

Equity in earnings of nonconsolidated affiliates was $82 million in 2013, up from $59 million in 2012 due to earnings growth at Univation Technologies, LLC in the first three quarters of 2013 prior to UCC declaring a stock dividend of its ownership interest in Union Carbide Subsidiary C, Inc., which included UCC's full ownership interest in Univation Technologies, LLC., to Dow. For additional information on nonconsolidated affiliates, see Note 7 to the Consolidated Financial Statements.

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Sundry income (expense) - net includes a variety of income and expense items such as dividend income, the gain or loss on foreign currency exchange, commissions, charges for management services provided by Dow, and gains and losses on sales of investments and assets. Sundry income (expense) - net for 2013 was net income of$308 millioncompared with net expense of$182 millionin 2012. The increase in income was primarily due to a gain of $368 million related to Dow's divestiture of the Polypropylene Licensing and Catalysts business in the fourth quarter of 2013 offset by an impairment charge of $25 million in a related company investment. In 2012, expense included a $131 million charge for the impairment of an investment in a related company. See Notes 4 and 12 to the Consolidated Financial Statements for additional information.

Interest income for 2013 was $12 million, compared with $14 million in 2012. Interest expense and amortization of debt discount for 2013 was $32 million, up from $28 million for 2012. The increase was due to slightly higher interest rates and a reduction in capitalized interest due to lower capital expenditures from the previous year. Long-term debt was flat in 2013 compared with 2012. See Note 14 to the Consolidated Financial Statements for additional information.

The provision for income taxes was $319 million in 2013, which resulted in an overall effective tax rate of 29.9 percent. The tax rate for 2013 was favorably impacted by changes in the valuation allowances in the United States on state income tax attributes, audit settlements and remeasurement of tax positions. The 2013 tax rate was negatively impacted by the reversal of uncertain tax positions resulting from an unfavorable court ruling in the first quarter of 2013. This compares with a tax provision of $17 million in 2012, which resulted in an overall effective tax rate of negative 17.5 percent. In 2012, the tax rate was primarily impacted by minimal tax relief for the impairment of an investment in related company and the inability to utilize state tax credits. The underlying factors affecting UCC's overall effective tax rates are summarized in Note 18 to the Consolidated Financial Statements.

The Corporation reported net income of $748 million in 2013, compared with net loss of $114 million for 2012. The increase in net income in 2013 is attributable to increased sales volume and margin expansion on certain products, as well as the gain on the sale of Dow's Polypropylene Licensing and Catalysts business. Net loss in 2012 reflected the impact of the divestiture of Dow's Polypropylene business, as well as increased turnaround and start-up costs related to the restart of an ethylene facility. In addition, an impairment of a related company investment and restructuring charges incurred to improve the cost effectiveness of the Corporation's global operations increased losses in 2012.

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OTHER MATTERS

Recent Accounting Guidance

See Note 2 to the Consolidated Financial Statements for a summary of recent accounting guidance.

Critical Accounting Policies

The preparation of financial statements and related disclosures in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make judgments, assumptions and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. Note 1 to the Consolidated Financial Statements describes the significant accounting policies and methods used in preparation of the consolidated financial statements. Following are the Corporation's critical accounting policies impacted by judgments, assumptions and estimates:

Litigation

The Corporation is subject to legal proceedings and claims arising out of the normal course of business. The Corporation routinely assesses the likelihood of any adverse judgments or outcomes to these matters, as well as ranges of probable losses. A determination of the amount of the reserves required, if any, for these contingencies is made after thoughtful analysis of each known claim. The Corporation has an active risk management program consisting of numerous insurance policies secured from many carriers. These policies provide coverage that is utilized to minimize the financial impact, if any, of the legal proceedings. The required reserves may change in the future due to new developments in each matter. For further discussion, see Note 13 to the Consolidated Financial Statements.

Asbestos-Related Matters

The Corporation is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past three decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that UCC sold in the past, alleged exposure to asbestos-containing products located on UCC's premises, and UCC's responsibility for asbestos suits filed against a former subsidiary, Amchem Products, Inc. Each year, Analysis, Research and Planning Corporation ("ARPC") performs a review for Union Carbide based upon historical asbestos claims and resolution activity. Union Carbide compares current asbestos claim and resolution activity to the results of the most recent ARPC study at each balance sheet date to determine whether the asbestos-related liability continues to be appropriate.

It is the opinion of UCC's management that it is reasonably possible that the cost of disposing of its asbestos-related claims, including future defense costs, could have a material impact on the Corporation's results of operations and cash flows for a particular period and on the consolidated financial position of the Corporation.

For additional information, see Part I, Item 3. Legal Proceedings; Asbestos-Related Matters in Management's Discussion and Analysis of Financial Condition and Results of Operations; and Note 13 to the Consolidated Financial Statements.

Environmental Matters

The Corporation determines the costs of environmental remediation of its facilities and formerly owned facilities based on evaluations of current law and existing technologies. Inherent uncertainties exist in such evaluations primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability and emerging remediation technologies. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available. In the case of landfills and other active waste management facilities, UCC recognizes the costs over the useful life of the facility. At December 31, 2013, the Corporation had accrued obligations of $126 million for probable environmental remediation and restoration costs, including $23 million for the remediation of Superfund sites. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Corporation has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. For further discussion, see Environmental Matters in Notes 1 and 13 to the Consolidated Financial Statements.

18

Pension Plans and Other Postretirement Benefits

The amounts recognized in the consolidated financial statements related to pension and other postretirement benefits are determined from actuarial valuations. Inherent in these valuations are assumptions including expected return on plan assets, discount rates at which the liabilities could have been settled at December 31, 2013, rate of increase in future compensation levels, mortality rates and health care cost trend rates. These assumptions are updated annually and are disclosed in Note 15 to the Consolidated Financial Statements. In accordance with U.S. GAAP, actual results that differ from the assumptions are accumulated and amortized over future periods and therefore affect expense recognized and obligations recorded in future periods.

The Corporation 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 for each asset class is then weighted based on the strategic asset allocation approved by the governing body for each plan. The Corporation's historical experience with the pension fund asset performance is also considered. The expected long-term rate of return is an assumption and not what is expected to be earned in any one particular year. The weighted-average long-term rate of return assumption used for determining net periodic pension expense for 2013 was 6.90 percent. This assumption was reduced to 6.80 percent for determining 2014 net periodic pension expense. Future actual pension expense will depend on future investment performance, changes in future discount rates and various other factors related to the population of participants in the Corporation's pension plans.

The discount rates utilized to measure the pension and other postretirement benefit obligations are based on the yield on high-quality fixed income investments at the measurement date. Future expected actuarially determined cash flows of the plan are matched against the Towers Watson RATE:Link yield curve (based on 60^th to 90^th percentile bond yields) to arrive at a single discount rate by plan. The discount rate was 4.75 percent at December 31, 2013 and 3.85 percent at December 31, 2012.

The value of the qualified plan assets totaled $3.6 billion at December 31, 2013, an increase from $3.5 billion at December 31, 2012. The underfunded status of the qualified plan improved by $474 million at December 31, 2013, compared with December 31, 2012. The improvement was primarily due to higher discount rates. For 2014, the Corporation does not expect to make cash contributions to its pension and other postretirement benefit plans.

The assumption for the long-term rate of increase in compensation levels was 4.50 percent, consistent with 2012. Since 2002, the Corporation has used a generational mortality table to determine the duration of its pension and other postretirement obligations.

The Corporation bases the determination of pension expense on a market-related valuation of plan assets that reduces year-to-year volatility. This market-related valuation recognizes investment gains or losses over a five-year period from the year in which they occur. Investment gains or losses for this purpose represent the difference between the expected return calculated using the market-related value of plan assets and the actual return based on the market value of plan assets. Since the market-related value of plan assets recognizes gains or losses over a five-year period, the future value of plan assets will be impacted when previously deferred gains or losses are recorded. Over the life of the plan, both gains and losses have been recognized and amortized. At December 31, 2013, $30 million of net gains remain to be recognized in the calculation of the market-related value of plan assets. These net gains will result in decreases in future pension expense as they are recognized in the market-related value of assets.

The net increase in the market-related value of assets due to the recognition of prior gains and losses is presented in the following table:

Net Increase in Market-Related Asset Value due to Recognition of Prior Gains and Losses In millions
2014	$	31
2015	4
2016	8
2017	(13		)
Total	$	30

19

Based on the 2014 pension assumptions and changes in the market-related value of assets due to the recognition of prior asset gains, the Corporation expects net periodic benefit costs to decrease approximately $16 million for pension and other postretirement benefits in 2014 compared with 2013. The decrease in net periodic benefit cost is primarily due to the Corporation's implementation of an Employee Group Waiver Plan ("EGWP") and higher discount rates. For additional information on the EGWP, see Note 15 to the Consolidated Financial Statements.

A 25 basis point adjustment in the long-term return on assets assumption would change total pension expense for 2014 by $9 million. A 25 basis point adjustment in the discount rate assumption would change the total pension expense for 2014 by $1 million.

Income Taxes

Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. Based on the evaluation of available evidence, both positive and negative, the Corporation recognizes future tax benefits, such as net operating loss carryforwards and tax credit carryforwards, to the extent that realizing these benefits is considered more likely than not.

At December 31, 2013, the Corporation had a net deferred tax asset balance of $765 million, after valuation allowances of $50 million. In evaluating the ability to realize the deferred tax assets, the Corporation relies on, in order of increasing subjectivity, taxable income in prior carryback years, the future reversals of existing taxable temporary differences, tax planning strategies and forecasted taxable income using historical and projected future operating results.

At December 31, 2013, the Corporation had deferred tax assets for tax loss and tax credit carryforwards of $95 million, of which $47 million is subject to expiration in the years 2014 through 2018. In order to realize these deferred tax assets for tax loss and tax credit carryforwards, the Corporation needs taxable income of approximately $1,887 million across multiple jurisdictions. The taxable income needed to realize the deferred tax assets for tax loss and tax credit carryforwards that are subject to expiration between 2014 through 2018 is $822 million.

The Corporation recognizes the financial statement effects of an uncertain tax position when it is more likely than not, based on technical merits, that the position will be sustained. At December 31, 2013, the Corporation had a liability for uncertain tax positions of $4 million.

The Corporation accrues for non-income 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. At December 31, 2013, the Corporation had no non-income tax contingency reserve. For additional information, see Note 18 to the Consolidated Financial Statements.

Environmental Matters

Environmental Policies

The Corporation is committed to world-class environmental, health and safety (“EH&S”) performance, as demonstrated by a long-standing commitment to Responsible Care®, as well as a strong commitment to achieve the Corporation's 2015 Sustainability Goals - goals that set the standard for sustainability in the chemical industry by focusing on improvements in UCC's local corporate citizenship and product stewardship, and by actively pursuing methods to reduce the Corporation's environmental impact.

The EH&S management system (“EMS”) defines the “who, what, when and how” needed for the businesses to achieve the policies, requirements, performance objectives, leadership expectations and public commitments. EMS is also designed to minimize the long-term cost of environmental protection and to comply with applicable laws and regulations. To ensure effective utilization, EMS is integrated into a company-wide management system for EH&S, Operations, Quality and Human Resources, including implementation of the global EH&S Work Process to improve EH&S performance and to ensure ongoing compliance worldwide.

UCC first works to eliminate or minimize the generation of waste and emissions at the source through research, process design, plant operations and maintenance. Next, UCC finds ways to reuse and recycle materials. Finally, unusable or non-recyclable hazardous waste is treated before disposal to eliminate or reduce the hazardous nature and volume of the waste. Treatment may include destruction by chemical, physical, biological or thermal means. Disposal of waste materials in landfills is considered only after all other options have been thoroughly evaluated. UCC has specific requirements for waste that is transferred to non-UCC facilities, including the periodic auditing of these facilities.

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Chemical Security

Public and political attention continues to be placed on the protection of U.S. critical infrastructure, including the chemical industry, from security threats. Terrorist attacks and natural disasters have increased concern about the security and safety of chemical production and distribution. The focus on security is not new to UCC. UCC continues to improve its security plans, placing emphasis on the safety of UCC communities and people by being prepared to meet risks at any level and to address both internal and external identifiable risks. UCC's security plans are also developed to avert interruptions of normal business work operations, which could have a material impact on the Corporation's results of operations, liquidity and financial condition.

UCC is a Responsible Care® company and adheres to the Responsible Care® Security Code, which requires that all aspects of security - including facility, transportation, and cyberspace - be assessed and gaps addressed. Through global implementation of the Security Code, including voluntary security enhancements and upgrades made since 2002, UCC has permanently heightened the level of security - not just in the United States, but worldwide. UCC implemented the Community Awareness and Emergency Response ("CAER") initiative at its manufacturing sites around the world and the communities near those sites. The CAER initiative includes open communication, integrated planning and community drills between industry and the surrounding communities. The CAER initiative continues to be a critical part of UCC's global implementation of Responsible Care®. In addition, UCC uses a risk-based approach employing the U.S. Government's Sandia National Labs methodology to repeatedly assess the risks to sites, systems and processes. UCC has expanded its comprehensive Distribution Risk Review process that had been in place for decades to address potential threats in all modes of transportation across its supply chain. To reduce vulnerabilities, UCC maintains security measures that meet or exceed regulatory and industry security standards in all areas in which UCC operates. Assessment and improvement costs are not considered material to the Corporation's consolidated financial statements.

UCC continually works to strengthen partnerships with local responders, law enforcement and security agencies, and to enhance confidence in the integrity of its security and risk management program as well as strengthen its preparedness and response capabilities. UCC also works closely with its supply chain partners and strives to educate lawmakers, regulators and communities about its resolve and actions to date which are mitigating security and crisis threats.

Climate Change

Climate change matters for UCC are driven by changes in regulatory matters and physical climate parameters.

Regulatory Matters

Regulatory matters include cap and trade schemes, increased greenhouse gas ("GHG") limits, and taxes on GHG emissions, fuel and energy. The potential implications of each of these matters are all very similar, including increased cost of purchased energy, additional capital costs for installation or modification of GHG emitting equipment, and additional costs associated directly with GHG emissions (such as cap and trade systems or carbon taxes), which are primarily related to energy use. It is difficult to estimate the potential impact of these regulatory matters on energy prices.

Reducing UCC's overall energy usage and GHG emissions through new and unfolding projects will decrease the potential impact of these regulatory matters. The Corporation has not experienced any material impact related to regulated GHG emissions.

Physical Climate Parameters

Many scientific academies throughout the world have concluded that it is very likely that human activities are contributing to global warming. At this point, it is difficult to predict and assess the probability and opportunity of a global warming trend on UCC specifically. Preparedness plans are developed that detail actions needed in the event of severe weather. These measures have historically been in place and these activities and associated costs are driven by normal operational preparedness. UCC continues to study the long-term implications of changing climate parameters or water availability, plant siting issues, and impacts and opportunities for products.

The Corporation continues to elevate its internal focus and external positions to focus on the root cause of GHG emissions, including the sustainable use of energy. Through corporate energy efficiency programs and focused GHG management efforts, the Corporation has and is continuing to reduce its GHG emissions footprint.

Environmental Remediation

UCC accrues the costs of remediation of its facilities and formerly owned facilities based on current law and existing technologies. The nature of such remediation includes, for example, the management of soil and groundwater contamination and the closure of contaminated landfills and other waste management facilities. In the case of landfills and other active

21

waste management facilities, UCC recognizes the costs over the useful life of the facility. The policies adopted to properly reflect the monetary impacts of environmental matters are discussed in Note 1 to the Consolidated Financial Statements. To assess the impact on the consolidated financial statements, environmental experts review currently available facts to evaluate the probability and scope of potential liabilities. Inherent uncertainties exist in such evaluations primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies. These liabilities are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available. The Corporation had an accrued liability of $103 million at December 31, 2013 and $74 million at December 31, 2012, related to the remediation of current or former UCC-owned sites.

In addition to current and former UCC-owned sites, under the Federal Comprehensive Environmental Response, Compensation and Liability Act and equivalent state laws (hereafter referred to collectively as “Superfund Law”), UCC is liable for remediation of other hazardous waste sites where UCC allegedly disposed of, or arranged for the treatment or disposal of, hazardous substances. Because Superfund Law imposes joint and several liability upon each party at a site, UCC has evaluated its potential liability in light of the number of other companies that also have been named potentially responsible parties (“PRPs”) at each site, the estimated apportionment of costs among all PRPs, and the financial ability and commitment of each to pay its expected share. Management's estimate of the Corporation's remaining liability for the remediation of Superfund sites was $23 million at December 31, 2013 and $21 million at December 31, 2012, which has been accrued, although the ultimate cost with respect to these sites could exceed that amount. The Corporation has not recorded any third-party recovery related to these sites as a receivable.

Information regarding environmental sites is provided below:

Environmental Sites	UCC-owned Sites (1)				Superfund Sites (2)
	2013		2012		2013		2012
Number of sites at January 1	31		31		66		60
Sites added during year	1		1		1		6
Sites closed during year	(4	)	(1	)	(3	)	—
Number of sites at December 31	28		31		64		66

(1) UCC-owned sites are sites currently or formerly owned by UCC, where remediation obligations are imposed (in the United States) by the Resource Conservation Recovery Act or analogous state law.

(2) Superfund sites are sites, including sites not owned by UCC, where remediation obligations are imposed by Superfund Law.

In total, the Corporation's accrued liability for probable environmental remediation and restoration costs was $126 million at December 31, 2013, compared with $95 million at December 31, 2012. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Corporation has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Corporation's results of operations, financial condition and cash flows. It is the opinion of the Corporation's management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Corporation's results of operations, financial condition and cash flows.

The amounts charged to income on a pretax basis related to environmental remediation totaled $80 million in 2013 and $31 million in 2012. The amounts charged to income on a pretax basis related to operating the Corporation's pollution abatement facilities totaled $87 million in 2013 and $86 million in 2012. Capital expenditures for environmental protection were $2 million in 2013 and $7 million in 2012.

Asbestos-Related Matters

The Corporation is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past three decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that UCC sold in the past, alleged exposure to asbestos-containing products located on UCC's premises, and UCC's responsibility for asbestos suits filed against a former subsidiary, Amchem Products, Inc.

It is the opinion of UCC's management that it is reasonably possible that the cost of disposing of its asbestos-related claims, including future defense costs, could have a material impact on the Corporation's results of operations and cash flows for a particular period and on the consolidated financial position of the Corporation.

22

The table below provides information regarding asbestos-related claims filed against the Corporation and Amchem based on criteria developed by UCC and its external consultants.

	2013		2012		2011
Claims unresolved at January 1	33,449		53,225		62,582
Claims filed	12,069		9,627		7,810
Claims settled, dismissed or otherwise resolved	(16,513	)	(29,403	)	(17,167	)
Claims unresolved at December 31	29,005		33,449		53,225
Claimants with claims against both UCC and Amchem	(8,331	)	(9,542	)	(16,304	)
Individual claimants at December 31	20,674		23,907		36,921

Plaintiffs' lawyers often sue numerous defendants in individual lawsuits or on behalf of numerous claimants. As a result, the damages alleged are not expressly identified as to UCC, Amchem or any other particular defendant, even when specific damages are alleged with respect to a specific disease or injury. In fact, there are no personal injury cases in which only the Corporation and/or Amchem are the sole named defendants. For these reasons and based upon the Corporation's litigation and settlement experience, the Corporation does not consider the damages alleged against it and Amchem to be a meaningful factor in its determination of any potential asbestos-related liability.

For additional information, see Part I, Item 3. Legal Proceedings and Asbestos-Related Matters in Note 13 to the Consolidated Financial Statements.

Debt Covenants and Default Provisions

The Corporation's outstanding public debt has been issued under indentures which contain, among other provisions, covenants that the Corporation must comply with while the underlying notes are outstanding. Such covenants are typically based on the Corporation's size and financial position and include, subject to the exceptions and qualifications contained in the indentures, obligations not to (i) allow liens on principal U.S. manufacturing facilities, (ii) enter into sale and lease-back transactions with respect to principal U.S. manufacturing facilities, or (iii) merge into or consolidate with any other entity or sell or convey all or substantially all of its assets. Failure of the Corporation to comply with any of these covenants could, after the passage of any applicable grace period, 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 subject notes. Management believes the Corporation was in compliance with the covenants referred to above at December 31, 2013.

23

Union Carbide Corporation and Subsidiaries

PART II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

UCC's business operations give rise to market risk exposure due to changes in foreign exchange rates and interest rates. To manage such risks effectively, the Corporation can enter into hedging transactions, pursuant to established guidelines and policies that enable it to mitigate the adverse effects of financial market risk. The Corporation does not hold derivative financial instruments for trading purposes.

As a result of investments, production facilities and other operations on a global basis, the Corporation has assets, liabilities and cash flows in currencies other than the U.S. dollar. The primary objective of the Corporation's foreign exchange risk management is to optimize the U.S. dollar value of net assets and cash flows, keeping the adverse impact of currency movements to a minimum. To achieve this objective, the Corporation will hedge, when appropriate, on a net exposure basis using foreign currency forward contracts, over-the-counter option contracts, cross-currency swaps and nonderivative instruments in foreign currencies. Main exposures are related to assets, liabilities and cash flows denominated in the currencies of Europe, Asia Pacific and Canada.

The main objective of interest rate risk management is to reduce the total funding cost to the Corporation and to alter the interest rate exposure to the desired risk profile. The Corporation's primary exposure is to the U.S. dollar yield curve. UCC will use interest rate swaps and “swaptions,” when appropriate, to accomplish this objective.

UCC uses value at risk (“VAR”), stress testing and scenario analysis for risk measurement and control purposes. VAR estimates the maximum potential gain or loss in fair market values given a certain move in prices over a certain period of time, using specified confidence levels. The VAR methodology used by the Corporation is a historical simulation model which captures the co-movements in market rates across different instruments and market risk exposure categories. The historical simulation model uses a 97.5 percent confidence level and the historical scenario period includes at least six months of historical data. The 2013 and 2012 year-end and average daily VAR for the aggregate of all positions are shown below:

Total Daily VAR at December 31	2013				2012
In millions	Year-end		Average		Year-end		Average
Interest rate	$	13	$	14	$	11	$	15

The increase in interest rate VAR at year end is primarily due to increased interest rate volatility.

24

Union Carbide Corporation and Subsidiaries

PART II, Item 8. Financial Statements and Supplementary Data.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholder of

Union Carbide Corporation

We have audited the accompanying consolidated balance sheets of Union Carbide Corporation and subsidiaries (the “Corporation”) as of December 31, 2013 and 2012, and the related consolidated statements of operations, comprehensive income (loss), equity and cash flows for each of the three years in the period ended December 31, 2013. These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on the financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Corporation is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Union Carbide Corporation and subsidiaries at December 31, 2013 and 2012, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Deloitte & Touche LLP

Midland, Michigan

February 14, 2014

25

Union Carbide Corporation and Subsidiaries

Consolidated Statements of Operations

(In millions) For the years ended December 31	2013		2012			2011
Net trade sales	$	161	$	177		$	186
Net sales to related companies	6,787		6,070			6,694
Total Net Sales	6,948		6,247			6,880
Cost of sales	6,214		6,088			6,493
Research and development expenses	25		35			47
Selling, general and administrative expenses	12		10			10
Restructuring charges	—		74			—
Equity in earnings of nonconsolidated affiliates	82		59			69
Sundry income (expense) - net	308		(182		)	(96		)
Interest income	12		14			33
Interest expense and amortization of debt discount	32		28			34
Income (Loss) Before Income Taxes	1,067		(97		)	302
Provision for income taxes	319		17			87
Net Income (Loss) Attributable to Union Carbide Corporation	$	748	$	(114	)	$	215

See Notes to the Consolidated Financial Statements.

26

Union Carbide Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

(In millions) For years ended December 31	2013			2012			2011
Net Income (Loss) Attributable to Union Carbide Corporation	$	748		$	(114	)	$	215
Other Comprehensive Income (Loss), Net of Tax
Cumulative translation adjustments	(22		)	(4		)	3
Pension and other postretirement benefit plan adjustments	322			(209		)	(109		)
Total other comprehensive income (loss)	300			(213		)	(106		)
Comprehensive Income (Loss) Attributable to Union Carbide Corporation	$	1,048		$	(327	)	$	109

See Notes to the Consolidated Financial Statements.

27

Union Carbide Corporation and Subsidiaries

Consolidated Balance Sheets

(In millions) At December 31	2013			2012
Assets
Current Assets
Cash and cash equivalents	$	33		$	18
Accounts receivable:
Trade (net of allowance for doubtful receivables 2013: $-; 2012: $-)	25			35
Related companies	390			330
Other	80			86
Notes receivable from related companies	2,404			2,346
Inventories	404			420
Deferred income taxes and other current assets	101			95
Total current assets	3,437			3,330
Investments
Investments in related companies	823			840
Investments in nonconsolidated affiliates	6			106
Other investments	9			8
Noncurrent receivables	30			45
Noncurrent receivables from related companies	166			189
Total investments	1,034			1,188
Property
Property	7,079			7,211
Less accumulated depreciation	5,840			5,877
Net property	1,239			1,334
Other Assets
Intangible assets (net of accumulated amortization 2013: $72; 2012: $72)	10			7
Deferred income tax assets - noncurrent	692			775
Asbestos-related insurance receivables - noncurrent	86			155
Deferred charges and other assets	51			49
Total other assets	839			986
Total Assets	$	6,549		$	6,838
Liabilities and Equity
Current Liabilities
Notes payable - related companies	$	34		$	40
Accounts payable:
Trade	215			299
Related companies	398			411
Other	21			15
Income taxes payable	213			59
Asbestos-related liabilities - current	91			85
Accrued and other current liabilities	182			146
Total current liabilities	1,154			1,055
Long-Term Debt	471			471
Other Noncurrent Liabilities
Pension and other postretirement benefits - noncurrent	684			1,270
Asbestos-related liabilities - noncurrent	434			530
Other noncurrent obligations	95			188
Total other noncurrent liabilities	1,213			1,988
Stockholder's Equity
Common stock (authorized and issued: 1,000 shares of $0.01 par value each)	—			—
Additional paid-in capital	312			312
Retained earnings	4,442			4,355
Accumulated other comprehensive loss	(1,045		)	(1,345		)
Union Carbide Corporation's stockholder's equity	3,709			3,322
Noncontrolling interests	2			2
Total equity	3,711			3,324
Total Liabilities and Equity	$	6,549		$	6,838

See Notes to the Consolidated Financial Statements.

28

Union Carbide Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(In millions) For the years ended December 31	2013			2012			2011
Operating Activities
Net Income (Loss) Attributable to Union Carbide Corporation	$	748		$	(114	)	$	215
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	222			235			270
Provision (credit) for deferred income tax	(29		)	12			(43		)
Earnings of nonconsolidated affiliates less than (in excess of) dividends received	(21		)	13			4
Net gains on sales of assets	(368		)	(4		)	(5		)
Restructuring charges	—			74			—
Impairment of investment in related company	25			131			—
Pension contributions	(158		)	(158		)	(48		)
Net loss on early extinguishment of debt	—			—			6
Other, net	2			(1		)	—
Changes in assets and liabilities, net of effects of divested companies:
Accounts and notes receivable	4			(6		)	12
Related company receivables	(135		)	970			1,092
Inventories	(3		)	(213		)	(13		)
Accounts payable	(80		)	25			(10		)
Related company payables	(32		)	54			(132		)
Other assets and liabilities	105			82			(171		)
Cash provided by operating activities	280			1,100			1,177
Investing Activities
Capital expenditures	(121		)	(241		)	(168		)
Purchase of related company receivables	—			(8		)	—
Change in noncurrent receivable from related company	23			(53		)	(11		)
Proceeds from sale of ownership interest in nonconsolidated affiliate	13			—			—
Proceeds from sales of assets	411			7			19
Purchases of investments	—			(1		)	(11		)
Proceeds from sales of investments	—			—			17
Cash provided by (used in) investing activities	326			(296		)	(154		)
Financing Activities
Dividends paid to stockholder	(591		)	(775		)	(950		)
Payments on long-term debt	—			(37		)	(69		)
Cash used in financing activities	(591		)	(812		)	(1,019		)
Summary
Increase (Decrease) in cash and cash equivalents	15			(8		)	4
Cash and cash equivalents at beginning of year	18			26			22
Cash and cash equivalents at end of year	$	33		$	18		$	26

See Notes to the Consolidated Financial Statements.

29

Union Carbide Corporation and Subsidiaries

Consolidated Statements of Equity

(In millions) For the years ended December 31	2013			2012			2011
Common Stock
Balance at beginning and end of year	$	—		$	—		$	—
Additional Paid-in Capital
Balance at beginning and end of year	312			312			312
Retained Earnings
Balance at beginning of year	4,355			5,253			5,990
Net Income (Loss) Attributable to Union Carbide Corporation	748			(114		)	215
Dividends declared	(661		)	(784		)	(951		)
Other	—			—			(1		)
Balance at end of year	4,442			4,355			5,253
Accumulated Other Comprehensive Loss, Net of Tax
Balance at beginning of year	(1,345		)	(1,132		)	(1,026		)
Other comprehensive income (loss)	300			(213		)	(106		)
Balance at end of year	(1,045		)	(1,345		)	(1,132		)
Union Carbide Corporation's Stockholder's Equity	3,709			3,322			4,433
Noncontrolling interests	2			2			2
Total Equity	$	3,711		$	3,324		$	4,435

See Notes to the Consolidated Financial Statements.

30

Union Carbide Corporation and Subsidiaries

Notes to the Consolidated Financial Statements

Table of Contents

Note			Page
	1	Summary of Significant Accounting Policies	31
	2	Recent Accounting Guidance	34
	3	Restructuring	35
	4	Divestitures	37
	5	Inventories	37
	6	Property	38
	7	Nonconsolidated Affiliates	38
	8	Investments in Related Companies	39
	9	Intangible Assets	40
	10	Financial Instruments	40
	11	Fair Value Measurements	41
	12	Supplementary Information	42
	13	Commitments and Contingent Liabilities	43
	14	Notes Payable and Long-term Debt	46
	15	Pension Plans and Other Postretirement Benefits	47
	16	Leased Property	53
	17	Related Party Transactions	53
	18	Income Taxes	55
	19	Accumulated Other Comprehensive Income (Loss)	57
	20	Business and Geographic Areas	58

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

Except as otherwise indicated by the context, the terms “Corporation” and “UCC” as used herein mean Union Carbide Corporation and its consolidated subsidiaries. The accompanying consolidated financial statements of the Corporation 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 Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest. 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.

The Corporation is a wholly owned subsidiary of The Dow Chemical Company (“Dow”). In accordance with the accounting requirements for wholly owned subsidiaries, the presentation of earnings per share is not required and therefore is not provided.

Dow conducts its worldwide operations through global businesses, and the Corporation's business activities comprise components of Dow's global operations rather than stand-alone operations. The Corporation sells substantially all of its products to Dow at market-based prices, in accordance with Dow's long-standing intercompany pricing policy, in order to simplify the customer interface process. Because there are no separable reportable business segments for UCC and no detailed business information is provided to a chief operating decision maker regarding the Corporation's stand-alone operations, the Corporation's results are reported as a single operating segment.

Related Companies

Transactions with the Corporation's parent company, Dow, or other Dow subsidiaries have been reflected as related company transactions in the consolidated financial statements.

31

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 Corporation'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

While the Corporation's consolidated subsidiaries are primarily based in the United States, the Corporation has small subsidiaries in Asia Pacific. For those subsidiaries, the local currency has been primarily used as the functional currency. 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 income (loss)" ("AOCI"). Where the U.S. dollar is used as the functional currency, foreign currency 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 both “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 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 Corporation 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 Corporation uses standard pricing models with market-based inputs that take into account the present value of estimated future cash flows.

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 Corporation 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 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. 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 Corporation 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.

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Long-lived assets to be disposed of by sale 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.

Asset Retirement Obligations

The Corporation 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 Corporation. 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 in Related Companies

Investments in related companies consist of the Corporation's ownership interests in Dow subsidiaries located in North America and Latin America. The Corporation accounts for these investments using the cost method as it does not have significant influence over the operating and financial policies of these related companies.

Investments

Investments in debt securities are classified as available-for-sale and reported at fair value with unrealized gains and losses recorded in AOCI. The cost of investments sold is determined by specific identification. The Corporation routinely reviews available-for-sale securities for other-than-temporary declines in fair value below the cost basis, and 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

Substantially all of the Corporation's revenues are generated by sales to Dow. Approximately 97 percent of the Corporation's sales are related to sales of product (96 percent in 2012 and 99 percent in 2011); the remaining 3 percent is related to the licensing of patents and technology (4 percent in 2012 and 1 percent in 2011).

Revenue for product sales to related companies is recognized as risk and title to the product transfer to the related company, which occurs either at the time production is complete or free on board (“FOB”) UCC's manufacturing facility, in accordance with the sales agreement between the Corporation and Dow.

Revenue for product sales is recognized as risk and title to the product transfer to the customer, which for trade sales, usually occurs at the time shipment is made. As such, title to the product passes when the product is delivered to the freight carrier. UCC'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.”

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.

Legal Costs

The Corporation expenses legal costs as incurred. Accruals for legal matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated.

Severance Costs

Management 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 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.

33

Income Taxes

The Corporation 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. The Corporation is included in Dow's consolidated federal income tax group and consolidated income tax return. The Corporation uses the separate return method to account for its income taxes; accordingly, there is no difference between the method used to account for income taxes at the UCC level and the formula in the Dow-UCC Tax Sharing Agreement used to compute the amount due to Dow or UCC for UCC's share of taxable income and tax attributes on Dow's consolidated income tax return.

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 Corporation 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 Corporation accrues for non-income 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.

NOTE 2 - RECENT ACCOUNTING GUIDANCE

Recently Adopted Accounting Guidance

During the first quarter of 2013, the Corporation adopted Accounting Standards Update ("ASU") 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which requires entities to disclose both gross and net information about both instruments and transactions subject to an agreement similar to a master netting agreement and ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which clarifies the scope of the offsetting disclosures of ASU 2011-11. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards ("IFRS"). The adoption of this standard was immaterial to the consolidated financial statements.

During the first quarter of 2013, the Corporation adopted ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. See Note 19 for the disclosures related to this adoption.

On January 1, 2012, the Corporation adopted ASU 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income," as amended by ASU 2011-12, "Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This standard improves the comparability, consistency and transparency of financial reporting and increases the prominence of items reported in other comprehensive income. See the Consolidated Statements of Comprehensive Income (Loss) and Note 19 for additional information.

On January 1, 2012, the Corporation adopted ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS," which provides common requirements for measuring fair value and disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. See Note 11 for additional information about fair value measurements.

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On January 1, 2011, the Corporation adopted ASU 2009-13, “Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements – a consensus of the FASB Emerging Issues Task Force.” This ASU amended the criteria for when to evaluate individual delivered items in a multiple deliverable arrangement and how to allocate consideration received. The adoption of this guidance did not have a material impact on the Corporation’s consolidated financial statements.

Accounting Guidance Issued But Not Adopted as of December 31, 2013

In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date," which defines how entities measure obligations from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date and for which no guidance exists, except for obligations addressed within existing guidance in U.S. GAAP. The guidance also requires entities to disclose the nature and amount of the obligation as well as other information about those obligations. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective presentation for all comparative periods presented is required and early adoption is permitted. The Corporation is currently evaluating the impact of adopting this guidance.

In March 2013, the FASB issued ASU 2013-05, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity," which defines the treatment of the release of cumulative translation adjustments upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted and prior periods should not be adjusted. The Corporation does not expect the adoption of this guidance to have a material impact on the consolidated financial statements.

In July 2013, the FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," which defines the presentation requirements of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted and retrospective application is permitted but not required. The new guidance will be implemented prospectively in the first quarter of 2014 and the impact is expected to be immaterial to the consolidated balance sheets of the Corporation.

NOTE 3 - RESTRUCTURING

On October 22, 2012, the Board of Directors of the Corporation approved a restructuring plan to improve the cost effectiveness of the Corporation's global operations. The restructuring plan affected approximately 100 positions and resulted in the shutdown of certain manufacturing facilities. These actions are expected to be completed primarily by December 31, 2014.

As a result of the restructuring activities, the Corporation recorded pretax restructuring charges of $71 million in the fourth quarter of 2012 consisting of costs associated with exit or disposal activities of $13 million, severance costs of $10 million and asset write-downs and write-offs of $48 million. The impact of these charges is shown as "Restructuring charges" in the consolidated statements of operations.

Details on the components of the restructuring charges are discussed below:

Cost Associated with Exit or Disposal Activities

The restructuring charges for costs associated with exit or disposal activities totaled $13 million in the fourth quarter of 2012 for contract cancellations fees.

Severance

The restructuring charges in the fourth quarter of 2012 included severance of $10 million for the separation of approximately 100 employees under the terms of the Corporation's ongoing benefit arrangements, primarily over the next two years. At December 31, 2013, severance of $6 million had been paid and a liability of $4 million remained for 21 employees.

35

Impairment of Long-Lived Assets, Other Assets and Equity Method Investments

The restructuring charges related to the write-down and write-off of assets in the fourth quarter of 2012 total $48 million. Details regarding the write-downs and write-offs are as follows:

• Certain oxygenated solvents manufacturing facilities in Texas City, Texas have been consolidated and/or shut down, resulting in an asset write-down of $36 million. The facilities were shut down in the fourth quarter of 2012.

• A performance monomer manufacturing facility in South Charleston, West Virginia was shut down, resulting in an asset write-down of $1 million and the write-off of other assets totaling $2 million. The assets were shut down in the fourth quarter of 2012.

• Due to a change in the Corporation's strategy regarding its ownership in Nippon Unicar Company Limited ("NUC"), a 50:50 joint venture, the Corporation had determined its equity investment in NUC to be other-than-temporarily impaired and recorded a $9 million write-down of its interest in NUC. UCC completed the sale of its 50 percent ownership interest in NUC on July 1, 2013.

The following table summarizes the activities related to the Corporation's restructuring reserve:

Restructuring Activities	Costs Associated with Exit or Disposal Activities			Severance Costs			Impairment of Long-Lived Assets, Other Assets and Equity Method Investments
In millions										Total
Restructuring charges recognized in the fourth quarter of 2012	$	13		$	10		$	48		$	71
Charges against the reserve	—			—			(48		)	(48		)
Reserve balance at December 31, 2012	$	13		$	10		$	—		$	23
Cash payments	(2		)	(6		)	—			(8		)
Reserve balance at December 31, 2013	$	11		$	4		$	—		$	15

The reserve balance is included in the consolidated balance sheets as "Accrued and other current liabilities" and "Other noncurrent obligations."

The Corporation expects to incur additional costs in the future related to its restructuring activities, as UCC continually looks for ways to enhance the efficiency and cost effectiveness of its operations. Future costs are expected to include demolition costs related to closed facilities; these will be recognized as incurred. The Corporation 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.

In the first quarter of 2012, the Corporation recorded restructuring charges totaling $3 million related to a workforce reduction of approximately 20 employees. In the third quarter of 2012, all severance related to this restructuring charge was paid.

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NOTE 4 - DIVESTITURES

Divestiture of Polypropylene Licensing and Catalysts Business

On October 11, 2013, Dow entered into a definitive agreement to sell its global Polypropylene Licensing and Catalysts business to W.R. Grace & Co., which included the Corporation's polypropylene catalysts manufacturing facility in Norco, Louisiana as well as customer contracts, accounts receivable, licenses, intellectual property and inventory. On December 2, 2013, the sale was completed and proceeds allocated to the Corporation for the sale were $398 million, net of working capital adjustments and costs to sell, with proceeds subject to customary post-closing adjustments to be finalized in subsequent periods. The carrying amount of the assets divested on December 2, 2013, are noted below:

Assets Divested In millions	December 2, 2013
Accounts receivable	$	4
Inventories	19
Net property	7
Total assets divested	$	30

The Corporation recognized a pretax gain of $368 million on the sale, included in "Sundry income (expense) - net" in the consolidated statements of operations and an after-tax gain of $233 million.

Divestiture of Polypropylene Business

On July 27, 2011, Dow entered into a definitive agreement to sell Dow's global Polypropylene business to Braskem SA. The definitive agreement specified the assets included in the sale, which included the following assets of the Corporation: polypropylene manufacturing facility at Seadrift, Texas; railcars; inventory; business know-how; and certain product and process technology. On September 30, 2011, the sale was completed. The Corporation received $19 million for the sale of its assets, net of working capital adjustments and costs to sell, with proceeds subject to customary post-closing adjustments. The carrying amount of the assets divested on September 30, 2011, are noted below:

Assets Divested In millions	September 30, 2011
Inventories	$	2
Net property	12
Total assets divested	$	14

The Corporation recognized a pretax gain of $5 million on the sale in the third quarter of 2011. Post-closing adjustments of $1 million in the fourth quarter of 2011 reduced the pretax gain to $4 million, which is included in "Sundry income (expense) - net" in the consolidated statements of operations.

NOTE 5 - INVENTORIES

The following table provides a breakdown of inventories:

Inventories at December 31 In millions	2013		2012
Finished goods	$	233	$	263
Work in process	31		33
Raw materials	50		46
Supplies	90		78
Total inventories	$	404	$	420

The reserves reducing inventories from a FIFO basis to a LIFO basis amounted to $132 million at December 31, 2013 and $150 million at December 31, 2012. Inventories that were valued on a LIFO basis, principally U.S. chemicals and plastics product inventories, represented 70 percent of the total inventories at December 31, 2013 and 75 percent of the total inventories at December 31, 2012.

37

A reduction of certain inventories resulted in the liquidation of some of the Corporation's LIFO inventory layers which had an immaterial impact on pretax income in 2013, 2012 and 2011.

NOTE 6 - PROPERTY

Property at December 31	Estimated Useful
In millions	Lives (Years)	2013		2012
Land	—	$	51	$	50
Land and waterway improvements	15-25	204		202
Buildings	5-50	412		412
Machinery and equipment	3-20	5,862		5,915
Utility and supply lines	5-20	157		153
Other property	3-30	291		285
Construction in progress	—	102		194
Total property		$	7,079	$	7,211

In millions	2013		2012		2011
Depreciation expense	$	204	$	217	$	236
Manufacturing maintenance and repair costs	$	304	$	324	$	280
Capitalized interest	$	5	$	8	$	6

NOTE 7 - NONCONSOLIDATED AFFILIATES

The Corporation's investments in companies accounted for by the equity method (“nonconsolidated affiliates”) were $6 million at December 31, 2013 and $106 million at December 31, 2012. Dividends received from nonconsolidated affiliates were $62 million in 2013, $72 million in 2012 and $73 million in 2011. Undistributed earnings of nonconsolidated affiliates included in retained earnings were zero at December 31, 2013 and $21 million at December 31, 2012.

All of the nonconsolidated affiliates in which the Corporation has investments are privately held companies; therefore, quoted market prices are not available.

Principal Nonconsolidated Affiliates

The Corporation's principal nonconsolidated affiliates and the Corporation's ownership interest for each at December 31, 2013, 2012 and 2011 are shown below:

Principal Nonconsolidated Affiliates at December 31	Ownership Interest
	2013	2012	2011
Nippon Unicar Company, Limited	—%	50%	50%
Univation Technologies, LLC	—%	50%	50%

The Corporation's investment in the principal nonconsolidated affiliates was zero at December 31, 2013 and $97 million at December 31, 2012, and its equity in earnings was $84 million in 2013, $59 million in 2012 and $65 million in 2011. The summarized financial information presented represents the combined accounts (at 100 percent) of the principal nonconsolidated affiliates. See Note 3 for details on the 2012 impairment charge related to Nippon Unicar Company, Limited.

Divestiture

On January 31, 2013, UCC entered into a definitive agreement to sell its 50 percent ownership interest in Nippon Unicar Company, Limited to TonenGeneral Sekiyu K. K. On July 1, 2013, the sale was completed for $13 million. As a result of this share sale, the Corporation reclassified a $20 million gain, primarily attributable to cumulative translation adjustments, from "Accumulated other comprehensive loss" into earnings in the third quarter of 2013 and is included in "Sundry income (expense) - net" in the consolidated statements of operations for the year ended December 31, 2013. Including this reclassification, the sale resulted in no pretax gain or loss.

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Stock Dividend

On September 26, 2013, UCC declared a stock dividend to Dow of its 100 percent ownership interest in Union Carbide Subsidiary C, Inc., which included UCC's full ownership interest in Univation Technologies, LLC. This stock dividend was effective on September 29, 2013 and totaled $70 million.

Summarized Balance Sheet Information at December 31
In millions	2013		2012
Current assets	$	—	$	311
Noncurrent assets	—		165
Total assets	$	—	$	476
Current liabilities	$	—	$	164
Noncurrent liabilities	—		86
Total liabilities	$	—	$	250

Summarized Income Statement Information
In millions	2013 (1)		2012		2011
Sales	$	452	$	773	$	715
Gross profit	$	208	$	209	$	244
Net income	$	142	$	112	$	145

(1) Income statement information for Nippon Unicar Company, Limited is for the six month period ended June 30, 2013 and income statement information for Univation Technologies, LLC is for the nine month period ended September 30, 2013.

NOTE 8 - INVESTMENTS IN RELATED COMPANIES

The Corporation's ownership interests in related companies at December 31, 2013 and 2012 were as follows:

Investments in Related Companies at December 31	Ownership Interests				Investment Balance
In millions (except percentages)	2013		2012		2013		2012
Dow International Holdings Company	19	%	19	%	$	807	$	807
Dow Quimica Argentina S.A.	23	%	23	%	—		17
GWN Holding, Inc.	6	%	6	%	10		10
Dow Quimica Mexicana S.A. de C.V.	15	%	15	%	5		5
Other	—	%	—	%	1		1
Total Investments in Related Companies					$	823	$	840

In the fourth quarter of 2013, the Corporation recorded an impairment charge of $25 million for the full value of the cost method investment in Dow Quimica Argentina S.A. The related company investment, classified as a Level 3 measurement, was valued using unobservable inputs. The impairment charge was triggered by ongoing losses in the entity and is included in "Sundry income (expense) - net" in the consolidated statements of operations.

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NOTE 9 - INTANGIBLE ASSETS

The following table provides information regarding the Corporation's intangible assets:

Intangible Assets at December 31			2013							2012
In millions	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Intangible assets with finite lives:
Licenses and intellectual property	$	33	$	(33	)	$	—	$	33	$	(33	)	$	—
Software	49		(39		)	10		46		(39		)	7
Total intangible assets	$	82	$	(72	)	$	10	$	79	$	(72	)	$	7

The following table provides information regarding amortization expense:

Amortization Expense In millions	2013		2012		2011
Software, included in “Cost of sales”	$	2	$	2	$	3

Total estimated amortization expense for the next five fiscal years is as follows:

Estimated Amortization Expense for Next Five Years In millions
2014	$	2
2015	$	2
2016	$	2
2017	$	1
2018	$	1

NOTE 10 - FINANCIAL INSTRUMENTS

Investments

The Corporation's investments in marketable securities are classified as available-for-sale.

Investing Results
In millions	2013		2012		2011
Proceeds from sales of available-for-sale securities	$	—	$	—	$	9

Portfolio managers regularly review all of the Corporation'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. At December 31, 2013 and December 31, 2012, there were no impairment indicators or circumstances that would result in a material adjustment of these investments.

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The Corporation's investments in debt securities, shown below, had contractual maturities of less than 10 years at December 31, 2013.

Fair Value of Financial Instruments:
	At December 31, 2013											At December 31, 2012
In millions	Cost			Gain		Loss			Fair Value			Cost			Gain		Loss			Fair Value
Marketable securities (1):
Debt securities	$	5		$	—	$	—		$	5		$	5		$	—	$	—		$	5
Total marketable securities	$	5		$	—	$	—		$	5		$	5		$	—	$	—		$	5
Long-term debt	$	(471	)	$	—	$	(85	)	$	(556	)	$	(471	)	$	—	$	(116	)	$	(587	)

(1) Included in “Other investments” in the consolidated balance sheets.

Cost approximates fair value for all other financial instruments.

NOTE 11 - FAIR VALUE MEASUREMENTS

Fair Value Measurements on a Recurring Basis

The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis:

Basis of Fair Value Measurements on a Recurring Basis at December 31	Significant Other Observable Inputs  (Level 2)		Significant Other Observable Inputs  (Level 2)
In millions	2013		2012
Assets at fair value:
Debt securities (1)	$	5	$	5
Liabilities at fair value:
Long-term debt (2)	$	556	$	587

(1) Included in “Other investments” in the consolidated balance sheets.

(2) See Note 10 for information on fair value measurements of long-term debt.

For assets and liabilities classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability, or by using observable market data points of similar, more liquid securities to imply the price. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks.

Assets that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets in active markets, adjusted for any terms specific to that asset. For all other 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. There were no transfers between Levels 1 and 2 during the years ended December 31, 2013 and 2012.

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 2012:

Basis of Fair Value Measurements on a Nonrecurring Basis in 2012	Significant Other Unobservable Inputs		Total Losses
In millions	(Level 3)		2012
Assets at fair value:
Long-lived assets, other assets and equity method investments	$	42	$	(179	)

41

2012 Fair Value Measurements on a Nonrecurring Basis

As part of the restructuring plan that was approved on October 22, 2012, the Corporation shut down a number of manufacturing facilities during the fourth quarter of 2012. The manufacturing assets and facilities associated with this plan were written down to zero in the fourth quarter of 2012. In addition, an equity investment was impaired. The equity investment, classified as Level 3 measurements, was valued at $33 million using unobservable inputs, including assumptions a market participant would use to measure the fair value of the group of assets. These impairment charges, totaling $48 million, were included in "Restructuring charges" in the consolidated statements of operations. See Note 3 for additional information. Also included within the losses is a charge of $131 million related to an impairment of an investment in related companies. The investment in related companies, classified as Level 3 measurements, was valued at $9 million using unobservable inputs, including assumptions a market participant would use to measure the fair value of the group of assets. See Note 17 for additional information.

NOTE 12 - SUPPLEMENTARY INFORMATION

Sundry Income (Expense) - Net
In millions	2013			2012			2011
Dow administrative and overhead fees (1)	$	(25	)	$	(32	)	$	(48	)
Net commission expense - related company (1)	(17		)	(35		)	(34		)
Dividend income - related companies (1)	16			25			7
Net gain on sale of Dow's Polypropylene Licensing and Catalysts business (2)	368			—			—
Impairment of investment in related company (1)	(25		)	(131		)	—
Foreign exchange loss	(2		)	—			(1		)
Net gain on sales of property	—			5			4
Loss on early extinguishment of debt	—			—			(6		)
Other - net	(7		)	(14		)	(18		)
Total Sundry income (expense) - net	$	308		$	(182	)	$	(96	)

(1) See Note 17 for additional information.

(2) See Note 4 for additional information.

Accrued and Other Current Liabilities

"Accrued and other current liabilities" were $182 million at December 31, 2013 and $146 million at December 31, 2012. The current portion of the Corporation's accrued obligations for environmental matters, which is a component of "Accrued and other current liabilities," was $58 million at December 31, 2013 and $48 million at December 31, 2012 (see Note 13 for additional information). No other component of accrued and other current liabilities was more than 5 percent of total current liabilities.

Supplementary Cash Flow Information
In millions	2013		2012			2011
Cash payments for interest	$	37	$	37		$	41
Cash payments (refunds) for income taxes	$	292	$	(94	)	$	316

42

NOTE 13 - COMMITMENTS AND CONTINGENT LIABILITIES

Environmental Matters

Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies.

At December 31, 2013, the Corporation had accrued obligations of $126 million for probable environmental remediation and restoration costs, including $23 million for the remediation of Superfund sites. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Corporation has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Corporation's results of operations, financial condition and cash flows. It is the opinion of the Corporation's management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Corporation's results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2012, the Corporation had accrued obligations of $95 million for probable environmental remediation and restoration costs, including $21 million for the remediation of Superfund sites.

The following table summarizes the activity in the Corporation's accrued obligations for environmental matters for the years ended December 31, 2013 and 2012:

Accrued Liability for Environmental Matters
In millions	2013			2012
Balance at January 1	$	95		$	101
Additional accruals	80			31
Charges against reserve	(49		)	(37		)
Balance at December 31	$	126		$	95

The amounts charged to income on a pretax basis related to environmental remediation totaled $80 million in 2013, $31 million in 2012 and $41 million in 2011. Capital expenditures for environmental protection were $2 million in 2013, $7 million in 2012 and $4 million in 2011.

Litigation

The Corporation is involved in a number of legal proceedings and claims with both private and governmental parties. These cover a wide range of matters, including, but not limited to: product liability; trade regulation; governmental regulatory proceedings; health, safety and environmental matters; employment; patents; contracts; taxes; and commercial disputes.

Asbestos-Related Matters

Separately, the Corporation is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past three decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that UCC sold in the past, alleged exposure to asbestos-containing products located on UCC's premises, and UCC's responsibility for asbestos suits filed against a former UCC subsidiary, Amchem Products, Inc. (“Amchem”). In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable loss as a result of such exposure, or that injuries incurred in fact resulted from exposure to the Corporation's products.

The Corporation expects more asbestos-related suits to be filed against UCC and Amchem in the future, and will aggressively defend or reasonably resolve, as appropriate, both pending and future claims.

Estimating the Liability

Based on a study completed by Analysis, Research & Planning Corporation (“ARPC”) in January 2003, the Corporation increased its December 31, 2002 asbestos-related liability for pending and future claims for the 15-year period ending in 2017 to $2.2 billion, excluding future defense and processing costs. Since then, the Corporation has compared current asbestos claim and resolution activity to the results of the most recent ARPC study at each balance sheet date to determine whether the accrual continues to be appropriate. In addition, the Corporation has requested ARPC to review the Corporation's historical asbestos claim and resolution activity each year since 2004 to determine the appropriateness of updating the most recent ARPC study.

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In November 2011, the Corporation requested ARPC to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2010 study. In response to that request, ARPC reviewed and analyzed data through October 31, 2011. In January 2012, ARPC stated that an update of its study would not provide a more likely estimate of future events than the estimate reflected in its December 2010 study and, therefore, the estimate in that study remained applicable. Based on the Corporation's own review of the asbestos claim and resolution activity and ARPC's response, the Corporation determined that no change to the accrual was required. At December 31, 2011, the Corporation's asbestos-related liability for pending and future claims was $668 million.

In October 2012, the Corporation requested ARPC to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2010 study. In response to that request, ARPC reviewed and analyzed data through September 30, 2012. In December, 2012, based upon ARPC's December 2012 study and the Corporation's own review of the asbestos claim and resolution activity for 2012, it was determined that no adjustment to the accrual was required at December 31, 2012. The Corporation's asbestos-related liability for pending and future claims was $602 million at December 31, 2012.

In October 2013, the Corporation requested ARPC to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2012 study. In response to that request, ARPC reviewed and analyzed data through September 30, 2013. In December, 2013, ARPC stated that an update of its study would not provide a more likely estimate of future events than the estimate reflected in its December 2012 study and, therefore, the estimate in that study remained applicable. Based on the Corporation's own review of the asbestos claim and resolution activity and ARPC's response, the Corporation determined that no change to the accrual was required. The Corporation's asbestos-related liability for pending and future claims was $501 million at December 31, 2013.

At December 31, 2013, approximately 19 percent of the recorded liability related to pending claims and approximately 81 percent related to future claims. At December 31, 2012, approximately 18 percent of the recorded liability related to pending claims and approximately 82 percent related to future claims.

Insurance Receivables

At December 31, 2002, the Corporation increased the receivable for insurance recoveries related to its asbestos liability to $1.35 billion, substantially exhausting its asbestos product liability coverage. The insurance receivable related to the asbestos liability was determined by the Corporation after a thorough review of applicable insurance policies and the 1985 Wellington Agreement, to which the Corporation and many of its liability insurers are signatory parties, as well as other insurance settlements, with due consideration given to applicable deductibles, retentions and policy limits, and taking into account the solvency and historical payment experience of various insurance carriers. The Wellington Agreement and other agreements with insurers are designed to facilitate an orderly resolution and collection of the Corporation's insurance policies and to resolve issues that the insurance carriers may raise.

In September 2003, the Corporation filed a comprehensive insurance coverage case, now proceeding in the Supreme Court of the State of New York, County of New York, seeking to confirm its rights to insurance for various asbestos claims and to facilitate an orderly and timely collection of insurance proceeds (the “Insurance Litigation”). The Insurance Litigation was filed against insurers that were not signatories to the Wellington Agreement and/or did not otherwise have agreements in place with the Corporation regarding their asbestos-related insurance coverage, in order to facilitate an orderly resolution and collection of such insurance policies and to resolve issues that the insurance carriers may raise. Since the filing of the case, the Corporation has reached settlements with several of the carriers involved in the Insurance Litigation and continues to pursue settlements with the remaining carriers.

The Corporation's receivable for insurance recoveries related to its asbestos liability was $25 million at December 31, 2013 and $25 million at December 31, 2012. At December 31, 2013 and 2012, all of the receivable for insurance recoveries was related to insurers that are not signatories to the Wellington Agreement and/or do not otherwise have agreements in place regarding their asbestos-related insurance coverage.

In addition to the receivable for insurance recoveries related to its asbestos liability, the Corporation had receivables for defense and resolution costs submitted to insurance carriers that have settlement agreements in place regarding their asbestos-related insurance coverage.

44

The following table summarizes the Corporation's receivables related to its asbestos-related liability:

Receivables for Asbestos-Related Costs at December 31 In millions	2013		2012
Receivables for defense and resolution costs - carriers with settlement agreements	$	66	$	154
Receivables for insurance recoveries - carriers without settlement agreements	25		25
Total	$	91	$	179

The decrease in 2013 in the receivables for asbestos-related costs was principally due to the resolution of receivables related to two insolvent insurance carriers.

The Corporation expenses defense costs as incurred. The pretax impact for defense and resolution costs, net of insurance, was $107 million in 2013, $100 million in 2012 and $88 million in 2011, and was reflected in “Cost of sales” in the consolidated statements of operations.

After a review of its insurance policies, with due consideration given to applicable deductibles, retentions and policy limits, and after taking into account the solvency and historical payment experience of various insurance carriers; existing insurance settlements; and the advice of outside counsel with respect to the applicable insurance coverage law relating to the terms and conditions of its insurance policies, the Corporation continues to believe that its recorded receivable for insurance recoveries from all insurance carriers is probable of collection.

Summary

The amounts recorded by the Corporation for the asbestos-related liability and related insurance receivable described above were based upon current, known facts. However, future events, such as the number of new claims to be filed and/or received each year, the average cost of disposing of each such claim, coverage issues among insurers, and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the United States, could cause the actual costs and insurance recoveries for the Corporation to be higher or lower than those projected or those recorded.

Because of the uncertainties described above, the Corporation's management cannot estimate the full range of the cost of resolving pending and future asbestos-related claims facing UCC and Amchem. The Corporation's management believes that it is reasonably possible that the cost of disposing of the Corporation's asbestos-related claims, including future defense costs, could have a material impact on the Corporation's results of operations and cash flows for a particular period and on the consolidated financial position of the Corporation.

While it is not possible at this time to determine with certainty the ultimate outcome of any of the legal proceedings and claims referred to in this filing, management believes that adequate provisions have been made for probable losses with respect to pending claims and proceedings, and that, except for the asbestos-related matters described above, the ultimate outcome of all known and future claims, after provisions for insurance, will not have a material adverse impact on the results of operations, cash flows and financial position of the Corporation. Should any losses be sustained in connection with any of such legal proceedings and claims in excess of provisions provided and available insurance, they will be charged to income when determinable.

45

Purchase Commitments

At December 31, 2013, the Corporation had various outstanding commitments for take-or-pay agreements, with remaining terms extending from two to fourteen years. Such commitments were not in excess of current market prices. The fixed and determinable portion of obligations under purchase commitments at December 31, 2013 is presented in the following table:

Fixed and Determinable Portion of Take-or-Pay Obligations at December 31, 2013 In millions
2014	$	29
2015	29
2016	27
2017	27
2018	24
2019 and beyond	90
Total	$	226

Asset Retirement Obligations

The Corporation has recognized asset retirement obligations related to capping activities at landfill sites in the United States. The aggregate carrying amount of these asset retirement obligations was $4 million at December 31, 2013 and $4 million at December 31, 2012. The Corporation also has recognized conditional asset retirement obligations related to asbestos encapsulation as a result of planned demolition and remediation activities at manufacturing and administrative sites in the United States. The aggregate carrying amount of conditional asset retirement obligations was $8 million at December 31, 2013 and $7 million at December 31, 2012. The discount rate used to calculate the Corporation's asset retirement obligations and conditional asset retirement obligations was 0.88 percent at December 31, 2013 and 0.87 percent at December 31, 2012. These obligations are included in the consolidated balance sheets as “Accrued and other current liabilities” and "Other noncurrent obligations."

The Corporation has not recognized conditional asset retirement obligations for which a fair value cannot be reasonably estimated in its consolidated financial statements. It is the opinion of management that the possibility is remote that such conditional asset retirement obligations, when estimable, will have a material impact on the Corporation's consolidated financial statements based on current costs.

NOTE 14 - NOTES PAYABLE AND LONG-TERM DEBT

Notes Payable at December 31 In millions	2013			2012
Notes payable - related companies	$	34		$	40
Year-end average interest rates	0.92		%	0.86		%

Long-Term Debt at December 31	2013					2012
	Average					Average
In millions	Rate		2013			Rate		2012
Promissory notes and debentures:
Debentures due 2023	7.875	%	$	175		7.875	%	$	175
Debentures due 2025	6.79	%	12			6.79	%	12
Debentures due 2025	7.50	%	150			7.50	%	150
Debentures due 2096	7.75	%	135			7.75	%	135
Unamortized debt discount	—		(1		)	—		(1		)
Total long-term debt			$	471				$	471

The Corporation does not have any maturities related to long-term debt during the next five years.

In the first quarter of 2012, the Corporation redeemed $37 million aggregate principal amount of pollution control/industrial revenue bonds that matured on January 1, 2012.

46

On March 22, 2011, the Corporation concluded a cash tender offer for $65 million aggregate principal amount of certain notes issued by the Corporation. As a result of the tender offer, the Corporation redeemed $65 million of the notes and recognized a $6 million pretax loss on early extinguishment of debt, included in “Sundry income (expense) – net” in the consolidated statements of operations.

Debt Covenants and Default Provisions

The Corporation's outstanding public debt has been issued under indentures which contain, among other provisions, covenants that the Corporation must comply with while the underlying notes are outstanding. Such covenants are typically based on the Corporation's size and financial position and include, subject to the exceptions and qualifications contained in the indentures, obligations not to (i) allow liens on principal U.S. manufacturing facilities, (ii) enter into sale and lease-back transactions with respect to principal U.S. manufacturing facilities, or (iii) merge into or consolidate with any other entity or sell or convey all or substantially all of its assets. Failure of the Corporation to comply with any of these covenants could, after the passage of any applicable grace period, 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 subject notes.

NOTE 15 - PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

Pension Plans

The Corporation has a defined benefit pension plan that covers substantially all employees in the United States. Benefits are based on length of service and the employee's three highest consecutive years of compensation. Employees hired on or after January 1, 2008 earn benefits that are based on a set percentage of annual pay, plus interest. The Corporation also has a non-qualified supplemental pension plan.

The Corporation's funding policy is to contribute to the plan when pension laws or economics either require or encourage funding. In 2013, UCC contributed $158 million to its pension plans including contributions to fund benefits payments for its non-qualified supplemental plan. UCC does not expect to make cash contributions to its pension plans in 2014.

The weighted‑average assumptions used to determine pension plan obligations and net periodic benefit costs are provided below:

Pension Plan Assumptions	Benefit Obligations at December 31						Net Periodic Costs for the Year
	2013		2012		2011		2013		2012		2011
Discount rate	4.75	%	3.85	%	4.85	%	3.85	%	4.85	%	5.35	%
Rate of increase in future compensation levels	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
Long-term rate of return on assets	—		—		—		6.90	%	6.90	%	7.40	%

The Corporation 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 Corporation's historical experience with the pension fund asset performance is also considered. 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 fixed income investments at the measurement date. Future expected actuarially determined cash flows of the plans are matched against the Towers Watson RATE:Link yield curve (based on 60th and 90th percentile bond yields) to arrive at a single discount rate by plan.

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The accumulated benefit obligation for all defined benefit pension plans was $4.0 billion at December 31, 2013 and $4.4 billion at December 31, 2012.

Pension Plans with Accumulated Benefit Obligations in Excess ofPlan Assets at December 31
In millions	2013		2012
Projected benefit obligation	$	3,995	$	4,433
Accumulated benefit obligation	$	3,963	$	4,383
Fair value of plan assets	$	3,586	$	3,548

Other Postretirement Benefits

The Corporation provides certain health care and life insurance benefits to retired U.S. employees. The plan provides health care benefits, including hospital, physicians' services, drug and major medical expense coverage, and life insurance benefits. The Corporation and the retiree share the cost of these benefits, with the Corporation portion increasing as the retiree has increased years of credited service, although there is a cap on the Corporation portion. The Corporation has the ability to change these benefits at any time. Employees hired after January 1, 2008 are not covered under this plan.

During the fourth quarter of 2013, the Corporation started implementing an Employer Group Waiver Plan (“EGWP”) for its Medicare-eligible, retiree medical plan participants, which became effective on January 1, 2014. As a result, 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. The 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 formation of the EGWP and the resulting change in assumption generated an actuarial gain of $55 million at December 31, 2013, included in "Accumulated other comprehensive loss" in the consolidated balance sheets. The Corporation also recognized a reduction in the postretirement benefit obligation of $55 million at December 31, 2013. The Corporation estimates net periodic benefit costs will decrease by approximately $10 million in 2014 due to the EGWP.

The Corporation funds most of the cost of these health care and life insurance benefits as incurred. In 2013, UCC did not make any contributions to its other postretirement benefit plan trust. Likewise, UCC does not expect to contribute assets to its other postretirement benefit plan trust in 2014.

The weighted-average assumptions used to determine other postretirement benefit obligations and net periodic benefit costs for the plan are provided in the following table:

Plan Assumptions for Other Postretirement Benefits	Benefit Obligations at December 31						Net Periodic Costs for the Year
	2013		2012		2011		2013		2012		2011
Discount rate	4.40	%	3.65	%	4.60	%	3.65	%	4.60	%	5.10	%
Initial health care cost trend rate	7.46	%	7.85	%	8.30	%	7.85	%	8.30	%	8.72	%
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	2020		2019		2019		2020		2019		2019

Increasing the assumed medical cost trend rate by one percentage point in each year would decrease the accumulated postretirement benefit obligation at December 31, 2013 by $4 million and the net periodic postretirement benefit cost for the year by an immaterial amount. Decreasing the assumed medical cost trend rate by one percentage point in each year would increase the accumulated postretirement benefit obligation at December 31, 2013 by $4 million and the net periodic postretirement benefit cost for the year by an immaterial amount.

48

Net Periodic Benefit Cost for all Plans
	Defined Benefit Pension Plans									Other Postretirement Benefits
In millions	2013			2012			2011			2013			2012			2011
Service cost	$	31		$	28		$	25		$	2		$	2		$	2
Interest cost	165			189			200			14			17			19
Expected return on plan assets	(232		)	(235		)	(255		)	—			—			—
Amortization of prior service cost (credit)	7			7			7			(1		)	(2		)	(2		)
Amortization of net loss	88			60			85			—			—			—
Net periodic benefit cost	$	59		$	49		$	62		$	15		$	17		$	19

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) for all Plans
	Defined Benefit Pension Plans									Other Postretirement Benefits
In millions	2013			2012			2011			2013			2012		2011
Net (gain) loss	$	(283	)	$	375		$	254		$	(102	)	$	16	$	(4	)
Amortization of prior service (cost) credit	(7		)	(7		)	(7		)	1			2		2
Amortization of net loss	(88		)	(60		)	(85		)	—			—		—
Total recognized in other comprehensive (income) loss	$	(378	)	$	308		$	162		$	(101	)	$	18	$	(2	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(319	)	$	357		$	224		$	(86	)	$	35	$	17

Change in Projected Benefit Obligations, Plan Assets and Funded Status for all Plans
	Defined Benefit Pension Plans						Other Postretirement Benefits
In millions	2013			2012			2013			2012
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	4,433		$	4,037		$	414		$	412
Service cost	31			28			2			2
Interest cost	165			189			14			17
Actuarial changes in assumptions and experience	(342		)	472			(102		)	16
Benefits paid	(285		)	(286		)	(26		)	(33		)
Other	(7		)	(7		)	—			—
Benefit obligation at end of year	$	3,995		$	4,433		$	302		$	414
Change in plan assets:
Fair value of plan assets at beginning of year	$	3,548		$	3,351		$	—		$	—
Actual return on plan assets	174			331			—			—
Employer contributions	158			158			—			—
Asset transfer	(9		)	(6		)	—			—
Benefits paid	(285		)	(286		)	—			—
Fair value of plan assets at end of year	$	3,586		$	3,548		$	—		$	—
Funded status at end of year	$	(409	)	$	(885	)	$	(302	)	$	(414	)

Net amounts recognized in the consolidated balance sheets at December 31:
Current liabilities	$	(1	)	$	(1	)	$	(33	)	$	(36	)
Noncurrent liabilities	(408		)	(884		)	(269		)	(378		)
Net amounts recognized in the consolidated balance sheets	$	(409	)	$	(885	)	$	(302	)	$	(414	)
Pretax amounts recognized in AOCI at December 31:
Net loss (gain)	$	1,570		$	1,941		$	(107	)	$	(5	)
Prior service cost (credit)	26			33			(1		)	(2		)
Pretax balance in AOCI at end of year	$	1,596		$	1,974		$	(108	)	$	(7	)

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In 2014, an estimated net loss of $66 million and prior service cost of $6 million for the defined benefit pension plans will be amortized from AOCI to net periodic benefit cost. In 2014, an estimated net gain of $10 million for the other postretirement benefit plan will be amortized from AOCI 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:

Estimated Future Benefit Payments at December 31, 2013
In millions	Defined Benefit Pension Plans		Other Postretirement Benefits
2014	$	281	$	33
2015	276		32
2016	276		29
2017	274		26
2018	274		25
2019 through 2023	1,334		106
Total	$	2,715	$	251

Plan Assets

Plan assets consist mainly of equity and fixed income securities of U.S. and foreign issuers, and include alternative investments such as real estate, private equity and other absolute return strategies. At December 31, 2013, plan assets totaled $3.6 billion and $3.5 billion at December 31, 2012 which included no Dow common stock.

Investment Strategy and Risk Management for Plan Assets

The Corporation's investment strategy for the plan assets is to manage the assets 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 markets 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 plan.

The plan is permitted to use derivative instruments for investment purposes, as well as for hedging the underlying asset and liability exposures and rebalancing the asset allocation. The plan uses value at risk, stress testing, scenario analysis and Monte Carlo simulation to monitor and manage both asset risk in the portfolios and surplus risk.

Equity securities primarily include investments in large- and small-cap companies located in both developed and emerging markets around the world. Fixed income securities are primarily U.S. dollar based and include investment grade corporate bonds of companies diversified across industries and U.S. treasuries. 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 and foreign exchange derivative investments and hedges.

Strategic Target Allocation of Plan Assets
Asset Category	Target Allocation
Equity securities	25	%
Fixed income securities	45	%
Alternative investments	25	%
Other	5	%
Total	100	%

Concentration of Risk

The Corporation mitigates the credit risk of investments by establishing guidelines with the 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 Corporation and the external managers. Credit risk for hedging activity is mitigated by utilizing multiple counterparties and through collateral support agreements.

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The Northern Trust Collective Government Short Term Investment money market fund is utilized as the sweep vehicle for the pension plan, which from time to time can represent a significant investment. Approximately half of the liability of the pension plan is covered by a participating group annuity issued by Prudential Insurance Company.

The following tables summarize the bases used to measure the Corporation's pension plan assets at fair value for the years ended December 31, 2013 and 2012:

Basis of Fair Value Measurements at December 31, 2013 In millions	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	3	$	304		$	—	$	307
Equity securities:
U.S. equity	$	388	$	143		$	—	$	531
Non-U.S. equity - developed countries	181		85			—		266
Emerging markets	119		67			2		188
Total equity securities	$	688	$	295		$	2	$	985
Fixed income securities:
U.S. government and municipalities	$	—	$	606		$	—	$	606
U.S. agency mortgage backed securities	—		63			—		63
Corporates - investment grade	—		635			—		635
Non-U.S. governments - developed countries	—		2			—		2
Non-U.S. corporates - developed countries	—		159			—		159
Emerging markets debt	—		22			—		22
Other asset-backed securities	—		9			2		11
Other fixed income funds	—		—			12		12
High yield bonds	—		3			—		3
Fixed income derivatives	—		(3		)	—		(3		)
Total fixed income securities	$	—	$	1,496		$	14	$	1,510
Alternative investments:
Real estate	$	—	$	—		$	292	$	292
Private equity	—		—			228		228
Absolute return	—		127			103		230
Total alternative investments	$	—	$	127		$	623	$	750
Total other securities	$	—	$	12		$	22	$	34
Total pension plan assets at fair value	$	691	$	2,234		$	661	$	3,586

51

Basis of Fair Value Measurements at December 31, 2012 In millions	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	5	$	371	$	—	$	376
Equity securities:
U.S. equity	$	211	$	42	$	—	$	253
Non-U.S. equity - developed countries	208		71		—		279
Emerging markets	133		137		3		273
Convertible Bonds	—		2		—		2
Equity derivatives	—		1		—		1
Total equity securities	$	552	$	253	$	3	$	808
Fixed income securities:
U.S. government and municipalities	$	—	$	733	$	—	$	733
U.S. agency mortgage backed securities	—		115		—		115
Corporates - investment grade	—		685		—		685
Non-U.S. governments - developed countries	—		3		—		3
Non-U.S. corporates - developed countries	—		104		—		104
Emerging markets debt	—		10		—		10
Other asset-backed securities	—		6		—		6
Other fixed income funds	—		—		17		17
High yield bonds	—		2		—		2
Total fixed income securities	$	—	$	1,658	$	17	$	1,675
Alternative investments:
Real estate	$	—	$	—	$	248	$	248
Private equity	—		—		230		230
Absolute return	—		115		74		189
Total alternative investments	$	—	$	115	$	552	$	667
Other securities:
Insurance contracts	$	—	$	—	$	22	$	22
Total other securities	$	—	$	—	$	22	$	22
Total pension plan assets at fair value	$	557	$	2,397	$	594	$	3,548

For assets classified as Level 1 measurements (measured using quoted prices in active markets), the 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 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/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.

Some plan assets are held in funds where a net asset value is calculated based on the fair value of the underlying assets and the number of shares owned. The classification of the fund (Level 2 or 3 measurements) is determined based on the lowest level classification of significant holdings within the fund. For all other 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.

52

For 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.

The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2013 and 2012:

Fair Value Measurement of Level 3 Pension Plan Assets In millions	Equity Securities			Fixed Income Securities			Alternative Investments			Other Investments		Total
Balance at January 1, 2012	$	2		$	11		$	484		$	22	$	519
Actual return on plan assets:
Relating to assets held at Dec. 31, 2012	(1		)	—			53			—		52
Relating to assets sold during 2012	(1		)	—			(7		)	—		(8		)
Purchases, sales and settlements	3			6			(7		)	—		2
Transfers into Level 3, net	—			—			29			—		29
Balance at December 31, 2012	$	3		$	17		$	552		$	22	$	594
Actual return on plan assets:
Relating to assets held at Dec. 31, 2013	(2		)	—			22			—		20
Relating to assets sold during 2013	—			—			40			—		40
Purchases, sales and settlements	1			(3		)	9			—		7
Balance at December 31, 2013	$	2		$	14		$	623		$	22	$	661

NOTE 16 - LEASED PROPERTY

The Corporation has leases primarily for facilities and distribution equipment. The future minimum rental payments under leases with remaining noncancelable terms in excess of one year are as follows:

Minimum Lease Commitments at December 31, 2013 In millions
2014	$	7
2015	6
2016	4
2017	3
2018	3
2019 and thereafter	21
Total	$	44

Rental expenses under leases were $31 million in 2013, $35 million in 2012 and $31 million in 2011.

NOTE 17 - RELATED PARTY TRANSACTIONS

The Corporation sells its products to Dow to simplify the customer interface process. Products are sold to and purchased from Dow at market-based prices in accordance with the terms of Dow’s intercompany pricing policies. Beginning in 2013, after each quarter, the Corporation and Dow analyze the pricing used for the sales in that quarter and reach agreement on any necessary adjustments, at which point the prices are final. The Corporation also procures certain commodities and raw materials through a Dow subsidiary and pays a commission to that Dow subsidiary based on the volume and type of commodities and raw materials purchased. The commission expense is included in “Sundry income (expense) - net” in the consolidated statements of operations. Purchases from that Dow subsidiary were approximately $2.9 billion in 2013, $3.1 billion in 2012 and $3.5 billion in 2011.

53

The Corporation has a master services agreement with Dow whereby Dow provides services including, but not limited to, accounting, legal, treasury (investments, cash management, risk management, insurance), procurement, human resources, environmental, health and safety, and business management for UCC. Under the master services agreement with Dow, general administrative and overhead type services that Dow routinely allocates to various businesses are charged to UCC. The master services agreement cost allocation basis is headcount and includes a 10 percent service fee. This agreement resulted in expense of approximately $25 million in 2013, $32 million in 2012 and $48 million in 2011 for general administrative and overhead type services and the 10 percent service fee, included in “Sundry income (expense) - net” in the consolidated statements of operations. The decrease in general administrative and overhead type services including the service fee was due to a simplification of the cost structure as well as cost reduction initiatives by Dow. The remaining activity-based costs were approximately $46 million in 2013, $51 million in 2012 and $35 million in 2011 and were included in “Cost of sales” in the consolidated statements of operations. The increase in activity-based costs compared with 2011 was due to turnaround costs in both 2012 and 2013.

Management believes the method used for determining expenses charged by Dow is reasonable. Dow provides these services by leveraging its centralized functional service centers to provide services at a cost that management believes provides an advantage to the Corporation.

The monitoring and execution of risk management policies related to interest rate and foreign currency risks, which are based on Dow’s risk management philosophy, are provided as a service to UCC.

As part of Dow’s cash management process, UCC is a party to revolving loans with Dow that have interest rates based on LIBOR (London Interbank Offered Rate) with varying maturities. At December 31, 2013, the Corporation had a note receivable of $2.4 billion ($2.3 billion at December 2012) from Dow under a revolving loan agreement. The Corporation may draw from this note receivable in support of its daily working capital requirements and, as such, the net effect of cash inflows and outflows under this revolving loan agreement is presented in the consolidated statements of cash flows as an operating activity.

The Corporation also has a separate revolving credit agreement with Dow that allows the Corporation to borrow or obtain credit enhancements up to an aggregate of $1 billion that matures on December 30, 2014. Dow may demand repayment with a 30-day written notice to the Corporation, subject to certain restrictions. A related collateral agreement provides for the replacement of certain existing pledged assets, primarily equity interests in various subsidiaries and joint ventures, with cash collateral. At December 31, 2013, $843 million ($820 million at December, 2012) was available under the revolving credit agreement. The cash collateral is reported as “Noncurrent receivables from related companies” in the consolidated balance sheets.

The Corporation recorded an impairment charge of $25 million in the fourth quarter of 2013 for the full value of the cost method investment in Dow Quimica Argentina S.A., a related company. The impairment charge, triggered by ongoing losses in the entity, is included in "Sundry income (expense) - net" in the consolidated statements of operations.

In the fourth quarter of 2012, UCC recorded an impairment charge of $131 million related to its investment in Modeland International Holdings Inc. ("Modeland"), a related company, representing the difference between the investment's cost and its fair value. The impairment was triggered by an ownership reorganization of Modeland's subsidiaries. The amount of the impairment charge was calculated based on an appraisal of the fair value of Modeland's assets and liabilities. The fair value was determined through the use of both income and market valuation approaches. The impairment charge is included in "Sundry income (expense) -net" in the consolidated statements of operations. Subsequent to recording the impairment charge, the Corporation also declared and paid a stock dividend to Dow for its ownership interest in Modeland totaling $9 million.

During 2013, the Corporation declared and paid dividends totaling $661 million which included cash dividends to Dow totaling $591 million. In September, 2013 UCC declared a stock dividend to Dow of its 100 percent ownership interest in Union Carbide Subsidiary C, Inc., which included UCC's full ownership interest in Univation Technologies, LLC. This stock dividend was effective on September 29, 2013 and totaled $70 million. During 2012, the Corporation declared and paid dividends totaling $784 million to Dow, which included cash dividends to Dow totaling $775 million and a stock dividend to Dow for its ownership interest in Modeland totaling $9 million.

The Corporation received cash dividends from its investment in Dow Technology Investments, LLC, a related company, of $16 million in 2013 ($25 million in 2012 and $7 million in 2011). These dividends were included in "Sundry income (expense) - net" in the consolidated statements of operations.

54

In accordance with the Tax Sharing Agreement between the Corporation and Dow, the Corporation makes payments to Dow to cover the Corporation's estimated federal tax liability; payments were $163 million in 2013, zero in 2012 and $227 million in 2011.

NOTE 18 - INCOME TAXES

Domestic and Foreign Components of Income (Loss) Before Income Taxes
In millions	2013			2012			2011
Domestic (1)	$	1,077		$	(95	)	$	303
Foreign	(10		)	(2		)	(1		)
Total	$	1,067		$	(97	)	$	302

(1) In 2013, the domestic component of "Income Before Income Taxes" included a gain of $368 million for the sale of Dow's Polypropylene Licensing and Catalysts business.

Provision for Income Taxes
			2013									2012									2011
In millions	Current		Deferred			Total			Current			Deferred			Total			Current			Deferred			Total
Federal	$	337	$	18		$	355		$	10		$	15		$	25		$	126		$	(41	)	$	85
State and local	5		(47		)	(42		)	(5		)	(3		)	(8		)	(2		)	(2		)	(4		)
Foreign	6		—			6			—			—			—			6			—			6
Total	$	348	$	(29	)	$	319		$	5		$	12		$	17		$	130		$	(43	)	$	87

Reconciliation to U.S. Statutory Rate
In millions	2013			2012			2011
Taxes at U.S. statutory rate	$	374		$	(34	)	$	106
Equity earnings effect (1)	(1		)	2			—
U.S. business credits	—			—			(6		)
Benefit of dividend income from investments in related companies	(6		)	(9		)	(2		)
Audit settlement and court case impact	20			—			—
Unrecognized tax benefits	(30		)	9			(1		)
Impairment of investment in related company	1			46			—
Federal tax accrual adjustments (1)	(5		)	(8		)	—
State and local tax impact	(38		)	12			(7		)
Other - net	4			(1		)	(3		)
Total tax provision	$	319		$	17		$	87
Effective tax rate	29.9		%	(17.5		)%	28.8		%

(1) The amount for the noted reconciliation item is immaterial for 2011 and has been included in the “Other - net” category.

The tax rate for 2013 was favorably impacted by changes in valuation allowances in the United States on state income tax attributes, audit settlements and remeasurement of tax positions. The 2013 tax rate was negatively impacted by an unfavorable court ruling in the first quarter of 2013. UCC's reported effective tax rate for 2013 was 29.9 percent.

The tax rate for 2012 was negatively impacted primarily by the minimal tax relief related to the impairment of the investment in related company and the inability to utilize state tax credits. UCC's reported effective tax rate for 2012 was negative 17.5 percent.

55

The tax rate for 2011 was positively impacted by U.S. state and business credits. These events resulted in an effective tax rate for 2011 that was lower than the U.S. statutory rate. UCC's reported effective tax rate for 2011 was 28.8 percent.

Deferred Tax Balances at December 31 In millions	2013					2012
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Property	$	—		$	235	$	—		$	202
Tax loss and credit carryforwards	95			—		103			—
Postretirement benefit obligations	706			440		887			403
Other accruals and reserves	656			4		595			4
Inventory	30			—		10			1
Long-term debt	—			1		—			1
Investments	7			—		—			1
Other - net	2			1		28			46
Subtotal	$	1,496		$	681	$	1,623		$	658
Valuation allowances	(50		)	—		(124		)	—
Total	$	1,446		$	681	$	1,499		$	658

Gross operating loss carryforwards at December 31, 2013 amounted to $1,188 million compared with $1,255 million at the end of 2012. At December 31, 2013, $584 million of the operating loss carryforwards were subject to expiration in the years 2014 through 2018. The remaining balances expire in years beyond 2018 or have an indefinite carryforward period. Tax credit carryforwards amounted to $7 million at December 31, 2013 and $39 million at December 31, 2012, of which $2 million is subject to expiration in 2014 through 2018. The remaining tax credit carryforwards expire in years beyond 2018 or have an indefinite carryforward period.

Undistributed earnings of foreign subsidiaries and related companies that are deemed to be permanently invested amounted to $48 million at December 31, 2013, $53 million at December 31, 2012 and $63 million at December 31, 2011. It is not practicable to calculate the unrecognized deferred tax liability on those earnings.

The Corporation had valuation allowances that were primarily related to the realization of recorded tax benefits on state tax loss carryforwards from operations in the United States of $50 million at December 31, 2013 and $124 million at December 31, 2012.

Total Gross Unrecognized Tax Benefits
In millions	2013			2012			2011
Balance at January 1	$	166		$	161		$	163
Increases related to positions taken on items from prior years	1			—			—
Decreases related to positions taken on items from prior years	(7		)	—			(1		)
Increases related to positions taken in current year	—			8			1
Settlement of uncertain tax positions with tax authorities	(154		)	—			—
Decreases due to expiration of statutes of limitations	(2		)	(3		)	(2		)
Balance at December 31	$	4		$	166		$	161

At December 31, 2013, the total amount of unrecognized tax benefits was $4 million ($166 million at December 31, 2012), of which $3 million ($158 million at December 31, 2012) would impact the effective tax rate, if recognized.

Interest and penalties associated with unrecognized tax benefits are recognized as components of “Provision for income taxes” in the consolidated statements of operations and was a benefit of $15 million in 2013, $1 million in 2012 and $2 million in 2011. The Corporation's accrual for interest and penalties was a payable of $1 million at December 31, 2013 and a receivable of $4 million at December 31, 2012.

During 2013, the U.S. Supreme Court denied certiorari in UCC's research tax credit case. Through the denial of certiorari, the U.S. Court of Appeals decision denying UCC's tax credit claim for supplies used in process-related research and development at its manufacturing facilities became final. As a result of this ruling, UCC reversed the uncertain tax positions related to this matter, which resulted in a decrease to "Other noncurrent obligations" and an increase to "Income taxes payable" in the consolidated balance sheets in accordance with the Tax Sharing Agreement between the Corporation and Dow. In addition,

56

UCC recognized a tax charge of $41 million in the first quarter of 2013 included in "Provision for income taxes" in the consolidated statements of operations. An audit settlement in the second quarter of 2013 resulted in a tax benefit of $22 million, included in "Provision for income taxes" and various balance sheet reclassifications from noncurrent to current accruals and receivables.

Tax years that remain subject to examination for the Corporation's major tax jurisdictions are shown below:

Tax Years Subject to Examination by Major Tax Jurisdiction at December 31
Jurisdiction	Earliest Open Year
	2013	2012
United States:
Federal income tax	2004	2004
State and local income tax	2004	2004

The Corporation is included in Dow's consolidated federal income tax group and consolidated tax return. Current and deferred tax expenses are calculated for the Corporation as a stand-alone group and are allocated to the group from the consolidated totals. UCC is currently under examination in a number of tax jurisdictions, including the U.S. federal and various state jurisdictions. It is reasonably possible that these examinations may be resolved within twelve months. As a result, it is reasonably possible that the total gross unrecognized tax benefits of the Corporation at December 31, 2013, will be reduced by approximately zero to $4 million from resolution of these examinations.

The reserve for non-income tax contingencies related to issues in the United States was zero at December 31, 2013 and $8 million at December 31, 2012. 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 Corporation's management that the possibility is remote that costs in excess of those accrued will have a material impact on the Corporation's consolidated financial statements.

NOTE 19 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table provides an analysis of the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011:

Accumulated Other Comprehensive Income (Loss)
In millions	2013			2012			2011
Cumulative Translation Adjustments at beginning of year	$	(56	)	$	(52	)	$	(55	)
Translation adjustments	(1		)	(4		)	3
Reclassification to earnings - Sundry income (expense) - net (1)	(21		)	—			—
Balance at end of period	$	(78	)	$	(56	)	$	(52	)
Pension and Other Postretirement Benefit Plans at beginning of year	$	(1,289	)	$	(1,080	)	$	(971	)
Net gain (loss) during period (net of tax of $122, $(141), $(84)) (2) (3)	263			(250		)	(166		)
Amortization of prior service cost included in net periodic pension costs (net of tax of $2, $2, $2) (2) (3)	4			3			3
Amortization of net loss included in net periodic pension costs (net of tax of $33, $22, $31) (2)(3)	55			38			54
Balance at end of period	$	(967	)	$	(1,289	)	$	(1,080	)
Total accumulated other comprehensive loss	$	(1,045	)	$	(1,345	)	$	(1,132	)

(1)    Reclassification resulted from the divestiture of a nonconsolidated affiliate.

(2)    See Note 15 for additional information.

(3)    Tax amounts are included in "Provision for income taxes" in the consolidated statements of operations.

57

NOTE 20 - BUSINESS AND GEOGRAPHIC AREAS

Dow conducts its worldwide operations through global businesses, and the Corporation's business activities comprise components of Dow's global businesses rather than stand-alone operations. The Corporation sells its products to Dow in order to simplify the customer interface process at market-based prices in accordance with Dow's intercompany pricing policy. Because there are no separable reportable business segments for the Corporation and no detailed business information is provided to a chief operating decision maker regarding the Corporation's stand-alone operations, the Corporation's results are reported as a single operating segment.

Sales are attributed to geographic areas based on customer location; long-lived assets are attributed to geographic areas based on asset location. Sales to external customers and long-lived assets by geographic area were as follows:

In millions	United States		Asia Pacific		Rest of World		Total
2013
Sales to external customers (1)	$	100	$	43	$	18	$	161
Long-lived assets	$	1,197	$	6	$	36	$	1,239
2012
Sales to external customers (1)	$	98	$	64	$	15	$	177
Long-lived assets	$	1,287	$	8	$	39	$	1,334
2011
Sales to external customers (1)	$	126	$	45	$	15	$	186
Long-lived assets	$	1,322	$	9	$	23	$	1,354

(1) Of the total sales to external customers, China represented approximately 21 percent in 2013, 21 percent in 2012 and 7 percent in 2011, and Malaysia represented approximately 4 percent in 2013, 10 percent in 2012 and 5 percent in 2011, both of which are included in Asia Pacific.

58

Union Carbide Corporation and Subsidiaries

PART II, Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

59

Union Carbide Corporation and Subsidiaries

PART II, Item 9A. Controls and Procedures.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by the Annual Report on Form 10-K, the Corporation carried out an evaluation, under the supervision and with the participation of the Corporation's Disclosure Committee and the Corporation's management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Corporation's disclosure controls and procedures pursuant to Exchange Act Rule 15d - 15(b). Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Corporation's disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There were no changes in the Corporation's internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that was conducted during the last fiscal quarter that materially affected or were reasonably likely to materially affect the Corporation's internal control over financial reporting.

Management's Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Corporation's internal control framework and processes are designed to provide reasonable assurance to management and the Board of Directors regarding the reliability of financial reporting and the preparation of the Corporation's consolidated financial statements in accordance with accounting principles generally accepted in the United States of America.

The Corporation's internal control over financial reporting includes those policies and procedures that:

• pertain to the maintenance of records, that in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Corporation;

• 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 Corporation are being made only in accordance with authorizations of management and Directors of the Corporation; and

• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Corporation's assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, any system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements.

Management assessed the effectiveness of the Corporation's internal control over financial reporting and concluded that, as of December 31, 2013, such internal control is effective. In making the assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control--Integrated Framework (1992),

The Corporation's internal control over financial reporting was not subject to attestation by the Corporation's independent registered public accounting firm, Deloitte & Touche LLP, pursuant to the rules of the Securities and Exchange Commission that permit the Corporation to provide only management's report. Therefore, this annual report does not include an attestation report regarding internal controls over financial reporting from Deloitte & Touche LLP.

February 14, 2014

/s/ JAMES A. VARILEK	/s/ IGNACIO MOLINA
James A. Varilek President and Chief Executive Officer	Ignacio Molina Vice President, Treasurer and Chief Financial Officer
/s/ RONALD C. EDMONDS
Ronald C. Edmonds, Vice President and Controller The Dow Chemical Company Authorized Representative of Union Carbide Corporation

60

Union Carbide Corporation and Subsidiaries

PART II, Item 9B. Other Information.

ITEM 9B. OTHER INFORMATION

None.

61

Union Carbide Corporation and Subsidiaries

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Omitted pursuant to General Instruction I of Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION

Omitted pursuant to General Instruction I of Form 10-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Omitted pursuant to General Instruction I of Form 10-K.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Omitted pursuant to General Instruction I of Form 10-K.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Dow's Audit Committee pre-approves all auditing services and permitted non-audit services (including the fees and terms thereof) to be performed for Dow and its subsidiaries (including the Corporation) by its independent auditor, subject to the de minimus exception for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act, which are approved by Dow's Audit Committee prior to the completion of the audit. The Corporation's management and its Board of Directors subscribe to these policies and procedures. For the years ended December 31, 2013 and 2012, professional services were performed for the Corporation by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu Limited, and their respective affiliates (collectively, the “Deloitte Entities”).

Total fees paid to the Deloitte Entities were:

In thousands	2013		2012
Audit fees (1)	$	1,576	$	1,621
Audit-related fees (2)	94		250
Total	$	1,670	$	1,871

(1) The aggregate fees billed for the audit of the Corporation's annual financial statements, the reviews of the financial statements in Quarterly Reports on Form 10-Q, statutory audits and other regulatory filings.

(2) For 2012, primarily for agreed-upon procedure engagements.

62

Union Carbide Corporation and Subsidiaries

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) The following documents are filed as part of this report:

1. The Corporation's 2013 Consolidated Financial Statements and the Report of Independent Registered Public Accounting Firm are included in Item 8 of this Annual Report on Form 10-K.

2. Financial Statement Schedules

Financial Statement Schedules are omitted because of the absence of the conditions under which they are required or because the information called for is included in the Consolidated Financial Statements or Notes thereto.

3. See the Exhibit Index for exhibits filed with this Annual Report on Form 10-K (see below) and for exhibits incorporated by reference.

The Corporation will provide a copy of any exhibit upon receipt of a written request for the particular exhibit or exhibits desired. All requests should be addressed to the Corporation's principal executive offices (address provided at the end of the Exhibit Index).

The following exhibits listed on the Exhibit Index are filed with this Annual Report on Form 10‑K:

Exhibit No.	Description of Exhibit
10.5.11	Eleventh Amendment to the Amended and Restated Revolving Credit Agreement, effective as of December 16, 2013, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors
23	Analysis, Research & Planning Corporation's Consent
31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	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

63

Union Carbide Corporation and Subsidiaries

Trademark Listing

The following trademarks of Union Carbide Corporation or its subsidiaries appear in this report:

CARBOWAX, CELLOSIZE, FLEXOMER, POLYOX, REDI-LINK, SI-LINK, SENTRY, TERGITOL, TRITON, TUFLIN, UCAR, UCARTHERM, UCON, UNIGARD, UNIPOL, UNIPURGE, UNIVAL

The following trademark of The Dow Chemical Company appears in this report: METEOR

The following registered service mark of American Chemistry Council appears in this report: Responsible Care

64

Union Carbide Corporation and Subsidiaries

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on the 14th day of February 2014.

UNION CARBIDE CORPORATION
By:	/s/ RONALD C. EDMONDS
	Ronald C. Edmonds, Vice President and Controller The Dow Chemical Company Authorized Representative of Union Carbide Corporation

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below on the 14th day of February 2014 by the following persons on behalf of the Registrant and in the capacities indicated:

/s/ JAMES A. VARILEK	/s/ GLENN J. MORAN
James A. Varilek	Glenn J. Moran, Director
President and Chief Executive Officer
/s/ IGNACIO MOLINA	/s/ PATRICK E. GOTTSCHALK
Ignacio Molina Vice President, Treasurer and Chief Financial Officer	Patrick E. Gottschalk, Director
/s/ RONALD C. EDMONDS
Ronald C. Edmonds, Vice President and Controller The Dow Chemical Company Authorized Representative of Union Carbide Corporation

65

Union Carbide Corporation and Subsidiaries

Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act

The Corporation is a wholly owned subsidiary of The Dow Chemical Company ("Dow") and, as such, does not send an annual report to security holders or proxy material with respect to any annual or other meeting of security holders to Dow or any other security holders.

66

Union Carbide Corporation and Subsidiaries

Exhibit Index

EXHIBIT NO.	DESCRIPTION
2.1	Agreement and Plan of Merger dated as of August 3, 1999 among Union Carbide Corporation, The Dow Chemical Company and Transition Sub Inc. (see Exhibit 2 of the Corporation's Current Report on Form 8-K dated August 3, 1999)
2.2	Agreement for the Sale & Purchase of Shares, dated as of August 17, 2009, among Union Carbide Corporation, UCMG L.L.C. and Petroliam Nasional Berhad (see Exhibit 2.1 of the Corporation's Current Report on Form 8-K dated September 30, 2009)
3.1	Restated Certificate of Incorporation of Union Carbide Corporation under Section 807 of the Business Corporation Law, as filed on May 13, 2008 (see Exhibit 3.1.4 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008)
3.2	Amended and Restated Bylaws of Union Carbide Corporation, amended as of April 22, 2004 (see Exhibit 3.2 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004)
4.1	Indenture dated as of June 1, 1995, between the Corporation and the Chase Manhattan Bank (formerly Chemical Bank), Trustee (see Exhibit 4.1.2 to the Corporation's Form S-3 effective October 13, 1995, Reg. No. 33-60705)
4.2	The Corporation will furnish to the Commission upon request any other debt instrument referred to in Item 601(b)(4)(iii)(A) of Regulation S-K.
10.1	Amended and Restated Service Agreement, effective as of July 1, 2002, between the Corporation and The Dow Chemical Company (see Exhibit 10.23 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002)
10.1.1	Service Addendum No. 2 to the Service Agreement, effective as of August 1, 2001, between the Corporation and The Dow Chemical Company (see Exhibit 10.23.2 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2002)
10.1.2	Restated Service Addendum No. 1 to the Service Agreement, effective as of February 6, 2001, between the Corporation and The Dow Chemical Company (see Exhibit 10.23.3 of the Corporation's 2002 Form 10-K)
10.1.3	Service Addendum No. 3 to the Amended and Restated Service Agreement, effective as of January 1, 2005, between the Corporation and The Dow Chemical Company (see Exhibit 10.1.3 of the Corporation's 2004 Form 10-K)
10.1.4	First Amendment to Amended and Restated Service Agreement, effective as of January 1, 2011, between the Corporation and The Dow Chemical Company (See Exhibit 10.1.4 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011)
10.2	Second Amended and Restated Sales Promotion Agreement, effective January 1, 2004, between the Corporation and The Dow Chemical Company (see Exhibit 10.24 of the Corporation's 2003 Form 10-K)
10.2.1	First Amendment to Second Amended and Restated Sales Promotion Agreement, effective as of March 22, 2013, between the Corporation and The Dow Chemical Company (see Exhibit 10.2.1 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013)
10.3	Third Amended and Restated Agreement (to Provide Materials and Services), dated as of March 1, 2008, between the Corporation and Dow Hydrocarbons and Resources LLC (see Exhibit 10.3 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008)
10.4	Amended and Restated Tax Sharing Agreement, effective as of February 7, 2001, between the Corporation and The Dow Chemical Company (see Exhibit 10.27 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2003)
10.5	Amended and Restated Revolving Credit Agreement dated as of May 28, 2004, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.28 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004)
10.5.1	First Amendment dated October 29, 2004 to the Amended and Restated Revolving Credit Agreement, dated as of May 28, 2004, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.1 of the Corporation's 2004 Form 10-K)
10.5.2	Second Amendment to the Amended and Restated Revolving Credit Agreement, effective as of December 30, 2004, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.2 of the Corporation's 2004 Form 10-K)

67

EXHIBIT NO.	DESCRIPTION
10.5.3	Third Amendment to the Amended and Restated Revolving Credit Agreement, dated as of September 30, 2005, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.3 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2005)
10.5.4	Fourth Amendment to the Amended and Restated Revolving Credit Agreement, dated as of September 30, 2006, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.4 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2006)
10.5.5	Fifth Amendment to the Amended and Restated Revolving Credit Agreement, dated as of September 30, 2007, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.5 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007)
10.5.6	Sixth Amendment to the Amended and Restated Revolving Credit Agreement, effective as of September 30, 2008, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.6 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008)
10.5.7	Seventh Amendment to the Amended and Restated Revolving Credit Agreement, effective as of September 30, 2009, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.7 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009)
10.5.8	Eighth Amendment to the Amended and Restated Revolving Credit Agreement, effective as of September 30, 2010, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.8 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010)
10.5.9	Ninth Amendment to the Amended and Restated Revolving Credit Agreement, effective as of September 30, 2011, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors (see Exhibit 10.5.9 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011)
10.5.10	Tenth Amendment to the Amended and Restated Revolving Credit Agreement, effective as of December 6, 2012, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors. (see Exhibit 10.5.10 of the Corporation's 2012 10-K)
10.5.11	Eleventh Amendment to the Amended and Restated Revolving Credit Agreement, effective as of December 16, 2013, among the Corporation, The Dow Chemical Company and certain Subsidiary Guarantors
10.6	Amended and Restated Pledge and Security Agreement dated as of May 28, 2004, between the Corporation and The Dow Chemical Company (see Exhibit 10.29 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2004)
10.7	Second Amended and Restated Revolving Loan Agreement, effective as of November 1, 2005, between the Corporation and The Dow Chemical Company (see Exhibit 10.7 of the Corporation's 2005 Annual Report on Form 10‑K)
10.7.1	First Amendment to Second Amended and Restated Revolving Loan Agreement, effective as of December 31, 2007, between the Corporation and The Dow Chemical Company (see Exhibit 10.7.1 of the Corporation's 2007 Annual Report on Form 10-K)
10.7.2	Second Amendment to Second Amended and Restated Revolving Loan Agreement, effective as of August 1, 2009, between the Corporation and The Dow Chemical Company (see Exhibit 10.7.2 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009)
10.7.3	Third Amendment to Second Amended and Restated Revolving Loan Agreement, effective as of February 1, 2010, between the Corporation and The Dow Chemical Company (see Exhibit 10.7.3 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010)
10.7.4	Fourth Amendment to Second Amended and Restated Revolving Loan Agreement, effective as of August 1, 2010, between the Corporation and The Dow Chemical Company (see Exhibit 10.7.4 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010)
10.7.5	Fifth Amendment to Second Amended and Restated Revolving Loan Agreement, effective as of August 1, 2011, between the Corporation and The Dow Chemical Company (see Exhibit 10.7.5 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011)

68

EXHIBIT NO.	DESCRIPTION
10.7.6	Sixth Amendment to Second Amended and Restated Revolving Loan Agreement, effective as of April 1, 2012, between the Corporation and The Dow Chemical Company (see Exhibit 10.7.6 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012)
10.7.7	Seventh Amendment to Second Amended and Restated Revolving Loan Agreement, effective as of August 1, 2013, between the Corporation and The Dow Chemical Company (see Exhibit 10.7.7 of the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2013)
10.8	Purchase and Sale Agreement dated as of September 30, 2005, between Catalysts, Adsorbents and Process Systems, Inc. and Honeywell Specialty Materials LLC (see Exhibit 10.8 of the Corporation's Quarterly Report on Form 10‑Q for the quarter ended September 30, 2005)
10.9	Contribution Agreement dated as of December 21, 2007, among the Corporation, Dow International Holdings Company and The Dow Chemical Company (see Exhibit 10.9 of the Corporation's 2007 Annual Report on Form 10‑K)
21	Omitted pursuant to General Instruction I of Form 10‑K
23	Analysis, Research & Planning Corporation's Consent
31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	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

Wherever an exhibit listed above refers to another exhibit or document (e.g., "see Exhibit 6 of . . ."), that exhibit or document is incorporated herein by such reference.

A copy of any exhibit listed above may be obtained on written request to the Secretary's Office, Union Carbide Corporation, 1254 Enclave Parkway, Houston, Texas 77077.

69

EX-10.5.11

Union Carbide Corporation and Subsidiaries EXHIBIT 10.5.11

ELEVENTH AMENDMENT TO THE

AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

This Eleventh Amendment to the Amended and Restated Revolving Credit Agreement (this “Amendment”) is made effective as of December 16, 2013 and is entered into among Union Carbide Corporation, as Borrower (“Borrower”), The Dow Chemical Company, as Lender (“Lender”) and Union Carbide Chemicals & Plastics Technology LLC as the Subsidiary Guarantor (the “Subsidiary Guarantor”) (together, the “Parties”).

BACKGROUND

The Parties have entered into the Amended and Restated Revolving Credit Agreement dated as of May 28, 2004, as amended by the First Amendment to the Amended and Restated Revolving Credit Agreement dated October 29, 2004, the Second Amendment to the Amended and Restated Revolving Credit Agreement dated December 30, 2004, the Third Amendment to the Amended and Restated Revolving Credit Agreement dated September 30, 2005, the Fourth Amendment to the Amended and Restated Revolving Credit Agreement dated September 30, 2006, the Fifth Amendment to the Amended and Restated Revolving Credit Agreement dated September 30, 2007, the Sixth Amendment to the Amended and Restated Revolving Credit Agreement dated September 30, 2008, the Seventh Amendment to the Amended and Restated Revolving Credit Agreement dated September 30, 2009, and the Eighth Amendment to the Amended and Restated Revolving Credit Agreement dated September 30, 2010, the Ninth Amendment to the Amended and Restated Revolving Credit Agreement dated September 30, 2011, and the Tenth Amendment to the Amended and Restated Revolving Credit Agreement dated December 6, 2012 (the “Credit Agreement”). Union Carbide Subsidiary C is no longer a Subsidiary Guarantor under this Credit Agreement as it is no longer a wholly owned subsidiary of Borrower.

The Parties desire to amend the Credit Agreement according to the terms in this Amendment. Any capitalized terms used in this Amendment, but not otherwise defined in this Amendment, are as defined in the Credit Agreement.

THE AGREEMENT

1. Amendment to Section 1.1. The Parties agree to amend Section 1.1 of the Credit Agreement by

Replacing the definition of “Scheduled Termination Date” with the following definition:

“Scheduled Termination Date” means December 30, 2014.

2. No Other Amendment or Waiver. Except as expressly amended by this Amendment, the Credit

Agreement and all other Loan Documents remain in full force and effect in accordance with their

terms, and the Parties ratify and confirm the Credit Agreement and all other Loan Documents in

all respects.

3. Execution in Counterparts. This amendment may be executed in any number of counterparts and

and by different parties in separate counterparts, each of which when so executed will be deemed

to be an original and all of which taken together will constitute one and the same agreement.

Signature pages may be detached from multiple separate counterparts and attached to a single

counterpart so that all signature pages are attached to the same document.

[Signature pages follow]

71

Union Carbide Corporation and Subsidiaries EXHIBIT 10.5.11

4. Governing Law. This Amendment and the rights and obligation of the Parties to this Amendment will be governed by, and construed and interpreted in accordance with, the law of the State of New York.

5. Subsidiary Guarantor. The Guarantor to this Agreement will only be bound by its guarantee if it remains a wholly owned subsidiary of the Borrower.

The Parties agree that this Amendment is effective as of December 16, 2013, and they have caused their authorized representatives to execute this Amendment below.

LENDER:	SUBSIDIARY GUARANTORS:
THE DOW CHEMICAL COMPANY	UNION CARBIDE CHEMICALS &
	PLASTICS TECHNOLOGY LLC
By: /s/ FERNANDO RUIZ	By: /s/ MARK A WHITEMAN
Name: Fernando Ruiz	Name: Mark A. Whiteman
Title: Corporate Vice President and Treasurer	Title: Vice President
BORROWER:
UNION CARBIDE CORPORATION
By: /s/ IGNACIO MOLINA
Name: Ignacio Molina
Title: Chief Financial Officer, Vice President, and              Treasurer

Signature Page

Eleventh Amendment to the Amended and Restated Revolving Credit Agreement

72

EX-23

Analysis, Research & Planning Corporation's Consent EXHIBIT 23

Union Carbide Corporation:

Analysis, Research & Planning Corporation (“ARPC”) hereby consents to the use of ARPC's name and the reference to ARPC's reports appearing in this Annual Report on Form 10-K of Union Carbide Corporation for the year ended December 31, 2013.

/s/ B. Thomas Florence

B. Thomas Florence

President

Analysis, Research & Planning Corporation

February 12, 2014

EX-31.1

Union Carbide Corporation and Subsidiaries EXHIBIT 31.1

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, James A. Varilek, certify that:

1. I have reviewed this annual report on Form 10-K of Union Carbide Corporation;

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.

Date: February 14, 2014

/s/ JAMES A. VARILEK

James A. Varilek

President and Chief Executive Officer

EX-31.2

Union Carbide Corporation and Subsidiaries EXHIBIT 31.2

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Ignacio Molina, certify that:

1. I have reviewed this annual report on Form 10-K of Union Carbide Corporation;

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.

Date: February 14, 2014

/s/ IGNACIO MOLINA

Ignacio Molina

Vice President, Treasurer and

Chief Financial Officer

EX-32.1

Union Carbide Corporation and Subsidiaries EXHIBIT 32.1

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, James A. Varilek, President and Chief Executive Officer of Union Carbide Corporation (the “Corporation”), certify that:

1. the Annual Report on Form 10-K of the Corporation for the year ended December 31, 2013 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 Corporation.

/s/ JAMES A. VARILEK

James A. Varilek

President and Chief Executive Officer

February 14, 2014

EX-32.2

Union Carbide Corporation and Subsidiaries EXHIBIT 32.2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

I, Ignacio Molina, Vice President, Treasurer and Chief Financial Officer of Union Carbide Corporation (the “Corporation”), certify that:

1. the Annual Report on Form 10-K of the Corporation for the year ended December 31, 2013 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 Corporation.

/s/ IGNACIO MOLINA

Ignacio Molina

Vice President, Treasurer and

Chief Financial Officer

February 14, 2014

XML

NOTES PAYABLE AND LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Schedule of Short-term Debt [Table Text Block]

Notes Payable at December 31 In millions	2013			2012
Notes payable - related companies	$	34		$	40
Year-end average interest rates	0.92		%	0.86		%

Schedule of Long-term Debt Instruments [Table Text Block]

Long-Term Debt at December 31	2013					2012
	Average					Average
In millions	Rate		2013			Rate		2012
Promissory notes and debentures:
Debentures due 2023	7.875	%	$	175		7.875	%	$	175
Debentures due 2025	6.79	%	12			6.79	%	12
Debentures due 2025	7.50	%	150			7.50	%	150
Debentures due 2096	7.75	%	135			7.75	%	135
Unamortized debt discount	—		(1		)	—		(1		)
Total long-term debt			$	471				$	471

XML

INVESTMENTS IN RELATED COMPANIES (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended															3 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2013 Dow International Holdings Company [Member]	Dec. 31, 2012 Dow International Holdings Company [Member]	Dec. 31, 2013 Dow Quimica Argentina S.A. [Member]	Dec. 31, 2012 Dow Quimica Argentina S.A. [Member]	Dec. 31, 2013 GWN Holding, Inc. [Member]	Dec. 31, 2012 GWN Holding, Inc. [Member]	Dec. 31, 2013 Dow Quimica Mexicana S.A. de C.V. [Member]	Dec. 31, 2012 Dow Quimica Mexicana S.A. de C.V. [Member]	Dec. 31, 2013 Other Investments [Member]	Dec. 31, 2012 Other Investments [Member]	Dec. 31, 2013 Fair Value, Inputs, Level 3 [Member] Dow Quimica Argentina S.A. [Member] Fair Value, Measurements, Nonrecurring [Member]
Schedule of Cost-method Investments [Line Items]
Ownership Interest Percentage, Related Company						19.00%	19.00%	23.00%	23.00%	6.00%	6.00%	15.00%	15.00%		0.00%
Cost Method Investments						$ 807	$ 807	$ 0	$ 17	$ 10	$ 10	$ 5	$ 5	$ 1	$ 1
Investments in related companies	823		840
Cost-method Investments, Other than Temporary Impairment	$ 25	[1]	$ 131	[1]	$ 0											$ 25

[1] See Note 17 for additional information.

XML

DIVESTITURES DIVESTITURES (Polypropylene Licensing and Catalysts Business) (Details) (Polypropylene Licensing and Catalyst Business [Member], USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011	Dec. 02, 2013
Polypropylene Licensing and Catalyst Business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net						$ 4
Disposal Group, Including Discontinued Operation, Inventory						19
Assets divested, net property						7
Assets, total assets divested						30
Proceeds from Divestiture of Businesses	398	368	[1]	0	0
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	368
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Net of Tax	$ 233

[1] See Note 4 for additional information.

XML

NOTES PAYABLE AND LONG-TERM DEBT (Schedule of Long-Term Debt) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Long-Term Debt	$ 471	$ 471
Unamortized debt discount	(1)	(1)
Final Maturity 2023 [Member]
Debt Instrument [Line Items]
Average Interest Rate in Period	7.875%	7.875%
Long-Term Debt	175	175
Final Maturity 2025 (a) [Member]
Debt Instrument [Line Items]
Average Interest Rate in Period	6.79%	6.79%
Long-Term Debt	12	12
Final Maturity 2025 (b) [Member]
Debt Instrument [Line Items]
Average Interest Rate in Period	7.50%	7.50%
Long-Term Debt	150	150
Final Maturity 2096 [Member]
Debt Instrument [Line Items]
Average Interest Rate in Period	7.75%	7.75%
Long-Term Debt	$ 135	$ 135

XML

INTANGIBLE ASSETS (Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 82	$ 79
Finite-Lived Intangible Assets, Accumulated Amortization	(72)	(72)
Finite-Lived Intangible Assets, Net	10	7
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	33	33
Finite-Lived Intangible Assets, Accumulated Amortization	(33)	(33)
Finite-Lived Intangible Assets, Net	0	0
Software [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	49	46
Finite-Lived Intangible Assets, Accumulated Amortization	(39)	(39)
Finite-Lived Intangible Assets, Net	$ 10	$ 7

XML

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Basis of Fair Value Measurements of Pension Plan Assets) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 3,586	$ 3,548	$ 3,351
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	691	557
Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	2,234	2,397
Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	661	594	519
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0	0
Cash and Cash Equivalents [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	307	376
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	3	5
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	304	371
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	985	808
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	688	552
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	295	253
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	2	3	2
U.S. Equity [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	531	253
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	388	211
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	143	42
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	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	266	279
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	181	208
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	85	71
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	0	0
Emerging Markets Equity [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	188	273
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	119	133
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	67	137
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	2	3
Equity Derivatives [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		1
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		1
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	1,510	1,675
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	0
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	1,496	1,658
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	14	17	11
U.S. government and municipalities [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	606	733
U.S. government and municipalities [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. government and municipalities [Member] | Defined Benefit Pension Plans [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	606	733
U.S. government and municipalities [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	63	115
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	63	115
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	635	685
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	635	685
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	2	3
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	2	3
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	159	104
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	159	104
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	22	10
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	22	10
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	11	6
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	9	6
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	0
Convertible Debt Securities [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		2
Convertible Debt 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
Convertible Debt 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
Convertible Debt 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
Other Fixed Income Funds [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12	17
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	0	0
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	12	17
High Yield Bonds [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3	2
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	0
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	3	2
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	0	0
Fixed Income Derivatives [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	(3)
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
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	(3)
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
Alternative Investments [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	750	667
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	0	0
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	127	115
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	623	552	484
Real Estate [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	292	248
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	0	0
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	0	0
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	292	248
Private Equity [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	228	230
Private 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	0	0
Private 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	0	0
Private Equity [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	228	230
Absolute Return [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	230	189
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	127	115
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	103	74
Other Securities [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	34	22
Other 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 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	12	0
Other Securities [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	22	22
Insurance contracts [Member] | Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		22
Insurance contracts [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
Insurance contracts [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
Insurance contracts [Member] | Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		$ 22

XML

RESTRUCTURING (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended																3 Months Ended
	Dec. 31, 2013 years	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 4Q12 Restructuring [Member]	Dec. 31, 2012 4Q12 Restructuring [Member]	Dec. 31, 2013 4Q12 Restructuring [Member] Impairment of Long-Lived Assets and Other Assets [Member]	Dec. 31, 2012 4Q12 Restructuring [Member] Impairment of Long-Lived Assets and Other Assets [Member]	Dec. 31, 2013 4Q12 Restructuring [Member] Exit Or Disposal Activities [Member]	Dec. 31, 2012 4Q12 Restructuring [Member] Exit Or Disposal Activities [Member]	Dec. 31, 2013 4Q12 Restructuring [Member] Employee Severance [Member] employees	Dec. 31, 2012 4Q12 Restructuring [Member] Employee Severance [Member] employees	Dec. 31, 2012 Certain Oxygenated Solvents Manufacturing Facilities in Texas [Member] Impairment of Long-Lived Assets and Other Assets [Member]	Dec. 31, 2012 Performance monomer manufacturing facility in South Charleston West Virginia [Member] Impairment of Long-Lived Assets and Other Assets [Member]	Dec. 31, 2012 Other Assets Written-Off associated with Plant Closures [Member]	Dec. 31, 2012 Nippon Unicar Company Limited [Member] Impairment of Long-Lived Assets and Other Assets [Member]	Jun. 30, 2013 Nippon Unicar Company Limited [Member] Impairment of Long-Lived Assets and Other Assets [Member]	Mar. 31, 2012 1Q12 Restructuring [Member]	Mar. 31, 2012 1Q12 Restructuring [Member] Employee Severance [Member] employees
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Number of Positions Eliminated											100							20
Restructuring completion	2
Restructuring charges	$ 0	$ 74	$ 0		$ 71												$ 3
Charges against reserve					48		48		0		0
Business Exit Costs									13
Severance Costs											10
Other Asset Impairment Charges							48					36	1	2
Charges against reserve				(8)		0		(2)		(6)
Restructuring Reserve				15	23	0	0	11	13	4	10
Entity Number of Employees										21
Equity Method Investment, Other than Temporary Impairment															$ 9
Equity Method Investment, Ownership Percentage																50.00%

XML

NONCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2013

Nonconsolidated Affiliates [Abstract]

Equity Method Investments [Table Text Block]

Principal Nonconsolidated Affiliates at December 31	Ownership Interest
	2013	2012	2011
Nippon Unicar Company, Limited	—%	50%	50%
Univation Technologies, LLC	—%	50%	50%

Equity Method Investment Summarized Balance Sheet Information [Table Text Block]

Summarized Balance Sheet Information at December 31
In millions	2013		2012
Current assets	$	—	$	311
Noncurrent assets	—		165
Total assets	$	—	$	476
Current liabilities	$	—	$	164
Noncurrent liabilities	—		86
Total liabilities	$	—	$	250

Equity Method Investment Summarized Income Statement information [Table Text Block]

Summarized Income Statement Information
In millions	2013 (1)		2012		2011
Sales	$	452	$	773	$	715
Gross profit	$	208	$	209	$	244
Net income	$	142	$	112	$	145

(1) Income statement information for Nippon Unicar Company, Limited is for the six month period ended June 30, 2013 and income statement information for Univation Technologies, LLC is for the nine month period ended September 30, 2013.

XML

PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Fair Value of Level 3 Pension Plan Assets) (Details) (Pension Plans, Defined Benefit [Member], USD $) In Millions, unless otherwise specified				12 Months Ended				12 Months Ended				12 Months Ended				12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2012 Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2013 Equity Securities [Member]	Dec. 31, 2012 Equity Securities [Member]	Dec. 31, 2013 Equity Securities [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2012 Equity Securities [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2013 Fixed Income Securities [Member]	Dec. 31, 2012 Fixed Income Securities [Member]	Dec. 31, 2013 Fixed Income Securities [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2012 Fixed Income Securities [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2013 Alternative Investments [Member]	Dec. 31, 2012 Alternative Investments [Member]	Dec. 31, 2013 Alternative Investments [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2012 Alternative Investments [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2013 Other Investment Plan Assets [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2012 Other Investment Plan Assets [Member] Fair Value, 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	$ 3,586	$ 3,548	$ 3,351	$ 594	$ 519	$ 985	$ 808	$ 3	$ 2	$ 1,510	$ 1,675	$ 17	$ 11	$ 750	$ 667	$ 552	$ 484	$ 22	$ 22
Relating to assets held during the period				20	52			(2)	(1)			0	0			22	53	0	0
Relating to assets sold during the period				40	(8)			0	(1)			0	0			40	(7)	0	0
Purchases, sales, and settlements				7	2			1	3			(3)	6			9	(7)	0	0
Transfers into Level 3, net					29				0				0				29		0
Fair Value of Plan Assets, Ending	$ 3,586	$ 3,548	$ 3,351	$ 661	$ 594	$ 985	$ 808	$ 2	$ 3	$ 1,510	$ 1,675	$ 14	$ 17	$ 750	$ 667	$ 623	$ 552	$ 22	$ 22

XML

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Other Postretirement Benefits) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate - benefit obligations	4.75%	3.85%	4.85%
Discount rate - net periodic costs	3.85%	4.85%	5.35%
Rate of increase in future compensation levels - benefit obligations	4.50%	4.50%	4.50%
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	6.90%	6.90%	7.40%
Employer Group Waiver Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax	$ 55
Defined Benefit Plan, Estimated Future Net Periodic Benefit Cost in Next Year	10
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate - benefit obligations	4.40%	3.65%	4.60%
Initial health care cost trend rate - benefit obligations	7.46%	7.85%	8.30%
Ultimate health care cost trend rate - benefit obligations	5.00%	5.00%	5.00%
Year ultimate trend rate to be reached - benefit obligations	2020	2019	2019
Discount rate - net periodic costs	3.65%	4.60%	5.10%
Initial health care cost trend rate - net periodic costs	7.85%	8.30%	8.72%
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	2020	2019	2019
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation	4
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation	$ 4

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BUSINESS AND GEOGRAPHIC AREAS (Schedule of Revenue by Geographic Area and Other Details) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	$ 161		$ 177		$ 186
Long-lived assets	1,239		1,334
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	100	[1]	98	[1]	126	[1]
Long-lived assets	1,197		1,287		1,322
ASIA PACIFIC
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	43	[1]	64	[1]	45	[1]
Long-lived assets	6		8		9
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of total sales related to a specific country in a geographic area	21.00%		21.00%		7.00%
MALAYSIA
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of total sales related to a specific country in a geographic area	4.00%		10.00%		5.00%
REST OF WORLD
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to external customers	18	[1]	15	[1]	15	[1]
Long-lived assets	$ 36		$ 39		$ 23

[1] Of the total sales to external customers, China represented approximately 21 percent in 2013, 21 percent in 2012 and 7 percent in 2011, and Malaysia represented approximately 4 percent in 2013, 10 percent in 2012 and 5 percent in 2011, both of which are included in Asia Pacific.

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INTANGIBLE ASSETS (Schedule of Future Amortization Expense of Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Estimated Amortization Expense, 2014	$ 2
Estimated Amortization Expense, 2015	2
Estimated Amortization Expense, 2016	2
Estimated Amortization Expense, 2017	1
Estimated Amortization Expense, 2018	$ 1

XML

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Estimated Future Benefit Payments) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Defined Benefit Pension Plans [Member]
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2014	$ 281
2015	276
2016	276
2017	274
2018	274
2019 through 2023	1,334
Total	2,715
Other Postretirement Benefits [Member]
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract]
2014	33
2015	32
2016	29
2017	26
2018	25
2019 through 2023	106
Total	$ 251

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INCOME TAXES (Uncertain Tax Position) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Total Gross Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits, beginning balance	$ 166	$ 161	$ 163
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	1	0	0
Decreases related to positions taken on items from prior years	(7)	0	(1)
Increases related to positions taken in the current year	0	8	1
Settlement of uncertain tax positions with tax authorities	(154)	0	0
Decreases due to expiration of statutes of limitations	(2)	(3)	(2)
Gross unrecognized tax benefits, ending balance	4	166	161
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	(15)	(1)	(2)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound	0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound	4
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	$ 0	$ 8

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RELATED PARTY TRANSACTIONS (Details) (USD $)	12 Months Ended						12 Months Ended																			3 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Sep. 30, 2013	Dec. 31, 2013 The Dow Chemical Company [Member]	Dec. 31, 2012 The Dow Chemical Company [Member]	Dec. 31, 2011 The Dow Chemical Company [Member]	Dec. 31, 2012 Modeland International Holdings, Inc [Member]	Dec. 31, 2013 General and Administrative Expense [Member] The Dow Chemical Company [Member]	Dec. 31, 2012 General and Administrative Expense [Member] The Dow Chemical Company [Member]	Dec. 31, 2011 General and Administrative Expense [Member] The Dow Chemical Company [Member]	Dec. 31, 2013 Estimated Federal Tax Liability, Related Party [Member] The Dow Chemical Company [Member]	Dec. 31, 2012 Estimated Federal Tax Liability, Related Party [Member] The Dow Chemical Company [Member]	Dec. 31, 2011 Estimated Federal Tax Liability, Related Party [Member] The Dow Chemical Company [Member]	Dec. 31, 2013 Purchases from Dow [Member] Cost of Sales [Member] The Dow Chemical Company [Member]	Dec. 31, 2012 Purchases from Dow [Member] Cost of Sales [Member] The Dow Chemical Company [Member]	Dec. 31, 2011 Purchases from Dow [Member] Cost of Sales [Member] The Dow Chemical Company [Member]	Dec. 31, 2013 Activity Based Costs [Member] Cost of Sales [Member] The Dow Chemical Company [Member]	Dec. 31, 2012 Activity Based Costs [Member] Cost of Sales [Member] The Dow Chemical Company [Member]	Dec. 31, 2011 Activity Based Costs [Member] Cost of Sales [Member] The Dow Chemical Company [Member]	Dec. 31, 2013 Retained Earnings [Member]	Dec. 31, 2012 Retained Earnings [Member]	Dec. 31, 2011 Retained Earnings [Member]	Dec. 31, 2013 Fair Value, Inputs, Level 3 [Member] Fair Value, Measurements, Nonrecurring [Member] Dow Quimica Argentina S.A. [Member]	Sep. 30, 2013 Union Carbide Subsidiary C, Inc. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party											$ 25,000,000	$ 32,000,000	$ 48,000,000				$ 2,900,000,000	$ 3,100,000,000	$ 3,500,000,000	$ 46,000,000	$ 51,000,000	$ 35,000,000
Service Fee with Parent							10.00%
Notes Receivable, Related Parties							2,400,000,000	2,300,000,000
Line of Credit Facility, Maximum Borrowing Capacity							1,000,000,000
Notes Receivable, Related Parties, Noncurrent							843,000,000	820,000,000
Impairment of investment in related company	25,000,000	[1]	131,000,000	[1]	0					131,000,000																25,000,000
Dividends declared										9,000,000													661,000,000	784,000,000	951,000,000
Dividend, Noncash, Ownership interest in Subsidiary						70,000,000
Payments of Dividends	591,000,000		775,000,000		950,000,000		591,000,000	775,000,000
Ownership Interest, Subsidiary																											100.00%
Proceeds from Dividends Received							16,000,000	25,000,000	7,000,000
Related Party Transaction, Tax Payment														$ 163,000,000	$ 0	$ 227,000,000

[1] See Note 17 for additional information.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended							12 Months Ended				12 Months Ended							12 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Accumulated Other Comprehensive Income (Loss) [Member]	Dec. 31, 2012 Accumulated Other Comprehensive Income (Loss) [Member]	Dec. 31, 2011 Accumulated Other Comprehensive Income (Loss) [Member]	Dec. 31, 2010 Accumulated Other Comprehensive Income (Loss) [Member]	Dec. 31, 2013 Accumulated Translation Adjustment [Member]	Dec. 31, 2012 Accumulated Translation Adjustment [Member]	Dec. 31, 2011 Accumulated Translation Adjustment [Member]	Dec. 31, 2010 Accumulated Translation Adjustment [Member]	Dec. 31, 2013 Accumulated Defined Benefit Plans and Other Post Retirement Adjustment [Member]		Dec. 31, 2012 Accumulated Defined Benefit Plans and Other Post Retirement Adjustment [Member]		Dec. 31, 2011 Accumulated Defined Benefit Plans and Other Post Retirement Adjustment [Member]		Dec. 31, 2010 Accumulated Defined Benefit Plans and Other Post Retirement Adjustment [Member]	Dec. 31, 2013 Impact to Sundry income (expense) [Domain]		Dec. 31, 2012 Impact to Sundry income (expense) [Domain]	Dec. 31, 2011 Impact to Sundry income (expense) [Domain]
Stockholders' Equity Attributable to Parent		$ 3,709	$ 3,322		$ (1,045)	$ (1,345)	$ (1,132)	$ (1,026)	$ (78)	$ (56)	$ (52)	$ (55)	$ (967)		$ (1,289)		$ (1,080)		$ (971)
Translation adjustments		(22)	(4)	3					(1)	(4)	3
Reclassification to earnings - Sundry income (expense) - net	20																			(21)	[1]	0	0
Net gain (loss) during period (net of tax of $122, $(141), $(84))													263	[2],[3]	(250)	[2],[3]	(166)	[2],[3]
Amortization of prior service cost included in net periodic pension costs (net of tax of $2, $2, $2)													(4)	[2],[3]	(3)	[2],[3]	(3)	[2],[3]
Amortization of net loss included in net periodic pension costs (net of tax of $33, $22, $31)													$ 55	[2],[3]	$ 38	[2],[3]	$ 54	[2],[3]

[1] (1) Reclassification resulted from the divestiture of a nonconsolidated affiliate.

[2] (2) See Note 15 for additional information.

[3] (3) Tax amounts are included in "Provision for income taxes" in the consolidated statements of operations.

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PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Plan Assets) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended				12 Months Ended			12 Months Ended			12 Months Ended			12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013 Defined Benefit Pension Plans [Member]	Dec. 31, 2012 Defined Benefit Pension Plans [Member]	Dec. 31, 2011 Defined Benefit Pension Plans [Member]	Dec. 31, 2013 Equity Securities [Member]	Dec. 31, 2013 Equity Securities [Member] Defined Benefit Pension Plans [Member]	Dec. 31, 2012 Equity Securities [Member] Defined Benefit Pension Plans [Member]	Dec. 31, 2013 Debt Securities [Member]	Dec. 31, 2013 Debt Securities [Member] Defined Benefit Pension Plans [Member]	Dec. 31, 2012 Debt Securities [Member] Defined Benefit Pension Plans [Member]	Dec. 31, 2013 Alternative Investments [Member]	Dec. 31, 2013 Alternative Investments [Member] Defined Benefit Pension Plans [Member]	Dec. 31, 2012 Alternative Investments [Member] Defined Benefit Pension Plans [Member]	Dec. 31, 2013 Other Pension Plan Asset Category [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Target Plan Asset Allocations	100.00%				25.00%			45.00%			25.00%			5.00%
Fair value of plan assets		$ 3,586	$ 3,548	$ 3,351		$ 985	$ 808		$ 1,510	$ 1,675		$ 750	$ 667

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NOTES PAYABLE AND LONG-TERM DEBT (Narrative) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	12 Months Ended			1 Months Ended
	Mar. 22, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jan. 31, 2012 Redemption of Notes [Member]	Mar. 22, 2011 Redemption of Notes [Member]	Mar. 22, 2011 Tender Offer of Long Term Debt [Member]
Notes Payable and Long-Term Debt [Line Items]
Repayments of Notes Payable					$ 37
Redemption of Debt						65	65
Net loss on early extinguishment of debt	$ 6	$ 0	$ 0	$ 6

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INCOME TAXES

12 Months Ended

Dec. 31, 2013

Income Tax Expense (Benefit), Continuing Operations [Abstract]

Income Tax Disclosure [Text Block]

INCOME TAXES

Domestic and Foreign Components of Income (Loss) Before Income Taxes
In millions	2013			2012			2011
Domestic (1)	$	1,077		$	(95	)	$	303
Foreign	(10		)	(2		)	(1		)
Total	$	1,067		$	(97	)	$	302

(1) In 2013, the domestic component of "Income Before Income Taxes" included a gain of $368 million for the sale of Dow's Polypropylene Licensing and Catalysts business.

Provision for Income Taxes
			2013									2012									2011
In millions	Current		Deferred			Total			Current			Deferred			Total			Current			Deferred			Total
Federal	$	337	$	18		$	355		$	10		$	15		$	25		$	126		$	(41	)	$	85
State and local	5		(47		)	(42		)	(5		)	(3		)	(8		)	(2		)	(2		)	(4		)
Foreign	6		—			6			—			—			—			6			—			6
Total	$	348	$	(29	)	$	319		$	5		$	12		$	17		$	130		$	(43	)	$	87

Reconciliation to U.S. Statutory Rate
In millions	2013			2012			2011
Taxes at U.S. statutory rate	$	374		$	(34	)	$	106
Equity earnings effect (1)	(1		)	2			—
U.S. business credits	—			—			(6		)
Benefit of dividend income from investments in related companies	(6		)	(9		)	(2		)
Audit settlement and court case impact	20			—			—
Unrecognized tax benefits	(30		)	9			(1		)
Impairment of investment in related company	1			46			—
Federal tax accrual adjustments (1)	(5		)	(8		)	—
State and local tax impact	(38		)	12			(7		)
Other - net	4			(1		)	(3		)
Total tax provision	$	319		$	17		$	87
Effective tax rate	29.9		%	(17.5		)%	28.8		%

(1) The amount for the noted reconciliation item is immaterial for 2011 and has been included in the “Other - net” category.

The tax rate for 2013 was favorably impacted by changes in valuation allowances in the United States on state income tax attributes, audit settlements and remeasurement of tax positions. The 2013 tax rate was negatively impacted by an unfavorable court ruling in the first quarter of 2013. UCC's reported effective tax rate for 2013 was 29.9 percent.

The tax rate for 2012 was negatively impacted primarily by the minimal tax relief related to the impairment of the investment in related company and the inability to utilize state tax credits. UCC's reported effective tax rate for 2012 was negative 17.5 percent.

The tax rate for 2011 was positively impacted by U.S. state and business credits. These events resulted in an effective tax rate for 2011 that was lower than the U.S. statutory rate. UCC's reported effective tax rate for 2011 was 28.8 percent.

Deferred Tax Balances at December 31 In millions	2013					2012
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Property	$	—		$	235	$	—		$	202
Tax loss and credit carryforwards	95			—		103			—
Postretirement benefit obligations	706			440		887			403
Other accruals and reserves	656			4		595			4
Inventory	30			—		10			1
Long-term debt	—			1		—			1
Investments	7			—		—			1
Other - net	2			1		28			46
Subtotal	$	1,496		$	681	$	1,623		$	658
Valuation allowances	(50		)	—		(124		)	—
Total	$	1,446		$	681	$	1,499		$	658

Gross operating loss carryforwards at December 31, 2013 amounted to $1,188 million compared with $1,255 million at the end of 2012. At December 31, 2013, $584 million of the operating loss carryforwards were subject to expiration in the years 2014 through 2018. The remaining balances expire in years beyond 2018 or have an indefinite carryforward period. Tax credit carryforwards amounted to $7 million at December 31, 2013 and $39 million at December 31, 2012, of which $2 million is subject to expiration in 2014 through 2018. The remaining tax credit carryforwards expire in years beyond 2018 or have an indefinite carryforward period.

Undistributed earnings of foreign subsidiaries and related companies that are deemed to be permanently invested amounted to $48 million at December 31, 2013, $53 million at December 31, 2012 and $63 million at December 31, 2011. It is not practicable to calculate the unrecognized deferred tax liability on those earnings.

The Corporation had valuation allowances that were primarily related to the realization of recorded tax benefits on state tax loss carryforwards from operations in the United States of $50 million at December 31, 2013 and $124 million at December 31, 2012.

Total Gross Unrecognized Tax Benefits
In millions	2013			2012			2011
Balance at January 1	$	166		$	161		$	163
Increases related to positions taken on items from prior years	1			—			—
Decreases related to positions taken on items from prior years	(7		)	—			(1		)
Increases related to positions taken in current year	—			8			1
Settlement of uncertain tax positions with tax authorities	(154		)	—			—
Decreases due to expiration of statutes of limitations	(2		)	(3		)	(2		)
Balance at December 31	$	4		$	166		$	161

At December 31, 2013, the total amount of unrecognized tax benefits was $4 million ($166 million at December 31, 2012), of which $3 million ($158 million at December 31, 2012) would impact the effective tax rate, if recognized.

Interest and penalties associated with unrecognized tax benefits are recognized as components of “Provision for income taxes” in the consolidated statements of operations and was a benefit of $15 million in 2013, $1 million in 2012 and $2 million in 2011. The Corporation's accrual for interest and penalties was a payable of $1 million at December 31, 2013 and a receivable of $4 million at December 31, 2012.

During 2013, the U.S. Supreme Court denied certiorari in UCC's research tax credit case. Through the denial of certiorari, the U.S. Court of Appeals decision denying UCC's tax credit claim for supplies used in process-related research and development at its manufacturing facilities became final. As a result of this ruling, UCC reversed the uncertain tax positions related to this matter, which resulted in a decrease to "Other noncurrent obligations" and an increase to "Income taxes payable" in the consolidated balance sheets in accordance with the Tax Sharing Agreement between the Corporation and Dow. In addition, UCC recognized a tax charge of $41 million in the first quarter of 2013 included in "Provision for income taxes" in the consolidated statements of operations. An audit settlement in the second quarter of 2013 resulted in a tax benefit of $22 million, included in "Provision for income taxes" and various balance sheet reclassifications from noncurrent to current accruals and receivables.

Tax years that remain subject to examination for the Corporation's major tax jurisdictions are shown below:

Tax Years Subject to Examination by Major Tax Jurisdiction at December 31
Jurisdiction	Earliest Open Year
	2013	2012
United States:
Federal income tax	2004	2004
State and local income tax	2004	2004

The Corporation is included in Dow's consolidated federal income tax group and consolidated tax return. Current and deferred tax expenses are calculated for the Corporation as a stand-alone group and are allocated to the group from the consolidated totals. UCC is currently under examination in a number of tax jurisdictions, including the U.S. federal and various state jurisdictions. It is reasonably possible that these examinations may be resolved within twelve months. As a result, it is reasonably possible that the total gross unrecognized tax benefits of the Corporation at December 31, 2013, will be reduced by approximately zero to $4 million from resolution of these examinations.

The reserve for non-income tax contingencies related to issues in the United States was zero at December 31, 2013 and $8 million at December 31, 2012. 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 Corporation's management that the possibility is remote that costs in excess of those accrued will have a material impact on the Corporation's consolidated financial statements.

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PROPERTY (Schedule of Property) (Details) (USD $) In Millions, unless otherwise specified																	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Land [Member]	Dec. 31, 2012 Land [Member]	Dec. 31, 2013 Land and waterway improvements [Member]	Dec. 31, 2012 Land and waterway improvements [Member]	Dec. 31, 2013 Buildings [Member]	Dec. 31, 2012 Buildings [Member]	Dec. 31, 2013 Machinery and equipment [Member]	Dec. 31, 2012 Machinery and equipment [Member]	Dec. 31, 2013 Utility and Supply Lines [Member]	Dec. 31, 2012 Utility and Supply Lines [Member]	Dec. 31, 2013 Other property [Member]	Dec. 31, 2012 Other property [Member]	Dec. 31, 2013 Construction in Progress [Member]	Dec. 31, 2012 Construction in Progress [Member]	Dec. 31, 2013 Maximum [Member] Land and waterway improvements [Member]	Dec. 31, 2013 Maximum [Member] Buildings [Member]	Dec. 31, 2013 Maximum [Member] Machinery and equipment [Member]	Dec. 31, 2013 Maximum [Member] Utility and Supply Lines [Member]	Dec. 31, 2013 Maximum [Member] Other property [Member]	Dec. 31, 2013 Minimum [Member] Land and waterway improvements [Member]	Dec. 31, 2013 Minimum [Member] Buildings [Member]	Dec. 31, 2013 Minimum [Member] Machinery and equipment [Member]	Dec. 31, 2013 Minimum [Member] Utility and Supply Lines [Member]	Dec. 31, 2013 Minimum [Member] Other property [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life																	25 years	50 years	20 years	20 years	30 years	15 years	5 years	3 years	5 years	3 years
Property	$ 7,079	$ 7,211	$ 51	$ 50	$ 204	$ 202	$ 412	$ 412	$ 5,862	$ 5,915	$ 157	$ 153	$ 291	$ 285	$ 102	$ 194

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Expense (Benefit), Continuing Operations [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Domestic and Foreign Components of Income (Loss) Before Income Taxes
In millions	2013			2012			2011
Domestic (1)	$	1,077		$	(95	)	$	303
Foreign	(10		)	(2		)	(1		)
Total	$	1,067		$	(97	)	$	302

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Provision for Income Taxes
			2013									2012									2011
In millions	Current		Deferred			Total			Current			Deferred			Total			Current			Deferred			Total
Federal	$	337	$	18		$	355		$	10		$	15		$	25		$	126		$	(41	)	$	85
State and local	5		(47		)	(42		)	(5		)	(3		)	(8		)	(2		)	(2		)	(4		)
Foreign	6		—			6			—			—			—			6			—			6
Total	$	348	$	(29	)	$	319		$	5		$	12		$	17		$	130		$	(43	)	$	87

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Reconciliation to U.S. Statutory Rate
In millions	2013			2012			2011
Taxes at U.S. statutory rate	$	374		$	(34	)	$	106
Equity earnings effect (1)	(1		)	2			—
U.S. business credits	—			—			(6		)
Benefit of dividend income from investments in related companies	(6		)	(9		)	(2		)
Audit settlement and court case impact	20			—			—
Unrecognized tax benefits	(30		)	9			(1		)
Impairment of investment in related company	1			46			—
Federal tax accrual adjustments (1)	(5		)	(8		)	—
State and local tax impact	(38		)	12			(7		)
Other - net	4			(1		)	(3		)
Total tax provision	$	319		$	17		$	87
Effective tax rate	29.9		%	(17.5		)%	28.8		%

(1) The amount for the noted reconciliation item is immaterial for 2011 and has been included in the “Other - net” category.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred Tax Balances at December 31 In millions	2013					2012
	Deferred Tax Assets			Deferred Tax Liabilities		Deferred Tax Assets			Deferred Tax Liabilities
Property	$	—		$	235	$	—		$	202
Tax loss and credit carryforwards	95			—		103			—
Postretirement benefit obligations	706			440		887			403
Other accruals and reserves	656			4		595			4
Inventory	30			—		10			1
Long-term debt	—			1		—			1
Investments	7			—		—			1
Other - net	2			1		28			46
Subtotal	$	1,496		$	681	$	1,623		$	658
Valuation allowances	(50		)	—		(124		)	—
Total	$	1,446		$	681	$	1,499		$	658

Schedule of Total Gross Unrecognized Tax Benefits [Table Text Block]

Total Gross Unrecognized Tax Benefits
In millions	2013			2012			2011
Balance at January 1	$	166		$	161		$	163
Increases related to positions taken on items from prior years	1			—			—
Decreases related to positions taken on items from prior years	(7		)	—			(1		)
Increases related to positions taken in current year	—			8			1
Settlement of uncertain tax positions with tax authorities	(154		)	—			—
Decreases due to expiration of statutes of limitations	(2		)	(3		)	(2		)
Balance at December 31	$	4		$	166		$	161

Schedule of Tax Years Subject to Examination by Major Tax Jurisdiction

Tax Years Subject to Examination by Major Tax Jurisdiction at December 31
Jurisdiction	Earliest Open Year
	2013	2012
United States:
Federal income tax	2004	2004
State and local income tax	2004	2004

XML

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	$ 59	$ 49	$ 62
Defined Benefit Plan, Amortization of Net Gains (Losses)	(66)
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit)	6
Defined Benefit Plan, Change in Benefit Obligations [Roll Forward]
Benefit Obligations, Beginning Balance	4,433	4,037
Service cost	31	28	25
Interest cost	165	189	200
Actuarial changes in assumptions and experience	(342)	472
Benefits paid	(285)	(286)
Other	(7)	(7)
Benefit Obligations, Ending Balance	3,995	4,433	4,037
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, Beginning	3,548	3,351
Actual return on plan assets	174	331
Employer contributions	158	158
Asset transfer	(9)	(6)
Benefits Paid	(285)	(286)
Fair Value of Plan Assets, Ending	3,586	3,548	3,351
Funded status at end of year	(409)	(885)
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Current liabilities	(1)	(1)
Noncurrent liabilities	(408)	(884)
Net amounts recognized in the consolidated balance sheets	(409)	(885)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
Net loss (gain)	1,570	1,941
Prior service cost (credit)	26	33
Pretax balance in AOCI at end of year	1,596	1,974
Employer Group Waiver Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Prescription Drug Benefit, Reduction in Accumulated Postretirement Benefit Obligation for Subsidy	(55)
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost	15	17	19
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit)	(10)
Defined Benefit Plan, Change in Benefit Obligations [Roll Forward]
Benefit Obligations, Beginning Balance	414	412
Service cost	2	2	2
Interest cost	14	17	19
Actuarial changes in assumptions and experience	(102)	16
Benefits paid	(26)	(33)
Other	0	0
Benefit Obligations, Ending Balance	302	414	412
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair Value of Plan Assets, Beginning	0	0
Actual return on plan assets	0	0
Employer contributions	0	0
Asset transfer	0	0
Benefits Paid	0	0
Fair Value of Plan Assets, Ending	0	0	0
Funded status at end of year	(302)	(414)
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]
Current liabilities	(33)	(36)
Noncurrent liabilities	(269)	(378)
Net amounts recognized in the consolidated balance sheets	(302)	(414)
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax [Abstract]
Net loss (gain)	(107)	(5)
Prior service cost (credit)	(1)	(2)
Pretax balance in AOCI at end of year	$ (108)	$ (7)

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block]

Basis of Fair Value Measurements on a Nonrecurring Basis in 2012	Significant Other Unobservable Inputs		Total Losses
In millions	(Level 3)		2012
Assets at fair value:
Long-lived assets, other assets and equity method investments	$	42	$	(179	)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Basis of Fair Value Measurements on a Recurring Basis at December 31	Significant Other Observable Inputs  (Level 2)		Significant Other Observable Inputs  (Level 2)
In millions	2013		2012
Assets at fair value:
Debt securities (1)	$	5	$	5
Liabilities at fair value:
Long-term debt (2)	$	556	$	587

(1) Included in “Other investments” in the consolidated balance sheets.

(2) See Note 10 for information on fair value measurements of long-term debt.

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NONCONSOLIDATED AFFILIATES (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended														3 Months Ended
	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Principal Nonconsolidated Affiliates [Member]	Dec. 31, 2012 Principal Nonconsolidated Affiliates [Member]	Dec. 31, 2011 Principal Nonconsolidated Affiliates [Member]	Dec. 31, 2013 Nippon Unicar Company Limited [Member]	Dec. 31, 2012 Nippon Unicar Company Limited [Member]	Dec. 31, 2011 Nippon Unicar Company Limited [Member]	Dec. 31, 2013 Univation Technologies, LLC [Member]	Sep. 30, 2013 Univation Technologies, LLC [Member]	Dec. 31, 2012 Univation Technologies, LLC [Member]	Dec. 31, 2011 Univation Technologies, LLC [Member]	Sep. 30, 2013 Union Carbide Subsidiary C, Inc. [Member]	Sep. 30, 2013 Nippon Unicar Company Limited [Member]	Jun. 30, 2013 Nippon Unicar Company Limited [Member]
Schedule of Equity Method Investments [Line Items]
Investments in nonconsolidated affiliates		$ 6	$ 106		$ 0	$ 97
Equity Method Investment, Dividends		62	72	73
Undistributed Earnings of Nonconsolidated Affiliates		0	21
Equity Method Investment, Ownership Percentage								0.00%	50.00%	50.00%	0.00%		50.00%	50.00%			50.00%
Equity in earnings of nonconsolidated affiliates		82	59	69	84	59	65
Sale price per agreement																13
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	20
Noncontrolling Interest, Ownership Percentage by Parent															100.00%
Dividend, Noncash, Ownership interest in Subsidiary	$ 70											$ 70

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COMMITMENTS AND CONTIGENT LIABILITIES (Purchase Commitments) (Details) (Inventories [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Inventories [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Long-term Purchase Commitment, Time Period (in years)	two to fourteen
Fixed and Determinable Portion of Take or Pay Obligations under Purchase, Due 2014	$ 29
Fixed and Determinable Portion of Take or Pay Obligations under Purchase, Due 2015	29
Fixed and Determinable Portion of Take or Pay Obligations under Purchase, Due 2016	27
Fixed and Determinable Portion of Take or Pay Obligations under Purchase, Due 2017	27
Fixed and Determinable Portion of Take or Pay Obligations under Purchase, Due 2018	24
Fixed and Determinable Portion of Take or Pay Obligations under Purchase, Due 2019 and beyond	90
Fixed and Determinable Portion of Take or Pay Obligations under Purchase, Total	$ 226

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FAIR VALUE MEASUREMENTS FAIR VALUE MEASURMENTS (Basis of Fair Value Measurements on a Nonrecurring Basis) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other than Temporary Impairment Losses, Investments			$ (179)
Impairment of investment in related company	25	[1]	131	[1]	0
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments, Fair Value Disclosure			42
Nippon Unicar Company Limited [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Method Investments, Fair Value Disclosure			33
Modeland International Holdings, Inc [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of investment in related company			131
Modeland International Holdings, Inc [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets, Fair Value Disclosure			9
4Q12 Restructuring [Member] | Impairment of Long-Lived Assets and Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Asset Impairment Charges			$ 48

[1] See Note 17 for additional information.

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DIVESTITURES (Polypropylene) (Details) (Polypropylene Divestiture [Member], USD $) In Millions, unless otherwise specified	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2011	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2011
Polypropylene Divestiture [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of property	$ 19
Assets divested, inventories	2		2
Assets divested, net property	12		12
Assets, total assets divested	14		14
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			5
Disposal Group not discontinued operation gain (loss) on disposal net of postclosing adjustments				4
Post Closing Adjustments		$ 1

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RECENT ACCOUNTING GUIDANCE

12 Months Ended

Dec. 31, 2013

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Recent Accounting Guidance [Text Block]

RECENT ACCOUNTING GUIDANCE

Recently Adopted Accounting Guidance

During the first quarter of 2013, the Corporation adopted Accounting Standards Update ("ASU") 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities," which requires entities to disclose both gross and net information about both instruments and transactions subject to an agreement similar to a master netting agreement and ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities," which clarifies the scope of the offsetting disclosures of ASU 2011-11. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards ("IFRS"). The adoption of this standard was immaterial to the consolidated financial statements.

During the first quarter of 2013, the Corporation adopted ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income," which requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail on these amounts. See Note 19 for the disclosures related to this adoption.

On January 1, 2012, the Corporation adopted ASU 2011-05, "Comprehensive Income (Topic 220): Presentation of Comprehensive Income," as amended by ASU 2011-12, "Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05." This standard improves the comparability, consistency and transparency of financial reporting and increases the prominence of items reported in other comprehensive income. See the Consolidated Statements of Comprehensive Income (Loss) and Note 19 for additional information.

On January 1, 2012, the Corporation adopted ASU 2011-04, "Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS," which provides common requirements for measuring fair value and disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. See Note 11 for additional information about fair value measurements.

On January 1, 2011, the Corporation adopted ASU 2009-13, “Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements – a consensus of the FASB Emerging Issues Task Force.” This ASU amended the criteria for when to evaluate individual delivered items in a multiple deliverable arrangement and how to allocate consideration received. The adoption of this guidance did not have a material impact on the Corporation’s consolidated financial statements.

Accounting Guidance Issued But Not Adopted as of December 31, 2013

In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date," which defines how entities measure obligations from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date and for which no guidance exists, except for obligations addressed within existing guidance in U.S. GAAP. The guidance also requires entities to disclose the nature and amount of the obligation as well as other information about those obligations. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective presentation for all comparative periods presented is required and early adoption is permitted. The Corporation is currently evaluating the impact of adopting this guidance.

In March 2013, the FASB issued ASU 2013-05, "Foreign Currency Matters (Topic 830): Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity," which defines the treatment of the release of cumulative translation adjustments upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted and prior periods should not be adjusted. The Corporation does not expect the adoption of this guidance to have a material impact on the consolidated financial statements.

In July 2013, the FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists," which defines the presentation requirements of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted and retrospective application is permitted but not required. The new guidance will be implemented prospectively in the first quarter of 2014 and the impact is expected to be immaterial to the consolidated balance sheets of the Corporation.

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SUPPLEMENTARY INFORMATION (Sundry Income, Net) (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	12 Months Ended																							3 Months Ended	12 Months Ended
	Mar. 22, 2011	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2013 Net Commission Expense [Member]		Dec. 31, 2012 Net Commission Expense [Member]		Dec. 31, 2011 Net Commission Expense [Member]		Dec. 31, 2013 Dividend Income [Member]		Dec. 31, 2012 Dividend Income [Member]		Dec. 31, 2011 Dividend Income [Member]		Dec. 31, 2013 Administrative and overhead fees [Member] The Dow Chemical Company [Member]		Dec. 31, 2012 Administrative and overhead fees [Member] The Dow Chemical Company [Member]		Dec. 31, 2011 Administrative and overhead fees [Member] The Dow Chemical Company [Member]		Dec. 31, 2013 Polypropylene Licensing and Catalyst Business [Member]	Dec. 31, 2013 Polypropylene Licensing and Catalyst Business [Member]		Dec. 31, 2012 Polypropylene Licensing and Catalyst Business [Member]	Dec. 31, 2011 Polypropylene Licensing and Catalyst Business [Member]
Supplementary Information [Line Items]
Gain (Loss) on Sale of Property Plant Equipment		$ 0		$ 5		$ 4
Total sundry income (expense) - net		308		(182)		(96)
Impairment of investment in related company		25	[1]	131	[1]	0
Loss on early extinguishment of debt	(6)	0		0		(6)
Foreign exchange gain (loss)		(2)		0		(1)
Related Party Transaction, Expenses from Transactions with Related Party							(17)	[1]	(35)	[1]	(34)	[1]							(25)	[1]	(32)	[1]	(48)	[1]
Proceeds from Divestiture of Businesses																									398	368	[2]	0	0
Related Party Transaction, Other Revenues from Transactions with Related Party													16	[1]	25	[1]	7	[1]
Other - net		$ (7)		$ (14)		$ (18)

[1] See Note 17 for additional information.

[2] See Note 4 for additional information.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2013

Accumulated Other Comprehensive Income [Abstract]

Schedule of Comprehensive Income (Loss) [Table Text Block]

Accumulated Other Comprehensive Income (Loss)
In millions	2013			2012			2011
Cumulative Translation Adjustments at beginning of year	$	(56	)	$	(52	)	$	(55	)
Translation adjustments	(1		)	(4		)	3
Reclassification to earnings - Sundry income (expense) - net (1)	(21		)	—			—
Balance at end of period	$	(78	)	$	(56	)	$	(52	)
Pension and Other Postretirement Benefit Plans at beginning of year	$	(1,289	)	$	(1,080	)	$	(971	)
Net gain (loss) during period (net of tax of $122, $(141), $(84)) (2) (3)	263			(250		)	(166		)
Amortization of prior service cost included in net periodic pension costs (net of tax of $2, $2, $2) (2) (3)	4			3			3
Amortization of net loss included in net periodic pension costs (net of tax of $33, $22, $31) (2)(3)	55			38			54
Balance at end of period	$	(967	)	$	(1,289	)	$	(1,080	)
Total accumulated other comprehensive loss	$	(1,045	)	$	(1,345	)	$	(1,132	)

(1)    Reclassification resulted from the divestiture of a nonconsolidated affiliate.

(2)    See Note 15 for additional information.

(3)    Tax amounts are included in "Provision for income taxes" in the consolidated statements of operations.

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RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2013

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost [Table Text Block]

Restructuring Activities	Costs Associated with Exit or Disposal Activities			Severance Costs			Impairment of Long-Lived Assets, Other Assets and Equity Method Investments
In millions										Total
Restructuring charges recognized in the fourth quarter of 2012	$	13		$	10		$	48		$	71
Charges against the reserve	—			—			(48		)	(48		)
Reserve balance at December 31, 2012	$	13		$	10		$	—		$	23
Cash payments	(2		)	(6		)	—			(8		)
Reserve balance at December 31, 2013	$	11		$	4		$	—		$	15

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation and Basis of Presentation

Except as otherwise indicated by the context, the terms “Corporation” and “UCC” as used herein mean Union Carbide Corporation and its consolidated subsidiaries. The accompanying consolidated financial statements of the Corporation 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 Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest. 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.

The Corporation is a wholly owned subsidiary of The Dow Chemical Company (“Dow”). In accordance with the accounting requirements for wholly owned subsidiaries, the presentation of earnings per share is not required and therefore is not provided.

Dow conducts its worldwide operations through global businesses, and the Corporation's business activities comprise components of Dow's global operations rather than stand-alone operations. The Corporation sells substantially all of its products to Dow at market-based prices, in accordance with Dow's long-standing intercompany pricing policy, in order to simplify the customer interface process. Because there are no separable reportable business segments for UCC and no detailed business information is provided to a chief operating decision maker regarding the Corporation's stand-alone operations, the Corporation's results are reported as a single operating segment.

Related Companies, Policy [Policy Text Block]

Related Companies

Transactions with the Corporation's parent company, Dow, or other Dow subsidiaries have been reflected as related company transactions in the consolidated financial statements.

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 Corporation'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

While the Corporation's consolidated subsidiaries are primarily based in the United States, the Corporation has small subsidiaries in Asia Pacific. For those subsidiaries, the local currency has been primarily used as the functional currency. 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 income (loss)" ("AOCI"). Where the U.S. dollar is used as the functional currency, foreign currency 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 both “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 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 Corporation 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 Corporation uses standard pricing models with market-based inputs that take into account the present value of estimated future cash flows.

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 Corporation 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 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. 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, Policy [Policy Text Block]

Impairment and Disposal of Long-Lived Assets

The Corporation 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 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.

Asset Retirement Obligations, Policy [Policy Text Block]

Asset Retirement Obligations

The Corporation 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 Corporation. 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 in Related Companies, Policy [Policy Text Block]

Investments in Related Companies

Investments in related companies consist of the Corporation's ownership interests in Dow subsidiaries located in North America and Latin America

Investment, Policy [Policy Text Block]

Investments

Investments in debt securities are classified as available-for-sale and reported at fair value with unrealized gains and losses recorded in AOCI. The cost of investments sold is determined by specific identification. The Corporation routinely reviews available-for-sale securities for other-than-temporary declines in fair value below the cost basis, and 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

Substantially all of the Corporation's revenues are generated by sales to Dow. Approximately 97 percent of the Corporation's sales are related to sales of product (96 percent in 2012 and 99 percent in 2011); the remaining 3 percent is related to the licensing of patents and technology (4 percent in 2012 and 1 percent in 2011).

Revenue for product sales to related companies is recognized as risk and title to the product transfer to the related company, which occurs either at the time production is complete or free on board (“FOB”) UCC's manufacturing facility, in accordance with the sales agreement between the Corporation and Dow.

Revenue for product sales is recognized as risk and title to the product transfer to the customer, which for trade sales, usually occurs at the time shipment is made. As such, title to the product passes when the product is delivered to the freight carrier. UCC'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.”

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.

Legal Costs, Policy [Policy Text Block]

Legal Costs

The Corporation expenses legal costs as incurred. Accruals for legal matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated.

Severance Costs [Policy Text Block]

Severance Costs

Management 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 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 Corporation 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. The Corporation is included in Dow's consolidated federal income tax group and consolidated income tax return. The Corporation uses the separate return method to account for its income taxes; accordingly, there is no difference between the method used to account for income taxes at the UCC level and the formula in the Dow-UCC Tax Sharing Agreement used to compute the amount due to Dow or UCC for UCC's share of taxable income and tax attributes on Dow's consolidated income tax return.

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 Corporation 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 Corporation accrues for non-income 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.

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INTANGIBLE ASSETS (Schedule of Amortization Expense of Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Amortization Expense, software, included in 'cost of sales'	$ 2	$ 2	$ 3

XML

BUSINESS AND GEOGRAPHIC AREAS (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

In millions	United States		Asia Pacific		Rest of World		Total
2013
Sales to external customers (1)	$	100	$	43	$	18	$	161
Long-lived assets	$	1,197	$	6	$	36	$	1,239
2012
Sales to external customers (1)	$	98	$	64	$	15	$	177
Long-lived assets	$	1,287	$	8	$	39	$	1,334
2011
Sales to external customers (1)	$	126	$	45	$	15	$	186
Long-lived assets	$	1,322	$	9	$	23	$	1,354

(1) Of the total sales to external customers, China represented approximately 21 percent in 2013, 21 percent in 2012 and 7 percent in 2011, and Malaysia represented approximately 4 percent in 2013, 10 percent in 2012 and 5 percent in 2011, both of which are included in Asia Pacific.

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DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2013

Divestitures [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

Assets Divested In millions	September 30, 2011
Inventories	$	2
Net property	12
Total assets divested	$	14

Schedule of Disposal Groups, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

Assets Divested In millions	December 2, 2013
Accounts receivable	$	4
Inventories	19
Net property	7
Total assets divested	$	30

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INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories at December 31 In millions	2013		2012
Finished goods	$	233	$	263
Work in process	31		33
Raw materials	50		46
Supplies	90		78
Total inventories	$	404	$	420

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation and Basis of Presentation

Except as otherwise indicated by the context, the terms “Corporation” and “UCC” as used herein mean Union Carbide Corporation and its consolidated subsidiaries. The accompanying consolidated financial statements of the Corporation 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 Corporation exercises control and, when applicable, entities for which the Corporation has a controlling financial interest. 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.

The Corporation is a wholly owned subsidiary of The Dow Chemical Company (“Dow”). In accordance with the accounting requirements for wholly owned subsidiaries, the presentation of earnings per share is not required and therefore is not provided.

Dow conducts its worldwide operations through global businesses, and the Corporation's business activities comprise components of Dow's global operations rather than stand-alone operations. The Corporation sells substantially all of its products to Dow at market-based prices, in accordance with Dow's long-standing intercompany pricing policy, in order to simplify the customer interface process. Because there are no separable reportable business segments for UCC and no detailed business information is provided to a chief operating decision maker regarding the Corporation's stand-alone operations, the Corporation's results are reported as a single operating segment.

Related Companies

Transactions with the Corporation's parent company, Dow, or other Dow subsidiaries have been reflected as related company transactions in the consolidated financial statements.

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 Corporation'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

While the Corporation's consolidated subsidiaries are primarily based in the United States, the Corporation has small subsidiaries in Asia Pacific. For those subsidiaries, the local currency has been primarily used as the functional currency. 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 income (loss)" ("AOCI"). Where the U.S. dollar is used as the functional currency, foreign currency 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 both “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 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 Corporation 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 Corporation uses standard pricing models with market-based inputs that take into account the present value of estimated future cash flows.

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 Corporation 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 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. 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 Corporation 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 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.

Asset Retirement Obligations

The Corporation 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 Corporation. 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 in Related Companies

Investments in related companies consist of the Corporation's ownership interests in Dow subsidiaries located in North America and Latin America. The Corporation accounts for these investments using the cost method as it does not have significant influence over the operating and financial policies of these related companies.

Investments

Investments in debt securities are classified as available-for-sale and reported at fair value with unrealized gains and losses recorded in AOCI. The cost of investments sold is determined by specific identification. The Corporation routinely reviews available-for-sale securities for other-than-temporary declines in fair value below the cost basis, and 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

Substantially all of the Corporation's revenues are generated by sales to Dow. Approximately 97 percent of the Corporation's sales are related to sales of product (96 percent in 2012 and 99 percent in 2011); the remaining 3 percent is related to the licensing of patents and technology (4 percent in 2012 and 1 percent in 2011).

Revenue for product sales to related companies is recognized as risk and title to the product transfer to the related company, which occurs either at the time production is complete or free on board (“FOB”) UCC's manufacturing facility, in accordance with the sales agreement between the Corporation and Dow.

Revenue for product sales is recognized as risk and title to the product transfer to the customer, which for trade sales, usually occurs at the time shipment is made. As such, title to the product passes when the product is delivered to the freight carrier. UCC'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.”

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.

Legal Costs

The Corporation expenses legal costs as incurred. Accruals for legal matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated.

Severance Costs

Management 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 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 Corporation 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. The Corporation is included in Dow's consolidated federal income tax group and consolidated income tax return. The Corporation uses the separate return method to account for its income taxes; accordingly, there is no difference between the method used to account for income taxes at the UCC level and the formula in the Dow-UCC Tax Sharing Agreement used to compute the amount due to Dow or UCC for UCC's share of taxable income and tax attributes on Dow's consolidated income tax return.

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 Corporation 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 Corporation accrues for non-income 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.

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PROPERTY (Tables)

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Schedule of other items related to property [Text Block]

In millions	2013		2012		2011
Depreciation expense	$	204	$	217	$	236
Manufacturing maintenance and repair costs	$	304	$	324	$	280
Capitalized interest	$	5	$	8	$	6

Schedule of property

Property at December 31	Estimated Useful
In millions	Lives (Years)	2013		2012
Land	—	$	51	$	50
Land and waterway improvements	15-25	204		202
Buildings	5-50	412		412
Machinery and equipment	3-20	5,862		5,915
Utility and supply lines	5-20	157		153
Other property	3-30	291		285
Construction in progress	—	102		194
Total property		$	7,079	$	7,211

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INCOME TAXES (Schedule of Domestic and Foreign Components of Income Before Income Taxes and Tax Reconciliation) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Income Tax Disclosures [Abstract]
Income (Loss) Before Income Taxes, Domestic	$ 1,077	[1]	$ (95)		$ 303
Income (Loss) Before Income Taxes, Foreign	(10)		(2)		(1)
Income (Loss) Before Income Taxes	1,067		(97)		302
Taxes at U.S. statutory rate	374		(34)		106
Equity earnings effect	(1)	[2]	2	[2]	0	[2]
U.S. business credits	0		0		(6)
Benefit of dividend income from investments in related companies	(6)		(9)		(2)
Income Tax Rate Reconciliation, Audit settlement and court case	20		0		0
Unrecognized tax benefits	(30)		9		(1)
Impairment of investment in related company	1		46		0
Federal tax accrual adjustments	(5)	[2]	(8)	[2]	0	[2]
State and local tax impact	(38)		12		(7)
Other - net	4		(1)		(3)
Total tax provision (credit)	$ 319		$ 17		$ 87
Effective tax rate	29.90%		(17.50%)		28.80%

[1] In 2013, the domestic component of "Income Before Income Taxes" included a gain of $368 million for the sale of Dow's Polypropylene Licensing and Catalysts business.

[2] The amount for the noted reconciliation item is immaterial for 2011 and has been included in the “Other - net” category.

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PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2013

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs [Table Text Block]

Net Periodic Benefit Cost for all Plans
	Defined Benefit Pension Plans									Other Postretirement Benefits
In millions	2013			2012			2011			2013			2012			2011
Service cost	$	31		$	28		$	25		$	2		$	2		$	2
Interest cost	165			189			200			14			17			19
Expected return on plan assets	(232		)	(235		)	(255		)	—			—			—
Amortization of prior service cost (credit)	7			7			7			(1		)	(2		)	(2		)
Amortization of net loss	88			60			85			—			—			—
Net periodic benefit cost	$	59		$	49		$	62		$	15		$	17		$	19

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) for all Plans
	Defined Benefit Pension Plans									Other Postretirement Benefits
In millions	2013			2012			2011			2013			2012		2011
Net (gain) loss	$	(283	)	$	375		$	254		$	(102	)	$	16	$	(4	)
Amortization of prior service (cost) credit	(7		)	(7		)	(7		)	1			2		2
Amortization of net loss	(88		)	(60		)	(85		)	—			—		—
Total recognized in other comprehensive (income) loss	$	(378	)	$	308		$	162		$	(101	)	$	18	$	(2	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(319	)	$	357		$	224		$	(86	)	$	35	$	17

Schedule of Change in Projected Benefit Obligations, Plan Assets and Funded Status of All Significant Plans [Table Text Block]

Change in Projected Benefit Obligations, Plan Assets and Funded Status for all Plans
	Defined Benefit Pension Plans						Other Postretirement Benefits
In millions	2013			2012			2013			2012
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	4,433		$	4,037		$	414		$	412
Service cost	31			28			2			2
Interest cost	165			189			14			17
Actuarial changes in assumptions and experience	(342		)	472			(102		)	16
Benefits paid	(285		)	(286		)	(26		)	(33		)
Other	(7		)	(7		)	—			—
Benefit obligation at end of year	$	3,995		$	4,433		$	302		$	414
Change in plan assets:
Fair value of plan assets at beginning of year	$	3,548		$	3,351		$	—		$	—
Actual return on plan assets	174			331			—			—
Employer contributions	158			158			—			—
Asset transfer	(9		)	(6		)	—			—
Benefits paid	(285		)	(286		)	—			—
Fair value of plan assets at end of year	$	3,586		$	3,548		$	—		$	—
Funded status at end of year	$	(409	)	$	(885	)	$	(302	)	$	(414	)

Net amounts recognized in the consolidated balance sheets at December 31:
Current liabilities	$	(1	)	$	(1	)	$	(33	)	$	(36	)
Noncurrent liabilities	(408		)	(884		)	(269		)	(378		)
Net amounts recognized in the consolidated balance sheets	$	(409	)	$	(885	)	$	(302	)	$	(414	)
Pretax amounts recognized in AOCI at December 31:
Net loss (gain)	$	1,570		$	1,941		$	(107	)	$	(5	)
Prior service cost (credit)	26			33			(1		)	(2		)
Pretax balance in AOCI at end of year	$	1,596		$	1,974		$	(108	)	$	(7	)

Schedule of Expected Benefit Payments [Table Text Block]

Estimated Future Benefit Payments at December 31, 2013
In millions	Defined Benefit Pension Plans		Other Postretirement Benefits
2014	$	281	$	33
2015	276		32
2016	276		29
2017	274		26
2018	274		25
2019 through 2023	1,334		106
Total	$	2,715	$	251

Schedule of Allocation of Plan Assets [Table Text Block]

Strategic Target Allocation of Plan Assets
Asset Category	Target Allocation
Equity securities	25	%
Fixed income securities	45	%
Alternative investments	25	%
Other	5	%
Total	100	%

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

Basis of Fair Value Measurements at December 31, 2013 In millions	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	3	$	304		$	—	$	307
Equity securities:
U.S. equity	$	388	$	143		$	—	$	531
Non-U.S. equity - developed countries	181		85			—		266
Emerging markets	119		67			2		188
Total equity securities	$	688	$	295		$	2	$	985
Fixed income securities:
U.S. government and municipalities	$	—	$	606		$	—	$	606
U.S. agency mortgage backed securities	—		63			—		63
Corporates - investment grade	—		635			—		635
Non-U.S. governments - developed countries	—		2			—		2
Non-U.S. corporates - developed countries	—		159			—		159
Emerging markets debt	—		22			—		22
Other asset-backed securities	—		9			2		11
Other fixed income funds	—		—			12		12
High yield bonds	—		3			—		3
Fixed income derivatives	—		(3		)	—		(3		)
Total fixed income securities	$	—	$	1,496		$	14	$	1,510
Alternative investments:
Real estate	$	—	$	—		$	292	$	292
Private equity	—		—			228		228
Absolute return	—		127			103		230
Total alternative investments	$	—	$	127		$	623	$	750
Total other securities	$	—	$	12		$	22	$	34
Total pension plan assets at fair value	$	691	$	2,234		$	661	$	3,586

Basis of Fair Value Measurements at December 31, 2012 In millions	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	5	$	371	$	—	$	376
Equity securities:
U.S. equity	$	211	$	42	$	—	$	253
Non-U.S. equity - developed countries	208		71		—		279
Emerging markets	133		137		3		273
Convertible Bonds	—		2		—		2
Equity derivatives	—		1		—		1
Total equity securities	$	552	$	253	$	3	$	808
Fixed income securities:
U.S. government and municipalities	$	—	$	733	$	—	$	733
U.S. agency mortgage backed securities	—		115		—		115
Corporates - investment grade	—		685		—		685
Non-U.S. governments - developed countries	—		3		—		3
Non-U.S. corporates - developed countries	—		104		—		104
Emerging markets debt	—		10		—		10
Other asset-backed securities	—		6		—		6
Other fixed income funds	—		—		17		17
High yield bonds	—		2		—		2
Total fixed income securities	$	—	$	1,658	$	17	$	1,675
Alternative investments:
Real estate	$	—	$	—	$	248	$	248
Private equity	—		—		230		230
Absolute return	—		115		74		189
Total alternative investments	$	—	$	115	$	552	$	667
Other securities:
Insurance contracts	$	—	$	—	$	22	$	22
Total other securities	$	—	$	—	$	22	$	22
Total pension plan assets at fair value	$	557	$	2,397	$	594	$	3,548

Defined Benefit Pension Plans [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used [Table Text Block]

Pension Plan Assumptions	Benefit Obligations at December 31						Net Periodic Costs for the Year
	2013		2012		2011		2013		2012		2011
Discount rate	4.75	%	3.85	%	4.85	%	3.85	%	4.85	%	5.35	%
Rate of increase in future compensation levels	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
Long-term rate of return on assets	—		—		—		6.90	%	6.90	%	7.40	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]

Pension Plans with Accumulated Benefit Obligations in Excess ofPlan Assets at December 31
In millions	2013		2012
Projected benefit obligation	$	3,995	$	4,433
Accumulated benefit obligation	$	3,963	$	4,383
Fair value of plan assets	$	3,586	$	3,548

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]

Fair Value Measurement of Level 3 Pension Plan Assets In millions	Equity Securities			Fixed Income Securities			Alternative Investments			Other Investments		Total
Balance at January 1, 2012	$	2		$	11		$	484		$	22	$	519
Actual return on plan assets:
Relating to assets held at Dec. 31, 2012	(1		)	—			53			—		52
Relating to assets sold during 2012	(1		)	—			(7		)	—		(8		)
Purchases, sales and settlements	3			6			(7		)	—		2
Transfers into Level 3, net	—			—			29			—		29
Balance at December 31, 2012	$	3		$	17		$	552		$	22	$	594
Actual return on plan assets:
Relating to assets held at Dec. 31, 2013	(2		)	—			22			—		20
Relating to assets sold during 2013	—			—			40			—		40
Purchases, sales and settlements	1			(3		)	9			—		7
Balance at December 31, 2013	$	2		$	14		$	623		$	22	$	661

Other Postretirement Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used [Table Text Block]

Plan Assumptions for Other Postretirement Benefits	Benefit Obligations at December 31						Net Periodic Costs for the Year
	2013		2012		2011		2013		2012		2011
Discount rate	4.40	%	3.65	%	4.60	%	3.65	%	4.60	%	5.10	%
Initial health care cost trend rate	7.46	%	7.85	%	8.30	%	7.85	%	8.30	%	8.72	%
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	2020		2019		2019		2020		2019		2019

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NONCONSOLIDATED AFFILIATES (Summary of Financial Information) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]
Equity in earnings of nonconsolidated affiliates	$ 82		$ 59	$ 69
Investments in nonconsolidated affiliates	6		106
Principal Nonconsolidated Affiliates [Member]
Schedule of Equity Method Investments [Line Items]
Current Assets	0		311
Noncurrent Assets	0		165
Total Assets	0		476
Current Liabilities	0		164
Noncurrent Liabilities	0		86
Total Liabilities	0		250
Sales	452	[1]	773	715
Gross Profit	208	[1]	209	244
Net Income	142	[1]	112	145
Equity in earnings of nonconsolidated affiliates	84		59	65
Investments in nonconsolidated affiliates	$ 0		$ 97
Nippon Unicar Company Limited [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	0.00%		50.00%	50.00%
Univation Technologies, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	0.00%		50.00%	50.00%

[1] Income statement information for Nippon Unicar Company, Limited is for the six month period ended June 30, 2013 and income statement information for Univation Technologies, LLC is for the nine month period ended September 30, 2013.

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PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Pension Plans) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Pension contributions	$ 158	$ 158	$ 48
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation	3,995	4,433
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation	3,963	4,383
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets	3,586	3,548
Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Benefit Obligation	$ 3,995	$ 4,433	$ 4,037
Discount rate - benefit obligations	4.75%	3.85%	4.85%
Rate of increase in future compensation levels - benefit obligations	4.50%	4.50%	4.50%
Discount rate - net periodic costs	3.85%	4.85%	5.35%
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	6.90%	6.90%	7.40%
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

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Consolidated Statements of Operations (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Consolidated Statements of Operations [Abstract]
Net trade sales	$ 161	$ 177	$ 186
Net sales to related companies	6,787	6,070	6,694
Total Net Sales	6,948	6,247	6,880
Cost of sales	6,214	6,088	6,493
Research and development expenses	25	35	47
Selling, general and administrative expenses	12	10	10
Restructuring charges	0	74	0
Equity in earnings of nonconsolidated affiliates	82	59	69
Sundry income (expense) - net	308	(182)	(96)
Interest income	12	14	33
Interest expense and amortization of debt discount	32	28	34
Income (Loss) Before Income Taxes	1,067	(97)	302
Provision for income taxes	319	17	87
Net Income (Loss) Attributable to Union Carbide Corporation	$ 748	$ (114)	$ 215

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2013 years	Dec. 31, 2012	Dec. 31, 2011
Accounting Policies [Abstract]
Amortization Period for Cost Capitalized on Asset Retirement Obligations	10
Sales Revenue, Goods, Net, Percentage	97.00%	96.00%	99.00%
Sales Revenue, Non Goods, Net, Percentage	3.00%	4.00%	1.00%

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Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Operating Activities
Net Income (Loss) Attributable to Union Carbide Corporation	$ 748		$ (114)		$ 215
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	222		235		270
Provision (credit) for deferred income tax	(29)		12		(43)
Earnings of nonconsolidated affiliates less than (in excess of) dividends received	(21)		13		4
Net gains on sales of assets	(368)		(4)		(5)
Restructuring charges	0		74		0
Impairment of investment in related company	25	[1]	131	[1]	0
Pension contributions	(158)		(158)		(48)
Net loss on early extinguishment of debt	0		0		6
Other, net	2		(1)		0
Changes in assets and liabilities, net of effects of divested companies:
Accounts and notes receivable	4		(6)		12
Related company receivables	(135)		970		1,092
Inventories	(3)		(213)		(13)
Accounts payable	(80)		25		(10)
Related company payables	(32)		54		(132)
Other assets and liabilities	105		82		(171)
Cash provided by operating activities	280		1,100		1,177
Investing Activities
Capital expenditures	(121)		(241)		(168)
Purchase of related company receivables	0		(8)		0
Change in noncurrent receivable from related company	23		(53)		(11)
Proceeds from sale of ownership interest in nonconsolidated affiliate	13		0		0
Proceeds from sales of assets	411		7		19
Purchases of investments	0		(1)		(11)
Proceeds from sales of investments	0		0		17
Cash provided by (used in) investing activities	326		(296)		(154)
Financing Activities
Dividends paid to stockholder	(591)		(775)		(950)
Payments on long-term debt	0		(37)		(69)
Cash used in financing activities	(591)		(812)		(1,019)
Summary
Increase (Decrease) in cash and cash equivalents	15		(8)		4
Cash and cash equivalents at beginning of year	18		26		22
Cash and cash equivalents at end of period	$ 33		$ 18		$ 26

[1] See Note 17 for additional information.

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FINANCIAL INSTRUMENTS (Fair Value of Financial Instruments) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Long-term Debt [Member]
Financial Instruments [Line Items]
Financial Instruments, Cost	$ (471)		$ (471)
Financial Instruments, Gross Unrealized Gains	0		0
Financial Instruments, Gross Unrealized Loss	(85)		(116)
Financial Instruments, Fair Value	(556)		(587)
Debt Securities [Member]
Financial Instruments [Line Items]
Financial Instruments, Cost	5	[1]	5	[1]
Financial Instruments, Gross Unrealized Gains	0	[1]	0	[1]
Financial Instruments, Gross Unrealized Loss	0	[1]	0	[1]
Financial Instruments, Fair Value	5	[1]	5	[1]
Total Marketable Securities [Member]
Financial Instruments [Line Items]
Financial Instruments, Cost	5	[1]	5	[1]
Financial Instruments, Gross Unrealized Gains	0	[1]	0	[1]
Financial Instruments, Gross Unrealized Loss	0	[1]	0	[1]
Financial Instruments, Fair Value	$ 5	[1]	$ 5	[1]

[1] Included in “Other investments” in the consolidated balance sheets.

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INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2013

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets

Intangible Assets at December 31			2013							2012
In millions	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Intangible assets with finite lives:
Licenses and intellectual property	$	33	$	(33	)	$	—	$	33	$	(33	)	$	—
Software	49		(39		)	10		46		(39		)	7
Total intangible assets	$	82	$	(72	)	$	10	$	79	$	(72	)	$	7

Schedule Of Finite Lived Intangible Assets Amortization Expense Table [Table Text Block]

Amortization Expense In millions	2013		2012		2011
Software, included in “Cost of sales”	$	2	$	2	$	3

Schedule of Expected Amortization Expense [Table Text Block]

Estimated Amortization Expense for Next Five Years In millions
2014	$	2
2015	$	2
2016	$	2
2017	$	1
2018	$	1

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COMMITMENTS AND CONTINGENT LIABILITIES (Environmental Matters) (Narrative) (Details) (USD $)
In Millions, unless otherwise specified

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Commitments and Contingencies Disclosure [Abstract]

Environmental Loss Contingency Disclosure [Text Block]

Accrued Liability for Environmental Matters
In millions	2013			2012
Balance at January 1	$	95		$	101
Additional accruals	80			31
Charges against reserve	(49		)	(37		)
Balance at December 31	$	126		$	95

Receivables for Asbestos-Related Costs

Receivables for Asbestos-Related Costs at December 31 In millions	2013		2012
Receivables for defense and resolution costs - carriers with settlement agreements	$	66	$	154
Receivables for insurance recoveries - carriers without settlement agreements	25		25
Total	$	91	$	179

Fixed and determinable portion of take or pay obligations (table text block)

Fixed and Determinable Portion of Take-or-Pay Obligations at December 31, 2013 In millions
2014	$	29
2015	29
2016	27
2017	27
2018	24
2019 and beyond	90
Total	$	226

Loss Contingencies [Line Items]

Environmental Remediation Expense

$ 80

$ 31

$ 41

Capital expenditures for environmental protection

2

7

4

Accrual for Environmental Loss Contingencies [Roll Forward]

Accrual for Environmental Loss Contingencies, beginning balance

95

101

Accrual for Environmental Loss Contingencies, Provision for New Losses

80

31

Accrual For Environmental Loss Contingencies Charges Against Reserve

(49)

(37)

Accrual for environmental loss contingencies, ending balance

126

95

101

Accrual For Environmental Loss Contingencies Superfund Sites [Member]

Accrual for Environmental Loss Contingencies [Roll Forward]

Accrual for environmental loss contingencies, ending balance

$ 23

$ 21

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PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

12 Months Ended

Dec. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS

Pension Plans

The Corporation has a defined benefit pension plan that covers substantially all employees in the United States. Benefits are based on length of service and the employee's three highest consecutive years of compensation. Employees hired on or after January 1, 2008 earn benefits that are based on a set percentage of annual pay, plus interest. The Corporation also has a non-qualified supplemental pension plan.

The Corporation's funding policy is to contribute to the plan when pension laws or economics either require or encourage funding. In 2013, UCC contributed $158 million to its pension plans including contributions to fund benefits payments for its non-qualified supplemental plan. UCC does not expect to make cash contributions to its pension plans in 2014.

The weighted‑average assumptions used to determine pension plan obligations and net periodic benefit costs are provided below:

Pension Plan Assumptions	Benefit Obligations at December 31						Net Periodic Costs for the Year
	2013		2012		2011		2013		2012		2011
Discount rate	4.75	%	3.85	%	4.85	%	3.85	%	4.85	%	5.35	%
Rate of increase in future compensation levels	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
Long-term rate of return on assets	—		—		—		6.90	%	6.90	%	7.40	%

The Corporation 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 Corporation's historical experience with the pension fund asset performance is also considered. 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 fixed income investments at the measurement date. Future expected actuarially determined cash flows of the plans are matched against the Towers Watson RATE:Link yield curve (based on 60th and 90th percentile bond yields) to arrive at a single discount rate by plan.

The accumulated benefit obligation for all defined benefit pension plans was $4.0 billion at December 31, 2013 and $4.4 billion at December 31, 2012.

Pension Plans with Accumulated Benefit Obligations in Excess ofPlan Assets at December 31
In millions	2013		2012
Projected benefit obligation	$	3,995	$	4,433
Accumulated benefit obligation	$	3,963	$	4,383
Fair value of plan assets	$	3,586	$	3,548

Other Postretirement Benefits

The Corporation provides certain health care and life insurance benefits to retired U.S. employees. The plan provides health care benefits, including hospital, physicians' services, drug and major medical expense coverage, and life insurance benefits. The Corporation and the retiree share the cost of these benefits, with the Corporation portion increasing as the retiree has increased years of credited service, although there is a cap on the Corporation portion. The Corporation has the ability to change these benefits at any time. Employees hired after January 1, 2008 are not covered under this plan.

During the fourth quarter of 2013, the Corporation started implementing an Employer Group Waiver Plan (“EGWP”) for its Medicare-eligible, retiree medical plan participants, which became effective on January 1, 2014. As a result, 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. The 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 formation of the EGWP and the resulting change in assumption generated an actuarial gain of $55 million at December 31, 2013, included in "Accumulated other comprehensive loss" in the consolidated balance sheets. The Corporation also recognized a reduction in the postretirement benefit obligation of $55 million at December 31, 2013. The Corporation estimates net periodic benefit costs will decrease by approximately $10 million in 2014 due to the EGWP.

The Corporation funds most of the cost of these health care and life insurance benefits as incurred. In 2013, UCC did not make any contributions to its other postretirement benefit plan trust. Likewise, UCC does not expect to contribute assets to its other postretirement benefit plan trust in 2014.

The weighted-average assumptions used to determine other postretirement benefit obligations and net periodic benefit costs for the plan are provided in the following table:

Plan Assumptions for Other Postretirement Benefits	Benefit Obligations at December 31						Net Periodic Costs for the Year
	2013		2012		2011		2013		2012		2011
Discount rate	4.40	%	3.65	%	4.60	%	3.65	%	4.60	%	5.10	%
Initial health care cost trend rate	7.46	%	7.85	%	8.30	%	7.85	%	8.30	%	8.72	%
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	2020		2019		2019		2020		2019		2019

Increasing the assumed medical cost trend rate by one percentage point in each year would decrease the accumulated postretirement benefit obligation at December 31, 2013 by $4 million and the net periodic postretirement benefit cost for the year by an immaterial amount. Decreasing the assumed medical cost trend rate by one percentage point in each year would increase the accumulated postretirement benefit obligation at December 31, 2013 by $4 million and the net periodic postretirement benefit cost for the year by an immaterial amount.

Net Periodic Benefit Cost for all Plans
	Defined Benefit Pension Plans									Other Postretirement Benefits
In millions	2013			2012			2011			2013			2012			2011
Service cost	$	31		$	28		$	25		$	2		$	2		$	2
Interest cost	165			189			200			14			17			19
Expected return on plan assets	(232		)	(235		)	(255		)	—			—			—
Amortization of prior service cost (credit)	7			7			7			(1		)	(2		)	(2		)
Amortization of net loss	88			60			85			—			—			—
Net periodic benefit cost	$	59		$	49		$	62		$	15		$	17		$	19

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) for all Plans
	Defined Benefit Pension Plans									Other Postretirement Benefits
In millions	2013			2012			2011			2013			2012		2011
Net (gain) loss	$	(283	)	$	375		$	254		$	(102	)	$	16	$	(4	)
Amortization of prior service (cost) credit	(7		)	(7		)	(7		)	1			2		2
Amortization of net loss	(88		)	(60		)	(85		)	—			—		—
Total recognized in other comprehensive (income) loss	$	(378	)	$	308		$	162		$	(101	)	$	18	$	(2	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	(319	)	$	357		$	224		$	(86	)	$	35	$	17

Change in Projected Benefit Obligations, Plan Assets and Funded Status for all Plans
	Defined Benefit Pension Plans						Other Postretirement Benefits
In millions	2013			2012			2013			2012
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	4,433		$	4,037		$	414		$	412
Service cost	31			28			2			2
Interest cost	165			189			14			17
Actuarial changes in assumptions and experience	(342		)	472			(102		)	16
Benefits paid	(285		)	(286		)	(26		)	(33		)
Other	(7		)	(7		)	—			—
Benefit obligation at end of year	$	3,995		$	4,433		$	302		$	414
Change in plan assets:
Fair value of plan assets at beginning of year	$	3,548		$	3,351		$	—		$	—
Actual return on plan assets	174			331			—			—
Employer contributions	158			158			—			—
Asset transfer	(9		)	(6		)	—			—
Benefits paid	(285		)	(286		)	—			—
Fair value of plan assets at end of year	$	3,586		$	3,548		$	—		$	—
Funded status at end of year	$	(409	)	$	(885	)	$	(302	)	$	(414	)

Net amounts recognized in the consolidated balance sheets at December 31:
Current liabilities	$	(1	)	$	(1	)	$	(33	)	$	(36	)
Noncurrent liabilities	(408		)	(884		)	(269		)	(378		)
Net amounts recognized in the consolidated balance sheets	$	(409	)	$	(885	)	$	(302	)	$	(414	)
Pretax amounts recognized in AOCI at December 31:
Net loss (gain)	$	1,570		$	1,941		$	(107	)	$	(5	)
Prior service cost (credit)	26			33			(1		)	(2		)
Pretax balance in AOCI at end of year	$	1,596		$	1,974		$	(108	)	$	(7	)

In 2014, an estimated net loss of $66 million and prior service cost of $6 million for the defined benefit pension plans will be amortized from AOCI to net periodic benefit cost. In 2014, an estimated net gain of $10 million for the other postretirement benefit plan will be amortized from AOCI 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:

Estimated Future Benefit Payments at December 31, 2013
In millions	Defined Benefit Pension Plans		Other Postretirement Benefits
2014	$	281	$	33
2015	276		32
2016	276		29
2017	274		26
2018	274		25
2019 through 2023	1,334		106
Total	$	2,715	$	251

Plan Assets

Plan assets consist mainly of equity and fixed income securities of U.S. and foreign issuers, and include alternative investments such as real estate, private equity and other absolute return strategies. At December 31, 2013, plan assets totaled $3.6 billion and $3.5 billion at December 31, 2012 which included no Dow common stock.

Investment Strategy and Risk Management for Plan Assets

The Corporation's investment strategy for the plan assets is to manage the assets 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 markets 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 plan.

The plan is permitted to use derivative instruments for investment purposes, as well as for hedging the underlying asset and liability exposures and rebalancing the asset allocation. The plan uses value at risk, stress testing, scenario analysis and Monte Carlo simulation to monitor and manage both asset risk in the portfolios and surplus risk.

Equity securities primarily include investments in large- and small-cap companies located in both developed and emerging markets around the world. Fixed income securities are primarily U.S. dollar based and include investment grade corporate bonds of companies diversified across industries and U.S. treasuries. 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 and foreign exchange derivative investments and hedges.

Strategic Target Allocation of Plan Assets
Asset Category	Target Allocation
Equity securities	25	%
Fixed income securities	45	%
Alternative investments	25	%
Other	5	%
Total	100	%

Concentration of Risk

The Corporation mitigates the credit risk of investments by establishing guidelines with the 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 Corporation and the external managers. Credit risk for hedging activity is mitigated by utilizing multiple counterparties and through collateral support agreements.

The Northern Trust Collective Government Short Term Investment money market fund is utilized as the sweep vehicle for the pension plan, which from time to time can represent a significant investment. Approximately half of the liability of the pension plan is covered by a participating group annuity issued by Prudential Insurance Company.

The following tables summarize the bases used to measure the Corporation's pension plan assets at fair value for the years ended December 31, 2013 and 2012:

Basis of Fair Value Measurements at December 31, 2013 In millions	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	3	$	304		$	—	$	307
Equity securities:
U.S. equity	$	388	$	143		$	—	$	531
Non-U.S. equity - developed countries	181		85			—		266
Emerging markets	119		67			2		188
Total equity securities	$	688	$	295		$	2	$	985
Fixed income securities:
U.S. government and municipalities	$	—	$	606		$	—	$	606
U.S. agency mortgage backed securities	—		63			—		63
Corporates - investment grade	—		635			—		635
Non-U.S. governments - developed countries	—		2			—		2
Non-U.S. corporates - developed countries	—		159			—		159
Emerging markets debt	—		22			—		22
Other asset-backed securities	—		9			2		11
Other fixed income funds	—		—			12		12
High yield bonds	—		3			—		3
Fixed income derivatives	—		(3		)	—		(3		)
Total fixed income securities	$	—	$	1,496		$	14	$	1,510
Alternative investments:
Real estate	$	—	$	—		$	292	$	292
Private equity	—		—			228		228
Absolute return	—		127			103		230
Total alternative investments	$	—	$	127		$	623	$	750
Total other securities	$	—	$	12		$	22	$	34
Total pension plan assets at fair value	$	691	$	2,234		$	661	$	3,586

Basis of Fair Value Measurements at December 31, 2012 In millions	Quoted Prices in Active Markets for Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Cash and cash equivalents	$	5	$	371	$	—	$	376
Equity securities:
U.S. equity	$	211	$	42	$	—	$	253
Non-U.S. equity - developed countries	208		71		—		279
Emerging markets	133		137		3		273
Convertible Bonds	—		2		—		2
Equity derivatives	—		1		—		1
Total equity securities	$	552	$	253	$	3	$	808
Fixed income securities:
U.S. government and municipalities	$	—	$	733	$	—	$	733
U.S. agency mortgage backed securities	—		115		—		115
Corporates - investment grade	—		685		—		685
Non-U.S. governments - developed countries	—		3		—		3
Non-U.S. corporates - developed countries	—		104		—		104
Emerging markets debt	—		10		—		10
Other asset-backed securities	—		6		—		6
Other fixed income funds	—		—		17		17
High yield bonds	—		2		—		2
Total fixed income securities	$	—	$	1,658	$	17	$	1,675
Alternative investments:
Real estate	$	—	$	—	$	248	$	248
Private equity	—		—		230		230
Absolute return	—		115		74		189
Total alternative investments	$	—	$	115	$	552	$	667
Other securities:
Insurance contracts	$	—	$	—	$	22	$	22
Total other securities	$	—	$	—	$	22	$	22
Total pension plan assets at fair value	$	557	$	2,397	$	594	$	3,548

For assets classified as Level 1 measurements (measured using quoted prices in active markets), the 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 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/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.

Some plan assets are held in funds where a net asset value is calculated based on the fair value of the underlying assets and the number of shares owned. The classification of the fund (Level 2 or 3 measurements) is determined based on the lowest level classification of significant holdings within the fund. For all other 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 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.

The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2013 and 2012:

Fair Value Measurement of Level 3 Pension Plan Assets In millions	Equity Securities			Fixed Income Securities			Alternative Investments			Other Investments		Total
Balance at January 1, 2012	$	2		$	11		$	484		$	22	$	519
Actual return on plan assets:
Relating to assets held at Dec. 31, 2012	(1		)	—			53			—		52
Relating to assets sold during 2012	(1		)	—			(7		)	—		(8		)
Purchases, sales and settlements	3			6			(7		)	—		2
Transfers into Level 3, net	—			—			29			—		29
Balance at December 31, 2012	$	3		$	17		$	552		$	22	$	594
Actual return on plan assets:
Relating to assets held at Dec. 31, 2013	(2		)	—			22			—		20
Relating to assets sold during 2013	—			—			40			—		40
Purchases, sales and settlements	1			(3		)	9			—		7
Balance at December 31, 2013	$	2		$	14		$	623		$	22	$	661

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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Financial Instruments [Abstract]

Investing Results

Investing Results
In millions	2013		2012		2011
Proceeds from sales of available-for-sale securities	$	—	$	—	$	9

Fair Value of Financial Instruments

Fair Value of Financial Instruments:
	At December 31, 2013											At December 31, 2012
In millions	Cost			Gain		Loss			Fair Value			Cost			Gain		Loss			Fair Value
Marketable securities (1):
Debt securities	$	5		$	—	$	—		$	5		$	5		$	—	$	—		$	5
Total marketable securities	$	5		$	—	$	—		$	5		$	5		$	—	$	—		$	5
Long-term debt	$	(471	)	$	—	$	(85	)	$	(556	)	$	(471	)	$	—	$	(116	)	$	(587	)

(1) Included in “Other investments” in the consolidated balance sheets.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

RELATED PARTY TRANSACTIONS

The Corporation sells its products to Dow to simplify the customer interface process. Products are sold to and purchased from Dow at market-based prices in accordance with the terms of Dow’s intercompany pricing policies. Beginning in 2013, after each quarter, the Corporation and Dow analyze the pricing used for the sales in that quarter and reach agreement on any necessary adjustments, at which point the prices are final. The Corporation also procures certain commodities and raw materials through a Dow subsidiary and pays a commission to that Dow subsidiary based on the volume and type of commodities and raw materials purchased. The commission expense is included in “Sundry income (expense) - net” in the consolidated statements of operations. Purchases from that Dow subsidiary were approximately $2.9 billion in 2013, $3.1 billion in 2012 and $3.5 billion in 2011.

The Corporation has a master services agreement with Dow whereby Dow provides services including, but not limited to, accounting, legal, treasury (investments, cash management, risk management, insurance), procurement, human resources, environmental, health and safety, and business management for UCC. Under the master services agreement with Dow, general administrative and overhead type services that Dow routinely allocates to various businesses are charged to UCC. The master services agreement cost allocation basis is headcount and includes a 10 percent service fee. This agreement resulted in expense of approximately $25 million in 2013, $32 million in 2012 and $48 million in 2011 for general administrative and overhead type services and the 10 percent service fee, included in “Sundry income (expense) - net” in the consolidated statements of operations. The decrease in general administrative and overhead type services including the service fee was due to a simplification of the cost structure as well as cost reduction initiatives by Dow. The remaining activity-based costs were approximately $46 million in 2013, $51 million in 2012 and $35 million in 2011 and were included in “Cost of sales” in the consolidated statements of operations. The increase in activity-based costs compared with 2011 was due to turnaround costs in both 2012 and 2013.

Management believes the method used for determining expenses charged by Dow is reasonable. Dow provides these services by leveraging its centralized functional service centers to provide services at a cost that management believes provides an advantage to the Corporation.

The monitoring and execution of risk management policies related to interest rate and foreign currency risks, which are based on Dow’s risk management philosophy, are provided as a service to UCC.

As part of Dow’s cash management process, UCC is a party to revolving loans with Dow that have interest rates based on LIBOR (London Interbank Offered Rate) with varying maturities. At December 31, 2013, the Corporation had a note receivable of $2.4 billion ($2.3 billion at December 2012) from Dow under a revolving loan agreement. The Corporation may draw from this note receivable in support of its daily working capital requirements and, as such, the net effect of cash inflows and outflows under this revolving loan agreement is presented in the consolidated statements of cash flows as an operating activity.

The Corporation also has a separate revolving credit agreement with Dow that allows the Corporation to borrow or obtain credit enhancements up to an aggregate of $1 billion that matures on December 30, 2014. Dow may demand repayment with a 30-day written notice to the Corporation, subject to certain restrictions. A related collateral agreement provides for the replacement of certain existing pledged assets, primarily equity interests in various subsidiaries and joint ventures, with cash collateral. At December 31, 2013, $843 million ($820 million at December, 2012) was available under the revolving credit agreement. The cash collateral is reported as “Noncurrent receivables from related companies” in the consolidated balance sheets.

The Corporation recorded an impairment charge of $25 million in the fourth quarter of 2013 for the full value of the cost method investment in Dow Quimica Argentina S.A., a related company. The impairment charge, triggered by ongoing losses in the entity, is included in "Sundry income (expense) - net" in the consolidated statements of operations.

In the fourth quarter of 2012, UCC recorded an impairment charge of $131 million related to its investment in Modeland International Holdings Inc. ("Modeland"), a related company, representing the difference between the investment's cost and its fair value. The impairment was triggered by an ownership reorganization of Modeland's subsidiaries. The amount of the impairment charge was calculated based on an appraisal of the fair value of Modeland's assets and liabilities. The fair value was determined through the use of both income and market valuation approaches. The impairment charge is included in "Sundry income (expense) -net" in the consolidated statements of operations. Subsequent to recording the impairment charge, the Corporation also declared and paid a stock dividend to Dow for its ownership interest in Modeland totaling $9 million.

During 2013, the Corporation declared and paid dividends totaling $661 million which included cash dividends to Dow totaling $591 million. In September, 2013 UCC declared a stock dividend to Dow of its 100 percent ownership interest in Union Carbide Subsidiary C, Inc., which included UCC's full ownership interest in Univation Technologies, LLC. This stock dividend was effective on September 29, 2013 and totaled $70 million. During 2012, the Corporation declared and paid dividends totaling $784 million to Dow, which included cash dividends to Dow totaling $775 million and a stock dividend to Dow for its ownership interest in Modeland totaling $9 million.

The Corporation received cash dividends from its investment in Dow Technology Investments, LLC, a related company, of $16 million in 2013 ($25 million in 2012 and $7 million in 2011). These dividends were included in "Sundry income (expense) - net" in the consolidated statements of operations.

In accordance with the Tax Sharing Agreement between the Corporation and Dow, the Corporation makes payments to Dow to cover the Corporation's estimated federal tax liability; payments were $163 million in 2013, zero in 2012 and $227 million in 2011.

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COMMITMENTS AND CONTINGENT LIABILITIES (Asset Retirement Obligations) (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Loss Contingencies [Line Items]
Asset Retirement Obligation Discount rate	0.88%	0.87%
Asset Retirement Obligation Unconditional [Member]
Loss Contingencies [Line Items]
Asset Retirement Obligation	$ 4	$ 4
Asset Retirement Obligation Conditional [Member]
Loss Contingencies [Line Items]
Asset Retirement Obligation	$ 8	$ 7

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Consolidated Statements of Equity (USD $) In Millions, unless otherwise specified	Total	Union Carbide Corporation's Stockholder's Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss, Net of Tax [Member]	Noncontrolling Interest [Member]
Union Carbide Corporation's Stockholder's Equity, Beginning at Dec. 31, 2010			$ 0	$ 312	$ 5,990	$ (1,026)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Union Carbide Corporation	215				215
Dividends declared					(951)
Other					(1)
Other comprehensive income (loss)	(106)					(106)
Noncontrolling interests							2
Total Equity at Dec. 31, 2011	4,435
Union Carbide Corporation's Stockholder's Equity, Ending at Dec. 31, 2011		4,433	0	312	5,253	(1,132)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Union Carbide Corporation	(114)				(114)
Dividends declared					(784)
Other					0
Other comprehensive income (loss)	(213)					(213)
Noncontrolling interests	2						2
Total Equity at Dec. 31, 2012	3,324
Union Carbide Corporation's Stockholder's Equity, Ending at Dec. 31, 2012	3,322	3,322	0	312	4,355	(1,345)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Union Carbide Corporation	748				748
Dividends declared					(661)
Other					0
Other comprehensive income (loss)	300					300
Noncontrolling interests	2						2
Total Equity at Dec. 31, 2013	3,711
Union Carbide Corporation's Stockholder's Equity, Ending at Dec. 31, 2013	$ 3,709	$ 3,709	$ 0	$ 312	$ 4,442	$ (1,045)

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Consolidated Statements of Comprehensive Income (Loss) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net Income (Loss) Attributable to Union Carbide Corporation	$ 748	$ (114)	$ 215
Other Comprehensive Income (Loss), Net of Tax
Cumulative translation adjustments	(22)	(4)	3
Pension and other postretirement benefit plan adjustments	322	(209)	(109)
Total other comprehensive income (loss)	300	(213)	(106)
Comprehensive Income (Loss) Attributable to Union Carbide Corporation	$ 1,048	$ (327)	$ 109

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FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2013

Financial Instruments [Abstact]

Financial Instruments Text Block

FINANCIAL INSTRUMENTS

Investments

The Corporation's investments in marketable securities are classified as available-for-sale.

Investing Results
In millions	2013		2012		2011
Proceeds from sales of available-for-sale securities	$	—	$	—	$	9

Portfolio managers regularly review all of the Corporation'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. At December 31, 2013 and December 31, 2012, there were no impairment indicators or circumstances that would result in a material adjustment of these investments.

The Corporation's investments in debt securities, shown below, had contractual maturities of less than 10 years at December 31, 2013.

Fair Value of Financial Instruments:
	At December 31, 2013											At December 31, 2012
In millions	Cost			Gain		Loss			Fair Value			Cost			Gain		Loss			Fair Value
Marketable securities (1):
Debt securities	$	5		$	—	$	—		$	5		$	5		$	—	$	—		$	5
Total marketable securities	$	5		$	—	$	—		$	5		$	5		$	—	$	—		$	5
Long-term debt	$	(471	)	$	—	$	(85	)	$	(556	)	$	(471	)	$	—	$	(116	)	$	(587	)

(1) Included in “Other investments” in the consolidated balance sheets.

Cost approximates fair value for all other financial instruments.

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Document and Entity Information (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	UNION CARBIDE CORP /NEW/
Entity Central Index Key	0000100790
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding	1,000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float	$ 0

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FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

Fair Value Measurements on a Recurring Basis

The following table summarizes the basis used to measure certain assets and liabilities at fair value on a recurring basis:

Basis of Fair Value Measurements on a Recurring Basis at December 31	Significant Other Observable Inputs  (Level 2)		Significant Other Observable Inputs  (Level 2)
In millions	2013		2012
Assets at fair value:
Debt securities (1)	$	5	$	5
Liabilities at fair value:
Long-term debt (2)	$	556	$	587

(1) Included in “Other investments” in the consolidated balance sheets.

(2) See Note 10 for information on fair value measurements of long-term debt.

For assets and liabilities classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability, or by using observable market data points of similar, more liquid securities to imply the price. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks.

Assets that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets in active markets, adjusted for any terms specific to that asset. For all other 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. There were no transfers between Levels 1 and 2 during the years ended December 31, 2013 and 2012.

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 2012:

Basis of Fair Value Measurements on a Nonrecurring Basis in 2012	Significant Other Unobservable Inputs		Total Losses
In millions	(Level 3)		2012
Assets at fair value:
Long-lived assets, other assets and equity method investments	$	42	$	(179	)

2012 Fair Value Measurements on a Nonrecurring Basis

As part of the restructuring plan that was approved on October 22, 2012, the Corporation shut down a number of manufacturing facilities during the fourth quarter of 2012. The manufacturing assets and facilities associated with this plan were written down to zero in the fourth quarter of 2012. In addition, an equity investment was impaired. The equity investment, classified as Level 3 measurements, was valued at $33 million using unobservable inputs, including assumptions a market participant would use to measure the fair value of the group of assets. These impairment charges, totaling $48 million, were included in "Restructuring charges" in the consolidated statements of operations. See Note 3 for additional information. Also included within the losses is a charge of $131 million related to an impairment of an investment in related companies. The investment in related companies, classified as Level 3 measurements, was valued at $9 million using unobservable inputs, including assumptions a market participant would use to measure the fair value of the group of assets. See Note 17 for additional information.

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LEASED PROPERTY (Leased Property) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Leases [Abstract]
Leases, Rental Expense	$ 31	$ 35	$ 31
Operating Leases, Future Minimum Payments Due [Abstract]
Future minimum operating lease commitments due during 2014	7
Future minimum operating lease commitments due during 2015	6
Future minimum operating lease commitments due during 2016	4
Future minimum operating lease commitments due during 2017	3
Future minimum operating lease commitments due during 2018	3
Future minimum operating lease commitments due during 2019 and thereafter	21
Total future minimum operating lease commitments	$ 44

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Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current Assets
Cash and cash equivalents	$ 33	$ 18
Accounts receivable:
Trade (net of allowance for doubtful receivables - 2013: $-; 2012: $-)	25	35
Related companies	390	330
Other	80	86
Notes receivable from related companies	2,404	2,346
Inventories	404	420
Deferred income taxes and other current assets	101	95
Total current assets	3,437	3,330
Investments
Investments in related companies	823	840
Investments in nonconsolidated affiliates	6	106
Other investments	9	8
Noncurrent receivables	30	45
Noncurrent receivables from related companies	166	189
Total investments	1,034	1,188
Property
Property	7,079	7,211
Less accumulated depreciation	5,840	5,877
Net property	1,239	1,334
Other Assets
Intangible assets (net of accumulated amortization 2013: $72; 2012: $72)	10	7
Deferred income tax assets - noncurrent	692	775
Asbestos-related insurance receivables - noncurrent	86	155
Deferred charges and other assets	51	49
Total other assets	839	986
Total Assets	6,549	6,838
Current Liabilities
Notes payable - related companies	34	40
Accounts payable:
Trade	215	299
Related companies	398	411
Other	21	15
Income taxes payable	213	59
Asbestos-related liabilities - current	91	85
Accrued and other current liabilities	182	146
Total current liabilities	1,154	1,055
Long-Term Debt	471	471
Other Noncurrent Liabilities
Pension and other postretirement benefits - noncurrent	684	1,270
Asbestos-related liabilities - noncurrent	434	530
Other noncurrent obligations	95	188
Total other noncurrent liabilities	1,213	1,988
Stockholder's Equity
Common stock (authorized and issued: 1,000 shares of $0.01 par value each)	0	0
Additional paid-in capital	312	312
Retained earnings	4,442	4,355
Accumulated other comprehensive loss	(1,045)	(1,345)
Union Carbide Corporation's stockholder's equity	3,709	3,322
Noncontrolling interests	2	2
Total equity	3,711	3,324
Total Liabilities and Equity	$ 6,549	$ 6,838

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INVENTORIES

12 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

INVENTORIES

The following table provides a breakdown of inventories:

Inventories at December 31 In millions	2013		2012
Finished goods	$	233	$	263
Work in process	31		33
Raw materials	50		46
Supplies	90		78
Total inventories	$	404	$	420

The reserves reducing inventories from a FIFO basis to a LIFO basis amounted to $132 million at December 31, 2013 and $150 million at December 31, 2012. Inventories that were valued on a LIFO basis, principally U.S. chemicals and plastics product inventories, represented 70 percent of the total inventories at December 31, 2013 and 75 percent of the total inventories at December 31, 2012.

A reduction of certain inventories resulted in the liquidation of some of the Corporation's LIFO inventory layers which had an immaterial impact on pretax income in 2013, 2012 and 2011.

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DIVESTITURES

12 Months Ended

Dec. 31, 2013

Divestitures [Abstract]

Divestitures [text block]

DIVESTITURES

Divestiture of Polypropylene Licensing and Catalysts Business

On October 11, 2013, Dow entered into a definitive agreement to sell its global Polypropylene Licensing and Catalysts business to W.R. Grace & Co., which included the Corporation's polypropylene catalysts manufacturing facility in Norco, Louisiana as well as customer contracts, accounts receivable, licenses, intellectual property and inventory. On December 2, 2013, the sale was completed and proceeds allocated to the Corporation for the sale were $398 million, net of working capital adjustments and costs to sell, with proceeds subject to customary post-closing adjustments to be finalized in subsequent periods. The carrying amount of the assets divested on December 2, 2013, are noted below:

Assets Divested In millions	December 2, 2013
Accounts receivable	$	4
Inventories	19
Net property	7
Total assets divested	$	30

The Corporation recognized a pretax gain of $368 million on the sale, included in "Sundry income (expense) - net" in the consolidated statements of operations and an after-tax gain of $233 million.

Divestiture of Polypropylene Business

On July 27, 2011, Dow entered into a definitive agreement to sell Dow's global Polypropylene business to Braskem SA. The definitive agreement specified the assets included in the sale, which included the following assets of the Corporation: polypropylene manufacturing facility at Seadrift, Texas; railcars; inventory; business know-how; and certain product and process technology. On September 30, 2011, the sale was completed. The Corporation received $19 million for the sale of its assets, net of working capital adjustments and costs to sell, with proceeds subject to customary post-closing adjustments. The carrying amount of the assets divested on September 30, 2011, are noted below:

Assets Divested In millions	September 30, 2011
Inventories	$	2
Net property	12
Total assets divested	$	14

The Corporation recognized a pretax gain of $5 million on the sale in the third quarter of 2011. Post-closing adjustments of $1 million in the fourth quarter of 2011 reduced the pretax gain to $4 million, which is included in "Sundry income (expense) - net" in the consolidated statements of operations.

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LEASED PROPERTY

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

LEASED PROPERTY

The Corporation has leases primarily for facilities and distribution equipment. The future minimum rental payments under leases with remaining noncancelable terms in excess of one year are as follows:

Minimum Lease Commitments at December 31, 2013 In millions
2014	$	7
2015	6
2016	4
2017	3
2018	3
2019 and thereafter	21
Total	$	44

Rental expenses under leases were $31 million in 2013, $35 million in 2012 and $31 million in 2011.

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SUPPLEMENTARY INFORMATION

12 Months Ended

Dec. 31, 2013

Supplementary Information [Abstract]

Supplementary Information [Text Block]

SUPPLEMENTARY INFORMATION

Sundry Income (Expense) - Net
In millions	2013			2012			2011
Dow administrative and overhead fees (1)	$	(25	)	$	(32	)	$	(48	)
Net commission expense - related company (1)	(17		)	(35		)	(34		)
Dividend income - related companies (1)	16			25			7
Net gain on sale of Dow's Polypropylene Licensing and Catalysts business (2)	368			—			—
Impairment of investment in related company (1)	(25		)	(131		)	—
Foreign exchange loss	(2		)	—			(1		)
Net gain on sales of property	—			5			4
Loss on early extinguishment of debt	—			—			(6		)
Other - net	(7		)	(14		)	(18		)
Total Sundry income (expense) - net	$	308		$	(182	)	$	(96	)

(1) See Note 17 for additional information.

(2) See Note 4 for additional information.

Accrued and Other Current Liabilities

"Accrued and other current liabilities" were $182 million at December 31, 2013 and $146 million at December 31, 2012. The current portion of the Corporation's accrued obligations for environmental matters, which is a component of "Accrued and other current liabilities," was $58 million at December 31, 2013 and $48 million at December 31, 2012 (see Note 13 for additional information). No other component of accrued and other current liabilities was more than 5 percent of total current liabilities.

Supplementary Cash Flow Information
In millions	2013		2012			2011
Cash payments for interest	$	37	$	37		$	41
Cash payments (refunds) for income taxes	$	292	$	(94	)	$	316

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INCOME TAXES (Schedule of Provision (Credit) for Income Taxes) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal, current	$ 337	$ 10	$ 126
State and local, current	5	(5)	(2)
Foreign, current	6	0	6
Total, current	348	5	130
Federal, deferred	18	15	(41)
State and local, deferred	(47)	(3)	(2)
Foreign, deferred	0	0	0
Total, deferred	(29)	12	(43)
Federal	355	25	85
State and local	(42)	(8)	(4)
Foreign	6	0	6
Total tax provision (credit)	$ 319	$ 17	$ 87

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INVESTMENTS IN RELATED COMPANIES

12 Months Ended

Dec. 31, 2013

Investments in Related Companies [Abstract]

Cost-method Investments, Description [Text Block]

INVESTMENTS IN RELATED COMPANIES

The Corporation's ownership interests in related companies at December 31, 2013 and 2012 were as follows:

Investments in Related Companies at December 31	Ownership Interests				Investment Balance
In millions (except percentages)	2013		2012		2013		2012
Dow International Holdings Company	19	%	19	%	$	807	$	807
Dow Quimica Argentina S.A.	23	%	23	%	—		17
GWN Holding, Inc.	6	%	6	%	10		10
Dow Quimica Mexicana S.A. de C.V.	15	%	15	%	5		5
Other	—	%	—	%	1		1
Total Investments in Related Companies					$	823	$	840

In the fourth quarter of 2013, the Corporation recorded an impairment charge of $25 million for the full value of the cost method investment in Dow Quimica Argentina S.A. The related company investment, classified as a Level 3 measurement, was valued using unobservable inputs. The impairment charge was triggered by ongoing losses in the entity and is included in "Sundry income (expense) - net" in the consolidated statements of operations.

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FAIR VALUE MEASUREMENTS (Basis of Fair Value Measurements on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], Fair Value, Inputs, Level 2 [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 556	[1]	$ 587	[1]
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	$ 5	[2]	$ 5	[2]

[1] See Note 10 for information on fair value measurements of long-term debt.

[2] Included in “Other investments” in the consolidated balance sheets.

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PROPERTY

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

PROPERTY

Property at December 31	Estimated Useful
In millions	Lives (Years)	2013		2012
Land	—	$	51	$	50
Land and waterway improvements	15-25	204		202
Buildings	5-50	412		412
Machinery and equipment	3-20	5,862		5,915
Utility and supply lines	5-20	157		153
Other property	3-30	291		285
Construction in progress	—	102		194
Total property		$	7,079	$	7,211

In millions	2013		2012		2011
Depreciation expense	$	204	$	217	$	236
Manufacturing maintenance and repair costs	$	304	$	324	$	280
Capitalized interest	$	5	$	8	$	6

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NONCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2013

Nonconsolidated Affiliates [Abstract]

Equity Method Investments Disclosure [Text Block]

NONCONSOLIDATED AFFILIATES

The Corporation's investments in companies accounted for by the equity method (“nonconsolidated affiliates”) were $6 million at December 31, 2013 and $106 million at December 31, 2012. Dividends received from nonconsolidated affiliates were $62 million in 2013, $72 million in 2012 and $73 million in 2011. Undistributed earnings of nonconsolidated affiliates included in retained earnings were zero at December 31, 2013 and $21 million at December 31, 2012.

All of the nonconsolidated affiliates in which the Corporation has investments are privately held companies; therefore, quoted market prices are not available.

Principal Nonconsolidated Affiliates

The Corporation's principal nonconsolidated affiliates and the Corporation's ownership interest for each at December 31, 2013, 2012 and 2011 are shown below:

Principal Nonconsolidated Affiliates at December 31	Ownership Interest
	2013	2012	2011
Nippon Unicar Company, Limited	—%	50%	50%
Univation Technologies, LLC	—%	50%	50%

The Corporation's investment in the principal nonconsolidated affiliates was zero at December 31, 2013 and $97 million at December 31, 2012, and its equity in earnings was $84 million in 2013, $59 million in 2012 and $65 million in 2011. The summarized financial information presented represents the combined accounts (at 100 percent) of the principal nonconsolidated affiliates. See Note 3 for details on the 2012 impairment charge related to Nippon Unicar Company, Limited.

Divestiture

On January 31, 2013, UCC entered into a definitive agreement to sell its 50 percent ownership interest in Nippon Unicar Company, Limited to TonenGeneral Sekiyu K. K. On July 1, 2013, the sale was completed for $13 million. As a result of this share sale, the Corporation reclassified a $20 million gain, primarily attributable to cumulative translation adjustments, from "Accumulated other comprehensive loss" into earnings in the third quarter of 2013 and is included in "Sundry income (expense) - net" in the consolidated statements of operations for the year ended December 31, 2013. Including this reclassification, the sale resulted in no pretax gain or loss.

Stock Dividend

On September 26, 2013, UCC declared a stock dividend to Dow of its 100 percent ownership interest in Union Carbide Subsidiary C, Inc., which included UCC's full ownership interest in Univation Technologies, LLC. This stock dividend was effective on September 29, 2013 and totaled $70 million.

Summarized Balance Sheet Information at December 31
In millions	2013		2012
Current assets	$	—	$	311
Noncurrent assets	—		165
Total assets	$	—	$	476
Current liabilities	$	—	$	164
Noncurrent liabilities	—		86
Total liabilities	$	—	$	250

Summarized Income Statement Information
In millions	2013 (1)		2012		2011
Sales	$	452	$	773	$	715
Gross profit	$	208	$	209	$	244
Net income	$	142	$	112	$	145

(1) Income statement information for Nippon Unicar Company, Limited is for the six month period ended June 30, 2013 and income statement information for Univation Technologies, LLC is for the nine month period ended September 30, 2013.

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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2013

Intangible Assets [Abstract]

Intangible Assets Disclosure [Text Block]

INTANGIBLE ASSETS

The following table provides information regarding the Corporation's intangible assets:

Intangible Assets at December 31			2013							2012
In millions	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Intangible assets with finite lives:
Licenses and intellectual property	$	33	$	(33	)	$	—	$	33	$	(33	)	$	—
Software	49		(39		)	10		46		(39		)	7
Total intangible assets	$	82	$	(72	)	$	10	$	79	$	(72	)	$	7

The following table provides information regarding amortization expense:

Amortization Expense In millions	2013		2012		2011
Software, included in “Cost of sales”	$	2	$	2	$	3

Total estimated amortization expense for the next five fiscal years is as follows:

Estimated Amortization Expense for Next Five Years In millions
2014	$	2
2015	$	2
2016	$	2
2017	$	1
2018	$	1

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SUPPLEMENTARY INFORMATION (Other Income Statement and Cash Flow Information) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplementary Information [Abstract]
Cash payments for interest	$ 37	$ 37	$ 41
Cash payments (refunds) for income taxes	$ 292	$ (94)	$ 316

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INCOME TAXES (Schedule of Deferred Tax Balances) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Property, Deferred Tax Assets	$ 0	$ 0
Loss and Credit Carryforwards, Deferred Tax Assets	95	103
Postretirement benefit obligations, deferred tax assets	706	887
Other accruals and reserves, deferred tax assets	656	595
Inventory, deferred tax assets	30	10
Long-term Debt, Deferred Tax Assets	0	0
Investments, Deferred Tax Assets	7	0
Other - net, deferred tax assets	2	28
Subtotal, deferred tax assets	1,496	1,623
Valuation allowances, deferred tax assets	(50)	(124)
Total, deferred tax assets	1,446	1,499
Property, deferred tax liabilities	235	202
Deferred Tax Liabilities, Loss and credit carryforward	0	0
Postretirement Benefits, Deferred Tax Liabilities	440	403
Other accruals and Reserves, Deferred Tax Liabilities	4	4
Inventory, deferred tax liabilities	0	1
Long-term debt, deferred tax liabilities	1	1
Investments, Deferred Tax Liabilities	0	1
Other - net, deferred tax liabilities	1	46
Total, deferred tax liabilities	$ 681	$ 658

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COMMITMENTS AND CONTINGENT LIABILITIES (Asbestos Related Matters) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2002
Loss Contingencies [Line Items]
Liability For Asbestos Claims Gross	$ 501	$ 602	$ 668	$ 2,200
Percentage of Recorded Asbests Liability Related to Pending Claims	19.00%	18.00%
Percentage of Recorded Asbestos Liability Related to Future Claims	81.00%	82.00%
Estimated Insurance Recoveries	91	179		1,350
Defense and Resolution Costs Asbestos Related Claims	107	100	88
Estimated Insurance Recoveries of Defense and Resolution Costs [Member] [Domain]
Loss Contingencies [Line Items]
Estimated Insurance Recoveries	66	154
Estimated Insurance Recoveries Carriers Without Settlement Agreements [Member]
Loss Contingencies [Line Items]
Estimated Insurance Recoveries	$ 25	$ 25

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SUPPLEMENTARY INFORMATION (Accrued and other current liabilities) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Accrued and other current liabilities	$ 182	$ 146
Accrued and Other Current Liabilities [Member]
Accrued Environmental Loss Contingencies, Current	$ 58	$ 48

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INVESTMENTS IN RELATED COMPANIES (Tables)

12 Months Ended

Dec. 31, 2013

Investments in Related Companies [Abstract]

Schedule of Cost Method Investments [Table Text Block]

Investments in Related Companies at December 31	Ownership Interests				Investment Balance
In millions (except percentages)	2013		2012		2013		2012
Dow International Holdings Company	19	%	19	%	$	807	$	807
Dow Quimica Argentina S.A.	23	%	23	%	—		17
GWN Holding, Inc.	6	%	6	%	10		10
Dow Quimica Mexicana S.A. de C.V.	15	%	15	%	5		5
Other	—	%	—	%	1		1
Total Investments in Related Companies					$	823	$	840

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PROPERTY (Schedule of Other Items Related to Property) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 204	$ 217	$ 236
Manufacturing maintenance and repair costs	304	324	280
Capitalized interest	$ 5	$ 8	$ 6

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NOTES PAYABLE AND LONG-TERM DEBT

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTES PAYABLE AND LONG-TERM DEBT

Notes Payable at December 31 In millions	2013			2012
Notes payable - related companies	$	34		$	40
Year-end average interest rates	0.92		%	0.86		%

Long-Term Debt at December 31	2013					2012
	Average					Average
In millions	Rate		2013			Rate		2012
Promissory notes and debentures:
Debentures due 2023	7.875	%	$	175		7.875	%	$	175
Debentures due 2025	6.79	%	12			6.79	%	12
Debentures due 2025	7.50	%	150			7.50	%	150
Debentures due 2096	7.75	%	135			7.75	%	135
Unamortized debt discount	—		(1		)	—		(1		)
Total long-term debt			$	471				$	471

The Corporation does not have any maturities related to long-term debt during the next five years.

In the first quarter of 2012, the Corporation redeemed $37 million aggregate principal amount of pollution control/industrial revenue bonds that matured on January 1, 2012.

On March 22, 2011, the Corporation concluded a cash tender offer for $65 million aggregate principal amount of certain notes issued by the Corporation. As a result of the tender offer, the Corporation redeemed $65 million of the notes and recognized a $6 million pretax loss on early extinguishment of debt, included in “Sundry income (expense) – net” in the consolidated statements of operations.

Debt Covenants and Default Provisions

The Corporation's outstanding public debt has been issued under indentures which contain, among other provisions, covenants that the Corporation must comply with while the underlying notes are outstanding. Such covenants are typically based on the Corporation's size and financial position and include, subject to the exceptions and qualifications contained in the indentures, obligations not to (i) allow liens on principal U.S. manufacturing facilities, (ii) enter into sale and lease-back transactions with respect to principal U.S. manufacturing facilities, or (iii) merge into or consolidate with any other entity or sell or convey all or substantially all of its assets. Failure of the Corporation to comply with any of these covenants could, after the passage of any applicable grace period, 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 subject notes.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2013

Accumulated Other Comprehensive Income [Abstract]

Comprehensive Income (Loss) Note [Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table provides an analysis of the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011:

Accumulated Other Comprehensive Income (Loss)
In millions	2013			2012			2011
Cumulative Translation Adjustments at beginning of year	$	(56	)	$	(52	)	$	(55	)
Translation adjustments	(1		)	(4		)	3
Reclassification to earnings - Sundry income (expense) - net (1)	(21		)	—			—
Balance at end of period	$	(78	)	$	(56	)	$	(52	)
Pension and Other Postretirement Benefit Plans at beginning of year	$	(1,289	)	$	(1,080	)	$	(971	)
Net gain (loss) during period (net of tax of $122, $(141), $(84)) (2) (3)	263			(250		)	(166		)
Amortization of prior service cost included in net periodic pension costs (net of tax of $2, $2, $2) (2) (3)	4			3			3
Amortization of net loss included in net periodic pension costs (net of tax of $33, $22, $31) (2)(3)	55			38			54
Balance at end of period	$	(967	)	$	(1,289	)	$	(1,080	)
Total accumulated other comprehensive loss	$	(1,045	)	$	(1,345	)	$	(1,132	)

(1)    Reclassification resulted from the divestiture of a nonconsolidated affiliate.

(2)    See Note 15 for additional information.

(3)    Tax amounts are included in "Provision for income taxes" in the consolidated statements of operations.

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INVENTORIES (Schedule of Inventories) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Inventory Disclosure [Abstract]
Finished goods	$ 233	$ 263
Work in process	31	33
Raw materials	50	46
Supplies	90	78
Total inventories	404	420
Inventory, LIFO Reserve	$ 132	$ 150
Percentage of LIFO Inventory	70.00%	75.00%

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LEASED PROPERTY (Tables)

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Operating Leases of Lessee Disclosure [Table Text Block]

Minimum Lease Commitments at December 31, 2013 In millions
2014	$	7
2015	6
2016	4
2017	3
2018	3
2019 and thereafter	21
Total	$	44

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Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Current Assets
Allowance for Doubtful Accounts Receivable, Current	$ 0	$ 0
Other Assets
Other Intangible Assets (accumulated amortization)	$ 72	$ 72
Stockholders' Equity
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000	1,000
Common Stock, Shares, Issued	1,000	1,000

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ACCUMULATED OTHER COMPREHENSIVE INCOME ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Other Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax	$ 122	$ (141)	$ (84)
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	2	2	2
Other comprehensive income amortization of net loss included in net periodic pension costs, tax	$ (33)	$ (22)	$ (31)

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RESTRUCTURING

12 Months Ended

Dec. 31, 2013

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

RESTRUCTURING

On October 22, 2012, the Board of Directors of the Corporation approved a restructuring plan to improve the cost effectiveness of the Corporation's global operations. The restructuring plan affected approximately 100 positions and resulted in the shutdown of certain manufacturing facilities. These actions are expected to be completed primarily by December 31, 2014.

As a result of the restructuring activities, the Corporation recorded pretax restructuring charges of $71 million in the fourth quarter of 2012 consisting of costs associated with exit or disposal activities of $13 million, severance costs of $10 million and asset write-downs and write-offs of $48 million. The impact of these charges is shown as "Restructuring charges" in the consolidated statements of operations.

Details on the components of the restructuring charges are discussed below:

Cost Associated with Exit or Disposal Activities

The restructuring charges for costs associated with exit or disposal activities totaled $13 million in the fourth quarter of 2012 for contract cancellations fees.

Severance

The restructuring charges in the fourth quarter of 2012 included severance of $10 million for the separation of approximately 100 employees under the terms of the Corporation's ongoing benefit arrangements, primarily over the next two years. At December 31, 2013, severance of $6 million had been paid and a liability of $4 million remained for 21 employees.

Impairment of Long-Lived Assets, Other Assets and Equity Method Investments

The restructuring charges related to the write-down and write-off of assets in the fourth quarter of 2012 total $48 million. Details regarding the write-downs and write-offs are as follows:

• Certain oxygenated solvents manufacturing facilities in Texas City, Texas have been consolidated and/or shut down, resulting in an asset write-down of $36 million. The facilities were shut down in the fourth quarter of 2012.

• A performance monomer manufacturing facility in South Charleston, West Virginia was shut down, resulting in an asset write-down of $1 million and the write-off of other assets totaling $2 million. The assets were shut down in the fourth quarter of 2012.

• Due to a change in the Corporation's strategy regarding its ownership in Nippon Unicar Company Limited ("NUC"), a 50:50 joint venture, the Corporation had determined its equity investment in NUC to be other-than-temporarily impaired and recorded a $9 million write-down of its interest in NUC. UCC completed the sale of its 50 percent ownership interest in NUC on July 1, 2013.

The following table summarizes the activities related to the Corporation's restructuring reserve:

Restructuring Activities	Costs Associated with Exit or Disposal Activities			Severance Costs			Impairment of Long-Lived Assets, Other Assets and Equity Method Investments
In millions										Total
Restructuring charges recognized in the fourth quarter of 2012	$	13		$	10		$	48		$	71
Charges against the reserve	—			—			(48		)	(48		)
Reserve balance at December 31, 2012	$	13		$	10		$	—		$	23
Cash payments	(2		)	(6		)	—			(8		)
Reserve balance at December 31, 2013	$	11		$	4		$	—		$	15

The reserve balance is included in the consolidated balance sheets as "Accrued and other current liabilities" and "Other noncurrent obligations."

The Corporation expects to incur additional costs in the future related to its restructuring activities, as UCC continually looks for ways to enhance the efficiency and cost effectiveness of its operations. Future costs are expected to include demolition costs related to closed facilities; these will be recognized as incurred. The Corporation 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.

In the first quarter of 2012, the Corporation recorded restructuring charges totaling $3 million related to a workforce reduction of approximately 20 employees. In the third quarter of 2012, all severance related to this restructuring charge was paid.

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FINANCIAL INSTRUMENTS (Investments) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financial Instruments [Abstract]
Investing Results, Proceeds from sales of available-for-sale securities	$ 0	$ 0	$ 9

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INCOME TAXES (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended						3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013 Expiration in 2013 through 2017 [Member]	Dec. 31, 2013 Expiration 2014 through 2018 [Member]	Jun. 30, 2013 Provision (credit) for income taxes [Domain]	Mar. 31, 2013 Provision (credit) for income taxes [Domain]	Dec. 31, 2013 Polypropylene Licensing and Catalyst Business [Member]
Income Tax Note [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal									$ 368
Operating loss carryforwards	1,188	1,255
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration					584
Tax credit carryforwards, net of uncertain tax positions	7	39
Tax Credit Carryforward, Subject to expiration						2
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries	48	53	63
Valuation allowance, deferred tax assets	50	124
Effective tax rate	29.90%	(17.50%)	28.80%
Unrecognized Tax Benefits	4	166	161	163
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	3	158
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	(15)	(1)	(2)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	1	4
Tax charge related to adjusted uncertain tax position								41
Tax Adjustments, Settlements, and Unusual Provisions							$ (22)

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NOTES PAYABLE AND LONG-TERM DEBT (Schedule of Notes Payable) (Details) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
Notes payable - related companies	$ 34	$ 40
Period-end average interest rates	0.92%	0.86%

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BUSINESS AND GEOGRAPHIC AREAS

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business and Geographic Areas [Text Block]

BUSINESS AND GEOGRAPHIC AREAS

Dow conducts its worldwide operations through global businesses, and the Corporation's business activities comprise components of Dow's global businesses rather than stand-alone operations. The Corporation sells its products to Dow in order to simplify the customer interface process at market-based prices in accordance with Dow's intercompany pricing policy. Because there are no separable reportable business segments for the Corporation and no detailed business information is provided to a chief operating decision maker regarding the Corporation's stand-alone operations, the Corporation's results are reported as a single operating segment.

Sales are attributed to geographic areas based on customer location; long-lived assets are attributed to geographic areas based on asset location. Sales to external customers and long-lived assets by geographic area were as follows:

In millions	United States		Asia Pacific		Rest of World		Total
2013
Sales to external customers (1)	$	100	$	43	$	18	$	161
Long-lived assets	$	1,197	$	6	$	36	$	1,239
2012
Sales to external customers (1)	$	98	$	64	$	15	$	177
Long-lived assets	$	1,287	$	8	$	39	$	1,334
2011
Sales to external customers (1)	$	126	$	45	$	15	$	186
Long-lived assets	$	1,322	$	9	$	23	$	1,354

(1) Of the total sales to external customers, China represented approximately 21 percent in 2013, 21 percent in 2012 and 7 percent in 2011, and Malaysia represented approximately 4 percent in 2013, 10 percent in 2012 and 5 percent in 2011, both of which are included in Asia Pacific.

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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, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 31	$ 28	$ 25
Interest cost	165	189	200
Expected return on plan assets	(232)	(235)	(255)
Amortization of prior service cost (credit)	7	7	7
Amortization of net loss	88	60	85
Net periodic benefit cost (credit)	59	49	62
Net (gain) loss	(283)	375	254
Amortization of prior service (cost) credit	(7)	(7)	(7)
Amortization of net loss	(88)	(60)	(85)
Total recognized in other comprehensive (income) loss	(378)	308	162
Total recognized in net periodic benefit cost and other comprehensive loss	(319)	357	224
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2	2
Interest cost	14	17	19
Expected return on plan assets	0	0	0
Amortization of prior service cost (credit)	(1)	(2)	(2)
Amortization of net loss	0	0	0
Net periodic benefit cost (credit)	15	17	19
Net (gain) loss	(102)	16	(4)
Amortization of prior service (cost) credit	1	2	2
Amortization of net loss	0	0	0
Total recognized in other comprehensive (income) loss	(101)	18	(2)
Total recognized in net periodic benefit cost and other comprehensive loss	$ (86)	$ 35	$ 17

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SUPPLEMENTARY INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

Supplementary Information [Abstract]

Sundry Income, Net [Table Text Block]

Sundry Income (Expense) - Net
In millions	2013			2012			2011
Dow administrative and overhead fees (1)	$	(25	)	$	(32	)	$	(48	)
Net commission expense - related company (1)	(17		)	(35		)	(34		)
Dividend income - related companies (1)	16			25			7
Net gain on sale of Dow's Polypropylene Licensing and Catalysts business (2)	368			—			—
Impairment of investment in related company (1)	(25		)	(131		)	—
Foreign exchange loss	(2		)	—			(1		)
Net gain on sales of property	—			5			4
Loss on early extinguishment of debt	—			—			(6		)
Other - net	(7		)	(14		)	(18		)
Total Sundry income (expense) - net	$	308		$	(182	)	$	(96	)

(1) See Note 17 for additional information.

(2) See Note 4 for additional information.

Supplemental Disclosure of Cash Flow Information [Table Text Block]

Supplementary Cash Flow Information
In millions	2013		2012			2011
Cash payments for interest	$	37	$	37		$	41
Cash payments (refunds) for income taxes	$	292	$	(94	)	$	316

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COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENT LIABILITIES

Environmental Matters

Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies.

At December 31, 2013, the Corporation had accrued obligations of $126 million for probable environmental remediation and restoration costs, including $23 million for the remediation of Superfund sites. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Corporation has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Corporation's results of operations, financial condition and cash flows. It is the opinion of the Corporation's management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Corporation's results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2012, the Corporation had accrued obligations of $95 million for probable environmental remediation and restoration costs, including $21 million for the remediation of Superfund sites.

The following table summarizes the activity in the Corporation's accrued obligations for environmental matters for the years ended December 31, 2013 and 2012:

Accrued Liability for Environmental Matters
In millions	2013			2012
Balance at January 1	$	95		$	101
Additional accruals	80			31
Charges against reserve	(49		)	(37		)
Balance at December 31	$	126		$	95

The amounts charged to income on a pretax basis related to environmental remediation totaled $80 million in 2013, $31 million in 2012 and $41 million in 2011. Capital expenditures for environmental protection were $2 million in 2013, $7 million in 2012 and $4 million in 2011.

Litigation

The Corporation is involved in a number of legal proceedings and claims with both private and governmental parties. These cover a wide range of matters, including, but not limited to: product liability; trade regulation; governmental regulatory proceedings; health, safety and environmental matters; employment; patents; contracts; taxes; and commercial disputes.

Asbestos-Related Matters

Separately, the Corporation is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past three decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that UCC sold in the past, alleged exposure to asbestos-containing products located on UCC's premises, and UCC's responsibility for asbestos suits filed against a former UCC subsidiary, Amchem Products, Inc. (“Amchem”). In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable loss as a result of such exposure, or that injuries incurred in fact resulted from exposure to the Corporation's products.

The Corporation expects more asbestos-related suits to be filed against UCC and Amchem in the future, and will aggressively defend or reasonably resolve, as appropriate, both pending and future claims.

Estimating the Liability

Based on a study completed by Analysis, Research & Planning Corporation (“ARPC”) in January 2003, the Corporation increased its December 31, 2002 asbestos-related liability for pending and future claims for the 15-year period ending in 2017 to $2.2 billion, excluding future defense and processing costs. Since then, the Corporation has compared current asbestos claim and resolution activity to the results of the most recent ARPC study at each balance sheet date to determine whether the accrual continues to be appropriate. In addition, the Corporation has requested ARPC to review the Corporation's historical asbestos claim and resolution activity each year since 2004 to determine the appropriateness of updating the most recent ARPC study.

In November 2011, the Corporation requested ARPC to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2010 study. In response to that request, ARPC reviewed and analyzed data through October 31, 2011. In January 2012, ARPC stated that an update of its study would not provide a more likely estimate of future events than the estimate reflected in its December 2010 study and, therefore, the estimate in that study remained applicable. Based on the Corporation's own review of the asbestos claim and resolution activity and ARPC's response, the Corporation determined that no change to the accrual was required. At December 31, 2011, the Corporation's asbestos-related liability for pending and future claims was $668 million.

In October 2012, the Corporation requested ARPC to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2010 study. In response to that request, ARPC reviewed and analyzed data through September 30, 2012. In December, 2012, based upon ARPC's December 2012 study and the Corporation's own review of the asbestos claim and resolution activity for 2012, it was determined that no adjustment to the accrual was required at December 31, 2012. The Corporation's asbestos-related liability for pending and future claims was $602 million at December 31, 2012.

In October 2013, the Corporation requested ARPC to review its historical asbestos claim and resolution activity and determine the appropriateness of updating its December 2012 study. In response to that request, ARPC reviewed and analyzed data through September 30, 2013. In December, 2013, ARPC stated that an update of its study would not provide a more likely estimate of future events than the estimate reflected in its December 2012 study and, therefore, the estimate in that study remained applicable. Based on the Corporation's own review of the asbestos claim and resolution activity and ARPC's response, the Corporation determined that no change to the accrual was required. The Corporation's asbestos-related liability for pending and future claims was $501 million at December 31, 2013.

At December 31, 2013, approximately 19 percent of the recorded liability related to pending claims and approximately 81 percent related to future claims. At December 31, 2012, approximately 18 percent of the recorded liability related to pending claims and approximately 82 percent related to future claims.

Insurance Receivables

At December 31, 2002, the Corporation increased the receivable for insurance recoveries related to its asbestos liability to $1.35 billion, substantially exhausting its asbestos product liability coverage. The insurance receivable related to the asbestos liability was determined by the Corporation after a thorough review of applicable insurance policies and the 1985 Wellington Agreement, to which the Corporation and many of its liability insurers are signatory parties, as well as other insurance settlements, with due consideration given to applicable deductibles, retentions and policy limits, and taking into account the solvency and historical payment experience of various insurance carriers. The Wellington Agreement and other agreements with insurers are designed to facilitate an orderly resolution and collection of the Corporation's insurance policies and to resolve issues that the insurance carriers may raise.

In September 2003, the Corporation filed a comprehensive insurance coverage case, now proceeding in the Supreme Court of the State of New York, County of New York, seeking to confirm its rights to insurance for various asbestos claims and to facilitate an orderly and timely collection of insurance proceeds (the “Insurance Litigation”). The Insurance Litigation was filed against insurers that were not signatories to the Wellington Agreement and/or did not otherwise have agreements in place with the Corporation regarding their asbestos-related insurance coverage, in order to facilitate an orderly resolution and collection of such insurance policies and to resolve issues that the insurance carriers may raise. Since the filing of the case, the Corporation has reached settlements with several of the carriers involved in the Insurance Litigation and continues to pursue settlements with the remaining carriers.

The Corporation's receivable for insurance recoveries related to its asbestos liability was $25 million at December 31, 2013 and $25 million at December 31, 2012. At December 31, 2013 and 2012, all of the receivable for insurance recoveries was related to insurers that are not signatories to the Wellington Agreement and/or do not otherwise have agreements in place regarding their asbestos-related insurance coverage.

In addition to the receivable for insurance recoveries related to its asbestos liability, the Corporation had receivables for defense and resolution costs submitted to insurance carriers that have settlement agreements in place regarding their asbestos-related insurance coverage.

The following table summarizes the Corporation's receivables related to its asbestos-related liability:

Receivables for Asbestos-Related Costs at December 31 In millions	2013		2012
Receivables for defense and resolution costs - carriers with settlement agreements	$	66	$	154
Receivables for insurance recoveries - carriers without settlement agreements	25		25
Total	$	91	$	179

The decrease in 2013 in the receivables for asbestos-related costs was principally due to the resolution of receivables related to two insolvent insurance carriers.

The Corporation expenses defense costs as incurred. The pretax impact for defense and resolution costs, net of insurance, was $107 million in 2013, $100 million in 2012 and $88 million in 2011, and was reflected in “Cost of sales” in the consolidated statements of operations.

After a review of its insurance policies, with due consideration given to applicable deductibles, retentions and policy limits, and after taking into account the solvency and historical payment experience of various insurance carriers; existing insurance settlements; and the advice of outside counsel with respect to the applicable insurance coverage law relating to the terms and conditions of its insurance policies, the Corporation continues to believe that its recorded receivable for insurance recoveries from all insurance carriers is probable of collection.

Summary

The amounts recorded by the Corporation for the asbestos-related liability and related insurance receivable described above were based upon current, known facts. However, future events, such as the number of new claims to be filed and/or received each year, the average cost of disposing of each such claim, coverage issues among insurers, and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the United States, could cause the actual costs and insurance recoveries for the Corporation to be higher or lower than those projected or those recorded.

Because of the uncertainties described above, the Corporation's management cannot estimate the full range of the cost of resolving pending and future asbestos-related claims facing UCC and Amchem. The Corporation's management believes that it is reasonably possible that the cost of disposing of the Corporation's asbestos-related claims, including future defense costs, could have a material impact on the Corporation's results of operations and cash flows for a particular period and on the consolidated financial position of the Corporation.

While it is not possible at this time to determine with certainty the ultimate outcome of any of the legal proceedings and claims referred to in this filing, management believes that adequate provisions have been made for probable losses with respect to pending claims and proceedings, and that, except for the asbestos-related matters described above, the ultimate outcome of all known and future claims, after provisions for insurance, will not have a material adverse impact on the results of operations, cash flows and financial position of the Corporation. Should any losses be sustained in connection with any of such legal proceedings and claims in excess of provisions provided and available insurance, they will be charged to income when determinable.

Purchase Commitments

At December 31, 2013, the Corporation had various outstanding commitments for take-or-pay agreements, with remaining terms extending from two to fourteen years. Such commitments were not in excess of current market prices. The fixed and determinable portion of obligations under purchase commitments at December 31, 2013 is presented in the following table:

Fixed and Determinable Portion of Take-or-Pay Obligations at December 31, 2013 In millions
2014	$	29
2015	29
2016	27
2017	27
2018	24
2019 and beyond	90
Total	$	226

Asset Retirement Obligations

The Corporation has recognized asset retirement obligations related to capping activities at landfill sites in the United States. The aggregate carrying amount of these asset retirement obligations was $4 million at December 31, 2013 and $4 million at December 31, 2012. The Corporation also has recognized conditional asset retirement obligations related to asbestos encapsulation as a result of planned demolition and remediation activities at manufacturing and administrative sites in the United States. The aggregate carrying amount of conditional asset retirement obligations was $8 million at December 31, 2013 and $7 million at December 31, 2012. The discount rate used to calculate the Corporation's asset retirement obligations and conditional asset retirement obligations was 0.88 percent at December 31, 2013 and 0.87 percent at December 31, 2012. These obligations are included in the consolidated balance sheets as “Accrued and other current liabilities” and "Other noncurrent obligations."

The Corporation has not recognized conditional asset retirement obligations for which a fair value cannot be reasonably estimated in its consolidated financial statements. It is the opinion of management that the possibility is remote that such conditional asset retirement obligations, when estimable, will have a material impact on the Corporation's consolidated financial statements based on current costs.