NONCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2015

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 $13 million at December 31, 2015 and $13 million at December 31, 2014. Dividends received from nonconsolidated affiliates were $2 million in 2015, zero in 2014 and $62 million in 2013. Undistributed earnings of nonconsolidated affiliates included in retained earnings were $8 million at December 31, 2015 and $7 million at December 31, 2014.

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

Divestiture

On January 31, 2013, UCC entered into a definitive agreement to sell its 50 percent ownership interest in NUC 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 and is included in "Sundry income (expense) - net" in the consolidated statements of income 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. This stock dividend was effective on September 29, 2013 and totaled $70 million.

The Corporation had no investment in principal nonconsolidated affiliates at December 31, 2015 and December 31, 2014, and its equity in earnings was zero in 2015, zero in 2014 and $84 million in 2013. The summarized income statement information presented below represents the combined accounts (at 100 percent) of the principal nonconsolidated affiliates.

Summarized Income Statement Information
In millions	2015		2014		2013 (1)
Sales	$	—	$	—	$	452
Gross profit	$	—	$	—	$	208
Net income	$	—	$	—	$	142

(1) Income statement information for NUC is for the six-month period ended June 30, 2013 and income statement information for Univation is for the nine-month period ended September 30, 2013.