INVESTMENTS IN RELATED COMPANIES

The Corporation's ownership interests in related companies at December 31, 2015 and 2014 were as follows:



Investments in Related Companies at December 31	Ownership Interest				Investment Balance
In millions (except percentages)	2015		2014		2015		2014
Dow International Holdings Company	15	%	19	%	$	633	$	807
Dow Quimica Argentina S.A.	23	%	23	%	—		—
Dow Quimica Mexicana S.A. de C.V.	15	%	15	%	5		5
Other	—	%	—	%	1		1
Total Investments in Related Companies					$	639	$	813

On October 5, 2015, (i) Dow completed the transfer of its U.S. Gulf Coast Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses into a new company ("Splitco"), (ii) participating Dow shareholders tendered, and Dow accepted, Dow shares for Splitco shares in a public exchange offer, and (iii) Splitco merged with a wholly owned subsidiary of Olin Corporation in a tax-efficient Reverse Morris Trust transaction (collectively, the "Transaction").

As part of the Transaction, Dow established a separate legal entity structure to hold the relevant assets to be carved out from the existing Dow structure. To facilitate the Transaction, all entities in Europe and Asia Pacific were aligned under one single entity, with shares owned entirely by Dow. In order to align entity ownership under Dow, entities distributed their shares to Dow through either a series of dividends or share redemptions. As a result, in September 2015, UCC redeemed 462.7096 shares of common stock of Dow International Holdings Company ("DIHC"), a cost method investment, in exchange for stock in Blue Cube International Holdings, LLC ("BCIH"). Prior to the distribution, UCC had a 19.1 percent ownership interest in DIHC with the other 80.9 percent owned by Dow and its other wholly-owned subsidiaries. After the distribution, UCC's investment in DIHC was reduced to 15 percent and resulted in a reduction in investments in related companies of $174 million. UCC then transferred and distributed to Dow all of its membership interest in BCIH in exchange for 64.58 shares of its common stock held by Dow. Dow will continue to own 100 percent of UCC. As part of the final settlement, an adjustment was made to the shares of UCC common stock that were exchanged by Dow, bringing the final number of UCC common stock exchanged with Dow to 64.49 shares. The impact of these transactions are reflected in "Investments in related companies" and "Additional paid-in capital" in the consolidated balance sheets.

In the fourth quarter of 2014, UCC authorized a distribution to Dow of its shares of common stock in GWN Holdings, Inc. ("GWN"). Prior to the stock distribution, GWN was owned 6.3 percent by UCC and 93.7 percent by Dow and its other wholly owned subsidiaries. Prior to this distribution, UCC's investment in GWN was $10 million, accounted for as a cost method investment. No gain or loss was recorded on the stock distribution.