10-Q
UNION CARBIDE CORP /NEW/ filed this Form 10-Q on 04/27/2017
Entire Document
 
 Union Carbide Corporation and Subsidiaries
 Notes to the Consolidated Financial Statements
(Unaudited)

NOTE 3 - INVENTORIES
The following table provides a breakdown of inventories:

Inventories
In millions
Mar 31,
2017

 
Dec 31,
2016

Finished goods
$
193

 
$
186

Work in process
44

 
38

Raw materials
51

 
50

Supplies
90

 
87

Total FIFO inventories
$
378

 
$
361

Adjustment of inventories to a LIFO basis
(72
)
 
(54
)
Total inventories
$
306

 
$
307



NOTE 4 - INTANGIBLE ASSETS
The following table provides information regarding the Corporation’s intangible assets:

Intangible Assets
At March 31, 2017
 
At December 31, 2016
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
72

 
(46
)
 
26

 
70

 
(45
)
 
25

Total intangible assets
$
105

 
$
(79
)
 
$
26

 
$
103

 
$
(78
)
 
$
25


Total estimated amortization expense for 2017 and the five succeeding fiscal years is as follows:

Estimated Amortization Expense
In millions
2017
$
4

2018
$
6

2019
$
6

2020
$
5

2021
$
3

2022
$
2



NOTE 5 - FINANCIAL INSTRUMENTS
Investments
The Corporation's investments in marketable securities are classified as available-for-sale. Proceeds from sales of available-for-sale securities were $2 million for the three-month period ended March 31, 2017 ($2 million for the three-month period ended March 31, 2016).

For securities 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.


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