10-K
UNION CARBIDE CORP /NEW/ filed this Form 10-K on 02/15/2018
Entire Document
 

including the U.S. federal and various state jurisdictions. It is reasonably possible that these examinations may be resolved within twelve months. The impact on the Corporation’s results of operations is not expected to be material.

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 Dec 31, 2017
Earliest Open Year
Jurisdiction
United States:
 
Federal income tax
2004
State and local income tax
2004

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 8 - INVENTORIES
The following table provides a breakdown of inventories:

Inventories at Dec 31
 
 
In millions
2017
2016
Finished goods
$
222

$
186

Work in process
47

38

Raw materials
48

50

Supplies
73

87

Total
$
390

$
361

Adjustment of inventories to a LIFO basis
(112
)
(54
)
Total inventories
$
278

$
307


Inventories valued on a LIFO basis, principally U.S. chemicals and plastics product inventories, represented 70 percent of the total inventories at December 31, 2017, and 68 percent of the total inventories at December 31, 2016.

A reduction of certain inventories resulted in the liquidation of some of the Corporation's LIFO inventory layers, which increased pretax income $2 million in 2017, had an immaterial impact on pretax income in 2016 and decreased pretax income $14 million in 2015.


NOTE 9 - PROPERTY
The following table provides a breakdown of property:

Property at Dec 31 1
Estimated Useful Lives (Years)
 
 
In millions
2017
2016
Land and land improvements
0-25

$
283

$
274

Buildings
5-50

402

396

Machinery and equipment
3-20

6,049

5,872

Other property
3-30

325

272

Construction in progress

250

330

Total property

$
7,309

$
7,144

1.
Updated to conform with the presentation adopted for Dow.


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