|UNION CARBIDE CORP /NEW/ filed this Form 10-K on 02/15/2018|
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:
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 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: