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FAIR VALUE MEASUREMENTS (Notes) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS A summary of the Company's recurring and nonrecurring fair value measurements can be found in Note 23 to the Consolidated Financial Statements included in the 2021 10-K. Fair Value Measurements on a Recurring Basis The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis:
Basis of Fair Value Measurements on a Recurring Basis | Sep 30, 2022 | Dec 31, 2021
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
In millions
Assets at fair value: |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |
Held-to-maturity securities 1 | $ | — |  | $ | 327 |  | $ | — |  | $ | 327 |  | $ | — |  | $ | 317 |  | $ | — |  | $ | 317 |
Money market funds | — |  | 735 |  | — |  | 735 |  | — |  | 489 |  | — |  | 489 |
Marketable securities 2 | — |  | 148 |  | — |  | 148 |  | — |  | 245 |  | — |  | 245 |
Equity securities 3 | 10 |  | — |  | — |  | 10 |  | 20 |  | — |  | — |  | 20 |
Debt securities: 3 |  |  |  |  |  |  |  |
Government debt 4 | — |  | 590 |  | — |  | 590 |  | — |  | 735 |  | — |  | 735 |
Corporate bonds | 35 |  | 1,050 |  | — |  | 1,085 |  | 44 |  | 1,280 |  | — |  | 1,324 |
Derivatives relating to: 5 |  |  |  |  |  |  |  |
Interest rates | — |  | 657 |  | — |  | 657 |  | — |  | 145 |  | — |  | 145 |
Foreign currency | — |  | 972 |  | — |  | 972 |  | — |  | 165 |  | — |  | 165 |
Commodities | 19 |  | 500 |  | — |  | 519 |  | 15 |  | 307 |  | — |  | 322 |
Total assets at fair value | $ | 64 |  | $ | 4,979 |  | $ | — |  | $ | 5,043 |  | $ | 79 |  | $ | 3,683 |  | $ | — |  | $ | 3,762 |
Liabilities at fair value: |  |  |  |  |  |  |  |
Long-term debt including debt due within one year 6 | $ | — |  | $ | 11,622 |  | $ | — |  | $ | 11,622 |  | $ | — |  | $ | 17,125 |  | $ | — |  | $ | 17,125 |
Guarantee liability 7 | — |  | — |  | 205 |  | 205 |  | — |  | — |  | 220 |  | 220 |
Derivatives relating to: 5 |  |  |  |  |  |  |  |
Interest rates | — |  | 459 |  | — |  | 459 |  | — |  | 284 |  | — |  | 284 |
Foreign currency | — |  | 941 |  | — |  | 941 |  | — |  | 137 |  | — |  | 137 |
Commodities | 37 |  | 330 |  | — |  | 367 |  | 37 |  | 257 |  | — |  | 294 |
Total liabilities at fair value | $ | 37 |  | $ | 13,352 |  | $ | 205 |  | $ | 13,594 |  | $ | 37 |  | $ | 17,803 |  | $ | 220 |  | $ | 18,060 |
1.The Company's held-to-maturity securities primarily included treasury bills and time deposits. 2.The Company’s investments in marketable securities are included in “Other current assets” in the consolidated balance sheets. 3.The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 4.U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations. 5.See Note 19 for the classification of derivatives in the consolidated balance sheets. 6.See Note 19 for information on fair value measurements of long-term debt. 7.Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. See Note 13 for additional information. For equity securities calculated at net asset value per share (or its equivalent), the Company had $97 million in private market securities and $20 million in real estate at September 30, 2022 ($106 million in private market securities and $22 million in real estate at December 31, 2021). There are no redemption restrictions and the unfunded commitments on these investments were $54 million at September 30, 2022 ($59 million at December 31, 2021). For certain investments in limited liability companies accounted for as nonconsolidated affiliates, the unfunded commitment on the investments was $72 million at September 30, 2022. For liabilities classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the Company’s accrued liability related to the guarantee of Sadara’s debt is in proportion to the Company’s 35 percent ownership interest in Sadara. The estimated fair value of the guarantee was calculated using a "with" and "without" method. The fair value of the debt was calculated "with" the guarantee less the fair value of the debt "without" the guarantee. The "with" and "without" values were calculated using a discounted cash flow method based on contractual cash flows as well as projected prepayments made on the debt by Sadara. See Note 13 for further information on guarantees classified as Level 3 measurements.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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