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FAIR VALUE MEASUREMENTS (Notes)
 9 Months Ended
Sep. 30, 2023
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 22 to the Consolidated Financial Statements included in the 2022 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:

Fair Value Measurements on a Recurring BasisSep 30, 2023Dec 31, 2022
In millionsFair Value LevelCostGainLossFair ValueCostGainLossFair Value
Assets at fair value:
Cash equivalents:
Held-to-maturity securities 1
Level 2$699 $— $— $699 $872 $— $— $872 
Money market fundsLevel 21,209 — — 1,209 355 — — 355 
Marketable securities 2
Level 2886 28 — 914 927 12 — 939 
Nonconsolidated affiliates 3
Level 37 7 
Other investments:
Debt securities: 4
Government debt 5
Level 2763 — (146)617 754 1 (133)622 
Corporate bondsLevel 124 — (4)20 38 — (3)35 
Corporate bondsLevel 21,215 13 (151)1,077 1,236 10 (156)1,090 
Corporate bondsLevel 3200 — — 200 — — — — 
Equity securities 4, 6
Level 14 11 — 15 5 5 — 10 
Derivatives relating to: 7
Interest ratesLevel 2— 72 — 72 — 351 — 351 
Foreign currencyLevel 2— 205 — 205 — 204 — 204 
CommoditiesLevel 1— 12 — 12 — 63 — 63 
CommoditiesLevel 2— 126 — 126 — 158 — 158 
Total assets at fair value$5,173 $4,706 
Liabilities at fair value:
Long-term debt including debt due within one year 8
Level 2$(14,702)$1,968 $(354)$(13,088)$(15,060)$1,683 $(498)$(13,875)
Guarantee liability 9
Level 3(183)(199)
Derivatives relating to: 7
Interest ratesLevel 2— — (293)(293)— — (246)(246)
Foreign currencyLevel 2— — (235)(235)— — (119)(119)
CommoditiesLevel 1— — (11)(11)— (103)(103)
CommoditiesLevel 2— — (130)(130)— — (167)(167)
Total liabilities at fair value$(13,940)$(14,709)
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.Estimated asset for an investment in a limited liability company included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets.
4.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.
5.U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities’ obligations.
6.Equity securities with a readily determinable fair value.
7.See Note 14 for classification of derivatives in the consolidated balance sheets.
8.Cost includes fair value hedge adjustment losses of $50 million at September 30, 2023 and gains of $46 million at December 31, 2022 on $4,479 million of debt at September 30, 2023 and $2,279 million of debt at December 31, 2022.
9.Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets.
Cost approximates fair value for all other financial instruments.

For equity securities calculated at net asset value per share (or its equivalent), the Company had $83 million in private market securities and $19 million in real estate at September 30, 2023 ($92 million in private market securities and $20 million in real estate at December 31, 2022). There are no redemption restrictions and the unfunded commitments on these investments were $46 million at September 30, 2023 and $54 million at December 31, 2022.

For assets classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The level 3 asset values represent the fair value of an investment in a corporate bond, accounted for as a debt security and an investment in a limited liability company, accounted for as an investment in nonconsolidated affiliates. There was no unfunded commitment on the investment in a limited liability company at September 30, 2023 or December 31, 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.

Fair Value Measurements on a Nonrecurring Basis
As part of the 2023 Restructuring Program, the Company has or will shut down a number of manufacturing facilities, corporate facilities and miscellaneous assets around the world. In the first quarter of 2023, the assets associated with this plan were written down to zero, except for one corporate facility. The remaining corporate facility, which was classified as a level 3 measurement, was written down to a fair value of $16 million using unobservable inputs. In addition, impairments of leased, non-manufacturing facilities, which were classified as Level 3 measurements, resulted in a write-down of right-of-use assets to a fair value of $9 million using unobservable inputs. The impairment charges related to the 2023 Restructuring Program, totaling $197 million, were included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Packaging & Specialty Plastics ($1 million), Industrial Intermediates & Infrastructure ($40 million), Performance Materials & Coatings ($49 million) and Corporate ($107 million). In the second quarter of 2023, the Company recorded an adjustment to the impairment charges related to the 2023 Restructuring Program, totaling $8 million, included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure.