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DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
Total notional amounts: | December 31, 2015 |  | December 31, 2014
Foreign Exchange Forward and Option Contracts (in millions) |  |  |
| EUR/USD (in EUR) | €618 |  | €810
| EUR/USD (in approximate USD equivalent) | $689 |  | $1,000
| JPY/USD (in JPY) | ¥2,400 |  | ¥4,800
| JPY/USD (in approximate USD equivalent) | $20 |  | $40
Commodity Forward and Collar Contracts |  |  |
| Contract ethylene sales (in thousand metric tons) | — |  |  | 14 |
| Feedstock (in million barrels) | 22 |  |  | 33 |
| Feedstock (in thousand metric tons) | — |  |  | 30 |
| Energy (in million million british thermal units) | 32 |  |  | 25 |
Interest rate swaps for the future issuance of debt (in millions) | $500 |  | $500
Schedule of Financial Assets and Liabilities Valued on a Recurring Basis | The following chart shows the financial assets and liabilities valued on a recurring basis and a gross basis.
(Dollars in millions) |  |  |  | Fair Value Measurements at December 31, 2015
Description |  | December 31, 2015 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Derivative Assets |  | $ | 144 |  |  | $ | — |  |  | $ | 144 |  |  | $ | — |
Derivative Liabilities |  | (466 | ) |  | — |  |  | (466 | ) |  | — |
|  | $ | (322 | ) |  | $ | — |  |  | $ | (322 | ) |  | $ | — |
(Dollars in millions) |  |  |  | Fair Value Measurements at December 31, 2014
Description |  | December 31, 2014 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Derivative Assets |  | $ | 139 |  |  | $ | — |  |  | $ | 137 |  |  | $ | 2 |
Derivative Liabilities |  | (508 | ) |  | — |  |  | (508 | ) |  | — |
|  | $ | (369 | ) |  | $ | — |  |  | $ | (371 | ) |  | $ | 2 |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a rollforward of activity for these assets for the period ended December 31, 2015 and December 31, 2014:
Fair Value Measurements Using Level 3 Inputs |  |
Commodity Contracts |  | December 31,
(Dollars in millions) |  | 2015 |  | 2014
Beginning balance at January 1 |  | $ | 2 |  |  | $ | — |
Realized gain (loss) in sales revenue |  | 4 |  |  | 1 |
Change in unrealized gain (loss) in Other Comprehensive Income |  | (2 | ) |  | 2 |
Purchases, sales and settlements |  | (4 | ) |  | (1 | )
Transfers (out) in of Level 3 |  | — |  |  | — |
Ending balance at December 31 |  | $ | — |  |  | $ | 2 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value Measurement of Derivatives Designated as Fair Value Hedging Instruments
(Dollars in millions) |  |  |  | Fair Value Measurement
Derivative Assets |  | Statement of Financial Position Location |  | December 31, 2015 |  | December 31, 2014
Interest rate swap |  | Other noncurrent assets |  | $ | — |  |  | $ | 5 |
Fair Value Measurement of Derivatives Designated as Cash Flow Hedging Instruments
(Dollars in millions) |  |  |  | Fair Value Measurements
Derivative Assets |  | Statement of Financial Position Location |  | December 31, 2015 |  | December 31, 2014
Commodity contracts |  | Other current assets |  | $ | — |  |  | $ | 2 |
Foreign exchange contracts |  | Other current assets |  | 65 |  |  | 61 |
Foreign exchange contracts |  | Other noncurrent assets |  | 79 |  |  | 71 |
|  |  |  | $ | 144 |  |  | $ | 134 |
(Dollars in millions) |  |  |  | Fair Value Measurements
Derivative Liabilities |  | Statement of Financial Position Location |  | December 31, 2015 |  | December 31, 2014
Commodity contracts |  | Payables and other current liabilities |  | $ | 194 |  |  | $ | 193 |
Commodity contracts |  | Other long-term liabilities |  | 242 |  |  | 289 |
Foreign exchange contracts |  | Payables and other current liabilities |  | — |  |  | 10 |
Forward starting interest rate swap contracts |  | Other long-term liabilities |  | 30 |  |  | 16 |
|  |  |  | $ | 466 |  |  | $ | 508 |
Schedule of Derivative Instrument Gain Loss in Statement of Financial Performance |
|  | Twelve Months Ended
(Dollars in millions) |  | Consolidated Statement of Earnings Location of Gain/(Loss) Recognized in Income on Derivatives |  | Amount of Gain/ (Loss) Recognized in Income on Derivatives
Derivatives in Fair Value Hedging Relationships |  |  | December 31, 2015 |  | December 31, 2014
Interest rate swaps |  | Net interest expense |  | $ | 13 |  |  | $ | 6 |
(Dollars in millions) |  | Change in amount of after tax gain/ (loss) recognized in Other Comprehensive Income on Derivatives (effective portion) |  | Location of gain/(loss) reclassified from Accumulated Other Comprehensive Income into Income (effective portion) |  | Pre-tax amount of gain/(loss) reclassified from Accumulated Other Comprehensive Income into Income (effective portion)
Derivatives' Cash Flow Hedging Relationships |  | December 31, 2015 |  | December 31, 2014 |  |  | December 31, 2015 |  | December 31, 2014
Commodity contracts |  | $ | 26 |  |  | $ | (312 | ) |  | Sales |  | $ | 4 |  |  | $ | 1 |
|  |  |  |  |  |  |  | Cost of sales |  | (217 | ) |  | (7 | )
Foreign exchange contracts |  | 13 |  |  | 85 |  |  | Sales |  | 86 |  |  | 14 |
Forward starting interest rate swap contracts |  | (4 | ) |  | (3 | ) |  | Interest Expense |  | (7 | ) |  | (8 | )
|  | $ | 35 |  |  | $ | (230 | ) |  |  |  | $ | (134 | ) |  | $ | — |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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