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DERIVATIVES (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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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).

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