XML 43 R29.htm IDEA: XBRL DOCUMENT
v3.4.0.3

DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
|  | March 31, 2016 |  | December 31, 2015
Foreign Exchange Forward and Option Contracts (in millions): |  |  |  |
| EUR/USD (in EUR) |  | €558 |  | €618
| EUR/USD (in approximate USD equivalent) |  | $650 |  | $689
| JPY/USD (in JPY) |  | ¥2,100 |  | ¥2,400
| JPY/USD (in approximate USD equivalent) |  | $19 |  | $20
Commodity Forward and Collar Contracts: |  |  |  |
| Feedstock (in million barrels) |  | 19 |  | 22
| Energy (in million million British thermal units) |  | 33 |  | 32
Interest rate swaps for the future issuance of debt (in millions) |  | $500 |  | $500
Schedule of Derivative Financial Assets and Liabilities Based on Fair Value on Recurring Basis and Balance Sheet Location | Fair Value Measurement of Derivatives Designated as Cash Flow Hedging Instruments
(Dollars in millions) |  |  |  | Fair Value Measurements Significant Other Observable Inputs
Derivative Assets |  | Statement of Financial Position Location |  | March 31, 2016 |  | December 31, 2015
Commodity contracts |  | Other noncurrent assets |  | 1 |  |  | — |
Foreign exchange contracts |  | Other current assets |  | 48 |  |  | 65 |
Foreign exchange contracts |  | Other noncurrent assets |  | 54 |  |  | 79 |
|  |  |  | $ | 103 |  |  | $ | 144 |
(Dollars in millions) |  |  |  | Fair Value Measurements Significant Other Observable Inputs
Derivative Liabilities |  | Statement of Financial Position Location |  | March 31, 2016 |  | December 31, 2015
Commodity contracts |  | Payables and other current liabilities |  | $ | 154 |  |  | $ | 194 |
Commodity contracts |  | Other long-term liabilities |  | 196 |  |  | 242 |
Forward starting interest rate swap contracts |  | Other long-term liabilities |  | 61 |  |  | 30 |
|  |  |  | $ | 411 |  |  | $ | 466 |
Derivative Instrument Gain Loss in Statement of Financial Performance | Derivatives' Fair Value Hedging Relationships
|  | First quarter
(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 |  |  | March 31, 2016 |  | March 31, 2015
Interest rate swaps |  | Net interest expense |  | $ | 3 |  |  | $ | 4 |
Derivatives' Hedging Relationships
|  | First Quarter
(Dollars in millions) |  | Change in amount after tax of 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 |  | March 31, 2016 |  | March 31, 2015 |  | March 31, 2016 |  | March 31, 2015
Commodity contracts |  | $ | 30 |  |  | $ | 5 |  |  | Sales |  | $ | — |  |  | $ | 2 |
|  |  |  |  |  | Cost of Sales |  | (20 | ) |  | (16 | )
Foreign exchange contracts |  | (26 | ) |  | 55 |  |  | Sales |  | 15 |  |  | 21 |
Forward starting interest rate swap contracts |  | (18 | ) |  | (8 | ) |  | Net interest expense |  | (2 | ) |  | (2 | )
|  | $ | (14 | ) |  | $ | 52 |  |  |  |  | $ | (7 | ) |  | $ | 5 |
Financial assets and liabilities valued on a recurring basis | The following chart shows the gross financial assets and liabilities valued on a recurring basis.
(Dollars in millions) |  |  |  | Fair Value Measurements at March 31, 2016
Description |  | March 31, 2016 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Derivative Assets |  | $ | 103 |  |  | $ | — |  |  | $ | 103 |  |  | $ | — |
Derivative Liabilities |  | (411 | ) |  | — |  |  | (411 | ) |  | — |
|  | $ | (308 | ) |  | $ | — |  |  | $ | (308 | ) |  | $ | — |
(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 | ) |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration