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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
)
 
$
—