DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]



		June 30, 2016	December 31, 2015
Foreign Exchange Forward and Option Contracts (in millions):
	EUR/USD (in EUR)	€498	€618
	EUR/USD (in approximate USD equivalent)	$552	$689
	JPY/USD (in JPY)	¥1,800	¥2,400
	JPY/USD (in approximate USD equivalent)	$17	$20
Commodity Forward and Collar Contracts:
	Feedstock (in million barrels)	16	22
	Energy (in million million British thermal units)	30	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 Fair Value Hedging Instruments



(Dollars in millions)	Statement of Financial Position Location	Fair Value Measurement
Derivative Assets	Statement of Financial Position Location	June 30, 2016		December 31, 2015
Interest rate swap	Other noncurrent assets	$	2	$	—

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	June 30, 2016		December 31, 2015

Commodity contracts	Other current assets	$	2	$	—
Commodity contracts	Other noncurrent assets	2		—
Foreign exchange contracts	Other current assets	49		65
Foreign exchange contracts	Other noncurrent assets	55		79
		$	108	$	144



(Dollars in millions)		Fair Value Measurements Significant Other Observable Inputs
Derivative Liabilities	Statement of Financial Position Location	June 30, 2016		December 31, 2015
Commodity contracts	Payables and other current liabilities	$	106	$	194
Commodity contracts	Other long-term liabilities	142		242
Forward starting interest rate swap contracts	Payables and other current liabilities	78		—
Forward starting interest rate swap contracts	Other long-term liabilities	—		30
		$	326	$	466

Derivative Instrument Gain Loss in Statement of Financial Performance

Derivatives' Fair Value Hedging Relationships



	Second 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		2016		2015
Interest rate swaps	Net interest expense	$	3	$	3



	First Six Months
(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		2016		2015
Interest rate swaps	Net interest expense	$	7	$	7

Derivatives' Hedging Relationships



	Second 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	2016			2015				2016			2015
Commodity contracts	$	79		$	22		Sales	$	—		$	1
							Cost of Sales	(65		)	(62		)
Foreign exchange contracts	1			(28		)	Sales	15			22
Forward starting interest rate swap contracts	(9		)	15			Net interest expense	(2		)	(2		)
	$	71		$	9			$	(52	)	$	(41	)

	First Six Months
(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	2016			2015				2016			2015
Commodity contracts	$	109		$	27		Sales	$	—		$	3
							Cost of sales	(85		)	(78		)
Foreign exchange contracts	(25		)	27			Sales	30			43
Forward starting interest rate swap contracts	(27		)	7			Net interest expense	(4		)	(4		)
	$	57		$	61			$	(59	)	$	(36	)

The following table summarizes the change in the unrealized gain on the net investment hedge instruments recognized as part of the CTA within OCI during second quarter 2016. No portion of the gain was reclassified into income and there was no hedge ineffectiveness with these instruments during second quarter 2016.



	Second Quarter				First Six Months
(Dollars in millions)	2016		2015		2016		2015
Change in unrealized gain in other comprehensive income	$	3	$	—	$	3	$	—

Financial assets and liabilities valued on a recurring basis

Fair Value Measurements

For additional information on fair value measurement, see Note 1, "Significant Accounting Policies", to the consolidated financial statements in Part II, Item 8 of the Company's 2015 Annual Report on Form 10-K.

The following chart shows the gross financial assets and liabilities valued on a recurring basis.



(Dollars in millions)				Fair Value Measurements at June 30, 2016
Description	June 30, 2016			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Derivative Assets	$	110		$	—	$	110		$	—
Derivative Liabilities	(326		)	—		(326		)	—
	$	(216	)	$	—	$	(216	)	$	—



(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	)	$	—