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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
|  | September 30, 2016 |  | December 31, 2015
Foreign Exchange Forward and Option Contracts (in millions): |  |  |  |
| EUR/USD (in EUR) |  | €438 |  | €618
| EUR/USD (in approximate USD equivalent) |  | $492 |  | $689
| JPY/USD (in JPY) |  | ¥2,100 |  | ¥2,400
| JPY/USD (in approximate USD equivalent) |  | $21 |  | $20
Commodity Forward and Collar Contracts: |  |  |  |
| Feedstock (in million barrels) |  | 14 |  | 22
| Energy (in million million British thermal units) |  | 26 |  | 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 |  |  | September 30, 2016 |  | December 31, 2015
Interest rate swap |  | Other noncurrent assets |  | $ | 1 |  |  | $ | — |
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 |  | September 30, 2016 |  | December 31, 2015
Commodity contracts |  | Other current assets |  | $ | 1 |  |  | $ | — |
Commodity contracts |  | Other noncurrent assets |  | 1 |  |  | — |
Foreign exchange contracts |  | Other current assets |  | 41 |  |  | 65 |
Foreign exchange contracts |  | Other noncurrent assets |  | 42 |  |  | 79 |
|  |  |  | $ | 85 |  |  | $ | 144 |
(Dollars in millions) |  |  |  | Fair Value Measurements Significant Other Observable Inputs
Derivative Liabilities |  | Statement of Financial Position Location |  | September 30, 2016 |  | December 31, 2015
Commodity contracts |  | Payables and other current liabilities |  | $ | 100 |  |  | $ | 194 |
Commodity contracts |  | Other long-term liabilities |  | 119 |  |  | 242 |
Forward starting interest rate swap contracts |  | Payables and other current liabilities |  | 76 |  |  | — |
Forward starting interest rate swap contracts |  | Other long-term liabilities |  | — |  |  | 30 |
|  |  |  | $ | 295 |  |  | $ | 466 |
Derivative Instrument Gain Loss in Statement of Financial Performance | Derivatives' Fair Value Hedging Relationships
|  | Third 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 |  | $ | 2 |  |  | $ | 3 |
|  | First Nine 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 |  | $ | 9 |  |  | $ | 10 |
Derivatives' Hedging Relationships
|  | Third 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 |  | $ | 23 |  |  | $ | (6 | ) |  | Sales |  | $ | — |  |  | $ | 1 |
|  |  |  |  |  | Cost of Sales |  | (46 | ) |  | (74 | )
Foreign exchange contracts |  | (13 | ) |  | (11 | ) |  | Sales |  | 15 |  |  | 20 |
Forward starting interest rate swap contracts |  | 2 |  |  | (15 | ) |  | Net interest expense |  | (1 | ) |  | (1 | )
|  | $ | 12 |  |  | $ | (32 | ) |  |  |  | $ | (32 | ) |  | $ | (54 | )
|  | First Nine 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 |  | $ | 132 |  |  | $ | 21 |  |  | Sales |  | $ | — |  |  | $ | 4 |
|  |  |  |  |  | Cost of sales |  | (131 | ) |  | (152 | )
Foreign exchange contracts |  | (38 | ) |  | 16 |  |  | Sales |  | 45 |  |  | 63 |
Forward starting interest rate swap contracts |  | (25 | ) |  | (8 | ) |  | Net interest expense |  | (5 | ) |  | (5 | )
|  | $ | 69 |  |  | $ | 29 |  |  |  |  | $ | (91 | ) |  | $ | (90 | )
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 third quarter and first nine months 2016 and 2015, respectively. No portion of the gain was reclassified into income and there was no hedge ineffectiveness with these instruments during third quarter 2016.
|  | Third Quarter |  | First Nine Months
(Dollars in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Change in unrealized gain in other comprehensive income |  | $ | (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. During the periods presented, there were no transfers between fair value hierarchy levels.
(Dollars in millions) |  |  |  | Fair Value Measurements at September 30, 2016
Description |  | September 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 |  | $ | 86 |  |  | $ | — |  |  | $ | 86 |  |  | $ | — |
Derivative Liabilities |  | (295 | ) |  | — |  |  | (295 | ) |  | — |
|  | $ | (209 | ) |  | $ | — |  |  | $ | (209 | ) |  | $ | — |
(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 | ) |  | $ | — |

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- 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=64837297&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=64837297&loc=SL5618551-113959 + Details
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- 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=64837297&loc=SL5624163-113959 + 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=66048111&loc=d3e19190-110258 + Details
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- 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=64837297&loc=SL5579245-113959 + Details
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