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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments, Gain (Loss) [Line Items]

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

The following table shows the notional amounts outstanding at December 31, 2016 and 2015 associated with the Company's hedging programs.

Notional Outstanding		December 31, 2016			December 31, 2015
Derivatives designated as cash flow hedges:
Foreign Exchange Forward and Option Contracts (in millions)
	EUR/USD (in EUR)	€378			€618
	EUR/USD (in approximate USD equivalent)	$398			$689
	JPY/USD (in JPY)	¥1,800			¥2,400
	JPY/USD (in approximate USD equivalent)	$15			$20
Commodity Forward and Collar Contracts
	Feedstock (in million barrels)	11			22
	Energy (in million million british thermal units)	23			32
Interest rate swaps for the future issuance of debt (in millions)		—			$500
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swaps (in millions)		$75			—
Non-derivatives designated as net investment hedges:
Foreign Currency Net Investment Hedges (in millions)
	EUR/USD (in EUR)	€1,238			—

Schedule of Financial Assets and Liabilities Valued on a Recurring Basis

The following table shows the financial assets and liabilities valued on a recurring and gross basis as of December 31, 2016 and 2015. Additionally, the table below represents where the derivatives are included within the Consolidated Statements of Financial Position. During the periods presented, there were no transfers between fair value hierarchy levels.

The Financial Position and Gross Fair Value Measurements of Hedging Instruments
(Dollars in millions)
Derivative Type		Statements of Financial Position Location		December 31, 2016 Level 2				December 31, 2015 Level 2
Derivatives designated as cash flow hedges:
Commodity contracts		Other current assets		$	5			$	—
Commodity contracts		Other noncurrent assets		2				—
Foreign exchange contracts		Other current assets		49				65
Foreign exchange contracts		Other noncurrent assets		47				79
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swap		Other current assets		1				—
Total Derivative Assets on Gross Basis				$	104			$	144
Derivatives designated as cash flow hedges:
Commodity contracts		Payables and other current liabilities		$	62			$	194
Commodity contracts		Other long-term liabilities		69				242
Forward starting interest rate swaps		Other long-term liabilities		—				30
Derivatives designated as fair value hedges:
Fixed-for-floating interest rate swap		Long-term borrowings		4				—
Total Derivative Liabilities on Gross Basis				$	135			$	466
Total Net Derivative Liabilities on Gross Basis				$	31			$	322

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The table below presents a rollforward of activity for the level 3 inputs for the period ended December 31, 2016 and 2015:

Fair Value Measurements Using Level 3 Inputs
Commodity Contracts		December 31,
(Dollars in millions)		2016				2015
Beginning balance at January 1		$	—			$	2
Realized gain in sales revenue		—				4
Change in unrealized loss in Other Comprehensive Income		—				(2		)
Purchases, sales and settlements		—				(4		)
Ending balance at December 31		$	—			$	—

Schedule of Derivative Instrument Gain Loss in Statement of Financial Performance

The table below presents the effect of hedging instruments on OCI and the financial performance for the twelve months ended December 31, 2016 and 2015:

(Dollars in millions)		Change in amount of after tax gain/(loss) recognized in OCI on Derivatives (effective portion)								Pre-tax amount of gain/(loss) reclassified from Accumulated OCI into income (effective portion)								Additional gain/(loss) recognized in earnings (effective portion)
		December 31								December 31								December 31
Hedging Relationships		2016				2015				2016				2015				2016				2015				Income Statement Classification
Derivatives in cash flow hedging relationships:
Commodity contracts		$	—			$	—			$	—			$	4			$	—			$	—			Sales
Commodity contracts		193				26				(168		)		(217		)		—				—				Cost of sales
Foreign exchange contracts		(29		)		13				63				86				—				—				Sales
Forward starting interest rate and treasury lock swap contracts		(2		)		(4		)		(7		)		(7		)		—				—				Net interest expense
Derivatives in fair value hedging relationships:
Fixed-for-floating interest rate swaps		—				—				—				—				11				13				Net interest expense
Non-derivatives in net investment hedging relationships:
Net investment hedges (pre-tax)		43				—				—				—				—				—				N/A
Nonqualifying derivatives(1):
Foreign Exchange Contracts		—				—				—				—				(34		)		(28		)		Other (income) charges, net

⁽¹⁾  The gains or losses on nonqualifying derivatives or derivatives that are not designated as hedges are marked to market and represent foreign exchange derivatives denominated in multiple currencies and are transacted and settled in the same quarter.

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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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.

+ 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

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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).

+ 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

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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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

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