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DERIVATIVE AND NON-DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 associated with the Company's hedging programs.
Notional Outstanding | June 30, 2017 |  | December 31, 2016
Derivatives designated as cash flow hedges: |  |  |
Foreign Exchange Forward and Option Contracts (in millions) |  |  |
| EUR/USD (in EUR) | €360 |  | €378
| EUR/USD (in approximate USD equivalent) | $411 |  | $398
| JPY/USD (in JPY) | ¥900 |  | ¥1,800
| JPY/USD (in approximate USD equivalent) | $8 |  | $15
Commodity Forward and Collar Contracts |  |  |
| Feedstock (in million barrels) | 10 |  |  | 11 |
| Energy (in million million british thermal units) | 20 |  |  | 23 |
Derivatives designated as fair value hedges: |  |  |
Fixed-for-floating interest rate swaps (in millions) | $75 |  | $75
Non-derivatives designated as net investment hedges: |  |  |
Foreign Currency Net Investment Hedges (in millions) |  |  |
| EUR/USD (in EUR) | €1,239 |  | €1,238
Derivative Instrument Gain Loss in Statement of Financial Performance | The tables below present the effect of hedging instruments on OCI and the financial performance for second quarter and first six months 2017 and 2016:
(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 pre-tax gain/(loss) recognized in earnings (effective portion) |  |
|  | Second Quarter |  | Second Quarter |  | Second Quarter |  |
Hedging Relationships |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | Income Statement Classification
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | 9 |  |  | $ | 79 |  |  | $ | (20 | ) |  | $ | (65 | ) |  | $ | — |  |  | $ | — |  |  | Cost of sales
Foreign exchange contracts |  | (20 | ) |  | 1 |  |  | 10 |  |  | 15 |  |  | — |  |  | — |  |  | Sales
Forward starting interest rate and treasury lock swap contracts |  | 1 |  |  | (9 | ) |  | (1 | ) |  | (2 | ) |  | — |  |  | — |  |  | Net interest expense
Derivatives in fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-for-floating interest rate swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  | Net interest expense
Non-derivatives in net investment hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment hedges (pre-tax) |  | (91 | ) |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | N/A
Derivatives not designated as hedges: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 23 |  |  | Other (income) charges, net
(1) | The gains or losses on 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.
(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 pre-tax gain/(loss) recognized in earnings (effective portion) |  |
|  | First Six Months |  | First Six Months |  | First Six Months |  |
Hedging Relationships |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | Income Statement Classification
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts |  | $ | (7 | ) |  | $ | 109 |  |  | $ | (27 | ) |  | $ | (85 | ) |  | $ | — |  |  | $ | — |  |  | Cost of sales
Foreign exchange contracts |  | (30 | ) |  | (25 | ) |  | 22 |  |  | 30 |  |  | — |  |  | — |  |  | Sales
Forward starting interest rate and treasury lock swap contracts |  | 2 |  |  | (27 | ) |  | (2 | ) |  | (4 | ) |  | — |  |  | — |  |  | Net interest expense
Derivatives in fair value hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-for-floating interest rate swaps |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 7 |  |  | Net interest expense
Non-derivatives in net investment hedging relationships: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment hedges (pre-tax) |  | (109 | ) |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | N/A
Derivatives not designated as hedges: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign Exchange Contracts |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 14 |  |  | Other (income) charges, net
(1) | The gains or losses on 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.
Financial assets and liabilities valued on a recurring basis | The following table shows the financial assets and liabilities valued on a gross basis as of June 30, 2017 and December 31, 2016. Additionally, the table below indicates where the derivatives are reported on the Unaudited Consolidated Statements of Financial Position. During the periods presented, there were no transfers between fair value hierarchy levels.
The Financial Position and Fair Value Measurements of Hedging Instruments on a Gross Basis
(Dollars in millions) |  |  |  |  |  |
Derivative Type |  | Statements of Financial Position Classification |  | June 30, 2017 Level 2 |  | December 31, 2016 Level 2
Derivatives designated as cash flow hedges: |  |  |  |  |  |
Commodity contracts |  | Other current assets |  | $ | 1 |  |  | $ | 5 |
Commodity contracts |  | Other noncurrent assets |  | — |  |  | 2 |
Foreign exchange contracts |  | Other current assets |  | 35 |  |  | 49 |
Foreign exchange contracts |  | Other noncurrent assets |  | 16 |  |  | 47 |
Derivatives designated as fair value hedges: |  |  |  |  |  |
Fixed-for-floating interest rate swap |  | Other current assets |  | 1 |  |  | 1 |
Total Derivative Assets |  |  |  | $ | 53 |  |  | $ | 104 |
Derivatives designated as cash flow hedges: |  |  |  |  |  |
Commodity contracts |  | Payables and other current liabilities |  | $ | 75 |  |  | $ | 62 |
Commodity contracts |  | Other long-term liabilities |  | 58 |  |  | 69 |
Foreign exchange contracts |  | Payables and other current liabilities |  | 1 |  |  | — |
Foreign exchange contracts |  | Other long-term liabilities |  | 1 |  |  | — |
Derivatives designated as fair value hedges: |  |  |  |  |  |
Fixed-for-floating interest rate swap |  | Long-term borrowings |  | 3 |  |  | 4 |
Total Derivative Liabilities |  |  |  | $ | 138 |  |  | $ | 135 |
Total Net Derivative Liabilities |  |  |  | $ | 85 |  |  | $ | 31 |

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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 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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