FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis:

Basis of Fair Value Measurements on a Recurring Basis	Dec 31, 2021								Dec 31, 2020
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Total
Assets at fair value:
Cash equivalents:
Held-to-maturity securities 1	$	—	$	317	$	—	$	317	$	—	$	980	$	980
Money market funds	—		489		—		489		—		484		484
Marketable securities 2	—		245		—		245		—		45		45
Equity securities 3	20		—		—		20		40		—		40
Debt securities: 3
Government debt 4	—		735		—		735		—		698		698
Corporate bonds	44		1,280		—		1,324		28		908		936
Derivatives relating to: 5
Interest rates	—		145		—		145		—		44		44
Foreign currency	—		165		—		165		—		113		113
Commodities	15		307		—		322		8		173		181
Total assets at fair value	$	79	$	3,683	$	—	$	3,762	$	76	$	3,445	$	3,521
Liabilities at fair value:
Long-term debt including debt due within one year 6	$	—	$	17,125	$	—	$	17,125	$	—	$	20,604	$	20,604
Guarantee liability 7	—		—		220		220		—		—		—
Derivatives relating to: 5
Interest rates	—		284		—		284		—		185		185
Foreign currency	—		137		—		137		—		128		128
Commodities	37		257		—		294		7		201		208
Total liabilities at fair value	$	37	$	17,803	$	220	$	18,060	$	7	$	21,118	$	21,125

1.The Company's held-to-maturity securities primarily included treasury bills and time deposits.

2.The Company's investments in marketable securities are included in "Other current assets" in the consolidated balance sheets.

3.The Company's investments in debt securities, which are primarily available-for-sale, and equity securities are included in "Other investments" in the consolidated balance sheets.

4.U.S. Treasury obligations, U.S. agency obligations, U.S. agency mortgage-backed securities and other municipalities' obligations.

5.See Note 22 for the classification of derivatives in the consolidated balance sheets.

6.See Note 22 for information on fair value measurements of long-term debt.

7.Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. See Note 16 for additional information.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value measurements using Level 3 inputs for the year ended December 31, 2021:

Fair Value Measurements Using Level 3 Inputs for Accrued Liability of Sadara Guarantee at Dec 31,	2021
In millions
Balance at Jan 1	$	—
Recognition of liability 1	(235)
Gain included in earnings 2	15
Balance at Dec 31	$	(220)

1.Included in "Other noncurrent obligations" in the consolidated balance sheets.

2.Included in "Equity in earnings (losses) of nonconsolidated affiliates" in the consolidated income statements.

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table summarizes the bases used to measure certain assets at fair value on a nonrecurring basis in the consolidated balance sheets in 2021, 2020 and 2019:

Basis of Fair Value Measurements on a Nonrecurring Basis at Dec 31	(Level 3)		Total Losses
In millions
2020
Assets at fair value:
Long-lived assets and other assets	$	121	$	(245)
2019
Assets at fair value:
Long-lived assets, other assets and equity method investments	$	162	$	(2,031)
Goodwill	$	—	$	(1,039)