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REVENUE (Notes)
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
Revenue Recognition
The majority of the Company's revenue is derived from product sales. The Company's revenue related to product sales was 99 percent for the three and six months ended June 30, 2022 (98 percent for the three and six months ended June 30, 2021). The remaining sales were primarily related to the Company's insurance operations and licensing of patents and technologies. Product sales consist of sales of the Company's products to manufacturers and distributors. The Company considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. The Company enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from the Company’s licenses for patents and technology is derived from sales-based royalties and licensing arrangements based on billing schedules established in each contract.

Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At June 30, 2022, the Company had unfulfilled performance obligations of $911 million ($829 million at December 31, 2021) related to the licensing of technology. The Company expects revenue to be recognized for the remaining performance obligations over the next five years.

The remaining performance obligations are for product sales that have expected durations of one year or less, product sales of materials delivered through a pipeline for which the Company has elected the right to invoice practical expedient, or variable consideration attributable to royalties for licenses of patents and technology. The Company has received advance payments from customers related to long-term supply agreements that are deferred and recognized over the life of the contract, with remaining contract terms that range up to 18 years. The Company will have rights to future consideration for revenue recognized when product is delivered to the customer. These payments are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets.
Disaggregation of Revenue
The Company disaggregates its revenue from contracts with customers by operating segment and business, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. See details in the tables below:

Net Trade Sales by Segment and BusinessThree Months EndedSix Months Ended
In millionsJun 30, 2022Jun 30, 2021Jun 30, 2022Jun 30, 2021
Hydrocarbons & Energy$2,779 $2,008 $5,195 $3,759 
Packaging and Specialty Plastics5,454 5,113 10,665 9,444 
Packaging & Specialty Plastics$8,233 $7,121 $15,860 $13,203 
Industrial Solutions $1,446 $1,201 $2,961 $2,250 
Polyurethanes & Construction Chemicals2,919 3,012 5,924 5,568 
Other5 2 9 4 
Industrial Intermediates & Infrastructure$4,370 $4,215 $8,894 $7,822 
Coatings & Performance Monomers$1,129 $1,010 $2,204 $1,865 
Consumer Solutions1,874 1,455 3,848 2,723 
Performance Materials & Coatings$3,003 $2,465 $6,052 $4,588 
Corporate$58 $84 $122 $154 
Total$15,664 $13,885 $30,928 $25,767 

Net Trade Sales by Geographic RegionThree Months EndedSix Months Ended
In millionsJun 30, 2022Jun 30, 2021Jun 30, 2022Jun 30, 2021
U.S. & Canada$5,707 $4,927 $11,244 $8,955 
EMEAI 1
5,677 5,102 11,189 9,431 
Asia Pacific2,673 2,479 5,426 4,844 
Latin America1,607 1,377 3,069 2,537 
Total$15,664 $13,885 $30,928 $25,767 
1.Europe, Middle East, Africa and India.

Contract Assets and Liabilities
The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the Company's contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities include payments received in advance of performance under the contract and are recognized in revenue when the performance obligations are met. "Contract liabilities - current" primarily reflects deferred revenue from prepayments from customers for product to be delivered in 12 months or less and royalty payments that are deferred and will be recognized in 12 months or less. "Contract liabilities - noncurrent" includes advance payments that the Company has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract.

Revenue recognized in the first six months of 2022 from amounts included in contract liabilities at the beginning of the period was approximately $105 million (approximately $180 million in the first six months of 2021). In the first six months of 2022 and 2021, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant.
The following table summarizes contract assets and liabilities at June 30, 2022 and December 31, 2021:

Contract Assets and LiabilitiesBalance Sheet ClassificationJun 30, 2022Dec 31, 2021
In millions
Accounts and notes receivable - tradeAccounts and notes receivable - trade$7,474 $6,841 
Contract assets - currentOther current assets$36 $34 
Contract assets - noncurrentDeferred charges and other assets$25 $26 
Contract liabilities - currentAccrued and other current liabilities$259 $209 
Contract liabilities - noncurrent 1
Other noncurrent obligations$1,818 $1,925 
1.The decrease from December 31, 2021 to June 30, 2022 was due to the recognition of revenue on long-term product supply agreements and reclassification of deferred royalty payments from noncurrent to current.