FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022								Dec 31, 2021
In millions	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets at fair value:
Cash equivalents:
Held-to-maturity securities 1	$	—	$	872	$	—	$	872	$	—	$	317	$	—	$	317
Money market funds	—		355		—		355		—		489		—		489
Marketable securities 2	—		939		—		939		—		245		—		245
Equity securities 3	10		—		—		10		20		—		—		20
Nonconsolidated affiliates 4	—		—		7		7		—		—		—		—
Debt securities: 3
Government debt 5	—		622		—		622		—		735		—		735
Corporate bonds	35		1,090		—		1,125		44		1,280		—		1,324
Derivatives relating to: 6
Interest rates	—		351		—		351		—		145		—		145
Foreign currency	—		204		—		204		—		165		—		165
Commodities	63		158		—		221		15		307		—		322
Total assets at fair value	$	108	$	4,591	$	7	$	4,706	$	79	$	3,683	$	—	$	3,762
Liabilities at fair value:
Long-term debt including debt due within one year 7	$	—	$	13,875	$	—	$	13,875	$	—	$	17,125	$	—	$	17,125
Guarantee liability 8	—		—		199		199		—		—		220		220
Derivatives relating to: 6
Interest rates	—		246		—		246		—		284		—		284
Foreign currency	—		119		—		119		—		137		—		137
Commodities	103		167		—		270		37		257		—		294
Total liabilities at fair value	$	103	$	14,407	$	199	$	14,709	$	37	$	17,803	$	220	$	18,060

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.Estimated asset for an investment in a limited liability company included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets.

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

6.See Note 21 for the classification of derivatives in the consolidated balance sheets.

7.See Note 21 for information on fair value measurements of long-term debt.

8.Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. See Note 15 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 years ended December 31, 2022 and 2021:

Fair Value Measurements Using Level 3 Inputs for Accrued Liability of Sadara Guarantee at Dec 31,	2022		2021
In millions
Balance at Jan 1	$	(220)	$	—
Recognition of liability 1	—		(235)
Gain included in earnings 2	21		15
Balance at Dec 31	$	(199)	$	(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:

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)