FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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	Mar 31, 2023								Dec 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
In millions
Assets at fair value:
Cash equivalents:
Held-to-maturity securities 1	$	—	$	714	$	—	$	714	$	—	$	872	$	—	$	872
Money market funds	—		1,273		—		1,273		—		355		—		355
Marketable securities 2	—		619		—		619		—		939		—		939
Equity securities 3	18		—		—		18		10		—		—		10
Nonconsolidated affiliates 4	—		—		7		7		—		—		7		7
Debt securities: 3
Government debt 5	—		641		—		641		—		622		—		622
Corporate bonds	31		1,116		—		1,147		35		1,090		—		1,125
Derivatives relating to: 6
Interest rates	—		39		—		39		—		351		—		351
Foreign currency	—		122		—		122		—		204		—		204
Commodities	18		71		—		89		63		158		—		221
Total assets at fair value	$	67	$	4,595	$	7	$	4,669	$	108	$	4,591	$	7	$	4,706
Liabilities at fair value:
Long-term debt including debt due within one year 7	$	—	$	14,239	$	—	$	14,239	$	—	$	13,875	$	—	$	13,875
Guarantee liability 8	—		—		194		194		—		—		199		199
Derivatives relating to: 6
Interest rates	—		37		—		37		—		246		—		246
Foreign currency	—		73		—		73		—		119		—		119
Commodities	68		81		—		149		103		167		—		270
Total liabilities at fair value	$	68	$	14,430	$	194	$	14,692	$	103	$	14,407	$	199	$	14,709

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 14 for the classification of derivatives in the consolidated balance sheets.

7.See Note 14 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.