FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

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:


Fair Value Measurements on a Recurring Basis		Jun 30, 2025								Dec 31, 2024
In millions	Fair Value Level	Cost		Gain		Loss		Fair Value		Cost		Gain		Loss		Fair Value
Assets at fair value:
Cash equivalents:
Held-to-maturity securities 1	Level 2	$	234	$	—	$	—	$	234	$	96	$	—	$	—	$	96
Money market funds	Level 2	841		—		—		841		1,164		—		—		1,164
Marketable securities 2	Level 2	393		—		(87)		306		453		—		(70)		383
Other investments:
Debt securities: 3
Government debt 4	Level 2	1,132		14		(106)		1,040		1,103		13		(123)		993
Corporate bonds	Level 1	17		—		(1)		16		18		—		(1)		17
Corporate bonds	Level 2	873		9		(69)		813		954		6		(88)		872
Corporate bonds	Level 3	200		—		(48)		152		200		—		(49)		151
Equity securities 3, 5	Level 1	4		8		—		12		4		10		—		14
Derivatives relating to: 6
Interest rates	Level 2	—		125		—		125		—		20		—		20
Foreign currency	Level 2	—		151		—		151		—		107		—		107
Commodities	Level 1	—		15		—		15		—		4		—		4
Commodities	Level 2	—		265		—		265		—		87		—		87
Total assets at fair value								$	3,970							$	3,908
Liabilities at fair value:
Long-term debt including debt due within one year 7	Level 2	$	(16,648)	$	1,543	$	(435)	$	(15,540)	$	(16,208)	$	1,487	$	(484)	$	(15,205)
Guarantee liability 8	Level 3							(144)								(155)
Derivatives relating to: 6
Interest rates	Level 2	—		—		(91)		(91)		—		—		(47)		(47)
Foreign currency	Level 2	—		—		(339)		(339)		—		—		(142)		(142)
Commodities	Level 1	—		—		(17)		(17)		—		—		(1)		(1)
Commodities	Level 2	—		—		(263)		(263)		—		—		(64)		(64)
Total liabilities at fair value								$	(16,394)							$	(15,614)

1.The Company's held-to-maturity securities primarily relate to treasury bills and time deposits. At June 30, 2025, $216 million is included in "Cash and cash equivalents" ($96 million at December 31, 2024) and $18 million is included in "Other current assets" (zero at December 31, 2024) in the consolidated balance sheets.

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.Equity securities with a readily determinable fair value.

6.See Note 20 for classification of derivatives in the consolidated balance sheets.

7.Cost includes fair value hedge adjustment gains of $43 million at June 30, 2025 and $9 million at December 31, 2024 on $5,538 million of debt at June 30, 2025 and $5,129 million at December 31, 2024.

8.Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets.