FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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:

Fair Value Measurements on a Recurring Basis		Dec 31, 2023								Dec 31, 2022
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	$	485	$	—	$	—	$	485	$	872	$	—	$	—	$	872
Money market funds	Level 2	663		—		—		663		355		—		—		355
Marketable securities 2	Level 2	1,361		—		(61)		1,300		927		12		—		939
Nonconsolidated affiliates 3	Level 3							7								7
Other investments:
Debt securities: 4
Government debt 5	Level 2	766		3		(107)		662		754		1		(133)		622
Corporate bonds	Level 1	24		—		(3)		21		38		—		(3)		35
Corporate bonds	Level 2	1,148		17		(99)		1,066		1,236		10		(156)		1,090
Corporate bonds	Level 3	200		—		(89)		111		—		—		—		—
Equity securities 4, 6	Level 1	5		12		—		17		5		5		—		10
Derivatives relating to: 7
Interest rates	Level 2	—		136		—		136		—		351		—		351
Foreign currency	Level 2	—		59		—		59		—		204		—		204
Commodities	Level 1	—		2		—		2		—		63		—		63
Commodities	Level 2	—		60		—		60		—		158		—		158
Total assets at fair value								$	4,589							$	4,706
Liabilities at fair value:
Long-term debt including debt due within one year 8	Level 2	$	(15,024)	$	1,089	$	(747)	$	(14,682)	$	(15,060)	$	1,683	$	(498)	$	(13,875)
Guarantee liability 9	Level 3							(178)								(199)
Derivatives relating to: 7
Interest rates	Level 2	—		—		(154)		(154)		—		—		(246)		(246)
Foreign currency	Level 2	—		—		(46)		(46)		—		—		(119)		(119)
Commodities	Level 1	—		—		(2)		(2)		—		—		(103)		(103)
Commodities	Level 2	—		—		(68)		(68)		—		—		(167)		(167)
Total liabilities at fair value								$	(15,130)							$	(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.Estimated asset for an investment in a limited liability company included in "Investment in nonconsolidated affiliates" in the consolidated balance sheets.

4.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.

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

6.Equity securities with a readily determinable fair value.

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

8.Cost includes fair value hedge adjustment gains of $49 million at December 31, 2023 and $46 million at December 31, 2022 on $4,479 million of debt at December 31, 2023 and $2,279 million of debt at December 31, 2022. See Note 20 for information on fair value measurements of long-term debt.

9.Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. See Note 14 for additional information.

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

The following table summarizes the changes in fair value measurements of the investment in a corporate bond using Level 3 inputs for the year ended December 31, 2023:

Fair Value Measurements Using Level 3 Inputs for Investment in Corporate Bond at Dec 31,	2023
In millions
Balance at Jan 1	$	—
Recognition of asset 1	200
Loss included in AOCL 2	(89)
Balance at Dec 31	$	111

1.Included in "Other investments" in the consolidated balance sheets.

2.Included in "Accumulated other comprehensive loss" in the consolidated balance sheets.

Fair Value, Liabilities 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, 2023 and 2022:

Fair Value Measurements Using Level 3 Inputs for Accrued Liability of Sadara Guarantee at Dec 31,	2023		2022
In millions
Balance at Jan 1	$	(199)	$	(220)
Gain included in earnings 1	21		21
Balance at Dec 31	$	(178)	$	(199)

1.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
2023
Assets at fair value:
Long-lived assets and other assets	$	9	$	191