Dow (DOW) 10-Q 26 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Information [Line Items]
Entity Registrant Name	Dow Inc.
Entity Tax Identification Number	30-1128146
Entity File Number	001-38646
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Central Index Key	0001751788
Current Fiscal Year End Date	--12-31
Entity Addresses [Line Items]
Entity Address, Address Line One	2211 H.H. Dow Way
Entity Address, City or Town	Midland
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48674
City Area Code	989
Local Phone Number	636-1000
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	DOW
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share | $ / shares	$ 0.01
Entity Common Stock, Shares Outstanding | shares	703,074,557
The Dow Chemical Company
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Information [Line Items]
Entity Registrant Name	The Dow Chemical Company
Entity Tax Identification Number	38-1285128
Entity File Number	001-03433
Entity Incorporation, State or Country Code	DE
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Central Index Key	0000029915
Current Fiscal Year End Date	--12-31
Entity Addresses [Line Items]
Entity Address, Address Line One	2211 H.H. Dow Way
Entity Address, City or Town	Midland
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48674
City Area Code	989
Local Phone Number	636-1000
Entity Listings [Line Items]
Entity Listing, Par Value Per Share | $ / shares	$ 0.01
Entity Common Stock, Shares Outstanding | shares	100
The Dow Chemical Company | 0.500% Notes due March 15, 2027
Entity Listings [Line Items]
Title of 12(b) Security	0.500% Notes due March 15, 2027
Trading Symbol	DOW/27
Security Exchange Name	NYSE
The Dow Chemical Company | 1.125% Notes due March 15, 2032
Entity Listings [Line Items]
Title of 12(b) Security	1.125% Notes due March 15, 2032
Trading Symbol	DOW/32
Security Exchange Name	NYSE
The Dow Chemical Company | 1.875% Notes due March 15, 2040
Entity Listings [Line Items]
Title of 12(b) Security	1.875% Notes due March 15, 2040
Trading Symbol	DOW/40
Security Exchange Name	NYSE
The Dow Chemical Company | 4.625% Notes due October 1, 2044
Entity Listings [Line Items]
Title of 12(b) Security	4.625% Notes due October 1, 2044
Trading Symbol	DOW/44
Security Exchange Name	NYSE

Dow Consolidated Statements of

Dow Consolidated Statements of Income Statement - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 11,420	$ 15,664	$ 23,271	$ 30,928
Cost of sales	9,875	12,899	20,504	25,301
Research and development expenses	205	217	419	435
Selling, general and administrative expenses	408	435	836	933
Amortization of intangibles	81	85	162	173
Restructuring and asset related charges - net	8	0	549	186
Equity in earnings (losses) of nonconsolidated affiliates	(57)	195	(105)	369
Sundry income (expense) - net	31	75	110	223
Interest income	66	36	142	64
Interest expense and amortization of debt discount	172	165	357	332
Income before income taxes	711	2,169	591	4,224
Provision for income taxes	210	488	163	991
Net income	501	1,681	428	3,233
Net income attributable to noncontrolling interests	16	20	36	3
Net income available for The Dow Chemical Company common stockholder	$ 485	$ 1,661	$ 392	$ 3,230
Earnings per common share - basic	$ 0.68	$ 2.28	$ 0.55	$ 4.40
Earnings per common share - diluted	$ 0.68	$ 2.26	$ 0.54	$ 4.37
Weighted-average common shares outstanding - basic	707	725.7	707.6	730.2
Weighted-average common shares outstanding - diluted	709.9	731.5	710.7	735.6

Dow Consolidated Statements o_2

Dow Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 501	$ 1,681	$ 428	$ 3,233
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	61	(153)	92	(249)
Cumulative translation adjustments	(103)	(514)	(2)	(678)
Pension and other postretirement benefit plans	(4)	122	2	231
Derivative instruments	44	137	(20)	469
Total other comprehensive income (loss)	(2)	(408)	72	(227)
Comprehensive income	499	1,273	500	3,006
Comprehensive income attributable to noncontrolling interests, net of tax	16	20	36	3
Comprehensive income (loss) attributable to Dow Inc.	$ 483	$ 1,253	$ 464	$ 3,003

Dow Consolidated Balance Sheets

Dow Consolidated Balance Sheets Statement - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents	$ 2,924	$ 3,886
Trade (net of allowance for doubtful receivables - 2023: $105; 2022: $110)	5,539	5,611
Other	2,119	2,144
Inventories	6,487	6,988
Other current assets	1,480	1,848
Total current assets	18,549	20,477
Investment in nonconsolidated affiliates	1,335	1,589
Other investments (investments carried at fair value - 2023: $1,802; 2022: $1,757)	2,823	2,793
Noncurrent receivables	561	666
Total investments	4,719	5,048
Property	59,145	58,055
Less: Accumulated depreciation	38,743	37,613
Net property	20,402	20,442
Goodwill	8,615	8,644
Other intangible assets (net of accumulated amortization - 2023: $5,201; 2022: $5,022)	2,231	2,442
Operating lease right-of-use assets	1,297	1,227
Deferred income tax assets	1,075	960
Deferred charges and other assets	1,406	1,363
Total other assets	14,624	14,636
Total Assets	58,294	60,603
Notes payable	102	362
Long-term debt due within one year	107	362
Accounts payable - Trade	4,286	4,940
Accounts payable - Other	1,879	2,276
Operating lease liabilities - current	317	287
Income taxes payable	339	334
Accrued Liabilities, Current	2,619	2,770
Total current liabilities	9,649	11,331
Long-Term Debt	14,735	14,698
Deferred income tax liabilities	671	1,110
Pension and other postretirement benefits - noncurrent	3,735	3,808
Asbestos-related liabilities - noncurrent	819	857
Operating lease liabilities - noncurrent	1,036	997
Other noncurrent obligations	7,140	6,555
Total other noncurrent liabilities	13,401	13,327
Common stock (authorized 5,000,000,000 shares of $0.01 par value each; issued 2023: 775,474,359 shares; 2022: 771,678,525 shares)	8	8
Additional Paid in Capital, Common Stock	8,661	8,540
Retained earnings	22,570	23,180
Accumulated other comprehensive loss	(7,067)	(7,139)
Treasury stock at cost (2023: 72,399,802 shares; 2022: 66,798,605 shares)	(4,175)	(3,871)
Dow Inc.’s stockholders’ equity	19,997	20,718
Noncontrolling interests	512	529
Total equity	20,509	21,247
Total Liabilities and Equity	$ 58,294	$ 60,603

Dow Consolidated Balance Shee_2

Dow Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 105	$ 110
Investments, Fair Value Disclosure	1,802	1,757
Finite-Lived Intangible Assets, Accumulated Amortization	$ 5,201	$ 5,022
Common Stock, Shares Authorized	5,000,000,000	5,000,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Issued	775,474,359	771,678,525
Treasury Stock, Common, Shares	72,399,802	66,798,605

Dow Consolidated Statements o_3

Dow Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net income	$ 428	$ 3,233
Depreciation and amortization	1,297	1,436
Provision (credit) for deferred income tax	(589)	348
Earnings of nonconsolidated affiliates less than dividends received	267	289
Net periodic pension benefit cost (credit)	(46)	14
Pension contributions	(76)	(89)
Net (gain) loss on sales of assets, businesses and investments	(51)	6
Restructuring and asset related charges - net	549	186
Other net loss	492	92
Accounts and notes receivable	156	(767)
Inventories	501	(908)
Accounts payable	(986)	69
Other assets and liabilities, net	(64)	(441)
Cash provided by operating activities - continuing operations	1,878	3,468
Cash provided by (used for) operating activities - discontinued operations	4	(11)
Cash provided by operating activities	1,882	3,457
Capital expenditures	(1,001)	(772)
Investment in gas field developments	(124)	(80)
Purchases of previously leased assets	(3)	(3)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	59	5
Acquisitions of property and businesses, net of cash acquired	(54)	0
Investments in and loans to nonconsolidated affiliates	(2)	(33)
Distributions and loan repayments from nonconsolidated affiliates	1	10
Proceeds from sales of ownership interests in nonconsolidated affiliates	63	11
Purchases of investments	(821)	(278)
Proceeds from sales and maturities of investments	1,083	418
Other investing activities, net	(35)	(41)
Cash used for investing activities	(834)	(763)
Changes in short-term notes payable	(255)	180
Payments on short-term debt greater than three months	0	(14)
Proceeds from issuance of long-term debt	55	49
Payments on long-term debt	(320)	(927)
Purchases of treasury stock	(375)	(1,400)
Proceeds from issuance of stock	55	97
Transaction financing, debt issuance and other costs	(1)	(7)
Employee taxes paid for share-based payment arrangements	(41)	(34)
Distributions to noncontrolling interests	(36)	(22)
Dividends paid to stockholders	(989)	(1,018)
Cash used for financing activities	(1,907)	(3,096)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(98)	(162)
Decrease in cash, cash equivalents and restricted cash	(957)	(564)
Cash, cash equivalents and restricted cash at beginning of period	3,940	3,033
Cash, cash equivalents and restricted cash at end of period	2,983	2,469
Less: Restricted cash and cash equivalents, included in "Other current assets"	59	102
Cash and cash equivalents and end of period	$ 2,924	$ 2,367

Dow Consolidated Statements o_4

Dow Consolidated Statements of Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Unearned ESOP Shares [Member]	Treasury Stock, Common
Total equity		$ 8	$ 8,151	$ 20,623	$ (8,977)	$ (15)	$ (1,625)
Stock Issued During Period, Value, Common Stock			97
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			119			15
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans			(24)
Net Income (Loss) Available to Common Stockholders, Basic	$ 3,213			3,230
Dividends, Common Stock				(1,018)
Stockholders' Equity, Other				(8)
Other Comprehensive Income (Loss), Net of Tax	$ (227)				(227)
Treasury Stock, Value, Acquired, Cost Method							(1,400)
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans							24
Common Stock, Dividends, Per Share, Declared	$ 1.40
Total equity		8	8,217	21,672	(8,796)	0	(2,221)
Stock Issued During Period, Value, Common Stock			62
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			84			0
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans			(20)
Net Income (Loss) Available to Common Stockholders, Basic	$ 1,652			1,661
Dividends, Common Stock				(505)
Stockholders' Equity, Other				(1)
Other Comprehensive Income (Loss), Net of Tax	$ (408)				(408)
Treasury Stock, Value, Acquired, Cost Method							(800)
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans							20
Common Stock, Dividends, Per Share, Declared	$ 0.70
Dow Inc.’s stockholders’ equity	$ 18,973
Noncontrolling interests	534
Total equity	19,507	8	8,343	22,827	(9,204)	0	(3,001)
Dow Inc.’s stockholders’ equity	20,718
Noncontrolling interests	529
Total equity	21,247	8	8,540	23,180	(7,139)	0	(3,871)
Stock Issued During Period, Value, Common Stock			55
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			140			0
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans			(74)
Net Income (Loss) Available to Common Stockholders, Basic	386			392
Dividends, Common Stock				(989)
Stockholders' Equity, Other				(13)
Other Comprehensive Income (Loss), Net of Tax	$ 72				72
Treasury Stock, Value, Acquired, Cost Method							(378)
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans							74
Common Stock, Dividends, Per Share, Declared	$ 1.40
Total equity		8	8,607	22,584	(7,065)	0	(3,953)
Stock Issued During Period, Value, Common Stock			0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			84			0
APIC, Stock Issued During Period, Value, Treasury Reissued - compensation and benefit plans			(30)
Net Income (Loss) Available to Common Stockholders, Basic	$ 482			485
Dividends, Common Stock				(493)
Stockholders' Equity, Other				(6)
Other Comprehensive Income (Loss), Net of Tax	$ (2)				(2)
Treasury Stock, Value, Acquired, Cost Method							(252)
Stock Issued During Period, Value Treasury Stock Reissued - compensation and benefit plans							30
Common Stock, Dividends, Per Share, Declared	$ 0.70
Dow Inc.’s stockholders’ equity	$ 19,997
Noncontrolling interests	512
Total equity	$ 20,509	$ 8	$ 8,661	$ 22,570	$ (7,067)	$ 0	$ (4,175)

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net sales	$ 11,420	$ 15,664	$ 23,271	$ 30,928
Cost of sales	9,875	12,899	20,504	25,301
Research and development expenses	205	217	419	435
Selling, general and administrative expenses	408	435	836	933
Amortization of intangibles	81	85	162	173
Restructuring and asset related charges - net	8	0	549	186
Equity in earnings (losses) of nonconsolidated affiliates	(57)	195	(105)	369
Sundry income (expense) - net	31	75	110	223
Interest income	66	36	142	64
Interest expense and amortization of debt discount	172	165	357	332
Income before income taxes	711	2,169	591	4,224
Provision for income taxes	210	488	163	991
Net income	501	1,681	428	3,233
Net income attributable to noncontrolling interests	16	20	36	3
Net income available for The Dow Chemical Company common stockholder	485	1,661	392	3,230
The Dow Chemical Company
Net sales	11,420	15,664	23,271	30,928
Cost of sales	9,874	12,899	20,502	25,297
Research and development expenses	205	217	419	435
Selling, general and administrative expenses	408	434	836	932
Amortization of intangibles	81	85	162	173
Restructuring and asset related charges - net	8	0	549	186
Equity in earnings (losses) of nonconsolidated affiliates	(57)	195	(105)	369
Sundry income (expense) - net	29	78	98	214
Interest income	69	38	147	66
Interest expense and amortization of debt discount	172	165	357	332
Income before income taxes	713	2,175	586	4,222
Provision for income taxes	210	488	163	991
Net income	503	1,687	423	3,231
Net income attributable to noncontrolling interests	16	20	36	3
Net income available for The Dow Chemical Company common stockholder	$ 487	$ 1,667	$ 387	$ 3,228

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 501	$ 1,681	$ 428	$ 3,233
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	61	(153)	92	(249)
Cumulative translation adjustments	(103)	(514)	(2)	(678)
Pension and other postretirement benefit plans	(4)	122	2	231
Derivative instruments	44	137	(20)	469
Other Comprehensive Income (Loss), Net of Tax	(2)	(408)	72	(227)
Comprehensive Income	499	1,273	500	3,006
Comprehensive income attributable to noncontrolling interests, net of tax	16	20	36	3
Comprehensive income attributable to The Dow Chemical Company	483	1,253	464	3,003
The Dow Chemical Company
Net income	503	1,687	423	3,231
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	61	(153)	92	(249)
Cumulative translation adjustments	(103)	(514)	(2)	(678)
Pension and other postretirement benefit plans	(4)	122	2	231
Derivative instruments	44	137	(20)	469
Other Comprehensive Income (Loss), Net of Tax	(2)	(408)	72	(227)
Comprehensive Income	501	1,279	495	3,004
Comprehensive income attributable to noncontrolling interests, net of tax	16	20	36	3
Comprehensive income attributable to The Dow Chemical Company	$ 485	$ 1,259	$ 459	$ 3,001

TDCC Consolidated Balance Sheet

TDCC Consolidated Balance Sheets (Statement) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents	$ 2,924	$ 3,886
Trade (net of allowance for doubtful receivables - 2023: $105; 2022: $110)	5,539	5,611
Other	2,119	2,144
Inventories	6,487	6,988
Other current assets	1,480	1,848
Total current assets	18,549	20,477
Investment in nonconsolidated affiliates	1,335	1,589
Other investments (investments carried at fair value - 2023: $1,802; 2022: $1,757)	2,823	2,793
Noncurrent receivables	561	666
Total investments	4,719	5,048
Property	59,145	58,055
Less: Accumulated depreciation	38,743	37,613
Net property	20,402	20,442
Goodwill	8,615	8,644
Other intangible assets (net of accumulated amortization - 2023: $5,201; 2022: $5,022)	2,231	2,442
Operating lease right-of-use assets	1,297	1,227
Deferred income tax assets	1,075	960
Deferred charges and other assets	1,406	1,363
Total other assets	14,624	14,636
Total Assets	58,294	60,603
Notes payable	102	362
Long-term debt due within one year	107	362
Accounts payable - Trade	4,286	4,940
Accounts payable - Other	1,879	2,276
Operating lease liabilities - current	317	287
Income taxes payable	339	334
Accrued Liabilities, Current	2,619	2,770
Total current liabilities	9,649	11,331
Long-Term Debt	14,735	14,698
Deferred income tax liabilities	671	1,110
Pension and other postretirement benefits - noncurrent	3,735	3,808
Asbestos-related liabilities - noncurrent	819	857
Operating lease liabilities - noncurrent	1,036	997
Other noncurrent obligations	7,140	6,555
Total other noncurrent liabilities	13,401	13,327
Common stock (authorized and issued 100 shares of $0.01 par value each)	8	8
Additional Paid in Capital, Common Stock	8,661	8,540
Retained earnings	22,570	23,180
Accumulated other comprehensive loss	(7,067)	(7,139)
Dow Inc.’s stockholders’ equity	19,997	20,718
Noncontrolling interests	512	529
Total equity	20,509	21,247
Total Liabilities and Equity	58,294	60,603
The Dow Chemical Company
Cash and Cash Equivalents	2,924	3,886
Trade (net of allowance for doubtful receivables - 2023: $105; 2022: $110)	5,539	5,611
Other	2,111	2,211
Inventories	6,487	6,988
Other current assets	1,451	1,815
Total current assets	18,512	20,511
Investment in nonconsolidated affiliates	1,335	1,589
Other investments (investments carried at fair value - 2023: $1,802; 2022: $1,757)	2,823	2,793
Noncurrent receivables	534	650
Total investments	4,692	5,032
Property	59,145	58,055
Less: Accumulated depreciation	38,743	37,613
Net property	20,402	20,442
Goodwill	8,615	8,644
Other intangible assets (net of accumulated amortization - 2023: $5,201; 2022: $5,022)	2,231	2,442
Operating lease right-of-use assets	1,297	1,227
Deferred income tax assets	1,075	960
Deferred charges and other assets	1,406	1,363
Total other assets	14,624	14,636
Total Assets	58,230	60,621
Notes payable	102	362
Long-term debt due within one year	107	362
Accounts payable - Trade	4,286	4,940
Accounts payable - Other	1,879	2,349
Operating lease liabilities - current	317	287
Income taxes payable	339	334
Accrued Liabilities, Current	2,472	2,613
Total current liabilities	9,502	11,247
Long-Term Debt	14,735	14,698
Deferred income tax liabilities	671	1,110
Pension and other postretirement benefits - noncurrent	3,735	3,808
Asbestos-related liabilities - noncurrent	819	857
Operating lease liabilities - noncurrent	1,036	997
Other noncurrent obligations	6,996	6,415
Total other noncurrent liabilities	13,257	13,187
Common stock (authorized and issued 100 shares of $0.01 par value each)	0	0
Additional Paid in Capital, Common Stock	8,822	8,627
Retained earnings	18,469	19,472
Accumulated other comprehensive loss	(7,067)	(7,139)
Dow Inc.’s stockholders’ equity	20,224	20,960
Noncontrolling interests	512	529
Total equity	20,736	21,489
Total Liabilities and Equity	$ 58,230	$ 60,621

TDCC Consolidated Statements of

TDCC Consolidated Statements of Cash Flows Statement - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 428	$ 3,233
Depreciation and amortization	1,297	1,436
Provision (credit) for deferred income tax	(589)	348
Earnings of nonconsolidated affiliates less than dividends received	267	289
Net periodic pension benefit cost (credit)	(46)	14
Pension contributions	(76)	(89)
Net (gain) loss on sales of assets, businesses and investments	(51)	6
Restructuring and asset related charges - net	549	186
Other net loss	492	92
Accounts and notes receivable	156	(767)
Inventories	501	(908)
Accounts payable	(986)	69
Other assets and liabilities, net	(64)	(441)
Cash provided by operating activities	1,882	3,457
Capital expenditures	(1,001)	(772)
Investment in gas field developments	(124)	(80)
Purchases of previously leased assets	(3)	(3)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	59	5
Acquisitions of property and businesses, net of cash acquired	(54)	0
Investments in and loans to nonconsolidated affiliates	(2)	(33)
Distributions and loan repayments from nonconsolidated affiliates	1	10
Proceeds from sales of ownership interests in nonconsolidated affiliates	63	11
Purchases of investments	(821)	(278)
Proceeds from sales and maturities of investments	1,083	418
Other investing activities, net	(35)	(41)
Cash used for investing activities	(834)	(763)
Changes in short-term notes payable	(255)	180
Payments on short-term debt greater than three months	0	(14)
Proceeds from issuance of long-term debt	55	49
Payments on long-term debt	(320)	(927)
Proceeds from issuance of stock	55	97
Transaction financing, debt issuance and other costs	(1)	(7)
Employee taxes paid for share-based payment arrangements	(41)	(34)
Distributions to noncontrolling interests	(36)	(22)
Dividends paid to stockholders	(989)	(1,018)
Cash used for financing activities	(1,907)	(3,096)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(98)	(162)
Decrease in cash, cash equivalents and restricted cash	(957)	(564)
Cash, cash equivalents and restricted cash at beginning of period	3,940	3,033
Cash, cash equivalents and restricted cash at end of period	2,983	2,469
Less: Restricted cash and cash equivalents, included in "Other current assets"	59	102
Cash and cash equivalents and end of period	2,924	2,367
The Dow Chemical Company
Net income	423	3,231
Depreciation and amortization	1,297	1,436
Provision (credit) for deferred income tax	(589)	348
Earnings of nonconsolidated affiliates less than dividends received	267	289
Net periodic pension benefit cost (credit)	(46)	14
Pension contributions	(76)	(89)
Net (gain) loss on sales of assets, businesses and investments	(51)	6
Restructuring and asset related charges - net	549	186
Other net loss	493	97
Accounts and notes receivable	156	(767)
Inventories	501	(908)
Accounts payable	(986)	69
Other assets and liabilities, net	(42)	(419)
Cash provided by operating activities	1,896	3,493
Capital expenditures	(1,001)	(772)
Investment in gas field developments	(124)	(80)
Purchases of previously leased assets	(3)	(3)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested	59	5
Acquisitions of property and businesses, net of cash acquired	(54)	0
Investments in and loans to nonconsolidated affiliates	(2)	(33)
Distributions and loan repayments from nonconsolidated affiliates	1	10
Proceeds from sales of ownership interests in nonconsolidated affiliates	63	11
Purchases of investments	(821)	(278)
Proceeds from sales and maturities of investments	1,083	418
Other investing activities, net	(35)	(41)
Cash used for investing activities	(834)	(763)
Changes in short-term notes payable	(255)	180
Payments on short-term debt greater than three months	0	(14)
Proceeds from issuance of long-term debt	55	49
Payments on long-term debt	(320)	(927)
Proceeds from issuance of stock	55	97
Transaction financing, debt issuance and other costs	(1)	(7)
Employee taxes paid for share-based payment arrangements	(41)	(34)
Distributions to noncontrolling interests	(36)	(22)
Dividends paid to stockholders	(1,378)	(2,454)
Cash used for financing activities	(1,921)	(3,132)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(98)	(162)
Decrease in cash, cash equivalents and restricted cash	(957)	(564)
Cash, cash equivalents and restricted cash at beginning of period	3,940	3,033
Cash, cash equivalents and restricted cash at end of period	2,983	2,469
Less: Restricted cash and cash equivalents, included in "Other current assets"	59	102
Cash and cash equivalents and end of period	$ 2,924	$ 2,367

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss	Unearned ESOP Shares [Member]	Dow Inc. [Member] Retained Earnings [Member]	The Dow Chemical Company	The Dow Chemical Company Common Stock [Member]	The Dow Chemical Company Additional Paid-in Capital [Member]	The Dow Chemical Company Retained Earnings [Member]	The Dow Chemical Company Accumulated Other Comprehensive Loss	The Dow Chemical Company Unearned ESOP Shares [Member]	The Dow Chemical Company Noncontrolling Interests
Total Equity, Beginning at Dec. 31, 2021		$ 8	$ 8,151	$ 20,623	$ (8,977)	$ (15)			$ 0	$ 8,159	$ 19,288	$ (8,977)	$ (15)
Stock Issued										97
Stock-based compensation and allocation of ESOP shares			119			15				119			15
Net income available for The Dow Chemical Company common stockholder	$ 3,213			3,230							3,228
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees							$ (2,454)
Other				8							(13)
Other comprehensive income	(227)				(227)			$ (227)				(227)
Total Equity, Ending at Jun. 30, 2022	19,507	8	8,343	22,827	(9,204)	0		19,754	0	8,375	20,049	(9,204)	0	$ 534
Total Equity, Beginning at Mar. 31, 2022		8	8,217	21,672	(8,796)	0			0	8,229	19,721	(8,796)	0
Stock Issued										62
Stock-based compensation and allocation of ESOP shares			84			0				84			0
Net income available for The Dow Chemical Company common stockholder	1,652			1,661							1,667
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees							(1,333)
Other				1							(6)
Other comprehensive income	(408)				(408)			(408)				(408)
Total Equity, Ending at Jun. 30, 2022	19,507	8	8,343	22,827	(9,204)	0		19,754	0	8,375	20,049	(9,204)	0	534
The Dow Chemical Company’s stockholders’ equity	18,973							19,220
The Dow Chemical Company’s stockholders’ equity	20,718							20,960
Total Equity, Beginning at Dec. 31, 2022	21,247	8	8,540	23,180	(7,139)	0		21,489	0	8,627	19,472	(7,139)	0
Stock Issued										55
Stock-based compensation and allocation of ESOP shares			140			0				140			0
Net income available for The Dow Chemical Company common stockholder	386			392							387
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees							(1,378)
Other				13							(12)
Other comprehensive income	72				72			72				72
Total Equity, Ending at Jun. 30, 2023	20,509	8	8,661	22,570	(7,067)	0		20,736	0	8,822	18,469	(7,067)	0	512
Total Equity, Beginning at Mar. 31, 2023		8	8,607	22,584	(7,065)	0			0	8,738	18,746	(7,065)	0
Stock Issued										0
Stock-based compensation and allocation of ESOP shares			84			0				84			0
Net income available for The Dow Chemical Company common stockholder	482			485							487
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees							$ (758)
Other				6							(6)
Other comprehensive income	(2)				(2)			(2)				(2)
Total Equity, Ending at Jun. 30, 2023	20,509	$ 8	$ 8,661	$ 22,570	$ (7,067)	$ 0		20,736	$ 0	$ 8,822	$ 18,469	$ (7,067)	$ 0	$ 512
The Dow Chemical Company’s stockholders’ equity	$ 19,997							$ 20,224

Dow Consolidated Statements o_5

Dow Consolidated Statements of Income - Supplemental Info - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Supplemental Income Statement Elements [Abstract]
Depreciation	$ 484	$ 486	$ 959	$ 977
Capital expenditures	$ 561	$ 457	$ 1,001	$ 772

TDCC Consolidated Statements _2

TDCC Consolidated Statements of Income - Supplemental Info - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Depreciation	$ 484	$ 486	$ 959	$ 977
Capital expenditures	561	457	1,001	772
The Dow Chemical Company
Depreciation	484	486	959	977
Capital expenditures	$ 561	$ 457	$ 1,001	$ 772

TDCC Consolidated Balance She_2

TDCC Consolidated Balance Sheets Parentheticals - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 105	$ 110
Investments, Fair Value Disclosure	1,802	1,757
Finite-Lived Intangible Assets, Accumulated Amortization	$ 5,201	$ 5,022
Common Stock, Shares, Issued	775,474,359	771,678,525
Common Stock, Shares Authorized	5,000,000,000	5,000,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
The Dow Chemical Company
Accounts Receivable, Allowance for Credit Loss, Current	$ 105	$ 110
Finite-Lived Intangible Assets, Accumulated Amortization	$ 5,201	$ 5,022
Common Stock, Shares, Issued	100	100
Common Stock, Shares Authorized	100	100
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01

CONSOLIDATED FINANCIAL STATEMEN

CONSOLIDATED FINANCIAL STATEMENTS (Notes)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED FINANCIAL STATEMENTS	CONSOLIDATED FINANCIAL STATEMENTS Basis of Presentation Dow Inc. is the direct parent company of The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). The unaudited interim consolidated financial statements of Dow Inc. and TDCC were prepared in accordance with accounting principles generally accepted in the United States of America and reflect all adjustments (including normal recurring accruals) which, in the opinion of management, are considered necessary for the fair presentation of the results for the periods presented. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the combined Dow Inc. and TDCC Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 10-K"). As a result of the parent/subsidiary relationship between Dow Inc. and TDCC, and considering that the financial statements and disclosures of each company are substantially similar, the companies are filing a combined report for this Quarterly Report on Form 10-Q. The information reflected in the report is equally applicable to both Dow Inc. and TDCC, except where otherwise noted. Transactions between TDCC and Dow Inc. are treated as related party transactions for TDCC. Except as otherwise indicated by the context, the term "Union Carbide" means Union Carbide Corporation and the term "Dow Silicones" means Dow Silicones Corporation, both wholly owned subsidiaries of the Company.

RECENT ACCOUNTING GUIDANCE (Not

RECENT ACCOUNTING GUIDANCE (Notes)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING GUIDANCE	RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the first quarter of 2023, the Company adopted the interim period disclosure requirements of Accounting Standards Update ("ASU") 2022-04, "Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." The ASU, issued in September 2022, requires disclosures intended to enhance the transparency of supplier finance programs. Specifically, the amendments require buyers in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for disclosure of rollforward information, which is required to be disclosed annually and is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for disclosure of rollforward information, which should be applied prospectively. The Company expects to early adopt the annual requirement to disclose rollforward information prospectively beginning in the 2023 annual financial statements. See Note 5 for disclosures related to the Company's supplier finance program. Accounting Guidance Issued But Not Adopted at June 30, 2023 In March 2023, the Financial Accounting Standards Board issued ASU 2023-02, "Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." The amendments permit reporting entities to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). The amendments also require certain disclosures in annual and interim reporting periods about an entity's tax credit programs. The new standard is effective for public companies for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and the amendments must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted. The Company is currently evaluating early adoption of the new guidance in 2023 and the adoption is not expected to have a material impact on the consolidated financial statements.

REVENUE (Notes)

REVENUE (Notes)	6 Months Ended
	Jun. 30, 2023
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 98 percent and 99 percent for the three months and six months ended June 30, 2023 (99 percent for the three months and six months ended June 30, 2022). 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, 2023, the Company had unfulfilled performance obligations of $867 million ($840 million at December 31, 2022) related to the licensing of technology. The Company expects revenue to be recognized for the remaining performance obligations over the next seven 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 17 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 Business Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Hydrocarbons & Energy $ 1,672 $ 2,779 $ 3,546 $ 5,195 Packaging and Specialty Plastics 4,268 5,454 8,508 10,665 Packaging & Specialty Plastics $ 5,940 $ 8,233 $ 12,054 $ 15,860 Industrial Solutions $ 1,084 $ 1,446 $ 2,223 $ 2,961 Polyurethanes & Construction Chemicals 2,090 2,919 4,324 5,924 Other 3 5 8 9 Industrial Intermediates & Infrastructure $ 3,177 $ 4,370 $ 6,555 $ 8,894 Coatings & Performance Monomers $ 875 $ 1,129 $ 1,733 $ 2,204 Consumer Solutions 1,322 1,874 2,740 3,848 Performance Materials & Coatings $ 2,197 $ 3,003 $ 4,473 $ 6,052 Corporate $ 106 $ 58 $ 189 $ 122 Total $ 11,420 $ 15,664 $ 23,271 $ 30,928 Net Trade Sales by Geographic Region Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 U.S. & Canada $ 4,249 $ 5,707 $ 8,699 $ 11,244 EMEAI 1 3,774 5,677 7,827 11,189 Asia Pacific 2,058 2,673 4,105 5,426 Latin America 1,339 1,607 2,640 3,069 Total $ 11,420 $ 15,664 $ 23,271 $ 30,928 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 2023 from amounts included in contract liabilities at the beginning of the period was approximately $175 million (approximately $105 million in the first six months of 2022). In the first six months of 2023, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was approximately $45 million (insignificant in the first six months of 2022). The following table summarizes contract assets and liabilities at June 30, 2023 and December 31, 2022: Contract Assets and Liabilities Balance Sheet Classification Jun 30, 2023 Dec 31, 2022 In millions Accounts and notes receivable - trade Accounts and notes receivable - trade $ 5,539 $ 5,611 Contract assets - current Other current assets $ 15 $ 48 Contract assets - noncurrent Deferred charges and other assets $ 3 $ 16 Contract liabilities - current Accrued and other current liabilities $ 207 $ 275 Contract liabilities - noncurrent Other noncurrent obligations $ 1,725 $ 1,725

RESTRUCTURING AND ASSET RELATED

RESTRUCTURING AND ASSET RELATED CHARGES - NET (Notes)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and other asset related charges, which includes asset impairments, are recorded in "Restructuring and asset related charges - net" in the consolidated statements of income. For additional information on the Company's restructuring programs, see Note 5 to the Consolidated Financial Statements included in the 2022 10-K. 2023 Restructuring Program On January 25, 2023, the Dow Inc. Board of Directors ("Board") approved restructuring actions to achieve the Company's structural cost improvement initiatives in response to the continued economic impact from the global recessionary environment and to enhance its agility and long-term competitiveness across the economic cycle. As a result of these actions, the Company recorded pretax restructuring charges of $541 million in the first quarter of 2023 and additional pretax restructuring charges of $8 million in the second quarter of 2023. These actions are expected to be substantially complete by the end of 2024. The following table summarizes the activities related to the 2023 Restructuring Program, including segment information: 2023 Restructuring Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total In millions Packaging & Specialty Plastics $ — $ 1 $ 1 Industrial Intermediates & Infrastructure — 40 40 Performance Materials & Coatings — 49 49 Corporate 344 107 451 Total restructuring charges $ 344 $ 197 $ 541 Charges against the reserve — (197) (197) Cash payments (11) — (11) Reserve balance at Mar 31, 2023 $ 333 $ — $ 333 Industrial Intermediates & Infrastructure $ — $ 8 $ 8 Total restructuring charges $ — $ 8 $ 8 Charges against the reserve — (8) (8) Cash payments (60) — (60) Reserve balance at Jun 30, 2023 $ 273 $ — $ 273 At June 30, 2023, $208 million of the reserve balance was included in "Accrued and other current liabilities" and $65 million was included in "Other noncurrent obligations" in the consolidated balance sheets. The Company recorded pretax restructuring charges of $549 million inception-to-date under the 2023 Restructuring Program, consisting of severance and related benefit costs of $344 million and asset write-downs and write-offs of $205 million. Severance and Related Benefit Costs Severance benefits are provided to employees primarily under Dow's ongoing benefit arrangements and are accrued against the Corporate segment once management commits to a plan of termination. The 2023 Restructuring Program included a charge for severance and related benefit costs of $344 million for a global workforce reduction of approximately 2,000 employees, with separations continuing primarily through the end of 2024. Asset Write-downs and Write-offs The 2023 Restructuring Program included charges related to the write-down and write-off of assets totaling $205 million. Details regarding the asset write-downs and write-offs are as follows: • Industrial Intermediates & Infrastructure charges relate to the shutdown of certain polyurethanes assets and the write-off of other assets. The majority of the impacted facilities are expected to be shutdown by the end of 2024. • Performance Materials & Coatings recorded charges to rationalize its asset footprint by shutting down certain coatings assets. These facilities are expected to be shutdown by the end of 2024. • Corporate recorded charges related to the write-down of Company owned and leased, non-manufacturing facilities, primarily related to office space rationalization. Restructuring implementation costs, primarily decommissioning and demolition activities related to asset actions, and costs associated with the Company's efficiency actions, are expected to result in additional cash expenditures of approximately $340 million, primarily through the end of 2024. 2022 Asset Related Charges In the first quarter of 2022, the Company recorded pretax asset related charges of $186 million due to the Russia and Ukraine conflict and the expectation that certain assets will not be recoverable. These charges included the write-down of inventory, the recording of bad debt reserves and the impairment of other assets. Asset related charges by segment were as follows: $31 million in Packaging & Specialty Plastics, $109 million in Industrial Intermediates & Infrastructure, $16 million in Performance Materials & Coatings and $30 million in Corporate.

SUPPLEMENTARY INFORMATION (Note

SUPPLEMENTARY INFORMATION (Notes)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplementary Information Disclosure [Text Block]	SUPPLEMENTARY INFORMATION Dow Inc. Sundry Income (Expense) – Net Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Non-operating pension and other postretirement benefit plan net credits 1 $ 97 $ 89 $ 193 $ 178 Foreign exchange losses 2 (95) (17) (197) (15) Gain on sales of other assets and investments 3 9 12 74 43 Asset impairments and related costs 4 — — (18) — Indemnification and other transaction related costs 5 (13) (8) (4) 4 Loss on early extinguishment of debt — (8) — (8) Other - net 33 7 62 21 Total sundry income (expense) – net $ 31 $ 75 $ 110 $ 223 1. See Note 12 for additional information. 2. Foreign exchange losses for the three and six months ended June 30, 2023 and June 30, 2022 relate primarily to exposures in the Argentinian peso. 3. The six months ended June 30, 2023 includes gains associated with the sale of shares of a previously impaired equity method investment. 4. Certain obligations associated with a previously impaired equity method investment. 5. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution. Sundry income (expense) - net for TDCC for the three and six months ended June 30, 2023 and 2022 is substantially the same as that of Dow Inc. and therefore is not disclosed separately. Supplier Finance Program The Company facilitates a supply chain financing (“SCF”) program in the ordinary course of business in order to extend payment terms with vendors. Under the terms of this program, a vendor can voluntarily enter into an agreement with a participating financial intermediary to sell its receivables due from the Company. The vendor receives payment from the financial intermediary, and the Company pays the financial intermediary on the terms originally negotiated with the vendor, which generally range from 90 to 120 days. The vendor negotiates the terms of the agreements directly with the financial intermediary and the Company is not a party to that agreement. The financial intermediary may allow the participating vendor to utilize the Company’s creditworthiness in establishing credit spreads and associated costs, which may provide the vendor with more favorable terms than they would be able to secure on their own. The Company does not provide guarantees related to the SCF program. At June 30, 2023, outstanding obligations confirmed as valid under the SCF program were $311 million ($267 million at December 31, 2022), included in “Accounts payable – Trade” in the consolidated balance sheets.

EARNINGS PER SHARE (Notes)

EARNINGS PER SHARE (Notes)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for Dow Inc. for the three and six months ended June 30, 2023 and 2022. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries. Net Income for Earnings Per Share Calculations Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Net income $ 501 $ 1,681 $ 428 $ 3,233 Net income attributable to noncontrolling interests 16 20 36 3 Net income attributable to participating securities 1 3 9 6 17 Net income attributable to common stockholders $ 482 $ 1,652 $ 386 $ 3,213 Earnings Per Share - Basic and Diluted Three Months Ended Six Months Ended Dollars per share Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Earnings per common share - basic $ 0.68 $ 2.28 $ 0.55 $ 4.40 Earnings per common share - diluted $ 0.68 $ 2.26 $ 0.54 $ 4.37 Share Count Information Three Months Ended Six Months Ended Shares in millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Weighted-average common shares outstanding - basic 707.0 725.7 707.6 730.2 Plus dilutive effect of equity compensation plans 2.9 5.8 3.1 5.4 Weighted-average common shares outstanding - diluted 709.9 731.5 710.7 735.6 Stock options and restricted stock units excluded from EPS calculations 2 12.3 4.0 10.0 5.4 1. Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.

INVENTORIES (Notes)

INVENTORIES (Notes)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The following table provides a breakdown of inventories: Inventories Jun 30, 2023 Dec 31, 2022 In millions Finished goods $ 3,741 $ 4,150 Work in process 1,262 1,476 Raw materials 815 954 Supplies 935 892 Total $ 6,753 $ 7,472 Adjustment of inventories to the LIFO basis (266) (484) Total inventories $ 6,487 $ 6,988

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Notes)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure	COMMITMENTS AND CONTINGENCIES A summary of the Company's commitments and contingencies can be found in Note 15 to the Consolidated Financial Statements included in the 2022 10-K, which is incorporated by reference herein. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. At June 30, 2023, the Company had accrued obligations of $1,236 million for probable environmental remediation and restoration costs ($1,192 million at December 31, 2022), including $261 million for the remediation of Superfund sites ($244 million at December 31, 2022). This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company's results of operations, financial condition and cash flows. It is the opinion of the Company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. As new or additional information becomes available and/or certain spending trends become known, management will evaluate such information in determination of the current estimate of environmental liability. Litigation Asbestos-Related Matters of Union Carbide Corporation Each quarter, Union Carbide reviews asbestos-related claims filed, settled and dismissed, as well as average settlement and resolution costs by disease category. Union Carbide also considers additional quantitative and qualitative factors such as the nature of pending claims, trial experience of Union Carbide and other asbestos defendants, current spending for defense and processing costs, significant appellate rulings and legislative developments, trends in the tort system, and their respective effects on expected future resolution costs. Union Carbide's management considers these factors in conjunction with the most recent actuarial study and determines whether a change in the estimate is warranted. Based on Union Carbide's review of 2023 activity, it was determined that no adjustment to the accrual was required at June 30, 2023. Union Carbide’s total asbestos-related liability for pending and future claims and defense and processing costs was $904 million at June 30, 2023 ($947 million at December 31, 2022). At June 30, 2023, approximately 26 percent of the recorded claim liability related to pending claims and approximately 74 percent related to future claims. Groundwater Contamination The Company is the subject of various complaints related to alleged groundwater contamination based on decades-old sales and applications of certain agricultural chemical products ("Legacy Liabilities"). The costs associated with these Legacy Liabilities were previously covered by insurance policies that have since been depleted. In the first quarter of 2023, the Company completed a study of the Legacy Liabilities now deemed to be probable and estimable based on the public reporting of sampling data and historical information to develop a reasonable estimate of the cost of pending and future claims. As a result, the Company recorded a pretax charge of $177 million, included in "Cost of sales" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure. At June 30, 2023, the total liability related to such alleged Legacy Liabilities settlements was $237 million, which was included in “Accrued and other current liabilities” and "Other noncurrent obligations" in the consolidated balance sheets. Indemnifications with Corning Incorporated The Company had indemnification assets with Corning Incorporated of $113 million at June 30, 2023 ($98 million at December 31, 2022) related to the 2016 ownership restructure of Dow Silicones, which were included primarily in "Noncurrent receivables" in the consolidated balance sheets. Gain Contingency - Dow v. Nova Chemicals Corporation Ethylene Asset Matter As a result of a 2019 damages judgment related to the ethylene asset matter, Nova was ordered to pay the Company $1.43 billion Canadian dollars (equivalent to approximately $1.08 billion U.S. dollars), for which the Company received payment in October 2019 and March 2020. At June 30, 2023, $323 million ($323 million at December 31, 2022) was included in "Other noncurrent obligations" in the Company's consolidated balance sheets related to the disputed portion of the damages judgment.

LEASES (Notes)

LEASES (Notes)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Lessee, Operating And Finance Leases	LEASES For additional information on the Company's leases, see Note 16 to the Consolidated Financial Statements included in the 2022 10-K. The components of lease cost for operating and finance leases for the three and six months ended June 30, 2023 and 2022 were as follows: Lease Cost Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Operating lease cost $ 103 $ 99 $ 201 $ 196 Finance lease cost Amortization of right-of-use assets - finance $ 25 $ 26 $ 51 $ 52 Interest on lease liabilities - finance 8 9 16 17 Total finance lease cost $ 33 $ 35 $ 67 $ 69 Short-term lease cost 66 66 132 125 Variable lease cost 261 133 442 248 Sublease income (2) (3) (4) (6) Total lease cost $ 461 $ 330 $ 838 $ 632 The following table provides supplemental cash flow and other information related to leases: Other Lease Information Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 205 $ 196 Operating cash flows for finance leases $ 16 $ 17 Financing cash flows for finance leases $ 56 $ 53 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 199 $ 37 Finance leases $ 10 $ 27

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss (Notes)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and six months ended June 30, 2023 and 2022 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Unrealized Gains (Losses) on Investments Beginning balance $ (222) $ (37) $ (253) $ 59 Unrealized gains (losses) on investments 58 (203) 88 (324) Tax (expense) benefit 39 43 39 67 Net unrealized gains (losses) on investments 97 (160) 127 (257) (Gains) losses reclassified from AOCL to net income 1 (46) 9 (45) 10 Tax expense (benefit) 2 10 (2) 10 (2) Net (gains) losses reclassified from AOCL to net income (36) 7 (35) 8 Other comprehensive income (loss), net of tax 61 (153) 92 (249) Ending balance $ (161) $ (190) $ (161) $ (190) Cumulative Translation Adjustment Beginning balance $ (1,833) $ (1,519) $ (1,934) $ (1,355) Gains (losses) on foreign currency translation (84) (500) — (665) Tax (expense) benefit (12) (3) (10) 10 Net gains (losses) on foreign currency translation (96) (503) (10) (655) (Gains) losses reclassified from AOCL to net income 3 (7) (11) 8 (23) Other comprehensive income (loss), net of tax (103) (514) (2) (678) Ending balance $ (1,936) $ (2,033) $ (1,936) $ (2,033) Pension and Other Postretirement Benefits Beginning balance $ (4,871) $ (7,225) $ (4,877) $ (7,334) Gains (losses) arising during the period (5) 3 (3) 5 Amortization of net loss and prior service credits reclassified from AOCL to net income 4 2 156 5 313 Tax expense (benefit) 2 (1) (37) — (87) Net loss and prior service credits reclassified from AOCL to net income 1 119 5 226 Other comprehensive income (loss), net of tax (4) 122 2 231 Ending balance $ (4,875) $ (7,103) $ (4,875) $ (7,103) Derivative Instruments Beginning balance $ (139) $ (15) $ (75) $ (347) Gains (losses) on derivative instruments (1) 260 (184) 680 Tax (expense) benefit 3 (27) 36 (83) Net gains (losses) on derivative instruments 2 233 (148) 597 (Gains) losses reclassified from AOCL to net income 5 55 (108) 164 (142) Tax expense (benefit) 2 (13) 12 (36) 14 Net (gains) losses reclassified from AOCL to net income 42 (96) 128 (128) Other comprehensive income (loss), net of tax 44 137 (20) 469 Ending balance $ (95) $ 122 $ (95) $ 122 Total AOCL ending balance $ (7,067) $ (9,204) $ (7,067) $ (9,204) 1. Reclassified to "Net sales" and "Sundry income (expense) - net." 2. Reclassified to "Provision for income taxes." 3. Reclassified to "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost (credit) of the Company's defined benefit pension and other postretirement benefit plans. See Note 12 for additional information. 5. Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount."

NONCONTROLLING INTERESTS Noncon

NONCONTROLLING INTERESTS Noncontrolling Interests	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interest Disclosure [Text Block]	NONCONTROLLING INTERESTS Ownership interests in the Company's subsidiaries held by parties other than the Company are presented separately from the Company's equity in the consolidated balance sheets as "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the consolidated statements of income. The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2023 and 2022: Noncontrolling Interests Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Balance at beginning of period $ 534 $ 545 $ 529 $ 574 Net income attributable to noncontrolling interests 1 16 20 36 3 Distributions to noncontrolling interests 2 (15) (14) (28) (15) Cumulative translation adjustments (22) (16) (25) (27) Other (1) (1) — (1) Balance at end of period $ 512 $ 534 $ 512 $ 534 1. The first quarter of 2022 includes the portion of asset related charges attributable to noncontrolling interests related to a joint venture in Russia. See Note 4 for additional information.

PENSION PLANS AND OTHER POSTRET

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS A summary of the Company's pension and other postretirement benefit plans can be found in Note 19 to the Consolidated Financial Statements included in the 2022 10-K. The following table provides the components of the Company's net periodic benefit cost (credit) for all significant plans: Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Defined Benefit Pension Plans Service cost $ 71 $ 99 $ 141 $ 198 Interest cost 279 171 558 342 Expected return on plan assets (390) (423) (779) (847) Amortization of prior service credit (6) (5) (13) (11) Amortization of net loss 23 165 47 332 Net periodic benefit cost (credit) $ (23) $ 7 $ (46) $ 14 Other Postretirement Benefit Plans Service cost $ 1 $ 2 $ 2 $ 3 Interest cost 12 7 23 14 Amortization of net gain (15) (4) (29) (8) Net periodic benefit cost (credit) $ (2) $ 5 $ (4) $ 9 Net periodic benefit cost (credit), other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement [Text Block]	STOCK-BASED COMPENSATION A summary of the Company's stock-based compensation plans can be found in Note 20 to the Consolidated Financial Statements included in the 2022 10-K. Stock Incentive Plan The Company grants stock-based compensation to employees and non-employee directors under the 2019 Stock Incentive Plan, as amended. Most of the Company's stock-based compensation awards are granted in the first quarter of each year. In the first quarter of 2023, Dow Inc. granted the following stock-based compensation awards to employees: • 1.1 million stock options with a weighted-average exercise price of $59.08 per share and a weighted-average fair value of $12.13 per share; • 1.8 million restricted stock units with a weighted-average fair value of $59.03 per share; and • 1.2 million performance stock units with a weighted-average fair value of $64.04 per share. There was minimal grant activity in the second quarter of 2023. Employee Stock Purchase Plan The Dow Inc. 2021 Employee Stock Purchase Plan (the "2021 ESPP") was adopted by the Dow Inc. Board on February 11, 2021, and approved by stockholders at the Company's annual meeting on April 15, 2021. Under the 2023 annual offering of the 2021 ESPP, most employees will be eligible to purchase shares of common stock of Dow Inc. valued at up to 10 percent of their annual total base salary or wages. The number of shares purchased is determined using the amount contributed by the employee divided by the plan price. The plan price of the stock is equal to 85 percent of the fair market value (closing price) of the common stock at May 1, 2023 (beginning) or November 3, 2023 (ending) of the offering period, whichever is lower.

Financial Instruments (Notes)

Financial Instruments (Notes)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS A summary of the Company's financial instruments, risk management policies, derivative instruments and hedging activities can be found in Note 21 to the Consolidated Financial Statements included in the 2022 10-K. Refer to Note 15 for a summary of the fair value of financial instruments at June 30, 2023 and December 31, 2022. Debt Securities The Company's investments in debt securities are primarily classified as available-for-sale. The following table provides investing results from available-for-sale securities for the six months ended June 30, 2023 and 2022: Investing Results Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Proceeds from sales of available-for-sale securities $ 274 $ 295 Gross realized gains $ 58 $ 20 Gross realized losses $ (13) $ (30) The following table summarizes contractual maturities of the Company's investments in debt securities: Contractual Maturities of Debt Securities at Jun 30, 2023 Cost Fair Value In millions Within one year $ 77 $ 74 One to five years 897 823 Six to ten years 536 467 After ten years 515 418 Total $ 2,025 $ 1,782 Equity Securities There were no material adjustments to the carrying value of the not readily determinable investments for impairment or observable price changes for the three months ended June 30, 2023. There was $2 million of net unrealized gains recognized in earnings on equity securities for the three months ended June 30, 2023 ($3 million net unrealized loss for the three months ended June 30, 2022). There was $10 million of net unrealized gains recognized in earnings on equity securities for the six months ended June 30, 2023 ($6 million net unrealized loss for the six months ended June 30, 2022). Investments in Equity Securities Jun 30, 2023 Dec 31, 2022 In millions Readily determinable fair value $ 20 $ 10 Not readily determinable fair value $ 182 $ 186 Derivative Instruments The notional amounts of the Company's derivative instruments at June 30, 2023 and December 31, 2022 were as follows: Notional Amounts 1 Jun 30, 2023 Dec 31, 2022 In millions Derivatives designated as hedging instruments: Interest rate contracts $ 2,000 $ 1,500 Foreign currency contracts $ 9,934 $ 2,408 Derivatives not designated as hedging instruments: Interest rate contracts $ 72 $ 3 Foreign currency contracts $ 14,211 $ 8,837 1. Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration. The notional amounts of the Company's commodity derivatives at June 30, 2023 and December 31, 2022 were as follows: Commodity Notionals 1 Jun 30, 2023 Dec 31, 2022 Notional Volume Unit Derivatives designated as hedging instruments: Hydrocarbon derivatives 2.1 19.2 million barrels of oil equivalent Derivatives not designated as hedging instruments: Hydrocarbon derivatives 1.1 — million barrels of oil equivalent 1. Notional amounts represent the net volume of open derivative positions outstanding at the end of the period. Maturity Dates of Derivatives Designated as Hedging Instruments Year Interest rate contracts 2024 Foreign currency contracts 2024 Commodity contracts 2026 The following table provides the fair value and balance sheet classification of derivative instruments at June 30, 2023 and December 31, 2022: Fair Value of Derivative Instruments Jun 30, 2023 Dec 31, 2022 In millions Gross Counterparty and Cash Collateral Netting 1 Net 2 Gross Counterparty and Cash Collateral Netting 1 Net 2 Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts 3 $ — $ — $ — $ 351 $ (246) $ 105 Interest rate contracts 4 121 (121) — — — — Foreign currency contracts 3 114 (70) 44 58 (39) 19 Commodity contracts 3 77 (48) 29 199 (148) 51 Commodity contracts 4 11 (8) 3 — — — Total $ 323 $ (247) $ 76 $ 608 $ (433) $ 175 Derivatives not designated as hedging instruments: Interest rate contracts 3 $ 2 $ (1) $ 1 $ — $ — $ — Foreign currency contracts 3 65 (16) 49 146 (50) 96 Commodity contracts 3 10 (4) 6 22 (1) 21 Total $ 77 $ (21) $ 56 $ 168 $ (51) $ 117 Total asset derivatives $ 400 $ (268) $ 132 $ 776 $ (484) $ 292 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts 5 $ — $ — $ — $ 246 $ (246) $ — Interest rate contracts 6 128 (121) 7 — — — Foreign currency contracts 5 70 (70) — 58 (39) 19 Commodity contracts 5 96 (69) 27 258 (198) 60 Commodity contracts 6 8 (8) — — — — Total $ 302 $ (268) $ 34 $ 562 $ (483) $ 79 Derivatives not designated as hedging instruments: Interest rate contracts 5 $ 2 $ (1) $ 1 $ — $ — $ — Foreign currency contracts 5 25 (16) 9 61 (50) 11 Commodity contracts 5 7 (5) 2 12 (11) 1 Total $ 34 $ (22) $ 12 $ 73 $ (61) $ 12 Total liability derivatives $ 336 $ (290) $ 46 $ 635 $ (544) $ 91 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. 2. Represents the net amounts included in the consolidated balance sheets. 3. Included in "Other current assets" in the consolidated balance sheets. 4. Included in "Deferred charges and other assets" in the consolidated balance sheets. 5. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 6. Included in "Other noncurrent obligations" in the consolidated balance sheets. Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding assets or liabilities, when applicable. The Company posted cash collateral of $37 million at June 30, 2023 ( $80 million at December 31, 2022). No cash collateral was posted by counterparties with the Company at June 30, 2023 ($2 million at December 31, 2022). The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2023 and 2022: Effect of Derivative Instruments Gain (loss) recognized in OCI 1 Gain (loss) recognized in income 2 Three Months Ended Six Months Ended Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Derivatives designated as hedging instruments: Fair value hedges: Excluded components 3, 4 $ (4) $ — $ (5) $ — $ — $ — $ — $ — Cash flow hedges: Interest rate contracts 4 — 108 5 207 (2) (2) (4) (5) Foreign currency contracts 5 1 4 1 6 (1) 3 1 6 Commodity contracts 5 (6) 80 (149) 287 (52) 107 (161) 141 Net foreign investment hedges: Foreign currency contracts 12 49 3 47 — — — — Excluded components 3, 6 28 5 31 34 7 11 7 23 Total derivatives designated as hedging instruments $ 31 $ 246 $ (114) $ 581 $ (48) $ 119 $ (157) $ 165 Derivatives not designated as hedging instruments: Interest rate contracts 4 $ — $ — $ — $ — $ 1 $ — $ 1 $ (1) Foreign currency contracts 6 — — — — (29) (191) 6 (276) Commodity contracts 5 — — — — 4 7 4 29 Total return swap 5 — — — — 10 — 3 — Total derivatives not designated as hedging instruments $ — $ — $ — $ — $ (14) $ (184) $ 14 $ (248) Total derivatives $ 31 $ 246 $ (114) $ 581 $ (62) $ (65) $ (143) $ (83) 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. The excluded components are related to the time value of the derivatives designated as hedges. 4. Included in "Interest expense and amortization of debt discount" in the consolidated statements of income. 5. Included in "Cost of sales" in the consolidated statements of income. 6. Included in "Sundry income (expense) - net" in the consolidated statements of income. The following table provides the net after-tax gain (loss) expected to be reclassified from AOCL to income within the next 12 months: Expected Reclassifications from AOCL within the next 12 months Jun 30, 2023 In millions Cash flow hedges: Interest rate contracts $ (7) Commodity contracts $ (72) Foreign currency contracts $ 1 Net foreign investment hedges: Excluded components $ 25

FAIR VALUE MEASUREMENTS (Notes)

FAIR VALUE MEASUREMENTS (Notes)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE MEASUREMENTS A summary of the Company's recurring and nonrecurring fair value measurements can be found in Note 22 to the Consolidated Financial Statements included in the 2022 10-K. Fair Value Measurements on a 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 Jun 30, 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 $ 283 $ — $ — $ 283 $ 872 $ — $ — $ 872 Money market funds Level 2 1,598 — — 1,598 355 — — 355 Marketable securities 2 Level 2 701 15 — 716 927 12 — 939 Nonconsolidated affiliates 3 Level 3 7 7 Other investments: Debt securities: 4 Government debt 5 Level 2 799 2 (125) 676 754 1 (133) 622 Corporate bonds Level 1 33 — (3) 30 38 — (3) 35 Corporate bonds Level 2 1,193 12 (129) 1,076 1,236 10 (156) 1,090 Equity securities 4, 6 Level 1 5 15 — 20 5 5 — 10 Derivatives relating to: 7 Interest rates Level 2 — 123 — 123 — 351 — 351 Foreign currency Level 2 — 179 — 179 — 204 — 204 Commodities Level 1 — 33 — 33 — 63 — 63 Commodities Level 2 — 65 — 65 — 158 — 158 Total assets at fair value $ 4,806 $ 4,706 Liabilities at fair value: Long-term debt including debt due within one year 8 Level 2 $ (14,842) $ 1,532 $ (556) $ (13,866) $ (15,060) $ 1,683 $ (498) $ (13,875) Guarantee liability 9 Level 3 (189) (199) Derivatives relating to: 7 Interest rates Level 2 — — (130) (130) — — (246) (246) Foreign currency Level 2 — — (95) (95) — — (119) (119) Commodities Level 1 — — (34) (34) — (103) (103) Commodities Level 2 — — (77) (77) — — (167) (167) Total liabilities at fair value $ (14,391) $ (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 14 for classification of derivatives in the consolidated balance sheets. 8. Cost includes fair value hedge adjustment gains of $46 million at June 30, 2023 and December 31, 2022 on $3,729 million of debt at June 30, 2023 and $2,279 million of debt at December 31, 2022. 9. Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets. Cost approximates fair value for all other financial instruments. For equity securities calculated at net asset value per share (or its equivalent), the Company had $88 million in private market securities and $19 million in real estate at June 30, 2023 ($92 million in private market securities and $20 million in real estate at December 31, 2022). There are no redemption restrictions and the unfunded commitments on these investments were $54 million at June 30, 2023 and December 31, 2022. For assets classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The level 3 asset value represents the fair value of an investment in a limited liability company, accounted for as an investment in nonconsolidated affiliates. There was no unfunded commitment on the investment at June 30, 2023 or December 31, 2022. For liabilities classified as Level 3 measurements, fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the Company’s accrued liability related to the guarantee of Sadara’s debt is in proportion to the Company’s 35 percent ownership interest in Sadara. The estimated fair value of the guarantee was calculated using a "with" and "without" method. The fair value of the debt was calculated "with" the guarantee less the fair value of the debt "without" the guarantee. The "with" and "without" values were calculated using a discounted cash flow method based on contractual cash flows as well as projected prepayments made on the debt by Sadara. Fair Value Measurements on a Nonrecurring Basis As part of the 2023 Restructuring Program, the Company has or will shut down a number of manufacturing facilities, corporate facilities and miscellaneous assets around the world. In the first quarter of 2023, the assets associated with this plan were written down to zero, except for one corporate facility. The remaining corporate facility, which was classified as a level 3 measurement, was written down to a fair value of $16 million using unobservable inputs. In addition, impairments of leased, non-manufacturing facilities, which were classified as Level 3 measurements, resulted in a write-down of right-of-use assets to a fair value of $9 million using unobservable inputs. The impairment charges related to the 2023 Restructuring Program, totaling $197 million, were included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Packaging & Specialty Plastics ($1 million), Industrial Intermediates & Infrastructure ($40 million), Performance Materials & Coatings ($49 million) and Corporate ($107 million). In the second quarter of 2023, the Company recorded an adjustment to the impairment charges related to the 2023 Restructuring Program, totaling $8 million, included in "Restructuring and asset related charges - net" in the consolidated statements of income and related to Industrial Intermediates & Infrastructure.

SEGMENTS AND GEOGRAPHIC REGIONS

SEGMENTS AND GEOGRAPHIC REGIONS (Notes)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segments and Geographic Regions [Text Block]	SEGMENTS AND GEOGRAPHIC REGIONS Dow’s measure of profit/loss for segment reporting purposes is Operating EBIT as this is the manner in which the Company's chief operating decision maker assesses performance and allocates resources. The Company defines Operating EBIT as earnings (i.e., "Income before income taxes") before interest, excluding the impact of significant items. Operating EBIT by segment includes all operating items relating to the businesses; items that principally apply to Dow as a whole are assigned to Corporate. Segment Information Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Materials & Coatings Corp. Total In millions Three months ended Jun 30, 2023 Net sales $ 5,940 $ 3,177 $ 2,197 $ 106 $ 11,420 Equity in earnings (losses) of nonconsolidated affiliates $ 19 $ (83) $ 6 $ 1 $ (57) Dow Inc. Operating EBIT 1 $ 918 $ (35) $ 66 $ (64) $ 885 Three months ended Jun 30, 2022 Net sales $ 8,233 $ 4,370 $ 3,003 $ 58 $ 15,664 Equity in earnings (losses) of nonconsolidated affiliates $ 138 $ 57 $ 2 $ (2) $ 195 Dow Inc. Operating EBIT 1 $ 1,436 $ 426 $ 561 $ (48) $ 2,375 Six months ended Jun 30, 2023 Net sales $ 12,054 $ 6,555 $ 4,473 $ 189 $ 23,271 Equity in earnings (losses) of nonconsolidated affiliates $ 40 $ (156) $ 9 $ 2 $ (105) Dow Inc. Operating EBIT 1 $ 1,560 $ 88 $ 101 $ (156) $ 1,593 Six months ended Jun 30, 2022 Net sales $ 15,860 $ 8,894 $ 6,052 $ 122 $ 30,928 Equity in earnings (losses) of nonconsolidated affiliates $ 248 $ 119 $ 5 $ (3) $ 369 Dow Inc. Operating EBIT 1 $ 2,670 $ 1,087 $ 1,156 $ (119) $ 4,794 1. Operating EBIT for TDCC for the three and six months ended June 30, 2023 and 2022 is substantially the same as that of Dow Inc. and therefore has not been disclosed separately in the table above. A reconciliation of "Net income" to Operating EBIT is provided in the following table. Reconciliation of "Net income" to Operating EBIT Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Net income $ 501 $ 1,681 $ 428 $ 3,233 + Provision for income taxes 210 488 163 991 Income before income taxes $ 711 $ 2,169 $ 591 $ 4,224 - Interest income 66 36 142 64 + Interest expense and amortization of debt discount 172 165 357 332 - Significant items (68) (77) (787) (302) Operating EBIT $ 885 $ 2,375 $ 1,593 $ 4,794 The following tables summarize the pretax impact of significant items by segment excluded from Operating EBIT: Significant Items by Segment Three Months Ended Jun 30, 2023 Six Months Ended Jun 30, 2023 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Restructuring, implementation and efficiency costs, and asset related charges - net 1 $ — $ (8) $ — $ (47) $ (55) $ (1) $ (48) $ (67) $ (490) $ (606) Litigation related charges, awards and adjustments 2 — — — — — — (177) — — (177) Indemnification and other transaction related costs 3 — — — (13) (13) — — — (4) (4) Total $ — $ (8) $ — $ (60) $ (68) $ (1) $ (225) $ (67) $ (494) $ (787) 1. Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2023 also includes certain gains and losses associated with previously impaired equity investments. 2. Includes a loss associated with legacy agricultural products groundwater contamination matters. See Note 8 for additional information. 3. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Significant Items by Segment Three Months Ended Jun 30, 2022 Six Months Ended Jun 30, 2022 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Digitalization program costs 1 $ — $ — $ — $ (51) $ (51) $ — $ — $ — $ (92) $ (92) Restructuring, implementation costs and asset related charges - net 2 — — — (10) (10) — — — (20) (20) Russia / Ukraine conflict charges 3 — — — — — (31) (109) (16) (30) (186) Loss on early extinguishment of debt 4 — — — (8) (8) — — — (8) (8) Indemnification and other transactions related costs 5 — — — (8) (8) — — — 4 4 Total $ — $ — $ — $ (77) $ (77) $ (31) $ (109) $ (16) $ (146) $ (302) 1. Includes costs associated with implementing the Company's Digital Acceleration program. 2. Includes costs associated with implementing the Company's 2020 Restructuring Program. 3. Asset related charges due to the Russia and Ukraine conflict. See Note 4 for additional information. 4. The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. 5. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	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 Business Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Hydrocarbons & Energy $ 1,672 $ 2,779 $ 3,546 $ 5,195 Packaging and Specialty Plastics 4,268 5,454 8,508 10,665 Packaging & Specialty Plastics $ 5,940 $ 8,233 $ 12,054 $ 15,860 Industrial Solutions $ 1,084 $ 1,446 $ 2,223 $ 2,961 Polyurethanes & Construction Chemicals 2,090 2,919 4,324 5,924 Other 3 5 8 9 Industrial Intermediates & Infrastructure $ 3,177 $ 4,370 $ 6,555 $ 8,894 Coatings & Performance Monomers $ 875 $ 1,129 $ 1,733 $ 2,204 Consumer Solutions 1,322 1,874 2,740 3,848 Performance Materials & Coatings $ 2,197 $ 3,003 $ 4,473 $ 6,052 Corporate $ 106 $ 58 $ 189 $ 122 Total $ 11,420 $ 15,664 $ 23,271 $ 30,928 Net Trade Sales by Geographic Region Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 U.S. & Canada $ 4,249 $ 5,707 $ 8,699 $ 11,244 EMEAI 1 3,774 5,677 7,827 11,189 Asia Pacific 2,058 2,673 4,105 5,426 Latin America 1,339 1,607 2,640 3,069 Total $ 11,420 $ 15,664 $ 23,271 $ 30,928 1. Europe, Middle East, Africa and India.
Contract with Customer, Asset and Liability [Table Text Block]	The following table summarizes contract assets and liabilities at June 30, 2023 and December 31, 2022: Contract Assets and Liabilities Balance Sheet Classification Jun 30, 2023 Dec 31, 2022 In millions Accounts and notes receivable - trade Accounts and notes receivable - trade $ 5,539 $ 5,611 Contract assets - current Other current assets $ 15 $ 48 Contract assets - noncurrent Deferred charges and other assets $ 3 $ 16 Contract liabilities - current Accrued and other current liabilities $ 207 $ 275 Contract liabilities - noncurrent Other noncurrent obligations $ 1,725 $ 1,725

Restructuring and Related Activ

Restructuring and Related Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table summarizes the activities related to the 2023 Restructuring Program, including segment information: 2023 Restructuring Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total In millions Packaging & Specialty Plastics $ — $ 1 $ 1 Industrial Intermediates & Infrastructure — 40 40 Performance Materials & Coatings — 49 49 Corporate 344 107 451 Total restructuring charges $ 344 $ 197 $ 541 Charges against the reserve — (197) (197) Cash payments (11) — (11) Reserve balance at Mar 31, 2023 $ 333 $ — $ 333 Industrial Intermediates & Infrastructure $ — $ 8 $ 8 Total restructuring charges $ — $ 8 $ 8 Charges against the reserve — (8) (8) Cash payments (60) — (60) Reserve balance at Jun 30, 2023 $ 273 $ — $ 273

SUPPLEMENTARY INFORMATION (Tabl

SUPPLEMENTARY INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Sundry Income, Net	Dow Inc. Sundry Income (Expense) – Net Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Non-operating pension and other postretirement benefit plan net credits 1 $ 97 $ 89 $ 193 $ 178 Foreign exchange losses 2 (95) (17) (197) (15) Gain on sales of other assets and investments 3 9 12 74 43 Asset impairments and related costs 4 — — (18) — Indemnification and other transaction related costs 5 (13) (8) (4) 4 Loss on early extinguishment of debt — (8) — (8) Other - net 33 7 62 21 Total sundry income (expense) – net $ 31 $ 75 $ 110 $ 223 1. See Note 12 for additional information. 2. Foreign exchange losses for the three and six months ended June 30, 2023 and June 30, 2022 relate primarily to exposures in the Argentinian peso. 3. The six months ended June 30, 2023 includes gains associated with the sale of shares of a previously impaired equity method investment. 4. Certain obligations associated with a previously impaired equity method investment. 5. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following tables provide earnings per share calculations for Dow Inc. for the three and six months ended June 30, 2023 and 2022. Earnings per share of TDCC is not presented as this information is not required in financial statements of wholly owned subsidiaries. Net Income for Earnings Per Share Calculations Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Net income $ 501 $ 1,681 $ 428 $ 3,233 Net income attributable to noncontrolling interests 16 20 36 3 Net income attributable to participating securities 1 3 9 6 17 Net income attributable to common stockholders $ 482 $ 1,652 $ 386 $ 3,213 Earnings Per Share - Basic and Diluted Three Months Ended Six Months Ended Dollars per share Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Earnings per common share - basic $ 0.68 $ 2.28 $ 0.55 $ 4.40 Earnings per common share - diluted $ 0.68 $ 2.26 $ 0.54 $ 4.37 Share Count Information Three Months Ended Six Months Ended Shares in millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Weighted-average common shares outstanding - basic 707.0 725.7 707.6 730.2 Plus dilutive effect of equity compensation plans 2.9 5.8 3.1 5.4 Weighted-average common shares outstanding - diluted 709.9 731.5 710.7 735.6 Stock options and restricted stock units excluded from EPS calculations 2 12.3 4.0 10.0 5.4 1. Restricted stock units are considered participating securities due to the Company's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]	The following table provides a breakdown of inventories: Inventories Jun 30, 2023 Dec 31, 2022 In millions Finished goods $ 3,741 $ 4,150 Work in process 1,262 1,476 Raw materials 815 954 Supplies 935 892 Total $ 6,753 $ 7,472 Adjustment of inventories to the LIFO basis (266) (484) Total inventories $ 6,487 $ 6,988

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Guarantor Obligations [Line Items]
Lease, Cost	The components of lease cost for operating and finance leases for the three and six months ended June 30, 2023 and 2022 were as follows: Lease Cost Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Operating lease cost $ 103 $ 99 $ 201 $ 196 Finance lease cost Amortization of right-of-use assets - finance $ 25 $ 26 $ 51 $ 52 Interest on lease liabilities - finance 8 9 16 17 Total finance lease cost $ 33 $ 35 $ 67 $ 69 Short-term lease cost 66 66 132 125 Variable lease cost 261 133 442 248 Sublease income (2) (3) (4) (6) Total lease cost $ 461 $ 330 $ 838 $ 632
Schedule of Supplemental Cash Flow Information Related to Leases	The following table provides supplemental cash flow and other information related to leases: Other Lease Information Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 205 $ 196 Operating cash flows for finance leases $ 16 $ 17 Financing cash flows for finance leases $ 56 $ 53 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 199 $ 37 Finance leases $ 10 $ 27

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	The changes in each component of accumulated other comprehensive loss ("AOCL") for the three and six months ended June 30, 2023 and 2022 were as follows: Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Unrealized Gains (Losses) on Investments Beginning balance $ (222) $ (37) $ (253) $ 59 Unrealized gains (losses) on investments 58 (203) 88 (324) Tax (expense) benefit 39 43 39 67 Net unrealized gains (losses) on investments 97 (160) 127 (257) (Gains) losses reclassified from AOCL to net income 1 (46) 9 (45) 10 Tax expense (benefit) 2 10 (2) 10 (2) Net (gains) losses reclassified from AOCL to net income (36) 7 (35) 8 Other comprehensive income (loss), net of tax 61 (153) 92 (249) Ending balance $ (161) $ (190) $ (161) $ (190) Cumulative Translation Adjustment Beginning balance $ (1,833) $ (1,519) $ (1,934) $ (1,355) Gains (losses) on foreign currency translation (84) (500) — (665) Tax (expense) benefit (12) (3) (10) 10 Net gains (losses) on foreign currency translation (96) (503) (10) (655) (Gains) losses reclassified from AOCL to net income 3 (7) (11) 8 (23) Other comprehensive income (loss), net of tax (103) (514) (2) (678) Ending balance $ (1,936) $ (2,033) $ (1,936) $ (2,033) Pension and Other Postretirement Benefits Beginning balance $ (4,871) $ (7,225) $ (4,877) $ (7,334) Gains (losses) arising during the period (5) 3 (3) 5 Amortization of net loss and prior service credits reclassified from AOCL to net income 4 2 156 5 313 Tax expense (benefit) 2 (1) (37) — (87) Net loss and prior service credits reclassified from AOCL to net income 1 119 5 226 Other comprehensive income (loss), net of tax (4) 122 2 231 Ending balance $ (4,875) $ (7,103) $ (4,875) $ (7,103) Derivative Instruments Beginning balance $ (139) $ (15) $ (75) $ (347) Gains (losses) on derivative instruments (1) 260 (184) 680 Tax (expense) benefit 3 (27) 36 (83) Net gains (losses) on derivative instruments 2 233 (148) 597 (Gains) losses reclassified from AOCL to net income 5 55 (108) 164 (142) Tax expense (benefit) 2 (13) 12 (36) 14 Net (gains) losses reclassified from AOCL to net income 42 (96) 128 (128) Other comprehensive income (loss), net of tax 44 137 (20) 469 Ending balance $ (95) $ 122 $ (95) $ 122 Total AOCL ending balance $ (7,067) $ (9,204) $ (7,067) $ (9,204) 1. Reclassified to "Net sales" and "Sundry income (expense) - net." 2. Reclassified to "Provision for income taxes." 3. Reclassified to "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost (credit) of the Company's defined benefit pension and other postretirement benefit plans. See Note 12 for additional information. 5. Reclassified to "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount."

NONCONTROLLING INTERESTS Nonc_2

NONCONTROLLING INTERESTS Noncontrolling Interests (Tables)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests [Table Text Block]	The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2023 and 2022: Noncontrolling Interests Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Balance at beginning of period $ 534 $ 545 $ 529 $ 574 Net income attributable to noncontrolling interests 1 16 20 36 3 Distributions to noncontrolling interests 2 (15) (14) (28) (15) Cumulative translation adjustments (22) (16) (25) (27) Other (1) (1) — (1) Balance at end of period $ 512 $ 534 $ 512 $ 534 1. The first quarter of 2022 includes the portion of asset related charges attributable to noncontrolling interests related to a joint venture in Russia. See Note 4 for additional information.

PENSION PLANS AND OTHER POSTR_2

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	The following table provides the components of the Company's net periodic benefit cost (credit) for all significant plans: Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Defined Benefit Pension Plans Service cost $ 71 $ 99 $ 141 $ 198 Interest cost 279 171 558 342 Expected return on plan assets (390) (423) (779) (847) Amortization of prior service credit (6) (5) (13) (11) Amortization of net loss 23 165 47 332 Net periodic benefit cost (credit) $ (23) $ 7 $ (46) $ 14 Other Postretirement Benefit Plans Service cost $ 1 $ 2 $ 2 $ 3 Interest cost 12 7 23 14 Amortization of net gain (15) (4) (29) (8) Net periodic benefit cost (credit) $ (2) $ 5 $ (4) $ 9

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investing Results	The following table provides investing results from available-for-sale securities for the six months ended June 30, 2023 and 2022: Investing Results Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Proceeds from sales of available-for-sale securities $ 274 $ 295 Gross realized gains $ 58 $ 20 Gross realized losses $ (13) $ (30)
Contractual Maturities of Debt Securities	The following table summarizes contractual maturities of the Company's investments in debt securities: Contractual Maturities of Debt Securities at Jun 30, 2023 Cost Fair Value In millions Within one year $ 77 $ 74 One to five years 897 823 Six to ten years 536 467 After ten years 515 418 Total $ 2,025 $ 1,782
Equity Securities with and without Readily Determinable Fair Value	Investments in Equity Securities Jun 30, 2023 Dec 31, 2022 In millions Readily determinable fair value $ 20 $ 10 Not readily determinable fair value $ 182 $ 186
Schedule of Notional Amounts of Outstanding Derivative Positions	The notional amounts of the Company's derivative instruments at June 30, 2023 and December 31, 2022 were as follows: Notional Amounts 1 Jun 30, 2023 Dec 31, 2022 In millions Derivatives designated as hedging instruments: Interest rate contracts $ 2,000 $ 1,500 Foreign currency contracts $ 9,934 $ 2,408 Derivatives not designated as hedging instruments: Interest rate contracts $ 72 $ 3 Foreign currency contracts $ 14,211 $ 8,837 1. Notional amounts represent the absolute value of open derivative positions at the end of the period. Multi-leg option positions are reflected at the maximum notional position at expiration. The notional amounts of the Company's commodity derivatives at June 30, 2023 and December 31, 2022 were as follows: Commodity Notionals 1 Jun 30, 2023 Dec 31, 2022 Notional Volume Unit Derivatives designated as hedging instruments: Hydrocarbon derivatives 2.1 19.2 million barrels of oil equivalent Derivatives not designated as hedging instruments: Hydrocarbon derivatives 1.1 — million barrels of oil equivalent 1. Notional amounts represent the net volume of open derivative positions outstanding at the end of the period.
Schedule of Derivative Instruments	Maturity Dates of Derivatives Designated as Hedging Instruments Year Interest rate contracts 2024 Foreign currency contracts 2024 Commodity contracts 2026
Schedule of Fair Values of Derivative Instruments	The following table provides the fair value and balance sheet classification of derivative instruments at June 30, 2023 and December 31, 2022: Fair Value of Derivative Instruments Jun 30, 2023 Dec 31, 2022 In millions Gross Counterparty and Cash Collateral Netting 1 Net 2 Gross Counterparty and Cash Collateral Netting 1 Net 2 Asset derivatives Derivatives designated as hedging instruments: Interest rate contracts 3 $ — $ — $ — $ 351 $ (246) $ 105 Interest rate contracts 4 121 (121) — — — — Foreign currency contracts 3 114 (70) 44 58 (39) 19 Commodity contracts 3 77 (48) 29 199 (148) 51 Commodity contracts 4 11 (8) 3 — — — Total $ 323 $ (247) $ 76 $ 608 $ (433) $ 175 Derivatives not designated as hedging instruments: Interest rate contracts 3 $ 2 $ (1) $ 1 $ — $ — $ — Foreign currency contracts 3 65 (16) 49 146 (50) 96 Commodity contracts 3 10 (4) 6 22 (1) 21 Total $ 77 $ (21) $ 56 $ 168 $ (51) $ 117 Total asset derivatives $ 400 $ (268) $ 132 $ 776 $ (484) $ 292 Liability derivatives Derivatives designated as hedging instruments: Interest rate contracts 5 $ — $ — $ — $ 246 $ (246) $ — Interest rate contracts 6 128 (121) 7 — — — Foreign currency contracts 5 70 (70) — 58 (39) 19 Commodity contracts 5 96 (69) 27 258 (198) 60 Commodity contracts 6 8 (8) — — — — Total $ 302 $ (268) $ 34 $ 562 $ (483) $ 79 Derivatives not designated as hedging instruments: Interest rate contracts 5 $ 2 $ (1) $ 1 $ — $ — $ — Foreign currency contracts 5 25 (16) 9 61 (50) 11 Commodity contracts 5 7 (5) 2 12 (11) 1 Total $ 34 $ (22) $ 12 $ 73 $ (61) $ 12 Total liability derivatives $ 336 $ (290) $ 46 $ 635 $ (544) $ 91 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. 2. Represents the net amounts included in the consolidated balance sheets. 3. Included in "Other current assets" in the consolidated balance sheets. 4. Included in "Deferred charges and other assets" in the consolidated balance sheets. 5. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 6. Included in "Other noncurrent obligations" in the consolidated balance sheets.
Derivative Instruments, Gain (Loss)	The following table summarizes the gain (loss) of derivative instruments in the consolidated statements of income and comprehensive income for the three and six months ended June 30, 2023 and 2022: Effect of Derivative Instruments Gain (loss) recognized in OCI 1 Gain (loss) recognized in income 2 Three Months Ended Six Months Ended Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Derivatives designated as hedging instruments: Fair value hedges: Excluded components 3, 4 $ (4) $ — $ (5) $ — $ — $ — $ — $ — Cash flow hedges: Interest rate contracts 4 — 108 5 207 (2) (2) (4) (5) Foreign currency contracts 5 1 4 1 6 (1) 3 1 6 Commodity contracts 5 (6) 80 (149) 287 (52) 107 (161) 141 Net foreign investment hedges: Foreign currency contracts 12 49 3 47 — — — — Excluded components 3, 6 28 5 31 34 7 11 7 23 Total derivatives designated as hedging instruments $ 31 $ 246 $ (114) $ 581 $ (48) $ 119 $ (157) $ 165 Derivatives not designated as hedging instruments: Interest rate contracts 4 $ — $ — $ — $ — $ 1 $ — $ 1 $ (1) Foreign currency contracts 6 — — — — (29) (191) 6 (276) Commodity contracts 5 — — — — 4 7 4 29 Total return swap 5 — — — — 10 — 3 — Total derivatives not designated as hedging instruments $ — $ — $ — $ — $ (14) $ (184) $ 14 $ (248) Total derivatives $ 31 $ 246 $ (114) $ 581 $ (62) $ (65) $ (143) $ (83) 1. OCI is defined as other comprehensive income (loss). 2. Pretax amounts. 3. The excluded components are related to the time value of the derivatives designated as hedges. 4. Included in "Interest expense and amortization of debt discount" in the consolidated statements of income. 5. Included in "Cost of sales" in the consolidated statements of income. 6. Included in "Sundry income (expense) - net" in the consolidated statements of income.
Schedule of Hedging Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year	The following table provides the net after-tax gain (loss) expected to be reclassified from AOCL to income within the next 12 months: Expected Reclassifications from AOCL within the next 12 months Jun 30, 2023 In millions Cash flow hedges: Interest rate contracts $ (7) Commodity contracts $ (72) Foreign currency contracts $ 1 Net foreign investment hedges: Excluded components $ 25

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
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, 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 $ 283 $ — $ — $ 283 $ 872 $ — $ — $ 872 Money market funds Level 2 1,598 — — 1,598 355 — — 355 Marketable securities 2 Level 2 701 15 — 716 927 12 — 939 Nonconsolidated affiliates 3 Level 3 7 7 Other investments: Debt securities: 4 Government debt 5 Level 2 799 2 (125) 676 754 1 (133) 622 Corporate bonds Level 1 33 — (3) 30 38 — (3) 35 Corporate bonds Level 2 1,193 12 (129) 1,076 1,236 10 (156) 1,090 Equity securities 4, 6 Level 1 5 15 — 20 5 5 — 10 Derivatives relating to: 7 Interest rates Level 2 — 123 — 123 — 351 — 351 Foreign currency Level 2 — 179 — 179 — 204 — 204 Commodities Level 1 — 33 — 33 — 63 — 63 Commodities Level 2 — 65 — 65 — 158 — 158 Total assets at fair value $ 4,806 $ 4,706 Liabilities at fair value: Long-term debt including debt due within one year 8 Level 2 $ (14,842) $ 1,532 $ (556) $ (13,866) $ (15,060) $ 1,683 $ (498) $ (13,875) Guarantee liability 9 Level 3 (189) (199) Derivatives relating to: 7 Interest rates Level 2 — — (130) (130) — — (246) (246) Foreign currency Level 2 — — (95) (95) — — (119) (119) Commodities Level 1 — — (34) (34) — (103) (103) Commodities Level 2 — — (77) (77) — — (167) (167) Total liabilities at fair value $ (14,391) $ (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 14 for classification of derivatives in the consolidated balance sheets. 8. Cost includes fair value hedge adjustment gains of $46 million at June 30, 2023 and December 31, 2022 on $3,729 million of debt at June 30, 2023 and $2,279 million of debt at December 31, 2022. 9. Estimated liability for TDCC's guarantee of Sadara's debt which is included in "Other noncurrent obligations" in the consolidated balance sheets.

SEGMENTS AND GEOGRAPHIC REGIO_2

SEGMENTS AND GEOGRAPHIC REGIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Segment Information Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Materials & Coatings Corp. Total In millions Three months ended Jun 30, 2023 Net sales $ 5,940 $ 3,177 $ 2,197 $ 106 $ 11,420 Equity in earnings (losses) of nonconsolidated affiliates $ 19 $ (83) $ 6 $ 1 $ (57) Dow Inc. Operating EBIT 1 $ 918 $ (35) $ 66 $ (64) $ 885 Three months ended Jun 30, 2022 Net sales $ 8,233 $ 4,370 $ 3,003 $ 58 $ 15,664 Equity in earnings (losses) of nonconsolidated affiliates $ 138 $ 57 $ 2 $ (2) $ 195 Dow Inc. Operating EBIT 1 $ 1,436 $ 426 $ 561 $ (48) $ 2,375 Six months ended Jun 30, 2023 Net sales $ 12,054 $ 6,555 $ 4,473 $ 189 $ 23,271 Equity in earnings (losses) of nonconsolidated affiliates $ 40 $ (156) $ 9 $ 2 $ (105) Dow Inc. Operating EBIT 1 $ 1,560 $ 88 $ 101 $ (156) $ 1,593 Six months ended Jun 30, 2022 Net sales $ 15,860 $ 8,894 $ 6,052 $ 122 $ 30,928 Equity in earnings (losses) of nonconsolidated affiliates $ 248 $ 119 $ 5 $ (3) $ 369 Dow Inc. Operating EBIT 1 $ 2,670 $ 1,087 $ 1,156 $ (119) $ 4,794 1. Operating EBIT for TDCC for the three and six months ended June 30, 2023 and 2022 is substantially the same as that of Dow Inc. and therefore has not been disclosed separately in the table above. A reconciliation of "Net income" to Operating EBIT is provided in the following table.
Reconciliation of income from continuing operations, net of tax to Operating EBIT [Table Text Block]	Reconciliation of "Net income" to Operating EBIT Three Months Ended Six Months Ended In millions Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 Net income $ 501 $ 1,681 $ 428 $ 3,233 + Provision for income taxes 210 488 163 991 Income before income taxes $ 711 $ 2,169 $ 591 $ 4,224 - Interest income 66 36 142 64 + Interest expense and amortization of debt discount 172 165 357 332 - Significant items (68) (77) (787) (302) Operating EBIT $ 885 $ 2,375 $ 1,593 $ 4,794
Schedule of significant items [Table Text Block]	The following tables summarize the pretax impact of significant items by segment excluded from Operating EBIT: Significant Items by Segment Three Months Ended Jun 30, 2023 Six Months Ended Jun 30, 2023 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Restructuring, implementation and efficiency costs, and asset related charges - net 1 $ — $ (8) $ — $ (47) $ (55) $ (1) $ (48) $ (67) $ (490) $ (606) Litigation related charges, awards and adjustments 2 — — — — — — (177) — — (177) Indemnification and other transaction related costs 3 — — — (13) (13) — — — (4) (4) Total $ — $ (8) $ — $ (60) $ (68) $ (1) $ (225) $ (67) $ (494) $ (787) 1. Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring Program. The six months ended June 30, 2023 also includes certain gains and losses associated with previously impaired equity investments. 2. Includes a loss associated with legacy agricultural products groundwater contamination matters. See Note 8 for additional information. 3. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Significant Items by Segment Three Months Ended Jun 30, 2022 Six Months Ended Jun 30, 2022 Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total Pack. & Spec. Plastics Ind. Interm. & Infrast. Perf. Mat. & Coatings Corp. Total In millions Digitalization program costs 1 $ — $ — $ — $ (51) $ (51) $ — $ — $ — $ (92) $ (92) Restructuring, implementation costs and asset related charges - net 2 — — — (10) (10) — — — (20) (20) Russia / Ukraine conflict charges 3 — — — — — (31) (109) (16) (30) (186) Loss on early extinguishment of debt 4 — — — (8) (8) — — — (8) (8) Indemnification and other transactions related costs 5 — — — (8) (8) — — — 4 4 Total $ — $ — $ — $ (77) $ (77) $ (31) $ (109) $ (16) $ (146) $ (302) 1. Includes costs associated with implementing the Company's Digital Acceleration program. 2. Includes costs associated with implementing the Company's 2020 Restructuring Program. 3. Asset related charges due to the Russia and Ukraine conflict. See Note 4 for additional information. 4. The Company redeemed outstanding long-term debt resulting in a loss on early extinguishment. 5. Primarily related to charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation.

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue from External Customer [Line Items]
Revenue, Percentage from Products and Service Transferred to Customers	98%	99%	99%	99%
Revenue, Remaining Performance Obligation, Amount	$ 867		$ 867		$ 840
Revenues	11,420	$ 15,664	23,271	$ 30,928
Contract with Customer, Liability, Revenue Recognized			175	105
Accounts and notes receivable - Trade	5,539		5,539		5,611
Contract assets - current	15		15		48
Contract assets - noncurrent	3		3		16
Contract liabilities - current	207		207		275
Contract liabilities - noncurrent	1,725		1,725		1,725
Contract with Customer, Asset, Reclassified to Receivable	45
The Dow Chemical Company
Revenue from External Customer [Line Items]
Accounts and notes receivable - Trade	5,539		5,539		$ 5,611
U.S. & Canada
Revenue from External Customer [Line Items]
Revenues	4,249	5,707	8,699	11,244
EMEAI 1
Revenue from External Customer [Line Items]
Revenues	3,774	5,677	7,827	11,189
Asia Pacific
Revenue from External Customer [Line Items]
Revenues	2,058	2,673	4,105	5,426
Latin America
Revenue from External Customer [Line Items]
Revenues	$ 1,339	1,607	$ 2,640	3,069
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	17 years		17 years
Packaging & Specialty Plastics [Member]
Revenue from External Customer [Line Items]
Revenues	$ 5,940	8,233	$ 12,054	15,860
Packaging & Specialty Plastics [Member] | Hydrocarbons & Energy [Member]
Revenue from External Customer [Line Items]
Revenues	1,672	2,779	3,546	5,195
Packaging & Specialty Plastics [Member] | Packaging and Specialty Plastics [Member]
Revenue from External Customer [Line Items]
Revenues	4,268	5,454	8,508	10,665
Industrial Intermediates & Infrastructure [Member]
Revenue from External Customer [Line Items]
Revenues	3,177	4,370	6,555	8,894
Industrial Intermediates & Infrastructure [Member] | Industrial Solutions [Member]
Revenue from External Customer [Line Items]
Revenues	1,084	1,446	2,223	2,961
Industrial Intermediates & Infrastructure [Member] | Polyurethanes & CAV [Member]
Revenue from External Customer [Line Items]
Revenues	2,090	2,919	4,324	5,924
Industrial Intermediates & Infrastructure [Member] | Other [Member]
Revenue from External Customer [Line Items]
Revenues	3	5	8	9
Performance Materials & Coatings [Member]
Revenue from External Customer [Line Items]
Revenues	2,197	3,003	4,473	6,052
Performance Materials & Coatings [Member] | Coatings and Performance Monomers [Member]
Revenue from External Customer [Line Items]
Revenues	875	1,129	1,733	2,204
Performance Materials & Coatings [Member] | Consumer Solutions [Member]
Revenue from External Customer [Line Items]
Revenues	1,322	1,874	2,740	3,848
Corporate Segment [Member]
Revenue from External Customer [Line Items]
Revenues	$ 106	$ 58	$ 189	$ 122

RESTRUCTURING AND ASSET RELAT_2

RESTRUCTURING AND ASSET RELATED CHARGES - NET (2023 Restructuring Program) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net	$ 8,000,000		$ 0	$ 549,000,000	$ 186,000,000
Restructuring Charges	55,000,000		10,000,000	606,000,000	20,000,000
2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	273,000,000	$ 333,000,000		$ 273,000,000
Payments for Restructuring	60,000,000	11,000,000
Restructuring Reserve, Settled without Cash	8,000,000	197,000,000
Restructuring and asset related charges - net	8,000,000	541,000,000
Restructuring Reserve, Settled without Cash	$ (8,000,000)	(197,000,000)
Restructuring and related workforce reduction	2,000			2,000
Restructuring Charges				$ 549,000,000
2023 Restructuring Program | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 273,000,000	333,000,000		273,000,000
Payments for Restructuring	60,000,000	11,000,000
Restructuring Reserve, Settled without Cash	0	0
Restructuring and asset related charges - net	0	344,000,000
Restructuring Reserve, Settled without Cash	0	0
Restructuring Charges	344,000,000			344,000,000
2023 Restructuring Program | Asset write-downs and write-offs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0	0		0
Payments for Restructuring	0	0
Restructuring Reserve, Settled without Cash	8,000,000	197,000,000
Restructuring and asset related charges - net	8,000,000	197,000,000
Restructuring Reserve, Settled without Cash	(8,000,000)	(197,000,000)
Restructuring Charges				205,000,000
2023 Restructuring Program | Restructuring Implementation Costs
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	340,000,000
Packaging & Specialty Plastics [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	1,000,000	0
Packaging & Specialty Plastics [Member] | 2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		1,000,000
Packaging & Specialty Plastics [Member] | 2023 Restructuring Program | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		0
Packaging & Specialty Plastics [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		1,000,000
Industrial Intermediates & Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	8,000,000		0	48,000,000	0
Industrial Intermediates & Infrastructure [Member] | 2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net	8,000,000
Restructuring and asset related charges - net		40,000,000
Industrial Intermediates & Infrastructure [Member] | 2023 Restructuring Program | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net	0
Restructuring and asset related charges - net		0
Industrial Intermediates & Infrastructure [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net	8,000,000
Restructuring and asset related charges - net		40,000,000
Performance Materials & Coatings [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0		0	67,000,000	0
Performance Materials & Coatings [Member] | 2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		49,000,000
Performance Materials & Coatings [Member] | 2023 Restructuring Program | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		0
Performance Materials & Coatings [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		49,000,000
Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	47,000,000		$ 10,000,000	490,000,000	$ 20,000,000
Corporate Segment [Member] | 2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		451,000,000
Corporate Segment [Member] | 2023 Restructuring Program | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		344,000,000
Corporate Segment [Member] | 2023 Restructuring Program | Asset write-downs and write-offs [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and asset related charges - net		$ 107,000,000
Accrued and Other Current Liabilities [Member] | 2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	208,000,000			208,000,000
Other Noncurrent Obligations [Member] | 2023 Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 65,000,000			$ 65,000,000

Restructuring and Related Act_2

Restructuring and Related Activities (Asset Related Charges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges	$ 0		$ 186
Restructuring and Asset Related Charges - Net
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges		$ 186
Packaging & Specialty Plastics [Member]
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges	0		31
Packaging & Specialty Plastics [Member] | Restructuring and Asset Related Charges - Net
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges		31
Industrial Intermediates & Infrastructure [Member]
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges	0		109
Industrial Intermediates & Infrastructure [Member] | Restructuring and Asset Related Charges - Net
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges		109
Performance Materials & Coatings [Member]
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges	0		16
Performance Materials & Coatings [Member] | Restructuring and Asset Related Charges - Net
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges		16
Corporate Segment [Member]
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges	$ 0		$ 30
Corporate Segment [Member] | Restructuring and Asset Related Charges - Net
Restructuring Cost and Reserve [Line Items]
Russia and Ukraine Conflict Asset Related Charges		$ 30

Summary of Sundry Income (Expen

Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Charges related to separation, distribution and tax matters agreements	$ (13)	$ (8)	$ (4)	$ 4
Gain (Loss) on Extinguishment of Debt		(8)		(8)
Sundry income (expense) - net	31	75	110	223
Nonoperating Income (Expense)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	97	89	193	178
Foreign Currency Transaction Gain (Loss), before Tax	(95)	(17)	(197)	(15)
Gain (Loss) on Disposition of Other Assets	9	12	74	43
Restructuring Costs	0	0	(18)	0
Charges related to separation, distribution and tax matters agreements	(13)	(8)	(4)	4
Gain (Loss) on Extinguishment of Debt	0	(8)	0	(8)
Other Nonoperating Income (Expense)	33	7	62	21
Sundry income (expense) - net	$ 31	$ 75	$ 110	$ 223

Supplier Finance Program (Detai

Supplier Finance Program (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable
Supplier Finance Program Obligation, Current	$ 311	$ 267

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 501	$ 1,681	$ 428	$ 3,233
Net income attributable to noncontrolling interests	16	20	36	3
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	3	9	6	17
Net Income (Loss) Available to Common Stockholders, Basic	$ 482	$ 1,652	$ 386	$ 3,213
Earnings Per Share, Basic	$ 0.68	$ 2.28	$ 0.55	$ 4.40
Earnings Per Share, Diluted	$ 0.68	$ 2.26	$ 0.54	$ 4.37
Weighted-average common shares outstanding - basic	707	725.7	707.6	730.2
Dilutive effect of equity compensation plans	2.9	5.8	3.1	5.4
Weighted-average common shares outstanding - diluted	709.9	731.5	710.7	735.6
Stock options and restricted stock units excluded from EPS calculations	12.3	4	10	5.4

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 3,741	$ 4,150
Work in process	1,262	1,476
Raw materials	815	954
Supplies	935	892
Total	6,753	7,472
Adjustment of inventories to the LIFO basis	(266)	(484)
Total inventories	$ 6,487	$ 6,988

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Environmental Matters) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 1,236	$ 1,192
Accrual For Environmental Loss Contingencies Superfund Sites [Member]
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies	$ 261	$ 244

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Asbestos-Related Matters of Union Carbide Corporation) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Liability for Asbestos and Environmental Claims, Gross	$ 904	$ 947
Percentage of recorded asbestos liability related to pending claims	26%
Percentage of recorded asbestos liability related to future claims	74%

Commitment and Contingencies (G

Commitment and Contingencies (Groundwater Contamination) (Details) - Legacy agricultural chemical prodcuts - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Product Liability Contingency [Line Items]
Product Liability Accrual, Period Expense	$ 177
Product Liability Accrual, Component Amount		$ 237

COMMITMENTS AND CONTINGENCIES I

COMMITMENTS AND CONTINGENCIES Indemnifications with Corning (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Dow Silicones Corporation [Member]
Loss Contingencies [Line Items]
Indemnification Asset	$ 113	$ 98

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES Nova Ethylene Asset Matter (Details) - Nova Ethylene Asset Matter [Member] $ in Millions, $ in Millions	Sep. 18, 2019 CAD ($)	Sep. 18, 2019 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Gain Contingencies [Line Items]
Litigation Settlement, Amount Awarded from Other Party	$ 1,430	$ 1,080
Estimated Litigation Liability, Noncurrent			$ 323	$ 323

LEASES COSTS AND OTHER INFORMAT

LEASES COSTS AND OTHER INFORMATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating Lease, Cost	$ 103	$ 99	$ 201	$ 196
Finance Lease, Right-of-Use Asset, Amortization	25	26	51	52
Finance Lease, Interest Expense	8	9	16	17
Finance Lease, Cost	33	35	67	69
Short-term Lease, Cost	66	66	132	125
Variable Lease, Cost	261	133	442	248
Sublease Income	(2)	(3)	(4)	(6)
Lease, Cost	$ 461	$ 330	838	632
Operating Lease, Payments			205	196
Finance Lease, Interest Payment on Liability			16	17
Finance Lease, Principal Payments			56	53
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			199	37
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability			$ 10	$ 27

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (7,067)	$ (9,204)	$ (7,067)	$ (9,204)		$ (7,139)
Other Comprehensive Income (Loss), Net of Tax	(2)	(408)	72	(227)
Derivative instruments	44	137	(20)	469
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(161)	(190)	(161)	(190)	$ (222)	(253)	$ (37)	$ 59
Other Comprehensive Income (Loss), before Reclassifications, before Tax	58	(203)	88	(324)
Other Comprehensive Income (Loss), Tax	39	43	39	67
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	97	(160)	127	(257)
Other Comprehensive Income (Loss), Net of Tax	61	(153)	92	(249)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(46)	9	(45)	10
Reclassification from AOCI, Current Period, Tax	10	(2)	10	(2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(36)	7	(35)	8
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(1,936)	(2,033)	(1,936)	(2,033)	(1,833)	(1,934)	(1,519)	(1,355)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(84)	(500)	0	(665)
Other Comprehensive Income (Loss), Tax	(12)	(3)	(10)	10
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(96)	(503)	(10)	(655)
Other Comprehensive Income (Loss), Net of Tax	(103)	(514)	(2)	(678)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(7)	(11)	8	(23)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(4,875)	(7,103)	(4,875)	(7,103)	(4,871)	(4,877)	(7,225)	(7,334)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(5)	3	(3)	5
Other Comprehensive Income (Loss), Net of Tax	(4)	122	2	231
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	2	156	5	313
Reclassification from AOCI, Current Period, Tax	(1)	(37)	0	(87)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1	119	5	226
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(95)	122	(95)	122	$ (139)	$ (75)	$ (15)	$ (347)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(1)	260	(184)	680
Other Comprehensive Income (Loss), Tax	3	(27)	36	(83)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	2	233	(148)	597
Derivative instruments	44	137	(20)	469
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	55	(108)	164	(142)
Reclassification from AOCI, Current Period, Tax	(13)	12	(36)	14
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 42	$ (96)	$ 128	$ (128)

NONCONTROLLING INTERESTS Nonc_3

NONCONTROLLING INTERESTS Noncontrolling Interests (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Balance at beginning of period			$ 529
Balance at end of period	$ 512	$ 534	512	$ 534
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Balance at beginning of period	534	545	529	574
Net income attributable to noncontrolling interests	16	20	36	3
Distributions to noncontrolling interests 2	(15)	(14)	(28)	(15)
Cumulative translation adjustments	(22)	(16)	(25)	(27)
Other	(1)	(1)	0	(1)
Balance at end of period	512	534	512	534
Dividends Paid to a Joint Venture Not Included in Distributions to NCI	$ 8	$ 7	$ 8	$ 7

PENSION PLANS AND OTHER POSTR_3

PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plan [Member]
Defined Benefit Plan Disclosures [Line Items]
Service cost	$ 71	$ 99	$ 141	$ 198
Interest cost	279	171	558	342
Expected return on plan assets	390	423	779	847
Amortization of prior service credit	(6)	(5)	(13)	(11)
Defined Benefit Plan, Amortization of (Gain) Loss	23	165	47	332
Net periodic benefit cost	(23)	7	(46)	14
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosures [Line Items]
Service cost	1	2	2	3
Interest cost	12	7	23	14
Defined Benefit Plan, Amortization of (Gain) Loss	(15)	(4)	(29)	(8)
Net periodic benefit cost	$ (2)	$ 5	$ (4)	$ 9

STOCK-BASED COMPENSATION (Stock

STOCK-BASED COMPENSATION (Stock Incentive Plan) (Details) - $ / shares shares in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1.1
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 59.08
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 12.13
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate			10%
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent			85%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		1.8
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 59.03
Performance Stock Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		1.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 64.04

Debt Investments (Details)

Debt Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Proceeds from sales of available-for-sale securities			$ 274	$ 295
Gross realized gains			58	20
Available-for-sale Securities, Gross Realized Losses			(13)	(30)
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost	$ 77		77
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value	74		74
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost	897		897
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value	823		823
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost	536		536
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value	467		467
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost	515		515
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value	418		418
Debt Securities, Available-for-sale, Amortized Cost	2,025		2,025
Debt Securities, Available-for-sale	1,782		1,782
Equity Securities, Net Unrealized Gain (Loss)	2	$ (3)	10	$ (6)
Equity Securities, FV-NI, Current	20		20		$ 10
Equity Securities without Readily Determinable Fair Value, Amount	$ 182		$ 182		$ 186

Notional Amounts (Details)

Notional Amounts (Details) $ in Millions	Jun. 30, 2023 USD ($) Boe	Dec. 31, 2022 USD ($) Boe
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 2,000	$ 1,500
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	72	3
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	9,934	2,408
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 14,211	$ 8,837
Commodity Contract Hydrocarbons | Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Nonmonetary Notional Amount | Boe	2,100,000	19,200,000
Commodity Contract Hydrocarbons | Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Nonmonetary Notional Amount | Boe	1,100,000	0

Schedule of Fair Value of Deriv

Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	$ 37	$ 80
Derivative Asset, Collateral, Obligation to Return Cash, Offset		2
Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	400	776
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(268)	(484)
Derivative Asset	132	292
Derivative Liability, Fair Value, Gross Liability	336	635
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(290)	(544)
Derivative Liability	46	91
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	323	608
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(247)	(433)
Derivative Asset	76	175
Derivative Liability, Fair Value, Gross Liability	302	562
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(268)	(483)
Derivative Liability	34	79
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	77	168
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(21)	(51)
Derivative Asset	56	117
Derivative Liability, Fair Value, Gross Liability	34	73
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(22)	(61)
Derivative Liability	12	12
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	0	105
Derivative Asset, Noncurrent	0	0
Derivative Liability, Current	0	0
Derivative Liability, Noncurrent	7	0
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	1	0
Derivative Liability, Current	1	0
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	44	19
Derivative Liability, Current	0	19
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	49	96
Derivative Liability, Current	9	11
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	29	51
Derivative Asset, Noncurrent	3	0
Derivative Liability, Current	27	60
Derivative Liability, Noncurrent	0	0
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Current	6	21
Derivative Liability, Current	2	1
Other Current Assets [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	351
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	0	(246)
Other Current Assets [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	2	0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(1)	0
Other Current Assets [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	114	58
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(70)	(39)
Other Current Assets [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	65	146
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(16)	(50)
Other Current Assets [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	77	199
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(48)	(148)
Other Current Assets [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	10	22
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(4)	(1)
Deferred charges and other assets [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	121	0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(121)	0
Deferred charges and other assets [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	11	0
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset	(8)	0
Accrued and Other Current Liabilities [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	246
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	0	(246)
Accrued and Other Current Liabilities [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	2	0
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(1)	0
Accrued and Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	70	58
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(70)	(39)
Accrued and Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	25	61
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(16)	(50)
Accrued and Other Current Liabilities [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	96	258
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(69)	(198)
Accrued and Other Current Liabilities [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	7	12
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(5)	(11)
Other Noncurrent Obligations [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	128	0
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	(121)	0
Other Noncurrent Obligations [Member] | Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	8	0
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset	$ (8)	$ 0

Effect of Derivative Instrument

Effect of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	$ 44	$ 137	$ (20)	$ 469
Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Hedging Activity	(48)	119	(157)	165
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	31	246	(114)	581
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(14)	(184)	14	(248)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	0	0	0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	0	0	0
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Interest Expense and Amortization of Debt Discount
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	1	0	1	(1)
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	108	5	207
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Expense and Amortization of Debt Discount
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Hedging Activity	(2)	(2)	(4)	(5)
Excluded Components [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cumulative Translation Adjustments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	28	5	31	34
Excluded Components [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in Net Investment Hedge, Gain (Loss), Reclassified to Earnings, Net of Tax	7	11	7	23
Excluded Components [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives used in Net Investment Hedge, Gain (Loss), Reclassified to Earnings, Net of Tax	0	0	0	0
Excluded Components [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Cumulative Translation Adjustments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(4)	0	(5)	0
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	0	0	0
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(29)	(191)	6	(276)
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	1	4	1	6
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Hedging Activity	(1)	3	1	6
Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Hedging Activity	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	12	49	3	47
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	0	0	0
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	4	7	4	29
Commodity Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(6)	80	(149)	287
Commodity Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Hedging Activity	(52)	107	(161)	141
Derivative
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	31	246	(114)	581
Derivative, Gain (Loss) on Derivative, Net	(62)	(65)	(143)	(83)
Total Return Swap | Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	0	0	0	0
Total Return Swap | Not Designated as Hedging Instrument [Member] | Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 10	$ 0	$ 3	$ 0

Expected Reclassification (Deta

Expected Reclassification (Details) $ in Millions	Jun. 30, 2023 USD ($)
Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ (7)
Commodity Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months	(72)
Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	1
Excluded Components [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedge Gain (Loss) to be Reclassified During Next 12 Months, Excluded Components, Net	$ 25

FAIR VALUE MEASUREMENTS (Summar

FAIR VALUE MEASUREMENTS (Summary of Recurring Measured Fair Values) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in nonconsolidated affiliates	$ 1,335	$ 1,589
Equity Securities, FV-NI, Current	20	10
Debt Securities, Available-for-sale	1,782
Debt Securities, Available-for-sale, Amortized Cost	2,025
Long Term Debt, Accumulated Fair Value Adjustment	46	46
Derivative, Amount of Hedged Item	3,729	2,279
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, Amortized Cost Basis	5	5
Equity Securities, Accumulated Gross Unrealized Gain, Before Tax	15	5
Equity Securities, Accumulated Gross Unrealized Loss, Before Tax	0	0
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax	0	0
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax	(34)	(103)
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax	33	63
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax	0	0
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	33	38
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(3)	(3)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	400	776
Long-term Debt	(14,842)	(15,060)
Long Term Debt, Accumulated Gross Unrealized Gain, Before Tax	1,532	1,683
Long Term Debt, Accumulated Gross Unrealized Loss, Before Tax	(556)	(498)
Available-for-sale Debt Securities, Amortized Cost Basis, Current	701	927
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Current, before Tax	15	12
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Current, before Tax	0	0
Fair Value, Inputs, Level 2 [Member] | Held-to-maturity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	283	872
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax	0	0
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax	0	0
Fair Value, Inputs, Level 2 [Member] | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, at Carrying Value	1,598	355
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax	0	0
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax	0	0
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax	0	0
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax	(130)	(246)
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax	123	351
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax	0	0
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax	0	0
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax	(95)	(119)
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax	179	204
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax	0	0
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, Accumulated Gross Unrealized Gain, Before Tax	0	0
Derivative Liabilities, Accumulated Gross Unrealized Loss, Before Tax	(77)	(167)
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax	65	158
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax	0	0
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	799	754
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2	1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(125)	(133)
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	1,193	1,236
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	12	10
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(129)	(156)
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	4,806	4,706
Total liabilities at fair value	(14,391)	(14,709)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI, Current	20	10
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	33	63
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(34)	(103)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	30	35
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale, Current	716	939
Long-term debt including debt due within one year 6	13,866	13,875
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Held-to-maturity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value	283	872
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value	1,598	355
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	123	351
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(130)	(246)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	179	204
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(95)	(119)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	65	158
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(77)	(167)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	676	622
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	1,076	1,090
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Private Market Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	88	92
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Real Estate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	19	20
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | Private Market Securities and Real Estate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	54	54
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Sadara Chemical Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees, Fair Value Disclosure	(189)	(199)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Method Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in nonconsolidated affiliates	$ 7	$ 7

FAIR VALUE MEASUREMENTS (Summ_2

FAIR VALUE MEASUREMENTS (Summary of Nonrecurring Measured Fair Values) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net	$ 8		$ 0	$ 549	$ 186
2023 Restructuring Program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net	8	$ 541
2023 Restructuring Program | Packaging & Specialty Plastics [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net		1
2023 Restructuring Program | Industrial Intermediates & Infrastructure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net	8
Restructuring and asset related charges - net		40
2023 Restructuring Program | Performance Materials & Coatings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net		49
2023 Restructuring Program | Corporate Segment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net		451
Asset write-downs and write-offs [Member] | 2023 Restructuring Program
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net	8	197
Asset write-downs and write-offs [Member] | 2023 Restructuring Program | Packaging & Specialty Plastics [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net		1
Asset write-downs and write-offs [Member] | 2023 Restructuring Program | Industrial Intermediates & Infrastructure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net	$ 8
Restructuring and asset related charges - net		40
Asset write-downs and write-offs [Member] | 2023 Restructuring Program | Performance Materials & Coatings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net		49
Asset write-downs and write-offs [Member] | 2023 Restructuring Program | Corporate Segment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restructuring and asset related charges - net		107
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Non-manufacturing Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		16
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Leased, Non-manufacturing Facilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure		$ 9

SEGMENTS AND GEOGRAPHIC REGIO_3

SEGMENTS AND GEOGRAPHIC REGIONS Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 11,420	$ 15,664	$ 23,271	$ 30,928
Equity in earnings (losses) of nonconsolidated affiliates	(57)	195	(105)	369
Operating EBIT	885	2,375	1,593	4,794
Packaging & Specialty Plastics [Member]
Segment Reporting Information [Line Items]
Net sales	5,940	8,233	12,054	15,860
Equity in earnings (losses) of nonconsolidated affiliates	19	138	40	248
Operating EBIT	918	1,436	1,560	2,670
Industrial Intermediates & Infrastructure [Member]
Segment Reporting Information [Line Items]
Net sales	3,177	4,370	6,555	8,894
Equity in earnings (losses) of nonconsolidated affiliates	(83)	57	(156)	119
Operating EBIT	(35)	426	88	1,087
Performance Materials & Coatings [Member]
Segment Reporting Information [Line Items]
Net sales	2,197	3,003	4,473	6,052
Equity in earnings (losses) of nonconsolidated affiliates	6	2	9	5
Operating EBIT	66	561	101	1,156
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Net sales	106	58	189	122
Equity in earnings (losses) of nonconsolidated affiliates	1	(2)	2	(3)
Operating EBIT	$ (64)	$ (48)	$ (156)	$ (119)

SEGMENTS AND GEOGRAPHIC REGIO_4

SEGMENTS AND GEOGRAPHIC REGIONS EBIT Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Net income	$ 501	$ 1,681	$ 428	$ 3,233
Provision for income taxes	210	488	163	991
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	711	2,169	591	4,224
Interest Income, Other	66	36	142	64
Interest Expense, Debt	172	165	357	332
Other Nonrecurring (Income) Expense	(68)	(77)	(787)	(302)
Operating EBIT	$ 885	$ 2,375	$ 1,593	$ 4,794

SEGMENTS AND GEOGRAPHIC REGIO_5

SEGMENTS AND GEOGRAPHIC REGIONS Significant Items (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Digitalization program costs		$ (51)		$ (92)
Restructuring Charges	$ (55)	(10)	$ (606)	(20)
Russia and Ukraine Conflict Asset Related Charges		0		(186)
Gain (Loss) Related to Litigation Settlement	0		(177)
Charges related to separation, distribution and tax matters agreements	(13)	(8)	(4)	4
Gain (Loss) on Extinguishment of Debt		(8)		(8)
Other Nonrecurring (Income) Expense	(68)	(77)	(787)	(302)
Packaging & Specialty Plastics [Member]
Segment Reporting Information [Line Items]
Digitalization program costs		0		0
Restructuring Charges	0	0	(1)	0
Russia and Ukraine Conflict Asset Related Charges		0		(31)
Gain (Loss) Related to Litigation Settlement	0		0
Charges related to separation, distribution and tax matters agreements	0	0	0	0
Gain (Loss) on Extinguishment of Debt		0		0
Other Nonrecurring (Income) Expense	0	0	(1)	(31)
Industrial Intermediates & Infrastructure [Member]
Segment Reporting Information [Line Items]
Digitalization program costs		0		0
Restructuring Charges	(8)	0	(48)	0
Russia and Ukraine Conflict Asset Related Charges		0		(109)
Gain (Loss) Related to Litigation Settlement	0		(177)
Charges related to separation, distribution and tax matters agreements	0	0	0	0
Gain (Loss) on Extinguishment of Debt		0		0
Other Nonrecurring (Income) Expense	(8)	0	(225)	(109)
Performance Materials & Coatings [Member]
Segment Reporting Information [Line Items]
Digitalization program costs		0		0
Restructuring Charges	0	0	(67)	0
Russia and Ukraine Conflict Asset Related Charges		0		(16)
Gain (Loss) Related to Litigation Settlement	0		0
Charges related to separation, distribution and tax matters agreements	0	0	0	0
Gain (Loss) on Extinguishment of Debt		0		0
Other Nonrecurring (Income) Expense	0	0	(67)	(16)
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Digitalization program costs		(51)		(92)
Restructuring Charges	(47)	(10)	(490)	(20)
Russia and Ukraine Conflict Asset Related Charges		0		(30)
Gain (Loss) Related to Litigation Settlement	0		0
Charges related to separation, distribution and tax matters agreements	(13)	(8)	(4)	4
Gain (Loss) on Extinguishment of Debt		(8)		(8)
Other Nonrecurring (Income) Expense	$ (60)	$ (77)	$ (494)	$ (146)