Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DOW INC. | |
Entity Central Index Key | 0001751788 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 748,824,164 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
The Dow Chemical Company [Domain] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | DOW CHEMICAL CO /DE/ | |
Entity Central Index Key | 0000029915 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 100 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 13,582 | $ 14,899 |
Cost of sales | 10,707 | 11,552 |
Research and development expenses | 361 | 386 |
Selling, general and administrative expenses | 701 | 751 |
Amortization of intangibles | 154 | 159 |
Restructuring and asset related charges - net | 232 | 165 |
Integration and separation costs | 408 | 202 |
Equity in earnings of nonconsolidated affiliates | 13 | 243 |
Sundry income (expense) - net | 73 | 83 |
Interest expense and amortization of debt discount | 247 | 270 |
Income before income taxes | 858 | 1,740 |
Provision for income taxes | 272 | 363 |
Net income | 586 | 1,377 |
Net income attributable to noncontrolling interests | 45 | 35 |
Net income available for The Dow Chemical Company common stockholder | 541 | 1,342 |
Depreciation | 598 | 621 |
Capital expenditures | $ 514 | $ 423 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 586 | $ 1,377 |
Other comprehensive income (loss), net of tax | ||
Unrealized gains (losses) on investments | 67 | (25) |
Cumulative translation adjustments | (31) | 376 |
Pension and other postretirement benefit plans | 141 | 126 |
Derivative instruments | (75) | 6 |
Total other comprehensive income | 102 | 483 |
Comprehensive income | 688 | 1,860 |
Comprehensive income attributable to noncontrolling interests, net of tax | 51 | 28 |
Comprehensive income attributable to The Dow Chemical Company | $ 637 | $ 1,832 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents (variable interest entities restricted - 2019: $109; 2018: $82) | $ 2,969 | $ 2,669 |
Marketable securities | 101 | 100 |
Accounts and notes receivable: | ||
Trade (net of allowance for doubtful receivables - 2019: $109; 2018: $106) | 8,428 | 8,246 |
Other | 3,947 | 4,136 |
Inventories | 9,508 | 9,260 |
Other current assets | 708 | 852 |
Total current assets | 25,661 | 25,263 |
Investments | ||
Investment in nonconsolidated affiliates | 3,321 | 3,823 |
Other investments (investments carried at fair value - 2019: $1,796; 2018: $1,699) | 2,737 | 2,648 |
Noncurrent receivables | 345 | 394 |
Total investments | 6,403 | 6,865 |
Property | ||
Property | 61,764 | 61,437 |
Less accumulated depreciation | 38,272 | 37,775 |
Net property (variable interest entities restricted - 2019: $718; 2018: $734) | 23,492 | 23,662 |
Other Assets | ||
Goodwill | 13,812 | 13,848 |
Other intangible assets (net of accumulated amortization - 2019: $5,912; 2018: $5,762) | 4,743 | 4,913 |
Operating lease right-of-use assets | 2,584 | 0 |
Deferred income tax assets | 2,183 | 2,031 |
Deferred charges and other assets | 859 | 796 |
Total other assets | 24,181 | 21,588 |
Total Assets | 79,737 | 77,378 |
Current Liabilities | ||
Notes payable | 317 | 305 |
Long-term debt due within one year | 2,369 | 340 |
Accounts payable: | ||
Trade | 5,103 | 5,378 |
Other | 3,176 | 3,330 |
Operating lease liabilities - current | 477 | 0 |
Income taxes payable | 699 | 791 |
Accrued and other current liabilities | 3,232 | 3,611 |
Total current liabilities | 15,373 | 13,755 |
Long-Term Debt (variable interest entities nonrecourse - 2019: $43; 2018: $75) | 17,160 | 19,254 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 721 | 664 |
Pension and other postretirement benefits - noncurrent | 9,103 | 9,226 |
Asbestos-related liabilities - noncurrent | 1,133 | 1,142 |
Operating lease liabilities - noncurrent | 2,126 | 0 |
Other noncurrent obligations | 5,975 | 5,368 |
Total other noncurrent liabilities | 19,058 | 16,400 |
Stockholders’ Equity | ||
Common stock (authorized and issued 100 shares of $0.01 par value each) | 0 | 0 |
Additional paid-in capital | 7,153 | 7,042 |
Retained earnings | 29,701 | 29,808 |
Accumulated other comprehensive loss | (9,783) | (9,885) |
Unearned ESOP shares | (105) | (134) |
The Dow Chemical Company’s stockholders’ equity | 26,966 | 26,831 |
Noncontrolling interests | 1,180 | 1,138 |
Total equity | 28,146 | 27,969 |
Total Liabilities and Equity | $ 79,737 | $ 77,378 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Trade (allowance for doubtful receivables) | $ 109 | $ 106 |
Other investments (investments carried at fair value) | 1,796 | 1,699 |
Other intangible assets (accumulated amortization) | $ 5,912 | $ 5,762 |
Common Stock, Shares Authorized | 100 | 100 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 100 | 100 |
Treasury Stock, Shares | 0 | 0 |
Cash and cash equivalents | Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents (variable interest entities restricted) | $ 109 | $ 82 |
Property, Plant and Equipment [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Net property (variable interest entities restricted) | $ 718 | 734 |
Long-term debt | Variable Interest Entity, Primary Beneficiary [Member] | ||
Long Term Debt (variable interest entities nonrecourse) | $ 75 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | ||
Net income | $ 586 | $ 1,377 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 840 | 837 |
Credit for deferred income tax | (89) | (67) |
Earnings of nonconsolidated affiliates less than dividends received | 750 | 287 |
Net periodic pension benefit cost | 62 | 110 |
Pension contributions | (103) | (308) |
Net (gain) loss on sales of assets, businesses and investments | 12 | (33) |
Restructuring and asset related charges - net | 232 | 165 |
Other net loss | 39 | 98 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
Accounts and notes receivable | (58) | (1,524) |
Inventories | (266) | (1,239) |
Accounts payable | (468) | 823 |
Other assets and liabilities, net | (111) | (684) |
Cash provided by (used for) operating activities | 1,426 | (158) |
Investing Activities | ||
Capital expenditures | (514) | (423) |
Investment in gas field developments | (25) | (28) |
Proceeds from sales of property and businesses, net of cash divested | 25 | 17 |
Proceeds from sale of ownership interests in nonconsolidated affiliates | 21 | 0 |
Purchases of investments | (173) | (557) |
Proceeds from sales and maturities of investments | 180 | 454 |
Proceeds from interests in trade accounts receivable conduits | 0 | 445 |
Cash used for investing activities | (486) | (92) |
Financing Activities | ||
Changes in short-term notes payable | (17) | 293 |
Payments on long-term debt | (80) | (54) |
Proceeds from issuance of parent company stock | 28 | 63 |
Employee taxes paid for share-based payment arrangements | (54) | (77) |
Distributions to noncontrolling interests | (9) | (24) |
Dividends paid to parent | (535) | (1,057) |
Other financing activities, net | 0 | 3 |
Cash used for financing activities | (667) | (853) |
Summary | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 30 | 100 |
Increase (Decrease) in cash, cash equivalents and restricted cash | 303 | (1,003) |
Cash, cash equivalents and restricted cash at beginning of period | 2,709 | 6,207 |
Cash, cash equivalents and restricted cash at end of period | 3,012 | 5,204 |
Less: Restricted cash and cash equivalents, included in Other current assets | 43 | 18 |
Cash and cash equivalents at end of period | $ 2,969 | $ 5,186 |
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] | Noncontrolling Interests |
Total Equity, Beginning at Dec. 31, 2017 | $ 0 | $ 6,553 | $ 28,050 | $ (8,591) | $ (189) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of parent company stock | 63 | ||||||
Stock-based compensation and allocation of ESOP shares | 142 | 39 | |||||
Net income available for The Dow Chemical Company common stockholder | 1,342 | ||||||
Dividends to parent | (1,057) | ||||||
Other | (6) | ||||||
Other comprehensive income | $ 483 | 483 | |||||
Total Equity, Ending at Mar. 31, 2018 | 27,971 | 0 | 6,758 | 28,261 | (8,088) | (150) | $ 1,190 |
Stockholders' Equity Attributable to Parent | 26,781 | ||||||
Stockholders' Equity Attributable to Parent | 26,831 | ||||||
Total Equity, Beginning at Dec. 31, 2018 | 27,969 | 0 | 7,042 | 29,808 | (9,885) | (134) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of parent company stock | 28 | ||||||
Stock-based compensation and allocation of ESOP shares | 83 | 29 | |||||
Net income available for The Dow Chemical Company common stockholder | 541 | ||||||
Dividends to parent | (535) | ||||||
Other | (2) | ||||||
Other comprehensive income | 102 | 102 | |||||
Total Equity, Ending at Mar. 31, 2019 | 28,146 | $ 0 | $ 7,153 | $ 29,701 | $ (9,783) | $ (105) | $ 1,180 |
Stockholders' Equity Attributable to Parent | $ 26,966 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 28,146 | $ 27,969 | $ 27,971 | |
Common Stock [Member] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED FINANCIAL STATEMEN
CONSOLIDATED FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL STATEMENTS | CONSOLIDATED FINANCIAL STATEMENTS Merger and Separation Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger (the "Merger Agreement"), dated as of December 11, 2015, as amended on March 31, 2017, The Dow Chemical Company and its consolidated subsidiaries (“TDCC”) and E. I. du Pont de Nemours and Company and its consolidated subsidiaries (“DuPont”) each merged with subsidiaries of DowDuPont Inc. (“DowDuPont”) and, as a result, TDCC and DuPont became subsidiaries of DowDuPont (the “Merger”). Subsequent to the Merger, TDCC and DuPont engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products. Dow Inc. (together with TDCC, “Dow”) was formed as a wholly owned subsidiary of DowDuPont to serve as the holding company for the materials science business. On April 1, 2019, DowDuPont completed the separation of its materials science business and Dow Inc. became the direct parent company of TDCC. See Note 19 for additional information. Basis of Presentation As a result of Dow Inc.'s Registration Statement on Form 10 becoming effective on March 12, 2019 with the U.S. Securities and Exchange Commission ("SEC"), Dow Inc. is now required to file a Quarterly Report on Form 10-Q. At March 31, 2019, Dow Inc. and TDCC were separate, wholly owned subsidiaries of DowDuPont. At March 31, 2019, Dow Inc. was a holding company that did not have subsidiaries or operations. As a result, financial statements of Dow Inc. have not been included in this Quarterly Report on Form 10-Q and, unless otherwise indicated, the unaudited interim consolidated financial statements and notes thereto relate to TDCC. Effective April 1, 2019, Dow Inc. owns all of the outstanding common shares of TDCC. TDCC is deemed the predecessor to Dow Inc. and the historical results of TDCC are deemed the historical results of Dow Inc. for periods prior to and including March 31, 2019. As a result of the future relationship between Dow Inc. and TDCC, the companies are filing a combined report for this Quarterly Report on Form 10-Q. The unaudited interim consolidated financial statements of TDCC were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 TDCC's Annual Report on Form 10-K for the year ended December 31, 2018 . For the periods presented in the unaudited interim consolidated financial statements, TDCC's common shares were owned solely by DowDuPont. In accordance with the accounting guidance for earnings per share, the presentation of earnings per share is not required in financial statements of wholly owned subsidiaries. From the Merger date through March 31, 2019, transactions between DowDuPont, TDCC and DuPont and their affiliates were treated as related party transactions. Transactions between TDCC and DuPont primarily consisted of the sale and procurement of certain feedstocks, energy and raw materials that were consumed in each company's manufacturing process. In addition, TDCC and DuPont have tolling arrangements and recognize product sales for agriculture products. See Note 18 for additional information. From the Merger date and through March 31, 2019, TDCC’s business activities were components of DowDuPont’s business operations. TDCC’s business activities, including the assessment of performance and allocation of resources, were reviewed and managed by DowDuPont. Information used by the chief operating decision maker of TDCC related to TDCC in its entirety. Accordingly, there were no separate reportable business segments for TDCC under Accounting Standards Codification ("ASC") Topic 280 “Segment Reporting” and TDCC's business results have been reported in this Quarterly Report on Form 10-Q as a single operating segment. Except as otherwise indicated by the context, the term "Union Carbide" means Union Carbide Corporation, and "Dow Silicones" means Dow Silicones Corporation, both wholly owned subsidiaries of TDCC. Adoption of Accounting Standards 2019 In the first quarter of 2019, TDCC adopted Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)," and associated ASUs related to Topic 842. See Notes 2 and 11 for additional information. TDCC added a significant accounting policy for leases as a result of the adoption of Topic 842: Leases TDCC determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and TDCC has the right to control the asset. Operating lease right-of-use (“ROU”) assets represent TDCC’s right to use an underlying asset for the lease term, and lease liabilities represent TDCC’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. TDCC uses the incremental borrowing rate (“IBR”) in determining the present value of lease payments, unless the implicit rate is readily determinable. If lease terms include options to extend or terminate the lease, the ROU asset and lease liability are measured based on the reasonably certain decision. Leases with a term of 12 months or less at the commencement date are not recognized on the balance sheet and are expensed as incurred. TDCC has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all classes of leased assets for which TDCC is the lessee. Additionally, for certain equipment leases, the portfolio approach is applied to account for the operating lease ROU assets and lease liabilities. In the consolidated statements of income, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. Some leasing arrangements require variable payments that are dependent upon usage or output, or may vary for other reasons, such as insurance or tax payments. Variable lease payments are recognized as incurred and are not presented as part of the ROU asset or lease liability. Additionally, TDCC's consolidated balance sheet reflects the impact of the adoption of ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)" and the associated ASUs (collectively, "Topic 606") at January 1, 2019, by certain nonconsolidated affiliates of TDCC. See Note 6 for additional information. 2018 In the first quarter of 2018, TDCC adopted Topic 606, ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" and ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory." The adoption of these ASU's resulted in a net decrease of $68 million to retained earnings and a decrease of $20 million to accumulated other comprehensive loss ("AOCL") in the consolidated statements of equity at January 1, 2018. Dividends Effective with the Merger, TDCC no longer has publicly traded common stock. TDCC's common shares are owned solely by DowDuPont. As a result, following the Merger, TDCC’s Board of Directors ("Board") determined dividend distributions to DowDuPont. See Note 18 for additional information. |
RECENT ACCOUNTING GUIDANCE
RECENT ACCOUNTING GUIDANCE | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the first quarter of 2019, TDCC adopted ASU 2016-02, "Leases (Topic 842)," and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from legacy U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance in Topic 606, issued in 2014. The new standard was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption was permitted. TDCC adopted Topic 842 using the modified retrospective transition approach, applying the new standard to leases existing at the date of initial adoption. TDCC elected to apply the transition requirements at the effective date rather than at the beginning of the earliest comparative period presented with a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, and prior periods were not restated. In addition, TDCC elected to apply the package of practical expedients permitted under the transition guidance which does not require reassessment of prior conclusions, lease classification and initial direct lease costs. TDCC did not elect to use the hindsight practical expedient in determining the lease term or assessing impairment of ROU assets. Adoption of the new standard resulted in the recording of lease assets and liabilities of $2.7 billion at January 1, 2019. The net impact to retained earnings was an increase of $72 million and was primarily a result of the recognition of a deferred gain associated with a prior sale-leaseback transaction. The adoption of the new guidance did not have a material impact on TDCC's consolidated statements of income and had no impact on cash flows. See Note 11 for additional information. Accounting Guidance Issued But Not Adopted at March 31, 2019 In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which is part of the FASB disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in the new guidance remove, modify and add certain disclosure requirements related to fair value measurements covered in Topic 820, "Fair Value Measurement." The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for either the entire standard or only the requirements that modify or eliminate the disclosure requirements, with certain requirements applied prospectively, and all other requirements applied retrospectively to all periods presented. TDCC is currently evaluating the impact of adopting this guidance. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract," which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in Topic 350, "Intangibles - Goodwill and Other" to determine which implementation costs to capitalize as assets or expense as incurred. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted and an entity can elect to apply the new guidance on a prospective or retrospective basis. TDCC is currently evaluating the impact of adopting this guidance. |
REVENUE (Notes)
REVENUE (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Revenue Recognition The majority of TDCC's revenue is derived from product sales. In the three months ended March 31, 2019 and 2018, 98 percent of TDCC's revenue related to product sales with the remaining balance primarily related to TDCC's insurance operations and licensing of patents and technologies. Product sales consist of sales of TDCC's products to manufacturers and distributors and considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. TDCC enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from TDCC’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 March 31, 2019 , TDCC had remaining performance obligations related to material rights granted to customers for contract renewal options of $100 million ( $102 million at December 31, 2018) and unfulfilled performance obligations for the licensing of technology of $519 million ( $407 million at December 31, 2018). TDCC expects revenue to be recognized for the remaining performance obligations over the next one to six 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 TDCC has elected the right to invoice practical expedient, or variable consideration attributable to royalties for licenses of patents and technology. TDCC 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 22 years. TDCC 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 TDCC's consolidated balance sheets. Disaggregation of Revenue TDCC disaggregates its revenue from contracts with customers by principal product group and geographic region, as TDCC believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. Net Trade Sales by Principal Product Group Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Coatings & Performance Monomers $ 904 $ 954 Consumer Solutions 1,365 1,363 Crop Protection 1,124 1,122 Electronics & Imaging 625 627 Hydrocarbons & Energy 1,380 1,779 Industrial Biosciences 119 135 Industrial Solutions 1 1,104 1,156 Nutrition & Health 152 156 Packaging and Specialty Plastics 3,410 3,854 Polyurethanes & CAV 1 2,297 2,557 Safety & Construction 424 444 Seed 323 371 Transportation & Advanced Polymers 284 304 Corporate 69 73 Other 2 4 Total $ 13,582 $ 14,899 1. Beginning in the third quarter of 2018, the Construction Chemicals principal product group was combined with the Polyurethanes & CAV principal product group. Also, certain product lines associated with the oil and gas industry were realigned from the Industrial Solutions principal product group to Polyurethanes & CAV principal product group. These changes have been retrospectively reflected in the results presented. Net Trade Sales by Geographic Region Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 U.S. & Canada $ 4,884 $ 5,468 EMEA 1 4,211 4,765 Asia Pacific 3,202 3,256 Latin America 1,285 1,410 Total $ 13,582 $ 14,899 1. Europe, Middle East and Africa. Contract Balances TDCC 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 TDCC'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 realized when the associated revenue is recognized under the contract. "Contract liabilities - current" primarily reflects deferred revenue from prepayments from customers for product to be delivered in 12 months or less. "Contract liabilities - noncurrent" includes advance payments that TDCC has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract. The increase in contract liabilities from December 31, 2018 to March 31, 2019 was due to advanced payments from a customer related to long-term product supply agreements. Revenue recognized in the first three months of 2019 from amounts included in contract liabilities at the beginning of the period was approximately $65 million (approximately $75 million in the first three months of 2018). In the first three months of 2019, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was $14 million (insignificant in the first three months of 2018). The following table summarizes the contract balances at March 31, 2019 and December 31, 2018: Contract Balances Mar 31, 2019 Dec 31, 2018 In millions Accounts and notes receivable - Trade $ 8,428 $ 8,246 Contract assets - current 1 $ 26 $ 37 Contract assets - noncurrent 2 $ 47 $ 47 Contract liabilities - current 3 $ 233 $ 165 Contract liabilities - noncurrent 4 $ 1,739 $ 1,390 1. Included in "Other current assets" in the consolidated balance sheets. 2. Included in "Deferred charges and other assets" in the consolidated balance sheets. 3. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 4. Included in "Other noncurrent obligations" in the consolidated balance sheets. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET | 3 Months Ended |
Mar. 31, 2019 | |
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 other asset impairments, were $232 million for the three months ended March 31, 2019 ( $165 million for the three months ended March 31, 2018). These charges were recorded in "Restructuring and asset related charges - net" in the consolidated statements of income and consist primarily of the following: Restructuring Plans DowDuPont Agriculture Division Restructuring Program During the fourth quarter of 2018 and in connection with the ongoing integration activities, DowDuPont approved restructuring actions to simplify and optimize certain organizational structures within the Agriculture division in preparation for its intended separation as a standalone company ("Agriculture Division Program"). For the three months ended March 31, 2019, TDCC recorded a favorable adjustment of $4 million to the severance and related benefit costs reserve. The impact of this adjustment is shown as "Restructuring and asset related charges - net" in the consolidated statements of income. TDCC expects actions related to the Agriculture Division Program to be substantially complete by mid 2019. TDCC recorded pretax restructuring charges of $21 million inception-to-date under the Agriculture Division Program, consisting of severance and related benefit costs of $20 million and asset write-downs and write-offs of $1 million . The following table summarizes the activities related to the Agriculture Division Program. At March 31, 2019 , $11 million ( $23 million at December 31, 2018 ) was included in "Accrued and other current liabilities" in TDCC's consolidated balance sheets. DowDuPont Agriculture Division Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total In millions 2018 restructuring charges $ 24 $ 1 $ 25 Charges against the reserve — (1 ) (1 ) Cash payments (1 ) — (1 ) Reserve balance at Dec 31, 2018 $ 23 $ — $ 23 Adjustments to the reserve (4 ) — (4 ) Cash payments (8 ) — (8 ) Reserve balance at Mar 31, 2019 $ 11 $ — $ 11 DowDuPont Cost Synergy Program In September and November 2017, DowDuPont approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the "Synergy Program") which was designed to integrate and optimize the organization following the Merger and in preparation for the business separations. For the three months ended March 31, 2019, TDCC recorded pretax restructuring charges of $224 million , consisting of severance and related benefit costs of $72 million , asset write-downs and write-offs of $100 million and costs associated with exit and disposal activities of $52 million . For the three months ended March 31, 2018, TDCC recorded pretax restructuring charges of $163 million , consisting of severance and related benefit costs of $104 million , asset write-downs and write-offs of $48 million and costs associated with exit and disposal activities of $11 million . The impact of these charges is shown as "Restructuring and asset related charges - net" in the consolidated statements of income. TDCC expects actions related to the Synergy Program to be substantially complete by the end of 2019. TDCC recorded pretax restructuring charges of $1,462 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $633 million , asset write-downs and write-offs of $613 million and costs associated with exit and disposal activities of $216 million . The following table summarizes the activities related to the Synergy Program. At March 31, 2019 , $250 million was included in "Accrued and other current liabilities" ( $272 million at December 31, 2018 ) and $75 million was included in "Other noncurrent obligations" ( $55 million at December 31, 2018 ) in TDCC's consolidated balance sheets. DowDuPont Synergy Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Costs Associated with Exit and Disposal Activities Total In millions Reserve balance at Dec 31, 2018 $ 262 $ — $ 65 $ 327 2019 restructuring charges 72 100 52 224 Charges against the reserve — (100 ) — (100 ) Cash payments (97 ) — (29 ) (126 ) Reserve balance at Mar 31, 2019 $ 237 $ — $ 88 $ 325 For the three months ended March 31, 2019, restructuring charges related to the write-down and write-off of assets totaled $100 million and primarily related to the impairment of leased, non-manufacturing facilities and the write-down of inventory aligned with the seed and crop protection principal product groups. The restructuring charges related to the write-down and write-off of assets for the three months ended March 31, 2018, totaled $48 million and related primarily to assets aligned with seed activities. TDCC expects to incur additional costs in the future related to its restructuring activities. Future costs are expected to include demolition costs related to closed facilities and restructuring plan implementation costs; these costs will be recognized as incurred. TDCC also expects to incur additional employee-related costs, including involuntary termination benefits, related to its other optimization activities. These costs cannot be reasonably estimated at this time. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The following table provides a breakdown of inventories: Inventories Mar 31, 2019 Dec 31, 2018 In millions Finished goods $ 5,703 $ 5,640 Work in process 2,239 2,214 Raw materials 940 941 Supplies 891 880 Total $ 9,773 $ 9,675 Adjustment of inventories to a LIFO basis (265 ) (415 ) Total inventories $ 9,508 $ 9,260 |
NONCONSOLIDATED AFFILIATES NONC
NONCONSOLIDATED AFFILIATES NONCONSOLIDATED AFFILIATES | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NONCONSOLIDATED AFFILIATES | NONCONSOLIDATED AFFILIATES TDCC's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets, are shown in the following table: Investments in Nonconsolidated Affiliates Mar 31, 2019 Dec 31, 2018 In millions Investment in nonconsolidated affiliates $ 3,321 $ 3,823 Other noncurrent obligations (870 ) (495 ) Net investment in nonconsolidated affiliates $ 2,451 $ 3,328 HSC Group The carrying value of TDCC's investments in the HSC Group, which includes Hemlock Semiconductor L.L.C. and DC HSC Holdings LLC, was adjusted as a result of the HSC Group's adoption of Topic 606. The resulting impact to TDCC's investments in the HSC Group was a reduction to "Investment in nonconsolidated affiliates" of $71 million and an increase to "Other noncurrent obligations" of $168 million , as well as an increase to "Deferred income tax assets" of $56 million and a reduction to "Retained earnings" of $183 million in the consolidated balance sheet at January 1, 2019. The following table reflects the carrying value of the HSC Group investments at March 31, 2019 and December 31, 2018: Investment in the HSC Group Investment In millions Balance Sheet Classification Mar 31, 2019 Dec 31, 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (658 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 485 $ 535 EQUATE In the first quarter of 2019, EQUATE Petrochemical Company K.S.C.C. ("EQUATE") paid a dividend of $440 million , reflected in "Earnings of nonconsolidated affiliates less than dividends received" in the consolidated statements of cash flows. As a result, TDCC had a negative investment balance in EQUATE of $212 million at March 31, 2019, classified as "Other noncurrent obligations" in the consolidated balance sheets. At December 31, 2018, TDCC had an investment balance in EQUATE of $131 million , classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows the carrying amount of goodwill: Goodwill In millions Net goodwill at Dec 31, 2018 $ 13,848 Foreign currency impact (36 ) Net goodwill at Mar 31, 2019 $ 13,812 The following table provides information regarding TDCC’s other intangible assets: Other Intangible Assets Mar 31, 2019 Dec 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 3,253 $ (1,996 ) $ 1,257 $ 3,255 $ (1,934 ) $ 1,321 Software 1,539 (900 ) 639 1,529 (876 ) 653 Trademarks/tradenames 680 (638 ) 42 688 (631 ) 57 Customer-related 4,898 (2,211 ) 2,687 4,911 (2,151 ) 2,760 Other 236 (167 ) 69 243 (170 ) 73 Total other intangible assets, finite lives $ 10,606 $ (5,912 ) $ 4,694 $ 10,626 $ (5,762 ) $ 4,864 In-process research and development 49 — 49 49 — 49 Total other intangible assets $ 10,655 $ (5,912 ) $ 4,743 $ 10,675 $ (5,762 ) $ 4,913 The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Other intangible assets, excluding software $ 154 $ 159 Software, included in “Cost of sales” $ 25 $ 23 Total estimated amortization expense for 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions 2019 $ 659 2020 $ 623 2021 $ 594 2022 $ 525 2023 $ 492 2024 $ 456 |
TRANSFERS OF FINANCIAL ASSETS
TRANSFERS OF FINANCIAL ASSETS | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
TRANSFERS OF FINANCIAL ASSETS | TRANSFERS OF FINANCIAL ASSETS TDCC historically sold trade accounts receivable of select North American entities and qualifying trade accounts receivable of select European entities on a revolving basis to certain multi-seller commercial paper conduit entities ("conduits"). The proceeds received were comprised of cash and interests in specified assets of the conduits (the receivables sold by TDCC) that entitled TDCC to the residual cash flows of such specified assets in the conduits after the commercial paper was repaid. Neither the conduits nor the investors in those entities had recourse to other assets of TDCC in the event of nonpayment by the debtors. In the fourth quarter of 2017, TDCC suspended further sales of trade accounts receivable through these facilities and began reducing outstanding balances through collections of trade accounts receivable previously sold to such conduits. In September and October 2018, the North American and European facilities, respectively, were amended and the terms of the agreements changed from off-balance sheet arrangements to secured borrowing arrangements. See Note 9 for additional information on the secured borrowing arrangements. The following represents the cash flows between TDCC and the conduits: Cash Proceeds Three Months Ended In millions Mar 31, Mar 31, Interests in conduits 1 $ — $ 445 1. Presented in "Investing Activities" in the consolidated statements of cash flows. |
NOTES PAYABLE, LONG-TERM DEBT A
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Notes Payable Mar 31, Dec 31, In millions Commercial paper $ — $ 10 Notes payable to banks and other lenders 317 295 Total notes payable $ 317 $ 305 Period-end average interest rates 12.09 % 8.61 % Long-Term Debt 2019 Average Rate Mar 31, 2018 Average Rate Dec 31, In millions Promissory notes and debentures: Final maturity 2019 9.80 % $ 7 9.80 % $ 7 Final maturity 2020 4.46 % 1,547 4.46 % 1,547 Final maturity 2021 4.71 % 1,424 4.71 % 1,424 Final maturity 2022 3.50 % 1,372 3.50 % 1,373 Final maturity 2023 7.64 % 325 7.64 % 325 Final maturity 2024 3.50 % 896 3.50 % 896 Final maturity 2025 and thereafter 5.98 % 7,963 5.98 % 7,963 Other facilities: U.S. dollar loans, various rates and maturities 3.52 % 4,533 3.59 % 4,533 Foreign currency loans, various rates and maturities 3.19 % 714 3.21 % 713 Medium-term notes, varying maturities through 2025 3.33 % 703 3.26 % 778 Finance lease obligations 369 369 Unamortized debt discount and issuance costs (324 ) (334 ) Long-term debt due within one year 1 (2,369 ) (340 ) Long-term debt $ 17,160 $ 19,254 1. Presented net of current portion of unamortized debt issuance costs. Maturities of Long-Term Debt for Next Five Years at Mar 31, 2019 In millions 2019 1 $ 2,307 2020 $ 1,839 2021 2 $ 4,249 2022 $ 1,507 2023 $ 500 2024 $ 968 1. Includes $2.0 billion of current maturities related to the Dow Silicones term loan facility, repaid on April 5, 2019. 2. Assumes the option to extend will be exercised for $2.5 billion of the Dow Silicones term loan facility. 2019 Activity In the first three months of 2019, TDCC redeemed an aggregate principal amount of $72 million of International Notes ("InterNotes") at maturity. Term Loan Facility In connection with the ownership restructure of Dow Silicones on May 31, 2016, Dow Silicones incurred $4.5 billion of indebtedness under a certain third party credit agreement ("Term Loan Facility"). TDCC subsequently guaranteed the obligations of Dow Silicones under the Term Loan Facility and, as a result, the covenants and events of default applicable to the Term Loan Facility are substantially similar to the covenants and events of default set forth in TDCC's Five Year Competitive Advance and Revolving Credit Facility Agreement ("Revolving Credit Agreement"). In the second quarter of 2018, Dow Silicones exercised the 19-month extension option making amounts borrowed under the Term Loan Facility repayable on December 30, 2019. In addition, Dow Silicones amended the Term Loan Facility to include an additional 2-year extension option, at Dow Silicones' election, upon satisfaction of certain customary conditions precedent. On April 5, 2019, Dow Silicones voluntarily repaid $2.0 billion of principal, which was classified as "Long-term debt due within one year" in the consolidated balance sheets at March 31, 2019 . Dow Silicones also intends to exercise the 2-year extension option on the remaining principal balance of $2.5 billion . Available Credit Facilities The following table summarizes TDCC's credit facilities: Committed and Available Credit Facilities at Mar 31, 2019 In millions Committed Credit Credit Available Maturity Date Interest Five Year Competitive Advance and Revolving Credit Facility $ 5,000 $ 5,000 October 2023 Floating rate Term Loan Facility 1 2,000 — April 2019 Floating rate Term Loan Facility 2 2,500 — December 2021 Floating rate North American Securitization Facility 800 800 September 2019 Floating rate European Securitization Facility 3 450 450 October 2020 Floating rate Bilateral Revolving Credit Facility 100 100 October 2019 Floating rate Bilateral Revolving Credit Facility 4 100 100 March 2020 Floating rate Bilateral Revolving Credit Facility 100 100 March 2020 Floating rate Bilateral Revolving Credit Facility 280 280 March 2020 Floating rate Bilateral Revolving Credit Facility 100 100 March 2020 Floating rate Bilateral Revolving Credit Facility 200 200 March 2020 Floating rate Bilateral Revolving Credit Facility 200 200 May 2020 Floating rate Bilateral Revolving Credit Facility 200 200 July 2020 Floating rate Bilateral Revolving Credit Facility 100 100 August 2020 Floating rate Total committed and available credit facilities $ 12,130 $ 7,630 1. Dow Silicones voluntarily repaid $2.0 billion of principal on April 5, 2019. 2. Assumes the option to extend the Dow Silicones term loan facility will be exercised. 3. Equivalent to Euro 400 million . 4. On March 9, 2019, TDCC renewed a $100 million Bilateral Revolving Credit Facility agreement, which has a maturity date in March 2020 and provides for interest at floating rates, as defined in the agreement. Debt Covenants and Default Provisions Information on TDCC's debt covenants and default provisions can be found in Note 15 to the Consolidated Financial Statements included in TDCC's Annual Report on Form 10-K for the year ended December 31, 2018 . There were no material changes to the debt covenants and default provisions related to TDCC’s outstanding long-term debt and primary, private credit agreements in the first three months of 2019. Subsequent Event On April 1, 2019, DowDuPont completed the separation of its materials science business and Dow Inc. became the direct parent company of TDCC. In conjunction with the separation, Dow Inc. is obligated, substantially concurrently with the issuance of any guarantee in respect of outstanding or committed indebtedness under the Revolving Credit Agreement, to enter into a supplemental indenture with TDCC and the trustee under TDCC’s existing 2008 base indenture governing certain notes issued by TDCC. Under such supplemental indenture, Dow Inc. will guarantee all outstanding debt securities and all amounts due under such existing base indenture and will become subject to certain covenants and events of default under the existing base indenture. In addition, the Revolving Credit Agreement includes an event of default which would be triggered in the event Dow Inc. incurs or guarantees third party indebtedness for borrowed money in excess of $250 million or engages in any material activity or directly owns any material assets, in each case, subject to certain conditions and exceptions. Dow Inc. may, at its option, cure the event of default by delivering an unconditional and irrevocable guarantee to the administrative agent within thirty days of the event or events giving rise to such event of default. No such events have occurred or have been triggered at the time of the filing of this Quarterly Report on Form 10-Q. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES 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 March 31, 2019 , TDCC had accrued obligations of $813 million for probable environmental remediation and restoration costs, including $159 million for the remediation of Superfund sites. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets. This is management’s current estimate of the costs for remediation and restoration with respect to environmental matters for which TDCC 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 TDCC’s results of operations, financial condition and cash flows. It is the opinion of TDCC’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on TDCC’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. In the second quarter of 2019, as a result of the business separations, and change in ownership of certain sites where there are remediation activities, additional costs may be incurred to effectively manage the ongoing activities. In addition, as a result of the potential culmination of long standing negotiations with regulators and/or agencies, additional charges for environmental matters may be recorded. Management believes that it is reasonably possible that the accrued obligation for environmental matters may be increased up to $400 million as a result of this review. At December 31, 2018 , TDCC had accrued obligations of $820 million for probable environmental remediation and restoration costs, including $156 million for the remediation of Superfund sites. Litigation Asbestos-Related Matters of Union Carbide Corporation A summary of Asbestos-Related Matters of Union Carbide Corporation can be found in Note 16 to the Consolidated Financial Statements included in TDCC's Annual Report on Form 10-K for the year ended December 31, 2018 . Introduction Union Carbide is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past four decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that Union Carbide sold in the past, alleged exposure to asbestos-containing products located on Union Carbide’s premises and Union Carbide’s responsibility for asbestos suits filed against a former Union Carbide subsidiary, Amchem Products, Inc. (“Amchem”). In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable loss as a result of such exposure, or that injuries incurred in fact resulted from exposure to Union Carbide’s products. Union Carbide expects more asbestos-related suits to be filed against Union Carbide and Amchem in the future, and will aggressively defend or reasonably resolve, as appropriate, both pending and future claims. Estimating the Asbestos-Related Liability Since 2003, Union Carbide has engaged Ankura Consulting Group, LLC ("Ankura"), a third party actuarial specialist, to review Union Carbide's historical asbestos-related claim and resolution activity in order to assist Union Carbide's management in estimating the asbestos-related liability. Each year, Ankura has reviewed the claim and resolution activity to determine the appropriateness of updating the most recent Ankura study. Based on the December 2018 Ankura review and Union Carbide's own review of the data, Union Carbide's total asbestos-related liability through the terminal year of 2049, including asbestos-related defense and processing costs, was $1,260 million at December 31, 2018 , and included in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent” in the consolidated balance sheets. Each quarter, Union Carbide reviews 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 all these factors in conjunction with the most recent Ankura study and determines whether a change in the estimate is warranted. Based on Union Carbide's review of 2019 activity, it was determined that no adjustment to the accrual was required at March 31, 2019 . Union Carbide’s asbestos-related liability for pending and future claims and defense and processing costs was $1,243 million at March 31, 2019 , and approximately 17 percent of the recorded liability related to pending claims and approximately 83 percent related to future claims. Summary TDCC's management believes the amounts recorded by Union Carbide for the asbestos-related liability (including defense and processing costs) reflect reasonable and probable estimates of the liability based upon current, known facts. However, future events, such as the number of new claims to be filed and/or received each year, the average cost of defending and disposing of each such claim, as well as the numerous uncertainties surrounding asbestos litigation in the United States over a significant period of time, could cause the actual costs for Union Carbide to be higher or lower than those projected or those recorded. Any such events could result in an increase or decrease in the recorded liability. Because of the uncertainties described above, Union Carbide cannot estimate the full range of the cost of resolving pending and future asbestos-related claims facing Union Carbide and Amchem. As a result, it is reasonably possible that an additional cost of disposing of Union Carbide's asbestos-related claims, including future defense and processing costs, could have a material impact on TDCC's results of operations and cash flows for a particular period and on the consolidated financial position. Dow Silicones Chapter 11 Related Matters A summary of the Dow Silicones Chapter 11 Related Matters can be found in Note 16 to the Consolidated Financial Statements included in TDCC's Annual Report on Form 10-K for the year ended December 31, 2018. Introduction In 1995, Dow Silicones, then a 50:50 joint venture between TDCC and Corning Incorporated ("Corning"), voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to resolve Dow Silicones’ breast implant liabilities and related matters (the “Chapter 11 Proceeding”). Dow Silicones emerged from the Chapter 11 Proceeding on June 1, 2004 (the “Effective Date”) and is implementing the Joint Plan of Reorganization (the “Plan”). The Plan provides funding for the resolution of breast implant and other product liability litigation covered by the Chapter 11 Proceeding and provides a process for the satisfaction of commercial creditor claims in the Chapter 11 Proceeding. As of June 1, 2016, Dow Silicones is a wholly owned subsidiary of TDCC. Breast Implant and Other Product Liability Claims Under the Plan, a product liability settlement program administered by an independent claims office (the “Settlement Facility”) was created to resolve breast implant and other product liability claims. Product liability claimants rejecting the settlement program in favor of pursuing litigation must bring suit against a litigation facility (the “Litigation Facility”). Dow Silicones has an obligation to fund the Settlement Facility and the Litigation Facility over a 16-year period, commencing at the Effective Date. At March 31, 2019 , Dow Silicones and its insurers have made life-to-date payments of $1,762 million to the Settlement Facility and the Settlement Facility reported an unexpended balance of $110 million . Dow Silicones' liability for breast implant and other product liability claims ("Implant Liability") was $263 million at March 31, 2019 and December 31, 2018 , of which $157 million at March 31, 2019 ( $111 million at December 31, 2018 ) was included in “Accrued and other current liabilities” and $106 million at March 31, 2019 ( $152 million at December 31, 2018 ) was included in "Other noncurrent obligations" in the consolidated balance sheets. Dow Silicones is not aware of circumstances that would change the factors used in estimating the Implant Liability and believes the recorded liability reflects the best estimate of the remaining funding obligations under the Plan; however, the estimate relies upon a number of significant assumptions, including: future claim filing levels in the Settlement Facility will be similar to those in a prior settlement program, which management uses to estimate future claim filing levels for the Settlement Facility; future acceptance rates, disease mix, and payment values will be materially consistent with historical experience; no material negative outcomes in future controversies or disputes over Plan interpretation will occur; and the Plan will not be modified. If actual outcomes related to any of these assumptions prove to be materially different, the future liability to fund the Plan may be materially different than the amount estimated. If Dow Silicones was ultimately required to fund the full liability up to the maximum capped value, the liability would be $2,148 million at March 31, 2019 . Commercial Creditor Issues The Plan provides that each of Dow Silicones' commercial creditors (the “Commercial Creditors”) would receive in cash the sum of (a) an amount equal to the principal amount of their claims and (b) interest on such claims. The actual amount of interest that will ultimately be paid to these Commercial Creditors is uncertain due to pending litigation between Dow Silicones and the Commercial Creditors regarding the appropriate interest rates to be applied to outstanding obligations from the 1995 bankruptcy filing date through the Effective Date, as well as the presence of any recoverable fees, costs and expenses. Upon the Plan becoming effective, Dow Silicones paid approximately $1,500 million to the Commercial Creditors, representing principal and an amount of interest that Dow Silicones considers undisputed. On May 10, 2017, the U.S. District Court for the Eastern District of Michigan entered a stipulated order resolving pending discovery motions and established a discovery schedule for the Commercial Creditors matter. As a result, Dow Silicones and its third party consultants conducted further analysis of the Commercial Creditors claims and defenses. This analysis indicated the estimated remaining liability to Commercial Creditors to be within a range of $77 million to $260 million . No single amount within the range appeared to be a better estimate than any other amount within the range. Therefore, Dow Silicones recorded the minimum liability within the range. At March 31, 2019 , the liability related to Dow Silicones' potential obligation to its Commercial Creditors in the Chapter 11 Proceeding was $83 million and is included in "Accrued and other current liabilities" in the consolidated balance sheets ( $82 million at December 31, 2018 ). The actual amount of interest that will be paid to these creditors is uncertain and will ultimately be resolved through continued proceedings in the District Court. Indemnifications In connection with the June 1, 2016, ownership restructure of Dow Silicones, TDCC is indemnified by Corning for 50 percent of future losses associated with certain pre-closing liabilities, including the Implant Liability and Commercial Creditors matters described above, subject to certain conditions and limits. The maximum amount of indemnified losses which may be recovered are subject to a cap that declines over time. Indemnification assets were insignificant at March 31, 2019 ( zero at December 31, 2018). Summary The amounts recorded by Dow Silicones for the Chapter 11 related matters described above were based on current, known facts, which management believes reflect reasonable and probable estimates of the liability. However, future events could cause the actual costs for Dow Silicones to be higher or lower than those projected or those recorded. Any such events could result in an increase or decrease in the recorded liability. Other Litigation Matters In addition to the specific matters described above, TDCC is party to a number of other claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, employment matters, governmental tax and regulation disputes, contract and commercial litigation, and other actions. Certain of these actions purport to be class actions and seek damages in very large amounts. All such claims are being contested. TDCC has an active risk management program consisting of numerous insurance policies secured from many carriers at various times. These policies may provide coverage that could be utilized to minimize the financial impact, if any, of certain contingencies described above. It is the opinion of TDCC’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of TDCC. Gain Contingency - TDCC v. Nova Chemicals Corporation Patent Infringement Matter On December 9, 2010, TDCC filed suit in the Federal Court in Ontario, Canada ("Federal Court") alleging that Nova Chemicals Corporation ("Nova") was infringing TDCC's Canadian polyethylene patent 2,106,705. Nova counterclaimed on the grounds of invalidity and non-infringement. On June 29, 2017, the Federal Court issued a Confidential Supplemental Judgment, concluding that Nova must pay $645 million Canadian dollars (equivalent to $495 million U.S. dollars) to TDCC, plus pre- and post-judgment interest, for which TDCC received payment of $501 million from Nova on July 6, 2017. Although Nova is appealing portions of the damages judgment, certain portions of it are indisputable and will be owed to TDCC regardless of the outcome of any further appeals by Nova. At March 31, 2019 , TDCC had $341 million ( $341 million at December 31, 2018 ) included in "Other noncurrent obligations" in the consolidated balance sheets related to the disputed portion of the damages judgment. TDCC is confident of its chances of defending the entire judgment on appeal, particularly the trial court's determinations on important factual issues, which will be accorded deferential review on appeal. See Note 16 to the Consolidated Financial Statements included in TDCC's Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. Guarantees The following table provides a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for guarantees: Guarantees Mar 31, 2019 Dec 31, 2018 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Guarantees 2023 $ 4,514 $ 15 2023 $ 4,523 $ 25 Guarantees Guarantees arise during the ordinary course of business from relationships with customers and nonconsolidated affiliates when TDCC undertakes an obligation to guarantee the performance of others (via delivery of cash or other assets) if specified triggering events occur. With guarantees, such as commercial or financial contracts, non-performance by the guaranteed party triggers the obligation of TDCC to make payments to the beneficiary of the guarantee. The majority of TDCC’s guarantees relate to debt of nonconsolidated affiliates, which have expiration dates ranging from less than one year to less than four years, and trade financing transactions in Latin America, which typically expire within one year of inception. TDCC’s current expectation is that future payment or performance related to the non-performance of others is considered remote. TDCC has entered into guarantee agreements ("Guarantees") related to project financing for Sadara Chemical Company ("Sadara"), a nonconsolidated affiliate. The total of an Islamic bond and additional project financing (collectively “Total Project Financing”) obtained by Sadara is approximately $12.5 billion . Sadara had $11.7 billion of Total Project Financing outstanding at March 31, 2019 ( $11.7 billion at December 31, 2018 ). TDCC's guarantee of the Total Project Financing is in proportion to TDCC's 35 percent ownership interest in Sadara, or up to approximately $4.2 billion when the project financing is fully drawn. Sadara successfully completed an extensive operational testing program in December 2018, however, the Guarantees will be released upon the satisfactory fulfillment of certain project completion conditions, which is expected by the middle of 2019, and must occur no later than December 2020. |
LEASES LEASES (Notes)
LEASES LEASES (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES Operating lease ROU assets are included in "Operating lease right-of-use assets" while finance lease ROU assets are included in "Net property" in the consolidated balance sheets. With respect to lease liabilities, operating lease liabilities are included in "Operating lease liabilities - current" and "Operating lease liabilities - noncurrent," and finance lease liabilities are included in "Long-term debt due within one year" and "Long-Term Debt" in the consolidated balance sheets. TDCC routinely leases sales and administrative offices, power plants, production facilities, warehouses and tanks for product storage, aircraft, motor vehicles, railcars, computers, office machines and equipment. Some leases contain renewal provisions, purchase options and escalation clauses and the terms for these leased assets vary depending on the lease agreement. These leased assets have remaining lease terms that currently range from 1 to 50 years . See Notes 1 and 2 for additional information on leases. The components of lease cost for operating and finance leases for the three months ended March 31, 2019 were as follows: Lease Cost Three Months Ended In millions Operating lease cost $ 147 Finance lease cost Amortization of right-of-use assets - finance 6 Interest on lease liabilities - finance 6 Total finance lease cost $ 12 Short-term lease cost 55 Variable lease cost 85 Sublease income (1 ) Total lease cost $ 298 The following table provides supplemental cash flow information related to leases: Other Lease Information Three Months Ended In millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 154 Operating cash flows from finance leases $ 6 Financing cash flows from finance leases $ 3 The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at March 31, 2019 : Lease Position Balance Sheet Classification Mar 31, 2019 In millions Right-of-use assets obtained in exchange for lease obligations: Operating leases 1 $ 2,714 Assets Operating lease assets Operating lease right-of-use assets $ 2,584 Finance lease assets Property 437 Finance lease amortization Accumulated depreciation (143 ) Total lease assets $ 2,878 Liabilities Current Operating Operating lease liabilities - current $ 477 Finance Long-term debt due within one year 20 Noncurrent Operating Operating lease liabilities - noncurrent 2,126 Finance Long-Term Debt 349 Total lease liabilities $ 2,972 1. Includes $2.7 billion related to the adoption of Topic 842. See Note 2 for additional information. Lease Term and Discount Rate Mar 31, 2019 Weighted-average remaining lease term Operating leases 8.7 years Finance leases 18.7 years Weighted-average discount rate Operating leases 4.12 % Finance leases 6.98 % The following table provides the maturities of lease liabilities at March 31, 2019 : Maturities of Lease Liabilities at Mar 31, 2019 Operating Leases Finance Leases In millions 2019 $ 437 $ 38 2020 515 48 2021 421 46 2022 343 44 2023 291 71 2024 and thereafter 1,157 309 Total future undiscounted lease payments $ 3,164 $ 556 Less imputed interest 561 187 Total present value of lease liabilities $ 2,603 $ 369 At March 31, 2019 , TDCC had additional leases of approximately $45 million , primarily for buildings and equipment, which had not yet commenced. These leases are expected to commence later in 2019, with lease terms of 10 years . Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at Dec 31, 2018 In millions 2019 $ 412 2020 369 2021 328 2022 297 2023 253 2024 and thereafter 978 Total $ 2,637 TDCC provides guarantees related to certain leased assets, specifying the residual value that will be available to the lessor at lease termination through the sale of the assets to the lessee or third parties. The following table provides a summary of the final expiration, maximum future payment and recorded liability reflected in the consolidated balance sheets for residual value guarantees at March 31, 2019 and December 31, 2018. There was no recorded liability related to these residual value guarantees at March 31, 2019 , as payment of such residual value guarantees was not determined to be probable. The lease agreements do not contain any material restrictive covenants. Lease Guarantees March 31, 2019 December 31, 2018 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Residual value guarantees 2028 $ 885 $ — 2028 $ 885 $ 130 |
STOCKHOLDERS' EQUITY STOCKHOLDE
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Dow Inc. Common Stock Dow Inc. was incorporated in 2018 with 100 authorized and issued shares of common stock, par value $0.01 per share, owned solely by its parent company, DowDuPont. In the first quarter of 2019, in connection with the separation and distribution of DowDuPont’s materials science business, the number of authorized shares of common stock was increased to 5,000,000,000 shares, par value $0.01 per share, and Dow Inc.'s 100 shares of issued common stock were recapitalized into 748,771,240 shares of common stock. Dow Inc.'s common stock continued to be solely owned by DowDuPont at March 31, 2019. See Note 19 for additional information. TDCC Accumulated Other Comprehensive Loss The following table summarizes the changes and after-tax balances of each component of AOCL for the three months ended March 31, 2019 and 2018 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and Other Postretire Benefits Derivative Instruments Total Accum Other Comp Loss In millions Balance at Jan 1, 2018 $ 17 $ (1,481 ) $ (6,998 ) $ (109 ) $ (8,571 ) Other comprehensive income (loss) before reclassifications (26 ) 376 — (16 ) 334 Amounts reclassified from accumulated other comprehensive income (loss) 1 — 126 22 149 Net other comprehensive income (loss) $ (25 ) $ 376 $ 126 $ 6 $ 483 Balance at Mar 31, 2018 $ (8 ) $ (1,105 ) $ (6,872 ) $ (103 ) $ (8,088 ) Balance at Jan 1, 2019 $ (51 ) $ (1,813 ) $ (7,965 ) $ (56 ) $ (9,885 ) Other comprehensive income (loss) before reclassifications 68 (13 ) — (68 ) (13 ) Amounts reclassified from accumulated other comprehensive loss (1 ) (18 ) 141 (7 ) 115 Net other comprehensive income (loss) $ 67 $ (31 ) $ 141 $ (75 ) $ 102 Balance at Mar 31, 2019 $ 16 $ (1,844 ) $ (7,824 ) $ (131 ) $ (9,783 ) The tax effects on the net activity related to each component of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 were as follows: Tax Benefit (Expense) 1 Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Unrealized gains (losses) on investments $ (18 ) $ 6 Cumulative translation adjustments (1 ) 5 Pension and other postretirement benefit plans (25 ) (28 ) Derivative instruments 27 3 Tax expense from income taxes related to other comprehensive income (loss) items $ (17 ) $ (14 ) 1. Prior period amounts were updated to conform with the current year presentation. A summary of the reclassifications out of AOCL for the three months ended March 31, 2019 and 2018 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Consolidated Statements of Income Classification Mar 31, 2019 Mar 31, 2018 In millions Unrealized (gains) losses on investments $ (1 ) $ 2 See (1) below Tax benefit — (1 ) See (2) below After tax $ (1 ) $ 1 Cumulative translation adjustments $ (18 ) $ — See (3) below Pension and other postretirement benefit plans $ 166 $ 154 See (4) below Tax benefit (25 ) (28 ) See (2) below After tax $ 141 $ 126 Derivative instruments $ (7 ) $ 27 See (5) below Tax benefit — (5 ) See (2) below After tax $ (7 ) $ 22 Total reclassifications for the period, after tax $ 115 $ 149 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of TDCC's defined benefit pension and other postretirement benefit plans. See Note 14 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
NONCONTROLLING INTERESTS Noncon
NONCONTROLLING INTERESTS Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | NONCONTROLLING INTERESTS Ownership interests in TDCC's subsidiaries held by parties other than TDCC are presented separately from TDCC's equity in the consolidated balance sheets as "Noncontrolling interests." The amount of consolidated net income attributable to TDCC 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 months ended March 31, 2019 and 2018 : Noncontrolling Interests Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Balance at beginning of period $ 1,138 $ 1,186 Net income attributable to noncontrolling interests 45 35 Distributions to noncontrolling interests (9 ) (24 ) Cumulative translation adjustments 7 (6 ) Other (1 ) (1 ) Balance at end of period $ 1,180 $ 1,190 |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS A summary of TDCC's pension plans and other postretirement benefits can be found in Note 19 to the Consolidated Financial Statements included in TDCC’s Annual Report on Form 10-K for the year ended December 31, 2018 . The following table provides the components of TDCC's net periodic benefit cost for all significant plans: Net Periodic Benefit Cost for All Significant Plans Three Months Ended In millions Mar 31, Mar 31, Defined Benefit Pension Plans: Service cost $ 112 $ 133 Interest cost 241 218 Expected return on plan assets (417 ) (406 ) Amortization of prior service credit (6 ) (6 ) Amortization of net loss 132 171 Net periodic benefit cost $ 62 $ 110 Other Postretirement Benefits: Service cost $ 2 $ 3 Interest cost 14 11 Amortization of net gain (6 ) (6 ) Net periodic benefit cost $ 10 $ 8 Net periodic benefit cost, other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS A summary of TDCC's financial instruments, risk management policies, derivative instruments and hedging activities can be found in Note 21 of the Consolidated Financial Statements included in TDCC's Annual Report on Form 10-K for the year ended December 31, 2018 . If applicable, updates have been included in the respective section below. The following table summarizes the fair value of financial instruments at March 31, 2019 and December 31, 2018 : Fair Value of Financial Instruments Mar 31, 2019 Dec 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 345 $ — $ — $ 345 $ 566 $ — $ — $ 566 Marketable securities $ 101 $ — $ — $ 101 $ 100 $ — $ — $ 100 Other investments: Debt securities: Government debt 1 $ 694 $ 17 $ (9 ) $ 702 $ 714 $ 9 $ (23 ) $ 700 Corporate bonds 1,051 43 (21 ) 1,073 1,026 20 (63 ) 983 Total debt securities $ 1,745 $ 60 $ (30 ) $ 1,775 $ 1,740 $ 29 $ (86 ) $ 1,683 Equity securities 2 16 5 — 21 16 1 (1 ) 16 Total other investments $ 1,761 $ 65 $ (30 ) $ 1,796 $ 1,756 $ 30 $ (87 ) $ 1,699 Total cash equivalents, marketable securities and other investments $ 2,207 $ 65 $ (30 ) $ 2,242 $ 2,422 $ 30 $ (87 ) $ 2,365 Long-term debt including debt due within one year 3 $ (19,529 ) $ 84 $ (1,405 ) $ (20,850 ) $ (19,594 ) $ 351 $ (971 ) $ (20,214 ) Derivatives relating to: Interest rates $ — $ — $ (181 ) $ (181 ) $ — $ — $ (64 ) $ (64 ) Foreign currency — 86 (14 ) 72 — 120 (43 ) 77 Commodities 4 — 88 (147 ) (59 ) — 91 (178 ) (87 ) Total derivatives $ — $ 174 $ (342 ) $ (168 ) $ — $ 211 $ (285 ) $ (74 ) 1. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 2. Equity securities with a readily determinable fair value. 3. Cost includes fair value hedge adjustments of $17 million at March 31, 2019 and $18 million at December 31, 2018 on $2,290 million of debt at March 31, 2019 and December 31, 2018 . 4. Presented net of cash collateral where master netting arrangements allow. Debt Securities TDCC's investments in debt securities are primarily classified as available-for-sale. The following table provides the investing results from available-for-sale securities for the three months ended March 31, 2019 and 2018 : Investing Results Three Months Ended In millions Mar 31, Mar 31, Proceeds from sales of available-for-sale securities $ 159 $ 348 Gross realized gains $ 6 $ 7 Gross realized losses $ (5 ) $ (9 ) Equity Securities TDCC’s investments in equity securities with a readily determinable fair value totaled $21 million at March 31, 2019 ( $16 million at December 31, 2018 ). The aggregate carrying value of TDCC’s investments in equity securities where fair value is not readily determinable totaled $207 million at March 31, 2019 ( $206 million at December 31, 2018 ), reflecting the carrying value of the investments. There were no adjustments to the carrying value of the not readily determinable investments for impairment or observable price changes for the three months ended March 31, 2019 and 2018 . The net unrealized gain recognized in earnings on equity securities totaled $5 million for the three months ended March 31, 2019 ( $9 million net unrealized gain for the three months ended March 31, 2018 ). Derivatives The following tables provide the fair value and balance sheet classification of derivative instruments at March 31, 2019 and December 31, 2018 : Fair Value of Derivative Instruments Mar 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 161 $ (89 ) $ 72 Commodity contracts Other current assets 31 (5 ) 26 Commodity contracts Deferred charges and other assets 57 (4 ) 53 Total $ 249 $ (98 ) $ 151 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 29 $ (15 ) $ 14 Commodity contracts Other current assets 8 (1 ) 7 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 41 $ (18 ) $ 23 Total asset derivatives $ 290 $ (116 ) $ 174 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 181 $ — $ 181 Foreign currency contracts Accrued and other current liabilities 98 (89 ) 9 Commodity contracts Accrued and other current liabilities 93 (6 ) 87 Commodity contracts Other noncurrent obligations 60 (8 ) 52 Total $ 432 $ (103 ) $ 329 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 20 $ (15 ) $ 5 Commodity contracts Accrued and other current liabilities 8 (4 ) 4 Commodity contracts Other noncurrent obligations 7 (3 ) 4 Total $ 35 $ (22 ) $ 13 Total liability derivatives $ 467 $ (125 ) $ 342 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 TDCC and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Fair Value of Derivative Instruments Dec 31, 2018 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 98 $ (42 ) $ 56 Commodity contracts Other current assets 47 (13 ) 34 Commodity contracts Deferred charges and other assets 18 (3 ) 15 Total $ 163 $ (58 ) $ 105 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 128 $ (64 ) $ 64 Commodity contracts Other current assets 41 (1 ) 40 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 173 $ (67 ) $ 106 Total asset derivatives $ 336 $ (125 ) $ 211 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 64 $ — $ 64 Foreign currency contracts Accrued and other current liabilities 46 (42 ) 4 Commodity contracts Accrued and other current liabilities 111 (18 ) 93 Commodity contracts Other noncurrent obligations 86 (9 ) 77 Total $ 307 $ (69 ) $ 238 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 103 $ (64 ) $ 39 Commodity contracts Accrued and other current liabilities 7 (4 ) 3 Commodity contracts Other noncurrent obligations 8 (3 ) 5 Total $ 118 $ (71 ) $ 47 Total liability derivatives $ 425 $ (140 ) $ 285 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 TDCC and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. 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. TDCC posted cash collateral of $20 million at March 31, 2019 ( $26 million at December 31, 2018 ). There was no counterparty cash collateral posted with TDCC at March 31, 2019 ( $34 million at December 31, 2018 ). Net Foreign Investment Hedges For derivative instruments that are designated and qualify as net foreign investment hedges, the effective portion of the gain or loss on the derivative is included in “Cumulative Translation Adjustments” in AOCL. TDCC had outstanding foreign-currency denominated debt designated as a hedge of net foreign investment of $181 million at March 31, 2019 ( $182 million at December 31, 2018 ). The results of hedges of TDCC’s net investment in foreign operations included in “Cumulative Translation Adjustments” in AOCL was a net loss of $36 million after tax for the three months ended March 31, 2019 (net loss of $43 million after tax for the three months ended March 31, 2018 ). For the three months ended March 31, 2019 , TDCC recognized after tax gains of $86 million related to excluded components of net foreign investment hedges included in “Cumulative Translation Adjustments” in AOCL. For the three months ended March 31, 2019 , gains of $25 million were amortized to “Sundry income (expense) - net” in the consolidated statements of income. Fair Value Hedges Subsequent to March 31, 2019 , TDCC entered into interest rate contracts designated as a fair value hedge of underlying fixed rate debt obligations with maturity dates extending through 2048. Income Statement Effect of Derivative Instruments Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency denominated assets and liabilities. The amount charged on a pretax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the consolidated statements of income, was a gain of $31 million for the three months ended March 31, 2019 (loss of $17 million for the three months ended March 31, 2018 ). The income statement effects of other derivatives were immaterial. Reclassification from AOCL The net after-tax amounts to be reclassified from AOCL to income within the next 12 months are a $1 million gain for interest rate contracts, a $42 million loss for commodity contracts, a $11 million gain for foreign currency contracts and a $57 million gain for excluded components. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS A summary of TDCC's recurring and nonrecurring fair value measurements can be found in Note 22 to the Consolidated Financial Statements included in TDCC's Annual Report on Form 10-K for the year ended December 31, 2018 . If applicable, updates have been included in the respective section below. Fair Value Measurements on a Recurring Basis The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis Mar 31, 2019 Dec 31, 2018 Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Total Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Total In millions Assets at fair value: Cash equivalents 1 $ — $ 345 $ 345 $ — $ 566 $ 566 Marketable securities — 101 101 — 100 100 Equity securities 2 21 — 21 16 — 16 Debt securities: 2 Government debt 3 — 702 702 — 700 700 Corporate bonds 19 1,054 1,073 — 983 983 Derivatives relating to: 4 Foreign currency — 189 189 — 226 226 Commodities 10 90 100 17 93 110 Total assets at fair value $ 50 $ 2,481 $ 2,531 $ 33 $ 2,668 $ 2,701 Liabilities at fair value: Long-term debt including debt due within one year 5 $ — $ 20,850 $ 20,850 $ — $ 20,214 $ 20,214 Derivatives relating to: 4 Interest rates — 181 181 — 64 64 Foreign currency — 117 117 — 149 149 Commodities 13 155 168 23 189 212 Total liabilities at fair value $ 13 $ 21,303 $ 21,316 $ 23 $ 20,616 $ 20,639 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value. 2. TDCC’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 3. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 4. See Note 15 for the classification of derivatives in the consolidated balance sheets. 5. See Note 15 for information on fair value measurements of long-term debt. For equity securities calculated at net asset value per share (or its equivalent), TDCC had $121 million in private market securities and $29 million in real estate at March 31, 2019 ( $120 million in private market securities and $29 million in real estate at December 31, 2018 ). There are no redemption restrictions and the unfunded commitments on these investments were $87 million at March 31, 2019 ( $89 million at December 31, 2018 ). Fair Value Measurements on a Nonrecurring Basis As part of the Synergy Program, TDCC has or will shut down a number of manufacturing, R&D and corporate facilities around the world. In the first three months of 2019, inventory associated with this plan was written down to zero. 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 $80 million using unobservable inputs. The impairment charges related to the Synergy Program, totaling $100 million , were included in "Restructuring and asset related charges - net" in the consolidated statements of income. See Note 4 for additional information on TDCC's restructuring activities. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A summary of TDCC's variable interest entities ("VIEs") can be found in Note 23 to the Consolidated Financial Statements included in TDCC’s Annual Report on Form 10-K for the year ended December 31, 2018 . Assets and Liabilities of Consolidated VIEs TDCC's consolidated financial statements include the assets, liabilities and results of operations of VIEs for which TDCC is the primary beneficiary. The other equity holders’ interests are reflected in “Net income attributable to noncontrolling interests” in the consolidated statements of income and "Noncontrolling interests" in the consolidated balance sheets. The following table summarizes the carrying amounts of these entities' assets and liabilities included in TDCC’s consolidated balance sheets at March 31, 2019 and December 31, 2018 : Assets and Liabilities of Consolidated VIEs Mar 31, Dec 31, In millions Cash and cash equivalents $ 109 $ 82 Other current assets 116 114 Net property 718 734 Other noncurrent assets 60 45 Total assets 1 $ 1,003 $ 975 Current liabilities $ 318 $ 334 Long-term debt 43 75 Other noncurrent obligations 46 31 Total liabilities 2 $ 407 $ 440 1. All assets were restricted at March 31, 2019 and December 31, 2018 . 2. All liabilities were nonrecourse at March 31, 2019 and December 31, 2018 . Amounts presented in the consolidated balance sheets and the table above as restricted assets or nonrecourse obligations relating to consolidated VIEs at March 31, 2019 and December 31, 2018 , are adjusted for intercompany eliminations and parental guarantees. Subsequent Event TDCC is a 50 percent indirect owner in a propylene oxide ("PO") manufacturing joint venture in Asia Pacific. TDCC has a variable interest in this joint venture relating to arrangements between the joint venture and TDCC, involving the majority of the output on take-or-pay terms with pricing ensuring a guaranteed return to the joint venture. On April 30, 2019, TDCC executed an agreement to acquire full ownership in the PO manufacturing joint venture for an estimated cash purchase price of $312 million , with an expected closing date in the fourth quarter of 2019. Nonconsolidated VIEs The following table summarizes the carrying amounts of assets and liabilities included in the consolidated balance sheets at March 31, 2019 and December 31, 2018 , related to variable interests in joint ventures or entities for which TDCC is not the primary beneficiary. TDCC's maximum exposure to loss is the same as the carrying amounts, unless otherwise noted below. Carrying Amounts of Assets and Liabilities Related to Nonconsolidated VIEs Mar 31, Dec 31, In millions Description of asset or liability Hemlock Semiconductor L.L.C. Equity method investment 1 $ (658 ) $ (495 ) Silicon joint ventures Equity method investments 2 $ 96 $ 100 AgroFresh Solutions, Inc. Equity method investment 2 $ 45 $ 48 Other receivable 3 $ 8 $ 8 1. Classified as "Other noncurrent obligations" in the consolidated balance sheets. TDCC's maximum exposure to loss was zero at March 31, 2019 ( zero at December 31, 2018 ). 2. Classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. 3. Classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. |
RELATD PARTY TRANSACTIONS (Note
RELATD PARTY TRANSACTIONS (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS From the Merger date through March 31, 2019, TDCC reported transactions with DowDuPont and DuPont and its affiliates as related party transactions. DowDuPont Pursuant to the Merger Agreement, TDCC committed to fund a portion of DowDuPont's dividends paid to common stockholders and certain governance expenses. In addition, share repurchases by DowDuPont were partially funded by TDCC through 2018. Funding was accomplished through intercompany loans. On a quarterly basis, TDCC's Board reviewed and determined a dividend distribution to DowDuPont to settle the intercompany loans. The dividend distribution considered the level of TDCC’s earnings and cash flows and the outstanding intercompany loan balances. For the three months ended March 31, 2019 , TDCC declared and paid dividends to DowDuPont of $535 million ( $1,057 million for the three months ended March 31, 2018). At March 31, 2019 , TDCC's outstanding intercompany loan balance was zero (insignificant at December 31, 2018 ). In addition, at March 31, 2019 , TDCC had a receivable related to a tax sharing agreement with DowDuPont of $89 million ( $89 million at December 31, 2018 ), included in "Accounts and notes receivable - Other" in the consolidated balance sheets. DuPont and its Affiliates TDCC sells to and procures from DuPont and its affiliates certain feedstocks, energy and raw materials that are consumed in each company's manufacturing process. In addition, TDCC and DuPont have tolling arrangements and recognize product sales for agriculture products. The following table presents amounts due to or due from DuPont and its affiliates: Balances Due To or Due From DuPont and its Affiliates Mar 31, 2019 Dec 31, 2018 In millions Accounts and notes receivable - Other $ 201 $ 288 Accounts payable - Other $ 112 $ 201 The following table presents revenue earned and expenses incurred related to transactions with DuPont and its affiliates: Sales to DuPont and its Affiliates Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Net sales $ 106 $ 43 Cost of sales $ 65 $ 26 TDCC also transferred certain feedstocks and energy to DuPont at cost which totaled $82 million for the three months ended March 31, 2019 ( $79 million for the three months ended March 31, 2018), and was reflected in "Cost of sales" in the consolidated statements of income. Purchases from DuPont and its affiliates were $115 million for the three months ended March 31, 2019 ( $44 million for the three months ended March 31, 2018). |
SUBSEQUENT EVENT (Notes)
SUBSEQUENT EVENT (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT Separation from DowDuPont On April 1, 2019, DowDuPont completed the previously announced separation of its materials science business. The separation was effected by way of a pro rata distribution of all of the then-issued and outstanding shares of Dow Inc. common stock to DowDuPont stockholders of record as of the close of business, Eastern Time, on March 21, 2019 (the “Record Date”). The shareholders of record of DowDuPont received one share of Dow Inc. common stock, par value $0.01 per share, for every three shares of DowDuPont common stock, par value $0.01 per share, held as of the Record Date. No fractional shares of Dow Inc. common stock were issued. Instead, cash in lieu of any fractional shares was paid to DowDuPont registered shareholders. The number of shares of Dow Inc. common stock issued on April 1, 2019 was 748.8 million shares. Dow Inc. is now an independent, publicly traded company and Dow Inc. common stock is listed on the New York Stock Exchange under the symbol “DOW.” Dow Inc. common stock began regular-way trading on April 2, 2019, the first day following the distribution. Effective April 1, 2019, TDCC became a wholly owned subsidiary of Dow Inc. As of the effective date and time of the distribution, DowDuPont does not beneficially own any equity interest in Dow and will no longer consolidate Dow and its consolidated subsidiaries into its financial results. Beginning in the second quarter of 2019, Dow’s consolidated financial results will reflect the results of Dow Inc. and its consolidated subsidiaries - that is, TDCC after giving effect to the distribution of TDCC’s agricultural sciences business (“AgCo”) and TDCC’s specialty products business (“SpecCo”) and the receipt of DuPont’s ethylene and ethylene copolymers businesses (other than its ethylene acrylic elastomers business) (“ECP”). The consolidated financial results of Dow for periods prior to April 1, 2019, will reflect the distribution of AgCo and SpecCo as discontinued operations for each period presented as well as reflect the receipt of ECP as a common control transaction from the closing of the Merger on August 31, 2017. On April 1, 2019, Dow Inc. received a cash contribution of $2,024 million from DowDuPont as part of the internal reorganization and business realignment steps between Dow Inc., TDCC and DowDuPont. In connection with the separation, Dow Inc. entered into certain agreements with DowDuPont and/or Corteva, a subsidiary of DowDuPont which was formed to serve as the parent company for DowDuPont’s agriculture business, including the following: Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement and Intellectual Property Cross-License Agreements. In addition to establishing the terms of the separation, these agreements provide a framework for Dow’s interaction with DowDuPont and Corteva after the separation. For additional information on the separation of the materials science business, refer to the Current Report on Form 8-K filed by Dow Inc. with the SEC on April 2, 2019, Amendment No. 4 to the Registration Statement on Form 10 ("Form 10") filed by Dow Inc. with the SEC on March 8, 2019, and related filings with the SEC. In addition, a summary of each of the above agreements can be found in the section entitled “Dow’s Relationship with New DuPont and Corteva Following the Distribution,” contained in the information statement filed as Exhibit 99.1 to the Form 10. Dividends On April 11, 2019, Dow Inc.’s Board of Directors declared a dividend of $0.70 per share, payable on June 14, 2019, to shareholders of record on May 31, 2019, consistent with its March 7, 2019 action declaring that a cash dividend of $525 million would be paid effective upon separation from DowDuPont. 2019 Stock Incentive Plan On April 1, 2019, in connection with the separation, Dow Inc. adopted the 2019 Stock Incentive Plan. Subsequent to March 31, 2019, Dow Inc. granted the following stock-based compensation awards to employees and non-employee directors: • 1.6 million stock options with a weighted-average exercise price of $54.89 and a weighted-average fair value of $7.99 per share; • 1.7 million restricted stock units with a weighted-average fair value of $54.89 per share; and • 1.2 million performance stock units with a weighted-average fair value of $57.58 per share. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | TDCC disaggregates its revenue from contracts with customers by principal product group and geographic region, as TDCC believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. Net Trade Sales by Principal Product Group Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Coatings & Performance Monomers $ 904 $ 954 Consumer Solutions 1,365 1,363 Crop Protection 1,124 1,122 Electronics & Imaging 625 627 Hydrocarbons & Energy 1,380 1,779 Industrial Biosciences 119 135 Industrial Solutions 1 1,104 1,156 Nutrition & Health 152 156 Packaging and Specialty Plastics 3,410 3,854 Polyurethanes & CAV 1 2,297 2,557 Safety & Construction 424 444 Seed 323 371 Transportation & Advanced Polymers 284 304 Corporate 69 73 Other 2 4 Total $ 13,582 $ 14,899 1. Beginning in the third quarter of 2018, the Construction Chemicals principal product group was combined with the Polyurethanes & CAV principal product group. Also, certain product lines associated with the oil and gas industry were realigned from the Industrial Solutions principal product group to Polyurethanes & CAV principal product group. These changes have been retrospectively reflected in the results presented. Net Trade Sales by Geographic Region Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 U.S. & Canada $ 4,884 $ 5,468 EMEA 1 4,211 4,765 Asia Pacific 3,202 3,256 Latin America 1,285 1,410 Total $ 13,582 $ 14,899 1. Europe, Middle East and Africa. |
Contract with Customer, Asset and Liability [Table Text Block] | The following table summarizes the contract balances at March 31, 2019 and December 31, 2018: Contract Balances Mar 31, 2019 Dec 31, 2018 In millions Accounts and notes receivable - Trade $ 8,428 $ 8,246 Contract assets - current 1 $ 26 $ 37 Contract assets - noncurrent 2 $ 47 $ 47 Contract liabilities - current 3 $ 233 $ 165 Contract liabilities - noncurrent 4 $ 1,739 $ 1,390 1. Included in "Other current assets" in the consolidated balance sheets. 2. Included in "Deferred charges and other assets" in the consolidated balance sheets. 3. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 4. Included in "Other noncurrent obligations" in the consolidated balance sheets. |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
DowDuPont Agriculture Division Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the Agriculture Division Program. At March 31, 2019 , $11 million ( $23 million at December 31, 2018 ) was included in "Accrued and other current liabilities" in TDCC's consolidated balance sheets. DowDuPont Agriculture Division Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total In millions 2018 restructuring charges $ 24 $ 1 $ 25 Charges against the reserve — (1 ) (1 ) Cash payments (1 ) — (1 ) Reserve balance at Dec 31, 2018 $ 23 $ — $ 23 Adjustments to the reserve (4 ) — (4 ) Cash payments (8 ) — (8 ) Reserve balance at Mar 31, 2019 $ 11 $ — $ 11 |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the Synergy Program. At March 31, 2019 , $250 million was included in "Accrued and other current liabilities" ( $272 million at December 31, 2018 ) and $75 million was included in "Other noncurrent obligations" ( $55 million at December 31, 2018 ) in TDCC's consolidated balance sheets. DowDuPont Synergy Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Costs Associated with Exit and Disposal Activities Total In millions Reserve balance at Dec 31, 2018 $ 262 $ — $ 65 $ 327 2019 restructuring charges 72 100 52 224 Charges against the reserve — (100 ) — (100 ) Cash payments (97 ) — (29 ) (126 ) Reserve balance at Mar 31, 2019 $ 237 $ — $ 88 $ 325 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The following table provides a breakdown of inventories: Inventories Mar 31, 2019 Dec 31, 2018 In millions Finished goods $ 5,703 $ 5,640 Work in process 2,239 2,214 Raw materials 940 941 Supplies 891 880 Total $ 9,773 $ 9,675 Adjustment of inventories to a LIFO basis (265 ) (415 ) Total inventories $ 9,508 $ 9,260 |
NONCONSOLIDATED AFFILIATES NO_2
NONCONSOLIDATED AFFILIATES NONCONSOLIDATED AFFILIATES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Nonconsolidated Affiliates - Investments | TDCC's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets, are shown in the following table: Investments in Nonconsolidated Affiliates Mar 31, 2019 Dec 31, 2018 In millions Investment in nonconsolidated affiliates $ 3,321 $ 3,823 Other noncurrent obligations (870 ) (495 ) Net investment in nonconsolidated affiliates $ 2,451 $ 3,328 |
Nonconsolidated Affiliates - HSC Group Investments | The following table reflects the carrying value of the HSC Group investments at March 31, 2019 and December 31, 2018: Investment in the HSC Group Investment In millions Balance Sheet Classification Mar 31, 2019 Dec 31, 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (658 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 485 $ 535 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The following table shows the carrying amount of goodwill: Goodwill In millions Net goodwill at Dec 31, 2018 $ 13,848 Foreign currency impact (36 ) Net goodwill at Mar 31, 2019 $ 13,812 |
Schedule of other intangible assets | The following table provides information regarding TDCC’s other intangible assets: Other Intangible Assets Mar 31, 2019 Dec 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 3,253 $ (1,996 ) $ 1,257 $ 3,255 $ (1,934 ) $ 1,321 Software 1,539 (900 ) 639 1,529 (876 ) 653 Trademarks/tradenames 680 (638 ) 42 688 (631 ) 57 Customer-related 4,898 (2,211 ) 2,687 4,911 (2,151 ) 2,760 Other 236 (167 ) 69 243 (170 ) 73 Total other intangible assets, finite lives $ 10,606 $ (5,912 ) $ 4,694 $ 10,626 $ (5,762 ) $ 4,864 In-process research and development 49 — 49 49 — 49 Total other intangible assets $ 10,655 $ (5,912 ) $ 4,743 $ 10,675 $ (5,762 ) $ 4,913 |
Schedule of amortization expense | The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Other intangible assets, excluding software $ 154 $ 159 Software, included in “Cost of sales” $ 25 $ 23 |
Schedule of estimated future amortization expense | Total estimated amortization expense for 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions 2019 $ 659 2020 $ 623 2021 $ 594 2022 $ 525 2023 $ 492 2024 $ 456 |
TRANSFERS OF FINANCIAL ASSETS (
TRANSFERS OF FINANCIAL ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Table Text Block] | The following represents the cash flows between TDCC and the conduits: Cash Proceeds Three Months Ended In millions Mar 31, Mar 31, Interests in conduits 1 $ — $ 445 1. Presented in "Investing Activities" in the consolidated statements of cash flows. |
NOTES PAYABLE, LONG-TERM DEBT_2
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Short-term Debt [Table Text Block] | Notes Payable Mar 31, Dec 31, In millions Commercial paper $ — $ 10 Notes payable to banks and other lenders 317 295 Total notes payable $ 317 $ 305 Period-end average interest rates 12.09 % 8.61 % |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt 2019 Average Rate Mar 31, 2018 Average Rate Dec 31, In millions Promissory notes and debentures: Final maturity 2019 9.80 % $ 7 9.80 % $ 7 Final maturity 2020 4.46 % 1,547 4.46 % 1,547 Final maturity 2021 4.71 % 1,424 4.71 % 1,424 Final maturity 2022 3.50 % 1,372 3.50 % 1,373 Final maturity 2023 7.64 % 325 7.64 % 325 Final maturity 2024 3.50 % 896 3.50 % 896 Final maturity 2025 and thereafter 5.98 % 7,963 5.98 % 7,963 Other facilities: U.S. dollar loans, various rates and maturities 3.52 % 4,533 3.59 % 4,533 Foreign currency loans, various rates and maturities 3.19 % 714 3.21 % 713 Medium-term notes, varying maturities through 2025 3.33 % 703 3.26 % 778 Finance lease obligations 369 369 Unamortized debt discount and issuance costs (324 ) (334 ) Long-term debt due within one year 1 (2,369 ) (340 ) Long-term debt $ 17,160 $ 19,254 1. Presented net of current portion of unamortized debt issuance costs. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of Long-Term Debt for Next Five Years at Mar 31, 2019 In millions 2019 1 $ 2,307 2020 $ 1,839 2021 2 $ 4,249 2022 $ 1,507 2023 $ 500 2024 $ 968 1. Includes $2.0 billion of current maturities related to the Dow Silicones term loan facility, repaid on April 5, 2019. 2. Assumes the option to extend will be exercised for $2.5 billion of the Dow Silicones term loan facility. |
Schedule of Line of Credit Facilities [Table Text Block] | The following table summarizes TDCC's credit facilities: Committed and Available Credit Facilities at Mar 31, 2019 In millions Committed Credit Credit Available Maturity Date Interest Five Year Competitive Advance and Revolving Credit Facility $ 5,000 $ 5,000 October 2023 Floating rate Term Loan Facility 1 2,000 — April 2019 Floating rate Term Loan Facility 2 2,500 — December 2021 Floating rate North American Securitization Facility 800 800 September 2019 Floating rate European Securitization Facility 3 450 450 October 2020 Floating rate Bilateral Revolving Credit Facility 100 100 October 2019 Floating rate Bilateral Revolving Credit Facility 4 100 100 March 2020 Floating rate Bilateral Revolving Credit Facility 100 100 March 2020 Floating rate Bilateral Revolving Credit Facility 280 280 March 2020 Floating rate Bilateral Revolving Credit Facility 100 100 March 2020 Floating rate Bilateral Revolving Credit Facility 200 200 March 2020 Floating rate Bilateral Revolving Credit Facility 200 200 May 2020 Floating rate Bilateral Revolving Credit Facility 200 200 July 2020 Floating rate Bilateral Revolving Credit Facility 100 100 August 2020 Floating rate Total committed and available credit facilities $ 12,130 $ 7,630 1. Dow Silicones voluntarily repaid $2.0 billion of principal on April 5, 2019. 2. Assumes the option to extend the Dow Silicones term loan facility will be exercised. 3. Equivalent to Euro 400 million . 4. On March 9, 2019, TDCC renewed a $100 million Bilateral Revolving Credit Facility agreement, which has a maturity date in March 2020 and provides for interest at floating rates, as defined in the agreement. |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Table of Guarantees by Type | The following table provides a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for guarantees: Guarantees Mar 31, 2019 Dec 31, 2018 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Guarantees 2023 $ 4,514 $ 15 2023 $ 4,523 $ 25 |
LEASES LEASES (Tables)
LEASES LEASES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Guarantor Obligations [Line Items] | ||
Lease, Cost [Table Text Block] | The components of lease cost for operating and finance leases for the three months ended March 31, 2019 were as follows: Lease Cost Three Months Ended In millions Operating lease cost $ 147 Finance lease cost Amortization of right-of-use assets - finance 6 Interest on lease liabilities - finance 6 Total finance lease cost $ 12 Short-term lease cost 55 Variable lease cost 85 Sublease income (1 ) Total lease cost $ 298 | |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | The following table provides supplemental cash flow information related to leases: Other Lease Information Three Months Ended In millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 154 Operating cash flows from finance leases $ 6 Financing cash flows from finance leases $ 3 | |
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] | The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at March 31, 2019 : Lease Position Balance Sheet Classification Mar 31, 2019 In millions Right-of-use assets obtained in exchange for lease obligations: Operating leases 1 $ 2,714 Assets Operating lease assets Operating lease right-of-use assets $ 2,584 Finance lease assets Property 437 Finance lease amortization Accumulated depreciation (143 ) Total lease assets $ 2,878 Liabilities Current Operating Operating lease liabilities - current $ 477 Finance Long-term debt due within one year 20 Noncurrent Operating Operating lease liabilities - noncurrent 2,126 Finance Long-Term Debt 349 Total lease liabilities $ 2,972 1. Includes $2.7 billion related to the adoption of Topic 842. See Note 2 for additional information. | |
Lease Terms and Discount Rates [Table Text Block] | Lease Term and Discount Rate Mar 31, 2019 Weighted-average remaining lease term Operating leases 8.7 years Finance leases 18.7 years Weighted-average discount rate Operating leases 4.12 % Finance leases 6.98 % | |
Maturities of Lease Liabilities [Table Text Block] | aturities of lease liabilities at March 31, 2019 : Maturities of Lease Liabilities at Mar 31, 2019 Operating Leases Finance Leases In millions 2019 $ 437 $ 38 2020 515 48 2021 421 46 2022 343 44 2023 291 71 2024 and thereafter 1,157 309 Total future undiscounted lease payments $ 3,164 $ 556 Less imputed interest 561 187 Total present value of lease liabilities $ 2,603 $ 369 | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at Dec 31, 2018 In millions 2019 $ 412 2020 369 2021 328 2022 297 2023 253 2024 and thereafter 978 Total $ 2,637 | |
Schedule of Guarantor Obligations [Table Text Block] | The following table provides a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for guarantees: Guarantees Mar 31, 2019 Dec 31, 2018 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Guarantees 2023 $ 4,514 $ 15 2023 $ 4,523 $ 25 | |
Residual Value Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Schedule of Guarantor Obligations [Table Text Block] | Lease Guarantees March 31, 2019 December 31, 2018 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Residual value guarantees 2028 $ 885 $ — 2028 $ 885 $ 130 |
STOCKHOLDERS' EQUITY STOCKHOL_2
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the changes and after-tax balances of each component of AOCL for the three months ended March 31, 2019 and 2018 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and Other Postretire Benefits Derivative Instruments Total Accum Other Comp Loss In millions Balance at Jan 1, 2018 $ 17 $ (1,481 ) $ (6,998 ) $ (109 ) $ (8,571 ) Other comprehensive income (loss) before reclassifications (26 ) 376 — (16 ) 334 Amounts reclassified from accumulated other comprehensive income (loss) 1 — 126 22 149 Net other comprehensive income (loss) $ (25 ) $ 376 $ 126 $ 6 $ 483 Balance at Mar 31, 2018 $ (8 ) $ (1,105 ) $ (6,872 ) $ (103 ) $ (8,088 ) Balance at Jan 1, 2019 $ (51 ) $ (1,813 ) $ (7,965 ) $ (56 ) $ (9,885 ) Other comprehensive income (loss) before reclassifications 68 (13 ) — (68 ) (13 ) Amounts reclassified from accumulated other comprehensive loss (1 ) (18 ) 141 (7 ) 115 Net other comprehensive income (loss) $ 67 $ (31 ) $ 141 $ (75 ) $ 102 Balance at Mar 31, 2019 $ 16 $ (1,844 ) $ (7,824 ) $ (131 ) $ (9,783 ) The tax effects on the net activity related to each component of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 were as follows: Tax Benefit (Expense) 1 Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Unrealized gains (losses) on investments $ (18 ) $ 6 Cumulative translation adjustments (1 ) 5 Pension and other postretirement benefit plans (25 ) (28 ) Derivative instruments 27 3 Tax expense from income taxes related to other comprehensive income (loss) items $ (17 ) $ (14 ) 1. Prior period amounts were updated to conform with the current year presentation. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | A summary of the reclassifications out of AOCL for the three months ended March 31, 2019 and 2018 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Consolidated Statements of Income Classification Mar 31, 2019 Mar 31, 2018 In millions Unrealized (gains) losses on investments $ (1 ) $ 2 See (1) below Tax benefit — (1 ) See (2) below After tax $ (1 ) $ 1 Cumulative translation adjustments $ (18 ) $ — See (3) below Pension and other postretirement benefit plans $ 166 $ 154 See (4) below Tax benefit (25 ) (28 ) See (2) below After tax $ 141 $ 126 Derivative instruments $ (7 ) $ 27 See (5) below Tax benefit — (5 ) See (2) below After tax $ (7 ) $ 22 Total reclassifications for the period, after tax $ 115 $ 149 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of TDCC's defined benefit pension and other postretirement benefit plans. See Note 14 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
NONCONTROLLING INTERESTS Nonc_2
NONCONTROLLING INTERESTS Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests [Table Text Block] | The following table summarizes the activity for equity attributable to noncontrolling interests for the three months ended March 31, 2019 and 2018 : Noncontrolling Interests Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Balance at beginning of period $ 1,138 $ 1,186 Net income attributable to noncontrolling interests 45 35 Distributions to noncontrolling interests (9 ) (24 ) Cumulative translation adjustments 7 (6 ) Other (1 ) (1 ) Balance at end of period $ 1,180 $ 1,190 |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The following table provides the components of TDCC's net periodic benefit cost for all significant plans: Net Periodic Benefit Cost for All Significant Plans Three Months Ended In millions Mar 31, Mar 31, Defined Benefit Pension Plans: Service cost $ 112 $ 133 Interest cost 241 218 Expected return on plan assets (417 ) (406 ) Amortization of prior service credit (6 ) (6 ) Amortization of net loss 132 171 Net periodic benefit cost $ 62 $ 110 Other Postretirement Benefits: Service cost $ 2 $ 3 Interest cost 14 11 Amortization of net gain (6 ) (6 ) Net periodic benefit cost $ 10 $ 8 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | The following table summarizes the fair value of financial instruments at March 31, 2019 and December 31, 2018 : Fair Value of Financial Instruments Mar 31, 2019 Dec 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 345 $ — $ — $ 345 $ 566 $ — $ — $ 566 Marketable securities $ 101 $ — $ — $ 101 $ 100 $ — $ — $ 100 Other investments: Debt securities: Government debt 1 $ 694 $ 17 $ (9 ) $ 702 $ 714 $ 9 $ (23 ) $ 700 Corporate bonds 1,051 43 (21 ) 1,073 1,026 20 (63 ) 983 Total debt securities $ 1,745 $ 60 $ (30 ) $ 1,775 $ 1,740 $ 29 $ (86 ) $ 1,683 Equity securities 2 16 5 — 21 16 1 (1 ) 16 Total other investments $ 1,761 $ 65 $ (30 ) $ 1,796 $ 1,756 $ 30 $ (87 ) $ 1,699 Total cash equivalents, marketable securities and other investments $ 2,207 $ 65 $ (30 ) $ 2,242 $ 2,422 $ 30 $ (87 ) $ 2,365 Long-term debt including debt due within one year 3 $ (19,529 ) $ 84 $ (1,405 ) $ (20,850 ) $ (19,594 ) $ 351 $ (971 ) $ (20,214 ) Derivatives relating to: Interest rates $ — $ — $ (181 ) $ (181 ) $ — $ — $ (64 ) $ (64 ) Foreign currency — 86 (14 ) 72 — 120 (43 ) 77 Commodities 4 — 88 (147 ) (59 ) — 91 (178 ) (87 ) Total derivatives $ — $ 174 $ (342 ) $ (168 ) $ — $ 211 $ (285 ) $ (74 ) 1. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 2. Equity securities with a readily determinable fair value. 3. Cost includes fair value hedge adjustments of $17 million at March 31, 2019 and $18 million at December 31, 2018 on $2,290 million of debt at March 31, 2019 and December 31, 2018 . 4. Presented net of cash collateral |
Investing Results | The following table provides the investing results from available-for-sale securities for the three months ended March 31, 2019 and 2018 : Investing Results Three Months Ended In millions Mar 31, Mar 31, Proceeds from sales of available-for-sale securities $ 159 $ 348 Gross realized gains $ 6 $ 7 Gross realized losses $ (5 ) $ (9 ) |
Schedule Fair Values of Derivative Instruments | The following tables provide the fair value and balance sheet classification of derivative instruments at March 31, 2019 and December 31, 2018 : Fair Value of Derivative Instruments Mar 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 161 $ (89 ) $ 72 Commodity contracts Other current assets 31 (5 ) 26 Commodity contracts Deferred charges and other assets 57 (4 ) 53 Total $ 249 $ (98 ) $ 151 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 29 $ (15 ) $ 14 Commodity contracts Other current assets 8 (1 ) 7 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 41 $ (18 ) $ 23 Total asset derivatives $ 290 $ (116 ) $ 174 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 181 $ — $ 181 Foreign currency contracts Accrued and other current liabilities 98 (89 ) 9 Commodity contracts Accrued and other current liabilities 93 (6 ) 87 Commodity contracts Other noncurrent obligations 60 (8 ) 52 Total $ 432 $ (103 ) $ 329 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 20 $ (15 ) $ 5 Commodity contracts Accrued and other current liabilities 8 (4 ) 4 Commodity contracts Other noncurrent obligations 7 (3 ) 4 Total $ 35 $ (22 ) $ 13 Total liability derivatives $ 467 $ (125 ) $ 342 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 TDCC and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Fair Value of Derivative Instruments Dec 31, 2018 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 98 $ (42 ) $ 56 Commodity contracts Other current assets 47 (13 ) 34 Commodity contracts Deferred charges and other assets 18 (3 ) 15 Total $ 163 $ (58 ) $ 105 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 128 $ (64 ) $ 64 Commodity contracts Other current assets 41 (1 ) 40 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 173 $ (67 ) $ 106 Total asset derivatives $ 336 $ (125 ) $ 211 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 64 $ — $ 64 Foreign currency contracts Accrued and other current liabilities 46 (42 ) 4 Commodity contracts Accrued and other current liabilities 111 (18 ) 93 Commodity contracts Other noncurrent obligations 86 (9 ) 77 Total $ 307 $ (69 ) $ 238 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 103 $ (64 ) $ 39 Commodity contracts Accrued and other current liabilities 7 (4 ) 3 Commodity contracts Other noncurrent obligations 8 (3 ) 5 Total $ 118 $ (71 ) $ 47 Total liability derivatives $ 425 $ (140 ) $ 285 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 TDCC and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis Mar 31, 2019 Dec 31, 2018 Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Total Quoted Prices in Active Markets for Identical Items Significant Other Observable Inputs Total In millions Assets at fair value: Cash equivalents 1 $ — $ 345 $ 345 $ — $ 566 $ 566 Marketable securities — 101 101 — 100 100 Equity securities 2 21 — 21 16 — 16 Debt securities: 2 Government debt 3 — 702 702 — 700 700 Corporate bonds 19 1,054 1,073 — 983 983 Derivatives relating to: 4 Foreign currency — 189 189 — 226 226 Commodities 10 90 100 17 93 110 Total assets at fair value $ 50 $ 2,481 $ 2,531 $ 33 $ 2,668 $ 2,701 Liabilities at fair value: Long-term debt including debt due within one year 5 $ — $ 20,850 $ 20,850 $ — $ 20,214 $ 20,214 Derivatives relating to: 4 Interest rates — 181 181 — 64 64 Foreign currency — 117 117 — 149 149 Commodities 13 155 168 23 189 212 Total liabilities at fair value $ 13 $ 21,303 $ 21,316 $ 23 $ 20,616 $ 20,639 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" in the consolidated balance sheets and held at amortized cost, which approximates fair value. 2. TDCC’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 3. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 4. See Note 15 for the classification of derivatives in the consolidated balance sheets. 5. See Note 15 for information on fair value measurements of long-term debt. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table summarizes the carrying amounts of these entities' assets and liabilities included in TDCC’s consolidated balance sheets at March 31, 2019 and December 31, 2018 : Assets and Liabilities of Consolidated VIEs Mar 31, Dec 31, In millions Cash and cash equivalents $ 109 $ 82 Other current assets 116 114 Net property 718 734 Other noncurrent assets 60 45 Total assets 1 $ 1,003 $ 975 Current liabilities $ 318 $ 334 Long-term debt 43 75 Other noncurrent obligations 46 31 Total liabilities 2 $ 407 $ 440 1. All assets were restricted at March 31, 2019 and December 31, 2018 . 2. All liabilities were nonrecourse at March 31, 2019 and December 31, 2018 . |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |
Schedule of Variable Interest Entities [Table Text Block] | TDCC's maximum exposure to loss is the same as the carrying amounts, unless otherwise noted below. Carrying Amounts of Assets and Liabilities Related to Nonconsolidated VIEs Mar 31, Dec 31, In millions Description of asset or liability Hemlock Semiconductor L.L.C. Equity method investment 1 $ (658 ) $ (495 ) Silicon joint ventures Equity method investments 2 $ 96 $ 100 AgroFresh Solutions, Inc. Equity method investment 2 $ 45 $ 48 Other receivable 3 $ 8 $ 8 1. Classified as "Other noncurrent obligations" in the consolidated balance sheets. TDCC's maximum exposure to loss was zero at March 31, 2019 ( zero at December 31, 2018 ). 2. Classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. 3. Classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The following table presents amounts due to or due from DuPont and its affiliates: Balances Due To or Due From DuPont and its Affiliates Mar 31, 2019 Dec 31, 2018 In millions Accounts and notes receivable - Other $ 201 $ 288 Accounts payable - Other $ 112 $ 201 The following table presents revenue earned and expenses incurred related to transactions with DuPont and its affiliates: Sales to DuPont and its Affiliates Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Net sales $ 106 $ 43 Cost of sales $ 65 $ 26 |
CONSOLIDATED FINANCIAL STATEM_2
CONSOLIDATED FINANCIAL STATEMENTS Changes to Statement of Equity (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jan. 01, 2018 |
Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 111 | $ 68 |
AOCI Attributable to Parent [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ (20) |
RECENT ACCOUNTING GUIDANCE Rece
RECENT ACCOUNTING GUIDANCE Recent Accounting Guidance (Details) - Accounting Standards Update 2016-02 [Member] $ in Millions | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 2,700 |
Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 72 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue, Performance Obligation, Description of Timing | 22 | ||
Revenues | $ 13,582 | $ 14,899 | |
Contract with Customer, Liability, Revenue Recognized | 65 | 75 | |
Contract with Customer, Asset, Reclassified to Receivable | 14 | ||
Accounts Receivable, Net, Current | 8,428 | $ 8,246 | |
Contract assets - current 1 | 26 | 37 | |
Contract assets - noncurrent 2 | 47 | 47 | |
Contract liabilities - current 3 | 233 | 165 | |
Contract liabilities - noncurrent 4 | 1,739 | 1,390 | |
U.S. & Canada | |||
Revenues | 4,884 | 5,468 | |
EMEA 1 | |||
Revenues | 4,211 | 4,765 | |
Asia Pacific | |||
Revenues | 3,202 | 3,256 | |
Latin America | |||
Revenues | 1,285 | 1,410 | |
Coatings and Performance Monomers [Member] | |||
Revenues | 904 | 954 | |
Consumer Solutions [Member] | |||
Revenues | 1,365 | 1,363 | |
Crop Protection [Member] | |||
Revenues | 1,124 | 1,122 | |
Electronics & Imaging [Member] | |||
Revenues | 625 | 627 | |
Hydrocarbons & Energy [Member] | |||
Revenues | 1,380 | 1,779 | |
Industrial Biosciences [Member] | |||
Revenues | 119 | 135 | |
Industrial Solutions [Member] | |||
Revenues | 1,104 | 1,156 | |
Nutrition & Health [Member] | |||
Revenues | 152 | 156 | |
Packaging and Specialty Plastics [Member] | |||
Revenues | 3,410 | 3,854 | |
Polyurethanes & CAV [Member] | |||
Revenues | 2,297 | 2,557 | |
Safety & Construction [Member] | |||
Revenues | 424 | 444 | |
Seed [Member] | |||
Revenues | 323 | 371 | |
Transportation & Advanced Polymers [Member] | |||
Revenues | 284 | 304 | |
Corporate, Non-Segment [Member] | |||
Revenues | 69 | 73 | |
Other [Member] | |||
Revenues | $ 2 | $ 4 | |
Product [Member] | |||
Revenue, Percentage from Products and Service Transferred to Customers | 98.00% | 98.00% | |
Material Rights Granted to Customers [Member] | |||
Revenue, Remaining Performance Obligation, Amount | $ 100 | 102 | |
Licensing of Technology [Member] [Member] | |||
Revenue, Remaining Performance Obligation, Amount | $ 519 | $ 407 |
RESTRUCTURING AND ASSET RELAT_3
RESTRUCTURING AND ASSET RELATED CHARGES - NET RESTRUCTURING AND ASSET RELATED CHARGES - NET (Other) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring, Settlement and Impairment Provisions | $ 232 | $ 165 |
RESTRUCTURING AND ASSET RELAT_4
RESTRUCTURING AND ASSET RELATED CHARGES - NET (DowDuPont Agriculture Division Restructuring Program) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, Settlement and Impairment Provisions | $ 232 | $ 165 | ||
DowDuPont Agriculture Division Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, Settlement and Impairment Provisions | (4) | $ 21 | $ 25 | |
Restructuring Reserve, Settled without Cash | (1) | |||
Payments for Restructuring | (8) | (1) | ||
Restructuring Reserve | 11 | 11 | 23 | |
Employee Severance [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, Settlement and Impairment Provisions | (4) | 20 | 24 | |
Restructuring Reserve, Settled without Cash | 0 | |||
Payments for Restructuring | (8) | (1) | ||
Restructuring Reserve | 11 | 11 | 23 | |
Asset write-downs and write-offs [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, Settlement and Impairment Provisions | 0 | 1 | 1 | |
Restructuring Reserve, Settled without Cash | (1) | |||
Payments for Restructuring | 0 | 0 | ||
Restructuring Reserve | 0 | 0 | 0 | |
Accrued and Other Current Liabilities [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 11 | $ 11 | $ 23 |
RESTRUCTURING AND ASSET RELAT_5
RESTRUCTURING AND ASSET RELATED CHARGES - NET (DowDuPont Cost Synergy Program) (Details) - USD ($) $ in Millions | 3 Months Ended | 19 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, Settlement and Impairment Provisions | $ 232 | $ 165 | ||
DowDuPont Cost Synergy Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 325 | $ 325 | $ 327 | |
Restructuring, Settlement and Impairment Provisions | 224 | 163 | 1,462 | |
Restructuring Reserve, Settled without Cash | (100) | |||
Payments for Restructuring | (126) | |||
Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 237 | 237 | 262 | |
Restructuring, Settlement and Impairment Provisions | 72 | 104 | 633 | |
Restructuring Reserve, Settled without Cash | 0 | |||
Payments for Restructuring | (97) | |||
Asset write-downs and write-offs [Member] | DowDuPont Cost Synergy Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | |
Restructuring, Settlement and Impairment Provisions | 100 | 48 | 613 | |
Restructuring Reserve, Settled without Cash | (100) | |||
Payments for Restructuring | 0 | |||
Asset write-downs and write-offs [Member] | DowDuPont Cost Synergy Program [Member] | Restructuring Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, Settlement and Impairment Provisions | 100 | |||
Costs Associated with Exit and Disposal Activities [Member] | DowDuPont Cost Synergy Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 88 | 88 | 65 | |
Restructuring, Settlement and Impairment Provisions | 52 | $ 11 | 216 | |
Restructuring Reserve, Settled without Cash | 0 | |||
Payments for Restructuring | (29) | |||
Accrued and Other Current Liabilities [Member] | DowDuPont Cost Synergy Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 250 | 250 | 272 | |
Other Noncurrent Obligations [Member] | DowDuPont Cost Synergy Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 75 | $ 75 | $ 55 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 5,703 | $ 5,640 |
Work in process | 2,239 | 2,214 |
Raw materials | 940 | 941 |
Supplies | 891 | 880 |
Total | 9,773 | 9,675 |
Adjustment of inventories to a LIFO basis | (265) | (415) |
Total inventories | $ 9,508 | $ 9,260 |
NONCONSOLIDATED AFFILIATES NO_3
NONCONSOLIDATED AFFILIATES NONCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 3,321 | $ 3,823 | |
Equity Method Investment, Liability, Noncurrent | (870) | (495) | |
Equity Method Investment, Net of Investment Liabilities | 2,451 | 3,328 | |
Hemlock Semiconductor LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Liability, Noncurrent | (658) | (495) | |
DC HSC Holdings LLC [Member] [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 485 | 535 | |
EQUATE Petrochemical Company Ksc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 131 | ||
Equity Method Investment, Liability, Noncurrent | (212) | ||
Proceeds from Equity Method Investment, Distribution | $ 440 | ||
Equity Method Investments [Member] | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 71 | ||
Other Noncurrent Obligations [Member] | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 168 | ||
Deferred Tax Asset [Domain] | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 56 | ||
Retained Earnings [Member] | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 183 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | $ 13,848 |
Net goodwill, end of period | 13,812 |
Corporate, Non-Segment [Member] | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 13,848 |
Foreign currency impact | (36) |
Net goodwill, end of period | $ 13,812 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | $ 10,606 | $ 10,626 |
Finite other intangible assets, accumulated amortization | (5,912) | (5,762) |
Finite other intangible assets, net | 4,694 | 4,864 |
Other intangible assets, gross carrying amount | 10,655 | 10,675 |
Other intangible assets, net | 4,743 | 4,913 |
In process research and development [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite other intangible asset, carrying amount | 49 | 49 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 3,253 | 3,255 |
Finite other intangible assets, accumulated amortization | (1,996) | (1,934) |
Finite other intangible assets, net | 1,257 | 1,321 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 1,539 | 1,529 |
Finite other intangible assets, accumulated amortization | (900) | (876) |
Finite other intangible assets, net | 639 | 653 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 680 | 688 |
Finite other intangible assets, accumulated amortization | (638) | (631) |
Finite other intangible assets, net | 42 | 57 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 4,898 | 4,911 |
Finite other intangible assets, accumulated amortization | (2,211) | (2,151) |
Finite other intangible assets, net | 2,687 | 2,760 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 236 | 243 |
Finite other intangible assets, accumulated amortization | (167) | (170) |
Finite other intangible assets, net | $ 69 | $ 73 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 154 | $ 159 |
Other intangible assets, excluding software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 154 | 159 |
Software, included in “Cost of sales” | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 25 | $ 23 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Future Amortization Expense (Details) $ in Millions | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 659 |
2020 | 623 |
2021 | 594 |
2022 | 525 |
2023 | 492 |
2024 | $ 456 |
TRANSFERS OF FINANCIAL ASSETS -
TRANSFERS OF FINANCIAL ASSETS - Cash Proceeds (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Transfers and Servicing [Abstract] | ||
Interests in conduits 1 | $ 0 | $ 445 |
NOTES PAYABLE, LONG-TERM DEBT_3
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Notes Payable (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 317 | $ 305 |
Period-end average interest rates | 12.09% | 8.61% |
Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 0 | $ 10 |
Notes Payable to Banks [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 317 | $ 295 |
NOTES PAYABLE, LONG-TERM DEBT_4
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Long-Term Debt (Details) - USD ($) $ in Millions | Apr. 05, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 369 | ||
Unamortized debt discount and issuance costs | (324) | $ (334) | |
Long-term debt due within one year 1 | (2,369) | (340) | |
Long-term debt | 17,160 | $ 19,254 | |
Long-term Debt, Maturities, Repayments of Principal, 2019 | 2,307 | ||
Long-term Debt, Maturities, Repayments of Principal, 2020 | 1,839 | ||
Long-term Debt, Maturities, Repayments of Principal, 2021 | 4,249 | ||
Long-term Debt, Maturities, Repayments of Principal, 2022 | 1,507 | ||
Long-term Debt, Maturities, Repayments of Principal, 2023 | 500 | ||
Long-term Debt, Maturities, Repayments of Principal, 2024 | 968 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 12,130 | ||
Term Loan Facility, Due April 2019 [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | ||
Term Loan Facility, Due April 2019 [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Debt | $ 2,000 | ||
Term Loan Facility, Due December 2021 [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500 | ||
InterNotes redeemed [Member] | |||
Debt Instrument [Line Items] | |||
Repayments of Notes Payable | $ 72 | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Current Year [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 9.80% | 9.80% | |
Long-term Debt, Gross | $ 7 | $ 7 | |
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year One [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.46% | 4.46% | |
Long-term Debt, Gross | $ 1,547 | $ 1,547 | |
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Two [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.71% | 4.71% | |
Long-term Debt, Gross | $ 1,424 | $ 1,424 | |
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Three [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.50% | 3.50% | |
Long-term Debt, Gross | $ 1,372 | $ 1,373 | |
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Four [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 7.64% | 7.64% | |
Long-term Debt, Gross | $ 325 | $ 325 | |
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Five [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.50% | 3.50% | |
Long-term Debt, Gross | $ 896 | $ 896 | |
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity, Year Six and Thereafter [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 5.98% | 5.98% | |
Long-term Debt, Gross | $ 7,963 | $ 7,963 | |
Loans Payable [Member] | U.S. Dollar Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.52% | 3.59% | |
Long-term Debt, Gross | $ 4,533 | $ 4,533 | |
Loans Payable [Member] | Foreign Currency Loans [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.19% | 3.21% | |
Long-term Debt, Gross | $ 714 | $ 713 | |
Medium-term Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.33% | 3.26% | |
Long-term Debt, Gross | $ 703 | $ 778 | |
Finance Leases [Member] | |||
Debt Instrument [Line Items] | |||
Finance lease obligations | $ 369 | $ 369 |
NOTES PAYABLE, LONG-TERM DEBT_5
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Committed and Available Credit Facilities (Details) € in Millions, $ in Millions | Apr. 05, 2019USD ($) | May 31, 2016USD ($) | Mar. 31, 2019EUR (€) | Mar. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,130 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 7,630 | |||
DCC Term Loan Facility [Domain] | Term Loan Facility [Domain] | ||||
Line of Credit Facility [Line Items] | ||||
Proceeds from Lines of Credit | $ 4,500 | |||
Term Loan Facility, Due April 2019 [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Repayments of Debt | $ 2,000 | |||
Term Loan Facility, Due April 2019 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |||
Term Loan Facility, Due December 2021 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |||
Five Year Competitive Advance and Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 5,000 | |||
North American Securitization Facility, Due September 2019 [Member] | Secured Debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 800 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 800 | |||
European Securitization Facility, Due October 2020 [Member] | Secured Debt [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | € 400 | 450 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 450 | |||
Bilateral Revolving Credit Facility, Due October 2019 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
Bilateral Revolving Credit Facility, Due March 2020, Facility One [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
Bilateral Revolving Credit Facility, Due March 2020, Facility Two [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
Bilateral Revolving Credit Facility, Due March 2020, Facility Three [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 280 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 280 | |||
Bilateral Revolving Credit Facility, Due March 2020, Facility Four [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 100 | |||
Bilateral Revolving Credit Facility, Due March 2020, Facility Five [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 200 | |||
Bilateral Revolving Credit Facility, Due May 2020 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 200 | |||
Bilateral Revolving Credit Facility, Due July 2020 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 200 | |||
Bilateral Revolving Credit Facility, Due August 2020 [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 100 |
NOTES PAYABLE, LONG-TERM DEBT_6
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Debt Covenant and Default Provisions (Details) $ in Millions | Apr. 01, 2019USD ($) |
Subsequent Event [Member] | Dow Inc. [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Debt Default, Default Trigger, Amount Guaranteed for Third Party Indebtedness for Borrowed Money | $ 250 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES (Environmental Matters) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Accrual for environmental loss contingencies | $ 813 | $ 820 | |
Accrual For Environmental Loss Contingencies Superfund Sites [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for environmental loss contingencies | $ 159 | $ 156 | |
Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies, Revision in Estimates | $ 400 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES (Asbestos-Related Matters of Union Carbide Corporation) (Table and Narrative) (Details) - Asbestos Related Matters [Member] - Union Carbide Corporation [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Liability for Asbestos and Environmental Claims, Gross | $ 1,243 | $ 1,260 |
Percentage of recorded asbestos liability related to pending claims | 17.00% | |
Percentage of recorded asbestos liability related to future claims | 83.00% |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITES (Dow Silicones Chapter 11 Related Matters) (Details) (Details) - Dow Silicones Corporation [Member] - USD ($) $ in Millions | Jun. 01, 2004 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 | Jun. 01, 2016 |
Product Liability Contingency [Line Items] | |||||
Business Combination, Indemnification Assets, Percentage of Future Losses | 50.00% | ||||
Indemnification Asset | $ 0 | ||||
Breast Implant and Other Products Liability Claims [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Product Liability Contingency, Payments Incurred To Date | $ 1,762 | ||||
Product Liability Contingency, Unexpended Balance | 110 | ||||
Loss Contingency Accrual, Product Liability, Net | 263 | ||||
Product Liability Contingency, Loss Exposure, Best Estimate | 2,148 | ||||
Accrued and Other Current Liabilities [Member] | Breast Implant and Other Products Liability Claims [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Loss Contingency Accrual, Product Liability, Net | 157 | 111 | |||
Other Noncurrent Obligations [Member] | Breast Implant and Other Products Liability Claims [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Loss Contingency Accrual, Product Liability, Net | 106 | 152 | |||
Commercial Creditors Litigation [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Payments for Legal Settlements | $ 1,500 | ||||
Estimated Litigation Liability | $ 83 | $ 82 | |||
Commercial Creditors Litigation [Member] | Minimum [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 77 | ||||
Commercial Creditors Litigation [Member] | Maximum [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 260 |
COMMITMENTS AND CONTINGENT LI_6
COMMITMENTS AND CONTINGENT LIABILITIES (Nova Patent Infringement Matter) (Details) - Dow V. Nova Chemicals Corporation Patent Infringement Matter [Member] $ in Millions, $ in Millions | Jul. 06, 2017USD ($) | Jun. 29, 2017USD ($) | Jun. 29, 2017CAD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded from Other Party | $ 495 | $ 645 | |||
Proceeds from Legal Settlements | $ 501 | ||||
Other noncurrent obligations | $ 341 | $ 341 |
COMMITMENTS AND CONTINGENT LI_7
COMMITMENTS AND CONTINGENT LIABILITIES (Guarantees) (Table and Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Guarantor Obligations [Line Items] | ||
Long-term Debt | $ 19,529 | $ 19,594 |
Performance Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Final expiration | 2023 | 2023 |
Guarantor obligations, maximum future payments | $ 4,514 | $ 4,523 |
Guarantor obligations, recorded liability | $ 15 | 25 |
Sadara Chemical Company [Member] | ||
Guarantor Obligations [Line Items] | ||
Equity Method Investment, Ownership Percentage | 35.00% | |
Sadara Chemical Company [Member] | Performance Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, maximum future payments | $ 4,200 | |
Sadara Chemical Company [Member] | Total Project Financing [Member] | ||
Guarantor Obligations [Line Items] | ||
Project Financing, Maximum Borrowing Capacity | 12,500 | |
Long-term Debt | $ 11,700 | $ 11,700 |
LEASES LEASES (Details)
LEASES LEASES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessor, Operating Lease, Lease Not yet Commenced, Assumption and Judgment, Value of Underlying Asset, Amount | $ 45 | |
Operating Lease, Expense | 147 | |
Finance Lease, Right-of-Use Asset, Amortization | 6 | |
Finance Lease, Interest Expense | 6 | |
Finance Lease, Cost | 12 | |
Short-term Lease, Cost | 55 | |
Variable Lease, Cost | 85 | |
Sublease Income | (1) | |
Lease, Cost | 298 | |
Operating Lease, Payments | 154 | |
Finance Lease, Interest Payment on Liability | 6 | |
Finance Lease, Principal Payments | 3 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 2,714 | |
Operating Lease, Right-of-Use Asset | 2,584 | $ 0 |
Property, Plant and Equipment, Gross | 61,764 | 61,437 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (38,272) | (37,775) |
Total Lease Assets | 2,878 | |
Operating Lease, Liability, Current | 477 | 0 |
Finance Lease, Liability, Current | 20 | |
Operating Lease, Liability, Noncurrent | 2,126 | 0 |
Finance Lease, Liability, Noncurrent | 349 | |
Total Lease Liabilities | $ 2,972 | |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 8 months | |
Finance Lease, Weighted Average Remaining Lease Term | 18 years 8 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% | |
Finance Lease, Weighted Average Discount Rate, Percent | 7.00% | |
Lessee, Operating Lease, Liability, Payments, Due 2019 | $ 437 | 412 |
Finance Lease, Liability, Payments, Due 2019 | 38 | |
Lessee, Operating Lease, Liability, Payments, Due 2020 | 515 | 369 |
Finance Lease, Liability, Payments, Due 2020 | 48 | |
Lessee, Operating Lease, Liability, Payments, Due 2021 | 421 | 328 |
Finance Lease, Liability, Payments, Due 2021 | 46 | |
Lessee, Operating Lease, Liability, Payments, Due 2022 | 343 | 297 |
Finance Lease, Liability, Payments, Due 2022 | 44 | |
Lessee, Operating Lease, Liability, Payments, Due 2023 | 291 | 253 |
Finance Lease, Liability, Payments, Due 2023 | 71 | |
Lessee, Operating Lease, Liability, Payments, Due 2024 and thereafter | 1,157 | 978 |
Finance Lease, Liability, Payments, Due 2024 and thereafter | 309 | |
Lessee, Operating Lease, Liability, Payments, Due | 3,164 | $ 2,637 |
Finance Lease, Liability, Payments, Due | 556 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 561 | |
Finance Lease, Liability, Undiscounted Excess Amount | 187 | |
Operating Lease, Liability | 2,603 | |
Finance lease obligations | $ 369 | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 10 years | |
Minimum [Member] | ||
Lessee, Operating and Finance Leases, Remaining Lease Term | 1 year | |
Maximum [Member] | ||
Lessee, Operating and Finance Leases, Remaining Lease Term | 50 years | |
Finance Leases [Member] | ||
Property, Plant and Equipment, Gross | $ 437 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (143) |
STOCKHOLDERS' EQUITY STOCKHOL_3
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY - Common Stock (Details) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 100 | 100 |
Common Stock, Shares, Issued | 100 | 100 |
Dow Inc. [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 5,000,000,000 | 100 |
Common Stock, Shares, Issued | 748,771,240 | 100 |
STOCKHOLDERS' EQUITY STOCKHOL_4
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Tax | $ (17) | $ (14) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 28,146 | 27,971 | $ 27,969 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (13) | 334 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 115 | 149 | ||||
Other Comprehensive Income (Loss), Net of Tax | 102 | 483 | ||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Tax | (18) | 6 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16 | (8) | $ (51) | $ 17 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 68 | (26) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | 1 | ||||
Other Comprehensive Income (Loss), Net of Tax | 67 | (25) | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Tax | (1) | 5 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,844) | (1,105) | (1,813) | (1,481) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (13) | 376 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (18) | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | (31) | 376 | ||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Tax | (25) | (28) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,824) | (6,872) | (7,965) | (6,998) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 141 | 126 | ||||
Other Comprehensive Income (Loss), Net of Tax | 141 | 126 | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Tax | 27 | 3 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (131) | (103) | (56) | (109) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (68) | (16) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | 22 | ||||
Other Comprehensive Income (Loss), Net of Tax | (75) | 6 | ||||
AOCI Attributable to Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (9,783) | (8,088) | $ (9,885) | $ (9,885) | $ (8,591) | $ (8,571) |
Other Comprehensive Income (Loss), Net of Tax | $ 102 | $ 483 |
STOCKHOLDERS' EQUITY STOCKHOL_5
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY - Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 115 | $ 149 |
Sundry income (expense) - net | 73 | 83 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1) | 2 |
Reclassification from AOCI, Current Period, Tax | 0 | (1) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | 1 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Sundry income (expense) - net | (18) | 0 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 166 | 154 |
Reclassification from AOCI, Current Period, Tax | (25) | (28) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 141 | 126 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (7) | 27 |
Reclassification from AOCI, Current Period, Tax | 0 | (5) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (7) | $ 22 |
NONCONTROLLING INTERESTS Nonc_3
NONCONTROLLING INTERESTS Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Noncontrolling Interest [Line Items] | ||
Balance at beginning of period | $ 1,138 | $ 1,186 |
Net income attributable to noncontrolling interests | 45 | 35 |
Distributions to noncontrolling interests | (9) | (24) |
Cumulative translation adjustments | 7 | (6) |
Other | (1) | (1) |
Balance at end of period | $ 1,180 | $ 1,190 |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 112 | $ 133 |
Interest cost | 241 | 218 |
Expected return on plan assets | (417) | (406) |
Amortization of prior service credit | (6) | (6) |
Amortization of net (gain) loss | 132 | 171 |
Net periodic benefit cost | 62 | 110 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | 2 | 3 |
Interest cost | 14 | 11 |
Amortization of net (gain) loss | (6) | (6) |
Net periodic benefit cost | $ 10 | $ 8 |
FINANCIAL INSTRUMENTS Fair Valu
FINANCIAL INSTRUMENTS Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Investment [Line Items] | |||
Cash Equivalents, at Carrying Value | $ 345 | $ 566 | |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 | |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 | |
Cash Equivalents, Fair Value | 345 | 566 | |
Available-for-sale Debt Securities, Amortized Cost Basis, Current | 101 | 100 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Current, before Tax | 0 | 0 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Current, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Current | 101 | 100 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,745 | 1,740 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 60 | 29 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 30 | 86 | |
Debt Securities, Available-for-sale | 1,775 | 1,683 | |
Equity Securities, Amortized Cost Basis | 16 | 16 | |
Equity Securities, Accumulated Gross Unrealized Gain, Before Tax | 5 | 1 | |
Equity Securities, Accumulated Gross Unrealized Loss, Before Tax | 0 | (1) | |
Equity Securities, Fair Value | 21 | 16 | |
Other Investments and Securities, at Cost | 1,761 | 1,756 | |
Other Investments and Securities, Accumulated Gross Unrealized Gain, Before Tax | 65 | 30 | |
Other Investments and Securities, Accumulated Gross Unrealized Loss, Before Tax | 30 | 87 | |
Other Investments | 1,796 | 1,699 | |
Cash Equivalents, Marketable Securities and Other Investments, Amortized Cost Basis | 2,207 | 2,422 | |
Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Gain, Before Tax | 65 | 30 | |
Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Loss, Before Tax | 30 | 87 | |
Cash Equivalents, Marketable Securities and Other Investments, Fair Value | 2,242 | 2,365 | |
Long-term Debt | 19,529 | 19,594 | |
Long Term Debt, Accumulated Gross Unrealized Gain, Before Tax | 84 | 351 | |
Long Term Debt, Accumulated Gross Unrealized Loss, Before Tax | 1,405 | 971 | |
Long-term Debt, Fair Value | 20,850 | 20,214 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 174 | 211 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 342 | 285 | |
Derivative Assets (Liabilities), at Fair Value, Net | (168) | (74) | |
Long Term Debt, Accumulated Fair Value Adjustment | 17 | 18 | |
Proceeds from sales of available-for-sale securities | 159 | $ 348 | |
Gross realized gains | 6 | 7 | |
Gross realized losses | 5 | 9 | |
Cost Method Investments | 207 | 206 | |
Equity Securities, Net Unrealized Gain (Loss) | 5 | $ 9 | |
US Treasury and Government [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 694 | 714 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 17 | 9 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 9 | 23 | |
Debt Securities, Available-for-sale | 702 | 700 | |
Corporate Debt Securities [Member] | |||
Investment [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 1,051 | 1,026 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 43 | 20 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 21 | 63 | |
Debt Securities, Available-for-sale | 1,073 | 983 | |
Interest Rate Contract [Member] | |||
Investment [Line Items] | |||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 181 | 64 | |
Derivative Assets (Liabilities), at Fair Value, Net | (181) | (64) | |
Foreign Exchange Contract [Member] | |||
Investment [Line Items] | |||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 86 | 120 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 14 | 43 | |
Derivative Assets (Liabilities), at Fair Value, Net | 72 | 77 | |
Commodity Contract [Member] | |||
Investment [Line Items] | |||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 88 | 91 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 147 | 178 | |
Derivative Assets (Liabilities), at Fair Value, Net | (59) | (87) | |
Long-term debt | |||
Investment [Line Items] | |||
Derivative, Notional Amount | $ 2,290 | $ 2,290 |
FINANCIAL INSTRUMENTS Derivativ
FINANCIAL INSTRUMENTS Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | $ 20 | $ 26 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 34 | |
Hedge Gain (Loss) to be Reclassified During Next 12 Months, Excluded Components, Net | 57 | ||
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 | 11 | ||
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 | (42) | ||
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 | 1 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 290 | 336 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 116 | 125 | |
Derivative Asset | 174 | 211 | |
Derivative Liability, Fair Value, Gross Liability | 467 | 425 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 125 | 140 | |
Derivative Liability | 342 | 285 | |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 249 | 163 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 98 | 58 | |
Derivative Asset | 151 | 105 | |
Derivative Liability, Fair Value, Gross Liability | 432 | 307 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 103 | 69 | |
Derivative Liability | 329 | 238 | |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 41 | 173 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 18 | 67 | |
Derivative Asset | 23 | 106 | |
Derivative Liability, Fair Value, Gross Liability | 35 | 118 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 22 | 71 | |
Derivative Liability | 13 | 47 | |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 161 | 98 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 89 | 42 | |
Derivative Asset | 72 | 56 | |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 31 | 47 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 5 | 13 | |
Derivative Asset | 26 | 34 | |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 29 | 128 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 15 | 64 | |
Derivative Asset | 14 | 64 | |
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 8 | 41 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 1 | 1 | |
Derivative Asset | 7 | 40 | |
Fair Value, Inputs, Level 2 [Member] | Deferred charges and other assets [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 57 | 18 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 4 | 3 | |
Derivative Asset | 53 | 15 | |
Fair Value, Inputs, Level 2 [Member] | Deferred charges and other assets [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4 | 4 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 2 | 2 | |
Derivative Asset | 2 | 2 | |
Fair Value, Inputs, Level 2 [Member] | Accrued and Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 98 | 46 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 89 | 42 | |
Derivative Liability | 9 | 4 | |
Fair Value, Inputs, Level 2 [Member] | Accrued and Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 93 | 111 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 6 | 18 | |
Derivative Liability | 87 | 93 | |
Fair Value, Inputs, Level 2 [Member] | Accrued and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 20 | 103 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 15 | 64 | |
Derivative Liability | 5 | 39 | |
Fair Value, Inputs, Level 2 [Member] | Accrued and Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 8 | 7 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 4 | 4 | |
Derivative Liability | 4 | 3 | |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Obligations [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 60 | 86 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 8 | 9 | |
Derivative Liability | 52 | 77 | |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Obligations [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 181 | 64 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 | |
Derivative Liability | 181 | 64 | |
Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Obligations [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 7 | 8 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 3 | 3 | |
Derivative Liability | 4 | 5 | |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Liability, Notional Amount | 181 | 182 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (36) | $ (43) | |
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | 86 | ||
Derivatives used in Net Investment Hedge, Gain (Loss), Reclassified to Earnings, Net of Tax | 25 | ||
Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 31 | $ (17) |
FAIR VALUE MEASUREMENTS (Summar
FAIR VALUE MEASUREMENTS (Summary of Recurring Measured Fair Values) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 1,775 | $ 1,683 |
Long-term debt including debt due within one year 6 | 20,850 | 20,214 |
US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 702 | 700 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 1,073 | 983 |
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 | 290 | 336 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 345 | 566 |
Marketable securities | 101 | 100 |
Equity securities 3 | 21 | 16 |
Total assets at fair value | 2,531 | 2,701 |
Long-term debt including debt due within one year 6 | 20,850 | 20,214 |
Total liabilities at fair value | 21,316 | 20,639 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 181 | 64 |
Fair Value, Measurements, Recurring [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 | 189 | 226 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 117 | 149 |
Fair Value, Measurements, Recurring [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 | 100 | 110 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 168 | 212 |
Fair Value, Measurements, Recurring [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 702 | 700 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 1,073 | 983 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 0 | 0 |
Marketable securities | 0 | 0 |
Equity securities 3 | 21 | 16 |
Total assets at fair value | 50 | 33 |
Long-term debt including debt due within one year 6 | 0 | 0 |
Total liabilities at fair value | 13 | 23 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [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 | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 0 | 0 |
Fair Value, Measurements, 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 | 10 | 17 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 13 | 23 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Fair Value, Measurements, 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 | 19 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents 1 | 345 | 566 |
Marketable securities | 101 | 100 |
Equity securities 3 | 0 | 0 |
Total assets at fair value | 2,481 | 2,668 |
Long-term debt including debt due within one year 6 | 20,850 | 20,214 |
Total liabilities at fair value | 21,303 | 20,616 |
Fair Value, Measurements, 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 Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 181 | 64 |
Fair Value, Measurements, 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 | 189 | 226 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 117 | 149 |
Fair Value, Measurements, 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 | 90 | 93 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 155 | 189 |
Fair Value, Measurements, 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 | 702 | 700 |
Fair Value, Measurements, 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 | 1,054 | 983 |
Fair Value, Measurements, Nonrecurring [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 | 121 | 120 |
Fair Value, Measurements, Nonrecurring [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 | 29 | 29 |
Fair Value, Measurements, Nonrecurring [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 | $ 87 | $ 89 |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Summary of Nonrecurring Measured Fair Values) (Details) - USD ($) $ in Millions | 3 Months Ended | 19 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restructuring, Settlement and Impairment Provisions | $ 232 | $ 165 | |
DowDuPont Cost Synergy Program [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restructuring, Settlement and Impairment Provisions | 224 | 163 | $ 1,462 |
Asset write-downs and write-offs [Member] | DowDuPont Cost Synergy Program [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restructuring, Settlement and Impairment Provisions | 100 | $ 48 | 613 |
Restructuring Charges [Member] | Asset write-downs and write-offs [Member] | DowDuPont Cost Synergy Program [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restructuring, Settlement and Impairment Provisions | 100 | ||
Leased, Non-manufacturing Facilities [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 80 | $ 80 |
VARIABLE INTEREST ENTITIES (Sch
VARIABLE INTEREST ENTITIES (Schedule of Consolidated Variable Interest Entities, Carrying Amounts of Assets and Liabilities) (Details) - USD ($) $ in Millions | Apr. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Assets, Pledged | $ 1,003 | $ 975 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 407 | 440 | |
Variable Interest Entity, Primary Beneficiary [Member] | Cash and cash equivalents | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Assets, Current, Pledged | 109 | 82 | |
Variable Interest Entity, Primary Beneficiary [Member] | Other current assets | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Assets, Current, Pledged | 116 | 114 | |
Variable Interest Entity, Primary Beneficiary [Member] | Net property | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Assets, Noncurrent, Pledged | 718 | 734 | |
Variable Interest Entity, Primary Beneficiary [Member] | Other noncurrent assets | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Assets, Noncurrent, Pledged | 60 | 45 | |
Variable Interest Entity, Primary Beneficiary [Member] | Current liabilities | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Liabilities, Current | 318 | 334 | |
Variable Interest Entity, Primary Beneficiary [Member] | Long-term debt | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Liabilities, Noncurrent | 43 | 75 | |
Variable Interest Entity, Primary Beneficiary [Member] | Other noncurrent obligations | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Consolidated, Liabilities, Noncurrent | $ 46 | $ 31 | |
Subsequent Event [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Purchase Amount | $ 312 |
VARIABLE INTEREST ENTITIES (Non
VARIABLE INTEREST ENTITIES (Nonconsolidated Variable Interest Entity) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Liability, Noncurrent | $ (870) | $ (495) |
Investment in nonconsolidated affiliates | 3,321 | 3,823 |
Hemlock Semiconductor LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Equity Method Investment, Liability, Noncurrent | (658) | (495) |
Variable Interest Entity, Not Primary Beneficiary [Member] | Hemlock Semiconductor LLC [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 0 | 0 |
Equity Method Investment, Liability, Noncurrent | (658) | (495) |
Variable Interest Entity, Not Primary Beneficiary [Member] | Silicon Inputs Joint Ventures [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in nonconsolidated affiliates | 96 | 100 |
Variable Interest Entity, Not Primary Beneficiary [Member] | AFSI [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in nonconsolidated affiliates | 45 | 48 |
Other | $ 8 | $ 8 |
RELATD PARTY TRANSACTIONS (Deta
RELATD PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Cost of sales | $ 10,707 | $ 11,552 | |
DowDuPont [Member] | |||
Cash Dividends Paid to DowDuPont | 535 | 1,057 | |
Notes Payable, Related Parties, Current | 0 | ||
Accounts Receivable, Related Parties, Current | 89 | $ 89 | |
DuPont and its Affiliates [Member] | |||
Net sales | 106 | 43 | |
Cost of sales | 65 | 26 | |
Related Party - Cost Recoveries | 82 | 79 | |
Related Party Transaction, Purchases from Related Party | 115 | $ 44 | |
Accounts and Notes Receivable Other [Member] | DuPont and its Affiliates [Member] | |||
Related Party Transaction, Due from (to) Related Party | 201 | 288 | |
Accounts Payable Other [Member] | DuPont and its Affiliates [Member] | |||
Related Party Transaction, Due from (to) Related Party | $ 112 | $ 201 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 11, 2019 | Apr. 01, 2019 | Mar. 07, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Common Stock, Shares, Outstanding | 100 | 100 | ||||
Dow Inc. [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Common Stock, Shares, Outstanding | 748,771,240 | 100 | ||||
Dividends, Cash | $ 525 | |||||
Dow Inc. [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Common Stock, Shares, Outstanding | 748,800,000 | |||||
Proceeds from Contributions from Parent | $ 2,024 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,600,000 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 54.89 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 7.99 | |||||
Dow Inc. [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,700,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 54.89 | |||||
Dow Inc. [Member] | Performance Stock Units (PSUs) [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,200,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 57.58 | |||||
DowDuPont [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 |