Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Carrying and Estimated Fair Value

The carrying and estimated fair values of our financial instruments by class at June 30, 2014 and December 31, 2013 were as follows:

	June 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Millions)
Long-term debt (including current maturities)	$	1,207	$	1,262	$	1,021	$	1,089
Instruments with off-balance sheet risk:
Foreign exchange forward contracts:
Asset derivative contracts	—		—		—		—

Foreign Exchange Forward Contracts Fair Value on Gross Basis

The fair value of our foreign exchange forward contracts, presented on a gross basis at June 30, 2014 and December 31, 2013, respectively, was as follows:

Fair Value of Derivative Instruments

June 30, 2014

December 31, 2013

Asset Derivatives

Liability Derivatives

Total

Asset Derivatives

Liability Derivatives

Total

(Millions)

Foreign exchange forward contracts

$—

$—

$—

$

—

$—

$—

Fair Value of Financial Assets on Recurring Basis

The fair value of our recurring financial assets at June 30, 2014 and December 31, 2013, respectively, are as follows:

	June 30, 2014				December 31, 2013
	Level 1	Level 2		Level 3	Level 1	Level 2		Level 3
	(Millions)
Financial Assets:
Foreign exchange forward contracts	n/a	$	—	n/a	n/a	$	—	n/a

Fair Value Hierarchy

The fair value hierarchy definition prioritizes the inputs used in measuring fair value into the following levels:

Level 1	—	Quoted prices in active markets for identical assets or liabilities.
Level 2	—	Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.
Level 3	—	Unobservable inputs based on our own assumptions.

Summarization for Foreign Currency Forward Purchase and Sale Contracts

The following table summarizes by major currency the notional amounts for foreign currency forward purchase and sale contracts as of June 30, 2014 (all of which mature in 2014):

		Notional Amount in Foreign Currency
		(Millions)
Australian dollars	—Purchase	2
	—Sell	(1	)
British pounds	—Purchase	34
	—Sell	(2	)
Canadian dollars	—Sell	(18	)
European euro	—Purchase	2
	—Sell	(9	)
South African rand	—Purchase	127
	—Sell	(3	)
Japanese yen	—Purchase	271
	—Sell	(531	)
Polish zloty	—Purchase	25
U.S. dollars	—Purchase	29
	—Sell	(74	)
Other	—Purchase	1