Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Carrying and Estimated Fair Value

The carrying and estimated fair values of our financial instruments by class at September 30, 2012 and December 31, 2011 were as follows:

	September 30, 2012				December 31, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(Millions)
Long-term debt (including current maturities)	$	1,215	$	1,282	$	1,162	$	1,200
Instruments with off-balance sheet risk:
Foreign exchange forward contracts:
Asset derivative contracts		—		—		1		1

Foreign Exchange Forward Contracts Fair Value on Gross Basis

The fair value of our foreign exchange forward contracts, presented on a gross basis at September 30, 2012 and December 31, 2011, respectively, was as follows:

	Fair Value of Derivative Instruments
	September 30, 2012						December 31, 2011
	Asset Derivatives		Liability Derivatives		Total		Asset Derivatives		Liability Derivatives		Total
	(Millions)
Foreign exchange forward contracts	$	—	$	—	$	—	$	1	$	—	$	1

Fair Value of Financial Assets on Recurring Basis

The fair value of our recurring financial assets at September 30, 2012 and December 31, 2011, respectively, are as follows:

September 30, 2012

December 31, 2011

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

$

1

n/a

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 September 30, 2012 (all of which mature in 2012):

		Notional Amount in Foreign Currency
		(Millions)
Australian dollars	—Purchase		4
British pounds	—Purchase		6
European euro	—Sell		(27	)
South African rand	—Purchase		92
Japanese yen	—Purchase		127
	—Sell		(475	)
U.S. dollars	—Purchase		1,299
	—Sell		(81	)
Other	—Purchase		1
	—Sell		(1	)