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Hedges and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2011
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Derivative Instruments [Table Text Block]
The following tables summarize our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, 2011 and 2010:
 
 
 
 
Fair Value of
 
Type of
Hedge (1)
 
 
Millions of dollars
 
Notional Amount
 
Hedge Assets
 
Hedge Liabilities
 
Maximum Term (Months)
 
 
2011
 
2010
 
2011
 
2010
 
2011
 
2010
 
 
 
2011
 
2010
Derivatives accounted for as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forwards/options
 
$
862

 
$
909

 
$
24

 
$
13

 
$
19

 
$
31

 
(CF/FV)
 
18
 
15
Commodity swaps/options
 
316

 
539

 
9

 
129

 
28

 
2

 
(CF/FV)
 
36
 
24
Interest rate derivatives
 
250

 
—

 
—

 
—

 
5

 
—

 
(CF)
 
6
 
—
Total derivatives accounted for as hedges
 
 
 
 
 
$
33

 
$
142

 
$
52

 
$
33

 
 
 
 
 
 
Derivatives not accounted for as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forwards/options
 
$
1,261

 
$
990

 
$
6

 
$
11

 
$
43

 
$
3

 
N/A
 
3
 
10
Commodity swaps/options
 
3

 
13

 
—

 
11

 
1

 
3

 
N/A
 
11
 
12
Total derivatives not accounted for as hedges
 
 
 
 
 
6

 
22

 
44

 
6

 
 
 
 
 
 
Total derivatives
 
 
 
 
 
$
39

 
$
164

 
$
96

 
$
39

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
$
36

 
$
135

 
$
91

 
$
39

 
 
 
 
 
 
Noncurrent
 
 
 
 
 
3

 
29

 
5

 
—

 
 
 
 
 
 
Total derivatives
 
 
 
 
 
$
39

 
$
164

 
$
96

 
$
39

 
 
 
 
 
 
(1)
Derivatives accounted for as hedges are either considered cash flow (CF) or fair value (FV) hedges
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income [Table Text Block]
The effects of derivative instruments on our Consolidated Statements of Income for the year ended December 31, 2011 and 2010 are as follows:
Cash Flow Hedges - Millions of dollars
 
Gain (Loss)
Recognized in OCI
(Effective Portion)
 
Gain (Loss)
Reclassified from
OCI into Income
(Effective Portion) (1)
 
 
 
Gain (Loss)
Recognized in Income
(Ineffective Portion) (2)
 
 
2011
 
2010
 
2011
 
2010
 
 
 
2011
 
2010
Foreign exchange forwards/options
 
$
3

 
$
(34
)
 
$
(16
)
 
$
(32
)
 
(a)(b)
 
$
—

 
$
2

Commodity swaps/options
 
(60
)
 
104

 
96

 
79

 
(b)
 
2

 
1

Interest rate derivatives
 
(5
)
 
—

 
—

 
—

 
(a)
 
—

 
—

 
 
$
(62
)
 
$
70

 
$
80

 
$
47

 
 
 
$
2

 
$
3

Fair Value Hedges - Millions of dollars
 
Gain (Loss) Recognized
on Derivatives (3)
 
Gain (Loss) Recognized
on Related
Hedged Items (3)
 
Hedged Item
 
 
2011
 
2010
 
2011
 
2010
 
 
Foreign exchange forwards/options
 
$
8

 
$
(12
)
 
$
(8
)
 
$
12

 
Non-functional
currency assets and liabilities
Derivatives not Accounted for as Hedges - Millions of dollars
 
Gain (Loss) Recognized on Derivatives not
Accounted for  as Hedges (4)
 
 
2011
 
2010
Foreign exchange forwards/options
 
$
(1
)
 
$
37

Commodity swaps
 
(1
)
 
1

 
 
$
(2
)
 
$
38

(1)
Gains and losses reclassified from accumulated OCI and recognized in income are recorded in (a) interest and sundry income (expense) or (b) cost of products sold.
(2)
Gains and losses recognized in income related to the ineffective portion of hedges are recorded in interest and sundry income (expense).
(3)
Gains and losses recognized in income are recorded in interest and sundry income (expense).
(4)
Mark to market gains and losses recognized in income are recorded in interest and sundry income (expense).