Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value, Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis at September 30, 2012 and December 31, 2011 are in the following table. During the nine months ended September 30, 2012, we recognized a $7 million other than temporary impairment of a European available for sale investment within interest and sundry income (expense).



					Fair Value
	Total Cost Basis				Level 1				Level 2						Total
Millions of dollars	2012		2011		2012		2011		2012			2011			2012			2011
Money market funds ⁽¹⁾	$	—	$	340	$	—	$	340	$	—		$	—		$	—		$	340
Net derivative contracts	—		—		—		—		(36		)	(57		)	(36		)	(57		)
Available for sale investments	15		21		14		15		—			—			14			15


⁽¹⁾	Money market funds are primarily comprised of government obligations.

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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