Derivative contracts (Tables) (Finance and Financial Products [Member])

12 Months Ended

Dec. 31, 2012

Finance and Financial Products [Member]

A summary of derivative contracts of our finance and financial products businesses follows (in millions).


	December 31, 2012							December 31, 2011
	Assets ⁽³⁾		Liabilities		Notional Value			Assets⁽³⁾			Liabilities			Notional Value
Equity index put options	$	—	$	7,502	$	33,357	⁽¹⁾	$	—		$	8,499		$	34,014	⁽¹⁾
Credit default		41		429		11,691	⁽²⁾		55			1,527			24,194	⁽²⁾
Other, principally interest rate and foreign currency		130		2					268			156
Counterparty netting		—		—					(67	)		(43	)

	$	171	$	7,933				$	256		$	10,139

⁽¹⁾

Represents the aggregate undiscounted amount payable at the contract expiration dates assuming that the value of each index is zero at the contract expiration date.

⁽²⁾

Represents the maximum undiscounted future value of losses payable under the contracts, if all underlying issuers default and the residual value of the obligations is zero.

⁽³⁾

Included in other assets of finance and financial products businesses.

Derivative gains/losses included in the Consolidated Statements of Earnings

Derivative gains/losses of our finance and financial products businesses included in our Consolidated Statements of Earnings for each of the three years ending December 31, 2012 were as follows (in millions).


	2012		2011			2010
Equity index put options	$	997	$	(1,787	)	$	172
Credit default		894		(251	)		250
Other, principally interest rate and foreign currency		72		(66	)		(161	)

	$	1,963	$	(2,104	)	$	261