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Financial Instruments and Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements [Abstract] 
Schedule of derivative instruments

The following summarizes the fair value of the Company’s derivative instruments and other financial instruments at September 30, 2011 and December 31, 2010:

 
Assets
 
Liabilities
 
 
Account
 
Fair Value
 
Account
 
Fair Value
Designated derivative instruments
 
 
9/30/11
 
12/31/10
 
 
 
9/30/11
 
12/31/10
Interest rate swap contracts
Other current assets & Other assets
 
$
45

 
$
22

 
Other liabilities
 
$
—

 
$
7

Foreign currency contracts
Other current assets
 
8

 
10

 
Other accruals
 
8

 
10

Commodity contracts
Other current assets
 
—

 
4

 
Other accruals
 
3

 
—

Total designated
 
 
$
53

 
$
36

 
 
 
$
11

 
$
17

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated
 
 
 

 
 

 
 
 
 

 
 

Foreign currency contracts
Other assets
 
$
2

 
$
—

 
Other accruals
 
$
—

 
$
2

Total not designated
 
 
$
2

 
$
—

 
 
 
$
—

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
Total derivative instruments
 
 
$
55

 
$
36

 
 
 
$
11

 
$
19

 
 
 
 
 
 
 
 
 
 
 
 
Other financial instruments
 
 
 

 
 

 
 
 
 

 
 

Marketable securities
Other current assets
 
$
72

 
$
74

 
 
 
 

 
 

Available-for-sale securities
Other assets
 
233

 
228

 
 
 
 

 
 

Total other financial instruments
 
 
$
305

 
$
302

 
 
 
 

 
 

Activity related to fair value hedges
Activity related to fair value hedges recorded during the three-month and nine-month periods ended September 30, 2011 and 2010 was as follows:

 
2011
 
2010
 
Foreign
Currency
Contracts
 
Interest
Rate
Swaps
 
 
Total
 
Foreign
Currency
Contracts
 
Interest
Rate
Swaps
 
 
Total
Notional Value at September 30
$
619

 
$
1,288

 
$
1,907

 
$
1,080

 
$
600

 
$
1,680

Three-months ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on derivative
—

 
22

 
22

 
26

 
4

 
30

Gain (loss) on hedged items
—

 
(22
)
 
(22
)
 
(26
)
 
(4
)
 
(30
)
Nine-months ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on derivative
6

 
30

 
36

 
22

 
13

 
35

Gain (loss) on hedged items
(6
)
 
(30
)
 
(36
)
 
(22
)
 
(13
)
 
(35
)

Activity related to cash flow hedges
Activity related to cash flow hedges recorded during the three-month and nine-month periods ended September 30, 2011 and 2010 was as follows:

 
2011
 
2010
 
Foreign
Currency
Contracts
 
Commodity
Contracts
 
 
Total
 
Foreign
Currency
Contracts
 
Commodity
Contracts
 
 
Total
Notional Value at September 30
$
326

 
$
32

 
$
358

 
$
292

 
$
16

 
$
308

Three-months ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) recognized in OCI
(2
)
 
(2
)
 
(4
)
 
(11
)
 
5

 
(6
)
Gain (loss) reclassified into Cost of sales
(5
)
 
1

 
(4
)
 
(3
)
 
—

 
(3
)
Nine-months ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) recognized in OCI
(9
)
 
(2
)
 
(11
)
 
(10
)
 
2

 
(8
)
Gain (loss) reclassified into Cost of sales
(13
)
 
6

 
(7
)
 
—

 
(1
)
 
(1
)

Activity related to net investment hedges
Activity related to net investment hedges recorded during the three-month and nine-month periods ended September 30, 2011 and 2010 was as follows:
 
2011
 
2010
 
Foreign
Currency
Contracts
 
Foreign
Currency
Debt
 
 
Total
 
Foreign
Currency
Contracts
 
Foreign
Currency
Debt
 
 
Total
Notional Value at September 30
$
32

 
$
348

 
$
380

 
$
76

 
$
279

 
$
355

Three-months ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on instruments
2

 
23

 
25

 
(10
)
 
(31
)
 
(41
)
Gain (loss) on hedged items
(2
)
 
(23
)
 
(25
)
 
10

 
31

 
41

Nine-months ended September 30:
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on instruments
(8
)
 
(10
)
 
(18
)
 
(6
)
 
3

 
(3
)
Gain (loss) on hedged items
8

 
10

 
18

 
6

 
(3
)
 
3


Activity related to derivatives not designated as hedging instruments
Activity related to these contracts during the three-month and nine-month periods ended September 30, 2011 and 2010 was as follows:

 
2011
 
2010
 
Cross-currency
Swap
 
Cross-currency
Swap
Notional Value at September 30
$
96

 
$
90

Three-months ended September 30:
 
 
 
Gain (loss) on instrument
2

 
(5
)
Gain (loss) on hedged item
(2
)
 
5

Nine-months ended September 30:
 
 
 
Gain (loss) on instrument
(2
)
 
1

Gain (loss) on hedged item
2

 
(1
)

Reconciliation of the Venezuelan investments at fair value
The following table presents a reconciliation of the Venezuelan investments at fair value for the nine months ended September 30:
 
2011
 
2010
Beginning balance as of January 1
$
96

 
$
46

Unrealized gain (loss) on investment
60

 
(19
)
Purchases and sales during the period
77

 
23

Ending balance as of September 30
$
233

 
$
50