Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements [Abstract]

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 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 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