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Derivatives and Other Hedging Instruments (Tables)
9 Months Ended
Sep. 30, 2011
General Discussion of Derivative Instruments and Hedging Activities [Abstract] 
Summary of Effect of Cash Flows Hedges on Accumulated Other Comprehensive Income (Loss)
 
 
Three Months Ended
 
Three Months Ended
 
September 30, 2011
 
September 30, 2010
 
Pre-tax
 
Tax
 
After-Tax
 
Pre-tax
 
Tax
 
After-Tax
Beginning balance
$
11

 
$
(5
)
 
$
6

 
$
(119
)
 
$
42

 
$
(77
)
Additions and revaluations of derivatives designated as cash flow hedges
13

 
(5
)
 
8

 
(18
)
 
6

 
(12
)
Clearance of hedge results to earnings
25

 
(9
)
 
16

 
20

 
(7
)
 
13

Ending balance
$
49

 
$
(19
)
 
$
30

 
$
(117
)
 
$
41

 
$
(76
)
 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2011
 
September 30, 2010
 
Pre-tax
 
Tax
 
After-Tax
 
Pre-tax
 
Tax
 
After-Tax
Beginning balance
$
(47
)
 
$
16

 
$
(31
)
 
$
(101
)
 
$
36

 
$
(65
)
Additions and revaluations of derivatives designated as cash flow hedges
19

 
(6
)
 
13

 
(80
)
 
29

 
(51
)
Clearance of hedge results to earnings
77

 
(29
)
 
48

 
64

 
(24
)
 
40

Ending balance
$
49

 
$
(19
)
 
$
30

 
$
(117
)
 
$
41

 
$
(76
)
Schedule of the Fair Values of Derivative Instruments
Fair Values of Derivative Instruments
 
 
Asset Derivatives
 
Liability Derivatives
 
 
September 30, 2011
 
December 31, 2010
 
September 30, 2011
 
December 31, 2010
 
Derivatives designated as hedging instruments
 

 
 

 
 

 
 

 
Interest rate swaps
$
71

2

$
40

2

$
—

 
$
—

 
Foreign currency contracts
35

1

20

1

4

4

3

4

Energy feedstocks
—

 
3

1

24

4

75

4

Total derivatives designated as hedging instruments
$
106

 
$
63

 
$
28

 
$
78

 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 

 
 

 
 

 
 

 
Foreign currency contracts
$
170

1

$
90

1

$
72

4

$
54

4

Cross-currency swaps
25

3

—

 
—

 
—

 
Agricultural feedstocks
—

 
—

 
1

4

—

 
Total derivatives not designated as hedging instruments
$
195

 
$
90

 
$
73

 
$
54

 
Total derivatives
$
301

 
$
153

 
$
101

 
$
132

 
 _________________________________
1                    Recorded in accounts and notes receivable, net.
2                    Recorded in other assets.
3                    Recorded in accounts and notes receivable, net and other assets.
4                    Recorded in other accrued liabilities.

Effect of Derivative Instruments on Consolidated Income Statement
Fair Value Hedging
 
 
 
Amount of Gain or
(Loss) Recognized in
Income of Derivative
 
Amount of Gain or
(Loss) Recognized in
Income on Hedged Item
 
Amount of Gain or
(Loss) Recognized in
Income of Derivative
 
Amount of Gain or
(Loss) Recognized in
Income on Hedged Item
 
Derivatives in Fair Value
Hedging Relationships
 
Three Months Ended
September 30, 2011
 
Three Months Ended
September 30, 2011
 
Three Months Ended
September 30, 2010
 
Three Months Ended
September 30, 2010
 
Interest rate swaps
 
$
22

1

$
(22
)
1

$
28

1

$
(28
)
1

Total
 
$
22

 
$
(22
)
 
$
28

 
$
(28
)
 
 
Derivatives in Fair Value
Hedging Relationships
 
Nine Months Ended
September 30, 2011
 
Nine Months Ended
September 30, 2011
 
Nine Months Ended
September 30, 2010
 
Nine Months Ended September 30, 2010
 
Interest rate swaps
 
$
31

1

$
(31
)
1

$
67

1

$
(67
)
1

Total
 
$
31

 
$
(31
)
 
$
67

 
$
(67
)
 
________________________________
1                Gain (loss) was recognized in interest expense, which offset to $0
Cash Flow Hedging
 
 
Amount of Gain or
(Loss) Recognized in
OCI1 on Derivative
(Effective Portion)
 
Amount of Gain or
(Loss) Reclassified from
Accumulated OCI1 into
Income (Effective
Portion)
 
Amount of Gain or
(Loss) Recognized in
Income on Derivative
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing)
 
Derivatives in Cash Flow
Hedging Relationships
 
Three Months Ended
September 30, 2011
 
Three Months Ended
September 30, 2011
 
Three Months Ended
September 30, 2011
 
Foreign currency contracts
 
$
15

 
$
(7
)
2

$
—

 
Agricultural feedstocks
 
5

 
—

 
1

3

Energy feedstocks
 
(7
)
 
(18
)
3

—

 
Total
 
$
13

 
$
(25
)
 
$
1

 
 
 
Nine Months Ended
September 30, 2011
 
Nine Months Ended
September 30, 2011
 
Nine Months Ended
September 30, 2011
 
Foreign currency contracts
$
(5
)
 
$
(19
)
2

$
—

 
Agricultural feedstocks
33

 
(2
)
3

6

3

Energy feedstocks
(9
)
 
(56
)
3

—

 
Total
$
19

 
$
(77
)
 
$
6

 

 
 
Amount of Gain or
(Loss) Recognized in
OCI1 on Derivative
(Effective Portion)
 
Amount of Gain or
(Loss) Reclassified from
Accumulated OCI1 into
Income (Effective
Portion)
 
Amount of Gain or
(Loss) Recognized in
Income on Derivative
(Ineffective Portion and
Amount Excluded from
Effectiveness Testing)
 
Derivatives in Cash Flow
Hedging Relationships
 
Three Months Ended
September 30, 2010
 
Three Months Ended
September 30, 2010
 
Three Months Ended
September 30, 2010
 
Treasury rate contracts
 
$
(3
)
 
$
—

 
$
—

 
Foreign currency contracts
 
(12
)
 
(3
)
2

—

 
Agricultural feedstocks
 
11

 
—

 
2

3

Energy feedstocks
 
(14
)
 
(17
)
3

—

 
Total
 
$
(18
)
 
$
(20
)
 
$
2

 

 
Nine Months Ended
September 30, 2010
 
Nine Months Ended
September 30, 2010
 
Nine Months Ended
September 30, 2010
 
Treasury rate contracts
$
(3
)
 
$
—

 
$
—

 
Foreign currency contracts
(2
)
 
9

2

—

 
Agricultural feedstocks
(31
)
 
(21
)
3

(1
)
3

Energy feedstocks
(44
)
 
(52
)
3

—

 
Total
$
(80
)
 
$
(64
)
 
$
(1
)
 
__________________________________
1                    OCI is defined as other comprehensive income (loss).
2                  Gain (loss) was reclassified from accumulated other comprehensive income into net sales.
3                    Gain (loss) was recognized in cost of goods sold and other operating charges.
Effect of Derivatives Not Designated on Consolidated Income Statement
 
 
Amount of Gain or (Loss) Recognized in Income on
Derivative
 
Amount of Gain or (Loss) Recognized in Income on
Derivative
 
Derivatives Not Designated in Hedging Instruments 
 
Three Months Ended September 30, 2011
 
Three Months Ended September 30, 2010
 
Nine Months Ended September 30, 2011
 
Nine Months Ended September 30, 2010
 
Foreign currency contracts
 
$
180

1

$
(443
)
1

$
(227
)
1
$
100

1

Cross-currency swaps
 
42

1

—

 
25

1
—

 
Agricultural feedstocks
 
(6
)
2

(20
)
2

6

2
5

2

Energy feedstocks
 
(1
)
2

—

 
(2
)
2
—

 
Interest rate swaps
 
—

 
—

 
(1
)
2
—

 
Total
 
$
215

 
$
(463
)
 
(199
)
 
105

 
__________________________________
1                  Gain (loss) recognized in other income, net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $(228) and $57 for the three and nine months ended September 30, 2011, respectively, and $283 and $(125) for the three and nine months ended September 30, 2010, respectively.
2                   Gain (loss) was recognized in cost of goods sold and other operating charges.