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Fair Value Measurements (Fair Value Of Financial Instruments) (Details)
In Millions
6 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended
Jun. 30, 2011
Dec. 31, 2010
USD ($)
Jun. 30, 2011
Carrying Amount [Member]
USD ($)
Dec. 31, 2010
Carrying Amount [Member]
USD ($)
Jun. 30, 2011
Estimated Fair Value [Member]
USD ($)
Dec. 31, 2010
Estimated Fair Value [Member]
USD ($)
Jun. 30, 2011
Note 1 [Member]
USD ($)
Jun. 30, 2011
Loan [Member]
USD ($)
Jul. 07, 2011
Note 2 [Member]
USD ($)
Jun. 30, 2011
Note 2 [Member]
USD ($)
Cash and cash equivalents     $ 908 [1] $ 876 [1] $ 908 [1] $ 876 [1]        
Time deposits     93 [2] 80 [2] 93 [2] 80 [2]        
Notes receivable     613 [3] 611 [3] 602 [3] 597 [3]        
Short-term debt     367 [4] 79 [4] 367 [4] 79 [4]        
Monetization loan     397 [3] 397 [3] 394 [3] 397 [3]        
Long-term debt     5,668 [5] 4,988 [5] 6,308 [5] 5,556 [5]        
Redeemable preferred and common securities of subsidiaries     1,046 [6] 1,047 [6] 1,117 [6] 1,127 [6]        
Cash equivalents maturity date 90 days or less                  
Time deposits maturity date more than 90 days but less than one year                  
Long-term debt, current maturities 641 265                
Fair value and carrying amount of redeemable common securities 35 35                
Face Value             397     220 [7]
Face Value               397    
Carrying Amount 393 393         393     220 [7]
Carrying Amount 220 218           397    
Maturity Sep. 30, 2014 Jul. 07, 2011 [7]
Maturity Jan. 31, 2014
Interest Rate             LIBOR [8]     LIBOR minus 12.5 bps [7],[8]
Interest Rate               LIBOR plus 75 bps [8]    
Note receivable collected in cash                 $ 220  
[1] Cash equivalents are comprised of certificates of deposit, time deposits and other interest-bearing investments with original maturity dates of 90 days or less, all of which are recorded at cost, which approximates fair value.
[2] Time deposits, included in Other current assets on the Condensed Consolidated Balance Sheet, are comprised of deposits with original maturities of more than 90 days but less than one year, all of which are recorded at cost, which approximates fair value.
[3] Notes receivable represent held-to-maturity securities, which arose from the sale of nonstrategic timberlands and related assets. The notes are backed by irrevocable standby letters of credit issued by money center banks. A consolidated variable interest entity ("VIE") has an outstanding long-term monetization loan secured by the related note held by this VIE (indicated by Note 1 and Loan below). The following summarizes the terms of the notes and the monetization loan as of June 30, 2011 (millions of dollars):
[4] Short-term debt is comprised of U.S. commercial paper with original maturities up to 90 days and other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
[5] Long-term debt excludes the monetization loan and includes the portion payable within the next twelve months ($641 million at June 30, 2011 and $265 million at December 31, 2010). Fair values were estimated based on quoted prices for financial instruments for which all significant inputs were observable, either directly or indirectly.
[6] The redeemable preferred securities are not traded in active markets. Accordingly, their fair values were calculated using a pricing model that compares the stated spread to the fair value spread to determine the price at which each of the financial instruments should trade. The model used the following inputs to calculate fair values: face value, current benchmark rate, fair value spread, stated spread, maturity date and interest payment dates. We determined the fair value and carrying amount of the redeemable common securities were $35 million at June 30, 2011 and December 31, 2010 based on various inputs, including an independent third-party appraisal, adjusted for current market conditions.
[7] On the July 7, 2011 maturity date, we collected $220 million in cash.
[8] Payable quarterly, 3-month LIBOR.