Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

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 June 30, 2012 and December 31, 2011:

	Assets					Liabilities
	Account	Fair Value				Account	Fair Value
Designated derivative instruments		6/30/12		12/31/11			6/30/12		12/31/11
Interest rate swap contracts	Other current assets	$	7	$	2	Other accruals	$	—	$	—
Interest rate swap contracts	Other assets	38		40		Other liabilities	—		2
Foreign currency contracts	Other current assets	15		8		Other accruals	5		6
Foreign currency contracts	Other assets	33		28		Other liabilities	—		—
Commodity contracts	Other current assets	4		—		Other accruals	—		1
Total designated		$	97	$	78		$	5	$	9
Derivatives not designated
Foreign currency contracts	Other assets	$	2	$	3	Other accruals	$	—	$	—
Total not designated		$	2	$	3		$	—	$	—
Total derivative instruments		$	99	$	81		$	5	$	9
Other financial instruments
Marketable securities	Other current assets	$	86	$	72
Available-for-sale securities	Other assets	392		236
Total other financial instruments		$	478	$	308

Activity related to fair value hedges

Activity related to fair value hedges recorded during the three-month and six-month periods ended June 30, 2012 and 2011 was as follows:

	2012									2011
	Foreign Currency Contracts			Interest Rate Swaps			Total			Foreign Currency Contracts			Interest Rate Swaps			Total
Notional Value at June 30,	$	740		$	1,338		$	2,078		$	538		$	1,288		$	1,826
Three-months ended June 30:
Gain (loss) on derivative	9			9			18			—			11			11
Gain (loss) on hedged items	(9		)	(9		)	(18		)	—			(11		)	(11		)
Six-months ended June 30:
Gain (loss) on derivative	10			7			17			6			8			14
Gain (loss) on hedged items	(10		)	(7		)	(17		)	(6		)	(8		)	(14		)

Activity related to cash flow hedges

Activity related to cash flow hedges recorded during the three-month and six-month periods ended June 30, 2012 and 2011 was as follows:

	2012							2011
	Foreign Currency Contracts			Commodity Contracts		Total		Foreign Currency Contracts			Commodity Contracts			Total
Notional Value at June 30,	$	349		$	29	$	378	$	350		$	30		$	380
Three-months ended June 30:
Gain (loss) recognized in OCI	(3		)	3		—		(4		)	(2		)	(6		)
Gain (loss) reclassified into Cost of sales	—			1		1		(4		)	2			(2		)
Six-months ended June 30:
Gain (loss) recognized in OCI	3			5		8		(7		)	—			(7		)
Gain (loss) reclassified into Cost of sales	1			—		1		(8		)	5			(3		)

Activity related to net investment hedges

Activity related to net investment hedges recorded during the three-month and six-month periods ended June 30, 2012 and 2011 was as follows:

	2012									2011
	Foreign Currency Contracts			Foreign Currency Debt			Total			Foreign Currency Contracts			Foreign Currency Debt			Total
Notional Value at June 30,	$	563		$	409		$	972		$	88		$	333		$	421
Three-months ended June 30:
Gain (loss) on instruments	27			10			37			(3		)	(19		)	(22		)
Gain (loss) on hedged items	(27		)	(10		)	(37		)	3			19			22
Six-months ended June 30:
Gain (loss) on instruments	8			4			12			(10		)	(33		)	(43		)
Gain (loss) on hedged items	(13		)	(4		)	(17		)	10			33			43

Activity related to derivatives not designated as hedging instruments

Activity related to these contracts during the three-month and six-month periods ended June 30, 2012 and 2011 was as follows:

	2012			2011
	Cross-currency Swap			Cross-currency Swap
Notional Value at June 30,	$	96		$	96
Three-months ended June 30:
Gain (loss) on instrument	2			—
Gain (loss) on hedged item	(2		)	—
Six-months ended June 30:
Gain (loss) on instrument	(1		)	(4		)
Gain (loss) on hedged item	1			4

Reconciliation of the Venezuelan investments at fair value

The following table presents a reconciliation of the Venezuelan bonds at fair value for the six months ended June 30:

	2012		2011
Beginning balance as of January 1,	$	236	$	96
Unrealized gain (loss) on investment	22		62
Purchases and sales during the period	134		71
Ending balance as of June 30,	$	392	$	229