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Derivatives and Other Hedging Instruments (Tables)
 6 Months Ended
Jun. 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
 
June 30, 2011
 
June 30, 2010
 
Pre-tax
 
Tax
 
After-Tax
 
Pre-tax
 
Tax
 
After-Tax
Beginning balance
$
(11
)
 
$
2


 
$
(9
)
 
$
(147
)
 
$
52


 
$
(95
)
Additions and revaluations of derivatives designated as cash flow hedges
(3
)
 
2


 
(1
)
 
10


 
(3
)
 
7


Clearance of hedge results to earnings
25


 
(9
)
 
16


 
18


 
(7
)
 
11


Ending balance
$
11


 
$
(5
)
 
$
6


 
$
(119
)
 
$
42


 
$
(77
)
 
Six Months Ended
 
Six Months Ended
 
June 30, 2011
 
June 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
6


 
(1
)
 
5


 
(62
)
 
23


 
(39
)
Clearance of hedge results to earnings
52


 
(20
)
 
32


 
44


 
(17
)
 
27


Ending balance
$
11


 
$
(5
)
 
$
6


 
$
(119
)
 
$
42


 
$
(77
)
Schedule of the Fair Values of Derivative Instruments
Fair Values of Derivative Instruments
 
 
Asset Derivatives
 
Liability Derivatives
 
 
June 30, 2011
 
December 31, 2010
 
June 30, 2011
 
December 31, 2010
 
Derivatives designated as hedging instruments
 


 
 


 
 


 
 


 
Interest rate swaps
$
49


2


$
40


2


$
—


 
$
—


 
Foreign currency contracts
23


1


20


1


5


3


3


3


Energy feedstocks
1


2


3


1


37


3


75


3


Total derivatives designated as hedging instruments
$
73


 
$
63


 
$
42


 
$
78


 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments
 


 
 


 
 


 
 


 
Foreign currency contracts
$
98


1


$
90


1


$
23


3


$
54


3


Cross-currency swaps
—


 
—


 
17


3


—


 
Energy feedstocks
1


2


—


 
—


 
—


 
Total derivatives not designated as hedging instruments
$
99


 
$
90


 
$
40


 
$
54


 
Total derivatives
$
172


 
$
153


 
$
82


 
$
132


 
 _________________________________
1                    Recorded in accounts and notes receivable, net.
2                    Recorded in other assets.
3                    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
June 30, 2011
 
Three Months Ended
June 30, 2011
 
Three Months Ended
June 30, 2010
 
Three Months Ended
June 30, 2010
 
Interest rate swaps
 
$
20


1


$
(20
)
1


$
34


1


$
(34
)
1


Total
 
$
20


 
$
(20
)
 
$
34


 
$
(34
)
 
 
Derivatives in Fair Value
Hedging Relationships
 
Six Months Ended
June 30, 2011
 
Six Months Ended
June 30, 2011
 
Six Months Ended
June 30, 2010
 
Six Months Ended
June 30, 2010
 
Interest rate swaps
 
$
9


1


$
(9
)
1


$
39


1


$
(39
)
1


Total
 
$
9


 
$
(9
)
 
$
39


 
$
(39
)
 
________________________________
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
June 30, 2011
 
Three Months Ended
June 30, 2011
 
Three Months Ended
June 30, 2011
 
Foreign currency contracts
 
$
1


 
$
(7
)
2


$
—


 
Agricultural feedstocks
 
(3
)
 
(1
)
3


1


3


Energy feedstocks
 
(1
)
 
(17
)
3


—


 
Total
 
$
(3
)
 
$
(25
)
 
$
1


 
 
 
Six Months Ended
June 30, 2011
 
Six Months Ended
June 30, 2011
 
Six Months Ended
June 30, 2011
 
Foreign currency contracts
$
(20
)
 
$
(12
)
2


$
—


 
Agricultural feedstocks
28


 
(2
)
3


5


3


Energy feedstocks
(2
)
 
(38
)
3


—


 
Total
$
6


 
$
(52
)
 
$
5


 


 
 
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
June 30, 2010
 
Three Months Ended
June 30, 2010
 
Three Months Ended
June 30, 2010
 
Foreign currency contracts
 
$
5


 
$
6


2


$
—


 
Agricultural feedstocks
 
4


 
(7
)
3


—


 
Energy feedstocks
 
1


 
(17
)
3


—


 
Total
 
$
10


 
$
(18
)
 
$
—


 


 
Six Months Ended
June 30, 2010
 
Six Months Ended
June 30, 2010
 
Six Months Ended
June 30, 2010
 
Foreign currency contracts
$
10


 
$
12


2


$
—


 
Agricultural feedstocks
(42
)
 
(21
)
3


(3
)
3


Energy feedstocks
(30
)
 
(35
)
3


—


 
Total
$
(62
)
 
$
(44
)
 
$
(3
)
 
__________________________________
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 June 30, 2011
 
Three Months Ended June 30, 2010
 
Six Months Ended June 30, 2011
 
Six Months Ended June 30, 2010
 
Foreign currency contracts
 
$
(34
)
1


$
328


1


$
(407
)
1
$
543


1


Cross-currency swaps
 
(17
)
1


—


 
(17
)
1
—


 
Agricultural feedstocks
 
11


2


8


2


12


2
15


2


Energy feedstocks
 
(1
)
2


—


 
(1
)
2
—


 
Interest rate swaps
 
(1
)
2


—


 
(1
)
2
—


 
Total
 
$
(42
)
 
$
336


 
(414
)
 
558


 
__________________________________
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 $55 and $285 for the three and six months ended June 30, 2011, respectively, and $(223) and $(408) for the three and six months ended June 30, 2010, respectively.
2                   Gain was recognized in cost of goods sold and other operating charges.