Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The following table presents information about assets and liabilities recorded at fair value on the Consolidated Balance Sheet at March 31, 2012 and December 31, 2011:

	Total Carrying Value in the Consolidated Balance Sheet				Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
(In millions)	2012		2011		2012		2011		2012		2011		2012		2011
Assets:
Investments	$	49	$	44	$	49	$	44	$	—	$	—	$	—	$	—
Foreign Exchange Contracts	13		37		—		—		13		37		—		—
Total Assets at Fair Value	$	62	$	81	$	49	$	44	$	13	$	37	$	—	$	—
Liabilities:
Foreign Exchange Contracts	$	15	$	6	$	—	$	—	$	15	$	5	$	—	$	1
Total Liabilities at Fair Value	$	15	$	6	$	—	$	—	$	15	$	5	$	—	$	1

Derivative financial instrument valuations classified as Level 3 are embedded currency derivatives in long-dated operating leases. The valuation of the embedded currency derivatives is based on an extrapolation of forward rates to the assumed expiration of the leases.Realized and unrealized gains and losses related to the embedded currency derivatives are included in Other Expense.

The following table presents supplemental fair value information about long term fixed rate and variable rate debt, excluding capital leases, classified as Level 1, at March 31, 2012 and December 31, 2011. The fair value was estimated using quoted market prices.

	March 31,		December 31,
(In millions)	2012		2011
Fixed Rate Debt:
Carrying amount — liability	$	3,004	$	2,843
Fair value — liability	3,105		2,891
Variable Rate Debt:
Carrying amount — liability	$	2,307	$	2,071
Fair value — liability	2,274		2,029