1.0.0.3 false Fair Value Information false 1 $ false false iso4217_USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 iso4217_USD_per_shares Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares 0 5 Fair Value Information 3 us-gaap_FairValueDisclosuresTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div> Note 3.    Fair Value Information   Fair Value Measurements   The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are:   Level 1—Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities.   Level 2—Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly.   Level 3—Prices or valuations that require inputs that are significant to the valuation and are unobservable.   A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.   Set forth below are the financial assets and liabilities measured at fair value as of December 31, 2009, together with the inputs used to develop those fair value measurements.   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="64%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" rowspan="3"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2" rowspan="2">December 31</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="8">Fair Value Measurements</td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">  Level 1  </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">  Level 2  </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">  Level 3  </td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" align="center" colspan="11">(Millions of dollars)</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Company-owned life insurance (“COLI”) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">43</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Available-for-sale securities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6</td> </tr> <tr> <td valign="top"> Derivatives </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">58</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> <td style="BORDER-TOP: #000000 1px solid" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Total </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">120</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">101</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> <tr> <td valign="top"> Liabilities </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Derivatives </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> <td style="BORDER-TOP: #000000 3px double" valign="bottom">  </td> </tr> </table>   The COLI policies are a source of funding primarily for the Corporation’s nonqualified employee benefits and are included in other assets. Available-for-sale securities are included in other current assets and other assets, as appropriate. The derivative assets and liabilities are included in other current assets, other assets, and accrued expenses, as appropriate.   Level 1 Fair Values—The fair values of certain available-for-sale securities are based on quoted market prices in active markets for identical assets. Unrealized losses on these securities aggregating $4 million have been recorded in other comprehensive income until realized. The unrealized losses have not been recognized in earnings because the Corporation has both the intent and ability to hold the securities for a period of time sufficient to allow for an anticipated recovery of fair value to the cost of such securities.   Level 2 Fair Values—The fair value of the COLI policies is derived from investments in a mix of money market, fixed income and equity funds managed by unrelated fund managers. The fair values of derivatives used to manage interest rate risk and commodity price risk are based on LIBOR rates and interest rate swap curves and NYMEX price quotations, respectively. The fair value of hedging instruments used to manage foreign currency risk is based on published quotations of spot currency rates and forward points, which are converted into implied forward currency rates. Additional information on the Corporation’s use of derivative instruments is contained in Note 12.   Level 3 Fair Values—The fair value of certain available-for-sale securities acquired in the fourth quarter of 2009 is based on quoted market prices for the exchange-traded securities, adjusted to reflect the restrictions placed on the sale of these securities. There was no significant change in the fair value from the date of acquisition through December 31, 2009.   Fair Value Disclosures   As of December 31, 2009, the consolidated balance sheet contains the following financial instruments, for which disclosure of fair value is required.   <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> </tr> <tr> <td valign="bottom" rowspan="2">  </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Carrying Amount</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center" colspan="2">Estimated Fair Value</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" align="center">For Further Information See:</td> </tr> <tr> <td valign="bottom">  </td> <td valign="bottom" align="center" colspan="7">(Millions of dollars)</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> Cash and cash equivalents(a) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">798</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">798</td> <td valign="bottom">  </td> <td valign="bottom" align="center">—</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Time deposits(b) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">189</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">189</td> <td valign="bottom">  </td> <td valign="bottom" align="center">—</td> </tr> <tr> <td valign="top"> Long-term notes receivable </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">607</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">591</td> <td valign="bottom">  </td> <td valign="bottom" align="center">Note 2</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Other notes receivable (included in other assets) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22</td> <td valign="bottom">  </td> <td valign="bottom" align="center">—</td> </tr> <tr> <td height="8"></td> <td colspan="3" height="8"></td> <td colspan="3" height="8"></td> <td colspan="2" height="8"></td> </tr> <tr> <td valign="top"> Liabilities and redeemable preferred and common securities of subsidiaries </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Short-term debt(c) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">107</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">107</td> <td valign="bottom">  </td> <td valign="bottom" align="center">Note 7</td> </tr> <tr> <td valign="top"> Monetization loan </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">397</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">398</td> <td valign="bottom">  </td> <td valign="bottom" align="center">Notes 2 and 7</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> Long-term debt(d) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,898</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,357</td> <td valign="bottom">  </td> <td valign="bottom" align="center">Note 7</td> </tr> <tr> <td valign="top"> Redeemable preferred and common securities of subsidiaries </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,052</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,128</td> <td valign="bottom">  </td> <td valign="bottom" align="center">Note 8</td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" align="left" width="3%">(a)</td> <td valign="top" align="left">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.</td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" align="left" width="3%">(b)</td> <td valign="top" align="left">Time deposits 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.</td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" align="left" width="3%">(c)</td> <td valign="top" align="left">Short-term debt issued by non-U.S. subsidiaries is recorded at cost, which approximates fair value.</td> </tr> </table>   <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" align="left" width="3%">(d)</td> <td valign="top" align="left">Long-term debt excludes the monetization loan and includes the current portion ($503 million) of these debt instruments.</td> </tr> </table> </div> Note 3.    Fair Value Information   Fair Value Measurements   The following fair value information is based on a fair value false false No definition available. No authoritative reference available. false false 1 1 false UnKnown UnKnown UnKnown false true