v2.4.0.6

Impairments (Tables) | 12 Months Ended
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Dec. 31, 2011
Impairment Charges by Segment Before Tax | During 2011, 2010 and 2009, we recognized the following before-tax impairment charges:
|  | Millions of Dollars |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Alaska |  | $ | 2 |  |  |  | 6 |  |  |  | — |
Lower 48 and Latin America |  |  | 71 |  |  |  | 19 |  |  |  | 56 |
Canada |  |  | 253 |  |  |  | 13 |  |  |  | 296 |
Europe |  |  | (37 | ) |  |  | 43 |  |  |  | 104 |
Asia Pacific and Middle East |  |  | — |  |  |  | — |  |  |  | 12 |
Corporate |  |  | 32 |  |  |  | — |  |  |  | 1 |
|  | $ | 321 |  |  |  | 81 |  |  |  | 469 |
Fair Value of Impaired Assets and Associated Loss | The following table shows the values of assets, by major category, measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition:
|  | Millions of Dollars |
|  |  |  |  | Fair Value Measurements Using |  |  |  |  |  | Before-Tax Loss Included in Discontinued Operations |
|  | Fair Value* |  |  | Level 1 Inputs |  |  | Level 3 Inputs |  |  | Before-Tax Loss |  |
Year ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net PP&E (held for use) |  | $ | 162 |  |  |  |  |  |  |  | 162 |  |  |  | 265 |  |  |  | 1 |
Equity method investments |  |  | 274 |  |  |  | — |  |  |  | 274 |  |  |  | 399 |  |  |  | 4 |
Cost method investments |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | 8 |  |  |  | — |
Year ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net PP&E (held for use) |  | $ | 307 |  |  |  | — |  |  |  | 307 |  |  |  | 1,604 | ** |  |  | 1,508 |
Net PP&E (held for sale) |  |  | 23 |  |  |  | 5 |  |  |  | 18 |  |  |  | 43 |  |  |  | 43 |
Equity method investments |  |  | 735 |  |  |  | — |  |  |  | 735 |  |  |  | 645 |  |  |  | — |
* | Represents the fair value at the time of the impairment.
** | Includes a $55 million leasehold impairment charged to exploration expenses.

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- Definition Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. This table also shows the before-tax loss associated with the impairment. + References No definition available. + Details
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- Definition Impairment charges by segment before tax. + References No definition available. + Details
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