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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2012
Company's investment in ABCP | The following is a continuity of the Company’s investment in ABCP:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Balance, beginning of year |  | $ | 82 |  |  | $ | 84 |  |  | $ | 85 |
Valuation adjustment [i] |  |  | 15 |  |  |  | — |  |  |  | — |
Cash receipts |  |  | (9 | ) |  |  | — |  |  |  | (5 | )
Foreign exchange and other |  |  | 2 |  |  |  | (2 | ) |  |  | 4 |
|  | $ | 90 |  |  | $ | 82 |  |  | $ | 84 |
[i] | The carrying value of this investment was based on a valuation technique estimating the fair value from the perspective of a market participant. For the year ended December 31, 2012, the Company recorded a $15 million increase in the carrying value of its investment in ABCP in selling, general and administrative expense, due to a reduction of the spread between the anticipated return on the restructured notes and current market indices.
Company's combined proportionate share of major components of financial statements |
[b] | The Company’s net income includes the proportionate share of net income or loss of its equity method investees. When a proportionate share of net income is recorded, it increases equity income in the consolidated statements of income and the carrying value of those investments. Conversely, when a proportionate share of a net loss is recorded, it decreases equity income in the consolidated statements of income and the carrying value of those investments. The following is the Company’s combined proportionate share of the major components of the financial statements of the entities in which the Company accounts for using the equity method:
Balance Sheets
|  | 2012 |  |  | 2011 |
Current assets |  | $ | 344 |  |  | $ | 389 |
Long-term assets |  | $ | 74 |  |  | $ | 173 |
Current liabilities |  | $ | 150 |  |  | $ | 203 |
Long-term liabilities |  | $ | 60 |  |  | $ | 58 |
Statements of Income
|  | 2012 |  |  | 2011 |  |  | 2010 |
Sales |  | $ | 967 |  |  | $ | 881 |  |  | $ | 698 |
Cost of goods sold, expenses and income taxes |  |  | 814 |  |  |  | 805 |  |  |  | 580 |
Net income |  | $ | 153 |  |  | $ | 76 |  |  | $ | 118 |

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- Definition Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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