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Hedges and Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2013
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule of Derivative Instruments | The following table summarizes our outstanding derivative contracts and their effects on our Consolidated Condensed Balance Sheets at March 31, 2013 and December 31, 2012:
|  |  |  | Fair Value of |  | Type of Hedge (1) |  |
Millions of dollars |  | Notional Amount |  | Hedge Assets |  | Hedge Liabilities |  | Maximum Term (Months)
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |  | 2013 |  | 2012 |  |  |  | 2013 |  | 2012
Derivatives accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  | $ | 861 |  |  | $ | 1,101 |  |  | $ | 16 |  |  | $ | 8 |  |  | $ | 5 |  |  | $ | 12 |  |  | (CF/FV) |  | 15 |  | 18
Commodity |  | 343 |  |  | 354 |  |  | 3 |  |  | 11 |  |  | 16 |  |  | 9 |  |  | (CF) |  | 33 |  | 24
Total derivatives accounted for as hedges |  |  |  |  |  | $ | 19 |  |  | $ | 19 |  |  | $ | 21 |  |  | $ | 21 |  |  |  |  |  |  |
Derivatives not accounted for as hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange |  | $ | 1,671 |  |  | $ | 1,522 |  |  | $ | 23 |  |  | $ | 11 |  |  | $ | 19 |  |  | $ | 23 |  |  |  |  | 17 |  | 13
Commodity |  | 9 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 9 |  | 12
Total derivatives not accounted for as hedges: |  |  |  |  |  | 23 |  |  | 11 |  |  | 19 |  |  | 23 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 42 |  |  | $ | 30 |  |  | $ | 40 |  |  | $ | 44 |  |  |  |  |  |  |
Current |  |  |  |  |  | $ | 40 |  |  | $ | 26 |  |  | $ | 37 |  |  | $ | 43 |  |  |  |  |  |  |
Noncurrent |  |  |  |  |  | 2 |  |  | 4 |  |  | 3 |  |  | 1 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 42 |  |  | $ | 30 |  |  | $ | 40 |  |  | $ | 44 |  |  |  |  |  |  |
(1) | Foreign exchange derivatives accounted for as hedges are classified as cash flow (CF) hedges in 2013. During 2012, foreign exchanges derivatives accounted for as hedges were classified as either cash flow (CF) or fair value (FV) hedges.
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income | The following tables summarize the effects of derivative instruments on our Consolidated Condensed Statements of Comprehensive Income for the three months ended March 31 as follows:
Cash Flow Hedges - Millions of dollars |  | Gain (Loss) Recognized in OCI (Effective Portion) |  | Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) (1) |  |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |  |
Foreign exchange |  | $ | 15 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | (1 | ) |  | (a)
Commodity |  | (18 | ) |  | 20 |  |  | (2 | ) |  | (2 | ) |  | (a)
Interest rate derivatives |  | — |  |  | 6 |  |  | — |  |  | — |  |  | (b)
|  | $ | (3 | ) |  | $ | 19 |  |  | $ | (2 | ) |  | $ | (3 | ) |  |
Fair Value Hedges - Millions of dollars |  | Hedged Item |  | Gain (Loss) Recognized on Derivatives (2) |  | Gain (Loss) Recognized on Related Hedged Items (2) |
|  |  |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Foreign exchange |  | Non-functional currency assets and liabilities |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | 1 |  |
Derivatives not Accounted for as Hedges - Millions of dollars |  | Gain (Loss) Recognized on Derivatives not Accounted for as Hedges (3) |
|  | 2013 |  | 2012 |
Foreign exchange |  | $ | 3 |  |  | $ | 12 |  |
(1) Gains and losses reclassified from accumulated OCI and recognized in income are recorded in (a) cost of products sold; or (b) interest expense. (2) Gains and losses recognized in income are recorded in interest and sundry income (expense). (3) Mark to market gains and losses recognized in income are recorded in interest and sundry income (expense).

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -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. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph 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. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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