XML 57 R32.htm IDEA: XBRL DOCUMENT v2.4.0.8
Hedges and Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2013
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Derivative Instruments
The following tables summarize our outstanding derivative contracts and their effects on our Consolidated Balance Sheets at December 31, 2013 and 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 forwards/options
 
$
744

 
$
1,101

 
$
16

 
$
8

 
$
10

 
$
12

 
(CF/FV)
 
14
 
18
Commodity swaps/options
 
363

 
354

 
8

 
11

 
13

 
9

 
(CF)
 
36
 
24
Total derivatives accounted for as hedges
 
 
 
 
 
$
24

 
$
19

 
$
23

 
$
21

 
 
 
 
 
 
Derivatives not accounted for as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forwards/options
 
$
1,274

 
$
1,522

 
$
6

 
$
11

 
$
32

 
$
23

 
N/A
 
12
 
13
Commodity swaps/options
 
1

 
6

 
—

 
—

 
—

 
—

 
N/A
 
4
 
12
Total derivatives not accounted for as hedges
 
 
 
 
 
6

 
11

 
32

 
23

 
 
 
 
 
 
Total derivatives
 
 
 
 
 
$
30

 
$
30

 
$
55

 
$
44

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
$
28

 
$
26

 
$
54

 
$
43

 
 
 
 
 
 
Noncurrent
 
 
 
 
 
2

 
4

 
1

 
1

 
 
 
 
 
 
Total derivatives
 
 
 
 
 
$
30

 
$
30

 
$
55

 
$
44

 
 
 
 
 
 
(1) 
Derivatives accounted for as hedges are either considered cash flow (CF) or fair value (FV) hedges
Schedule of Effects of Derivative Instruments on Consolidated Statements of Income
The pre-tax effects of derivative instruments on our Consolidated Statements of Income for the years ended December 31, 2013 and 2012 are as follows:
Cash Flow Hedges - Millions of dollars
 
Gain (Loss)
Recognized in OCI
(Effective Portion)
 
Gain (Loss)
Reclassified from
OCI into Income
(Effective Portion) (1)
 
 
 
 
2013
 
2012
 
2013
 
2012
 
 
Foreign exchange forwards/options
 
$
20


$
(22
)

$
9


$
(15
)
 
(a)
Commodity swaps/options
 
(29
)

12


(19
)

(9
)
 
(a)
Interest rate derivatives
 
—


(7
)

(1
)

(1
)
 
(b)
 
 
$
(9
)
 
$
(17
)
 
$
(11
)
 
$
(25
)
 
 
Derivatives not Accounted for as Hedges - Millions of dollars
 
Gain (Loss) Recognized on Derivatives not
Accounted for  as Hedges (2)
 
 
2013
 
2012
Foreign exchange forwards/options
 
$
(49
)

$
(23
)
(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) 
Mark to market gains and losses recognized in income are recorded in interest and sundry income (expense).