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Hedges and Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2014
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, 2014 and December 31, 2013:
 
 
 
 
Fair Value of
 
Type 
of
Hedge(1)
 
 
Millions of dollars
 
Notional Amount
 
Hedge Assets
 
Hedge Liabilities
 
Maximum Term (Months)
 
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
 
 
2014
 
2013
Derivatives accounted for as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forwards/options
 
$
746

 
$
744

 
$
21

 
$
16

 
$
5

 
$
10

 
(CF/FV)
 
13
 
14
Commodity swaps/options
 
378

 
363

 
5

 
8

 
21

 
13

 
(CF)
 
33
 
36
Total derivatives accounted for as hedges
 
 
 
 
 
$
26

 
$
24

 
$
26

 
$
23

 
 
 
 
 
 
Derivatives not accounted for as hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forwards/options
 
$
1,222

 
$
1,274

 
$
22

 
$
6

 
$
16

 
$
32

 
N/A
 
11
 
12
Commodity swaps/options
 
8

 
1

 
—

 
—

 
—

 
—

 
N/A
 
12
 
4
Total derivatives not accounted for as hedges:
 
 
 
 
 
22

 
6

 
16

 
32

 
 
 
 
 
 
Total derivatives
 
 
 
 
 
$
48

 
$
30

 
$
42

 
$
55

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
$
46

 
$
28

 
$
39

 
$
54

 
 
 
 
 
 
Noncurrent
 
 
 
 
 
2

 
2

 
3

 
1

 
 
 
 
 
 
Total derivatives
 
 
 
 
 
$
48

 
$
30

 
$
42

 
$
55

 
 
 
 
 
 

(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 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)
 
 
2014
 
2013
 
2014
 
2013
Foreign exchange
 
$
15


$
15


$
3


$
—

Commodity
 
(15
)

(18
)

(4
)

(2
)
 
 
$
—

 
$
(3
)
 
$
(1
)
 
$
(2
)
Derivatives not Accounted for as Hedges - Millions of dollars
 
Gain Recognized on Derivatives not
Accounted for as Hedges (2)
 
 
2014
 
2013
Foreign exchange
 
$
22


$
3


(1)  
Gains and losses reclassified from accumulated OCI and recognized in income are recorded in cost of products sold.
(2) 
Mark to market gains and losses recognized in income are recorded in interest and sundry expense.