XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Hedges and Derivative Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
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 September 30, 2016 and December 31, 2015:
|  |  |  | Fair Value of |  | Type of Hedge(1) |  |
|  | Notional Amount |  | Hedge Assets |  | Hedge Liabilities |  | Maximum Term (Months)
Millions of dollars |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  | 2016 |  | 2015 |  |  |  | 2016 |  | 2015
Derivatives accounted for as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards/options |  | $ | 860 |  |  | $ | 886 |  |  | $ | 24 |  |  | $ | 31 |  |  | $ | 12 |  |  | $ | 8 |  |  | (CF) |  | 15 |  | 12
Commodity swaps/options |  | 283 |  |  | 322 |  |  | 18 |  |  | 1 |  |  | 17 |  |  | 66 |  |  | (CF) |  | 31 |  | 33
Total derivatives accounted for as hedges |  |  |  |  |  | $ | 42 |  |  | $ | 32 |  |  | $ | 29 |  |  | $ | 74 |  |  |  |  |  |  |
Derivatives not accounted for as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forwards/options |  | $ | 2,140 |  |  | $ | 2,886 |  |  | $ | 20 |  |  | $ | 22 |  |  | $ | 14 |  |  | $ | 21 |  |  | N/A |  | 10 |  | 11
Commodity swaps/options |  | 1 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | N/A |  | 5 |  | 6
Total derivatives not accounted for as hedges |  |  |  |  |  | 20 |  |  | 22 |  |  | 14 |  |  | 22 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 62 |  |  | $ | 54 |  |  | $ | 43 |  |  | $ | 96 |  |  |  |  |  |  |
Current |  |  |  |  |  | $ | 55 |  |  | $ | 54 |  |  | $ | 40 |  |  | $ | 79 |  |  |  |  |  |  |
Noncurrent |  |  |  |  |  | 7 |  |  | — |  |  | 3 |  |  | 17 |  |  |  |  |  |  |
Total derivatives |  |  |  |  |  | $ | 62 |  |  | $ | 54 |  |  | $ | 43 |  |  | $ | 96 |  |  |  |  |  |  |
(1) Derivatives accounted for as hedges are considered cash flow (CF) 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 and nine months ended as follows:
|  | Three Months Ended September 30, |
|  | Gain (Loss) Recognized in OCI (Effective Portion) |  | Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) (1) |
Cash Flow Hedges - Millions of dollars |  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Foreign exchange |  | $ | 9 |  |  | $ | 41 |  |  | $ | (1 | ) |  | $ | 18 |  | (a)
Commodity swaps/options |  | (2 | ) |  | (49 | ) |  | (6 | ) |  | (16 | ) | (a)
|  | $ | 7 |  |  | $ | (8 | ) |  | $ | (7 | ) |  | $ | 2 |  |
|  |  |  |  |  | Three Months Ended September 30, |
|  |  |  |  |  | Gain Recognized on Derivatives not Accounted for as Hedges (2) |
Derivatives not Accounted for as Hedges - Millions of dollars |  |  |  |  |  | 2016 |  | 2015 |
Foreign exchange forwards/options |  |  |  |  |  | $ | (9 | ) |  | $ | (13 | ) |
|  | Nine Months Ended September 30, |
|  | Gain (Loss) Recognized in OCI (Effective Portion) |  | Gain (Loss) Reclassified from OCI into Earnings (Effective Portion) (1) |
Cash Flow Hedges - Millions of dollars |  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Foreign exchange |  | $ | 3 |  |  | $ | 51 |  |  | $ | 11 |  |  | $ | 42 |  | (a)
Commodity swaps/options |  | 19 |  |  | (81 | ) |  | (30 | ) |  | (37 | ) | (a)
Interest rate derivatives |  | — |  |  | — |  |  | — |  |  | (1 | ) | (b)
|  | $ | 22 |  |  | $ | (30 | ) |  | $ | (19 | ) |  | $ | 4 |  |
|  |  |  |  |  | Nine Months Ended September 30, |
|  |  |  |  |  | Gain Recognized on Derivatives not Accounted for as Hedges (2) |
Derivatives not Accounted for as Hedges - Millions of dollars |  |  |  |  |  | 2016 |  | 2015 |
Foreign exchange forwards/options |  |  |  |  |  | $ | (43 | ) |  | $ | 19 |  |
(1) Gains and losses reclassified from accumulated other comprehensive income (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).

X
- References No definition available. + Details
Name: | us-gaap_GeneralDiscussionOfDerivativeInstrumentsAndHedgingActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: 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=56946850&loc=SL5624171-113959 Reference 2: 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=56946850&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 5 -URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959 Reference 2: 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=56946850&loc=SL5624163-113959 Reference 3: 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=56946850&loc=d3e41678-113959 Reference 4: 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=56946850&loc=d3e41638-113959 Reference 5: 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=56946850&loc=SL5580258-113959 Reference 6: 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=56946850&loc=SL5579245-113959 Reference 7: 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=56946850&loc=SL5624171-113959 Reference 8: 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 9: 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=56946850&loc=SL5579240-113959 Reference 10: 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=56946850&loc=d3e41620-113959 Reference 11: 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=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration