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Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Outstanding Foreign Currency Forward Contracts

At December 31, 2012 and 2011, the Company had the following outstanding foreign currency forward contracts that were entered into to hedge nonfunctional currency cash flows from forecasted revenues and expenses (in millions):

		Currency Denomination
Foreign Currency		December 31, 2012						December 31, 2011
Norwegian Krone		NOK			6,281			NOK			6,639
U.S. Dollar		$			331			$			402
Euro		€			389			€			456
Mexican Peso		MXN			—			MXN			—
Danish Krone		DKK			134			DKK			98
Singapore Dollar		SGD			14			SGD			10
British Pound Sterling		£			6			£			2

The Company had the following outstanding foreign currency forward contracts that hedge the fair value of nonfunctional currency monetary accounts (in millions):

		Currency Denomination
Foreign Currency		December 31, 2012						December 31, 2011
Norwegian Krone		NOK			1,684			NOK			2,310
Russian Ruble		RUB			1,467			RUB			786
U.S. Dollar		$			967			$			483
Euro		€			225			€			161
Danish Krone		DKK			177			DKK			67
Brazilian Real		BRL			135			BRL			—
Singapore Dollar		SGD			24			SGD			5
British Pound Sterling		£			9			£			9
Canadian Dollar		CAD			2			CAD			—
Swedish Krone		SEK			5			SEK			4

Derivative Instruments and their Balance Sheet Classifications

The Company has the following fair values of its derivative instruments and their balance sheet classifications (in millions):

		Asset Derivatives										Liability Derivatives
				Fair Value										Fair Value
		Balance Sheet		December 31,								Balance Sheet		December 31,
		Location		2012				2011				Location		2012				2011
Derivatives designated as hedging instruments under ASC Topic 815
Foreign exchange contracts		Prepaid and other current assets		$	57			$	16			Accrued liabilities		$	5			$	62
Foreign exchange contracts		Other Assets			24				1			Other Liabilities			1				13
Total derivatives designated as hedging instruments under ASC Topic 815				$	81			$	17					$	6			$	75
Derivatives not designated as hedging instruments under ASC Topic 815
Foreign exchange contracts		Prepaid and other current assets		$	24			$	9			Accrued liabilities		$	13			$	21
Total derivatives not designated as hedging instruments under ASC Topic 815				$	24			$	9					$	13			$	21
Total derivatives				$	105			$	26					$	19			$	96

Effect of Derivative Instruments on Consolidated Statements of Income

The Effect of Derivative Instruments on the Consolidated Statements of Income

($ in millions)

Derivatives Designated as Hedging Instruments under ASC Topic 815		Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) (a)								Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)								Location of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (b)
		Years Ended December 31,										Years Ended December 31,										Years Ended December 31,
		2012				2011						2012				2011						2012				2011
										Revenue			6				11
Foreign exchange contracts			105				6			Cost of revenue			26				38			Other income (expense), net			8				11
Total			105				6						32				49						8				11

Derivatives Not Designated as Hedging Instruments under ASC Topic 815		Location of Gain (Loss) Recognized in Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
				Years Ended December 31,
				2012				2011
Foreign exchange contracts		Other income (expense), net			19				—
Total					19				—

(a) The Company expects that $(35) million of the Accumulated Other Comprehensive Income (Loss) will be reclassified into earnings within the next twelve months with an offset by gains from the underlying transactions resulting in no impact to earnings or cash flow.

(b) The amount of gain (loss) recognized in income represents nil and $17 million related to the ineffective portion of the hedging relationships for the years ended December 31, 2012 and 2011, respectively, and $8 million and $18 million related to the amount excluded from the assessment of the hedge effectiveness for the years ended December 31, 2012 and 2011, respectively.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44C

-Subparagraph c

-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 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 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 55

-Paragraph 184

-URI http://asc.fasb.org/extlink&oid=7485890&loc=SL5634876-113961

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+ References

Reference 1: 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 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=7476318&loc=SL5624163-113959



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

-Paragraph 44C

-Subparagraph a

-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.

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