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Derivative Financial Instruments
120 - Disclosure - Derivative Financial Instruments
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<div>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2"><b>Note 10 – Derivative
Financial Instruments</b></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2"><b>Cash Flow Hedges</b></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">Our cash flow hedges include foreign
currency forward contracts, foreign currency option contracts,
commodity swaps, and commodity purchase contracts. We use foreign
currency forward and option contracts to manage currency risk
associated with certain transactions, specifically forecasted sales
and purchases made in foreign currencies. Our foreign currency
forward contracts hedge forecasted transactions principally
occurring within five years in the future, with certain contracts
hedging transactions up to 2021. We use commodity derivatives, such
as swaps and fixed-price purchase commitments, to hedge against
potentially unfavorable price changes for items used in production.
These include commitments to purchase electricity at fixed prices
through 2015.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2"><b>Fair Value Hedges</b></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">Interest rate swaps under which we
agree to pay variable rates of interest are designated as fair
value hedges of fixed-rate debt. The net change in fair value of
the derivatives and the hedged items is reported in Boeing Capital
Corporation interest expense.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2"><b>Derivative Instruments Not
Receiving Hedge Accounting Treatment</b></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">We also hold certain derivative
instruments, primarily foreign currency forward contracts, for risk
management purposes but without electing any form of hedge
accounting.</font></p>
<p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2"><b>Notional Amounts and Fair
Values</b></font></p>
<p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">The notional amounts and fair values
of derivative instruments in the Condensed Consolidated Statements
of Financial Position were as follows:</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="42%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
 <font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="5" align="center"><font style="FONT-FAMILY: ARIAL" size="2"><b>Notional amounts<font style="FONT-FAMILY: ARIAL" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font></b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: ARIAL" size="2"><b>Other assets</b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: ARIAL" size="2"><b>Other accrued liabilities</b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
 <font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>March 31<br />
2010</b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2">December 31<br />
2009</font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>March 31<br />
2010</b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2">December 31<br />
2009</font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>March 31<br />
2010</b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2">December 31<br />
2009</font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: ARIAL" size="2">Derivatives designated as hedging
instruments</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 2em"><font style="FONT-FAMILY: ARIAL" size="2">Foreign exchange contracts</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>2,326</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">2,353</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>239</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">233</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(28</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(22</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 2em"><font style="FONT-FAMILY: ARIAL" size="2">Interest rate contracts</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>1,475</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">1,475</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>28</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">32</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(8</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(18</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 2em"><font style="FONT-FAMILY: ARIAL" size="2">Commodity contracts</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>127</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">189</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>1</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(114</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(88</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td style="BORDER-TOP: #000000 1px solid" valign="top" colspan="22"> </td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>3,928</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">4,017</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>268</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">265</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(150</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(128</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: ARIAL" size="2">Derivatives not receiving hedge
accounting treatment</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 2em"><font style="FONT-FAMILY: ARIAL" size="2">Foreign exchange contracts</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>506</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">693</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>24</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">32</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(107</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(99</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td style="BORDER-TOP: #000000 1px solid" valign="top" colspan="22"> </td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: ARIAL" size="2">Total derivatives</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>4,434</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">4,710</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>292</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">297</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(257</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(227</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: ARIAL" size="2">Netting arrangements</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(127</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(119</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>127</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">119</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td style="BORDER-TOP: #000000 1px solid" valign="top" colspan="22"> </td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: ARIAL" size="2">Net recorded balance</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>165</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">178</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">  </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(130</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(108</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td style="BORDER-TOP: #000000 3px double" valign="top" colspan="22"> </td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: ARIAL" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: ARIAL" size="2">Notional
amounts represent the gross contract/notional amount of the
derivatives outstanding.</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font size="1"> </font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">Gains/(losses) associated with our
cash flow and undesignated hedging transactions and its effect on
Accumulated other comprehensive loss or earnings were as
follows:</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" align="center">
<tr>
<td width="78%"></td>
<td valign="bottom" width="9%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="9%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
 <font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: ARIAL" size="2"><b>Three months ended<br />
March 31</b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
</tr>
<tr>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
 <font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>        2010</b></font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="right"><font style="FONT-FAMILY: ARIAL" size="2">        2009</font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom">
<font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: ARIAL" size="2">Effective portion recognized in other
comprehensive loss, net of taxes:</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 4em"><font style="FONT-FAMILY: ARIAL" size="2">Foreign exchange
contracts</font><font style="FONT-FAMILY: ARIAL" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>10</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>  </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(19</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 4em"><font style="FONT-FAMILY: ARIAL" size="2">Commodity
contracts</font><font style="FONT-FAMILY: ARIAL" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(19</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(28</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: ARIAL" size="2">Undesignated derivatives:</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 4em"><font style="FONT-FAMILY: ARIAL" size="2">Foreign exchange
contracts</font><font style="FONT-FAMILY: ARIAL" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">2</sup></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"><b> </b></font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2"><b>(14</b></font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2"><b>) </b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font style="FONT-FAMILY: ARIAL" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: ARIAL" size="2">(8</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: ARIAL" size="2">) </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td style="BORDER-TOP: #000000 3px double" valign="top" colspan="8"> </td>
<td> </td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: ARIAL" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">1</sup></font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: ARIAL" size="2">Unrealized gains/(losses) are recognized in Accumulated other
comprehensive loss</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 2px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="2%" align="left"><font style="FONT-FAMILY: ARIAL" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">2</sup></font></td>
<td valign="top" align="left">
<p align="left"><font style="FONT-FAMILY: ARIAL" size="2">Gains/(losses) are recognized in Other expense, net</font></p>
</td>
</tr>
</table>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">Based on our portfolio of cash flow
hedges, we expect to reclassify losses of $33 (pre-tax) during the
next 12 months.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: ARIAL" size="2">We have derivative instruments with
credit-risk-related contingent features. For foreign exchange
contracts with original maturities of at least five years, our
derivative counterparties could require settlement if we default on
our 5-year credit facility, expiring November 2012. For commodity
contracts, our counterparties could require collateral posted in an
amount determined by our credit ratings. The fair value of foreign
exchange and commodity contracts that have credit-risk-related
contingent features that are in a net liability position at
March 31, 2010 is $117. At March 31, 2010, there were no
aggregate derivative positions requiring the posting of
collateral.</font></p>
</div>
Note 10 – Derivative
Financial Instruments
Cash Flow Hedges
Our cash flow hedges include foreign
currency forward contracts, foreign currency option
false
false
false
|
This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
false
false
1
1
false
UnKnown
UnKnown
UnKnown
false
true