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Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Statement
Net sales before shipping and handling costs	$ 4,632	$ 3,890	$ 4,197
Less - shipping and handling costs	265	218	253
Net sales	4,367	3,672	3,944
Cost of sales	3,643	3,152	3,239
Gross profit	724	520	705
Selling, general and administrative expenses	370	247	275
Other (income)-net	(10)	(5)	(4)
Impairment/restructuring charges	25	125
Operating expenses	385	367	271
Operating income	339	153	434
Financing costs-net	64	38	29
Income before income taxes	275	115	405
Provision for income taxes	99	68	130
Net income	176	47	275
Less: Net income attributable to non-controlling interests	7	6	8
Net income attributable to CPI	$ 169	$ 41	$ 267
Weighted average common shares outstanding:
Basic (in shares)	75.6	74.9	74.5
Diluted (in shares)	76.8	75.5	75.9
Earnings per common share of CPI:
Basic (in dollars per share)	$ 2.24	$ 0.55	$ 3.59
Diluted (in dollars per share)	$ 2.20	$ 0.54	$ 3.52

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2010	Dec. 31, 2009
Current assets
Cash and cash equivalents	$ 302	$ 175
Accounts receivable - net	735	440
Inventories	678	394
Prepaid expenses	20	13
Deferred income tax assets	18	23
Total current assets	1,753	1,045
Property, plant and equipment, at cost
Land	163	125
Buildings	593	461
Machinery and equipment	3,809	3,272
Property, plant and equipment - gross	4,565	3,858
Less: accumulated depreciation	(2,442)	(2,294)
Property, plant and equipment - net	2,123	1,564
Goodwill (less accumulated amortization of $11 and $11, respectively)	635	238
Other intangible assets (less accumulated amortization of $6 and $2, respectively)	364	7
Deferred income tax assets	71	3
Investments	12	10
Other assets	113	85
Total assets	5,071	2,952
Current liabilities
Short-term borrowings and current portion of long-term debt	88	136
Deferred income taxes	12	9
Accounts payable	535	319
Accrued liabilities	256	101
Total current liabilities	891	565
Non-current liabilities	240	142
Long-term debt	1,681	408
Deferred income taxes	249	111
Redeemable common stock (500,000 shares issued and outstanding at December 31, 2009) stated at redemption value		14
Share-based payments subject to redemption	8	8
CPI stockholders' equity
Preferred stock - authorized 25,000,000 shares-$0.01 par value, none issued
Common stock - authorized 200,000,000 shares-$0.01 par value, 76,034,780 and 74,819,774 issued at December 31, 2010 and 2009, respectively	1	1
Additional paid-in capital	1,120	1,082
Less: Treasury stock (common stock; 11,529 and 433,596 shares at December 31, 2010 and 2009, respectively) at cost	(1)	(13)
Accumulated other comprehensive loss	(190)	(308)
Retained earnings	1,046	919
Total CPI stockholders' equity	1,976	1,681
Non-controlling interests	26	23
Total equity	2,002	1,704
Total liabilities and equity	$ 5,071	$ 2,952

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2010

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

NOTE 2- Summary of Significant Accounting Policies

Basis of presentation — The consolidated financial statements consist of the accounts of the Company, including all significant subsidiaries. Intercompany accounts and transactions are eliminated in consolidation.

The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the value of purchase consideration, valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets, legal contingencies, guarantee obligations, and assumptions used in the calculation of income taxes, and pension and other postretirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management will adjust such estimates and assumptions when facts and circumstance dictate. Foreign currency devaluations, corn price volatility, access to difficult credit markets, and declines in the global economic environment have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.

Assets and liabilities of foreign subsidiaries, other than those whose functional currency is the US dollar, are translated at current exchange rates with the related translation adjustments reported in equity as a component of accumulated other comprehensive income (loss). Income statement accounts are translated at the average exchange rate during the period. Where the US dollar is considered the functional currency, monetary assets and liabilities are translated at current exchange rates with the related adjustment included in net income. Non-monetary assets and liabilities are translated at historical exchange rates. The Company incurs foreign currency transaction gains/losses relating to assets and liabilities that are denominated in a currency other than the functional currency. For 2010, 2009 and 2008, the Company incurred foreign currency transaction gains (losses) of ($2 million), ($6 million) and $9 million, respectively. The Company’s accumulated other comprehensive loss included in equity on the Consolidated Balance Sheets includes cumulative translation loss adjustments of $180 million and $228 million at December 31, 2010 and 2009, respectively.

Cash and cash equivalents — Cash equivalents consist of all instruments purchased with an original maturity of three months or less, and which have virtually no risk of loss in value.

Inventories — Inventories are stated at the lower of cost or net realizable value. Costs are determined using the first-in, first-out (FIFO) method.

Investments — Investments in the common stock of affiliated companies over which the Company does not exercise significant influence are accounted for under the cost method and are carried at cost or less. The Company’s wholly-owned Canadian subsidiary has an investment that is accounted for under the cost method. The carrying value of this investment was $6 million at December 31, 2010 and 2009. Investments that enable the Company to exercise significant influence, but do not represent a controlling interest, are accounted for under the equity method; such investments are carried at cost or less, adjusted to reflect the Company’s proportionate share of income or loss, less dividends received. The Company did not have any investm ents accounted for under the equity method at December 31, 2010 or 2009. The Company also has equity interests in the CME Group Inc. and in Smurfit-Stone Container Corporation, which it classifies as available for sale securities. These investments are carried at fair value with unrealized gains and losses recorded to other comprehensive income. The Company would recognize a loss on its investments when there is a loss in value of an investment that is other than temporary.

Property, plant and equipment and depreciation — Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is generally computed on the straight-line method over the estimated useful lives of depreciable assets, which range from 10 to 50 years for buildings and from 3 to 25 years for all other assets. Where permitted by law, accelerated depreciation methods are used for tax purposes. The Company reviews the recoverability of the net book value of property, plant and equipment for impairment whenever events and circumstances indicate that the net book value of an asset may not be recoverable from estimated future cash flows expected to result from its use and eventual disposition. If this review indicates that the carrying values will not be recovered, the carrying values would be reduced to fair value and an impairment loss would be recognized.

Goodwill and other intangible assets — Goodwill ($635 million and $238 million at December 31, 2010 and 2009, respectively) represents the excess of cost over fair value of net assets acquired. The Company also has other intangible assets ($364 million at December 31, 2010 and $7 million at December 31, 2009, respectively). The carrying amount of goodwill and other intangible assets by geographic segment as of December 31, 2010 and 2009 was as follows:

	At December 31,
(in millions)	2010		2009

North America	$	558	$	137
South America	104		94
Asia/Africa	177		14
Europe	160		—
Total	$	999	$	245

The Company assesses goodwill for impairment annually (or more frequently if impairment indicators arise). The Company has chosen to perform this annual impairment assessment in September of each year. The Company has completed the required impairment assessments and determined there to be no goodwill impairment for 2010. In 2009, the Company wrote off $119 million of goodwill pertaining to its South Korean operations. See Note 4 for additional information regarding this impairment charge.

Revenue recognition — The Company recognizes operating revenues at the time title to the goods and all risks of ownership transfer to customers. This transfer is considered complete when a sales agreement is in place, delivery has occurred, pricing is fixed or determinable and collection is reasonably assured. In the case of consigned inventories, the title passes and the transfer of ownership risk occurs when the goods are used by the customer. Taxes assessed by governmental authorities and collected from customers are accounted for on a net basis and thereby excluded from revenues.

Hedging instruments — The Company uses derivative financial instruments principally to offset exposure to market risks arising from changes in commodity prices, foreign currency exchange rates and interest rates. Derivative financial instruments used by the Company consist of commodity futures and option contracts, forward currency contracts and options, interest rate swap agreements and treasury lock agreements. The Company enters into futures and option contracts, which are designated as hedges of specific volumes of commodities (corn and natural gas) that will be purchased and processed in a future month. These derivative financial instruments are recognized in the Consolidated Balance Sheets at fair value. The Company has also, from time to time, enter ed into interest rate swap agreements that effectively converted the interest rate on certain fixed rate debt to a variable interest rate and, on certain variable rate debt, to a fixed interest rate. The Company periodically enters into treasury lock agreements to lock the benchmark rate for an anticipated fixed rate borrowing. See also Note 5 and Note 6 of the notes to the consolidated financial statements for additional information.

On the date a derivative contract is entered into, the Company designates the derivative as either a hedge of variable cash flows to be paid related to interest on variable rate debt, as a hedge of market variation in the benchmark rate for a future fixed rate debt issue or as a hedge of certain forecasted purchases of corn or natural gas used in the manufacturing process (“a cash-flow hedge”), or as a hedge of the fair value of certain debt obligations (“a fair-value hedge”). This process includes linking all derivatives that are designated as fair-value or cash-flow hedges to specific assets and liabilities on the Consolidated Balance Sheet, or to specific firm commitments or forecasted transactions. For all hedging relationships, the Company formally documents the hedging relationships and its risk-management objective and strategy for unde rtaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed, and a description of the method of measuring ineffectiveness. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows or fair values of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively.

Changes in the fair value of floating-to-fixed interest rate swaps, treasury locks or commodity futures and option contracts that are highly effective and that are designated and qualify as cash-flow hedges are recorded in other comprehensive income, net of applicable income taxes. Realized gains and losses associated with changes in the fair value of interest rate swaps and treasury locks are reclassified from accumulated other comprehensive income (“AOCI”) to the Consolidated Statement of Income over the life of the underlying debt. Gains and losses on commodity hedging contracts are reclassified from AOCI to the Consolidated Statement of Income when the finished goods produced using the hedged item are sold. The maximum term over which the Company hedges exposures to the variability of cash flows for commodity price risk is 24 months. ;nbsp; Changes in the fair value of a fixed-to-floating interest rate swap agreement that is highly effective and that is designated and qualifies as a fair-value hedge, along with the loss or gain on the hedged debt obligation, are recorded in earnings.nbsp; The ineffective portion of the change in fair value of a derivative instrument that qualifies as either a cash-flow hedge or a fair-value hedge is reported in earnings./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer effective in offsetting changes in the cash flows or fair value of the hedged item, the derivative expires or is sold, terminated or exercised, the derivative is de-designated as a hedging instrument because it is unlikely that a forecasted transaction will occur, or management determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, the Company continues to carry the derivative on the Consolidated Balance Sheet at its fair value, and gains and losses that were included in AOCI are recognized in earnings./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"bfont style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"Stock-based compensation/font/bfont style="FONT-SIZE: 10pt" size="2" #151; The Company has a stock incentive plan that provides for stock-based employee compensation, including the granting of stock options and shares of restricted stock, to certain key employees.nbsp; Compensation expense is recognized in the Consolidated Statement of Income for the Company#146;s stock-based employee compensation plan.nbsp; The plan is more fully described in Note 12./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"bfont style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"Earnings per common share/font/bfont style="FONT-SIZE: 10pt" size="2" #151; Basic earnings per common share is computed by dividing net income by the weighted average number of shares outstanding (including redeemable common stock for years prior to 2010), which totaled 75.6 million for 2010, 74.9 million for 2009 and 74.5 million for 2008.nbsp; Diluted earnings per share (EPS) is computed by dividing net income by the weighted average number of shares outstanding, including the dilutive effect of outstanding stock options and other shares associated with long-term incentive compensation plans.nbsp; The weighted average number of shares outstanding for diluted EPS calculations was 76.8 million, 75.5 million and 75.9 million for 2010, 2009 and 2008, respectively.nbsp; In 2010, 2009 and 2008, options to purchase approximately 1. 4 million, 2.3 million and 1.3 million shares of common stock, respectively, were excluded from the calculation of the weighted average number of shares outstanding for diluted EPS because their effects were anti-dilutive./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"bfont style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"Risks and uncertainties/font/bfont style="FONT-SIZE: 10pt" size="2" #151; The Company operates domestically and internationally in one business segment. In each country, the business and assets are subject to varying degrees of risk and uncertainty. The Company insures its business and assets in each country against insurable risks in a manner that it deems appropriate. Because of this geographic dispersion, the Company believes that a loss from non-insurable events in any one country would not have a material adverse effect on the Company#146;s operations as a whole. Additionally, the Company believes there is no significant concentration of risk with any single customer or supplier whose failure or non-performance would materially affect the Company#146;s results./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"bfont style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"Recently adopted accounting standards #151;/font/bfont style="FONT-SIZE: 10pt" size="2" Effective Julynbsp;1, 2009, the Company adopted the Financial Accounting Standards Board (#147;FASB#148;) Accounting Standards Codification (#147;ASC#148;) Topic 105, iGenerally Accepted Accounting Principles/i (#147;ASC 105#148;).nbsp; ASC 105 establishes the FASB Accounting Standards Codificationi /i(the #147;Codification#148;) as the source of authoritative United States generally accepted accounting principles (#147;GAAP#148;) recognized by the FASB to be applied to nongovernmental entities and it is not intended to change or alter previously existing US GAAP.nbsp; Rulesnbsp;and interpretive releases of the SEC under authority of federal securities la ws are also sources of authoritative GAAP for SEC registrants.nbsp; The Codification supersedes all previously existing non-SEC accounting and reporting standards and the FASB will not issue new standards in the form of Statements, FASB Staff Positions or Emerging Issues Task Force Abstracts.nbsp; Instead, the FASB now issues Accounting Standards Updates (#147;ASUs#148;).nbsp; The FASB does not consider ASUs as authoritative in their own right.nbsp; ASUs serve only to update the Codification, provide background information about the guidance and provide the bases for conclusions with respect to the change or changes to the Codification.nbsp; The adoption of the Codification did not have a material impact on the Company#146;s consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Septembernbsp;2006, the FASB issued guidance pertaining to the accounting and disclosure for defined benefit pension and other postretirement plans.nbsp; Among other things, the guidance requires companies to: (i)nbsp; recognize in the balance sheet, a net liability or asset and an offsetting adjustment to accumulated other comprehensive income, to record the funded status of defined benefit pension and other post-retirement benefit plans; (ii)nbsp;measure plan assets and obligations that determine its funded status as of the end of the company#146;s fiscal year; and (iii)nbsp;recognize in comprehensive income the changes in the funded status of a defined benefit pension and postretirement plan in the year in which the changes occur.nbsp; The requirement to recognize the funded status of a benefit plan and the disclosure requirements were effective as of the en d of the fiscal year ending after Decembernbsp;15, 2006.nbsp; The requirement to measure the plan assets and benefit obligations as of the year-end balance sheet date is effective for fiscal years ending after Decembernbsp;15, 2008.nbsp; Accordingly, the Company began measuring its plan assets and benefit obligations using a Decembernbsp;31/fontfont style="FONT-SIZE: 6.5pt; POSITION: relative; TOP: -3pt" size="1"st/fontfont style="FONT-SIZE: 10pt" size="2"nbsp;balance sheet date, effective Decembernbsp;31, 2008.nbsp; Previously, the Company had used a Septembernbsp;30/fontfont style="FONT-SIZE: 6.5pt; POSITION: relative; TOP: -3pt" size="1"th/fontfont style="FONT-SIZE: 10pt" size="2"nbsp;measurement date.nbsp; The change to using a year-end balance sheet measurement date did not have a material impact on the Company#146;s consolidated financial statements.nbsp; See also Note 9 of t he notes to the consolidated financial statements for additional information./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Decembernbsp;2007, the FASB issued guidance establishing new accounting and reporting standards for a non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary.nbsp; Among other things, the guidance clarifies that a non-controlling interest in a subsidiary (previously referred to as a minority interest in a subsidiary) is an ownership interest in the consolidated entity that is to be reported as equity in the consolidated balance sheet, as opposed to being reported in the mezzanine section of the balance sheet between liabilities and equity.nbsp; Under the guidance, consolidated net income is reported at amounts that include the amounts attributable to both the parent and the non-controlling interest.nbsp; The guidance also requires disclosure of the amounts of consolidated net income attributable to the parent and to the non-controlling interest on the face of the consolidated statement of income.nbsp; Additionally, it establishes a single method of accounting for changes in a parent#146;s ownership interest in a subsidiary that does not result in deconsolidation and clarifies that such transactions are equity transactions if the parent retains its controlling financial interest in the subsidiary.nbsp; The guidance also requires that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated.nbsp; The Company adopted the new guidance effective Januarynbsp;1, 2009.nbsp; The adoption did not have a material effect on the Company#146;s consolidated financial statements.nbsp; As required, the prior year consolidated financial statements have been reclassified to conform to the current year#146;s presentation.nbsp; These reclassifications had no effect on CPI#146;s previously reported net income or cash flows./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Decembernbsp;2007, the FASB issued guidance on how acquirers recognize and measure the consideration transferred, identifiable assets, liabilities assumed, non-controlling interest, and goodwill acquired in a business combination.nbsp; The guidance also expands required disclosures surrounding the nature and financial effects of business combinations.nbsp; The revised guidance is effective, on a prospective basis, for fiscal years beginning after Decembernbsp;15, 2008.nbsp; The adoption of the new guidance did not have a material impact on the Company#146;s consolidated financial statements, however the guidance will impact the accounting for future business combinations and the effect will be dependent upon the acquisitions at that time./font/p p style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align="center"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Februarynbsp;2008, the FASB issued revised guidance related to fair value measurements, which among other things, partially deferred the effective date to fiscal years beginning after Novembernbsp;15, 2008 for certain non-financial assets and non-financial liabilities.nbsp; The Company adopted the guidance with respect to financial assets and liabilities in 2008.nbsp; The application of the guidance related to non-financial assets and liabilities, effective Januarynbsp;1, 2009, did not have a material impact on the Company#146;s consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Marchnbsp;2008, the FASB issued guidance intended to improve transparency in financial reporting by requiring additional disclosures with respect to derivative instruments and hedging activities, with particular emphasis as to the effects that such items have on the financial position, results of operations, and cash flows of an entity.nbsp; The requisite disclosures are provided in Note 5 of the notes to the consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Junenbsp;2008, the FASB issued guidance stating that unvested share-based payment awards which contain rights to receive non-forfeitable dividends (whether paid or unpaid) are participating securities, and should be included in the two-class method of computing earnings per share.nbsp; This guidance is effective for fiscal years beginning after Decembernbsp;31,nbsp;2008 and for interim periods within those years.nbsp; The adoption of the guidance did not have a material impact on the Company#146;s consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Decembernbsp;2008, the FASB amended the disclosure requirements for employer#146;s disclosure of plan assets for defined benefit pension and other postretirement plans.nbsp; The objective of the additional disclosure requirements is to provide users of financial statements with an understanding of how investment allocation decisions are made, the major categories of plan assets held by the plans, the inputs and valuation techniques used to measure the fair value of plan assets, significant concentration of risk within the Company#146;s plan assets, and for fair value measurements determined using significant unobservable inputs a reconciliation of changes between the beginning and ending balances.nbsp; The additional requisite disclosures are provided in Note 9 of the notes to the consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Aprilnbsp;2009, the FASB issued additional guidance on factors to consider in estimating fair value when there has been a significant decrease in market activity for a financial asset.nbsp; The additional guidance is effective for interim and annual periods ending after Junenbsp;15, 2009 and it did not have a material impact on the Company#146;s consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Aprilnbsp;2009, the FASB issued guidance that requires publicly-traded companies to provide disclosures on the fair value of financial instruments in interim and annual financial statements.nbsp; The guidance is effective for interim and annual periods ending after Junenbsp;15,nbsp;2009.nbsp; The required disclosures are provided in Note 5 of the notes to the consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Aprilnbsp;2009, the FASB issued guidance related to business combinations that amends and clarifies application issues associated with initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination.nbsp; It is effective for assets or liabilities arising from contingencies in business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after Decembernbsp;15, 2008.nbsp; The revised guidance will impact the accounting and disclosures arising from contingencies in business combinations and the effect will be dependent upon the acquisitions at that time./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Maynbsp;2009, the FASB issued guidance that establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are filed with the SEC.nbsp; The guidance defines subsequent events and also required that companies disclose the date through which they have evaluated subsequent events and the basis for that date.nbsp; The guidance is effective for financial statements issued for interim and annual periods ending after Junenbsp;15, 2009.nbsp; In Februarynbsp;2010, the FASB issued Accounting Standards Update (#147;ASU#148;) 2010-09, iSubsequent Events (Topic 855), /iwhich amends Topic 855 to remove the requirement for an SEC filer to disclose the date through which subsequent events have been evaluated.nbsp; The adoption of the guidance did not have an impact on th e Company#146;s consolidated financial statements./font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"nbsp;/font/p p style="MARGIN: 0in 0in 0pt"font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2"In Septembernbsp;2009, the FASB issued ASU 2009-12, iFair Value Measurements and Disclosures #151; Investments in Certain Entities That Calculate Net Asset Value per Share/i.nbsp; ASU 2009-12 allows, as a practical expedient, companies that have investments that are within the scope of this ASU to use net asset value per share of the investment as a fair value measurement without further adjustment.nbsp; The Company adopted this standard, which applies to certain benefit plan assets, in 2009.nbsp; The adoption did not have a material impact on the Company#146;s consolidated financial statements./font/p/td/tr/table

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2010	Dec. 31, 2009
Consolidated Balance Sheets
Goodwill, accumulated amortization (in dollars)	$ 11	$ 11
Other intangible assets, accumulated amortization (in dollars)	$ 6	$ 2
Redeemable common stock, shares issued		500,000
Redeemable common stock, shares outstanding		500,000
Preferred stock, authorized shares	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued shares	0	0
Common stock, authorized shares	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares	76,034,780	74,819,774
Treasury stock, shares	11,529	433,596

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Statement
Net income	$ 176	$ 47	$ 275
Other comprehensive income (loss):
Gains (losses) on cash flow hedges, net of income tax effect of $12, $28 and $77, respectively	20	(45)	(127)
Amount of losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $34, $117 and $63, in 2010, 2009 and 2008, respectively	54	199	(105)
Actuarial loss on pension and other postretirement obligations, settlements and plan amendments, net of income tax	(7)	(5)	(15)
Losses related to pension and other postretirement obligations reclassified to earnings, net of income tax	3	2	2
Unrealized loss on investment, net of income tax			(3)
Currency translation adjustment	48	135	(231)
Comprehensive income (loss)	294	333	(204)
Less: Comprehensive income attributable to non-controlling interests	7	6	8
Comprehensive income (loss) attributable to CPI	$ 287	$ 327	$ (212)

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Consolidated Statements of Comprehensive Income (Loss)
Gains (losses) on cash flow hedges, income tax effect	$ 12	$ (28)	$ (77)
Amount of losses (gains) on cash flow hedges reclassified to earnings, income tax effect	$ (34)	$ (117)	$ 63

Consolidated Statements of Equity and Redeemable Equity - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 1,704
Balance Redeemable Common Stock	14
Balance Share-based Payments Subject to Redemption	8
Net income attributable to CPI	169	$ 41	$ 267
Net income attributable to non-controlling interests	(7)	(6)	(8)
Gains (losses) on cash flow hedges, net of income tax effect of $12, $28 and $77 in 2010, 2009 and 2008, respectively	20	(45)	(127)
Amount of losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $34, $117 and $63, in 2010, 2009 and 2008, respectively	54	199	(105)
Unrealized loss on investment, net of income tax			(3)
Stock option expense	(6)	(5)	(5)
Currency translation adjustment	48	135	(231)
Actuarial loss on postretirement obligations, settlements and plan amendments, net of income tax	(7)	(5)	(15)
Losses related to postretirement obligations reclassified to earnings, net of income tax	3	2	2
Balance	2,002	1,704
Balance Redeemable Common Stock		14
Balance Share-based Payments Subject to Redemption	8	8
Redeemable Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance Redeemable Common Stock	14	14	19
Change in fair value of redeemable common stock			(5)
Expiration of put option	(14)
Balance Redeemable Common Stock	0	14	14
Share-based Payments Subject to Redemption
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance Share-based Payments Subject to Redemption	8	11	9
Other share-based compensation		(3)	2
Balance Share-based Payments Subject to Redemption	8	8	11
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1	1	1
Balance	1	1	1
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	1,082	1,086	1,082
Issuance of common stock on exercise of stock options	5	(7)	(9)
Stock option expense	6	5	5
Other share-based compensation	7	(1)	(2)
Excess tax benefit on share-based compensation	6	1	5
Change in fair value of redeemable common stock			5
Expiration of put option	14
Purchase of non-controlling interests		(2)
Balance	1,120	1,082	1,086
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(13)	(29)	(57)
Repurchases of common stock	(5)	(3)	(1)
Issuance of common stock on exercise of stock options	17	11	20
Other share-based compensation		8	9
Balance	(1)	(13)	(29)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(308)	(594)	(115)
Gains (losses) on cash flow hedges, net of income tax effect of $12, $28 and $77 in 2010, 2009 and 2008, respectively	20	(45)	(127)
Amount of losses (gains) on cash flow hedges reclassified to earnings, net of income tax effect of $34, $117 and $63, in 2010, 2009 and 2008, respectively	54	199	(105)
Unrealized loss on investment, net of income tax			(3)
Currency translation adjustment	48	135	(231)
Actuarial loss on postretirement obligations, settlements and plan amendments, net of income tax	(7)	(5)	(15)
Losses related to postretirement obligations reclassified to earnings, net of income tax	3	2	2
Balance	(190)	(308)	(594)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	919	920	694
Net income attributable to CPI	169	41	267
Dividends declared	(42)	(42)	(40)
Effects of changing pension plan measurement date and related impact on service cost, interest cost and expected return on plan assets for October 1 - December 31, 2007, net of income tax			(1)
Balance	1,046	919	920
Non-Controlling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	23	22	21
Net income attributable to non-controlling interests	7	6	8
Dividends declared	(3)	(3)	(4)
Purchase of non-controlling interests		(1)
Other	(1)	(1)	(3)
Balance	$ 26	$ 23	$ 22

Consolidated Statements of Equity and Redeemable Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Consolidated Statements of Equity and Redeemable Equity
Gains (losses) on cash flow hedges, income tax effect	$ 12	$ (28)	$ (77)
Amount of losses (gains) on cash flow hedges reclassified to earnings, income tax effect	$ (34)	$ (117)	$ 63

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2010 USD ($)
Consolidated Statements of Cash Flows
Payments for acquisitions, cash acquired (in dollars)	$ 82