United States Securities and Exchange Commission Washington, D. C. 20549 form 10-K
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2 |
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$ |
– |
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$ |
– |
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$ |
– |
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$ |
431 |
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Total assets(b) |
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$ |
486 |
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|
$ |
80 |
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|
$ |
44 |
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|
$ |
21 |
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|
$ |
2 |
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|
$ |
633 |
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Liabilities |
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Derivatives not designated as hedging instruments |
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Other current liabilities |
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$ |
(183 |
) |
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$ |
(3 |
) |
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$ |
(20 |
) |
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$ |
(62 |
) |
|
$ |
(6 |
) |
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$ |
(274 |
) |
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Derivatives designated as hedging instruments |
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Other current liabilities |
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$ |
(75 |
) |
|
$ |
– |
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$ |
– |
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$ |
– |
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$ |
– |
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|
$ |
(75 |
) |
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Total liabilities(b) |
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$ |
(258 |
) |
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$ |
(3 |
) |
|
$ |
(20 |
) |
|
$ |
(62 |
) |
|
$ |
(6 |
) |
|
$ |
(349 |
) |
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(a) FIN No. 39, Offsetting of Amounts Related to Certain Contracts – an interpretation of APB No. 10 and FASB Statement No. 105, permits the netting of derivative assets and derivative liabilities when a legally enforceable master netting agreement exists. These amounts include fair value adjustments related to our own credit risk and counterparty credit risk.
(b) See Note 6 – Fair Value Measurements.
Fair-Value Hedges
For a derivative instrument designated as a fair-value hedge, the gain (loss) is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributed to the risk being hedged. For options designated as fair-value hedges, changes in the time value are excluded from the assessment of hedge effectiveness and are recognized in earnings.
During fiscal year 2009, we recognized in other income (expense) the following gains (losses) on fair value hedged derivatives and their related hedged items:
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(In millions) |
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Foreign Exchange Contracts |
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Equity Contracts |
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Derivatives |
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$ |
121 |
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$ |
191 |
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Hedged items |
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(120 |
) |
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|
(211 |
) |
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Total |
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$ |
1 |
|
|
$ |
(20 |
) |
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Cash-Flow Hedges
For a derivative instrument designated as a cash-flow hedge, the effective portion of the derivative’s gain (loss) is initially reported as a component of other comprehensive income (“OCI”) and is subsequently recognized in earnings when the hedged exposure is recognized in earnings. For options designated as cash-flow hedges, changes in the time value are excluded from the assessment of hedge effectiveness and are recognized in earnings. Gains (losses) on derivatives representing either hedge components excluded from the assessment of effectiveness or hedge ineffectiveness are recognized in earnings. During fiscal year 2009, we recognized the following gains (losses) related to foreign exchange contracts:
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(In millions) |
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| |
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Effective portion: |
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| |
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Gain recognized in OCI, net of tax effect of $472 |
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$ |
876 |
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Gain reclassified from accumulated OCI into revenue |
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$ |
884 |
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Amount excluded from effectiveness assessment and ineffective portion: |
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Loss recognized in other income (expense) |
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$ |
(314 |
) |
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