AMD 2013 Annual Report Download - page 114
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The following table shows the fair value amounts included in prepaid expenses and other current assets
should the foreign currency forward contracts be in a gain position or included in accrued and other current
liabilities should these contracts be in a loss position. These amounts were recorded in the consolidated balance
sheets as follows:
December 28,
2013
December 29,
2012
(In millions)
Foreign Currency Forward Contracts
Contracts designated as cash flow hedging instruments ...... $(3) $—
Contracts not designated as hedging instruments ........... $(1) $—
For the foreign currency contracts designated as cash flow hedges, the ineffective portions of the hedging
relationship and the amounts excluded from the assessment of hedge effectiveness were immaterial.
As of December 28, 2013 and December 29, 2012, the notional value of the Company’s outstanding foreign
currency forward contracts was $124 million and $142 million, respectively. All the contracts mature within 12
months, and upon maturity, the amounts recorded in accumulated other comprehensive loss are expected to be
reclassified into earnings. The Company hedges its exposure to the variability in future cash flows for forecasted
transactions over a maximum of 12 months. As of December 28, 2013, the Company’s outstanding contracts
were in a net loss position of $4 million. The Company is required to post collateral should the derivative
contracts be in a net loss position exceeding certain thresholds. As of December 28, 2013, the Company was not
required to post any collateral.
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