Amgen 2010 Annual Report Download - page 159
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$116 million in the same line item, “Interest expense, net” in the Consolidated Statement of Income, as the
offsetting unrealized loss of $116 million on the related interest rate swap agreements.
Derivatives not designated as hedges
We enter into foreign currency forward contracts to reduce our exposure to foreign currency fluctuations of
certain assets and liabilities denominated in foreign currencies which are not designated as hedging transactions.
These exposures are hedged on a month-to-month basis. As of December 31, 2010 and 2009, the total notional
amounts of these foreign currency forward contracts, primarily Euro-based, were $670 million and $414 million,
respectively.
The following table reflects the location in the Consolidated Statements of Income and the amount of gain/
(loss) recognized in earnings for the derivative instruments not designated as hedging instruments for the years
ended December 31, 2010 and 2009 (in millions):
Derivatives not designated as hedging instruments Statements of Income location 2010 2009
Foreign currency contracts ...................... Interest and other income, net $ 32 $ (24)
The following tables reflect the fair values of both derivatives designated as hedging instruments and not
designated as hedging instruments included in the Consolidated Balance Sheets as of December 31, 2010 and 2009
(in millions):
December 31, 2010 Balance Sheet location Fair value Balance Sheet location Fair value
Derivative assets Derivative liabilities
Derivatives designated as hedging instruments:
Interest rate swap contracts ............. Other current assets/
Other non-current
assets $195
Accrued liabilities/
Other non-current
liabilities $ —
Foreign currency contracts.............. Other current assets/
Other non-current
assets 154
Accrued liabilities/
Other non-current
liabilities 103
Total derivatives designated as hedging
instruments ..................... 349 103
Derivatives not designated as hedging instruments:
Foreign currency contracts.............. Other current assets — Accrued liabilities —
Total derivatives not designated as
hedging instruments ............... — —
Total derivatives ................ $349 $103
F-37
AMGEN INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)