Amgen 2012 Annual Report Download - page 140
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F-41
The location in the Consolidated Statements of Income and the amount of gain/(loss) recognized in earnings for our derivative
instruments not designated as hedging instruments were as follows (in millions):
Years ended December 31,
Derivatives not designated as hedging instruments Statements of Income location 2012 2011 2010
Foreign currency contracts Interest and other income, net $ 19 $ (1) $ 32
The fair values of derivatives included in the Consolidated Balance Sheets were as follows (in millions):
Derivative assets Derivative liabilities
December 31, 2012 Balance Sheet location Fair value Balance Sheet location Fair value
Derivatives designated as hedging instruments:
Cross-currency swap contracts Other current assets/
Other noncurrent
assets $ 65
Accrued liabilities/
Other noncurrent
liabilities $ 6
Foreign currency contracts Other current assets/
Other noncurrent
assets 45
Accrued liabilities/
Other noncurrent
liabilities 58
Total derivatives designated as
hedging instruments 110 64
Derivatives not designated as hedging
instruments:
Foreign currency contracts Other current assets 1 Accrued liabilities 1
Total derivatives not designated as
hedging instruments 1 1
Total derivatives $ 111 $ 65
Derivative assets Derivative liabilities
December 31, 2011 Balance Sheet location Fair value Balance Sheet location Fair value
Derivatives designated as hedging instruments:
Interest rate swap contracts Other current assets/
Other noncurrent
assets $ 377
Accrued liabilities/
Other noncurrent
liabilities $ —
Cross-currency swap contracts Other current assets/
Other noncurrent
assets —
Accrued liabilities/
Other noncurrent
liabilities 26
Foreign currency contracts Other current assets/
Other noncurrent
assets 172
Accrued liabilities/
Other noncurrent
liabilities 48
Total derivatives designated as
hedging instruments 549 74
Derivatives not designated as hedging
instruments:
Foreign currency contracts Other current assets — Accrued liabilities —
Total derivatives not designated as
hedging instruments — —
Total derivatives $ 549 $ 74
Our derivative contracts that were in liability positions as of December 31, 2012, contain certain credit-risk-related contingent
provisions that would be triggered if: (i) we were to undergo a change in control and (ii) our or the surviving entity’s creditworthiness
deteriorates, which is generally defined as having either a credit rating that is below investment grade or a materially weaker
creditworthiness after the change in control. If these events were to occur, the counterparties would have the right, but not the
obligation, to close the contracts under early-termination provisions. In such circumstances, the counterparties could request
immediate settlement of these contracts for amounts that approximate the then current fair values of the contracts.