Autodesk 2014 Annual Report Download - page 130
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2013 Annual Report
2014 Form 10-K 56
speculative purposes. The notional amount of our option and forward contracts was $557.2 million and $438.2 million at
January 31, 2014 and 2013, respectively.
We use foreign currency contracts to reduce the exchange rate impact on the net revenue and operating expenses of
certain anticipated transactions. A sensitivity analysis performed on our hedging portfolio as of January 31, 2014 indicated that
a hypothetical 10% appreciation of the U.S. dollar from its value at January 31, 2014 and 2013 would increase the fair value of
our foreign currency contracts by $7.9 million and $29.6 million, respectively. A hypothetical 10% depreciation of the dollar
from its value at January 31, 2014 and 2013 would increase the fair value of our foreign currency contracts by $3.7 million and
$33.1 million, respectively.
Interest rate risk
Interest rate movements affect both the interest income we earn on our short term investments and the market value of
certain longer term securities. At January 31, 2014, we had $1,517.4 million of cash equivalents and marketable securities,
including $414.1 million classified as short-term marketable securities and $277.3 million classified as long-term marketable
securities. If interest rates were to move up or down by 50 and 100 basis points over a twelve month period, the market value
change of our marketable securities would have an unrealized gain or loss of $3.2 million and $6.4 million, respectively.
Other Market Risk
From time to time we make direct investments in privately held companies. The privately held companies in which we
invest are considered inherently risky. The technologies and products these companies have under development are typically in
the early stages and may never materialize, which could result in a loss of all or a substantial part of our initial investment in
these companies. The evaluation of privately held companies is based on information that we request from these companies,
which is not subject to the same disclosure regulations as U.S. publicly traded companies, and as such, the basis for these
evaluations is subject to the timing and accuracy of the data received from these companies.