Boeing 2014 Annual Report Download - page 111
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99
Note 17 – Derivative Financial Instruments
Cash Flow Hedges
Our cash flow hedges include foreign currency forward contracts, commodity swaps, and commodity
purchase contracts. We use foreign currency forward contracts to manage currency risk associated with
certain transactions, specifically forecasted sales and purchases made in foreign currencies. Our foreign
currency contracts hedge forecasted transactions through 2019. We use commodity derivatives, such as
swaps and fixed-price purchase commitments to hedge against potentially unfavorable price changes for
items used in production. Our commodity contracts hedge forecasted transactions through 2017.
Fair Value Hedges
Interest rate swaps under which we agree to pay variable rates of interest are designated as fair value
hedges of fixed-rate debt. The net change in fair value of the derivatives and the hedged items is reported
in Boeing Capital interest expense.
Derivative Instruments Not Receiving Hedge Accounting Treatment
We also hold certain derivative instruments, primarily foreign currency forward contracts, for risk
management purposes that are not receiving hedge accounting treatment.
Notional Amounts and Fair Values
The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial
Position as of December 31 were as follows:
Notional
amounts(1) Other assets
Accrued
liabilities
2014 2013 2014 2013 2014 2013
Derivatives designated as hedging instruments:
Foreign exchange contracts $2,586 $2,524 $9 $122 ($204) ($64)
Interest rate contracts 125 313 10 13
Commodity contracts 31 72 12(24) (39)
Derivatives not receiving hedge accounting
treatment:
Foreign exchange contracts 319 259 21 12 (5) (35)
Commodity contracts 39 (4)
Total derivatives $3,064 $3,177 41 149 (233) (142)
Netting arrangements (16) (63) 16 63
Net recorded balance $25 $86 ($217) ($79)
(1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding.