HP 2010 Annual Report Download - page 122
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 10: Financial Instruments (Continued)
The before-tax effect of derivative instruments in cash flow and net investment hedging
relationships for fiscal years 2010 and 2009 was as follows:
Gain Recognized in
Gain (Loss) Income on Derivative(1)
Recognized in Gain (Loss) Reclassified from (Ineffective portion
OCI on Derivative Accumulated OCI Into Income and Amount Excluded
(Effective Portion) (Effective Portion) from Effectiveness Testing)
2010 Location 2010 Location 2010
In millions In millions In millions
Cash flow hedges:
Foreign exchange
contracts ........ $273 Net revenue $325 Net revenue $—
Foreign exchange
contracts ........ 50 Cost of products 80 Cost of products —
Foreign exchange Other operating Other operating
contracts ........ 1 expenses — expenses —
Foreign exchange
contracts ........ 20 Interest and other, net — Interest and other, net —
Foreign exchange
contracts ........ 25 Net revenue 26 Interest and other, net 9
Total cash flow
hedges ........ $369 $431 $ 9
Net investment hedges:
Foreign exchange
contracts ........ $(82) Interest and other, net $ — Interest and other, net $—
(1) Amount of gain recognized in income on derivative represents a $9 million gain related to the amount excluded from the
assessment of hedge effectiveness in fiscal 2010.
Gain Recognized in
Gain (Loss) Income on Derivative(1)
Recognized in Gain (Loss) Reclassified from (Ineffective portion
OCI on Derivative Accumulated OCI Into Income and Amount Excluded
(Effective Portion) (Effective Portion) from Effectiveness Testing)
2009 Location 2009 Location 2009
In millions In millions In millions
Cash flow hedges:
Foreign exchange
contracts ........ $(1,044) Net revenue $475 Net revenue $—
Foreign exchange
contracts ........ 115 Cost of products 142 Cost of products —
Foreign exchange Other operating Other operating
contracts ........ (3) expenses (4) expenses —
Foreign exchange
contracts ........ 1 Interest and other, net (4) Interest and other, net —
Foreign exchange
contracts ........ 29 Net revenue 9 Interest and other, net 7
Total cash flow
hedges ........ $ (902) $618 $ 7
Net investment hedges:
Foreign exchange
contracts ........ $ (169) Interest and other, net $ — Interest and other, net $—
(1) Amount of gain recognized in income on derivative represents a $7 million gain related to the amount excluded from the
assessment of hedge effectiveness in fiscal 2009.
114