HP 2013 Annual Report Download - page 128
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 9: Financial Instruments (Continued)
The pre-tax effect of derivative instruments in cash flow and net investment hedging relationships
for fiscal 2013 and 2012 were as follows:
Gain (Loss)
Recognized in
Other
Comprehensive
Income (‘‘OCI’’) Gain (Loss) Reclassified from
on Derivative Accumulated OCI into Income
(Effective Portion) (Effective Portion)
2013 Location 2013
In millions In millions
Cash flow hedges:
Foreign exchange contracts .......... $ (53) Net revenue $ 48
Foreign exchange contracts .......... (192) Cost of products (165)
Foreign exchange contracts .......... (19) Other operating expenses 1
Foreign exchange contracts .......... 21 Interest and other, net 10
Total cash flow hedges ............ $(243) $(106)
Net investment hedges:
Foreign exchange contracts .......... $ 38 Interest and other, net $ —
Gain (Loss)
Recognized in Gain (Loss) Reclassified from
OCI on Derivative Accumulated OCI into Income
(Effective Portion) (Effective Portion)
2012 Location 2012
In millions In millions
Cash flow hedges:
Foreign exchange contracts ......... $415 Net revenue $423
Foreign exchange contracts ......... (65) Cost of products (15)
Foreign exchange contracts ......... (7) Other operating expenses (6)
Foreign exchange contracts ......... (8) Interest and other, net (3)
Total cash flow hedges ........... $335 $399
Net investment hedges:
Foreign exchange contracts ......... $ 37 Interest and other, net $ —
As of October 31, 2013, no portion of the hedging instruments gain or loss was excluded from the
assessment of effectiveness for fair value, cash flow or net investment hedges. As of October 31, 2012,
the portion of hedging instruments gain or loss excluded from the assessment of effectiveness was not
material for fair value, cash flow or net investment hedges. Hedge ineffectiveness for fair value, cash
flow and net investment hedges was not material for fiscal 2013, 2012 and 2011.
As of October 31, 2013, HP expects to reclassify an estimated net Accumulated other
comprehensive loss of approximately $177 million, net of taxes, to earnings in the next twelve months
along with the earnings effects of the related forecasted transactions associated with cash flow hedges.
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