IBM 2008 Annual Report Download - page 95

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
Notes to Consolidated Financial Statements
INTERNATIONAL BUSINESS MACHINES CORPORATION and Subsidiary Companies
($  )
Hedge Designation
Net Non-Hedge/
At December ,  Fair Value Cash Flow Investment Other
Derivatives — net asset/(liability):
Debt risk management $848 $ 19 $ — $ 77
Long-term investments in foreign subsidiaries (net investments) — — (244) (458)
Anticipated royalties and cost transactions — (404) — —
Subsidiary cash and foreign currency asset/liability management — — — (88)
Equity risk management — — — 24
Other derivatives — — — —
Total derivatives 848(a) (385)(b) (244)(c) (445)(d)
Debt:
Long-term investments in foreign subsidiaries (net investments) — — (3,819)(e) —
TOTAL $848 $(385) $(4,063) $(445)
(a) Comprises assets of $858 million and liabilities of $10 million.
(b) Comprises assets of $593 million and liabilities of $978 million.
(c) Comprises assets of $109 million and liabilities of $353 million.
(d) Comprises assets of $330 million and liabilities of $775 million.
(e) Represents foreign currency denominated debt formally designated as a hedge of net investment.
($  )
Hedge Designation
Net Non-Hedge/
At December ,  Fair Value Cash Flow Investment Other
Derivatives — net asset/(liability):
Debt risk management $167 $ 291 $ — $ 50
Long-term investments in foreign subsidiaries (net investments) — — (937) —
Anticipated royalties and cost transactions — (203) — —
Subsidiary cash and foreign currency asset/liability management — — — (56)
Equity risk management — — — 30
Other derivatives — — — 6
Total derivatives 167(a) 88(b) (937)(c) 30(d)
Debt:
Long-term investments in foreign subsidiaries (net investments) — — (2,787)(e) —
TOTAL $167 $ 88 $(3,724) $ 30
(a) Comprises assets of $181 million and liabilities of $14 million.
(b) Comprises assets of $526 million and liabilities of $438 million.
(c) Comprises liabilities of $937 million.
(d) Comprises assets of $90 million and liabilities of $60 million.
(e) Represents foreign currency denominated debt formally designated as a hedge of net investment.