Intel 1999 Annual Report Download - page 39

stock, depositary shares, debt securities and warrants to purchase the company's or other issuers' common stock, preferred stock and debt
securities, and, subject to certain limits, stock index warrants and foreign currency exchange units.
As of December 25, 1999, aggregate debt maturities were as follows: 2001-$62 million; 2002-$21 million; 2003-$134 million; 2004-$236
million; and thereafter- $502 million.
Available-for-sale investments
The returns on a majority of the company's marketable investments in long-term fixed rate debt and certain equity securities are swapped to
U.S. dollar LIBOR- based returns. The currency risks of investments denominated in foreign currencies are hedged with foreign currency
borrowings, currency forward contracts or currency interest rate swaps (see "Derivative financial instruments" under "Accounting policies").
Investments with maturities of greater than six months consist primarily of A and A2 or better rated financial instruments and counterparties.
Investments with maturities of up to six months consist primarily of A-1 and P-1 or better rated financial instruments and counterparties.
Foreign government regulations imposed upon investment alternatives of foreign subsidiaries, or the absence of A and A2 rated counterparties
in certain countries, result in some minor exceptions. Intel's practice is to obtain and secure available collateral from counterparties against
obligations whenever Intel deems appropriate. At December 25, 1999, investments were placed with approximately 175 different
counterparties.
Available-for-sale investments at December 25, 1999 were as follows:
Available-for-sale investments at December 26, 1998 were as follows:
Gross Gross Estimated
unrealized unrealized fair
(In millions) Cost gains losses value
--------------------------------------------------------------------------------------------------------------------------
U.S. government securities $ 2,746 $ -- $ (5) $ 2,741
Commercial paper 2,971 -- (2) 2,969
Floating rate notes 2,152 -- (4) 2,148
Bank time deposits 2,022 -- (3) 2,019
Corporate bonds 865 49 (9) 905
Loan participations 625 -- -- 625
Fixed rate notes 275 -- (1) 274
Securities of foreign
governments 59 -- -- 59
Other debt securities 33 -- (1) 32
-------- -------- -------- --------
Total debt securities 11,748 49 (25) 11,772
-------- -------- -------- --------
Marketable strategic equity securities 1,277 5,882 (38) 7,121
Preferred stock and other equity 121 -- -- 121
-------- -------- -------- --------
Total equity securities 1,398 5,882 (38) 7,242
-------- -------- -------- --------
Swaps hedging
investments in
debt securities -- 12 (50) (38)
Currency forward
contracts hedging
investments in
debt securities -- 2 -- 2
-------- -------- -------- --------
Total available-for-sale
investments 13,146 5,945 (113) 18,978
Less amounts classified
as cash equivalents (3,362) -- -- (3,362)
-------- -------- -------- --------
$ 9,784 $5,945 $(113) $15,616
======== ======== ======== ========
Gross Gross Estimated
unrealized unrealized fair
(In millions) Cost gains losses value
---------------------------------------------------------------------------------------------------------------------------
U.S. government securities $ 2,824 $ -- $ (11) $ 2,813
Commercial paper 2,694 5 (2) 2,697
Floating rate notes 1,273 2 (2) 1,273
Corporate bonds 1,153 51 (17) 1,187
Bank time deposits 1,135 1 (1) 1,135
Loan participations 625 -- -- 625
Repurchase agreements 124 -- -- 124
Securities of foreign
governments 36 1 (1) 36
Other debt securities 160 -- -- 160
-------- -------- -------- --------
Total debt securities 10,024 60 (34) 10,050