Merck 2010 Annual Report Download - page 199
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The fair value of stocks and bonds used to cover pension obligations and to manage liquidity are
mainly based on the official market prices and market values quoted on the balance sheet date.
The fair value of interest-bearing securities is determined by discounting future cash flows using
market interest rates. Forward exchange contracts are carried at fair value. They are measured
using market mid spot rates and maturity-related interest premiums or discounts in relation to
traded market prices. The fair value of interest rate swaps held for interest rate hedging purposes
is determined with standard market valuation models using interest rate curves available in the
market. Compared with the previous year, there were no changes in the method used to determine
fair value.
The fair values of the financial instruments disclosed in our balance sheet were determined as follows:
EUR million as of Dec. 31, 2010 Assets Liabilities
thereof available-for-sale 202.2 –
thereof available-for-sale 0.0 –
thereof hedging derivatives 40.5 –127.2
thereof non-hedging derivatives 1.3 –19.4
Valuation technique based on assumptions not supported
by observable market data
EUR million as of Dec. 31, 2009 Assets Liabilities
thereof available-for-sale 213.4 0.0
thereof available-for-sale 251.8 0.0
thereof hedging derivatives 72.8 0.6
thereof non-hedging derivatives 27.1 18.3
Valuation technique based on assumptions not supported
by observable market data
Company 195Management Report Corporate governance Consolidated Financial Statements
Notes
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