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57
Fair Values of Derivative Instruments
The following table presents the fair values of derivative instruments designated as hedging instruments (“designated
hedge derivatives”) and not designated as hedging instruments (“non-designated hedge derivatives”). The fair values
exclude the impact of netting derivative assets and liabilities when a legally enforceable master netting agreement
exists and fair value adjustments related to our own credit risk and counterparty credit risk:
June 30, 2015 June 30, 2014
A
ssets Liabilities Assets Liabilities
(In millions)
Short-term
Investments
Other
Current
Assets
Equit
y
and
Other
Investments
Other
Current
Liabilities
Short-term
Investments
Other
Current
Assets
Equit
y
and
Other
Investments
Other
Current
Liabilities
Non-designated Hedge
Derivatives
Foreign exchange
contracts $ 17 $ 167 $ 0 $ (79)$ 10 $39 $ 0 $(97)
Equity contracts 148 0 0 (18) 177 0 0 (21)
Interest rate
contracts 7 0 0 (12) 17 0 0 (12)
Credit contracts 16 0 0 (9) 24 0 0 (13)
Commodity
contracts 0 0 0 0 15 0 0 (1)
Total $ 188 $ 167 $ 0 $ (118)$ 243 $39 $ 0 $ (144)
Designated Hedge
Derivatives
Foreign exchange
contracts $ 56 $ 552 $ 0 $ (31)$ 1 $70 $ 0 $(15)
Equity contracts 0 0 25 (69) 0 0 7 (125)
Total $ 56 $ 552 $ 25 $ (100)$ 1 $70 $ 7 $(140)
Total gross
amounts of
derivatives $ 244 $ 719 $ 25 $ (218)$ 244 $ 109 $ 7 $(284)
Gross derivatives
either offset or
subject to an
enforceable
master netting
agreement $ 126 $ 719 $ 25 $ (218)$ 99 $109 $ 7 $(284)
Gross amounts of
derivatives offset
in the balance
sheet (66 ) (71 ) (25) 161 (77) (71 ) (7) 155
Net amounts
presented
in the
balance
sheet 60 648 0 (57) 22 38 0 (129)
Gross
amounts of
derivatives
not offset in
the balance
sheet 0 0 0 0 0 0 0 0
Cash
collateral
received 0 0 0 (456) 0 0 0 0
Net amount $ 60 $ 648 $ 0 $ (513)$ 22 $38 $ 0 $(129)