Oracle 2015 Annual Report Download - page 120

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Table of Contents
ORACLE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
May 31, 2016
The effects of derivative and non-derivative instruments designated as hedges on certain of our consolidated financial statements were as follows as of or for each
of the respective periods presented below (amounts presented exclude any income tax effects):
Fair Values of Derivative and Non-Derivative Instruments Designated as Hedges in Consolidated Balance Sheets
Fair Value as of May 31,
(in millions) Balance Sheet Location 2016 2015
Interest rate swap agreements designated as fair value hedges Other assets $ 122 $ 74
Cross-currency swap agreements designated as cash flow hedges Other non-current liabilities $ (218) $ (244)
Foreign currency borrowings designated as net investment hedge Notes payable, non-current $ (991) $ (981)
Effects of Derivative and Non-Derivative Instruments Designated as Hedges on Income and Other Comprehensive Income (OCI) or Loss (OCL)
Amount of Gain (Loss) Recognized in
Accumulated OCI or OCL (Effective Portion)
Location and Amount of Gain (Loss) Reclassified from
Accumulated OCI or OCL into Income (Effective Portion)
Year Ended May 31, Year Ended May 31,
(in millions) 2016 2015 2016 2015
Cross-currency swap agreements designated as
cash flow hedges $ 26 $ (318) Non-operating income (expense), net $ 41 $ (348)
Foreign currency borrowings designated as net
investment hedge $ (25) $ 208 Not applicable $ — $ —
Location and Amount of Gain
Recognized in Income on Derivative
Location and Amount of Loss on Hedged Item
Recognized in
Income Attributable to Risk Being Hedged
Year Ended May 31, Year Ended May 31,
(in millions) 2016 2015 2016 2015
Interest rate swap agreements designated as fair value hedges Interest expense $ 48 $ 51 Interest expense $ (48) $ (51)
12. COMMITMENTS AND CERTAIN CONTINGENCIES
Lease Commitments
We lease certain facilities, furniture and equipment under operating leases. As of May 31, 2016, future minimum annual operating lease payments and future
minimum payments to be received from non-cancelable subleases were as follows:
(in millions)
Fiscal 2017 $ 328
Fiscal 2018 273
Fiscal 2019 211
Fiscal 2020 152
Fiscal 2021 110
Thereafter 164
Future minimum operating lease payments 1,238
Less: minimum payments to be received from non-cancelable subleases (57)
Total future minimum operating lease payments, net $ 1,181
118