UPS 2011 Annual Report Download - page 130

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Balance Sheet Recognition
The following table indicates the location on the balance sheet in which our derivative assets and liabilities
have been recognized, and the related fair values of those derivatives (in millions). The table is segregated
between those derivative instruments that qualify and are designated as hedging instruments and those that are
not, as well as by type of contract and whether the derivative is in an asset or liability position.
Asset Derivatives Balance Sheet Location
Fair Value
Hierarchy
Level
December 31, 2011
Fair Value
December 31, 2010
Fair Value
Derivatives designated as hedges:
Foreign exchange contracts ........ Other current assets Level 2 $164 $ 36
Interest rate contracts ............. Other non-current assets Level 2 401 182
Derivatives not designated as
hedges:
Foreign exchange contracts ........ Other current assets Level 2 2 —
Interest rate contracts ............. Other non-current assets Level 2 82 —
Total Asset Derivatives ....... $649 $218
Liability Derivatives Balance Sheet Location
Fair Value
Hierarchy
Level
December 31, 2011
Fair Value
December 31, 2010
Fair Value
Derivatives designated as hedges:
Foreign exchange contracts ........ Other current liabilities Level 2 $— $ 9
Foreign exchange contracts ........ Other non-current liabilities Level 2 185 99
Interest rate contracts ............. Other non-current liabilities Level 2 13 29
Derivatives not designated as
hedges:
Foreign exchange contracts ........ Other current liabilities Level 2 — 3
Interest rate contracts ............. Other non-current liabilities Level 2 10 1
Total Liability Derivatives ..... $208 $141
118