Adobe 2014 Annual Report Download - page 59
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59
“2020 Notes” and, together with the 2015 Notes, the “Notes”). In June 2014, we entered into interest rate swaps that effectively
converted the fixed interest rate on our 2020 Notes to a floating interest rate based on the LIBOR plus a fixed number of basis
points through February 1, 2020. Accordingly, our exposure to fluctuations in market interest rates is on the hedged fixed-rate
debt of $900 million. An immediate hypothetical 50 basis points increase or decrease in market interest rates would not have a
significant impact on our results of operations.
As of November 28, 2014, the total carrying amount of the Notes was $1.5 billion and the related fair value based on inactive
market prices was $1.6 billion.
Other Market Risk
Privately Held Long-Term Investments
The privately held companies in which we invest can still be considered in the start-up or development stages which are
inherently risky. The technologies or products these companies have under development are typically in the early stages and may
never materialize, which could result in a loss of a substantial part of our initial investment in these companies. The evaluation of
privately held companies is based on information that we request from these companies, which is not subject to the same disclosure
regulations as U.S. publicly traded companies, and as such, the basis for these evaluations is subject to the timing and accuracy
of the data received from these companies.
Marketable Equity Securities
We have minimal exposure to equity price risk on our portfolio of marketable equity securities. As of November 28, 2014
and November 29, 2013, our total equity holdings in publicly traded companies were insignificant.