EMC 2008 Annual Report Download - page 78
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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
The cost of the Purchased Options and net proceeds from the sale of the Sold Warrants were recorded in stockholders' equity.
In April 2006, we redeemed the Documentum Notes for $126.1 million, based on a contractual redemption price of 100.9%.
The carrying amount reported in the consolidated balance sheet as of December 31, 2008 for our long-term convertible debt is $3,450.0 million. The fair
value of our long-term convertible debt as of December 31, 2008 was $3,322 million based on active market prices for our debt.
E. Derivatives
The following table provides the major types of derivative instruments outstanding as of December 31, 2008 and 2007 (table in thousands):
Fair Values of Derivative Instruments
Asset Derivatives
December 31, 2008 December 31, 2007
Balance Sheet
Location Fair Value Balance Sheet
Location Fair Value
Derivatives designated as hedging instruments:
Foreign exchange contracts Other assets $ 4,977 Other assets $ 594
Total derivatives designated as hedging instruments: $ 4,977 $ 594
Derivatives not designated as hedging instruments:
Foreign exchange contracts Other assets $ 39,065 Other assets $ 19,304
Total derivatives not designated as hedging instruments: $ 39,065 $ 19,304
Total asset derivatives $ 44,042 $ 19,898
Liability Derivatives
December 31, 2008 December 31, 2007
Balance Sheet
Location Fair Value Balance Sheet
Location Fair Value
Derivatives designated as hedging instruments:
Foreign exchange contracts Accrued expenses $ 5,603 Accrued expenses $ 360
Total derivatives designated as hedging instruments: $ 5,603 $ 360
Derivatives not designated as hedging instruments:
Foreign exchange contracts Accrued expenses $ 34,347 Accrued expenses $ 26,925
Total derivatives not designated as hedging instruments: $ 34,347 $ 26,925
Total liability derivatives $ 39,950 $ 27,285
See Note A for additional information on EMC's purpose for entering into derivatives contracts.
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