Emerson 2009 Annual Report Download - page 37

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Annual Report 35


The notional value of foreign currency hedge positions totaled approximately $2.3 billion as of September 30, 2009.
Commodity hedges outstanding at year end included a total of approximately 52 million pounds of copper and
aluminum. Shown below for the scal year ended September 30, 2009 are amounts reclassied from accumulated
other comprehensive income into earnings, amounts recognized in other comprehensive income and amounts recog-
nized in earnings for derivatives not receiving deferral accounting. Hedging gains or losses are largely offset by losses or
gains on the related underlying exposures.
 G A i n (l o s s )R e C l A s s i f i e d  G A i n (l o s s )R e C o G n i z e d in
 i n t o e A R n i n G s l o C A t i o n o t h e R C o m p R e h e n s i v e i n C o m e

Cash Flow Hedges
Foreign currency $ (24) Sales $(18)
Foreign currency (32) Cost of sales (40)
Commodity (96) Cost of sales (40)
$(152) $(98)
 G A i n (l o s s )R e C o G n i z e d
 in e A R n i n G s l o C A t i o n

Foreign currency $ (67) Other income (deductions)
Commodity (11) Cost of sales
$ (78)

Fair values of derivative contracts outstanding as of September 30, 2009 follow:
    A s s e t s li A b i litie s

Foreign currency $15 (33)
Commodity $30 (4)

Foreign currency $ 6 (7)
Commodity $ 2 (2)
The Company held $4 of collateral posted by counterparties in the normal course of business as of September 30,
2009. The maximum incremental collateral the Company could have been required to post as of September 30, 2009
was $27. As of September 30, 2009 and 2008, the fair value of long-term debt was $4,915 and $3,752, respectively,
which was in excess of (less than) the carrying value by $351 and $(12).