Seagate 2012 Annual Report Download - page 95
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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The Company dedesignates its cash flow hedges when the forecasted hedged transactions are realized or it is probable the forecasted
hedged transactions will not occur in the initially identified time period. At such time, the associated gains and losses deferred in Accumulated
other comprehensive loss are reclassified immediately into earnings and any subsequent changes in the fair value of such derivative instruments
are immediately reflected in earnings. The Company did not recognize any material net gains or losses related to the loss of hedge designation on
discontinued cash flow hedges during fiscal years 2013, 2012, and 2011. As of June 28, 2013, the Company's existing foreign currency forward
exchange contracts mature within 12 months. The deferred amount currently recorded in Accumulated other comprehensive loss expected to be
recognized into earnings over the next 12 months is not material.
The following tables show the total notional value of the Company's outstanding foreign currency forward exchange contracts as of
June 28, 2013 and June 29, 2012:
The following tables show the Company's derivative instruments measured at gross fair value as reflected in the Consolidated Balance
Sheets as of June 28, 2013 and June 29, 2012:
88
As of June 28, 2013
(Dollars in millions)
Contracts Designated as Hedges
Contracts Not Designated as Hedges
Thai baht
$
—
$
20
Singapore dollars
—
—
Chinese renminbi
—
—
Czech koruna
—
—
$
—
$
20
As of June 29, 2012
(Dollars in millions)
Contracts Designated as Hedges
Contracts Not Designated as Hedges
Thai baht
$
—
$
252
Singapore dollars
50
21
Chinese renminbi
27
—
Czech koruna
—
7
$
77
$
280
As of June 28, 2013
Asset Derivatives
Liability Derivatives
(Dollars in millions)
Balance
Sheet
Location
Fair
Value
Balance
Sheet
Location
Fair
Value
Derivatives designated as hedging
instruments:
Foreign currency forward exchange contracts
Other current
assets
$
—
Accrued
expenses
$
—
Derivatives not designated as hedging
instruments:
Foreign currency forward exchange contracts
Other current
assets
—
Accrued
expenses
(1
)
Total derivatives
$
—
$
(
1
)