3M 2012 Annual Report Download - page 97
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91
amortized over the five-year life of the note. 3M expects to reclassify a majority of the remaining balance to earnings over
the next 12 months (with the impact offset by cash flows from underlying hedged items).
The location in the consolidated statements of income and comprehensive income and amounts of gains and losses
related to derivative instruments designated as cash flow hedges are provided in the following table. Reclassifications of
amounts from accumulated other comprehensive income into income include accumulated gains (losses) on
dedesignated hedges at the time earnings are impacted by the forecasted transaction.
Year Ended December 31, 2012
(Millions)
Pretax Gain (Loss)
Recognized in Other
Comprehensive
Income on Effective
Portion of Derivative
Pretax Gain (Loss) Recognized in
Income on Effective Portion of
Derivative as a Result of
Reclassification from
Accumulated Other
Comprehensive Income
Ineffective Portion of Gain
(Loss) on Derivative and
Amount Excluded from
Effectiveness Testing
Recognized in Income
Derivatives in Cash Flow Hedging Relationships
Amount
Location
Amount
Location
Amount
Foreign currency forward/option contracts
$
(35)
Cost of sales
$
41
Cost of sales
$
―
Foreign currency forward contracts
29
Interest expense
29
Interest expense
―
Commodity price swap contracts
(4)
Cost of sales
(10)
Cost of sales
―
Interest rate swap contracts
―
Interest expense
(1)
Interest expense
―
Total
$
(10)
$
59
$
―
Year Ended December 31, 2011
(Millions)
Pretax Gain (Loss)
Recognized in Other
Comprehensive
Income on Effective
Portion of Derivative
Pretax Gain (Loss) Recognized in
Income on Effective Portion of
Derivative as a Result of
Reclassification from
Accumulated Other
Comprehensive Income
Ineffective Portion of Gain
(Loss) on Derivative and
Amount Excluded from
Effectiveness Testing
Recognized in Income
Derivatives in Cash Flow Hedging Relationships
Amount
Location
Amount
Location
Amount
Foreign currency forward/option contracts
$
3
Cost of sales
$
(87)
Cost of sales
$
―
Foreign currency forward contracts
(42)
Interest expense
(41)
Interest expense
―
Commodity price swap contracts
(4)
Cost of sales
(6)
Cost of sales
―
Interest rate swap contracts
(7)
Interest expense
―
Interest expense
―
Total
$
(50)
$
(134)
$
―
Year Ended December 31, 2010
(Millions)
Pretax Gain (Loss)
Recognized in Other
Comprehensive
Income on Effective
Portion of Derivative
Pretax Gain (Loss) Recognized in
Income on Effective Portion of
Derivative as a Result of
Reclassification from
Accumulated Other
Comprehensive Income
Ineffective Portion of Gain
(Loss) on Derivative and
Amount Excluded from
Effectiveness Testing
Recognized in Income
Derivatives in Cash Flow Hedging Relationships
Amount
Location
Amount
Location
Amount
Foreign currency forward/option contracts
$
(30)
Cost of sales
$
(39)
Cost of sales
$
―
Foreign currency forward contracts
34
Interest expense
33
Interest expense
―
Commodity price swap contracts
(13)
Cost of sales
(9)
Cost of sales
―
Total
$
(9)
$
(15)
$
―