3M 2012 Annual Report Download - page 99
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93
In addition to the derivative instruments used as hedging instruments in net investment hedges, 3M also uses foreign
currency denominated debt as nonderivative hedging instruments in certain net investment hedges. In July and
December 2007, the Company issued seven-year fixed rate Eurobond securities for amounts of 750 million Euros and
275 million Euros, respectively. 3M designated each of these Eurobond issuances as hedging instruments of the
Company’s net investment in its European subsidiaries.
The location in the consolidated statements of income and comprehensive income and amounts of gains and losses
related to derivative and nonderivative instruments designated as net investment hedges are as follows. There were no
reclassifications of the effective portion of net investment hedges out of accumulated other comprehensive income into
income for the periods presented in the table below.
Year ended December 31, 2012
Derivative and Nonderivative Instruments in Net Investment Hedging
Relationships
Pretax Gain (Loss)
Recognized as Cumulative
Translation within Other
Comprehensive Income
on Effective Portion of
Instrument
Ineffective Portion of Gain
(Loss) on Instrument and
Amount Excluded from
Effectiveness Testing
Recognized in Income
(Millions)
Amount
Location
Amount
Foreign currency denominated debt
$
(29)
N/A
$
―
Total $ (29)
$ ―
Year ended December 31, 2011
Derivative and Nonderivative Instruments in Net Investment Hedging
Relationships
Pretax Gain (Loss)
Recognized as Cumulative
Translation within Other
Comprehensive Income
on Effective Portion of
Instrument
Ineffective Portion of Gain
(Loss) on Instrument and
Amount Excluded from
Effectiveness Testing
Recognized in Income
(Millions)
Amount
Location
Amount
Foreign currency denominated debt $ 41
N/A $ ―
Total
$
41
$
―
Year ended December 31, 2010
Derivative and Nonderivative Instruments in Net Investment Hedging
Relationships
Pretax Gain (Loss)
Recognized as Cumulative
Translation within Other
Comprehensive Income
on Effective Portion of
Instrument
Ineffective Portion of Gain
(Loss) on Instrument and
Amount Excluded from
Effectiveness Testing
Recognized in Income
(Millions)
Amount
Location
Amount
Foreign currency denominated debt $ 111
N/A $ ―
Total
$
111
$
―
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