Apple 2011 Annual Report Download - page 43

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maximum one-
day loss in fair value of $103 million as of September 25, 2010. Because the Company uses foreign currency instruments for
hedging purposes, the loss in fair value incurred on those instruments are generally offset by increases in the fair value of the underlying
exposures.
Actual future gains and losses associated with the Company’
s investment portfolio and derivative positions may differ materially from the
sensitivity analyses performed as of September 24, 2011 due to the inherent limitations associated with predicting the timing and amount of
changes in interest rates, foreign currency exchanges rates and the Company’s actual exposures and positions.
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