Electronic Arts 2014 Annual Report Download - page 149
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Annual Report
The net impact of the effective portion of gains and losses from our cash flow hedging activities in our
Consolidated Statements of Operations for the fiscal years ended March 31, 2014, 2013 and 2012 was a loss of
$9 million, $4 million, and $4 million respectively. During the fiscal years ended March 31, 2014, 2013 and
2012, we reclassified an immaterial amount of the ineffective portion of gains or losses resulting from changes in
fair value into interest and other income (expense), net.
Balance Sheet Hedging Activities
Our foreign currency forward contracts that are not designated as hedging instruments are accounted for as
derivatives whereby the fair value of the contracts are reported as other current assets or accrued and other
current liabilities on our Consolidated Balance Sheets, and gains and losses resulting from changes in the fair
value are reported in interest and other income (expense), net, in our Consolidated Statements of Operations. The
gains and losses on these foreign currency forward contracts generally offset the gains and losses in the
underlying foreign-currency-denominated monetary assets and liabilities, which are also reported in interest and
other income (expense), net, in our Consolidated Statements of Operations. The fair value of our foreign currency
forward contracts was measured using Level 2 inputs.
Total gross notional amounts and fair values for currency derivatives that are not designated as hedging
instruments are accounted for as follows:
As of March 31, 2014 As of March 31, 2013
Notional
Amount
Fair Value Notional
Amount
Fair Value
Asset Liability Asset Liability
Forward contracts to purchase in exchange for USD ...... $140 $— $ 1 $ 87 $— $—
Total .......................................... $140 $— $ 1 $ 87 $— $—
Forward contracts to sell in exchange for USD ........... $232 $— $— $213 $— $—
Forward contracts to sell in exchange for GBP ........... — — — 6 — —
Total .......................................... $232 $— $— $219 $— $—
The effect of foreign currency forward contracts not designated as hedging instruments in our Consolidated
Statements of Operations for the fiscal years ended March 31, 2014, 2013 and 2012, was as follows (in millions):
Location of Gain (Loss)
Recognized in Income on
Derivative
Amount of Gain (Loss) Recognized in Income on
Derivative
Year Ended March 31,
2014 2013 2012
Foreign currency forward contracts not
designated as hedging instruments . . .
Interest and other income
(expense), net
$(5) $(2) $21
79