HP 2012 Annual Report Download - page 130
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 10: Financial Instruments (Continued)
along with the earnings effects of the related forecasted transactions in association with cash flow
hedges.
The before-tax effect of derivative instruments not designated as hedging instruments on the
Consolidated Statements of Earnings for fiscal years 2012 and 2011 were as follows:
Gain (Loss) Recognized in Income on Derivative
Location 2012
In millions
Foreign exchange contracts ................... Interest and other, net $171
Other derivatives .......................... Interest and other, net (32)
Interest rate contracts ....................... Interest and other, net 13
Total ................................... $152
Gain (Loss) Recognized in Income on Derivative
Location 2011
In millions
Foreign exchange contracts ................... Interest and other, net $(117)
Other derivatives .......................... Interest and other, net 19
Interest rate contracts ....................... Interest and other, net (6)
Total ................................... $(104)
Other Financial Instruments
For the balance of HP’s financial instruments, accounts receivable, financing receivables, accounts
payable and other accrued liabilities, the carrying amounts approximate fair value due to their short
maturities.
Note 11: Financing Receivables and Operating Leases
Financing receivables represent sales-type and direct-financing leases resulting from the placement
of HP and third-party products. These receivables typically have terms from two to five years and are
usually collateralized by a security interest in the underlying assets. Financing receivables also include
billed receivables from operating leases. The components of net financing receivables, which are
122