Yahoo 2014 Annual Report Download - page 130
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Foreign currency derivative contracts balance sheet location and ending fair value was as follows (in
millions):
Balance Sheet
Location
December 31,
2013
December 31,
2014
Derivatives designated as hedging instruments:
Net investment hedges
Asset(1) $209 $190
Liability(2) $ — $ (5)
Cash flow hedges
Asset(1) $4 $8
Liability(2) $— $—
Derivatives not designated as hedging instruments:
Balance sheet hedges
Asset(1) $1 $5
Liability(2) $ (1) $ (1)
(1) Included in prepaid expenses and other current assets or other long-term assets on the
consolidated balance sheets.
(2) Included in accrued expenses and other current liabilities or other long-term liabilities on the
consolidated balance sheets.
See the Foreign Currency and Derivative Financial Instruments section within Note 1—“The Company
and Summary of Significant Accounting Policies” for additional information.
Note 10 Credit Agreement
On October 19, 2012, the Company entered into a credit agreement (the “Credit Agreement”) with
Citibank, N.A., as Administrative Agent, and the other lenders party thereto from time to time. On
October 10, 2013, the Company entered into Amendment No. 1 to the Credit Agreement. Amendment
No. 1 extended the termination date of the Credit Agreement from October 18, 2013 to October 9,
2014. On October 9, 2014, the Company entered into Amendment No. 2. Amendment No. 2 extends
the termination date of the Credit Agreement from October 9, 2014 to October 8, 2015. The Credit
Agreement, as amended, continues to provide for a $750 million unsecured revolving credit facility,
subject to increase by up to $250 million in accordance with its terms.
Borrowings under the Credit Agreement, as amended, will continue to bear interest at a rate equal to,
at the option of the Company, either (a) a customary London interbank offered rate (a “Eurodollar
Rate”), or (b) a customary base rate (a “Base Rate”), in each case plus an applicable margin. The
applicable margins for borrowings under the Credit Agreement, as amended, will be based upon the
leverage ratio of the Company and range from 1.00 percent to 1.25 percent with respect to Eurodollar
Rate borrowings and 0 percent to 0.25 percent with respect to Base Rate borrowings.
As of December 31, 2014, the Company was in compliance with the financial covenants in the Credit
Agreement and no amounts were outstanding.
Note 11 Convertible Notes
0.00% Convertible Senior Notes
As of December 31, 2014, the Company had $1.2 billion principal amount of Notes outstanding. In
2013, the Company issued the Notes. The Notes were sold under a purchase agreement, dated
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