Yahoo 2015 Annual Report Download - page 134
Download and view the complete annual report
Please find page 134 of the 2015 Yahoo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135 -
136 -
137 -
138 -
139 -
140 -
141 -
142 -
143 -
144 -
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
 |
 |
Foreign currency derivative contracts balance sheet location and ending fair value was as follows (in
millions):
Balance Sheet
Location
December 31,
2014
December 31,
2015
Derivatives designated as hedging instruments:
Net investment hedges
Asset(1) $190 $ 79
Liability(2) $ (5) $ (5)
Cash flow hedges
Asset(1) $8 $2
Liability(2) $— $—
Derivatives not designated as hedging instruments:
Balance sheet hedges
Asset(1) $5 $3
Liability(2) $ (1) $ (1)
(1) Included in prepaid expenses and other current assets or other long-term assets and
investments 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
The Company’s credit agreement with Citibank, N.A., as Administrative Agent entered into on
October 19, 2012 (as amended on October 10, 2013, October 9, 2014, and July 24, 2015, the “Credit
Agreement”) provides for a $750 million unsecured revolving credit facility, subject to increase of up
to $250 million in accordance with its terms. The Credit Agreement terminates on July 22, 2016,
unless extended by the parties.
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, 2015, 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, 2015, the Company had $1.4 billion principal amount of Notes outstanding. In
2013, the Company issued the Notes. The Notes were sold under a purchase agreement, dated
November 20, 2013, with J.P. Morgan Securities LLC and Goldman, Sachs & Co., as representatives of
the several initial purchasers named therein (collectively, the “Initial Purchasers”). The Notes were
sold to the Initial Purchasers for resale to qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933, as amended.
130