Intel 2012 Annual Report Download - page 69
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63
Volume of Derivative Activity
Total gross notional amounts for outstanding derivatives (recorded at fair value) as of December 29, 2012, December 31,
2011, and December 25, 2010 were as follows:
(In Millions)
2012
2011
2010
Currency forwards ....................................................................
$ 13,117
$ 11,203
$ 8,502
Currency interest rate swaps....................................................
2,711
1,650
2,259
Embedded debt derivatives......................................................
3,600
3,600
3,600
Equity options...........................................................................
17
54
496
Interest rate swaps ...................................................................
1,101
1,837
2,166
Total return swaps....................................................................
807
761
627
Other.........................................................................................
110
128
160
Total.........................................................................................
$ 21,463
$ 19,233
$ 17,810
The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) as of
December 29, 2012, December 31, 2011, and December 25, 2010 were as follows:
(In Millions)
2012
2011
2010
British pound sterling............................................................
$ 308
$ 459
$ 424
Chinese yuan........................................................................
647
688
347
Euro ......................................................................................
5,994
3,904
4,351
Israeli shekel.........................................................................
2,256
2,168
1,191
Japanese yen .......................................................................
4,389
3,477
3,440
Malaysian ringgit...................................................................
442
805
382
Other.....................................................................................
1,792
1,352
626
Total.....................................................................................
$ 15,828
$ 12,853
$ 10,761
Fair Value of Derivative Instruments in the Consolidated Balance Sheets
The fair value of our derivative instruments as of December 29, 2012 and December 31, 2011 was as follows:
2012
2011
(In Millions)
Other
Current
Assets
Other
Long-Term
Assets
Other
Accrued
Liabilities
Other
Long-Term
Liabilities
Other
Current
Assets
Other
Long-Term
Assets
Other
Accrued
Liabilities
Other
Long-Term
Liabilities
Derivatives designated as hedging
instruments
Currency forwards ..............................
$ 91
$ 2
$ 127
$ —
$ 61
$ —
$ 170
$ 7
Other...................................................
—
—
—
—
—
—
1
—
Total derivatives designated as
hedging instruments....................
$ 91
$ 2
$ 127
$ —
$ 61
$ —
$ 171
$ 7
Derivatives not designated as
hedging instruments
Currency forwards ..............................
$ 85
$ —
$ 58
$ —
$ 54
$ —
$ 34
$ —
Currency interest rate swaps..............
33
18
72
14
41
33
11
10
Embedded debt derivatives................
—
—
—
6
—
—
—
10
Equity options.....................................
1
1
1
—
—
6
9
—
Interest rate swaps .............................
—
—
34
—
3
—
63
—
Total return swaps..............................
11
—
—
—
7
—
—
—
Other...................................................
—
17
—
—
—
24
—
—
Total derivatives not designated as
hedging instruments....................
$ 130
$ 36
$ 165
$ 20
$ 105
$ 63
$ 117
$ 20
Total derivatives ...............................
$ 221
$ 38
$ 292
$ 20
$ 166
$ 63
$ 288
$ 27