Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur Page 72
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- Table des matières
- MARQUE LIVRES
Noté. / 5. Basé sur avis des utilisateurs
for the amounts exchanged by the counterparties, the notional amounts are not themselves exchanged and, therefore, do not represent a
measure of the Corporation’s exposure as an end user of derivative financial instruments.
Commodity Derivatives: As more fully described in Note 1, the Corporation enters into various commodity contracts in managing
price risk related to metal purchases used in the manufacturing process. Generally, the commodity contracts have maturity dates of
less than twenty-four months. The amounts exchanged by the counterparties to the commodity contracts normally are based upon the
notional amounts and other terms, generally related to commodity prices. While the notional amounts of the commodity contracts
form part of the basis for the amounts exchanged by the counterparties, the notional amounts are not themselves exchanged, and,
therefore, do not represent a measure of the Corporation’s exposure as an end user of derivative financial instruments.
Hedge ineffectiveness and the portion of derivative gains and losses excluded from the assessment of hedge effectiveness related to
the Corporation’s cash flow hedges for commodity trades recorded to earnings during 2009, 2008, and 2007 were not significant.
Amounts deferred in accumulated other comprehensive income (loss) at December 31, 2009, that are expected to be reclassified into
earnings during 2010 represent an after-tax gain of $3.0 million. The amount expected to be reclassified into earnings during 2010
includes unrealized gains and losses related to open commodity contracts. Accordingly, the amounts that are ultimately reclassified
into earnings may differ materially.
Credit Exposure: The Corporation’s credit exposure on foreign currency, interest rate, and commodity derivatives as of December 31,
2009 and 2008 were $27.9 million and $183.4 million, respectively. That credit exposure reflects the effects of legally enforceable
master netting arrangements.
Fair Value of Derivative Financial Instruments: The following table details the fair value of derivative financial instruments
included in the Consolidated Balance Sheet as of December 31, 2009 (in millions of dollars):
ASSET DERIVATIVES
LIABILITY DERIVATIVES
BALANCE SHEET
LOCATION
FAIR
VALUE
BALANCE SHEET
LOCATION
FAIR
VALUE
Derivatives Designated as Hedging Instruments
Interest rate contracts Other current assets $ 2.4 Other current liabilities $ —
Other assets 24.2
Other long-term
liabilities —
Foreign exchange contracts Other current assets 48.5 Other current liabilities 50.1
Other assets .9
Other long-term
liabilities .3
Net investment contracts Other current assets 2.9 Other current liabilities 15.2
Commodity contracts Other current assets 6.0 Other current liabilities —
Total Derivatives Designated as Hedging Instruments $ 84.9 $ 65.6
Derivatives Not Designated as Hedging Instruments
Foreign exchange contracts Other current assets $ 17.9 Other current liabilities $ 17.0
Total Derivatives $ 102.8 $ 82.6
The fair value of derivative financial instruments in the preceding table is presented prior to the netting of derivative receivables and
derivative payables as disclosed previously.
The following table details the impact of derivative financial instruments in the Consolidated Statement of Earnings for the year ended
December 31, 2009 (in millions of dollars):
Derivatives in Cash Flow
Hedging Relationships
AMOUNT OF
GAIN (LOSS)
RECOGNIZED
IN OCI (a)
[EFFECTIVE
PORTION]
LOCATION OF
GAIN (LOSS)
RECLASSIFIED
FROM
OCI INTO INCOME
[EFFECTIVE
PORTION]
AMOUNT OF
GAIN (LOSS)
RECLASSIFIED FROM
OCI INTO INCOME
[INEFFECTIVE PORTION]
LOCATION OF
GAIN (LOSS)
RECOGNIZED
IN INCOME
[INEFFECTIVE
PORTION]
AMOUNT OF
GAIN (LOSS)
RECOGNIZED
IN INCOME
[INEFFECTIVE PORTION]
Foreign exchange
contracts $ 46.9 Cost of goods sold $ 42.4 Cost of goods sold $ —
Interest expense,
net 2.3
Interest expense,
net —
Other expense
(income) 78.8
Other expense
(income) .1
Commodity contracts 9.6 Cost of goods sold (6.5) Cost of goods sold —
Total $ 56.5 $ 117.0 $ .1
49
Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar
®
Document Research℠
- Morningstar 1
- Document Research 1
- Document Research℠ 10
- CBRIDE – 54 14
- CMULLEN – 54 14
- (DOLLARS IN MILLIONS) 31
- BALANCE AT DECEMBER 31, 2006 52
- BALANCE AT DECEMBER 31, 2007 52
- OUTSTANDING 52
- BALANCE AT DECEMBER 31, 2008 53
- BALANCE AT DECEMBER 31, 2009 53
- 2009 2008 78
- PENSION 80
- PLANS OUTSIDE OF 80
- 2.9 143.4 89
- 7.9 116.4 89
- 1,560.9 5,410.9 89
- PART III 100
- LIST OF SUBSIDIARIES 241
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