Effective this past July, we adopted a new board policy that targets an average tenure of ten years or less for the Board’s independent directors. This approach strikes a balance between retaining directors with deep knowledge about our Company and adding new directors who bring fresh, important...
Short-term debt As of June 30, 2014, we had $2.0 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 0.12% and maturities ranging from 86 days to 91 days. The estimated fair value of this commercial paper approximates its carrying value....
Our fixed-income investments are exposed to interest rate risk and credit risk. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices. The settlement risk related to these investments is insignificant ...
Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period. Fiscal Year 2018 Compared with Fiscal Year 2017 Dividends and interest income increased primarily due to higher average portfolio balances and ...
Our fixed-income investments are exposed to interest rate risk and credit risk. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices. The settlement risk related to these investments is insignificant ...