The financial instruments of the Company categorized as available-for-sale financial assets are  publicly-traded, easily converted to cash. Therefore, no material liquidation risks are anticipated. The  financial instruments categorized as financial assets carried at cost are investments that do not have a  quoted market price in an active market. Therefore, material liquidation risk is anticipated.  The Company engages in investments in fixed-interest-rate debt securities. Therefore, cash flows from  such securities are not expected to fluctuate significantly due to changes in market interest rates.  Chunghwa entered into currency swap contracts to hedge the fluctuation in exchange rates of beneficiary  certificates denominated in foreign currency, which is fair value hedge. No transaction met the criteria for  hedge accounting for the year ended December 31, 2010. The transaction was assessed as highly effective  for the year ended December 31, 2009. There are no outstanding hedge currency or forward exchange  contracts existed as of December 31, 2009.  Beginning from September 1, 2009, the Company redefined its financial reporting operating segments into  five operating segments: (a) domestic fixed communications business, (b) mobile communications business,  (c) internet business, (d) international fixed communications business and (e) others. Prior to September 1,  2009, Chunghwa Telecom had seven operating segments: (a) local operations, (b) domestic long distance  operations, (c) international long distance operations, (d) cellular service operations, (e) internet and data  operations, (f) cellular phone sales and (g) all others. The redefinition of the Company’s operating segments  is expected to facilitate the management’s ability to assess the performance of each operating segment by  conforming the Company’s operating segments to the international trends of other telecommunications  companies in general. The Company also early adopted the Statement of Financial accounting Standards  No. 41 “Operating Segments” (“SFAS No. 41”) starting from September 1, 2009. For the comparative  purpose, the segment information for the years ended December 31, 2008 was presented in accordance with  SFAS No. 41.  Operating segments are defined as components of an enterprise regarding which separate financial  information is available for regular evaluation by the chief operating decision maker in deciding how to  allocate resources and in assessing performance.  The Company organizes its reporting segments based on types of organizational business. The five reporting  segments are segregated as below: Domestic fixed communications business, mobile communications  business, internet business, international fixed communications business and others.  4) Cash flow interest rate risk  e. Fair value hedge  • Domestic fixed communications business - the provision of local telephone services, domestic long  distance telephone services, broadband access, and related services;  • Mobile communications business - the provision of mobile services, sales of mobile handsets and data  cards, and related services;  • Internet Business - the provision of HiNet services and related services;  • International fixed communications business - the provision of international long distance telephone  services and related services;  • Others - the provision of non-telecom services and the corporate related items not allocated to reportable  segments.  34.SEGMENT FINANCIAL INFORMATION  F-57