World Fuel Services 2008 Annual Report Download - page 46

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As of December 31, 2008, we had the following foreign currency purchase contracts (in thousands):
Settlement
Period Hedge Strategy
Foreign
Currency
Amount
United States
Currency
Amount
Fair Value
Asset
(Liability)
2009 Non-designated CLP 4,518,294 $ 7,054 $ 5
EUR 60 92 (3)
GBP 820 1,210 (13)
Cash Flow Hedge GBP 14,650 22,779 (1,474)
$(1,485)
Item 8. Financial Statements and Supplementary Data
The financial statements, together with the report thereon of PricewaterhouseCoopers LLP dated
February 26, 2009, and the Selected Quarterly Financial Data (Unaudited), are set forth in Item 15 of this Form
10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Management’s Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be
disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated
and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions
regarding required financial disclosure.
As of the end of the period covered by this report, we evaluated, under the supervision and with the
participation of our CEO and CFO, the effectiveness of the design and operation of our disclosure controls and
procedures pursuant to Exchange Act Rule 13a-15(e). Based upon this evaluation, the CEO and CFO concluded
that our disclosure controls and procedures were effective at a reasonable assurance level as of December 31,
2008.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our internal control over financial reporting is
a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting
principles in the United States of America. Our internal control over financial reporting includes those policies
and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles in the United States of America, and that receipts and expenditures are being made only in
accordance with authorizations of management and our directors; and (iii) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have
a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
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