World Fuel Services 2008 Annual Report Download - page 73

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
As of December 31, 2008, our commodity related derivative instruments and their respective fair value
position were as follows (in thousands, except average underlying prices):
Settlement
Period Hedge Strategy Derivative Instrument
Notional Amount Average
Prices
Mark-to-Market
Gains (Losses)(metric tons) (gallons)
2009 Fair Value Hedge Inventory Effect on Hedged Item 5,922 $ 0.13 $ 781
Swaps (Sales) 2,100 0.01 (24)
Futures (Sales) 5,922 0.05 (280)
Non-Designated Purchase Commitments 714 1.07 (763)
Sales Commitments 844 1.05 886
Swaps (Purchases) 17,497 0.54 (9,472)
Swaps (Sales) 14,319 0.45 6,423
Options (Sales) 58,716 0.58 (34,204)
Options (Purchases) 55,668 0.67 37,297
Fair Value Hedge Sales Effect on Hedged Item 42 0.17 (7)
Swaps (Purchases) 84 0.08 7
Fair Value Hedge Inventory Effect on Hedged Item 28 59.24 (1,637)
Swaps (Sales) 14 8.57 (121)
Futures (Sales) 14 5.40 (73)
Non-Designated Purchase Commitments 30 150.67 (4,520)
Sales Commitments 19 24.99 (481)
Swaps (Purchases) 924 243.05 (224,472)
Swaps (Sales) 960 240.09 230,603
Futures (Sales) 0.4 2.56 1
Options (Sales) 27 71.04 (1,918)
Options (Purchases) 27 70.96 1,916
Fair Value Hedge Sales Effect on Hedged Item 106 5.82 615
Swaps (Purchases) 106 10.02 (1,059)
Fair Value Hedge Purchases Effect on Hedged Item 90 104.75 (9,401)
Swaps (Sales) 90 109.50 9,828
$ (75)
As of December 31, 2008, our foreign currency related derivative instruments and their respective fair value
position were as follows (in thousands, except average underlying prices):
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)
65