Singapore Airlines 2011 Annual Report Download - page 174

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SINGAPORE AIRLINES
172
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
37 Financial Instruments (in $ million) (continued)
(b) Fair values
Financial instruments carried at fair value
The following table shows an analysis of financial instruments carried at fair value by level of fair
value hierarchy:
The Group
31 March
2011 2010
Quoted Quoted
prices in prices in
active Significant active Significant
markets for other markets for other
identical observable identical observable
instruments inputs instruments inputs
(Level 1) (Level 2) Total (Level 1) (Level 2) Total
Financial assets:
Available-for-sale financial assets
(Note 31)
Quoted investments
- Government securities 8.9 - 8.9 11.6 - 11.6
- Equity investments 34.3 - 34.3 34.1 - 34.1
- Non-equity investments 14.7 - 14.7 14.9 - 14.9
Unquoted investments
- Government securities - 339.9 339.9 - 80.0 80.0
Derivative financial instruments
Currency hedging contracts - 2.5 2.5 - 20.7 20.7
Fuel hedging contracts - 54.2 54.2 - 5.7 5.7
Cross currency swap contracts - - - - 7.7 7.7
Interest rate cap contracts - 17.6 17.6 - 23.9 23.9
57.9 414.2 472.1 60.6 138.0 198.6
Financial liabilities:
Derivative financial instruments
Currency hedging contracts - 57.3 57.3 - 17.3 17.3
Fuel hedging contracts - - - - 112.9 112.9
Cross currency swap contracts - 63.3 63.3 - 43.5 43.5
Interest rate swap contracts - 15.3 15.3 - 29.9 29.9
- 135.9 135.9 - 203.6 203.6
Fair value hierarchy
The Group classifies fair value measurement using a fair value hierarchy that reflects the significance of
the inputs used in making the measurements. The fair value hierarchy has the following levels:
• Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)