Singapore Airlines 2016 Annual Report Download - page 198

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Notes to the Financial Statements
31 March 2016
37 Financial Instruments (in $ million) (continued)
Classification and fair values of financial instruments (continued)
Derivative financial instruments included in the statements of financial position are as follows:
The Group
31 March
The Company
31 March
2016 2015 2016 2015
Derivative assets
Currency hedging contracts 23.2 106.5 22.5 103.1
Fuel hedging contracts 2.5 4.2 2.1 4.2
Cross currency swap contracts 6.6 4.0 5.1 –
Interest rate cap contracts – 0.1 – 0.1
32.3 114.8 29.7 107.4
Derivative liabilities
Currency hedging contracts 124.4 37.8 120.4 37.8
Fuel hedging contracts 600.2 974.8 576.2 944.4
Cross currency swap contracts 3.2 6.9 3.2 –
Interest rate swap contracts – 0.5 – –
727.8 1,020.0 699.8 982.2
Financial instruments carried at fair value
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)
• Level3–Unobservableinputsfortheassetorliability
There has been no transfer between Level 1 and Level 2 during the financial year.
Singapore Airlines196
FINANCIAL