World Fuel Services 2012 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2012 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 115

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115

As of December 31, 2012, our derivative instruments, at their respective fair value positions were as
follows (in thousands, except weighted average fixed price and weighted average mark-to-market
amount):
Weighted
Weighted Average
Average Mark-to- Fair
Settlement Fixed Market Value
Hedge Strategy Period Derivative Instrument Notional Unit Price Amount Amount
Cash Flow Hedge 2013 Foreign currency contracts (long) 1,758 EUR 0.81 0.08 $ 148
Fair Value Hedge 2013 Commodity contracts for inventory hedging (long) 310 BBL 122.75 0.79 $ 246
2013 Commodity contracts for inventory hedging (short) 2,227 BBL 121.97 (0.69) (1,539)
$ (1,293)
Non-Designated 2013 Commodity contracts (long) 37,205 BBL 74.92 0.68 $ 25,276
2013 Commodity contracts (short) 29,588 BBL 87.34 (0.48) (14,305)
2014 Commodity contracts (long) 445 BBL 98.12 2.52 1,123
2014 Commodity contracts (short) 542 BBL 99.74 (1.35) (734)
2015 Commodity contracts (long) 26 BBL 115.63 0.69 18
2015 Commodity contracts (short) 26 BBL 117.24 (0.69) (18)
2013 Foreign currency contracts (long) 3,080 AUD 1.04 0.00 2
2013 Foreign currency contracts (short) 11,111 AUD 1.04 0.01 81
2013 Foreign currency contracts (long) 1,859 BRL 2.11 0.02 32
2013 Foreign currency contracts (short) 1,366 BRL 2.10 (0.01) (13)
2013 Foreign currency contracts (long) 16,795 CAD 0.99 (0.00) (67)
2013 Foreign currency contracts (short) 12,220 CAD 0.99 0.01 69
2013 Foreign currency contracts (long) 1,553,106 CLP 479.38 (0.00) (10)
2013 Foreign currency contracts (short) 892,962 CLP 483.07 0.00 12
2013 Foreign currency contracts (long) 18,734,591 COP 1,803.89 0.00 147
2013 Foreign currency contracts (short) 15,265,622 COP 1,803.26 (0.00) (96)
2013 Foreign currency contracts (short) 5,053 DKK 5.69 (0.00) (7)
2013 Foreign currency contracts (long) 1,175 EUR 0.75 (0.01) (6)
2013 Foreign currency contracts (short) 18,434 EUR 0.76 (0.01) (175)
2013 Foreign currency contracts (long) 47,725 GBP 0.63 0.03 1,417
2013 Foreign currency contracts (short) 79,935 GBP 0.63 (0.03) (2,719)
2013 Foreign currency contracts (long) 3,538 JPY 80.71 (0.00) (4)
2013 Foreign currency contracts (short) 15,768 JPY 77.72 0.00 21
2013 Foreign currency contracts (long) 381,114 MXN 12.97 (0.00) (375)
2013 Foreign currency contracts (short) 247,549 MXN 12.96 0.00 307
2013 Foreign currency contracts (long) 9,400 NOK 5.58 (0.00) (4)
2013 Foreign currency contracts (short) 7,123 NOK 5.64 (0.00) (13)
2013 Foreign currency contracts (short) 4,459 PLN 3.17 (0.01) (23)
2013 Foreign currency contracts (short) 6,873 RON 3.48 (0.01) (37)
2014 Foreign currency contracts (long) 250 GBP 0.62 0.00 1
2014 Foreign currency contracts (short) 3,090 GBP 0.63 (0.03) (99)
$ 9,801
Interest Rate
Borrowings under our Credit Facility and Term Loans related to base rate loans or eurodollar rate loans
bear floating interest rates plus applicable margins. As of December 31, 2012, the applicable margins for
base rate loans and eurodollar rate loans were 1.0% and 2.0%, respectively. As of December 31, 2012,
we had $100.5 million of outstanding borrowings under our Credit Facility and borrowings of
$247.5 million under our Term Loans. As of December 31, 2012, the aggregate outstanding balance of
our promissory notes issued in connection with our acquisitions was $25.9 million, which bear interest at
36