World Fuel Services 2012 Annual Report Download - page 84

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The following tables present the effect of and financial statement location of our derivative instruments
and related hedged items in fair value hedging relationships on our consolidated statements of income
and comprehensive income (in thousands):
Derivative Realized and Unrealized Realized and Unrealized
Instruments Location Gain (Loss) Hedged Items Location Gain (Loss)
For the year ended December 31, For the year ended December 31,
2011 2010 2011 2010
Commodity contracts Revenue $ 265 $ 11,608 $ 10,040 Firm commitments Revenue $ (201) $(12,973) $(7,494)
Commodity contracts Cost of revenue (1,417) (6,926) (739) Firm commitments Cost of revenue 739 7,771 (797)
Commodity contracts Cost of revenue (19,717) (26,039) (12,563) Inventories Cost of revenue 23,972 38,377 21,419
$(20,869) $(21,357) $ (3,262) $24,510 $ 33,175 $13,128
There were no gains or losses for the year ended December 31, 2012, 2011 and 2010 that were
excluded from the assessment of the effectiveness of our fair value hedges.
The following table presents the effect and financial statement location of our derivative instruments in
cash flow hedging relationships on our accumulated other comprehensive income and consolidated
statements of income and comprehensive income (in thousands):
Amount of Gain (Loss) Amount of Gain (Loss)
Recognized in Reclassified from
Accumulated Other Accumulated Other
Comprehensive Location of Realized Comprehensive
Derivative Income Gain (Loss) Income
Instruments (Effective Portion) (Effective Portion) (Effective Portion)
For the year ended December 31, For the year ended December 31,
2011 2010 2011 2010
Foreign currency contracts $ — $— $1,799 Revenue $— $— $1,107
Foreign currency contracts 196 — (81) Other income (expense), net 48 — (81)
$196 $— $1,718 $48 $— $1,026
In the event forecasted foreign currency cash outflows are less than the hedged amounts, a portion or all
of the gains or losses recorded in accumulated other comprehensive income would be reclassified to the
consolidated statement of income and comprehensive income. As of December 31, 2012, the
maximum amount that could be reclassified to the consolidated statements of income and
comprehensive income for the next twelve months is not significant. During the year ended
December 31, 2010, we de-designated a cash flow hedge due to the hedged forecasted foreign
currency cash outflows no longer being probable which resulted in a realized net gain of $0.7 million
being reclassified from accumulated other comprehensive income to other income (expense), net in the
consolidated statements of income and comprehensive income.
During the years ended 2012, 2011 and 2010, there were no amounts recognized in the consolidated
statements of income and comprehensive income related to the ineffective portion of our cash flow
hedges or amounts excluded from the assessment of our cash flow hedge effectiveness.
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2012 2012
2012 2012