The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below:
| As of | As of | |||||||
| December 31, | December 31, | |||||||
| 2017 | 2016 | |||||||
| ThUS$ | ThUS$ | |||||||
| Cross currency swaps (CCS) (1) | 38,875 | (12,286 | ) | |||||
| Interest rate swaps (2) | (6,542 | ) | (16,926 | ) | ||||
| Fuel options (3) | 10,711 | 10,088 | ||||||
| Currency forward - options US$/GBP$ (4) | - | 618 | ||||||
| Currency forward - options US$/EUR$ (4) | - | 109 | ||||||
| Currency options R$/US$ (4) | 4,370 | (1,752 | ) | |||||
| Currency options CLP/US$ (4) | 636 | - | ||||||
| (1) | Covers the significant variations in cash flows associated with market risk implicit in the changes in the 3-month LIBOR interest rate and the exchange rate US$/UF of bank loans. These contracts are recorded as cash flow hedges and fair value. |
| (2) | Covers the significant variations in cash flows associated with market risk implicit in the increases in the 3 months LIBOR interest rates for long-term loans incurred in the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedges. |
| (3) | Covers significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. |
| (4) | Covers the foreign exchange risk exposure of operating cash flows caused mainly by fluctuations in the exchange rate R$/US$, US$/EUR and US$/GBP. These contracts are recorded as cash flow hedges. |