Occidental Petroleum 2012 Annual Report Download - page 56
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Fair Value of Derivatives
Cash-flow hedges (a)
Commodity contracts
Other current assets
Accrued liabilities
Long-term receivables and other assets, net
—
Deferred credits and other liabilities
Derivatives not designated as hedging
instruments (a)
Commodity contracts
Other current assets
Accrued liabilities
Long-term receivables and other assets, net
Deferred credits and other liabilities
Total gross fair value
Less: counterparty netting and cash
collateral (b)
Total net fair value of derivatives
December 31, 2011
Asset Derivatives
Balance Sheet Location
Fair Value
Liability Derivatives
Balance Sheet Location
Fair Value
Cash-flow hedges (a)
Commodity contracts
Other current assets
$41
Accrued liabilities
$5
Long-term receivables and other assets, net
3
Deferred credits and other liabilities
—
$ 44
$5
Derivatives not designated as hedging
instruments (a)
Commodity contracts
Other current assets
$835
Accrued liabilities
$ 887
Long-term receivables and other assets, net
71
Deferred credits and other liabilities
71
906
958
Total gross fair value
950
963
Less: counterparty netting and cash
collateral (c)
(758)
(782)
Total net fair value of derivatives
$192
$181
(a) Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and qualify for net presentation in the consolidated balance
sheet.
(b) As of December 31, 2012, collateral received of $25 million has been netted against derivative assets and collateral paid of $95 million has been netted against derivative liabilities.
(c) As of December 31, 2011, collateral received of $42 million has been netted against derivative assets and collateral paid of $66 million has been netted against derivative liabilities.