United Airlines 2014 Annual Report Download - page 97
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Table of Contents
At December 31, the Company’s derivatives were reported in its consolidated balance sheets as follows (in millions):
Fuel contracts due within one year Receivables $ — $ 19
Fuel contracts with maturities greater than one year Other assets: Other, net — 6
Total assets $ — $ 25
Fuel contracts due within one year Fuel derivative instruments $ 450 $ —
Fuel contracts with maturities greater than one year Other liabilities and deferred credits: Other 27 —
$ 477 $ —
Fuel contracts due within one year Receivables $ 6 $ 70
Fuel contracts with maturities greater than one year Other assets: Other, net — 9
Total assets $ 6 $ 79
Fuel contracts due within one year Fuel derivative instruments $ 244 $ —
Fuel contracts with maturities greater than one year Other liabilities and deferred credits: Other 2 —
Total liabilities $ 246 $ —
Fuel contracts due within one year Receivables $ 6 $ 89
Fuel contracts with maturities greater than one year Other assets: Other, net — 15
Total assets $ 6 $ 104
Fuel contracts due within one year Fuel derivative instruments $ 694 $ —
Fuel contracts with maturities greater than one year Other liabilities and deferred credits: Other 29 —
Total liabilities $ 723 $ —
Derivative Credit Risk and Fair Value
The Company is exposed to credit losses in the event of nonperformance by counterparties to its derivative instruments. While the Company records
derivative instruments on a gross basis, the Company monitors its net derivative position with each counterparty to monitor credit risk. Based on the fair
value of our fuel derivative instruments, our counterparties may require us to post collateral when the price of the underlying commodity decreases, and we
may require our counterparties to provide us with collateral when the price of the underlying commodity increases. The Company posted $577 million of
collateral with fuel derivative counterparties as of December 31, 2014. The collateral is recorded as Fuel hedge collateral deposits on the Company’s balance
sheet. The Company did not post or hold collateral as of December 31, 2013.
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