World Fuel Services 2014 Annual Report Download - page 82

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The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis
as of December 31, 2014 and 2013 (in thousands):
Netting and
Level 1 Level 2 Level 3 Sub-Total Collateral Total
2014
A
ssets:
Commodity contracts $ 173,688 $ 495,628 $4,150 $ 673,466 $ (367,984) $ 305,482
Foreign currency contracts
— 21,757 — 21,757 (11,970) 9,787
Cash surrender value of life insurance
— 2,224 — 2,224 — 2,224
Total
$ 173,688 $ 519,609 $4,150 $ 697,447 $ (379,954) $ 317,493
Liabilities:
Commodity contracts $ 306,360 $ 329,887 $1,353 $ 637,600 $ (595,565) $ 42,035
Foreign currency contracts
— 11,970 — 11,970 (11,970) —
Inventories
— 22,889 — 22,889 — 22,889
Total
$ 306,360 $ 364,746 $1,353 $ 672,459 $ (607,535) $ 64,924
2013
A
ssets:
Commodity contracts $ 11,574 $ 39,880 $— $ 51,454 $ (35,983) $ 15,471
Foreign currency contracts
— 8,486 — 8,486 (6,350) 2,136
Inventories
— 1,483 — 1,483 — 1,483
Total
$ 11,574 $ 49,849 $— $ 61,423 $ (42,333) $ 19,090
Liabilities:
Commodity contracts $ 14,032 $ 31,983 $— $ 46,015 $ (31,329) $ 14,686
Foreign currency contracts
— 11,803 — 11,803 (6,350) 5,453
Total
$ 14,032 $ 43,786 $— $ 57,818 $ (37,679) $ 20,139
The cash surrender value of life insurance is in connection with the NQDC plan and was included in identifiable intangible
and other non-current assets in the accompanying consolidated balance sheets.
The following table presents information regarding the balance sheet location of our commodity and foreign currency
contracts net assets and liabilities (in thousands):
As of December 31,
2014 2013
Commodity Contracts
A
ssets:
Short-term derivative assets, net $ 294,316 $ 14,723
Identifiable intangible and other non-current assets 11,166 748
Total net assets $ 305,482 $ 15,471
Liabilities:
A
ccrued expenses and other current liabilities $ 41,346 $ 14,332
Other long-term liabilities 689 354
Total net liabilities $ 42,035 $ 14,686
Foreign Currency Contracts
A
ssets:
Short-term derivative assets, net $ 9,283 $ 2,136
Identifiable intangible and other non-current assets 504 —
Total net assets $ 9,787 $ 2,136
Liabilities:
A
ccrued expenses and other current liabilities $ — $ 5,306
Other long-term liabilities — 147
Total net liabilities $ — $ 5,453
For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These
agreements provide us the ability to offset a counterparty’s rights and obligations, request additional collateral when
necessary or liquidate the collateral in the event of counterparty default. We net fair value of cash collateral paid or received
against fair value amounts recognized for net derivative positions executed with the same counterparty under the same
master netting or offset agreement.