Occidental Petroleum 2014 Annual Report Download - page 59
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(in millions)
December 31, 2013
Asset Derivatives
Balance Sheet Location
Fair Value
Liability Derivatives
Balance Sheet Location
Fair Value
Cash-flow hedges (a)
Commodity contracts
Other current assets
$ —
Accrued liabilities
$ 4
Long-term receivables and other assets, net
—
Deferred credits and other liabilities
—
$ —
$ 4
Derivatives not designated as
hedging instruments (a)
Commodity contracts
Other current assets
$ 367
Accrued liabilities
$ 407
Long-term receivables and other assets, net
13
Deferred credits and other liabilities
11
380
418
Total gross fair value
380
422
Less: counterparty netting and cash
collateral (c) (d)
(329)
(364)
Total net fair value of derivatives
$ 51
$ 58
(a) Fair values are presented at gross amounts, including when the derivatives are subject to master netting arrangements and presented on a net basis in the consolidated balance sheets.
(b) As of December 31, 2014, collateral received of zero has been netted against derivative assets and collateral paid of $8 million has been netted against derivative liabilities.
(c) As of December 31, 2013, collateral received of $11 million has been netted against derivative assets and collateral paid of $46 million has been netted against derivative liabilities.
(d) Select clearinghouses and brokers require Occidental to post an initial margin deposit. Collateral, mainly for initial margin, of $44 million and $103 million as of December 31, 2014 and 2013,
respectively, deposited by Occidental, has not been reflected in these derivative fair value tables. This collateral is included in other current assets in the consolidated balance sheets.
See Note 15 for fair value measurement disclosures on derivatives.
Credit Risk
Foreign Currency Risk
57