World Fuel Services 2011 Annual Report Download - page 104

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Other Matters
We are involved in litigation and administrative proceedings primarily arising in the normal course of our
business. In the opinion of management, our liability, if any, under any other pending litigation or
administrative proceedings, even if determined adversely, would not materially affect our financial
condition, results of operations or cash flows. As of December 31, 2011, we had recorded certain
reserves which were not significant.
10. Fair Value Measurements
The following table presents information about our assets and liabilities that are measured at fair value
on a recurring basis as of December 31, 2011 and 2010, respectively (in thousands):
Netting
and
Level 1 Level 2 Level 3 Sub-Total Collateral Total
Assets:
Commodity contracts $14,038 $51,033 $ — $65,071 $(43,275) $21,796
Foreign currency contracts — 2,994 — 2,994 (893) 2,101
Hedged item inventories — 3,216 — 3,216 — 3,216
Hedged item commitments — 206 — 206 — 206
Total $14,038 $57,449 $ — $71,487 $(44,168) $27,319
Liabilities:
Commodity contracts $10,148 $46,754 $ — $56,902 $(43,291) $13,611
Foreign currency contracts — 1,018 — 1,018 (893) 125
Hedged item commitments — 24 — 24 — 24
Earn-out — — 4,194 4,194 — 4,194
Total $10,148 $47,796 $4,194 $62,138 $(44,184) $17,954
2010
Assets:
Cash equivalents $ 32 $ — $ — $ 32 $ — $ 32
Commodity contracts 753 14,139 123 15,015 (7,000) 8,015
Foreign currency contracts — 461 — 461 (277) 184
Hedged item inventories — 2,518 — 2,518 — 2,518
Hedged item commitments — 797 — 797 (265) 532
Total $ 785 $17,915 $ 123 $18,823 $ (7,542) $11,281
Liabilities:
Commodity contracts $ 2,226 $14,926 $ 33 $17,185 $ (8,391) $ 8,794
Foreign currency contracts — 574 — 574 (277) 297
Hedged item commitments — 361 — 361 (265) 96
Earn-out — — 5,012 5,012 — 5,012
Total $ 2,226 $15,861 $5,045 $23,132 $ (8,933) $14,199
80
2011