World Fuel Services 2013 Annual Report Download - page 65

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The following table presents information about our derivative instruments measured at fair value and their locations on the
consolidated balance sheets (in thousands):
As of December 31,
Balance Sheet Location 2012
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts Other current assets $ 735 $ 991
Foreign currency contracts Accrued expenses and other current liabilities — 148
735 1,139
Derivatives not designated as hedging instruments
Commodity contracts Other current assets 47,062 67,533
Commodity contracts Identifiable intangible and other non-current assets 1,642 1,423
Commodity contracts Accrued expenses and other current liabilities 1,141 5,776
Commodity contracts Other long-term liabilities 874 46
Foreign currency contracts Other current assets 5,003 741
Foreign currency contracts Accrued expenses and other current liabilities 3,483 1,545
59,205 77,064
$59,940 $78,203
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts Other current assets $ 1,544 $ 2,284
1,544 2,284
Derivatives not designated as hedging instruments
Commodity contracts Other current assets 26,876 41,410
Commodity contracts Identifiable intangible and other non-current assets 894 47
Commodity contracts Accrued expenses and other current liabilities 15,473 20,927
Commodity contracts Other long-term liabilities 1,228 1,034
Foreign currency contracts Other current assets 2,867 595
Foreign currency contracts Accrued expenses and other current liabilities 8,789 3,151
Foreign currency contracts Other long-term liabilities 147 99
56,274 67,263
$57,818 $69,547
The following tables present the effect of and financial statement location of our derivative instruments and related hedged items in
fair value hedging relationships on our consolidated statements of income and comprehensive income (in thousands):
Derivative Realized and Unrealized Realized and Unrealized
Instruments Location Gain (Loss) Hedged Items Location Gain (Loss)
For the year ended December 31, For the year ended December 31,
2012 2011 2012 2011
Commodity contracts Revenue $ — $ 265 $ 11,608 Firm commitments Revenue $ — $ (201) $(12,973)
Commodity contracts Cost of revenue — (1,417) (6,926) Firm commitments Cost of revenue — 739 7,771
Commodity contracts Cost of revenue 2,685 (19,717) (26,039) Inventories Cost of revenue 3,059 23,972 38,377
$2,685 $(20,869) $(21,357) $3,059 $24,510 $ 33,175
There were no gains or losses for the year ended December 31, 2013, 2012 and 2011 that were excluded from the assessment of the
effectiveness of our fair value hedges.
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2013
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