World Fuel Services 2013 Annual Report Download - page 81

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In many cases, our uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities.
The following table summarizes these open tax years by jurisdiction with major uncertain tax positions:
Open Tax Year
Examination Examination not
Jurisdiction in progress yet initiated
United States 2011 2010, 2012-2013
Singapore None 2010-2013
United Kingdom None 2004-2013
Brazil 2009 2010-2013
Chile None 2008-2013
Denmark None 2004-2013
10. Fair Value Measurements
The carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses and other
current liabilities approximate fair value based on the short-term maturities of these instruments. We believe the carrying values of our
debt and notes receivable approximate fair value since these instruments bear interest either at variable rates or fixed rates which are
not significantly different than market rates. Based on the fair value hierarchy, our debt of $463.7 million as of December 31, 2013 and
$380.3 million as of December 31, 2012 and our notes receivable of $20.9 million as of December 31, 2013 and $12.7 million as of
December 31, 2012 are categorized in Level 3.
The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of
December 31, 2013 and 2012 (in thousands):
Netting
and
Level 1 Level 2 Level 3 Sub-Total Collateral Total
2013
Assets:
Commodity contracts $11,574 $39,880 $— $51,454 $(35,983) $15,471
Foreign currency contracts — 8,486 — 8,486 (6,350) 2,136
Inventories — 1,690 — 1,690 (207) 1,483
Total $11,574 $50,056 $— $61,630 $(42,540) $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
Inventories — 207 — 207 (207) —
Total $14,032 $43,993 $— $58,025 $(37,886) $20,139
2012
Assets:
Commodity contracts $18,087 $57,682 $— $75,769 $(56,115) $19,654
Foreign currency contracts — 2,434 — 2,434 (2,289) 145
Inventories — 818 — 818 (525) 293
Total $18,087 $60,934 $— $79,021 $(58,929) $20,092
Liabilities:
Commodity contracts $20,970 $44,732 $— $65,702 $(49,562) $16,140
Foreign currency contracts — 3,845 — 3,845 (2,289) 1,556
Inventories — 525 — 525 (525) —
Total $20,970 $49,102 $— $70,072 $(52,376) $17,696
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