World Fuel Services 2013 Annual Report Download - page 82

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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,
2013 2012
Commodity Contracts
Assets:
Other current assets $14,723 $18,277
Identifiable intangible and other non-current assets 748 1,377
Total net assets $15,471 $19,654
Liabilities:
Accrued expenses and other current liabilities $14,332 $15,152
Other long-term liabilities 354 988
Total net liabilities $14,686 $16,140
Foreign Currency Contracts
Assets:
Other current assets $ 2,136 $ 145
Total net assets $ 2,136 $ 145
Liabilities:
Accrued expenses and other current liabilities $ 5,306 $ 1,458
Other long-term liabilities 147 98
Total net liabilities $ 5,453 $ 1,556
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.
As of December 31, 2013, we had $13.0 million of cash collateral deposits held by financial counterparties included in other current
assets in the accompanying consolidated balance sheets. In addition, as of December 31, 2013, we have offset $4.7 million of cash
collateral received from customers against the total amount of commodity fair value assets in the above table. As of December 31,
2012, we had $22.9 million of cash collateral deposits held by financial counterparties included in other current assets in the
accompanying consolidated balance sheets. Additionally, as of December 31, 2012, we had offset $6.6 million of cash collateral
received from customers against the total amount of commodity fair value assets in the above table.
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