World Fuel Services 2013 Annual Report Download - page 83

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The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis that utilized
Level 3 inputs for the periods presented (in thousands):
Total Location of
Gains Total Gains
(Losses) (Losses)
Beginning Included in End Included in
of Period Earnings Settlements of Period Earnings
2013
Liabilities:
Cost of
Commodity contracts $ — $ (20) $ 20 $— revenue
2012
Assets:
Commodity contracts $ — $1,271 $1,271 $— Revenue
Liabilities:
Other (expense)
Earn-out $4,194 $ (110) $4,304 $— income, net
There were no transfers between Level 1, 2 or 3 during the periods presented. In addition, there were no significant Level 3 purchases,
sales or issuances for the periods presented.
11. Business Segments, Geographic Information, and Major Customers
Business Segments
Based on the nature of operations and quantitative thresholds pursuant to the accounting guidance on segment reporting, we have
three reportable operating business segments: aviation, marine and land. Corporate expenses are allocated to the segments based on
usage, where possible, or on other factors according to the nature of the activity. Please refer to Note 1 for the dates that the results of
operations and related assets and liabilities of our acquisitions have been included in our operating segments. The accounting policies
of the reportable operating segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1).
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