World Fuel Services 2014 Annual Report Download - page 66

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61
The following table presents information about our derivative instruments measured at fair value at their gross amounts
and their locations on the consolidated balance sheets (in thousands):
As of December 31,
Balance Sheet Location 2014 2013
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts Short-term derivative assets, net $ 18,844 $ 735
Commodity contracts Accrued expenses and other current liabilities 4,709 —
23,553 735
Derivatives not designated as hedging instruments
Commodity contracts Short-term derivative assets, net 398,924 47,062
Commodity contracts Identifiable intangible and other non-current assets 12,063 1,642
Commodity contracts Accrued expenses and other current liabilities 234,077 1,141
Commodity contracts Other long-term liabilities 4,849 874
Foreign currency contracts Short-term derivative assets, net 21,244 5,003
Foreign currency contracts Identifiable intangible and other non-current assets 513 —
Foreign currency contracts Accrued expenses and other current liabilities
—
3,483
671,670 59,205
$ 695,223 $ 59,940
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts Short-term derivative assets, net $ 978 $ 1,544
Commodity contracts Accrued expenses and other current liabilities 663 —
1,641 1,544
Derivatives not designated as hedging instruments
Commodity contracts Short-term derivative assets, net 76,103 26,876
Commodity contracts Identifiable intangible and other non-current assets 594 894
Commodity contracts Accrued expenses and other current liabilities 529,976 15,473
Commodity contracts Other long-term liabilities 29,286 1,228
Foreign currency contracts Short-term derivative assets, net 11,961 2,867
Foreign currency contracts Identifiable intangible and other non-current assets 9 —
Foreign currency contracts Accrued expenses and other current liabilities
—
8,789
Foreign currency contracts Other long-term liabilities
—
147
647,929 56,274
$ 649,570 $ 57,818
For information regarding our derivative instruments measured at fair value after netting and collateral and their locations
on the consolidated balance sheets, see Note 10.
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,
2014 2013 2012 2014 2013 2012
Commodity contracts Revenue $
—
$ — $ 265 Firm commitments Revenue $ — $
—
$ (201)
Commodity contracts Cost of revenue
—
— (1,417) Firm commitments Cost of revenue —
—
739
Commodity contracts Cost of revenue 132,199 2,685 (19,717) Inventories Cost of revenue (150,943) 3,059 23,972
$ 132,199 $ 2,685 $ (20,869) $ (150,943) $ 3,059 $ 24,510
There were no gains or losses for the year ended December 31, 2014, 2013 and 2012 that were excluded from the
assessment of the effectiveness of our fair value hedges.
There were no cash flow hedging activities during 2014 and the cash flow hedging activities during 2013 were not significant.