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Venezuela - Other
12 Months Ended
Dec. 31, 2013
Text Block [Abstract]  
Venezuela - Other

Note 7 – Venezuela – Other

See also Note 6 – Investment in Equity Affiliates, Venezuela – Petrodelta, S.A. for further information regarding our Venezuela operations.

Harvest Vinccler’s functional and reporting currency is the U.S. Dollar. They do not have currency exchange risk other than the official prevailing exchange rate that applies to their operating costs denominated in Venezuela Bolivars (“Bolivars”). During the year ended December 31, 2013, Harvest Vinccler exchanged approximately $1.6 million ($1.5 million during the year ended December 31, 2012) and received an average exchange rate of 6.9 Bolivars (5.16 Bolivars during the year ended December 31, 2012) per U.S. Dollar.

The monetary assets that are exposed to exchange rate fluctuations are cash, accounts receivable, prepaid expenses and other current assets. The monetary liabilities that are exposed to exchange rate fluctuations are accounts payable, accruals, current and deferred income tax and other tax obligations and other current liabilities. All monetary assets and liabilities incurred at the official Bolivar exchange rate are settled at the official Bolivar exchange rate. At December 31, 2013, the balances in Harvest Vinccler’s Bolivar denominated monetary assets and liabilities accounts that are exposed to exchange rate changes are 10.2 million Bolivars and 7.2 million Bolivars, respectively. Therefore a change in the exchange rate is not expected to have a material impact on results of operations or our financial position.