trade receivables was primarily as a result of collections, increased factoring and an increase in an allowance for credit losses, partially offset by the increase in receivables resulting from higher sales and the impact of the weaker Canadian dollar against the Euro.
Inventories decreased to $245.3 million as at December 31, 2015, from $246.6 million as at December 31, 2014. As at December 31, 2015, $13.7 million and $127.6 million of such inventories were initially financed by suppliers and short-term bank borrowings, respectively. $141.3 million of our inventories were contracted at fixed prices or hedged as at December 31, 2015.
Assets held for sale, consisting of our discontinued operations, were $136.2 million, which consisted of certain hydrocarbon properties, iron ore interests and an amount due from our former subsidiaries, as at December 31, 2015, compared to $152.1 million, which consisted of certain hydrocarbon properties and investment property, as at December 31, 2014. The decrease in assets held for sale was a result of our decision to sell additional hydrocarbon properties, reduced by impairment losses recognized on the assets.
Deposits, prepaid and other assets were $21.4 million as at December 31, 2015, compared to $9.0 million as at December 31, 2014.
Tax receivables, consisting primarily of refundable value-added taxes, were $11.7 million as at December 31, 2015, compared to $15.3 million as at December 31, 2014.
We had short-term financial assets relating to derivatives of $5.6 million as at December 31, 2015, compared to $6.3 million as at December 31, 2014. We had current liabilities relating to derivatives of $3.6 million as at December 31, 2015, compared to $2.0 million as at December 31, 2014. Such derivatives relate to commodities and currencies.
Account payables and accrued expenses were $174.8 million as at December 31, 2015, compared to $158.3 million as at December 31, 2014. The increase was primarily due to the provision for payments under guarantees, partially offset by the reclassification of liabilities related to our assets held for sale and fluctuations in the timing of payments of certain invoices in the ordinary course of business.
As at December 31, 2015, we had liabilities relating to assets held for sale of $87.6 million, which included decommissioning obligations, bank debt and other liabilities associated with such assets, compared to $17.8 million as at December 31, 2014, which comprised decommissioning obligations only. The increase was as a result of a reclassification of assets held for sale as at December 31, 2015.
Our short-term bank borrowings decreased to $60.1 million as at December 31, 2015, from $187.2 million as at December 31, 2014. Total long-term debt decreased to $259.0 million as at December 31, 2015, from $363.3 million as at December 31, 2014, primarily as a result of repayments and the re-classification of liabilities related to our assets held for sale. Our decommissioning obligations decreased to $nil as at December 31, 2015 from $150.3 million as at December 31, 2014, as a result of the re-classification of decommissioning obligations related to assets held for sale.
As at December 31, 2015, we had deferred income tax liabilities of $13.7 million, compared to $11.9 million as at December 31, 2014.
Short-Term Bank Loans and Facilities
As part of our operations, we establish, utilize and maintain various kinds of credit lines and facilities with banks and insurers. Most of these facilities are short-term. These facilities are used in our day-to-day structured solutions and supply chain business. The amounts drawn under such facilities fluctuate with the kind and level of transactions being undertaken.
As at December 31, 2015, we had credit facilities aggregating $900.8 million comprised of: (i) unsecured revolving credit facilities aggregating $429.6 million from banks. The banks generally charge an interest rate of inter-bank rates plus an interest margin; (ii) revolving credit facilities aggregating $116.2 million from banks for structured solutions, a special trade financing. The margin is negotiable when the facility is used; (iii) a non-recourse specially structured factoring arrangement with a bank for up to a credit limit of $248.7 million for our supply chain activities. We may factor our receivable accounts upon invoicing at the inter-bank rate plus a margin; (iv) foreign exchange credit facilities of $80.4 million with banks; and (v) secured revolving credit facilities aggregating $25.7 million. All of these facilities are either renewable on a yearly basis or usable until further notice. A substantial portion of our credit facilities are denominated in Euros and, accordingly, such amounts may fluctuate when reported in Canadian dollars.