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Acquisitions and Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2011
Acquisitions and Significant Accounting Policies |
Reconciliation of the estimated aggregate purchase price for the 2011 acquisitions to the cash paid for the acquisitions, net of cash acquired |
The following reconciles the estimated aggregate purchase price for the 2011 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):
Estimated purchase price |  | $ | 153,213 |
Less: Promissory notes issued |  | 8,278 |
Less: Common stock issued |  | 27,491 |
Estimated cash consideration |  | 117,444 |
Less: Amounts due to sellers, net |  | 6,007 |
Cash consideration paid |  | 111,437 |
Less: Cash acquired |  | 2,638 |
Cash paid for acquisition of businesses, net of cash acquired |  | $ | 108,799
Schedule of estimated purchase price allocation for the 2011 acquisitions |
On an aggregate basis, the estimated purchase price allocation for the 2011 acquisitions is as follows (in thousands):
Assets acquired: |  |  |
Cash and cash equivalents |  | $ | 2,638 |
Accounts receivable |  | 60,923 |
Inventories |  | 38,045 |
Other current and long-term assets |  | 15,713 |
Property and equipment |  | 22,559 |
Identifiable intangible assets |  | 18,780 |
Goodwill |  | 42,850 |
Liabilities assumed: |  |  |
Accounts payable |  | (36,434 | )
Assumed employee benefits |  | (5,421 | )
Accrued expenses and other current liabilities |  | (3,031 | )
Other long-term liabilities |  | (3,409 | )
Estimated purchase price |  | $ | 153,213
Schedule of unaudited pro forma results of acquisitions |
|  | For the Three Months Ended |  | For the Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
|  | (pro forma) |  | (pro forma) |  | (pro forma) |  | (pro forma) |
Revenue |  | $ | 9,510,792 |  | $ | 5,100,149 |  | $ | 25,486,686 |  | $ | 13,592,036 |
Net income attributable to World Fuel |  | $ | 52,655 |  | $ | 38,123 |  | $ | 151,582 |  | $ | 109,700 |
Earnings per common share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.74 |  | $ | 0.62 |  | $ | 2.14 |  | $ | 1.81 |
Diluted |  | $ | 0.74 |  | $ | 0.61 |  | $ | 2.12 |  | $ | 1.78

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6909870&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 805 -SubTopic 30 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6911361&loc=d3e6927-128479 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 805 -SubTopic 20 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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