XML 23 R25.htm IDEA: XBRL DOCUMENT v2.3.0.15
Acquisitions and Significant Accounting Policies (Details)
3 Months Ended9 Months Ended3 Months Ended9 Months Ended3 Months Ended9 Months Ended1 Months Ended3 Months Ended9 Months Ended3 Months Ended9 Months Ended3 Months Ended9 Months Ended
Sep. 30, 2011
USD ($)
Sep. 30, 2010
USD ($)
Sep. 30, 2011
USD ($)
Sep. 30, 2010
USD ($)
Sep. 30, 2011
2011 Acquisitions
USD ($)
business
Sep. 30, 2011
2011 Acquisitions
USD ($)
Sep. 30, 2011
2011 Acquisitions
Aviation segment
USD ($)
Sep. 30, 2011
2011 Acquisitions
Land segment
USD ($)
Sep. 30, 2011
2011 Acquisitions
Marine segment
USD ($)
Jun. 30, 2011
Ascent Aviation Group, Inc. ("Ascent") and other immaterial acquisition
business
Apr. 02, 2011
Ascent Aviation Group, Inc. ("Ascent") and other immaterial acquisition
site
Sep. 30, 2011
2010 Acquisitions
USD ($)
Sep. 30, 2011
2010 Acquisitions
Aviation segment
USD ($)
Sep. 30, 2011
2010 Acquisitions
Land segment
USD ($)
Sep. 30, 2011
2010 Acquisitions
Marine segment
USD ($)
Apr. 30, 2009
Henty Oil Limited, Tank and Marine Engineering Limited and Henty Shipping Services Limited (collectively, "Henty")
year
Sep. 30, 2011
Henty Oil Limited, Tank and Marine Engineering Limited and Henty Shipping Services Limited (collectively, "Henty")
USD ($)
Sep. 30, 2011
Henty Oil Limited, Tank and Marine Engineering Limited and Henty Shipping Services Limited (collectively, "Henty")
GBP (£)
Sep. 30, 2011
Aviation segment
USD ($)
Sep. 30, 2010
Aviation segment
USD ($)
Sep. 30, 2011
Aviation segment
USD ($)
Sep. 30, 2010
Aviation segment
USD ($)
Sep. 30, 2011
Land segment
USD ($)
Sep. 30, 2010
Land segment
USD ($)
Sep. 30, 2011
Land segment
USD ($)
Sep. 30, 2010
Land segment
USD ($)
Sep. 30, 2011
Marine segment
USD ($)
Sep. 30, 2010
Marine segment
USD ($)
Sep. 30, 2011
Marine segment
USD ($)
Sep. 30, 2010
Marine segment
USD ($)
Acquisitions                              
Number of businesses acquired    4    2                    
Number of aviation companies acquired    3                         
Number of land companies acquired    1                         
Minimum number of airports and fixed base operators supplied by acquired company          450                   
Increase (decrease) in goodwill            $ (400,000)$ 11,600,000$ 2,800,000               
Increase (decrease) in identifiable intangible assets            (9,300,000)                 
Increase (decrease) in fixed assets            (500,000)                 
Increase (decrease) in long-term liabilities            500,000                 
Increase (decrease) in the aggregate purchase price of acquisitions           3,900,000                  
Reconcilition of the estimated aggregate purchase price for the 2011 acquisitions to the cash paid for the acquisitions, net of cash acquired                              
Estimated purchase price    153,213,000153,213,000                        
Promissory notes issued for acquisition8,300,000 8,300,000 8,278,0008,278,000                        
Less: Common stock issued    27,491,00027,491,000                        
Estimated cash consideration    117,444,000117,444,000                        
Amount due to sellers    6,007,0006,007,000                        
Cash consideration paid    111,437,000111,437,000                        
Less:Cash acquired           2,638,000                  
Cash paid for acquisition of businesses, net of cash acquired  (112,315,000)(46,015,000)       108,799,000                  
Assets acquired:                              
Cash and cash equivalents    2,638,0002,638,000                        
Accounts receivable    60,923,00060,923,000                        
Inventories    38,045,00038,045,000                        
Other current and long-term assets    15,713,00015,713,000                        
Property and equipment    22,559,00022,559,000                        
Identifiable intangible assets    18,780,00018,780,000                        
Goodwill    42,850,00042,850,00039,500,000600,0002,800,000                     
Liabilities assumed:                              
Accounts payable    (36,434,000)(36,434,000)                        
Assumed employee benefits    (5,421,000)(5,421,000)                        
Accrued expenses and other current liabilities    (3,031,000)(3,031,000)                        
Other long-term liabilities    (3,409,000)(3,409,000)                        
Estimated purchase price    153,213,000153,213,000                        
Goodwill anticipated to be deductible for tax purposes    25,900,00025,900,000                        
Revenue9,510,792,0004,987,074,00025,298,907,00013,302,370,000163,600,000349,600,000            3,540,503,0001,857,154,0009,551,924,0005,007,920,0001,925,113,000773,827,0005,169,405,0001,563,094,0004,045,176,0002,356,093,00010,577,578,0006,731,356,000
Net income52,655,00036,755,000143,967,000107,435,0004,700,0009,200,000                        
Pro Forma Information                              
Revenue9,510,792,0005,100,149,00025,486,686,00013,592,036,000                          
Net income attributable to World Fuel52,655,00038,123,000151,582,000109,700,000                          
Earnings per share:                              
Basic (in dollars per share)$ 0.74$ 0.62$ 2.14$ 1.81                          
Diluted (in dollars per share)$ 0.74$ 0.61$ 2.12$ 1.78                          
Earn-out                              
Period for acquiree to meet certain operating targets for earn-out payment (in years)               3              
Maximum Earn-out payment prior to purchase agreement amendment                9,300,0006,000,000            
Minimum Earn-out payment established in consideration for the reduction in the maximum Earn-out                4,200,0002,700,000            
Fair value of the earn-out liability                $ 5,000,000£ 3,200,000