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Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 12 Months Ended
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Dec. 31, 2013
Acquisitions |
Schedule of computation of basic and diluted earnings per common share | The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in thousands, except per share amounts):
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Numerator: |  |  |  |  |  |  |  |  |  |
Net income attributable to World Fuel |  | $ | 203,075 |  | $ | 189,345 |  | $ | 194,029 |
Denominator: |  |  |  |  |  |  |  |  |  |
Weighted average common shares for basic earnings per common share |  |  | 71,224 |  |  | 71,154 |  |  | 70,687 |
Effect of dilutive securities |  |  | 576 |  |  | 663 |  |  | 823 |
Weighted average common shares for diluted earnings per common share |  |  | 71,800 |  |  | 71,817 |  |  | 71,510 |
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met |  |  | 594 |  |  | 603 |  |  | 103 |
Basic earnings per common share |  | $ | 2.85 |  | $ | 2.66 |  | $ | 2.74 |
Diluted earnings per common share |  | $ | 2.83 |  | $ | 2.64 |  | $ | 2.71 |
2013 Acquisitions |
Acquisitions |
Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired | The following reconciles the estimated aggregate purchase price for the 2013 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):
Estimated purchase price |  | $ | 43,792 |
Less: Cash acquired |  |  | 3,335 |
Estimated purchase price, net of cash acquired |  |  | 40,457 |
Less: Promissory notes issued |  |  | 3,000 |
Less: Amounts due to sellers |  |  | 124 |
Cash paid for acquisition of businesses |  | $ | 37,333 |
Schedule of the purchase price allocation for the acquisition | On an aggregate basis, the estimated purchase price allocation for the 2013 acquisitions is as follows (in thousands):
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 3,335 |
Accounts receivable |  |  | 31,287 |
Inventories |  |  | 8,839 |
Property and equipment |  |  | 3,917 |
Identifiable intangible assets |  |  | 14,068 |
Goodwill |  |  | 16,077 |
Other current and long-term assets |  |  | 2,717 |
Liabilities assumed: |  |  |  |
Accounts payable |  |  | (29,631) |
Accrued expenses and other current liabilities |  |  | (3,582) |
Other long-term liabilities |  |  | (3,235) |
Estimated purchase price |  | $ | 43,792 |
2012 Acquisitions |
Acquisitions |
Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired | The following reconciles the aggregate purchase price for the 2012 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):
Purchase price |  | $ | 226,449 |
Less: Cash acquired |  |  | 12,793 |
Purchase price, net of cash acquired |  |  | 213,656 |
Less: Promissory notes issued |  |  | 7,214 |
Less: Amounts due to sellers |  |  | 75 |
Cash paid for acquisition of businesses |  | $ | 206,367 |
Schedule of the purchase price allocation for the acquisition | On an aggregate basis, the purchase price allocation for the 2012 acquisitions is as follows (in thousands):
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 12,793 |
Accounts receivable |  |  | 134,966 |
Inventories |  |  | 7,311 |
Property and equipment |  |  | 10,323 |
Identifiable intangible assets |  |  | 87,150 |
Goodwill |  |  | 121,188 |
Other current and long-term assets |  |  | 4,851 |
Liabilities assumed: |  |  |  |
Accounts payable |  |  | (130,297) |
Accrued expenses and other current liabilities |  |  | (18,321) |
Other long-term liabilities |  |  | (3,515) |
Purchase price |  | $ | 226,449 |
2011 Acquisitions |
Acquisitions |
Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired | The following reconciles the aggregate purchase price for the 2011 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):
Purchase price |  | $ | 161,736 |
Less: Cash acquired |  |  | 2,638 |
Purchase price, net of cash acquired |  |  | 159,098 |
Less: Promissory notes issued |  |  | 9,028 |
Less: Common stock issued |  |  | 27,491 |
Cash paid for acquisition of businesses |  | $ | 122,579 |
Schedule of the purchase price allocation for the acquisition | On an aggregate basis, the purchase price allocation for the 2011 acquisitions is as follows (in thousands):
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 2,638 |
Accounts receivable |  |  | 61,741 |
Inventories |  |  | 40,246 |
Property and equipment |  |  | 23,838 |
Identifiable intangible assets |  |  | 23,414 |
Goodwill |  |  | 46,282 |
Other current and long-term assets |  |  | 15,717 |
Liabilities assumed: |  |  |  |
Accounts payable |  |  | (38,617) |
Accrued expenses and other current liabilities |  |  | (8,453) |
Other long-term liabilities |  |  | (5,070) |
Purchase price |  | $ | 161,736 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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