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Acquisitions and Significant Accounting Policies (Tables) (2014 Acquisitions) | 6 Months Ended
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Jun. 30, 2014
2014 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 2014 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):
Estimated purchase price |  | $ | 167,038 |
Less: Cash acquired |  | 11,842 |
Estimated purchase price, net of cash acquired |  | 155,196 |
Less: Amounts due to sellers |  | 789 |
Cash paid for acquisition of businesses |  | $ | 154,407 |
Schedule of estimated purchase price allocation for the acquisition | The estimated purchase price allocation for the 2014 acquisitions is as follows (in thousands):
Assets acquired: |  |  |
Cash and cash equivalents |  | $ | 11,842 |
Accounts receivable |  | 217,727 |
Inventories |  | 20,534 |
Property and equipment |  | 60,358 |
Identifiable intangible assets |  | 51,119 |
Goodwill |  | 92,149 |
Other current and long-term assets |  | 12,764 |
Liabilities assumed: |  |  |
Accounts payable |  | (230,386 | )
Accrued expenses and other current liabilities |  | (47,972 | )
Other long-term liabilities |  | (19,142 | )
Initial noncontrolling interest upon acquisition of joint venture |  | (1,955 | )
Estimated purchase price |  | $ | 167,038 |
Schedule of unaudited pro forma results | The following presents the unaudited pro forma results for 2014 and 2013 as if the 2014 acquisitions had been completed on January 1, 2013 (in thousands, except per share data):
|  | For the Three Months Ended |  | For the Six Months Ended |
|  | June 30, |  | June 30, |
|  | 2013 |  | 2014 |  | 2013 |
|  | (pro forma) |  | (pro forma) |  | (pro forma) |
Revenue |  | $ | 10,985,812 |  | $ | 22,320,916 |  | $ | 21,705,901 |
Net income attributable to World Fuel |  | $ | 54,226 |  | $ | 100,902 |  | $ | 107,853 |
Earnings per common share: |  |  |  |  |  |  |
Basic |  | $ | 0.76 |  | $ | 1.43 |  | $ | 1.51 |
Diluted |  | $ | 0.75 |  | $ | 1.41 |  | $ | 1.50 |

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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=25497992&loc=d3e1392-128463 + 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 -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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