XML 24 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Acquisitions and Significant Accounting Policies (Details)
3 Months Ended 6 Months Ended 0 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended
Sep. 30, 2013
USD ($)
Jun. 30, 2014
USD ($)
Jun. 30, 2013
USD ($)
Dec. 31, 2013
USD ($)
Mar. 07, 2014
2014 Acquisitions
Watson Petroleum
USD ($)
Mar. 07, 2014
2014 Acquisitions
Watson Petroleum
GBP (£)
Jun. 30, 2013
2014 Acquisitions
Watson Petroleum
USD ($)
Jun. 30, 2014
2014 Acquisitions
Watson Petroleum
USD ($)
Jun. 30, 2013
2014 Acquisitions
Watson Petroleum
USD ($)
Jun. 30, 2014
2014 Acquisitions
Watson Petroleum
GBP (£)
Mar. 07, 2014
2014 Acquisitions
Watson Petroleum
Trademark/Trade name rights
USD ($)
Mar. 07, 2014
2014 Acquisitions
Watson Petroleum
Customer relationships
USD ($)
Mar. 07, 2014
2014 Acquisitions
Watson Petroleum
Other identifiable intangible assets
USD ($)
Jun. 30, 2014
2014 Acquisitions
Watson Petroleum
Land segment
USD ($)
Jun. 30, 2014
2013 Acquisitions
Land segment
Adjustment
USD ($)
Jun. 30, 2014
2013 Acquisitions
Marine segment
Adjustment
USD ($)
Acquisitions and Significant Accounting Policies                                
Incorrect cash flow presentation related to an acquisition payment $ 17,700,000                              
Estimated purchase price of acquisition                                
Estimated purchase price         167,038,000                      
Less: Cash acquired         11,842,000                      
Estimated purchase price, net of cash acquired   164,205,000 25,415,000   155,196,000                      
Less: Amounts due to sellers         789,000                      
Cash paid for acquisition of businesses         154,407,000                      
Assets acquired:                                
Cash and cash equivalents         11,842,000                      
Accounts receivable         217,727,000                      
Inventories         20,534,000                      
Property and equipment         60,358,000                      
Identifiable intangible assets         51,119,000           5,900,000 43,600,000 1,600,000      
Goodwill   577,157,000   483,591,000 92,149,000                 92,100,000 400,000  
Other current and long-term assets         12,764,000                      
Weighted average amortizable lives of identifiable intangible assets                       4 years 1 month 6 days 2 years      
Increase (decrease) in goodwill due to foreign currency translation adjustments                             700,000 400,000
Liabilities assumed:                                
Accounts payable         (230,386,000)                      
Accrued expenses and other current liabilities         (47,972,000)                      
Other long-term liabilities         (19,142,000)                      
Initial noncontrolling interest upon acquisition of joint venture         (1,955,000)                      
Estimate purchase price         167,038,000                      
Escrow payment related to an assumed obligation of an acquired business   21,724,000     21,700,000 13,000,000                    
Escrow account balance               22,200,000   13,000,000            
Pro forma results                                
Revenue             10,985,812,000 22,320,916,000 21,705,901,000              
Net income attributable to World Fuel             $ 54,226,000 $ 100,902,000 $ 107,853,000              
Earnings per common share:                                
Basic (in dollars per share)             $ 0.76 $ 1.43 $ 1.51              
Diluted (in dollars per share)             $ 0.75 $ 1.41 $ 1.50