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Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables) | 12 Months Ended
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Dec. 31, 2014
Acquisitions |
Computation of basic and diluted earnings per common share |
|  | 2014 |  | 2013 |  | 2012
Numerator: |  |  |  |  |  |  |  |  |
Net income attributable to World Fuel |  | $ | 221,747 |  | $ | 203,075 |  | $ | 189,345
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares for basic earnings per common share |  |  | 70,750 |  |  | 71,224 |  |  | 71,154
Effect of dilutive securities |  |  | 573 |  |  | 576 |  |  | 663
Weighted average common shares for diluted earnings per common share |  |  | 71,323 |  |  | 71,800 |  |  | 71,817
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 |  |  | 881 |  |  | 594 |  |  | 603
Basic earnings per common share |  | $ | 3.13 |  | $ | 2.85 |  | $ | 2.66
Diluted earnings per common share |  | $ | 3.11 |  | $ | 2.83 |  | $ | 2.64
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 |  | $ | 296,962
Less: Cash acquired |  |  | 20,232
Estimated purchase price, net of cash acquired |  |  | 276,730
Less: Promissory notes issued |  |  | 9,000
Less: Amounts due to sellers |  |  | 12,228
Cash paid for acquisition of businesses |  | $ | 255,502
Schedule of estimated purchase price allocation for the acquisition | On an aggregate basis, the estimated purchase price allocation for the 2014 acquisitions is as follows (in thousands):
Assets acquired: |  |  |
Cash and cash equivalents |  | $ | 20,232
Accounts receivable |  |  | 259,475
Inventories |  |  | 14,412
Property and equipment |  |  | 55,172
Identifiable intangible assets |  |  | 78,889
Goodwill |  |  | 180,683
Other current and long-term assets |  |  | 22,456
Liabilities assumed: |  |  |
Accounts payable |  |  | (247,579)
Accrued expenses and other current liabilities |  |  | (51,579)
Other long-term liabilities |  |  | (15,751)
Initial noncontrolling interest upon acquisition of businesses |  |  | (19,448)
Estimated purchase price |  | $ | 296,962
Schedule of unaudited pro forma results |
|  | 2014 |  | 2013
|  | (pro forma) |  | (pro forma)
Revenue |  | $ | 44,071,793 |  | $ | 44,098,881
Net income attributable to World Fuel |  | $ | 226,608 |  | $ | 216,429
Earnings per common share: |  |  |  |  |  |
Basic |  | $ | 3.20 |  | $ | 3.04
Diluted |  | $ | 3.18 |  | $ | 3.01
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 aggregate purchase price for the 2013 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):
Purchase price |  | $ | 43,792
Less: Cash acquired |  |  | 3,335
Purchase price, net of cash acquired |  |  | 40,457
Less: Promissory notes issued |  |  | 3,000
Cash paid for acquisition of businesses |  | $ | 37,457
Schedule of estimated purchase price allocation for the acquisition | On an aggregate basis, the 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 |  |  | 3,901
Identifiable intangible assets |  |  | 13,548
Goodwill |  |  | 16,489
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 |  |  | (3,111)
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 estimated 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

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