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Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

12 Months Ended

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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