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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, 2015
Acquisitions and Significant Accounting Policies |
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 millions, except per share amounts):
|  | 2015 |  | 2014 |  | 2013
Numerator: |  |  |  |  |  |  |  |  |
Net income attributable to World Fuel |  | $ | 186.9 |  | $ | 221.7 |  | $ | 203.1
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares for basic earnings per common share |  |  | 70.2 |  |  | 70.8 |  |  | 71.2
Effect of dilutive securities |  |  | 0.5 |  |  | 0.5 |  |  | 0.6
Weighted average common shares for diluted earnings per common share |  |  | 70.7 |  |  | 71.3 |  |  | 71.8
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 |  |  | 1.0 |  |  | 0.9 |  |  | 0.6
Basic earnings per common share |  | $ | 2.66 |  | $ | 3.13 |  | $ | 2.85
Diluted earnings per common share |  | $ | 2.64 |  | $ | 3.11 |  | $ | 2.83
2015 Acquisitions |
Acquisitions and Significant Accounting Policies |
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 2015 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):
Estimated purchase price |  | $ | 102.3
Less: Cash acquired |  |  | 8.7
Estimated purchase price, net of cash acquired |  |  | 93.6
Less: Amounts due to sellers and promissory notes issued |  |  | 0.5
Cash paid for acquisition of businesses |  | $ | 93.1
Schedule of estimated purchase price allocation for the acquisition | The estimated purchase price allocation for the 2015 acquisitions is as follows (in millions):
Assets acquired: |  |  |
Cash and cash equivalents |  | $ | 8.7
Accounts receivable |  |  | 8.9
Inventories |  |  | 7.4
Property and equipment |  |  | 40.7
Identifiable intangible assets |  |  | 25.9
Goodwill |  |  | 39.4
Other current and long-term assets |  |  | 31.1
Liabilities assumed: |  |  |
Short-term debt |  |  | (0.5)
Accounts payable |  |  | (10.7)
Customer Deposits |  |  | (1.5)
Accrued expenses and other current liabilities |  |  | (38.6)
Non-current income tax liabilities and other long term liabilities |  |  | (8.5)
Estimated purchase price |  | $ | 102.3
Schedule of unaudited pro forma results | The following presents the unaudited pro forma results for 2015 and 2014 as if the 2015 and 2014 acquisitions had been completed on January 1, 2014 (in millions, except per share data):
|  | 2015 |  | 2014
|  | (pro forma) |  | (pro forma)
Revenue |  | $ | 30,952.0 |  | $ | 44,432.0
Net income attributable to World Fuel |  | $ | 190.6 |  | $ | 231.1
Earnings per common share: |  |  |  |  |  |
Basic |  | $ | 2.71 |  | $ | 3.26
Diluted |  | $ | 2.70 |  | $ | 3.24
2014 Acquisitions |
Acquisitions and Significant Accounting Policies |
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 2014 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):
Purchase price |  | $ | 295.8
Less: Cash acquired |  |  | 20.2
Purchase price, net of cash acquired |  |  | 275.6
Less: Promissory notes issued |  |  | 9.0
Less: Amounts due to sellers |  |  | 3.4
Cash paid for acquisition of businesses |  | $ | 263.2
Schedule of estimated purchase price allocation for the acquisition |
Purchase price |  | $ | 295.8
Less: Cash acquired |  |  | 20.2
Purchase price, net of cash acquired |  |  | 275.6
Less: Promissory notes issued |  |  | 9.0
Less: Amounts due to sellers |  |  | 3.4
Cash paid for acquisition of businesses |  | $ | 263.2
The purchase price for each of the 2014 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. On an aggregate basis, the purchase price allocation for the 2014 acquisitions is as follows (in millions):
Assets acquired: |  |  |
Cash and cash equivalents |  | $ | 20.2
Accounts receivable |  |  | 257.9
Inventories |  |  | 14.4
Property and equipment |  |  | 55.9
Identifiable intangible assets |  |  | 83.5
Goodwill |  |  | 177.8
Other current and long-term assets |  |  | 22.5
Liabilities assumed: |  |  |
Accounts payable |  |  | (247.6)
Accrued expenses and other current liabilities |  |  | (50.7)
Other long-term liabilities |  |  | (18.7)
Initial noncontrolling interest upon acquisition of businesses |  |  | (19.4)
Estimated purchase price |  | $ | 295.8
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 millions, except per share data):
|  | 2014 |  | 2013
|  | (pro forma) |  | (pro forma)
Revenue |  | $ | 44,071.8 |  | $ | 44,098.8
Net income attributable to World Fuel |  | $ | 226.6 |  | $ | 216.4
Earnings per common share: |  |  |  |  |  |
Basic |  | $ | 3.20 |  | $ | 3.04
Diluted |  | $ | 3.18 |  | $ | 3.01
2013 Acquisitions |
Acquisitions and Significant Accounting Policies |
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 millions):
The purchase price for each of the 2013 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimate |  |  |
Purchase price |  | $ | 43.8
Less: Cash acquired |  |  | 3.3
Purchase price, net of cash acquired |  |  | 40.5
Less: Promissory notes issued |  |  | 3.0
Cash paid for acquisition of businesses |  | $ | 37.5
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 millions):
Assets acquired: |  |  |
Cash and cash equivalents |  | $ | 3.3
Accounts receivable |  |  | 31.3
Inventories |  |  | 8.8
Property and equipment |  |  | 3.9
Identifiable intangible assets |  |  | 13.5
Goodwill |  |  | 16.5
Other current and long-term assets |  |  | 2.7
Liabilities assumed: |  |  |
Accounts payable |  |  | (29.6)
Accrued expenses and other current liabilities |  |  | (3.5)
Other long-term liabilities |  |  | (3.1)
Purchase price |  | $ | 43.8

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