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Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

12 Months Ended

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