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Correction of Previously Issued Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2016
Correction of Previously Issued Financial Information |
Schedule of corrections for consolidated balance sheets and consolidated statements of income and comprehensive income | Consolidated Balance Sheets (Unaudited - In millions, except per share data)
|  | As of December 31, 2015
|  | As |  |
|  | Reported | Adjustment | Revised
Assets: |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 582.5 | - | $ | 582.5
Accounts receivable, net |  |  | 1,812.6 | - |  | 1,812.6
Inventories |  |  | 359.1 | - |  | 359.1
Prepaid expenses |  |  | 57.9 | - |  | 57.9
Short-term derivative assets, net |  |  | 227.2 | (6.8) |  | 220.4
Other current assets |  |  | 209.8 | (1.8) |  | 208.0
Current assets held for sale |  |  | 5.5 | - |  | 5.5
Total current assets |  |  | 3,254.6 | (8.6) |  | 3,246.0
Property and equipment, net |  |  | 225.6 | - |  | 225.6
Goodwill |  |  | 675.8 | - |  | 675.8
Identifiable intangible and other non-current assets |  |  | 356.9 | (15.5) |  | 341.4
Non-current assets held for sale |  |  | 36.5 | - |  | 36.5
Total assets |  | $ | 4,549.4 | (24.1) | $ | 4,525.3
Liabilities: |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Short-term debt |  | $ | 25.5 | - | $ | 25.5
Accounts payable |  |  | 1,349.6 | - |  | 1,349.6
Customer deposits |  |  | 118.3 | - |  | 118.3
Accrued expenses and other current liabilities |  |  | 263.8 | (8.6) |  | 255.2
Current liabilities held for sale |  |  | 5.6 | - |  | 5.6
Total current liabilities |  |  | 1,762.8 | (8.6) |  | 1,754.2
Long-term debt |  |  | 746.7 | - |  | 746.7
Non-current income tax liabilities, net |  |  | 87.7 | - |  | 87.7
Other long-term liabilities |  |  | 25.8 | - |  | 25.8
Non-current liabilities held for sale |  |  | 5.0 | - |  | 5.0
Total liabilities |  |  | 2,628.0 | (8.6) |  | 2,619.4
Commitments and contingencies |  |  |  |  |  |
Equity: |  |  |  |  |  |
World Fuel shareholders' equity: |  |  |  |  |  |
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued |  |  | — | - |  | —
Common stock, $0.01 par value; 100 shares authorized, 70.8 issued and outstanding as of December 31, 2015 |  |  | 0.7 | - |  | 0.7
Capital in excess of par value |  |  | 435.3 | - |  | 435.3
Retained earnings |  |  | 1,588.6 | (19.2) |  | 1,569.4
Accumulated other comprehensive loss |  |  | (113.2) | 3.7 |  | (109.5)
Total World Fuel shareholders' equity |  |  | 1,911.4 | (15.5) |  | 1,895.9
Noncontrolling interest equity |  |  | 10.0 | - |  | 10.0
Total equity |  |  | 1,921.4 | (15.5) |  | 1,905.9
Total liabilities and equity |  | $ | 4,549.4 | (24.1) | $ | 4,525.3
Consolidated Statement of Income and Comprehensive Income (Unaudited - In millions, except per share data)
|  | For the Three Months ended |  | For the Six Months ended
|  | June 30, 2015 |  | June 30, 2015
|  | As Reported |  | Adjustment |  | Revised |  | As Reported |  | Adjustment |  | Revised
Revenue |  | $ | 8,496.4 |  | — |  | $ | 8,496.4 |  | $ | 15,837.1 |  | — |  | $ | 15,837.1
Cost of revenue |  |  | 8,306.0 |  | — |  |  | 8,306.0 |  |  | 15,431.3 |  | 1.8 |  |  | 15,433.1
Gross profit |  |  | 190.4 |  | — |  |  | 190.4 |  |  | 405.8 |  | (1.8) |  |  | 404.0
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  |  | 87.5 |  | — |  |  | 87.5 |  |  | 176.2 |  | — |  |  | 176.2
Provision for bad debt |  |  | 2.3 |  | — |  |  | 2.3 |  |  | 3.6 |  | — |  |  | 3.6
General and administrative |  |  | 59.0 |  | — |  |  | 59.0 |  |  | 113.0 |  | 2.0 |  |  | 115.0
|  |  | 148.8 |  | — |  |  | 148.8 |  |  | 292.8 |  | 2.0 |  |  | 294.8
Income from operations |  |  | 41.6 |  | — |  |  | 41.6 |  |  | 113.0 |  | (3.8) |  |  | 109.2
Non-operating expenses, net: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and other financing costs, net |  |  | (6.4) |  | — |  |  | (6.4) |  |  | (13.7) |  | — |  |  | (13.7)
Other (expense), net |  |  | (1.6) |  | — |  |  | (1.6) |  |  | (1.3) |  | — |  |  | (1.3)
|  |  | (8.0) |  | — |  |  | (8.0) |  |  | (15.0) |  | — |  |  | (15.0)
Income before income taxes |  |  | 33.6 |  | — |  |  | 33.6 |  |  | 98.0 |  | (3.8) |  |  | 94.2
Provision for income taxes |  |  | 5.2 |  | (0.6) |  |  | 4.6 |  |  | 15.1 |  | 0.8 |  |  | 15.9
Net income including noncontrolling interest |  |  | 28.4 |  | 0.6 |  |  | 29.0 |  |  | 82.9 |  | (4.6) |  |  | 78.3
Net loss attributable to noncontrolling interest |  |  | (1.5) |  | — |  |  | (1.5) |  |  | (2.6) |  | — |  |  | (2.6)
Net income attributable to World Fuel |  | $ | 29.9 |  | 0.6 |  | $ | 30.5 |  | $ | 85.5 |  | (4.6) |  | $ | 80.9
Basic earnings per common share |  | $ | 0.42 |  | 0.01 |  | $ | 0.43 |  | $ | 1.21 |  | (0.07) |  | $ | 1.14
Basic weighted average common shares |  |  | 70.7 |  | — |  |  | 70.7 |  |  | 70.7 |  | — |  |  | 70.7
Diluted earnings per common share |  | $ | 0.42 |  | 0.01 |  | $ | 0.43 |  | $ | 1.20 |  | (0.06) |  | $ | 1.13
Diluted weighted average common shares |  |  | 71.2 |  | — |  |  | 71.2 |  |  | 71.3 |  | — |  |  | 71.3
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income including noncontrolling interest |  | $ | 28.4 |  | 0.6 |  | $ | 29.0 |  | $ | 82.9 |  | (4.6) |  | $ | 78.3
Other comprehensive income (loss): |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |
Foreign currency translation adjustments |  |  | 22.0 |  | (0.6) |  |  | 21.4 |  |  | (11.8) |  | 1.2 |  |  | (10.6)
Other comprehensive income (loss) |  |  | 22.0 |  | (0.6) |  |  | 21.4 |  |  | (11.8) |  | 1.2 |  |  | (10.6)
Comprehensive income including noncontrolling interest |  |  | 50.4 |  | — |  |  | 50.4 |  |  | 71.1 |  | (3.4) |  |  | 67.7
Comprehensive loss attributable to noncontrolling interest |  |  | (1.2) |  | — |  |  | (1.2) |  |  | (0.1) |  | — |  |  | (0.1)
Comprehensive income attributable to World Fuel |  | $ | 51.6 |  | — |  | $ | 51.6 |  | $ | 71.2 |  | (3.4) |  | $ | 67.8

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22658-107794 + Details
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