XML 39 R23.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Correction of Previously Issued Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2016
Accounting Changes and Error Corrections [Abstract] |
Correction of Previously Issued Financial Information | Correction of Previously Issued Financial Information During the second quarter of 2016, we identified a correction to our provision for income taxes for certain prior periods, due to the accounting for the tax effects of foreign currency translation changes on intercompany loans that are considered to be of a long-term investment nature. The Company determined that it had incorrectly applied the accounting guidance in ASC 740, Income Taxes and recorded a deferred tax asset related to foreign currency translation losses in the provision for income taxes, resulting in the Company reporting a lower provision for income taxes in the periods that were impacted. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management evaluated the materiality of the error from qualitative and quantitative perspectives, and concluded the error was not material to its previously issued annual and interim financial statements. The cumulative amounts of the total corrections were approximately $20.0 million, of which approximately $12.5 million was attributable to the year ended December 31, 2015. The cumulative amount of the prior period adjustments would have been material to our Statement of Income and Comprehensive Income for the quarter ended June 30, 2016, had we made the correction in that period. Accordingly, we have revised our previously issued financial statements prospectively to correct these errors. The corrections associated with the provision for income taxes line items as well as other immaterial adjustments are reflected in this 10-K Report for all periods presented and those corrections will be reflected in our future fillings. The following table presents the effect of the correction on the previously reported consolidated balance sheet as of December 31, 2015 and the statements of income and comprehensive income for the years ended 2015 and 2014. The corrections did not have an impact on net cash provided by (used in) operating activities, investing activities or financing activities as presented in the cash flow statement for the years ended 2015 and 2014. 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; 100.0 shares authorized, 70.8 and 72.1 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively | 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 Statements of Income and Comprehensive Income (Unaudited - In millions, except per share data)
|  | For the Year ended |  |  | For the Year ended |
|  | December 31, 2015 |  |  | December 31, 2014 |
|  | As Reported |  |  | Adjustment |  |  | Revised |  |  | As Reported |  |  | Adjustment |  |  | Revised |
Revenue |  | $ | 30,379.7 |  |  | 1.7 |  |  | $ | 30,381.4 |  |  | $ | 43,386.4 |  |  | 5.4 |  |  | $ | 43,391.8 |
Cost of revenue |  | 29,519.2 |  |  | 1.2 |  |  | 29,520.4 |  |  | 42,572.8 |  |  | (0.1 | ) |  | 42,572.7 |
Gross profit |  | 860.5 |  |  | 0.5 |  |  | 861.0 |  |  | 813.6 |  |  | 5.5 |  |  | 819.1 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 365.8 |  |  | — |  |  | 365.8 |  |  | 319.8 |  |  | — |  |  | 319.8 |
Provision for bad debt |  | 7.5 |  |  | — |  |  | 7.5 |  |  | 3.8 |  |  | — |  |  | 3.8 |
General and administrative |  | 240.0 |  |  | 2.1 |  |  | 242.1 |  |  | 220.9 |  |  | (2.1 | ) |  | 218.8 |
|  | 613.3 |  |  | 2.0 |  |  | 615.3 |  |  | 544.5 |  |  | (2.1 | ) |  | 542.4 |
Income from operations |  | 247.2 |  |  | (1.5 | ) |  | 245.7 |  |  | 269.1 |  |  | 7.6 |  |  | 276.7 |
Non-operating expenses, net: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and other financing costs, net |  | (29.9 | ) |  | — |  |  | (29.9 | ) |  | (25.2 | ) |  | — |  |  | (25.2 | )
Other income, net |  | 2.0 |  |  | — |  |  | 2.0 |  |  | 25.6 |  |  | (2.3 | ) |  | 23.3 |
|  | (27.9 | ) |  | — |  |  | (27.9 | ) |  | 0.4 |  |  | (2.3 | ) |  | (1.9 | )
Income before income taxes |  | 219.3 |  |  | (1.6 | ) |  | 217.7 |  |  | 269.5 |  |  | 5.3 |  |  | 274.8 |
Provision for income taxes |  | 36.3 |  |  | 10.9 |  |  | 47.2 |  |  | 51.1 |  |  | 2.5 |  |  | 53.6 |
Net income including noncontrolling interest |  | 183.0 |  |  | (12.5 | ) |  | 170.5 |  |  | 218.4 |  |  | 2.7 |  |  | 221.1 |
Net (loss) attributable to noncontrolling interest |  | (3.9 | ) |  | — |  |  | (3.9 | ) |  | (3.3 | ) |  | — |  |  | (3.3 | )
Net income attributable to World Fuel |  | $ | 186.9 |  |  | (12.4 | ) |  | $ | 174.5 |  |  | $ | 221.7 |  |  | 2.8 |  |  | $ | 224.5 |
Basic earnings per common share |  | $ | 2.66 |  |  | (0.17 | ) |  | $ | 2.49 |  |  | $ | 3.13 |  |  | 0.04 |  |  | $ | 3.17 |
Basic weighted average common shares |  | 70.2 |  |  | — |  |  | 70.2 |  |  | 70.8 |  |  | — |  |  | 70.8 |
Diluted earnings per common share |  | $ | 2.64 |  |  | (0.17 | ) |  | $ | 2.47 |  |  | $ | 3.11 |  |  | 0.04 |  |  | $ | 3.15 |
Diluted weighted average common shares |  | 70.7 |  |  | — |  |  | 70.7 |  |  | 71.3 |  |  | — |  |  | 71.3 |
Comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Net income including noncontrolling interest |  | $ | 183.0 |  |  | (12.5 | ) |  | $ | 170.5 |  |  | $ | 218.4 |  |  | 2.7 |  |  | $ | 221.1 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  | (49.6 | ) |  | 4.2 |  |  | (45.4 | ) |  | (30.9 | ) |  | 0.1 |  |  | (30.8 | )
Cash Flow hedge, net |  | 0.6 |  |  | (1.4 | ) |  | (0.8 | ) |  | — |  |  | — |  |  | — |
|  | (49.0 | ) |  | 2.8 |  |  | (46.2 | ) |  | (30.9 | ) |  | 0.1 |  |  | (30.8 | )
Comprehensive income including noncontrolling interest |  | 134.0 |  |  | (9.7 | ) |  | 124.3 |  |  | 187.5 |  |  | 2.9 |  |  | 190.4 |
Comprehensive income (loss) attributable to noncontrolling interest |  | 0.1 |  |  | (8.0 | ) |  | (2.2 | ) |  | (3.3 | ) |  | — |  |  | (1.1 | )
Comprehensive income attributable to World Fuel |  | $ | 133.9 |  |  | (1.6 | ) |  | $ | 126.4 |  |  | $ | 190.8 |  |  | 2.9 |  |  | $ | 191.4 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 6.G.2.b(b)(1)) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e31034-122693 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=64853466&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22595-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration