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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
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 |
The following reconciles the aggregate purchase price for the 2015 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):
Purchase price | $ | 102.3 |
Less: Cash acquired | 8.7 |
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 |
The following reconciles the estimated aggregate purchase price for the 2016 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):
Estimated purchase price | $ | 446.9 |
Less: Cash acquired | 2.6 |
Estimated purchase price, net of cash acquired | 444.3 |
Less: Amounts due to sellers and promissory notes issued | 20.0 |
Cash paid for acquisition of businesses | $ | 424.3 |
Schedule of estimated purchase price allocation for the acquisition | 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 | )
Purchase price | $ | 295.8 |
The estimated purchase price allocation for the 2016 acquisitions is as follows (in millions):
Assets acquired: |
Cash and cash equivalents | $ | 2.6 |
Accounts receivable | 62.8 |
Inventories | 39.0 |
Property and equipment | 100.3 |
Other current assets | 11.9 |
Goodwill and identifiable intangible assets | 291.9 |
Other long-term assets | 2.9 |
Liabilities assumed: |  |
Accounts payable | (38.1 | )
Accrued expenses and other current liabilities | (22.9 | )
Non-current income tax liabilities and other long term liabilities | (3.5 | )
Estimated purchase price | $ | 446.9 |
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 | )
Purchase price | $ | 102.3 |
Schedule of unaudited pro forma results | The following presents the unaudited pro forma results for 2016 and 2015 as if 2016 and 2015 acquisitions had been completed on January 1, 2015:
| 2016 |  |  | 2015 |
| (pro forma) |  |  | (pro forma) |
Revenue | $ | 27,925.0 |  |  | $ | 32,604.4 |
Net income attributable to World Fuel | $ | 146.1 |  |  | $ | 202.0 |
Earnings per common share: |  |  |  |  |
Basic | $ | 2.11 |  |  | $ | 2.88 |
Diluted | $ | 2.09 |  |  | $ | 2.86 |
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 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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