XML 43 R27.htm IDEA: XBRL DOCUMENT

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2016

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