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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2017
Business Combinations [Abstract] |
Schedule of estimated purchase price allocation for the acquisition | The following table summarizes the aggregate consideration paid for the 2016 acquisitions and the amounts of the assets acquired and liabilities assumed recognized at the acquisition date. The purchase price allocation for the 2016 acquisitions is as follows:
(In millions) |
Cash paid for acquisition of businesses, net of cash acquired | $ | 424.3 |
Cash acquired | 2.6 |
Amounts due to sellers | 20.0 |
Purchase price | $ | 446.9 |
Assets acquired: |
Cash and cash equivalents | $ | 2.6 |
Accounts and notes receivable | 62.8 |
Inventories | 39.0 |
Property and equipment | 100.3 |
Goodwill and identifiable intangible assets | 291.9 |
Other current and long-term assets | 14.8 |
Liabilities assumed: |  |
Accrued expenses and other current liabilities | (61.0 | )
Non-current income tax liabilities and other long term liabilities | (3.5 | )
Purchase price | $ | 446.9 |
The following table summarizes the aggregate consideration paid for acquisitions during 2017 and the provisional amounts of the assets acquired and liabilities assumed, recognized at the acquisition date. We are in the process of finalizing the valuations of certain intangible assets; thus, the provisional measurements of these acquired assets and assumed liabilities are subject to change and will be finalized no later than one year from the acquisition date.
(In millions) |  |  |
Cash paid for acquisition of businesses, net of cash acquired |  | $ | 108.2 |
Cash and cash equivalents |  | 4.5 |
Amounts due to sellers |  | 0.7 |
Non-monetary consideration |  | 4.2 |
Estimated purchase price |  | $ | 117.6 |
Assets acquired: |  |
Cash and cash equivalents |  | $ | 4.5 |
Property and equipment |  | 10.6 |
Goodwill and identifiable intangible assets |  | 105.2 |
Other current and long-term assets |  | 10.2 |
Liabilities assumed: |  |
Accrued expenses and other current liabilities |  | (3.7 | )
Long-term liabilities and deferred tax liabilities |  | (9.1 | )
Estimated purchase price |  | $ | 117.6 |
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 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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=84161108&loc=d3e4845-128472 + Details
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