During 2018, we completed one acquisition in the land segment. The financial position, results of operations and cash flows of the 2018 acquisition has been included in our consolidated financial statements since its acquisition date and did not have a material impact on our consolidated revenue and net income for the twelve months ended December 31, 2018.

During the first quarter of 2017, we completed the acquisition of certain aviation fueling operations in Italy, Germany, Australia and New Zealand associated with the ExxonMobil transaction, further described below. We also completed five acquisitions during 2017 which were not material individually or in the aggregate.

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

In connection with the 2017 acquisitions, we recorded goodwill of $63.5 million, of which $29.5 million is anticipated to be deductible for tax purposes. The goodwill, of which $51.3 million and $12.2 million is assigned to the aviation segment and land segment, respectively, is attributable primarily to the expected synergies and other benefits that we believe will result from combining the operations of the acquired businesses with the operations of World Fuel Services'

aviation and land segments. The identifiable intangible assets consist of $41.7 million of customer relationships with weighted average lives of 8.0 years.

The financial position, results of operations and cash flows of the 2017 acquisitions have been included in our consolidated financial statements since their respective acquisition dates and did not have a material impact on our consolidated revenue and net income for 2017. Accordingly, pro forma information for the 2017 acquisitions has not been provided as the impact is not material.

In the first quarter of 2016, we signed a definitive agreement to acquire from certain ExxonMobil affiliates their aviation fueling operations at more than 80 airport locations in Canada, the United Kingdom, Germany, Italy, France, Australia and New Zealand. The transaction closed in phases with the Canada, France and U.K. locations closing during the fourth quarter of 2016 and the remaining locations closing during the first quarter of 2017.

On July 1, 2016, we acquired all of the outstanding capital stock of PAPCO, Inc. (“PAPCO”) and Associated Petroleum Products, Inc. (“APP”). PAPCO, headquartered in Virginia Beach, Virginia and APP, headquartered in Tacoma, Washington are leading distributors of gasoline, diesel, lubricants, propane and related services in the Mid-Atlantic and the Pacific Northwest region of the U.S., respectively.

In addition to the above acquisitions, we completed six acquisitions in our land segment in 2016 which were not material individually or in the aggregate.

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

In connection with the 2016 acquisitions, we recorded goodwill of $173.3 million of which $133.4 million is anticipated to be deductible for tax purposes. The goodwill, of which $95.6 million and $77.7 million is assigned to the aviation segment and land segment, respectively, is attributable primarily to the expected synergies and other benefits that we believe will result from combining the operations of the acquired businesses with the operations of World Fuel Services' land and aviation segments. The identifiable intangible assets consisted of $105.1 million of customer

relationships and $3.9 million of other identifiable intangible assets with weighted average lives of 5.6 years and 2.1 years, respectively, as well as $9.5 million of indefinite-lived trademark/trade name rights.

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 financial position, results of operations and cash flows of the 2016 acquisitions have been included in our consolidated financial statements since their respective acquisition dates and did not have a material impact on our revenue and net income for the year ended December 31, 2016.