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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocation of the Purchase Price to the Fair Value of the Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the aggregate consideration, and the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):
|  | Total
Consideration: |  |
Cash paid |  | $ | 642.7 |
Estimated working capital adjustment receivable from seller |  | (0.5) |
Common stock issued to seller |  | 50.0 |
Amount due to sellers |  | 100.0 |
Total fair value of consideration |  | $ | 792.2 |
Assets acquired and liabilities assumed: |  |
Cash |  | $ | 3.3 |
Accounts receivable |  | 109.2 |
Inventory |  | 50.9 |
Property, plant and equipment |  | 126.6 |
Identifiable intangible assets subject to amortization (1) |  | 162.9 |
Identifiable intangible assets not subject to amortization (2) |  | 29.3 |
Accounts payable |  | (38.0) |
Other assets and liabilities, net (3) |  | (39.0) |
Net identifiable assets acquired |  | 405.1 |
Goodwill (4) |  | 387.1 |
Net assets acquired |  | $ | 792.2 |
(1)Identifiable intangible assets subject to amortization primarily consist of customer and network relationships and other identifiable assets which will be amortized over a weighted average life of 11.6 years. (2)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired. (3)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million. (4)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our land segment. We anticipate that all of the goodwill assigned to the land segment will be deductible for tax purposes.
Schedule of Unaudited Pro Forma Combined Financial Information | The following presents unaudited pro forma combined financial information of the Company for the three months ended March 31, 2021 as if the acquisition of Flyers had been completed on January 1, 2021 (in millions, except per share data):
(unaudited) | Three Months Ended March 31, 2021 |  |
Revenue | $ | 6,335.6 |  |  |
Net income attributable to World Fuel | $ | 20.2 |  |  |

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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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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