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Acquisitions and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of estimated purchase price allocation for the acquisition | The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):
|  |  |  |  |  | Final Purchase Price Allocation
Consideration: |  |  |  |  |  |
Cash paid at closing |  |  |  |  |  | $ | 642.7 |
Working capital adjustment paid to seller |  |  |  |  |  | 2.3 |
Common stock issued to seller |  |  |  |  |  | 50.0 |
Amount due to sellers (1) |  |  |  |  |  | 100.0 |
Total fair value of consideration |  |  |  |  |  | $ | 795.0 |
Assets acquired and liabilities assumed: |  |  |  |  |  |
Cash |  |  |  |  |  | $ | 3.3 |
Accounts receivable |  |  |  |  |  | 109.8 |
Inventory |  |  |  |  |  | 50.9 |
Property, plant and equipment |  |  |  |  |  | 126.6 |
Identifiable intangible assets subject to amortization (2) |  |  |  |  |  | 162.5 |
Identifiable intangible assets not subject to amortization (3) |  |  |  |  |  | 29.3 |
Accounts payable |  |  |  |  |  | (38.0) |
Other assets and liabilities, net (4) |  |  |  |  |  | (37.3) |
Net identifiable assets acquired |  |  |  |  |  | 407.0 |
Goodwill (5) |  |  |  |  |  | 388.0 |
Net assets acquired |  |  |  |  |  | $ | 795.0 |
(1)In January 2023, $50 million of the remaining purchase consideration was paid to the seller, with the remaining $50 million expected to be settled in January 2024. (2)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. (3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired. (4)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million. (5)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. The following table summarizes the final aggregate consideration, updated for certain working capital items, and the final fair value of the assets acquired and liabilities assumed (in millions):
|  | Total
Cash paid for acquisition of business |  | $ | 129.0 |
Amounts due to sellers (1) |  | 30.0 |
Purchase price |  | $ | 159.0 |
Assets acquired: |  |
Accounts receivable |  | $ | 42.8 |
Goodwill and identifiable intangible assets |  | 123.3 |
Other current and long-term assets |  | 3.8 |
Liabilities assumed: |  |
Accounts payable |  | (9.9) |
Other current and long-term liabilities |  | (1.0) |
Purchase price |  | $ | 159.0 |
(1) The total consideration includes a deferred payment that remains partially outstanding as of December 31, 2022.
Business Acquisition, Pro Forma Information | The following presents unaudited pro forma combined financial information of the Company for the year ended December 31, 2021 as if the acquisition of Flyers had been completed on January 1, 2021 (in millions):
(unaudited) | For the Year Ended December 31, 2021
Revenue | $ | 33,849.2 |
Net income attributable to World Fuel | $ | 112.5 |

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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