World Fuel Services 2004 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2004 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued)
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid, totaled $855 thousand and $828 thousand are included in accrued expenses and
other current liabilities as of December 31, 2004 and 2003, respectively.
For the construction of our corporate office in 2002 and 2003, we received an office construction allowance totaling $799
thousand from our landlord. We recorded the office construction allowance as Leasehold and improvements with a related
deferred rental credit, which was included in Long-term liabilities. As of December 31, 2004, unamortized deferred rental credits
relating to the construction allowance plus reimbursement of certain equipment purchases from our landlord, and the recognition
of the total lease obligation on a straight-line basis, amounted to $1.1 million. These deferred charges are amortized into rental
expense on a straight-line basis over the lease period.
In connection with the acquisition of businesses, we issued interest and non-interest bearing promissory notes
amounting to $5.0 million, in the aggregate, after discounting the non-interest bearing promissory note at 5%, in January
2002 and April 2001. See Notes 1 and 3 to the consolidated financial statements for additional information.
In April 2004 and January 2002, we assumed short-term debt of $35.3 million and $1.5 million, respectively, in
connection with the acquisition of businesses. See Notes 1 and 3 to the consolidated financial statements for additional
information.
In connection with the restricted common stock and options grants, based on the fair value of the awards, we recorded
Unearned deferred compensation of $1.7 million, $1.8 million and $2.1 million for the years ended December 31, 2004,
December 31, 2003 and 2002, respectively, and $2.1 million for the nine months ended December 31, 2002. Unearned
deferred compensation is being amortized over the minimum vesting period of each individual award. See Note 5 to the
consolidated financial statements for additional information.
The accompanying notes are an integral part of these consolidated financial statements.
Page 43 of 72