World Fuel Services 2005 Annual Report Download - page 56

Download and view the complete annual report

Please find page 56 of the 2005 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)
(In thousands)
We paid cash and issued equity securities in connection with the acquisition of Tramp Oil in 2004, which
was accounted for under the purchase method. There were no acquisitions during 2003 or 2005. The following
reconciles the fair values of the assets acquired, liabilities assumed, and the equity securities issued with net cash
received related to the acquisition of Tramp Oil in 2004:
2004
Accounts receivable ................................................ $(97,603)
Inventories ........................................................ (9,895)
Prepaid expenses and other current assets ............................... (554)
Property and equipment ............................................. (149)
Identifiable intangible assets .......................................... (7,560)
Goodwill ......................................................... (5,487)
Assumed short-term debt ............................................ 35,347
Accounts payable .................................................. 79,647
Customer deposits .................................................. 670
Accrued expenses and other current liabilities ............................ 8,418
Equity securities issued .............................................. 753
Cash received ................................................... $ 3,587
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid of $0.9 million and $1.0 million are included in accrued expenses
and other current liabilities as of December 31, 2004 and 2005, respectively.
During 2005, we had capital expenditures of approximately $2.8 million which were included in accrued
expenses and other current liabilities as of December 31, 2005.
In connection with the granting of share-based awards, we recorded unearned deferred compensation, based
on the fair value, of $1.8 million, $3.4 million and $5.5 million for 2003, 2004 and 2005, respectively, in
stockholders’ equity.
The accompanying notes are an integral part of these consolidated financial statements.
42