World Fuel Services 2008 Annual Report Download - page 53

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
As of December 31,
2008 2007
Assets:
Current assets:
Cashandcashequivalents............................................ $ 314,352 $ 36,151
Restrictedcash..................................................... — 10,000
Short-terminvestments .............................................. 8,100 8,100
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 676,100 1,370,656
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,726 103,029
Short-term derivative contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,260 86,531
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,612 50,841
Totalcurrentassets ............................................. 1,172,150 1,665,308
Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,328 36,870
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,010 52,104
Identifiable intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,189 26,478
Long-termderivativecontracts ............................................ — 7,108
Non-current income tax receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,827 4,232
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,122 5,946
Totalassets ............................................... $1,404,626 $1,798,046
Liabilities:
Current liabilities:
Short-termdebt .................................................... $ 23,840 $ 53
Accountspayable .................................................. 548,876 1,066,971
Short-term derivative contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,302 88,302
Customerdeposits .................................................. 40,961 38,452
Accrued expenses and other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,067 37,333
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 751,046 1,231,111
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,537 45,191
Non-current income tax payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,546 25,791
Long-termderivativecontracts ............................................ — 7,115
Deferred compensation and other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 5,610 4,961
Totalliabilities ............................................ 796,739 1,314,169
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, $1.00 par value; shares of 100 authorized, none issued . . . . . . . . . . . . — —
Common stock, $0.01 par value; shares of 50,000 authorized, shares of 29,295 and
28,579 issued and outstanding at December 31, 2008 and 2007, respectively . . . . . . 293 286
Capital in excess of par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,042 179,799
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406,953 303,757
Accumulated other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,401) 35
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607,887 483,877
Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . $1,404,626 $1,798,046
The accompanying notes are an integral part of these consolidated financial statements.
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