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47
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
– (CONTINUED)
(In thousands)
For the Year ended December 31,
2014 2013 2012
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest, net of capitalized interest $ 29,151 $ 19,131 $ 17,227
Income taxes $ 40,785 $ 34,557 $ 26,529
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid, were $2.6 million as of December 31, 2014 and December 31, 2013.
We had accrued capital expenditures totaling $3.4 million and $1.8 million as of December 31, 2014 and December 31,
2013, respectively, which were recorded in accounts payable.
In November 2014, we utilized £8.8 million ($13.8 million) of the £13.0 million ($21.7 million) escrow account balance for
payment of assumed pension exit obligations. The escrow account balance will be used to pay the remaining assumed
pension exit obligations and amounts due to the sellers.
In 2013, due to a change in the operational control of our crude oil transloading joint venture from us to our joint venture
partner, we recorded a reduction of $44.2 million and $25.6 million in net assets and noncontrolling interest equity,
respectively, and an increase of $25.6 million in other investments. The aforementioned joint venture was subsequently
sold in December 2014. For more information on the sale, see “Other Investments” in Note 1.
In 2012, we granted equity awards to certain employees of which $2.7 million was previously recorded in accrued expenses
and other current liabilities.
In connection with an equity investment, we recorded a current liability and other investment of £10.0 million ($16.3 million)
in 2012 and £2.0 million ($2.8 million) in 2013 related to contingent consideration. The aggregate amount of £12.0 million
($19.1 million) was paid in 2013.
In connection with our acquisitions for the years presented, the following table presents the assets acquired, net of cash
and liabilities assumed:
For the Year ended December 31,
2014 2013 2012
Assets acquired, net of cash $ 610,963 $ 77,164 $ 366,230
Liabilities assumed $ 314,785 $ 36,765 $ 151,816
In connection with our acquisitions, we issued promissory notes totaling $9.0 million, $3.0 million and $7.2 million in 2014,
2013 and 2012, respectively.
The accompanying notes are an integral part of these consolidated financial statements.