World Fuel Services 2015 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2015 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 97

  • 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
  • 95
  • 96
  • 97

47
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
For the Year ended December 31,
2015 2014 2013
Cash flows from operating activities:
Net income including noncontrolling interest $ 183.0 $ 218.4 $ 207.2
A
djustments to reconcile net income including noncontrolling interest to net cash
provided by operating activities:
Depreciation and amortization 63.4 59.4 44.7
Provision for bad debt 7.5 3.8 11.7
Gain on the sale of crude oil joint venture interests — (18.1) —
Share-based payment award compensation costs 17.0 15.8 16.7
Deferred income tax (benefit) provision (7.2) 10.4 (8.2)
Extinguishment of liabilities (8.2) (5.2) (8.5)
Foreign currency losses, net (5.9) (7.0) 0.1
Other 3.2 (5.3) 2.0
Changes in assets and liabilities, net of acquisitions:
A
ccounts receivable, net 483.2 462.5 (328.9)
Inventories 81.4 232.3 (77.7)
Prepaid expenses 10.8 46.5 30.7
Short-term derivative assets, net 74.7 (265.8) 3.5
Other current assets 32.2 (30.2) (22.6)
Cash collateral with financial counterparties 133.3 (288.0) 9.9
Other non-current assets (1.9) 2.9 (19.6)
A
ccounts payable (481.5) (585.7) 385.4
Customer deposits (17.5) 12.8 13.8
A
ccrued expenses and other current liabilities (131.0) 266.3 (3.5)
Non-current income tax, net and other long-term liabilities 11.0 15.4 7.6
Total adjustments 264.5 (77.2) 57.1
Net cash provided by operating activities 447.5 141.2 264.3
Cash flows from investing activities:
A
cquisitions of businesses, net of cash acquired and other investments (96.9) (273.6) (76.9)
Capital expenditures (51.0) (50.2) (82.7)
Proceeds from the sale of fixed assets 5.3 — —
Escrow payment related to an assumed obligation of an acquired business — (21.7) —
Proceeds from the sale of crude oil joint venture interests — 43.0 —
Purchase of investments (2.4) (2.1) (21.6)
Proceeds from the sale of short-term investments — — 21.6
Issuances of notes receivable — — (8.0)
Repayment of notes receivable 0.3 7.5 —
Decrease in cash due to deconsolidation of crude oil transloading joint venture — — (6.9)
Net cash used in investing activities (144.7) (297.1) (174.5)
Cash flows from financing activities:
Borrowings of debt 4,831.2 5,757.3 4,556.6
Repayments of debt (4,752.0) (5,551.5) (4,476.3)
Payments of senior revolving credit facility and senior term loan facility loan costs (3.4) — (3.6)
Dividends paid on common stock (15.3) (10.6) (10.7)
Investment by noncontrolling interest 0.5 — 17.5
Distribution of noncontrolling interest (0.3) (11.6) (15.5)
Purchases of common stock (70.5) (10.0) (35.0)
Federal and state tax benefits resulting from tax deductions in excess of the
compensation cost recognized for share-based payment awards — 1.0 3.3
Purchases of common stock tendered by employees to satisfy the required
withholding taxes related to share-based payment awards (7.3) (5.1) (6.8)
Net cash (used in) provided by financing activities (17.1) 169.5 29.5
Effect of exchange rate changes on cash and cash equivalents (5.5) (3.4) 0.1
Net increase in cash and cash equivalents 280.2 10.2 119.4
Cash and cash equivalents, as of beginning of year 302.3 292.1 172.7
Cash and cash equivalents, as of end of year $ 582.5 $ 302.3 $ 292.1
The accompanying notes are an integral part of these consolidated financial statements.