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48
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
– (CONTINUED)
(In millions)
For the Year ended December 31,
2015 2014 2013
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest, net of capitalized interest $ 33.1 $ 29.1 $ 19.1
Income taxes $ 44.0 $ 40.8 $ 34.6
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid, were $4.2 and $2.6 million as of December 31, 2015 and December 31, 2014.
We had accrued capital expenditures totaling $0.8 million and $3.4 million as of December 31, 2015 and December 31,
2014, 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. During 2015, we utilized an additional £0.8 million ($1.1 million) of the escrow
account balance for payment of assumed pension exit obligations and remitted the remaining escrow account balance 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.
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,
2015 2014 2013
Assets acquired, net of cash $ 154.3 $ 611.0 $ 77.1
Liabilities assumed $ 61.8 $ 314.8 $ 36.8
In connection with our acquisitions, we issued promissory notes totaling $0.2 million, $9.0 million and $3.0 million in 2015,
2014 and 2013, respectively.
The accompanying notes are an integral part of these consolidated financial statements.