World Fuel Services 2015 Annual Report Download - page 72

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The following table provides additional information about our interest income and expense and other financing costs, net (in
millions):
2015 2014 2013
Interest income $ 5.0 $ 6.0 $ 3.9
Interest expense and other financing costs (34.9) (31.2) (21.2)
$ (29.9) $ (25.2) $ (17.3)
7. Commitments and Contingencies
Surety Bonds
In the normal course of business, we are required to post bid, performance and garnishment bonds. The majority of the
surety bonds posted relate to our aviation and land segments. As of December 31, 2015 and 2014, we had outstanding
bonds that were arranged in order to satisfy various security requirements of $39.1 million and $38.7 million, respectively.
Most of these bonds provide financial security for obligations which have already been recorded as liabilities.
Lease Commitments
As of December 31, 2015, our future minimum lease payments under non-cancelable operating leases were as follows (in
millions):
Year Ended December 31,
2016 $ 42.1
2017 31.3
2018 23.4
2019 18.8
2020 15.1
Thereafter 45.5
$ 176.2
We incurred rental expense for all properties and equipment of $31.6 million, $29.2 million and $24.7 million for 2015, 2014
and 2013, respectively. Minimum payments have not been reduced by minimum sublease rentals of $37.5 million due in
the future under non-cancelable subleases.
Sales and Purchase Commitments
As of December 31, 2015, fixed sales and purchase commitments under our derivative programs amounted to
$270.2 million and $65.9 million, respectively.
Additionally, as of December 31, 2015, we had entered into certain other fixed price sales commitments with corresponding
fixed price purchase commitments, the majority of which were satisfied within one week. These sales and purchase
commitments were made in the normal course of business.
Agreements with Executive Officers and Key Employees
We have an agreement with our Chairman, President and Chief Executive Officer, Michael J. Kasbar, for his continued
employment with the Company which provides for an annual base salary as determined by our Compensation Committee
in its sole discretion (currently $750,000), termination severance benefits, and such incentives and other compensation and
amounts as our Compensation Committee may determine from time to time in its sole discretion. The Kasbar agreement,
as amended, expires on December 31, 2016, unless terminated earlier, and will automatically extend for successive one
year terms unless either party provides written notice to the other at least one year prior to the expiration of the term that
such party does not want to extend the term. Pursuant to his amended agreement, Mr. Kasbar is entitled to receive cash
severance payments if: (a) we terminate his employment without cause following a change of control or for any reason other
than death, disability or cause; (b) he resigns for good reason (generally a reduction in his responsibilities or compensation,
or a breach by us), or resigns following a change of control; or (c) either he elects or we elect not to extend the term of the
agreement, as amended. The severance payments are equal to $5.0 million for a termination following a change of control
and $3.0 million in the other scenarios described above, a portion of which will be payable two years after the termination
of Mr. Kasbar’s employment.