World Fuel Services 2015 Annual Report Download - page 79

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74
weighted average fair value of the SSAR Awards for 2013 was $11.65 and the assumptions used to determine such fair
value were as follows: expected term of 4.1 years, volatility of 38.0%, dividend yields of 0.4% and risk-free interest rates of
0.6%.
Unrecognized Compensation Cost
As of December 31, 2015, there was $32.6 million of total unrecognized compensation cost related to unvested share-based
payment awards, which is included as capital in excess of par value in the accompanying consolidated balance sheets. The
unrecognized compensation cost as of December 31, 2015 is expected to be recognized as compensation expense over a
weighted average period of 1.4 years as follows (in millions):
Year Ended December 31,
2016 $ 14.6
2017 10.8
2018 5.7
2019 1.3
2020 0.2
$ 32.6
Other Comprehensive Loss and Accumulated Other Comprehensive Loss
Our other comprehensive loss, consisting of foreign currency translation adjustments related to our subsidiaries that have a
functional currency other than the U.S. dollar and cash flow hedges, was as follows (in millions):
Foreign
Accumulated
Currency
Other
Translation
Cash Comprehensive
Adjustments
Flow Hedges Loss
Balance as of December 31, 2013 $ (29.3) $ — $ (29.3)
Other comprehensive loss (30.9) — (30.9)
Balance as of December 31, 2014 (60.2) — (60.2)
Other comprehensive loss (49.6) 0.6 (49.0)
Less: Net other comprehensive income attributable to noncontrolling interest 4.0 — 4.0
Balance as of December 31, 2015 $ (113.8) $ 0.6 $ (113.2)
The foreign currency translation adjustment losses for 2015 and 2014 were primarily due to the strengthening of the U.S. dollar
as compared to the Brazilian Real and the British Pound.
9. Income Taxes
U.S. and foreign income before income taxes consist of the following (in millions):
2015
2014
2013
United States $ 1.2 $ 56.5 $ 31.8
Foreign 218.1 213.0 214.9
$ 219.3 $ 269.5 $ 246.7