World Fuel Services 2015 Annual Report Download - page 89
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annual basic and diluted earnings per share amounts reported.
13. Assets and Liabilities Held for Sale
In connection with the acquisition of all of the outstanding stock of Pester, we committed to a plan to sell certain assets and
liabilities of Pester’s fuel retail business. As all of the criteria for classification as held for sale were met, those assets and
liabilities of the business were presented separately as held for sale in our consolidated balance sheets as of December
31, 2015. Current assets held for sale of the disposal group, which includes inventories and other current assets, were $5.5
million. The non-current assets held for sale, which include property and equipment, goodwill and identifiable intangible
assets, were $36.5 million. Current liabilities held for sale, which includes accounts payable and accrued expenses and
other current liabilities, were $5.6 million. Non-current liabilities held for sale, comprised of deferred tax liabilities, were $5.0
million. These net assets have been reported as part of our land segment.
14. Subsequent Event
In February 2016, we signed a definitive agreement to acquire from certain ExxonMobil affiliates their aviation fueling
operations at 83 airports in Canada, the United Kingdom, Germany, Italy, Australia and New Zealand. Further, an additional
three locations in France are expected to be added to the definitive agreement subject to certain required reviews associated
with such transaction. The transaction will close in phases, with the majority of locations expected to close during the
second half of 2016. The transaction is subject to customary regulatory consents and closing conditions, including securing
third party consents and therefore there can be no assurance that we will be successful in closing the acquisition.