World Fuel Services 2011 Annual Report Download - page 71

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year ended December 31,
2010 2009
Cash flows from operating activities:
Net income including noncontrolling interest $ 199,202 $ 146,503 $ 117,563
Adjustments to reconcile net income including noncontrolling interest to net cash
(used in) provided by operating activities –
Depreciation and amortization 40,530 19,106 16,956
Provision for bad debt 8,173 4,262 4,552
Share-based payment award compensation costs 11,041 10,126 6,480
Deferred income tax provision (benefit) 1,641 (7,379) 7,919
Foreign currency losses (gains), net 1,835 (164) (1,163)
Gain on short-term investment — (1,900) —
Other 1,596 474 1,052
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net (725,986) (329,105) (262,912)
Inventories (222,445) (58,924) (93,606)
Prepaid expenses (2,319) (62,575) 708
Other current assets (73,087) (39,259) 57,556
Non-current other assets 4,237 (3,888) (5,504)
Accounts payable 573,600 247,408 242,611
Customer deposits 38,630 (2,400) 22,592
Accrued expenses and other current liabilities 5,894 52,588 (46,800)
Non-current income tax and other long-term liabilities (5,078) (10,571) 9,917
Total adjustments (341,738) (182,201) (39,642)
Net cash (used in) provided by operating activities (142,536) (35,698) 77,921
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired (122,702) (177,807) (51,982)
Capital expenditures (19,492) (12,485) (6,493)
Issuance of notes receivable (11,109) — —
Repayment of notes receivable 8,671 — —
Purchase of short-term investments — — (25,185)
Proceeds from the sale of short-term investments — 10,000 25,185
Funding arrangement to service provider — — (3,353)
Net cash used in investing activities (144,632) (180,292) (61,828)
Cash flows from financing activities:
Borrowings under senior revolving credit facility 5,019,594 — —
Repayments under senior revolving credit facility (5,019,594) — —
Borrowings under senior term loan facility 250,000 — —
Borrowings of other debt — — 2,074
Repayments of other debt (12,876) (6,470) (24,371)
Payment of senior revolving credit facility and senior term loan facility loan costs (2,483) (8,518) —
Proceeds from sale of common stock, net of expenses — 218,816 —
Proceeds from exercise of stock options — 294 1,013
Dividends paid on common stock (10,603) (8,911) (7,747)
Federal and state tax benefits resulting from tax deductions in excess of the
compensation cost recognized for share-based payment awards 5,952 10,380 —
Purchases of common stock tendered by employees to satisfy the required
withholding taxes related to share-based payment awards (10,206) (3,824) (4,954)
Capital contribution for joint venture 10,000 — —
Distribution of noncontrolling interest (1,797) (510) (451)
Payment of assumed employee benefits related to acquisitions (5,421) (11,306) —
Net cash provided by (used in) financing activities 222,566 189,951 (34,436)
The accompanying notes are an integral part of these consolidated financial statements.
47
2011