World Fuel Services 2011 Annual Report Download - page 72

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – (CONTINUED)
(In thousands)
For the Year ended December 31,
2010 2009
Effect of exchange rate changes on cash and cash equivalents (2,876) 89 2,834
Net decrease in cash and cash equivalents (67,478) (25,950) (15,509)
Cash and cash equivalents, at beginning of year 272,893 298,843 314,352
Cash and cash equivalents, at end of year $205,415 $272,893 $298,843
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest, net of capitalized interest $ 12,098 $ 2,528 $ 4,414
Income taxes $ 51,096 $ 24,754 $ 29,820
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid, were $2.7 million and $2.6 million as of December 31, 2011
and 2010, respectively, and were paid in January 2012 and 2011.
As of December 31, 2011, we had accrued capital expenditures totaling $0.9 million, which were
recorded in accrued expenses and other current liabilities.
In 2011, we granted equity awards to certain employees, of which $1.5 million was previously recorded
in accrued expenses and other current liabilities. In 2009, we issued $5.8 million in equity to certain
employees which was previously recorded in accrued expenses and other current liabilities, and
deferred compensation and other long-term liabilities in the amount of $4.5 million and $1.3 million,
respectively.
In January 2011, upon the consolidation of a joint venture that was previously accounted for as an equity
investment, we recorded an initial noncontrolling interest of $0.6 million relating to its net assets.
In connection with our acquisitions, we issued promissory notes totaling $9.0 million, $26.5 million and
$4.3 million in 2011, 2010 and 2009, respectively and equity of $27.5 million and $21.1 million in 2011
and 2010, respectively. During 2011, we recorded a $1.4 million reduction to our promissory note
payable to the sellers of Hiller related to a purchase price adjustment.
In 2010, in connection with our acquisition of the FOS business (see Note 1), we extinguished certain
receivables totaling $6.4 million, of which $3.3 million was related to receivables attributable to a 2009
funding arrangement with the acquired company.
In 2009, in connection with our acquisition of Henty (see Note 1), we recorded a long-term liability and
goodwill of £4.2 million ($6.2 million) related to an Earn-out (as defined in Note 1).
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,
2010 2009
Assets acquired, net of cash $208,419 $365,890 $71,225
Liabilities assumed $ 54,296 $127,642 $13,287
The accompanying notes are an integral part of these consolidated financial statements.
48
2011
2011