World Fuel Services 2012 Annual Report Download - page 67

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year ended December 31,
2011 2010
Cash flows from operating activities:
Net income including noncontrolling interest $ 201,351 $ 199,202 $ 146,503
Adjustments to reconcile net income including noncontrolling interest to net cash
provided by (used in) operating activities:
Depreciation and amortization 36,714 40,530 19,106
Provision for bad debt 4,790 8,173 4,262
Share-based payment award compensation costs 14,079 11,041 10,126
Deferred income tax provision (benefit) 9,665 1,641 (7,379)
Extinguishment of liabilities (11,199) (8,348) (9,800)
Foreign currency (gains) losses, net (7,533) 1,835 (164)
Gain on short-term investment — — (1,900)
Other 1,874 1,596 474
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net 97,297 (725,986) (329,105)
Inventories (90,847) (222,445) (58,924)
Prepaid expenses (51,155) (2,319) (62,575)
Other current assets (940) (78,044) (39,035)
Cash collateral deposits held by financial counterparties (11,059) 4,957 (224)
Non-current other assets 4,793 4,237 (3,888)
Accounts payable (45,179) 581,948 257,208
Customer deposits (6,513) 38,630 (2,400)
Accrued expenses and other current liabilities 1,795 5,894 52,588
Non-current income tax, net and other long-term liabilities (2,142) (5,078) (10,571)
Total adjustments (55,560) (341,738) (182,201)
Net cash provided by (used in) operating activities 145,791 (142,536) (35,698)
Cash flows from investing activities:
Acquisitions and other investments, net of cash acquired (217,782) (122,702) (177,807)
Capital expenditures (28,454) (19,492) (12,485)
Issuance of notes receivable (787) (11,109) —
Repayment of notes receivable 401 8,671 —
Proceeds from the sale of short-term investments — — 10,000
Net cash used in investing activities (246,622) (144,632) (180,292)
Cash flows from financing activities:
Borrowings under senior revolving credit facility and senior term loans 4,050,500 5,019,594 —
Repayments under senior revolving credit facility and senior term loans (3,952,500) (4,769,594) —
Repayments of other debt (13,460) (12,876) (6,470)
Payments of senior revolving credit facility and senior term loan facility loan costs — (2,483) (8,518)
Dividends paid on common stock (10,685) (10,603) (8,911)
Payment of earn-out liability (4,304) — —
Payment of assumed employee benefits related to acquisitions — (5,421) (11,306)
Capital contribution for joint venture — 10,000 —
Distribution of noncontrolling interest (1,401) (1,797) (510)
Federal and state tax benefits resulting from tax deductions in excess of the
compensation cost recognized for share-based payment awards 3,681 5,952 10,380
Proceeds from sale of common stock, net of expenses — — 218,816
Proceeds from exercise of stock options — — 294
Purchases of common stock tendered by employees to satisfy the required withholding
taxes related to share-based payment awards (4,973) (10,206) (3,824)
Net cash provided by financing activities 66,858 222,566 189,951
Effect of exchange rate changes on cash and cash equivalents 1,298 (2,876) 89
Net decrease in cash and cash equivalents (32,675) (67,478) (25,950)
Cash and cash equivalents, as of beginning of year 205,415 272,893 298,843
Cash and cash equivalents, as of end of year $ 172,740 $ 205,415 $ 272,893
The accompanying notes are an integral part of these consolidated financial statements.
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2012