World Fuel Services 2012 Annual Report Download - page 68

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – (CONTINUED)
(In thousands)
For the Year ended December 31,
2011 2010
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest, net of capitalized interest $ 17,227 $ 12,098 $ 2,528
Income taxes $ 26,529 $ 51,096 $ 24,754
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid, were $2.7 million as of December 31, 2012 and 2011, and
were paid in January 2013 and 2012, respectively.
We granted equity awards to certain employees, of which $2.7 million and $1.5 million in 2012 and 2011,
respectively, was previously recorded in accrued expenses and other current liabilities.
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 $7.2 million, $9.0 million and
$26.5 million in 2012, 2011 and 2010, 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 2012, in connection with our equity investments, we recorded a current liability and other investments
of £10.0 million ($16.3 million) related to contingent consideration.
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 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,
2011 2010
Assets acquired, net of cash $366,230 $208,419 $365,890
Liabilities assumed $151,816 $ 54,296 $127,642
The accompanying notes are an integral part of these consolidated financial statements.
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2012
2012