World Fuel Services 2012 Annual Report Download - page 96

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In many cases, our uncertain tax positions are related to tax years that remain subject to examination by
the relevant taxing authorities. The following table summarizes these open tax years by jurisdiction with
major uncertain tax positions:
Jurisdiction Examination in progress Open Tax Year
United States None 2008-2012
Singapore None 2009-2012
United Kingdom None 2007-2012
Brazil 2009 2008-2012
South Korea None 2007-2012
Netherlands None 2010-2012
Chile None 2009-2012
Denmark None 2004-2012
9. Commitments and Contingencies
Surety Bonds
In the normal course of business, we are required to post bid, performance and garnishment bonds. The
majority of the surety bonds posted relate to our aviation and land segments. As of December 31, 2012
and 2011, we had outstanding bonds that were arranged in order to satisfy various security
requirements of $34.3 million and $31.4 million, respectively. Most of these bonds provide financial
security for obligations which have already been recorded as liabilities.
Lease Commitments
As of December 31, 2012, our future minimum lease payments under non-cancelable operating leases
were as follows (in thousands):
Year Ended December 31,
2013 $ 47,938
2014 26,694
2015 21,395
2016 16,009
2017 10,880
Thereafter 31,525
$154,441
We incurred rental expense for all properties and equipment of $27.3 million, $21.8 million and
$10.0 million for 2012, 2011 and 2010, respectively.
Sales and Purchase Commitments
As of December 31, 2012, fixed sales and purchase commitments under our derivative programs
amounted to $440.7 million and $55.5 million, respectively.
Additionally, as of December 31, 2012, we had entered into certain other fixed price sales commitments
with corresponding fixed price purchase commitments, the majority of which were satisfied within a
two-week period. These sales and purchase commitments were made in the normal course of business.
Agreements with Executive Officers and Key Employees
In March 2008, we entered into agreements with Paul H. Stebbins and Michael J. Kasbar for their
continued employment with the Company. In August 2011, each of the agreements was amended to
reflect the transition of Mr. Kasbar from President and Chief Operating Officer to President and Chief
Executive Officer and Mr. Stebbins from Chairman and Chief Executive Officer to Executive Chairman,
effective January 1, 2012. The Kasbar agreement was further amended in April 2012 to eliminate the
reference to a specific annual base salary amount. The Kasbar agreement, as amended, provides for an
annual base salary as determined by our Compensation Committee in its sole discretion (currently
$575,000), termination severance benefits, and such incentives and other compensation and amounts
as our Compensation Committee may determine from time to time in its sole discretion. The Kasbar
agreement, as amended, expires on December 31, 2016, unless terminated earlier, and will
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