World Fuel Services 2013 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 of the 2013 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year ended December 31,
2013 2012 2011
Cash flows from operating activities:
Net income including noncontrolling interest $ 207,160 $ 201,351 $ 199,202
Adjustments to reconcile net income including noncontrolling interest to net cash
provided by (used in) operating activities:
Depreciation and amortization 44,710 36,714 40,530
Provision for bad debt 11,745 4,790 8,173
Share-based payment award compensation costs 16,716 14,079 11,041
Deferred tax (benefit) provision (8,243) 9,665 1,641
Extinguishment of liabilities (8,538) (11,199) (8,348)
Other 4,384 (5,659) 3,431
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net (328,969) 97,297 (725,986)
Inventories (77,754) (90,847) (222,445)
Prepaid expenses 30,755 (51,155) (2,319)
Other current assets (19,057) (940) (78,044)
Cash collateral with financial counterparties 9,920 (11,059) 4,957
Other non-current assets (21,957) 4,793 4,237
Accounts payable 385,482 (45,179) 581,948
Accrued expenses and other current liabilities 10,325 (4,718) 44,524
Non-current income tax, net and other long-term liabilities 7,623 (2,142) (5,078)
Total adjustments 57,142 (55,560) (341,738)
Net cash provided by (used in) operating activities 264,302 145,791 (142,536)
Cash flows from investing activities:
Acquisitions and other investments, net of cash acquired (76,954) (217,782) (122,702)
Capital expenditures (82,716) (28,454) (19,492)
Purchase of short-term investments (21,588) — —
Proceeds from the sale of short-term investments 21,588 — —
Issuance of notes receivable (7,969) (787) (11,109)
Repayment of notes receivable — 401 8,671
Decrease in cash due to deconsolidation of a land segment joint venture (6,921) — —
Net cash used in investing activities (174,560) (246,622) (144,632)
Cash flows from financing activities:
Borrowings under senior revolving credit facility and senior term loans 4,550,500 4,050,500 5,019,594
Repayments under senior revolving credit facility and senior term loans (4,456,000) (3,952,500) (4,769,594)
Borrowings of other debt 6,118 — —
Repayments of other debt (20,304) (13,460) (12,876)
Dividends paid on common stock (10,679) (10,685) (10,603)
Investment by noncontrolling interest 17,519 — 10,000
Distribution of noncontrolling interest (15,489) (1,401) (1,797)
Purchases of common stock (35,000) — —
Payment of assumed employee benefits related to acquisitions — — (5,421)
Federal and state tax benefits resulting from tax deductions in excess of the
compensation cost recognized for share-based payment awards 3,301 3,681 5,952
Purchases of common stock tendered by employees to satisfy the required
withholding taxes related to share-based payment awards (6,768) (4,973) (10,206)
Other (3,689) (4,304) (2,483)
Net cash provided by financing activities 29,509 66,858 222,566
Effect of exchange rate changes on cash and cash equivalents 70 1,298 (2,876)
Net increase (decrease) in cash and cash equivalents 119,321 (32,675) (67,478)
Cash and cash equivalents, as of beginning of year 172,740 205,415 272,893
Cash and cash equivalents, as of end of year $ 292,061 $ 172,740 $ 205,415
The accompanying notes are an integral part of these consolidated financial statements.
45