World Fuel Services 2013 Annual Report Download - page 52

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WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – (CONTINUED)
(In thousands)
For the Year ended December 31,
2013 2012 2011
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest, net of capitalized interest $ 19,131 $ 17,227 $ 12,098
Income taxes $ 34,557 $ 26,529 $ 51,096
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid, were $2.6 million as of December 31, 2013 and $2.7 million as of December 31, 2012 and
2011.
As of December 31, 2013, we had accrued capital expenditures totaling $1.8 million, which were recorded in accounts payable.
Due to a change in the operational control of a land segment joint venture from us to our joint venture partner, the aforementioned joint
venture was deconsolidated effective December 31, 2013. We recorded a reduction of $44.2 million and $25.6 million in net assets
and noncontrolling interest equity, respectively, and an increase of $25.6 million in other investments.
In 2012, we granted equity awards to certain employees of which $2.7 million was previously recorded in accrued expenses and other
current liabilities.
In connection with our acquisitions, we issued promissory notes totaling $3.0 million, $7.2 million and $9.0 million in 2013, 2012 and
2011, respectively and equity of $27.5 million in 2011. During 2011, we recorded a $1.4 million reduction to our promissory note
payable to the sellers of an acquired business related to a purchase price adjustment.
In connection with an equity investment, we recorded a current liability and other investment of £10.0 million ($16.3 million) in 2012
and £2.0 million ($2.8 million) in 2013 related to contingent consideration. The aggregate amount of £12.0 million ($19.1 million) was
paid in 2013.
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,
2013 2012 2011
Assets acquired, net of cash $ 77,164 $366,230 $208,419
Liabilities assumed $ 36,765 $151,816 $ 54,296
The accompanying notes are an integral part of these consolidated financial statements.
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