World Fuel Services 2013 Annual Report Download - page 55

During 2013, we completed the valuation of the assets acquired and liabilities assumed for the 2012 acquisitions. As a result, during
2013, we paid an additional $17.5 million related to purchase price adjustments and completed the purchase price allocation which
primarily resulted in adjustments to goodwill and identifiable intangible assets (see Note 5).
The purchase price for each of the 2012 acquisitions was allocated to the assets acquired and liabilities assumed based on their
estimated fair value at the acquisition date. On an aggregate basis, the purchase price allocation for the 2012 acquisitions is as follows
(in thousands):
Assets acquired:
Cash and cash equivalents $ 12,793
Accounts receivable 134,966
Inventories 7,311
Property and equipment 10,323
Identifiable intangible assets 87,150
Goodwill 121,188
Other current and long-term assets 4,851
Liabilities assumed:
Accounts payable (130,297)
Accrued expenses and other current liabilities (18,321)
Other long-term liabilities (3,515)
Purchase price $ 226,449
2011 Acquisitions
On April 1, 2011, we completed the acquisition of all of the outstanding stock of Ascent Aviation Group, Inc. (‘‘Ascent’’) based in Parish,
New York. Ascent supplies branded aviation fuel and de-icing fluid to more than 450 airports and fixed base operators throughout North
America. In connection with the Ascent acquisition, we paid certain assumed employee benefits which have been classified as a
financing activity in the consolidated statement of cash flows due to the fact that the liability was paid on behalf of the seller
subsequent to closing.
On March 1, 2011, we completed the acquisition of all of the outstanding stock of Nordic Camp Supply ApS and certain affiliates
(‘‘NCS’’) based in Aalborg, Denmark. NCS is a full-service supplier of aviation fuel and related logistics solutions supporting NATO, U.S.
and other European armed forces operations in Iraq and Afghanistan.
In addition to the above acquisitions, we acquired certain assets of three companies in our aviation segment, one company in our
marine segment and two companies in our land segment, which are not material individually and in the aggregate.
The financial position, results of operations and cash flows of the 2011 acquisitions have been included in our consolidated financial
statements since their respective acquisition dates.
The following reconciles the aggregate purchase price for the 2011 acquisitions to the cash paid for the acquisitions, net of cash
acquired (in thousands):
Purchase price $161,736
Less: Cash acquired 2,638
Purchase price, net of cash acquired 159,098
Less: Promissory notes issued 9,028
Less: Common stock issued 27,491
Cash paid for acquisition of businesses $122,579
The fair value of the common stock issued as part of the consideration paid for our acquisitions was determined on the basis of the
closing market price of the common stock on the acquisition date.
During 2012, we completed the valuation of the assets acquired and liabilities assumed for the 2011 acquisitions. As a result, during
2012, we paid an additional $0.7 million related to purchase price adjustments and completed the purchase price allocation which
primarily resulted in adjustments to goodwill and identifiable intangible assets (see Note 5).
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