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43
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
As of December 31,
2014 2013
Assets:
Current assets:
Cash and cash equivalents $ 302,264 $ 292,061
Accounts receivable, net 2,307,852 2,538,642
Inventories 437,566 655,046
Prepaid expenses 76,936 120,205
Short-term derivative assets, net 303,599 16,879
Other current assets 246,626 192,668
Total current assets 3,674,843 3,815,501
Property and equipment, net 202,716 129,685
Goodwill 656,078 483,591
Identifiable intangible and other non-current assets 346,343 310,500
Total assets $ 4,879,980 $ 4,739,277
Liabilities:
Current liabilities:
Short-term debt $ 17,914 $ 14,647
Accounts payable 1,850,134 2,210,427
Customer deposits 138,803 111,068
Accrued expenses and other current liabilities 234,503 178,373
Total current liabilities 2,241,354 2,514,515
Long-term debt 671,954 449,064
Non-current income tax liabilities, net 82,454 82,532
Other long-term liabilities 19,337 14,272
Total liabilities 3,015,099 3,060,383
Commitments and contingencies
Equity:
World Fuel shareholders’ equity:
Preferred stock, $1.00 par value; 100 shares authorized, none issued — —
Common stock, $0.01 par value; 100,000 shares authorized, 72,082 and 71,883
shares issued and outstanding as of December 31, 2014 and 2013, respectively 721 719
Capital in excess of par value 496,402 495,199
Retained earnings 1,418,450 1,207,299
Accumulated other comprehensive loss (60,215) (29,319)
Total World Fuel shareholders’ equity 1,855,358 1,673,898
Noncontrolling interest equity 9,523 4,996
Total equity 1,864,881 1,678,894
Total liabilities and equity $ 4,879,980 $ 4,739,277
The accompanying notes are an integral part of these consolidated financial statements.