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46
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Year ended December 31,
2014 2013 2012
Cash flows from operating activities:
Net income including noncontrolling interest $ 218,407 $ 207,160 $ 201,351
A
djustments to reconcile net income including noncontrolling interest to net cash
provided by operating activities:
Depreciation and amortization 59,399 44,710 36,714
Provision for bad debt 3,757 11,745 4,790
Gain on the sale of crude oil joint venture interests (18,082) — —
Share-based payment award compensation costs 15,755 16,716 14,079
Deferred tax provision (benefit) 10,351 (8,243) 9,665
Extinguishment of liabilities (5,250) (8,538) (11,199)
Other (12,322) 2,065 (5,659)
Changes in assets and liabilities, net of acquisitions:
A
ccounts receivable, net 462,517 (328,969) 97,297
Inventories 232,258 (77,754) (90,847)
Prepaid expenses 46,479 30,755 (51,155)
Short-term derivative assets, net (265,779) 3,534 2,577
Other current assets (30,200) (22,591) (3,517)
Cash collateral with financial counterparties (288,049) 9,920 (11,059)
Other non-current assets 2,877 (19,638) 4,793
A
ccounts payable (585,674) 385,482 (45,179)
Customer deposits 12,816 13,874 (6,513)
A
ccrued expenses and other current liabilities 266,534 (3,549) 1,795
Non-current income tax, net and other long-term liabilities 15,366 7,623 (2,142)
Total adjustments (77,247) 57,142 (55,560)
Net cash provided by operating activities 141,160 264,302 145,791
Cash flows from investing activities:
A
cquisitions of businesses, net of cash acquired and other investments (273,649) (76,954) (217,782)
Capital expenditures (50,153) (82,716) (28,454)
Escrow payment related to an assumed obligation of an acquired business (21,724) — —
Proceeds from the sale of crude oil joint venture interests 43,000 — —
Purchase of investments (2,104) (21,588) —
Proceeds from the sale of short-term investments
—
21,588 —
Issuances of notes receivable
—
(7,969) (787)
Repayment of notes receivable 7,543 — 401
Decrease in cash due to deconsolidation of crude oil transloading joint venture
—
(6,921) —
Net cash used in investing activities (297,087) (174,560) (246,622)
Cash flows from financing activities:
Borrowings of debt 5,757,254 4,556,618 4,050,500
Repayments of debt (5,551,509) (4,476,304) (3,965,960)
Dividends paid on common stock (10,595) (10,679) (10,685)
Investment by noncontrolling interest
—
17,519 —
Distribution of noncontrolling interest (11,581) (15,489) (1,401)
Purchases of common stock (9,999) (35,000) —
Federal and state tax benefits resulting from tax deductions in excess of the
compensation cost recognized for share-based payment awards 1,028 3,301 3,681
Purchases of common stock tendered by employees to satisfy the required
withholding taxes related to share-based payment awards (5,083) (6,768) (4,973)
Other payments
—
(3,689) (4,304)
Net cash provided by financing activities 169,515 29,509 66,858
Effect of exchange rate changes on cash and cash equivalents (3,385) 70 1,298
Net increase (decrease) in cash and cash equivalents 10,203 119,321 (32,675)
Cash and cash equivalents, as of beginning of year 292,061 172,740 205,415
Cash and cash equivalents, as of end of year $ 302,264 $ 292,061 $ 172,740
The accompanying notes are an integral part of these consolidated financial statements.