World Fuel Services 2014 Annual Report Download - page 70

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65
The acquisition promissory notes are payable in varying amounts from April 2015 to July 2017 and bear interest at annual
rates of approximately 1.2% as of December 31, 2014. The other debt primarily relates to capital leases and loans payable
to noncontrolling shareholders of a consolidated subsidiary which are payable in varying amounts through August 2021 and
bear interest at annual rates ranging from 2.2% to 6.3% as of December 31, 2014. The weighted average interest rate on
our short-term debt was 2.2% and 2.1% as of December 31, 2014 and 2013, respectively.
As of December 31, 2014, the aggregate annual maturities of debt are as follows (in thousands):
Year Ended December 31,
2015 $ 17,914
2016 18,042
2017 20,833
2018 631,901
2019 770
Thereafter 408
$ 689,868
The following table provides additional information about our interest income and expense and other financing costs, net (in
thousands):
2014 2013 2012
Interest income $ 5,993 $ 3,882 $ 908
Interest expense and other financing costs (31,230) (21,169) (20,005)
$ (25,237) $ (17,287) $ (19,097)
7. Commitments and Contingencies
Surety Bonds
In the normal course of business, we are required to post bid, performance and garnishment bonds. The majority of the
surety bonds posted relate to our aviation and land segments. As of December 31, 2014 and 2013, we had outstanding
bonds that were arranged in order to satisfy various security requirements of $38.7 million and $34.1 million, respectively.
Most of these bonds provide financial security for obligations which have already been recorded as liabilities.
Lease Commitments
As of December 31, 2014, our future minimum lease payments under non-cancelable operating leases were as follows (in
thousands):
Year Ended December 31,
2015 $ 37,766
2016 31,949
2017 22,790
2018 16,645
2019 13,592
Thereafter 36,558
$ 159,300
We incurred rental expense for all properties and equipment of $29.2 million, $24.7 million and $27.3 million for 2014, 2013
and 2012, respectively. Minimum payments have not been reduced by minimum sublease rentals of $31.5 million due in
the future under non-cancelable subleases.
Sales and Purchase Commitments
As of December 31, 2014, fixed sales and purchase commitments under our derivative programs amounted to $266.7 million
and $56.6 million, respectively.
Additionally, as of December 31, 2014, we had entered into certain other fixed price sales commitments with corresponding
fixed price purchase commitments, the majority of which were satisfied within one week. These sales and purchase
commitments were made in the normal course of business.