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Acquisitions, Assets and Liabilities Held for Sale
3 Months Ended
Mar. 31, 2016
Acquisitions, Assets and Liabilities Held for Sale  
Acquisitions, Assets and Liabilities Held for Sale

2.Acquisitions, Assets and Liabilities Held for Sale

 

2016 Acquisitions

 

In the first quarter of 2016, we completed three acquisitions in our land segment which were not significant individually or in the aggregate. The financial position, results of operations and cash flows of the 2016 acquisitions have been included in our consolidated financial statements, since their respective acquisition dates, and did not have a significant impact on our revenue and net income for the three months ended March 31, 2016.

 

In the first quarter of 2016, we agreed to acquire from certain ExxonMobil affiliates their aviation fueling operations at 83 airports in Canada, the United Kingdom, Germany, Italy, France, Australia and New Zealand.  The transaction is subject to customary regulatory consents and closing conditions, including securing third party consents and therefore there can be no assurance that we will be successful in closing the acquisition.

 

Assets and Liabilities Held for Sale

 

In connection with the acquisition of all of the outstanding stock of Pester Marketing Company (“Pester”) on September 1, 2015, we committed to a plan to sell certain assets and liabilities of Pester’s fuel retail business. As all of the criteria for classification as held for sale were met, those assets and liabilities of the business were presented separately as held for sale in our consolidated balance sheets as of March 31, 2016.  Current assets held for sale of the disposal group, which includes inventories and other current assets, were $5.7 million. The non-current assets held for sale, which include property and equipment, goodwill and identifiable intangible assets, were $33.5 million. Current liabilities held for sale, which includes accounts payable and accrued expenses and other current liabilities, were $5.5 million.  Non-current liabilities held for sale, comprised of deferred tax liabilities, were $5.1 million. These net assets have been reported as part of our land segment.