Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2019

2019 Acquisitions and Divestitures

We made no material acquisitions or divestitures during 2019.

2018 Acquisitions

During 2018, we completed one acquisition in the land segment. The financial position, results of operations and cash flows of the 2018 acquisition has been included in our consolidated financial statements since its acquisition date and did not have a material impact on our consolidated financial statements as of and for the year ended December 31, 2018.

2017 Acquisitions

During the first quarter of 2017, we completed the acquisition of certain aviation fueling operations in Italy, Germany, Australia and New Zealand associated with the ExxonMobil transaction, further described below. We also completed five acquisitions during 2017 which were not material individually or in the aggregate.

The following table summarizes the aggregate consideration paid for acquisitions during 2017 and the provisional amounts of the assets acquired and liabilities assumed, recognized at the acquisition date:



(In millions)
Cash paid for acquisition of businesses, net of cash acquired	$	108.2
Cash and cash equivalents	4.5
Amounts due to sellers	0.7
Non-monetary consideration	4.2
Estimated purchase price	$	117.6

Assets acquired:
Cash and cash equivalents	$	4.5
Property and equipment	10.6
Goodwill and identifiable intangible assets	105.2
Other current and long-term assets	10.2

Liabilities assumed:
Accrued expenses and other current liabilities	(3.7		)
Long-term liabilities and deferred tax liabilities	(9.1		)
Estimated purchase price	$	117.6

In connection with the 2017 acquisitions, we recorded goodwill of $63.5 million, of which $29.5 million is anticipated to be deductible for tax purposes. The goodwill, of which $51.3 million and $12.2 million is assigned to the aviation segment and land segment, respectively, is attributable primarily to the expected synergies and other benefits that we believe will result from combining the operations of the acquired businesses with the operations of World Fuel Services' aviation and land segments. The identifiable intangible assets consist of $41.7 million of customer relationships with weighted average lives of 8.0 years.

The financial position, results of operations and cash flows of the 2017 acquisitions have been included in our consolidated financial statements since their respective acquisition dates and did not have a material impact on our consolidated revenue and net income for 2017. Accordingly, pro forma information for the 2017 acquisitions has not been provided as the impact is not material.