Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Allocation of the Purchase Price to the Fair Value of the Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the aggregate consideration as well as the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed as recorded in the first quarter of 2022 and as adjusted in the second quarter of 2022 (in millions):

	Preliminary		Adjustments		As Adjusted
Consideration:
Cash paid	$	642.7	$	—	$	642.7
Working capital adjustment (receivable from) payable to seller	(0.5)		2.8		2.3
Common stock issued to seller	50.0		—		50.0
Amount due to sellers	100.0		—		100.0
Total fair value of consideration	$	792.2	$	2.8	$	795.0
Assets acquired and liabilities assumed:
Cash	$	3.3	$	—	$	3.3
Accounts receivable	109.2		0.6		109.8
Inventory	50.9		—		50.9
Property, plant and equipment	126.6		—		126.6
Identifiable intangible assets subject to amortization (1)	162.9		(0.4)		162.5
Identifiable intangible assets not subject to amortization (2)	29.3		—		29.3
Accounts payable	(38.0)		(0.1)		(38.0)
Other assets and liabilities, net (3)	(39.0)		1.8		(37.3)
Net identifiable assets acquired	405.1		1.9		407.0
Goodwill (4)	387.1		0.9		388.0
Net assets acquired	$	792.2	$	2.8	$	795.0

(1)Identifiable intangible assets subject to amortization primarily consist of customer and network relationships and other identifiable assets which will be amortized over a weighted average life of 11.6 years.

(2)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.

(3)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million.

(4)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our land segment. We anticipate that all of the goodwill assigned to the land segment will be deductible for tax purposes.

Schedule of Unaudited Pro Forma Combined Financial Information

The following presents unaudited pro forma combined financial information of the Company for the three and six months ended June 30, 2021 as if the acquisition of Flyers had been completed on January 1, 2021 (in millions, except per share data):

(unaudited)	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
Revenue	$	7,805.4	$	14,141.0
Net income attributable to World Fuel	$	33.3	$	53.5