Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-09533 | ||
Entity Registrant Name | WORLD FUEL SERVICES CORPORATION | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Address, Address Line One | 9800 N.W. 41st Street, | ||
Entity Address, City or Town | Miami, | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33178 | ||
Entity Tax Identification Number | 59-2459427 | ||
City Area Code | 305 | ||
Local Phone Number | 428-8000 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | INT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,600,695,540 | ||
Entity Common Stock, Shares Outstanding | 63,124,580 | ||
Entity Central Index Key | 0000789460 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 658.8 | $ 186.1 |
Accounts receivable, net of allowance for credit losses of $53.8 million and $35.5 million as of December 31, 2020 and 2019, respectively | 1,238.4 | 2,891.9 |
Inventories | 344.3 | 593.3 |
Prepaid expenses | 51.1 | 80.6 |
Short-term derivative assets, net | 66.4 | 59.5 |
Other current assets | 280.4 | 358.8 |
Total current assets | 2,639.3 | 4,170.1 |
Property and equipment, net | 342.6 | 360.9 |
Goodwill | 858.6 | 843.7 |
Identifiable intangible and other non-current assets | 659.8 | 617.7 |
Total assets | 4,500.3 | 5,992.4 |
Current liabilities: | ||
Current maturities of long-term debt | 22.9 | 54.1 |
Accounts payable | 1,214.7 | 2,602.7 |
Customer deposits | 155.8 | 126.7 |
Accrued expenses and other current liabilities | 290.6 | 378.9 |
Total current liabilities | 1,684 | 3,162.4 |
Long-term debt | 501.8 | 574.7 |
Non-current income tax liabilities, net | 215.5 | 210.1 |
Other long-term liabilities | 186.1 | 151.3 |
Total liabilities | 2,587.4 | 4,098.5 |
Commitments and contingencies | ||
World Fuel shareholders' equity: | ||
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value; 100.0 shares authorized, 62.9 and 65.2 issued and outstanding as of December 31, 2020 and 2019, respectively | 0.6 | 0.7 |
Capital in excess of par value | 204.6 | 274.7 |
Retained earnings | 1,836.7 | 1,761.3 |
Accumulated other comprehensive loss | (132.6) | (146.3) |
Total World Fuel shareholders' equity | 1,909.3 | 1,890.4 |
Noncontrolling interest | 3.6 | 3.5 |
Total equity | 1,912.9 | 1,893.9 |
Total liabilities and equity | $ 4,500.3 | $ 5,992.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 53.8 | $ 35.5 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 62,900,000 | 65,200,000 |
Common stock, shares outstanding (in shares) | 62,900,000 | 65,200,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue | $ 20,358.3 | $ 36,819 | $ 39,750.3 |
Cost of revenue | 19,506.5 | 35,707 | 38,731.8 |
Gross profit | 851.8 | 1,112 | 1,018.5 |
Operating expenses: | |||
Compensation and employee benefits | 366.9 | 470.4 | 442.1 |
General and administrative | 311.1 | 322.2 | 299.6 |
Asset impairments | 25.6 | 0 | 0 |
Restructuring charges | 10.3 | 19.7 | 17.1 |
Total operating expenses | 714 | 812.3 | 758.8 |
Income from operations | 137.9 | 299.7 | 259.7 |
Non-operating income (expenses), net: | |||
Interest expense and other financing costs, net | (44.9) | (73.9) | (71) |
Other income (expense), net | 68.8 | 11.5 | (3.8) |
Total non-operating expenses, net | 23.9 | (62.4) | (74.8) |
Income (loss) before income taxes | 161.7 | 237.3 | 184.9 |
Provision for income taxes | 52.1 | 56.2 | 55.9 |
Net income (loss) including noncontrolling interest | 109.6 | 181.1 | 129 |
Net income (loss) attributable to noncontrolling interest | 0.1 | 2.2 | 1.3 |
Net income (loss) attributable to World Fuel | $ 109.6 | $ 178.9 | $ 127.7 |
Basic earnings per common share (in dollars per share) | $ 1.72 | $ 2.71 | $ 1.89 |
Basic weighted average common shares (in shares) | 63.7 | 66.1 | 67.4 |
Diluted earnings per common share (in dollars per share) | $ 1.71 | $ 2.69 | $ 1.89 |
Weighted average common shares for diluted earnings per common share (in shares) | 64 | 66.5 | 67.7 |
Comprehensive income: | |||
Net income (loss) including noncontrolling interest | $ 109.6 | $ 181.1 | $ 129 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 13.8 | 8.2 | (27.3) |
Cash flow hedges, net of income tax benefit of $0.0, benefit of $8.7, and expense of $7.0 for 2020, 2019, and 2018, respectively | (0.1) | (25.5) | 21 |
Other comprehensive income (loss) | 13.7 | (17.3) | (6.3) |
Comprehensive income (loss) including noncontrolling interest | 123.3 | 163.7 | 122.6 |
Comprehensive income (loss) attributable to noncontrolling interest | 0 | (2.7) | (1.2) |
Comprehensive income (loss) attributable to World Fuel | $ 123.3 | $ 166.5 | $ 123.8 |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Cash flow hedges, income tax expense (benefit) | $ 0 | $ 8.7 | $ 7 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Capital in Excess of Par Value | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Total World Fuel Shareholders’ Equity | Total World Fuel Shareholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest |
Balance (in shares) at Dec. 31, 2017 | 67.7 | |||||||||
Balance as of beginning of period at Dec. 31, 2017 | $ 1,738 | $ 0.7 | $ 354.9 | $ 1,492.8 | $ (126.5) | $ 1,721.9 | $ 16 | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | 129 | 127.7 | 127.7 | 1.3 | ||||||
Cash dividends declared | (16.1) | (16.1) | (16.1) | |||||||
Amortization of share-based payment awards | 7.7 | 7.7 | 7.7 | |||||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.2 | |||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | $ (2.1) | (2.1) | (2.1) | |||||||
Purchases of common stock (in shares) | (0.7) | (0.7) | ||||||||
Purchases of common stock | $ (20) | (20) | (20) | |||||||
Other comprehensive income (loss) | (6.3) | (5.2) | (5.2) | (1.2) | ||||||
Other | 1.4 | (0.2) | 1.6 | 1.4 | ||||||
Balance (in shares) at Dec. 31, 2018 | 67 | |||||||||
Balance as of end of period at Dec. 31, 2018 | 1,831.6 | $ 0.7 | 340.4 | 1,606.1 | (131.7) | 1,815.4 | 16.1 | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | 181.1 | 178.9 | 178.9 | 2.2 | ||||||
Cash dividends declared | (23.6) | (23.6) | (23.6) | |||||||
Amortization of share-based payment awards | 22.4 | 22.4 | 22.4 | |||||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.3 | |||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 0.7 | 0.7 | 0.7 | |||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | $ (2.8) | (2.8) | (2.8) | |||||||
Purchases of common stock (in shares) | (2.1) | (2.1) | ||||||||
Purchases of common stock | $ (65.4) | (65.4) | (65.4) | |||||||
Acquisition of remaining 49% equity interest | (32.7) | (20.6) | (20.6) | (12.1) | ||||||
Other comprehensive income (loss) | $ (17.3) | (14.6) | (14.6) | (2.7) | ||||||
Balance (in shares) at Dec. 31, 2019 | 65.2 | 65.2 | ||||||||
Balance as of end of period at Dec. 31, 2019 | $ 1,893.9 | $ (11.1) | $ 0.7 | 274.7 | 1,761.3 | $ (11.1) | (146.3) | 1,890.4 | $ (11.1) | 3.5 |
Increase (Decrease) in Shareholders' Equity | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||
Net income (loss) | $ 109.6 | 109.6 | 109.6 | 0.1 | ||||||
Cash dividends declared | (25.5) | (25.5) | (25.5) | |||||||
Amortization of share-based payment awards | (1.1) | (1.1) | (1.1) | |||||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.3 | |||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 1.2 | 1.2 | 1.2 | |||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | $ (3.1) | (3.1) | (3.1) | |||||||
Purchases of common stock (in shares) | (2.6) | (2.6) | ||||||||
Purchases of common stock | $ (68.3) | (68.3) | (68.3) | |||||||
Other comprehensive income (loss) | 13.7 | 13.7 | 13.7 | |||||||
Other | $ 3.7 | 1.2 | 2.4 | 3.7 | ||||||
Balance (in shares) at Dec. 31, 2020 | 62.9 | 62.9 | ||||||||
Balance as of end of period at Dec. 31, 2020 | $ 1,912.9 | $ 0.6 | $ 204.6 | $ 1,836.7 | $ (132.6) | $ 1,909.3 | $ 3.6 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |
Remaining equity interest acquired, percent | 49.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net income (loss) including noncontrolling interest | $ 109.6 | $ 181.1 | $ 129 | |
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: | ||||
Depreciation and amortization | 85.8 | 87.4 | 81.5 | |
Provision for bad debt | 63.7 | 25.9 | 25.1 | |
Share-based payment award compensation costs | (0.9) | 23.6 | 8.3 | |
Deferred income tax expense (benefit) | (14.4) | 3.3 | (3.2) | |
Restructuring charges | 0.3 | 12.6 | 0 | |
Foreign currency (gains) losses, net | 0.6 | 10.8 | 8.7 | |
Gain on sale of business | (80) | (13.9) | 0 | |
Other | 1.9 | (1.8) | (3.3) | |
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||
Accounts receivable, net (reduced by beneficial interests received in exchange for accounts receivables sold of $369.8 for the year ended December 31, 2018) | 1,300.3 | (164.1) | (445.2) | |
Inventories | 251 | (61.3) | (11.8) | |
Prepaid expenses | 28.1 | (17.8) | (5.3) | |
Short-term derivative assets, net | (6.9) | 132 | (151.3) | |
Other current assets | 63.2 | (52.8) | (53.1) | |
Cash collateral with counterparties | 44.2 | (42.7) | 29.2 | |
Other non-current assets | (8.7) | 33.6 | (61.5) | |
Accounts payable | (1,223.9) | 143.7 | 171.3 | |
Customer deposits | 23.6 | 8.1 | 11.8 | |
Accrued expenses and other current liabilities | (87.6) | (91.9) | 72.5 | |
Non-current income tax, net and other long-term liabilities | 54.3 | 12.8 | 14.8 | |
Total adjustments | 494.5 | 47.7 | (311.5) | |
Net cash provided by (used in) operating activities | 604.1 | 228.8 | (182.5) | |
Cash flows from investing activities: | ||||
Cash receipts of retained beneficial interests in receivable sales | 0 | 0 | 369.8 | |
Acquisition of business, net of cash acquired | (128.6) | 0 | (21.3) | |
Proceeds from sale of business, net of divested cash | 259.6 | 30.8 | 0 | |
Capital expenditures | (51.3) | (80.9) | (72.3) | |
Other investing activities, net | (6.9) | (0.4) | 9.8 | |
Net cash provided by (used in) investing activities | 72.8 | (50.5) | 286 | |
Cash flows from financing activities: | ||||
Borrowings of debt | 2,095.4 | 5,001.7 | 6,188.4 | |
Repayments of debt | (2,207.4) | (5,080.2) | (6,407.3) | |
Dividends paid on common stock | (25.6) | (21.1) | (16.2) | |
Repurchases of common stock | (68.3) | (65.4) | (20) | |
Other financing activities, net | [1] | (7.1) | (39.9) | (2.1) |
Net cash provided by (used in) financing activities | (213) | (204.9) | (257.1) | |
Effect of exchange rate changes on cash and cash equivalents | 8.8 | 1 | (7) | |
Net increase (decrease) in cash and cash equivalents | 472.7 | (25.6) | (160.6) | |
Cash and cash equivalents, as of the beginning of the period | 186.1 | 211.7 | 372.3 | |
Cash and cash equivalents, as of the end of the period | 658.8 | 186.1 | 211.7 | |
Supplemental Disclosures of Cash Flow Information Cash paid during the year for: | ||||
Interest, net of capitalized interest | 45.1 | 77 | 73.8 | |
Income taxes | $ 68.5 | $ 82.9 | $ 85.3 | |
[1] | 2019 includes $32.7 million cash paid for the acquisition of 30% non-controlling interest of a consolidated subsidiary, Avinode Group AB. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Beneficial interest obtained in exchange for accounts receivable sold | $ 11.5 | $ 369.8 | |
Cash paid for acquisition of non-controlling interest | $ 32.7 | ||
Cash dividends declared, but not yet paid | $ 6.3 | $ 6.5 | $ 4 |
Avinode Group AB | |||
Non-controlling interest | 30.00% |
Basis of Presentation, New Acco
Basis of Presentation, New Accounting Standards and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation, New Accounting Standards and Significant Accounting Policies | Basis of Presentation, New Accounting Standards and Significant Accounting Policies World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10‑K (“2020 10‑K Report”) as “World Fuel,” “we,” “our” and “us.” We are a leading global fuel services company, principally engaged in the distribution of fuel and related products and services in the aviation, land and marine transportation industries. In recent years, we have expanded our land product and service offerings to include energy advisory services and supply fulfillment for natural gas and power to commercial, industrial and government customers. Our intention is to become a leading global energy management company offering a full suite of energy advisory, management and fulfillment services, technology solutions, as well as sustainability products and services across the energy product spectrum. We also offer payment management solutions, principally in the aviation industry. We will continue to focus on enhancing the portfolio of products and services we provide based on changes in customer demand, including sustainability offerings and renewable energy solutions. COVID-19 The outbreak of COVID-19, which was declared a pandemic by the World Health Organization in March 2020, has created significant volatility, uncertainty and disruption in the global economy. The rapid spread of the virus caused governments around the world to implement stringent measures to help control its spread, including, without limitation, quarantines, “stay-at-home” or “shelter-in-place” orders, social-distancing mandates, travel restrictions, and closures or reduced operations for businesses, governmental agencies, schools and other institutions, among others. Beginning in the first quarter of 2020 and through the date of this filing, the aviation, marine and land transportation industries, along with global economic conditions generally, have been significantly impacted by the pandemic. A large number of our customers in these industries have experienced substantial decline in business activity, especially commercial airlines and cruise lines, which have been particularly impacted by ongoing travel restrictions. Customers in our marine and land segments have also been adversely affected by these restrictions and the reduction in operations of various businesses in affected regions. Furthermore, government measures and other supply-related factors have also led to a precipitous decline and historic volatility in fuel prices in response to concerns about demand for fuel. In response to these developments, we took swift action to ensure the safety of our employees and other stakeholders and initiated a number of initiatives relating to cost reduction, liquidity and operating efficiencies. While the pandemic and associated impacts on economic activity had a limited adverse effect on our results of operations and financial condition in the beginning of 2020, we experienced a sharp decline in demand and related sales during the second quarter, as large sectors of the global economy were adversely impacted by the crisis. Accordingly, during the first quarter of 2020, we commenced a restructuring initiative focused on further streamlining our operations and sharpening our deployment of resources, not only in our land segment but also in our other segments due to the adverse impacts of the pandemic. During the second quarter of 2020, we expanded this restructuring to include the rationalization of our global office footprint and approved the abandonment of certain office leases, including the transition of select offices to smaller or more cost-effective locations. While demand showed some moderate improvement during the second half of 2020, our results remained well below pre-pandemic levels. We make estimates and assumptions that affect the reported amounts within our Consolidated Financial Statements and accompanying Notes as of the date of the Consolidated Financial Statements. We assessed accounting estimates that require consideration of forecasted financial information, including, but not limited to, our allowance for credit losses, the recoverability of the carrying value of our goodwill and long-lived assets. These assessments were conducted in the context of information reasonably available to us, as well as our consideration of the future potential impacts of COVID-19 on our business as of December 31, 2020. At this time, we are unable to predict with specificity the ultimate impact of the crisis, as it will depend on the magnitude, severity and duration of the pandemic, as well as how quickly, and to what extent, normal economic and operating conditions resume on a sustainable basis globally. Accordingly, if the impact is more severe or longer in duration than we have assumed, such impact could potentially result in additional impairments or increases in credit allowances. A. Basis of Presentation The Consolidated Financial Statements and related Notes include our parent company and all wholly-owned and majority-owned subsidiaries and joint ventures where we exercise control. Our Consolidated Financial Statements include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All intercompany transactions among our businesses have been eliminated. For additional information pertaining to our acquisitions, refer to "Note 3. Acquisitions and Divestitures." Certain amounts in the Consolidated Financial Statements and accompanying Notes may not add due to rounding. All percentages have been calculated using unrounded amounts. B. New Accounting Standards Adoption of New Accounting Standards We included below a description of recent new accounting standards that had an impact on the Company’s Consolidated Financial Statements. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s Consolidated Financial Statements or processes. Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, Accounting Standards Update ("ASU") 2016-13 was issued, which replaced the incurred loss impairment model with a model that reflects expected credit losses over the lifetime of the asset and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The guidance in this update, including the subsequent related codification amendments, changed how entities account for credit impairment from trade and other receivables, net investments arising from sales-type and direct financing leases, debt securities, purchased-credit impaired financial assets and other instruments in addition to loans. For receivables and certain other instruments that are not measured at fair value, entities are required to estimate expected credit losses. Under the expected loss model, an entity recognizes a loss upon initial recognition of the asset that reflects all future events that could lead to a loss being realized, regardless of whether it is probable that the future event will occur. The Company adopted ASU 2016-13, including the related codification amendments, in the first quarter of 2020 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. The Company implemented changes to business processes and internal controls that support the new standard. As of the date of implementation on January 1, 2020, the Company recognized $11.1 million as a reduction to the opening retained earnings balance. The main drivers of the consolidated impact at transition are related to the inclusion of future economic conditions, the exclusion of freestanding credit enhancements when estimating the expected credit loss and estimating the lifetime credit losses of notes receivable. Accounting Standards Issued But Not Yet Adopted Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and Scope. In March 2020 and January 2021, ASU 2020-04 and ASU 2021-01 were issued, respectively. The amendments provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burden in accounting for (or recognizing the effects of) contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other interbank offered rates expected to be discontinued because of reference rate reform. The ASU’s were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the contracts that could be affected by an alternative reference rate and assessing the potential effects of the ASU’s on the consolidated financial statements but does not anticipate a material impact to its Consolidated Financial Statements or processes. Additionally, LIBOR fallback language has been included, when applicable, in new and renewed contracts entered into by the Company in preparation for transition from LIBOR to alternative reference rates when such transition occurs. Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. C. Estimates and Assumptions The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. D. Cash and Cash Equivalents Our cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value. E. Accounts Receivable and Allowance for Credit Losses Accounts receivable are measured at amortized cost. The health of our accounts receivable is continuously monitored using a risk-based model, taking into consideration both the timeliness and predictability of collections from our customers. We maintain a provision for estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that we have identified from current financial information and business prospects, as well as any political or economic conditions or other market factors, including certain assumptions based on reasonable forward-looking information from market sources. Principally based on these credit risk factors, portfolio segments are defined and an internally derived risk-based credit loss reserve is established and applied to each portfolio segment. Customer account balances that are deemed to be at high risk of collectability are reserved at higher rates than customer account balances which we expect to collect without difficulty. F. Inventories Inventories are valued primarily using weighted average cost and first-in-first-out in certain limited locations. Inventory is stated at the lower of average cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in the Consolidated Statements of Income and Comprehensive Income in the period in which it occurs. We utilize a variety of fuel indices and other indicators to calculate the net realizable value. Components of inventory include fuel purchase costs, any related transportation or distribution costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship. G. Business Combinations A business combination occurs when an entity obtains control of a business by acquiring its net assets, or some or all of its equity interests. Before applying the acquisition method, we determine whether a transaction meets the definition of a business combination. For a transaction to be accounted for as a business combination, the entity or net assets acquired must meet the definition of a business as defined in ASC 805. Under the acquisition method, the purchase price is allocated to all identifiable assets acquired, all liabilities assumed and any noncontrolling interest at the fair value as of the acquisition date. Any residual difference with the consideration transferred is recognized as Goodwill. Goodwill arises because the purchase price paid reflects numerous factors, including the strategic value and expected synergies that the acquisition would bring to our existing operations. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. If the assets acquired do not meet the definition of a business, we account for the transaction as an asset acquisition and goodwill is not recognized but rather any residual difference with the consideration transferred is allocated on a relative fair value basis to all qualifying identifiable net assets acquired. H. Fair Value Fair value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical transaction between market participants at the measurement date. Depending on the type of assets, we calculate the fair value using the income approach (e.g., based on the present value of estimated future cash flows), the market approach or a combination of both. The unique characteristics of an asset or liability and the availability of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. We measure fair value using observable and unobservable inputs. We give the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). We apply the following fair value hierarchy: • Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities. • Level 2 - Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices; and inputs that are not directly observable but are corroborated by observable market data. • Level 3 - Inputs that are unobservable. For additional information pertaining to our fair value measurements, see "Note 12. Fair Value Measurements." I. Derivatives Our derivative contracts are recognized at their estimated fair market value. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and underlying observable data; and incorporates the effect of nonperformance risk. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of Revenue, Cost of revenue or Other income (expense), net (based on the underlying transaction type) in the Consolidated Statements of Income and Comprehensive Income. Derivatives that qualify for hedge accounting may be designated as either a fair value or cash flow hedge. At the inception, and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the Consolidated Statements of Income and Comprehensive Income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized in other comprehensive income as a separate component of shareholders’ equity and subsequently reclassified into the same line item as the underlying forecasted transaction in the Consolidated Statements of Income and Comprehensive Income when both are settled or deemed probable of not occurring. Cash flows for our hedging instruments used in our hedges are classified in the same category as the cash flow from the hedged items. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument. For more information on our derivatives, see "Note 4. Derivatives Instruments." J. Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us (including property and equipment) are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Purchases of computer software and external costs and certain internal costs directly associated with developing significant computer software applications for internal use are capitalized within property and equipment, which also includes hosting arrangements when we have the contractual right to take possession of the software at any time during the hosting period and it is feasible for us to either run the software in our own hardware or contract with another unrelated party to host the software. Amortization of such costs is calculated primarily by using the straight-line method over the estimated useful life of the software. K. Goodwill Goodwill is evaluated for impairment at the reporting unit level, initially based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of any individual reporting unit is less than its carrying amount. Management conducts an impairment assessment as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. To determine whether goodwill is impaired, we compare the fair value of the reporting units to which goodwill was assigned to their respective carrying values. In calculating fair value, we use a combination of both an income and market approach as our primary indicator of fair value. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available as of the testing date, including our annual operating plan, which is completed annually during the fourth quarter and is approved by our Board of Directors. The estimated cash flows are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions. All our estimates are considered supportable assumptions that we believe are reasonable and are based on a number of factors including industry experience, internal benchmarks, and the economic environment. L. Identifiable Intangible Assets In connection with our acquisitions, we record identifiable intangible assets at fair value. Identifiable intangible assets subject to amortization are amortized over their estimated useful lives and are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We assess identifiable intangible assets not subject to amortization at least annually during the fourth quarter of each year for potential impairment. This analysis generally involves the use of qualitative and quantitative analyses to estimate whether the estimated future cash flows generated as a result of these assets will be greater than or equal to the carrying value assigned to such assets. M. Investments We held investments where we own less than 50% of the outstanding voting shares of the company. We account for investments primarily under the equity method as we have the ability to exercise significant influence over the operating and financial policies of the investee, but do not have control. The carrying amount of an equity method investment is increased to reflect our share of income and is reduced to reflect our share of losses of the investee, dividends received and other-than-temporary impairments. Investments accounted for under the equity method are assessed whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We assess our intent and/or ability to recover the carrying amount of the investment over a long period. However, if the fair value of the investment is less than its carrying amount, and the investment will not recover in the near term, then an other-than-temporary impairment is recognized. Impairments are classified as Impairments within the Consolidated Statements of Income and Comprehensive Income. N. Revenue Recognition The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, and transaction and payment management processing, are recognized over the contract period when services have been performed and we have the right to invoice for those services. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. O. Share-Based Payment Awards We account for share-based payment awards on a fair value basis of the equity instrument issued. Under fair value accounting, the grant-date fair value of the share-based payment award is amortized as compensation expense, on a straight-line basis, over the service period (generally, the vesting period) for both graded and cliff vesting awards. We have elected to account for forfeitures as they occur. P. Foreign Currency The functional currency of our U.S. and foreign subsidiaries is the U.S. dollar, except for certain subsidiaries which utilize their respective local currency as their functional currency. Foreign currency transaction gains and losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign currency transaction gains and losses are recognized for changes between the transaction exchange rates and month-end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income in the period incurred. Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity. Q. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date. Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels. The remaining carrying value of our deferred tax assets, after recording the valuation allowance on our deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all of the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions. R. Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock. Diluted earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include awards of restricted stock subject to forfeitable dividends, non-vested restricted stock units ("RSUs"), performance stock units where the performance requirements have been met, and settled stock appreciation rights awards ("SSARs"). The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method, except if its impact is anti-dilutive. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities. S. Leases We adopted ASU 2016-02, including the related codification amendments, in the first quarter of 2019 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. We determine if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. We account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities. We test right-of-use asset in an operating or finance lease at the asset group level (because these assets are long-lived nonfinancial assets and should be accounted for the same way as other long-lived nonfinancial assets) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. T. Loss Contingencies In determining whether an accrual for a loss contingency is required, we first assess the likelihood of occurrence of the future event or events that will confirm the loss. When a loss is probable (the future event or events are likely to occur) and the amount of the loss can be reasonably estimated, the estimated loss is accrued. If the reasonable estimate of the loss is a range and an amount within the range appears to be a better estimate than any o |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable and allowance for credit losses We extend credit on an unsecured basis to most of our customers. Our exposure to expected credit losses depends on the financial condition of our customers and other macroeconomic factors beyond our control, such as deteriorating conditions in the world economy or in the industries we serve, changes in oil prices and political instability. While we actively manage our credit exposure and work to respond to both changes in our customers’ financial conditions or macroeconomic events, there can be no guarantee we will be able to mitigate all of these risks successfully. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness based on expected exposure. Our payment terms with customers are based on each customers' creditworthiness and are generally 30-60 days, although certain markets and other customer-specific factors may warrant longer payment terms. Accounts receivable balances that are not paid within the terms of the sales agreement may be subject to finance fees based on the outstanding balance. Although we analyze customers’ payment history and expected creditworthiness, since we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected may ultimately need to be written off. We had accounts receivable of $1.2 billion and $2.9 billion as of December 31, 2020 and 2019, respectively. We also had an allowance for credit losses, primarily related to accounts receivable, of $57.3 million and $35.5 million, as of December 31, 2020 and 2019, respectively. Changes to the expected credit loss provision during the year ended December 31, 2020 include global economic outlook considerations as a result of the Company’s assessment of reasonable and supportable forward-looking information including the expected overall impact of the pandemic mainly to the aviation segment. Write-off of uncollectible receivables during the year ended December 31, 2020 resulted from negative impacts of the pandemic combined with pre-existing financial difficulties experienced by certain customers. Based on an aging analysis as of December 31, 2020, 91% of our net accounts receivable were outstanding less than 60 days. The following table sets forth activities in our allowance for credit losses (in millions): 2020 2019 2018 Balance as of beginning of period* $ 46.6 $ 39.4 $ 27.8 Charges to provision for credit losses 63.7 25.9 25.1 Write-off of uncollectible receivables (53.7) (32.2) (16.2) Recoveries of credit losses 1.0 2.4 2.9 Translation adjustments (0.3) — (0.1) Balance as of end of period $ 57.3 $ 35.5 $ 39.4 * For 2020, the balance as of the beginning of the period includes the $11.1 million cumulative transition adjustment related to the implementation of ASU 2016-13. Trade Accounts Receivable Sale Programs We have accounts receivable financing programs under receivables purchase agreements (“RPAs”) with Wells Fargo Bank, N.A. and Citibank, N.A. that allow for the sale of our accounts receivable in an amount up to 100% of our outstanding qualifying accounts receivable balances and receive cash consideration equal to the total balance, less a discount margin equal to LIBOR plus 1.00% to 3.25%, which varies based on the outstanding accounts receivable at any given time and assumes maximum utilization of the RPA facilities. During the third quarter of 2020, we amended our RPA with Citibank N.A. to, among other things, extend the renewal option term of the RPA through 2024. Accounts receivable sold under the RPAs are accounted for as sales, in accordance with ASC Topic 860, Transfers and Servicing , and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Consolidated Balance Sheets. Fees and interest paid under the RPAs are recorded within Interest expense and other financing costs, net on the Consolidated Statements of Income and Comprehensive Income. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures 2020 Divestitures On September 30, 2020, we completed the sale of our Multi Service payment solutions business ("MSTS") pursuant to the definitive agreement signed on July 30, 2020, for gross cash proceeds at closing of $303.5 million (cash proceeds net of post-closing working capital adjustments and cash sold was $259.6 million), subject to additional deferred payment of $75.0 million of which $50.0 million will be conditioned on MSTS's achievement of certain financial targets in 2021 and 2022. The contingent consideration was measured at fair value at the day of the closing. The sale resulted in a pre-tax gain of $80.0 million, net of costs to sell, that was included in Other income (expense), net within our Consolidated Statements of Income and Comprehensive Income. The related tax expense of $12.9 million was included in Provision for income taxes within our Consolidated Statements of Income and Comprehensive Income. Prior to the sale, MSTS was a reporting unit mainly reported within the land segment. The sale did not meet the criteria to be reported as a discontinued operation. 2020 Acquisitions During the second quarter of 2020, we acquired an additional interest in a software company in our aviation segment and obtained control. The transaction was accounted for as an asset acquisition and did not have a material impact on our Consolidated Financial Statements. During the first quarter of 2020, we completed the acquisition of the aviation fuel business from Universal Weather and Aviation, Inc. (“UVair fuel business”), which serves business and general aviation customers worldwide. The acquisition was accounted for as a business combination. The purchase price allocation was finalized in the third quarter of 2020. The following table summarizes the final aggregate consideration, updated for certain working capital items, and the final fair value of the assets acquired and liabilities assumed. The total consideration includes a deferred payment that is outstanding as of December 31, 2020. (In millions) Total Cash paid for acquisition of business $ 129.0 Amounts due to sellers 30.0 Purchase price $ 159.0 Assets acquired: Accounts receivable $ 42.8 Goodwill and identifiable intangible assets 123.3 Other current and long-term assets 3.8 Liabilities assumed: Accounts payable (9.9) Other current and long-term liabilities (1.0) Purchase price $ 159.0 Goodwill in the amount of $79.1 million was recorded and was assigned to the aviation segment. We anticipate that $70.2 million of the goodwill assigned to the aviation segment will be deductible for tax purposes and 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 aviation segment. The identifiable intangible assets were $44.3 million and primarily consisted of customer relationships and other identifiable assets. The financial position, results of operations and cash flows of these acquisitions have been included in our Consolidated Financial Statements since their acquisition dates and did not have a material impact on our consolidated revenue and net income for the year ended December 31, 2020; accordingly, pro forma information for these acquisitions have not been provided as the impact was not considered material. 2019 Acquisitions and Divestitures We made no material acquisitions or divestitures during 2019. 2018 Acquisitions and Divestitures We made no material divestitures during 2018 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. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The following describes our derivative classifications: Fair Value Hedges . Includes derivative contracts we hold to hedge the risk of changes in the price of our inventory. Cash Flow Hedges . Includes derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions. Non-designated Derivatives. Includes derivatives we primarily transact to mitigate the risk of market price fluctuations in swaps or futures contracts, as well as certain forward fixed price purchase and sale contracts to hedge the risk of currency rate fluctuations and for portfolio optimization. In March 2020, we entered into a $300 million, one-month LIBOR, floating-for-fixed non-amortizing interest rate swap contract ("IR Swap") with a maturity date in March 2025. The IR Swap was designated as a cash flow hedge to mitigate potential adverse changes in interest rates related to certain variable rate debt obligations. Changes in the IR Swap's fair value recorded periodically in Accumulated other comprehensive income, are subsequently reclassified to our Consolidated Statements of Income and Comprehensive Income within Interest expense and other financing costs, net when the underlying hedged variable rate interest payments are accrued. The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions): Gross Derivative Assets Gross Derivative Liabilities As of December 31, As of December 31, Derivative Instruments Balance Sheet Location 2020 2019 2020 2019 Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ 124.9 $ — $ 120.7 $ — Accrued expenses and other current liabilities 1.0 1.7 2.3 20.0 Other long-term liabilities 0.1 — 0.5 — 126.0 1.7 123.5 20.0 Interest rate contract Accrued expenses and other current liabilities — — 1.3 — Other long-term liabilities — — 2.4 — — — 3.7 — Total derivatives designated as hedging instruments 126.0 1.7 127.2 20.0 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 164.9 65.7 102.7 7.2 Identifiable intangible and other non-current assets 32.1 23.0 7.9 4.8 Accrued expenses and other current liabilities 30.5 161.0 68.4 203.4 Other long-term liabilities 17.5 7.7 23.5 19.7 245.0 257.3 202.5 235.0 Foreign currency contracts Short-term derivative assets, net — 1.2 — 0.2 Accrued expenses and other current liabilities 7.5 0.9 19.6 11.4 Other long-term liabilities — — 0.2 — 7.5 2.0 19.8 11.6 Total derivatives not designated as hedging instruments 252.5 259.4 222.3 246.6 Total derivatives $ 378.5 $ 261.1 $ 349.5 $ 266.6 For information regarding our derivative instruments measured at fair value after netting and collateral see "Note 12. Fair Value Measurements." The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes that were outstanding as of December 31, 2020 (in millions): As of December 31, Derivative Instruments Units 2020 Commodity contracts Long BBL 60.4 Short BBL (48.8) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (347.0) Buy U.S. dollar, sell other currencies USD 559.7 As of December 31, 2020 and 2019, the following amounts were recorded within our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in million): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Asset/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) As of As of December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Inventory $ 44.5 $ 30.7 $ 4.9 $ 2.3 The following table presents the effect of fair value and cash flow hedges on income and expense line items in our Consolidated Statements of Income and Comprehensive Income (in millions): Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships For the Twelve Months Ended December 31, 2020 2019 2018 Revenue Cost of Revenue Interest expense and other financing costs, net Revenue Cost of Revenue Revenue Cost of Revenue Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 20,358.3 $ 19,506.5 $ 48.6 $ 36,819.0 $ 35,707.0 $ 39,750.3 $ 38,731.8 Gain (Loss) on fair value hedge relationships Commodity contracts Hedged Item — (8.2) — — 18.1 — (1.6) Derivatives designated as hedging instruments — 9.4 — — (16.1) — 0.5 Gain (Loss) on cash flow hedge relationships Commodity contracts Amount of Gain (Loss) Reclassified from Accumulated OCI into Income 31.3 (181.1) — (8.5) 36.6 (23.5) 45.5 Interest rate contract Amount of Gain (Loss) Reclassified from Accumulated OCI into Income — — (0.5) — — — — Total amount of income and expense line items excluding the impact of hedges $ 20,327.0 $ 19,326.6 $ 48.1 $ 36,827.5 $ 35,745.6 39,773.7 38,776.1 For the twelve months ended December 31, 2020, 2019 and 2018, there were no gains or losses recognized in earnings related to our fair value or cash flow hedges that were excluded from the assessment of hedge effectiveness. As of December 31, 2020, on a pre-tax basis for commodity cash flow hedges, $108.9 million and $106.4 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to Revenue and increase to Cost of revenue, respectively, over the next twelve months. The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income, Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income For the Year Ended Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income For the Year Ended December 31, December 31, Derivative Instruments 2020 2019 2018 Location 2020 2019 2018 Commodity contracts $ (20.8) $ (157.9) $ 130.3 Revenue $ 31.3 $ (8.5) $ (23.5) Commodity contracts (126.4) 160.6 (87.8) Cost of revenue (181.1) 36.6 45.5 Interest rate contract (3.2) — — Interest expense and other financing costs, net (0.5) — — Foreign Currency contracts — — (1.1) Other Income (expense) net — — (1.1) Total gain (loss) $ (150.4) $ 2.7 $ 41.5 Total gain (loss) $ (150.3) $ 28.1 $ 20.9 For the twelve months ended December 31, 2020, the amounts not recorded in Accumulated Other Comprehensive Income due to intra-period settlement but recognized in Revenue and Cost of revenue was a gain of $505.6 million and a loss of $181.6 million, respectively. During the twelve months ended December 31, 2019, the amounts recognized were a loss of $51.5 million and $7.1 million in Revenue and Cost of revenue, respectively. For the twelve months ended December 31, 2018, the amounts recognized were a loss of $34.4 million and a gain of $21.3 million in Revenue and Cost of revenue, respectively. The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Realized and Unrealized Gain (Loss) For the Year Ended December 31, Derivative Instruments - Non-designated Location 2020 2019 2018 Commodity contracts Revenue $ 235.2 $ 269.5 $ 147.6 Cost of revenue (121.1) (221.8) (119.8) 114.1 47.7 27.8 Foreign currency contracts Revenue (3.2) (0.3) 1.4 Other (expense) income, net (13.4) (0.5) 5.3 (16.6) (0.7) 6.7 Total gain $ 97.5 $ 46.9 $ 34.5 Credit-Risk-Related Contingent Features We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to post additional collateral or the immediate settlement of the derivative instruments upon the occurrence of a credit downgrade or if certain defined financial ratios fall below an established threshold. The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions): Potential Collateral Requirements for Derivative Liabilities As of December 31, 2020 2019 Net derivative liability positions with credit contingent features $ 20.0 $ 45.6 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 20.0 $ 45.6 At December 31, 2020 and 2019, there was no collateral held by our counterparties on these derivative contracts with credit-risk-contingent features. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring As a result of the review of our land business and changes in the overall economic landscape for all our reportable segments due to the COVID-19 pandemic, in the first quarter of 2020, we implemented a restructuring initiative focused on streamlining our operations and rationalizing our deployment and allocation of resources. While we took several actions during the year ended December 31, 2020, our focus has been mainly the cost-reduction initiatives as a result of the pandemic. As a result, the overall land restructuring plan is now expected to be finalized by the end of the second quarter of 2021. For the year ended December 31, 2020, we incurred $10.3 million in restructuring costs, comprised principally of certain severance costs included in Restructuring charges in our Consolidated Statements of Income and Comprehensive Income. Our accrued restructuring charges as of December 31, 2020 are included in Accrued expenses and other current liabilities within our Consolidated Balance Sheet. The following table provides a summary of our restructuring activities during the years ended December 31, 2020 and 2019 (in millions): Aviation Land Marine Corporate Consolidated Accrued charges as of December 31, 2018 $ 1.4 $ 12.6 $ 2.6 $ 4.0 $ 20.7 Restructuring charges 1.2 4.4 1.2 13.0 19.7 Paid during the period (2.1) (9.6) (2.4) (16.8) (30.8) Accrued charges as of December 31, 2019 0.5 7.5 1.3 0.2 9.5 Restructuring charges 3.3 3.9 1.9 1.2 10.3 Paid during the period (3.0) (6.7) (2.3) (1.4) (13.3) Accrued charges as of December 31, 2020 $ 0.9 $ 4.6 $ 0.9 $ 0.1 $ 6.6 During the second quarter of 2020, we completed a cost reduction initiative to rationalize our global office footprint and approved the abandonment of certain office leases, including the transition of select offices to smaller or more cost-effective locations. These asset groups, consisting mainly of right-of-use assets and leasehold improvements, were tested for impairment. We concluded that the carrying amounts of these asset groups were not recoverable and the fair value determined was concluded to be nominal based on a discounted cash flow model. As a result, an $18.6 million impairment charge was recorded during the second quarter of 2020 and included within Asset impairments on our Consolidated Statements of Income and Comprehensive Income. The following table provides a summary of this impairment by reportable business segment for the for the year ended December 31, 2020 (in millions): Aviation Land Marine Corporate Consolidated Asset impairments $ 6.9 $ 5.9 $ 4.0 $ 1.8 $ 18.6 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The amount of property and equipment and their respective estimated useful lives are as follows (in millions): As of December 31, Estimated 2020 2019 Useful Lives Land $ 19.1 $ 22.3 Indefinite Buildings and leasehold improvements 74.5 84.8 3 - 40 years Office equipment, furniture and fixtures 15.3 16.9 3 - 7 years Computer equipment and software costs 275.8 261.4 3 - 9 years Machinery, equipment and vehicles 267.7 269.3 3 - 40 years 652.3 654.8 Less: Accumulated depreciation and amortization 309.7 293.9 $ 342.6 $ 360.9 For 2020, 2019 and 2018, we recorded depreciation expense of $52.7 million, $54.5 million and $45.6 million, respectively. The amount of computer software costs, including capitalized internally developed software costs and certain hosting arrangement costs are as follows (in millions): As of December 31, 2020 2019 Computer software costs $ 191.7 $ 169.9 Less: Accumulated amortization 116.1 110.0 Computer software costs, net $ 75.6 $ 59.9 Included in capitalized computer software costs are costs incurred in connection with software development in progress of $13.7 million and $22.5 million as of December 31, 2020 and 2019, respectively. For 2020, 2019 and 2018, we recorded amortization expense related to computer software costs of $18.5 million, $17.8 million and $10.9 million, respectively. |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible AssetsIn 2020, we used a combination of qualitative and quantitative factors to assess goodwill and identifiable intangible assets for impairment for all of our reporting units. As a result of performing these assessments, we determined that no impairment existed as of December 31, 2020 and, therefore, recorded no write-downs to any of our goodwill or identifiable intangible assets not subject to amortization. Goodwill The following table provides information regarding changes in goodwill (in millions): Aviation Land Total As of December 31, 2018 $ 322.9 $ 529.7 $ 852.7 Adjustment for sale of business — (13.3) (13.3) Foreign currency translation of non-USD functional currency subsidiary goodwill 0.7 3.6 4.3 As of December 31, 2019 323.6 520.1 843.7 2020 acquisitions 79.1 — 79.1 Adjustment for sale of business (Note 3) (7.0) (64.6) (71.6) Foreign currency translation of non-USD functional currency subsidiary goodwill 3.2 4.3 7.4 As of December 31, 2020 $ 398.8 $ 459.7 $ 858.6 Identifiable Intangible Assets The following table provides information about our identifiable intangible assets (in millions): As of December 31, 2020 As of December 31, 2019 Gross Accumulated (1) Net Gross Accumulated (1) Net Intangible assets subject to amortization: Customer relationships $ 392.1 $ 236.5 $ 155.6 $ 382.0 $ 226.5 $ 155.5 Supplier agreements 31.9 18.0 13.9 39.0 19.8 19.2 Others 37.5 28.6 8.8 40.1 33.5 6.6 461.5 283.2 178.3 461.1 279.8 181.3 Intangible assets not subject to amortization: Trademark/trade name rights 24.5 — 24.5 40.4 — 40.4 $ 486.0 $ 283.2 $ 202.8 $ 501.5 $ 279.8 $ 221.7 (1) Includes the impact of foreign exchange Intangible amortization expense for 2020, 2019 and 2018 was $33.1 million, $32.9 million and $35.9 million, respectively. The future estimated amortization of our identifiable intangible assets is as follows (in millions): Year Ended December 31, 2021 $ 30.0 2022 28.5 2023 20.8 2024 19.5 2025 18.3 Thereafter 61.3 $ 178.3 |
Debt, Interest Income, Expense
Debt, Interest Income, Expense and Other Finance Costs | 12 Months Ended |
Dec. 31, 2020 | |
Debt, Interest Income, Expense and Other Finance Costs [Abstract] | |
Debt, Interest Income, Expense and Other Finance Costs | Debt, Interest Income, Expense and Other Finance Costs In July 2019, we amended our Credit Agreement to, among other things, (i) increase the borrowing capacity of the Credit Facility to $1.3 billion, (ii) increase the Term Loans to $525.0 million, (iii) extend the maturity date to July 2024, and (iv) modify certain financial and other covenants to reduce costs and provide greater operating flexibility. Our Credit Agreement, as amended through December 31, 2020 and which matures in July 2024, consists of a revolving loan under which up to $1.3 billion aggregate principal amount could be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Our Credit Facility includes a sublimit of $400.0 million for the issuance of letters of credit and bankers' acceptances, and we have the right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions. We had no outstanding borrowings under our Credit Facility at December 31, 2020. At December 31, 2019 we had outstanding borrowings of $55.0 million. Our issued letters of credit under the Credit Facility totaled $3.4 million and $4.3 million as of December 31, 2020 and 2019, respectively. Additionally, as of December 31, 2020 and 2019, we had $503.2 million and $515.6 million in Term Loans outstanding, respectively. As of December 31, 2020 and 2019, the unused portion of our Credit Facility was $1.3 billion and $1.2 billion, respectively. The unused portion of our Credit Facility is limited by, among other things, our financial leverage ratio, which limits the total amount of indebtedness we may incur, and may, therefore, fluctuate from period to period. Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2020, the applicable margins for base rate loans and Eurodollar rate loans were 0.75% and 1.75%, respectively. Our Credit Facility and Term Loans contain certain financial and other covenants with which we are required to comply. Our failure to comply with the covenants contained in our Credit Facility and our Term Loans could result in an event of default. An event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the Credit Facility and our Term Loans, trigger cross-defaults under certain other agreements to which we are a party and impair our ability to obtain working capital advances and issue letters of credit, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. As of December 31, 2020, we were in compliance with all financial covenants contained in our Credit Facility and our Term Loans. Outside of our Credit Facility, we have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2020 and 2019, our outstanding letters of credit and bank guarantees under these credit lines totaled $328.4 million and $375.2 million, respectively. Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed. Our debt consisted of the following (in millions): As of December 31, 2020 2019 Credit Facility $ — $ 55.0 Term Loans 503.2 515.6 Finance leases 18.2 18.7 Other* 3.3 39.5 Total debt 524.7 628.8 Less: Current maturities of long-term debt and finance leases* 22.9 54.1 Long-term debt $ 501.8 $ 574.7 *At December 31, 2019, includes secured borrowing of $37.3 million (EUR 33.6 million) for the transfer of tax receivables which was extinguished in 2020. As of December 31, 2020, the aggregate annual maturities of debt are as follows (in millions): Year Ended December 31, 2021 $ 24.3 2022 30.2 2023 29.2 2024 15.3 2025 422.2 Thereafter 3.5 $ 524.7 The following table provides additional information about our interest income, interest expense and other financing costs, net (in millions): 2020 2019 2018 Interest income $ 3.6 $ 6.2 $ 3.9 Interest expense and other financing costs (48.6) (80.0) (74.8) $ (44.9) $ (73.9) $ (71.0) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Surety Bonds In the normal course of business, we are required to post bid, performance and other surety-related bonds. The majority of the surety bonds posted relate to our aviation and land segments. We had outstanding bonds that were executed in order to satisfy various security requirements of $50.6 million and $53.1 million, as of December 31, 2020 and 2019, respectively. Sales and Purchase Commitments As of December 31, 2020, the notional value associated with fixed sales and purchase commitments under our derivative programs amounted to $374.8 million and $88.4 million, respectively with delivery dates from 2021 through 2026. Additionally, we have certain purchase contracts that extend through 2026, under which we agreed to purchase annually between 1.83 million barrels and 2.02 million barrels of aviation fuel at future market prices. Agreements with Executive Officers and Key Employees We have an agreement with our Chairman, President and Chief Executive Officer, Michael J. Kasbar (“Mr. Kasbar”), for his continued employment with us which provides for an annual base salary as determined by our Compensation Committee in its sole discretion (currently $900,000), termination severance benefits, and such incentives and other compensation and amounts as our Compensation Committee may determine from time to time in its sole discretion. Mr. Kasbar's employment agreement, as amended, expires each year on December 31st and automatically extends for successive one-year terms unless either party provides written notice to the other at least one year prior to the expiration of the current term that such party does not want to extend the term. Pursuant to the terms of his agreement, Mr. Kasbar is entitled to receive cash severance payments if: (a) we terminate his employment without cause following a change of control or for any reason other than death, disability or cause; (b) he resigns for good reason (generally a reduction in his responsibilities or compensation, or a breach by us), or resigns following a change of control; or (c) either he elects or we elect not to extend the term of the agreement, as amended. The severance payments are generally equal to $5.0 million for a termination following a change of control and $3.0 million in the other scenarios described above, a portion of which is payable two years after the termination of Mr. Kasbar’s employment. Subject to the terms of the applicable equity awards, all of Mr. Kasbar’s outstanding SSAR Awards and RSUs (collectively, “outstanding equity awards”) will immediately vest in each scenario described in (a) and (b) above following a change of control, except for awards assumed or substituted by a successor company, in which case, such awards shall continue to vest in accordance with their applicable terms. In each scenario described in (a), (b) or (c) above where there has not been a change of control, Mr. Kasbar’s outstanding equity awards will generally vest over a two-year period following termination of his employment, with any remaining unvested awards vesting on the last day of such two-year period. For each scenario described above, awards with multiple annual performance conditions must satisfy certain other requirements in order to have their vesting terms accelerated. Our other executive officers either participate in our Executive Severance Plan or are parties to a separation agreement. These arrangements provide for severance benefits payable upon termination under certain circumstances. In addition, the applicable equity awards generally vest similarly to Mr. Kasbar's equity awards following a change of control. As of December 31, 2020, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions): 2021 $ 0.9 Deferred Compensation Plans We maintain a 401(k) defined contribution plan which covers all U.S. employees who meet minimum requirements and elect to participate. We are currently making a match contribution of 50% for each 1% of the participants' contributions up to 6% of the participants' contributions. Annual contributions by us are made at our sole discretion, as approved by the Compensation Committee. Additionally, certain of our foreign subsidiaries have defined contribution plans, which allow for voluntary contributions by the employees. In some cases, we make employer contributions on behalf of the employees. The expenses for our contributions under these plans were not material during each of the years presented on the Consolidated Statements of Income and Comprehensive Income. We offer a non-qualified deferred compensation (“NQDC”) plan to certain eligible employees, whereby the participants may defer a portion of their compensation. We do not match any participant deferrals under the NQDC plan. Participants can elect from a variety of investment choices for their deferred compensation and gains and losses on these investments are credited to their respective accounts. The deferred compensation payable amount under this NQDC plan is subject to the claims of our general creditors and was $14.5 million and $9.7 million as of December 31, 2020 and December 31, 2019, respectively, which was included in Other long-term liabilities within our Consolidated Balance Sheets. Environmental and Other Liabilities; Uninsured Risks Our business is subject to numerous federal, state , local and foreign environmental laws and regulations, including those relating to fuel storage and distribution, terminals, underground storage tanks, the release or discharge of regulated materials into the air, water and soil, the generation, storage, handling, use, transportation and disposal of hazardous materials, and the exposure of persons to regulated materials. A violation of, liability under, or noncompliance with these laws and regulations, or any future environmental law or regulation, could result in material liabilities, including administrative, civil or criminal penalties, remediation costs as well as third-party damages. From time to time, we may be responsible for remediating contamination at properties we own or lease and can be entitled to reimbursement for certain of these costs from state trust funds, as well as various third-party contractual indemnities and insurance policies, subject to eligibility requirements, deductibles, and aggregate caps. Although we continuously review the adequacy of our insurance coverage, we may lack adequate coverage for various risks, including environmental claims. If we are uninsured or under‑insured for a claim or claims of sufficient magnitude arising out of our activities, it will have a material adverse effect on our financial position, results of operations and cash flows. We accrue for environmental assessment and remediation expenses when the future costs are probable and reasonably estimable. At December 31, 2020 and 2019, accrued liabilities for remediation were not material. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. Tax Matters From time to time, we are under review by various domestic and foreign tax authorities with regard to indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, Brazil and South Korea, where the amounts under controversy may be material. We believe that these assessments are without merit and are currently appealing the actions. During the quarter ended December 31, 2016, the Korean branch of one of our subsidiaries received assessments of approximately $10.4 million (KRW 11.7 billion) and during the quarter ended June 30, 2017, an assessment for an additional $18.5 million (KRW 20.1 billion) from the regional tax authorities of Seoul, South Korea. The assessments primarily consist of fines and penalties for allegedly failing to issue Value Added Tax ("VAT") invoices and report certain transactions during the period 2011-2014. These assessments do not involve failure to pay or collect VAT. We believe that these assessments are without merit and are currently appealing the actions. We are also involved in a number of tax disputes with federal, state and municipal tax authorities in Brazil, relating primarily to a VAT tax known as ICMS. These disputes are at various stages of the legal process, including the administrative review phase and the collection action phase, and include assessments of fixed amounts of principal and penalties, plus interest. One of our Brazilian subsidiaries is currently appealing an assessment of approximately $11.0 million (BRL 57.0 million) from the Brazilian tax authorities relating to the ICMS rate used for certain transactions. The assessment primarily consists of interest and penalties. We believe that the assessment is without merit and are pursuing our remedies in the judicial court system. When we deem it appropriate and the amounts are reasonably estimable, we establish reserves for potential adjustments to our provision for the accrual of indirect taxes that may result from examinations or other actions by tax authorities. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities will result in the recognition of benefits in the period we determine the liabilities are no longer necessary. If our estimates of any of our federal, state, and foreign indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense. Except with respect to the matters described above, we believe that the final outcome of any pending examinations, agreements, administrative or judicial proceedings will not have a material effect on our results of operations or cash flows. Other Matters We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of December 31, 2020, we had recorded certain reserves that were not material. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material adverse effect on our Consolidated Financial Statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our Consolidated Financial Statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Cash Dividends During the years ended December 31, 2020, 2019 and 2018, the Company's Board of Directors declared aggregate cash dividends of $0.40, $0.36, and $0.24 per common share, representing $25.5 million, $23.6 million, and $16.1 million in total dividends, respectively. Our Credit Facility and Term Loans have restrictions regarding the maximum amount of cash dividends allowed to be paid. The payments associated with the above referenced cash dividends were in compliance with our Credit Facility and Term Loans. Stock Repurchase Programs In October 2017, our Board of Directors (the "Board") approved a new common stock repurchase program (the “Repurchase Program”), which replaced the program in place at that time, authorizing $100.0 million in common stock repurchases. In May 2019, the Board authorized an increase to the October 2017 repurchase authorization by $100.0 million, bringing the authorized repurchases at that time to $200.0 million. In March 2020, the Board approved a new stock repurchase program authorizing $200.0 million in common stock repurchases to begin upon the completion of the October 2017 Repurchase Program. Our repurchase programs do not require a minimum number of shares of common stock to be purchased, have no expiration date and may be suspended or discontinued at any time. As of December 31, 2020, approximately $246.3 million remains available for purchase under our repurchase programs. The timing and amount of shares of common stock to be repurchased under the repurchase programs will depend on market conditions, share price, securities law and other legal requirements and factors. In 2020, 2019, and 2018, we repurchased 2.6 million, 2.1 million, and 0.7 million shares of common stock for an aggregate value of $68.3 million, $65.4 million, and $20.0 million, respectively. Share-Based Payment Plans Plan Summary and Description In May 2016, our shareholders approved the 2016 Omnibus Plan (the “2016 Plan”), which replaced our previously adopted 2006 Omnibus Plan, as amended and restated in 2009 (the “2006 Plan”). The 2016 Plan is administered by the Compensation Committee of the Board of Directors (the “Compensation Committee”). The purpose of the 2016 Plan is to (i) attract and retain persons eligible to participate in the 2016 Plan; (ii) motivate participants, by means of appropriate incentives, to achieve long-range goals; (iii) provide incentive compensation opportunities that are competitive with those of other similar companies; and (iv) further align participants’ interests with those of our other shareholders through compensation that is based on the value of our common stock. The goal is to promote the long-term financial interest of World Fuel and its subsidiaries, including the growth in value of our equity and enhancement of long-term shareholder return. The persons eligible to receive awards under the 2016 Plan are our employees, officers, and members of the Board of Directors, or any consultant or other person who performs services for us. The provisions of the 2016 Plan authorize the grant of stock options which can be “qualified” or “nonqualified” under the Internal Revenue Code of 1986, as amended, restricted stock, RSUs, SSAR Awards, performance shares and performance units and other share-based awards. The 2016 Plan is unlimited in duration and, in the event of its termination, the 2016 Plan will remain in effect as long as any awards granted under it remain outstanding. No awards may be granted under the 2016 Plan after May 2026. The term and vesting period of awards granted under the 2016 Plan are established on a per grant basis, but options and SSAR Awards may not remain exercisable after the seven-year anniversary of the date of grant. Under the 2016 Plan, 2.5 million shares of common stock are authorized for issuance plus any shares of common stock with respect to awards that were granted under the 2006 Plan but are forfeited or canceled (e.g., due to the recipient's failure to satisfy applicable service or performance conditions) after May 2016. As of December 31, 2020, approximately 4.2 million shares of common stock were subject to outstanding awards under the 2016 and 2006 Plans (assuming maximum achievement of performance goals for restricted stock and target achievement of performance goals for RSUs, where applicable). The following table summarizes the outstanding awards issued pursuant to the 2016 Plan described above as of December 31, 2020 and the remaining shares of common stock available for future issuance (in millions): Plan name Restricted Stock RSUs SSAR Awards Remaining shares of common stock available for future issuance 2016 Plan (1) — 1.5 2.2 0.7 2006 Plan (2) — 0.4 0.1 — (1) As of December 31, 2020, unvested RSUs will vest between August 2021 and November 2023 and the outstanding SSAR Awards will expire between March 2022 and March 2025. (2) As of December 31, 2020, unvested restricted stock will vest February 2021, unvested RSUs will vest between March 2021 and May 2021 and the outstanding SSAR Awards will expire March 2021. RSUs granted to non‑employee directors under the 2006 Plan prior to 2011 remain outstanding until the date the non‑employee director ceases, for any reason, to be a member of the Board of Directors. Restricted Stock Awards The following table summarizes the status of our unvested restricted stock outstanding and related transactions for each of the following years (in millions, except weighted average grant-date fair value price and weighted average remaining vesting term data): Unvested Restricted Stock Weighted Average Grant date Fair Value Price Aggregate Intrinsic Value Weighted Average Remaining Vesting Term (in Years) As of December 31, 2017 0.3 $ 45.80 $ 9.7 0.9 Granted — — Vested (0.2) 47.48 Forfeited (0.1) 44.77 As of December 31, 2018 0.1 43.63 1.4 1.0 Granted — — Vested — 45.35 Forfeited — 51.47 As of December 31, 2019 — 41.56 1.3 0.7 Granted — — Vested — 47.36 Forfeited — — As of December 31, 2020 — $ 36.50 $ 0.5 0.1 The aggregate intrinsic value of restricted stock which vested during 2020, 2019 and 2018 was $0.4 million, $1.0 million and $3.8 million, respectively, based on the average high and low market price of our common stock at the vesting date. RSU Awards The following table summarizes the status of our RSUs and related transactions for each of the following years (in millions, except for weighted average grant‑date fair value data and weighted average remaining contractual life): RSUs Outstanding RSUs Weighted Average Grant date Fair Value Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years) As of December 31, 2017 1.6 $ 41.01 $ 43.9 1.4 Granted 0.2 22.02 Vested (0.3) 46.31 Forfeited (0.2) 41.17 As of December 31, 2018 1.3 37.17 28.3 1.0 Granted 0.3 29.69 Vested (0.4) 37.34 Forfeited (0.1) 39.86 As of December 31, 2019 1.2 32.50 53.2 0.9 Granted 1.2 23.30 Vested (0.4) 36.12 Forfeited (0.2) 32.56 As of December 31, 2020 1.8 $ 25.17 $ 57.1 1.3 The aggregate intrinsic value of RSUs vested during 2020, 2019 and 2018 was $10.8 million, $10.4 million and $5.8 million, respectively. SSAR Awards The following table summarizes the status of our outstanding and exercisable SSAR Awards and related transactions for each of the following years (in millions, except weighted average exercise price and weighted average remaining contractual life data): SSAR Awards Outstanding SSAR Awards Exercisable SSAR Awards Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years) SSAR Awards Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years) As of December 31, 2017 0.7 $ 40.27 $ — 3.0 0.2 $ 42.76 $ — 0.4 Granted 1.2 27.08 Exercised — — Forfeited (0.4) 38.53 As of December 31, 2018 1.5 29.75 — 4.0 — 57.48 — 1.2 Granted 0.7 29.68 Exercised — — Forfeited — — As of December 31, 2019 2.2 29.72 31.3 3.4 0.1 50.12 — 1.1 Granted 0.1 23.39 Exercised — — Forfeited — 57.48 As of December 31, 2020 2.3 $ 29.08 $ 7.3 2.5 0.2 $ 41.85 $ — 0.8 The aggregate intrinsic value of SSAR Awards exercised during 2020, 2019, and 2018 was zero, respectively. We currently use the Black Scholes option pricing model to estimate the fair value of SSAR Awards granted to employees. The weighted average fair value of the SSAR Awards for 2020 was $6.88 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 38.6%, dividend yields of 1.2% and risk-free interest rates of 0.7%. The weighted average fair value of the SSAR Awards for 2019 was $9.15 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 36.1%, dividend yields of 0.9% and risk-free interest rates of 2.4%. The weighted average fair value of the SSAR Awards for 2018 was $6.56 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 30.8%, dividend yields of 1.0% and risk-free interest rates of 2.6%. Unrecognized Compensation Cost As of December 31, 2020, there was $16.6 million of total unrecognized compensation cost related to unvested share-based payment awards, which is included as Capital in excess of par value within our Consolidated Balance Sheets. The unrecognized compensation cost as of December 31, 2020 is expected to be recognized as compensation expense over a weighted average period of 1.1 years as follows (in millions): Year Ended December 31, 2021 $ 8.9 2022 6.1 2023 1.6 2024 — 2025 — $ 16.6 Other Comprehensive Loss and Accumulated Other Comprehensive Loss Our other comprehensive loss, consisting of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and cash flow hedges, was as follows (in millions): Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Loss Balance as of December 31, 2018 $ (145.0) $ 13.3 $ (131.7) Other comprehensive income (loss) 8.2 (25.5) (17.3) Less: Net other comprehensive (income) loss attributable to noncontrolling interest 2.7 — 2.7 Balance as of December 31, 2019 (134.1) (12.2) (146.3) Other comprehensive income (loss) 13.8 (0.1) 13.7 Balance as of December 31, 2020 $ (120.3) $ (12.3) $ (132.6) The foreign currency translation adjustment gain for 2020 was primarily due to the effect of weakness in the U.S. dollar compared to most foreign currencies, including the British Pound. The foreign currency translation adjustment gain for 2019 was primarily due to the effect of the relative weakness of the U.S. dollar against certain foreign currencies, including the British Pound and the South African rand. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes U.S. and foreign income before income taxes consist of the following (in millions): 2020 2019 2018 United States $ 51.2 $ (59.1) $ (63.6) Foreign 110.5 296.4 248.5 $ 161.7 $ 237.3 $ 184.9 The income tax provision (benefit) related to income before income taxes consists of the following components (in millions): 2020 2019 2018 Current: U.S. federal statutory tax $ 10.1 $ (4.0) $ 8.2 State 2.6 1.6 (1.6) Foreign 42.9 35.9 46.3 55.6 33.5 52.9 Deferred: U.S. federal statutory tax — 11.0 4.0 State — 4.6 (6.2) Foreign (14.4) (12.2) (1.0) (14.4) 3.4 (3.2) Non-current tax expense (income) 10.9 19.3 6.2 $ 52.1 $ 56.2 $ 55.9 Non-current tax expense (income) is primarily related to income tax associated with the reserve for uncertain tax positions, including associated interest and penalties. A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows: 2020 2019 2018 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Foreign earnings, net of foreign taxes (13.3) (13.8) (11.6) State income taxes, net of U.S. federal income tax benefit 1.3 2.2 (3.3) U.S. tax on deemed dividends — 0.9 (0.4) Tax Act - Transition Tax (0.7) 0.5 0.7 Tax Reform - GILTI 0.5 6.0 9.7 Tax Reform - BEAT 1.4 0.1 2.8 Deferred tax impact on foreign unrepatriated earnings (0.9) 0.5 (1.0) Goodwill impairment — — — Uncertain tax positions 6.8 8.2 3.4 Foreign currency adjustments (2.1) (6.1) 2.2 Intercompany interest transfer pricing adjustment 2.0 1.4 1.5 Nontaxable interest income (3.0) (2.3) (2.7) Nondeductible interest expense 1.9 1.8 — Valuation allowance 10.6 1.2 3.0 Sale of Company 3.0 — — Non-deductible Officer Compensation 1.2 0.5 0.1 Other permanent differences 2.5 1.6 4.8 Effective income tax rate 32.2 % 23.7 % 30.2 % For the year ended December 31, 2020, our effective income tax rate was 32.2%, and our income tax provision was $52.1 million, as compared to an effective income tax rate of 23.7% and an income tax provision of $56.2 million for 2019. The tax provision includes a tax expense of $12.9 million for the tax on the gain on the sale of MSTS recorded during the third quarter of 2020. The higher effective income tax rate for 2020, as compared to 2019, resulted primarily from the impact of recording valuation allowances against our deferred tax assets in various foreign jurisdictions, and the differences in the results of our subsidiaries in tax jurisdictions with different tax rates. For the year ended December 31, 2019, our effective income tax rate was 23.7%, for an income tax provision of $56.2 million, as compared to an effective income tax rate of 30.2% and an income tax provision of $55.9 million for 2018. The lower effective income tax rate for 2019 resulted principally from the benefits of differences in the results of our subsidiaries in tax jurisdictions with different income tax rates, the impacts of BEAT and GILTI, other permanent tax differences, and one-time return-to-provision foreign exchange statutory adjustments. These benefits were reduced by increases in uncertain tax positions and the effect of state income taxes. Several final and proposed regulations were issued for U.S. federal income tax purposes during 2019 regarding BEAT, foreign tax credits, and GILTI, among other areas. The Treasury Department and IRS released final and proposed regulations regarding BEAT on December 2, 2019 and provided an election to waive deductions for purposes of determining base erosion payments which we elected to apply to both 2018 and 2019. Our 2019 effective income tax rate and income tax expense reflect the results of this election for 2019 and the one-time benefit for 2018. For the year ended December 31, 2018, our effective income tax rate was 30.2%, for an income tax provision of $55.9 million, as compared to an effective income tax rate of (707.1)% and an income tax provision of $149.2 million for 2017. The lower effective income tax rate for 2018 resulted primarily from differences in the results of our subsidiaries in tax jurisdictions with different income tax rates, the effects of the Act's $143.7 million one-time transition tax on historic accumulated foreign earnings, and a goodwill impairment. Without the transition tax charge, the effective income tax rate for 2017 would have been (25.9)%. We have analyzed our global working capital and cash requirements and the potential tax liabilities attributable to repatriation and have determined that we intend to continue our assertion that the earnings of certain of our non-U.S. subsidiaries are indefinitely reinvested. At December 31, 2020, $963.6 million of our foreign earnings were permanently reinvested in non-US business operations. For these investments, if not reinvested indefinitely, we could potentially owe approximately $212.0 million in foreign withholding tax. For the remaining $1.4 billion accumulated foreign earnings that are actually or deemed repatriated, we have made an estimate of the associated foreign withholding and state income tax effects of $10.4 million for 2020. The temporary differences which comprise our net deferred tax liabilities are as follows (in millions): As of December 31, 2020 2019 Gross Deferred Tax Assets: Bad debt reserve $ 15.2 $ 4.2 Net operating loss 57.4 40.1 Accrued and other share-based compensation 14.7 27.1 Leases 2.5 — Accrued expenses 3.9 6.0 U.S. foreign income tax credits 1.2 3.0 Other income tax credits 0.2 0.2 Customer deposits 1.2 3.1 Investments 1.9 1.9 Unrealized foreign exchange 16.4 — Cash flow hedges 2.9 3.9 Interest Limitation 10.7 6.1 Other — — Total gross deferred tax assets 128.2 95.6 Less: Valuation allowance 48.0 32.5 Gross deferred tax assets, net of valuation allowance 80.2 63.1 Deferred Tax Liabilities: Depreciation (23.2) (11.7) Goodwill and intangible assets (54.8) (53.5) Unrealized foreign exchange — (6.3) Prepaid expenses, deductible for tax purposes (3.3) (4.2) Deferred tax costs on foreign unrepatriated earnings (10.4) (12.0) Unrealized derivatives (6.4) (3.8) Other (2.3) (5.6) Total gross deferred tax liabilities (100.4) (97.1) Net deferred tax liability $ 20.2 $ 34.0 Net deferred tax asset — — Reported on the Consolidated Balance Sheets as: Identifiable intangible and other non-current assets for deferred tax assets, non-current $ 33.7 $ 20.7 Non-current income tax liabilities, net of deferred tax liabilities, non-current $ 53.6 54.1 As of December 31, 2020 and 2019, we had gross net operating losses (“NOLs”) of approximately $418.2 million and $375.9 million, respectively. The NOLs as of December 31, 2020, originated in various U.S. states and non-U.S. countries. We have recorded a deferred tax asset of $57.4 million reflecting the benefit of the NOL carryforward as of December 31, 2020. This deferred tax asset expires as follows (in millions): Net Operating Loss Expiration Date Deferred Tax Asset US States 2021-2040 $ 8.2 US States Indefinite $ 2.8 Foreign 2022-2040 $ 4.9 Foreign Indefinite $ 41.5 Total $ 57.4 We assessed the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2020, a valuation allowance of $48.0 million has been recorded to recognize only the portion of the deferred tax assets that are more likely than not to be realized, $42.2 million of which relates to the deferred tax asset for NOLs. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as growth projections. We operate under a special income tax concession in Singapore which began January 1, 2008 and is subject to renewal. Our current five-year income tax concession period began on January 1, 2018 and is conditional upon our meeting certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and derivative gains and losses. The impact of this tax concession decreased foreign income taxes by $2.4 million, $4.3 million, and zero for 2020, 2019, and 2018 respectively. The impact of the income tax concession on basic earnings per common share was $0.04, $0.07, and zero for 2020, 2019, and 2018 respectively. On a diluted earnings per common share basis, the impact was $0.04, $0.06, and zero for 2020, 2019, and 2018 respectively. Income Tax Contingencies We recorded a net increase of $12.2 million of liabilities related to Unrecognized Tax Liabilities and no change in assets related to Unrecognized Tax Assets during 2020. In addition, during 2020, we recorded an increase of $4.0 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in Other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income. As of December 31, 2020, our Unrecognized Tax Liabilities, including penalties and interest, were $99.0 million and our Unrecognized Tax Assets were $25.4 million. During 2019, we recorded a net increase of $9.5 million of liabilities related to Unrecognized Tax Liabilities and a net decrease of $4.1 million of assets related to Unrecognized Tax Assets. In addition, during 2019, we recorded an increase of $0.2 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in Other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income. As of December 31, 2019, our Unrecognized Tax Liabilities, including penalties and interest, were $84.0 million and our Unrecognized Tax Assets were $25.5 million. The following is a tabular reconciliation of the total amounts of gross Unrecognized Tax Liabilities for the year (in millions): 2020 2019 2018 Gross Unrecognized Tax Liabilities – opening balance $ 66.5 $ 57.0 $ 58.8 Gross increases – tax positions in prior period 4.8 12.2 3.6 Gross decreases – tax positions in prior period (0.5) (13.5) (10.6) Gross increases – tax positions in current period 12.3 14.9 11.5 Gross decreases – tax positions in current period — — — Settlements (0.1) (1.4) (1.5) Lapse of statute of limitations (4.8) (2.7) (4.8) Gross Unrecognized Tax Liabilities – ending balance $ 78.2 $ 66.5 $ 57.0 If our gross Unrecognized Tax Liabilities, net of our Unrecognized Tax Assets of $25.4 million, as of December 31, 2020, are settled by the taxing authorities in our favor or otherwise resolved, our income tax expense would be reduced by $52.7 million (exclusive of interest and penalties) in the period the matter is considered settled or resolved in accordance with Accounting Standards Codification 740. This would have the impact of reducing our 2020 effective income tax rate by 32.8%. As of December 31, 2020, it is possible that approximately $5.4 million of our unrecognized income tax liabilities may decrease within the next twelve months. We record accrued interest and penalties related to unrecognized income tax benefits as income tax expense. Related to the uncertain income tax benefits noted above, for interest we recorded expense of $3.1 million, $4.6 million and $1.2 million during 2020, 2019, and 2018, respectively. For penalties, we recorded expense of $0.2 million and income of $0.2 million and $1.9 million during 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, we had recognized liabilities of $16.2 million and $13.1 million for interest and $4.6 million and $4.4 million for penalties, respectively. We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most significant of these are in Denmark for the 2013 - 2015 tax years, South Korea for the 2011 - 2014 tax years, and the U.S. for 2017 - 2018 tax years. One of our subsidiaries in Denmark has been under audit for its 2013 - 2015 tax years since 2018. In January 2021, we received final tax assessments for the 2013 and 2014 years of approximately $0.6 million (DKK 3.7 million) and $0.8 million (DKK 4.9 million), respectively. We believe these assessments are without merit and are currently appealing the actions. We have not yet received any proposed or final assessments related to the 2015 tax year, which could be materially larger than the previous assessments if a similar methodology is applied. In 2017, the Korean Branch of one of our subsidiaries received income tax assessment notices for $10.4 million (KRW 11.3 billion) from the South Korea tax authorities. We believe that these assessments are without merit and are currently appealing the actions. In addition, in January of 2020, we received a notice of examination from the IRS for the 2017 - 2018 tax years, we continue to respond to information requests. An unfavorable resolution of one or more of the above matters could have a material adverse effect on our operating results or cash flows in the quarter or year in which the adjustments are recorded, or the tax is due or paid. As examinations are still in process, or have not yet reached the final stages of the appeals process, the timing of the ultimate resolution or payments that may be required cannot be determined at this time. In many cases, our uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. The following table summarizes these open tax years by jurisdiction with material uncertain tax positions: Open Tax Year Jurisdiction Examination Examination not Denmark 2013 - 2015 2016 - 2020 South Korea 2011 - 2014 2015 - 2020 Greece None 2016 - 2020 Other non-U.S. None 2014 - 2020 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturities of these instruments. The carrying values of our debt and notes receivable approximate fair value since these instruments bear interest either at variable rates or fixed rates which are not significantly different from market rates. Based on the fair value hierarchy, our total debt of $524.7 million and $628.8 million as of December 31, 2020 and 2019, respectively, and our notes receivable of $45.7 million and $21.0 million as of December 31, 2020 and 2019, respectively are categorized in Level 2. Recurring Fair Value Measurements The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in millions): Fair Value Measurements as of December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Assets: Commodities contracts $ 233.5 $ 127.9 $ 9.5 $ 371.0 Foreign currency contracts — 7.5 — 7.5 Cash surrender value of life insurance — 11.4 — 11.4 Total assets at fair value $ 233.5 $ 146.8 $ 9.5 $ 389.9 Liabilities: Commodities contracts $ 223.0 $ 96.8 $ 6.3 $ 326.0 Interest rate contract — 3.7 — 3.7 Foreign currency contracts — 19.8 — 19.8 Total liabilities at fair value $ 223.0 $ 120.2 $ 6.3 $ 349.5 Fair Value Measurements as of December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Assets: Commodities contracts $ 148.3 $ 100.0 $ 10.7 $ 259.0 Foreign currency contracts — 2.0 — 2.0 Cash surrender value of life insurance — 9.4 — 9.4 Total assets at fair value $ 148.3 $ 111.4 $ 10.7 $ 270.4 Liabilities: Commodities contracts $ 177.6 $ 69.3 $ 8.1 $ 255.0 Foreign currency contracts — 11.6 — 11.6 Total liabilities at fair value $ 177.6 $ 80.9 $ 8.1 $ 266.6 The fair values of our commodity contracts measured using Level 3 inputs were not material at December 31, 2020 and 2019, respectively. For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty’s rights and obligations, request additional collateral when necessary or liquidate the collateral in the event of counterparty default. We net the fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement. The following tables summarize those commodity derivative balances subject to the right of offset as presented within our Consolidated Balance Sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. Fair Value as of December 31, 2020 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts Without Right of Offset Net Amounts Assets: Commodities contracts $ 371.0 $ 287.1 $ 83.9 $ 1.2 $ — $ 82.7 Foreign currency contracts 7.5 7.5 — — — — Total assets at fair value $ 378.5 $ 294.6 $ 83.9 $ 1.2 $ — $ 82.7 Liabilities: Commodities contracts $ 326.0 $ 287.1 $ 38.9 $ 2.3 $ — $ 36.6 Interest rate contract 3.7 — 3.7 — — 3.7 Foreign currency contracts 19.8 7.5 12.3 — — 12.3 Total liabilities at fair value $ 349.5 $ 294.6 $ 54.9 $ 2.3 $ — $ 52.6 Fair Value as of December 31, 2019 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts Without Right of Offset Net Amounts Assets: Commodities contracts $ 259.0 $ 130.0 $ 129.0 $ — $ — $ 129.0 Foreign currency contracts 2.0 1.0 1.0 — — 1.0 Total assets at fair value $ 261.1 $ 131.1 $ 130.0 $ — $ — $ 130.0 Liabilities: Commodities contracts $ 255.0 $ 130.0 $ 125.0 $ 29.3 $ — $ 95.7 Foreign currency contracts 11.6 1.0 10.5 — — 10.5 Total liabilities at fair value $ 266.6 $ 131.1 $ 135.5 $ 29.3 $ — $ 106.3 At December 31, 2020 and 2019, we did not present any amounts gross within our Consolidated Balance Sheet where we had the right of setoff. Concentration of Credit Risk The individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits. It includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At December 31, 2020, none of our OTC counterparties represented over 10% of our total credit exposure to OTC derivative counterparties. Nonrecurring Fair Value Measurements In addition to assets and liabilities that are recorded at fair value on a recurring basis, during the fourth quarter, we measured and recorded at fair value an equity method investment as a result of an other-than-temporary impairment. In calculating fair value, we used a combination of an income and market approach. Under the market approach, we used a selection of global companies that compares with the investment. Under the income approach, we used estimated future cash flows based on information available to us. Due to the significance of unobservable inputs, the measurement is categorized in Level 3. The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material at December 31, 2020 and 2019, respectively. |
Business Segments, Geographic I
Business Segments, Geographic Information and Major Customers | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments, Geographic Information and Major Customers | Business Segments, Geographic Information and Major Customers Business Segments We operate in three reportable segments consisting of aviation, land and marine. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers and the products and services provided to those customers. Accordingly, our aviation, land and marine segments are organized based on the specific markets their functional business components serve, which are primarily businesses and governmental customers operating in those respective markets. In our aviation segment, we offer fuel and related products and services to major commercial airlines, second and third-tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft. In addition, we supply products and services to U.S. and foreign government, intergovernmental and military customers, such as the North Atlantic Treaty Organization ("NATO") and the U.S. Defense Logistics Agency. In our land segment, we offer fuel, lubricants, power and natural gas solutions through World Kinect, our global energy management brand, our energy management services platform, and related products and services to customers including petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers. Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S. and foreign governments as well as other fuel suppliers. Within each of our segments, we may enter into derivative contracts to mitigate the risk of market price fluctuations and also to offer our customers fuel pricing alternatives to meet their needs. Information concerning our revenue, gross profit and income from operations by segment is as follows (in millions): For the Year Ended December 31, 2020 2019 2018 Revenue: Aviation segment $ 8,179.6 $ 18,479.5 $ 19,119.7 Land segment 6,663.1 10,280.9 11,381.1 Marine segment 5,515.7 8,058.5 9,249.5 $ 20,358.3 $ 36,819.0 $ 39,750.3 Gross profit: Aviation segment $ 352.9 $ 551.6 $ 507.8 Land segment 347.6 378.9 364.9 Marine segment 151.4 181.5 145.8 $ 851.8 $ 1,112.0 $ 1,018.5 Income from operations: (1) Aviation segment $ 84.5 $ 283.9 $ 250.6 Land segment 72.6 55.0 47.8 Marine segment 58.5 67.1 37.8 215.6 406.1 336.3 Corporate overhead - unallocated (77.8) (106.4) (76.6) $ 137.9 $ 299.7 $ 259.7 Depreciation and amortization Aviation segment $ 31.5 $ 28.5 $ 27.5 Land segment 45.3 48.0 46.5 Marine segment 3.8 4.5 2.2 Corporate segment 5.2 6.4 5.3 $ 85.8 $ 87.4 $ 81.5 Capital expenditures: Aviation segment $ 17.6 $ 23.0 $ 19.7 Land segment 12.5 26.9 30.9 Marine segment 0.8 28.3 2.9 Corporate 20.4 2.7 18.8 $ 51.3 $ 80.9 $ 72.3 (1) Includes $10.3 million, $19.7 million and $17.1 million of restructuring charges for the years ended December 31, 2020, 2019 and 2018, respectively. Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions): As of December 31, 2020 2019 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $41.2 and $14.6 as of December 31, 2020 and December 31, 2019, respectively $ 464.7 $ 1,098.2 Land segment, net of allowance for credit losses of $5.0 and $2.8 as of December 31, 2020 and December 31, 2019, respectively 394.5 863.2 Marine segment, net of allowance for credit losses of $7.6 and $18.0 as of December 31, 2020 and December 31, 2019, respectively 379.2 930.5 $ 1,238.4 $ 2,891.9 Total assets: Aviation segment $ 1,789.5 $ 2,416.5 Land segment 1,459.5 2,089.4 Marine segment 667.6 1,189.7 Corporate 583.7 296.8 $ 4,500.3 $ 5,992.4 Geographic Information Information concerning our revenue and property and equipment, net, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in millions): For the Year Ended December 31, 2020 2019 2018 Revenue: United States $ 10,365.2 $ 19,365.2 $ 20,555.5 EMEA (1) (3) 4,961.0 9,235.1 9,721.9 Asia Pacific (2) (3) 3,035.6 4,581.1 5,537.2 Americas, excluding United States 1,996.6 3,637.6 3,935.6 Total $ 20,358.3 $ 36,819.0 $ 39,750.3 As of December 31, 2020 2019 Property and equipment, net: United States $ 177.6 $ 173.0 EMEA 144.1 135.7 Asia Pacific 7.9 44.2 Americas, excluding United States 13.1 8.0 Total $ 342.6 $ 360.9 (1) Includes revenue related to the U.K. of $3.1 billion, $5.5 billion and $6.3 billion for 2020, 2019 and 2018, respectively. (2) Includes revenue related to Singapore of $3.0 billion, $4.5 billion and $5.4 billion for 2020, 2019 and 2018, respectively. (3) Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at "Note 14. Revenue." Major Customers During each of the periods presented on the Consolidated Statements of Income and Comprehensive Income, none of our customers accounted for more than 10% of total consolidated revenue. Sales to government customers, which principally consist of sales to NATO in support of military operations in Afghanistan, have accounted for a material portion of our profitability in recent years. The profitability associated with our government business can be significantly impacted by supply disruptions, border closures, road blockages, hostility-related product losses, inventory shortages and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts. Our sales to government customers may fluctuate significantly from time to time as a result of the foregoing factors, as well as the level of troop deployments and related activity in a particular region or area or the commencement, extension, renewal or completion of existing and new government contracts. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Our contracts with customers, which are mainly master sales agreements in combination with different types of nominations or standalone agreements, primarily require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collections. Our billing and payment terms generally include monthly invoicing for the prior month's activities with average payment terms of one to three months. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. However, since our contracts have relatively short payment terms, they do not typically result in the provision of significant financing. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. We have determined that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfer to our customer. We may also incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price. In the limited cases, when we coordinate shipping and handling activities after our customer obtains control of goods or services, we have elected to account for these shipping and handling costs as activities to fulfill the promise to transfer the goods. Our contracts may contain fixed or variable pricing (such as market or index-based pricing) or some combination of those. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. Within our land and aviation segments, contracts with customers may include multi-year sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations under these contracts. We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month). For these contracts, we apply the optional exemption, to not disclose the amount of transaction price allocated to remaining performance obligations. We also apply this exemption to those contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. In limited cases, we may have multi-period fixed price contracts. Because our long-term supply arrangements that exceed one year are typically based on market index prices as previously discussed, the transaction price associated with remaining performance obligations under multi-year fixed price fuel sale contracts are not significant. We also earn a minor amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services. We generally recognize revenue over the contract period when services have been performed based on our right to invoice for those services. Disaggregated revenue The following table presents our revenues from contracts with customers disaggregated by major geographic areas and by segment (in millions): For the Year Ended December 31, 2020 2019 2018 Aviation $ 542.1 $ 1,410.2 $ 1,564.6 Land 10.6 18.2 3.3 Marine 2,436.8 2,929.2 3,552.1 Asia Pacific 2,989.4 4,357.7 5,120.1 Aviation 1,403.4 3,824.3 3,641.4 Land 1,744.5 2,425.4 2,563.6 Marine 1,630.8 2,739.1 3,148.3 EMEA 4,778.7 8,988.9 9,353.4 Aviation 1,069.9 2,347.1 1,931.6 Land 440.1 612.4 631.8 Marine 483.5 678.1 610.2 LATAM 1,993.5 3,637.7 3,173.6 Aviation 4,618.4 10,933.0 12,025.7 Land 4,359.6 7,017.0 8,038.0 Marine 851.6 1,415.2 1,480.5 North America 9,829.6 19,365.1 21,544.2 Other revenues (excluded from ASC 606) 767.1 469.6 559.0 $ 20,358.3 $ 36,819.0 $ 39,750.3 Other revenues (excluded from ASC 606) in the table above includes revenue from leases and other transactions that we account for following separate guidance. Accounts receivable, contract assets and contract liabilities The nature of the receivables related to revenue from contracts with customers and other revenue, are substantially similar, given that they are generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into considering the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the Accounts receivable balance presented on our Consolidated Balance Sheet. Furthermore, as of December 31, 2020 and 2019, the contract assets and contracts liabilities recognized by the Company were not material. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage. For the twelve months ended December 31, 2020 and 2019, we recognized the following total lease cost related to our lease arrangements (in millions): 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 3.1 $ 4.2 Interest on lease liabilities 0.6 0.5 Operating lease cost 45.6 53.2 Short-term lease cost 25.5 18.3 Variable lease cost 6.4 5.0 Sublease income (4.4) (11.4) Total lease cost $ 76.8 $ 69.6 We incurred rental expense for all properties and equipment of $48.7 million for 2018. As of December 31, 2020, our remaining lease payments were as follows (in millions): Operating Leases Finance Leases 2021 $ 39.8 $ 4.4 2022 32.4 4.0 2023 26.7 3.3 2024 21.3 2.4 2025 18.1 2.4 Thereafter 54.2 3.6 Total remaining lease payments (undiscounted) 192.5 20.2 Less: imputed interest 34.9 1.9 Present value of lease liabilities $ 157.6 $ 18.2 Supplemental balance sheet information related to leases (in millions): Classification As of December 31, 2020 As of December 31, 2019 Assets Operating Lease Assets Identifiable intangible and other non-current assets $ 140.8 $ 153.7 Finance Lease Assets Property and equipment, net 17.4 17.8 Liabilities Operating Lease Liability - Current Accrued expenses and other current liabilities 33.2 35.6 Operating Lease Liability - Long Term Other long-term liabilities 124.3 124.7 Finance Lease Liability - Current Current maturities of long-term debt 3.8 4.3 Finance Lease Liability - Long Term Long-term debt $ 14.4 $ 14.4 Other information related to leases for the twelve months ended December 31, 2020 and 2019: 2020 2019 Weighted-average remaining lease term (years) - finance leases 5.6 5.6 Weighted-average remaining lease term (years) - operating leases 6.6 6.5 Weighted-average discount rate - finance leases 3.3% 3.2% Weighted-average discount rate - operating leases 5.6% 5.9% Cash paid for amounts included in the measurement of lease liabilities (in millions): Operating cash flows from finance leases $ 0.6 $ 0.5 Operating cash flows from operating leases $ 49.9 $ 52.9 Financing cash flows from finance leases $ 4.3 $ 4.0 Right of use assets obtained in exchange for new operating lease liability (noncash in millions) $ 38.9 $ 30.2 Right of use assets obtained in exchange for new finance lease liability (noncash in millions) $ 4.1 $ 8.2 |
Leases | Leases We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage. For the twelve months ended December 31, 2020 and 2019, we recognized the following total lease cost related to our lease arrangements (in millions): 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 3.1 $ 4.2 Interest on lease liabilities 0.6 0.5 Operating lease cost 45.6 53.2 Short-term lease cost 25.5 18.3 Variable lease cost 6.4 5.0 Sublease income (4.4) (11.4) Total lease cost $ 76.8 $ 69.6 We incurred rental expense for all properties and equipment of $48.7 million for 2018. As of December 31, 2020, our remaining lease payments were as follows (in millions): Operating Leases Finance Leases 2021 $ 39.8 $ 4.4 2022 32.4 4.0 2023 26.7 3.3 2024 21.3 2.4 2025 18.1 2.4 Thereafter 54.2 3.6 Total remaining lease payments (undiscounted) 192.5 20.2 Less: imputed interest 34.9 1.9 Present value of lease liabilities $ 157.6 $ 18.2 Supplemental balance sheet information related to leases (in millions): Classification As of December 31, 2020 As of December 31, 2019 Assets Operating Lease Assets Identifiable intangible and other non-current assets $ 140.8 $ 153.7 Finance Lease Assets Property and equipment, net 17.4 17.8 Liabilities Operating Lease Liability - Current Accrued expenses and other current liabilities 33.2 35.6 Operating Lease Liability - Long Term Other long-term liabilities 124.3 124.7 Finance Lease Liability - Current Current maturities of long-term debt 3.8 4.3 Finance Lease Liability - Long Term Long-term debt $ 14.4 $ 14.4 Other information related to leases for the twelve months ended December 31, 2020 and 2019: 2020 2019 Weighted-average remaining lease term (years) - finance leases 5.6 5.6 Weighted-average remaining lease term (years) - operating leases 6.6 6.5 Weighted-average discount rate - finance leases 3.3% 3.2% Weighted-average discount rate - operating leases 5.6% 5.9% Cash paid for amounts included in the measurement of lease liabilities (in millions): Operating cash flows from finance leases $ 0.6 $ 0.5 Operating cash flows from operating leases $ 49.9 $ 52.9 Financing cash flows from finance leases $ 4.3 $ 4.0 Right of use assets obtained in exchange for new operating lease liability (noncash in millions) $ 38.9 $ 30.2 Right of use assets obtained in exchange for new finance lease liability (noncash in millions) $ 4.1 $ 8.2 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share amounts): 2020 2019 2018 Numerator: Net income (loss) attributable to World Fuel $ 109.6 $ 178.9 $ 127.7 Denominator: Weighted average common shares for basic earnings per common share 63.7 66.1 67.4 Effect of dilutive securities 0.3 0.4 0.3 Weighted average common shares for diluted earnings per common share 64.0 66.5 67.7 Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met 3.0 1.4 1.2 Basic earnings (loss) per common share $ 1.72 $ 2.71 $ 1.89 Diluted earnings (loss) per common share $ 1.71 $ 2.69 $ 1.89 |
Summary Quarterly Information (
Summary Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Summary Quarterly Information (Unaudited) | Summary Quarterly Information (Unaudited) The following is a summary of the unaudited quarterly results for 2020 and 2019 (in millions, except earnings per share data): March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Revenue $ 8,015.2 $ 3,158.3 $ 4,482.7 $ 4,702.1 Gross profit $ 258.7 $ 213.9 $ 214.0 $ 165.2 Net income (loss) including noncontrolling interest $ 41.6 $ (10.7) $ 82.4 $ (3.8) Net income (loss) attributable to World Fuel $ 41.4 $ (10.2) $ 82.0 $ (3.6) Basic earnings (loss) per common share (1) $ 0.64 $ (0.16) $ 1.29 $ (0.06) Diluted earnings (loss) per common share (1) $ 0.63 $ (0.16) $ 1.29 $ (0.06) March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Revenue $ 8,678.8 $ 9,459.4 $ 9,322.7 $ 9,358.1 Gross profit $ 251.1 $ 268.6 $ 305.7 $ 286.6 Net income including noncontrolling interest $ 37.3 $ 37.6 $ 49.4 $ 56.8 Net income attributable to World Fuel $ 37.2 $ 37.0 $ 48.2 $ 56.5 Basic earnings per common share (1) $ 0.55 $ 0.56 $ 0.74 $ 0.86 Diluted earnings per common share (1) $ 0.55 $ 0.55 $ 0.73 $ 0.86 (1) Basic and diluted earnings (loss) per share are computed independently for each quarter and the full year based upon respective weighted average shares outstanding. Therefore, the sum of the quarterly basic and diluted earnings per share amounts may not equal the annual basic and diluted earnings per share amounts reported. |
Basis of Presentation, New Ac_2
Basis of Presentation, New Accounting Standards and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe Consolidated Financial Statements and related Notes include our parent company and all wholly-owned and majority-owned subsidiaries and joint ventures where we exercise control. Our Consolidated Financial Statements include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All intercompany transactions among our businesses have been eliminated. |
New Accounting Standards | New Accounting Standards Adoption of New Accounting Standards We included below a description of recent new accounting standards that had an impact on the Company’s Consolidated Financial Statements. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s Consolidated Financial Statements or processes. Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, Accounting Standards Update ("ASU") 2016-13 was issued, which replaced the incurred loss impairment model with a model that reflects expected credit losses over the lifetime of the asset and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The guidance in this update, including the subsequent related codification amendments, changed how entities account for credit impairment from trade and other receivables, net investments arising from sales-type and direct financing leases, debt securities, purchased-credit impaired financial assets and other instruments in addition to loans. For receivables and certain other instruments that are not measured at fair value, entities are required to estimate expected credit losses. Under the expected loss model, an entity recognizes a loss upon initial recognition of the asset that reflects all future events that could lead to a loss being realized, regardless of whether it is probable that the future event will occur. The Company adopted ASU 2016-13, including the related codification amendments, in the first quarter of 2020 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. The Company implemented changes to business processes and internal controls that support the new standard. As of the date of implementation on January 1, 2020, the Company recognized $11.1 million as a reduction to the opening retained earnings balance. The main drivers of the consolidated impact at transition are related to the inclusion of future economic conditions, the exclusion of freestanding credit enhancements when estimating the expected credit loss and estimating the lifetime credit losses of notes receivable. Accounting Standards Issued But Not Yet Adopted Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and Scope. In March 2020 and January 2021, ASU 2020-04 and ASU 2021-01 were issued, respectively. The amendments provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burden in accounting for (or recognizing the effects of) contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other interbank offered rates expected to be discontinued because of reference rate reform. The ASU’s were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the contracts that could be affected by an alternative reference rate and assessing the potential effects of the ASU’s on the consolidated financial statements but does not anticipate a material impact to its Consolidated Financial Statements or processes. Additionally, LIBOR fallback language has been included, when applicable, in new and renewed contracts entered into by the Company in preparation for transition from LIBOR to alternative reference rates when such transition occurs. Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. |
Estimates and Assumptions | Estimates and AssumptionsThe preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Cash and Cash Equivalents | Cash and Cash EquivalentsOur cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit LossesAccounts receivable are measured at amortized cost. The health of our accounts receivable is continuously monitored using a risk-based model, taking into consideration both the timeliness and predictability of collections from our customers. We maintain a provision for estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that we have identified from current financial information and business prospects, as well as any political or economic conditions or other market factors, including certain assumptions based on reasonable forward-looking information from market sources. Principally based on these credit risk factors, portfolio segments are defined and an internally derived risk-based credit loss reserve is established and applied to each portfolio segment. Customer account balances that are deemed to be at high risk of collectability are reserved at higher rates than customer account balances which we expect to collect without difficulty. |
Inventories | InventoriesInventories are valued primarily using weighted average cost and first-in-first-out in certain limited locations. Inventory is stated at the lower of average cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in the Consolidated Statements of Income and Comprehensive Income in the period in which it occurs. We utilize a variety of fuel indices and other indicators to calculate the net realizable value. Components of inventory include fuel purchase costs, any related transportation or distribution costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship. |
Business Combinations | Business Combinations A business combination occurs when an entity obtains control of a business by acquiring its net assets, or some or all of its equity interests. Before applying the acquisition method, we determine whether a transaction meets the definition of a business combination. For a transaction to be accounted for as a business combination, the entity or net assets acquired must meet the definition of a business as defined in ASC 805. Under the acquisition method, the purchase price is allocated to all identifiable assets acquired, all liabilities assumed and any noncontrolling interest at the fair value as of the acquisition date. Any residual difference with the consideration transferred is recognized as Goodwill. Goodwill arises because the purchase price paid reflects numerous factors, including the strategic value and expected synergies that the acquisition would bring to our existing operations. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. If the assets acquired do not meet the definition of a business, we account for the transaction as an asset acquisition and goodwill is not recognized but rather any residual difference with the consideration transferred is allocated on a relative fair value basis to all qualifying identifiable net assets acquired. |
Fair Value | Fair Value Fair value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical transaction between market participants at the measurement date. Depending on the type of assets, we calculate the fair value using the income approach (e.g., based on the present value of estimated future cash flows), the market approach or a combination of both. The unique characteristics of an asset or liability and the availability of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. We measure fair value using observable and unobservable inputs. We give the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). We apply the following fair value hierarchy: • Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities. • Level 2 - Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices; and inputs that are not directly observable but are corroborated by observable market data. • Level 3 - Inputs that are unobservable. |
Derivatives | DerivativesOur derivative contracts are recognized at their estimated fair market value. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and underlying observable data; and incorporates the effect of nonperformance risk.If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of Revenue, Cost of revenue or Other income (expense), net (based on the underlying transaction type) in the Consolidated Statements of Income and Comprehensive Income. Derivatives that qualify for hedge accounting may be designated as either a fair value or cash flow hedge. At the inception, and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the Consolidated Statements of Income and Comprehensive Income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized in other comprehensive income as a separate component of shareholders’ equity and subsequently reclassified into the same line item as the underlying forecasted transaction in the Consolidated Statements of Income and Comprehensive Income when both are settled or deemed probable of not occurring. Cash flows for our hedging instruments used in our hedges are classified in the same category as the cash flow from the hedged items. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument. For more information on our derivatives, see "Note 4. Derivatives Instruments." |
Property and Equipment | Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us (including property and equipment) are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Purchases of computer software and external costs and certain internal costs directly associated with developing significant computer software applications for internal use are capitalized within property and equipment, which also includes hosting arrangements when we have the contractual right to take possession of the software at any time during the hosting period and it is feasible for us to either run the software in our own hardware or contract with another unrelated party to host the software. Amortization of such costs is calculated primarily by using the straight-line method over the estimated useful life of the software. |
Goodwill | Goodwill Goodwill is evaluated for impairment at the reporting unit level, initially based on an assessment of qualitative factors to determine whether it is more likely than not that the fair value of any individual reporting unit is less than its carrying amount. Management conducts an impairment assessment as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. To determine whether goodwill is impaired, we compare the fair value of the reporting units to which goodwill was assigned to their respective carrying values. In calculating fair value, we use a combination of both an income and market approach as our primary indicator of fair value. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available as of the testing date, including our annual operating plan, which is completed annually during the fourth quarter and is approved by our Board of Directors. The estimated cash flows are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions. All our estimates are considered supportable assumptions that we believe are reasonable and are based on a number of factors including industry experience, internal benchmarks, and the economic environment. |
Identifiable Intangible Assets | Identifiable Intangible AssetsIn connection with our acquisitions, we record identifiable intangible assets at fair value. Identifiable intangible assets subject to amortization are amortized over their estimated useful lives and are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We assess identifiable intangible assets not subject to amortization at least annually during the fourth quarter of each year for potential impairment. This analysis generally involves the use of qualitative and quantitative analyses to estimate whether the estimated future cash flows generated as a result of these assets will be greater than or equal to the carrying value assigned to such assets. |
Investments | Investments We held investments where we own less than 50% of the outstanding voting shares of the company. We account for investments primarily under the equity method as we have the ability to exercise significant influence over the operating and financial policies of the investee, but do not have control. The carrying amount of an equity method investment is increased to reflect our share of income and is reduced to reflect our share of losses of the investee, dividends received and other-than-temporary impairments. Investments accounted for under the equity method are assessed whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We assess our intent and/or ability to recover the carrying amount of the investment over a long period. However, if the fair value of the investment is less than its carrying amount, and the investment will not recover in the near term, then an other-than-temporary impairment is recognized. Impairments are classified as Impairments within the Consolidated Statements of Income and Comprehensive Income. |
Revenue Recognition | Revenue Recognition The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, and transaction and payment management processing, are recognized over the contract period when services have been performed and we have the right to invoice for those services. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. Our contracts with customers, which are mainly master sales agreements in combination with different types of nominations or standalone agreements, primarily require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collections. Our billing and payment terms generally include monthly invoicing for the prior month's activities with average payment terms of one to three months. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. However, since our contracts have relatively short payment terms, they do not typically result in the provision of significant financing. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. We have determined that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfer to our customer. We may also incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price. In the limited cases, when we coordinate shipping and handling activities after our customer obtains control of goods or services, we have elected to account for these shipping and handling costs as activities to fulfill the promise to transfer the goods. Our contracts may contain fixed or variable pricing (such as market or index-based pricing) or some combination of those. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. Within our land and aviation segments, contracts with customers may include multi-year sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations under these contracts. We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month). For these contracts, we apply the optional exemption, to not disclose the amount of transaction price allocated to remaining performance obligations. We also apply this exemption to those contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. In limited cases, we may have multi-period fixed price contracts. Because our long-term supply arrangements that exceed one year are typically based on market index prices as previously discussed, the transaction price associated with remaining performance obligations under multi-year fixed price fuel sale contracts are not significant. We also earn a minor amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services. We generally recognize revenue over the contract period when services have been performed based on our right to invoice for those services. Other revenues (excluded from ASC 606) in the table above includes revenue from leases and other transactions that we account for following separate guidance. Accounts receivable, contract assets and contract liabilities |
Share-Based Payment Awards | Share-Based Payment AwardsWe account for share-based payment awards on a fair value basis of the equity instrument issued. Under fair value accounting, the grant-date fair value of the share-based payment award is amortized as compensation expense, on a straight-line basis, over the service period (generally, the vesting period) for both graded and cliff vesting awards. We have elected to account for forfeitures as they occur. |
Foreign Currency | Foreign CurrencyThe functional currency of our U.S. and foreign subsidiaries is the U.S. dollar, except for certain subsidiaries which utilize their respective local currency as their functional currency. Foreign currency transaction gains and losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign currency transaction gains and losses are recognized for changes between the transaction exchange rates and month-end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income in the period incurred. Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date. Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels. The remaining carrying value of our deferred tax assets, after recording the valuation allowance on our deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all of the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions. |
Earnings per Common Share | Earnings per Common ShareBasic earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock. Diluted earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include awards of restricted stock subject to forfeitable dividends, non-vested restricted stock units ("RSUs"), performance stock units where the performance requirements have been met, and settled stock appreciation rights awards ("SSARs"). The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method, except if its impact is anti-dilutive. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities. |
Leases | Leases We adopted ASU 2016-02, including the related codification amendments, in the first quarter of 2019 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. We determine if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. We account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities. We test right-of-use asset in an operating or finance lease at the asset group level (because these assets are long-lived nonfinancial assets and should be accounted for the same way as other long-lived nonfinancial assets) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. |
Loss Contingencies | Loss Contingencies In determining whether an accrual for a loss contingency is required, we first assess the likelihood of occurrence of the future event or events that will confirm the loss. When a loss is probable (the future event or events are likely to occur) and the amount of the loss can be reasonably estimated, the estimated loss is accrued. If the reasonable estimate of the loss is a range and an amount within the range appears to be a better estimate than any other amount within the range, that amount should be accrued. However, if no amount within the range is a better estimate, the minimum amount in the range should be accrued. When a loss is reasonably possible (the chance of the future event or events occurring is more than remote but less than likely), no accrual is recognized. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of allowance for bad debt | The following table sets forth activities in our allowance for credit losses (in millions): 2020 2019 2018 Balance as of beginning of period* $ 46.6 $ 39.4 $ 27.8 Charges to provision for credit losses 63.7 25.9 25.1 Write-off of uncollectible receivables (53.7) (32.2) (16.2) Recoveries of credit losses 1.0 2.4 2.9 Translation adjustments (0.3) — (0.1) Balance as of end of period $ 57.3 $ 35.5 $ 39.4 * For 2020, the balance as of the beginning of the period includes the $11.1 million cumulative transition adjustment related to the implementation of ASU 2016-13. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of estimated purchase price allocation for the acquisition | The following table summarizes the final aggregate consideration, updated for certain working capital items, and the final fair value of the assets acquired and liabilities assumed. The total consideration includes a deferred payment that is outstanding as of December 31, 2020. (In millions) Total Cash paid for acquisition of business $ 129.0 Amounts due to sellers 30.0 Purchase price $ 159.0 Assets acquired: Accounts receivable $ 42.8 Goodwill and identifiable intangible assets 123.3 Other current and long-term assets 3.8 Liabilities assumed: Accounts payable (9.9) Other current and long-term liabilities (1.0) Purchase price $ 159.0 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets | The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions): Gross Derivative Assets Gross Derivative Liabilities As of December 31, As of December 31, Derivative Instruments Balance Sheet Location 2020 2019 2020 2019 Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ 124.9 $ — $ 120.7 $ — Accrued expenses and other current liabilities 1.0 1.7 2.3 20.0 Other long-term liabilities 0.1 — 0.5 — 126.0 1.7 123.5 20.0 Interest rate contract Accrued expenses and other current liabilities — — 1.3 — Other long-term liabilities — — 2.4 — — — 3.7 — Total derivatives designated as hedging instruments 126.0 1.7 127.2 20.0 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 164.9 65.7 102.7 7.2 Identifiable intangible and other non-current assets 32.1 23.0 7.9 4.8 Accrued expenses and other current liabilities 30.5 161.0 68.4 203.4 Other long-term liabilities 17.5 7.7 23.5 19.7 245.0 257.3 202.5 235.0 Foreign currency contracts Short-term derivative assets, net — 1.2 — 0.2 Accrued expenses and other current liabilities 7.5 0.9 19.6 11.4 Other long-term liabilities — — 0.2 — 7.5 2.0 19.8 11.6 Total derivatives not designated as hedging instruments 252.5 259.4 222.3 246.6 Total derivatives $ 378.5 $ 261.1 $ 349.5 $ 266.6 |
Schedule of fair value positions of derivative instruments | The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes that were outstanding as of December 31, 2020 (in millions): As of December 31, Derivative Instruments Units 2020 Commodity contracts Long BBL 60.4 Short BBL (48.8) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (347.0) Buy U.S. dollar, sell other currencies USD 559.7 |
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income | As of December 31, 2020 and 2019, the following amounts were recorded within our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in million): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Asset/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) As of As of December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Inventory $ 44.5 $ 30.7 $ 4.9 $ 2.3 |
Effect of fair value and cash flow hedges on income and expense | The following table presents the effect of fair value and cash flow hedges on income and expense line items in our Consolidated Statements of Income and Comprehensive Income (in millions): Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships For the Twelve Months Ended December 31, 2020 2019 2018 Revenue Cost of Revenue Interest expense and other financing costs, net Revenue Cost of Revenue Revenue Cost of Revenue Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 20,358.3 $ 19,506.5 $ 48.6 $ 36,819.0 $ 35,707.0 $ 39,750.3 $ 38,731.8 Gain (Loss) on fair value hedge relationships Commodity contracts Hedged Item — (8.2) — — 18.1 — (1.6) Derivatives designated as hedging instruments — 9.4 — — (16.1) — 0.5 Gain (Loss) on cash flow hedge relationships Commodity contracts Amount of Gain (Loss) Reclassified from Accumulated OCI into Income 31.3 (181.1) — (8.5) 36.6 (23.5) 45.5 Interest rate contract Amount of Gain (Loss) Reclassified from Accumulated OCI into Income — — (0.5) — — — — Total amount of income and expense line items excluding the impact of hedges $ 20,327.0 $ 19,326.6 $ 48.1 $ 36,827.5 $ 35,745.6 39,773.7 38,776.1 |
Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income | The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income, Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income For the Year Ended Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income For the Year Ended December 31, December 31, Derivative Instruments 2020 2019 2018 Location 2020 2019 2018 Commodity contracts $ (20.8) $ (157.9) $ 130.3 Revenue $ 31.3 $ (8.5) $ (23.5) Commodity contracts (126.4) 160.6 (87.8) Cost of revenue (181.1) 36.6 45.5 Interest rate contract (3.2) — — Interest expense and other financing costs, net (0.5) — — Foreign Currency contracts — — (1.1) Other Income (expense) net — — (1.1) Total gain (loss) $ (150.4) $ 2.7 $ 41.5 Total gain (loss) $ (150.3) $ 28.1 $ 20.9 |
Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income | The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Realized and Unrealized Gain (Loss) For the Year Ended December 31, Derivative Instruments - Non-designated Location 2020 2019 2018 Commodity contracts Revenue $ 235.2 $ 269.5 $ 147.6 Cost of revenue (121.1) (221.8) (119.8) 114.1 47.7 27.8 Foreign currency contracts Revenue (3.2) (0.3) 1.4 Other (expense) income, net (13.4) (0.5) 5.3 (16.6) (0.7) 6.7 Total gain $ 97.5 $ 46.9 $ 34.5 |
Schedule of potential collateral requirements for derivative liabilities | The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions): Potential Collateral Requirements for Derivative Liabilities As of December 31, 2020 2019 Net derivative liability positions with credit contingent features $ 20.0 $ 45.6 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 20.0 $ 45.6 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Activities Included in Accrued Expenses Other Current Liabilities | The following table provides a summary of our restructuring activities during the years ended December 31, 2020 and 2019 (in millions): Aviation Land Marine Corporate Consolidated Accrued charges as of December 31, 2018 $ 1.4 $ 12.6 $ 2.6 $ 4.0 $ 20.7 Restructuring charges 1.2 4.4 1.2 13.0 19.7 Paid during the period (2.1) (9.6) (2.4) (16.8) (30.8) Accrued charges as of December 31, 2019 0.5 7.5 1.3 0.2 9.5 Restructuring charges 3.3 3.9 1.9 1.2 10.3 Paid during the period (3.0) (6.7) (2.3) (1.4) (13.3) Accrued charges as of December 31, 2020 $ 0.9 $ 4.6 $ 0.9 $ 0.1 $ 6.6 |
Summary of Impairment by Reportable Business Segment | The following table provides a summary of this impairment by reportable business segment for the for the year ended December 31, 2020 (in millions): Aviation Land Marine Corporate Consolidated Asset impairments $ 6.9 $ 5.9 $ 4.0 $ 1.8 $ 18.6 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | The amount of property and equipment and their respective estimated useful lives are as follows (in millions): As of December 31, Estimated 2020 2019 Useful Lives Land $ 19.1 $ 22.3 Indefinite Buildings and leasehold improvements 74.5 84.8 3 - 40 years Office equipment, furniture and fixtures 15.3 16.9 3 - 7 years Computer equipment and software costs 275.8 261.4 3 - 9 years Machinery, equipment and vehicles 267.7 269.3 3 - 40 years 652.3 654.8 Less: Accumulated depreciation and amortization 309.7 293.9 $ 342.6 $ 360.9 |
Schedule of amount of computer software costs, including capitalized internally developed software costs | The amount of computer software costs, including capitalized internally developed software costs and certain hosting arrangement costs are as follows (in millions): As of December 31, 2020 2019 Computer software costs $ 191.7 $ 169.9 Less: Accumulated amortization 116.1 110.0 Computer software costs, net $ 75.6 $ 59.9 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in goodwill | The following table provides information regarding changes in goodwill (in millions): Aviation Land Total As of December 31, 2018 $ 322.9 $ 529.7 $ 852.7 Adjustment for sale of business — (13.3) (13.3) Foreign currency translation of non-USD functional currency subsidiary goodwill 0.7 3.6 4.3 As of December 31, 2019 323.6 520.1 843.7 2020 acquisitions 79.1 — 79.1 Adjustment for sale of business (Note 3) (7.0) (64.6) (71.6) Foreign currency translation of non-USD functional currency subsidiary goodwill 3.2 4.3 7.4 As of December 31, 2020 $ 398.8 $ 459.7 $ 858.6 |
Schedule of intangible assets subject to amortization | The following table provides information about our identifiable intangible assets (in millions): As of December 31, 2020 As of December 31, 2019 Gross Accumulated (1) Net Gross Accumulated (1) Net Intangible assets subject to amortization: Customer relationships $ 392.1 $ 236.5 $ 155.6 $ 382.0 $ 226.5 $ 155.5 Supplier agreements 31.9 18.0 13.9 39.0 19.8 19.2 Others 37.5 28.6 8.8 40.1 33.5 6.6 461.5 283.2 178.3 461.1 279.8 181.3 Intangible assets not subject to amortization: Trademark/trade name rights 24.5 — 24.5 40.4 — 40.4 $ 486.0 $ 283.2 $ 202.8 $ 501.5 $ 279.8 $ 221.7 (1) Includes the impact of foreign exchange |
Schedule of intangible assets not subject to amortization | The following table provides information about our identifiable intangible assets (in millions): As of December 31, 2020 As of December 31, 2019 Gross Accumulated (1) Net Gross Accumulated (1) Net Intangible assets subject to amortization: Customer relationships $ 392.1 $ 236.5 $ 155.6 $ 382.0 $ 226.5 $ 155.5 Supplier agreements 31.9 18.0 13.9 39.0 19.8 19.2 Others 37.5 28.6 8.8 40.1 33.5 6.6 461.5 283.2 178.3 461.1 279.8 181.3 Intangible assets not subject to amortization: Trademark/trade name rights 24.5 — 24.5 40.4 — 40.4 $ 486.0 $ 283.2 $ 202.8 $ 501.5 $ 279.8 $ 221.7 (1) Includes the impact of foreign exchange |
Schedule of future estimated amortization of identifiable intangible assets | The future estimated amortization of our identifiable intangible assets is as follows (in millions): Year Ended December 31, 2021 $ 30.0 2022 28.5 2023 20.8 2024 19.5 2025 18.3 Thereafter 61.3 $ 178.3 |
Debt, Interest Income, Expens_2
Debt, Interest Income, Expense and Other Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt, Interest Income, Expense and Other Finance Costs [Abstract] | |
Schedule of debt | Our debt consisted of the following (in millions): As of December 31, 2020 2019 Credit Facility $ — $ 55.0 Term Loans 503.2 515.6 Finance leases 18.2 18.7 Other* 3.3 39.5 Total debt 524.7 628.8 Less: Current maturities of long-term debt and finance leases* 22.9 54.1 Long-term debt $ 501.8 $ 574.7 *At December 31, 2019, includes secured borrowing of $37.3 million (EUR 33.6 million) for the transfer of tax receivables which was extinguished in 2020. |
Schedule of aggregate annual maturities of debt | As of December 31, 2020, the aggregate annual maturities of debt are as follows (in millions): Year Ended December 31, 2021 $ 24.3 2022 30.2 2023 29.2 2024 15.3 2025 422.2 Thereafter 3.5 $ 524.7 |
Schedule of interest expense and other financing costs, net | The following table provides additional information about our interest income, interest expense and other financing costs, net (in millions): 2020 2019 2018 Interest income $ 3.6 $ 6.2 $ 3.9 Interest expense and other financing costs (48.6) (80.0) (74.8) $ (44.9) $ (73.9) $ (71.0) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum commitments under agreement with executive officers and key employees | As of December 31, 2020, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions): 2021 $ 0.9 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of outstanding awards issued pursuant to plans | The following table summarizes the outstanding awards issued pursuant to the 2016 Plan described above as of December 31, 2020 and the remaining shares of common stock available for future issuance (in millions): Plan name Restricted Stock RSUs SSAR Awards Remaining shares of common stock available for future issuance 2016 Plan (1) — 1.5 2.2 0.7 2006 Plan (2) — 0.4 0.1 — (1) As of December 31, 2020, unvested RSUs will vest between August 2021 and November 2023 and the outstanding SSAR Awards will expire between March 2022 and March 2025. (2) As of December 31, 2020, unvested restricted stock will vest February 2021, unvested RSUs will vest between March 2021 and May 2021 and the outstanding SSAR Awards will expire March 2021. RSUs granted to non‑employee directors under the 2006 Plan prior to 2011 remain outstanding until the date the non‑employee director ceases, for any reason, to be a member of the Board of Directors. |
Schedule of unvested restricted stock outstanding | The following table summarizes the status of our unvested restricted stock outstanding and related transactions for each of the following years (in millions, except weighted average grant-date fair value price and weighted average remaining vesting term data): Unvested Restricted Stock Weighted Average Grant date Fair Value Price Aggregate Intrinsic Value Weighted Average Remaining Vesting Term (in Years) As of December 31, 2017 0.3 $ 45.80 $ 9.7 0.9 Granted — — Vested (0.2) 47.48 Forfeited (0.1) 44.77 As of December 31, 2018 0.1 43.63 1.4 1.0 Granted — — Vested — 45.35 Forfeited — 51.47 As of December 31, 2019 — 41.56 1.3 0.7 Granted — — Vested — 47.36 Forfeited — — As of December 31, 2020 — $ 36.50 $ 0.5 0.1 |
Schedule of RSUs | The following table summarizes the status of our RSUs and related transactions for each of the following years (in millions, except for weighted average grant‑date fair value data and weighted average remaining contractual life): RSUs Outstanding RSUs Weighted Average Grant date Fair Value Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years) As of December 31, 2017 1.6 $ 41.01 $ 43.9 1.4 Granted 0.2 22.02 Vested (0.3) 46.31 Forfeited (0.2) 41.17 As of December 31, 2018 1.3 37.17 28.3 1.0 Granted 0.3 29.69 Vested (0.4) 37.34 Forfeited (0.1) 39.86 As of December 31, 2019 1.2 32.50 53.2 0.9 Granted 1.2 23.30 Vested (0.4) 36.12 Forfeited (0.2) 32.56 As of December 31, 2020 1.8 $ 25.17 $ 57.1 1.3 |
Schedule of outstanding and exercisable SSAR Awards | The following table summarizes the status of our outstanding and exercisable SSAR Awards and related transactions for each of the following years (in millions, except weighted average exercise price and weighted average remaining contractual life data): SSAR Awards Outstanding SSAR Awards Exercisable SSAR Awards Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years) SSAR Awards Weighted Average Exercise Price Aggregate Intrinsic Value Weighted Average Remaining Contractual Life (in Years) As of December 31, 2017 0.7 $ 40.27 $ — 3.0 0.2 $ 42.76 $ — 0.4 Granted 1.2 27.08 Exercised — — Forfeited (0.4) 38.53 As of December 31, 2018 1.5 29.75 — 4.0 — 57.48 — 1.2 Granted 0.7 29.68 Exercised — — Forfeited — — As of December 31, 2019 2.2 29.72 31.3 3.4 0.1 50.12 — 1.1 Granted 0.1 23.39 Exercised — — Forfeited — 57.48 As of December 31, 2020 2.3 $ 29.08 $ 7.3 2.5 0.2 $ 41.85 $ — 0.8 |
Schedule of unrecognized compensation cost | The unrecognized compensation cost as of December 31, 2020 is expected to be recognized as compensation expense over a weighted average period of 1.1 years as follows (in millions): Year Ended December 31, 2021 $ 8.9 2022 6.1 2023 1.6 2024 — 2025 — $ 16.6 |
Schedule of components of other comprehensive income and accumulated other comprehensive loss | Our other comprehensive loss, consisting of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and cash flow hedges, was as follows (in millions): Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Loss Balance as of December 31, 2018 $ (145.0) $ 13.3 $ (131.7) Other comprehensive income (loss) 8.2 (25.5) (17.3) Less: Net other comprehensive (income) loss attributable to noncontrolling interest 2.7 — 2.7 Balance as of December 31, 2019 (134.1) (12.2) (146.3) Other comprehensive income (loss) 13.8 (0.1) 13.7 Balance as of December 31, 2020 $ (120.3) $ (12.3) $ (132.6) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of U.S. and foreign income before income taxes | U.S. and foreign income before income taxes consist of the following (in millions): 2020 2019 2018 United States $ 51.2 $ (59.1) $ (63.6) Foreign 110.5 296.4 248.5 $ 161.7 $ 237.3 $ 184.9 |
Schedule of components of income tax provision (benefit) | The income tax provision (benefit) related to income before income taxes consists of the following components (in millions): 2020 2019 2018 Current: U.S. federal statutory tax $ 10.1 $ (4.0) $ 8.2 State 2.6 1.6 (1.6) Foreign 42.9 35.9 46.3 55.6 33.5 52.9 Deferred: U.S. federal statutory tax — 11.0 4.0 State — 4.6 (6.2) Foreign (14.4) (12.2) (1.0) (14.4) 3.4 (3.2) Non-current tax expense (income) 10.9 19.3 6.2 $ 52.1 $ 56.2 $ 55.9 |
Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate | A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows: 2020 2019 2018 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Foreign earnings, net of foreign taxes (13.3) (13.8) (11.6) State income taxes, net of U.S. federal income tax benefit 1.3 2.2 (3.3) U.S. tax on deemed dividends — 0.9 (0.4) Tax Act - Transition Tax (0.7) 0.5 0.7 Tax Reform - GILTI 0.5 6.0 9.7 Tax Reform - BEAT 1.4 0.1 2.8 Deferred tax impact on foreign unrepatriated earnings (0.9) 0.5 (1.0) Goodwill impairment — — — Uncertain tax positions 6.8 8.2 3.4 Foreign currency adjustments (2.1) (6.1) 2.2 Intercompany interest transfer pricing adjustment 2.0 1.4 1.5 Nontaxable interest income (3.0) (2.3) (2.7) Nondeductible interest expense 1.9 1.8 — Valuation allowance 10.6 1.2 3.0 Sale of Company 3.0 — — Non-deductible Officer Compensation 1.2 0.5 0.1 Other permanent differences 2.5 1.6 4.8 Effective income tax rate 32.2 % 23.7 % 30.2 % |
Schedule of net deferred tax liabilities | The temporary differences which comprise our net deferred tax liabilities are as follows (in millions): As of December 31, 2020 2019 Gross Deferred Tax Assets: Bad debt reserve $ 15.2 $ 4.2 Net operating loss 57.4 40.1 Accrued and other share-based compensation 14.7 27.1 Leases 2.5 — Accrued expenses 3.9 6.0 U.S. foreign income tax credits 1.2 3.0 Other income tax credits 0.2 0.2 Customer deposits 1.2 3.1 Investments 1.9 1.9 Unrealized foreign exchange 16.4 — Cash flow hedges 2.9 3.9 Interest Limitation 10.7 6.1 Other — — Total gross deferred tax assets 128.2 95.6 Less: Valuation allowance 48.0 32.5 Gross deferred tax assets, net of valuation allowance 80.2 63.1 Deferred Tax Liabilities: Depreciation (23.2) (11.7) Goodwill and intangible assets (54.8) (53.5) Unrealized foreign exchange — (6.3) Prepaid expenses, deductible for tax purposes (3.3) (4.2) Deferred tax costs on foreign unrepatriated earnings (10.4) (12.0) Unrealized derivatives (6.4) (3.8) Other (2.3) (5.6) Total gross deferred tax liabilities (100.4) (97.1) Net deferred tax liability $ 20.2 $ 34.0 Net deferred tax asset — — Reported on the Consolidated Balance Sheets as: Identifiable intangible and other non-current assets for deferred tax assets, non-current $ 33.7 $ 20.7 Non-current income tax liabilities, net of deferred tax liabilities, non-current $ 53.6 54.1 |
Schedule of expiration of NOL carryforward | This deferred tax asset expires as follows (in millions): Net Operating Loss Expiration Date Deferred Tax Asset US States 2021-2040 $ 8.2 US States Indefinite $ 2.8 Foreign 2022-2040 $ 4.9 Foreign Indefinite $ 41.5 Total $ 57.4 |
Schedule of reconciliation of the total amounts of unrecognized income tax benefits | The following is a tabular reconciliation of the total amounts of gross Unrecognized Tax Liabilities for the year (in millions): 2020 2019 2018 Gross Unrecognized Tax Liabilities – opening balance $ 66.5 $ 57.0 $ 58.8 Gross increases – tax positions in prior period 4.8 12.2 3.6 Gross decreases – tax positions in prior period (0.5) (13.5) (10.6) Gross increases – tax positions in current period 12.3 14.9 11.5 Gross decreases – tax positions in current period — — — Settlements (0.1) (1.4) (1.5) Lapse of statute of limitations (4.8) (2.7) (4.8) Gross Unrecognized Tax Liabilities – ending balance $ 78.2 $ 66.5 $ 57.0 |
Schedule of open tax years by jurisdiction with major uncertain tax positions | The following table summarizes these open tax years by jurisdiction with material uncertain tax positions: Open Tax Year Jurisdiction Examination Examination not Denmark 2013 - 2015 2016 - 2020 South Korea 2011 - 2014 2015 - 2020 Greece None 2016 - 2020 Other non-U.S. None 2014 - 2020 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at estimated fair value on a recurring basis | The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 (in millions): Fair Value Measurements as of December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Assets: Commodities contracts $ 233.5 $ 127.9 $ 9.5 $ 371.0 Foreign currency contracts — 7.5 — 7.5 Cash surrender value of life insurance — 11.4 — 11.4 Total assets at fair value $ 233.5 $ 146.8 $ 9.5 $ 389.9 Liabilities: Commodities contracts $ 223.0 $ 96.8 $ 6.3 $ 326.0 Interest rate contract — 3.7 — 3.7 Foreign currency contracts — 19.8 — 19.8 Total liabilities at fair value $ 223.0 $ 120.2 $ 6.3 $ 349.5 Fair Value Measurements as of December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Assets: Commodities contracts $ 148.3 $ 100.0 $ 10.7 $ 259.0 Foreign currency contracts — 2.0 — 2.0 Cash surrender value of life insurance — 9.4 — 9.4 Total assets at fair value $ 148.3 $ 111.4 $ 10.7 $ 270.4 Liabilities: Commodities contracts $ 177.6 $ 69.3 $ 8.1 $ 255.0 Foreign currency contracts — 11.6 — 11.6 Total liabilities at fair value $ 177.6 $ 80.9 $ 8.1 $ 266.6 |
Schedule of commodity derivative assets subject to the right of offset | The following tables summarize those commodity derivative balances subject to the right of offset as presented within our Consolidated Balance Sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. Fair Value as of December 31, 2020 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts Without Right of Offset Net Amounts Assets: Commodities contracts $ 371.0 $ 287.1 $ 83.9 $ 1.2 $ — $ 82.7 Foreign currency contracts 7.5 7.5 — — — — Total assets at fair value $ 378.5 $ 294.6 $ 83.9 $ 1.2 $ — $ 82.7 Liabilities: Commodities contracts $ 326.0 $ 287.1 $ 38.9 $ 2.3 $ — $ 36.6 Interest rate contract 3.7 — 3.7 — — 3.7 Foreign currency contracts 19.8 7.5 12.3 — — 12.3 Total liabilities at fair value $ 349.5 $ 294.6 $ 54.9 $ 2.3 $ — $ 52.6 Fair Value as of December 31, 2019 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts Without Right of Offset Net Amounts Assets: Commodities contracts $ 259.0 $ 130.0 $ 129.0 $ — $ — $ 129.0 Foreign currency contracts 2.0 1.0 1.0 — — 1.0 Total assets at fair value $ 261.1 $ 131.1 $ 130.0 $ — $ — $ 130.0 Liabilities: Commodities contracts $ 255.0 $ 130.0 $ 125.0 $ 29.3 $ — $ 95.7 Foreign currency contracts 11.6 1.0 10.5 — — 10.5 Total liabilities at fair value $ 266.6 $ 131.1 $ 135.5 $ 29.3 $ — $ 106.3 |
Schedule of commodity derivative liabilities subject to the right of offset | The following tables summarize those commodity derivative balances subject to the right of offset as presented within our Consolidated Balance Sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. Fair Value as of December 31, 2020 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts Without Right of Offset Net Amounts Assets: Commodities contracts $ 371.0 $ 287.1 $ 83.9 $ 1.2 $ — $ 82.7 Foreign currency contracts 7.5 7.5 — — — — Total assets at fair value $ 378.5 $ 294.6 $ 83.9 $ 1.2 $ — $ 82.7 Liabilities: Commodities contracts $ 326.0 $ 287.1 $ 38.9 $ 2.3 $ — $ 36.6 Interest rate contract 3.7 — 3.7 — — 3.7 Foreign currency contracts 19.8 7.5 12.3 — — 12.3 Total liabilities at fair value $ 349.5 $ 294.6 $ 54.9 $ 2.3 $ — $ 52.6 Fair Value as of December 31, 2019 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts Without Right of Offset Net Amounts Assets: Commodities contracts $ 259.0 $ 130.0 $ 129.0 $ — $ — $ 129.0 Foreign currency contracts 2.0 1.0 1.0 — — 1.0 Total assets at fair value $ 261.1 $ 131.1 $ 130.0 $ — $ — $ 130.0 Liabilities: Commodities contracts $ 255.0 $ 130.0 $ 125.0 $ 29.3 $ — $ 95.7 Foreign currency contracts 11.6 1.0 10.5 — — 10.5 Total liabilities at fair value $ 266.6 $ 131.1 $ 135.5 $ 29.3 $ — $ 106.3 |
Business Segments, Geographic_2
Business Segments, Geographic Information and Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of revenue, gross profit, income from operations, depreciation and amortization and capital expenditures by segment | Information concerning our revenue, gross profit and income from operations by segment is as follows (in millions): For the Year Ended December 31, 2020 2019 2018 Revenue: Aviation segment $ 8,179.6 $ 18,479.5 $ 19,119.7 Land segment 6,663.1 10,280.9 11,381.1 Marine segment 5,515.7 8,058.5 9,249.5 $ 20,358.3 $ 36,819.0 $ 39,750.3 Gross profit: Aviation segment $ 352.9 $ 551.6 $ 507.8 Land segment 347.6 378.9 364.9 Marine segment 151.4 181.5 145.8 $ 851.8 $ 1,112.0 $ 1,018.5 Income from operations: (1) Aviation segment $ 84.5 $ 283.9 $ 250.6 Land segment 72.6 55.0 47.8 Marine segment 58.5 67.1 37.8 215.6 406.1 336.3 Corporate overhead - unallocated (77.8) (106.4) (76.6) $ 137.9 $ 299.7 $ 259.7 Depreciation and amortization Aviation segment $ 31.5 $ 28.5 $ 27.5 Land segment 45.3 48.0 46.5 Marine segment 3.8 4.5 2.2 Corporate segment 5.2 6.4 5.3 $ 85.8 $ 87.4 $ 81.5 Capital expenditures: Aviation segment $ 17.6 $ 23.0 $ 19.7 Land segment 12.5 26.9 30.9 Marine segment 0.8 28.3 2.9 Corporate 20.4 2.7 18.8 $ 51.3 $ 80.9 $ 72.3 (1) Includes $10.3 million, $19.7 million and $17.1 million of restructuring charges for the years ended December 31, 2020, 2019 and 2018, respectively. |
Schedule of accounts receivable, net and total assets by segment | Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions): As of December 31, 2020 2019 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $41.2 and $14.6 as of December 31, 2020 and December 31, 2019, respectively $ 464.7 $ 1,098.2 Land segment, net of allowance for credit losses of $5.0 and $2.8 as of December 31, 2020 and December 31, 2019, respectively 394.5 863.2 Marine segment, net of allowance for credit losses of $7.6 and $18.0 as of December 31, 2020 and December 31, 2019, respectively 379.2 930.5 $ 1,238.4 $ 2,891.9 Total assets: Aviation segment $ 1,789.5 $ 2,416.5 Land segment 1,459.5 2,089.4 Marine segment 667.6 1,189.7 Corporate 583.7 296.8 $ 4,500.3 $ 5,992.4 |
Schedule of revenue, income from operations, non-current assets and total assets by geographic segment | Information concerning our revenue and property and equipment, net, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in millions): For the Year Ended December 31, 2020 2019 2018 Revenue: United States $ 10,365.2 $ 19,365.2 $ 20,555.5 EMEA (1) (3) 4,961.0 9,235.1 9,721.9 Asia Pacific (2) (3) 3,035.6 4,581.1 5,537.2 Americas, excluding United States 1,996.6 3,637.6 3,935.6 Total $ 20,358.3 $ 36,819.0 $ 39,750.3 As of December 31, 2020 2019 Property and equipment, net: United States $ 177.6 $ 173.0 EMEA 144.1 135.7 Asia Pacific 7.9 44.2 Americas, excluding United States 13.1 8.0 Total $ 342.6 $ 360.9 (1) Includes revenue related to the U.K. of $3.1 billion, $5.5 billion and $6.3 billion for 2020, 2019 and 2018, respectively. (2) Includes revenue related to Singapore of $3.0 billion, $4.5 billion and $5.4 billion for 2020, 2019 and 2018, respectively. (3) Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at "Note 14. Revenue." |
Revenue from Contract with Cust
Revenue from Contract with Customer (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue disaggregated by major geographic areas | The following table presents our revenues from contracts with customers disaggregated by major geographic areas and by segment (in millions): For the Year Ended December 31, 2020 2019 2018 Aviation $ 542.1 $ 1,410.2 $ 1,564.6 Land 10.6 18.2 3.3 Marine 2,436.8 2,929.2 3,552.1 Asia Pacific 2,989.4 4,357.7 5,120.1 Aviation 1,403.4 3,824.3 3,641.4 Land 1,744.5 2,425.4 2,563.6 Marine 1,630.8 2,739.1 3,148.3 EMEA 4,778.7 8,988.9 9,353.4 Aviation 1,069.9 2,347.1 1,931.6 Land 440.1 612.4 631.8 Marine 483.5 678.1 610.2 LATAM 1,993.5 3,637.7 3,173.6 Aviation 4,618.4 10,933.0 12,025.7 Land 4,359.6 7,017.0 8,038.0 Marine 851.6 1,415.2 1,480.5 North America 9,829.6 19,365.1 21,544.2 Other revenues (excluded from ASC 606) 767.1 469.6 559.0 $ 20,358.3 $ 36,819.0 $ 39,750.3 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease costs and other information related to leases | For the twelve months ended December 31, 2020 and 2019, we recognized the following total lease cost related to our lease arrangements (in millions): 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 3.1 $ 4.2 Interest on lease liabilities 0.6 0.5 Operating lease cost 45.6 53.2 Short-term lease cost 25.5 18.3 Variable lease cost 6.4 5.0 Sublease income (4.4) (11.4) Total lease cost $ 76.8 $ 69.6 Other information related to leases for the twelve months ended December 31, 2020 and 2019: 2020 2019 Weighted-average remaining lease term (years) - finance leases 5.6 5.6 Weighted-average remaining lease term (years) - operating leases 6.6 6.5 Weighted-average discount rate - finance leases 3.3% 3.2% Weighted-average discount rate - operating leases 5.6% 5.9% Cash paid for amounts included in the measurement of lease liabilities (in millions): Operating cash flows from finance leases $ 0.6 $ 0.5 Operating cash flows from operating leases $ 49.9 $ 52.9 Financing cash flows from finance leases $ 4.3 $ 4.0 Right of use assets obtained in exchange for new operating lease liability (noncash in millions) $ 38.9 $ 30.2 Right of use assets obtained in exchange for new finance lease liability (noncash in millions) $ 4.1 $ 8.2 |
Remaining lease payments | As of December 31, 2020, our remaining lease payments were as follows (in millions): Operating Leases Finance Leases 2021 $ 39.8 $ 4.4 2022 32.4 4.0 2023 26.7 3.3 2024 21.3 2.4 2025 18.1 2.4 Thereafter 54.2 3.6 Total remaining lease payments (undiscounted) 192.5 20.2 Less: imputed interest 34.9 1.9 Present value of lease liabilities $ 157.6 $ 18.2 |
Remaining lease payments | As of December 31, 2020, our remaining lease payments were as follows (in millions): Operating Leases Finance Leases 2021 $ 39.8 $ 4.4 2022 32.4 4.0 2023 26.7 3.3 2024 21.3 2.4 2025 18.1 2.4 Thereafter 54.2 3.6 Total remaining lease payments (undiscounted) 192.5 20.2 Less: imputed interest 34.9 1.9 Present value of lease liabilities $ 157.6 $ 18.2 |
Supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases (in millions): Classification As of December 31, 2020 As of December 31, 2019 Assets Operating Lease Assets Identifiable intangible and other non-current assets $ 140.8 $ 153.7 Finance Lease Assets Property and equipment, net 17.4 17.8 Liabilities Operating Lease Liability - Current Accrued expenses and other current liabilities 33.2 35.6 Operating Lease Liability - Long Term Other long-term liabilities 124.3 124.7 Finance Lease Liability - Current Current maturities of long-term debt 3.8 4.3 Finance Lease Liability - Long Term Long-term debt $ 14.4 $ 14.4 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share amounts): 2020 2019 2018 Numerator: Net income (loss) attributable to World Fuel $ 109.6 $ 178.9 $ 127.7 Denominator: Weighted average common shares for basic earnings per common share 63.7 66.1 67.4 Effect of dilutive securities 0.3 0.4 0.3 Weighted average common shares for diluted earnings per common share 64.0 66.5 67.7 Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met 3.0 1.4 1.2 Basic earnings (loss) per common share $ 1.72 $ 2.71 $ 1.89 Diluted earnings (loss) per common share $ 1.71 $ 2.69 $ 1.89 |
Summary Quarterly Information_2
Summary Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Summary Quarterly Information (Unaudited) | The following is a summary of the unaudited quarterly results for 2020 and 2019 (in millions, except earnings per share data): March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Revenue $ 8,015.2 $ 3,158.3 $ 4,482.7 $ 4,702.1 Gross profit $ 258.7 $ 213.9 $ 214.0 $ 165.2 Net income (loss) including noncontrolling interest $ 41.6 $ (10.7) $ 82.4 $ (3.8) Net income (loss) attributable to World Fuel $ 41.4 $ (10.2) $ 82.0 $ (3.6) Basic earnings (loss) per common share (1) $ 0.64 $ (0.16) $ 1.29 $ (0.06) Diluted earnings (loss) per common share (1) $ 0.63 $ (0.16) $ 1.29 $ (0.06) March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Revenue $ 8,678.8 $ 9,459.4 $ 9,322.7 $ 9,358.1 Gross profit $ 251.1 $ 268.6 $ 305.7 $ 286.6 Net income including noncontrolling interest $ 37.3 $ 37.6 $ 49.4 $ 56.8 Net income attributable to World Fuel $ 37.2 $ 37.0 $ 48.2 $ 56.5 Basic earnings per common share (1) $ 0.55 $ 0.56 $ 0.74 $ 0.86 Diluted earnings per common share (1) $ 0.55 $ 0.55 $ 0.73 $ 0.86 (1) Basic and diluted earnings (loss) per share are computed independently for each quarter and the full year based upon respective weighted average shares outstanding. Therefore, the sum of the quarterly basic and diluted earnings per share amounts may not equal the annual basic and diluted earnings per share amounts reported. |
Basis of Presentation, New Ac_3
Basis of Presentation, New Accounting Standards and Significant Accounting Policies (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative transition adjustment to retained earnings | $ 1,912.9 | $ 1,893.9 | $ 1,831.6 | $ 1,738 |
Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative transition adjustment to retained earnings | $ 1,836.7 | 1,761.3 | $ 1,606.1 | $ 1,492.8 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative transition adjustment to retained earnings | (11.1) | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative transition adjustment to retained earnings | $ (11.1) |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | $ 1,200 | $ 2,900 | |||
Allowance for credit losses | $ 57.3 | 35.5 | $ 39.4 | $ 27.8 | |
Percent accounts receivable outstanding, less than 60 days | 91.00% | ||||
Account receivable sold under the RPAs | $ 306.9 | 405.9 | |||
Fees and financing costs under the RPA | 11.8 | 25.9 | 19.9 | ||
Accounts receivable sold under repurchase agreement | 4,400 | 8,200 | 7,900 | ||
Amount collected of accounts receivables under repurchase agreement | $ 4,300 | $ 8,200 | $ 7,900 | ||
Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Sale price of receivables, percentage of sold amount | 100.00% | ||||
London Interbank Offered Rate (LIBOR) | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivable, basis spread on variable rate | 3.25% | ||||
London Interbank Offered Rate (LIBOR) | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivable, basis spread on variable rate | 1.00% |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Credit Loss | ||||
Beginning balance | $ 35.5 | $ 39.4 | $ 27.8 | |
Charges to provision for credit losses | 63.7 | 25.9 | 25.1 | |
Write-off of uncollectible receivables | (53.7) | (32.2) | (16.2) | |
Recoveries of credit losses | 1 | 2.4 | 2.9 | |
Translation adjustments | (0.3) | 0 | (0.1) | |
Ending balance | 57.3 | 35.5 | 39.4 | |
Cumulative transition adjustment to retained earnings | 1,912.9 | 1,893.9 | 1,831.6 | $ 1,738 |
Retained Earnings | ||||
Allowance for Credit Loss | ||||
Cumulative transition adjustment to retained earnings | 1,836.7 | 1,761.3 | $ 1,606.1 | $ 1,492.8 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Credit Loss | ||||
Cumulative transition adjustment to retained earnings | (11.1) | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | ||||
Allowance for Credit Loss | ||||
Cumulative transition adjustment to retained earnings | (11.1) | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Beginning balance | $ 46.6 | |||
Ending balance | $ 46.6 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) $ in Millions | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)acquisition | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||
Proceeds from sale of business, net of divested cash | $ 259.6 | $ 30.8 | $ 0 | ||
Provision for income taxes | 52.1 | 56.2 | 55.9 | $ 149.2 | |
Acquisitions | |||||
Goodwill | 858.6 | $ 843.7 | $ 852.7 | ||
Universal Weather and Aviation, Inc. | |||||
Acquisitions | |||||
Goodwill | 79.1 | ||||
Goodwill, expected to be tax deductible | 70.2 | ||||
Number of business acquired | acquisition | 1 | ||||
Universal Weather and Aviation, Inc. | Customer relationships | |||||
Acquisitions | |||||
Identifiable intangible assets acquired | 44.3 | ||||
Disposal Group, Not Discontinued Operations | Multi Service Payment Solutions | |||||
Business Acquisition [Line Items] | |||||
Proceeds from sale of business, net of divested cash | $ 303.5 | ||||
Proceeds from divestiture of businesses, net of cash divested | $ 259.6 | ||||
Deferred future payment from sale of business | 75 | ||||
Deferred future payment from sale of business, portion based on future business performance | 50 | ||||
Gain (loss) on sale of investments | 80 | ||||
Provision for income taxes | $ 12.9 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Cash paid for acquisition of business | $ 128.6 | $ 0 | $ 21.3 |
Universal Weather and Aviation, Inc. | |||
Business Acquisition [Line Items] | |||
Cash paid for acquisition of business | 129 | ||
Amounts due to sellers | 30 | ||
Purchase price | 159 | ||
Assets acquired: | |||
Accounts receivable | 42.8 | ||
Goodwill and identifiable intangible assets | 123.3 | ||
Other current and long-term assets | 3.8 | ||
Liabilities assumed: | |||
Accounts payable | (9.9) | ||
Other current and long-term liabilities | (1) | ||
Purchase price | $ 159 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||||||||
Gain (loss) recognized in earnings related to fair value or cash flow hedges excluded from assessment of hedge effectiveness | $ 0 | $ 0 | $ 0 | ||||||||
Revenues | $ 4,702,100,000 | $ 4,482,700,000 | $ 3,158,300,000 | $ 8,015,200,000 | $ 9,358,100,000 | $ 9,322,700,000 | $ 9,459,400,000 | $ 8,678,800,000 | 20,358,300,000 | 36,819,000,000 | 39,750,300,000 |
Cost of Revenue | 19,506,500,000 | 35,707,000,000 | 38,731,800,000 | ||||||||
Collateral posted and held by our counterparties | $ 0 | $ 0 | 0 | 0 | |||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Derivative [Line Items] | |||||||||||
Revenues | 505,600,000 | (51,500,000) | (34,400,000) | ||||||||
Cost of Revenue | (181,600,000) | (7,100,000) | 21,300,000 | ||||||||
Revenue | |||||||||||
Derivative [Line Items] | |||||||||||
Amount scheduled to be reclassified over the next twelve months | 108,900,000 | ||||||||||
Revenues | 20,358,300,000 | 36,819,000,000 | 39,750,300,000 | ||||||||
Cost of revenue | |||||||||||
Derivative [Line Items] | |||||||||||
Amount scheduled to be reclassified over the next twelve months | 106,400,000 | ||||||||||
Cost of Revenue | $ 19,506,500,000 | $ 35,707,000,000 | $ 38,731,800,000 | ||||||||
Interest Rate Swap | |||||||||||
Derivative [Line Items] | |||||||||||
Derivative, notional amount | $ 300,000,000 |
Derivative Instruments - Balanc
Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | $ 378.5 | $ 261.1 |
Gross Derivative Liabilities | 349.5 | 266.6 |
Commodity contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 371 | 259 |
Gross Derivative Liabilities | 326 | 255 |
Foreign currency contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 7.5 | 2 |
Gross Derivative Liabilities | 19.8 | 11.6 |
Interest rate contract | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Liabilities | 3.7 | |
Derivatives designated as hedging instruments | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 126 | 1.7 |
Gross Derivative Liabilities | 127.2 | 20 |
Derivatives designated as hedging instruments | Commodity contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 126 | 1.7 |
Gross Derivative Liabilities | 123.5 | 20 |
Derivatives designated as hedging instruments | Commodity contracts | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 124.9 | 0 |
Gross Derivative Liabilities | 120.7 | 0 |
Derivatives designated as hedging instruments | Commodity contracts | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 1 | 1.7 |
Gross Derivative Liabilities | 2.3 | 20 |
Derivatives designated as hedging instruments | Commodity contracts | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0.1 | 0 |
Gross Derivative Liabilities | 0.5 | 0 |
Derivatives designated as hedging instruments | Interest rate contract | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | 3.7 | 0 |
Derivatives designated as hedging instruments | Interest rate contract | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | 1.3 | 0 |
Derivatives designated as hedging instruments | Interest rate contract | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | 2.4 | 0 |
Derivatives not designated as hedging instruments | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 252.5 | 259.4 |
Gross Derivative Liabilities | 222.3 | 246.6 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 245 | 257.3 |
Gross Derivative Liabilities | 202.5 | 235 |
Derivatives not designated as hedging instruments | Commodity contracts | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 164.9 | 65.7 |
Gross Derivative Liabilities | 102.7 | 7.2 |
Derivatives not designated as hedging instruments | Commodity contracts | Identifiable intangible and other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 32.1 | 23 |
Gross Derivative Liabilities | 7.9 | 4.8 |
Derivatives not designated as hedging instruments | Commodity contracts | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 30.5 | 161 |
Gross Derivative Liabilities | 68.4 | 203.4 |
Derivatives not designated as hedging instruments | Commodity contracts | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 17.5 | 7.7 |
Gross Derivative Liabilities | 23.5 | 19.7 |
Derivatives not designated as hedging instruments | Foreign currency contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 7.5 | 2 |
Gross Derivative Liabilities | 19.8 | 11.6 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 1.2 |
Gross Derivative Liabilities | 0 | 0.2 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 7.5 | 0.9 |
Gross Derivative Liabilities | 19.6 | 11.4 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | $ 0.2 | $ 0 |
Derivative Instruments - Gross
Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)bbl | |
Long | Commodity contracts | |
Derivative [Line Items] | |
Notional value of commodity contracts (in barrels) | bbl | 60.4 |
Long | Foreign currency contracts | U.S. dollar | |
Derivative [Line Items] | |
Notional amount of foreign currency contracts | $ | $ 559.7 |
Short | Commodity contracts | |
Derivative [Line Items] | |
Notional value of commodity contracts (in barrels) | bbl | 48.8 |
Short | Foreign currency contracts | U.S. dollar | |
Derivative [Line Items] | |
Notional amount of foreign currency contracts | $ | $ 347 |
Derivative Instruments - Effect
Derivative Instruments - Effect on Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Carrying Amount of Hedged Asset/(Liabilities) | $ 44,500,000 | $ 30,700,000 | $ 44,500,000 | $ 30,700,000 | |||||||
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 4,900,000 | 2,300,000 | 4,900,000 | 2,300,000 | |||||||
Gain (loss) on derivative | |||||||||||
Revenue | 4,702,100,000 | $ 4,482,700,000 | $ 3,158,300,000 | $ 8,015,200,000 | 9,358,100,000 | $ 9,322,700,000 | $ 9,459,400,000 | $ 8,678,800,000 | 20,358,300,000 | 36,819,000,000 | $ 39,750,300,000 |
Cost of revenue | 19,506,500,000 | 35,707,000,000 | 38,731,800,000 | ||||||||
Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features | |||||||||||
Net derivative liability positions with credit contingent features | 20,000,000 | 45,600,000 | 20,000,000 | 45,600,000 | |||||||
Collateral posted and held by our counterparties | 0 | 0 | 0 | 0 | |||||||
Maximum additional potential collateral requirements | $ 20,000,000 | $ 45,600,000 | 20,000,000 | 45,600,000 | |||||||
Revenue | |||||||||||
Gain (loss) on derivative | |||||||||||
Revenue | 20,358,300,000 | 36,819,000,000 | 39,750,300,000 | ||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Total amount of income and expense line items excluding the impact of hedges, Revenue | 20,327,000,000 | 36,827,500,000 | 39,773,700,000 | ||||||||
Cost of revenue | |||||||||||
Gain (loss) on derivative | |||||||||||
Cost of revenue | 19,506,500,000 | 35,707,000,000 | 38,731,800,000 | ||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Total amount of income and expense line items excluding the impact of hedges, Cost of revenue | 19,326,600,000 | 35,745,600,000 | 38,776,100,000 | ||||||||
Interest expense and other financing costs, net | |||||||||||
Gain (loss) on derivative | |||||||||||
Interest Expense And Other Financing Costs | 48,600,000 | ||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs | 48,100,000 | ||||||||||
Commodity contracts | Revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Hedged Item | 0 | 0 | 0 | ||||||||
Derivatives designated as hedging instruments | 0 | 0 | 0 | ||||||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 31,300,000 | (8,500,000) | (23,500,000) | ||||||||
Commodity contracts | Cost of revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Hedged Item | (8,200,000) | 18,100,000 | (1,600,000) | ||||||||
Derivatives designated as hedging instruments | 9,400,000 | (16,100,000) | 500,000 | ||||||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (181,100,000) | 36,600,000 | 45,500,000 | ||||||||
Commodity contracts | Interest expense and other financing costs, net | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Hedged Item | 0 | ||||||||||
Derivatives designated as hedging instruments | 0 | ||||||||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 0 | ||||||||||
Interest rate contract | Revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 0 | 0 | 0 | ||||||||
Interest rate contract | Cost of revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 0 | 0 | 0 | ||||||||
Interest rate contract | Interest expense and other financing costs, net | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (500,000) | ||||||||||
Derivatives designated as hedging instruments | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (150,400,000) | 2,700,000 | 41,500,000 | ||||||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | (150,300,000) | 28,100,000 | 20,900,000 | ||||||||
Derivatives designated as hedging instruments | Commodity contracts | Revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (20,800,000) | (157,900,000) | 130,300,000 | ||||||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | 31,300,000 | (8,500,000) | (23,500,000) | ||||||||
Derivatives designated as hedging instruments | Commodity contracts | Cost of revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (126,400,000) | 160,600,000 | (87,800,000) | ||||||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | (181,100,000) | 36,600,000 | 45,500,000 | ||||||||
Derivatives designated as hedging instruments | Foreign currency contracts | Interest expense and other financing costs, net | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | 0 | 0 | (1,100,000) | ||||||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 | (1,100,000) | ||||||||
Derivatives designated as hedging instruments | Interest rate contract | Interest expense and other financing costs, net | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income | (3,200,000) | 0 | 0 | ||||||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | (500,000) | 0 | 0 | ||||||||
Derivatives not designated as hedging instruments | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Realized and Unrealized Gain (Loss) | 97,500,000 | 46,900,000 | 34,500,000 | ||||||||
Derivatives not designated as hedging instruments | Commodity contracts | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Realized and Unrealized Gain (Loss) | 114,100,000 | 47,700,000 | 27,800,000 | ||||||||
Derivatives not designated as hedging instruments | Commodity contracts | Revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Realized and Unrealized Gain (Loss) | 235,200,000 | 269,500,000 | 147,600,000 | ||||||||
Derivatives not designated as hedging instruments | Commodity contracts | Cost of revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Realized and Unrealized Gain (Loss) | (121,100,000) | (221,800,000) | (119,800,000) | ||||||||
Derivatives not designated as hedging instruments | Foreign currency contracts | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Realized and Unrealized Gain (Loss) | (16,600,000) | (700,000) | 6,700,000 | ||||||||
Derivatives not designated as hedging instruments | Foreign currency contracts | Revenue | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Realized and Unrealized Gain (Loss) | (3,200,000) | (300,000) | 1,400,000 | ||||||||
Derivatives not designated as hedging instruments | Foreign currency contracts | Interest expense and other financing costs, net | |||||||||||
Gain (Loss) on fair value hedge relationships | |||||||||||
Amount of Realized and Unrealized Gain (Loss) | $ (13,400,000) | $ (500,000) | $ 5,300,000 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 10.3 | $ 19.7 | $ 17.1 | |
Asset impairments | 25.6 | 0 | $ 0 | |
Restructuring, 2020 Initiative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 10.3 | $ 19.7 | ||
Asset impairments | $ 18.6 | $ 18.6 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | $ 10.3 | $ 19.7 | $ 17.1 |
Restructuring, 2020 Initiative | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 9.5 | 20.7 | |
Restructuring charges | 10.3 | 19.7 | |
Paid during the period | (13.3) | (30.8) | |
Ending Balance | 6.6 | 9.5 | 20.7 |
Land segment | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 19.7 | ||
Operating Segments | Aviation segment | Restructuring, 2020 Initiative | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 0.5 | 1.4 | |
Restructuring charges | 3.3 | 1.2 | |
Paid during the period | (3) | (2.1) | |
Ending Balance | 0.9 | 0.5 | 1.4 |
Operating Segments | Land segment | Restructuring, 2020 Initiative | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 7.5 | 12.6 | |
Restructuring charges | 3.9 | 4.4 | |
Paid during the period | (6.7) | (9.6) | |
Ending Balance | 4.6 | 7.5 | 12.6 |
Operating Segments | Marine segment | Restructuring, 2020 Initiative | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 1.3 | 2.6 | |
Restructuring charges | 1.9 | 1.2 | |
Paid during the period | (2.3) | (2.4) | |
Ending Balance | 0.9 | 1.3 | 2.6 |
Corporate | Restructuring, 2020 Initiative | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 0.2 | 4 | |
Restructuring charges | 1.2 | 13 | |
Paid during the period | (1.4) | (16.8) | |
Ending Balance | $ 0.1 | $ 0.2 | $ 4 |
Restructuring - Summary of Impa
Restructuring - Summary of Impairment by Reportable Business Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments | $ 25.6 | $ 0 | $ 0 | |
Restructuring, 2020 Initiative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments | $ 18.6 | 18.6 | ||
Operating Segments | Aviation segment | Restructuring, 2020 Initiative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments | 6.9 | |||
Operating Segments | Land segment | Restructuring, 2020 Initiative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments | 5.9 | |||
Operating Segments | Marine segment | Restructuring, 2020 Initiative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments | 4 | |||
Corporate | Restructuring, 2020 Initiative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset impairments | $ 1.8 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property and Equipment | |||
Property and equipment before accumulated depreciation and amortization | $ 652.3 | $ 654.8 | |
Less: Accumulated depreciation and amortization | 309.7 | 293.9 | |
Total property and equipment, net | 342.6 | 360.9 | |
Depreciation expense | 52.7 | 54.5 | $ 45.6 |
Computer software costs | |||
Computer software costs | 191.7 | 169.9 | |
Less: Accumulated amortization | 116.1 | 110 | |
Computer software costs, net | 75.6 | 59.9 | |
Computer software costs | 191.7 | 169.9 | |
Amortization expense related to computer software costs | 18.5 | 17.8 | $ 10.9 |
Land | |||
Property and Equipment | |||
Property and equipment before accumulated depreciation and amortization | 19.1 | 22.3 | |
Buildings and leasehold improvements | |||
Property and Equipment | |||
Property and equipment before accumulated depreciation and amortization | $ 74.5 | 84.8 | |
Buildings and leasehold improvements | Minimum | |||
Property and Equipment | |||
Estimated useful lives | 3 years | ||
Buildings and leasehold improvements | Maximum | |||
Property and Equipment | |||
Estimated useful lives | 40 years | ||
Office equipment, furniture and fixtures | |||
Property and Equipment | |||
Property and equipment before accumulated depreciation and amortization | $ 15.3 | 16.9 | |
Office equipment, furniture and fixtures | Minimum | |||
Property and Equipment | |||
Estimated useful lives | 3 years | ||
Office equipment, furniture and fixtures | Maximum | |||
Property and Equipment | |||
Estimated useful lives | 7 years | ||
Computer equipment and software costs | |||
Property and Equipment | |||
Property and equipment before accumulated depreciation and amortization | $ 275.8 | 261.4 | |
Computer equipment and software costs | Minimum | |||
Property and Equipment | |||
Estimated useful lives | 3 years | ||
Computer equipment and software costs | Maximum | |||
Property and Equipment | |||
Estimated useful lives | 9 years | ||
Machinery, equipment and vehicles | |||
Property and Equipment | |||
Property and equipment before accumulated depreciation and amortization | $ 267.7 | 269.3 | |
Machinery, equipment and vehicles | Minimum | |||
Property and Equipment | |||
Estimated useful lives | 3 years | ||
Machinery, equipment and vehicles | Maximum | |||
Property and Equipment | |||
Estimated useful lives | 40 years | ||
Software development in progress | |||
Computer software costs | |||
Computer software costs | $ 13.7 | 22.5 | |
Computer software costs | $ 13.7 | $ 22.5 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill impairment | $ 0 |
Impairment of intangible assets not subject to amortization | $ 0 |
Goodwill and Identifiable Int_4
Goodwill and Identifiable Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | $ 843.7 | $ 852.7 |
Adjustment for sale of business | (71.6) | (13.3) |
Foreign currency translation of non-USD functional currency subsidiary goodwill | 7.4 | 4.3 |
2020 acquisitions | 79.1 | |
Balance at the end of the period | 858.6 | 843.7 |
Aviation segment | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 323.6 | 322.9 |
Adjustment for sale of business | (7) | 0 |
Foreign currency translation of non-USD functional currency subsidiary goodwill | 3.2 | 0.7 |
2020 acquisitions | 79.1 | |
Balance at the end of the period | 398.8 | 323.6 |
Land segment | ||
Goodwill [Roll Forward] | ||
Balance at the beginning of the period | 520.1 | 529.7 |
Adjustment for sale of business | (64.6) | (13.3) |
Foreign currency translation of non-USD functional currency subsidiary goodwill | 4.3 | 3.6 |
2020 acquisitions | 0 | |
Balance at the end of the period | $ 459.7 | $ 520.1 |
Goodwill and Identifiable Int_5
Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 461.5 | $ 461.1 | |
Accumulated Amortization | 283.2 | 279.8 | |
Net | 178.3 | 181.3 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Total intangible assets, Gross Carrying Amount | 486 | 501.5 | |
Total intangible assets, Net | 202.8 | 221.7 | |
Intangible amortization expense | 33.1 | 32.9 | $ 35.9 |
Trademark/trade name rights | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite lived intangible assets | 24.5 | 40.4 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 392.1 | 382 | |
Accumulated Amortization | 236.5 | 226.5 | |
Net | 155.6 | 155.5 | |
Supplier agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 31.9 | 39 | |
Accumulated Amortization | 18 | 19.8 | |
Net | 13.9 | 19.2 | |
Others | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 37.5 | 40.1 | |
Accumulated Amortization | 28.6 | 33.5 | |
Net | $ 8.8 | $ 6.6 |
Goodwill and Identifiable Int_6
Goodwill and Identifiable Intangible Assets - Future Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Year Ended December 31, | ||
2021 | $ 30 | |
2022 | 28.5 | |
2023 | 20.8 | |
2024 | 19.5 | |
2025 | 18.3 | |
Thereafter | 61.3 | |
Net | $ 178.3 | $ 181.3 |
Debt, Interest Income, Expens_3
Debt, Interest Income, Expense and Other Finance Costs - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2019 | |
Debt Instrument [Line Items] | |||
Expiration period | 1 year | ||
Credit Facility | |||
Debt Instrument [Line Items] | |||
Amount outstanding | $ 0 | $ 55,000,000 | |
Unused portion of facility | 1,300,000,000 | 1,200,000,000 | |
Letters of credit and bankers' acceptances | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 3,400,000 | 4,300,000 | |
Other uncommitted credit lines | |||
Debt Instrument [Line Items] | |||
Letters of credit, outstanding amount | 328,400,000 | 375,200,000 | |
Credit Facility | Amended credit facility | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | 200,000,000 | ||
Maximum additional borrowings available at the entity's request subject to satisfaction of certain conditions | 400,000,000 | ||
Credit Facility | Credit Facility | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | $ 1,300,000,000 | ||
Long-term debt | 0 | 55,000,000 | |
Term Loans | |||
Debt Instrument [Line Items] | |||
Amount of term loan outstanding | $ 503,200,000 | 515,600,000 | |
Term Loans | Base rate | |||
Debt Instrument [Line Items] | |||
Basis points added to reference rate | 0.75% | ||
Term Loans | Eurodollar | |||
Debt Instrument [Line Items] | |||
Basis points added to reference rate | 1.75% | ||
Term Loans | Term Loans | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 503,200,000 | $ 515,600,000 | $ 525,000,000 |
Debt, Interest Income, Expens_4
Debt, Interest Income, Expense and Other Finance Costs - Summary of Debt (Details) € in Millions, $ in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Jul. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||
Finance leases | $ 18.2 | $ 18.7 | ||
Total debt | 524.7 | 628.8 | ||
Less: Current maturities of long-term debt and finance leases | 22.9 | 54.1 | ||
Long-term debt | 501.8 | 574.7 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 3.3 | 39.5 | ||
Term Loans | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 503.2 | 515.6 | $ 525 | |
Secured Borrowing | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 37.3 | € 33.6 | ||
Credit Facility | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 0 | $ 55 |
Debt, Interest Income, Expens_5
Debt, Interest Income, Expense and Other Finance Costs - Aggregate Annual Maturities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Year Ended December 31, | |
2021 | $ 24.3 |
2022 | 30.2 |
2023 | 29.2 |
2024 | 15.3 |
2025 | 422.2 |
Thereafter | 3.5 |
Total debt | $ 524.7 |
Debt, Interest Income, Expens_6
Debt, Interest Income, Expense and Other Finance Costs - Interest Income, Expense and Other Financing Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt, Interest Income, Expense and Other Finance Costs [Abstract] | |||
Interest income | $ 3.6 | $ 6.2 | $ 3.9 |
Interest expense and other financing costs | (48.6) | (80) | (74.8) |
Interest expense and other financing costs, net | $ (44.9) | $ (73.9) | $ (71) |
Commitments and Contingencies -
Commitments and Contingencies - Bonds, Leases, and Sales and Purchase Commitments (Details) bbl in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)bbl | Dec. 31, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Outstanding bonds | $ 50.6 | $ 53.1 |
Sales commitments under derivative programs | 374.8 | |
Purchase commitments under derivative programs | $ 88.4 | |
Aviation Fuel | Minimum | ||
Long-term Purchase Commitment [Line Items] | ||
Minimum purchase required (in barrels) | bbl | 1,830 | |
Aviation Fuel | Maximum | ||
Long-term Purchase Commitment [Line Items] | ||
Minimum purchase required (in barrels) | bbl | 2,020 |
Commitments and Contingencies_2
Commitments and Contingencies - Agreements with Executive Officers and Key Employees (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Kasbar agreement | |
Loss contingencies | |
Annual base salary | $ 900 |
Agreement expiration term, extension under specified condition | 1 year |
Minimum period prior to expiration of the term for serving specified notice to prevent extension of the agreement term | 1 year |
Severance payment for termination following a change of control | $ 5,000 |
Severance payment for termination following other scenarios | $ 3,000 |
Period for severance payment after termination of executive's employment | 2 years |
Vesting period of outstanding equity awards | 2 years |
Agreements with executive officers and key employees | |
Future minimum commitments under agreements with executive officers and key employees | |
2021 | $ 900 |
Commitments and Contingencies_3
Commitments and Contingencies - Deferred Compensation, Environmental and Other Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Employer match for each 1% of the participants contributions up to 6% of the participants contributions (as a percent) | 50.00% | |
Percentage of eligible compensation up to 6% of the eligible compensation, matched 50% by employer | 1.00% | |
Employer contribution limit per calendar year (as a percent of compensation) | 6.00% | |
Environmental Assessment and Remediation Expenses | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Accrued liabilities for remediation | $ 0 | $ 0 |
Other long-term liabilities | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Deferred compensation payable | $ 14.5 | $ 9.7 |
Commitments and Contingencies_4
Commitments and Contingencies - Legal, Tax, and Other Matters (Details) R$ in Millions, $ in Millions, ₩ in Billions | 3 Months Ended | ||||
Jun. 30, 2017USD ($) | Jun. 30, 2017KRW (₩) | Dec. 31, 2016KRW (₩) | Dec. 31, 2020USD ($) | Dec. 31, 2020BRL (R$) | |
South Korea (SRTO) | Assessment | |||||
Loss Contingencies [Line Items] | |||||
Pre-assessment notice, amount | ₩ 11.7 | ||||
South Korea (SRTO) | Tax authority additional assessment | |||||
Loss Contingencies [Line Items] | |||||
Pre-assessment notice, amount | $ 18.5 | ₩ 20.1 | |||
Federal, state and municipal tax authorities in Brazil | Assessment | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | $ 11 | R$ 57.0 |
Shareholders' Equity - Dividend
Shareholders' Equity - Dividends and Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2019 | Oct. 31, 2017 | |
Equity [Abstract] | |||||
Cash dividends declared (in dollars per share) | $ 0.40 | $ 0.36 | $ 0.24 | ||
Cash dividends declared | $ 25,500,000 | $ 23,600,000 | $ 16,100,000 | ||
Authorized amount | $ 200,000,000 | $ 100,000,000 | |||
Increase to repurchase program | $ 100,000,000 | ||||
Amount available to repurchase shares under stock repurchase program | $ 246,300,000 | ||||
Shares repurchased (in shares) | 2.6 | 2.1 | 0.7 | ||
Amount of shares repurchased | $ 68,300,000 | $ 65,400,000 | $ 20,000,000 |
Shareholders' Equity - Plan Sum
Shareholders' Equity - Plan Summary and Description (Details) - shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 0 | 0 | 100,000 | 300,000 |
RSUs | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 1,800,000 | 1,200,000 | 1,300,000 | 1,600,000 |
SSAR Awards | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 2,300,000 | 2,200,000 | 1,500,000 | 700,000 |
2016 Plan | ||||
Information pertaining to stock based awards | ||||
Exercisable period | 7 years | |||
Common stock authorized for issuance (in shares) | 2,500,000 | |||
Remaining shares of common stock available for future issuance (in shares) | 700,000 | |||
2016 Plan | Restricted Stock | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 0 | |||
2016 Plan | RSUs | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 1,500,000 | |||
2016 Plan | SSAR Awards | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 2,200,000 | |||
2006 Plan | ||||
Information pertaining to stock based awards | ||||
Common stock subject to outstanding awards (in shares) | 4,200,000 | |||
Remaining shares of common stock available for future issuance (in shares) | 0 | |||
2006 Plan | Restricted Stock | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 0 | |||
2006 Plan | RSUs | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 400,000 | |||
2006 Plan | SSAR Awards | ||||
Information pertaining to stock based awards | ||||
Outstanding awards issued (in shares) | 100,000 |
Shareholders' Equity - Restrict
Shareholders' Equity - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unvested Restricted Stock Outstanding | ||||
Balance at the beginning of the period (in shares) | 0 | 0.1 | 0.3 | |
Granted (in shares) | 0 | 0 | 0 | |
Vested (in shares) | 0 | 0 | (0.2) | |
Forfeited (in shares) | 0 | 0 | (0.1) | |
Balance at the end of the period (in shares) | 0 | 0 | 0.1 | 0.3 |
Weighted Average Grant date Fair Value Price | ||||
Balance at the beginning of the period (in dollars per share) | $ 41.56 | $ 43.63 | $ 45.80 | |
Granted (in dollars per share) | 0 | 0 | 0 | |
Vested (in dollars per share) | 47.36 | 45.35 | 47.48 | |
Forfeited (in dollars per share) | 0 | 51.47 | 44.77 | |
Balance at the end of the period (in dollars per share) | $ 36.50 | $ 41.56 | $ 43.63 | $ 45.80 |
Aggregate Intrinsic Value | $ 0.5 | $ 1.3 | $ 1.4 | $ 9.7 |
Weighted Average Remaining Vesting Term (in Years) | 1 month 6 days | 8 months 12 days | 1 year | 10 months 24 days |
Aggregate value of awards vested | $ 0.4 | $ 1 | $ 3.8 |
Shareholders' Equity - RSU Awar
Shareholders' Equity - RSU Awards and SSAR Awards (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SSAR Awards Exercisable | ||||
Aggregate intrinsic value of SSAR Awards exercised | $ 0 | $ 0 | $ 0 | |
RSUs | ||||
Awards Outstanding | ||||
Balance at the beginning of the period (in shares) | 1.2 | 1.3 | 1.6 | |
Granted (in shares) | 1.2 | 0.3 | 0.2 | |
Vested (in shares) | (0.4) | (0.4) | (0.3) | |
Forfeited (in shares) | (0.2) | (0.1) | (0.2) | |
Balance at the end of the period (in shares) | 1.8 | 1.2 | 1.3 | 1.6 |
Weighted Average Grant date Fair Value Price | ||||
Balance at the beginning of the period (in dollars per share) | $ 32.50 | $ 37.17 | $ 41.01 | |
Granted (in dollars per share) | 23.30 | 29.69 | 22.02 | |
Vested (in dollars per share) | 36.12 | 37.34 | 46.31 | |
Forfeited (in dollars per share) | 32.56 | 39.86 | 41.17 | |
Balance at the end of the period (in dollars per share) | $ 25.17 | $ 32.50 | $ 37.17 | $ 41.01 |
Aggregate Intrinsic Value | $ 57,100,000 | $ 53,200,000 | $ 28,300,000 | $ 43,900,000 |
Weighted Average Remaining Vesting Term (in Years) | 1 year 3 months 18 days | 10 months 24 days | 1 year | 1 year 4 months 24 days |
Aggregate intrinsic value of awards issued | $ 10,800,000 | $ 10,400,000 | $ 5,800,000 | |
SSAR Awards | ||||
Weighted Average Grant date Fair Value Price | ||||
Aggregate Intrinsic Value | $ 7,300,000 | $ 31,300,000 | $ 0 | $ 0 |
Weighted Average Remaining Vesting Term (in Years) | 2 years 6 months | 3 years 4 months 24 days | 4 years | 3 years |
SSAR Awards | ||||
Balance at the beginning of the period (in shares) | 2.2 | 1.5 | 0.7 | |
Granted (in shares) | 0.1 | 0.7 | 1.2 | |
Exercised (in shares) | 0 | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | (0.4) | |
Balance at the end of the period (in shares) | 2.3 | 2.2 | 1.5 | 0.7 |
Weighted Average Exercise Price | ||||
Balance at the beginning of the period (in dollars per share) | $ 29.72 | $ 29.75 | $ 40.27 | |
Granted (in dollars per share) | 23.39 | 29.68 | 27.08 | |
Exercised (in dollars per share) | 0 | 0 | 0 | |
Forfeited (in dollars per share) | 57.48 | 0 | 38.53 | |
Balance at the end of the period (in dollars per share) | $ 29.08 | $ 29.72 | $ 29.75 | $ 40.27 |
SSAR Awards Exercisable | ||||
SSAR Awards (in shares) | 0.2 | 0.1 | 0 | 0.2 |
Weighted Average Exercise Price (in dollars per share) | $ 41.85 | $ 50.12 | $ 57.48 | $ 42.76 |
Aggregate Intrinsic Value | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Remaining Contractual Life (in Years) | 9 months 18 days | 1 year 1 month 6 days | 1 year 2 months 12 days | 4 months 24 days |
Weighted average fair value of SSAR Awards (in dollars per share) | $ 6.88 | $ 9.15 | $ 6.56 | |
Expected term | 4 years 6 months | 4 years 6 months | 4 years 6 months | |
Volatility | 38.60% | 36.10% | 30.80% | |
Dividend yields | 1.20% | 0.90% | 1.00% | |
Risk-free interest rates | 0.70% | 2.40% | 2.60% |
Shareholders' Equity - Unrecogn
Shareholders' Equity - Unrecognized Compensation Cost (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Equity [Abstract] | |
Total unrecognized compensation cost related to unvested share-based payment awards | $ 16.6 |
Period for recognition of unrecognized compensation cost related to unvested share-based payment awards | 1 year 1 month 6 days |
Year Ended December 31, | |
2021 | $ 8.9 |
2022 | 6.1 |
2023 | 1.6 |
2024 | 0 |
2025 | 0 |
Total | $ 16.6 |
Shareholders' Equity - Other Co
Shareholders' Equity - Other Comprehensive Loss and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance as of beginning of period | $ 1,893.9 | $ 1,831.6 | $ 1,738 |
Other comprehensive income (loss) | 13.7 | (17.3) | (6.3) |
Less: Net other comprehensive (income) loss attributable to noncontrolling interest | 2.7 | ||
Balance as of end of period | 1,912.9 | 1,893.9 | 1,831.6 |
Foreign Currency Translation Adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance as of beginning of period | (134.1) | (145) | |
Other comprehensive income (loss) | 13.8 | 8.2 | |
Less: Net other comprehensive (income) loss attributable to noncontrolling interest | 2.7 | ||
Balance as of end of period | (120.3) | (134.1) | (145) |
Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance as of beginning of period | (12.2) | 13.3 | |
Other comprehensive income (loss) | (0.1) | (25.5) | |
Less: Net other comprehensive (income) loss attributable to noncontrolling interest | 0 | ||
Balance as of end of period | (12.3) | (12.2) | 13.3 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance as of beginning of period | (146.3) | (131.7) | (126.5) |
Other comprehensive income (loss) | 13.7 | (14.6) | (5.2) |
Balance as of end of period | $ (132.6) | $ (146.3) | $ (131.7) |
Income Taxes - Tax Provision (B
Income Taxes - Tax Provision (Benefit), Reconciliation, and Tax Rates (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
United States | $ 51.2 | $ (59.1) | $ (63.6) | |
Foreign | 110.5 | 296.4 | 248.5 | |
Income (loss) before income taxes | 161.7 | 237.3 | 184.9 | |
Current: | ||||
U.S. federal statutory tax | 10.1 | (4) | 8.2 | |
State | 2.6 | 1.6 | (1.6) | |
Foreign | 42.9 | 35.9 | 46.3 | |
Total current income tax provision (benefit) | 55.6 | 33.5 | 52.9 | |
Deferred: | ||||
U.S. federal statutory tax | 0 | 11 | 4 | |
State | 0 | 4.6 | (6.2) | |
Foreign | (14.4) | (12.2) | (1) | |
Total deferred income (loss) before income taxes | (14.4) | 3.4 | (3.2) | |
Non-current tax expense (income) | 10.9 | 19.3 | 6.2 | |
Income tax provision | $ 52.1 | $ 56.2 | $ 55.9 | $ 149.2 |
Reconciliation of U.S. federal statutory income tax rate to effective income tax rate | ||||
U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% | |
Foreign earnings, net of foreign taxes | (13.30%) | (13.80%) | (11.60%) | |
State income taxes, net of U.S. federal income tax benefit | 1.30% | 2.20% | (3.30%) | |
U.S. tax on deemed dividends | 0.00% | 0.90% | (0.40%) | |
Tax Act - Transition Tax | (0.007) | 0.005 | 0.007 | |
Tax Reform - GILTI | 0.50% | 6.00% | 9.70% | |
Tax Reform - BEAT | 1.40% | 0.10% | 2.80% | |
Deferred tax impact on foreign unrepatriated earnings | (0.90%) | 0.50% | (1.00%) | |
Goodwill impairment | 0.00% | 0.00% | 0.00% | |
Uncertain tax positions | 6.80% | 8.20% | 3.40% | |
Foreign currency adjustments | (2.10%) | (6.10%) | 2.20% | |
Intercompany interest transfer pricing adjustment | 2.00% | 1.40% | 1.50% | |
Nontaxable interest income | (3.00%) | (2.30%) | (2.70%) | |
Nondeductible interest expense | 1.90% | 1.80% | 0.00% | |
Valuation allowance | 10.60% | 1.20% | 3.00% | |
Sale of Company | 3.00% | 0.00% | 0.00% | |
Non-deductible Officer Compensation | 1.20% | 0.50% | 0.10% | |
Other permanent differences | 2.50% | 1.60% | 4.80% | |
Effective income tax rate | 32.20% | 23.70% | 30.20% | (707.10%) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ / shares in Units, ₩ in Millions, kr in Millions, $ in Millions | Sep. 30, 2020USD ($) | Jan. 01, 2018 | Jan. 31, 2021USD ($) | Jan. 31, 2021DKK (kr) | Dec. 31, 2016KRW (₩) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($) | Dec. 31, 2017KRW (₩) |
Income Tax Contingency [Line Items] | ||||||||||
Effective income tax rate | 32.20% | 23.70% | 30.20% | (707.10%) | (707.10%) | |||||
Provision for income taxes | $ 52.1 | $ 56.2 | $ 55.9 | $ 149.2 | ||||||
Transition tax toll charge on historic accumulated foreign earnings | 143.7 | |||||||||
Provisional undistributed accumulated earnings of foreign subsidiary | 963.6 | |||||||||
Foreign withholding tax, if undistributed earnings are no reinvested indefinitely | 212 | |||||||||
Accumulated foreign earnings deemed repatriated | 1,400 | |||||||||
Provisional estimate of the associated foreign withholding and state income tax effects | 10.4 | |||||||||
Net operating losses | 418.2 | 375.9 | ||||||||
Deferred tax asset | 57.4 | 40.1 | ||||||||
Valuation allowance | 48 | 32.5 | ||||||||
Valuation allowance, deferred tax asset for NOLs | 42.2 | |||||||||
Period applicable for additional special income tax concession | 5 years | |||||||||
Decrease in foreign income tax | $ 2.4 | $ 4.3 | $ 0 | |||||||
Basic earnings per common share (in dollars per share) | $ / shares | $ 0.04 | $ 0.07 | $ 0 | |||||||
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0.04 | $ 0.06 | $ 0 | |||||||
Increase (decrease) in additional liabilities related to unrecognized tax liabilities | $ 12.2 | $ 9.5 | ||||||||
Increase (decrease) in unrecognized tax liabilities related to a foreign currency translation expense | 4 | 0.2 | ||||||||
Unrecognized tax liabilities | 99 | 84 | ||||||||
Unrecognized tax assets | 25.4 | 25.5 | ||||||||
Increase (decrease) in assets related to unrecognized tax assets | (4.1) | |||||||||
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor | $ 52.7 | |||||||||
Expected reduction in effective income tax rate if uncertain tax positions are settled by the taxing authorities in the entity's favor (as a percent) | 32.80% | |||||||||
Amount of unrecognized income tax liabilities may decrease within the next twelve months | $ 5.4 | |||||||||
Interest related to unrecognized tax benefits, recorded as income (expense) | 3.1 | 4.6 | $ 1.2 | |||||||
Penalties related to unrecognized tax benefits, recorded as income tax income (expense) | (0.2) | 0.2 | $ 1.9 | |||||||
Accrued interest related to unrecognized tax benefits | 16.2 | 13.1 | ||||||||
Accrued penalties related to unrecognized tax benefits | $ 4.6 | $ 4.4 | ||||||||
South Korea (SRTO) | Assessment | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Pre-assessment notice, amount | ₩ | ₩ 11,700 | |||||||||
Foreign Tax Authority | Danish Tax Authority | Tax Year 2013 | Subsequent Event | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Estimated tax | $ 0.6 | kr 3.7 | ||||||||
Foreign Tax Authority | Danish Tax Authority | Tax Year 2014 | Subsequent Event | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Estimated tax | $ 0.8 | kr 4.9 | ||||||||
Foreign Tax Authority | South Korea (SRTO) | Assessment | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Pre-assessment notice, amount | $ 10.4 | ₩ 11,300 | ||||||||
Without transition tax toll charge | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Effective income tax rate | (25.90%) | |||||||||
Disposal Group, Not Discontinued Operations | Multi Service Payment Solutions | ||||||||||
Income Tax Contingency [Line Items] | ||||||||||
Provision for income taxes | $ 12.9 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Gross Deferred Tax Assets: | ||
Bad debt reserve | $ 15.2 | $ 4.2 |
Net operating loss | 57.4 | 40.1 |
Accrued and other share-based compensation | 14.7 | 27.1 |
Leases | 2.5 | 0 |
Accrued expenses | 3.9 | 6 |
U.S. foreign income tax credits | 1.2 | 3 |
Other income tax credits | 0.2 | 0.2 |
Customer deposits | 1.2 | 3.1 |
Investments | 1.9 | 1.9 |
Unrealized foreign exchange | 16.4 | 0 |
Cash flow hedges | 2.9 | 3.9 |
Interest Limitation | 10.7 | 6.1 |
Other | 0 | 0 |
Total gross deferred tax assets | 128.2 | 95.6 |
Less: Valuation allowance | 48 | 32.5 |
Gross deferred tax assets, net of valuation allowance | 80.2 | 63.1 |
Deferred Tax Liabilities: | ||
Depreciation | (23.2) | (11.7) |
Goodwill and intangible assets | (54.8) | (53.5) |
Unrealized foreign exchange | 0 | (6.3) |
Prepaid expenses, deductible for tax purposes | (3.3) | (4.2) |
Deferred tax costs on foreign unrepatriated earnings | (10.4) | (12) |
Unrealized derivatives | (6.4) | (3.8) |
Other | (2.3) | (5.6) |
Total gross deferred tax liabilities | (100.4) | (97.1) |
Net deferred tax liability | 20.2 | 34 |
Net deferred tax asset | 0 | 0 |
Intangible Assets, Net Excluding Goodwill and Other Assets, Noncurrent | ||
Reported on the Consolidated Balance Sheets as: | ||
Identifiable intangible and other non-current assets for deferred tax assets, non-current | 33.7 | 20.7 |
Accrued Income Taxes, Noncurrent | ||
Reported on the Consolidated Balance Sheets as: | ||
Non-current income tax liabilities, net of deferred tax liabilities, non-current | $ 53.6 | $ 54.1 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Losses and Income Tax Concessions (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income taxes | ||
Net operating loss carryforward, Total | $ 57.4 | $ 40.1 |
2021-2040 | ||
Income taxes | ||
Net operating Loss carryforward, US | 8.2 | |
Indefinite | ||
Income taxes | ||
Net operating Loss carryforward, US | 2.8 | |
Net operating Loss carryforward, Foreign | 41.5 | |
2022-2040 | ||
Income taxes | ||
Net operating Loss carryforward, Foreign | $ 4.9 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of total amounts of unrecognized income tax benefits | |||
Gross Unrecognized Tax Liabilities – opening balance | $ 66.5 | $ 57 | $ 58.8 |
Gross increases – tax positions in prior period | 4.8 | 12.2 | 3.6 |
Gross decreases – tax positions in prior period | (0.5) | (13.5) | (10.6) |
Gross increases – tax positions in current period | 12.3 | 14.9 | 11.5 |
Gross decreases – tax positions in current period | 0 | 0 | 0 |
Settlements | (0.1) | (1.4) | (1.5) |
Lapse of statute of limitations | (4.8) | (2.7) | (4.8) |
Gross Unrecognized Tax Liabilities – ending balance | $ 78.2 | $ 66.5 | $ 57 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets and liabilities measured at estimated fair value on a recurring basis | ||
Debt | $ 524.7 | |
Assets: | ||
Gross Derivative Assets | 378.5 | $ 261.1 |
Liabilities: | ||
Gross Derivative Liabilities | 349.5 | 266.6 |
Fair value measured on recurring basis | ||
Assets and liabilities measured at estimated fair value on a recurring basis | ||
Debt | 524.7 | |
Assets: | ||
Total assets | 389.9 | 270.4 |
Liabilities: | ||
Total liabilities at fair value | 349.5 | 266.6 |
Fair value measured on recurring basis | Level 1 | ||
Assets: | ||
Total assets | 233.5 | 148.3 |
Liabilities: | ||
Total liabilities at fair value | 223 | 177.6 |
Fair value measured on recurring basis | Level 2 | ||
Assets and liabilities measured at estimated fair value on a recurring basis | ||
Debt | 628.8 | |
Notes receivable | 45.7 | 21 |
Assets: | ||
Total assets | 146.8 | 111.4 |
Liabilities: | ||
Total liabilities at fair value | 120.2 | 80.9 |
Fair value measured on recurring basis | Level 3 | ||
Assets: | ||
Total assets | 9.5 | 10.7 |
Liabilities: | ||
Total liabilities at fair value | 6.3 | 8.1 |
Commodity contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross Derivative Assets | 371 | 259 |
Liabilities: | ||
Gross Derivative Liabilities | 326 | 255 |
Commodity contracts | Fair value measured on recurring basis | Level 1 | ||
Assets: | ||
Gross Derivative Assets | 233.5 | 148.3 |
Liabilities: | ||
Gross Derivative Liabilities | 223 | 177.6 |
Commodity contracts | Fair value measured on recurring basis | Level 2 | ||
Assets: | ||
Gross Derivative Assets | 127.9 | 100 |
Liabilities: | ||
Gross Derivative Liabilities | 96.8 | 69.3 |
Commodity contracts | Fair value measured on recurring basis | Level 3 | ||
Assets: | ||
Gross Derivative Assets | 9.5 | 10.7 |
Liabilities: | ||
Gross Derivative Liabilities | 6.3 | 8.1 |
Foreign currency contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross Derivative Assets | 7.5 | 2 |
Liabilities: | ||
Gross Derivative Liabilities | 19.8 | 11.6 |
Foreign currency contracts | Fair value measured on recurring basis | Level 1 | ||
Assets: | ||
Gross Derivative Assets | 0 | 0 |
Liabilities: | ||
Gross Derivative Liabilities | 0 | 0 |
Foreign currency contracts | Fair value measured on recurring basis | Level 2 | ||
Assets: | ||
Gross Derivative Assets | 7.5 | 2 |
Liabilities: | ||
Gross Derivative Liabilities | 19.8 | 11.6 |
Foreign currency contracts | Fair value measured on recurring basis | Level 3 | ||
Assets: | ||
Gross Derivative Assets | 0 | 0 |
Liabilities: | ||
Gross Derivative Liabilities | 0 | 0 |
Cash surrender value of life insurance | Fair value measured on recurring basis | ||
Assets: | ||
Cash surrender value of life insurance | 11.4 | 9.4 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 1 | ||
Assets: | ||
Cash surrender value of life insurance | 0 | 0 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 2 | ||
Assets: | ||
Cash surrender value of life insurance | 11.4 | 9.4 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 3 | ||
Assets: | ||
Cash surrender value of life insurance | 0 | $ 0 |
Interest rate contract | ||
Liabilities: | ||
Gross Derivative Liabilities | 3.7 | |
Interest rate contract | Level 1 | ||
Liabilities: | ||
Gross Derivative Liabilities | 0 | |
Interest rate contract | Level 2 | ||
Liabilities: | ||
Gross Derivative Liabilities | 3.7 | |
Interest rate contract | Level 3 | ||
Liabilities: | ||
Gross Derivative Liabilities | $ 0 |
Fair Value Measurements - Commo
Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Gross Amounts Recognized | $ 378.5 | $ 261.1 |
Gross Amounts Offset | 294.6 | 131.1 |
Net Amounts Presented | 83.9 | 130 |
Cash Collateral | 1.2 | 0 |
Gross Amounts Without Right of Offset | 0 | 0 |
Net Amounts | 82.7 | 130 |
Liabilities: | ||
Gross Derivative Liabilities | 349.5 | 266.6 |
Gross Amounts Offset | 294.6 | 131.1 |
Net Amounts Presented | 54.9 | 135.5 |
Cash Collateral | 2.3 | 29.3 |
Gross Amounts Without Right of Offset | 0 | 0 |
Net Amounts | 52.6 | 106.3 |
Commodity contracts | ||
Assets: | ||
Gross Amounts Recognized | 371 | 259 |
Gross Amounts Offset | 287.1 | 130 |
Net Amounts Presented | 83.9 | 129 |
Cash Collateral | 1.2 | 0 |
Gross Amounts Without Right of Offset | 0 | 0 |
Net Amounts | 82.7 | 129 |
Liabilities: | ||
Gross Derivative Liabilities | 326 | 255 |
Gross Amounts Offset | 287.1 | 130 |
Net Amounts Presented | 38.9 | 125 |
Cash Collateral | 2.3 | 29.3 |
Gross Amounts Without Right of Offset | 0 | 0 |
Net Amounts | 36.6 | 95.7 |
Interest rate contract | ||
Liabilities: | ||
Gross Derivative Liabilities | 3.7 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 3.7 | |
Cash Collateral | 0 | |
Gross Amounts Without Right of Offset | 0 | |
Net Amounts | 3.7 | |
Foreign currency contracts | ||
Assets: | ||
Gross Amounts Recognized | 7.5 | 2 |
Gross Amounts Offset | 7.5 | 1 |
Net Amounts Presented | 0 | 1 |
Cash Collateral | 0 | 0 |
Gross Amounts Without Right of Offset | 0 | 0 |
Net Amounts | 0 | 1 |
Liabilities: | ||
Gross Derivative Liabilities | 19.8 | 11.6 |
Gross Amounts Offset | 7.5 | 1 |
Net Amounts Presented | 12.3 | 10.5 |
Cash Collateral | 0 | 0 |
Gross Amounts Without Right of Offset | 0 | 0 |
Net Amounts | $ 12.3 | $ 10.5 |
Business Segments, Geographic_3
Business Segments, Geographic Information and Major Customers - Income Statement Items (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable operating business segments | segment | 3 | ||||||||||
Revenue: | |||||||||||
Revenue | $ 4,702.1 | $ 4,482.7 | $ 3,158.3 | $ 8,015.2 | $ 9,358.1 | $ 9,322.7 | $ 9,459.4 | $ 8,678.8 | $ 20,358.3 | $ 36,819 | $ 39,750.3 |
Gross profit: | |||||||||||
Gross profit | $ 165.2 | $ 214 | $ 213.9 | $ 258.7 | $ 286.6 | $ 305.7 | $ 268.6 | $ 251.1 | 851.8 | 1,112 | 1,018.5 |
Income from operations: | |||||||||||
Income from operations | 137.9 | 299.7 | 259.7 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 85.8 | 87.4 | 81.5 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 51.3 | 80.9 | 72.3 | ||||||||
Restructuring charges | 10.3 | 19.7 | 17.1 | ||||||||
Aviation segment | |||||||||||
Revenue: | |||||||||||
Revenue | 8,179.6 | 18,479.5 | 19,119.7 | ||||||||
Gross profit: | |||||||||||
Gross profit | 352.9 | 551.6 | 507.8 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 31.5 | 28.5 | 27.5 | ||||||||
Land segment | |||||||||||
Revenue: | |||||||||||
Revenue | 6,663.1 | 10,280.9 | 11,381.1 | ||||||||
Gross profit: | |||||||||||
Gross profit | 347.6 | 378.9 | 364.9 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 45.3 | 48 | 46.5 | ||||||||
Capital expenditures: | |||||||||||
Restructuring charges | 19.7 | ||||||||||
Marine segment | |||||||||||
Revenue: | |||||||||||
Revenue | 5,515.7 | 8,058.5 | 9,249.5 | ||||||||
Gross profit: | |||||||||||
Gross profit | 151.4 | 181.5 | 145.8 | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 3.8 | 4.5 | 2.2 | ||||||||
Operating Segments | |||||||||||
Income from operations: | |||||||||||
Income from operations | 215.6 | 406.1 | 336.3 | ||||||||
Operating Segments | Aviation segment | |||||||||||
Income from operations: | |||||||||||
Income from operations | 84.5 | 283.9 | 250.6 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 17.6 | 23 | 19.7 | ||||||||
Operating Segments | Land segment | |||||||||||
Income from operations: | |||||||||||
Income from operations | 72.6 | 55 | 47.8 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 12.5 | 26.9 | 30.9 | ||||||||
Operating Segments | Marine segment | |||||||||||
Income from operations: | |||||||||||
Income from operations | 58.5 | 67.1 | 37.8 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | 0.8 | 28.3 | 2.9 | ||||||||
Corporate | |||||||||||
Income from operations: | |||||||||||
Income from operations | (77.8) | (106.4) | (76.6) | ||||||||
Depreciation and amortization | |||||||||||
Depreciation and amortization | 5.2 | 6.4 | 5.3 | ||||||||
Capital expenditures: | |||||||||||
Total capital expenditures | $ 20.4 | $ 2.7 | $ 18.8 |
Business Segments, Geographic_4
Business Segments, Geographic Information and Major Customers - Balance Sheet Items (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, net: | ||
Accounts receivable, net of allowance for credit losses of $53.8 million and $35.5 million as of December 31, 2020 and 2019, respectively | $ 1,238.4 | $ 2,891.9 |
Accounts receivable, allowance for credit losses | 53.8 | 35.5 |
Total assets: | ||
Total assets | 4,500.3 | 5,992.4 |
Corporate | ||
Total assets: | ||
Total assets | 583.7 | 296.8 |
Aviation segment | ||
Accounts receivable, net: | ||
Accounts receivable, net of allowance for credit losses of $53.8 million and $35.5 million as of December 31, 2020 and 2019, respectively | 464.7 | 1,098.2 |
Accounts receivable, allowance for credit losses | 41.2 | 14.6 |
Aviation segment | Operating Segments | ||
Total assets: | ||
Total assets | 1,789.5 | 2,416.5 |
Land segment | ||
Accounts receivable, net: | ||
Accounts receivable, net of allowance for credit losses of $53.8 million and $35.5 million as of December 31, 2020 and 2019, respectively | 394.5 | 863.2 |
Accounts receivable, allowance for credit losses | 5 | 2.8 |
Land segment | Operating Segments | ||
Total assets: | ||
Total assets | 1,459.5 | 2,089.4 |
Marine segment | ||
Accounts receivable, net: | ||
Accounts receivable, net of allowance for credit losses of $53.8 million and $35.5 million as of December 31, 2020 and 2019, respectively | 379.2 | 930.5 |
Accounts receivable, allowance for credit losses | 7.6 | 18 |
Marine segment | Operating Segments | ||
Total assets: | ||
Total assets | $ 667.6 | $ 1,189.7 |
Business Segments, Geographic_5
Business Segments, Geographic Information and Major Customers - Geographic Summary (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||||||||||
Revenue | $ 4,702.1 | $ 4,482.7 | $ 3,158.3 | $ 8,015.2 | $ 9,358.1 | $ 9,322.7 | $ 9,459.4 | $ 8,678.8 | $ 20,358.3 | $ 36,819 | $ 39,750.3 |
Property and equipment, net: | |||||||||||
Property and equipment, net | 342.6 | 360.9 | 342.6 | 360.9 | |||||||
United States | |||||||||||
Revenue: | |||||||||||
Revenue | 10,365.2 | 19,365.2 | 20,555.5 | ||||||||
Property and equipment, net: | |||||||||||
Property and equipment, net | 177.6 | 173 | 177.6 | 173 | |||||||
EMEA | |||||||||||
Revenue: | |||||||||||
Revenue | 4,961 | 9,235.1 | 9,721.9 | ||||||||
Property and equipment, net: | |||||||||||
Property and equipment, net | 144.1 | 135.7 | 144.1 | 135.7 | |||||||
Asia Pacific | |||||||||||
Revenue: | |||||||||||
Revenue | 3,035.6 | 4,581.1 | 5,537.2 | ||||||||
Property and equipment, net: | |||||||||||
Property and equipment, net | 7.9 | 44.2 | 7.9 | 44.2 | |||||||
Americas, excluding United States | |||||||||||
Revenue: | |||||||||||
Revenue | 1,996.6 | 3,637.6 | 3,935.6 | ||||||||
Property and equipment, net: | |||||||||||
Property and equipment, net | $ 13.1 | $ 8 | 13.1 | 8 | |||||||
U.K. | |||||||||||
Revenue: | |||||||||||
Revenue | 3,100 | 5,500 | 6,300 | ||||||||
Singapore | |||||||||||
Revenue: | |||||||||||
Revenue | $ 3,000 | $ 4,500 | $ 5,400 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Other revenues (excluded from ASC 606) | $ 767.1 | $ 469.6 | $ 559 | ||||||||
Revenues | $ 4,702.1 | $ 4,482.7 | $ 3,158.3 | $ 8,015.2 | $ 9,358.1 | $ 9,322.7 | $ 9,459.4 | $ 8,678.8 | 20,358.3 | 36,819 | 39,750.3 |
Asia Pacific | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 2,989.4 | 4,357.7 | 5,120.1 | ||||||||
Revenues | 3,035.6 | 4,581.1 | 5,537.2 | ||||||||
EMEA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 4,778.7 | 8,988.9 | 9,353.4 | ||||||||
Revenues | 4,961 | 9,235.1 | 9,721.9 | ||||||||
LATAM | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 1,993.5 | 3,637.7 | 3,173.6 | ||||||||
North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 9,829.6 | 19,365.1 | 21,544.2 | ||||||||
Aviation segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 8,179.6 | 18,479.5 | 19,119.7 | ||||||||
Aviation segment | Asia Pacific | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 542.1 | 1,410.2 | 1,564.6 | ||||||||
Aviation segment | EMEA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 1,403.4 | 3,824.3 | 3,641.4 | ||||||||
Aviation segment | LATAM | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 1,069.9 | 2,347.1 | 1,931.6 | ||||||||
Aviation segment | North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 4,618.4 | 10,933 | 12,025.7 | ||||||||
Land segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 6,663.1 | 10,280.9 | 11,381.1 | ||||||||
Land segment | Asia Pacific | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 10.6 | 18.2 | 3.3 | ||||||||
Land segment | EMEA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 1,744.5 | 2,425.4 | 2,563.6 | ||||||||
Land segment | LATAM | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 440.1 | 612.4 | 631.8 | ||||||||
Land segment | North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 4,359.6 | 7,017 | 8,038 | ||||||||
Marine segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 5,515.7 | 8,058.5 | 9,249.5 | ||||||||
Marine segment | Asia Pacific | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 2,436.8 | 2,929.2 | 3,552.1 | ||||||||
Marine segment | EMEA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 1,630.8 | 2,739.1 | 3,148.3 | ||||||||
Marine segment | LATAM | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | 483.5 | 678.1 | 610.2 | ||||||||
Marine segment | North America | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue, ASC 606 | $ 851.6 | $ 1,415.2 | $ 1,480.5 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finance lease cost: | |||
Amortization of right-of-use assets | $ 3.1 | $ 4.2 | |
Interest on lease liabilities | 0.6 | 0.5 | |
Operating lease cost | 45.6 | 53.2 | |
Short-term lease cost | 25.5 | 18.3 | |
Variable lease cost | 6.4 | 5 | |
Sublease income | (4.4) | (11.4) | |
Total lease cost | $ 76.8 | $ 69.6 | |
Rental expenses for properties and equipment | $ 48.7 |
Leases - Remaining Lease Paymen
Leases - Remaining Lease Payments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 39.8 | |
2022 | 32.4 | |
2023 | 26.7 | |
2024 | 21.3 | |
2025 | 18.1 | |
Thereafter | 54.2 | |
Total remaining lease payments (undiscounted) | 192.5 | |
Less: imputed interest | 34.9 | |
Present value of lease liabilities | 157.6 | |
Finance Leases | ||
2021 | 4.4 | |
2022 | 4 | |
2023 | 3.3 | |
2024 | 2.4 | |
2025 | 2.4 | |
Thereafter | 3.6 | |
Total remaining lease payments (undiscounted) | 20.2 | |
Less: imputed interest | 1.9 | |
Present value of lease liabilities | $ 18.2 | $ 18.7 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | int:IntangibleAssetsNetExcludingGoodwillAndOtherAssetsNoncurrent | int:IntangibleAssetsNetExcludingGoodwillAndOtherAssetsNoncurrent |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization | us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization |
Operating Lease Assets | $ 140.8 | $ 153.7 |
Finance Lease Assets | $ 17.4 | $ 17.8 |
Liabilities | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligations | us-gaap:LongTermDebtAndCapitalLeaseObligations |
Operating Lease Liability - Current | $ 33.2 | $ 35.6 |
Operating Lease Liability - Long Term | 124.3 | 124.7 |
Finance Lease Liability - Current | 3.8 | 4.3 |
Finance Lease Liability - Long Term | $ 14.4 | $ 14.4 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
2020 | ||
Weighted-average remaining lease term (years) - finance leases | 5 years 7 months 6 days | 5 years 7 months 6 days |
Weighted-average discount rate - finance leases | 3.30% | 3.20% |
2020 | ||
Weighted-average remaining lease term (years) - operating leases | 6 years 7 months 6 days | 6 years 6 months |
Weighted-average discount rate - operating leases | 5.60% | 5.90% |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance leases | $ 0.6 | $ 0.5 |
Operating cash flows from operating leases | 49.9 | 52.9 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Financing cash flows from finance leases | 4.3 | 4 |
Right of use assets obtained in exchange for new operating lease liability | 38.9 | 30.2 |
Right of use assets obtained in exchange for new financing lease liability | $ 4.1 | $ 8.2 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income (loss) attributable to World Fuel | $ 109.6 | $ 178.9 | $ 127.7 | ||||||||
Denominator: | |||||||||||
Weighted average common shares for basic earnings per common share (in shares) | 63.7 | 66.1 | 67.4 | ||||||||
Effect of dilutive securities (in shares) | 0.3 | 0.4 | 0.3 | ||||||||
Weighted average common shares for diluted earnings per common share (in shares) | 64 | 66.5 | 67.7 | ||||||||
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met (in shares) | 3 | 1.4 | 1.2 | ||||||||
Basic earnings per common share (in dollars per share) | $ (0.06) | $ 1.29 | $ (0.16) | $ 0.64 | $ 0.86 | $ 0.74 | $ 0.56 | $ 0.55 | $ 1.72 | $ 2.71 | $ 1.89 |
Diluted earnings per common share (in dollars per share) | $ (0.06) | $ 1.29 | $ (0.16) | $ 0.63 | $ 0.86 | $ 0.73 | $ 0.55 | $ 0.55 | $ 1.71 | $ 2.69 | $ 1.89 |
Summary Quarterly Information_3
Summary Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 4,702.1 | $ 4,482.7 | $ 3,158.3 | $ 8,015.2 | $ 9,358.1 | $ 9,322.7 | $ 9,459.4 | $ 8,678.8 | $ 20,358.3 | $ 36,819 | $ 39,750.3 |
Gross profit | 165.2 | 214 | 213.9 | 258.7 | 286.6 | 305.7 | 268.6 | 251.1 | 851.8 | 1,112 | 1,018.5 |
Net income (loss) including noncontrolling interest | (3.8) | 82.4 | (10.7) | 41.6 | 56.8 | 49.4 | 37.6 | 37.3 | 109.6 | 181.1 | 129 |
Net income (loss) attributable to World Fuel | $ (3.6) | $ 82 | $ (10.2) | $ 41.4 | $ 56.5 | $ 48.2 | $ 37 | $ 37.2 | $ 109.6 | $ 178.9 | $ 127.7 |
Basic earnings (loss) per common share (in dollars per share) | $ (0.06) | $ 1.29 | $ (0.16) | $ 0.64 | $ 0.86 | $ 0.74 | $ 0.56 | $ 0.55 | $ 1.72 | $ 2.71 | $ 1.89 |
Diluted earnings (loss) per common share (in dollars per share) | $ (0.06) | $ 1.29 | $ (0.16) | $ 0.63 | $ 0.86 | $ 0.73 | $ 0.55 | $ 0.55 | $ 1.71 | $ 2.69 | $ 1.89 |