Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, $0.01 par value | |
Trading Symbol | INT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 62,129,131 | |
Entity Central Index Key | 0000789460 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 216.7 | $ 298.4 |
Accounts receivable, net of allowance for credit losses of $14.5 million and $14.1 million as of March 31, 2023 and December 31, 2022, respectively | 2,997.2 | 3,294.1 |
Inventories | 618.6 | 779.9 |
Prepaid expenses | 81.4 | 83.6 |
Short-term derivative assets, net | 244 | 302.1 |
Other current assets | 455.9 | 479.9 |
Total current assets | 4,613.8 | 5,238.1 |
Property and equipment, net | 497 | 484.2 |
Goodwill | 1,234.3 | 1,233 |
Identifiable intangible assets, net | 327 | 336.2 |
Other non-current assets | 813.7 | 873.2 |
Total assets | 7,485.8 | 8,164.6 |
Current liabilities: | ||
Current maturities of long-term debt | 18.2 | 15.8 |
Accounts payable | 3,213.2 | 3,529.5 |
Short-term derivative liabilities, net | 252.8 | 325.2 |
Accrued expenses and other current liabilities | 669.2 | 738.2 |
Total current liabilities | 4,153.5 | 4,608.6 |
Long-term debt | 708.4 | 829.9 |
Other long-term liabilities | 610 | 735.3 |
Total liabilities | 5,471.8 | 6,173.8 |
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, 62.1 and 62.0 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 0.6 | 0.6 |
Capital in excess of par value | 188.2 | 182.4 |
Retained earnings | 1,976.7 | 1,962.5 |
Accumulated other comprehensive income (loss) | (157.1) | (160.6) |
Total World Fuel shareholders' equity | 2,008.3 | 1,984.9 |
Noncontrolling interest | 5.7 | 5.9 |
Total equity | 2,014 | 1,990.7 |
Total liabilities and equity | $ 7,485.8 | $ 8,164.6 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 14.5 | $ 14.1 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 0.1 | 0.1 |
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 | 100 |
Common stock, shares issued (in shares) | 62.1 | 62 |
Common stock, shares outstanding (in shares) | 62.1 | 62 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 12,481.6 | $ 12,382 |
Cost of revenue | 12,218.9 | 12,151.1 |
Gross profit | 262.7 | 230.9 |
Operating expenses: | ||
Compensation and employee benefits | 119.2 | 114.9 |
General and administrative | 79 | 74.7 |
Total operating expenses | 198.2 | 189.6 |
Income from operations | 64.6 | 41.3 |
Non-operating income (expenses), net: | ||
Interest expense and other financing costs, net | (34.3) | (14.3) |
Other income (expense), net | (3.5) | 5.7 |
Total non-operating income (expense), net | (37.8) | (8.7) |
Income (loss) before income taxes | 26.7 | 32.6 |
Provision for income taxes | 4.2 | 6.4 |
Net income (loss) including noncontrolling interest | 22.6 | 26.3 |
Net income (loss) attributable to noncontrolling interest | (0.2) | (0.1) |
Net income (loss) attributable to World Fuel | $ 22.8 | $ 26.3 |
Basic earnings (loss) per common share | $ 0.37 | $ 0.42 |
Basic weighted average common shares | 62.2 | 63.4 |
Diluted earnings (loss) per common share | $ 0.36 | $ 0.41 |
Diluted weighted average common shares | 62.8 | 63.7 |
Comprehensive income: | ||
Net income (loss) including noncontrolling interest | $ 22.6 | $ 26.3 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 5.7 | (9.4) |
Cash flow hedges, net of income tax expense (benefit) of ($0.7) and ($7.0) for the three months ended March 31, 2023 and 2022, respectively | (2.2) | (19.3) |
Total other comprehensive income (loss) | 3.5 | (28.7) |
Comprehensive income (loss) including noncontrolling interest | 26.1 | (2.4) |
Comprehensive income (loss) attributable to noncontrolling interest | (0.2) | (0.1) |
Comprehensive income (loss) attributable to World Fuel | $ 26.3 | $ (2.3) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Cash flow hedges, net of income tax expense (benefit) of ($0.7) and ($7.0) for the three months ended March 31, 2023 and 2022, respectively | $ (0.7) | $ (7) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Total World Fuel Shareholders' Equity | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest Equity |
Beginning balance (in shares) at Dec. 31, 2021 | 61.7 | ||||||
Beginning balance at Dec. 31, 2021 | $ 1,916.8 | $ 1,912.7 | $ 0.6 | $ 168.1 | $ 1,880.6 | $ (136.7) | $ 4.1 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 26.3 | 26.3 | 26.3 | (0.1) | |||
Cash dividends declared | (7.6) | (7.6) | (7.6) | ||||
Amortization of share-based payment awards | 3.7 | 3.7 | 3.7 | ||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.1 | ||||||
Issuance of common stock for acquisition of a business (in shares) | 1.8 | ||||||
Issuance of common stock for acquisition of a business | 50 | 50 | 50 | ||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (1.3) | (1.3) | (1.3) | ||||
Purchases of common stock (in shares) | (0.5) | ||||||
Purchases of common stock | (13.7) | (13.7) | (13.7) | ||||
Other comprehensive income (loss) | (28.7) | (28.7) | (28.7) | ||||
Ending balance (in shares) at Mar. 31, 2022 | 63 | ||||||
Ending balance at Mar. 31, 2022 | $ 1,945.5 | 1,941.4 | $ 0.6 | 206.7 | 1,899.4 | (165.4) | 4.1 |
Beginning balance (in shares) at Dec. 31, 2022 | 62 | 62 | |||||
Beginning balance at Dec. 31, 2022 | $ 1,990.7 | 1,984.9 | $ 0.6 | 182.4 | 1,962.5 | (160.6) | 5.9 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 22.6 | 22.8 | 22.8 | (0.2) | |||
Cash dividends declared | (8.6) | (8.6) | (8.6) | ||||
Amortization of share-based payment awards | 6.1 | 6.1 | 6.1 | ||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.1 | ||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (0.3) | (0.3) | (0.3) | ||||
Other comprehensive income (loss) | $ 3.5 | 3.5 | 3.5 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 62.1 | 62.1 | |||||
Ending balance at Mar. 31, 2023 | $ 2,014 | $ 2,008.3 | $ 0.6 | $ 188.2 | $ 1,976.7 | $ (157.1) | $ 5.7 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) including noncontrolling interest | $ 22.6 | $ 26.3 |
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: | ||
Unrealized (gain) loss on derivatives | (94.1) | (15.5) |
Depreciation and amortization | 25.8 | 27.2 |
Provision for credit losses | 0.3 | 2 |
Share-based payment award compensation costs | 6.1 | 3.7 |
Deferred income tax expense (benefit) | (2.8) | (4) |
Unrealized foreign currency (gains) losses, net | (18.8) | (3.7) |
Other | (0.1) | (1.4) |
Changes in assets and liabilities, net of acquisitions and divestitures: | ||
Accounts receivable, net | 295.7 | (1,051.3) |
Inventories | 161.4 | (140.6) |
Prepaid expenses | 2 | 3.1 |
Short-term derivative assets, net | 163.2 | (210.6) |
Other current assets | 8.7 | 72.3 |
Cash collateral with counterparties | 96.9 | 56.3 |
Other non-current assets | 56 | (108.9) |
Accounts payable | (322.3) | 996.7 |
Short-term derivative liabilities, net | (164.9) | 168 |
Accrued expenses and other current liabilities | (53.9) | 21.8 |
Other long-term liabilities | (38.8) | 86.6 |
Net cash provided by (used in) operating activities | 143 | (72) |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | 0 | (639.4) |
Capital expenditures | (18.8) | (16.7) |
Other investing activities, net | (4.7) | (1.3) |
Net cash provided by (used in) investing activities | (23.5) | (657.3) |
Cash flows from financing activities: | ||
Borrowings of debt | 2,101 | 1,745.8 |
Repayments of debt | (2,224.1) | (1,369.7) |
Dividends paid on common stock | (8.6) | (7.4) |
Repurchases of common stock | 0 | (13.7) |
Payments of deferred consideration for acquisitions | (60.8) | (10) |
Other financing activities, net | (0.3) | (1.3) |
Net cash provided by (used in) financing activities | (192.8) | 343.7 |
Effect of exchange rate changes on cash and cash equivalents | (8.3) | (0.3) |
Net increase (decrease) in cash and cash equivalents | (81.7) | (386) |
Cash and cash equivalents, as of the beginning of the period | 298.4 | 652.2 |
Cash and cash equivalents, as of the end of the period | $ 216.7 | $ 266.2 |
Basis of Presentation, New Acco
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies | 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies General 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 Quarterly Report on Form 10-Q ("10-Q Report") as "World Fuel," "we," "our" and "us." We are a leading global energy management company, offering a broad suite of energy advisory, management and fulfillment services, digital and other technology solutions, as well as sustainability products and services across the energy product spectrum. We are principally involved in providing energy procurement and related products and services to commercial and industrial customers in the aviation, land, and marine transportation industries. We have also expanded our product and service offerings to include energy advisory services, sustainability and renewable energy solutions, as well as supply fulfillment for natural gas and power. The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and 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 Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2022 Annual Report on Form 10-K ("2022 10-K Report"). All intercompany transactions among our businesses have been eliminated. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this 10-Q Report should be read in conjunction with the Consolidated Financial Statements and accompanying Notes included in our 2022 10-K Report. Certain amounts in the Condensed Consolidated Financial Statements and accompanying Notes may not add due to rounding; however, all percentages have been calculated using unrounded amounts. Certain prior period amounts have been reclassified to conform to the current presentation. New Accounting Standards Adoption of New Accounting Standards Disclosure of Supplier Finance Program Obligations. In September 2022, Accounting Standards Update ("ASU") 2022-04 was issued to require the buyer in a supplier finance program to disclose the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The amendments do not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for the rollforward, which should be applied prospectively. Early adoption was permitted. The Company adopted ASU 2022-04 in the first quarter of 2023 and has included all relevant disclosures below. Supplier Finance Programs Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support. Outstanding obligations confirmed under our supplier finance programs were $194.1 million and $246.8 million as of March 31, 2023 and December 31, 2022, respectively, and are included in Accounts payable within our Condensed Consolidated Balance Sheets. Accounting Standards Issued but Not Yet Adopted There are no recently issued accounting standards not yet adopted by us that are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. Significant Accounting Policies There have been no significant changes in the Company's accounting policies from those disclosed in our 2022 10-K Report. The significant accounting policies we use for quarterly financial reporting are disclosed in Note 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies of the accompanying Notes to the Consolidated Financial Statements included in our 2022 10-K Report. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | 2. Accounts Receivable Accounts Receivable and Allowance for Credit Losses When we extend credit on an unsecured basis, our exposure to credit losses depends on the financial condition of our customers and macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in oil prices and political instability. We actively monitor and manage our credit exposure and work to respond to both changes in our customers' financial conditions and macroeconomic events. Based on the ongoing credit evaluations of our customers, we adjust credit limits based upon payment history and our customers' current creditworthiness. However, because 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, net, of $3.0 billion and $3.3 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $16.6 million and $17.3 million, as of March 31, 2023 and December 31, 2022, respectively. Changes to the expected credit loss provision during the three months ended March 31, 2023 include global economic outlook considerations as a result of the Company's assessment of reasonable and supportable forward-looking information. Based on an aging analysis as of March 31, 2023, 91% of our accounts receivable were outstanding less than 60 days. The following table sets forth activities in our allowance for expected credit losses (in millions): For the Three Months Ended March 31, 2023 2022 Balance as of January 1, $ 17.3 $ 29.8 Charges to allowance for credit losses 0.3 2.0 Write-off of uncollectible receivables (1.1) (11.3) Recoveries of credit losses 0.1 0.3 Translation adjustments — 0.2 Balance as of March 31, $ 16.6 $ 21.0 Receivable Purchase Agreements We have receivable purchase agreements ("RPAs") that allow for the sale of our qualifying accounts receivable in exchange for cash consideration equal to the total balance, less a discount margin, depending on the outstanding accounts receivable at any given time. Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Condensed Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Condensed Consolidated Statements of Income and Comprehensive Income . During the three months ended March 31, 2023 and 2022, we sold receivables under the RPAs with an aggregate face value of $3.0 billion and $2.6 billion, respectively, and recognized fees of $11.7 million and $5.5 million, respectively. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | 3. Acquisitions 2022 Acquisition During the first quarter of 2022, we completed the acquisition of Flyers Energy Group, LLC ("Flyers"). Flyers' operations include transportation, commercial fleet fueling, lubricants distribution, and the supply of wholesale, branded and renewable fuels. The total purchase price of $795.0 million included deferred payments totaling $100.0 million. In January 2023, $50 million was paid to the seller and the remaining $50 million outstanding as of March 31, 2023 is expected to be settled in January 2024. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 4. Derivative Instruments We are exposed to a variety of risks including but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective. Our risk management program includes the following types of derivative instruments: Fair Value Hedges. Derivative contracts we hold to hedge the risk of changes in the price of our inventory. Cash Flow Hedges. Derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions. Non-designated Derivatives. 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. The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions): Unit March 31, 2023 Commodity contracts Long BBL 85.9 Short BBL (84.8) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (718.8) Buy U.S. dollar, sell other currencies USD 862.2 Interest rate contracts Interest rate swap USD 300.0 While the majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next year, our interest rate swap agreement matures in March 2025. Assets and Liabilities The following table presents the gross fair value of our derivative instruments and their locations on the Condensed Consolidated Balance Sheets (in millions): Condensed Consolidated Balance Sheets Location Gross Derivative Assets Gross Derivative Liabilities Derivative Instruments March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ 1.4 $ — $ — $ — Short-term derivative liabilities, net 1.2 3.4 3.3 6.7 Interest rate contracts Short-term derivative assets, net 12.4 12.9 — — Other non-current assets 8.4 11.9 — — Total derivatives designated as hedging instruments 23.4 28.2 3.3 6.7 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 454.5 376.4 182.9 42.3 Other non-current assets 238.4 293.3 64.6 66.9 Short-term derivative liabilities, net 266.4 423.1 626.3 936.3 Other long-term liabilities 167.6 201.8 312.3 399.8 Foreign currency contracts Short-term derivative assets, net 19.9 21.8 6.9 18.5 Other non-current assets 0.8 0.7 — 0.1 Short-term derivative liabilities, net 6.0 2.0 15.7 19.8 Other long-term liabilities 0.2 0.2 0.4 0.4 Total derivatives not designated as hedging instruments 1,153.7 1,319.2 1,209.1 1,484.1 Total derivatives $ 1,177.1 $ 1,347.4 $ 1,212.4 $ 1,490.8 For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 5. Fair Value Measurements. The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Inventory $ 61.1 $ 60.7 $ 1.0 $ 1.2 Earnings and Other Comprehensive Income (Loss) Derivatives Designated as Hedging Instruments The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): For the Three Months Ended March 31, March 31, 2023 March 31, 2022 Revenue Cost of revenue Interest expense and other financing costs, net Revenue Cost of revenue Interest expense and other financing costs, net Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 12,481.6 $ 12,218.9 $ 34.3 $ 12,382.0 $ 12,151.1 $ 14.3 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — (3.3) — — 28.6 — Derivatives designated as hedging instruments — 3.8 — — (41.2) — Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income (0.5) (0.1) — (33.0) — — Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — 3.1 — — (0.3) Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Total amount of income and expense line items excluding the impact of hedges $ 12,482.1 $ 12,219.3 $ 37.4 $ 12,415.0 $ 12,138.6 $ 14.0 The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement For the Three Months Ended March 31, Location 2023 2022 Commodity contracts Revenue $ (0.4) $ (75.3) Commodity contracts Cost of revenue $ (1.7) $ 1.4 For the three months ended March 31, 2023 and 2022, 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 March 31, 2023, on a pre-tax basis, $0.1 million is scheduled to be reclassified from Accumulated other comprehensive income (loss) over the next twelve months as an increase to Cost of revenue related to designated commodity cash flow hedges that will mature within the next twelve months. The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended March 31, 2023 2022 Commodity contracts (Revenue) $ 0.7 $ (52.7) Commodity contracts (Cost of revenue) (0.4) — Interest rate contracts (Interest expense and other financing costs, net) (0.7) 8.6 Total gain (loss) $ (0.3) $ (44.1) Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended March 31, Location 2023 2022 Commodity contracts Revenue $ (0.4) $ (24.6) Commodity contracts Cost of revenue (0.1) — Interest rate contracts Interest expense and other financing costs, net 2.3 (0.2) Total gain (loss) $ 1.8 $ (24.8) Derivatives Not Designated as Hedging Instruments The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions): For the Three Months Ended March 31, Derivative Instruments - Non-designated Location 2023 2022 Commodity contracts Revenue $ (90.3) $ 76.9 Cost of revenue (7.1) (6.4) (97.4) 70.5 Foreign currency contracts Revenue (3.6) (0.6) Other (expense), net 3.8 (2.3) 0.2 (2.9) Total gain (loss) $ (97.2) $ 67.6 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): March 31, 2023 December 31, 2022 Net derivative liability positions with credit contingent features $ 76.9 $ 72.5 Collateral posted and held by our counterparties (10.5) (28.7) Maximum additional potential collateral requirements $ 66.4 $ 43.8 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. 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 their short-term maturities. The carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy. Recurring Fair Value Measurements The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions): Fair Value Measurements as of March 31, 2023 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 496.5 $ 628.2 $ 4.8 $ 1,129.5 Interest rate contract — 20.7 — 20.7 Foreign currency contracts — 26.8 — 26.8 Cash surrender value of life insurance — 15.2 — 15.2 Total assets at fair value $ 496.5 $ 690.9 $ 4.8 $ 1,192.2 Liabilities: Commodities contracts $ 537.4 $ 649.7 $ 2.2 $ 1,189.4 Foreign currency contracts — 23.0 — 23.0 Total liabilities at fair value $ 537.4 $ 672.8 $ 2.2 $ 1,212.4 Fair Value Measurements as of December 31, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 496.2 $ 797.6 $ 4.2 $ 1,298.0 Interest rate contract — 24.7 — 24.7 Foreign currency contracts — 24.7 — 24.7 Cash surrender value of life insurance — 14.4 — 14.4 Total assets at fair value $ 496.2 $ 861.4 $ 4.2 $ 1,361.8 Liabilities: Commodities contracts $ 497.4 $ 951.2 $ 3.4 $ 1,452.1 Foreign currency contracts — 38.7 — 38.7 Total liabilities at fair value $ 497.4 $ 989.9 $ 3.4 $ 1,490.8 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. 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. The following tables summarize those derivative balances subject to the right of offset as presented on our Condensed Consolidated Balance Sheets (in millions): Fair Value as of March 31, 2023 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 1,129.5 $ 682.3 $ 447.2 $ 93.9 $ — $ 353.3 Interest rate contract 20.7 — 20.7 — — 20.7 Foreign currency contracts 26.8 14.3 12.5 — — 12.5 Total assets at fair value $ 1,177.1 $ 696.6 $ 480.5 $ 93.9 $ — $ 386.6 Liabilities: Commodities contracts $ 1,189.4 $ 682.3 $ 507.1 $ 178.2 $ — $ 328.8 Foreign currency contracts 23.0 14.3 8.8 — — 8.8 Total liabilities at fair value $ 1,212.4 $ 696.6 $ 515.8 $ 178.2 $ — $ 337.6 Fair Value as of December 31, 2022 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 1,298.0 $ 756.8 $ 541.1 $ 79.3 $ — $ 461.9 Interest rate contract 24.7 — 24.7 — — 24.7 Foreign currency contracts 24.7 20.9 3.8 — — 3.8 Total assets at fair value $ 1,347.4 $ 777.7 $ 569.7 $ 79.3 $ — $ 490.5 Liabilities: Commodities contracts $ 1,452.1 $ 755.6 $ 696.4 $ 243.1 $ — $ 453.3 Foreign currency contracts 38.7 22.1 16.7 — — 16.7 Total liabilities at fair value $ 1,490.8 $ 777.7 $ 713.1 $ 243.1 $ — $ 470.0 At March 31, 2023 and December 31, 2022, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset. Concentration of Credit Risk Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At March 31, 2023, one of our counterparties with a total exposure of $105.2 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $21.7 million. Nonrecurring Fair Value Measurements The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of March 31, 2023 and December 31, 2022, respectively. |
Debt, Interest Income, Expense,
Debt, Interest Income, Expense, and Other Finance Costs | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt, Interest Income, Expense, and Other Finance Costs | 6. Debt, Interest Income, Expense, and Other Finance Costs Credit Agreement The Fourth Amended and Restated Credit Agreement matures in April 2027 and provides for a term loan as well as a revolving credit facility of up to $1.5 billion (the "Credit Facility"). Long-Term Debt Our outstanding debt consists of the following (in millions): March 31, 2023 December 31, 2022 Credit Facility $ 220.0 $ 339.0 Term loan 485.4 488.4 Finance leases 18.3 15.4 Other 2.9 2.9 Total debt 726.6 845.7 Less: Current maturities of long-term debt and finance leases 18.2 15.8 Long-term debt $ 708.4 $ 829.9 Interest Expense The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions): For the Three Months Ended March 31, 2023 2022 Interest income $ 1.6 $ 2.5 Interest expense and other financing costs (35.9) (16.8) Interest expense and other financing costs, net $ (34.3) $ (14.3) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 7. Revenue from Contracts with Customers Disaggregated revenue The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions): For the Three Months Ended March 31, 2023 2022 Aviation $ 272.3 $ 225.3 Land 4.3 48.6 Marine 1,110.3 1,145.4 Asia Pacific 1,386.9 1,419.3 Aviation 824.7 641.9 Land 1,057.1 1,038.4 Marine 525.4 831.0 EMEA 2,407.2 2,511.3 Aviation 1,218.0 953.2 Land 217.7 198.4 Marine 287.1 278.6 LATAM 1,722.8 1,430.1 Aviation 3,897.9 3,291.8 Land 2,707.9 3,049.6 Marine 445.5 559.4 North America 7,051.3 6,900.8 Other revenues (excluded from ASC 606) (1) (86.6) 120.5 Total revenue $ 12,481.6 $ 12,382.0 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. Accounts receivable, contract assets and contract liabilities The nature of the receivables related to revenue from contracts with customers and other revenues (excluded from ASC 606) are substantially similar, as they are both 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 utilizing 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 Condensed Consolidated Balance Sheets. As of March 31, 2023 and December 31, 2022, the contract assets and contract liabilities recognized by the Company were not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates): For the Three Months Ended March 31, 2023 2022 Provision for income taxes $ 4.2 $ 6.4 Effective income tax rate 15.6 % 19.5 % Our provision for income taxes for the three months ended March 31, 2023 includes a discrete income tax benefit of $3.8 million, net, which relates to a tax benefit of $3.1 million for the reversal of a valuation allowance previously recorded against a U.S. state's deferred tax assets and a tax benefit of $0.7 million, net, related to other worldwide tax adjustments including changes resulting from tax return filings. For the three months ended March 31, 2022, the provision includes a net discrete income tax benefit of $1.2 million which relates to a tax benefit of $4.1 million for the remeasurement of an uncertain tax position, a tax expense of $2.0 million for changes related to our state apportionment factors and state net operating loss positions, and a tax expense of $0.8 million related to other worldwide adjustments. Our income tax provisions for the three months ended March 31, 2023 and 2022 were calculated based on the estimated annual effective income tax rates for the 2023 and 2022 years, respectively. The actual effective income tax rate for the 2023 year may be materially different for several reasons including differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned. We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most material of these is in Denmark for the 2013 - 2019 tax year, where one of our subsidiaries has been under audit since 2018. Through March 31, 2023, we have received final tax assessments for the 2013 and 2014 tax years that were immaterial, a proposed tax assessment for the 2015 tax year of approximately $14.0 million (DKK 96.1 million), and proposed tax assessments for the 2016 and 2017 tax years of approximately $19.5 million (DKK 133.8 million) and $22.6 million (DKK 155.5 million), respectively. We believe these assessments are without merit and are vigorously defending against the actions. We have not yet received any proposed assessments related to the 2018 or 2019 tax years, which could be materially larger than the previous assessments if a similar methodology is applied. In April, 2023, we received notification that the U.S. examinations of our 2017 and 2018 tax years are closed as expected. 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies In December 2021, judgments were entered against one of our subsidiaries in the Singapore High Court in companion actions filed by a financing bank of two of our subsidiary’s suppliers. Each of the claims arose out of a financing arrangement between our subsidiary's supplier and the bank. The resulting judgments, including principal and interest, aggregated to approximately $33 million, which we paid to the bank pending the appeals of the Singapore court judgments. In January 2023, we entered into a settlement agreement with the bank pursuant to which the parties settled for approximately $13 million. As a result, we recognized a loss of $6.5 million during the year ended December 31, 2022. Pursuant to the settlement, in the first quarter of 2023 we recovered approximately $20 million in funds we had previously paid to the bank. In connection with the settlement, we have withdrawn our appeals and the parties have exchanged full and final releases in respect of the 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. From time to time, we are also under review by various domestic and foreign tax authorities regarding indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, South Korea and Brazil, where the amounts in controversy may be material. During 2016 and 2017, the South Korean branch of one of our subsidiaries received assessments totaling approximately $26.3 million (KRW 34.3 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 several 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 contesting an assessment of approximately $12.5 million (BRL 64.1 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. We have established loss provisions for claims and other matters in which losses are probable and can be reasonably estimated. As of March 31, 2023, these reserves were not material. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, we believe that such losses will not have a material adverse effect on our Condensed 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 Condensed 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 | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | 10. Shareholders' Equity Cash Dividends During the three months ended March 31, 2023, the Company's Board of Directors (the "Board") declared quarterly cash dividends of $0.14 per common share representing $8.6 million in dividends, which were paid on April 21, 2023. During the three months ended March 31, 2022, the Board declared quarterly cash dividends of $0.12 per common share representing $7.6 million in dividends, which were paid on April 8, 2022. Accumulated Other Comprehensive Income (Loss) Our Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions): Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2023 $ (179.5) $ 18.9 $ (160.6) Other comprehensive income (loss) before reclassifications 5.7 (0.3) 5.4 Amounts reclassified from accumulated other comprehensive income (loss) — (1.8) (1.8) Balance as of March 31, 2023 $ (173.8) $ 16.7 $ (157.1) Balance as of January 1, 2022 $ (134.0) $ (2.7) $ (136.7) Other comprehensive income (loss) before reclassifications (9.4) (44.1) (53.5) Amounts reclassified from accumulated other comprehensive income (loss) — 24.8 24.8 Balance as of March 31, 2022 $ (143.4) $ (22.0) $ (165.4) |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | 11. Business Segments We operate in three reportable segments consisting of aviation, land and marine. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. We use Income from operations as our primary measure of profit as we believe it is the most meaningful measure to allocate resources and assess the performance or our segments. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions): For the Three Months Ended March 31, Revenue: 2023 2022 Aviation segment $ 6,222.8 $ 5,010.5 Land segment 3,891.3 4,380.8 Marine segment 2,367.5 2,990.6 Total revenue $ 12,481.6 $ 12,382.0 Income from operations: Aviation segment $ 34.0 $ 7.5 Land segment 26.2 33.4 Marine segment 30.8 23.1 Corporate overhead - unallocated (26.4) (22.8) Total income from operations $ 64.6 $ 41.3 Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions): March 31, 2023 December 31, 2022 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $5.5 and $4.9 as of March 31, 2023 and December 31, 2022, respectively $ 1,579.1 $ 1,452.4 Land segment, net of allowance for credit losses of $5.8 and $5.8 as of March 31, 2023 and December 31, 2022, respectively 884.7 1,141.9 Marine segment, net of allowance for credit losses of $3.2 and $3.4 as of March 31, 2023 and December 31, 2022, respectively 533.4 699.8 Total accounts receivable, net $ 2,997.2 $ 3,294.1 Total assets: Aviation segment $ 2,965.7 $ 3,036.2 Land segment 3,116.6 3,710.1 Marine segment 818.2 1,007.4 Corporate 585.2 410.8 Total assets $ 7,485.8 $ 8,164.6 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 12. 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): For the Three Months Ended March 31, 2023 2022 Numerator: Net income attributable to World Fuel $ 22.8 $ 26.3 Denominator: Weighted average common shares for basic earnings per common share 62.2 63.4 Effect of dilutive securities 0.5 0.3 Weighted average common shares for diluted earnings per common share 62.8 63.7 Basic earnings (loss) per common share $ 0.37 $ 0.42 Diluted earnings (loss) per common share $ 0.36 $ 0.41 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 1.3 1.5 |
Basis of Presentation, New Ac_2
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 Quarterly Report on Form 10-Q ("10-Q Report") as "World Fuel," "we," "our" and "us." We are a leading global energy management company, offering a broad suite of energy advisory, management and fulfillment services, digital and other technology solutions, as well as sustainability products and services across the energy product spectrum. We are principally involved in providing energy procurement and related products and services to commercial and industrial customers in the aviation, land, and marine transportation industries. We have also expanded our product and service offerings to include energy advisory services, sustainability and renewable energy solutions, as well as supply fulfillment for natural gas and power. The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and 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 Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2022 Annual Report on Form 10-K ("2022 10-K Report"). All intercompany transactions among our businesses have been eliminated. |
Use of Estimates | Certain amounts in the Condensed Consolidated Financial Statements and accompanying Notes may not add due to rounding; however, all percentages have been calculated using unrounded amounts |
Reclassifications | Certain prior period amounts have been reclassified to conform to the current presentation. |
New Accounting Standards and Accounting Standards Issued but Not Yet Adopted | Adoption of New Accounting Standards Disclosure of Supplier Finance Program Obligations. In September 2022, Accounting Standards Update ("ASU") 2022-04 was issued to require the buyer in a supplier finance program to disclose the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The amendments do not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for the rollforward, which should be applied prospectively. Early adoption was permitted. The Company adopted ASU 2022-04 in the first quarter of 2023 and has included all relevant disclosures below. Supplier Finance Programs Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support. Accounting Standards Issued but Not Yet Adopted There are no recently issued accounting standards not yet adopted by us that are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Summary of Accounts Receivable, Allowance for Expected Credit Losses | The following table sets forth activities in our allowance for expected credit losses (in millions): For the Three Months Ended March 31, 2023 2022 Balance as of January 1, $ 17.3 $ 29.8 Charges to allowance for credit losses 0.3 2.0 Write-off of uncollectible receivables (1.1) (11.3) Recoveries of credit losses 0.1 0.3 Translation adjustments — 0.2 Balance as of March 31, $ 16.6 $ 21.0 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value Positions of Derivative Instruments | The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions): Unit March 31, 2023 Commodity contracts Long BBL 85.9 Short BBL (84.8) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (718.8) Buy U.S. dollar, sell other currencies USD 862.2 Interest rate contracts Interest rate swap USD 300.0 |
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 Condensed Consolidated Balance Sheets (in millions): Condensed Consolidated Balance Sheets Location Gross Derivative Assets Gross Derivative Liabilities Derivative Instruments March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ 1.4 $ — $ — $ — Short-term derivative liabilities, net 1.2 3.4 3.3 6.7 Interest rate contracts Short-term derivative assets, net 12.4 12.9 — — Other non-current assets 8.4 11.9 — — Total derivatives designated as hedging instruments 23.4 28.2 3.3 6.7 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 454.5 376.4 182.9 42.3 Other non-current assets 238.4 293.3 64.6 66.9 Short-term derivative liabilities, net 266.4 423.1 626.3 936.3 Other long-term liabilities 167.6 201.8 312.3 399.8 Foreign currency contracts Short-term derivative assets, net 19.9 21.8 6.9 18.5 Other non-current assets 0.8 0.7 — 0.1 Short-term derivative liabilities, net 6.0 2.0 15.7 19.8 Other long-term liabilities 0.2 0.2 0.4 0.4 Total derivatives not designated as hedging instruments 1,153.7 1,319.2 1,209.1 1,484.1 Total derivatives $ 1,177.1 $ 1,347.4 $ 1,212.4 $ 1,490.8 |
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income | The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Inventory $ 61.1 $ 60.7 $ 1.0 $ 1.2 |
Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income | The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): For the Three Months Ended March 31, March 31, 2023 March 31, 2022 Revenue Cost of revenue Interest expense and other financing costs, net Revenue Cost of revenue Interest expense and other financing costs, net Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 12,481.6 $ 12,218.9 $ 34.3 $ 12,382.0 $ 12,151.1 $ 14.3 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — (3.3) — — 28.6 — Derivatives designated as hedging instruments — 3.8 — — (41.2) — Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income (0.5) (0.1) — (33.0) — — Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — 3.1 — — (0.3) Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Total amount of income and expense line items excluding the impact of hedges $ 12,482.1 $ 12,219.3 $ 37.4 $ 12,415.0 $ 12,138.6 $ 14.0 The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement For the Three Months Ended March 31, Location 2023 2022 Commodity contracts Revenue $ (0.4) $ (75.3) Commodity contracts Cost of revenue $ (1.7) $ 1.4 |
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income | The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended March 31, 2023 2022 Commodity contracts (Revenue) $ 0.7 $ (52.7) Commodity contracts (Cost of revenue) (0.4) — Interest rate contracts (Interest expense and other financing costs, net) (0.7) 8.6 Total gain (loss) $ (0.3) $ (44.1) Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended March 31, Location 2023 2022 Commodity contracts Revenue $ (0.4) $ (24.6) Commodity contracts Cost of revenue (0.1) — Interest rate contracts Interest expense and other financing costs, net 2.3 (0.2) Total gain (loss) $ 1.8 $ (24.8) |
Impact of Derivatives not Designated as Hedges on the Consolidated Statements of Income and Comprehensive Income | The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions): For the Three Months Ended March 31, Derivative Instruments - Non-designated Location 2023 2022 Commodity contracts Revenue $ (90.3) $ 76.9 Cost of revenue (7.1) (6.4) (97.4) 70.5 Foreign currency contracts Revenue (3.6) (0.6) Other (expense), net 3.8 (2.3) 0.2 (2.9) Total gain (loss) $ (97.2) $ 67.6 |
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): March 31, 2023 December 31, 2022 Net derivative liability positions with credit contingent features $ 76.9 $ 72.5 Collateral posted and held by our counterparties (10.5) (28.7) Maximum additional potential collateral requirements $ 66.4 $ 43.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions): Fair Value Measurements as of March 31, 2023 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 496.5 $ 628.2 $ 4.8 $ 1,129.5 Interest rate contract — 20.7 — 20.7 Foreign currency contracts — 26.8 — 26.8 Cash surrender value of life insurance — 15.2 — 15.2 Total assets at fair value $ 496.5 $ 690.9 $ 4.8 $ 1,192.2 Liabilities: Commodities contracts $ 537.4 $ 649.7 $ 2.2 $ 1,189.4 Foreign currency contracts — 23.0 — 23.0 Total liabilities at fair value $ 537.4 $ 672.8 $ 2.2 $ 1,212.4 Fair Value Measurements as of December 31, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 496.2 $ 797.6 $ 4.2 $ 1,298.0 Interest rate contract — 24.7 — 24.7 Foreign currency contracts — 24.7 — 24.7 Cash surrender value of life insurance — 14.4 — 14.4 Total assets at fair value $ 496.2 $ 861.4 $ 4.2 $ 1,361.8 Liabilities: Commodities contracts $ 497.4 $ 951.2 $ 3.4 $ 1,452.1 Foreign currency contracts — 38.7 — 38.7 Total liabilities at fair value $ 497.4 $ 989.9 $ 3.4 $ 1,490.8 |
Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets | 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. The following tables summarize those derivative balances subject to the right of offset as presented on our Condensed Consolidated Balance Sheets (in millions): Fair Value as of March 31, 2023 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 1,129.5 $ 682.3 $ 447.2 $ 93.9 $ — $ 353.3 Interest rate contract 20.7 — 20.7 — — 20.7 Foreign currency contracts 26.8 14.3 12.5 — — 12.5 Total assets at fair value $ 1,177.1 $ 696.6 $ 480.5 $ 93.9 $ — $ 386.6 Liabilities: Commodities contracts $ 1,189.4 $ 682.3 $ 507.1 $ 178.2 $ — $ 328.8 Foreign currency contracts 23.0 14.3 8.8 — — 8.8 Total liabilities at fair value $ 1,212.4 $ 696.6 $ 515.8 $ 178.2 $ — $ 337.6 Fair Value as of December 31, 2022 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 1,298.0 $ 756.8 $ 541.1 $ 79.3 $ — $ 461.9 Interest rate contract 24.7 — 24.7 — — 24.7 Foreign currency contracts 24.7 20.9 3.8 — — 3.8 Total assets at fair value $ 1,347.4 $ 777.7 $ 569.7 $ 79.3 $ — $ 490.5 Liabilities: Commodities contracts $ 1,452.1 $ 755.6 $ 696.4 $ 243.1 $ — $ 453.3 Foreign currency contracts 38.7 22.1 16.7 — — 16.7 Total liabilities at fair value $ 1,490.8 $ 777.7 $ 713.1 $ 243.1 $ — $ 470.0 |
Debt, Interest Income, Expens_2
Debt, Interest Income, Expense, and Other Finance Costs (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our outstanding debt consists of the following (in millions): March 31, 2023 December 31, 2022 Credit Facility $ 220.0 $ 339.0 Term loan 485.4 488.4 Finance leases 18.3 15.4 Other 2.9 2.9 Total debt 726.6 845.7 Less: Current maturities of long-term debt and finance leases 18.2 15.8 Long-term debt $ 708.4 $ 829.9 |
Schedule of Interest Expense and Other Financing Costs, Net | The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions): For the Three Months Ended March 31, 2023 2022 Interest income $ 1.6 $ 2.5 Interest expense and other financing costs (35.9) (16.8) Interest expense and other financing costs, net $ (34.3) $ (14.3) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 in which we conduct business (in millions): For the Three Months Ended March 31, 2023 2022 Aviation $ 272.3 $ 225.3 Land 4.3 48.6 Marine 1,110.3 1,145.4 Asia Pacific 1,386.9 1,419.3 Aviation 824.7 641.9 Land 1,057.1 1,038.4 Marine 525.4 831.0 EMEA 2,407.2 2,511.3 Aviation 1,218.0 953.2 Land 217.7 198.4 Marine 287.1 278.6 LATAM 1,722.8 1,430.1 Aviation 3,897.9 3,291.8 Land 2,707.9 3,049.6 Marine 445.5 559.4 North America 7,051.3 6,900.8 Other revenues (excluded from ASC 606) (1) (86.6) 120.5 Total revenue $ 12,481.6 $ 12,382.0 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision and the Respective Effective Income Tax Rates | Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates): For the Three Months Ended March 31, 2023 2022 Provision for income taxes $ 4.2 $ 6.4 Effective income tax rate 15.6 % 19.5 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of components of other comprehensive income and accumulated other comprehensive income (loss) | Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2023 $ (179.5) $ 18.9 $ (160.6) Other comprehensive income (loss) before reclassifications 5.7 (0.3) 5.4 Amounts reclassified from accumulated other comprehensive income (loss) — (1.8) (1.8) Balance as of March 31, 2023 $ (173.8) $ 16.7 $ (157.1) Balance as of January 1, 2022 $ (134.0) $ (2.7) $ (136.7) Other comprehensive income (loss) before reclassifications (9.4) (44.1) (53.5) Amounts reclassified from accumulated other comprehensive income (loss) — 24.8 24.8 Balance as of March 31, 2022 $ (143.4) $ (22.0) $ (165.4) |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue, Gross Profit and Income from Operations by Segment | Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions): For the Three Months Ended March 31, Revenue: 2023 2022 Aviation segment $ 6,222.8 $ 5,010.5 Land segment 3,891.3 4,380.8 Marine segment 2,367.5 2,990.6 Total revenue $ 12,481.6 $ 12,382.0 Income from operations: Aviation segment $ 34.0 $ 7.5 Land segment 26.2 33.4 Marine segment 30.8 23.1 Corporate overhead - unallocated (26.4) (22.8) Total income from operations $ 64.6 $ 41.3 |
Schedule of Accounts Receivable, Net and Total Assets by Segment | Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions): March 31, 2023 December 31, 2022 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $5.5 and $4.9 as of March 31, 2023 and December 31, 2022, respectively $ 1,579.1 $ 1,452.4 Land segment, net of allowance for credit losses of $5.8 and $5.8 as of March 31, 2023 and December 31, 2022, respectively 884.7 1,141.9 Marine segment, net of allowance for credit losses of $3.2 and $3.4 as of March 31, 2023 and December 31, 2022, respectively 533.4 699.8 Total accounts receivable, net $ 2,997.2 $ 3,294.1 Total assets: Aviation segment $ 2,965.7 $ 3,036.2 Land segment 3,116.6 3,710.1 Marine segment 818.2 1,007.4 Corporate 585.2 410.8 Total assets $ 7,485.8 $ 8,164.6 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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): For the Three Months Ended March 31, 2023 2022 Numerator: Net income attributable to World Fuel $ 22.8 $ 26.3 Denominator: Weighted average common shares for basic earnings per common share 62.2 63.4 Effect of dilutive securities 0.5 0.3 Weighted average common shares for diluted earnings per common share 62.8 63.7 Basic earnings (loss) per common share $ 0.37 $ 0.42 Diluted earnings (loss) per common share $ 0.36 $ 0.41 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 1.3 1.5 |
Basis of Presentation, New Ac_3
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Supplier finance program, obligation | $ 194.1 | $ 246.8 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | ||||
Accounts receivable | $ 2,997.2 | $ 3,294.1 | ||
Allowance for credit losses | $ 16.6 | $ 21 | $ 17.3 | $ 29.8 |
Percent accounts receivable outstanding, less than 60 days | 91% | |||
Account receivable sold under the RPAs | $ 3,000 | 2,600 | ||
Fees And Interest Paid Under Receivables Purchase Agreements | $ 11.7 | $ 5.5 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 17.3 | $ 29.8 |
Charges to allowance for credit losses | 0.3 | 2 |
Write-off of uncollectible receivables | (1.1) | (11.3) |
Recoveries of credit losses | 0.1 | 0.3 |
Translation adjustments | 0 | 0.2 |
Ending balance | $ 16.6 | $ 21 |
Acquisitions (Details)
Acquisitions (Details) - Flyers Energy Group - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | |||
Total purchase price | $ 795 | ||
Deferred payment | $ 100 | ||
Amount paid to seller | $ 50 | ||
Deferred consideration outstanding | $ 50 |
Derivative Instruments - Gross
Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) bbl | |
Interest rate contracts | U.S. dollar | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ 300 |
Long | Commodity contracts | |
Derivative instruments, at their respective fair value positions | |
Notional value of commodity contracts (in barrels) | bbl | 85.9 |
Long | Foreign currency exchange contracts | U.S. dollar | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ 862.2 |
Short | Commodity contracts | |
Derivative instruments, at their respective fair value positions | |
Notional value of commodity contracts (in barrels) | bbl | 84.8 |
Short | Foreign currency exchange contracts | U.S. dollar | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ 718.8 |
Derivative Instruments - Balanc
Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | $ 1,177.1 | $ 1,347.4 |
Gross Derivative Liabilities | 1,212.4 | 1,490.8 |
Commodity contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 1,129.5 | 1,298 |
Gross Derivative Liabilities | 1,189.4 | 1,452.1 |
Interest rate contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 20.7 | 24.7 |
Foreign currency contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 26.8 | 24.7 |
Gross Derivative Liabilities | 23 | 38.7 |
Derivatives designated as hedging instruments | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 23.4 | 28.2 |
Gross Derivative Liabilities | 3.3 | 6.7 |
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 | 1.4 | 0 |
Gross Derivative Liabilities | 0 | 0 |
Derivatives designated as hedging instruments | Commodity contracts | Short-term derivative liabilities, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 1.2 | 3.4 |
Gross Derivative Liabilities | 3.3 | 6.7 |
Derivatives designated as hedging instruments | Interest rate 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 | 12.4 | 12.9 |
Gross Derivative Liabilities | 0 | 0 |
Derivatives designated as hedging instruments | Interest rate contracts | Other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 8.4 | 11.9 |
Gross Derivative Liabilities | 0 | 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 | 1,153.7 | 1,319.2 |
Gross Derivative Liabilities | 1,209.1 | 1,484.1 |
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 | 454.5 | 376.4 |
Gross Derivative Liabilities | 182.9 | 42.3 |
Derivatives not designated as hedging instruments | Commodity contracts | Other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 238.4 | 293.3 |
Gross Derivative Liabilities | 64.6 | 66.9 |
Derivatives not designated as hedging instruments | Commodity contracts | Short-term derivative liabilities, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 266.4 | 423.1 |
Gross Derivative Liabilities | 626.3 | 936.3 |
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 | 167.6 | 201.8 |
Gross Derivative Liabilities | 312.3 | 399.8 |
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 | 19.9 | 21.8 |
Gross Derivative Liabilities | 6.9 | 18.5 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0.8 | 0.7 |
Gross Derivative Liabilities | 0 | 0.1 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Short-term derivative liabilities, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 6 | 2 |
Gross Derivative Liabilities | 15.7 | 19.8 |
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 | 0.2 | 0.2 |
Gross Derivative Liabilities | $ 0.4 | $ 0.4 |
Derivative Instruments - Effect
Derivative Instruments - Effect on Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Carrying Amount of Hedged Assets/(Liabilities) | $ 61.1 | $ 60.7 | |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 1 | 1.2 | |
Gain (loss) on derivative | |||
Total revenue | 12,481.6 | $ 12,382 | |
Cost of revenue | 12,218.9 | 12,151.1 | |
Gains (losses) on fair value hedge relationships: | |||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | 0 | 0 | |
Derivative, Credit Risk Related Contingent Features [Abstract] | |||
Net derivative liability positions with credit contingent features | 76.9 | 72.5 | |
Collateral posted and held by our counterparties | (10.5) | (28.7) | |
Maximum additional potential collateral requirements | 66.4 | $ 43.8 | |
Derivatives designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit | (0.3) | (44.1) | |
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit | 1.8 | (24.8) | |
Derivatives not designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Derivative Instruments - Non-designated | (97.2) | 67.6 | |
Revenue | |||
Gain (loss) on derivative | |||
Total revenue | 12,481.6 | 12,382 | |
Gains (losses) on cash flow hedge relationships: | |||
Total amount of income and expense line items excluding the impact of hedges, Revenue | 12,482.1 | 12,415 | |
Cost of revenue | |||
Gain (loss) on derivative | |||
Cost of revenue | 12,218.9 | 12,151.1 | |
Gains (losses) on cash flow hedge relationships: | |||
Total amount of income and expense line items excluding the impact of hedges, Cost of Revenue | 12,219.3 | 12,138.6 | |
Interest expense and other financing costs, net | |||
Gain (loss) on derivative | |||
Interest expense and other financing costs, net | 34.3 | 14.3 | |
Gains (losses) on cash flow hedge relationships: | |||
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs | 37.4 | 14 | |
Commodity contracts | Derivatives not designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Derivative Instruments - Non-designated | (97.4) | 70.5 | |
Commodity contracts | Revenue | |||
Gains (losses) on fair value hedge relationships: | |||
Hedged item | 0 | 0 | |
Derivatives designated as hedging instruments | 0 | 0 | |
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | 0 | 0 | |
Gains (losses) on cash flow hedge relationships: | |||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | (0.5) | (33) | |
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | 0 | 0 | |
Commodity contracts | Revenue | Derivatives designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement | (0.4) | (75.3) | |
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit | 0.7 | (52.7) | |
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit | (0.4) | (24.6) | |
Commodity contracts | Revenue | Derivatives not designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Derivative Instruments - Non-designated | (90.3) | 76.9 | |
Commodity contracts | Cost of revenue | |||
Gains (losses) on fair value hedge relationships: | |||
Hedged item | (3.3) | 28.6 | |
Derivatives designated as hedging instruments | 3.8 | (41.2) | |
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | 0 | 0 | |
Gains (losses) on cash flow hedge relationships: | |||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | (0.1) | 0 | |
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | 0 | 0 | |
Commodity contracts | Cost of revenue | Derivatives designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement | (1.7) | 1.4 | |
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit | (0.4) | 0 | |
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit | (0.1) | 0 | |
Commodity contracts | Cost of revenue | Derivatives not designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Derivative Instruments - Non-designated | (7.1) | (6.4) | |
Commodity contracts | Interest expense and other financing costs, net | |||
Gains (losses) on fair value hedge relationships: | |||
Hedged item | 0 | 0 | |
Derivatives designated as hedging instruments | 0 | 0 | |
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | 0 | 0 | |
Gains (losses) on cash flow hedge relationships: | |||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | 0 | 0 | |
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | 0 | 0 | |
Interest rate contracts | Revenue | |||
Gains (losses) on cash flow hedge relationships: | |||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | 0 | 0 | |
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | 0 | 0 | |
Interest rate contracts | Cost of revenue | |||
Gains (losses) on cash flow hedge relationships: | |||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | 0 | 0 | |
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | 0 | 0 | |
Interest rate contracts | Interest expense and other financing costs, net | |||
Gains (losses) on cash flow hedge relationships: | |||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | 3.1 | (0.3) | |
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | 0 | 0 | |
Interest rate contracts | Interest expense and other financing costs, net | Derivatives designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit | (0.7) | 8.6 | |
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit | 2.3 | (0.2) | |
Foreign currency contracts | Derivatives not designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Derivative Instruments - Non-designated | 0.2 | (2.9) | |
Foreign currency contracts | Revenue | Derivatives not designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Derivative Instruments - Non-designated | (3.6) | (0.6) | |
Foreign currency contracts | Interest expense and other financing costs, net | Derivatives not designated as hedging instruments | |||
Gains (losses) on cash flow hedge relationships: | |||
Derivative Instruments - Non-designated | $ 3.8 | $ (2.3) |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | $ 0 | $ 0 | |
Collateral posted and held by our counterparties | 10.5 | $ 28.7 | |
Cost of revenue | |||
Derivative [Line Items] | |||
Gain scheduled to be reclassified over the next twelve months | $ (0.1) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Gross derivative assets | $ 1,177.1 | $ 1,347.4 |
Liabilities: | ||
Gross derivative liabilities | 1,212.4 | 1,490.8 |
Fair value measured on recurring basis | ||
Assets: | ||
Total assets at fair value | 1,192.2 | 1,361.8 |
Liabilities: | ||
Total liabilities at fair value | 1,212.4 | 1,490.8 |
Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Total assets at fair value | 496.5 | 496.2 |
Liabilities: | ||
Total liabilities at fair value | 537.4 | 497.4 |
Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Total assets at fair value | 690.9 | 861.4 |
Liabilities: | ||
Total liabilities at fair value | 672.8 | 989.9 |
Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Total assets at fair value | 4.8 | 4.2 |
Liabilities: | ||
Total liabilities at fair value | 2.2 | 3.4 |
Commodity contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross derivative assets | 1,129.5 | 1,298 |
Liabilities: | ||
Gross derivative liabilities | 1,189.4 | 1,452.1 |
Commodity contracts | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Gross derivative assets | 496.5 | 496.2 |
Liabilities: | ||
Gross derivative liabilities | 537.4 | 497.4 |
Commodity contracts | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Gross derivative assets | 628.2 | 797.6 |
Liabilities: | ||
Gross derivative liabilities | 649.7 | 951.2 |
Commodity contracts | Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Gross derivative assets | 4.8 | 4.2 |
Liabilities: | ||
Gross derivative liabilities | 2.2 | 3.4 |
Interest rate contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross derivative assets | 20.7 | 24.7 |
Interest rate contracts | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Gross derivative assets | 0 | 0 |
Interest rate contracts | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Gross derivative assets | 20.7 | 24.7 |
Interest rate contracts | Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Gross derivative assets | 0 | 0 |
Foreign currency contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross derivative assets | 26.8 | 24.7 |
Liabilities: | ||
Gross derivative liabilities | 23 | 38.7 |
Foreign currency contracts | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Gross derivative assets | 0 | 0 |
Liabilities: | ||
Gross derivative liabilities | 0 | 0 |
Foreign currency contracts | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Gross derivative assets | 26.8 | 24.7 |
Liabilities: | ||
Gross derivative liabilities | 23 | 38.7 |
Foreign currency contracts | Fair value measured on recurring basis | Level 3 Inputs | ||
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 | 15.2 | 14.4 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Cash surrender value of life insurance | 0 | 0 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Cash surrender value of life insurance | 15.2 | 14.4 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Cash surrender value of life insurance | $ 0 | $ 0 |
Fair Value Measurements - Commo
Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | $ 1,177.1 | $ 1,347.4 |
Gross Amounts Offset | 696.6 | 777.7 |
Net Amounts Presented | 480.5 | 569.7 |
Collateral | 93.9 | 79.3 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 386.6 | 490.5 |
Offsetting Liabilities [Line Items] | ||
Gross Derivative Liabilities | 1,212.4 | 1,490.8 |
Gross Amounts Offset | 696.6 | 777.7 |
Net Amounts Presented | 515.8 | 713.1 |
Collateral | 178.2 | 243.1 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 337.6 | 470 |
Commodity contracts | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | 1,129.5 | 1,298 |
Gross Amounts Offset | 682.3 | 756.8 |
Net Amounts Presented | 447.2 | 541.1 |
Collateral | 93.9 | 79.3 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 353.3 | 461.9 |
Offsetting Liabilities [Line Items] | ||
Gross Derivative Liabilities | 1,189.4 | 1,452.1 |
Gross Amounts Offset | 682.3 | 755.6 |
Net Amounts Presented | 507.1 | 696.4 |
Collateral | 178.2 | 243.1 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 328.8 | 453.3 |
Interest rate contracts | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | 20.7 | 24.7 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 20.7 | 24.7 |
Collateral | 0 | 0 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 20.7 | 24.7 |
Foreign currency contracts | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | 26.8 | 24.7 |
Gross Amounts Offset | 14.3 | 20.9 |
Net Amounts Presented | 12.5 | 3.8 |
Collateral | 0 | 0 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 12.5 | 3.8 |
Offsetting Liabilities [Line Items] | ||
Gross Derivative Liabilities | 23 | 38.7 |
Gross Amounts Offset | 14.3 | 22.1 |
Net Amounts Presented | 8.8 | 16.7 |
Collateral | 0 | 0 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | $ 8.8 | $ 16.7 |
Fair Value Measurements - Conce
Fair Value Measurements - Concentration of Credit Risk (Details) - One OTC Counterparty - Concentration of credit risk - Credit exposure $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Concentration Risk [Line Items] | |
Total credit risk | $ 105.2 |
Concentration risk, percentage | 10% |
Cash collateral | $ 21.7 |
Debt, Interest Income, Expens_3
Debt, Interest Income, Expense, and Other Finance Costs - Narrative (Details) $ in Billions | Mar. 31, 2023 USD ($) |
Revolving Credit Facility | Credit Facility | Amended Credit Facility | |
Debt Instrument [Line Items] | |
Borrowing capacity | $ 1.5 |
Debt, Interest Income, Expens_4
Debt, Interest Income, Expense, and Other Finance Costs - Schedule of Debt (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Finance leases | $ 18.3 | $ 15.4 |
Total debt | 726.6 | 845.7 |
Less: Current maturities of long-term debt and finance leases | 18.2 | 15.8 |
Long-term debt | 708.4 | 829.9 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | 2.9 | 2.9 |
Term loan | Term loan | ||
Debt Instrument [Line Items] | ||
Long-term debt | 485.4 | 488.4 |
Revolving Credit Facility | Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 220 | $ 339 |
Debt, Interest Income, Expens_5
Debt, Interest Income, Expense, and Other Finance Costs - Interest Income (Expense), and Other Financing Costs, net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Interest income | $ 1.6 | $ 2.5 |
Interest expense and other financing costs | (35.9) | (16.8) |
Interest expense and other financing costs, net | $ (34.3) | $ (14.3) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Other revenues (excluded from ASC 606) | $ (86.6) | $ 120.5 |
Total revenue | 12,481.6 | 12,382 |
Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 1,386.9 | 1,419.3 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 2,407.2 | 2,511.3 |
LATAM | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 1,722.8 | 1,430.1 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 7,051.3 | 6,900.8 |
Aviation Segment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 6,222.8 | 5,010.5 |
Aviation Segment | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 272.3 | 225.3 |
Aviation Segment | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 824.7 | 641.9 |
Aviation Segment | LATAM | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 1,218 | 953.2 |
Aviation Segment | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 3,897.9 | 3,291.8 |
Land | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 3,891.3 | 4,380.8 |
Land | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 4.3 | 48.6 |
Land | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 1,057.1 | 1,038.4 |
Land | LATAM | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 217.7 | 198.4 |
Land | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 2,707.9 | 3,049.6 |
Marine | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2,367.5 | 2,990.6 |
Marine | Asia Pacific | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 1,110.3 | 1,145.4 |
Marine | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 525.4 | 831 |
Marine | LATAM | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | 287.1 | 278.6 |
Marine | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, ASC 606 | $ 445.5 | $ 559.4 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 4.2 | $ 6.4 |
Effective income tax rate | 15.60% | 19.50% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) kr in Millions, $ in Millions | 3 Months Ended | 63 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 DKK (kr) | |
Income Taxes [Line Items] | ||||
Discrete income tax benefit | $ 3.8 | $ 1.2 | ||
Release of valuation allowance | 3.1 | |||
(Benefit) expense for other worldwide adjustments | $ (0.7) | 0.8 | ||
Uncertain tax position benefit | 4.1 | |||
Expense for state apportionment factors and state net operating loss positions | $ 2 | |||
Danish Tax Authority | 2015 Tax Year | Foreign Tax Authority | ||||
Income Taxes [Line Items] | ||||
Estimated tax | $ 14 | kr 96.1 | ||
Danish Tax Authority | 2016 Tax Year | Foreign Tax Authority | ||||
Income Taxes [Line Items] | ||||
Estimated tax | 19.5 | 133.8 | ||
Danish Tax Authority | 2017 Tax Year | Foreign Tax Authority | ||||
Income Taxes [Line Items] | ||||
Estimated tax | $ 22.6 | kr 155.5 |
Commitments and Contingencies (
Commitments and Contingencies (Details) R$ in Millions, $ in Millions, ₩ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Jan. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2017 KRW (₩) | Mar. 31, 2023 BRL (R$) | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | |||||||
Aggregate amount including principal and interest | $ 33 | ||||||
Settlement amount | $ 13 | ||||||
Loss from settlement | $ 6.5 | ||||||
Amount recovered | $ 20 | ||||||
Tax Authority, South Korea (SRTO) | Assessment | Foreign Tax Authority | |||||||
Loss Contingencies [Line Items] | |||||||
Pre-assessment notice, amount | $ 26.3 | ₩ 34.3 | |||||
Federal, State and Municipal Tax Authorities in Brazil | Assessment | Foreign Tax Authority | |||||||
Loss Contingencies [Line Items] | |||||||
Estimate of possible loss | $ 12.5 | R$ 64.1 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Apr. 21, 2023 | Apr. 08, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.14 | $ 0.12 | ||
Cash dividends paid (in dollars per share) | $ 0.12 | |||
Dividends paid on common stock | $ 7.6 | $ 8.6 | $ 7.4 | |
Cash dividends declared | $ 8.6 | $ 7.6 | ||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Cash dividends paid (in dollars per share) | $ 0.14 | |||
Dividends paid on common stock | $ 8.6 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | $ 1,990.7 | $ 1,916.8 |
Other comprehensive income (loss) before reclassifications | 5.4 | (53.5) |
Amounts reclassified from accumulated other comprehensive income (loss) | (1.8) | 24.8 |
Ending balance | 2,014 | 1,945.5 |
Foreign Currency Translation Adjustments | ||
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | (179.5) | (134) |
Other comprehensive income (loss) before reclassifications | 5.7 | (9.4) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Ending balance | (173.8) | (143.4) |
Cash Flow Hedges | ||
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | 18.9 | (2.7) |
Other comprehensive income (loss) before reclassifications | (0.3) | (44.1) |
Amounts reclassified from accumulated other comprehensive income (loss) | (1.8) | 24.8 |
Ending balance | 16.7 | (22) |
Accumulated Other Comprehensive Income (Loss) | ||
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | (160.6) | (136.7) |
Ending balance | $ (157.1) | $ (165.4) |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of reportable operating business segments | 3 |
Business Segments - Income Stat
Business Segments - Income Statement Items (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue: | ||
Total revenue | $ 12,481.6 | $ 12,382 |
Income from operations: | ||
Total income from operations | 64.6 | 41.3 |
Corporate overhead - unallocated | ||
Income from operations: | ||
Total income from operations | (26.4) | (22.8) |
Aviation segment | ||
Revenue: | ||
Total revenue | 6,222.8 | 5,010.5 |
Aviation segment | Operating Segments | ||
Income from operations: | ||
Total income from operations | 34 | 7.5 |
Land segment | ||
Revenue: | ||
Total revenue | 3,891.3 | 4,380.8 |
Land segment | Operating Segments | ||
Income from operations: | ||
Total income from operations | 26.2 | 33.4 |
Marine segment | ||
Revenue: | ||
Total revenue | 2,367.5 | 2,990.6 |
Marine segment | Operating Segments | ||
Income from operations: | ||
Total income from operations | $ 30.8 | $ 23.1 |
Business Segments - Balance She
Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, net: | ||
Allowance for credit losses | $ 14.5 | $ 14.1 |
Accounts receivable | 2,997.2 | 3,294.1 |
Total assets: | ||
Total assets | 7,485.8 | 8,164.6 |
Corporate | ||
Total assets: | ||
Total assets | 585.2 | 410.8 |
Land segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 5.8 | 5.8 |
Accounts receivable | 884.7 | 1,141.9 |
Land segment | Operating Segments | ||
Total assets: | ||
Total assets | 3,116.6 | 3,710.1 |
Marine segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 3.2 | 3.4 |
Accounts receivable | 533.4 | 699.8 |
Marine segment | Operating Segments | ||
Total assets: | ||
Total assets | 818.2 | 1,007.4 |
Aviation segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 5.5 | 4.9 |
Accounts receivable | 1,579.1 | 1,452.4 |
Aviation segment | Operating Segments | ||
Total assets: | ||
Total assets | $ 2,965.7 | $ 3,036.2 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net income attributable to World Fuel | $ 22.8 | $ 26.3 |
Denominator: | ||
Weighted average common shares for basic earnings per common share (in shares) | 62.2 | 63.4 |
Effect of dilutive securities (in shares) | 0.5 | 0.3 |
Weighted average common shares for diluted earnings per common share (in shares) | 62.8 | 63.7 |
Basic earnings (loss) per common share | $ 0.37 | $ 0.42 |
Diluted earnings (loss) per common share | $ 0.36 | $ 0.41 |
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) | 1.3 | 1.5 |