World Kinect (WKC) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 23, 2015
Document and Entity Information
Entity Registrant Name	WORLD FUEL SERVICES CORP
Entity Central Index Key	789,460
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		71,778,000
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 489.7	$ 302.3
Accounts receivable, net	2,358.2	2,307.4
Inventories	450.8	437.6
Prepaid expenses	62	76.9
Short-term derivative assets, net	129.3	303.6
Other current assets	392.5	246.6
Total current assets	3,882.5	3,674.4
Property and equipment, net	212.4	203.4
Goodwill	650.3	651.9
Identifiable intangible and other non-current assets	357.3	350.4
Total assets	5,102.5	4,880.1
Current liabilities:
Short-term debt	22.2	17.9
Accounts payable	1,897.4	1,850.1
Customer deposits	94.3	138.8
Accrued expenses and other current liabilities	302.2	232.6
Total current liabilities	2,316.1	2,239.4
Long-term debt	751.6	672
Non-current income tax liabilities, net	112.5	84.5
Other long-term liabilities	22.2	19.3
Total liabilities	$ 3,202.4	$ 3,015.2
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued
Common stock, $0.01 par value; 100 shares authorized, 71.8 and 72.1 issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 0.7	$ 0.7
Capital in excess of par value	468.9	496.4
Retained earnings	1,495.5	1,418.5
Accumulated other comprehensive loss	(74.5)	(60.2)
Total World Fuel shareholders' equity	1,890.6	1,855.4
Noncontrolling interest equity	9.5	9.5
Total equity	1,900.1	1,864.9
Total liabilities and equity	$ 5,102.5	$ 4,880.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	0.1	0.1
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100	100
Common stock, shares issued	71.8	72.1
Common stock, shares outstanding	71.8	72.1

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Income and Comprehensive Income
Revenue	$ 8,496.4	$ 11,342.5	$ 15,837.1	$ 21,893.4
Cost of revenue	8,306	11,151	15,431.3	21,513.9
Gross profit	190.4	191.5	405.8	379.5
Operating expenses:
Compensation and employee benefits	87.5	77.4	176.2	148.4
Provision for bad debt	2.3	1.2	3.6	2.3
General and administrative	59	53.1	113	104.7
Total operating expenses	148.8	131.7	292.8	255.4
Income from operations	41.6	59.8	113	124.1
Non-operating expenses, net:
Interest expense and other financing costs, net	(6.4)	(4.7)	(13.7)	(9)
Other (expense) income, net	(1.6)	1.5	(1.3)	3.3
Total non-operating expenses, net	(8)	(3.2)	(15)	(5.7)
Income before income taxes	33.6	56.6	98	118.4
Provision for income taxes	5.2	10.2	15.1	21.5
Net income including noncontrolling interest	28.4	46.4	82.9	96.9
Net loss attributable to noncontrolling interest	(1.5)	(1.8)	(2.6)	(2.1)
Net income attributable to World Fuel	$ 29.9	$ 48.2	$ 85.5	$ 99
Basic earnings per common share (in dollars per share)	$ 0.42	$ 0.68	$ 1.21	$ 1.40
Basic weighted average common shares (in shares)	70.7	70.8	70.7	70.8
Diluted earnings per common share (in dollars per share)	$ 0.42	$ 0.68	$ 1.20	$ 1.39
Diluted weighted average common shares (in shares)	71.2	71.4	71.3	71.4
Comprehensive income:
Net income including noncontrolling interest	$ 28.4	$ 46.4	$ 82.9	$ 96.9
Other comprehensive income (loss):
Foreign currency translation adjustments	22	5.4	(11.8)	8.9
Other comprehensive income (loss)	22	5.4	(11.8)	8.9
Comprehensive income including noncontrolling interest	50.4	51.8	71.1	105.8
Comprehensive loss attributable to noncontrolling interest	(1.2)	(1.8)	(0.1)	(2.1)
Comprehensive income attributable to World Fuel	$ 51.6	$ 53.6	$ 71.2	$ 107.9

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total World Fuel Shareholders' Equity	Noncontrolling Interest Equity	Total
Balance at Dec. 31, 2013	$ 0.7	$ 495.2	$ 1,207.3	$ (29.3)	$ 1,673.9	$ 5	$ 1,678.9
Balance (in shares) at Dec. 31, 2013	71.9
Increase (Decrease) in Shareholders' Equity
Net income (loss)			99		99	(2.1)	96.9
Cash dividends declared			(5.3)		(5.3)		(5.3)
Initial noncontrolling interest upon acquisition of joint venture						2	2
Amortization of share-based payment awards		6.9			6.9		6.9
Issuance of common stock related to share-based payment awards including income tax benefit of $1.5 and $0.8 for the six months ended June 2015 and June 2014 respectively		0.8			0.8		0.8
Issuance of common stock related to share-based payment awards (in shares)	0.4
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(4.3)			(4.3)		(4.3)
Other comprehensive (loss) income				8.9	8.9		8.9
Balance at Jun. 30, 2014	$ 0.7	498.6	1,301	(20.4)	1,779.9	4.9	1,784.8
Balance (in shares) at Jun. 30, 2014	72.3
Balance at Dec. 31, 2014	$ 0.7	496.4	1,418.5	(60.2)	1,855.4	9.5	$ 1,864.9
Balance (in shares) at Dec. 31, 2014	72.1						72.1
Increase (Decrease) in Shareholders' Equity
Net income (loss)			85.5		85.5	(2.6)	$ 82.9
Cash dividends declared			(8.5)		(8.5)		(8.5)
Amortization of share-based payment awards		8.1			8.1		8.1
Issuance of common stock related to share-based payment awards including income tax benefit of $1.5 and $0.8 for the six months ended June 2015 and June 2014 respectively		1.5			1.5		1.5
Issuance of common stock related to share-based payment awards (in shares)	0.3
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(7)			(7)		(7)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(0.1)
Purchases of common stock		(30)			(30)		(30)
Purchases of common stock (in shares)	(0.5)
Other comprehensive (loss) income				(14.3)	(14.3)	2.5	(11.8)
Other		(0.1)			(0.1)	0.1
Balance at Jun. 30, 2015	$ 0.7	$ 468.9	$ 1,495.5	$ (74.5)	$ 1,890.6	$ 9.5	$ 1,900.1
Balance (in shares) at Jun. 30, 2015	71.8						71.8

Consolidated Statements of Sha6

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Shareholders' Equity
Issuance of common stock related to share-based payment awards, income tax benefit	$ 1.5	$ 0.8

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income including noncontrolling interest	$ 82.9	$ 96.9
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	28.5	27.1
Provision for bad debt	3.6	2.3
Share-based payment award compensation costs	8.4	7.7
Deferred income tax (benefit) provision	(0.4)	8.9
Extinguishment of liabilities	(5.3)	(2.9)
Foreign currency losses, net	14.6	2.8
Other	1.4	(4.4)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	(51.9)	(159.6)
Inventories	(17.2)	(25.2)
Prepaid expenses	6.6	13.8
Short-term derivative assets, net	165.5	(15.1)
Other current assets	(117.8)	(32.9)
Cash collateral with financial counterparties	149.2	(1.2)
Other non-current assets	7.9	(2.5)
Accounts payable	50.8	121.5
Customer deposits	(42)	61
Accrued expenses and other current liabilities	(91)	3.8
Non-current income tax, net and other long-term liabilities	(16)
Total adjustments	94.9	5.1
Net cash provided by operating activities	177.8	102
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired and other investments	(6.5)	(164.2)
Capital expenditures	(21.9)	(20)
Proceeds from the sale of fixed assets	5.3
Escrow payment related to an assumed obligation of an acquired business		(21.7)
Purchase of investments	(0.9)	(1.1)
Repayment of notes receivable		0.2
Net cash used in investing activities	(24)	(206.8)
Cash flows from financing activities:
Borrowings of debt	2,601	2,977.3
Repayments of debt	(2,520.5)	(2,760.4)
Payments of senior revolving credit facility and senior term loan facility loan costs	(3.4)
Dividends paid on common stock	(6.9)	(5.3)
Purchases of common stock	(30)
Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards	1.5	0.8
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(7)	(4.2)
Net cash provided by financing activities	34.7	208.2
Effect of exchange rate changes on cash and cash equivalents	(1.1)	1.1
Net increase in cash and cash equivalents	187.4	104.5
Cash and cash equivalents, as of beginning of period	302.3	292.1
Cash and cash equivalents, as of end of period	$ 489.7	$ 396.6

Consolidated Statements of Cas8

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2015
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid	$ 2.7	$ 4.2
Assets acquired, net of cash	454.5
Liabilities assumed	$ 297.4

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Significant Accounting Policies
Significant Accounting Policies	World Fuel Services Corporation and Subsidiaries Notes to the Consolidate d Financial Statements (Unaudited) 1. Acquisitions and Significant Accounting Policies Acquisitions 2014 Acquisitions On March 7, 2014, we completed the acquisition of all of the outstanding stock of Watson Petroleum Limited (now known as WFL (UK) Limited) (“Watson Petroleum”) a leading distributor of gasoline, diesel, heating oil, lubricants and other products and related services. Watson Petroleum is headquartered in Brinkworth, England and is one of the largest fuel distributors in the United Kingdom. The following presents the unaudited pro forma results for 2014 as if the 2014 acquisitions had been completed on January 1, 2013 (in thousands, except per share data): For the Six Months ended June 30, 2014 (pro forma) Revenue $ Net income attributable to World Fuel $ Earnings per common share: Basic $ Diluted $ Significant Accounting Policies The significant accounting policies we use for quarterly financial reporting are the same as those disclosed in Note 1 of the “Notes to the Consolidated Financial Statements” included in our 2014 10 ‑K Report. Goodwill During the first six months of 2015, we increased land segment goodwill by $1.0 million as a result of a reduction in identifiable intangible assets and an increase in property and equipment and reduced aviation segment goodwill by $5.2 million as a result of an increase in identifiable intangible assets and deferred tax liabilities and a reduction in purchase price based on our ongoing fair value assessment of certain of our 2014 acquisitions. Additionally, we had a goodwill increase of $0.6 million and goodwill decreases of $1.5 million and $0.7 million as a result of foreign currency translation adjustments of our non-U.S. dollar functional currency subsidiaries in our land, aviation and marine segments, respectively. Recent Accounting Pronouncements Inventory: Simplifying the Measurement of Inventory. In July 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which simplifies the guidance on the subsequent measurement of inventory by requiring inventory within the scope of this update to be measured at the lower of cost and net realizable value rather than the lower of cost or market. This update is effective at the beginning of our 2017 fiscal year. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures . Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued an ASU which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Consolidation: Amendments to the Consolidation Analysis. In February 2015, the FASB issued an ASU which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Income Statement-Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In January 2015, the FASB issued an ASU which eliminates from generally accepted accounting principles in the United States the concept of extraordinary items. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. In November 2014, the FASB issued an ASU which clarifies how current generally accepted accounting principles in the United States should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the FASB issued an ASU which requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective at the beginning of our 2017 fiscal year. We do not believe the adoption of this new guidance will have an impact on our financial statement disclosures. Compensation-Stock Compensation. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued an ASU which includes guidance that requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In June 2014, the FASB issued an ASU which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires additional disclosures about repurchase agreements and other similar transactions. This update became effective at the beginning of our 2015 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Revenue from Contracts with Customers. In May 2014, the FASB issued an ASU which provides guidance for revenue recognition for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. The ASU will replace most existing revenue recognition guidance in generally accepted accounting principles in the United States when it becomes effective. This update is effective at the beginning of our 2018 fiscal year. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures . Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued an ASU which changes the criteria for reporting discontinued operations and enhances disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance. This update became effective at the beginning of our 2015 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period’s presentation.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Fair Value Measurements	2. Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturities of these instruments. Fair value for our debt and notes receivable is derived using a discounted cash flow valuation methodology. The carrying values of these instruments approximate fair value since these instruments bear interest either at variable rates or fixed rates which are not significantly different than market rates. Based on the fair value hierarchy, our debt of $773.8 million and $689.9 million as of June 30, 2015 and December 31, 201 4 , respectively, and our notes receivable of $8.5 million and $7.0 million as of June 30, 2015 and December 31, 201 4 , respectively, are categorized in Level 3. The following table presents information about our financial assets and liabilities that are measured at estimated fair value on a recurring basis (in millions): Netting and Level 1 Level 2 Level 3 Sub-Total Collateral Total As of June 30, 2015 Assets: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — Cash surrender value of life insurance — — — Total $ $ $ $ $ $ Liabilities: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — Inventories — — — Total $ $ $ $ $ $ As of December 31, 2014 Assets: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — Cash surrender value of life insurance — — — Total $ $ $ $ $ $ Liabilities: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — — Inventories — — — Total $ $ $ $ $ $ The cash surrender value of life insurance is i n connection with the non-qualified deferred compensation plan and was included in identifiable intangible and other non-current assets in the accompanying consolidated balance sheets. The following table presents information regarding the balance sheet location of our commodity and foreign currency contracts net assets and liabilities (in millions): As of June 30, 2015 December 31, 2014 Commodity Contracts Assets: Short-term derivative assets, net $ $ Identifiable intangible and other non-current assets Total net assets $ $ Liabilities: Accrued expenses and other current liabilities $ $ Other long-term liabilities Total net liabilities $ $ Foreign Currency Contracts Assets: Short-term derivative assets, net $ $ Identifiable intangible and other non-current assets Total net assets $ $ Liabilities: Accrued expenses and other current liabilities $ $ — Other long-term liabilities — Total net liabilities $ $ — 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 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. As of June 30, 2015, we had $151.8 million of cash collateral deposits held by financial counterparties, of which $96.9 million have been offset against the total amount of commodity fair value liabilities in the above table and the remaining $54.9 million is included in other current assets in the accompanying consolidated balance sheets. In addition, as of June 30, 2015, we have offset $18. 2 million of cash collateral deposits received from customers against the total amount of commodity fair value assets in the above table. As of December 31, 2014, we had $301.0 million of cash collateral deposits held by financial counterparties, of which $274.3 million have been offset against the total amount of commodity fair value liabilities in the above table and the remaining $26.7 million is included in other current assets in the accompanying consolidated balance sheets. In addition, as of December 31, 2014, we have offset $46.7 million of cash collateral deposits received from customers against the total amount of commodity fair value assets in the above table. The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs for the periods presented (in millions): Beginning of Period Realized and Unrealized Gains (Losses) Included in Earnings Settlements End of Period Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period Location of Realized and Unrealized Gains (Losses)Included in Earnings Three months ended June 30, 2015 Assets: Commodity contracts $ $ — $ $ $ Revenue Liabilities: Commodity contracts $ $ $ — $ $ Cost of revenue Three months ended June 30, 2014 Assets: Commodity contracts $ — $ $ — $ $ Revenue Six months ended June 30, 2015 Assets: Commodity contracts $ $ $ $ $ — Revenue Liabilities: Commodity contracts $ $ $ $ $ Cost of revenue Six months ended June 30, 2014 Assets: Commodity contracts $ — $ $ — $ $ Revenue The nature of inputs that are considered Level 3 are modeled inputs. Commodity contracts categorized in Level 3 are due to the significance of the unobservable model inputs to their respective fair values. The unobservable model inputs, such as basis differentials, are based on the difference between the historical prices of our prior transactions and the underlying observable data as well as certain risk related to non-performance. The effect on our income before income taxes of a 10% change in the model input for non-performance risk would not be significant. There were no transfers between Level 1, 2 or 3 during the periods presented.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2015
Derivatives
Derivatives	3. Derivatives We enter into financial derivative contracts in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel, to offer our customers fuel pricing alternatives to meet their needs and to mitigate the risk of fluctuations in foreign currency exchange rates. We also enter into proprietary derivative transactions, primarily intended to capitalize on arbitrage opportunities related to basis or time spreads related to fuel products we sell. We have applied the normal purchase and normal sales exception (“NPNS”), as provided by accounting guidance for derivative instruments and hedging activities, to certain of our physical forward sales and purchase contracts. While these contracts are considered derivative instruments under the guidance for derivative instruments and hedging activities, they are not recorded at fair value, but rather are recorded in our consolidated financial statements when physical settlement of the contracts occurs. If it is determined that a transaction designated as NPNS no longer meets the scope of the exception, the fair value of the related contract is recorded as an asset or liability on the consolidated balance sheet and the difference between the fair value and the contract amount is immediately recognized through earnings. The following describes our derivative classifications: Cash Flow Hedges. Includes certain of our foreign currency forward contracts we enter into in order to mitigate the risk of currency exchange rate fluctuations. Fair Value Hedges. Includes derivatives we enter into in order to hedge price risk associated with our inventory and certain firm commitments relating to fixed price purchase and sale contracts. Non-designated Derivatives. Includes derivatives we primarily enter into in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel in the form of swaps or futures as well as certain fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are also entered into to hedge the risk of currency rate fluctuations. As of June 30, 2015 , our derivative instruments, at their respective fair value positions were as follows (in millions, except weighted average fixed price and weighted average mark-to-market amount): Weighted Average Weighted Mark-to- Settlement Average Market Fair Value Hedge Strategy Period Derivative Instrument Notional Unit Fixed Price Amount Amount Fair Value Hedge 2015 Commodity contracts for inventory hedging BBL $ $ $ 2016 Commodity contracts for inventory hedging BBL $ Non-Designated 2015 Commodity contracts (long) BBL $ $ $ 2015 Commodity contracts (short) BBL 2016 Commodity contracts (long) BBL 2016 Commodity contracts (short) BBL 2017 Commodity contracts (long) BBL 2017 Commodity contracts (short) BBL 2018 Commodity contracts (short) BBL 2015 Foreign currency contracts AUD 2015 Foreign currency contracts CAD 2015 Foreign currency contracts CLP 2015 Foreign currency contracts COP 2015 Foreign currency contracts EUR 2015 Foreign currency contracts GBP 2015 Foreign currency contracts MXN 2015 Foreign currency contracts SEK 2015 Foreign currency contracts SGD 2015 Foreign currency contracts ZAR 2016 Foreign currency contracts GBP $ The following table presents information about our derivative instruments measured at fair value and their locations on the consolidated balance sheets (in millions): As of Balance Sheet Location June 30, 2015 December 31, 2014 Derivative assets: Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ $ Commodity contracts Accrued expenses and other current liabilities Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net Commodity contracts Identifiable intangible and other non-current assets Commodity contracts Accrued expenses and other current liabilities Commodity contracts Other long-term liabilities Foreign currency contracts Short-term derivative assets, net Foreign currency contracts Identifiable intangible and other non-current assets Foreign currency contracts Accrued expenses and other current liabilities — Foreign currency contracts Other long-term liabilities — $ $ Derivative liabilities: Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ $ Commodity contracts Accrued expenses and other current liabilities Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net Commodity contracts Identifiable intangible and other non-current assets Commodity contracts Accrued expenses and other current liabilities Commodity contracts Other long-term liabilities Foreign currency contracts Short-term derivative assets, net Foreign currency contracts Accrued expenses and other current liabilities — Foreign currency contracts Other long-term liabilities — $ $ The following table presents the effect and financial statement location of our derivative instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in millions): Realized and Unrealized Realized and Unrealized Derivative Instruments Location Loss Hedged Items Location Gain (Loss) Three months ended June 30, Commodity contracts Cost of revenue $ $ Inventories Cost of revenue $ $ Six months ended June 30, Commodity contracts Cost of revenue $ $ Inventories Cost of revenue $ $ There were no gains or losses for the three and six months ended June 30, 2015 and 2014 that were excluded from the assessment of the effectiveness of our fair value hedges. There were no cash flow hedging activities during the three and six months ended June 30, 2015 and 2014. The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in millions): Realized and Unrealized Derivatives Location Gain (Loss) Three months ended June 30, Commodity contracts Revenue $ $ Commodity contracts Cost of revenue Foreign currency contracts Revenue Foreign currency contracts Other (expense) income, net $ $ Six months ended June 30, Commodity contracts Revenue $ $ Commodity contracts Cost of revenue Foreign currency contracts Revenue Foreign currency contracts Other (expense) income, net $ $ We enter into derivative instrument contracts which may require us to periodically post collateral. Certain of these derivative contracts contain clauses that are similar to credit-risk-related contingent features, including material adverse change, general adequate assurance and internal credit review clauses that may require additional collateral to be posted and/or settlement of the instruments in the event an aforementioned clause is triggered. The triggering events are not a quantifiable measure; rather they are based on good faith and reasonable determination by the counterparty that the triggers have occurred. As of June 30, 2015, the net liability position for such contracts is $35.9 million, the collateral posted is $28. 9 million and the amount of assets required to be posted and/or to settle the positions should a credit-risk contingent feature be triggered is $7.0 million. As of December 31, 2014, the net liability position for such contracts is $111.7 million, the collateral posted is $89.4 million and the amount of assets required to be posted and/or to settle the positions should a credit-risk contingent feature be triggered is $22.3 million.

Interest Income, Expense and Ot

Interest Income, Expense and Other Financing Costs	6 Months Ended
	Jun. 30, 2015
Interest Income, Expense and Other Financing Costs
Interest Income, Expense and Other Financing Costs	4. Interest Income, Expense and Other Financing Costs The following table provides additional information about our interest (expense) income, and other financing costs, net, for the periods presented (in millions): For the Three Months ended For the Six Months ended June 30, June 30, Interest income $ $ $ $ Interest expense and other financing costs $ $ $ $ t

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	5. Commitments and Contingencies Legal Matters Lac-Megantic, Quebec As described in Part II — Item 1 of this 10-Q Report, various lawsuits have been filed against us and other third parties related to the July 2013 train derailment in Lac-Mégantic, Quebec (the “Derailment”). On June 8, 2015, we entered into a settlement agreement (the “Settlement Agreement”) with the Trustee (the “Trustee”) for the U.S. bankruptcy estate of Montreal, Maine & Atlantic Railway, Ltd., Montreal, Maine and Atlantic Canada Co. (“MMAC”), and the monitor (the “Monitor”) in MMAC’s Canadian bankruptcy (collectively, the “MMA Parties”) to resolve all claims arising out of the Derailment. Under the terms of the Settlement Agreement, we will contribute US$110 million (the “Settlement Payment”) to a compensation fund established to compensate parties who suffered losses as a result of the Derailment. As part of the settlement, we will also assign to the Trustee and MMAC certain claims we have against third parties arising out of the Derailment. In consideration of the Settlement Payment and the assignment of claims to the Trustee and MMAC, we , as well as our former joint ventures, DPTS Marketing, LLC and Dakota Petroleum Transport Solutions, LLC and each of their affiliates ( collectively, the “WFS Parties”), will receive the benefit of the global releases and injunctions set forth in the respective bankruptcy plans filed by the Trustee in the U.S. and by MMAC in Canada (the “U.S. Bankruptcy Plan” and the “CCAA Plan” respectively, each a “Plan” and collectively the “Plans”). The effect of these global releases and injunctions will be to bar all claims which may exist now or in the future against the WFS Parties arising out of the Derailment , other than criminal claims which by law may not be released. Neither the releases and injunctions set forth in the Plans nor our obligation to make the Settlement Payment will be effective unless and until the Plans are approved by creditors in both the U.S. and Canadian bankruptcies, an order sanctioning the CCAA Plan and confirming the U.S. Bankruptcy Plan is issued by the Canadian and U.S. bankruptcy courts, respectively, and each order becomes final and non-appealable (“Final Approval”). The CCAA Plan has been approved by creditors and by the bankruptcy court in Canada. The court order approving the CCAA Plan remains subject to potential appeal. Creditors in the U.S. bankruptcy have not yet voted on the U.S. Bankruptcy Plan. In addition, the U.S. bankruptcy court has not yet issued a ruling on the U.S. Bankruptcy Plan, which Plan remains subject to challenge by third parties. As a result, Final Approval of the Plans and the related timing remain uncertain. For additional information regarding legal proceedings related to the Derailment, see our 2014 10-K Report and Part II — Item 1 of this 10-Q Report. Based on anticipated payments under the Settlement Agreement, the value of the tank cars involved in the incident, payments under settlement agreements with certain lessors as well as legal and other costs incurred in connection with the incident, which we believe are probable and for which a reasonable estimate can be made, we have recorded total liabilities of $158.7 million. We believe that a substantial portion of these liabilities is covered by insurance and have recorded total receivables of $155.0 million. As of June 30, 2015, the remaining unpaid liabilities of $129.8 million are included primarily in accrued expenses and other current liabilities and the remaining uncollected receivable of $142.7 million is included in other current assets in the accompanying consolidated balance sheets. Other Matters In connection with a theft of fuel product valued at approximately $18.0 million, we recorded an insurance receivable for the full amount of the loss, which is included in other current assets in the accompanying consolidated balance sheets. On July 31, 2014, our insurer, AGCS Marine Insurance Company (“AGCS”), filed a declaratory judgment action against us in the United States District Court for the Southern District of New York seeking a court ruling that the loss is not covered under our policy. During the quarter ended December 31, 2014, we filed an answer to the AGCS complaint and counterclaims against AGCS for declaratory judgment and breach of contract seeking a court ruling that the loss is covered under the policy, an award of damages equal to the full amount of our loss plus interest, as well as fees and costs. We believe AGCS’ position is without merit and we intend to vigorously pursue our rights. However, due to the complexities and uncertainties inherent in litigation, we can provide no assurance that we will recover the full amount of the loss. We are 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, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of June 30, 2015 , we had recorded certain reserves which were not significant. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material adverse effect on our consolidated financial statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our consolidated financial statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. Termination of Employment Agreement On March 13, 2015, we agreed with Mr. Michael S. Clementi that he would retire from his position as Aviation Segment President, effective March 16, 2015. In connection with the termination of his employment agreement, we recorded a charge totaling $3.8 million in March 2015, which included non-cash expenses of $0.8 million related to previously awarded stock compensation. As of June 30, 2015, $0.5 million of the cash portion of the termination of the employment agreement charge was included in accrued expenses and other current liabilities and $1.9 million was included in other long-term liabilities in the accompanying consolidated balance sheets.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity
Shareholders' Equity	6. Shareholders’ Equity In June 2015, our Board of Directors renewed its existing common stock repurchase program by replacing the remainder of the existing program and authorizing the purchase of up to $100.0 million in common stock. The program does not require a minimum number of shares of common stock to be purchased, has no expiration date and may be suspended or discontinued at any time. As of June 30, 2015, we have $100.0 million available to repurchase shares under the share repurchase program. Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss Our other comprehensive (loss) income, consisting of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar was as follows (in millions): Accumulated Other Comprehensive Loss Balance as of December 31, 2014 $ Other comprehensive loss Less: Net other comprehensive income attributable to noncontrolling interest Balance as of June 30, 2015 $ Balance as of December 31, 2013 $ Other comprehensive income Balance as of June 30, 2014 $ The foreign currency translation adjustment losses for the six months ended June 30, 2015 were primarily due to the strengthening of the U.S. dollar as compared to the Brazilian Real. The foreign currency translation adjustment gains for the six months ended June 30, 2014 were primar il y due to the strengthening of the Brazilian Real and the British Pound as compared to the U.S dollar.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes
Income Taxes	7. Income Taxes Our income tax provision for the periods presented and the respective effective income tax rates for such periods are as follows (in millions, except for income tax rates): For the Three Months ended For the Six Months ended June 30, June 30, Income tax provision $ $ $ $ Effective income tax rate % % % % Our provision for income taxes for each of the three-month and six-month periods ended June 30, 2015 and 201 4 was calculated based on the estimated annual effective income tax rate for the full 2015 and 201 4 fiscal years. The actual effective income tax rate for the full 201 5 fiscal year may be materially different as a result of differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned. We operated under a special income tax concession in Singapore which began January 1, 2008. Our current five year special income tax concession was effective January 1, 2013. The special income tax concession is conditional upon our meeting of certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and the impact of this income tax concession decreased foreign income taxes by $0. 4 million and $1. 9 million for the three months ended June 30, 2015 and 2014, respectively, and by $2. 7 million and $3. 8 million for the six months ended June 30, 2015 and 2014, respectively. The impact of the income tax concession on basic earnings per common share was $0.0 1 and $0.03 for the three months ended June 30, 2015 and 2014, respectively, and $0.0 4 and $0.05 for the six months ended June 30, 2015 and 2014, respectively. On a diluted earnings per common share basis, the impact was $0.0 1 and $0.03 for the three months ended June 30, 2015 and 2014, respectively, and $0.0 4 and $0.05 for the six months ended June 30, 2015 and 2014, respectively.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings per Common Share
Earnings per Common Share	8. 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 For the Six Months ended June 30, June 30, Numerator: Net income attributable to World Fuel $ $ $ $ Denominator: Weighted average common shares for basic earnings per common share Effect of dilutive securities Weighted average common shares for diluted earnings per common share 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 Basic earnings per common share $ $ $ $ Diluted earnings per common share $ $ $ $

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2015
Business Segments
Business Segments	9. Business Segments Based on the nature of operations and quantitative thresholds pursuant to accounting guidance for segment reporting, we have three reportable operating business segments: aviation, marine and land. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Our results of operations include (i) the results of the acquisition of all of the outstanding stock of Watson Petroleum in our land segment commencing on March 7, 2014, its acquisition date, and (ii) the results of the acquisition of all of the outstanding stock of Colt International, L.L.C (“Colt”) in our aviation segment commencing on July 29, 2014, its acquisition date. The accounting policies of the reportable operating segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1). Information concerning our revenue, gross profit and income from operations by segment is as follows (in millions): For the Three Months ended For the Six Months ended June 30, June 30, Revenue: Aviation segment $ $ $ $ Marine segment Land segment $ $ $ $ Gross profit: Aviation segment $ $ $ $ Marine segment Land segment $ $ $ $ Income from operations: Aviation segment $ $ $ $ Marine segment Land segment Corporate overhead - unallocated $ $ $ $ Information concerning our accounts receivable, net and total assets by segment is as follows (in millions): As of June 30, December 31, Accounts receivable, net: Aviation segment, net of allowance for bad debt of $7.1 and $7.9 as of June 30, 2015 and December 31, 2014, respectively $ $ Marine segment, net of allowance for bad debt of $9.5 and $8.4 as of June 30, 2015 and December 31, 2014, respectively Land segment, net of allowance for bad debt of $8.7 and $9.4 as of June 30, 2015 and December 31, 2014, respectively $ $ Total assets: Aviation segment $ $ Marine segment Land segment Corporate $ $

Acquisitions and Significant Ac

Acquisitions and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Significant Accounting Policies
Goodwill	Goodwill During the first six months of 2015, we increased land segment goodwill by $1.0 million as a result of a reduction in identifiable intangible assets and an increase in property and equipment and reduced aviation segment goodwill by $5.2 million as a result of an increase in identifiable intangible assets and deferred tax liabilities and a reduction in purchase price based on our ongoing fair value assessment of certain of our 2014 acquisitions. Additionally, we had a goodwill increase of $0.6 million and goodwill decreases of $1.5 million and $0.7 million as a result of foreign currency translation adjustments of our non-U.S. dollar functional currency subsidiaries in our land, aviation and marine segments, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Inventory: Simplifying the Measurement of Inventory. In July 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which simplifies the guidance on the subsequent measurement of inventory by requiring inventory within the scope of this update to be measured at the lower of cost and net realizable value rather than the lower of cost or market. This update is effective at the beginning of our 2017 fiscal year. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures . Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued an ASU which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Consolidation: Amendments to the Consolidation Analysis. In February 2015, the FASB issued an ASU which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Income Statement-Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In January 2015, the FASB issued an ASU which eliminates from generally accepted accounting principles in the United States the concept of extraordinary items. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. In November 2014, the FASB issued an ASU which clarifies how current generally accepted accounting principles in the United States should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the FASB issued an ASU which requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective at the beginning of our 2017 fiscal year. We do not believe the adoption of this new guidance will have an impact on our financial statement disclosures. Compensation-Stock Compensation. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued an ASU which includes guidance that requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In June 2014, the FASB issued an ASU which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires additional disclosures about repurchase agreements and other similar transactions. This update became effective at the beginning of our 2015 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Revenue from Contracts with Customers. In May 2014, the FASB issued an ASU which provides guidance for revenue recognition for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. The ASU will replace most existing revenue recognition guidance in generally accepted accounting principles in the United States when it becomes effective. This update is effective at the beginning of our 2018 fiscal year. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures . Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued an ASU which changes the criteria for reporting discontinued operations and enhances disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance. This update became effective at the beginning of our 2015 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period’s presentation.

Acquisitions and Significant 19

Acquisitions and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
2014 Acquisitions
Acquisitions
Schedule of unaudited pro forma results	For the Six Months ended June 30, 2014 (pro forma) Revenue $ Net income attributable to World Fuel $ Earnings per common share: Basic $ Diluted $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Schedule of assets and liabilities measured at estimated fair value on a recurring basis	Netting and Level 1 Level 2 Level 3 Sub-Total Collateral Total As of June 30, 2015 Assets: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — Cash surrender value of life insurance — — — Total $ $ $ $ $ $ Liabilities: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — Inventories — — — Total $ $ $ $ $ $ As of December 31, 2014 Assets: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — Cash surrender value of life insurance — — — Total $ $ $ $ $ $ Liabilities: Commodity contracts $ $ $ $ $ $ Foreign currency contracts — — — Inventories — — — Total $ $ $ $ $ $
Schedule of derivative instruments at fair value and their locations on the balance sheets	As of June 30, 2015 December 31, 2014 Commodity Contracts Assets: Short-term derivative assets, net $ $ Identifiable intangible and other non-current assets Total net assets $ $ Liabilities: Accrued expenses and other current liabilities $ $ Other long-term liabilities Total net liabilities $ $ Foreign Currency Contracts Assets: Short-term derivative assets, net $ $ Identifiable intangible and other non-current assets Total net assets $ $ Liabilities: Accrued expenses and other current liabilities $ $ — Other long-term liabilities — Total net liabilities $ $ —
Schedule of assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs	Beginning of Period Realized and Unrealized Gains (Losses) Included in Earnings Settlements End of Period Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period Location of Realized and Unrealized Gains (Losses)Included in Earnings Three months ended June 30, 2015 Assets: Commodity contracts $ $ — $ $ $ Revenue Liabilities: Commodity contracts $ $ $ — $ $ Cost of revenue Three months ended June 30, 2014 Assets: Commodity contracts $ — $ $ — $ $ Revenue Six months ended June 30, 2015 Assets: Commodity contracts $ $ $ $ $ — Revenue Liabilities: Commodity contracts $ $ $ $ $ Cost of revenue Six months ended June 30, 2014 Assets: Commodity contracts $ — $ $ — $ $ Revenue

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2015
Derivatives
Schedule of fair value positions of derivative instruments	Weighted Average Weighted Mark-to- Settlement Average Market Fair Value Hedge Strategy Period Derivative Instrument Notional Unit Fixed Price Amount Amount Fair Value Hedge 2015 Commodity contracts for inventory hedging BBL $ $ $ 2016 Commodity contracts for inventory hedging BBL $ Non-Designated 2015 Commodity contracts (long) BBL $ $ $ 2015 Commodity contracts (short) BBL 2016 Commodity contracts (long) BBL 2016 Commodity contracts (short) BBL 2017 Commodity contracts (long) BBL 2017 Commodity contracts (short) BBL 2018 Commodity contracts (short) BBL 2015 Foreign currency contracts AUD 2015 Foreign currency contracts CAD 2015 Foreign currency contracts CLP 2015 Foreign currency contracts COP 2015 Foreign currency contracts EUR 2015 Foreign currency contracts GBP 2015 Foreign currency contracts MXN 2015 Foreign currency contracts SEK 2015 Foreign currency contracts SGD 2015 Foreign currency contracts ZAR 2016 Foreign currency contracts GBP $
Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets	As of Balance Sheet Location June 30, 2015 December 31, 2014 Derivative assets: Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ $ Commodity contracts Accrued expenses and other current liabilities Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net Commodity contracts Identifiable intangible and other non-current assets Commodity contracts Accrued expenses and other current liabilities Commodity contracts Other long-term liabilities Foreign currency contracts Short-term derivative assets, net Foreign currency contracts Identifiable intangible and other non-current assets Foreign currency contracts Accrued expenses and other current liabilities — Foreign currency contracts Other long-term liabilities — $ $ Derivative liabilities: Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ $ Commodity contracts Accrued expenses and other current liabilities Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net Commodity contracts Identifiable intangible and other non-current assets Commodity contracts Accrued expenses and other current liabilities Commodity contracts Other long-term liabilities Foreign currency contracts Short-term derivative assets, net Foreign currency contracts Accrued expenses and other current liabilities — Foreign currency contracts Other long-term liabilities — $ $
Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income	Realized and Unrealized Realized and Unrealized Derivative Instruments Location Loss Hedged Items Location Gain (Loss) Three months ended June 30, Commodity contracts Cost of revenue $ $ Inventories Cost of revenue $ $ Six months ended June 30, Commodity contracts Cost of revenue $ $ Inventories Cost of revenue $ $
Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income	Realized and Unrealized Derivatives Location Gain (Loss) Three months ended June 30, Commodity contracts Revenue $ $ Commodity contracts Cost of revenue Foreign currency contracts Revenue Foreign currency contracts Other (expense) income, net $ $ Six months ended June 30, Commodity contracts Revenue $ $ Commodity contracts Cost of revenue Foreign currency contracts Revenue Foreign currency contracts Other (expense) income, net $ $

Interest Income, Expense and 22

Interest Income, Expense and Other Financing Costs (Tables)	6 Months Ended
	Jun. 30, 2015
Interest Income, Expense and Other Financing Costs
Schedule of interest expense and other financing costs, net	For the Three Months ended For the Six Months ended June 30, June 30, Interest income $ $ $ $ Interest expense and other financing costs $ $ $ $

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Shareholders' Equity
Schedule of components of other comprehensive income and accumulated other comprehensive loss	Accumulated Other Comprehensive Loss Balance as of December 31, 2014 $ Other comprehensive loss Less: Net other comprehensive income attributable to noncontrolling interest Balance as of June 30, 2015 $ Balance as of December 31, 2013 $ Other comprehensive income Balance as of June 30, 2014 $

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Taxes
Schedule of Income tax provision and the respective effective income tax rates	For the Three Months ended For the Six Months ended June 30, June 30, Income tax provision $ $ $ $ Effective income tax rate % % % %

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings per Common Share
Computation of basic and diluted earnings per common share	For the Three Months ended For the Six Months ended June 30, June 30, Numerator: Net income attributable to World Fuel $ $ $ $ Denominator: Weighted average common shares for basic earnings per common share Effect of dilutive securities Weighted average common shares for diluted earnings per common share 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 Basic earnings per common share $ $ $ $ Diluted earnings per common share $ $ $ $

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Business Segments
Schedule of revenue, gross profit and income from operations by segment	For the Three Months ended For the Six Months ended June 30, June 30, Revenue: Aviation segment $ $ $ $ Marine segment Land segment $ $ $ $ Gross profit: Aviation segment $ $ $ $ Marine segment Land segment $ $ $ $ Income from operations: Aviation segment $ $ $ $ Marine segment Land segment Corporate overhead - unallocated $ $ $ $
Schedule of accounts receivable, net and total assets by segment	As of June 30, December 31, Accounts receivable, net: Aviation segment, net of allowance for bad debt of $7.1 and $7.9 as of June 30, 2015 and December 31, 2014, respectively $ $ Marine segment, net of allowance for bad debt of $9.5 and $8.4 as of June 30, 2015 and December 31, 2014, respectively Land segment, net of allowance for bad debt of $8.7 and $9.4 as of June 30, 2015 and December 31, 2014, respectively $ $ Total assets: Aviation segment $ $ Marine segment Land segment Corporate $ $

Significant Accounting Polici27

Significant Accounting Policies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Land Segment
Goodwill
Increase (decrease) in goodwill due to foreign currency translation adjustments	$ 600,000
Aviation Segment
Goodwill
Increase (decrease) in goodwill due to foreign currency translation adjustments	(1,500,000)
Marine segment
Goodwill
Increase (decrease) in goodwill due to foreign currency translation adjustments	(700,000)
2014 Acquisitions | Land Segment
Goodwill
Increase (decrease) in goodwill	1,000,000
2014 Acquisitions | Aviation Segment
Goodwill
Increase (decrease) in goodwill	$ (5,200,000)
2014 Acquisitions | Watson Petroleum
Pro forma results
Revenue		$ 22,320,900
Net income attributable to World Fuel		$ 100,900
Earnings per common share:
Basic (in dollars per share)		$ 1.43
Diluted (in dollars per share)		$ 1.41

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	$ 496.9	$ 695.3
Derivative liability	473.4	649.6
Total, inventories liability		22.9
Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	97.2	173.7
Subtotal Liabilities	168	306.4
Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	401.7	519.6
Inventories liability	3.1	22.9
Subtotal Liabilities	308.1	364.8
Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	0.5	4.2
Subtotal Liabilities	0.4	1.3
Cash surrender value of life insurance | Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	2.5	2.2
Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	499.4	697.5
Netting and collateral, asset	(360.7)	(380)
Total Assets	138.7	317.5
Inventories liability	3.1	22.9
Subtotal Liabilities	476.5	672.5
Netting and collateral, liability	(439.4)	(607.6)
Total, inventories liability	3.1
Total Liabilities	37.1	64.9
Fair value measured on recurring basis | Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	773.8	689.9
Notes receivable	8.5	7
Fair value measured on recurring basis | Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	2.5	2.2
Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total, derivative asset	135.8	305.5
Total, derivative liability	31	42
Commodity contracts | Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	97.2	173.7
Derivative liability	168	306.4
Commodity contracts | Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	393.2	495.6
Derivative liability	296.4	329.9
Commodity contracts | Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	0.5	4.2
Derivative liability	0.4	1.3
Commodity contracts | Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	490.9	673.5
Netting and collateral, derivative asset	(355.1)	(368)
Total, derivative asset	135.8	305.5
Derivative liability	464.8	637.6
Netting and collateral, derivative liability	(433.8)	(595.6)
Total, derivative liability	31	42
Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total, derivative asset	0.4	9.8
Total, derivative liability	3
Foreign currency contracts | Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	6	21.8
Derivative liability	8.6	12
Foreign currency contracts | Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	6	21.8
Netting and collateral, derivative asset	(5.6)	(12)
Total, derivative asset	0.4	9.8
Derivative liability	8.6	12
Netting and collateral, derivative liability	(5.6)	$ (12)
Total, derivative liability	$ 3

Fair Value Measurements (Deta29

Fair Value Measurements (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair value measurement, additional disclosure
Cash collateral deposits held by financial counterparties	$ 151.8	$ 301
Cash collateral deposits held by financial counterparties, offset against liabilities	96.9	274.3
Cash collateral deposits held by financial counterparties, not offset	54.9	26.7
Cash collateral received from customers	18.2	46.7
Commodity contracts
Derivative instruments, at their respective fair value positions
Total net assets	135.8	305.5
Total net liabilities	31	42
Commodity contracts | Short-term derivative assets, net
Derivative instruments, at their respective fair value positions
Total net assets	129	294.3
Commodity contracts | Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	6.8	11.2
Commodity contracts | Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	29.4	41.3
Commodity contracts | Other long-term liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	1.6	0.7
Foreign currency contracts
Derivative instruments, at their respective fair value positions
Total net assets	0.4	9.8
Total net liabilities	3
Foreign currency contracts | Short-term derivative assets, net
Derivative instruments, at their respective fair value positions
Total net assets	0.3	9.3
Foreign currency contracts | Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	0.1	$ 0.5
Foreign currency contracts | Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	2.7
Foreign currency contracts | Other long-term liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	$ 0.3

Fair Value Measurements (Deta30

Fair Value Measurements (Details 3) - Commodity contracts - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period	$ 1.3		$ 4.2
Total Gains (Losses) Included in Earnings		$ 5.8	0.8	$ 5.8
Settlements	0.8		4.5
End of Period	0.5	5.8	0.5	5.8
Change in Unrealized Gains Relating to Assets (Liabilities) that are Held at end of Period	0.4	$ 5.8		$ 5.8
Cost of revenue.
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period	0.3		1.3
Total Gains (Losses) Included in Earnings	(0.1)		0.4
Settlements			0.5
End of Period	0.4		0.4
Change in Unrealized Gains Relating to Assets (Liabilities) that are Held at end of Period	$ (0.1)		$ 0.7

Derivatives (Details)

Derivatives (Details) - Jun. 30, 2015 € in Millions, £ in Millions, bbl in Millions, ZAR in Millions, SGD in Millions, SEK in Millions, MXN in Millions, COP in Millions, CLP in Millions, CAD in Millions, AUD in Millions, $ in Millions	ZAR$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUDbbl	SGD$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	SEK$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	MXN$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	GBP (£)$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	EUR (€)$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	COP$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	CLP$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	CAD$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	AUD$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD	USD ($)$ / bbl$ / ZAR$ / SGD$ / SEK$ / MXN$ / £$ / €$ / COP$ / CLP$ / CAD$ / AUD
Derivatives designated as hedging instruments | Fair value hedges | 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	5.4
Weighted Average Fixed Price | $ / bbl	53.090	53.090	53.090	53.090	53.090	53.090	53.090	53.090	53.090	53.090	53.090
Weighted Average Mark-to-Market | $ / bbl	0.611	0.611	0.611	0.611	0.611	0.611	0.611	0.611	0.611	0.611	0.611
Fair Value Amount											$ 3.3
Derivatives designated as hedging instruments | Fair value hedges | Commodity contracts | 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	0.1
Weighted Average Fixed Price | $ / bbl	82.308	82.308	82.308	82.308	82.308	82.308	82.308	82.308	82.308	82.308	82.308
Weighted Average Mark-to-Market | $ / bbl	1	1	1	1	1	1	1	1	1	1	1
Fair Value Amount											$ 0.1
Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Amount											$ 20.1
Derivatives not designated as hedging instruments | Commodity contracts | Long | 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	32.5
Weighted Average Fixed Price | $ / bbl	48.561	48.561	48.561	48.561	48.561	48.561	48.561	48.561	48.561	48.561	48.561
Weighted Average Mark-to-Market | $ / bbl	(2.025)	(2.025)	(2.025)	(2.025)	(2.025)	(2.025)	(2.025)	(2.025)	(2.025)	(2.025)	(2.025)
Fair Value Amount											$ (65.8)
Derivatives not designated as hedging instruments | Commodity contracts | Long | 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	10.6
Weighted Average Fixed Price | $ / bbl	47.520	47.520	47.520	47.520	47.520	47.520	47.520	47.520	47.520	47.520	47.520
Weighted Average Mark-to-Market | $ / bbl	(1.311)	(1.311)	(1.311)	(1.311)	(1.311)	(1.311)	(1.311)	(1.311)	(1.311)	(1.311)	(1.311)
Fair Value Amount											$ (13.9)
Derivatives not designated as hedging instruments | Commodity contracts | Long | 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	0.3
Weighted Average Fixed Price | $ / bbl	28.350	28.350	28.350	28.350	28.350	28.350	28.350	28.350	28.350	28.350	28.350
Weighted Average Mark-to-Market | $ / bbl	(1.333)	(1.333)	(1.333)	(1.333)	(1.333)	(1.333)	(1.333)	(1.333)	(1.333)	(1.333)	(1.333)
Fair Value Amount											$ (0.4)
Derivatives not designated as hedging instruments | Commodity contracts | Short | 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	28.6
Weighted Average Fixed Price | $ / bbl	61.486	61.486	61.486	61.486	61.486	61.486	61.486	61.486	61.486	61.486	61.486
Weighted Average Mark-to-Market | $ / bbl	3.238	3.238	3.238	3.238	3.238	3.238	3.238	3.238	3.238	3.238	3.238
Fair Value Amount											$ 92.6
Derivatives not designated as hedging instruments | Commodity contracts | Short | 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	8
Weighted Average Fixed Price | $ / bbl	59.020	59.020	59.020	59.020	59.020	59.020	59.020	59.020	59.020	59.020	59.020
Weighted Average Mark-to-Market | $ / bbl	1.150	1.150	1.150	1.150	1.150	1.150	1.150	1.150	1.150	1.150	1.150
Fair Value Amount											$ 9.2
Derivatives not designated as hedging instruments | Commodity contracts | Short | 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	0.4
Weighted Average Fixed Price | $ / bbl	28.570	28.570	28.570	28.570	28.570	28.570	28.570	28.570	28.570	28.570	28.570
Weighted Average Mark-to-Market | $ / bbl	1.750	1.750	1.750	1.750	1.750	1.750	1.750	1.750	1.750	1.750	1.750
Fair Value Amount											$ 0.7
Derivatives not designated as hedging instruments | Commodity contracts | Short | 2018
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts | bbl	0.1
Weighted Average Fixed Price | $ / bbl	84	84	84	84	84	84	84	84	84	84	84
Weighted Average Mark-to-Market | $ / bbl	3	3	3	3	3	3	3	3	3	3	3
Fair Value Amount											$ 0.3
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | AUD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | AUD										AUD 18.4
Weighted Average Mark-to-Market | $ / AUD	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)	(0.005)
Fair Value Amount											$ (0.1)
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | AUD | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / AUD	0.774	0.774	0.774	0.774	0.774	0.774	0.774	0.774	0.774	0.774	0.774
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | CAD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | CAD									CAD 61.5
Weighted Average Mark-to-Market | $ / CAD	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005
Fair Value Amount											$ 0.3
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | CAD | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / CAD	1.235	1.235	1.235	1.235	1.235	1.235	1.235	1.235	1.235	1.235	1.235
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | CLP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | CLP								CLP 1,898.3
Weighted Average Mark-to-Market | $ / CLP	0	0	0	0	0	0	0	0	0	0	0
Fair Value Amount											$ 0.1
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | CLP | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / CLP	626.065	626.065	626.065	626.065	626.065	626.065	626.065	626.065	626.065	626.065	626.065
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | COP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | COP							COP 40,853.2
Weighted Average Mark-to-Market | $ / COP	0	0	0	0	0	0	0	0	0	0	0
Fair Value Amount											$ (0.1)
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | COP | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / COP	2,516.788	2,516.788	2,516.788	2,516.788	2,516.788	2,516.788	2,516.788	2,516.788	2,516.788	2,516.788	2,516.788
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | EUR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | €						€ 52.4
Weighted Average Mark-to-Market | $ / €	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)
Fair Value Amount											$ (0.6)
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | EUR | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / €	1.105	1.105	1.105	1.105	1.105	1.105	1.105	1.105	1.105	1.105	1.105
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | £					£ 137.5
Weighted Average Mark-to-Market | $ / £	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)	(0.011)
Fair Value Amount											$ (1.5)
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | GBP | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / £	1.550	1.550	1.550	1.550	1.550	1.550	1.550	1.550	1.550	1.550	1.550
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | MXN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | MXN				MXN 2,372.2
Weighted Average Mark-to-Market | $ / MXN	0	0	0	0	0	0	0	0	0	0	0
Fair Value Amount											$ (0.3)
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | MXN | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / MXN	15.371	15.371	15.371	15.371	15.371	15.371	15.371	15.371	15.371	15.371	15.371
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | SEK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | SEK			SEK 33
Weighted Average Mark-to-Market | $ / SEK	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003	0.003
Fair Value Amount											$ 0.1
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | SEK | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / SEK	8.566	8.566	8.566	8.566	8.566	8.566	8.566	8.566	8.566	8.566	8.566
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | SGD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | SGD		SGD 65.7
Weighted Average Mark-to-Market | $ / SGD	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
Fair Value Amount											$ (0.1)
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | SGD | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / SGD	1.345	1.345	1.345	1.345	1.345	1.345	1.345	1.345	1.345	1.345	1.345
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | ZAR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | ZAR	ZAR 120.2
Weighted Average Mark-to-Market | $ / ZAR	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001
Fair Value Amount											$ 0.1
Derivatives not designated as hedging instruments | Foreign currency contracts | 2015 | ZAR | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / ZAR	12.201	12.201	12.201	12.201	12.201	12.201	12.201	12.201	12.201	12.201	12.201
Derivatives not designated as hedging instruments | Foreign currency contracts | 2016 | GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts | £					£ 27.3
Weighted Average Mark-to-Market | $ / £	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)
Fair Value Amount											$ (0.5)
Derivatives not designated as hedging instruments | Foreign currency contracts | 2016 | GBP | Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price | $ / £	1.552	1.552	1.552	1.552	1.552	1.552	1.552	1.552	1.552	1.552	1.552

Derivatives (Details 2)

Derivatives (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	$ 496.9	$ 695.3
Derivative liability	473.4	649.6
Derivative, credit-risk related contingent features
Net liability position	35.9	111.7
Collateral posted	28.9	89.4
Additional assets required to be posted should credit-risk contingent feature be triggered	7	22.3
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	5.8	23.5
Derivative liability	2.4	1.7
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
Derivative asset	5	18.8
Derivative liability	1.8	1
Derivatives designated as hedging instruments | Commodity contracts | Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	0.8	4.7
Derivative liability	0.6	0.7
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	491.1	671.8
Derivative liability	471	647.9
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
Derivative asset	272.6	399
Derivative liability	128.9	76
Derivatives not designated as hedging instruments | Commodity contracts | Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	8.9	12.1
Derivative liability	1.9	0.6
Derivatives not designated as hedging instruments | Commodity contracts | Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	200.3	234.1
Derivative liability	326.4	530
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
Derivative asset	3.3	4.8
Derivative liability	5.2	29.3
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
Derivative asset	1.6	21.3
Derivative liability	1.3	12
Derivatives not designated as hedging instruments | Foreign currency contracts | Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	0.1	$ 0.5
Derivatives not designated as hedging instruments | Foreign currency contracts | Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	4.2
Derivative liability	6.9
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
Derivative asset	0.1
Derivative liability	$ 0.4

Derivatives (Details 3)

Derivatives (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Gain (loss) on derivative
Gains or losses that were excluded from the assessment of the effectiveness of fair value hedges	$ 0	$ 0	$ 0	$ 0
Gains or losses, which were excluded from the assessment of the effectiveness of cash flow hedges	0	0	0	0
Derivatives designated as hedging instruments | Fair value hedges | Commodity contracts | Cost of revenue.
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	(20,100)	(2,100)	(16,100)	(1,700)
Realized and Unrealized Gain (Loss) on Hedged Item	19,800	(1,100)	19,300	(8,600)
Derivatives not designated as hedging instruments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	(400)	13,000	21,600	28,500
Derivatives not designated as hedging instruments | Commodity contracts | Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	25,400	17,200	46,000	24,100
Derivatives not designated as hedging instruments | Commodity contracts | Cost of revenue.
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	(16,400)	(600)	(28,100)	9,000
Derivatives not designated as hedging instruments | Foreign currency contracts | Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	(5,200)	(1,000)	(1,300)	(1,300)
Derivatives not designated as hedging instruments | Foreign currency contracts | Other income (expense), net
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	$ (4,200)	$ (2,600)	$ 5,000	$ (3,300)

Interest Income, Expense and 34

Interest Income, Expense and Other Financing Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Interest Income, Expense and Other Financing Costs
Interest income	$ 1.3	$ 1.5	$ 2.6	$ 3.1
Interest expense and other financing costs	(7.7)	(6.2)	(16.3)	(12.1)
Interest expense and other financing costs, net	$ (6.4)	$ (4.7)	$ (13.7)	$ (9)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)
Legal Matters
Estimated amount recoverable due to theft of fuel product	$ 18
Derailment of freight train
Legal Matters
Liabilities recorded based on estimated losses	158.7
Receivables for portion of liability recoverable from insurance	155
Derailment of freight train | Accrued expenses and other current liabilities
Legal Matters
Liabilities recorded based on estimated losses	129.8
Derailment of freight train | Other current assets
Legal Matters
Receivables for portion of liability recoverable from insurance	$ 142.7

Commitments and Contingencies36

Commitments and Contingencies (Details 2) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2015	Jun. 30, 2015
Termination of Employment Agreement
Charges in connection with termination of employment agreement	$ 3.8
Non-cash expenses related to stock award compensation	$ 0.8
Accrued expenses and other current liabilities
Termination of Employment Agreement
Unpaid amout of cash portion of charges related to termination of employment agreement		$ 0.5
Other long-term liabilities
Termination of Employment Agreement
Unpaid amout of cash portion of charges related to termination of employment agreement		$ 1.9

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Repurchase Programs
Authorized common stock repurchase amount	$ 100		$ 100
Amount available to repurchase shares under stock repurchase program	100		100
Accumulated other comprehensive loss
Balance at the beginning of the period			(60.2)
Other comprehensive loss	22	$ 5.4	(11.8)	$ 8.9
Balance at the end of the period	(74.5)		(74.5)
Foreign Currency Translation Adjustments
Accumulated other comprehensive loss
Balance at the beginning of the period			(60.2)	(29.3)
Other comprehensive loss			(11.8)	8.9
Less Net other comprehensive income attributable to noncontrolling interest			2.5
Balance at the end of the period	$ (74.5)	$ (20.4)	$ (74.5)	$ (20.4)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes
Income tax provision	$ 5.2	$ 10.2	$ 15.1	$ 21.5
Effective income tax rate (as a percent)	15.50%	18.10%	15.40%	18.20%
Decrease in foreign income taxes due to special income tax concession in Singapore	$ 0.4	$ 1.9	$ 2.7	$ 3.8
Impact of income tax concession on basic earnings per common share (in dollars per share)	$ 0.01	$ 0.03	$ 0.04	$ 0.05
Impact of income tax concession on diluted earnings per common share (in dollars per share)	$ 0.01	$ 0.03	$ 0.04	$ 0.05

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income attributable to World Fuel	$ 29.9	$ 48.2	$ 85.5	$ 99
Denominator:
Weighted average common shares for basic earnings per common share	70.7	70.8	70.7	70.8
Effect of dilutive securities (in shares)	0.5	0.6	0.6	0.6
Weighted average common shares for diluted earnings per common share	71.2	71.4	71.3	71.4
Weighted average securities which are not included in the calculation of diluted earnings per common share (in shares)	0.9	0.7	0.9	0.7
Basic earnings per common share (in dollars per share)	$ 0.42	$ 0.68	$ 1.21	$ 1.40
Diluted earnings per common share (in dollars per share)	$ 0.42	$ 0.68	$ 1.20	$ 1.39

Business Segments (Details)

Business Segments (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)
Business Segments
Number of reportable operating business segments | item			3
Revenue:
Total revenue	$ 8,496.4	$ 11,342.5	$ 15,837.1	$ 21,893.4
Gross profit:
Gross profit	190.4	191.5	405.8	379.5
Income from operations:
Income from operations	41.6	59.8	113	124.1
Aviation Segment
Revenue:
Total revenue	3,185.3	4,436.5	6,082.3	8,686.4
Gross profit:
Gross profit	85	81.8	167.9	150.7
Marine segment
Revenue:
Total revenue	2,805.4	3,532.8	5,126.1	7,013
Gross profit:
Gross profit	41.8	48.8	95.7	96.7
Land Segment
Revenue:
Total revenue	2,505.7	3,373.2	4,628.7	6,194
Gross profit:
Gross profit	63.6	60.9	142.2	132.1
Operating Segments
Income from operations:
Income from operations	56.1	72.5	141.8	150.1
Operating Segments | Aviation Segment
Income from operations:
Income from operations	26	37.2	53.8	67.2
Operating Segments | Marine segment
Income from operations:
Income from operations	13.6	20.9	39.7	42
Operating Segments | Land Segment
Income from operations:
Income from operations	16.5	14.4	48.3	40.9
Corporate
Income from operations:
Income from operations	$ 14.5	$ 12.7	$ 28.8	$ 26

Business Segments (Details 2)

Business Segments (Details 2) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable, net:
Accounts receivable, net	$ 2,358.2	$ 2,307.4
Total assets:
Total assets	5,102.5	4,880.1
Aviation Segment
Accounts receivable, net:
Accounts receivable, net	711.7	686
Allowance for bad debt	7.1	7.9
Marine segment
Accounts receivable, net:
Accounts receivable, net	952	974
Allowance for bad debt	9.5	8.4
Land Segment
Accounts receivable, net:
Accounts receivable, net	694.5	647.4
Allowance for bad debt	8.7	9.4
Operating Segments | Aviation Segment
Total assets:
Total assets	1,649	1,635.5
Operating Segments | Marine segment
Total assets:
Total assets	1,521.2	1,483.1
Operating Segments | Land Segment
Total assets:
Total assets	1,691	1,570.6
Corporate
Total assets:
Total assets	$ 241.3	$ 190.9