Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-09533 | |
Entity Registrant Name | WORLD FUEL SERVICES CORPORATION | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 9800 N.W. 41st Street, | |
Entity Address, City or Town | Miami, | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33178 | |
Entity Tax Identification Number | 59-2459427 | |
City Area Code | 305 | |
Local Phone Number | 428-8000 | |
Title of 12(b) Security | Common Stock , $0.01 par value | |
Trading Symbol | INT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 63,502,254 | |
Entity Central Index Key | 0000789460 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 742.7 | $ 658.8 |
Accounts receivable, net of allowance for credit losses of $36.1 million and $53.8 million as of June 30, 2021 and December 31, 2020, respectively | 1,835 | 1,238.4 |
Inventories | 426.5 | 344.3 |
Prepaid expenses | 74.4 | 51.1 |
Short-term derivative assets, net | 81.1 | 66.4 |
Other current assets | 199 | 280.4 |
Total current assets | 3,358.6 | 2,639.3 |
Property and equipment, net | 334.2 | 342.6 |
Goodwill | 858.9 | 858.6 |
Identifiable intangible and other non-current assets | 698.1 | 659.8 |
Total assets | 5,249.8 | 4,500.3 |
Current liabilities: | ||
Current maturities of long-term debt | 30.1 | 22.9 |
Accounts payable | 1,844.8 | 1,214.7 |
Customer deposits | 153.4 | 155.8 |
Accrued expenses and other current liabilities | 364.2 | 290.6 |
Total current liabilities | 2,392.6 | 1,684 |
Long-term debt | 491.6 | 501.8 |
Non-current income tax liabilities, net | 216.8 | 215.5 |
Other long-term liabilities | 199.1 | 186.1 |
Total liabilities | 3,300.1 | 2,587.4 |
Commitments and contingencies | ||
World Fuel shareholders' equity: | ||
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value; 100.0 shares authorized, 63.3 and 62.9 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 0.6 | 0.6 |
Capital in excess of par value | 211.3 | 204.6 |
Retained earnings | 1,858.4 | 1,836.7 |
Accumulated other comprehensive loss | (124.1) | (132.6) |
Total World Fuel shareholders' equity | 1,946.2 | 1,909.3 |
Noncontrolling interest | 3.5 | 3.6 |
Total equity | 1,949.7 | 1,912.9 |
Total liabilities and equity | $ 5,249.8 | $ 4,500.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 36.1 | $ 53.8 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 63,300,000 | 62,900,000 |
Common stock, shares outstanding (in shares) | 63,300,000 | 62,900,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 7,085.5 | $ 3,158.3 | $ 13,043.4 | $ 11,173.5 |
Cost of revenue | 6,901.6 | 2,944.5 | 12,667.9 | 10,700.9 |
Gross profit | 183.9 | 213.9 | 375.5 | 472.6 |
Operating expenses: | ||||
Compensation and employee benefits | 87.9 | 95.9 | 180.3 | 198.3 |
General and administrative | 57.4 | 84.4 | 116.8 | 168.2 |
Asset impairments | 4.7 | 18.6 | 18.6 | |
Restructuring charges | 3 | 3.1 | 5.1 | 4.8 |
Total operating expenses | 153 | 202 | 306.9 | 389.9 |
Income from operations | 30.9 | 11.9 | 68.6 | 82.7 |
Non-operating income (expenses), net: | ||||
Interest expense and other financing costs, net | (10) | (10) | (18.7) | (25.3) |
Other income (expense), net | (1.4) | (4.9) | (2.6) | (2.7) |
Total non-operating income (expense), net | (11.4) | (14.9) | (21.3) | (28.1) |
Income (loss) before income taxes | 19.6 | (3) | 47.2 | 54.6 |
Provision for income taxes | 2 | 7.7 | 10.8 | 23.7 |
Net income (loss) including noncontrolling interest | 17.6 | (10.7) | 36.4 | 31 |
Net income (loss) attributable to noncontrolling interest | (0.1) | (0.4) | (0.1) | (0.2) |
Net income (loss) attributable to World Fuel | $ 17.6 | $ (10.2) | $ 36.5 | $ 31.2 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.28 | $ (0.16) | $ 0.58 | $ 0.49 |
Basic weighted average common shares (in shares) | 63.4 | 63.3 | 63.2 | 64.1 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.28 | $ (0.16) | $ 0.57 | $ 0.48 |
Diluted weighted average common shares (in shares) | 63.8 | 63.3 | 63.6 | 64.4 |
Comprehensive income: | ||||
Net income (loss) including noncontrolling interest | $ 17.6 | $ (10.7) | $ 36.4 | $ 31 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 4.8 | 5.1 | 0.8 | (27.9) |
Cash flow hedges, net of income tax benefit of $2.9 and $7.2 for the three months ended June 30, 2021 and 2020, respectively, and net of income tax expense of $2.7 and $0.2 for the six months ended June 30, 2021 and 2020, respectively | (8.6) | (21) | 7.8 | 0.7 |
Other comprehensive income (loss) | (3.8) | (16) | 8.5 | (27.2) |
Comprehensive income (loss) including noncontrolling interest | 13.7 | (26.7) | 44.9 | 3.7 |
Comprehensive income (loss) attributable to noncontrolling interest | (0.1) | 0 | (0.1) | 0 |
Comprehensive income (loss) attributable to World Fuel | $ 13.8 | $ (26.7) | $ 45 | $ 3.7 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Derivative instruments, income tax expense (benefit) | $ (2.9) | $ (7.2) | $ 2.7 | $ 0.2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders’ Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative effect of change in accounting principle | Common Stock | Capital in Excess of Par Value | Retained Earnings | Retained EarningsCumulative effect of change in accounting principle | Accumulated Other Comprehensive Loss | Total World Fuel Shareholders' Equity | Total World Fuel Shareholders' EquityCumulative effect of change in accounting principle | Noncontrolling Interest Equity |
Beginning balance (in shares) at Dec. 31, 2019 | 65.2 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 1,893.9 | $ (11.1) | $ 0.7 | $ 274.7 | $ 1,761.3 | $ (11.1) | $ (146.3) | $ 1,890.4 | $ (11.1) | $ 3.5 |
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | 41.6 | 41.4 | 41.4 | 0.2 | ||||||
Cash dividends declared | (6.5) | (6.5) | (6.5) | |||||||
Amortization of share-based payment awards | (1.8) | (1.8) | (1.8) | |||||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.2 | |||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 1.2 | 1.2 | 1.2 | |||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (1.5) | (1.5) | (1.5) | |||||||
Purchases of common stock (in shares) | (2.2) | |||||||||
Purchases of common stock | (55.6) | (55.6) | (55.6) | |||||||
Other comprehensive income (loss) | (11.3) | (11.3) | (11.3) | |||||||
Other | 1.2 | $ (0.1) | 1.2 | 1.2 | ||||||
Ending balance (in shares) at Mar. 31, 2020 | 63.2 | |||||||||
Ending balance at Mar. 31, 2020 | 1,850.1 | $ 0.6 | 218.2 | 1,785.1 | (157.5) | 1,846.4 | 3.7 | |||
Beginning balance (in shares) at Dec. 31, 2019 | 65.2 | |||||||||
Beginning balance at Dec. 31, 2019 | 1,893.9 | $ (11.1) | $ 0.7 | 274.7 | 1,761.3 | $ (11.1) | (146.3) | 1,890.4 | $ (11.1) | 3.5 |
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | 31 | |||||||||
Other comprehensive income (loss) | (27.2) | |||||||||
Ending balance (in shares) at Jun. 30, 2020 | 63.3 | |||||||||
Ending balance at Jun. 30, 2020 | 1,818.3 | $ 0.6 | 219.3 | 1,768.6 | (173.5) | 1,815 | 3.3 | |||
Beginning balance (in shares) at Mar. 31, 2020 | 63.2 | |||||||||
Beginning balance at Mar. 31, 2020 | 1,850.1 | $ 0.6 | 218.2 | 1,785.1 | (157.5) | 1,846.4 | 3.7 | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | (10.7) | (10.2) | (10.2) | (0.4) | ||||||
Cash dividends declared | (6.3) | (6.3) | (6.3) | |||||||
Amortization of share-based payment awards | 2.3 | 2.3 | 2.3 | |||||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.1 | |||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (1.2) | (1.2) | (1.2) | |||||||
Other comprehensive income (loss) | (16) | (16) | (16) | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 63.3 | |||||||||
Ending balance at Jun. 30, 2020 | $ 1,818.3 | $ 0.6 | 219.3 | 1,768.6 | (173.5) | 1,815 | 3.3 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 62.9 | 62.9 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 1,912.9 | $ 0.6 | 204.6 | 1,836.7 | (132.6) | 1,909.3 | 3.6 | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | 18.8 | 18.9 | 18.9 | |||||||
Cash dividends declared | (7.5) | (7.5) | (7.5) | |||||||
Amortization of share-based payment awards | 8.7 | 8.7 | 8.7 | |||||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.1 | |||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (2.4) | (2.4) | (2.4) | |||||||
Other comprehensive income (loss) | 12.4 | 12.4 | 12.4 | |||||||
Other | 0.2 | 0.2 | 0.2 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 63 | |||||||||
Ending balance at Mar. 31, 2021 | $ 1,943 | $ 0.6 | 210.8 | 1,848.3 | (120.3) | 1,939.5 | 3.5 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 62.9 | 62.9 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 1,912.9 | $ 0.6 | 204.6 | 1,836.7 | (132.6) | 1,909.3 | 3.6 | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | 36.4 | |||||||||
Other comprehensive income (loss) | $ 8.5 | |||||||||
Ending balance (in shares) at Jun. 30, 2021 | 63.3 | 63.3 | ||||||||
Ending balance at Jun. 30, 2021 | $ 1,949.7 | $ 0.6 | 211.3 | 1,858.4 | (124.1) | 1,946.2 | 3.5 | |||
Beginning balance (in shares) at Mar. 31, 2021 | 63 | |||||||||
Beginning balance at Mar. 31, 2021 | 1,943 | $ 0.6 | 210.8 | 1,848.3 | (120.3) | 1,939.5 | 3.5 | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Net income (loss) | 17.6 | 17.6 | 17.6 | (0.1) | ||||||
Cash dividends declared | (7.6) | (7.6) | (7.6) | |||||||
Amortization of share-based payment awards | 3.3 | 3.3 | 3.3 | |||||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.3 | |||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 0.3 | 0.2 | 0.3 | |||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (3.1) | (3.1) | (3.1) | |||||||
Other comprehensive income (loss) | $ (3.8) | (3.8) | (3.8) | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 63.3 | 63.3 | ||||||||
Ending balance at Jun. 30, 2021 | $ 1,949.7 | $ 0.6 | $ 211.3 | $ 1,858.4 | $ (124.1) | $ 1,946.2 | $ 3.5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders’ Equity (Parenthetical) - USD ($) $ in Millions | Jul. 01, 2021 | Apr. 09, 2021 | Jul. 02, 2020 | Apr. 09, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
Cash dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.10 | $ 0.10 | ||||
Cash dividends paid (in dollars per share) | $ 0.12 | $ 0.10 | $ 0.10 | |||||
Cash dividends declared | $ 7.6 | $ 7.5 | $ 6.3 | $ 6.5 | ||||
Dividends paid on common stock | $ 7.5 | $ 6.3 | $ 6.5 | |||||
Subsequent Event | ||||||||
Cash dividends paid (in dollars per share) | $ 0.12 | |||||||
Dividends paid on common stock | $ 7.6 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) including noncontrolling interest | $ 36.4 | $ 31 |
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: | ||
Depreciation and amortization | 40.5 | 44.2 |
Provision for credit losses | 2.4 | 34.6 |
Share-based payment award compensation costs | 12 | 0.6 |
Deferred income tax expense (benefit) | (15.4) | (5.3) |
Foreign currency (gains) losses, net | (8.9) | 3 |
Other | 10.5 | 0.2 |
Changes in assets and liabilities, net of acquisitions and divestitures: | ||
Accounts receivable, net | (600.7) | 1,462.6 |
Inventories | (77.4) | 282.8 |
Prepaid expenses | (24.3) | 6.4 |
Short-term derivative assets, net | 39.6 | (110.4) |
Other current assets | 61.9 | 17.2 |
Cash collateral with counterparties | 24.7 | 17.6 |
Other non-current assets | (28.9) | (18.4) |
Accounts payable | 605.9 | (1,527.1) |
Customer deposits | (2.7) | (2.3) |
Accrued expenses and other current liabilities | 41.1 | (25.2) |
Non-current income tax, net and other long-term liabilities | 23.8 | 33.7 |
Total adjustments | 104.2 | 214.1 |
Net cash provided by (used in) operating activities | 140.6 | 245.1 |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | 0 | (130.6) |
Capital expenditures | (14.2) | (32.9) |
Other investing activities, net | (5.4) | (5.3) |
Net cash provided by (used in) investing activities | (19.7) | (168.7) |
Cash flows from financing activities: | ||
Borrowings of debt | 0.3 | 2,080 |
Repayments of debt | (8.9) | (1,613.7) |
Dividends paid on common stock | (13.6) | (13) |
Repurchases of common stock | 0 | (55.6) |
Other financing activities, net | (13.5) | (2.8) |
Net cash provided by (used in) financing activities | (35.7) | 394.9 |
Effect of exchange rate changes on cash and cash equivalents | (1.4) | (11.6) |
Net increase (decrease) in cash and cash equivalents | 83.9 | 459.6 |
Cash and cash equivalents, as of the beginning of the period | 658.8 | 186.1 |
Cash and cash equivalents, as of the end of the period | $ 742.7 | $ 645.7 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement of Cash Flows [Abstract] | ||
Cash dividends declared, but not yet paid | $ 7.6 | $ 6.3 |
Basis of Presentation, New Acco
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies | 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies General World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Quarterly Report on Form 10-Q (“10-Q Report”) as “World Fuel,” “we,” “our” and “us.” We are a leading global fuel services company, principally engaged in the distribution of fuel and related products and services in the aviation, land and marine transportation industries. In recent years, we have expanded our land product and service offerings to include energy advisory services and supply fulfillment for natural gas and power to commercial, industrial and government customers. Our intention is to become a leading global energy management company offering a full suite of energy advisory, management and fulfillment services, technology solutions, payment management solutions, as well as sustainability products and services across the energy product spectrum. We will continue to focus on enhancing the portfolio of products and services we provide based on changes in customer demand, including sustainability offerings and renewable energy solutions. The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2020 Annual Report on Form 10-K (“2020 10-K Report”). All intercompany transactions among our businesses have been eliminated. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this 10-Q Report should be read in conjunction with the Consolidated Financial Statements and accompanying Notes included in our 2020 10-K Report. Certain amounts in the Condensed Consolidated Financial Statements and accompanying Notes may not add due to rounding; however, all percentages have been calculated using unrounded amounts. COVID-19 Throughout 2020, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular, which has continued into 2021. Many of our customers in these industries, especially commercial airlines, have experienced a substantial decline in business activity arising from the various measures enacted by governments around the world to contain the spread of the virus. While travel and economic activity has begun to improve in certain regions, activity in many parts of the world continues to be negatively impacted by travel restrictions and lockdowns. In response to the challenges arising from the pandemic, we commenced a number of initiatives in 2020 relating to cost reduction, liquidity and operating efficiencies, which remain an area of focus for us in 2021. The ultimate global recovery from the pandemic will be dependent on, among other things, actions taken by governments and businesses to contain and combat the virus, including any variant strains, the speed and effectiveness of vaccine production and global distribution, as well as how quickly, and to what extent, normal economic and operating conditions can resume on a sustainable basis globally. New Accounting Standards Adoption of New Accounting Standards During 2021, there have been no accounting standards that, upon adoption, had a material impact on the Company’s unaudited Condensed Consolidated Financial Statements or processes. Accounting Standards Issued but Not Yet Adopted Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and Scope. In March 2020 and January 2021, ASU 2020-04 and ASU 2021-01 were issued, respectively. The amendments provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burden in accounting for (or recognizing the effects of) contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other interbank offered rates expected to be discontinued because of reference rate reform. The amendments were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating contracts that could be affected by an alternative reference rate and assessing the potential effects of the guidance but does not anticipate a material impact to its Consolidated Financial Statements or processes. Additionally, LIBOR fallback language has been included, when applicable, in new and renewed contracts entered into by the Company in preparation for the transition from LIBOR to alternative reference rates when such transition occurs. Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our Consolidated Financial Statements or processes. Significant Accounting Policies |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | 2. Accounts Receivable Accounts receivable and allowance for credit losses When we extend credit on an unsecured basis, our exposure to credit losses depends on the financial condition of our customers and other macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in oil prices and political instability. We actively monitor and manage our credit exposure and work to respond to both changes in our customers’ financial conditions or macroeconomic events. Based on the ongoing credit evaluations of our customers, we adjust credit limits based upon payment history and our customers' current creditworthiness. However, because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected may ultimately need to be written off. We had accounts receivable of $1.8 billion and $1.2 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $39.8 million and $57.3 million, as of June 30, 2021 and December 31, 2020, respectively. Changes to the expected credit loss provision during the six months ended June 30, 2021 include global economic outlook considerations as a result of the Company’s assessment of reasonable and supportable forward-looking information, including the expected overall impact of the ongoing pandemic and global recovery, primarily in the aviation segment. Write-offs of uncollectible receivables during the six months ended June 30, 2021 resulted from negative impacts of the pandemic combined with pre-existing financial difficulties experienced by certain customers. Based on an aging analysis as of June 30, 2021, 96% of our net accounts receivable were outstanding less than 60 days. The following table sets forth activities in our allowance for expected credit losses (in millions): 2021 2020 Balance as of January 1, $ 57.3 $ 46.6 Charges to allowance for credit losses 2.4 34.6 Write-off of uncollectible receivables (21.2) (32.9) Recoveries of credit losses 1.1 0.4 Translation adjustments 0.1 (0.1) Balance as of June 30, $ 39.8 $ 48.6 Receivable sales programs We have receivables purchase agreements (“RPAs”) with Wells Fargo Bank, N.A. and Citibank, N.A. that allow for the sale of our accounts receivable in an amount up to 100% of our outstanding qualifying balances in exchange for cash consideration equal to the total balance, less a discount margin equal to LIBOR plus 1.00% to 3.25%, depending on the outstanding accounts receivable at any given time and assuming maximum utilization of the RPA facilities. Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Condensed Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Condensed Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2021 and 2020, we sold receivables under the RPAs with an aggregate face value of $4.3 billion and $2.2 billion, respectively, and paid fees of $9.4 million and $5.5 million, respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | 3. Acquisitions During the first quarter of 2020, we completed the acquisition of the aviation fuel business from Universal Weather and Aviation, Inc. (“UVair fuel business”), which serves business and general aviation customers worldwide. The total purchase price of $159.0 million included a $30 million deferred payment that remained partially outstanding as of June 30, 2021. The acquisition was accounted for as a business combination and is reported in the aviation segment. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 4. Derivative Instruments The following describes our derivative classifications: Fair Value Hedges. Derivative contracts we hold to hedge the risk of changes in the price of our inventory. Cash Flow Hedges. Derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions. Non-designated Derivatives. Derivatives we primarily transact to mitigate the risk of market price fluctuations in swaps or futures contracts, as well as certain forward fixed price purchase and sale contracts to hedge the risk of currency rate fluctuations and for portfolio optimization. The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions): Gross Derivative Assets Gross Derivative Liabilities June 30, December 31, June 30, December 31, Derivative Instruments Consolidated Balance Sheets location 2021 2020 2021 2020 Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ 138.4 $ 124.9 $ 181.1 $ 120.7 Accrued expenses and other current liabilities 2.9 1.0 5.0 2.3 Other long-term liabilities — 0.1 — 0.5 Interest rate contracts Identifiable intangible and other non-current assets 2.3 — — — Accrued expenses and other current liabilities — — 1.3 1.3 Other long-term liabilities — — — 2.4 Total derivatives designated as hedging instruments 143.6 126.0 187.5 127.2 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 298.2 164.9 171.8 102.7 Identifiable intangible and other non-current assets 64.6 32.1 25.5 7.9 Accrued expenses and other current liabilities 48.8 30.5 158.2 68.4 Other long-term liabilities 6.1 17.5 28.3 23.5 Foreign currency contracts Short-term derivative assets, net 1.2 — 0.3 — Identifiable intangible and other non-current assets 0.1 — — — Accrued expenses and other current liabilities 2.8 7.5 4.3 19.6 Other long-term liabilities — — — 0.2 Total derivatives not designated as hedging instruments 421.8 252.5 388.5 222.3 Total derivatives $ 565.4 $ 378.5 $ 576.0 $ 349.5 For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 6. Fair Value Measurements. The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes (in millions): Unit June 30, 2021 Commodity contracts Long BBL 53.0 Short BBL (45.0) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (244.6) Buy U.S. dollar, sell other currencies USD 346.3 The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Inventory $ 51.4 $ 44.5 $ 9.3 $ 4.9 The following table presents the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): For the Three Months Ended June 30, 2021 June 30, 2020 Revenue Cost of revenue Interest expense and other financing costs, net Revenue Cost of revenue Interest expense and other financing costs, net Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 7,085.5 $ 6,901.6 $ 11.4 $ 3,158.3 $ 2,944.5 $ 10.7 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 14.6 — — 8.9 — Derivatives designated as hedging instruments — (11.3) — — (4.6) — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.9) 67.4 — 27.0 (56.2) — Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income — — (0.3) — — — Total amount of income and expense line items excluding the impact of hedges $ 7,088.4 $ 6,972.2 $ 11.1 $ 3,131.4 $ 2,892.6 $ 10.7 For the Six Months Ended June 30, 2021 June 30, 2020 Revenue Cost of revenue Interest expense and other financing costs, net Revenue Cost of revenue Interest expense and other financing costs, net Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 13,043.4 $ 12,667.9 $ 22.5 $ 11,173.5 $ 10,700.9 $ 26.9 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 26.5 — — (14.3) — Derivatives designated as hedging instruments — (19.7) — — 13.8 — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (14.6) 88.4 — 41.0 (57.3) — Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income — — (0.5) — — — Total amount of income and expense line items excluding the impact of hedges $ 13,058.0 $ 12,763.2 $ 22.0 $ 11,132.5 $ 10,643.1 $ 26.9 For the three and six months ended June 30, 2021 and 2020, there were no gains or losses recognized in earnings related to our fair value or cash flow hedges that were excluded from the assessment of hedge effectiveness. As of June 30, 2021, on a pre-tax basis for commodity cash flow hedges, $184.3 million and $177.2 million are scheduled to be reclassified from Accumulated other comprehensive loss as an increase to Revenue and increase to Cost of revenue, respectively, over the next twelve months. As of June 30, 2021, all designated cash flow hedges executed to mitigate exposure to commodity price risk are scheduled to mature within twelve months. The following tables presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income and Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of gain (loss) recognized in accumulated other comprehensive income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Commodity contracts (Revenue) $ (13.3) $ (148.5) $ (76.1) $ 185.6 Commodity contracts (Cost of revenue) 69.6 100.3 154.3 (197.4) Interest rate contracts (0.7) (2.2) 3.0 (3.7) Total gain (loss) $ 55.7 $ (50.3) $ 81.2 $ (15.5) Amount of gain (loss) reclassified from accumulated other comprehensive income into Income Three Months Ended June 30, Six Months Ended June 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (2.9) $ 27.0 $ (14.6) $ 41.0 Commodity contracts Cost of revenue 67.4 (56.2) 88.4 (57.3) Interest rate contracts Interest expense and other financing costs, net (0.3) — (0.5) — Total gain (loss) $ 64.2 $ (29.2) $ 73.4 $ (16.3) The following table presents the amounts not recorded in Accumulated other comprehensive income due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (loss) not recorded in accumulated other comprehensive income due to intra-period settlement Three Months Ended June 30, Six Months Ended June 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (113.8) $ 140.9 $ (190.6) $ 303.3 Commodity contracts Cost of revenue $ 8.0 $ (83.4) $ 15.2 $ (173.5) The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions): Three Months Ended June 30, Six Months Ended June 30, Derivative Instruments - Non-designated Location 2021 2020 2021 2020 Commodity contracts Revenue $ 12.9 $ 34.1 $ (290.9) $ 113.3 Cost of revenue (6.2) (25.8) 306.8 (10.3) 6.7 8.4 15.9 102.9 Foreign currency contracts Revenue (0.2) (0.5) 0.1 — Other (expense), net (1.5) (7.8) 1.8 10.7 (1.7) (8.3) 2.0 10.7 Total gain (loss) $ 5.0 $ 0.2 $ 17.9 $ 113.6 Credit-Risk-Related Contingent Features We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to post additional collateral or the immediate settlement of the derivative instruments upon the occurrence of a credit downgrade or if certain defined financial ratios fall below an established threshold. The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions): June 30, 2021 December 31, 2020 Net derivative liability positions with credit contingent features $ 4.0 $ 20.0 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 4.0 $ 20.0 As of June 30, 2021 and December 31, 2020, there was no collateral held by our counterparties on these derivative contracts with credit-risk-contingent features. |
Debt, Interest Income, Expense,
Debt, Interest Income, Expense, and Other Finance Costs | 6 Months Ended |
Jun. 30, 2021 | |
Debt, Interest Income, Expense and Other Finance Costs [Abstract] | |
Debt, Interest Income, Expense, and Other Finance Costs | 5. Debt, Interest Income, Expense, and Other Finance Costs Our outstanding debt consists of the following (in millions): June 30, 2021 December 31, 2020 Term loans $ 497.0 $ 503.2 Finance leases 21.3 18.2 Other 3.5 3.3 Total debt 521.7 524.7 Less: Current maturities of long-term debt and finance leases 30.1 22.9 Long-term debt $ 491.6 $ 501.8 The following table provides additional information about our Interest income (expense), and other financing costs, net, for the periods presented for the three and six months ended June 30, 2021 and 2020 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest income $ 1.4 $ 0.7 $ 3.7 $ 1.6 Interest expense and other financing costs (11.4) (10.7) (22.5) (26.9) Interest expense and other financing costs, net $ (10.0) $ (10.0) $ (18.7) $ (25.3) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. The carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy. Recurring Fair Value Measurements The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements as of June 30, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 378.0 $ 176.6 $ 4.4 $ 559.0 Foreign currency contracts — 4.1 — 4.1 Interest rate contract — 2.3 — 2.3 Cash surrender value of life insurance — 13.2 — 13.2 Total assets at fair value $ 378.0 $ 196.2 $ 4.4 $ 578.5 Liabilities: Commodities contracts $ 340.5 $ 223.8 $ 5.7 $ 570.0 Interest rate contract — 1.3 — 1.3 Foreign currency contracts — 4.7 — 4.7 Total liabilities at fair value $ 340.5 $ 229.8 $ 5.7 $ 576.0 Fair Value Measurements as of December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 233.5 $ 127.9 $ 9.5 $ 371.0 Foreign currency contracts — 7.5 — 7.5 Cash surrender value of life insurance — 11.4 — 11.4 Total assets at fair value $ 233.5 $ 146.8 $ 9.5 $ 389.9 Liabilities: Commodities contracts $ 223.0 $ 96.8 $ 6.3 $ 326.0 Interest rate contract — 3.7 — 3.7 Foreign currency contracts — 19.8 — 19.8 Total liabilities at fair value $ 223.0 $ 120.2 $ 6.3 $ 349.5 For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty’s rights and obligations, request additional collateral when necessary, or liquidate the collateral in the event of counterparty default. We net the fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets (in millions): Fair Value as of June 30, 2021 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 559.0 $ 439.0 $ 119.9 $ 5.4 $ — $ 114.5 Interest rate contract 2.3 — 2.3 — — 2.3 Foreign currency contracts 4.1 3.2 0.9 — — 0.9 Total assets at fair value $ 565.4 $ 442.3 $ 123.1 $ 5.4 $ — $ 117.7 Liabilities: Commodities contracts $ 570.0 $ 439.0 $ 131.0 $ 3.1 $ — $ 127.9 Interest rate contract 1.3 — 1.3 — — 1.3 Foreign currency contracts 4.7 3.2 1.5 — — 1.5 Total liabilities at fair value $ 576.0 $ 442.3 $ 133.8 $ 3.1 $ — $ 130.6 Fair Value as of December 31, 2020 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 371.0 $ 287.1 $ 83.9 $ 1.2 $ — $ 82.7 Foreign currency contracts 7.5 7.5 — — — — Total assets at fair value $ 378.5 $ 294.6 $ 83.9 $ 1.2 $ — $ 82.7 Liabilities: Commodities contracts $ 326.0 $ 287.1 $ 38.9 $ 2.3 $ — $ 36.6 Interest rate contract 3.7 — 3.7 — — 3.7 Foreign currency contracts 19.8 7.5 12.3 — — 12.3 Total liabilities at fair value $ 349.5 $ 294.6 $ 54.9 $ 2.3 $ — $ 52.6 At June 30, 2021 and December 31, 2020, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset. Concentration of Credit Risk Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At June 30, 2021, two of our counterparties with a total exposure of $25.9 million represented over 10% of our credit exposure to OTC derivative counterparties. Nonrecurring Fair Value Measurements During the second quarter of 2021, we identified an impairment indicator with respect to certain long-lived assets within the land segment. We determined that the carrying amount of the asset group was not recoverable and recognized an asset impairment of $4.7 million during the three months ended June 30, 2021. The fair value of the asset group was measured using an income approach based on estimated future cash flows as of the measurement date. Due to the significance of unobservable inputs, the measurement is categorized as Level 3. The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of June 30, 2021 and December 31, 2020, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 7. Revenue from Contracts with Customers The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Aviation $ 156.1 $ 103.9 $ 277.4 $ 357.9 Land 4.0 0.8 9.6 5.6 Marine 727.5 441.0 1,446.3 1,365.7 Asia Pacific 887.6 545.8 1,733.3 1,729.1 Aviation 363.2 157.8 630.0 796.6 Land 555.8 313.9 1,165.6 932.1 Marine 560.1 285.0 1,047.2 896.2 EMEA 1,479.0 756.7 2,842.9 2,625.0 Aviation 453.4 77.2 802.5 656.7 Land 139.8 76.4 262.5 206.8 Marine 131.0 83.1 256.6 316.4 LATAM 724.2 236.7 1,321.6 1,179.9 Aviation 1,943.7 500.6 3,375.0 2,607.1 Land 1,750.8 804.9 3,211.3 2,134.2 Marine 289.9 134.2 545.4 476.4 North America 3,984.4 1,439.7 7,131.8 5,217.7 Other revenues (excluded from ASC 606) (1) 10.3 179.6 13.9 421.9 Total revenue $ 7,085.5 $ 3,158.3 $ 13,043.4 $ 11,173.5 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. The nature of the receivables related to revenue from contracts with customers and other revenues (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into utilizing the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Consolidated Balance Sheets. Furthermore, as of June 30, 2021 and December 31, 2020 , the contract assets and contract liabilities recognized by the Company were not material. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income tax provision $ 2.0 $ 7.7 $ 10.8 $ 23.7 Effective income tax rate 10.2 % (258.1) % 22.9 % 43.3 % Our provision for income taxes for the three months ended June 30, 2021 was $2.0 million, resulting in an effective income tax rate of 10.2%. The provision includes a net discrete income tax benefit of $2.6 million, of which $4.5 million relates to the impact of a change in the United Kingdom's tax rate, reduced by a net discrete tax expense of $1.9 million related to other worldwide tax adjustments. For the three months ended June 30, 2020, our provision for income taxes was $7.7 million resulting in an effective tax rate of (258.1%), which included a net discrete income tax expense of $3.4 million. Our provision for income taxes for the six months ended June 30, 2021 was $10.8 million, resulting in an effective income tax rate of 22.9%. The provision includes a net discrete income tax benefit of $3.8 million, which includes a $4.5 million tax benefit related to the impact of a change in the United Kingdom's tax rate and a $1.6 million tax benefit related to an adjustment for the final purchase price allocation on the sale of the MultiService payment solutions business ("MSTS"), offset by a net discrete tax expense of $2.3 million related to other worldwide tax adjustments. For the six months ended June 30, 2020, our provision for income taxes was $23.7 million resulting in an effective tax rate of 43.3%, which included a net discrete income tax expense of $4.4 million. Our income tax concession in Singapore, which reduces the income tax rate on qualified sales and derivative gains and losses, decreased foreign income taxes by $0.2 million and $0.8 million for the three months ended June 30, 2021 and 2020, respectively, and $0.6 million and $2.7 million for the six months ended June 30, 2021 and 2020, respectively. There was no impact of the income tax concession on basic and diluted earnings per common share for the three months ended June 30, 2021. The impact of the income tax concession on basic and diluted earnings per common share was $0.01 and $0.01, respectively, for the three months ended June 30, 2020, and $0.01 and $0.04 on basic earnings per common share and $0.01 and $0.04 on diluted earnings per common share for the six months ended June 30, 2021 and 2020, respectively. Our income tax provisions for the three and six months ended June 30, 2021 and 2020 were calculated based on the estimated annual effective income tax rates for the 2021 and 2020 fiscal years respectively. The actual effective income tax rate for the 2021 fiscal year may be materially different because of differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned. We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most significant of these are in Denmark for the 2013 - 2019 tax years, South Korea for the 2011 - 2014 tax years, and the U.S. for 2017 - 2018 tax years. One of our subsidiaries in Denmark has been under audit for its 2013 - 2015 tax years since 2018. In January 2021, we received final tax assessments for the 2013 and 2014 tax years of approximately $0.6 million (DKK 3.7 million) and $0.8 million (DKK 4.9 million), respectively. We believe these assessments are without merit and are currently appealing the actions. In addition, in March 2021, we received notice that the Danish subsidiary’s 2016 – 2019 tax years were also under examination. Finally, on April 28, 2021, we received a proposed tax assessment for the 2015 tax year of approximately $15.3 million (DKK 96.1 million), which we believe is without merit. We are in the process of responding to the proposed assessment and the 2016 - 2019 information requests. We have not yet received any proposed assessments related to the 2016 - 2019 tax years, which could be materially larger than the previous assessments if a similar methodology is applied. In 2017, the Korean Branch of one of our subsidiaries received income tax assessment notices aggregating $10.0 million (KRW 11.3 billion) from the South Korea tax authorities. We believe that these assessments are without merit and are currently appealing the actions. In addition, in January of 2020, we received a notice of examination from the U.S. IRS for the 2017 - 2018 tax years and are in the process of responding to information requests. In June 2021, we received a notice of proposed adjustment for the 2017 and 2018 tax years which is not material that we are in the process of reviewing. An unfavorable resolution of one or more of the above matters could have a material adverse effect on our operating results or cash flows in the quarter or year in which the adjustments are recorded, or the tax is due or paid. As examinations are still in process or have not yet reached the final stages of the appeals process, the timing of the ultimate resolution or payments that may be required cannot be determined at this time. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | 9. Business Segments We operate in three reportable segments consisting of aviation, land and marine. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers and the products and services provided to those customers. Accordingly, our aviation, land and marine segments are organized based on the specific markets their functional business components serve, which are primarily businesses and governmental customers operating in those respective markets. Information concerning our Revenue, Gross profit and Income from operations by reportable segment is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Revenue: 2021 2020 2021 2020 Aviation segment $ 2,805.8 $ 1,020.6 $ 4,900.8 $ 4,784.8 Land segment 2,457.2 1,197.6 4,645.4 3,303.6 Marine segment 1,822.4 940.2 3,497.1 3,085.2 Total revenue $ 7,085.5 $ 3,158.3 $ 13,043.4 $ 11,173.5 Gross profit: Aviation segment $ 87.4 $ 91.9 $ 164.1 $ 185.0 Land segment 73.8 84.8 163.3 191.0 Marine segment 22.7 37.2 48.2 96.6 Total gross profit $ 183.9 $ 213.9 $ 375.5 $ 472.6 Income from operations: Aviation segment $ 34.0 $ 9.0 $ 57.0 $ 38.1 Land segment 8.1 9.7 40.9 35.3 Marine segment 4.8 13.3 11.1 47.2 Corporate overhead - unallocated (15.9) (20.1) (40.5) (37.9) Total income from operations $ 30.9 $ 11.9 $ 68.6 $ 82.7 Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions): June 30, 2021 December 31, 2020 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $26.4 and $41.2 as of June 30, 2021 and December 31, 2020, respectively $ 700.6 $ 464.7 Land segment, net of allowance for credit losses of $3.6 and $5.0 as of June 30, 2021 and December 31, 2020, respectively 533.4 394.5 Marine segment, net of allowance for credit losses of $6.2 and $7.6 as of June 30, 2021 and December 31, 2020, respectively 601.0 379.2 Total accounts receivable, net $ 1,835.0 $ 1,238.4 Total assets: Aviation segment $ 2,054.4 $ 1,789.5 Land segment 1,652.4 1,459.5 Marine segment 977.8 667.6 Corporate 565.1 583.7 Total assets $ 5,249.8 $ 4,500.3 |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | 10. 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): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income attributable to World Fuel $ 17.6 $ (10.2) $ 36.5 $ 31.2 Denominator: Weighted average common shares for basic earnings per common share 63.4 63.3 63.2 64.1 Effect of dilutive securities 0.4 — 0.5 0.3 Weighted average common shares for diluted earnings per common share 63.8 63.3 63.6 64.4 Basic earnings (loss) per common share $ 0.28 $ (0.16) $ 0.58 $ 0.49 Diluted earnings (loss) per common share $ 0.28 $ (0.16) $ 0.57 $ 0.48 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 0.9 3.4 0.9 2.8 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Tax Matters From time to time, we are under review by various domestic and foreign tax authorities with regard to indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, Brazil and South Korea, where the amounts under controversy may be material. We believe that these assessments are without merit and are currently appealing the actions. During the quarter ended December 31, 2016, the Korean branch of one of our subsidiaries received assessments of approximately $10.4 million (KRW 11.7 billion) and during the quarter ended June 30, 2017, an assessment for an additional $17.8 million (KRW 20.1 billion) from the regional tax authorities of Seoul, South Korea. The assessments primarily consist of fines and penalties for allegedly failing to issue Value Added Tax ("VAT") invoices and report certain transactions during the period 2011-2014. These assessments do not involve failure to pay or collect VAT. We believe that these assessments are without merit and are currently appealing the actions. We are also involved in a number of tax disputes with federal, state and municipal tax authorities in Brazil, relating primarily to a VAT tax known as ICMS. These disputes are at various stages of the legal process, including the administrative review phase and the collection action phase, and include assessments of fixed amounts of principal and penalties, plus interest. One of our Brazilian subsidiaries is currently appealing an assessment of approximately $11.6 million (BRL 57.3 million) from the Brazilian tax authorities relating to the ICMS rate used for certain transactions. The assessment primarily consists of interest and penalties. We believe that the assessment is without merit and are pursuing our remedies in the judicial court system. When we deem it appropriate, and the amounts are reasonably estimable, we establish reserves for potential adjustments to our provision for the accrual of indirect taxes that may result from examinations or other actions by tax authorities. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities will result in the recognition of benefits in the period we determine the liabilities are no longer necessary. If our estimates of any of our federal, state, and foreign indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense. Except with respect to the matters described above, we believe that the final outcome of any pending examinations, agreements, administrative or judicial proceedings will not have a material effect on our results of operations or cash flows. Other Matters We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of June 30, 2021, these reserves were not material. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, we believe that such losses will not have a material adverse effect on our 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. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 12. Restructuring As a result of the review of our land business and changes in the overall economic landscape for all our reportable segments due to the COVID-19 pandemic, in the first quarter of 2020, we implemented a restructuring initiative focused on streamlining our operations and rationalizing our deployment and allocation of resources. While we took several actions during the year ended December 31, 2020, our focus was primarily on cost-reduction initiatives in response to the pandemic. In 2021, we heightened our focus on restructuring our land business in North America, which has included reorganizing and relocating certain business activities, as well as implementing changes to the operational and management structure of the business. While we initially expected to finalize the overall restructuring plan by the end of the second quarter of 2021, we elected to expand the plan in order to finalize the alignment of processes and platforms within the land segment. We currently expect to complete the necessary activities by the end of the first quarter of 2022 and incur additional restructuring charges of approximately $6.0 million to $8.0 million. During the six months ended June 30, 2021, we incurred incremental charges of $5.1 million, comprised principally of external consulting fees supporting the land restructuring and related severance costs. These costs are included in Restructuring charges in our Condensed Consolidated Statements of Income and Comprehensive Income. Our accrued restructuring charges as of June 30, 2021 are included in Accrued expenses and other current liabilities on our Condensed Consolidated Balance Sheets. The following table provides a summary of our restructuring activities (in millions): Aviation Land Marine Corporate Consolidated Accrued charges as of December 31, 2020 $ 0.9 $ 4.6 $ 0.9 $ 0.1 $ 6.6 Restructuring charges 0.9 4.2 — — 5.1 Paid during the period (0.6) (2.6) (0.3) (0.1) (3.6) Accrued charges as of June 30, 2021 $ 1.1 $ 6.3 $ 0.6 $ — $ 8.0 |
Basis of Presentation, New Ac_2
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Quarterly Report on Form 10-Q (“10-Q Report”) as “World Fuel,” “we,” “our” and “us.” We are a leading global fuel services company, principally engaged in the distribution of fuel and related products and services in the aviation, land and marine transportation industries. In recent years, we have expanded our land product and service offerings to include energy advisory services and supply fulfillment for natural gas and power to commercial, industrial and government customers. Our intention is to become a leading global energy management company offering a full suite of energy advisory, management and fulfillment services, technology solutions, payment management solutions, as well as sustainability products and services across the energy product spectrum. We will continue to focus on enhancing the portfolio of products and services we provide based on changes in customer demand, including sustainability offerings and renewable energy solutions. The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2020 Annual Report on Form 10-K (“2020 10-K Report”). All intercompany transactions among our businesses have been eliminated. |
Use of Estimates | Certain amounts in the Condensed Consolidated Financial Statements and accompanying Notes may not add due to rounding; however, all percentages have been calculated using unrounded amounts |
Adoption of New Accounting Standards and Accounting Standards Issued but Not Yet Adopted | Adoption of New Accounting Standards During 2021, there have been no accounting standards that, upon adoption, had a material impact on the Company’s unaudited Condensed Consolidated Financial Statements or processes. Accounting Standards Issued but Not Yet Adopted Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and Scope. In March 2020 and January 2021, ASU 2020-04 and ASU 2021-01 were issued, respectively. The amendments provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burden in accounting for (or recognizing the effects of) contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other interbank offered rates expected to be discontinued because of reference rate reform. The amendments were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating contracts that could be affected by an alternative reference rate and assessing the potential effects of the guidance but does not anticipate a material impact to its Consolidated Financial Statements or processes. Additionally, LIBOR fallback language has been included, when applicable, in new and renewed contracts entered into by the Company in preparation for the transition from LIBOR to alternative reference rates when such transition occurs. Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our Consolidated Financial Statements or processes. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of Accounts Receivable, Allowance for Expected Credit Losses | The following table sets forth activities in our allowance for expected credit losses (in millions): 2021 2020 Balance as of January 1, $ 57.3 $ 46.6 Charges to allowance for credit losses 2.4 34.6 Write-off of uncollectible receivables (21.2) (32.9) Recoveries of credit losses 1.1 0.4 Translation adjustments 0.1 (0.1) Balance as of June 30, $ 39.8 $ 48.6 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments Measured at Fair Value and their Locations on the Consolidated Balance Sheets | The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions): Gross Derivative Assets Gross Derivative Liabilities June 30, December 31, June 30, December 31, Derivative Instruments Consolidated Balance Sheets location 2021 2020 2021 2020 Derivatives designated as hedging instruments Commodity contracts Short-term derivative assets, net $ 138.4 $ 124.9 $ 181.1 $ 120.7 Accrued expenses and other current liabilities 2.9 1.0 5.0 2.3 Other long-term liabilities — 0.1 — 0.5 Interest rate contracts Identifiable intangible and other non-current assets 2.3 — — — Accrued expenses and other current liabilities — — 1.3 1.3 Other long-term liabilities — — — 2.4 Total derivatives designated as hedging instruments 143.6 126.0 187.5 127.2 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 298.2 164.9 171.8 102.7 Identifiable intangible and other non-current assets 64.6 32.1 25.5 7.9 Accrued expenses and other current liabilities 48.8 30.5 158.2 68.4 Other long-term liabilities 6.1 17.5 28.3 23.5 Foreign currency contracts Short-term derivative assets, net 1.2 — 0.3 — Identifiable intangible and other non-current assets 0.1 — — — Accrued expenses and other current liabilities 2.8 7.5 4.3 19.6 Other long-term liabilities — — — 0.2 Total derivatives not designated as hedging instruments 421.8 252.5 388.5 222.3 Total derivatives $ 565.4 $ 378.5 $ 576.0 $ 349.5 |
Schedule of Fair Value Positions of Derivative Instruments | The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes (in millions): Unit June 30, 2021 Commodity contracts Long BBL 53.0 Short BBL (45.0) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (244.6) Buy U.S. dollar, sell other currencies USD 346.3 |
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income | The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Inventory $ 51.4 $ 44.5 $ 9.3 $ 4.9 |
Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income | The following table presents the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): For the Three Months Ended June 30, 2021 June 30, 2020 Revenue Cost of revenue Interest expense and other financing costs, net Revenue Cost of revenue Interest expense and other financing costs, net Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 7,085.5 $ 6,901.6 $ 11.4 $ 3,158.3 $ 2,944.5 $ 10.7 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 14.6 — — 8.9 — Derivatives designated as hedging instruments — (11.3) — — (4.6) — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.9) 67.4 — 27.0 (56.2) — Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income — — (0.3) — — — Total amount of income and expense line items excluding the impact of hedges $ 7,088.4 $ 6,972.2 $ 11.1 $ 3,131.4 $ 2,892.6 $ 10.7 For the Six Months Ended June 30, 2021 June 30, 2020 Revenue Cost of revenue Interest expense and other financing costs, net Revenue Cost of revenue Interest expense and other financing costs, net Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded $ 13,043.4 $ 12,667.9 $ 22.5 $ 11,173.5 $ 10,700.9 $ 26.9 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 26.5 — — (14.3) — Derivatives designated as hedging instruments — (19.7) — — 13.8 — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (14.6) 88.4 — 41.0 (57.3) — Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income — — (0.5) — — — Total amount of income and expense line items excluding the impact of hedges $ 13,058.0 $ 12,763.2 $ 22.0 $ 11,132.5 $ 10,643.1 $ 26.9 |
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income | The following tables presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income and Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of gain (loss) recognized in accumulated other comprehensive income Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Commodity contracts (Revenue) $ (13.3) $ (148.5) $ (76.1) $ 185.6 Commodity contracts (Cost of revenue) 69.6 100.3 154.3 (197.4) Interest rate contracts (0.7) (2.2) 3.0 (3.7) Total gain (loss) $ 55.7 $ (50.3) $ 81.2 $ (15.5) Amount of gain (loss) reclassified from accumulated other comprehensive income into Income Three Months Ended June 30, Six Months Ended June 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (2.9) $ 27.0 $ (14.6) $ 41.0 Commodity contracts Cost of revenue 67.4 (56.2) 88.4 (57.3) Interest rate contracts Interest expense and other financing costs, net (0.3) — (0.5) — Total gain (loss) $ 64.2 $ (29.2) $ 73.4 $ (16.3) The following table presents the amounts not recorded in Accumulated other comprehensive income due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (loss) not recorded in accumulated other comprehensive income due to intra-period settlement Three Months Ended June 30, Six Months Ended June 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (113.8) $ 140.9 $ (190.6) $ 303.3 Commodity contracts Cost of revenue $ 8.0 $ (83.4) $ 15.2 $ (173.5) |
Impact of Derivatives not Designated as Hedges on the Consolidated Statements of Income and Comprehensive Income | The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions): Three Months Ended June 30, Six Months Ended June 30, Derivative Instruments - Non-designated Location 2021 2020 2021 2020 Commodity contracts Revenue $ 12.9 $ 34.1 $ (290.9) $ 113.3 Cost of revenue (6.2) (25.8) 306.8 (10.3) 6.7 8.4 15.9 102.9 Foreign currency contracts Revenue (0.2) (0.5) 0.1 — Other (expense), net (1.5) (7.8) 1.8 10.7 (1.7) (8.3) 2.0 10.7 Total gain (loss) $ 5.0 $ 0.2 $ 17.9 $ 113.6 |
Schedule of Potential Collateral Requirements for Derivative Liabilities | The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions): June 30, 2021 December 31, 2020 Net derivative liability positions with credit contingent features $ 4.0 $ 20.0 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 4.0 $ 20.0 |
Debt, Interest Income, Expens_2
Debt, Interest Income, Expense, and Other Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt, Interest Income, Expense and Other Finance Costs [Abstract] | |
Schedule of Debt | Our outstanding debt consists of the following (in millions): June 30, 2021 December 31, 2020 Term loans $ 497.0 $ 503.2 Finance leases 21.3 18.2 Other 3.5 3.3 Total debt 521.7 524.7 Less: Current maturities of long-term debt and finance leases 30.1 22.9 Long-term debt $ 491.6 $ 501.8 |
Schedule of Interest Expense and Other Financing Costs, Net | The following table provides additional information about our Interest income (expense), and other financing costs, net, for the periods presented for the three and six months ended June 30, 2021 and 2020 (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Interest income $ 1.4 $ 0.7 $ 3.7 $ 1.6 Interest expense and other financing costs (11.4) (10.7) (22.5) (26.9) Interest expense and other financing costs, net $ (10.0) $ (10.0) $ (18.7) $ (25.3) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements as of June 30, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 378.0 $ 176.6 $ 4.4 $ 559.0 Foreign currency contracts — 4.1 — 4.1 Interest rate contract — 2.3 — 2.3 Cash surrender value of life insurance — 13.2 — 13.2 Total assets at fair value $ 378.0 $ 196.2 $ 4.4 $ 578.5 Liabilities: Commodities contracts $ 340.5 $ 223.8 $ 5.7 $ 570.0 Interest rate contract — 1.3 — 1.3 Foreign currency contracts — 4.7 — 4.7 Total liabilities at fair value $ 340.5 $ 229.8 $ 5.7 $ 576.0 Fair Value Measurements as of December 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 233.5 $ 127.9 $ 9.5 $ 371.0 Foreign currency contracts — 7.5 — 7.5 Cash surrender value of life insurance — 11.4 — 11.4 Total assets at fair value $ 233.5 $ 146.8 $ 9.5 $ 389.9 Liabilities: Commodities contracts $ 223.0 $ 96.8 $ 6.3 $ 326.0 Interest rate contract — 3.7 — 3.7 Foreign currency contracts — 19.8 — 19.8 Total liabilities at fair value $ 223.0 $ 120.2 $ 6.3 $ 349.5 |
Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets | We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets (in millions): Fair Value as of June 30, 2021 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 559.0 $ 439.0 $ 119.9 $ 5.4 $ — $ 114.5 Interest rate contract 2.3 — 2.3 — — 2.3 Foreign currency contracts 4.1 3.2 0.9 — — 0.9 Total assets at fair value $ 565.4 $ 442.3 $ 123.1 $ 5.4 $ — $ 117.7 Liabilities: Commodities contracts $ 570.0 $ 439.0 $ 131.0 $ 3.1 $ — $ 127.9 Interest rate contract 1.3 — 1.3 — — 1.3 Foreign currency contracts 4.7 3.2 1.5 — — 1.5 Total liabilities at fair value $ 576.0 $ 442.3 $ 133.8 $ 3.1 $ — $ 130.6 Fair Value as of December 31, 2020 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 371.0 $ 287.1 $ 83.9 $ 1.2 $ — $ 82.7 Foreign currency contracts 7.5 7.5 — — — — Total assets at fair value $ 378.5 $ 294.6 $ 83.9 $ 1.2 $ — $ 82.7 Liabilities: Commodities contracts $ 326.0 $ 287.1 $ 38.9 $ 2.3 $ — $ 36.6 Interest rate contract 3.7 — 3.7 — — 3.7 Foreign currency contracts 19.8 7.5 12.3 — — 12.3 Total liabilities at fair value $ 349.5 $ 294.6 $ 54.9 $ 2.3 $ — $ 52.6 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregated by Major Geographic Areas | The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Aviation $ 156.1 $ 103.9 $ 277.4 $ 357.9 Land 4.0 0.8 9.6 5.6 Marine 727.5 441.0 1,446.3 1,365.7 Asia Pacific 887.6 545.8 1,733.3 1,729.1 Aviation 363.2 157.8 630.0 796.6 Land 555.8 313.9 1,165.6 932.1 Marine 560.1 285.0 1,047.2 896.2 EMEA 1,479.0 756.7 2,842.9 2,625.0 Aviation 453.4 77.2 802.5 656.7 Land 139.8 76.4 262.5 206.8 Marine 131.0 83.1 256.6 316.4 LATAM 724.2 236.7 1,321.6 1,179.9 Aviation 1,943.7 500.6 3,375.0 2,607.1 Land 1,750.8 804.9 3,211.3 2,134.2 Marine 289.9 134.2 545.4 476.4 North America 3,984.4 1,439.7 7,131.8 5,217.7 Other revenues (excluded from ASC 606) (1) 10.3 179.6 13.9 421.9 Total revenue $ 7,085.5 $ 3,158.3 $ 13,043.4 $ 11,173.5 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision and the Respective Effective Income Tax Rates | Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Income tax provision $ 2.0 $ 7.7 $ 10.8 $ 23.7 Effective income tax rate 10.2 % (258.1) % 22.9 % 43.3 % |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue, Gross Profit and Income from Operations by Segment | Information concerning our Revenue, Gross profit and Income from operations by reportable segment is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Revenue: 2021 2020 2021 2020 Aviation segment $ 2,805.8 $ 1,020.6 $ 4,900.8 $ 4,784.8 Land segment 2,457.2 1,197.6 4,645.4 3,303.6 Marine segment 1,822.4 940.2 3,497.1 3,085.2 Total revenue $ 7,085.5 $ 3,158.3 $ 13,043.4 $ 11,173.5 Gross profit: Aviation segment $ 87.4 $ 91.9 $ 164.1 $ 185.0 Land segment 73.8 84.8 163.3 191.0 Marine segment 22.7 37.2 48.2 96.6 Total gross profit $ 183.9 $ 213.9 $ 375.5 $ 472.6 Income from operations: Aviation segment $ 34.0 $ 9.0 $ 57.0 $ 38.1 Land segment 8.1 9.7 40.9 35.3 Marine segment 4.8 13.3 11.1 47.2 Corporate overhead - unallocated (15.9) (20.1) (40.5) (37.9) Total income from operations $ 30.9 $ 11.9 $ 68.6 $ 82.7 |
Schedule of Accounts Receivable, Net and Total Assets by Segment | Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions): June 30, 2021 December 31, 2020 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $26.4 and $41.2 as of June 30, 2021 and December 31, 2020, respectively $ 700.6 $ 464.7 Land segment, net of allowance for credit losses of $3.6 and $5.0 as of June 30, 2021 and December 31, 2020, respectively 533.4 394.5 Marine segment, net of allowance for credit losses of $6.2 and $7.6 as of June 30, 2021 and December 31, 2020, respectively 601.0 379.2 Total accounts receivable, net $ 1,835.0 $ 1,238.4 Total assets: Aviation segment $ 2,054.4 $ 1,789.5 Land segment 1,652.4 1,459.5 Marine segment 977.8 667.6 Corporate 565.1 583.7 Total assets $ 5,249.8 $ 4,500.3 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net income attributable to World Fuel $ 17.6 $ (10.2) $ 36.5 $ 31.2 Denominator: Weighted average common shares for basic earnings per common share 63.4 63.3 63.2 64.1 Effect of dilutive securities 0.4 — 0.5 0.3 Weighted average common shares for diluted earnings per common share 63.8 63.3 63.6 64.4 Basic earnings (loss) per common share $ 0.28 $ (0.16) $ 0.58 $ 0.49 Diluted earnings (loss) per common share $ 0.28 $ (0.16) $ 0.57 $ 0.48 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 0.9 3.4 0.9 2.8 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Activities Included in Accrued Expenses Other Current Liabilities | The following table provides a summary of our restructuring activities (in millions): Aviation Land Marine Corporate Consolidated Accrued charges as of December 31, 2020 $ 0.9 $ 4.6 $ 0.9 $ 0.1 $ 6.6 Restructuring charges 0.9 4.2 — — 5.1 Paid during the period (0.6) (2.6) (0.3) (0.1) (3.6) Accrued charges as of June 30, 2021 $ 1.1 $ 6.3 $ 0.6 $ — $ 8.0 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable | $ 1,835 | $ 1,238.4 | ||
Allowance for credit losses | $ 39.8 | $ 48.6 | $ 57.3 | $ 46.6 |
Percent accounts receivable outstanding, less than 60 days | 96.00% | |||
Account receivable sold under the RPAs | $ 4,300 | 2,200 | ||
Fees and financing costs under the RPA | $ 9.4 | $ 5.5 | ||
Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sale price of receivables, percentage of sold amount | 100.00% | |||
London Interbank Offered Rate (LIBOR) | Maximum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivable, basis spread on variable rate | 3.25% | |||
London Interbank Offered Rate (LIBOR) | Minimum | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivable, basis spread on variable rate | 1.00% |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 57.3 | $ 46.6 |
Charges to allowance for credit losses | 2.4 | 34.6 |
Write-off of uncollectible receivables | (21.2) | (32.9) |
Recoveries of credit losses | 1.1 | 0.4 |
Translation adjustments | 0.1 | (0.1) |
Ending balance | $ 39.8 | $ 48.6 |
Acquisitions (Details)
Acquisitions (Details) - Universal Weather and Aviation, Inc. $ in Millions | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Business Acquisition [Line Items] | |
Business combination consideration transferred | $ 159 |
Deferred future payment from sale of business | $ 30 |
Derivative Instruments - Balanc
Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | $ 565.4 | $ 378.5 |
Gross Derivative Liabilities | 576 | 349.5 |
Commodity contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 559 | 371 |
Gross Derivative Liabilities | 570 | 326 |
Interest rate contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 2.3 | |
Gross Derivative Liabilities | 1.3 | 3.7 |
Foreign currency contracts | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 4.1 | 7.5 |
Gross Derivative Liabilities | 4.7 | 19.8 |
Derivatives designated as hedging instruments | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 143.6 | 126 |
Gross Derivative Liabilities | 187.5 | 127.2 |
Derivatives designated as hedging instruments | Commodity contracts | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 138.4 | 124.9 |
Gross Derivative Liabilities | 181.1 | 120.7 |
Derivatives designated as hedging instruments | Commodity contracts | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 2.9 | 1 |
Gross Derivative Liabilities | 5 | 2.3 |
Derivatives designated as hedging instruments | Commodity contracts | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0.1 |
Gross Derivative Liabilities | 0 | 0.5 |
Derivatives designated as hedging instruments | Interest rate contracts | Identifiable intangible and other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 2.3 | 0 |
Gross Derivative Liabilities | 0 | 0 |
Derivatives designated as hedging instruments | Interest rate contracts | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | 1.3 | 1.3 |
Derivatives designated as hedging instruments | Interest rate contracts | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | 0 | 2.4 |
Derivatives not designated as hedging instruments | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 421.8 | 252.5 |
Gross Derivative Liabilities | 388.5 | 222.3 |
Derivatives not designated as hedging instruments | Commodity contracts | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 298.2 | 164.9 |
Gross Derivative Liabilities | 171.8 | 102.7 |
Derivatives not designated as hedging instruments | Commodity contracts | Identifiable intangible and other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 64.6 | 32.1 |
Gross Derivative Liabilities | 25.5 | 7.9 |
Derivatives not designated as hedging instruments | Commodity contracts | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 48.8 | 30.5 |
Gross Derivative Liabilities | 158.2 | 68.4 |
Derivatives not designated as hedging instruments | Commodity contracts | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 6.1 | 17.5 |
Gross Derivative Liabilities | 28.3 | 23.5 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 1.2 | 0 |
Gross Derivative Liabilities | 0.3 | 0 |
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 | ||
Gross Derivative Assets | 0.1 | 0 |
Gross Derivative Liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Accrued expenses and other current liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 2.8 | 7.5 |
Gross Derivative Liabilities | 4.3 | 19.6 |
Derivatives not designated as hedging instruments | Foreign currency contracts | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0 |
Gross Derivative Liabilities | $ 0 | $ 0.2 |
Derivative Instruments - Gross
Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)bbl | |
Long | Commodity contracts | |
Derivative instruments, at their respective fair value positions | |
Notional value of commodity contracts (in barrels) | bbl | 53 |
Long | Foreign currency exchange contracts | USD | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ | $ 346.3 |
Short | Commodity contracts | |
Derivative instruments, at their respective fair value positions | |
Notional value of commodity contracts (in barrels) | bbl | 45 |
Short | Foreign currency exchange contracts | USD | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ | $ 244.6 |
Derivative Instruments - Effect
Derivative Instruments - Effect on Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Carrying Amount of Hedged Assets/(Liabilities) | $ 51,400,000 | $ 51,400,000 | $ 44,500,000 | ||
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) | 9,300,000 | 9,300,000 | 4,900,000 | ||
Gain (loss) on derivative | |||||
Revenue | 7,085,500,000 | $ 3,158,300,000 | 13,043,400,000 | $ 11,173,500,000 | |
Cost of revenue | 6,901,600,000 | 2,944,500,000 | 12,667,900,000 | 10,700,900,000 | |
Derivative, Credit Risk Related Contingent Features [Abstract] | |||||
Net derivative liability positions with credit contingent features | 4,000,000 | 4,000,000 | 20,000,000 | ||
Collateral posted and held by our counterparties | 0 | 0 | 0 | ||
Maximum additional potential collateral requirements | 4,000,000 | 4,000,000 | $ 20,000,000 | ||
Revenue | |||||
Gain (loss) on derivative | |||||
Revenue | 7,085,500,000 | 3,158,300,000 | 13,043,400,000 | 11,173,500,000 | |
Gains (losses) on fair value hedge relationships: | |||||
Total amount of income and expense line items excluding the impact of hedges, Revenue | 7,088,400,000 | 3,131,400,000 | 13,058,000,000 | 11,132,500,000 | |
Cost of revenue | |||||
Gain (loss) on derivative | |||||
Cost of revenue | 6,901,600,000 | 2,944,500,000 | 12,667,900,000 | 10,700,900,000 | |
Gains (losses) on fair value hedge relationships: | |||||
Total amount of income and expense line items excluding the impact of hedges, Cost of Revenue | 6,972,200,000 | 2,892,600,000 | 12,763,200,000 | 10,643,100,000 | |
Interest expense and other financing costs, net | |||||
Gain (loss) on derivative | |||||
Interest expense and other financing costs, net | 11,400,000 | 10,700,000 | 22,500,000 | 26,900,000 | |
Gains (losses) on fair value hedge relationships: | |||||
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs | 11,100,000 | 10,700,000 | 22,000,000 | 26,900,000 | |
Commodity contracts | Revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Hedged item | 0 | 0 | 0 | 0 | |
Derivatives designated as hedging instruments | 0 | 0 | 0 | 0 | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | (2,900,000) | 27,000,000 | (14,600,000) | 41,000,000 | |
Commodity contracts | Cost of revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Hedged item | 14,600,000 | 8,900,000 | 26,500,000 | (14,300,000) | |
Derivatives designated as hedging instruments | (11,300,000) | (4,600,000) | (19,700,000) | 13,800,000 | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 67,400,000 | (56,200,000) | 88,400,000 | (57,300,000) | |
Commodity contracts | Interest expense and other financing costs, net | |||||
Gains (losses) on fair value hedge relationships: | |||||
Hedged item | 0 | 0 | 0 | 0 | |
Derivatives designated as hedging instruments | 0 | 0 | 0 | 0 | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | 0 | 0 | |
Interest rate contracts | Revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | 0 | 0 | |
Interest rate contracts | Cost of revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | 0 | 0 | |
Interest rate contracts | Interest expense and other financing costs, net | |||||
Gains (losses) on fair value hedge relationships: | |||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | (300,000) | 0 | (500,000) | 0 | |
Derivatives designated as hedging instruments | |||||
Gains (losses) on fair value hedge relationships: | |||||
Amount of gain (loss) recognized in accumulated other comprehensive income | 55,700,000 | (50,300,000) | 81,200,000 | (15,500,000) | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into Income | 64,200,000 | (29,200,000) | 73,400,000 | (16,300,000) | |
Derivatives designated as hedging instruments | Commodity contracts | Revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Amount of gain (loss) recognized in accumulated other comprehensive income | (13,300,000) | (148,500,000) | (76,100,000) | 185,600,000 | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into Income | (2,900,000) | 27,000,000 | (14,600,000) | 41,000,000 | |
Gain (loss) not recorded in accumulated other comprehensive income due to intra-period settlement | (113,800,000) | 140,900,000 | (190,600,000) | 303,300,000 | |
Derivatives designated as hedging instruments | Commodity contracts | Cost of revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Amount of gain (loss) recognized in accumulated other comprehensive income | 69,600,000 | 100,300,000 | 154,300,000 | (197,400,000) | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into Income | 67,400,000 | (56,200,000) | 88,400,000 | (57,300,000) | |
Gain (loss) not recorded in accumulated other comprehensive income due to intra-period settlement | 8,000,000 | (83,400,000) | 15,200,000 | (173,500,000) | |
Derivatives designated as hedging instruments | Interest rate contracts | Interest expense and other financing costs, net | |||||
Gains (losses) on fair value hedge relationships: | |||||
Amount of gain (loss) recognized in accumulated other comprehensive income | (700,000) | (2,200,000) | 3,000,000 | (3,700,000) | |
Amount of gain (loss) reclassified from accumulated other comprehensive income into Income | (300,000) | 0 | (500,000) | 0 | |
Derivatives not designated as hedging instruments | |||||
Gains (losses) on fair value hedge relationships: | |||||
Derivative Instruments - Non-designated | 5,000,000 | 200,000 | 17,900,000 | 113,600,000 | |
Derivatives not designated as hedging instruments | Commodity contracts | |||||
Gains (losses) on fair value hedge relationships: | |||||
Derivative Instruments - Non-designated | 6,700,000 | 8,400,000 | 15,900,000 | 102,900,000 | |
Derivatives not designated as hedging instruments | Commodity contracts | Revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Derivative Instruments - Non-designated | 12,900,000 | 34,100,000 | (290,900,000) | 113,300,000 | |
Derivatives not designated as hedging instruments | Commodity contracts | Cost of revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Derivative Instruments - Non-designated | (6,200,000) | (25,800,000) | 306,800,000 | (10,300,000) | |
Derivatives not designated as hedging instruments | Foreign currency contracts | |||||
Gains (losses) on fair value hedge relationships: | |||||
Derivative Instruments - Non-designated | (1,700,000) | (8,300,000) | 2,000,000 | 10,700,000 | |
Derivatives not designated as hedging instruments | Foreign currency contracts | Revenue | |||||
Gains (losses) on fair value hedge relationships: | |||||
Derivative Instruments - Non-designated | (200,000) | (500,000) | 100,000 | 0 | |
Derivatives not designated as hedging instruments | Foreign currency contracts | Interest expense and other financing costs, net | |||||
Gains (losses) on fair value hedge relationships: | |||||
Derivative Instruments - Non-designated | $ (1,500,000) | $ (7,800,000) | $ 1,800,000 | $ 10,700,000 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | $ 0 | $ 0 | $ 0 | |
Collateral posted and held by our counterparties | $ 0 | 0 | $ 0 | |
Revenue | ||||
Derivative [Line Items] | ||||
Amount scheduled to be reclassified over the next twelve months | (184,300,000) | |||
Cost of revenue | ||||
Derivative [Line Items] | ||||
Amount scheduled to be reclassified over the next twelve months | $ (177,200,000) |
Debt, Interest Income, Expens_3
Debt, Interest Income, Expense, and Other Finance Costs - Schedule of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Finance leases | $ 21.3 | $ 18.2 |
Total debt | 521.7 | 524.7 |
Less: Current maturities of long-term debt and finance leases | 30.1 | 22.9 |
Long-term debt | 491.6 | 501.8 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3.5 | 3.3 |
Term loans | Term loans | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 497 | $ 503.2 |
Debt, Interest Income, Expens_4
Debt, Interest Income, Expense, and Other Finance Costs - Interest Income (Expense), and Other Financing Costs, net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt, Interest Income, Expense and Other Finance Costs [Abstract] | ||||
Interest income | $ 1.4 | $ 0.7 | $ 3.7 | $ 1.6 |
Interest expense and other financing costs | (11.4) | (10.7) | (22.5) | (26.9) |
Interest income (expense) and other financing costs, net | $ (10) | $ (10) | $ (18.7) | $ (25.3) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Gross derivative assets | $ 565.4 | $ 378.5 |
Liabilities: | ||
Gross derivative liabilities | 576 | 349.5 |
Fair value measured on recurring basis | ||
Assets: | ||
Total assets at fair value | 578.5 | 389.9 |
Liabilities: | ||
Total liabilities at fair value | 576 | 349.5 |
Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Total assets at fair value | 378 | 233.5 |
Liabilities: | ||
Total liabilities at fair value | 340.5 | 223 |
Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Total assets at fair value | 196.2 | 146.8 |
Liabilities: | ||
Total liabilities at fair value | 229.8 | 120.2 |
Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Total assets at fair value | 4.4 | 9.5 |
Liabilities: | ||
Total liabilities at fair value | 5.7 | 6.3 |
Commodity contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross derivative assets | 559 | 371 |
Liabilities: | ||
Gross derivative liabilities | 570 | 326 |
Commodity contracts | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Gross derivative assets | 378 | 233.5 |
Liabilities: | ||
Gross derivative liabilities | 340.5 | 223 |
Commodity contracts | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Gross derivative assets | 176.6 | 127.9 |
Liabilities: | ||
Gross derivative liabilities | 223.8 | 96.8 |
Commodity contracts | Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Gross derivative assets | 4.4 | 9.5 |
Liabilities: | ||
Gross derivative liabilities | 5.7 | 6.3 |
Foreign currency contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross derivative assets | 4.1 | 7.5 |
Liabilities: | ||
Gross derivative liabilities | 4.7 | 19.8 |
Foreign currency contracts | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Gross derivative assets | 0 | 0 |
Liabilities: | ||
Gross derivative liabilities | 0 | 0 |
Foreign currency contracts | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Gross derivative assets | 4.1 | 7.5 |
Liabilities: | ||
Gross derivative liabilities | 4.7 | 19.8 |
Foreign currency contracts | Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Gross derivative assets | 0 | 0 |
Liabilities: | ||
Gross derivative liabilities | 0 | 0 |
Interest rate contracts | Fair value measured on recurring basis | ||
Assets: | ||
Gross derivative assets | 2.3 | |
Liabilities: | ||
Gross derivative liabilities | 1.3 | 3.7 |
Interest rate contracts | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Gross derivative assets | 0 | |
Liabilities: | ||
Gross derivative liabilities | 0 | 0 |
Interest rate contracts | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Gross derivative assets | 2.3 | |
Liabilities: | ||
Gross derivative liabilities | 1.3 | 3.7 |
Interest rate contracts | Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Gross derivative assets | 0 | |
Liabilities: | ||
Gross derivative liabilities | 0 | 0 |
Cash surrender value of life insurance | Fair value measured on recurring basis | ||
Assets: | ||
Cash surrender value of life insurance | 13.2 | 11.4 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 1 Inputs | ||
Assets: | ||
Cash surrender value of life insurance | 0 | 0 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 2 Inputs | ||
Assets: | ||
Cash surrender value of life insurance | 13.2 | 11.4 |
Cash surrender value of life insurance | Fair value measured on recurring basis | Level 3 Inputs | ||
Assets: | ||
Cash surrender value of life insurance | $ 0 | $ 0 |
Fair Value Measurements - Commo
Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | $ 565.4 | $ 378.5 |
Gross Amounts Offset | 442.3 | 294.6 |
Net Amounts Presented | 123.1 | 83.9 |
Cash Collateral | 5.4 | 1.2 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 117.7 | 82.7 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 576 | 349.5 |
Gross Amounts Offset | 442.3 | 294.6 |
Net Amounts Presented | 133.8 | 54.9 |
Cash Collateral | 3.1 | 2.3 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 130.6 | 52.6 |
Commodity contracts | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | 559 | 371 |
Gross Amounts Offset | 439 | 287.1 |
Net Amounts Presented | 119.9 | 83.9 |
Cash Collateral | 5.4 | 1.2 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 114.5 | 82.7 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 570 | 326 |
Gross Amounts Offset | 439 | 287.1 |
Net Amounts Presented | 131 | 38.9 |
Cash Collateral | 3.1 | 2.3 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 127.9 | 36.6 |
Interest rate contracts | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | 2.3 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 2.3 | |
Cash Collateral | 0 | |
Gross Amounts without Right of Offset | 0 | |
Net Amounts | 2.3 | |
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 1.3 | 3.7 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 1.3 | 3.7 |
Cash Collateral | 0 | 0 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 1.3 | 3.7 |
Foreign currency contracts | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | 4.1 | 7.5 |
Gross Amounts Offset | 3.2 | 7.5 |
Net Amounts Presented | 0.9 | 0 |
Cash Collateral | 0 | 0 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | 0.9 | 0 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized | 4.7 | 19.8 |
Gross Amounts Offset | 3.2 | 7.5 |
Net Amounts Presented | 1.5 | 12.3 |
Cash Collateral | 0 | 0 |
Gross Amounts without Right of Offset | 0 | 0 |
Net Amounts | $ 1.5 | $ 12.3 |
Fair Value Measurements - Conce
Fair Value Measurements - Concentration of Credit Risk (Details) $ in Millions | Jun. 30, 2021USD ($) |
Largest counterparty | Concentration of credit risk | Credit exposure | |
Concentration Risk [Line Items] | |
Total credit risk | $ 25.9 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Assets and liabilities measured at estimated fair value on a recurring basis | ||||
Asset impairments | $ 4.7 | $ 18.6 | $ 18.6 | |
Nonrecurring Fair Value Measurements | ||||
Assets and liabilities measured at estimated fair value on a recurring basis | ||||
Asset impairments | $ 4.7 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Other revenues (excluded from ASC 606) | $ 10.3 | $ 179.6 | $ 13.9 | $ 421.9 |
Total revenue | 7,085.5 | 3,158.3 | 13,043.4 | 11,173.5 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 887.6 | 545.8 | 1,733.3 | 1,729.1 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 1,479 | 756.7 | 2,842.9 | 2,625 |
LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 724.2 | 236.7 | 1,321.6 | 1,179.9 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 3,984.4 | 1,439.7 | 7,131.8 | 5,217.7 |
Aviation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,805.8 | 1,020.6 | 4,900.8 | 4,784.8 |
Aviation | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 156.1 | 103.9 | 277.4 | 357.9 |
Aviation | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 363.2 | 157.8 | 630 | 796.6 |
Aviation | LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 453.4 | 77.2 | 802.5 | 656.7 |
Aviation | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 1,943.7 | 500.6 | 3,375 | 2,607.1 |
Land | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,457.2 | 1,197.6 | 4,645.4 | 3,303.6 |
Land | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 4 | 0.8 | 9.6 | 5.6 |
Land | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 555.8 | 313.9 | 1,165.6 | 932.1 |
Land | LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 139.8 | 76.4 | 262.5 | 206.8 |
Land | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 1,750.8 | 804.9 | 3,211.3 | 2,134.2 |
Marine | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,822.4 | 940.2 | 3,497.1 | 3,085.2 |
Marine | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 727.5 | 441 | 1,446.3 | 1,365.7 |
Marine | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 560.1 | 285 | 1,047.2 | 896.2 |
Marine | LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | 131 | 83.1 | 256.6 | 316.4 |
Marine | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, ASC 606 | $ 289.9 | $ 134.2 | $ 545.4 | $ 476.4 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 2 | $ 7.7 | $ 10.8 | $ 23.7 |
Effective income tax rate | 10.20% | (258.10%) | 22.90% | 43.30% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ / shares in Units, kr in Millions, $ in Millions, ₩ in Billions | Apr. 28, 2021USD ($) | Apr. 28, 2021DKK (kr) | Jan. 31, 2021USD ($) | Jan. 31, 2021DKK (kr) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2018USD ($) | Mar. 31, 2018KRW (₩) | Dec. 31, 2016USD ($) | Dec. 31, 2016KRW (₩) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares |
Income Taxes [Line Items] | ||||||||||||
Provision for income taxes | $ 2 | $ 7.7 | $ 10.8 | $ 23.7 | ||||||||
Effective income tax rate | 10.20% | (258.10%) | 22.90% | 43.30% | ||||||||
Adjustment for discrete tax expense (benefit), prior year foreign tax return | $ (2.6) | $ 3.4 | $ (3.8) | $ 4.4 | ||||||||
Effective income tax rate reconciliation, expense (benefit) from change in tax rate of foreign jurisdiction | (4.5) | (4.5) | ||||||||||
Effective income tax rate reconciliation, expense (benefit) from other adjustments, amount | 1.9 | 2.3 | ||||||||||
Effective income tax rate reconciliation, expense (benefit) from disposition of business amount | (1.6) | |||||||||||
Decrease in foreign income tax | $ 0.2 | $ 0.8 | $ 0.6 | $ 2.7 | ||||||||
Basic earnings per common share (in dollars per share) | $ / shares | $ 0 | $ 0.01 | $ 0.01 | $ 0.04 | ||||||||
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0 | $ 0.01 | $ 0.01 | $ 0.04 | ||||||||
Tax Authority, South Korea (SRTO) | Foreign Tax Authority | Assessment | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Pre-assessment notice, amount | $ 10 | ₩ 11.3 | $ 10.4 | ₩ 11.7 | ||||||||
2013 Tax Year | Danish Tax Authority | Foreign Tax Authority | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Estimated tax | $ 0.6 | kr 3.7 | ||||||||||
2014 Tax Year | Danish Tax Authority | Foreign Tax Authority | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Estimated tax | $ 0.8 | kr 4.9 | ||||||||||
2015 Tax Year | Danish Tax Authority | Foreign Tax Authority | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Estimated tax | $ 15.3 | kr 96.1 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable operating business segments | 3 |
Business Segments - Income Stat
Business Segments - Income Statement Items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Revenue | $ 7,085.5 | $ 3,158.3 | $ 13,043.4 | $ 11,173.5 |
Gross profit: | ||||
Gross profit | 183.9 | 213.9 | 375.5 | 472.6 |
Income from operations: | ||||
Income from operations | 30.9 | 11.9 | 68.6 | 82.7 |
Corporate overhead - unallocated | ||||
Income from operations: | ||||
Income from operations | (15.9) | (20.1) | (40.5) | (37.9) |
Aviation segment | ||||
Revenue: | ||||
Revenue | 2,805.8 | 1,020.6 | 4,900.8 | 4,784.8 |
Gross profit: | ||||
Gross profit | 87.4 | 91.9 | 164.1 | 185 |
Aviation segment | Operating Segments | ||||
Income from operations: | ||||
Income from operations | 34 | 9 | 57 | 38.1 |
Land segment | ||||
Revenue: | ||||
Revenue | 2,457.2 | 1,197.6 | 4,645.4 | 3,303.6 |
Gross profit: | ||||
Gross profit | 73.8 | 84.8 | 163.3 | 191 |
Land segment | Operating Segments | ||||
Income from operations: | ||||
Income from operations | 8.1 | 9.7 | 40.9 | 35.3 |
Marine segment | ||||
Revenue: | ||||
Revenue | 1,822.4 | 940.2 | 3,497.1 | 3,085.2 |
Gross profit: | ||||
Gross profit | 22.7 | 37.2 | 48.2 | 96.6 |
Marine segment | Operating Segments | ||||
Income from operations: | ||||
Income from operations | $ 4.8 | $ 13.3 | $ 11.1 | $ 47.2 |
Business Segments - Balance She
Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, net: | ||
Allowance for credit losses | $ 36.1 | $ 53.8 |
Accounts receivable | 1,835 | 1,238.4 |
Total assets: | ||
Total assets | 5,249.8 | 4,500.3 |
Corporate | ||
Total assets: | ||
Total assets | 565.1 | 583.7 |
Aviation segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 26.4 | 41.2 |
Accounts receivable | 700.6 | 464.7 |
Aviation segment | Operating Segments | ||
Total assets: | ||
Total assets | 2,054.4 | 1,789.5 |
Land segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 3.6 | 5 |
Accounts receivable | 533.4 | 394.5 |
Land segment | Operating Segments | ||
Total assets: | ||
Total assets | 1,652.4 | 1,459.5 |
Marine segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 6.2 | 7.6 |
Accounts receivable | 601 | 379.2 |
Marine segment | Operating Segments | ||
Total assets: | ||
Total assets | $ 977.8 | $ 667.6 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income attributable to World Fuel | $ 17.6 | $ (10.2) | $ 36.5 | $ 31.2 |
Denominator: | ||||
Weighted average common shares for basic earnings per common share (in shares) | 63.4 | 63.3 | 63.2 | 64.1 |
Effect of dilutive securities (in shares) | 0.4 | 0 | 0.5 | 0.3 |
Weighted average common shares for diluted earnings per common share (in shares) | 63.8 | 63.3 | 63.6 | 64.4 |
Basic earnings (loss) per common share (in dollars per share) | $ 0.28 | $ (0.16) | $ 0.58 | $ 0.49 |
Diluted earnings (loss) per common share (in dollars per share) | $ 0.28 | $ (0.16) | $ 0.57 | $ 0.48 |
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met (in shares) | 0.9 | 3.4 | 0.9 | 2.8 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Foreign Tax Authority R$ in Millions, $ in Millions, ₩ in Billions | 3 Months Ended | |||||||
Mar. 31, 2018USD ($) | Mar. 31, 2018KRW (₩) | Jun. 30, 2017USD ($) | Jun. 30, 2017KRW (₩) | Dec. 31, 2016USD ($) | Dec. 31, 2016KRW (₩) | Jun. 30, 2021USD ($) | Jun. 30, 2021BRL (R$) | |
Tax Authority, South Korea (SRTO) | Assessment | ||||||||
Loss Contingencies [Line Items] | ||||||||
Pre-assessment notice, amount | $ 10 | ₩ 11.3 | $ 10.4 | ₩ 11.7 | ||||
Tax Authority, South Korea (SRTO) | Additional Assessment | ||||||||
Loss Contingencies [Line Items] | ||||||||
Pre-assessment notice, amount | $ 17.8 | ₩ 20.1 | ||||||
Federal, State and Municipal Tax Authorities in Brazil | Assessment | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 11.6 | R$ 57.3 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 3 | $ 3.1 | $ 5.1 | $ 4.8 |
Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Additional restructuring charges to be incurred | 6 | 6 | ||
Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Additional restructuring charges to be incurred | $ 8 | $ 8 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 6.6 | |||
Restructuring charges | $ 3 | $ 3.1 | 5.1 | $ 4.8 |
Paid during the period | (3.6) | |||
Ending balance | 8 | 8 | ||
Operating Segments | Aviation | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0.9 | |||
Restructuring charges | 0.9 | |||
Paid during the period | (0.6) | |||
Ending balance | 1.1 | 1.1 | ||
Operating Segments | Land | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 4.6 | |||
Restructuring charges | 4.2 | |||
Paid during the period | (2.6) | |||
Ending balance | 6.3 | 6.3 | ||
Operating Segments | Marine | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0.9 | |||
Restructuring charges | 0 | |||
Paid during the period | (0.3) | |||
Ending balance | 0.6 | 0.6 | ||
Corporate | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 0.1 | |||
Restructuring charges | 0 | |||
Paid during the period | (0.1) | |||
Ending balance | $ 0 | $ 0 |
Uncategorized Items - int-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |