World Kinect (WKC) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		63,169,635
Entity Central Index Key	0000789460
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 796	$ 658.8
Accounts receivable, net of allowance for credit losses of $25.4 million and $53.8 million as of September 30, 2021 and December 31, 2020, respectively	2,032.5	1,238.4
Inventories	439.3	344.3
Prepaid expenses	76.1	51.1
Short-term derivative assets, net	121.8	66.4
Other current assets	227.6	280.4
Total current assets	3,693.2	2,639.3
Property and equipment, net	334.3	342.6
Goodwill	854.7	858.6
Identifiable intangible and other non-current assets	662.1	659.8
Total assets	5,544.3	4,500.3
Current liabilities:
Current maturities of long-term debt	30.1	22.9
Accounts payable	2,024.3	1,214.7
Short-term derivative liabilities, net	211.1	50.9
Customer deposits	163.3	155.8
Accrued expenses and other current liabilities	267.6	239.8
Total current liabilities	2,696.5	1,684
Long-term debt	484.2	501.8
Non-current income tax liabilities, net	208.2	215.5
Other long-term liabilities	231.7	186.1
Total liabilities	3,620.5	2,587.4
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	0	0
Common stock, $0.01 par value; 100.0 shares authorized, 62.6 and 62.9 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0.6	0.6
Capital in excess of par value	190.2	204.6
Retained earnings	1,872.6	1,836.7
Accumulated other comprehensive income (loss)	(143.6)	(132.6)
Total World Fuel shareholders' equity	1,919.7	1,909.3
Noncontrolling interest	4.1	3.6
Total equity	1,923.8	1,912.9
Total liabilities and equity	$ 5,544.3	$ 4,500.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 25.4	$ 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)	62,600,000	62,900,000
Common stock, shares outstanding (in shares)	62,600,000	62,900,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 8,350.9	$ 4,482.7	$ 21,394.2	$ 15,656.2
Cost of revenue	8,153.4	4,268.7	20,821.3	14,969.6
Gross profit	197.5	214	573	686.6
Operating expenses:
Compensation and employee benefits	93.5	91.4	273.9	289.8
General and administrative	60.6	80.9	177.4	249.1
Asset impairments	0	0	4.7	18.6
Restructuring charges	1.7	2.9	6.8	7.7
Total operating expenses	155.8	175.2	462.7	565.1
Income from operations	41.7	38.8	110.2	121.5
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(10.4)	(8.7)	(29.2)	(34.1)
Other income (expense), net	1	77.7	(1.6)	75
Total non-operating income (expense), net	(9.4)	69	(30.7)	41
Income (loss) before income taxes	32.3	107.8	79.5	162.4
Provision for income taxes	10	25.4	20.8	49
Net income (loss) including noncontrolling interest	22.3	82.4	58.7	113.4
Net income (loss) attributable to noncontrolling interest	0.6	0.5	0.5	0.2
Net income (loss) attributable to World Fuel	$ 21.7	$ 82	$ 58.2	$ 113.1
Basic earnings (loss) per common share (in dollars per share)	$ 0.34	$ 1.29	$ 0.92	$ 1.77
Basic weighted average common shares (in shares)	63,000	63,400	63,100	63,900
Diluted earnings (loss) per common share (in dollars per share)	$ 0.34	$ 1.29	$ 0.92	$ 1.76
Diluted weighted average common shares (in shares)	63,300	63,600	63,600	64,100
Comprehensive income:
Net income (loss) including noncontrolling interest	$ 22.3	$ 82.4	$ 58.7	$ 113.4
Other comprehensive income (loss):
Foreign currency translation adjustments	(11.3)	15.1	(10.6)	(12.9)
Cash flow hedges, net of income tax expense (benefit) of $(2.8) and $2.1 for the three months ended September 30, 2021 and 2020, respectively, and net of income tax expense (benefit) of $(0.2) and $2.3 for the nine months ended September 30, 2021 and 2020, respectively	(8.2)	6.1	(0.5)	6.8
Total other comprehensive income (loss)	(19.5)	21.2	(11)	(6)
Comprehensive income (loss) including noncontrolling interest	2.8	103.6	47.7	107.3
Comprehensive income (loss) attributable to noncontrolling interest	0.6	0	0.5	0
Comprehensive income (loss) attributable to World Fuel	$ 2.2	$ 103.6	$ 47.2	$ 107.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Derivative instruments, income tax expense (benefit)	$ (2.8)	$ 2.1	$ (0.2)	$ 2.3

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)	113.4
Other comprehensive income (loss)	(6)
Ending balance (in shares) at Sep. 30, 2020			63.3
Ending balance at Sep. 30, 2020	1,919.8		$ 0.6	221.1	1,846.6		(152.3)	1,916		3.8
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
Increase (Decrease) in Shareholders' Equity
Net income (loss)	82.4				82			82		0.5
Cash dividends declared	(6.3)				(6.3)			(6.3)
Amortization of share-based payment awards	1.9			1.9				1.9
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(0.1)			(0.1)				(0.1)
Other comprehensive income (loss)	21.2						21.2	21.2
Other	2.4				2.4			2.4
Ending balance (in shares) at Sep. 30, 2020			63.3
Ending balance at Sep. 30, 2020	$ 1,919.8		$ 0.6	221.1	1,846.6		(152.3)	1,916		3.8
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)	58.7
Other comprehensive income (loss)	$ (11)
Ending balance (in shares) at Sep. 30, 2021	62.6		62.6
Ending balance at Sep. 30, 2021	$ 1,923.8		$ 0.6	190.2	1,872.6		(143.6)	1,919.7		4.1
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
Ending balance at Jun. 30, 2021	1,949.7		$ 0.6	211.3	1,858.4		(124.1)	1,946.2		3.5
Increase (Decrease) in Shareholders' Equity
Net income (loss)	22.3				21.7			21.7		0.6
Cash dividends declared	(7.5)				(7.5)			(7.5)
Amortization of share-based payment awards	3.3			3.3				3.3
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(0.1)			(0.1)				(0.1)
Purchases of common stock (in shares)			(0.8)
Purchases of common stock	(24.4)			(24.4)				(24.4)
Other comprehensive income (loss)	$ (19.5)						(19.5)	(19.5)
Ending balance (in shares) at Sep. 30, 2021	62.6		62.6
Ending balance at Sep. 30, 2021	$ 1,923.8		$ 0.6	$ 190.2	$ 1,872.6		$ (143.6)	$ 1,919.7		$ 4.1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders’ Equity (Parenthetical) - USD ($) $ in Millions	Oct. 08, 2021	Jul. 01, 2021	Apr. 09, 2021	Oct. 09, 2020	Jul. 02, 2020	Apr. 09, 2020	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Cash dividends declared (in dollars per share)							$ 0.12	$ 0.12	$ 0.12	$ 0.10	$ 0.10	$ 0.10
Cash dividends paid (in dollars per share)		$ 0.12	$ 0.12	$ 0.10	$ 0.10	$ 0.10
Cash dividends declared							$ 7.5	$ 7.6	$ 7.5	$ 6.3	$ 6.3	$ 6.5
Dividends paid on common stock		$ 7.6	$ 7.5	$ 6.3	$ 6.3	$ 6.5
Subsequent Event
Cash dividends paid (in dollars per share)	$ 0.12
Dividends paid on common stock	$ 7.5

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 58.7	$ 113.4
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	60.2	66.3
Provision for credit losses	2.8	57.9
Share-based payment award compensation costs	15.4	2.5
Deferred income tax expense (benefit)	(18.1)	(7.9)
Foreign currency (gains) losses, net	(10.6)	0.2
Loss (gain) on sale of business	1.7	(80)
Other	16.5	12.4
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	(807.9)	1,283.6
Inventories	(92.5)	299.4
Prepaid expenses	(26.9)	22.5
Short-term derivative assets, net	(61)	(68.3)
Other current assets	46	72.3
Cash collateral with counterparties	107.8	45.8
Other non-current assets	(90.4)	(7.6)
Accounts payable	784	(1,321.6)
Customer deposits	8.1	(10.6)
Accrued expenses and other current liabilities	151.7	(31.5)
Non-current income tax, net and other long-term liabilities	77.9	41.8
Total adjustments	164.6	377.2
Net cash provided by (used in) operating activities	223.3	490.6
Cash flows from investing activities:
Acquisition of business, net of cash acquired	0	(128.6)
Proceeds from sale of business, net of divested cash	25	268.4
Capital expenditures	(28.3)	(45.5)
Other investing activities, net	(6.5)	(7.5)
Net cash provided by (used in) investing activities	(9.8)	86.9
Cash flows from financing activities:
Borrowings of debt	0.3	2,095
Repayments of debt	(16.5)	(2,202.8)
Dividends paid on common stock	(21.2)	(19.3)
Repurchases of common stock	(24.4)	(55.6)
Other financing activities, net	(8.5)	(6)
Net cash provided by (used in) financing activities	(70.3)	(188.8)
Effect of exchange rate changes on cash and cash equivalents	(6)	(2)
Net increase (decrease) in cash and cash equivalents	137.2	386.7
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	$ 796	$ 572.7

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 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	9 Months Ended
	Sep. 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 in light of the continued global focus on climate change and the related impacts. 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 and 2021, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular. 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. 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 There have been no significant changes in the Company's accounting policies from those disclosed in our 2020 10-K Report. The significant accounting policies we use for quarterly financial reporting are disclosed in Note 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies of the accompanying Notes to the Consolidated Financial Statements included in our 2020 10-K Report.

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 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 $2.0 billion and $1.2 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $29.2 million and $57.3 million, as of September 30, 2021 and December 31, 2020, respectively. Changes to the expected credit loss provision during the nine months ended September 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 nine months ended September 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 September 30, 2021, 93% 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 2.8 57.9 Write-off of uncollectible receivables (32.4) (53.1) Recoveries of credit losses 1.3 0.6 Translation adjustments 0.1 (0.2) Balance as of September 30, $ 29.2 $ 51.8 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, depending on the outstanding accounts receivable at any given time. Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Condensed Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Condensed Consolidated Statements of Income and Comprehensive Income. During the nine months ended September 30, 2021 and 2020, we sold receivables under the RPAs with an aggregate face value of $6.8 billion and $2.6 billion, respectively, and paid fees of $14.6 million and $6.8 million, respectively.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	3. Acquisitions and Divestitures 2021 Acquisition On October 28, 2021, we entered into a definitive agreement to acquire all of the outstanding equity interest in Flyers Energy Group ("Flyers") for a purchase price of $773 million, subject to customary adjustments relating to net working capital, indebtedness and transaction expenses. We may elect to satisfy up to $50 million of the purchase price through issuance of the Company's common stock and $100 million will be paid in equal installments over the two years following completion of the transaction. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected be completed within 60 to 90 days. 2020 Acquisition 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 September 30, 2021. The acquisition was accounted for as a business combination and is reported in the aviation segment. 2020 Divestiture On September 30, 2020, we completed the sale of our Multi Service payment solutions business ("MSTS") pursuant to the definitive agreement signed on July 30, 2020, for gross cash proceeds at closing of $303.5 million, subject to working capital adjustments, and a deferred payment of $75.0 million, of which $50.0 million will be conditioned on MSTS's achievement of certain financial targets in 2021 and 2022. The sale resulted in a pre-tax gain of $80.0 million, net of costs to sell, recognized during the nine months ended of 2020. The gain is reported in Other income (expense), net within our Consolidated Statements of Income and Comprehensive Income. During the third quarter of 2021, we collected $25.0 million of the deferred payment that was part of a Note Receivable originally due in 2026. Prior to the sale, MSTS was a reporting unit mainly reported within the land segment. The sale did not meet the criteria to be reported as a discontinued operation.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	4. Derivative Instruments We are exposed to a variety of risks including but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective. Our risk management program includes the following types of derivative instruments: Fair Value Hedges. Derivative contracts we hold to hedge the risk of changes in the price of our inventory. Cash Flow Hedges. Derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions. Non-designated Derivatives. Derivatives we primarily transact to mitigate the risk of market price fluctuations in swaps or futures contracts, as well as certain forward fixed price purchase and sale contracts to hedge the risk of currency rate fluctuations and for portfolio optimization. With the exception of the interest rate swap agreement, which matures in March 2025, the majority of our derivative contracts are expected to settle within the next year. The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions): Unit September 30, 2021 Commodity contracts Long BBL 54.8 Short BBL (48.9) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (171.9) Buy U.S. dollar, sell other currencies USD 254.1 Interest rate contracts Interest rate swap USD 300.0 Assets and Liabilities 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 September 30, December 31, September 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 $ 38.0 $ 124.9 $ 90.5 $ 120.7 Short-term derivative liabilities, net 0.5 1.0 1.8 2.3 Other long-term liabilities — 0.1 — 0.5 Interest rate contracts Identifiable intangible and other non-current assets 2.4 — — — Short-term derivative liabilities, net — — 1.3 1.3 Other long-term liabilities — — — 2.4 Total derivatives designated as hedging instruments 40.9 126.0 93.6 127.2 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 506.7 164.9 280.4 102.7 Identifiable intangible and other non-current assets 120.3 32.1 32.5 7.9 Short-term derivative liabilities, net 75.9 30.5 287.5 68.4 Other long-term liabilities 17.1 17.5 85.1 23.5 Foreign currency contracts Short-term derivative assets, net 2.0 — 1.2 — Identifiable intangible and other non-current assets 0.2 — 0.1 — Short-term derivative liabilities, net 2.3 7.5 2.7 19.6 Other long-term liabilities — — — 0.2 Total derivatives not designated as hedging instruments 724.4 252.5 689.5 222.3 Total derivatives $ 765.3 $ 378.5 $ 783.1 $ 349.5 For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 6. Fair Value Measurements. The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Inventory $ 60.1 $ 44.5 $ 8.7 $ 4.9 Earnings and Other Comprehensive Income (Loss) Derivatives Designated as Hedging Instruments The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): For the Three Months Ended September 30, 2021 September 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 $ 8,350.9 $ 8,153.4 $ 10.4 $ 4,482.7 $ 4,268.7 $ 9.4 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 3.1 — — (1.2) — Derivatives designated as hedging instruments — (4.8) — — 1.5 — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income (20.2) 128.2 — (2.8) (65.0) — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — (0.3) — — (0.2) Total amount of income and expense line items excluding the impact of hedges $ 8,371.0 $ 8,279.8 $ 10.1 $ 4,485.5 $ 4,204.1 $ 9.2 For the Nine Months Ended September 30, 2021 September 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 $ 21,394.2 $ 20,821.3 $ 29.2 $ 15,656.2 $ 14,969.6 $ 36.3 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 29.7 — — (15.4) — Derivatives designated as hedging instruments — (24.5) — — 15.3 — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income (39.3) 246.8 — 38.2 (122.3) — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — (1.0) — — (0.2) Total amount of income and expense line items excluding the impact of hedges $ 21,433.5 $ 21,073.2 $ 28.2 $ 15,618.0 $ 14,847.2 $ 36.1 The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement Three Months Ended September 30, Nine Months Ended September 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (143.0) $ 97.8 $ (334.1) $ 401.1 Commodity contracts Cost of revenue $ 22.0 $ (2.5) $ 37.2 $ (176.0) For the three and nine months ended September 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 September 30, 2021, on a pre-tax basis for our designated commodity cash flow hedges, $98.9 million and $80.2 million are scheduled to be reclassified from Accumulated other comprehensive income (loss) as an increase to Revenue and increase to Cost of revenue, respectively, over the next twelve months. As of September 30, 2021, these designated commodity cash flow hedges will mature within the next twelve months. The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Commodity contracts (Revenue) $ 53.7 $ (22.0) $ (22.3) $ 163.6 Commodity contracts (Cost of revenue) 17.8 (39.8) 172.1 (237.2) Interest rate contracts (0.2) (0.1) 2.8 (3.8) Total gain (loss) $ 71.4 $ (61.9) $ 152.6 $ (77.4) Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income, net of income tax (expense) benefit Three Months Ended September 30, Nine Months Ended September 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (15.5) $ (2.8) $ (30.1) $ 38.2 Commodity contracts Cost of revenue 95.5 (65.0) 183.9 (122.3) Interest rate contracts Interest expense and other financing costs, net (0.3) (0.2) (0.7) (0.2) Total gain (loss) $ 79.7 $ (68.1) $ 153.1 $ (84.4) Derivatives Not Designated as Hedging Instruments The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions): Three Months Ended September 30, Nine Months Ended September 30, Derivative Instruments - Non-designated Location 2021 2020 2021 2020 Commodity contracts Revenue $ 3.3 $ 44.3 $ (287.6) $ 157.6 Cost of revenue 15.0 (27.7) 321.8 (38.0) 18.3 16.7 34.2 119.6 Foreign currency contracts Revenue 0.9 (1.7) 1.1 (1.8) Other (expense), net 1.5 (11.7) 3.4 (1.0) 2.4 (13.4) 4.4 (2.8) Total gain (loss) $ 20.8 $ 3.2 $ 38.7 $ 116.8 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): September 30, 2021 December 31, 2020 Net derivative liability positions with credit contingent features $ 3.5 $ 20.0 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 3.5 $ 20.0 As of September 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	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [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): September 30, 2021 December 31, 2020 Term loans $ 490.5 $ 503.2 Finance leases 20.4 18.2 Other 3.4 3.3 Total debt 514.3 524.7 Less: Current maturities of long-term debt and finance leases 30.1 22.9 Long-term debt $ 484.2 $ 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 nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest income $ 1.7 $ 0.7 $ 5.4 $ 2.3 Interest expense and other financing costs (12.1) (9.4) (34.6) (36.3) Interest expense and other financing costs, net $ (10.4) $ (8.7) $ (29.2) $ (34.1)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements as of September 30, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 431.3 $ 325.0 $ 2.1 $ 758.4 Foreign currency contracts — 4.5 — 4.5 Interest rate contract — 2.4 — 2.4 Cash surrender value of life insurance — 14.1 — 14.1 Total assets at fair value $ 431.3 $ 346.0 $ 2.1 $ 779.4 Liabilities: Commodities contracts $ 326.1 $ 449.1 $ 2.6 $ 777.8 Interest rate contract — 1.3 — 1.3 Foreign currency contracts — 4.0 — 4.0 Total liabilities at fair value $ 326.1 $ 454.4 $ 2.6 $ 783.1 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 September 30, 2021 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 758.4 $ 499.2 $ 259.2 $ 106.0 $ — $ 153.3 Interest rate contract 2.4 — 2.4 — — 2.4 Foreign currency contracts 4.5 3.7 0.8 — — 0.8 Total assets at fair value $ 765.3 $ 502.9 $ 262.4 $ 106.0 $ — $ 156.5 Liabilities: Commodities contracts $ 777.8 $ 499.2 $ 278.7 $ 3.3 $ — $ 275.4 Interest rate contract 1.3 — 1.3 — — 1.3 Foreign currency contracts 4.0 3.7 0.3 — — 0.3 Total liabilities at fair value $ 783.1 $ 502.9 $ 280.2 $ 3.3 $ — $ 276.9 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 September 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 September 30, 2021, two of our counterparties with a total exposure of $51.9 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 nine months ended September 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 September 30, 2021 and December 31, 2020, respectively.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Aviation $ 173.6 $ 82.6 $ 451.0 $ 440.5 Land 6.5 4.1 16.1 9.7 Marine 891.2 524.0 2,337.5 1,889.7 Asia Pacific 1,071.4 610.8 2,804.6 2,339.9 Aviation 639.4 346.1 1,269.4 1,142.8 Land 571.4 385.0 1,737.1 1,317.1 Marine 652.8 365.0 1,700.1 1,261.2 EMEA 1,863.7 1,096.1 4,706.6 3,721.1 Aviation 561.1 155.5 1,363.6 812.2 Land 160.6 112.9 423.1 319.7 Marine 160.6 86.1 417.2 402.5 LATAM 882.3 354.5 2,203.9 1,534.4 Aviation 2,362.3 910.3 5,737.3 3,517.4 Land 1,932.6 1,143.5 5,143.9 3,277.8 Marine 283.2 206.6 828.7 683.0 North America 4,578.1 2,260.5 11,709.9 7,478.1 Other revenues (excluded from ASC 606) (1) (44.7) 160.8 (30.8) 582.8 Total revenue $ 8,350.9 $ 4,482.7 $ 21,394.2 $ 15,656.2 (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. As of September 30, 2021 and December 31, 2020 , the contract assets and contract liabilities recognized by the Company were not material.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income tax provision $ 10.0 $ 25.4 $ 20.8 $ 49.0 Effective income tax rate 30.9 % 23.5 % 26.1 % 30.2 % Our provision for income taxes for the three months ended September 30, 2021 was $10.0 million, resulting in an effective income tax rate of 30.9%. The provision includes a net discrete income tax benefit of $1.1 million, primarily related to adjustments resulting from tax return filings in several worldwide jurisdictions reduced by other tax reserve provisions. For the three months ended September 30, 2020, our provision for income taxes was $25.4 million, resulting in an effective tax rate of 23.5%, which included a discrete income tax expense of $16.1 million for the tax on the gain on the sale of MSTS and a net discrete tax expense of $2.7 million related to tax reserve provisions and adjustments resulting from tax return filings in several worldwide jurisdictions. Our provision for income taxes for the nine months ended September 30, 2021 was $20.8 million, resulting in an effective income tax rate of 26.1%. The provision includes discrete income tax benefits of $4.5 million related to the impact of a change in the United Kingdom's tax rate and $1.6 million related to an adjustment for the final purchase price allocation on the sale of MSTS, reduced by a net discrete tax expense of $1.2 million related to tax reserve provisions, adjustments related to the filing in several worldwide jurisdictions, and other worldwide tax adjustments. For the nine months ended September 30, 2020, our provision for income taxes was $49.0 million resulting in an effective tax rate of 30.2%, which included a discrete income tax expense of $16.1 million for the tax on the gain on the sale of MSTS and a net discrete expense of $7.1 million related primarily to adjustments resulting from tax return filings in several worldwide jurisdictions. 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 $0.6 million and had a $0.01 impact on basic and diluted earnings per common share for the three months ended September 30, 2021. There was no impact for the three months ended September 30, 2020. Foreign income taxes decreased by $1.2 million and $1.5 million for the nine months ended September 30, 2021 and 2020, respectively. The impact to basic and diluted earnings per common share for the nine months ended September 30, 2021 and 2020 was $0.02. Our income tax provisions for the three and nine months ended September 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 and was notified in March 2021 that its 2016 - 2019 tax years were also under examination. 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 April 2021, we received a proposed tax assessment for the 2015 tax year of approximately $15.0 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 $9.5 million (KRW 11.3 billion) from the South Korea tax authorities relating to the 2011 - 2014 tax years. In May and August 2021, we received revised income tax assessments for these years reducing the aggregate assessments to $9.0 million (KRW 10.6 billion). 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. In June 2021, we received a notice of proposed adjustment for certain immaterial items for the 2017 and 2018 tax years which we accepted and agreed to in August 2021. We are awaiting any additional information requests or notices of proposed adjustment. 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, Revenue: 2021 2020 2021 2020 Aviation segment $ 3,579.7 $ 1,596.2 $ 8,480.5 $ 6,381.0 Land segment 2,670.4 1,645.2 7,315.8 4,948.8 Marine segment 2,100.7 1,241.2 5,597.8 4,326.4 Total revenue $ 8,350.9 $ 4,482.7 $ 21,394.2 $ 15,656.2 Gross profit: Aviation segment $ 113.0 $ 97.6 $ 277.1 $ 282.6 Land segment 62.6 84.3 225.9 275.4 Marine segment 21.9 32.0 70.0 128.6 Total gross profit $ 197.5 $ 214.0 $ 573.0 $ 686.6 Income from operations: Aviation segment $ 57.0 $ 29.2 $ 114.0 $ 67.3 Land segment 3.7 18.8 44.5 54.1 Marine segment 3.6 8.2 14.8 55.4 Corporate overhead - unallocated (22.6) (17.4) (63.1) (55.3) Total income from operations $ 41.7 $ 38.8 $ 110.2 $ 121.5 Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions): September 30, 2021 December 31, 2020 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $18.7 and $41.2 as of September 30, 2021 and December 31, 2020, respectively $ 849.2 $ 464.7 Land segment, net of allowance for credit losses of $3.6 and $5.0 as of September 30, 2021 and December 31, 2020, respectively 556.8 394.5 Marine segment, net of allowance for credit losses of $3.0 and $7.6 as of September 30, 2021 and December 31, 2020, respectively 626.6 379.2 Total accounts receivable, net $ 2,032.5 $ 1,238.4 Total assets: Aviation segment $ 2,222.8 $ 1,789.5 Land segment 1,780.3 1,459.5 Marine segment 981.2 667.6 Corporate 560.1 583.7 Total assets $ 5,544.3 $ 4,500.3

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income attributable to World Fuel $ 21.7 $ 82.0 $ 58.2 $ 113.1 Denominator: Weighted average common shares for basic earnings per common share 63.0 63.4 63.1 63.9 Effect of dilutive securities 0.3 0.2 0.4 0.3 Weighted average common shares for diluted earnings per common share 63.3 63.6 63.6 64.1 Basic earnings (loss) per common share $ 0.34 $ 1.29 $ 0.92 $ 1.77 Diluted earnings (loss) per common share $ 0.34 $ 1.29 $ 0.92 $ 1.76 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 0.8 3.3 0.8 2.9

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies We are a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, 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 September 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. 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 $9.9 million (KRW 11.7 billion) and during the quarter ended June 30, 2017, an assessment for an additional $17.0 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.

Restructuring

Restructuring	9 Months Ended
	Sep. 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 $4.0 million to $6.0 million. During the nine months ended September 30, 2021, we incurred incremental charges of $6.8 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 September 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 0.7 6.2 (0.2) — 6.8 Paid during the period (0.7) (9.3) (0.4) (0.1) (10.5) Accrued charges as of September 30, 2021 $ 0.9 $ 1.6 $ 0.4 $ — $ 2.8

Basis of Presentation, New Ac_2

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 in light of the continued global focus on climate change and the related impacts. 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
New Accounting Standards	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.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 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 2.8 57.9 Write-off of uncollectible receivables (32.4) (53.1) Recoveries of credit losses 1.3 0.6 Translation adjustments 0.1 (0.2) Balance as of September 30, $ 29.2 $ 51.8

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value Positions of Derivative Instruments	With the exception of the interest rate swap agreement, which matures in March 2025, the majority of our derivative contracts are expected to settle within the next year. The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions): Unit September 30, 2021 Commodity contracts Long BBL 54.8 Short BBL (48.9) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (171.9) Buy U.S. dollar, sell other currencies USD 254.1 Interest rate contracts Interest rate swap USD 300.0
Schedule of Derivative Instruments Measured at Fair Value and their Locations on the Consolidated Balance Sheets	The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions): Gross Derivative Assets Gross Derivative Liabilities September 30, December 31, September 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 $ 38.0 $ 124.9 $ 90.5 $ 120.7 Short-term derivative liabilities, net 0.5 1.0 1.8 2.3 Other long-term liabilities — 0.1 — 0.5 Interest rate contracts Identifiable intangible and other non-current assets 2.4 — — — Short-term derivative liabilities, net — — 1.3 1.3 Other long-term liabilities — — — 2.4 Total derivatives designated as hedging instruments 40.9 126.0 93.6 127.2 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 506.7 164.9 280.4 102.7 Identifiable intangible and other non-current assets 120.3 32.1 32.5 7.9 Short-term derivative liabilities, net 75.9 30.5 287.5 68.4 Other long-term liabilities 17.1 17.5 85.1 23.5 Foreign currency contracts Short-term derivative assets, net 2.0 — 1.2 — Identifiable intangible and other non-current assets 0.2 — 0.1 — Short-term derivative liabilities, net 2.3 7.5 2.7 19.6 Other long-term liabilities — — — 0.2 Total derivatives not designated as hedging instruments 724.4 252.5 689.5 222.3 Total derivatives $ 765.3 $ 378.5 $ 783.1 $ 349.5
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) September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Inventory $ 60.1 $ 44.5 $ 8.7 $ 4.9
Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income	The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): For the Three Months Ended September 30, 2021 September 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 $ 8,350.9 $ 8,153.4 $ 10.4 $ 4,482.7 $ 4,268.7 $ 9.4 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 3.1 — — (1.2) — Derivatives designated as hedging instruments — (4.8) — — 1.5 — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income (20.2) 128.2 — (2.8) (65.0) — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — (0.3) — — (0.2) Total amount of income and expense line items excluding the impact of hedges $ 8,371.0 $ 8,279.8 $ 10.1 $ 4,485.5 $ 4,204.1 $ 9.2 For the Nine Months Ended September 30, 2021 September 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 $ 21,394.2 $ 20,821.3 $ 29.2 $ 15,656.2 $ 14,969.6 $ 36.3 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 29.7 — — (15.4) — Derivatives designated as hedging instruments — (24.5) — — 15.3 — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income (39.3) 246.8 — 38.2 (122.3) — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — (1.0) — — (0.2) Total amount of income and expense line items excluding the impact of hedges $ 21,433.5 $ 21,073.2 $ 28.2 $ 15,618.0 $ 14,847.2 $ 36.1 The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement Three Months Ended September 30, Nine Months Ended September 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (143.0) $ 97.8 $ (334.1) $ 401.1 Commodity contracts Cost of revenue $ 22.0 $ (2.5) $ 37.2 $ (176.0)
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income	The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Commodity contracts (Revenue) $ 53.7 $ (22.0) $ (22.3) $ 163.6 Commodity contracts (Cost of revenue) 17.8 (39.8) 172.1 (237.2) Interest rate contracts (0.2) (0.1) 2.8 (3.8) Total gain (loss) $ 71.4 $ (61.9) $ 152.6 $ (77.4) Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income, net of income tax (expense) benefit Three Months Ended September 30, Nine Months Ended September 30, Location 2021 2020 2021 2020 Commodity contracts Revenue $ (15.5) $ (2.8) $ (30.1) $ 38.2 Commodity contracts Cost of revenue 95.5 (65.0) 183.9 (122.3) Interest rate contracts Interest expense and other financing costs, net (0.3) (0.2) (0.7) (0.2) Total gain (loss) $ 79.7 $ (68.1) $ 153.1 $ (84.4)
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 September 30, Nine Months Ended September 30, Derivative Instruments - Non-designated Location 2021 2020 2021 2020 Commodity contracts Revenue $ 3.3 $ 44.3 $ (287.6) $ 157.6 Cost of revenue 15.0 (27.7) 321.8 (38.0) 18.3 16.7 34.2 119.6 Foreign currency contracts Revenue 0.9 (1.7) 1.1 (1.8) Other (expense), net 1.5 (11.7) 3.4 (1.0) 2.4 (13.4) 4.4 (2.8) Total gain (loss) $ 20.8 $ 3.2 $ 38.7 $ 116.8
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): September 30, 2021 December 31, 2020 Net derivative liability positions with credit contingent features $ 3.5 $ 20.0 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 3.5 $ 20.0

Debt, Interest Income, Expens_2

Debt, Interest Income, Expense, and Other Finance Costs (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Our outstanding debt consists of the following (in millions): September 30, 2021 December 31, 2020 Term loans $ 490.5 $ 503.2 Finance leases 20.4 18.2 Other 3.4 3.3 Total debt 514.3 524.7 Less: Current maturities of long-term debt and finance leases 30.1 22.9 Long-term debt $ 484.2 $ 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 nine months ended September 30, 2021 and 2020 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Interest income $ 1.7 $ 0.7 $ 5.4 $ 2.3 Interest expense and other financing costs (12.1) (9.4) (34.6) (36.3) Interest expense and other financing costs, net $ (10.4) $ (8.7) $ (29.2) $ (34.1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 (in millions): Fair Value Measurements as of September 30, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 431.3 $ 325.0 $ 2.1 $ 758.4 Foreign currency contracts — 4.5 — 4.5 Interest rate contract — 2.4 — 2.4 Cash surrender value of life insurance — 14.1 — 14.1 Total assets at fair value $ 431.3 $ 346.0 $ 2.1 $ 779.4 Liabilities: Commodities contracts $ 326.1 $ 449.1 $ 2.6 $ 777.8 Interest rate contract — 1.3 — 1.3 Foreign currency contracts — 4.0 — 4.0 Total liabilities at fair value $ 326.1 $ 454.4 $ 2.6 $ 783.1 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 September 30, 2021 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Cash Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 758.4 $ 499.2 $ 259.2 $ 106.0 $ — $ 153.3 Interest rate contract 2.4 — 2.4 — — 2.4 Foreign currency contracts 4.5 3.7 0.8 — — 0.8 Total assets at fair value $ 765.3 $ 502.9 $ 262.4 $ 106.0 $ — $ 156.5 Liabilities: Commodities contracts $ 777.8 $ 499.2 $ 278.7 $ 3.3 $ — $ 275.4 Interest rate contract 1.3 — 1.3 — — 1.3 Foreign currency contracts 4.0 3.7 0.3 — — 0.3 Total liabilities at fair value $ 783.1 $ 502.9 $ 280.2 $ 3.3 $ — $ 276.9 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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Aviation $ 173.6 $ 82.6 $ 451.0 $ 440.5 Land 6.5 4.1 16.1 9.7 Marine 891.2 524.0 2,337.5 1,889.7 Asia Pacific 1,071.4 610.8 2,804.6 2,339.9 Aviation 639.4 346.1 1,269.4 1,142.8 Land 571.4 385.0 1,737.1 1,317.1 Marine 652.8 365.0 1,700.1 1,261.2 EMEA 1,863.7 1,096.1 4,706.6 3,721.1 Aviation 561.1 155.5 1,363.6 812.2 Land 160.6 112.9 423.1 319.7 Marine 160.6 86.1 417.2 402.5 LATAM 882.3 354.5 2,203.9 1,534.4 Aviation 2,362.3 910.3 5,737.3 3,517.4 Land 1,932.6 1,143.5 5,143.9 3,277.8 Marine 283.2 206.6 828.7 683.0 North America 4,578.1 2,260.5 11,709.9 7,478.1 Other revenues (excluded from ASC 606) (1) (44.7) 160.8 (30.8) 582.8 Total revenue $ 8,350.9 $ 4,482.7 $ 21,394.2 $ 15,656.2 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income tax provision $ 10.0 $ 25.4 $ 20.8 $ 49.0 Effective income tax rate 30.9 % 23.5 % 26.1 % 30.2 %

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, Revenue: 2021 2020 2021 2020 Aviation segment $ 3,579.7 $ 1,596.2 $ 8,480.5 $ 6,381.0 Land segment 2,670.4 1,645.2 7,315.8 4,948.8 Marine segment 2,100.7 1,241.2 5,597.8 4,326.4 Total revenue $ 8,350.9 $ 4,482.7 $ 21,394.2 $ 15,656.2 Gross profit: Aviation segment $ 113.0 $ 97.6 $ 277.1 $ 282.6 Land segment 62.6 84.3 225.9 275.4 Marine segment 21.9 32.0 70.0 128.6 Total gross profit $ 197.5 $ 214.0 $ 573.0 $ 686.6 Income from operations: Aviation segment $ 57.0 $ 29.2 $ 114.0 $ 67.3 Land segment 3.7 18.8 44.5 54.1 Marine segment 3.6 8.2 14.8 55.4 Corporate overhead - unallocated (22.6) (17.4) (63.1) (55.3) Total income from operations $ 41.7 $ 38.8 $ 110.2 $ 121.5
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): September 30, 2021 December 31, 2020 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $18.7 and $41.2 as of September 30, 2021 and December 31, 2020, respectively $ 849.2 $ 464.7 Land segment, net of allowance for credit losses of $3.6 and $5.0 as of September 30, 2021 and December 31, 2020, respectively 556.8 394.5 Marine segment, net of allowance for credit losses of $3.0 and $7.6 as of September 30, 2021 and December 31, 2020, respectively 626.6 379.2 Total accounts receivable, net $ 2,032.5 $ 1,238.4 Total assets: Aviation segment $ 2,222.8 $ 1,789.5 Land segment 1,780.3 1,459.5 Marine segment 981.2 667.6 Corporate 560.1 583.7 Total assets $ 5,544.3 $ 4,500.3

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net income attributable to World Fuel $ 21.7 $ 82.0 $ 58.2 $ 113.1 Denominator: Weighted average common shares for basic earnings per common share 63.0 63.4 63.1 63.9 Effect of dilutive securities 0.3 0.2 0.4 0.3 Weighted average common shares for diluted earnings per common share 63.3 63.6 63.6 64.1 Basic earnings (loss) per common share $ 0.34 $ 1.29 $ 0.92 $ 1.77 Diluted earnings (loss) per common share $ 0.34 $ 1.29 $ 0.92 $ 1.76 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 0.8 3.3 0.8 2.9

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 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 0.7 6.2 (0.2) — 6.8 Paid during the period (0.7) (9.3) (0.4) (0.1) (10.5) Accrued charges as of September 30, 2021 $ 0.9 $ 1.6 $ 0.4 $ — $ 2.8

Accounts Receivable - Narrative

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2,032.5		$ 1,238.4
Allowance for credit losses	$ 29.2	$ 51.8	$ 57.3	$ 46.6
Percent accounts receivable outstanding, less than 60 days	93.00%
Account receivable sold under the RPAs	$ 6,800	2,600
Fees and financing costs under the RPA	$ 14.6	$ 6.8
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale price of receivables, percentage of sold amount	100.00%

Accounts Receivable - Allowance

Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 57.3	$ 46.6
Charges to allowance for credit losses	2.8	57.9
Write-off of uncollectible receivables	(32.4)	(53.1)
Recoveries of credit losses	1.3	0.6
Translation adjustments	0.1	(0.2)
Ending balance	$ 29.2	$ 51.8

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	Oct. 28, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Proceeds from sale of business, net of divested cash				$ 25	$ 268.4
Disposal Group, Not Discontinued Operations | Multi Service Payment Solutions
Business Acquisition [Line Items]
Deferred future payment from sale of business		$ 75			75
Proceeds from sale of business, net of divested cash		303.5	$ 25
Deferred future payment from sale of business, portion based on future business performance		50			$ 50
Gain (loss) on sale of investments		$ 80
Flyers Energy Group | Subsequent Event
Business Acquisition [Line Items]
Business combination consideration transferred	$ 773
Common stock consideration	50
Contingent consideration	$ 100
Contingent consideration period	2 years
Flyers Energy Group | Subsequent Event | Minimum
Business Acquisition [Line Items]
Acquisition closing period	60 days
Flyers Energy Group | Subsequent Event | Maximum
Business Acquisition [Line Items]
Acquisition closing period	90 days
Universal Weather and Aviation, Inc.
Business Acquisition [Line Items]
Business combination consideration transferred			159
Deferred future payment from sale of business			$ 30	$ 30

Derivative Instruments - Gross

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)bbl
Interest rate contracts | USD
Derivative instruments, at their respective fair value positions
Notional value of foreign currency exchange contracts	$ 300
Long | Commodity contracts
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) | bbl	54.8
Long | Foreign currency exchange contracts | USD
Derivative instruments, at their respective fair value positions
Notional value of foreign currency exchange contracts	$ 254.1
Short | Commodity contracts
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) | bbl	48.9
Short | Foreign currency exchange contracts | USD
Derivative instruments, at their respective fair value positions
Notional value of foreign currency exchange contracts	$ 171.9

Derivative Instruments - Balanc

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 765.3	$ 378.5
Gross Derivative Liabilities	783.1	349.5
Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	758.4	371
Gross Derivative Liabilities	777.8	326
Interest rate contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	2.4
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	4.5	7.5
Gross Derivative Liabilities	4	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	40.9	126
Gross Derivative Liabilities	93.6	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	38	124.9
Gross Derivative Liabilities	90.5	120.7
Derivatives designated as hedging instruments | Commodity contracts | Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.5	1
Gross Derivative Liabilities	1.8	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 | Short-term derivative liabilities, net
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 | 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	2.4	0
Gross Derivative Liabilities	0	0
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	724.4	252.5
Gross Derivative Liabilities	689.5	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	506.7	164.9
Gross Derivative Liabilities	280.4	102.7
Derivatives not designated as hedging instruments | Commodity contracts | Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	75.9	30.5
Gross Derivative Liabilities	287.5	68.4
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	120.3	32.1
Gross Derivative Liabilities	32.5	7.9
Derivatives not designated as hedging instruments | Commodity contracts | Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	17.1	17.5
Gross Derivative Liabilities	85.1	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	2	0
Gross Derivative Liabilities	1.2	0
Derivatives not designated as hedging instruments | Foreign currency contracts | Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	2.3	7.5
Gross Derivative Liabilities	2.7	19.6
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	0.2	0
Gross Derivative Liabilities	0.1	0
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 - Effect

Derivative Instruments - Effect on Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Hedged Assets/(Liabilities)	$ 60.1		$ 60.1		$ 44.5
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)	8.7		8.7		4.9
Gain (loss) on derivative
Revenue	8,350.9	$ 4,482.7	21,394.2	$ 15,656.2
Cost of revenue	8,153.4	4,268.7	20,821.3	14,969.6
Derivative, Credit Risk Related Contingent Features [Abstract]
Net derivative liability positions with credit contingent features	3.5		3.5		20
Collateral posted and held by our counterparties	0		0		0
Maximum additional potential collateral requirements	3.5		3.5		$ 20
Revenue
Gain (loss) on derivative
Revenue	8,350.9	4,482.7	21,394.2	15,656.2
Gains (losses) on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Revenue	8,371	4,485.5	21,433.5	15,618
Cost of revenue
Gain (loss) on derivative
Cost of revenue	8,153.4	4,268.7	20,821.3	14,969.6
Gains (losses) on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Cost of Revenue	8,279.8	4,204.1	21,073.2	14,847.2
Interest expense and other financing costs, net
Gain (loss) on derivative
Interest expense and other financing costs, net	10.4	9.4	29.2	36.3
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	10.1	9.2	28.2	36.1
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 (loss) into net income	(20.2)	(2.8)	(39.3)	38.2
Commodity contracts | Cost of revenue
Gains (losses) on fair value hedge relationships:
Hedged item	3.1	(1.2)	29.7	(15.4)
Derivatives designated as hedging instruments	(4.8)	1.5	(24.5)	15.3
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	128.2	(65)	246.8	(122.3)
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 (loss) into net 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 (loss) into net 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 (loss) into net 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 (loss) into net income	(0.3)	(0.2)	(1)	(0.2)
Derivatives designated as hedging instruments
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	71.4	(61.9)	152.6	(77.4)
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income, net of income tax (expense) benefit	79.7	(68.1)	153.1	(84.4)
Derivatives designated as hedging instruments | Commodity contracts | Revenue
Gains (losses) on fair value hedge relationships:
Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement	(143)	97.8	(334.1)	401.1
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	53.7	(22)	(22.3)	163.6
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income, net of income tax (expense) benefit	(15.5)	(2.8)	(30.1)	38.2
Derivatives designated as hedging instruments | Commodity contracts | Cost of revenue
Gains (losses) on fair value hedge relationships:
Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement	22	(2.5)	37.2	(176)
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	17.8	(39.8)	172.1	(237.2)
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income, net of income tax (expense) benefit	95.5	(65)	183.9	(122.3)
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 (loss), net of income tax (expense) benefit	(0.2)	(0.1)	2.8	(3.8)
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income, net of income tax (expense) benefit	(0.3)	(0.2)	(0.7)	(0.2)
Derivatives not designated as hedging instruments
Gains (losses) on fair value hedge relationships:
Derivative Instruments - Non-designated	20.8	3.2	38.7	116.8
Derivatives not designated as hedging instruments | Commodity contracts
Gains (losses) on fair value hedge relationships:
Derivative Instruments - Non-designated	18.3	16.7	34.2	119.6
Derivatives not designated as hedging instruments | Commodity contracts | Revenue
Gains (losses) on fair value hedge relationships:
Derivative Instruments - Non-designated	3.3	44.3	(287.6)	157.6
Derivatives not designated as hedging instruments | Commodity contracts | Cost of revenue
Gains (losses) on fair value hedge relationships:
Derivative Instruments - Non-designated	15	(27.7)	321.8	(38)
Derivatives not designated as hedging instruments | Foreign currency contracts
Gains (losses) on fair value hedge relationships:
Derivative Instruments - Non-designated	2.4	(13.4)	4.4	(2.8)
Derivatives not designated as hedging instruments | Foreign currency contracts | Revenue
Gains (losses) on fair value hedge relationships:
Derivative Instruments - Non-designated	0.9	(1.7)	1.1	(1.8)
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	$ 1.5	$ (11.7)	$ 3.4	$ (1)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	$ 0	$ 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, increase (decrease)			98.9
Cost of revenue
Derivative [Line Items]
Amount scheduled to be reclassified over the next twelve months, increase (decrease)			$ (80.2)

Debt, Interest Income, Expens_3

Debt, Interest Income, Expense, and Other Finance Costs - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance leases	$ 20.4	$ 18.2
Total debt	514.3	524.7
Less: Current maturities of long-term debt and finance leases	30.1	22.9
Long-term debt	484.2	501.8
Other
Debt Instrument [Line Items]
Long-term debt	3.4	3.3
Term loans | Term loans
Debt Instrument [Line Items]
Long-term debt	$ 490.5	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Interest income	$ 1.7	$ 0.7	$ 5.4	$ 2.3
Interest expense and other financing costs	(12.1)	(9.4)	(34.6)	(36.3)
Interest expense and other financing costs, net	$ (10.4)	$ (8.7)	$ (29.2)	$ (34.1)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets:
Gross derivative assets	$ 765.3	$ 378.5
Liabilities:
Gross derivative liabilities	783.1	349.5
Fair value measured on recurring basis
Assets:
Total assets at fair value	779.4	389.9
Liabilities:
Total liabilities at fair value	783.1	349.5
Fair value measured on recurring basis | Level 1 Inputs
Assets:
Total assets at fair value	431.3	233.5
Liabilities:
Total liabilities at fair value	326.1	223
Fair value measured on recurring basis | Level 2 Inputs
Assets:
Total assets at fair value	346	146.8
Liabilities:
Total liabilities at fair value	454.4	120.2
Fair value measured on recurring basis | Level 3 Inputs
Assets:
Total assets at fair value	2.1	9.5
Liabilities:
Total liabilities at fair value	2.6	6.3
Commodity contracts | Fair value measured on recurring basis
Assets:
Gross derivative assets	758.4	371
Liabilities:
Gross derivative liabilities	777.8	326
Commodity contracts | Fair value measured on recurring basis | Level 1 Inputs
Assets:
Gross derivative assets	431.3	233.5
Liabilities:
Gross derivative liabilities	326.1	223
Commodity contracts | Fair value measured on recurring basis | Level 2 Inputs
Assets:
Gross derivative assets	325	127.9
Liabilities:
Gross derivative liabilities	449.1	96.8
Commodity contracts | Fair value measured on recurring basis | Level 3 Inputs
Assets:
Gross derivative assets	2.1	9.5
Liabilities:
Gross derivative liabilities	2.6	6.3
Foreign currency contracts | Fair value measured on recurring basis
Assets:
Gross derivative assets	4.5	7.5
Liabilities:
Gross derivative liabilities	4	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	4.5	7.5
Liabilities:
Gross derivative liabilities	4	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	2.4
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	2.4
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	14.1	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	14.1	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	Sep. 30, 2021	Dec. 31, 2020
Offsetting Assets [Line Items]
Gross Amounts Recognized	$ 765.3	$ 378.5
Gross Amounts Offset	502.9	294.6
Net Amounts Presented	262.4	83.9
Cash Collateral	106	1.2
Gross Amounts without Right of Offset	0	0
Net Amounts	156.5	82.7
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	783.1	349.5
Gross Amounts Offset	502.9	294.6
Net Amounts Presented	280.2	54.9
Cash Collateral	3.3	2.3
Gross Amounts without Right of Offset	0	0
Net Amounts	276.9	52.6
Commodity contracts
Offsetting Assets [Line Items]
Gross Amounts Recognized	758.4	371
Gross Amounts Offset	499.2	287.1
Net Amounts Presented	259.2	83.9
Cash Collateral	106	1.2
Gross Amounts without Right of Offset	0	0
Net Amounts	153.3	82.7
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	777.8	326
Gross Amounts Offset	499.2	287.1
Net Amounts Presented	278.7	38.9
Cash Collateral	3.3	2.3
Gross Amounts without Right of Offset	0	0
Net Amounts	275.4	36.6
Interest rate contracts
Offsetting Assets [Line Items]
Gross Amounts Recognized	2.4
Gross Amounts Offset	0
Net Amounts Presented	2.4
Cash Collateral	0
Gross Amounts without Right of Offset	0
Net Amounts	2.4
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	4.5	7.5
Gross Amounts Offset	3.7	7.5
Net Amounts Presented	0.8	0
Cash Collateral	0	0
Gross Amounts without Right of Offset	0	0
Net Amounts	0.8	0
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	4	19.8
Gross Amounts Offset	3.7	7.5
Net Amounts Presented	0.3	12.3
Cash Collateral	0	0
Gross Amounts without Right of Offset	0	0
Net Amounts	$ 0.3	$ 12.3

Fair Value Measurements - Conce

Fair Value Measurements - Concentration of Credit Risk (Details) $ in Millions	Sep. 30, 2021USD ($)
Two Counterparties | Concentration of credit risk | Credit exposure
Concentration Risk [Line Items]
Total credit risk	$ 51.9

Fair Value Measurements - Nonre

Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Asset impairments	$ 0	$ 0	$ 4.7	$ 18.6

Revenue from Contracts with C_3

Revenue from Contracts with Customers Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Other revenues (excluded from ASC 606)	$ (44.7)	$ 160.8	$ (30.8)	$ 582.8
Total revenue	8,350.9	4,482.7	21,394.2	15,656.2
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,071.4	610.8	2,804.6	2,339.9
EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,863.7	1,096.1	4,706.6	3,721.1
LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	882.3	354.5	2,203.9	1,534.4
North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4,578.1	2,260.5	11,709.9	7,478.1
Aviation
Disaggregation of Revenue [Line Items]
Total revenue	3,579.7	1,596.2	8,480.5	6,381
Aviation | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	173.6	82.6	451	440.5
Aviation | EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	639.4	346.1	1,269.4	1,142.8
Aviation | LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	561.1	155.5	1,363.6	812.2
Aviation | North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,362.3	910.3	5,737.3	3,517.4
Land
Disaggregation of Revenue [Line Items]
Total revenue	2,670.4	1,645.2	7,315.8	4,948.8
Land | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	6.5	4.1	16.1	9.7
Land | EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	571.4	385	1,737.1	1,317.1
Land | LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	160.6	112.9	423.1	319.7
Land | North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,932.6	1,143.5	5,143.9	3,277.8
Marine
Disaggregation of Revenue [Line Items]
Total revenue	2,100.7	1,241.2	5,597.8	4,326.4
Marine | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	891.2	524	2,337.5	1,889.7
Marine | EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	652.8	365	1,700.1	1,261.2
Marine | LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	160.6	86.1	417.2	402.5
Marine | North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	$ 283.2	$ 206.6	$ 828.7	$ 683

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 10	$ 25.4	$ 20.8	$ 49
Effective income tax rate	30.90%	23.50%	26.10%	30.20%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ / shares in Units, ₩ in Millions, kr in Millions, $ in Millions	Apr. 28, 2021USD ($)	Apr. 28, 2021DKK (kr)	Jan. 31, 2021USD ($)	Jan. 31, 2021DKK (kr)	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)	Aug. 31, 2021USD ($)	Aug. 31, 2021KRW (₩)	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2017KRW (₩)	Dec. 31, 2016USD ($)	Dec. 31, 2016KRW (₩)
Income Taxes [Line Items]
Provision for income taxes					$ 10	$ 25.4			$ 20.8	$ 49
Effective income tax rate					30.90%	23.50%			26.10%	30.20%
Adjustment for discrete tax expense (benefit), prior year foreign tax return					$ 1.1	$ 16.1			$ 1.2	$ 16.1
Effective income tax rate reconciliation, expense (benefit) from other adjustments, amount						2.7				7.1
Effective income tax rate reconciliation, expense (benefit) from change in tax rate of foreign jurisdiction									(4.5)
Effective income tax rate reconciliation, expense (benefit) from disposition of business amount									(1.6)
Decrease in foreign income tax					$ (0.6)	$ 0			$ (1.2)	$ (1.5)
Basic earnings per common share (in dollars per share) | $ / shares					$ 0.01				$ 0.02	$ 0.02
Diluted earnings per common share (in dollars per share) | $ / shares					$ 0.01				$ 0.02	$ 0.02
Pre-assessment notice, amount							$ 9	₩ 10,600
Tax Authority, South Korea (SRTO) | Foreign Tax Authority | Assessment
Income Taxes [Line Items]
Pre-assessment notice, amount											$ 9.5	₩ 11,300	$ 9.9	₩ 11,700
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	kr 96.1

Business Segments - Narrative (

Business Segments - Narrative (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Revenue	$ 8,350.9	$ 4,482.7	$ 21,394.2	$ 15,656.2
Gross profit:
Gross profit	197.5	214	573	686.6
Income from operations:
Income from operations	41.7	38.8	110.2	121.5
Corporate overhead - unallocated
Income from operations:
Income from operations	(22.6)	(17.4)	(63.1)	(55.3)
Aviation segment
Revenue:
Revenue	3,579.7	1,596.2	8,480.5	6,381
Gross profit:
Gross profit	113	97.6	277.1	282.6
Aviation segment | Operating Segments
Income from operations:
Income from operations	57	29.2	114	67.3
Land segment
Revenue:
Revenue	2,670.4	1,645.2	7,315.8	4,948.8
Gross profit:
Gross profit	62.6	84.3	225.9	275.4
Land segment | Operating Segments
Income from operations:
Income from operations	3.7	18.8	44.5	54.1
Marine segment
Revenue:
Revenue	2,100.7	1,241.2	5,597.8	4,326.4
Gross profit:
Gross profit	21.9	32	70	128.6
Marine segment | Operating Segments
Income from operations:
Income from operations	$ 3.6	$ 8.2	$ 14.8	$ 55.4

Business Segments - Balance She

Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Accounts receivable, net:
Allowance for credit losses	$ 25.4	$ 53.8
Accounts receivable	2,032.5	1,238.4
Total assets:
Total assets	5,544.3	4,500.3
Corporate
Total assets:
Total assets	560.1	583.7
Aviation segment
Accounts receivable, net:
Allowance for credit losses	18.7	41.2
Accounts receivable	849.2	464.7
Aviation segment | Operating Segments
Total assets:
Total assets	2,222.8	1,789.5
Land segment
Accounts receivable, net:
Allowance for credit losses	3.6	5
Accounts receivable	556.8	394.5
Land segment | Operating Segments
Total assets:
Total assets	1,780.3	1,459.5
Marine segment
Accounts receivable, net:
Allowance for credit losses	3	7.6
Accounts receivable	626.6	379.2
Marine segment | Operating Segments
Total assets:
Total assets	$ 981.2	$ 667.6

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income attributable to World Fuel	$ 21.7	$ 82	$ 58.2	$ 113.1
Denominator:
Weighted average common shares for basic earnings per common share (in shares)	63,000	63,400	63,100	63,900
Effect of dilutive securities (in shares)	300	200	400	300
Weighted average common shares for diluted earnings per common share (in shares)	63,300	63,600	63,600	64,100
Basic earnings (loss) per common share (in dollars per share)	$ 0.34	$ 1.29	$ 0.92	$ 1.77
Diluted earnings (loss) per common share (in dollars per share)	$ 0.34	$ 1.29	$ 0.92	$ 1.76
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)	800	3,300	800	2,900

Commitments and Contingencies (

Commitments and Contingencies (Details) ₩ in Millions, R$ in Millions, $ in Millions	3 Months Ended		4 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2017KRW (₩)	Aug. 31, 2021USD ($)	Aug. 31, 2021KRW (₩)	Dec. 31, 2017USD ($)	Dec. 31, 2017KRW (₩)	Dec. 31, 2016USD ($)	Dec. 31, 2016KRW (₩)	Sep. 30, 2021BRL (R$)	Sep. 30, 2020USD ($)
Loss Contingencies [Line Items]
Pre-assessment notice, amount			$ 9	₩ 10,600
Tax Authority, South Korea (SRTO) | Assessment | Foreign Tax Authority
Loss Contingencies [Line Items]
Pre-assessment notice, amount					$ 9.5	₩ 11,300	$ 9.9	₩ 11,700
Tax Authority, South Korea (SRTO) | Additional Assessment | Foreign Tax Authority
Loss Contingencies [Line Items]
Pre-assessment notice, amount	$ 17	₩ 20,100
Federal, State and Municipal Tax Authorities in Brazil | Assessment | Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss									R$ 57.7	$ 10.7

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1.7	$ 2.9	$ 6.8	$ 7.7
Minimum
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges to be incurred	4		4
Maximum
Restructuring Cost and Reserve [Line Items]
Additional restructuring charges to be incurred	$ 6		$ 6

Restructuring - Summary of Rest

Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning balance			$ 6.6
Restructuring charges	$ 1.7	$ 2.9	6.8	$ 7.7
Paid during the period			(10.5)
Ending balance	2.8		2.8
Operating Segments | Aviation
Restructuring Reserve [Roll Forward]
Beginning balance			0.9
Restructuring charges			0.7
Paid during the period			(0.7)
Ending balance	0.9		0.9
Operating Segments | Land
Restructuring Reserve [Roll Forward]
Beginning balance			4.6
Restructuring charges			6.2
Paid during the period			(9.3)
Ending balance	1.6		1.6
Operating Segments | Marine
Restructuring Reserve [Roll Forward]
Beginning balance			0.9
Restructuring charges			(0.2)
Paid during the period			(0.4)
Ending balance	0.4		0.4
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]