Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-09533 | |
Entity Registrant Name | WORLD KINECT 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, $0.01 par value | |
Trading Symbol | WKC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 59,093,896 | |
Entity Central Index Key | 0000789460 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 524.6 | $ 304.3 |
Accounts receivable, net of allowance for credit losses of $20.1 million and $18.3 million as of June 30, 2024 and December 31, 2023, respectively | 2,592 | 2,735.5 |
Inventories | 646.7 | 664.6 |
Prepaid expenses | 83.3 | 77.6 |
Short-term derivative assets, net | 188.4 | 275.4 |
Other current assets | 360.6 | 446.4 |
Total current assets | 4,395.6 | 4,503.8 |
Property and equipment, net | 495.3 | 515.3 |
Goodwill | 1,174.9 | 1,238 |
Identifiable intangible assets, net | 275.8 | 299.7 |
Other non-current assets | 847.6 | 818.6 |
Total assets | 7,189.2 | 7,375.3 |
Current liabilities: | ||
Long-Term Debt and Lease Obligation, Current | 81.4 | 78.8 |
Accounts payable | 2,975.9 | 3,097.6 |
Short-term derivative liabilities, net | 101.2 | 128.2 |
Accrued expenses and other current liabilities | 660.4 | 745 |
Total current liabilities | 3,818.9 | 4,049.7 |
Long-term debt | 797.8 | 809.1 |
Other long-term liabilities | 535.1 | 566.9 |
Total liabilities | 5,151.8 | 5,425.7 |
Commitments and contingencies | ||
World Kinect 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, 59.1 and 59.8 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 0.6 | 0.6 |
Capital in excess of par value | 87 | 109.6 |
Retained earnings | 2,097 | 1,981.6 |
Accumulated other comprehensive income (loss) | (152.3) | (148.9) |
Total World Kinect shareholders' equity | 2,032.3 | 1,943 |
Noncontrolling interest | 5.1 | 6.7 |
Total equity | 2,037.4 | 1,949.6 |
Total liabilities and equity | $ 7,189.2 | $ 7,375.3 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 20.1 | $ 18.3 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 0.1 | 0.1 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100 | 100 |
Common stock, shares issued (in shares) | 59.1 | 59.8 |
Common stock, shares outstanding (in shares) | 59.1 | 59.8 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 10,965.2 | $ 10,980.7 | $ 21,916.6 | $ 23,462.3 |
Cost of Revenue | 10,720 | 10,699 | 21,417.2 | 22,917.9 |
Gross profit | 245.2 | 281.7 | 499.3 | 544.4 |
Operating Expenses [Abstract] | ||||
Compensation and employee benefits | 119.2 | 125.1 | 234.7 | 244.2 |
General and administrative | 72.8 | 80.8 | 147.9 | 159.8 |
Asset impairments | 2.4 | 0.3 | 2.4 | 0.3 |
Restructuring charges | 5.6 | 0 | 5.8 | 0 |
Total operating expenses | 200 | 206.2 | 390.9 | 404.3 |
Operating Income (Loss), Total | 45.2 | 75.5 | 108.5 | 140.1 |
Nonoperating Income (Expense) [Abstract] | ||||
Interest expense and other financing costs, net | (27.5) | (32.5) | (56.4) | (66.8) |
Other income (expense), net | 98.9 | (2.8) | 95 | (6.3) |
Total non-operating income (expense), net | 71.4 | (35.3) | 38.6 | (73.1) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 116.6 | 40.3 | 147.1 | 67 |
Income Tax Expense (Benefit) | 9.7 | 9.8 | 13 | 14 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 106.9 | 30.5 | 134.1 | 53 |
Net Income (Loss) Attributable to Noncontrolling Interest | (1.4) | 0.5 | (1.6) | 0.3 |
Net Income (Loss) Attributable to Parent, Total | $ 108.3 | $ 29.9 | $ 135.7 | $ 52.7 |
Earnings Per Share, Basic | $ 1.81 | $ 0.48 | $ 2.27 | $ 0.85 |
Weighted Average Number of Shares Outstanding, Basic | 59.8 | 62.3 | 59.9 | 62.4 |
Diluted earnings (loss) per common share | $ 1.81 | $ 0.48 | $ 2.25 | $ 0.84 |
Diluted weighted average common shares | 60 | 62.5 | 60.3 | 62.8 |
Comprehensive income: | ||||
Net income (loss) including noncontrolling interest | $ 106.9 | $ 30.5 | $ 134.1 | $ 53 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign currency translation adjustments | 11.2 | 9.1 | (0.6) | 14.8 |
Cash flow hedges, net of income tax expense (benefit) of ($0.7) and $0.6 for the three months ended June 30, 2024 and 2023, respectively, and net of income tax expense (benefit) of ($1.1) and ($0.2) for the six months ended June 30, 2024 and 2023, respectively | (1.8) | 1.1 | (2.8) | (1.1) |
Total other comprehensive income (loss) | 9.4 | 10.2 | (3.4) | 13.7 |
Comprehensive income (loss) including noncontrolling interest | 116.3 | 40.7 | 130.7 | 66.8 |
Comprehensive income (loss) attributable to noncontrolling interest | (1.4) | 0.5 | (1.6) | 0.3 |
Comprehensive income (loss) attributable to World Kinect | $ 117.7 | $ 40.1 | $ 132.2 | $ 66.4 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Cash flow hedges, net of income tax expense (benefit) of ($0.7) and $0.6 for the three months ended June 30, 2024 and 2023, respectively, and net of income tax expense (benefit) of ($1.1) and ($0.2) for the six months ended June 30, 2024 and 2023, respectively | $ (0.7) | $ 0.6 | $ (1.1) | $ (0.2) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Total World Kinect Shareholders' Equity | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest Equity |
Beginning balance (in shares) at Dec. 31, 2022 | 62 | ||||||
Beginning balance at Dec. 31, 2022 | $ 1,990.7 | $ 1,984.9 | $ 0.6 | $ 182.4 | $ 1,962.5 | $ (160.6) | $ 5.9 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 22.6 | 22.8 | 22.8 | (0.2) | |||
Cash dividends declared | (8.6) | (8.6) | (8.6) | ||||
Amortization of share-based payment awards | 6.1 | 6.1 | 6.1 | ||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.1 | ||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (0.3) | (0.3) | (0.3) | ||||
Other comprehensive income (loss) | 3.5 | 3.5 | 3.5 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 62.1 | ||||||
Ending balance at Mar. 31, 2023 | 2,014 | 2,008.3 | $ 0.6 | 188.2 | 1,976.7 | (157.1) | 5.7 |
Beginning balance (in shares) at Dec. 31, 2022 | 62 | ||||||
Beginning balance at Dec. 31, 2022 | 1,990.7 | 1,984.9 | $ 0.6 | 182.4 | 1,962.5 | (160.6) | 5.9 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 53 | ||||||
Other comprehensive income (loss) | 13.7 | ||||||
Ending balance (in shares) at Jun. 30, 2023 | 60.2 | ||||||
Ending balance at Jun. 30, 2023 | 1,965.3 | 1,959.1 | $ 0.6 | 107.2 | 1,998.2 | (146.9) | 6.2 |
Beginning balance (in shares) at Mar. 31, 2023 | 62.1 | ||||||
Beginning balance at Mar. 31, 2023 | 2,014 | 2,008.3 | $ 0.6 | 188.2 | 1,976.7 | (157.1) | 5.7 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 30.5 | 29.9 | 29.9 | 0.5 | |||
Cash dividends declared | (8.4) | (8.4) | (8.4) | ||||
Amortization of share-based payment awards | 4 | 4 | 4 | ||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.3 | ||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (4) | (4) | (4) | ||||
Other comprehensive income (loss) | 10.2 | 10.2 | 10.2 | ||||
Convertible note hedge transactions | (70.5) | (70.5) | (70.5) | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | 40 | 40 | 40 | ||||
Ending balance (in shares) at Jun. 30, 2023 | 60.2 | ||||||
Ending balance at Jun. 30, 2023 | 1,965.3 | 1,959.1 | $ 0.6 | 107.2 | 1,998.2 | (146.9) | 6.2 |
Increase (Decrease) in Shareholders' Equity | |||||||
Purchases of common stock (in shares) | (2.2) | ||||||
Stock Repurchased During Period, Value | $ 50.5 | 50.5 | 50.5 | ||||
Beginning balance (in shares) at Dec. 31, 2023 | 59.8 | 59.8 | |||||
Beginning balance at Dec. 31, 2023 | $ 1,949.6 | 1,943 | $ 0.6 | 109.6 | 1,981.6 | (148.9) | 6.7 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 27.2 | 27.4 | 27.4 | (0.2) | |||
Cash dividends declared | (10.1) | (10.1) | (10.1) | ||||
Amortization of share-based payment awards | 5.9 | 5.9 | 5.9 | ||||
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) | (12.9) | (12.9) | (12.9) | ||||
Ending balance (in shares) at Mar. 31, 2024 | 59.9 | ||||||
Ending balance at Mar. 31, 2024 | $ 1,958.5 | 1,952 | $ 0.6 | 114.3 | 1,998.8 | (161.7) | 6.5 |
Beginning balance (in shares) at Dec. 31, 2023 | 59.8 | 59.8 | |||||
Beginning balance at Dec. 31, 2023 | $ 1,949.6 | 1,943 | $ 0.6 | 109.6 | 1,981.6 | (148.9) | 6.7 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 134.1 | ||||||
Other comprehensive income (loss) | $ (3.4) | ||||||
Ending balance (in shares) at Jun. 30, 2024 | 59.1 | 59.1 | |||||
Ending balance at Jun. 30, 2024 | $ 2,037.4 | 2,032.3 | $ 0.6 | 87 | 2,097 | (152.3) | 5.1 |
Beginning balance (in shares) at Mar. 31, 2024 | 59.9 | ||||||
Beginning balance at Mar. 31, 2024 | 1,958.5 | 1,952 | $ 0.6 | 114.3 | 1,998.8 | (161.7) | 6.5 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net income (loss) | 106.9 | 108.3 | 108.3 | (1.4) | |||
Cash dividends declared | (10.1) | (10.1) | (10.1) | ||||
Amortization of share-based payment awards | 6 | 6 | 6 | ||||
Issuance (cancellation) of common stock related to share-based payment awards (in shares) | 0.3 | ||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | (3.9) | (3.9) | (3.9) | ||||
Other comprehensive income (loss) | $ 9.4 | 9.4 | 9.4 | ||||
Ending balance (in shares) at Jun. 30, 2024 | 59.1 | 59.1 | |||||
Ending balance at Jun. 30, 2024 | $ 2,037.4 | 2,032.3 | $ 0.6 | 87 | $ 2,097 | $ (152.3) | $ 5.1 |
Increase (Decrease) in Shareholders' Equity | |||||||
Purchases of common stock (in shares) | (1.1) | ||||||
Stock Repurchased During Period, Value | $ 29.4 | $ 29.4 | $ 29.4 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) including noncontrolling interest | $ 134.1 | $ 53 |
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: | ||
Unrealized (gain) loss on derivatives | 46.4 | (146.1) |
(Gain) loss on sale of business | (96) | 0 |
Depreciation and amortization | 49.8 | 51.7 |
Noncash operating lease expense | 16 | 19 |
Provision for credit losses | 4 | 2.5 |
Share-based payment award compensation costs | 11.8 | 10.1 |
Deferred income tax expense (benefit) | (31.5) | (0.1) |
Unrealized foreign currency (gains) losses, net | 14.1 | (10.1) |
Other | 14.1 | 10.5 |
Changes in assets and liabilities, net of acquisitions and divestitures: | ||
Accounts receivable, net | 114.7 | 820.4 |
Inventories | 18.5 | 228 |
Prepaid expenses | (10.4) | (1.4) |
Other current assets | 16.1 | (27.8) |
Cash collateral with counterparties | 79.4 | 181.5 |
Other non-current assets | (66.5) | (56) |
Change in derivative assets and liabilities, net | (4.2) | (1.8) |
Accounts payable | (102.8) | (826.6) |
Accrued expenses and other current liabilities | (45.9) | (130.2) |
Other long-term liabilities | 16.3 | 9.8 |
Net cash provided by (used in) operating activities | 178.1 | 186.5 |
Cash flows from investing activities: | ||
Proceeds from divestiture of businesses, net of cash divested | 200.4 | 0 |
Capital expenditures | (32.1) | (46.5) |
Other investing activities, net | (4.5) | (9.6) |
Net cash provided by (used in) investing activities | 163.8 | (56.1) |
Cash flows from financing activities: | ||
Borrowings of debt | 1,885 | 3,221.3 |
Repayments of debt | (1,896.1) | (3,531.4) |
Issuance of Convertible Notes | 0 | 350 |
Dividends paid on common stock | (18.5) | (17.3) |
Repurchases of common stock | (29.1) | (50) |
Purchase of convertible note hedges | 0 | (70.5) |
Sale of warrants | 0 | 40 |
Payments of deferred consideration for acquisitions | 50.9 | 62.8 |
Other financing activities, net | (5.1) | (8.6) |
Net cash provided by (used in) financing activities | (114.7) | (129.3) |
Effect of exchange rate changes on cash and cash equivalents | (7) | (5.6) |
Net increase (decrease) in cash and cash equivalents | 220.3 | (4.5) |
Cash and cash equivalents, as of the beginning of the period | 304.3 | 298.4 |
Cash and cash equivalents, as of the end of the period | $ 524.6 | $ 293.9 |
Basis of Presentation, New Acco
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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 Kinect 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 Kinect," "we," "our" and "us." We are a global energy management company offering fulfillment and related services across the aviation, marine, and land-based transportation sectors. We also supply natural gas and power in the United States and Europe along with a growing suite of other sustainability-related products and services. The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2023 Annual Report on Form 10-K ("2023 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 2023 10-K Report. Certain prior period amounts in the Condensed Consolidated Financial Statements and accompanying Notes have been reclassified to conform to the current period presentation. Due to rounding, certain amounts may not add; however, all percentages have been calculated using unrounded amounts. New Accounting Standards Accounting Standards Issued but Not Yet Adopted Segment Reporting . Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting, to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits companies to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other recently issued accounting standards not yet adopted by us that are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, registrants will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules also require registrants to disclose outside the financial statements information regarding governance and oversight of material climate-related risks, the material impacts of climate risks on the strategy, business model and outlook, risk management processes and material scope 1 and scope 2 greenhouse gas emissions and any material climate-related targets and goals when the registrant has made a target or goal that has materially affected or is reasonable likely to materially affect its business, results of operations, or financial condition. The rules are generally scheduled to be effective for annual reporting periods beginning in 2025. However, in April 2024, the SEC voluntarily stayed the rules pending judicial review. The Company is currently evaluating these final rules to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Significant Accounting Policies There have been no significant changes in the Company's accounting policies from those disclosed in our 2023 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 2023 10-K Report. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Accounts Receivable | 2. Accounts Receivable Accounts Receivable and Allowance for Credit Losses When we extend credit on an unsecured basis, our exposure to credit losses depends on the financial condition of our customers and macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in oil prices and political instability. We actively monitor and manage our credit exposure and work to respond to both changes in our customers' financial conditions and macroeconomic events. Based on the ongoing credit evaluations of our customers, we adjust credit limits based upon payment history and our customers' current creditworthiness. However, because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected may ultimately need to be written off. We had accounts receivable, net, of $2.6 billion and $2.7 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $21.6 million and $20.8 million, as of June 30, 2024 and December 31, 2023, respectively. Changes to the expected credit loss provision during the six months ended June 30, 2024 resulted from the Company's assessment of reasonable and supportable forward-looking information, including global economic outlook considerations. Based on an aging analysis as of June 30, 2024, 94% of our accounts receivable were outstanding less than 60 days. The following table sets forth activities in our allowance for expected credit losses (in millions): For the Six Months Ended June 30, 2024 2023 Balance as of January 1, $ 20.8 $ 17.3 Charges to allowance for credit losses 4.0 2.5 Write-off of uncollectible receivables (3.9) (2.4) Recoveries of credit losses 0.7 0.1 Translation adjustments — (0.1) Balance as of June 30, $ 21.6 $ 17.5 Receivable Purchase Agreements We have receivable purchase agreements ("RPAs") that allow for the sale of our qualifying accounts receivable in exchange for cash consideration equal to the total balance, less a discount margin, depending on the outstanding accounts receivable at any given time. Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Consolidated Statements of Income and Comprehensive Income. During the six months ended June 30, 2024 and 2023, we sold receivables under the RPAs with an aggregate face value of $6.1 billion and $6.0 billion and recognized fees of $20.3 million and $22.8 million, respectively. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisitions and Divestitures | 3. Acquisitions and Divestitures 2024 Acquisitions and Divestitures There were no acquisitions during the six months ended June 30, 2024. On May 1, 2024, we completed the sale of our Avinode Group and our portfolio of aviation fixed-based operator software products (the "disposal group") for cash proceeds, net of cash sold, of $200.4 million (the "Avinode sale"). The sale resulted in a pre-tax gain of $96.0 million, net of costs to sell and after the reclassification of the cumulative translation adjustment to net income, that is included in Other income (expense), net within our Consolidated Statements of Income and Comprehensive Income. The related tax expense of $9.1 million is included in Provision for income taxes within our Consolidated Statements of Income and Comprehensive Income. Prior to the sale, the disposal group was reported within the aviation segment. The sale did not meet the criteria to be reported as a discontinued operation. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 4. Goodwill The following table provides information regarding changes in goodwill during the six months ended June 30, 2024 (in millions): Aviation Land Total As of December 31, 2023 $ 398.3 $ 839.7 $ 1,238.0 Adjustment for sale of business (1) (59.5) — (59.5) Foreign currency translation of non-USD functional currency subsidiary goodwill (1.8) (1.8) (3.6) As of June 30, 2024 $ 336.9 $ 838.0 $ 1,174.9 (1) See Note 3. Acquisitions and Divestitures for additional information. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 5. Derivative Instruments We are exposed to a variety of risks, including, but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective. Our risk management program includes the following types of derivative instruments: Fair Value Hedges. Derivative contracts we hold to hedge the risk of changes in the price of our inventory. Cash Flow Hedges. Derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions. Non-designated Derivatives. Derivatives we primarily transact to mitigate the risk of market price fluctuations in swaps or futures contracts, as well as certain forward fixed price purchase and sale contracts to hedge the risk of currency rate fluctuations and for portfolio optimization. The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions): Unit June 30, 2024 Commodity contracts Long BBL 81.2 Short BBL (82.8) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (1,142.8) Buy U.S. dollar, sell other currencies USD 1,024.8 Interest rate contracts Interest rate swap USD 300.0 The majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next twelve months and our interest rate swap agreement matures in March 2025. Assets and Liabilities The following table presents the gross fair value of our derivative instruments and their locations on the Condensed Consolidated Balance Sheets (in millions): Condensed Consolidated Balance Sheets Location Gross Derivative Assets Gross Derivative Liabilities Derivative Instruments June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Commodity contracts Other non-current assets $ — $ 0.3 $ — $ — Short-term derivative liabilities, net 5.2 24.8 4.8 20.9 Interest rate contracts Short-term derivative assets, net 10.5 12.7 — — Other non-current assets — 2.2 — — Total derivatives designated as hedging instruments 15.6 39.9 4.8 20.9 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 263.4 343.9 76.9 73.1 Other non-current assets 107.2 139.8 17.8 17.2 Short-term derivative liabilities, net 132.6 161.8 264.1 340.0 Other long-term liabilities 97.3 121.2 169.1 217.9 Foreign currency contracts Short-term derivative assets, net 13.4 24.7 11.8 9.8 Other non-current assets 0.5 0.6 0.2 0.5 Short-term derivative liabilities, net 1.2 8.7 6.3 18.3 Other long-term liabilities 0.2 — 0.3 — Total derivatives not designated as hedging instruments 615.8 800.8 546.6 676.8 Total derivatives $ 631.4 $ 840.7 $ 551.4 $ 697.8 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) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Inventory $ 62.5 $ 55.3 $ 1.6 $ (1.3) 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 June 30, 2024 June 30, 2023 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 $ 10,965.2 $ 10,720.0 $ 27.5 $ 10,980.7 $ 10,699.0 $ 32.5 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 1.1 — — (1.0) — Derivatives designated as hedging instruments — 1.1 — — 1.4 — Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — (0.2) — 1.7 (1.4) — Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — 3.7 — — 3.9 Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Total amount of income and expense line items excluding the impact of hedges $ 10,965.2 $ 10,722.0 $ 31.2 $ 10,979.0 $ 10,698.0 $ 36.3 For the Six Months Ended June 30, 2024 June 30, 2023 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 $ 21,916.6 $ 21,417.2 $ 56.4 $ 23,462.3 $ 22,917.9 $ 66.8 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 3.2 — — (4.3) — Derivatives designated as hedging instruments — (2.2) — — 5.2 — Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — (0.6) — 0.9 (1.2) — Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — 7.4 — — 5.7 Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Total amount of income and expense line items excluding the impact of hedges $ 21,916.6 $ 21,417.6 $ 63.8 $ 23,461.4 $ 22,917.7 $ 72.5 The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2024 2023 2024 2023 Commodity contracts Revenue $ 0.9 $ — $ 1.3 $ (0.1) Commodity contracts Cost of revenue $ 0.5 $ (3.8) $ (1.1) $ (5.8) For the six months ended June 30, 2024 and 2023, there were no gains or losses recognized in earnings related to our fair value or cash flow hedges that were excluded from the assessment of hedge effectiveness. As of June 30, 2024, on a pre-tax basis, $0.2 million is scheduled to be reclassified from Accumulated other comprehensive income (loss) over the next twelve months as a decrease to Revenue related to designated commodity cash flow hedges that will mature within the next twelve months. The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Commodity contracts (Revenue) $ — $ (0.1) $ (0.1) $ 0.7 Commodity contracts (Cost of revenue) 0.3 0.1 0.1 (0.3) Interest rate contracts (Interest expense and other financing costs, net) 0.6 3.8 $ 2.2 $ 3.2 Total gain (loss) $ 0.8 $ 3.9 $ 2.2 $ 3.6 Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2024 2023 2024 2023 Commodity contracts Revenue $ — $ 1.2 $ — $ 0.8 Commodity contracts Cost of revenue (0.1) (0.9) (0.4) (1.0) Interest rate contracts Interest expense and other financing costs, net 2.8 2.6 5.5 4.9 Total gain (loss) $ 2.7 $ 2.8 $ 5.0 $ 4.6 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): Derivative Instruments - Non-designated For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2024 2023 2024 2023 Commodity contracts Revenue $ (46.8) $ (52.4) $ (124.9) $ (142.8) Cost of revenue (3.0) (11.3) 3.1 (18.5) (49.8) (63.8) (121.8) (161.2) Foreign currency contracts Revenue 0.1 (2.1) (0.4) (5.6) Other (expense), net (2.0) (3.0) (4.1) 0.8 (1.9) (5.1) (4.5) (4.9) Total gain (loss) $ (51.7) $ (68.8) $ (126.3) $ (166.1) 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, such as a credit downgrade or if certain defined financial ratios fall below an established threshold. The occurrence of these credit events may require us to post additional collateral or immediately settle the derivative instrument. The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions): June 30, 2024 December 31, 2023 Net derivative liability positions with credit contingent features $ 76.5 $ 99.1 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 76.5 $ 99.1 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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. With the exception of the Convertible Notes issued in June 2023, as discussed in Note 7. Debt, Interest Income, Expense, and Other Finance Costs, the carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy. Recurring Fair Value Measurements The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions): Fair Value Measurements as of June 30, 2024 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 190.4 $ 406.9 $ 8.4 $ 605.7 Interest rate contract — 10.5 — 10.5 Foreign currency contracts — 15.3 — 15.3 Cash surrender value of life insurance — 18.4 — 18.4 Total assets at fair value $ 190.4 $ 451.0 $ 8.4 $ 649.8 Liabilities: Commodities contracts $ 253.3 $ 278.6 $ 0.8 $ 532.7 Foreign currency contracts — 18.6 — 18.6 Total liabilities at fair value $ 253.3 $ 297.3 $ 0.8 $ 551.4 Fair Value Measurements as of December 31, 2023 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 220.0 $ 560.2 $ 11.6 $ 791.8 Interest rate contract — 14.8 — 14.8 Foreign currency contracts — 34.1 — 34.1 Cash surrender value of life insurance — 16.5 — 16.5 Total assets at fair value $ 220.0 $ 625.6 $ 11.6 $ 857.3 Liabilities: Commodities contracts $ 322.1 $ 345.3 $ 1.8 $ 669.1 Foreign currency contracts — 28.7 — 28.7 Total liabilities at fair value $ 322.1 $ 373.9 $ 1.8 $ 697.8 For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty's rights and obligations, request additional collateral when necessary, or liquidate the collateral in the event of counterparty default. We net the fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Condensed Consolidated Balance Sheets (in millions): Fair Value as of June 30, 2024 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 605.7 $ 329.8 $ 275.9 $ 19.8 $ — $ 256.0 Interest rate contract 10.5 — 10.5 — — 10.5 Foreign currency contracts 15.3 13.3 2.0 — — 2.0 Total assets at fair value $ 631.4 $ 343.1 $ 288.3 $ 19.8 $ — $ 268.5 Liabilities: Commodities contracts $ 532.7 $ 329.8 $ 202.9 $ 61.6 $ — $ 141.4 Foreign currency contracts 18.6 13.3 5.3 — — 5.3 Total liabilities at fair value $ 551.4 $ 343.1 $ 208.3 $ 61.6 $ — $ 146.7 Fair Value as of December 31, 2023 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 791.8 $ 399.0 $ 392.8 $ 45.2 $ — $ 347.7 Interest rate contract 14.8 — 14.8 — — 14.8 Foreign currency contracts 34.1 19.1 15.0 — — 15.0 Total assets at fair value $ 840.7 $ 418.0 $ 422.7 $ 45.2 $ — $ 377.5 Liabilities: Commodities contracts $ 669.1 $ 399.0 $ 270.1 $ 100.5 $ — $ 169.7 Foreign currency contracts 28.7 19.1 9.6 — — 9.6 Total liabilities at fair value $ 697.8 $ 418.0 $ 279.7 $ 100.5 $ — $ 179.2 At June 30, 2024 and December 31, 2023, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset. Concentration of Credit Risk Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At June 30, 2024, two of our counterparties with a total exposure of $78.7 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $26.9 million. Nonrecurring Fair Value Measurements The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of June 30, 2024. |
Debt, Interest Income, Expense,
Debt, Interest Income, Expense, and Other Finance Costs | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt, Interest Income, Expense, and Other Finance Costs | 7. Debt, Interest Income, Expense, and Other Finance Costs Long-Term Debt Our outstanding debt consists of the following (in millions): June 30, 2024 December 31, 2023 Credit Facility (1) $ — $ — Term loan (1) 467.3 476.4 Convertible Notes (2) 339.7 338.5 Finance leases 15.8 15.7 Other (3) 56.4 57.3 Total debt 879.2 887.9 Less: Current maturities of long-term debt and finance leases 81.4 78.8 Long-term debt $ 797.8 $ 809.1 (1) The Fourth Amended and Restated Credit Agreement matures in April 2027 and provides for a term loan as well as a revolving credit facility of up to $1.5 billion (the "Credit Facility"). (2) Our 3.250% Convertible Senior Notes due 2028 (the "Convertible Notes") were issued in June 2023 and mature on July 1, 2028, unless earlier converted, redeemed or repurchased. As of June 30, 2024 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs. As of June 30, 2024, the fair value of the Convertible Notes is estimated to be approximately $378.8 million using the Level 2 observable input of quoted market prices in an inactive market. (3) Includes secured borrowings for the transfer of tax receivables of $52.0 million (EUR 48.5 million) and $53.6 million (EUR 48.5 million) as of June 30, 2024 and December 31, 2023, respectively. Interest Income, Expense, and Other Financing Costs The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 1.7 $ 2.4 $ 3.7 $ 4.0 Interest expense and other financing costs (29.2) (34.9) (60.0) (70.7) Interest expense and other financing costs, net $ (27.5) $ (32.5) $ (56.4) $ (66.8) |
Supplier Financing Programs
Supplier Financing Programs | 6 Months Ended |
Jun. 30, 2024 | |
Supplier Financing Programs [Abstract] | |
Supplier Finance Program [Text Block] | 8. Supplier Financing Programs Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support. Outstanding obligations confirmed under our supplier finance programs were $210.2 million and $198.8 million as of June 30, 2024 and December 31, 2023, respectively, and are included in Accounts payable |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies On November 23, 2023, one of our subsidiaries submitted an erroneous bid in the Finnish power market. During the fourth quarter of 2023, the Company recognized related extraordinary losses totaling $48.8 million, which are principally reported within Cost of revenue on the Consolidated Statements of Income and Comprehensive Income. In December 2023, the subsidiary received a request for information from Energiavirasto, the Finnish energy regulatory authority ("EA"), indicating that EA had initiated an investigation in relation to the events surrounding the erroneous bid submission. We have since received requests for additional information following our responses to EA's initial requests. We have responded to such requests and continue to cooperate with the investigation. At this time, we are unable to predict the outcome of this investigation, including whether the investigation will result in any action, proceeding or fine against us. We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business, including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. From time to time, we are also under review by various domestic and foreign tax authorities regarding indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, South Korea and Brazil, where the amounts in controversy may be material. During 2016 and 2017, the South Korean branch of one of our subsidiaries received assessments totaling approximately $24.9 million (KRW 34.3 billion) from the regional tax authorities of Seoul, South Korea. The assessments primarily consist of fines and penalties for allegedly failing to issue Value Added Tax ("VAT") invoices and report certain transactions during the period 2011-2014. These assessments do not involve failure to pay or collect VAT. We believe we have substantial defenses to these assessments and expect to continue to pursue available administrative and judicial remedies to resolve this matter. We are also involved in several tax disputes with federal, state and municipal tax authorities in Brazil, relating primarily to a VAT tax known as ICMS. These disputes are at various stages of the legal process, including the administrative review phase and the collection action phase, and include assessments of fixed amounts of principal and penalties, plus interest. One of our Brazilian subsidiaries is currently contesting an assessment from the Brazilian tax authorities relating to the ICMS rate used for certain transactions (consisting of tax, interest and penalties) that now stands at approximately $5.8 million (BRL 32.5 million). In November 2023, the deadline passed for the Brazilian tax authorities to appeal a previous judgment reducing the interest rate applicable to the assessment. In April 2024, the Sao Paulo Court of Justice published a decision on a motion previously filed in the case, which reduced the penalty by limiting it to the total tax due and eliminated any interest that would have been due on the excess penalty. We intend to pursue available administrative and judicial remedies necessary to resolve this matter. We have established loss provisions for claims and other matters in which losses are probable and can be reasonably estimated. As of June 30, 2024, our reserves for such claims were not material. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, we believe that such losses will not have a material adverse effect on our Condensed Consolidated Financial Statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our Condensed Consolidated Financial Statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. When we deem it appropriate and the amounts are reasonably estimable, we establish reserves for potential adjustments to our provision for the accrual of indirect taxes that may result from examinations or other actions by tax authorities. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities will result in the recognition of benefits in the period we determine the liabilities are no longer necessary. If our estimates of any of our federal, state, and foreign indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense. Except with respect to the matters described above, we believe that the final outcome of any pending examinations, agreements, administrative or judicial proceedings will not have a material effect on our results of operations or cash flows. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | 10. Shareholders' Equity Cash Dividends During the six months ended June 30, 2024, the Company's Board of Directors (the "Board") declared quarterly cash dividends of $0.17 per common share representing first and second quarter dividends of $10.1 million and $10.1 million, which were paid on April 16, 2024 and July 16, 2024, respectively. During the six months ended June 30, 2023, the Board declared quarterly cash dividends of $0.14 per common share representing first and second quarter dividends of $8.6 million and $8.4 million, which were paid on April 21, 2023 and July 10, 2023, respectively. Accumulated Other Comprehensive Income (Loss) Our Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions): Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2024 $ (159.6) $ 10.8 $ (148.9) Other comprehensive income (loss) before reclassifications (17.6) 2.2 (15.4) Amounts reclassified from Accumulated other comprehensive income (loss) (1) 17.0 (5.0) 11.9 Balance as of June 30, 2024 $ (160.3) $ 7.9 $ (152.3) Balance as of January 1, 2023 $ (179.5) $ 18.9 $ (160.6) Other comprehensive income (loss) before reclassifications 14.8 3.6 18.3 Amounts reclassified from Accumulated other comprehensive income (loss) — (4.6) (4.6) Balance as of June 30, 2023 $ (164.7) $ 17.8 $ (146.9) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 11. Revenue from Contracts with Customers Disaggregated revenue The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Aviation $ 289.1 $ 253.1 $ 587.2 $ 525.3 Land 16.1 7.9 79.3 12.2 Marine 1,087.9 1,005.7 2,171.8 2,116.1 Asia Pacific 1,393.1 1,266.7 2,838.2 2,653.6 Aviation 1,281.7 1,002.0 2,197.8 1,826.7 Land 676.3 729.9 1,572.8 1,787.0 Marine 620.2 619.7 1,166.1 1,145.1 EMEA 2,578.2 2,351.6 4,936.7 4,758.8 Aviation 935.4 889.1 2,027.0 2,107.1 Land 247.4 238.9 494.6 456.6 Marine 163.0 150.8 428.5 437.9 LATAM 1,345.9 1,278.8 2,950.1 3,001.6 Aviation 2,857.5 3,047.0 5,687.8 6,944.9 Land 2,399.0 2,719.0 4,694.7 5,427.0 Marine 432.9 368.1 927.1 813.6 North America 5,689.4 6,134.2 11,309.6 13,185.5 Other revenues (excluded from ASC 606) (1) (41.4) (50.6) (118.1) (137.1) Total revenue $ 10,965.2 $ 10,980.7 $ 21,916.6 $ 23,462.3 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. Accounts receivable, contract assets and contract liabilities The nature of the receivables related to revenue from contracts with customers and other revenues (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into utilizing the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Condensed Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, the contract assets and contract liabilities recognized by the Company were not material. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Provision for income taxes $ 9.7 $ 9.8 $ 13.0 $ 14.0 Effective income tax rate 8.3 % 24.3 % 8.8 % 20.8 % Our provision for income taxes for the three months ended June 30, 2024 includes a net discrete income tax expense of $4.9 million, of which a net tax expense of $9.1 million relates to the tax on gain on sale of Avinode and a tax expense of $1.6 million relates to return-to-provision adjustments, partially offset by a net tax benefit of $5.9 million primarily related to changes in our reserve for uncertain tax positions. Our provision for income taxes for the three months ended June 30, 2023 includes a net discrete income tax benefit of $1.7 million, of which $1.5 million relates to the reversal of a valuation allowance previously recorded against the deferred tax assets of one of our foreign subsidiaries. Our provision for income taxes for the six months ended June 30, 2024 includes a net discrete income tax benefit of $0.2 million, of which a net tax benefit of $8.4 million relates to changes in our reserve for uncertain tax positions and a tax benefit of $0.9 million relates to return-to-provision adjustments, partially offset by a net tax expense of $9.1 million related to the tax on gain on sale of Avinode. Our provision for income taxes for the six months ended June 30, 2023 includes a net discrete income tax benefit of $5.5 million, of which $5.0 million relates to the reversal of valuation allowances previously recorded against deferred tax assets. Our income tax provisions for the three and six months ended June 30, 2024 and 2023 were calculated based on the estimated annual effective income tax rates for the 2024 and 2023 years, respectively. The actual effective income tax rate for the 2024 year may be materially different for several reasons including differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned. On October 4, 2021, 136 members of the Organization for Economic Co-operation and Development ("OECD") agreed to a global minimum tax rate of 15%. On December 20, 2021, OECD published its model rules on the agreed minimum tax known as the Global Anti-Base Erosion ("GloBE") rules. The GloBE rules provide a framework for a coordinated multi-country system of taxation intended to ensure large multinational enterprise groups pay a minimum level of tax on the income arising in each of the jurisdictions where they operate. On December 14, 2022, the European Council approved its directive to implement Pillar Two of the GloBE rules regarding a 15% global minimum tax rate. Many EU countries have already indicated they plan to enact certain provisions of this directive as of January 1, 2024. In addition, many G20 nations have indicated their plan to follow the OECD guidance as early as January 1, 2024. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates. The legislation is effective for the Company’s financial year beginning January 1, 2024. The Company has completed its assessment and identified potential exposure to Pillar Two income taxes on profits earned in jurisdictions where the effective tax rate is lower than 15%. The estimated Pillar Two taxes do not have a material impact on the estimated annual effective tax rate for 2024 or the income tax provision for the quarter. We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most material of these is in Denmark, where one of our subsidiaries has been under audit since 2018. Through June 30, 2024, we have received final tax assessments for the 2013 and 2014 tax years that were immaterial, and proposed tax assessments for the 2015 through 2021 tax years of approximately $136.7 million (DKK 951.5 million), excluding interest. We believe we have substantial defenses to these assessments and expect to continue to pursue available administrative and judicial remedies to resolve this matter. An unfavorable resolution of one or more of the above matters could have a material adverse effect on our operating results or cash flows in the quarter or year in which the adjustments are recorded, or the tax is due or paid. As examinations are still in process or have not yet reached the final stages of the appeals process, the timing of the ultimate resolution or payments that may be required cannot be determined at this time. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Business Segments | 13. Business Segments We operate in three reportable segments consisting of aviation, land and marine. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. We use Income from operations as our primary measure of profit as we believe it is the most meaningful measure to allocate resources and assess the performance of our segments. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, Revenue: 2024 2023 2024 2023 Aviation segment $ 5,368.7 $ 5,194.4 $ 10,512.9 $ 11,417.2 Land segment 3,292.4 3,642.3 6,709.0 7,533.5 Marine segment 2,304.1 2,144.0 4,694.6 4,511.6 Total revenue $ 10,965.2 $ 10,980.7 $ 21,916.6 $ 23,462.3 Income from operations: Aviation segment $ 68.0 $ 58.1 $ 112.0 $ 92.1 Land segment (4.2) 24.6 14.2 50.8 Marine segment 10.4 19.8 37.2 50.6 Corporate overhead - unallocated (29.0) (27.0) (54.9) (53.4) Total income from operations $ 45.2 $ 75.5 $ 108.5 $ 140.1 Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions): June 30, 2024 December 31, 2023 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $7.0 and $9.1 as of June 30, 2024 and December 31, 2023, respectively $ 1,254.2 $ 1,285.7 Land segment, net of allowance for credit losses of $10.2 and $6.3 as of June 30, 2024 and December 31, 2023, respectively 699.7 767.4 Marine segment, net of allowance for credit losses of $2.8 and $2.9 as of June 30, 2024 and December 31, 2023, respectively 638.0 682.4 Total accounts receivable, net $ 2,592.0 $ 2,735.5 Total assets: Aviation segment $ 2,713.5 $ 2,767.4 Land segment 3,194.5 3,323.4 Marine segment 1,041.0 992.8 Corporate 240.2 291.8 Total assets $ 7,189.2 $ 7,375.3 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 14. Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to World Kinect $ 108.3 $ 29.9 $ 135.7 $ 52.7 Denominator: Weighted average common shares for basic earnings per common share 59.8 62.3 59.9 62.4 Effect of dilutive securities 0.2 0.2 0.4 0.4 Weighted average common shares for diluted earnings per common share 60.0 62.5 60.3 62.8 Basic earnings (loss) per common share $ 1.81 $ 0.48 $ 2.27 $ 0.85 Diluted earnings (loss) per common share $ 1.81 $ 0.48 $ 2.25 $ 0.84 Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met 1.3 1.3 1.2 1.2 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 15. Restructuring and Exit Activities 2023 Restructuring Plan In November 2023, we approved and began implementing a restructuring plan (the "2023 Restructuring Plan") to realign our operational focus with the purpose of simplifying our business, enabling us to focus more clearly on growing our core businesses and our new sustainability-related activities, and improving our cost structure. As part of this plan, during the fourth quarter of 2023, we identified open positions that were eliminated and other positions that were closed to better align the workforce necessary to execute the revised strategy. We recognized restructuring charges of $7.2 million during the year ended December 31, 2023, composed of severance and other compensation costs. We also decided to shift future investments away from underperforming businesses and to continue assessing our global office footprint, resulting in impairment charges of $11.2 million during the fourth quarter of 2023. During the first half of 2024, we continued to assess potential initiatives, resulting in additional severance and other compensation cost-related restructuring charges of $2.5 million. The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan (in millions): Aviation Land Marine Corporate Consolidated Accrued charges as of December 31, 2023 $ 1.2 $ 3.7 $ — $ 0.9 $ 5.7 Restructuring charges 0.1 1.2 — 1.2 2.5 Paid during the period (0.7) (2.7) — (0.8) (4.2) Accrued charges as of June 30, 2024 $ 0.6 $ 2.1 $ — $ 1.3 $ 4.0 In addition, as part of the 2023 Restructuring Plan, within our marine segment we made the decision to cease operations at one of our subsidiaries in Brazil, resulting in the write-off of $3.3 million of VAT credits that are no longer recoverable. We completed the restructuring activities during the second quarter of 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income attributable to World Kinect | $ 108.3 | $ 29.9 | $ 135.7 | $ 52.7 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation, New Ac_2
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2023 Annual Report on Form 10-K ("2023 10-K Report"). All intercompany transactions among our businesses have been eliminated. |
Reclassifications | Certain prior period amounts in the Condensed Consolidated Financial Statements and accompanying Notes have been reclassified to conform to the current period presentation. |
New Accounting Standards and Accounting Standards Issued but Not Yet Adopted | Accounting Standards Issued but Not Yet Adopted Segment Reporting . Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting, to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits companies to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other recently issued accounting standards not yet adopted by us that are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, registrants will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules also require registrants to disclose outside the financial statements information regarding governance and oversight of material climate-related risks, the material impacts of climate risks on the strategy, business model and outlook, risk management processes and material scope 1 and scope 2 greenhouse gas emissions and any material climate-related targets and goals when the registrant has made a target or goal that has materially affected or is reasonable likely to materially affect its business, results of operations, or financial condition. The rules are generally scheduled to be effective for annual reporting periods beginning in 2025. However, in April 2024, the SEC voluntarily stayed the rules pending judicial review. The Company is currently evaluating these final rules to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Financing Receivable, Allowance for Credit Loss | The following table sets forth activities in our allowance for expected credit losses (in millions): For the Six Months Ended June 30, 2024 2023 Balance as of January 1, $ 20.8 $ 17.3 Charges to allowance for credit losses 4.0 2.5 Write-off of uncollectible receivables (3.9) (2.4) Recoveries of credit losses 0.7 0.1 Translation adjustments — (0.1) Balance as of June 30, $ 21.6 $ 17.5 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The following table provides information regarding changes in goodwill during the six months ended June 30, 2024 (in millions): Aviation Land Total As of December 31, 2023 $ 398.3 $ 839.7 $ 1,238.0 Adjustment for sale of business (1) (59.5) — (59.5) Foreign currency translation of non-USD functional currency subsidiary goodwill (1.8) (1.8) (3.6) As of June 30, 2024 $ 336.9 $ 838.0 $ 1,174.9 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Positions of Derivative Instruments | The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions): Unit June 30, 2024 Commodity contracts Long BBL 81.2 Short BBL (82.8) Foreign currency exchange contracts Sell U.S. dollar, buy other currencies USD (1,142.8) Buy U.S. dollar, sell other currencies USD 1,024.8 Interest rate contracts Interest rate swap USD 300.0 |
Schedule of Derivative Instruments Measured at Fair Value and their Locations on the Consolidated Balance Sheets | The following table presents the gross fair value of our derivative instruments and their locations on the Condensed Consolidated Balance Sheets (in millions): Condensed Consolidated Balance Sheets Location Gross Derivative Assets Gross Derivative Liabilities Derivative Instruments June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Derivatives designated as hedging instruments Commodity contracts Other non-current assets $ — $ 0.3 $ — $ — Short-term derivative liabilities, net 5.2 24.8 4.8 20.9 Interest rate contracts Short-term derivative assets, net 10.5 12.7 — — Other non-current assets — 2.2 — — Total derivatives designated as hedging instruments 15.6 39.9 4.8 20.9 Derivatives not designated as hedging instruments Commodity contracts Short-term derivative assets, net 263.4 343.9 76.9 73.1 Other non-current assets 107.2 139.8 17.8 17.2 Short-term derivative liabilities, net 132.6 161.8 264.1 340.0 Other long-term liabilities 97.3 121.2 169.1 217.9 Foreign currency contracts Short-term derivative assets, net 13.4 24.7 11.8 9.8 Other non-current assets 0.5 0.6 0.2 0.5 Short-term derivative liabilities, net 1.2 8.7 6.3 18.3 Other long-term liabilities 0.2 — 0.3 — Total derivatives not designated as hedging instruments 615.8 800.8 546.6 676.8 Total derivatives $ 631.4 $ 840.7 $ 551.4 $ 697.8 |
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income | The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions): Line item in the Consolidated Balance Sheets in which the hedged item is included Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Inventory $ 62.5 $ 55.3 $ 1.6 $ (1.3) |
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 June 30, 2024 June 30, 2023 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 $ 10,965.2 $ 10,720.0 $ 27.5 $ 10,980.7 $ 10,699.0 $ 32.5 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 1.1 — — (1.0) — Derivatives designated as hedging instruments — 1.1 — — 1.4 — Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — (0.2) — 1.7 (1.4) — Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — 3.7 — — 3.9 Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Total amount of income and expense line items excluding the impact of hedges $ 10,965.2 $ 10,722.0 $ 31.2 $ 10,979.0 $ 10,698.0 $ 36.3 For the Six Months Ended June 30, 2024 June 30, 2023 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 $ 21,916.6 $ 21,417.2 $ 56.4 $ 23,462.3 $ 22,917.9 $ 66.8 Gains (losses) on fair value hedge relationships: Commodity contracts: Hedged item — 3.2 — — (4.3) — Derivatives designated as hedging instruments — (2.2) — — 5.2 — Amount excluded from effectiveness testing recognized in earnings based on amortization approach — — — — — — Gains (losses) on cash flow hedge relationships: Commodity contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — (0.6) — 0.9 (1.2) — Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Interest rate contracts: Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income — — 7.4 — — 5.7 Amount excluded from effectiveness testing recognized in earnings based on changes in fair value — — — — — — Total amount of income and expense line items excluding the impact of hedges $ 21,916.6 $ 21,417.6 $ 63.8 $ 23,461.4 $ 22,917.7 $ 72.5 The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2024 2023 2024 2023 Commodity contracts Revenue $ 0.9 $ — $ 1.3 $ (0.1) Commodity contracts Cost of revenue $ 0.5 $ (3.8) $ (1.1) $ (5.8) |
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income | The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions): Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Commodity contracts (Revenue) $ — $ (0.1) $ (0.1) $ 0.7 Commodity contracts (Cost of revenue) 0.3 0.1 0.1 (0.3) Interest rate contracts (Interest expense and other financing costs, net) 0.6 3.8 $ 2.2 $ 3.2 Total gain (loss) $ 0.8 $ 3.9 $ 2.2 $ 3.6 Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2024 2023 2024 2023 Commodity contracts Revenue $ — $ 1.2 $ — $ 0.8 Commodity contracts Cost of revenue (0.1) (0.9) (0.4) (1.0) Interest rate contracts Interest expense and other financing costs, net 2.8 2.6 5.5 4.9 Total gain (loss) $ 2.7 $ 2.8 $ 5.0 $ 4.6 |
Schedule of potential collateral requirements derivatives credit-risk contingency features | The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions): June 30, 2024 December 31, 2023 Net derivative liability positions with credit contingent features $ 76.5 $ 99.1 Collateral posted and held by our counterparties — — Maximum additional potential collateral requirements $ 76.5 $ 99.1 |
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): Derivative Instruments - Non-designated For the Three Months Ended June 30, For the Six Months Ended June 30, Location 2024 2023 2024 2023 Commodity contracts Revenue $ (46.8) $ (52.4) $ (124.9) $ (142.8) Cost of revenue (3.0) (11.3) 3.1 (18.5) (49.8) (63.8) (121.8) (161.2) Foreign currency contracts Revenue 0.1 (2.1) (0.4) (5.6) Other (expense), net (2.0) (3.0) (4.1) 0.8 (1.9) (5.1) (4.5) (4.9) Total gain (loss) $ (51.7) $ (68.8) $ (126.3) $ (166.1) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions): Fair Value Measurements as of June 30, 2024 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 190.4 $ 406.9 $ 8.4 $ 605.7 Interest rate contract — 10.5 — 10.5 Foreign currency contracts — 15.3 — 15.3 Cash surrender value of life insurance — 18.4 — 18.4 Total assets at fair value $ 190.4 $ 451.0 $ 8.4 $ 649.8 Liabilities: Commodities contracts $ 253.3 $ 278.6 $ 0.8 $ 532.7 Foreign currency contracts — 18.6 — 18.6 Total liabilities at fair value $ 253.3 $ 297.3 $ 0.8 $ 551.4 Fair Value Measurements as of December 31, 2023 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Assets: Commodities contracts $ 220.0 $ 560.2 $ 11.6 $ 791.8 Interest rate contract — 14.8 — 14.8 Foreign currency contracts — 34.1 — 34.1 Cash surrender value of life insurance — 16.5 — 16.5 Total assets at fair value $ 220.0 $ 625.6 $ 11.6 $ 857.3 Liabilities: Commodities contracts $ 322.1 $ 345.3 $ 1.8 $ 669.1 Foreign currency contracts — 28.7 — 28.7 Total liabilities at fair value $ 322.1 $ 373.9 $ 1.8 $ 697.8 |
Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets | We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Condensed Consolidated Balance Sheets (in millions): Fair Value as of June 30, 2024 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 605.7 $ 329.8 $ 275.9 $ 19.8 $ — $ 256.0 Interest rate contract 10.5 — 10.5 — — 10.5 Foreign currency contracts 15.3 13.3 2.0 — — 2.0 Total assets at fair value $ 631.4 $ 343.1 $ 288.3 $ 19.8 $ — $ 268.5 Liabilities: Commodities contracts $ 532.7 $ 329.8 $ 202.9 $ 61.6 $ — $ 141.4 Foreign currency contracts 18.6 13.3 5.3 — — 5.3 Total liabilities at fair value $ 551.4 $ 343.1 $ 208.3 $ 61.6 $ — $ 146.7 Fair Value as of December 31, 2023 Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Collateral Gross Amounts without Right of Offset Net Amounts Assets: Commodities contracts $ 791.8 $ 399.0 $ 392.8 $ 45.2 $ — $ 347.7 Interest rate contract 14.8 — 14.8 — — 14.8 Foreign currency contracts 34.1 19.1 15.0 — — 15.0 Total assets at fair value $ 840.7 $ 418.0 $ 422.7 $ 45.2 $ — $ 377.5 Liabilities: Commodities contracts $ 669.1 $ 399.0 $ 270.1 $ 100.5 $ — $ 169.7 Foreign currency contracts 28.7 19.1 9.6 — — 9.6 Total liabilities at fair value $ 697.8 $ 418.0 $ 279.7 $ 100.5 $ — $ 179.2 At June 30, 2024 and December 31, 2023, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset. |
Debt, Interest Income, Expens_2
Debt, Interest Income, Expense, and Other Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our outstanding debt consists of the following (in millions): June 30, 2024 December 31, 2023 Credit Facility (1) $ — $ — Term loan (1) 467.3 476.4 Convertible Notes (2) 339.7 338.5 Finance leases 15.8 15.7 Other (3) 56.4 57.3 Total debt 879.2 887.9 Less: Current maturities of long-term debt and finance leases 81.4 78.8 Long-term debt $ 797.8 $ 809.1 (1) The Fourth Amended and Restated Credit Agreement matures in April 2027 and provides for a term loan as well as a revolving credit facility of up to $1.5 billion (the "Credit Facility"). (2) Our 3.250% Convertible Senior Notes due 2028 (the "Convertible Notes") were issued in June 2023 and mature on July 1, 2028, unless earlier converted, redeemed or repurchased. As of June 30, 2024 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs. As of June 30, 2024, the fair value of the Convertible Notes is estimated to be approximately $378.8 million using the Level 2 observable input of quoted market prices in an inactive market. (3) Includes secured borrowings for the transfer of tax receivables of $52.0 million (EUR 48.5 million) and $53.6 million (EUR 48.5 million) as of June 30, 2024 and December 31, 2023, respectively. |
Schedule of Interest Expense and Other Financing Costs, Net | The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Interest income $ 1.7 $ 2.4 $ 3.7 $ 4.0 Interest expense and other financing costs (29.2) (34.9) (60.0) (70.7) Interest expense and other financing costs, net $ (27.5) $ (32.5) $ (56.4) $ (66.8) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of components of other comprehensive income and accumulated other comprehensive income (loss) | Foreign Currency Translation Adjustments Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2024 $ (159.6) $ 10.8 $ (148.9) Other comprehensive income (loss) before reclassifications (17.6) 2.2 (15.4) Amounts reclassified from Accumulated other comprehensive income (loss) (1) 17.0 (5.0) 11.9 Balance as of June 30, 2024 $ (160.3) $ 7.9 $ (152.3) Balance as of January 1, 2023 $ (179.5) $ 18.9 $ (160.6) Other comprehensive income (loss) before reclassifications 14.8 3.6 18.3 Amounts reclassified from Accumulated other comprehensive income (loss) — (4.6) (4.6) Balance as of June 30, 2023 $ (164.7) $ 17.8 $ (146.9) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregated by Major Geographic Areas | The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Aviation $ 289.1 $ 253.1 $ 587.2 $ 525.3 Land 16.1 7.9 79.3 12.2 Marine 1,087.9 1,005.7 2,171.8 2,116.1 Asia Pacific 1,393.1 1,266.7 2,838.2 2,653.6 Aviation 1,281.7 1,002.0 2,197.8 1,826.7 Land 676.3 729.9 1,572.8 1,787.0 Marine 620.2 619.7 1,166.1 1,145.1 EMEA 2,578.2 2,351.6 4,936.7 4,758.8 Aviation 935.4 889.1 2,027.0 2,107.1 Land 247.4 238.9 494.6 456.6 Marine 163.0 150.8 428.5 437.9 LATAM 1,345.9 1,278.8 2,950.1 3,001.6 Aviation 2,857.5 3,047.0 5,687.8 6,944.9 Land 2,399.0 2,719.0 4,694.7 5,427.0 Marine 432.9 368.1 927.1 813.6 North America 5,689.4 6,134.2 11,309.6 13,185.5 Other revenues (excluded from ASC 606) (1) (41.4) (50.6) (118.1) (137.1) Total revenue $ 10,965.2 $ 10,980.7 $ 21,916.6 $ 23,462.3 (1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision and the Respective Effective Income Tax Rates | Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Provision for income taxes $ 9.7 $ 9.8 $ 13.0 $ 14.0 Effective income tax rate 8.3 % 24.3 % 8.8 % 20.8 % |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Revenue, Gross Profit and Income from Operations by Segment | Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, Revenue: 2024 2023 2024 2023 Aviation segment $ 5,368.7 $ 5,194.4 $ 10,512.9 $ 11,417.2 Land segment 3,292.4 3,642.3 6,709.0 7,533.5 Marine segment 2,304.1 2,144.0 4,694.6 4,511.6 Total revenue $ 10,965.2 $ 10,980.7 $ 21,916.6 $ 23,462.3 Income from operations: Aviation segment $ 68.0 $ 58.1 $ 112.0 $ 92.1 Land segment (4.2) 24.6 14.2 50.8 Marine segment 10.4 19.8 37.2 50.6 Corporate overhead - unallocated (29.0) (27.0) (54.9) (53.4) Total income from operations $ 45.2 $ 75.5 $ 108.5 $ 140.1 |
Schedule of Accounts Receivable, Net and Total Assets by Segment | Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions): June 30, 2024 December 31, 2023 Accounts receivable, net: Aviation segment, net of allowance for credit losses of $7.0 and $9.1 as of June 30, 2024 and December 31, 2023, respectively $ 1,254.2 $ 1,285.7 Land segment, net of allowance for credit losses of $10.2 and $6.3 as of June 30, 2024 and December 31, 2023, respectively 699.7 767.4 Marine segment, net of allowance for credit losses of $2.8 and $2.9 as of June 30, 2024 and December 31, 2023, respectively 638.0 682.4 Total accounts receivable, net $ 2,592.0 $ 2,735.5 Total assets: Aviation segment $ 2,713.5 $ 2,767.4 Land segment 3,194.5 3,323.4 Marine segment 1,041.0 992.8 Corporate 240.2 291.8 Total assets $ 7,189.2 $ 7,375.3 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Earnings per Common Share | 14. Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share amounts): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income attributable to World Kinect $ 108.3 $ 29.9 $ 135.7 $ 52.7 Denominator: Weighted average common shares for basic earnings per common share 59.8 62.3 59.9 62.4 Effect of dilutive securities 0.2 0.2 0.4 0.4 Weighted average common shares for diluted earnings per common share 60.0 62.5 60.3 62.8 Basic earnings (loss) per common share $ 1.81 $ 0.48 $ 2.27 $ 0.85 Diluted earnings (loss) per common share $ 1.81 $ 0.48 $ 2.25 $ 0.84 Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met 1.3 1.3 1.2 1.2 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Activities Included in Accrued Expenses Other Current Liabilities | The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan (in millions): Aviation Land Marine Corporate Consolidated Accrued charges as of December 31, 2023 $ 1.2 $ 3.7 $ — $ 0.9 $ 5.7 Restructuring charges 0.1 1.2 — 1.2 2.5 Paid during the period (0.7) (2.7) — (0.8) (4.2) Accrued charges as of June 30, 2024 $ 0.6 $ 2.1 $ — $ 1.3 $ 4.0 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||||
Accounts receivable | $ 2,592 | $ 2,735.5 | ||
Allowance for credit losses | $ 21.6 | $ 17.5 | $ 20.8 | $ 17.3 |
Percent accounts receivable outstanding, less than 60 days | 94% | |||
Cash Proceeds from Transfer Of Financial Assets Accounted For As Sales Derecognized Amount | $ 6,100 | 6,000 | ||
Fees And Interest Paid Under Receivables Purchase Agreements | $ 20.3 | $ 22.8 |
Accounts Receivable - Allowance
Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 20.8 | $ 17.3 |
Charges to allowance for credit losses | 4 | 2.5 |
Write-off of uncollectible receivables | (3.9) | (2.4) |
Recoveries of credit losses | 0.7 | 0.1 |
Translation adjustments | 0 | (0.1) |
Ending balance | $ 21.6 | $ 17.5 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses, net of cash divested | $ 200.4 | $ 0 | ||
Gain (loss) on sale of disposal group, not discontinued operation, pretax | 96 | 0 | ||
Income Tax Expense (Benefit) | $ 9.7 | $ 9.8 | 13 | $ 14 |
Avinode Group | Avinode Group | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses, net of cash divested | 200.4 | |||
Gain (loss) on sale of disposal group, not discontinued operation, pretax | 96 | |||
Income Tax Expense (Benefit) | $ 9.1 |
Goodwill (Details)
Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | $ 1,238 |
Adjustment for sale of business (1) | (59.5) |
Foreign currency translation of non-USD functional currency subsidiary goodwill | (3.6) |
Balance at the end of the period | 1,174.9 |
Aviation Segment | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 398.3 |
Adjustment for sale of business (1) | (59.5) |
Foreign currency translation of non-USD functional currency subsidiary goodwill | (1.8) |
Balance at the end of the period | 336.9 |
Land Segment | |
Goodwill [Roll Forward] | |
Balance at the beginning of the period | 839.7 |
Foreign currency translation of non-USD functional currency subsidiary goodwill | (1.8) |
Balance at the end of the period | $ 838 |
Derivative Instruments - Gross
Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions | Jun. 30, 2024 USD ($) bbl |
Interest Rate Contract [Member] | U.S. dollar | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ 300 |
Long | Commodity Contract [Member] | |
Derivative instruments, at their respective fair value positions | |
Notional value of commodity contracts (in barrels) | bbl | 81.2 |
Long | Foreign currency exchange contracts | U.S. dollar | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ 1,024.8 |
Short | Commodity Contract [Member] | |
Derivative instruments, at their respective fair value positions | |
Notional value of commodity contracts (in barrels) | bbl | 82.8 |
Short | Foreign currency exchange contracts | U.S. dollar | |
Derivative instruments, at their respective fair value positions | |
Notional value of foreign currency exchange contracts | $ 1,142.8 |
Derivative Instruments - Balanc
Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | $ 631.4 | $ 840.7 |
Gross Derivative Liabilities | 551.4 | 697.8 |
Commodity Contract [Member] | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 605.7 | 791.8 |
Gross Derivative Liabilities | 532.7 | 669.1 |
Interest Rate Contract [Member] | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 10.5 | 14.8 |
Foreign Exchange Contract [Member] | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 15.3 | 34.1 |
Gross Derivative Liabilities | 18.6 | 28.7 |
Designated as Hedging Instrument [Member] | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 15.6 | 39.9 |
Gross Derivative Liabilities | 4.8 | 20.9 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 0.3 |
Gross Derivative Liabilities | 0 | 0 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Short-term derivative liabilities, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 5.2 | 24.8 |
Gross Derivative Liabilities | 4.8 | 20.9 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 10.5 | 12.7 |
Gross Derivative Liabilities | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0 | 2.2 |
Gross Derivative Liabilities | 0 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 615.8 | 800.8 |
Gross Derivative Liabilities | 546.6 | 676.8 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 263.4 | 343.9 |
Gross Derivative Liabilities | 76.9 | 73.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 107.2 | 139.8 |
Gross Derivative Liabilities | 17.8 | 17.2 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Short-term derivative liabilities, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 132.6 | 161.8 |
Gross Derivative Liabilities | 264.1 | 340 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 97.3 | 121.2 |
Gross Derivative Liabilities | 169.1 | 217.9 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Short-term derivative assets, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 13.4 | 24.7 |
Gross Derivative Liabilities | 11.8 | 9.8 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other non-current assets | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0.5 | 0.6 |
Gross Derivative Liabilities | 0.2 | 0.5 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Short-term derivative liabilities, net | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 1.2 | 8.7 |
Gross Derivative Liabilities | 6.3 | 18.3 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other long-term liabilities | ||
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet | ||
Gross Derivative Assets | 0.2 | 0 |
Gross Derivative Liabilities | $ 0.3 | $ 0 |
Derivative Instruments - Effect
Derivative Instruments - Effect on Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Hedged Asset, Fair Value Hedge | $ 62.5 | $ 62.5 | $ 55.3 | ||
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 1.6 | 1.6 | (1.3) | ||
Gain (loss) on derivative | |||||
Total revenue | 10,965.2 | $ 10,980.7 | 21,916.6 | $ 23,462.3 | |
Cost of Revenue | 10,720 | 10,699 | 21,417.2 | 22,917.9 | |
Interest expense and other financing costs, net | 27.5 | 32.5 | 56.4 | 66.8 | |
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | |||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | |||
Derivative, Credit Risk Related Contingent Features [Abstract] | |||||
Derivative, Net Liability Position, Aggregate Fair Value | 76.5 | 76.5 | 99.1 | ||
Collateral Already Posted, Aggregate Fair Value | 0 | 0 | 0 | ||
Additional Collateral, Aggregate Fair Value | 76.5 | 76.5 | $ 99.1 | ||
Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0.8 | 3.9 | 2.2 | 3.6 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 2.7 | 2.8 | 5 | 4.6 | |
Not Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (51.7) | (68.8) | (126.3) | (166.1) | |
Sales [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Total amount of income and expense line items excluding the impact of hedges, Revenue | 10,965.2 | 10,979 | 21,916.6 | 23,461.4 | |
Cost of Sales [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Total amount of income and expense line items excluding the impact of hedges, Cost of Revenue | 10,722 | 10,698 | 21,417.6 | 22,917.7 | |
Interest Expense And Other Financing Costs [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs | 31.2 | 36.3 | (63.8) | (72.5) | |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (49.8) | (63.8) | (121.8) | (161.2) | |
Commodity Contract [Member] | Sales [Member] | |||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 0 | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 1.7 | 0 | 0.9 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Commodity Contract [Member] | Sales [Member] | Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Not Recorded In Accumulated Other Comprehensive Income (Loss) Due To Intra-Period Settlement, After Tax | 0.9 | 0 | 1.3 | (0.1) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0 | (0.1) | (0.1) | 0.7 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 0 | 1.2 | 0 | 0.8 | |
Commodity Contract [Member] | Sales [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (46.8) | (52.4) | (124.9) | (142.8) | |
Commodity Contract [Member] | Cost of Sales [Member] | |||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 1.1 | (1) | 3.2 | (4.3) | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 1.1 | 1.4 | (2.2) | 5.2 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (0.2) | (1.4) | (0.6) | (1.2) | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Commodity Contract [Member] | Cost of Sales [Member] | Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Not Recorded In Accumulated Other Comprehensive Income (Loss) Due To Intra-Period Settlement, After Tax | 0.5 | (3.8) | (1.1) | (5.8) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0.3 | 0.1 | 0.1 | (0.3) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (0.1) | (0.9) | (0.4) | (1) | |
Commodity Contract [Member] | Cost of Sales [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (3) | (11.3) | 3.1 | (18.5) | |
Commodity Contract [Member] | Interest Expense And Other Financing Costs [Member] | |||||
Effect of Fair Value Hedges on Results of Operations [Abstract] | |||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 0 | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0 | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Interest Rate Contract [Member] | Sales [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0 | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Interest Rate Contract [Member] | Cost of Sales [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | 0 | 0 | 0 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Interest Rate Contract [Member] | Interest Expense And Other Financing Costs [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 3.7 | 3.9 | 7.4 | 5.7 | |
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 0 | 0 | 0 | 0 | |
Interest Rate Contract [Member] | Interest Expense And Other Financing Costs [Member] | Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 0.6 | 3.8 | 2.2 | 3.2 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 2.8 | 2.6 | 5.5 | 4.9 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | (1.9) | (5.1) | (4.5) | (4.9) | |
Foreign Exchange Contract [Member] | Sales [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (2.1) | (0.4) | (5.6) | |
Foreign Exchange Contract [Member] | Interest Expense And Other Financing Costs [Member] | Not Designated as Hedging Instrument [Member] | |||||
Summary of Cash Flow Hedge Activity [Abstract] | |||||
Derivative, Gain (Loss) on Derivative, Net | $ (2) | $ (3) | $ (4.1) | $ 0.8 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | $ 0 | $ 0 | |
Collateral posted and held by our counterparties | 0 | $ 0 | |
Sales [Member] | |||
Derivative [Line Items] | |||
Gain scheduled to be reclassified over the next twelve months | $ (0.2) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | $ 631.4 | $ 840.7 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 551.4 | 697.8 |
Fair value measured on recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure, Total | 649.8 | 857.3 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities, Fair Value Disclosure, Total | 551.4 | 697.8 |
Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure, Total | 190.4 | 220 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities, Fair Value Disclosure, Total | 253.3 | 322.1 |
Fair value measured on recurring basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure, Total | 451 | 625.6 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities, Fair Value Disclosure, Total | 297.3 | 373.9 |
Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Assets, Fair Value Disclosure, Total | 8.4 | 11.6 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Liabilities, Fair Value Disclosure, Total | 0.8 | 1.8 |
Commodity Contract [Member] | Fair value measured on recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 605.7 | 791.8 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 532.7 | 669.1 |
Commodity Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 190.4 | 220 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 253.3 | 322.1 |
Commodity Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 406.9 | 560.2 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 278.6 | 345.3 |
Commodity Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 8.4 | 11.6 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 0.8 | 1.8 |
Interest Rate Contract [Member] | Fair value measured on recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 10.5 | 14.8 |
Interest Rate Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 0 | 0 |
Interest Rate Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 10.5 | 14.8 |
Interest Rate Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 0 | 0 |
Foreign Exchange Contract [Member] | Fair value measured on recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 15.3 | 34.1 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 18.6 | 28.7 |
Foreign Exchange Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Foreign Exchange Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 15.3 | 34.1 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 18.6 | 28.7 |
Foreign Exchange Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Gross derivative assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Gross derivative liabilities | 0 | 0 |
Cash Surrender Value [Member] | Fair value measured on recurring basis | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 18.4 | 16.5 |
Cash Surrender Value [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Cash Surrender Value [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | 18.4 | 16.5 |
Cash Surrender Value [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements - Commo
Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | $ 631.4 | $ 840.7 |
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | 343.1 | 418 |
Derivative Asset, Total | 288.3 | 422.7 |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset | 19.8 | 45.2 |
Derivative Asset, Not Subject to Master Netting Arrangement Deduction | 0 | 0 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 268.5 | 377.5 |
Offsetting Liabilities [Line Items] | ||
Gross Derivative Liabilities | 551.4 | 697.8 |
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset | 343.1 | 418 |
Derivative Liability, Total | 208.3 | 279.7 |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 61.6 | 100.5 |
Derivative Liability, Not Subject to Master Netting Arrangement Deduction | 0 | 0 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 146.7 | 179.2 |
Commodity Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 605.7 | 791.8 |
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | 329.8 | 399 |
Derivative Asset, Total | 275.9 | 392.8 |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset | 19.8 | 45.2 |
Derivative Asset, Not Subject to Master Netting Arrangement Deduction | 0 | 0 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 256 | 347.7 |
Offsetting Liabilities [Line Items] | ||
Gross Derivative Liabilities | 532.7 | 669.1 |
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset | 329.8 | 399 |
Derivative Liability, Total | 202.9 | 270.1 |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 61.6 | 100.5 |
Derivative Liability, Not Subject to Master Netting Arrangement Deduction | 0 | 0 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 141.4 | 169.7 |
Interest Rate Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 10.5 | 14.8 |
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | 0 | 0 |
Derivative Asset, Total | 10.5 | 14.8 |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset | 0 | 0 |
Derivative Asset, Not Subject to Master Netting Arrangement Deduction | 0 | 0 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 10.5 | 14.8 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 15.3 | 34.1 |
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset | 13.3 | 19.1 |
Derivative Asset, Total | 2 | 15 |
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset | 0 | 0 |
Derivative Asset, Not Subject to Master Netting Arrangement Deduction | 0 | 0 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 2 | 15 |
Offsetting Liabilities [Line Items] | ||
Gross Derivative Liabilities | 18.6 | 28.7 |
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset | 13.3 | 19.1 |
Derivative Liability, Total | 5.3 | 9.6 |
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 0 | 0 |
Derivative Liability, Not Subject to Master Netting Arrangement Deduction | 0 | 0 |
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | $ 5.3 | $ 9.6 |
Fair Value Measurements - Conce
Fair Value Measurements - Concentration of Credit Risk (Details) - Individual Counterparty [Member] - Concentration of credit risk - Credit exposure $ in Millions | Jun. 30, 2024 USD ($) counterparty |
Concentration Risk [Line Items] | |
Total credit risk | $ 78.7 |
Cash collateral | $ 26.9 |
Number of OTC Counterparties | counterparty | 2 |
Debt, Interest Income, Expens_3
Debt, Interest Income, Expense, and Other Finance Costs - Schedule of Debt (Details) € in Millions, $ in Millions | Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) |
Debt Instrument [Line Items] | ||||
Total debt | $ 879.2 | $ 887.9 | ||
Less: Current maturities of long-term debt and finance leases | 81.4 | 78.8 | ||
Long-term debt | 797.8 | 809.1 | ||
Credit Facility (1) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0 | 0 | ||
Borrowing capacity | 1,500 | |||
Term loan (1) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 467.3 | 476.4 | ||
Convertible Notes (2) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 339.7 | 338.5 | ||
Debt Instrument, Face Amount | 350 | |||
Debt Instrument, Fair Value Disclosure | 378.8 | |||
Finance leases | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 15.8 | 15.7 | ||
Other (3) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 56.4 | 57.3 | ||
Secured Debt | $ 52 | € 48.5 | $ 53.6 | € 48.5 |
Debt, Interest Income, Expens_4
Debt, Interest Income, Expense, and Other Finance Costs - Interest Income (Expense), and Other Financing Costs, net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Debt Disclosure [Abstract] | ||||
Interest income | $ 1.7 | $ 2.4 | $ 3.7 | $ 4 |
Interest expense and other financing costs | (29.2) | (34.9) | (60) | (70.7) |
Interest Income (Expense), Nonoperating, Net | $ (27.5) | $ (32.5) | $ (56.4) | $ (66.8) |
Supplier Financing Programs (De
Supplier Financing Programs (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Supplier Finance Program [Line Items] | ||
Supplier finance program, obligation | $ 210.2 | $ 198.8 |
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable |
Commitments and Contingencies (
Commitments and Contingencies (Details) R$ in Millions, $ in Millions, ₩ in Billions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 KRW (₩) | Jun. 30, 2024 BRL (R$) | |
Loss Contingencies [Line Items] | |||||||
Cost of Revenue | $ 10,720 | $ 10,699 | $ 21,417.2 | $ 22,917.9 | |||
Finnish Bid Error [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Cost of Revenue | $ 48.8 | ||||||
Tax Authority, South Korea (SRTO) | Assessment | Foreign Tax Authority | |||||||
Loss Contingencies [Line Items] | |||||||
Estimate of possible loss | 24.9 | 24.9 | ₩ 34.3 | ||||
Federal, State and Municipal Tax Authorities in Brazil | Assessment | Foreign Tax Authority | |||||||
Loss Contingencies [Line Items] | |||||||
Estimate of possible loss | $ 5.8 | $ 5.8 | R$ 32.5 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jul. 16, 2024 | Apr. 16, 2024 | Jul. 10, 2023 | Apr. 21, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||||||||
Cash dividends declared (in dollars per share) | $ 0.17 | $ 0.14 | ||||||||
Cash dividends paid (in dollars per share) | $ 0.14 | |||||||||
Dividends paid on common stock | $ 10.1 | $ 8.4 | $ 8.6 | $ 18.5 | $ 17.3 | |||||
Dividends, Cash | $ 10.1 | $ 10.1 | $ 8.4 | $ 8.6 | ||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash dividends paid (in dollars per share) | $ 0.17 | |||||||||
Dividends paid on common stock | $ 10.1 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | $ (148.9) | |
Other comprehensive income (loss) before reclassifications | (15.4) | $ 18.3 |
Amounts reclassified from Accumulated other comprehensive income (loss) (1) | 11.9 | (4.6) |
Ending balance | (152.3) | |
Foreign Currency Translation Adjustments | ||
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | (159.6) | (179.5) |
Other comprehensive income (loss) before reclassifications | (17.6) | 14.8 |
Amounts reclassified from Accumulated other comprehensive income (loss) (1) | 17 | 0 |
Ending balance | (160.3) | (164.7) |
Cash Flow Hedges | ||
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | 10.8 | 18.9 |
Other comprehensive income (loss) before reclassifications | 2.2 | 3.6 |
Amounts reclassified from Accumulated other comprehensive income (loss) (1) | (5) | (4.6) |
Ending balance | 7.9 | 17.8 |
Accumulated Other Comprehensive Income (Loss) | ||
Other Comprehensive (Loss) Income [Roll Forward] | ||
Beginning balance | (148.9) | (160.6) |
Ending balance | $ (152.3) | $ (146.9) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Other revenues (excluded from ASC 606) | $ (41.4) | $ (50.6) | $ (118.1) | $ (137.1) |
Total revenue | 10,965.2 | 10,980.7 | 21,916.6 | 23,462.3 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,393.1 | 1,266.7 | 2,838.2 | 2,653.6 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,578.2 | 2,351.6 | 4,936.7 | 4,758.8 |
LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,345.9 | 1,278.8 | 2,950.1 | 3,001.6 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 5,689.4 | 6,134.2 | 11,309.6 | 13,185.5 |
Aviation Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,368.7 | 5,194.4 | 10,512.9 | 11,417.2 |
Aviation Segment | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 289.1 | 253.1 | 587.2 | 525.3 |
Aviation Segment | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,281.7 | 1,002 | 2,197.8 | 1,826.7 |
Aviation Segment | LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 935.4 | 889.1 | 2,027 | 2,107.1 |
Aviation Segment | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,857.5 | 3,047 | 5,687.8 | 6,944.9 |
Land | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,292.4 | 3,642.3 | 6,709 | 7,533.5 |
Land | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 16.1 | 7.9 | 79.3 | 12.2 |
Land | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 676.3 | 729.9 | 1,572.8 | 1,787 |
Land | LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 247.4 | 238.9 | 494.6 | 456.6 |
Land | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,399 | 2,719 | 4,694.7 | 5,427 |
Marine | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,304.1 | 2,144 | 4,694.6 | 4,511.6 |
Marine | Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,087.9 | 1,005.7 | 2,171.8 | 2,116.1 |
Marine | EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 620.2 | 619.7 | 1,166.1 | 1,145.1 |
Marine | LATAM | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 163 | 150.8 | 428.5 | 437.9 |
Marine | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 432.9 | $ 368.1 | $ 927.1 | $ 813.6 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 9.7 | $ 9.8 | $ 13 | $ 14 |
Effective income tax rate | 8.30% | 24.30% | 8.80% | 20.80% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) kr in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 DKK (kr) | Jun. 30, 2023 USD ($) | |
Income Taxes [Line Items] | |||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 4.9 | $ (1.7) | $ (0.2) | $ (5.5) | |
Income Tax Discrete Adjustments - Valuation Allowance Reversal [Member] | |||||
Income Taxes [Line Items] | |||||
Tax Adjustments, Settlements, and Unusual Provisions | $ (1.5) | $ (5) | |||
Income Tax Discrete Adjustments - Gain on Sale of Avinode Business | |||||
Income Taxes [Line Items] | |||||
Tax Adjustments, Settlements, and Unusual Provisions | 9.1 | 9.1 | |||
Income Tax Discrete Adjustments - Return-To-Provision Adj [Member] | |||||
Income Taxes [Line Items] | |||||
Tax Adjustments, Settlements, and Unusual Provisions | 1.6 | (0.9) | |||
Income Tax Discrete Adjustments - Change to Uncertain Tax Positions [Member] | |||||
Income Taxes [Line Items] | |||||
Tax Adjustments, Settlements, and Unusual Provisions | $ (5.9) | (8.4) | |||
Danish Tax Authority | Tax Years 2015 through 2021 [Member] | Foreign Tax Authority | |||||
Income Taxes [Line Items] | |||||
Estimated tax | $ 136.7 | kr 951.5 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 segment | |
Segment Reporting [Abstract] | |
Number of reportable operating business segments | 3 |
Business Segments - Income Stat
Business Segments - Income Statement Items (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue: | ||||
Total revenue | $ 10,965.2 | $ 10,980.7 | $ 21,916.6 | $ 23,462.3 |
Income from operations: | ||||
Total income from operations | 45.2 | 75.5 | 108.5 | 140.1 |
Corporate overhead - unallocated | ||||
Income from operations: | ||||
Total income from operations | (29) | (27) | (54.9) | (53.4) |
Aviation segment | ||||
Revenue: | ||||
Total revenue | 5,368.7 | 5,194.4 | 10,512.9 | 11,417.2 |
Aviation segment | Operating Segments | ||||
Income from operations: | ||||
Total income from operations | 68 | 58.1 | 112 | 92.1 |
Land segment | ||||
Revenue: | ||||
Total revenue | 3,292.4 | 3,642.3 | 6,709 | 7,533.5 |
Land segment | Operating Segments | ||||
Income from operations: | ||||
Total income from operations | (4.2) | 24.6 | 14.2 | 50.8 |
Marine segment | ||||
Revenue: | ||||
Total revenue | 2,304.1 | 2,144 | 4,694.6 | 4,511.6 |
Marine segment | Operating Segments | ||||
Income from operations: | ||||
Total income from operations | $ 10.4 | $ 19.8 | $ 37.2 | $ 50.6 |
Business Segments - Balance She
Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts receivable, net: | ||
Allowance for credit losses | $ 20.1 | $ 18.3 |
Accounts receivable | 2,592 | 2,735.5 |
Total assets: | ||
Total assets | 7,189.2 | 7,375.3 |
Corporate | ||
Total assets: | ||
Total assets | 240.2 | 291.8 |
Land segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 10.2 | 6.3 |
Accounts receivable | 699.7 | 767.4 |
Land segment | Operating Segments | ||
Total assets: | ||
Total assets | 3,194.5 | 3,323.4 |
Marine segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 2.8 | 2.9 |
Accounts receivable | 638 | 682.4 |
Marine segment | Operating Segments | ||
Total assets: | ||
Total assets | 1,041 | 992.8 |
Aviation segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 7 | 9.1 |
Accounts receivable | 1,254.2 | 1,285.7 |
Aviation segment | Operating Segments | ||
Total assets: | ||
Total assets | $ 2,713.5 | $ 2,767.4 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||||
Net income attributable to World Kinect | $ 108.3 | $ 29.9 | $ 135.7 | $ 52.7 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||
Weighted average common shares for basic earnings per common share | 59.8 | 62.3 | 59.9 | 62.4 |
Effect of dilutive securities | 0.2 | 0.2 | 0.4 | 0.4 |
Weighted average common shares for diluted earnings per common share | 60 | 62.5 | 60.3 | 62.8 |
Earnings Per Share, Basic | $ 1.81 | $ 0.48 | $ 2.27 | $ 0.85 |
Diluted earnings (loss) per common share | $ 1.81 | $ 0.48 | $ 2.25 | $ 0.84 |
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met | 1.3 | 1.3 | 1.2 | 1.2 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | $ 5.6 | $ 0 | $ 5.8 | $ 0 | ||
Asset impairments | $ 2.4 | $ 0.3 | 2.4 | $ 0.3 | ||
Restructuring, 2023 Initiative | Other Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Asset impairments | $ 11.2 | |||||
Restructuring Costs | (3.3) | |||||
Restructuring, 2023 Initiative | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring costs | $ 2.5 | $ 7.2 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges | $ 5.6 | $ 0 | $ 5.8 | $ 0 | |
Restructuring, 2023 Initiative | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 5.7 | ||||
Restructuring charges | 2.5 | $ 7.2 | |||
Payments for Restructuring | (4.2) | ||||
Ending balance | 4 | 4 | 5.7 | ||
Operating Segments | Aviation Segment | Restructuring, 2023 Initiative | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 1.2 | ||||
Restructuring charges | 0.1 | ||||
Payments for Restructuring | (0.7) | ||||
Ending balance | 0.6 | 0.6 | 1.2 | ||
Operating Segments | Land | Restructuring, 2023 Initiative | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 3.7 | ||||
Restructuring charges | 1.2 | ||||
Payments for Restructuring | (2.7) | ||||
Ending balance | 2.1 | 2.1 | 3.7 | ||
Operating Segments | Marine | Restructuring, 2023 Initiative | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 0 | ||||
Restructuring charges | 0 | ||||
Payments for Restructuring | 0 | ||||
Ending balance | 0 | 0 | 0 | ||
Corporate | Restructuring, 2023 Initiative | Employee Severance [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Beginning balance | 0.9 | ||||
Restructuring charges | 1.2 | ||||
Payments for Restructuring | (0.8) | ||||
Ending balance | $ 1.3 | $ 1.3 | $ 0.9 |