World Kinect Corp 10-Q for FY2020 Q2

World Kinect Corp (WKC)

10-Q 2020-08-03 For: 2020-06-30

Added on April 11, 2026

About this 10-Q

World Kinect Corp filed this 10-Q on August 3, 2020, covering the quarter ended June 30, 2020 (FY2020 Q2).

Headline figures

Quarter ended June 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.16B; down 66.6% from $9.46B a year earlier
Net loss: $10.2M; compared with net income of $37M a year earlier
Diluted EPS: -$0.16; compared with $0.55 a year earlier

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	As of
	June 30,		December 31,
	2020		2019
Assets:
Current assets:
Cash and cash equivalents	$	645.7	$	186.1
Accounts receivable, net	1,415.9		2,891.9
Inventories	308.8		593.3
Prepaid expenses	72.7		80.6
Short-term derivative assets, net	146.5		59.5
Other current assets	341.8		358.8

Total current assets	2,931.4		4,170.1
Property and equipment, net	368.4		360.9
Goodwill	913.5		843.7
Identifiable intangible and other non-current assets	667.6		617.7

Total assets	$	4,881.0	$	5,992.4
Liabilities:
Current liabilities:
Current maturities of long-term debt	$	53.8	$	54.1
Accounts payable	1,090.4		2,602.7
Customer deposits	124.4		126.7
Accrued expenses and other current liabilities	337.9		378.9

Total current liabilities	1,606.6		3,162.4

Long-term debt	1,043.3		574.7
Non-current income tax liabilities, net	211.2		210.1
Other long-term liabilities	201.6		151.3

Total liabilities	3,062.7		4,098.5
Commitments and contingencies (Note 12)
Equity:
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	—		—
Common stock, $0.01 par value; 100.0 shares authorized, 63.3 and 65.2 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	0.6		0.7
Capital in excess of par value	219.3		274.7
Retained earnings	1,768.6		1,761.3
Accumulated other comprehensive loss	(173.5)		(146.3)
Total World Fuel shareholders' equity	1,815.0		1,890.4
Noncontrolling interest	3.3		3.5
Total equity	1,818.3		1,893.9
Total liabilities and equity	$	4,881.0	$	5,992.4


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Revenue	$	3,158.3	$	9,459.4	$	11,173.5	$	18,138.2
Cost of revenue	2,944.5		9,190.8		$	10,700.9	$	17,618.5
Gross profit	213.9		268.6		472.6		519.7
Operating expenses:
Compensation and employee benefits	95.9		112.0		198.3		220.3
General and administrative	84.4		79.5		168.2		150.1
Asset impairments	18.6		—		18.6		—
Restructuring charges	3.1		1.9		4.8		3.7
	202.0		193.4		389.9		374.1
Income from operations	11.9		75.2		82.7		145.6
Non-operating expenses, net:
Interest expense and other financing costs, net	(10.0)		(20.2)		(25.3)		(39.6)
Other income (expense), net	(4.9)		2.6		(2.7)		3.0
	(14.9)		(17.6)		(28.1)		(36.6)
Income (loss) before income taxes	(3.0)		57.6		54.6		109.0
Provision for income taxes	7.7		20.0		23.7		34.0
Net income (loss) including noncontrolling interest	(10.7)		37.6		31.0		74.9
Net income (loss) attributable to noncontrolling interest	(0.4)		0.6		(0.2)		0.7
Net income (loss) attributable to World Fuel	$	(10.2)	$	37.0	$	31.2	$	74.2

Basic earnings per common share	$	(0.16)	$	0.56	$	0.49	$	1.11

Basic weighted average common shares	63.3		66.7		64.1		66.9

Diluted earnings per common share	$	(0.16)	$	0.55	$	0.48	$	1.10

Diluted weighted average common shares	63.3		67.0		64.4		67.2

Comprehensive income:
Net income (loss) including noncontrolling interest	$	(10.7)	$	37.6	$	31.0	$	74.9
Other comprehensive income (loss):
Foreign currency translation adjustments	5.1		(6.0)		(27.9)		(5.9)
Cash flow hedges, net of income tax benefit of $7.2 and benefit of $1.1 for the three months ended June 30, 2020 and 2019, respectively, and net of income tax expense of $0.2 and benefit of $5.2 for the six months ended June 30, 2020 and 2019, respectively	(21.0)		(2.9)		0.7		(14.7)
Other comprehensive income (loss)	(16.0)		(8.9)		(27.2)		(20.6)
Comprehensive income (loss) including noncontrolling interest	(26.7)		28.7		3.7		54.3
Comprehensive income (loss) attributable to noncontrolling interest	—		—		—		(0.7)
Comprehensive income (loss) attributable to World Fuel	$	(26.7)	$	28.7	3.7		$	55.0


	Common Stock					Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total World Fuel Shareholders' Equity		Noncontrolling Interest Equity
	Shares	Amount														Total Equity
Balance as of December 31, 2019	65.2	$	0.7	$	274.7	$	1,761.3	$	(146.3)	$	1,890.4	$	3.5	$	1,893.9
Cumulative effect of change in accounting principle	—	—		—		(11.1)		—		(11.1)		—		(11.1)
Net income (loss)	—	—		—		41.4		—		41.4		0.2		41.6
Cash dividends declared	—	—		—		(6.5)		—		(6.5)		—		(6.5)

Amortization of share-based payment awards	—	—		(1.8)		—		—		(1.8)		—		(1.8)
Issuance (cancellation) of common stock related to share-based payment awards	0.2	—		1.2		—		—		1.2		—		1.2
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(1.5)		—		—		(1.5)		—		(1.5)
Purchases of common stock	(2.2)	—		(55.6)		—		—		(55.6)		—		(55.6)

Other comprehensive income (loss)	—	—		—		—		(11.3)		(11.3)		—		(11.3)
Other	—	(0.1)		1.2		—		—		1.2		—		1.2
Balance as of March 31, 2020	63.2	$	0.6	$	218.2	$	1,785.1	$	(157.5)	$	1,846.4	$	3.7	$	1,850.1
Net income (loss)	—	—		—		(10.2)		—		(10.2)		(0.4)		(10.7)
Cash dividends declared	—	—		—		(6.3)		—		(6.3)		—		(6.3)
Amortization of share-based payment awards	—	—		2.3		—		—		2.3		—		2.3
Issuance (cancellation) of common stock related to share-based payment awards	0.1	—		—		—		—		—		—		—
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(1.2)		—		—		(1.2)		—		(1.2)

Other comprehensive income (loss)	—	—		—		—		(16.0)		(16.0)		—		(16.0)

Balance as of June 30, 2020	63.3	$	0.6	$	219.3	$	1,768.6	$	(173.5)	$	1,815.0	$	3.3	$	1,818.3


	Common Stock					Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total World Fuel Shareholders' Equity		Noncontrolling Interest Equity
	Shares	Amount														Total Equity
Balance as of December 31, 2018	67.0	$	0.7	$	340.4	$	1,606.1	$	(131.7)	$	1,815.4	$	16.1	$	1,831.6
Net income	—	—		—		37.2		—		37.2		0.1		37.3
Cash dividends declared	—	—		—		(4.0)		—		(4.0)		—		(4.0)


Amortization of share-based payment awards				4.0		—		—		4.0		—		4.0
Issuance (cancellation) of common stock related to share-based payment awards	0.1	—		—		—		—		—		—		—
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(1.4)		—		—		(1.4)		—		(1.4)


Other comprehensive income (loss)	—	—		—		—		(11.0)		(11.0)		(0.8)		(11.7)

Balance as of March 31, 2019	67.1	$	0.7	$	343.0	$	1,639.3	$	(142.7)	$	1,840.3	$	15.5	$	1,855.8
Net income	—	—		—		37.0		—		37.0		0.6		37.6
Cash dividends declared	—	—		—		(6.6)		—		(6.6)		—		(6.6)
Amortization of share-based payment awards	—	—		3.5		—		—		3.5		—		3.5
Issuance (cancellation) of common stock related to share-based payment awards	0.2	—		0.7		—		—		0.7		—		0.7
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)
Purchases of common stock	(2.1)	—		(65.4)		—		—		(65.4)		—		(65.4)
Other comprehensive income (loss)	—	—		—		—		(8.9)		(8.9)		—		(8.9)
Balance as of June 30, 2019	65.2	$	0.7	$	280.7	$	1,669.7	$	(151.6)	$	1,799.4	$	16.1	$	1,815.6


	For the Six Months Ended
	June 30,
	2020		2019
Cash flows from operating activities:
Net income including noncontrolling interest	$	31.0	$	74.9
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	44.2		43.1
Provision for bad debt	34.6		5.7


Share-based payment award compensation costs	0.6		7.7
Deferred income tax expense (benefit)	(5.3)		4.8



Foreign currency (gains) losses, net	3.0		2.1

Other	0.2		(0.3)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	1,462.6		(12.5)
Inventories	282.8		(40.4)
Prepaid expenses	6.4		(7.2)
Short-term derivative assets, net	(110.4)		167.6
Other current assets	17.2		8.9
Cash collateral with counterparties	17.6		(38.0)
Other non-current assets	(18.4)		33.9
Accounts payable	(1,527.1)		70.0
Customer deposits	(2.3)		19.5
Accrued expenses and other current liabilities	(25.2)		(143.7)
Non-current income tax, net and other long-term liabilities	33.7		(60.4)
Total adjustments	214.1		60.8
Net cash provided by (used in) operating activities	245.1		135.8
Cash flows from investing activities:

Acquisition of business, net of cash acquired	(130.6)		—

Capital expenditures	(32.9)		(37.3)
Other investing activities, net	(5.3)		3.8
Net cash (used in) provided by investing activities	(168.7)		(33.6)
Cash flows from financing activities:
Borrowings of debt	2,080.0		3,197.6
Repayments of debt	(1,613.7)		(3,218.6)
Dividends paid on common stock	(13.0)		(8.0)

Repurchases of common stock	(55.6)		(65.4)

Other financing activities, net	(2.8)		(2.6)
Net cash provided by (used in) financing activities	394.9		(97.1)
Effect of exchange rate changes on cash and cash equivalents	(11.6)		1.2
Net increase (decrease) in cash and cash equivalents	459.6		6.3
Cash and cash equivalents, as of the beginning of the period	186.1		211.7
Cash and cash equivalents, as of the end of the period	$	645.7	$	218.1


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Total


Balance as of January 1, 2020	$	46.6
Charges to provision for credit losses	34.6
Write-off of uncollectible receivables	(32.9)
Recoveries of credit losses	0.4
Translation adjustments	(0.1)
Balance as of June 30, 2020	$	48.6


	Total
Cash paid for acquisition of business	$	128.6
Amounts due to sellers	30.0
Estimated purchase price	$	158.6

Assets acquired:
Accounts receivable	$	42.8
Goodwill and identifiable intangible assets	123.0
Other current and long-term assets	3.8

Liabilities assumed:
Accounts payable	(9.9)
Other current and long-term liabilities	(1.0)

Estimated purchase price	$	158.6


		Gross Derivative Assets												Gross Derivative Liabilities
		As of												As of
		June 30,				December 31,				June 30,				December 31,
		2020				2019				2020				2019
Derivative Instruments	Consolidated Balance Sheets location
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	—			$	—			$	—			$	—
	Identifiable intangible and other non-current assets	—				—				—				—
	Accrued expenses and other current liabilities	204.0				1.7				177.0				20.0
	Other long-term liabilities	0.1				—				0.4				—
		204.1				1.7				177.3				20.0

Interest rate contracts	Short-term derivative assets, net	—				—				—				—
	Identifiable intangible and other non-current assets	—				—				—				—
	Accrued expenses and other current liabilities	—				—				1.2				—
	Other long-term liabilities	—				—				3.7				—

Total derivatives designated as hedging instruments				$	204.1			$	1.7			$	182.2			$	20.0

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	217.8			$	65.7			$	64.5			$	7.2
	Identifiable intangible and other non-current assets	45.1				23.0				12.3				4.8
	Accrued expenses and other current liabilities	206.5				161.0				328.5				203.4
	Other long-term liabilities	18.9				7.7				40.6				19.7
		488.3				257.3				445.9				235.0

Foreign currency contracts	Short-term derivative assets, net	0.6				1.2				0.3				0.2
	Identifiable intangible and other non-current assets	—				—				—				—
	Accrued expenses and other current liabilities	1.8				0.9				10.6				11.4

		2.4				2.0				10.9				11.6
Total derivatives not designated as hedging instruments				$	490.7			$	259.4			$	456.9			$	246.6

Total derivatives		$	694.8			$	261.1			$	639.1			$	266.6


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)
	As of						As of
	June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Inventory	$	32.1	$	30.7	$	2.3	$	2.3


		Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		For the Three Months Ended
		June 30, 2020															June 30, 2019
			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			$	3,158.3		$	2,944.5		$	10.7		$	9,459.4		$	9,190.8		$	21.7
Gains or Loss on fair value hedge relationships:
Commodity contracts:
	Hedged Item	—			8.9			—			—			(0.9)			—
	Derivatives designated as hedging instruments	—			(4.6)			—			—			(0.6)			—

Gains or Loss on cash flow hedge relationships:
Commodity contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	27.0			(56.2)			—			(2.5)			25.8			—
Interest rate contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	—			—			—			—			—			—

Total amount of income and expense line items excluding the impact of hedges			$	3,131.4		$	2,892.6		$	10.7		$	9,461.9		$	9,215.1		$	21.7

		Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		For the Six Months Ended
		June 30, 2020															June 30, 2019
			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			$	11,173.5		$	10,700.9		$	26.9		$	18,138.2		$	17,618.5		$	42.2
Gains or Loss on fair value hedge relationships:
Commodity contracts:
	Hedged Item	—			(14.3)			—			—			15.4			—
	Derivatives designated as hedging instruments	—			13.8			—			—			(14.1)			—

Gains or Loss on cash flow hedge relationships:
Commodity contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	41.0			(57.3)			—			(6.3)			17.4			—
Interest rate contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	—			—			—			—			—			—
Total amount of income and expense line items excluding the impact of hedges			$	11,132.5		$	10,643.1		$	26.9		$	18,144.5		$	17,637.2		$	42.2


Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	For the Three Months Ended								Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	For the Three Months Ended
			June 30,									June 30,
Derivative Instruments	2020			2019		Location	2020			2019

Commodity contracts	$	(148.5)		$	42.8	Revenue	$	27.0		$	(2.5)
Commodity contracts	100.3			(22.7)		Cost of revenue	(56.2)			25.8
Interest rate contracts	(2.2)			—		Interest expense and other financing costs, net	—			—
Total Gain (Loss)	$	(50.3)		$	20.1	Total Gain (Loss)	$	(29.2)		$	23.3

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	For the Six Months Ended								Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	For the Six Months Ended
			June 30,									June 30,
Derivative Instruments	2020			2019		Location	2020			2019

Commodity contracts	$	185.6		$	(177.7)	Revenue	$	41.0		$	(6.3)
Commodity contracts	(197.4)			173.7		Cost of Revenue	(57.3)			17.4

Interest rate contracts	(3.7)			—		Interest expense and other financing costs, net	—			—
Total Gain (Loss)	$	(15.5)		$	(4.0)	Total Gain (Loss)	$	(16.3)		$	11.1


Amount of Realized and Unrealized Gain (Loss)		For the Three Months Ended
			June 30,
Derivative Instruments - Non-designated	Location		2020		2019
Commodity contracts
	Revenue		$	34.1	$	69.4
	Cost of revenue		(25.8)		(57.1)
			8.4		12.4
Foreign currency contracts
	Revenue		(0.5)		—
	Other (expense), net		(7.8)		(1.3)
			(8.3)		(1.3)
Total Gain (Loss)			$	0.2	$	11.1

Amount of Realized and Unrealized Gain (Loss)			For the Six Months Ended
			June 30,
Derivative Instruments - Non-designated	Location		2020		2019
Commodity contracts
	Revenue		$	113.3	$	144.5
	Cost of revenue		(10.3)		(123.0)
			102.9		21.5
Foreign currency contracts
	Revenue		—		(0.1)
	Other (expense), net		10.7		(0.8)
			10.7		(0.9)
Total Gain (Loss)			$	113.6	$	20.6


	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
	As of June 30, 2020		As of December 31, 2019
Net derivative liability positions with credit contingent features	$	65.2	$	45.6
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	65.2	$	45.6


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2020		2019		2020		2019
Aviation	$	103.9	$	340.8	$	357.9	$	705.2
Land	0.8		4.1		5.6		9.0
Marine	441.0		719.5		1,365.7		1,428.4
Asia Pacific	545.8		1,064.5		1,729.1		2,142.6

Aviation	157.8		1,008.8		796.6		1,727.9
Land	313.9		569.7		932.1		1,210.2
Marine	285.0		736.3		896.2		1,391.1
EMEA	756.7		2,314.9		2,625.0		4,329.2

Aviation	77.2		614.6		656.7		1,160.3
Land	76.4		149.6		206.8		288.5
Marine	83.1		143.4		316.4		334.9
LATAM	236.7		907.6		1,179.9		1,783.7

Aviation	500.6		2,828.5		2,607.1		5,476.5
Land	804.9		1,884.6		2,134.2		3,519.0
Marine	134.2		347.9		476.4		682.4
North America	1,439.7		5,061.0		5,217.7		9,677.9

Other revenues (excluded from ASC 606) ⁽¹⁾	179.6		111.3		421.9		204.8

	$	3,158.3	$	9,459.4	$	11,173.5	$	18,138.2


	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
Revenue:	2020		2019		2020		2019
Aviation segment	$	1,020.6	$	4,785.0	$	4,784.8	$	9,037.7
Land segment	1,197.6		2,663.0		3,303.6		5,156.6
Marine segment	940.2		2,011.4		3,085.2		3,943.9
	$	3,158.3	$	9,459.4	$	11,173.5	$	18,138.2

Gross profit:
Aviation segment	$	91.9	$	140.5	$	185.0	$	254.8
Land segment	84.8		91.7		191.0		193.2
Marine segment	37.2		36.4		96.6		71.6
	$	213.9	$	268.6	$	472.6	$	519.7








Income from operations:
Aviation segment	$	9.0	$	73.5	$	38.1	$	129.1
Land segment	9.7		11.8		35.3		32.8
Marine segment	13.3		10.1		47.2		23.6
	32.0		95.4		120.6		185.5
Corporate overhead - unallocated	(20.1)		(20.2)		(37.9)		(40.0)
	$	11.9	$	75.2	$	82.7	$	145.6


	Aviation		Land		Marine		Corporate		Consolidated
Asset impairments	$	6.9	$	5.9	$	4.0	$	1.8	$	18.6


	For the Three Months Ended
	June 30,
	2020		2019		$ Change
Aviation segment	$	1,020.6	$	4,785.0	$	(3,764.4)
Land segment	1,197.6		2,663.0		(1,465.4)
Marine segment	940.2		2,011.4		(1,071.2)
	$	3,158.3	$	9,459.4	$	(6,301.0)


	Aviation		Land ⁽¹⁾		Total
Balance as of December 31, 2019	$	323.6	$	520.1	$	843.7
Additions	78.7		—		78.7
Foreign exchange and other adjustments	(0.1)		(8.8)		(8.9)
Balance as of June 30, 2020	$	402.2	$	511.3	$	913.5


	Fair Value Measurements as of June 30, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	417.8	$	259.7	$	14.8	$	692.4
Foreign currency contracts		—		2.4		—		2.4
Interest rate contract		—		—		—		—
Cash surrender value of life insurance		—		9.2		—		9.2
Total assets at fair value		$	417.8	$	271.3	$	14.8	$	704.0

Liabilities:
Commodities contracts		$	437.7	$	181.7	$	3.8	$	623.2
Foreign currency contracts		—		10.9		—		10.9
Interest rate contract		—		4.9		—		4.9
Total liabilities at fair value		$	437.7	$	197.6	$	3.8	$	639.1

	Fair Value Measurements as of December 31, 2019
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	148.3	$	100.0	$	10.7	$	259.0
Foreign currency contracts		—		2.0		—		2.0
Cash surrender value of life insurance		—		9.4		—		9.4
Total assets at fair value		$	148.3	$	111.4	$	10.7	$	270.4

Liabilities:
Commodities contracts		$	177.6	$	69.3	$	8.1	$	255.0
Foreign currency contracts		—		11.6		—		11.6
Total liabilities at fair value		$	177.6	$	80.9	$	8.1	$	266.6


	Fair Value as of June 30, 2020
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	692.4	$	507.5	$	184.9	$	7.5	$	—	$	177.4
Interest rate contract		—		—		—		—		—		—
Foreign currency contracts		2.4		2.2		0.3		—		—		0.3
Total assets at fair value		$	694.8	$	509.7	$	185.1	$	7.5	$	—	$	177.7

Liabilities:
Commodities contracts		$	623.2	$	507.5	$	115.7	$	19.5	$	—	$	96.2
Interest rate contract		4.9		—		4.9		—		—		4.9
Foreign currency contracts		10.9		2.2		8.8		—		—		8.8
Total liabilities at fair value		$	639.1	$	509.7	$	129.4	$	19.5	$	—	$	109.9


	Fair Value as of December 31, 2019
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	259.0	$	130.0	$	129.0	$	—	$	—	$	129.0

Foreign currency contracts		2.0		1.0		1.0		—		—		1.0
Total assets at fair value		$	261.1	$	131.1	$	130.0	$	—	$	—	$	130.0

Liabilities:
Commodities contracts		$	255.0	$	130.0	$	125.0	$	29.3	$	—	$	95.7

Foreign currency contracts		11.6		1.0		10.5		—		—		10.5
Total liabilities at fair value		$	266.6	$	131.1	$	135.5	$	29.3	$	—	$	106.3


	As of
	June 30,		December 31
	2020		2019
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $33.0 and $14.6 as of June 30, 2020 and December 31, 2019, respectively	$	412.6	$	1,098.2
Land segment, net of allowance for credit losses of $8.3 and $2.8 as of June 30, 2020 and December 31, 2019, respectively	590.9		863.2
Marine segment, net of allowance for credit losses of $4.3 and $18.0 as of June 30, 2020 and December 31, 2019, respectively	412.5		930.5
	$	1,415.9	$	2,891.9
Total assets:
Aviation segment	$	1,817.4	$	2,416.5
Land segment	1,881.6		2,089.4
Marine segment	812.6		1,189.7
Corporate	369.3		296.8
	$	4,881.0	$	5,992.4


Period	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
4/1/2020 - 4/30/2020	—	$	—	—	$	258,944
5/1/2020 - 5/31/2020	3	23.20		—	258,944
6/1/2020 - 6/30/2020	—	—		—	258,944
Total	3	$	23.20	—	$	258,944


Exhibit No.												Description










31.1												Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a).

31.2												Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a).

32.1												Certification of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.

101												The following materials from World Fuel Services Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in XBRL (Extensible Business Reporting Language); (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income and Comprehensive Income, (iii) Consolidated Statements of Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements.



Date: August 3, 2020			World Fuel Services Corporation


			/s/ Michael J. Kasbar
			Michael J. Kasbar
			Chairman, President and Chief Executive Officer


			/s/ Ira M. Birns
			Ira M. Birns
			Executive Vice President and Chief Financial Officer