World Kinect Corp 10-Q for FY2022 Q3

World Kinect Corp (WKC)

10-Q 2022-10-28 For: 2022-09-30

Added on April 11, 2026

About this 10-Q

World Kinect Corp filed this 10-Q on October 28, 2022, covering the quarter ended September 30, 2022 (FY2022 Q3).

Headline figures

Quarter ended September 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $15.66B; up 87.5% from $8.35B a year earlier
Net income: $42.5M; up 95.9% from net income of $21.7M a year earlier
Diluted EPS: $0.68; up 100.0% from $0.34 a year earlier

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Part I.	Financial Information

	Item 1.	Financial Statements (Unaudited)
		Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021	1
		Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021	2
		Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2022 and 2021	3
		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021	5
		Notes to the Condensed Consolidated Financial Statements	6

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34

	Item 4.	Controls and Procedures	35

Part II.	Other Information

	Item 1.	Legal Proceedings	36



	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

	Item 6.	Exhibits	37

Signatures			38


	September 30, 2022		December 31, 2021
Assets:
Current assets:
Cash and cash equivalents	$	280.3	$	652.2
Accounts receivable, net of allowance for credit losses of $14.3 million and $26.1 million as of September 30, 2022 and December 31, 2021, respectively	3,172.9		2,355.3
Inventories	727.5		477.9
Prepaid expenses	85.9		59.2
Short-term derivative assets, net	324.6		169.2
Other current assets	458.2		305.9
Total current assets	5,049.3		4,019.7
Property and equipment, net	475.3		348.9
Goodwill	1,221.1		861.9
Identifiable intangible assets, net	345.0		189.1
Other non-current assets	879.5		522.8
Total assets	$	7,970.3	$	5,942.4
Liabilities:
Current liabilities:
Current maturities of long-term debt	$	15.7	$	30.6
Accounts payable	3,237.9		2,399.6
Short-term derivative liabilities, net	523.7		168.4
Customer deposits	321.8		205.5
Accrued expenses and other current liabilities	469.2		292.7
Total current liabilities	4,568.3		3,096.7
Long-term debt	693.6		478.1
Non-current income tax liabilities, net	205.5		213.9
Other long-term liabilities	557.3		236.8
Total liabilities	6,024.7		4,025.6

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, 61.9 and 61.7 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	0.6		0.6
Capital in excess of par value	180.1		168.1
Retained earnings	1,950.2		1,880.6
Accumulated other comprehensive income (loss)	(191.2)		(136.7)
Total World Fuel shareholders' equity	1,939.7		1,912.7
Noncontrolling interest	5.9		4.1
Total equity	1,945.6		1,916.8
Total liabilities and equity	$	7,970.3	$	5,942.4


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue	$	15,661.3	$	8,350.9	$	45,165.4	$	21,394.2
Cost of revenue	15,339.0		8,153.4		44,358.7		20,821.3
Gross profit	322.3		197.5		806.7		573.0
Operating expenses:
Compensation and employee benefits	141.1		93.5		374.3		273.9
General and administrative	81.7		60.6		238.8		177.4
Asset impairments	—		—		—		4.7
Restructuring charges	(0.8)		1.7		(0.8)		6.8
Total operating expenses	222.0		155.8		612.3		462.7
Income from operations	100.3		41.7		194.4		110.2
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(34.0)		(10.4)		(74.8)		(29.2)
Other income (expense), net	(3.5)		1.0		(1.9)		(1.6)
Total non-operating income (expense), net	(37.5)		(9.4)		(76.7)		(30.7)
Income (loss) before income taxes	62.8		32.3		117.7		79.5
Provision for income taxes	18.9		10.0		22.7		20.8
Net income (loss) including noncontrolling interest	43.9		22.3		95.0		58.7
Net income (loss) attributable to noncontrolling interest	1.4		0.6		1.8		0.5
Net income (loss) attributable to World Fuel	$	42.5	$	21.7	$	93.2	$	58.2
Basic earnings (loss) per common share	$	0.69	$	0.34	$	1.49	$	0.92
Basic weighted average common shares	62.0		63.0		62.5		63.1
Diluted earnings (loss) per common share	$	0.68	$	0.34	$	1.48	$	0.92
Diluted weighted average common shares	62.3		63.3		62.8		63.6
Comprehensive income:
Net income (loss) including noncontrolling interest	$	43.9	$	22.3	$	95.0	$	58.7
Other comprehensive income (loss):
Foreign currency translation adjustments	(32.4)		(11.3)		(77.5)		(10.6)
Cash flow hedges, net of income tax expense (benefit) of $5.5 and ($2.8) for the three months ended September 30, 2022 and 2021, respectively, and net of income tax expense (benefit) of $8.3 and ($0.2) for the nine months ended September 30, 2022 and 2021, respectively	15.1		(8.2)		22.9		(0.5)
Total other comprehensive income (loss)	(17.2)		(19.5)		(54.6)		(11.0)
Comprehensive income (loss) including noncontrolling interest	26.7		2.8		40.4		47.7
Comprehensive income (loss) attributable to noncontrolling interest	1.4		0.6		1.8		0.5
Comprehensive income (loss) attributable to World Fuel	$	25.3	$	2.2	38.6		$	47.2


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total World Fuel Shareholders' Equity		Noncontrolling Interest Equity		Total Equity
	Shares	Amount
Balance as of December 31, 2021	61.7	$	0.6	$	168.1	$	1,880.6	$	(136.7)	$	1,912.7	$	4.1	$	1,916.8
Net income (loss)	—	—		—		26.3		—		26.3		(0.1)		26.3

Cash dividends declared	—	—		—		(7.6)		—		(7.6)		—		(7.6)
Amortization of share-based payment awards	—	—		3.7		—		—		3.7		—		3.7
Issuance (cancellation) of common stock related to share-based payment awards	0.1	—		—		—		—		—		—		—
Issuance of common stock for acquisition of a business	1.8	—		50.0		—		—		50.0		—		50.0
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(1.3)		—		—		(1.3)		—		(1.3)
Purchases of common stock	(0.5)	—		(13.7)		—		—		(13.7)		—		(13.7)
Other comprehensive income (loss)	—	—		—		—		(28.7)		(28.7)		—		(28.7)

Balance as of March 31, 2022	63.0	0.6		206.7		1,899.4		(165.4)		1,941.4		4.1		1,945.5
Net income (loss)	—	—		—		24.4		—		24.4		0.4		24.8

Cash dividends declared	—	—		—		(7.4)		—		(7.4)		—		(7.4)
Amortization of share-based payment awards	—	—		3.1		—		—		3.1		—		3.1
Issuance (cancellation) of common stock related to share-based payment awards	0.2	—		—		—		—		—		—		—

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	0.2	—		(2.0)		—		—		(2.0)		—		(2.0)
Purchases of common stock	(1.5)	—		(35.0)		—		—		(35.0)		—		(35.0)
Other comprehensive income (loss)	—	—		—		—		(8.7)		(8.7)		—		(8.7)

Balance as of June 30, 2022	61.9	$	0.6	$	172.8	$	1,916.4	$	(174.0)	$	1,915.7	$	4.5	$	1,920.2
Net income (loss)	—	—		—		42.5		—		42.5		1.4		43.9

Cash dividends declared	—	—		—		(8.6)		—		(8.6)		—		(8.6)
Amortization of share-based payment awards	—	—		7.3		—		—		7.3		—		7.3




Other comprehensive income (loss)	—	—		—		—		(17.2)		(17.2)		—		(17.2)

Balance as of September 30, 2022	61.9	$	0.6	$	180.1	$	1,950.2	$	(191.2)	$	1,939.7	$	5.9	$	1,945.6


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total World Fuel Shareholders' Equity		Noncontrolling Interest Equity		Total Equity
	Shares	Amount
Balance as of December 31, 2020	62.9	$	0.6	$	204.6	$	1,836.7	$	(132.6)	$	1,909.3	$	3.6	$	1,912.9
Net income (loss)	—	—		—		18.9		—		18.9		—		18.8

Cash dividends declared	—	—		—		(7.5)		—		(7.5)		—		(7.5)
Amortization of share-based payment awards	—	—		8.7		—		—		8.7		—		8.7
Issuance (cancellation) of common stock related to share-based payment awards	0.1	—		—		—		—		—		—		—

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(2.4)		—		—		(2.4)		—		(2.4)

Other comprehensive income (loss)	—	—		—		—		12.4		12.4		—		12.4
Other	—	—		—		0.2		—		0.2		—		0.2
Balance as of March 31, 2021	63.0	0.6		210.8		1,848.3		(120.3)		1,939.5		3.5		1,943.0
Net income (loss)	—	—		—		17.6		—		17.6		(0.1)		17.6

Cash dividends declared	—	—		—		(7.6)		—		(7.6)		—		(7.6)
Amortization of share-based payment awards	—	—		3.3		—		—		3.3		—		3.3
Issuance (cancellation) of common stock related to share-based payment awards	0.3	—		0.2		—		—		0.3		—		0.3

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(3.1)		—		—		(3.1)		—		(3.1)

Other comprehensive income (loss)	—	—		—		—		(3.8)		(3.8)		—		(3.8)

Balance as of June 30, 2021	63.3	$	0.6	$	211.3	$	1,858.4	$	(124.1)	$	1,946.2	$	3.5	$	1,949.7
Net income (loss)	—	—		—		21.7		—		21.7		0.6		22.3

Cash dividends declared	—	—		—		(7.5)		—		(7.5)		—		(7.5)
Amortization of share-based payment awards	—	—		3.3		—		—		3.3		—		3.3


Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(0.1)		—		—		(0.1)		—		(0.1)
Purchases of common stock	(0.8)	—		(24.4)		—		—		(24.4)		—		(24.4)
Other comprehensive income (loss)	—	—		—		—		(19.5)		(19.5)		—		(19.5)

Balance as of September 30, 2021	62.6	$	0.6	$	190.2	$	1,872.6	$	(143.6)	$	1,919.7	$	4.1	$	1,923.8


☒			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


	Final Purchase Price Allocation
Consideration:
Cash paid at closing	$	642.7
Working capital adjustment paid to seller	2.3
Common stock issued to seller	50.0
Amount due to sellers	100.0
Total fair value of consideration	$	795.0

Assets acquired and liabilities assumed:
Cash	$	3.3
Accounts receivable	109.8
Inventory	50.9
Property, plant and equipment	126.6
Identifiable intangible assets subject to amortization (1)	162.5
Identifiable intangible assets not subject to amortization (2)	29.3
Accounts payable	(38.0)
Other assets and liabilities, net (3)	(37.3)
Net identifiable assets acquired	407.0
Goodwill (4)	388.0
Net assets acquired	$	795.0


(unaudited)	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Revenue	$	9,071.9	$	23,212.9
Net income attributable to World Fuel	$	36.7	$	90.2


	Aviation Segment		Land Segment		Total
As of December 31, 2021	$	400.1	$	461.8	$	861.9
2022 acquisition (1)	—		388.0		388.0
Foreign currency translation of non-USD functional currency subsidiary goodwill	(4.5)		(24.3)		(28.7)
As of September 30, 2022	$	395.6	$	825.5	$	1,221.1


		Gross Derivative Assets				Gross Derivative Liabilities
	Condensed Consolidated Balance Sheets Location	September 30,		December 31,		September 30,		December 31,
Derivative Instruments		2022		2021		2022		2021
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	0.4	$	1.8	$	—	$	9.7

	Short-term derivative liabilities, net	8.1		0.1		6.5		0.4


Interest rate contracts	Short-term derivative assets, net	11.1		—		—		—
	Other non-current assets	15.0		5.4		—		—
	Short-term derivative liabilities, net	—		—		—		0.3

Total derivatives designated as hedging instruments		34.7		7.3		6.5		10.4

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	1,105.7		516.3		580.9		337.5
	Other non-current assets	502.1		112.2		189.5		27.6
	Short-term derivative liabilities, net	566.1		117.6		1,172.6		286.6
	Other long-term liabilities	299.7		15.5		586.8		82.1

Foreign currency contracts	Short-term derivative assets, net	32.6		3.8		24.3		1.7
	Other non-current assets	1.4		0.1		0.6		—
	Short-term derivative liabilities, net	(0.1)		0.8		—		2.6
	Other long-term liabilities	0.2		—		0.2		—
Total derivatives not designated as hedging instruments		2,507.8		766.3		2,554.8		738.1
Total derivatives		$	2,542.5	$	773.6	$	2,561.2	$	748.5


Line item in the Consolidated Balance Sheets in which the hedged item is included	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Inventory	$	62.4	$	59.3	$	(6.2)	$	0.6


	For the Three Months Ended
	September 30, 2022						September 30, 2021
	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	$	15,661.3	$	15,339.0	$	34.0	$	8,350.9	$	8,153.4	$	10.4
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		(5.8)		—		—		3.1		—
Derivatives designated as hedging instruments	—		5.0		—		—		(4.8)		—

Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	(20.1)		2.5		—		(20.2)		128.2		—

Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		(1.3)		—		—		(0.3)

Total amount of income and expense line items excluding the impact of hedges	$	15,681.4	$	15,340.6	$	32.7	$	8,371.0	$	8,279.8	$	10.1


	For the Nine Months Ended
	September 30, 2022						September 30, 2021
	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	$	45,165.4	$	44,358.7	$	74.8	$	21,394.2	$	20,821.3	$	29.2
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		36.4		—		—		29.7		—
Derivatives designated as hedging instruments	—		(47.1)		—		—		(24.5)		—

Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	(165.7)		2.5		—		(39.3)		246.8		—

Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		(1.8)		—		—		(1.0)

Total amount of income and expense line items excluding the impact of hedges	$	45,331.2	$	44,350.4	$	73.0	$	21,433.5	$	21,073.2	$	28.2


Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2022		2021		2022		2021
Commodity contracts	Revenue	$	3.1	$	(143.0)	$	(128.4)	$	(334.1)
Commodity contracts	Cost of revenue	$	(2.9)	$	22.0	$	8.8	$	37.2


	September 30, 2022		December 31, 2021
Net derivative liability positions with credit contingent features	$	4.8	$	3.3
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	4.8	$	3.3


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Aviation	$	334.7	$	173.6	$	878.5	$	451.0
Land	3.7		6.5		58.9		16.1
Marine	1,341.9		891.2		4,017.1		2,337.5
Asia Pacific	1,680.3		1,071.4		4,954.5		2,804.6

Aviation	1,500.9		639.4		3,444.7		1,269.4
Land	1,059.4		571.4		3,056.1		1,737.1
Marine	1,017.2		652.8		2,979.7		1,700.1
EMEA	3,577.6		1,863.7		9,480.5		4,706.6

Aviation	1,211.2		561.1		3,493.4		1,363.6
Land	235.7		160.6		699.0		423.1
Marine	248.8		160.6		826.4		417.2
LATAM	1,695.7		882.3		5,018.8		2,203.9

Aviation	4,216.2		2,362.3		12,568.1		5,737.3
Land	3,622.0		1,932.6		10,807.8		5,143.9
Marine	544.3		283.2		1,777.1		828.7
North America	8,382.5		4,578.1		25,153.0		11,709.9

Other revenues (excluded from ASC 606) (1)	325.2		(44.7)		558.6		(30.8)

Total revenue	$	15,661.3	$	8,350.9	$	45,165.4	$	21,394.2


	For the Three Months Ended September 30,
	2022		2021		Change
Revenue	$	7,262.0	$	3,579.7	$	3,682.2

Gross profit	$	129.6	$	113.0	$	16.6
Operating expenses	71.7		56.0		15.7
Income (loss) from operations	$	57.9	$	57.0	$	0.9

Operational metrics:
Aviation segment volumes (gallons)	1,839.6		1,655.6		184.0
Aviation segment average price per gallon	$	3.75	$	2.09	$	1.66


	For the Three Months Ended September 30,
	2022		2021		Change
Revenue	$	5,013.9	$	2,670.4	$	2,343.5

Gross profit	$	117.9	$	62.6	$	55.3
Operating expenses	95.7		59.0		36.8
Income (loss) from operations	$	22.2	$	3.7	$	18.5

Operational metrics:
Land segment volumes (gallons)	1,515.1		1,293.7		221.4
Land segment average price per gallon	$	3.31	$	2.06	$	1.25


Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2022		2021		2022		2021
Commodity contracts (Revenue)	$	(5.5)	$	53.7	$	(114.5)	$	(22.3)
Commodity contracts (Cost of revenue)	2.7		17.8		2.0		172.1
Interest rate contracts (Interest expense and other financing costs, net)	$	4.1	$	(0.2)	$	14.1	$	2.8
Total gain (loss)	$	1.2	$	71.4	$	(98.4)	$	152.6


		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Derivative Instruments - Non-designated	Location	2022		2021		2022		2021
Commodity contracts	Revenue	$	80.3	$	3.3	$	229.2	$	(287.6)
	Cost of revenue	6.3		15.0		(10.7)		321.8
		86.6		18.3		218.5		34.2
Foreign currency contracts	Revenue	0.3		0.9		0.4		1.1
	Other (expense), net	14.2		1.5		18.1		3.4
		14.5		2.4		18.4		4.4
Total gain (loss)		$	101.1	$	20.8	$	236.9	$	38.7


	September 30, 2022		December 31, 2021
Credit Facility	$	200.0	$	—
Term loans	491.4		484.1
Finance leases	15.2		21.2
Other	2.7		3.3
Total debt	709.3		508.7
Less: Current maturities of long-term debt and finance leases	15.7		30.6
Long-term debt	$	693.6	$	478.1


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2022	$	(134.0)	$	(2.7)	$	(136.7)
Other comprehensive income (loss) before reclassifications	(77.5)		(98.4)		(175.9)
Amounts reclassified from accumulated other comprehensive income (loss)	—		121.3		121.3
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	—		—		—
Balance as of September 30, 2022	$	(211.4)	$	20.2	$	(191.2)

Balance as of January 1, 2021	$	(120.3)	$	(12.3)	$	(132.6)
Other comprehensive income (loss) before reclassifications	(10.6)		152.6		142.0
Amounts reclassified from accumulated other comprehensive income (loss)	—		(153.1)		(153.1)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	—		—		—
Balance as of September 30, 2021	$	(130.9)	$	(12.8)	$	(143.6)


	Fair Value Measurements as of September 30, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	1,272.8	$	1,201.7	$	7.8	$	2,482.3
Interest rate contract	—		26.2		—		26.2
Foreign currency contracts	—		34.1		—		34.1
Cash surrender value of life insurance	—		13.9		—		13.9
Total assets at fair value	$	1,272.8	$	1,275.9	$	7.8	$	2,556.5

Liabilities:
Commodities contracts	$	921.5	$	1,609.7	$	5.0	$	2,536.1

Foreign currency contracts	—		25.1		—		25.1
Total liabilities at fair value	$	921.5	$	1,634.7	$	5.0	$	2,561.2


	Fair Value Measurements as of December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	513.3	$	247.6	$	2.6	$	763.5
Interest rate contract	—		5.4		—		5.4
Foreign currency contracts	—		4.7		—		4.7
Cash surrender value of life insurance	—		14.6		—		14.6
Total assets at fair value	$	513.3	$	272.3	$	2.6	$	788.3

Liabilities:
Commodities contracts	$	361.5	$	378.6	$	3.8	$	743.9
Interest rate contract	—		0.3		—		0.3
Foreign currency contracts	—		4.3		—		4.3
Total liabilities at fair value	$	361.5	$	383.2	$	3.8	$	748.5


	Fair Value as of September 30, 2022
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	2,482.3	$	1,635.6	$	846.7	$	329.9	$	—	$	516.8
Interest rate contract	26.2		—		26.2		—		—		26.2
Foreign currency contracts	34.1		25.1		9.0		—		—		9.0
Total assets at fair value	$	2,542.5	$	1,660.7	$	881.8	$	329.9	$	—	$	551.9

Liabilities:
Commodities contracts	$	2,536.1	$	1,635.6	$	900.5	$	146.5	$	—	$	754.0

Foreign currency contracts	25.1		25.1		—		—		—		—
Total liabilities at fair value	$	2,561.2	$	1,660.7	$	900.5	$	146.5	$	—	$	754.0


	Fair Value as of December 31, 2021
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	763.5	$	513.1	$	250.4	$	7.6	$	—	$	242.8
Interest rate contract	5.4		—		5.4		—		—		5.4
Foreign currency contracts	4.7		2.6		2.1		—		—		2.1
Total assets at fair value	$	773.6	$	515.6	$	258.0	$	7.6	$	—	$	250.4

Liabilities:
Commodities contracts	$	743.9	$	513.1	$	230.8	$	3.2	$	—	$	227.7
Interest rate contract	0.3		—		0.3		—		—		0.3
Foreign currency contracts	4.3		2.6		1.7		—		—		1.7
Total liabilities at fair value	$	748.5	$	515.6	$	232.8	$	3.2	$	—	$	229.7


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2022		2021		2022		2021
Aviation segment	$	7,262.0	$	3,579.7	$	20,116.0	$	8,480.5
Land segment	5,013.9		2,670.4		14,826.6		7,315.8
Marine segment	3,385.4		2,100.7		10,222.9		5,597.8
Total revenue	$	15,661.3	$	8,350.9	$	45,165.4	$	21,394.2

Income from operations:
Aviation segment	$	57.9	$	57.0	$	58.5	$	114.0
Land segment	22.2		3.7		88.5		44.5
Marine segment	48.1		3.6		124.0		14.8
Corporate overhead - unallocated	(27.9)		(22.6)		(76.6)		(63.1)
Total income from operations	$	100.3	$	41.7	$	194.4	$	110.2


	September 30, 2022		December 31, 2021
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $5.7 and $18.4 as of September 30, 2022 and December 31, 2021, respectively	$	1,341.3	$	972.9
Land segment, net of allowance for credit losses of $4.8 and $3.8 as of September 30, 2022 and December 31, 2021, respectively	1,063.5		664.7
Marine segment, net of allowance for credit losses of $3.8 and $3.9 as of September 30, 2022 and December 31, 2021, respectively	768.2		717.7
Total accounts receivable, net	$	3,172.9	$	2,355.3

Total assets:
Aviation segment	$	2,875.3	$	2,305.6
Land segment	3,580.5		2,106.1
Marine segment	1,057.1		1,022.7
Corporate	457.3		507.9
Total assets	$	7,970.3	$	5,942.4


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)
7/1/2022 - 7/31/2022	—	$	—	—	$	147,053
8/1/2022 - 8/31/2022	—	—		—	147,053
9/1/2022 - 9/30/2022	—	—		—	147,053
Total	—	$	—	—	$	147,053


Exhibit No.						Description
10.1						Amendment No. 9 to the Fourth Amended and Restated Credit Agreement, dated as of July 12, 2022, among World Fuel Services Corporation, World Fuel Services Europe, Ltd., World Fuel Services (Singapore) Pte Ltd, and certain other Subsidiaries, as borrowers, Bank of America, N.A., as administrative agent, and the financial institutions named therein as lenders (incorporated by reference herein from Exhibit 10.2 to our Quarterly Report on Form 10-Q filed on July 29, 2022).

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 September 30, 2022, formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income and Comprehensive Income, (iii) Condensed Consolidated Statements of Shareholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements.

104						Cover page interactive file (formatted in Inline XBRL and contained in Exhibit 101).



Date: October 28, 2022			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