World Kinect Corp 10-Q for FY2021 Q3

World Kinect Corp (WKC)

10-Q 2021-10-29 For: 2021-09-30

Added on April 11, 2026

About this 10-Q

World Kinect Corp filed this 10-Q on October 29, 2021, covering the quarter ended September 30, 2021 (FY2021 Q3).

Headline figures

Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $8.35B; up 86.3% from $4.48B a year earlier
Net income: $21.7M; down 73.5% from net income of $82M a year earlier
Diluted EPS: $0.34; down 73.6% from $1.29 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Part I.	Financial Information

	Item 1.	Financial Statements (Unaudited)
		Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020	1
		Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020	2
		Condensed Consolidated Statements of Shareholders ' Equity for the Three and Nine Months Ended September 30, 2021 and 2020	3
		Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020	5
		Notes to the Condensed Consolidated Financial Statements	6

	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	19

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

	Item 4.	Controls and Procedures	30

Part II.	Other Information

	Item 1.	Legal Proceedings	31



	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	31

	Item 6.	Exhibits	32

Signatures			33


	September 30, 2021		December 31, 2020
Assets:
Current assets:
Cash and cash equivalents	$	796.0	$	658.8
Accounts receivable, net of allowance for credit losses of $25.4 million and $53.8 million as of September 30, 2021 and December 31, 2020, respectively	2,032.5		1,238.4
Inventories	439.3		344.3
Prepaid expenses	76.1		51.1
Short-term derivative assets, net	121.8		66.4
Other current assets	227.6		280.4
Total current assets	3,693.2		2,639.3
Property and equipment, net	334.3		342.6
Goodwill	854.7		858.6
Identifiable intangible and other non-current assets	662.1		659.8
Total assets	$	5,544.3	$	4,500.3
Liabilities:
Current liabilities:
Current maturities of long-term debt	$	30.1	$	22.9
Accounts payable	2,024.3		1,214.7
Short-term derivative liabilities, net	211.1		50.9
Customer deposits	163.3		155.8
Accrued expenses and other current liabilities	267.6		239.8
Total current liabilities	2,696.5		1,684.0
Long-term debt	484.2		501.8
Non-current income tax liabilities, net	208.2		215.5
Other long-term liabilities	231.7		186.1
Total liabilities	3,620.5		2,587.4

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, 62.6 and 62.9 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0.6		0.6
Capital in excess of par value	190.2		204.6
Retained earnings	1,872.6		1,836.7
Accumulated other comprehensive income (loss)	(143.6)		(132.6)
Total World Fuel shareholders' equity	1,919.7		1,909.3
Noncontrolling interest	4.1		3.6
Total equity	1,923.8		1,912.9
Total liabilities and equity	$	5,544.3	$	4,500.3


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Revenue	$	8,350.9	$	4,482.7	$	21,394.2	$	15,656.2
Cost of revenue	8,153.4		4,268.7		20,821.3		14,969.6
Gross profit	197.5		214.0		573.0		686.6
Operating expenses:
Compensation and employee benefits	93.5		91.4		273.9		289.8
General and administrative	60.6		80.9		177.4		249.1
Asset impairments	—		—		4.7		18.6
Restructuring charges	1.7		2.9		6.8		7.7
Total operating expenses	155.8		175.2		462.7		565.1
Income from operations	41.7		38.8		110.2		121.5
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(10.4)		(8.7)		(29.2)		(34.1)
Other income (expense), net	1.0		77.7		(1.6)		75.0
Total non-operating income (expense), net	(9.4)		69.0		(30.7)		41.0
Income (loss) before income taxes	32.3		107.8		79.5		162.4
Provision for income taxes	10.0		25.4		20.8		49.0
Net income (loss) including noncontrolling interest	22.3		82.4		58.7		113.4
Net income (loss) attributable to noncontrolling interest	0.6		0.5		0.5		0.2
Net income (loss) attributable to World Fuel	$	21.7	$	82.0	$	58.2	$	113.1

Basic earnings (loss) per common share	$	0.34	$	1.29	$	0.92	$	1.77

Basic weighted average common shares	63.0		63.4		63.1		63.9

Diluted earnings (loss) per common share	$	0.34	$	1.29	$	0.92	$	1.76

Diluted weighted average common shares	63.3		63.6		63.6		64.1

Comprehensive income:
Net income (loss) including noncontrolling interest	$	22.3	$	82.4	$	58.7	$	113.4
Other comprehensive income (loss):
Foreign currency translation adjustments	(11.3)		15.1		(10.6)		(12.9)
Cash flow hedges, net of income tax expense (benefit) of $(2.8) and $2.1 for the three months ended September 30, 2021 and 2020, respectively, and net of income tax expense (benefit) of $(0.2) and $2.3 for the nine months ended September 30, 2021 and 2020, respectively	(8.2)		6.1		(0.5)		6.8
Total other comprehensive income (loss)	(19.5)		21.2		(11.0)		(6.0)
Comprehensive income (loss) including noncontrolling interest	2.8		103.6		47.7		107.3
Comprehensive income (loss) attributable to noncontrolling interest	0.6		—		0.5		—
Comprehensive income (loss) attributable to World Fuel	$	2.2	$	103.6	47.2		$	107.3


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive 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


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Total World Fuel Shareholders' Equity		Noncontrolling Interest Equity		Total Equity
	Shares	Amount
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	—	—		—		(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
Net income	—	—		—		82.0		—		82.0		0.5		82.4
Cash dividends declared	—	—		—		(6.3)		—		(6.3)		—		(6.3)
Amortization of share-based payment awards	—	—		1.9		—		—		1.9		—		1.9

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(0.1)		—		—		(0.1)		—		(0.1)
Other comprehensive income (loss)	—	—		—		—		21.2		21.2		—		21.2
Other	—	—		—		2.4		—		2.4		—		2.4
Balance as of September 30, 2020	63.3	$	0.6	$	221.1	$	1,846.6	$	(152.3)	$	1,916.0	$	3.8	$	1,919.8


☒			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


	2021		2020
Balance as of January 1,	$	57.3	$	46.6
Charges to allowance for credit losses	2.8		57.9
Write-off of uncollectible receivables	(32.4)		(53.1)
Recoveries of credit losses	1.3		0.6
Translation adjustments	0.1		(0.2)
Balance as of September 30,	$	29.2	$	51.8


		Gross Derivative Assets				Gross Derivative Liabilities
		September 30,		December 31,		September 30,		December 31,
Derivative Instruments	Consolidated Balance Sheets location	2021		2020		2021		2020
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	38.0	$	124.9	$	90.5	$	120.7

	Short-term derivative liabilities, net	0.5		1.0		1.8		2.3
	Other long-term liabilities	—		0.1		—		0.5


Interest rate contracts	Identifiable intangible and other non-current assets	2.4		—		—		—
	Short-term derivative liabilities, net	—		—		1.3		1.3
	Other long-term liabilities	—		—		—		2.4

Total derivatives designated as hedging instruments		40.9		126.0		93.6		127.2

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	506.7		164.9		280.4		102.7
	Identifiable intangible and other non-current assets	120.3		32.1		32.5		7.9
	Short-term derivative liabilities, net	75.9		30.5		287.5		68.4
	Other long-term liabilities	17.1		17.5		85.1		23.5

Foreign currency contracts	Short-term derivative assets, net	2.0		—		1.2		—
	Identifiable intangible and other non-current assets	0.2		—		0.1		—
	Short-term derivative liabilities, net	2.3		7.5		2.7		19.6
	Other long-term liabilities	—		—		—		0.2
Total derivatives not designated as hedging instruments		724.4		252.5		689.5		222.3

Total derivatives		$	765.3	$	378.5	$	783.1	$	349.5


Line item in the Consolidated Balance Sheets in which the hedged item is included	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Inventory	$	60.1	$	44.5	$	8.7	$	4.9


	For the Three Months Ended
	September 30, 2021						September 30, 2020
	Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue		Interest expense and other financing costs, net
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded	$	8,350.9	$	8,153.4	$	10.4	$	4,482.7	$	4,268.7	$	9.4
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		3.1		—		—		(1.2)		—
Derivatives designated as hedging instruments	—		(4.8)		—		—		1.5		—

Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	(20.2)		128.2		—		(2.8)		(65.0)		—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		(0.3)		—		—		(0.2)

Total amount of income and expense line items excluding the impact of hedges	$	8,371.0	$	8,279.8	$	10.1	$	4,485.5	$	4,204.1	$	9.2

	For the Nine Months Ended
	September 30, 2021						September 30, 2020
	Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue		Interest expense and other financing costs, net
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded	$	21,394.2	$	20,821.3	$	29.2	$	15,656.2	$	14,969.6	$	36.3
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		29.7		—		—		(15.4)		—
Derivatives designated as hedging instruments	—		(24.5)		—		—		15.3		—

Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	(39.3)		246.8		—		38.2		(122.3)		—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		(1.0)		—		—		(0.2)
Total amount of income and expense line items excluding the impact of hedges	$	21,433.5	$	21,073.2	$	28.2	$	15,618.0	$	14,847.2	$	36.1


Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement		Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2021		2020		2021		2020
Commodity contracts	Revenue	$	(143.0)	$	97.8	$	(334.1)	$	401.1
Commodity contracts	Cost of revenue	$	22.0	$	(2.5)	$	37.2	$	(176.0)


Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Commodity contracts (Revenue)	$	53.7	$	(22.0)	$	(22.3)	$	163.6
Commodity contracts (Cost of revenue)	17.8		(39.8)		172.1		(237.2)
Interest rate contracts	(0.2)		(0.1)		2.8		(3.8)
Total gain (loss)	$	71.4	$	(61.9)	$	152.6	$	(77.4)


		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Instruments - Non-designated	Location	2021		2020		2021		2020
Commodity contracts
	Revenue	$	3.3	$	44.3	$	(287.6)	$	157.6
	Cost of revenue	15.0		(27.7)		321.8		(38.0)
		18.3		16.7		34.2		119.6
Foreign currency contracts
	Revenue	0.9		(1.7)		1.1		(1.8)
	Other (expense), net	1.5		(11.7)		3.4		(1.0)
		2.4		(13.4)		4.4		(2.8)
Total gain (loss)		$	20.8	$	3.2	$	38.7	$	116.8


	September 30, 2021		December 31, 2020
Net derivative liability positions with credit contingent features	$	3.5	$	20.0
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	3.5	$	20.0


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Aviation	$	173.6	$	82.6	$	451.0	$	440.5
Land	6.5		4.1		16.1		9.7
Marine	891.2		524.0		2,337.5		1,889.7
Asia Pacific	1,071.4		610.8		2,804.6		2,339.9

Aviation	639.4		346.1		1,269.4		1,142.8
Land	571.4		385.0		1,737.1		1,317.1
Marine	652.8		365.0		1,700.1		1,261.2
EMEA	1,863.7		1,096.1		4,706.6		3,721.1

Aviation	561.1		155.5		1,363.6		812.2
Land	160.6		112.9		423.1		319.7
Marine	160.6		86.1		417.2		402.5
LATAM	882.3		354.5		2,203.9		1,534.4

Aviation	2,362.3		910.3		5,737.3		3,517.4
Land	1,932.6		1,143.5		5,143.9		3,277.8
Marine	283.2		206.6		828.7		683.0
North America	4,578.1		2,260.5		11,709.9		7,478.1

Other revenues (excluded from ASC 606) (1)	(44.7)		160.8		(30.8)		582.8

Total revenue	$	8,350.9	$	4,482.7	$	21,394.2	$	15,656.2


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue:	2021		2020		2021		2020
Aviation segment	$	3,579.7	$	1,596.2	$	8,480.5	$	6,381.0
Land segment	2,670.4		1,645.2		7,315.8		4,948.8
Marine segment	2,100.7		1,241.2		5,597.8		4,326.4
Total revenue	$	8,350.9	$	4,482.7	$	21,394.2	$	15,656.2

Gross profit:
Aviation segment	$	113.0	$	97.6	$	277.1	$	282.6
Land segment	62.6		84.3		225.9		275.4
Marine segment	21.9		32.0		70.0		128.6
Total gross profit	$	197.5	$	214.0	$	573.0	$	686.6








Income from operations:
Aviation segment	$	57.0	$	29.2	$	114.0	$	67.3
Land segment	3.7		18.8		44.5		54.1
Marine segment	3.6		8.2		14.8		55.4
Corporate overhead - unallocated	(22.6)		(17.4)		(63.1)		(55.3)
Total income from operations	$	41.7	$	38.8	$	110.2	$	121.5


	Three Months Ended September 30,
	2021		2020		$ Change
Aviation segment	$	3,579.7	$	1,596.2	$	1,983.5
Land segment	2,670.4		1,645.2		1,025.2
Marine segment	2,100.7		1,241.2		859.5
Total revenue	$	8,350.9	$	4,482.7	$	3,868.1


	Three Months Ended September 30,
	2021		2020		$ Change
Aviation segment	$	113.0	$	97.6	$	15.4
Land segment	62.6		84.3		(21.7)
Marine segment	21.9		32.0		(10.2)
Total gross profit	$	197.5	$	214.0	$	(16.5)


	September 30, 2021		December 31, 2020

Term loans	$	490.5	$	503.2
Finance leases	20.4		18.2
Other	3.4		3.3
Total debt	514.3		524.7
Less: Current maturities of long-term debt and finance leases	30.1		22.9
Long-term debt	$	484.2	$	501.8


	Fair Value Measurements as of September 30, 2021
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	431.3	$	325.0	$	2.1	$	758.4
Foreign currency contracts		—		4.5		—		4.5
Interest rate contract		—		2.4		—		2.4
Cash surrender value of life insurance		—		14.1		—		14.1
Total assets at fair value		$	431.3	$	346.0	$	2.1	$	779.4

Liabilities:
Commodities contracts		$	326.1	$	449.1	$	2.6	$	777.8
Interest rate contract		—		1.3		—		1.3
Foreign currency contracts		—		4.0		—		4.0
Total liabilities at fair value		$	326.1	$	454.4	$	2.6	$	783.1

	Fair Value Measurements as of December 31, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	233.5	$	127.9	$	9.5	$	371.0
Foreign currency contracts		—		7.5		—		7.5
Cash surrender value of life insurance		—		11.4		—		11.4
Total assets at fair value		$	233.5	$	146.8	$	9.5	$	389.9

Liabilities:
Commodities contracts		$	223.0	$	96.8	$	6.3	$	326.0
Interest rate contract		—		3.7		—		3.7
Foreign currency contracts		—		19.8		—		19.8
Total liabilities at fair value		$	223.0	$	120.2	$	6.3	$	349.5


	Fair Value as of September 30, 2021
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	758.4	$	499.2	$	259.2	$	106.0	$	—	$	153.3
Interest rate contract	2.4		—		2.4		—		—		2.4
Foreign currency contracts	4.5		3.7		0.8		—		—		0.8
Total assets at fair value	$	765.3	$	502.9	$	262.4	$	106.0	$	—	$	156.5

Liabilities:
Commodities contracts	$	777.8	$	499.2	$	278.7	$	3.3	$	—	$	275.4
Interest rate contract	1.3		—		1.3		—		—		1.3
Foreign currency contracts	4.0		3.7		0.3		—		—		0.3
Total liabilities at fair value	$	783.1	$	502.9	$	280.2	$	3.3	$	—	$	276.9


	Fair Value as of December 31, 2020
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	371.0	$	287.1	$	83.9	$	1.2	$	—	$	82.7

Foreign currency contracts	7.5		7.5		—		—		—		—
Total assets at fair value	$	378.5	$	294.6	$	83.9	$	1.2	$	—	$	82.7

Liabilities:
Commodities contracts	$	326.0	$	287.1	$	38.9	$	2.3	$	—	$	36.6
Interest rate contract	3.7		—		3.7		—		—		3.7
Foreign currency contracts	19.8		7.5		12.3		—		—		12.3
Total liabilities at fair value	$	349.5	$	294.6	$	54.9	$	2.3	$	—	$	52.6


	September 30, 2021		December 31, 2020
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $18.7 and $41.2 as of September 30, 2021 and December 31, 2020, respectively	$	849.2	$	464.7
Land segment, net of allowance for credit losses of $3.6 and $5.0 as of September 30, 2021 and December 31, 2020, respectively	556.8		394.5
Marine segment, net of allowance for credit losses of $3.0 and $7.6 as of September 30, 2021 and December 31, 2020, respectively	626.6		379.2
Total accounts receivable, net	$	2,032.5	$	1,238.4

Total assets:
Aviation segment	$	2,222.8	$	1,789.5
Land segment	1,780.3		1,459.5
Marine segment	981.2		667.6
Corporate	560.1		583.7
Total assets	$	5,544.3	$	4,500.3


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)
7/1/2021 - 7/31/2021	250	$	30.62	250	$	238,602
8/1/2021 - 8/31/2021	250	34.29		250	230,028
9/1/2021 - 9/30/2021	250	32.68		250	221,857
Total	750	$	32.53	750	$	221,857


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 September 30, 2021, 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 29, 2021			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