World Kinect Corp 10-Q for FY2020 Q3

World Kinect Corp (WKC)

10-Q 2020-11-02 For: 2020-09-30

Added on April 11, 2026

About this 10-Q

World Kinect Corp filed this 10-Q on November 2, 2020, covering the quarter ended September 30, 2020 (FY2020 Q3).

Headline figures

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

Revenue: $4.48B; down 51.9% from $9.32B a year earlier
Net income: $82M; up 70.1% from net income of $48.2M a year earlier
Diluted EPS: $1.29; up 76.7% from $0.73 a year earlier

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Part I.	Financial Information

	Item 1.	Financial Statements (Unaudited)
		Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019	1
		Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019	2
		Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019	3
		Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019	5
		Notes to the Consolidated Financial Statements	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

	Item 4.	Controls and Procedures	39

Part II.	Other Information

	Item 1.	Legal Proceedings	40

	Item 1A.	Risk Factors	40

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

	Item 6.	Exhibits	44

Signatures			45


	As of
	September 30,		December 31,
	2020		2019
Assets:
Current assets:
Cash and cash equivalents	$	572.7	$	186.1
Accounts receivable, net	1,244.1		2,891.9
Inventories	291.0		593.3
Prepaid expenses	56.3		80.6
Short-term derivative assets, net	101.4		59.5

Other current assets	269.2		358.8
Total current assets	2,534.8		4,170.1
Property and equipment, net	347.8		360.9
Goodwill	848.2		843.7
Identifiable intangible and other non-current assets	661.5		617.7

Total assets	$	4,392.3	$	5,992.4
Liabilities:
Current liabilities:
Current maturities of long-term debt	$	19.6	$	54.1
Accounts payable	1,085.8		2,602.7
Customer deposits	118.5		126.7

Accrued expenses and other current liabilities	333.0		378.9
Total current liabilities	1,557.0		3,162.4

Long-term debt	506.9		574.7
Non-current income tax liabilities, net	215.6		210.1
Other long-term liabilities	193.0		151.3

Total liabilities	2,472.5		4,098.5
Commitments and contingencies
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 September 30, 2020 and December 31, 2019, respectively	0.6		0.7
Capital in excess of par value	221.1		274.7
Retained earnings	1,846.6		1,761.3
Accumulated other comprehensive loss	(152.3)		(146.3)
Total World Fuel shareholders' equity	1,916.0		1,890.4
Noncontrolling interest	3.8		3.5
Total equity	1,919.8		1,893.9
Total liabilities and equity	$	4,392.3	$	5,992.4


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenue	$	4,482.7	$	9,322.7	$	15,656.2	$	27,460.9
Cost of revenue	4,268.7		9,017.0		$	14,969.6	$	26,635.6
Gross profit	214.0		305.7		686.6		825.3
Operating expenses:
Compensation and employee benefits	91.4		126.7		289.8		347.0
General and administrative	80.9		82.8		249.1		232.9
Asset impairments	—		—		18.6		—
Restructuring charges	2.9		2.6		7.7		6.3
	175.2		212.0		565.1		586.2
Income from operations	38.8		93.6		121.5		239.2
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(8.7)		(19.5)		(34.1)		(59.1)
Other income (expense), net	77.7		(3.3)		75.0		(0.3)
	69.0		(22.8)		41.0		(59.4)
Income (loss) before income taxes	107.8		70.9		162.4		179.8
Provision for income taxes	25.4		21.5		49.0		55.5
Net income (loss) including noncontrolling interest	82.4		49.4		113.4		124.3
Net income (loss) attributable to noncontrolling interest	0.5		1.2		0.2		1.9
Net income (loss) attributable to World Fuel	$	82.0	$	48.2	$	113.1	$	122.4

Basic earnings per common share	$	1.29	$	0.74	$	1.77	$	1.84

Basic weighted average common shares	63.4		65.3		63.9		66.4

Diluted earnings per common share	$	1.29	$	0.73	$	1.76	$	1.84

Diluted weighted average common shares	63.6		65.7		64.1		66.7

Comprehensive income:
Net income (loss) including noncontrolling interest	$	82.4	$	49.4	$	113.4	$	124.3
Other comprehensive income (loss):
Foreign currency translation adjustments	15.1		(11.5)		(12.9)		(17.4)
Cash flow hedges, net of income tax expense of $2.1 and expense of $2.8 for the three months ended September 30, 2020 and 2019, respectively, and net of income tax expense of $2.3 and benefit of $2.4 for the nine months ended September 30, 2020 and 2019, respectively	6.1		7.9		6.8		(6.8)
Other comprehensive income (loss)	21.2		(3.6)		(6.0)		(24.2)
Comprehensive income (loss) including noncontrolling interest	103.6		45.8		107.3		100.1
Comprehensive income (loss) attributable to noncontrolling interest	—		(0.8)		—		(1.5)
Comprehensive income (loss) attributable to World Fuel	$	103.6	$	46.6	107.3		$	101.6


	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
Net income (loss)	—	—		—		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


	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
Net income	—	—		—		48.2		—		48.2		1.2		49.4
Cash dividends declared	—	—		—		(6.5)		—		(6.5)		—		(6.5)
Amortization of share-based payment awards	—	—		3.9		—		—		3.9		—		3.9

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)	—	—		—		—		(2.8)		(2.8)		(0.8)		(3.6)
Balance as of September 30, 2019	65.2	$	0.7	$	284.5	$	1,711.4	$	(154.3)	$	1,842.1	$	16.5	$	1,858.6


☒			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	57.9
Write-off of uncollectible receivables	(53.1)
Recoveries of credit losses	0.6
Translation adjustments	(0.2)
Balance as of September 30, 2020	$	51.8


	Total
Cash paid for acquisition of business	$	129.0
Amounts due to sellers	30.0
Purchase price	$	159.0

Assets acquired:
Accounts receivable	$	42.8
Goodwill and identifiable intangible assets	123.3
Other current and long-term assets	3.8

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

Purchase price	$	159.0


		Gross Derivative Assets				Gross Derivative Liabilities
		As of				As of
		September 30,		December 31,		September 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	$	142.2	$	—	$	111.9	$	—
	Identifiable intangible and other non-current assets	—		—		—		—
	Accrued expenses and other current liabilities	—		1.7		—		20.0
	Other long-term liabilities	0.2		—		0.5		—
		142.4		1.7		112.4		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	—		—		3.5		—

Total derivatives designated as hedging instruments		142.4		1.7		117.1		20.0

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	236.3		65.7		164.0		7.2
	Identifiable intangible and other non-current assets	32.1		23.0		9.3		4.8
	Accrued expenses and other current liabilities	10.3		161.0		63.6		203.4
	Other long-term liabilities	22.7		7.7		36.2		19.7
		301.4		257.3		273.1		235.0

Foreign currency contracts	Short-term derivative assets, net	—		1.2		—		0.2
	Identifiable intangible and other non-current assets	—		—		—		—
	Accrued expenses and other current liabilities	1.6		0.9		10.3		11.4
	Other long-term liabilities	—		—		0.1		—
		1.6		2.0		10.4		11.6
Total derivatives not designated as hedging instruments		303.1		259.4		283.6		246.6

Total derivatives		$	445.5	$	261.1	$	400.7	$	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
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
Inventory	$	31.2	$	30.7	$	0.7	$	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
		September 30, 2020						September 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		$	4,482.7	$	4,268.7	$	9.4	$	9,322.7	$	9,017.0	$	21.2
Gains or Loss on fair value hedge relationships:
Commodity contracts:
	Hedged Item	—		(1.2)		—		—		(0.5)		—
	Derivatives designated as hedging instruments	—		1.5		—		—		1.3		—

Gains or Loss on cash flow hedge relationships:
Commodity contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	(2.8)		(65.0)		—		(0.2)		13.7		—
Interest rate contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	—		—		(0.2)		—		—		—

Total amount of income and expense line items excluding the impact of hedges		$	4,485.5	$	4,204.1	$	9.2	$	9,322.9	$	9,031.5	$	21.2

		Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		For the Nine Months Ended
		September 30, 2020						September 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		$	15,656.2	$	14,969.6	$	36.3	$	27,460.9	$	26,635.6	$	63.3
Gains or Loss on fair value hedge relationships:
Commodity contracts:
	Hedged Item	—		(15.4)		—		—		14.8		—
	Derivatives designated as hedging instruments	—		15.3		—		—		(12.8)		—

Gains or Loss on cash flow hedge relationships:
Commodity contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	38.2		(122.3)		—		(6.5)		31.1		—
Interest rate contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	—		—		(0.2)		—		—		—
Total amount of income and expense line items excluding the impact of hedges		$	15,618.0	$	14,847.2	$	36.1	$	27,467.4	$	26,668.7	$	63.3


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
	September 30,					September 30,
Derivative Instruments	2020		2019		Location	2020		2019

Commodity contracts	$	(22.0)	$	41.6	Revenue	$	(2.8)	$	(0.2)
Commodity contracts	(39.8)		(19.8)		Cost of revenue	(65.0)		13.7
Interest rate contracts	(0.1)		—		Interest expense and other financing costs, net	(0.2)		—
Total Gain (Loss)	$	(61.9)	$	21.7	Total Gain (Loss)	$	(68.1)	$	13.5

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

Commodity contracts	$	163.6	$	(136.1)	Revenue	$	38.2	$	(6.5)
Commodity contracts	(237.2)		153.9		Cost of Revenue	(122.3)		31.1

Interest rate contracts	(3.8)		—		Interest expense and other financing costs, net	(0.2)		—
Total Gain (Loss)	$	(77.4)	$	17.7	Total Gain (Loss)	$	(84.4)	$	24.6


Amount of Realized and Unrealized Gain (Loss)		For the Three Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2020		2019
Commodity contracts
	Revenue		$	44.3	$	39.7
	Cost of revenue		(27.7)		(25.4)
			16.7		14.3
Foreign currency contracts
	Revenue		(1.7)		0.9
	Other (expense), net		(11.7)		9.0
			(13.4)		9.9
Total Gain (Loss)			$	3.2	$	24.2

Amount of Realized and Unrealized Gain (Loss)			For the Nine Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2020		2019
Commodity contracts
	Revenue		$	157.6	$	184.2
	Cost of revenue		(38.0)		(148.3)
			119.6		35.8
Foreign currency contracts
	Revenue		(1.8)		0.8
	Other (expense), net		(1.0)		8.2
			(2.8)		9.0
Total Gain (Loss)			$	116.8	$	44.8


	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
	As of September 30, 2020		As of December 31, 2019
Net derivative liability positions with credit contingent features	$	40.6	$	45.6
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	40.6	$	45.6


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Aviation	$	82.6	$	327.0	$	440.5	$	1,032.2
Land	4.1		3.8		9.7		12.7
Marine	524.0		747.0		1,889.7		2,175.4
Asia Pacific	610.8		1,077.8		2,339.9		3,220.4

Aviation	346.1		1,155.3		1,142.8		2,883.2
Land	385.0		580.9		1,317.1		1,791.1
Marine	365.0		655.7		1,261.2		2,046.7
EMEA	1,096.1		2,391.8		3,721.1		6,721.1

Aviation	155.5		579.4		812.2		1,739.7
Land	112.9		153.3		319.7		441.8
Marine	86.1		136.5		402.5		471.3
LATAM	354.5		869.2		1,534.4		2,652.8

Aviation	910.3		2,689.7		3,517.4		8,166.3
Land	1,143.5		1,787.3		3,277.8		5,306.3
Marine	206.6		397.4		683.0		1,079.8
North America	2,260.5		4,874.5		7,478.1		14,552.4

Other revenues (excluded from ASC 606) (1)	160.8		109.4		582.8		314.2

	$	4,482.7	$	9,322.7	$	15,656.2	$	27,460.9


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
Revenue:	2020		2019		2020		2019
Aviation segment	$	1,596.2	$	4,743.0	$	6,381.0	$	13,780.8
Land segment	1,645.2		2,555.8		4,948.8		7,712.4
Marine segment	1,241.2		2,023.9		4,326.4		5,967.7
	$	4,482.7	$	9,322.7	$	15,656.2	$	27,460.9

Gross profit:
Aviation segment	$	97.6	$	156.9	$	282.6	$	411.7
Land segment	84.3		95.4		275.4		288.6
Marine segment	32.0		53.4		128.6		125.0
	$	214.0	$	305.7	$	686.6	$	825.3








Income from operations:
Aviation segment	$	29.2	$	86.3	$	67.3	$	215.4
Land segment	18.8		13.4		54.1		46.2
Marine segment	8.2		20.6		55.4		44.2
	56.2		120.3		176.8		305.9
Corporate overhead - unallocated	(17.4)		(26.7)		(55.3)		(66.7)
	$	38.8	$	93.6	$	121.5	$	239.2


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


	For the Three Months Ended
	September 30,
	2020		2019		$ Change
Aviation segment	$	1,596.2	$	4,743.0	$	(3,146.8)
Land segment	1,645.2		2,555.8		(910.6)
Marine segment	1,241.2		2,023.9		(782.6)
	$	4,482.7	$	9,322.7	$	(4,840.0)


	Fair Value Measurements as of September 30, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	270.3	$	159.3	$	14.2	$	443.8
Foreign currency contracts		—		1.6		—		1.6

Cash surrender value of life insurance		—		10.8		—		10.8
Total assets at fair value		$	270.3	$	171.8	$	14.2	$	456.3

Liabilities:
Commodities contracts		$	264.3	$	114.8	$	6.4	$	385.5
Foreign currency contracts		—		10.4		—		10.4
Interest rate contract		—		4.7		—		4.7
Total liabilities at fair value		$	264.3	$	130.0	$	6.4	$	400.7

	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 September 30, 2020
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	443.8	$	324.3	$	119.5	$	1.8	$	—	$	117.8
Interest rate contract		—		—		—		—		—		—
Foreign currency contracts		1.6		1.6		—		—		—		—
Total assets at fair value		$	445.5	$	325.9	$	119.5	$	1.8	$	—	$	117.8

Liabilities:
Commodities contracts		$	385.5	$	324.3	$	61.3	$	—	$	—	$	61.3
Interest rate contract		4.7		—		4.7		—		—		4.7
Foreign currency contracts		10.4		1.6		8.8		—		—		8.8
Total liabilities at fair value		$	400.7	$	325.9	$	74.8	$	—	$	—	$	74.8


	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
	September 30,		December 31
	2020		2019
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $37.3 and $14.6 as of September 30, 2020 and December 31, 2019, respectively	$	438.0	$	1,098.2
Land segment, net of allowance for credit losses of $5.3 and $2.8 as of September 30, 2020 and December 31, 2019, respectively	406.9		863.2
Marine segment, net of allowance for credit losses of $6.0 and $18.0 as of September 30, 2020 and December 31, 2019, respectively	399.2		930.5
	$	1,244.1	$	2,891.9
Total assets:
Aviation segment	$	1,670.4	$	2,416.5
Land segment	1,476.0		2,089.4
Marine segment	660.2		1,189.7
Corporate	585.6		296.8
	$	4,392.3	$	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)
7/1/2020 - 7/31/2020	—	$	—	—	$	258,944
8/1/2020 - 8/31/2020	—	—		—	258,944
9/1/2020 - 9/30/2020	—	—		—	258,944
Total	—	$	—	—	$	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 September 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.

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



Date: October 30, 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