View Filing Data

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2012	Apr. 25, 2012
Document and Entity Information
Entity Registrant Name	WORLD FUEL SERVICES CORP
Entity Central Index Key	0000789460
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		71,887,000
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 242,593	$ 205,415
Accounts receivable, net	2,290,085	2,160,561
Inventories	450,285	472,584
Prepaid expenses	172,990	109,297
Other current assets	200,680	174,370
Total current assets	3,356,633	3,122,227
Property and equipment, net	89,509	90,710
Goodwill	348,214	346,246
Identifiable intangible assets, net	101,943	107,620
Non-current other assets	29,505	30,443
Total assets	3,925,804	3,697,246
Current liabilities:
Short-term debt	20,516	17,800
Accounts payable	1,880,861	1,739,678
Customer deposits	83,907	105,554
Accrued expenses and other current liabilities	225,450	163,110
Total current liabilities	2,210,734	2,026,142
Long-term debt	265,147	269,348
Non-current income tax liabilities, net	46,194	47,703
Other long-term liabilities	8,153	7,335
Total liabilities	2,530,228	2,350,528
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 100 shares authorized, none issued
Common stock, $0.01 par value; 100,000 shares authorized, 71,887 and 71,154 issued and outstanding as of March 31, 2012 and December 31, 2011, respectively	719	712
Capital in excess of par value	503,636	502,551
Retained earnings	879,973	836,222
Accumulated other comprehensive loss	(3,717)	(6,524)
Total World Fuel shareholders' equity	1,380,611	1,332,961
Noncontrolling interest equity	14,965	13,757
Total equity	1,395,576	1,346,718
Total liabilities and equity	$ 3,925,804	$ 3,697,246

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	100	100
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	71,887	71,154
Common stock, shares outstanding	71,887	71,154

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenue	$ 9,479,055	$ 7,079,406
Cost of revenue	9,321,820	6,942,638
Gross profit	157,235	136,768
Operating expenses:
Compensation and employee benefits	54,527	47,069
Provision for bad debt	141	796
General and administrative	43,311	33,378
Total operating expenses	97,979	81,243
Income from operations	59,256	55,525
Non-operating expenses, net:
Interest expense and other financing costs, net	(4,661)	(2,525)
Other income (expense), net	566	(928)
Total non-operating expenses, net	(4,095)	(3,453)
Income before income taxes	55,161	52,072
Provision for income taxes	6,615	10,415
Net income including noncontrolling interest	48,546	41,657
Net income attributable to noncontrolling interest	2,131	548
Net income attributable to World Fuel	$ 46,415	$ 41,109
Basic earnings per common share (in dollars per share)	$ 0.65	$ 0.59
Basic weighted average common shares (in shares)	70,998	69,970
Diluted earnings per common share (in dollars per share)	$ 0.65	$ 0.58
Diluted weighted average common shares (in shares)	71,774	70,982
Comprehensive income:
Net income including noncontrolling interest	$ 48,546	$ 41,657
Other comprehensive income:
Foreign currency translation adjustment	2,807	701
Comprehensive income including noncontrolling interest	51,353	42,358
Comprehensive income attributable to noncontrolling interest	2,131	548
Comprehensive income attributable to World Fuel	$ 49,222	$ 41,810

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	World Fuel Shareholders' Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interest (Deficit) Equity
Balance at Dec. 31, 2010	$ 1,126,564	$ 1,127,208	$ 696	$ 468,963	$ 652,796	$ 4,753	$ (644)
Balance (in shares) at Dec. 31, 2010			69,602
Increase (Decrease) in Shareholders' Equity
Net income	41,657	41,109			41,109		548
Initial noncontrolling interest upon consolidation of joint venture	614						614
Cash dividends declared	(2,645)	(2,645)			(2,645)
Amortization of share-based payment awards	2,265	2,265		2,265
Issuance of common stock related to share-based payment awards including income tax benefit of $2,915 for the period March 31, 2011	4,364	4,364	$ 6	4,358
Issuance of common stock related to share-based payment awards including income tax benefit (in shares)			561
Issuance of common stock related to acquisition	27,498	27,498	$ 7	27,491
Issuance of common stock related to acquisition (in shares)			691
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(6,416)	(6,416)	$ (1)	(6,415)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)			(49)
Other comprehensive income	701	701				701
Balance at Mar. 31, 2011	1,194,602	1,194,084	$ 708	496,662	691,260	5,454	518
Balance (in shares) at Mar. 31, 2011			70,805
Balance at Dec. 31, 2011	$ 1,346,718	1,332,961	$ 712	502,551	836,222	(6,524)	13,757
Balance (in shares) at Dec. 31, 2011	71,154		71,154
Increase (Decrease) in Shareholders' Equity
Net income	$ 48,546	46,415			46,415		2,131
Distribution of noncontrolling interest	(923)						(923)
Cash dividends declared	(2,664)	(2,664)			(2,664)
Amortization of share-based payment awards	2,435	2,435		2,435
Issuance of common stock related to share-based payment awards including income tax benefit of $2,915 for the period March 31, 2011	2,729	2,729	$ 7	2,722
Issuance of common stock related to share-based payment awards including income tax benefit (in shares)			758
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(4,072)	(4,072)		(4,072)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)			(25)
Other comprehensive income	2,807	2,807				2,807
Balance at Mar. 31, 2012	$ 1,395,576	$ 1,380,611	$ 719	$ 503,636	$ 879,973	$ (3,717)	$ 14,965
Balance (in shares) at Mar. 31, 2012	71,887		71,887

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2011 USD ($)
Consolidated Statements of Shareholders' Equity
Issuance of shares related to share-based payment awards, income tax benefit	$ 2,915

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income including noncontrolling interest	$ 48,546	$ 41,657
Adjustments to reconcile net income including noncontrolling interest to net cash provided by (used in) operating activities:
Depreciation and amortization	9,659	8,167
Provision for bad debt	141	796
Share-based payment award compensation costs	2,904	2,865
Deferred income tax provision	10,730	123
Extinguishment of liabilities	(3,490)	(819)
Foreign currency losses (gains), net	2,274	(818)
Other	(743)	446
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	(127,281)	(457,573)
Inventories	23,010	(64,061)
Prepaid expenses	(63,607)	7,476
Other current assets	(35,155)	(12,223)
Non-current other assets	280	960
Accounts payable	143,990	331,061
Customer deposits	(22,336)	(9,407)
Accrued expenses and other current liabilities	62,665	6,923
Non-current income tax, net and other long-term liabilities	(2,795)	(59)
Total adjustments	246	(186,143)
Net cash provided by (used in) operating activities	48,792	(144,486)
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(90)	(67,000)
Capital expenditures	(3,948)	(2,628)
Issuance of notes receivable	(325)
Repayment of notes receivable	210
Net cash used in investing activities	(4,153)	(69,628)
Cash flows from financing activities:
Borrowings under senior revolving credit facility	815,000	374,000
Repayments under senior revolving credit facility	(815,000)	(334,000)
Repayments of debt other than senior revolving credit facility	(1,492)	(463)
Dividends paid on common stock	(2,664)	(2,598)
Distribution of noncontrolling interest	(923)
Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards		2,915
Purchases of stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(4,072)	(6,416)
Net cash (used in) provided by financing activities	(9,151)	33,438
Effect of exchange rate changes on cash and cash equivalents	1,690	1,157
Net increase (decrease) in cash and cash equivalents	37,178	(179,519)
Cash and cash equivalents, as of beginning of period	205,415	272,893
Cash and cash equivalents, as of end of period	$ 242,593	$ 93,374

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011	Jan. 31, 2011
Supplemental Schedule of Noncash Investing and Financing Activities:
Cash dividends declared (in dollars per share)	$ 0.0375	$ 0.0375
Cash dividends declared, but not yet paid	$ 2,700	$ 2,600
Capital expenditure accrual	900
Increase in goodwill purchase price adjustment	700
Noncontrolling interest upon consolidation of joint venture			$ 600
Issuance of equity awards to employees in grant	$ 2,700	1,500
Equity issued for acquisition		27,500
Assets acquired, net of cash		127,360
Liabilities assumed		$ 32,979

Significant Accounting Policies

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies

Significant Accounting Policies

1. Significant Accounting Policies

Except as updated below, the significant accounting policies we use for quarterly financial reporting are the same as those disclosed in Note 1 of the “Notes to the Consolidated Financial Statements” included in our 2011 10-K Report.

Basis of Presentation

The accompanying consolidated financial statements and related notes to the consolidated financial statements include our accounts and those of our majority-owned or controlled subsidiaries, after elimination of all significant intercompany accounts, transactions, and profits.

Certain amounts in prior periods have been reclassified to conform to the current period’s presentation.

Accounts Receivable Purchase Agreement

As of March 31, 2012, we had sold accounts receivable of $58.1 million and recorded a retained beneficial interest of $8.6 million. During the three months ended March 31, 2012 and 2011, the fees and interest paid under a receivables purchase agreement were not significant.

Goodwill

During the three months ended March 31, 2012, based on our ongoing fair value assessment of certain of our 2011 acquisitions, we reclassified $2.9 million in goodwill from our aviation segment to our land segment and increased aviation segment goodwill by $1.8 million as a result of the reclassification of $1.1 million from identifiable intangible assets and a $0.7 million purchase price adjustment. We had an additional goodwill increase of $0.2 million as a result of foreign currency translation adjustments of our Brazilian subsidiary in our marine segment.

Extinguishment of Liability

In the normal course of business, we accrue liabilities for fuel and services received for which invoices have not yet been received. These liabilities are derecognized, or extinguished, if either (i) payment is made to relieve our obligation for the liability or (ii) we are legally released from our obligation for the liability, such as when our legal obligations with respect to such liabilities lapse or otherwise no longer exist. During the three months ended March 31, 2012, we derecognized vendor liability accruals in the amount of $3.5 million, as compared to $0.8 million during the three months ended March 31, 2011, which is reflected as a reduction of cost of revenue in the accompanying consolidated statements of income and comprehensive income.

Recent Accounting Pronouncements

Disclosure About Offsetting Assets and Liabilities. In December 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update (“ASU”) which requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. This update is effective at the beginning of our 2013 fiscal year and will be applied retrospectively. We do not believe adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures.

Disclosure Relating to Comprehensive Income. In June 2011, the FASB issued an ASU aimed at increasing the prominence of items reported in other comprehensive income in the financial statements. This update requires companies to present comprehensive income in a single statement below net income or in a separate statement of comprehensive income immediately following the income statement. This ASU became effective on a retrospective basis at the beginning of our 2012 fiscal year. In December 2011, the FASB issued an ASU to defer the effective date of the specific requirement to present items that are reclassified out of accumulated other comprehensive income to net income alongside their respective components of net income and other comprehensive income. All other provisions of this update are currently in effect. The adoption of this ASU resulted in the inclusion of consolidated statements of comprehensive income for the periods presented below the consolidated statements of income.

Fair Value Measurements. In May 2011, the FASB issued an ASU to provide a consistent definition of fair value and common requirements for measurement and disclosure of fair value between International Financial Reporting Standards and U.S. Generally Accepted Accounting Principles. This ASU changes some fair value measurement principles and enhances disclosure requirements related to activities in Level 3 of the fair value hierarchy. The guidance became effective on a prospective basis at the beginning of our 2012 fiscal year. The adoption of this ASU did not have a material impact on our consolidated financial statements and disclosures.

Derivatives

3 Months Ended

Mar. 31, 2012

Derivatives

Derivatives

2. Derivatives

We enter into financial derivative contracts in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel, to offer our customers fuel pricing alternatives to meet their needs and to mitigate the risk of fluctuations in foreign currency exchange rates. We also enter into proprietary derivative transactions, primarily intended to capitalize on arbitrage opportunities related to basis or time spreads related to fuel products we sell. We have applied the normal purchase and normal sales exception (“NPNS”), as provided by accounting guidance for derivative instruments and hedging activities, to certain of our physical forward sales and purchase contracts. While these contracts are considered derivative instruments under the guidance for derivative instruments and hedging activities, they are not recorded at fair value, but rather are recorded in our consolidated financial statements when physical settlement of the contracts occurs. If it is determined that a transaction designated as NPNS no longer meets the scope of the exception, the fair value of the related contract is recorded as an asset or liability on the consolidated balance sheet and the difference between the fair value and the contract amount is immediately recognized through earnings.

The following describes our derivative classifications:

Cash Flow Hedges. Includes certain of our foreign currency forward contracts we enter into in order to mitigate the risk of currency exchange rate fluctuations.

Fair Value Hedges. Includes derivatives we enter into in order to hedge price risk associated with our inventory and certain firm commitments relating to fixed price purchase and sale contracts.

Non-designated Derivatives. Includes derivatives we primarily enter into in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel in the form of swaps or futures as well as certain fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are also entered into to hedge the risk of currency rate fluctuations.

As of March 31, 2012, our derivative instruments, at their respective fair value positions were as follows (in thousands, except mark-to-market prices):

Hedge Strategy	Settlement Period	Derivative Instrument	Notional	Unit	Mark-to- Market Prices			Mark-to- Market

Fair Value Hedge	2012	Commodity contracts for firm commitment hedging (long)	992	GAL	$	0.18		$	179
	2012	Commodity contracts for firm commitment hedging (short)	3,780	GAL	(0.08		)	(318		)
	2012	Commodity contracts for inventory hedging (short)	50,384	GAL	0.06			2,848
	2012	Commodity contracts for inventory hedging (short)	72	MT	6.36			458
								$	3,167

Non-Designated	2012	Commodity contracts (long)	128,366	GAL	$	0.08		$	10,610
	2012	Commodity contracts (short)	199,585	GAL	(0.11		)	(21,789		)
	2012	Commodity contracts (long)	2,678	MT	49.70			133,103
	2012	Commodity contracts (short)	2,235	MT	(47.07		)	(105,170		)
	2013	Commodity contracts (long)	4,516	GAL	0.24			1,106
	2013	Commodity contracts (short)	9,670	GAL	(0.05		)	(470		)
	2013	Commodity contracts (long)	73	MT	23.38			1,707
	2013	Commodity contracts (short)	31	MT	(42.23		)	(1,309		)
	2014	Commodity contracts (long)	3	MT	20.33			61
	2014	Commodity contracts (short)	6	MT	(11.67		)	(70		)
	2012	Foreign currency contracts (long)	8,636	CAD	(0.00		)	(29		)
	2012	Foreign currency contracts (short)	15,236	CAD	(0.00		)	(11		)
	2012	Foreign currency contracts (long)	2,289,069	CLP	(0.00		)	(43		)
	2012	Foreign currency contracts (long)	636	EUR	0.02			14
	2012	Foreign currency contracts (short)	16,000	EUR	(0.00		)	(50		)
	2012	Foreign currency contracts (long)	14,947	GBP	0.01			208
	2012	Foreign currency contracts (short)	90,806	GBP	(0.01		)	(1,160		)
	2012	Foreign currency contracts (long)	164,573	MXN	(0.00		)	(104		)
	2012	Foreign currency contracts (short)	69,684	MXN	0.00			44
	2012	Foreign currency contracts (long)	27	AUD	(0.04		)	(1		)
	2012	Foreign currency contracts (short)	269	AUD	0.02			5
	2012	Foreign currency contracts (long)	893	BRL	0.03			26
	2012	Foreign currency contracts (short)	2,623	BRL	(0.02		)	(63		)
	2012	Foreign currency contracts (short)	11,001	DKK	(0.00		)	(2		)
	2012	Foreign currency contracts (short)	21,800,000	COP	(0.00		)	(23		)
	2013	Foreign currency contracts (long)	10,430	GBP	0.00			24
	2013	Foreign currency contracts (short)	23,315	GBP	0.00			41
								$	16,655

The following table presents information about our derivative instruments measured at fair value and their locations on the consolidated balance sheets (in thousands):

		As of
		March 31,		December 31,
	Balance Sheet Location	2012		2011
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	4,213	$	528
Commodity contracts	Accrued expenses and other current liabilities	—		22
		4,213		550
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets	153,230		59,185
Commodity contracts	Non-current other assets	2,225		2,065
Commodity contracts	Accrued expenses and other current liabilities	6,985		3,231
Commodity contracts	Other long-term liabilities	43		40
Foreign currency contracts	Other current assets	254		1,912
Foreign currency contracts	Non-current other assets	98		1,082
Foreign currency contracts	Accrued expenses and other current liabilities	883		—
Foreign currency contracts	Other long-term liabilities	35		—
		163,753		67,515
		$	167,966	$	68,065

Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	1,026	$	1,519
Commodity contracts	Accrued expenses and other current liabilities	—		21
		1,026		1,540
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets	95,140		37,713
Commodity contracts	Non-current other assets	241		2
Commodity contracts	Accrued expenses and other current liabilities	48,564		16,434
Commodity contracts	Other long-term liabilities	779		1,213
Foreign currency contracts	Other current assets	66		413
Foreign currency contracts	Non-current other assets	102		481
Foreign currency contracts	Accrued expenses and other current liabilities	2,080		124
Foreign currency contracts	Other long-term liabilities	146		—
		147,118		56,380
		$	148,144	$	57,920

The following table presents the effect and financial statement location of our derivative instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in thousands):

		Realized and Unrealized Gain (Loss)								Realized and Unrealized Gain (Loss)
Derivatives	Location	2012			2011			Hedged Items	Location	2012			2011
Three months ended March 31,
Commodity contracts	Revenue	$	265		$	10,687		Firm commitments	Revenue	$	(201	)	$	(11,433	)
Commodity contracts	Cost of revenue	(1,417		)	(7,461		)	Firm commitments	Cost of revenue	739			8,037
Commodity contracts	Cost of revenue	(26,329		)	(40,259		)	Inventories	Cost of revenue	29,428			47,341
		$	(27,481	)	$	(37,033	)			$	29,966		$	43,945

There were no gains or losses for the three months ended March 31, 2012 and 2011 that were excluded from the assessment of the effectiveness of our fair value hedges.

The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in thousands):

		Realized and Unrealized
Derivatives	Location	Gain (Loss)
		2012			2011

Three months ended March 31,
Commodity contracts	Revenue	$	(223	)	$	1,558
Commodity contracts	Cost of revenue	7,021			663
Foreign currency contracts	Revenue	(1,552		)	—
Foreign currency contracts	Other income (expense), net	(1,662		)	(1,909		)
		$	3,584		$	312

We enter into derivative instrument contracts which may require us to periodically post collateral. Certain of these derivative contracts contain clauses that are similar to credit-risk-related contingent features, including material adverse change, general adequate assurance and internal credit review clauses that may require additional collateral to be posted and/or settlement of the instruments in the event an aforementioned clause is triggered. The triggering events are not a quantifiable measure; rather they are based on good faith and reasonable determination by the counterparty that the triggers have occurred. The net liability position for such contracts, the collateral posted and the amount of assets required to be posted and/or to settle the positions should a contingent feature be triggered was $2.3 million as of March 31, 2012.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

+ Details

Earnings per Common Share

3 Months Ended

Mar. 31, 2012

Earnings per Common Share

Earnings per Common Share

3. Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in thousands, except per share amounts):

	For the Three Months ended
	March 31,
	2012		2011

Numerator:
Net income attributable to World Fuel	$	46,415	$	41,109

Denominator:
Weighted average common shares for basic earnings per common share	70,998		69,970
Effect of dilutive securities	776		1,012
Weighted average common shares for diluted earnings per common share	71,774		70,982

Weighted average anti-dilutive securities which are not included in the calculation of diluted earnings per common share	54		—

Basic earnings per common share	$	0.65	$	0.59

Diluted earnings per common share	$	0.65	$	0.58

Interest Expense and Other Financing Costs, net

3 Months Ended

Mar. 31, 2012

Interest Expense and Other Financing Costs, net

Interest Expense and Other Financing Costs, net

4. Interest Expense and Other Financing Costs, net

The following table provides additional information about our interest expense and other financing costs, net, for the periods presented (in thousands):

	For the Three Months ended
	March 31,
	2012			2011

Interest income	$	272		$	79
Interest expense and other financing costs	(4,933		)	(2,604		)
	$	(4,661	)	$	(2,525	)

Income Taxes

3 Months Ended

Mar. 31, 2012

Income Taxes

Income Taxes

5. Income Taxes

Our income tax provision for the periods presented and the respective effective tax rates for such periods are as follows (in thousands, except for tax rates):

	For the Three Months ended
	March 31,
	2012			2011

Income tax provision	$	6,615		$	10,415

Effective income tax rate	12.0		%	20.0		%

Our provision for income taxes for each of the three-month periods ended March 31, 2012 and 2011 were calculated based on the estimated annual effective tax rate for the full 2012 fiscal year, adjusted for an income tax benefit of $3.3 million for a discrete item related to a change in estimate in an uncertain tax position, and 2011 fiscal year. The actual effective tax rate for the full 2012 fiscal year may be materially different as a result of differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies

Commitments and Contingencies

6. Commitments and Contingencies

Legal Matters

We are involved in litigation and administrative proceedings primarily arising in the normal course of our business. In the opinion of management, our liability, if any, under any other pending litigation or administrative proceedings, even if determined adversely, would not materially affect our financial condition, results of operations or cash flows. As of March 31, 2012, we had recorded certain reserves which were not significant.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Fair Value Measurements

7. Fair Value Measurements

The carrying amounts of cash and cash equivalents, accounts receivable, net, accounts payable and accrued expenses and other current liabilities approximate fair value based on the short-term maturities of these instruments. We believe the carrying values of our notes receivable and debt approximate fair value since these instruments bear interest either at variable rates or fixed rates which are not significantly different than market rates. Based on the fair value hierarchy, notes receivable of $7.0 million as of March 31, 2012 and $6.8 million as of December 31, 2011 are categorized in Level 3, the debt under our Term Loan Facility of $250.0 million as of March 31, 2012 and December 31, 2011 is categorized in Level 2 and all other debt of $35.7 million as of March 31, 2012 and $37.1 million as of December 31, 2011 is categorized in Level 3.

The following table presents information about our assets and liabilities that are measured at estimated fair value on a recurring basis (in thousands):

	Level 1		Level 2		Level 3		Sub-Total		Netting and Collateral			Total
As of March 31, 2012
Assets:
Commodity contracts	$	33,122	$	133,574	$	—	$	166,696	$	(128,148	)	$	38,548
Foreign currency contracts	—		1,270		—		1,270		(1,086		)	184
Hedged item commitments	—		443		—		443		(27		)	416
Total	$	33,122	$	135,287	$	—	$	168,409	$	(129,261	)	$	39,148
Liabilities:
Commodity contracts	$	25,534	$	120,216	$	—	$	145,750	$	(103,865	)	$	41,885
Foreign currency contracts	—		2,394		—		2,394		(1,086		)	1,308
Hedged item inventories	—		438		—		438		—			438
Hedged item commitments	—		157		—		157		(27		)	130
Earn-out	—		—		4,323		4,323		—			4,323
Total	$	25,534	$	123,205	$	4,323	$	153,062	$	(104,978	)	$	48,084

As of December 31, 2011
Assets:
Commodity contracts	$	14,038	$	51,033	$	—	$	65,071	$	(43,275	)	$	21,796
Foreign currency contracts	—		2,994		—		2,994		(893		)	2,101
Hedged item inventories	—		3,216		—		3,216		—			3,216
Hedged item commitments	—		206		—		206		—			206
Total	$	14,038	$	57,449	$	—	$	71,487	$	(44,168	)	$	27,319
Liabilities:
Commodity contracts	$	10,148	$	46,754	$	—	$	56,902	$	(43,291	)	$	13,611
Foreign currency contracts	—		1,018		—		1,018		(893		)	125
Hedged item inventories	—		24		—		24		—			24
Earn-out	—		—		4,194		4,194		—			4,194
Total	$	10,148	$	47,796	$	4,194	$	62,138	$	(44,184	)	$	17,954

Fair value of commodity contracts and hedged item commitments is derived using forward prices that take into account commodity prices, basis differentials, interest rates, credit risk ratings, option volatility and currency rates. Fair value of hedged item inventories is derived using spot commodity prices and basis differentials. Fair value of foreign currency contracts is derived using forward prices that take into account interest rates, credit risk ratings and currency rates.

For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty’s rights and obligations, request additional collateral when necessary or liquidate the collateral in the event of counterparty default. We net fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement.

As of March 31, 2012, included within netting and collateral in the above table, the amounts recognized for the obligation to return cash collateral and the right to reclaim cash collateral that have been offset against fair value assets and fair value liabilities were $24.7 million and $0.4 million, respectively. As of December 31, 2011, included within netting and collateral in the above table, the amounts recognized for the obligation to return cash collateral and the right to reclaim cash collateral that have been offset against fair value assets and fair value liabilities were $1.0 million and $0.8 million, respectively.

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs for the periods presented (in thousands):

	Beginning of Period, (Liabilities) Assets			Realized and Unrealized Losses Included in Earnings			Settlements			End of Period, Liabilities			Change in Unrealized Losses Relating to Instruments Still Held as of end of Period

Three months ended March 31, 2012

Earn-out	(4,194		)	(129		)	—			(4,323		)	(129		)
Total	$	(4,194	)	$	(129	)	$	—		$	(4,323	)	$	(129	)

Three months ended March 31, 2011

Commodity contracts, net	$	90		$	—		$	(90	)	$	—		$	—
Earn-out	(5,012		)	(139		)	—			(5,151		)	(139		)
Total	$	(4,922	)	$	(139	)	$	(90	)	$	(5,151	)	$	(139	)

Our policy is to recognize transfers between Level 1, 2 or 3 as of the beginning of the reporting period in which the event or change in circumstances caused the transfer to occur. There were no transfers between Level 1, 2 or 3 during the periods presented. In addition, there were no Level 3 purchases, sales or issuances for the periods presented.

Earn-out Relating to 2009 Acquisition

In connection with an acquisition made in 2009, we entered into an earn-out agreement with the sellers based on achieving certain operating targets over a three year period ending April 3, 2012. As of March 31, 2012 and 2011, the estimated fair value of the earn-out liability is $4.3 million and $5.2 million, respectively. During the three months ended March 31, 2012 and 2011, there was a $0.1 million Level 3 adjustment related to unrealized foreign currency losses. The impact of the acquisition’s revenue and net income did not have a significant impact on our results for the three months ended March 31, 2012 and 2011.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Business Segments

3 Months Ended

Mar. 31, 2012

Business Segments

Business Segments

8. Business Segments

Based on the nature of operations and quantitative thresholds pursuant to accounting guidance for segment reporting, we have three reportable operating business segments: aviation, marine and land. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. The results of operations of Nordic Camp Supply ApS and certain affiliates (“NCS”) are included in our aviation segment commencing on March 1, 2011, its acquisition date, and since January 1, 2012, a portion of NCS activity is now included in our land segment. The results of operations include the results of Ascent in our aviation segment commencing on April 1, 2011, its acquisition date. The accounting policies of the reportable operating segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1).

Information concerning our revenue, gross profit and income from operations by segment is as follows (in thousands):

	For the Three Months ended
	March 31,
	2012		2011
Revenue:
Aviation segment	$	3,411,547	$	2,646,592
Marine segment	3,904,191		2,999,419
Land segment	2,163,317		1,433,395
	$	9,479,055	$	7,079,406

Gross profit:
Aviation segment	$	64,914	$	70,128
Marine segment	55,077		40,215
Land segment	37,244		26,425
	$	157,235	$	136,768

Income from operations:
Aviation segment	$	26,833	$	38,170
Marine segment	27,445		17,355
Land segment	16,200		10,663
	70,478		66,188
Corporate overhead – unallocated	11,222		10,663
	$	59,256	$	55,525

Information concerning our accounts receivable, net and total assets by segment is as follows (in thousands):

	As of
	March 31,		December 31,
	2012		2011
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $8,419 and $8,441 as of March 31, 2012 and December 31, 2011, respectively	$	608,959	$	569,086
Marine segment, net of allowance for bad debt of $9,422 and $9,495 as of March 31, 2012 and December 31, 2011, respectively	1,260,189		1,261,340
Land segment, net of allowance for bad debt of $6,456 and $6,365 as of March 31, 2012 and December 31, 2011, respectively	420,937		330,135
	$	2,290,085	$	2,160,561

Total assets:
Aviation segment	$	1,290,714	$	1,149,031
Marine segment	1,573,637		1,568,378
Land segment	932,108		816,595
Corporate	129,345		163,242
	$	3,925,804	$	3,697,246

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2012

Significant Accounting Policies

Accounts Receivable Purchase Agreement

Accounts Receivable Purchase Agreement

Goodwill

Goodwill

Extinguishment of Liability

Extinguishment of Liability

Derivatives (Tables)

3 Months Ended

Mar. 31, 2012

Derivatives

Schedule of fair value positions of derivative instruments

As of March 31, 2012, our derivative instruments, at their respective fair value positions were as follows (in thousands, except mark-to-market prices):

Hedge Strategy	Settlement Period	Derivative Instrument	Notional	Unit	Mark-to- Market Prices			Mark-to- Market

Fair Value Hedge	2012	Commodity contracts for firm commitment hedging (long)	992	GAL	$	0.18		$	179
	2012	Commodity contracts for firm commitment hedging (short)	3,780	GAL	(0.08		)	(318		)
	2012	Commodity contracts for inventory hedging (short)	50,384	GAL	0.06			2,848
	2012	Commodity contracts for inventory hedging (short)	72	MT	6.36			458
								$	3,167

Non-Designated	2012	Commodity contracts (long)	128,366	GAL	$	0.08		$	10,610
	2012	Commodity contracts (short)	199,585	GAL	(0.11		)	(21,789		)
	2012	Commodity contracts (long)	2,678	MT	49.70			133,103
	2012	Commodity contracts (short)	2,235	MT	(47.07		)	(105,170		)
	2013	Commodity contracts (long)	4,516	GAL	0.24			1,106
	2013	Commodity contracts (short)	9,670	GAL	(0.05		)	(470		)
	2013	Commodity contracts (long)	73	MT	23.38			1,707
	2013	Commodity contracts (short)	31	MT	(42.23		)	(1,309		)
	2014	Commodity contracts (long)	3	MT	20.33			61
	2014	Commodity contracts (short)	6	MT	(11.67		)	(70		)
	2012	Foreign currency contracts (long)	8,636	CAD	(0.00		)	(29		)
	2012	Foreign currency contracts (short)	15,236	CAD	(0.00		)	(11		)
	2012	Foreign currency contracts (long)	2,289,069	CLP	(0.00		)	(43		)
	2012	Foreign currency contracts (long)	636	EUR	0.02			14
	2012	Foreign currency contracts (short)	16,000	EUR	(0.00		)	(50		)
	2012	Foreign currency contracts (long)	14,947	GBP	0.01			208
	2012	Foreign currency contracts (short)	90,806	GBP	(0.01		)	(1,160		)
	2012	Foreign currency contracts (long)	164,573	MXN	(0.00		)	(104		)
	2012	Foreign currency contracts (short)	69,684	MXN	0.00			44
	2012	Foreign currency contracts (long)	27	AUD	(0.04		)	(1		)
	2012	Foreign currency contracts (short)	269	AUD	0.02			5
	2012	Foreign currency contracts (long)	893	BRL	0.03			26
	2012	Foreign currency contracts (short)	2,623	BRL	(0.02		)	(63		)
	2012	Foreign currency contracts (short)	11,001	DKK	(0.00		)	(2		)
	2012	Foreign currency contracts (short)	21,800,000	COP	(0.00		)	(23		)
	2013	Foreign currency contracts (long)	10,430	GBP	0.00			24
	2013	Foreign currency contracts (short)	23,315	GBP	0.00			41
								$	16,655

Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheet

		As of
		March 31,		December 31,
	Balance Sheet Location	2012		2011
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	4,213	$	528
Commodity contracts	Accrued expenses and other current liabilities	—		22
		4,213		550
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets	153,230		59,185
Commodity contracts	Non-current other assets	2,225		2,065
Commodity contracts	Accrued expenses and other current liabilities	6,985		3,231
Commodity contracts	Other long-term liabilities	43		40
Foreign currency contracts	Other current assets	254		1,912
Foreign currency contracts	Non-current other assets	98		1,082
Foreign currency contracts	Accrued expenses and other current liabilities	883		—
Foreign currency contracts	Other long-term liabilities	35		—
		163,753		67,515
		$	167,966	$	68,065

Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	1,026	$	1,519
Commodity contracts	Accrued expenses and other current liabilities	—		21
		1,026		1,540
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets	95,140		37,713
Commodity contracts	Non-current other assets	241		2
Commodity contracts	Accrued expenses and other current liabilities	48,564		16,434
Commodity contracts	Other long-term liabilities	779		1,213
Foreign currency contracts	Other current assets	66		413
Foreign currency contracts	Non-current other assets	102		481
Foreign currency contracts	Accrued expenses and other current liabilities	2,080		124
Foreign currency contracts	Other long-term liabilities	146		—
		147,118		56,380
		$	148,144	$	57,920

Impact of derivatives designated as fair value hedges on the consolidated statements of earnings

		Realized and Unrealized Gain (Loss)								Realized and Unrealized Gain (Loss)
Derivatives	Location	2012			2011			Hedged Items	Location	2012			2011
Three months ended March 31,
Commodity contracts	Revenue	$	265		$	10,687		Firm commitments	Revenue	$	(201	)	$	(11,433	)
Commodity contracts	Cost of revenue	(1,417		)	(7,461		)	Firm commitments	Cost of revenue	739			8,037
Commodity contracts	Cost of revenue	(26,329		)	(40,259		)	Inventories	Cost of revenue	29,428			47,341
		$	(27,481	)	$	(37,033	)			$	29,966		$	43,945

Impact of derivatives not designated as hedges on the consolidated statements of earnings

		Realized and Unrealized
Derivatives	Location	Gain (Loss)
		2012			2011

Three months ended March 31,
Commodity contracts	Revenue	$	(223	)	$	1,558
Commodity contracts	Cost of revenue	7,021			663
Foreign currency contracts	Revenue	(1,552		)	—
Foreign currency contracts	Other income (expense), net	(1,662		)	(1,909		)
		$	3,584		$	312

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41678-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

+ Details

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2012

Earnings per Common Share

Computation of basic and diluted earnings per share

	For the Three Months ended
	March 31,
	2012		2011

Numerator:
Net income attributable to World Fuel	$	46,415	$	41,109

Denominator:
Weighted average common shares for basic earnings per common share	70,998		69,970
Effect of dilutive securities	776		1,012
Weighted average common shares for diluted earnings per common share	71,774		70,982

Weighted average anti-dilutive securities which are not included in the calculation of diluted earnings per common share	54		—

Basic earnings per common share	$	0.65	$	0.59

Diluted earnings per common share	$	0.65	$	0.58

Interest Expense and Other Financing Costs, net (Tables)

3 Months Ended

Mar. 31, 2012

Interest Expense and Other Financing Costs, net

Schedule of interest income and expense and other financing costs, net

	For the Three Months ended
	March 31,
	2012			2011

Interest income	$	272		$	79
Interest expense and other financing costs	(4,933		)	(2,604		)
	$	(4,661	)	$	(2,525	)

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2012

Income Taxes

Schedule of Income tax provision and the respective effective tax rates

	For the Three Months ended
	March 31,
	2012			2011

Income tax provision	$	6,615		$	10,415

Effective income tax rate	12.0		%	20.0		%

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2012

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

	Level 1		Level 2		Level 3		Sub-Total		Netting and Collateral			Total
As of March 31, 2012
Assets:
Commodity contracts	$	33,122	$	133,574	$	—	$	166,696	$	(128,148	)	$	38,548
Foreign currency contracts	—		1,270		—		1,270		(1,086		)	184
Hedged item commitments	—		443		—		443		(27		)	416
Total	$	33,122	$	135,287	$	—	$	168,409	$	(129,261	)	$	39,148
Liabilities:
Commodity contracts	$	25,534	$	120,216	$	—	$	145,750	$	(103,865	)	$	41,885
Foreign currency contracts	—		2,394		—		2,394		(1,086		)	1,308
Hedged item inventories	—		438		—		438		—			438
Hedged item commitments	—		157		—		157		(27		)	130
Earn-out	—		—		4,323		4,323		—			4,323
Total	$	25,534	$	123,205	$	4,323	$	153,062	$	(104,978	)	$	48,084

As of December 31, 2011
Assets:
Commodity contracts	$	14,038	$	51,033	$	—	$	65,071	$	(43,275	)	$	21,796
Foreign currency contracts	—		2,994		—		2,994		(893		)	2,101
Hedged item inventories	—		3,216		—		3,216		—			3,216
Hedged item commitments	—		206		—		206		—			206
Total	$	14,038	$	57,449	$	—	$	71,487	$	(44,168	)	$	27,319
Liabilities:
Commodity contracts	$	10,148	$	46,754	$	—	$	56,902	$	(43,291	)	$	13,611
Foreign currency contracts	—		1,018		—		1,018		(893		)	125
Hedged item inventories	—		24		—		24		—			24
Earn-out	—		—		4,194		4,194		—			4,194
Total	$	10,148	$	47,796	$	4,194	$	62,138	$	(44,184	)	$	17,954

Schedule of assets and liabilities that are measured at fair value on a recurring basis that utilized Level 3 inputs

	Beginning of Period, (Liabilities) Assets			Realized and Unrealized Losses Included in Earnings			Settlements			End of Period, Liabilities			Change in Unrealized Losses Relating to Instruments Still Held as of end of Period

Three months ended March 31, 2012

Earn-out	(4,194		)	(129		)	—			(4,323		)	(129		)
Total	$	(4,194	)	$	(129	)	$	—		$	(4,323	)	$	(129	)

Three months ended March 31, 2011

Commodity contracts, net	$	90		$	—		$	(90	)	$	—		$	—
Earn-out	(5,012		)	(139		)	—			(5,151		)	(139		)
Total	$	(4,922	)	$	(139	)	$	(90	)	$	(5,151	)	$	(139	)

Business Segments (Tables)

3 Months Ended

Mar. 31, 2012

Business Segments

Schedule of revenue, gross profit and income from operations by segment

	For the Three Months ended
	March 31,
	2012		2011
Revenue:
Aviation segment	$	3,411,547	$	2,646,592
Marine segment	3,904,191		2,999,419
Land segment	2,163,317		1,433,395
	$	9,479,055	$	7,079,406

Gross profit:
Aviation segment	$	64,914	$	70,128
Marine segment	55,077		40,215
Land segment	37,244		26,425
	$	157,235	$	136,768

Income from operations:
Aviation segment	$	26,833	$	38,170
Marine segment	27,445		17,355
Land segment	16,200		10,663
	70,478		66,188
Corporate overhead – unallocated	11,222		10,663
	$	59,256	$	55,525

Schedule of accounts receivable, net and total assets by segment

	As of
	March 31,		December 31,
	2012		2011
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $8,419 and $8,441 as of March 31, 2012 and December 31, 2011, respectively	$	608,959	$	569,086
Marine segment, net of allowance for bad debt of $9,422 and $9,495 as of March 31, 2012 and December 31, 2011, respectively	1,260,189		1,261,340
Land segment, net of allowance for bad debt of $6,456 and $6,365 as of March 31, 2012 and December 31, 2011, respectively	420,937		330,135
	$	2,290,085	$	2,160,561

Total assets:
Aviation segment	$	1,290,714	$	1,149,031
Marine segment	1,573,637		1,568,378
Land segment	932,108		816,595
Corporate	129,345		163,242
	$	3,925,804	$	3,697,246

Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Accounts Receivable Purchase Agreement
Accounts receivable sold	$ 58.1
Retained beneficial interest recorded	8.6
Goodwill
Change in goodwill due to reclassification adjustments	2.9
Segment goodwill increase	1.8
Change in goodwill due to foreign currency translation adjustments	0.2
Intangible asset reclassed to goodwill	1.1
Increase in goodwill purchase price adjustment	0.7
Extinguishment of Liability
Derecognized vendor liability accruals amount	$ 3.5	$ 0.8

Derivatives (Details) - Mar. 31, 2012 € in Thousands, £ in Thousands, kr in Thousands, R$ in Thousands, MT in Thousands, GAL in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	USD ($) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	GBP (£) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	CAD ($) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	CLP ($) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	EUR (€) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	MXN ($) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	AUD ($) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	BRL (R$) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	DKK (kr) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP	COP ($) GAL MT USDPerGAL USDPerMetricTon USDPerCAD USDPerEUR USDPerGBP USDPerMXN USDPerDKK USDPerCLP USDPerAUD USDPerBRL USDPerCOP
Derivatives designated as hedging instruments
Derivative instruments, at their respective fair value positions
Mark-to-Market, Total	$ 3,167
Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Mark-to-Market, Total	$ 16,655
Commodity contract (long) \| 2012 \| GAL \| Derivatives designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Hedge, Notional value of commodity contracts \| GAL	992	992	992	992	992	992	992	992	992	992
Mark-to-Market Prices of fair value hedge commodity contracts \| USDPerGAL	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18
Mark-to-Market value of fair value hedge commodity contracts	$ 179
Commodity contract (long) \| 2012 \| GAL \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| GAL	128,366	128,366	128,366	128,366	128,366	128,366	128,366	128,366	128,366	128,366
Mark-to-Market Prices of non-designated commodity contracts \| USDPerGAL	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
Mark-to-Market value of non-designated commodity contracts	$ 10,610
Commodity contract (long) \| 2012 \| MT \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| MT	2,678	2,678	2,678	2,678	2,678	2,678	2,678	2,678	2,678	2,678
Mark-to-Market Prices of non-designated commodity contracts \| USDPerMetricTon	49.70	49.70	49.70	49.70	49.70	49.70	49.70	49.70	49.70	49.70
Mark-to-Market value of non-designated commodity contracts	$ 133,103
Commodity contract (long) \| 2013 \| GAL \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| GAL	4,516	4,516	4,516	4,516	4,516	4,516	4,516	4,516	4,516	4,516
Mark-to-Market Prices of non-designated commodity contracts \| USDPerGAL	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24
Mark-to-Market value of non-designated commodity contracts	$ 1,106
Commodity contract (long) \| 2013 \| MT \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| MT	73	73	73	73	73	73	73	73	73	73
Mark-to-Market Prices of non-designated commodity contracts \| USDPerMetricTon	23.38	23.38	23.38	23.38	23.38	23.38	23.38	23.38	23.38	23.38
Mark-to-Market value of non-designated commodity contracts	$ 1,707
Commodity contract (long) \| 2014 \| MT \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| MT	3	3	3	3	3	3	3	3	3	3
Mark-to-Market Prices of non-designated commodity contracts \| USDPerMetricTon	20.33	20.33	20.33	20.33	20.33	20.33	20.33	20.33	20.33	20.33
Mark-to-Market value of non-designated commodity contracts	$ 61
Commodity contract (short) \| 2012 \| GAL \| Derivatives designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Hedge, Notional value of commodity contracts \| GAL	3,780	3,780	3,780	3,780	3,780	3,780	3,780	3,780	3,780	3,780
Mark-to-Market Prices of fair value hedge commodity contracts \| USDPerGAL	(0.08)	(0.08)	(0.08)	(0.08)	(0.08)	(0.08)	(0.08)	(0.08)	(0.08)	(0.08)
Mark-to-Market value of fair value hedge commodity contracts	$ (318)
Commodity contract (short) \| 2012 \| GAL \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| GAL	199,585	199,585	199,585	199,585	199,585	199,585	199,585	199,585	199,585	199,585
Mark-to-Market Prices of non-designated commodity contracts \| USDPerGAL	(0.11)	(0.11)	(0.11)	(0.11)	(0.11)	(0.11)	(0.11)	(0.11)	(0.11)	(0.11)
Mark-to-Market value of non-designated commodity contracts	$ (21,789)
Commodity contract (short) \| 2012 \| MT \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| MT	2,235	2,235	2,235	2,235	2,235	2,235	2,235	2,235	2,235	2,235
Mark-to-Market Prices of non-designated commodity contracts \| USDPerMetricTon	(47.07)	(47.07)	(47.07)	(47.07)	(47.07)	(47.07)	(47.07)	(47.07)	(47.07)	(47.07)
Mark-to-Market value of non-designated commodity contracts	$ (105,170)
Commodity contract (short) \| 2013 \| GAL \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| GAL	9,670	9,670	9,670	9,670	9,670	9,670	9,670	9,670	9,670	9,670
Mark-to-Market Prices of non-designated commodity contracts \| USDPerGAL	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)	(0.05)
Mark-to-Market value of non-designated commodity contracts	$ (470)
Commodity contract (short) \| 2013 \| MT \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| MT	31	31	31	31	31	31	31	31	31	31
Mark-to-Market Prices of non-designated commodity contracts \| USDPerMetricTon	(42.23)	(42.23)	(42.23)	(42.23)	(42.23)	(42.23)	(42.23)	(42.23)	(42.23)	(42.23)
Mark-to-Market value of non-designated commodity contracts	$ (1,309)
Commodity contract (short) \| 2014 \| MT \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional value of commodity contracts \| MT	6	6	6	6	6	6	6	6	6	6
Mark-to-Market Prices of non-designated commodity contracts \| USDPerMetricTon	(11.67)	(11.67)	(11.67)	(11.67)	(11.67)	(11.67)	(11.67)	(11.67)	(11.67)	(11.67)
Mark-to-Market value of non-designated commodity contracts	$ (70)
Commodity contract inventory (short) \| 2012 \| GAL \| Derivatives designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Hedge, Notional value of commodity contracts \| GAL	50,384	50,384	50,384	50,384	50,384	50,384	50,384	50,384	50,384	50,384
Mark-to-Market Prices of fair value hedge commodity contracts \| USDPerGAL	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
Mark-to-Market value of fair value hedge commodity contracts	$ 2,848
Commodity contract inventory (short) \| 2012 \| MT \| Derivatives designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Hedge, Notional value of commodity contracts \| MT	72	72	72	72	72	72	72	72	72	72
Mark-to-Market Prices of fair value hedge commodity contracts \| USDPerMetricTon	6.36	6.36	6.36	6.36	6.36	6.36	6.36	6.36	6.36	6.36
Mark-to-Market value of fair value hedge commodity contracts	$ 458
Foreign currency contracts (long) \| 2012 \| BRL \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R$								R$ 893
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerBRL	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Mark-to-Market value of non-designated foreign currency contracts	$ 26
Foreign currency contracts (long) \| 2012 \| CAD \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts			$ 8,636
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerCAD	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Mark-to-Market value of non-designated foreign currency contracts	$ (29)
Foreign currency contracts (long) \| 2012 \| CLP \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts				$ 2,289,069
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerCLP	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Mark-to-Market value of non-designated foreign currency contracts	$ (43)
Foreign currency contracts (long) \| 2012 \| EUR \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| €					€ 636
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerEUR	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Mark-to-Market value of non-designated foreign currency contracts	$ 14
Foreign currency contracts (long) \| 2012 \| GBP \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £		£ 14,947
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerGBP	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Mark-to-Market value of non-designated foreign currency contracts	$ 208
Foreign currency contracts (long) \| 2012 \| MXN \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts						$ 164,573
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerMXN	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Mark-to-Market value of non-designated foreign currency contracts	$ (104)
Foreign currency contracts (long) \| 2012 \| AUD \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts							$ 27
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerAUD	(0.04)	(0.04)	(0.04)	(0.04)	(0.04)	(0.04)	(0.04)	(0.04)	(0.04)	(0.04)
Mark-to-Market value of non-designated foreign currency contracts	$ (1)
Foreign currency contracts (long) \| 2013 \| GBP \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £		£ 10,430
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerGBP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Mark-to-Market value of non-designated foreign currency contracts	$ 24
Foreign currency contracts (short) \| 2012 \| BRL \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R$								R$ 2,623
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerBRL	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)	(0.02)
Mark-to-Market value of non-designated foreign currency contracts	$ (63)
Foreign currency contracts (short) \| 2012 \| CAD \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts			$ 15,236
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerCAD	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Mark-to-Market value of non-designated foreign currency contracts	$ (11)
Foreign currency contracts (short) \| 2012 \| EUR \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| €					€ 16,000
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerEUR	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Mark-to-Market value of non-designated foreign currency contracts	$ (50)
Foreign currency contracts (short) \| 2012 \| GBP \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £		£ 90,806
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerGBP	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)	(0.01)
Mark-to-Market value of non-designated foreign currency contracts	$ (1,160)
Foreign currency contracts (short) \| 2012 \| MXN \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts						$ 69,684
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerMXN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Mark-to-Market value of non-designated foreign currency contracts	$ 44
Foreign currency contracts (short) \| 2012 \| AUD \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts							$ 269
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerAUD	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
Mark-to-Market value of non-designated foreign currency contracts	$ 5
Foreign currency contracts (short) \| 2012 \| DKK \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr									kr 11,001
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerDKK	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Mark-to-Market value of non-designated foreign currency contracts	$ (2)
Foreign currency contracts (short) \| 2012 \| COP \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts										$ 21,800,000
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerCOP	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)	(0.00)
Mark-to-Market value of non-designated foreign currency contracts	$ (23)
Foreign currency contracts (short) \| 2013 \| GBP \| Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £		£ 23,315
Mark-to-Market Prices of non-designated foreign currency contracts \| USDPerGBP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Mark-to-Market value of non-designated foreign currency contracts	$ 41

Derivatives (Details 2) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011	Mar. 31, 2011
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	$ 167,966	$ 68,065
Derivative liabilities	148,144	57,920
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	4,213	550
Derivative liabilities	1,026	1,540
Derivatives designated as hedging instruments \| Commodity contracts \| Other current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	4,213	528
Derivative liabilities	1,026	1,519
Derivatives designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets		22
Derivative liabilities		21
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	163,753	67,515
Derivative liabilities	147,118	56,380
Derivatives not designated as hedging instruments \| Commodity contracts \| Other current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	153,230	59,185
Derivative liabilities	95,140	37,713
Derivatives not designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	6,985	3,231
Derivative liabilities	48,564	16,434
Derivatives not designated as hedging instruments \| Commodity contracts \| Other long-term assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	2,225	2,065
Derivative liabilities	241	2
Derivatives not designated as hedging instruments \| Commodity contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	43	40
Derivative liabilities	779	1,213
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	254	1,912
Derivative liabilities	66	413
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	883
Derivative liabilities	2,080		$ 124
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other long-term assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	98	1,082
Derivative liabilities	102	$ 481
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	35
Derivative liabilities	$ 146

Derivatives (Details 3) - USD ($) $ in Thousands	3 Months Ended
Derivatives (Details 3) - USD ($) $ in Thousands	Mar. 31, 2012	Mar. 31, 2011
Gain (loss) on derivative
Collateral posted and the amount of assets required to be posted	$ 2,300
Derivatives instruments designated as hedging instruments \| Fair value hedges
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	(27,481)	$ (37,033)
Derivatives instruments designated as hedging instruments \| Fair value hedges \| Hedged items
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Item	29,966	43,945
Derivatives instruments designated as hedging instruments \| Fair value hedges \| Revenue \| Hedged item commitments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Item	(201)	(11,433)
Derivatives instruments designated as hedging instruments \| Fair value hedges \| Cost of revenue \| Hedged item commitments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Item	739	8,037
Derivatives instruments designated as hedging instruments \| Fair value hedges \| Cost of revenue \| Hedged item inventories
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Item	29,428	47,341
Derivatives instruments not designated as hedging instruments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	3,584	312
Commodity contracts \| Derivatives instruments designated as hedging instruments \| Fair value hedges \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	265	10,687
Commodity contracts \| Derivatives instruments designated as hedging instruments \| Fair value hedges \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	(1,417)	(7,461)
Commodity contracts \| Derivatives instruments not designated as hedging instruments \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	(223)	1,558
Commodity contracts \| Derivatives instruments not designated as hedging instruments \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	7,021	663
Foreign currency contracts \| Derivatives instruments not designated as hedging instruments \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	(1,552)
Foreign currency contracts \| Derivatives instruments not designated as hedging instruments \| Other income (expense), net
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	(1,662)	(1,909)
Commodity contracts. \| Derivatives instruments designated as hedging instruments \| Fair value hedges \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	$ (26,329)	$ (40,259)

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Numerator:
Net income attributable to World Fuel	$ 46,415	$ 41,109
Denominator:
Weighted average common shares for basic earnings per common share	70,998	69,970
Effect of dilutive securities (in shares)	776	1,012
Weighted average common shares for diluted earnings per common share	71,774	70,982
Weighted average anti-dilutive securities which are not included in the calculation of diluted earnings per common share (in shares)	54
Basic earnings per common share (in dollars per share)	$ 0.65	$ 0.59
Diluted earnings per common share (in dollars per share)	$ 0.65	$ 0.58

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 20

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 7
-Paragraph 18

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Interest Expense and Other Financing Costs, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Interest income, expense and other financing costs
Interest income	$ 272	$ 79
Interest expense and other financing costs	(4,933)	(2,604)
Total interest income, expense and other financing costs	$ (4,661)	$ (2,525)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2012	Mar. 31, 2011
Income Taxes
Income tax provision	$ 6,615	$ 10,415
Effective income tax rate (as a percent)	12.00%	20.00%
Income tax benefit due to change in estimate related to uncertain tax position	$ 3,300

Fair Value Measurements (Details) - USD ($) $ in Thousands	Apr. 27, 2012	Mar. 31, 2012	Dec. 31, 2011
Netting and Collateral
Fair value measurement, additional disclosure
Amount recognized for the obligation to return cash collateral		$ 24,700	$ 1,000
Amount recognized for the right to reclaim cash collateral		400	800
Fair value measured on recurring basis \| Level 1
Assets:
Total assets		33,122	14,038
Liabilities:
Total liabilities		25,534	10,148
Fair value measured on recurring basis \| Level 1 \| Commodity contracts
Assets:
Total assets		33,122	14,038
Liabilities:
Total liabilities		25,534	10,148
Fair value measured on recurring basis \| Level 2
Assets:
Notes receivable		7,000	6,800
Total assets		135,287	57,449
Liabilities:
Debt under Term Loan Facility		250,000	250,000
Total liabilities		123,205	47,796
Fair value measured on recurring basis \| Level 2 \| Commodity contracts
Assets:
Total assets		133,574	51,033
Liabilities:
Total liabilities		120,216	46,754
Fair value measured on recurring basis \| Level 2 \| Foreign currency contracts
Assets:
Total assets		1,270	2,994
Liabilities:
Total liabilities		2,394	1,018
Fair value measured on recurring basis \| Level 2 \| Hedged item inventories
Assets:
Total assets			3,216
Liabilities:
Total liabilities	$ 438		24
Fair value measured on recurring basis \| Level 2 \| Hedged item commitments
Assets:
Total assets		443	206
Liabilities:
Total liabilities		157
Fair value measured on recurring basis \| Level 3
Liabilities:
All other debt		35,700	37,100
Total liabilities		4,323	4,194
Fair value measured on recurring basis \| Level 3 \| Earn-out
Liabilities:
Total liabilities		4,323	4,194
Fair value measured on recurring basis \| Sub-Total
Assets:
Total assets		168,409	71,487
Liabilities:
Total liabilities		153,062	62,138
Fair value measured on recurring basis \| Sub-Total \| Commodity contracts
Assets:
Total assets		166,696	65,071
Liabilities:
Total liabilities		145,750	56,902
Fair value measured on recurring basis \| Sub-Total \| Foreign currency contracts
Assets:
Total assets		1,270	2,994
Liabilities:
Total liabilities		2,394	1,018
Fair value measured on recurring basis \| Sub-Total \| Hedged item inventories
Assets:
Total assets			3,216
Liabilities:
Total liabilities	438		24
Fair value measured on recurring basis \| Sub-Total \| Hedged item commitments
Assets:
Total assets		443	206
Liabilities:
Total liabilities		157
Fair value measured on recurring basis \| Sub-Total \| Earn-out
Liabilities:
Total liabilities		4,323	4,194
Fair value measured on recurring basis \| Netting and Collateral
Assets:
Total assets		(129,261)	(44,168)
Liabilities:
Total liabilities		(104,978)	(44,184)
Fair value measured on recurring basis \| Netting and Collateral \| Commodity contracts
Assets:
Total assets		(128,148)	(43,275)
Liabilities:
Total liabilities		(103,865)	(43,291)
Fair value measured on recurring basis \| Netting and Collateral \| Foreign currency contracts
Assets:
Total assets		(1,086)	(893)
Liabilities:
Total liabilities		(1,086)	(893)
Fair value measured on recurring basis \| Netting and Collateral \| Hedged item commitments
Assets:
Total assets		(27)
Liabilities:
Total liabilities		(27)
Fair value measured on recurring basis \| Total
Assets:
Total assets		39,148	27,319
Liabilities:
Total liabilities		48,084	17,954
Fair value measured on recurring basis \| Total \| Commodity contracts
Assets:
Total assets		38,548	21,796
Liabilities:
Total liabilities		41,885	13,611
Fair value measured on recurring basis \| Total \| Foreign currency contracts
Assets:
Total assets		184	2,101
Liabilities:
Total liabilities		1,308	125
Fair value measured on recurring basis \| Total \| Hedged item inventories
Assets:
Total assets			3,216
Liabilities:
Total liabilities	$ 438		24
Fair value measured on recurring basis \| Total \| Hedged item commitments
Assets:
Total assets		416	206
Liabilities:
Total liabilities		130
Fair value measured on recurring basis \| Total \| Earn-out
Liabilities:
Total liabilities		$ 4,323	$ 4,194

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period, (Liabilities) Assets	$ (4,194)	$ (4,922)
Realized and Unrealized Losses Included in Earnings	(129)	(139)
Settlements		(90)
End of Period, Liabilities	(4,323)	(5,151)
Change in Unrealized Losses Relating to Instruments Still Held as of end of Period	(129)	(139)
Commodity contracts, net
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period, (Liabilities) Assets		90
Settlements		(90)
Earn-out
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period, (Liabilities) Assets	(4,194)	(5,012)
Realized and Unrealized Losses Included in Earnings	(129)	(139)
End of Period, Liabilities	(4,323)	(5,151)
Change in Unrealized Losses Relating to Instruments Still Held as of end of Period	$ (129)	$ (139)

Fair Value Measurements (Details 3) - 2009 Acquisitions $ in Millions	3 Months Ended
	Mar. 31, 2012 USD ($) Y	Mar. 31, 2011 USD ($)
Earn-out
Number of years over which certain operating income targets must be achieved \| Y	3
Fair value of the earn-out liability	$ 4.3	$ 5.2
Change in unrealized gains relating to foreign currency translation	$ 0.1	$ 0.1

Business Segments (Details) $ in Thousands	3 Months Ended
Business Segments (Details) $ in Thousands	Mar. 31, 2012 USD ($) segment	Mar. 31, 2011 USD ($)
Business Segments
Number of reportable operating business segments \| segment	3
Revenue:
Total revenue	$ 9,479,055	$ 7,079,406
Gross profit:
Gross profit	157,235	136,768
Income from operations:
Income from operations	59,256	55,525
Operating Segments
Income from operations:
Income from operations	70,478	66,188
Aviation segment
Revenue:
Total revenue	3,411,547	2,646,592
Gross profit:
Gross profit	64,914	70,128
Income from operations:
Income from operations	26,833	38,170
Marine segment
Revenue:
Total revenue	3,904,191	2,999,419
Gross profit:
Gross profit	55,077	40,215
Income from operations:
Income from operations	27,445	17,355
Land segment
Revenue:
Total revenue	2,163,317	1,433,395
Gross profit:
Gross profit	37,244	26,425
Income from operations:
Income from operations	16,200	10,663
Corporate
Income from operations:
Corporate overhead	$ 11,222	$ 10,663

Business Segments (Details 2) - USD ($) $ in Thousands	Mar. 31, 2012	Dec. 31, 2011
Accounts receivable, net:
Accounts receivable, net	$ 2,290,085	$ 2,160,561
Total assets:
Total assets	3,925,804	3,697,246
Aviation segment
Accounts receivable, net:
Accounts receivable, net	608,959	569,086
Allowance for bad debt	8,419	8,441
Total assets:
Total assets	1,290,714	1,149,031
Marine segment
Accounts receivable, net:
Accounts receivable, net	1,260,189	1,261,340
Allowance for bad debt	9,422	9,495
Total assets:
Total assets	1,573,637	1,568,378
Land segment
Accounts receivable, net:
Accounts receivable, net	420,937	330,135
Allowance for bad debt	6,456	6,365
Total assets:
Total assets	932,108	816,595
Corporate
Total assets:
Total assets	$ 129,345	$ 163,242