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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Oct. 24, 2014
Document and Entity Information
Entity Registrant Name	WORLD FUEL SERVICES CORP
Entity Central Index Key	0000789460
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
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		72,064,000
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 388,544	$ 292,061
Accounts receivable, net	2,837,050	2,538,642
Inventories	679,512	655,046
Prepaid expenses	80,897	120,205
Other current assets	343,374	209,547
Total current assets	4,329,377	3,815,501
Property and equipment, net	204,794	129,685
Goodwill	609,915	483,591
Identifiable intangible and other non-current assets	379,579	310,500
Total assets	5,523,665	4,739,277
Current liabilities:
Short-term debt	16,390	14,647
Accounts payable	2,455,915	2,210,427
Customer deposits	152,589	111,068
Accrued expenses and other current liabilities	223,090	178,373
Total current liabilities	2,847,984	2,514,515
Long-term debt	750,885	449,064
Non-current income tax liabilities, net	92,386	82,532
Other long-term liabilities	20,700	14,272
Total liabilities	3,711,955	3,060,383
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, 72,063 and 71,883 issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	721	719
Capital in excess of par value	491,408	495,199
Retained earnings	1,353,963	1,207,299
Accumulated other comprehensive loss	(37,728)	(29,319)
Total World Fuel shareholders' equity	1,808,364	1,673,898
Noncontrolling interest equity	3,346	4,996
Total equity	1,811,710	1,678,894
Total liabilities and equity	$ 5,523,665	$ 4,739,277

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2014	Dec. 31, 2013
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	72,063	71,883
Common stock, shares outstanding	72,063	71,883

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Consolidated Statements of Income and Comprehensive Income
Revenue	$ 11,713,463	$ 10,493,661	$ 33,606,834	$ 31,157,294
Cost of revenue	11,498,855	10,307,320	33,012,678	30,600,116
Gross profit	214,608	186,341	594,156	557,178
Operating expenses:
Compensation and employee benefits	85,171	72,184	233,609	214,358
Provision for bad debt	1,193	1,863	3,533	5,675
General and administrative	54,141	48,091	158,795	137,265
Total operating expenses	140,505	122,138	395,937	357,298
Income from operations	74,103	64,203	198,219	199,880
Non-operating expenses, net:
Interest expense and other financing costs, net	(8,785)	(4,580)	(17,826)	(12,818)
Other income (expense), net	2,583	(1,135)	5,921	(1,207)
Total non-operating expenses, net	(6,202)	(5,715)	(11,905)	(14,025)
Income before income taxes	67,901	58,488	186,314	185,855
Provision for income taxes	13,441	8,191	34,964	32,090
Net income including noncontrolling interest	54,460	50,297	151,350	153,765
Net (loss) income attributable to noncontrolling interest	(1,200)	(1,175)	(3,263)	2,552
Net income attributable to World Fuel	$ 55,660	$ 51,472	$ 154,613	$ 151,213
Basic earnings per common share (in dollars per share)	$ 0.79	$ 0.72	$ 2.18	$ 2.12
Basic weighted average common shares (in shares)	70,796	71,371	70,770	71,387
Diluted earnings per common share (in dollars per share)	$ 0.78	$ 0.72	$ 2.17	$ 2.10
Diluted weighted average common shares (in shares)	71,346	71,877	71,340	71,970
Comprehensive income:
Net income including noncontrolling interest	$ 54,460	$ 50,297	$ 151,350	$ 153,765
Other comprehensive income:
Foreign currency translation adjustments	(17,300)	121	(8,409)	(8,975)
Cash flow hedges, net of income taxes of $2 and $25 for the three and nine months ended September 30, 2013, respectively		(10)		(85)
Other comprehensive income (loss)	(17,300)	111	(8,409)	(9,060)
Comprehensive income including noncontrolling interest	37,160	50,408	142,941	144,705
Comprehensive (loss) income attributable to noncontrolling interest	(1,200)	(1,175)	(3,263)	2,552
Comprehensive income attributable to World Fuel	$ 38,360	$ 51,583	$ 146,204	$ 142,153

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Consolidated Statements of Income and Comprehensive Income
Cash flow hedges, income tax	$ 2	$ 25

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total World Fuel Shareholders' Equity	Noncontrolling Interest Equity	Total
Balance at Dec. 31, 2012	$ 721	$ 517,589	$ 1,014,882	$ (16,018)	$ 1,517,174	$ 24,450	$ 1,541,624
Balance (in shares) at Dec. 31, 2012	72,147
Increase (Decrease) in Shareholders' Equity
Net income			151,213		151,213	2,552	153,765
Cash dividends declared			(8,013)		(8,013)		(8,013)
Investment by noncontrolling interest						10,019	10,019
Distribution of noncontrolling interest						(14,497)	(14,497)
Amortization of share-based payment awards		12,371			12,371		12,371
Issuance of common stock related to share-based payment awards including income tax benefit of $2,692 for the nine months ended September 30, 2013	$ 7	2,685			2,692		2,692
Issuance of common stock related to share-based payment awards (in shares)	681
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(6,645)			(6,645)		(6,645)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(15)
Purchases of common stock	$ (5)	(19,995)			(20,000)		(20,000)
Purchases of common stock (in shares)	(536)
Other comprehensive loss				(9,060)	(9,060)		(9,060)
Balance at Sep. 30, 2013	$ 723	506,005	1,158,082	(25,078)	1,639,732	22,524	1,662,256
Balance (in shares) at Sep. 30, 2013	72,277
Balance at Dec. 31, 2013	$ 719	495,199	1,207,299	(29,319)	1,673,898	4,996	$ 1,678,894
Balance (in shares) at Dec. 31, 2013	71,883						71,883
Increase (Decrease) in Shareholders' Equity
Net income			154,613		154,613	(3,263)	$ 151,350
Cash dividends declared			(7,949)		(7,949)		(7,949)
Initial noncontrolling interest upon acquisition of joint venture						1,855	1,855
Distribution of noncontrolling interest						(242)	(242)
Amortization of share-based payment awards		10,668			10,668		10,668
Issuance of common stock related to share-based payment awards including income tax benefit of $2,692 for the nine months ended September 30, 2013	$ 4	(4)
Issuance of common stock related to share-based payment awards (in shares)	449
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(4,458)			(4,458)		(4,458)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(42)
Purchases of common stock	$ (2)	(9,997)			(9,999)		(9,999)
Purchases of common stock (in shares)	(227)
Other comprehensive loss				(8,409)	(8,409)		(8,409)
Balance at Sep. 30, 2014	$ 721	$ 491,408	$ 1,353,963	$ (37,728)	$ 1,808,364	$ 3,346	$ 1,811,710
Balance (in shares) at Sep. 30, 2014	72,063						72,063

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2013 USD ($)
Consolidated Statements of Shareholders' Equity
Issuance of common stock related to share-based payment awards, income tax benefit	$ 2,692

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income including noncontrolling interest	$ 151,350	$ 153,765
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	41,865	32,812
Provision for bad debt	3,533	5,675
Share-based payment award compensation costs	11,281	12,578
Deferred income tax provision	8,305	(113)
Extinguishment of liabilities	(3,741)	(4,918)
Other	(1,793)	4,569
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	(57,685)	(294,271)
Inventories	(11,580)	(40,192)
Prepaid expenses	44,923	40,532
Other current assets	(102,246)	(28,563)
Cash collateral with financial counterparties	(30,915)	19,793
Other non-current assets	(9,081)	(7,455)
Accounts payable	9,957	316,003
Customer deposits	26,004	5,852
Accrued expenses and other current liabilities	35,239	(5,015)
Non-current income tax, net and other long-term liabilities	13,649	2,695
Total adjustments	(22,285)	59,982
Net cash provided by operating activities	129,065	213,747
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired and other investments	(230,715)	(40,412)
Capital expenditures	(37,102)	(50,286)
Escrow payment related to an assumed obligation of an acquired business	(21,724)
Purchase of investments	(1,206)	(21,588)
Proceeds from the sale of short-term investments		21,588
Issuances of notes receivable		(469)
Repayment of notes receivable	566
Net cash used in investing activities	(290,181)	(91,167)
Cash flows from financing activities:
Borrowings under senior revolving credit facility	4,726,000	3,433,500
Repayments under senior revolving credit facility and senior term loans	(4,431,000)	(3,349,000)
Borrowings of other debt	12,086	3,393
Repayments of acquisition promissory notes and other debt	(24,509)	(12,713)
Dividends paid on common stock	(7,948)	(8,020)
Investment by noncontrolling interest		10,019
Distribution of noncontrolling interest	(242)	(14,497)
Purchases of common stock	(9,999)	(20,000)
Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards		2,692
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(4,458)	(6,645)
Net cash provided by financing activities	259,930	38,729
Effect of exchange rate changes on cash and cash equivalents	(2,331)	(826)
Net increase (decrease) in cash and cash equivalents	96,483	160,483
Cash and cash equivalents, as of beginning of period	292,061	172,740
Cash and cash equivalents, as of end of period	$ 388,544	$ 333,223

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid	$ 2,600	$ 2,700
Accrued capital expenditures		2,800
Assets acquired, net of cash	542,143	54,998
Liabilities assumed	317,932	30,286
Promissory notes issued for acquisition	$ 9,000	3,000
Purchase price adjustment		$ 2,000

Acquisitions and Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Acquisitions and Significant Accounting Policies

Acquisitions and Significant Accounting Policies

World Fuel Services Corporation and Subsidiaries

Notes to the Consolidated Financial Statements

(Unaudited)

1.Acquisitions and Significant Accounting Policies

Acquisitions

2014 Acquisitions

On July 29, 2014, we completed the acquisition of all of the outstanding stock of Colt International, L.L.C. (“Colt”) a leading provider of contract fuel and international trip planning services in the general aviation marketplace. Colt is headquartered in Houston, Texas and offers services at more than 3,000 locations.

On March 7, 2014, we completed the acquisition of all of the outstanding stock of Watson Petroleum Limited (“Watson Petroleum”) a leading distributor of gasoline, diesel, heating oil, lubricants and other products and related services. Watson Petroleum is headquartered in Brinkworth, England and is one of the largest fuel distributors in the United Kingdom.

In addition to the above acquisitions, in June 2014, we completed an acquisition in our aviation segment which was not significant.

The estimated aggregate purchase price for the 2014 acquisitions was $238.5 million, and is subject to change based on the final value of the net assets acquired. The following reconciles the estimated aggregate purchase price for the 2014 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):



Estimated purchase price	$	238,523
Less: Cash acquired		16,167
Estimated purchase price, net of cash acquired		222,356
Less: Promissory notes issued		9,000
Less: Amounts due to sellers		789
Cash paid for acquisition of businesses	$	212,567

The estimated purchase price of the 2014 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date. Since the valuations of the assets acquired and liabilities assumed in connection with the 2014 acquisitions have not been finalized, the allocation of the purchase price of these acquisitions may change. The estimated purchase price allocation for the 2014 acquisitions is as follows (in thousands):



Assets acquired:
Cash and cash equivalents	$	16,167
Accounts receivable		256,627
Inventories		14,412
Property and equipment		61,960
Identifiable intangible assets		61,031
Goodwill		126,962
Other current and long-term assets		21,275
Liabilities assumed:
Accounts payable		(247,377)
Accrued expenses and other current liabilities		(58,771)
Other long-term liabilities		(11,908)

Initial noncontrolling interest upon acquisition of joint venture		(1,855)
Estimated purchase price	$	238,523

Upon the completion of the acquisition of Watson Petroleum, we made a payment of £13.0 million ($21.7 million) to an escrow account related to an assumed obligation. As of September 30, 2014, the escrow account balance and corresponding assumed obligation of £13.0 million ($21.1 million) are included in other current assets and accrued expenses and other current liabilities, respectively, in the accompanying consolidated balance sheets.

In connection with the 2014 acquisitions, we recorded goodwill of $127.0 million of which $20.5 million is anticipated to be deductible for tax purposes. The identifiable intangible assets consisted of $51.9 million of customer relationships and $3.3 million of other identifiable intangible assets with weighted average lives of 4.2 years and 2.5 years, respectively, as well as $5.8 million of indefinite-lived trademark/trade name rights.

The following presents the unaudited pro forma results for 2014 and 2013 as if the 2014 acquisitions had been completed on January 1, 2013 (in thousands, except per share data):



	For the Three Months ended				For the Nine Months ended
	September 30,				September 30,
	2014		2013		2014		2013
	(pro forma)		(pro forma)		(pro forma)		(pro forma)

Revenue	$	11,748,457	$	11,127,729	$	34,289,238	$	33,031,887

Net income attributable to World Fuel	$	56,350	$	51,786	$	158,778	$	160,417

Earnings per common share:
Basic	$	0.80	$	0.73	$	2.24	$	2.25

Diluted	$	0.79	$	0.72	$	2.23	$	2.23

The financial position, results of operations and cash flows of the 2014 acquisitions have been included in our consolidated financial statements since their respective acquisition dates and did not have a significant impact on our results for the three and nine months ended September 30, 2014.

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 2013 10‑K Report.

Goodwill

During the first nine months of 2014, we recorded goodwill of $100.4 million in our land segment and goodwill of $26.6 million in our aviation segment in connection with the 2014 acquisitions and we increased land segment goodwill by $0.4 million as a result of a reduction in identifiable intangible assets based on our ongoing fair value assessment of certain of our 2013 acquisitions. Additionally, we had goodwill decreases of $0.7 million, $0.3 million and $0.1 million as a result of foreign currency translation adjustments of our non-U.S. dollar functional currency subsidiaries in our land, marine and aviation segments, respectively.

Other Investments

As of September 30, 2014 and December 31, 2013, we had other investments, consisting primarily of equity investments, net of basis adjustments, of $106.4 million and $83.8 million, respectively, which are included within identifiable intangible and other non-current assets in the accompanying consolidated balance sheets.

Recent Accounting Pronouncements

Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this new guidance to have an impact on our financial statement disclosures.

Compensation-Stock Compensation. In June 2014, the FASB issued an ASU which includes guidance which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures.

Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In June 2014, the FASB issued an ASU which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires additional disclosures about repurchase agreements and other similar transactions. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures.

Revenue from Contracts with Customers. In May 2014, the FASB issued an ASU which provides guidance for revenue recognition for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures.

Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued an ASU which changes the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures.

Presentation of an Unrecognized Tax Benefit When a Net Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the FASB issued an ASU on the presentation of an unrecognized tax benefit when a net operating loss carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Foreign Currency Matters Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Foreign Subsidiaries. In March 2013, the FASB issued an ASU aimed at resolving the diversity in practice of accounting for the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, the amendments in this ASU resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Disclosure Obligations Resulting from Joint and Several Liability Arrangements. In February 2013, the FASB issued an ASU clarifying the guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Reclassifications

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

Derivatives

9 Months Ended

Sep. 30, 2014

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 September 30, 2014, our derivative instruments, at their respective fair value positions were as follows (in thousands, except weighted average fixed price and weighted average mark-to-market amount):



							Weighted
							Average
					Weighted		Mark-to-
	Settlement				Average		Market		Fair Value
Hedge Strategy	Period	Derivative Instrument	Notional	Unit	Fixed Price		Amount		Amount

Fair Value Hedge	2014	Commodity contracts for inventory hedging (long)	267	BBL	$	106.35	$	(2.850)	$	(761)
	2014	Commodity contracts for inventory hedging (short)	4,853	BBL		72.52		2.912		14,130
	2015	Commodity contracts for inventory hedging (short)	10	BBL		113.17		1.300		13
									$	13,382

Non-Designated	2014	Commodity contracts (long)	14,323	BBL	$	81.37	$	(4.211)	$	(60,319)
	2014	Commodity contracts (short)	13,783	BBL		91.92		5.316		73,275
	2015	Commodity contracts (long)	17,690	BBL		70.99		(1.803)		(31,900)
	2015	Commodity contracts (short)	12,864	BBL		98.41		3.234		41,604
	2016	Commodity contracts (long)	744	BBL		91.37		(3.231)		(2,404)
	2016	Commodity contracts (short)	392	BBL		95.86		3.926		1,539
	2017	Commodity contracts (long)	56	BBL		24.20		(0.214)		(12)
	2017	Commodity contracts (short)	11	BBL		70.94		5.909		65
	2018	Commodity contracts (long)	18	BBL		25.66		—		—
										21,848

	2014	Foreign currency contracts (long)	10,746	AUD		0.93		(0.060)		(641)
	2014	Foreign currency contracts (short)	8,664	AUD		0.91		0.051		445
	2014	Foreign currency contracts (long)	5,183	BRL		2.28		(0.030)		(157)
	2014	Foreign currency contracts (long)	7,690	CAD		1.09		(0.026)		(201)
	2014	Foreign currency contracts (short)	36,225	CAD		1.09		0.028		1,014
	2014	Foreign currency contracts (long)	1,847,698	CLP		587.54		(0.000)		(180)
	2014	Foreign currency contracts (short)	2,385,660	CLP		583.07		0.000		261
	2014	Foreign currency contracts (long)	19,179,268	COP		1,923.93		(0.000)		(580)
	2014	Foreign currency contracts (short)	22,970,683	COP		1,926.57		0.000		705
	2014	Foreign currency contracts (long)	35,110	DKK		5.60		(0.010)		(349)
	2014	Foreign currency contracts (long)	11,303	EUR		1.33		(0.072)		(818)
	2014	Foreign currency contracts (short)	39,442	EUR		1.33		0.079		3,124
	2014	Foreign currency contracts (long)	84,016	GBP		1.67		(0.046)		(3,889)
	2014	Foreign currency contracts (short)	135,006	GBP		1.67		0.061		8,169
	2014	Foreign currency contracts (short)	110,129	INR		61.29		0.000		25
	2014	Foreign currency contracts (long)	466,074	JPY		103.49		(0.000)		(140)
	2014	Foreign currency contracts (short)	735,479	JPY		103.18		0.001		443
	2014	Foreign currency contracts (long)	1,381,969	MXN		13.18		(0.002)		(2,594)
	2014	Foreign currency contracts (short)	1,240,477	MXN		13.17		0.002		2,395
	2014	Foreign currency contracts (long)	23,081	NOK		6.24		(0.004)		(81)
	2014	Foreign currency contracts (short)	65,802	NOK		6.25		0.004		280
	2014	Foreign currency contracts (short)	5,676	PLN		3.15		0.019		107
	2014	Foreign currency contracts (short)	28,950	RON		3.32		0.020		591
	2014	Foreign currency contracts (long)	11,651	SGD		1.25		(0.017)		(195)
	2014	Foreign currency contracts (short)	19,956	SGD		1.25		0.016		323
	2014	Foreign currency contracts (long)	77,303	ZAR		10.82		(0.004)		(290)
	2014	Foreign currency contracts (short)	117,356	ZAR		10.94		0.004		498
	2014	Foreign currency contracts (short)	112	CHF		0.91		0.054		6
	2014	Foreign currency contracts (long)	221,819	KRW		1,019.73		(0.000)		(7)
	2015	Foreign currency contracts (long)	600	GBP		1.66		(0.040)		(24)
	2015	Foreign currency contracts (short)	33,150	GBP		1.66		0.033		1,094
	2016	Foreign currency contracts (short)	5,125	GBP		1.65		0.028		141
	2017	Foreign currency contracts (short)	250	GBP		1.67		0.064		16
										9,491
									$	31,339

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
		September 30,		December 31,
	Balance Sheet Location	2014		2013
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	11,207	$	735
Commodity contracts	Accrued expenses and other current liabilities		3,170		—
			14,377		735
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets		90,585		47,062
Commodity contracts	Identifiable intangible and other non-current assets		9,837		1,642
Commodity contracts	Accrued expenses and other current liabilities		46,130		1,141
Commodity contracts	Other long-term liabilities		6,981		874
Foreign currency contracts	Other current assets		16,912		5,003
Foreign currency contracts	Identifiable intangible and other non-current assets		469		—
Foreign currency contracts	Accrued expenses and other current liabilities		2,476		3,483
			173,390		59,205
		$	187,767	$	59,940

Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	501	$	1,544
Commodity contracts	Accrued expenses and other current liabilities		494		—
			995		1,544
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets		19,213		26,876
Commodity contracts	Identifiable intangible and other non-current assets		472		894
Commodity contracts	Accrued expenses and other current liabilities		97,135		15,473
Commodity contracts	Other long-term liabilities		14,865		1,228
Foreign currency contracts	Other current assets		6,035		2,867
Foreign currency contracts	Identifiable intangible and other non-current assets		7		—
Foreign currency contracts	Accrued expenses and other current liabilities		4,324		8,789
Foreign currency contracts	Other long-term liabilities		—		147
			142,051		56,274
		$	143,046	$	57,818

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						Realized and Unrealized
Derivative		Gain (Loss)				Hedged		Gain (Loss)
Instruments	Location	2014		2013		Items	Location	2014		2013

Three months ended September 30,
Commodity contracts	Cost of revenue	$	36,273	$	(12,032)	Inventories	Cost of revenue	$	(36,227)	$	10,937

Nine months ended September 30,
Commodity contracts	Cost of revenue	$	34,572	$	7,593	Inventories	Cost of revenue	$	(44,869)	$	(7,224)

There were no gains or losses for the three and nine months ended September 30, 2014 and 2013 that were excluded from the assessment of the effectiveness of our fair value hedges.

There were no cash flow hedging activities during the three and nine months ended September 30, 2014 and the cash flow hedging activities during the three and nine months ended September 30, 2013 were not significant.

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
		Gain (Loss)
Derivatives	Location	2014		2013

Three months ended September 30,
Commodity contracts	Revenue	$	19,775	$	6,589
Commodity contracts	Cost of revenue		760		(521)
Foreign currency contracts	Revenue		2,901		(1,992)
Foreign currency contracts	Other income (expense), net		8,874		(6,105)
		$	32,310	$	(2,029)

Nine months ended September 30,
Commodity contracts	Revenue	$	43,918	$	26,096
Commodity contracts	Cost of revenue		9,805		893
Foreign currency contracts	Revenue		1,564		748
Foreign currency contracts	Other income (expense), net		5,549		(2,263)
		$	60,836	$	25,474

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. As of September 30, 2014, the net liability position for such contracts is $23.6 million, the collateral posted is $2.2 million and the amount of assets required to be posted and/or to settle the positions should a credit-risk contingent feature be triggered is $21.4 million. As of December 31, 2013, the net liability position for derivative instrument contracts that contain credit-risk contingent features was not significant.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Debt

9 Months Ended

Sep. 30, 2014

Debt

Debt

3.Debt

Our debt consisted of the following (in thousands):



	As of
	September 30,		December 31,
	2014		2013
Credit Facility	$	495,000	$	200,000
Term Loans		242,500		242,500
Acquisition promissory notes		12,635		13,403
Other		17,140		7,808
Total debt		767,275		463,711
Short-term debt		16,390		14,647
Long-term debt	$	750,885	$	449,064

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



	For the Three Months ended				For the Nine Months ended
	September 30,				September 30,
	2014		2013		2014		2013
Interest income	$	1,328	$	1,432	$	4,462	$	2,357
Interest expense and other financing costs		(10,113)		(6,012)		(22,288)		(15,175)
	$	(8,785)	$	(4,580)	$	(17,826)	$	(12,818)

test

Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2014

Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

4.Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

Our other comprehensive (loss) income, consisting of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and cash flow hedges, was as follows (in thousands):



	Foreign
	Currency
	Translation		Cash
	Adjustments		Flow Hedges		Total
Balance as of December 31, 2013	$	(29,319)	$	—	$	(29,319)
Other comprehensive loss		(8,409)		—		(8,409)
Balance as of September 30, 2014	$	(37,728)	$	—	$	(37,728)



	Foreign
	Currency
	Translation		Cash
	Adjustments		Flow Hedges		Total
Balance as of December 31, 2012	$	(16,130)	$	112	$	(16,018)
Other comprehensive loss		(8,975)		(85)		(9,060)
Balance as of September 30, 2013	$	(25,105)	$	27	$	(25,078)

The foreign currency translation adjustment losses for the nine months ended September 30, 2014 and 2013 were primarily due to the strengthening of the U.S. dollar as compared to the Brazilian Real and the British Pound.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Income Taxes

9 Months Ended

Sep. 30, 2014

Income Taxes

Income Taxes

5.Income Taxes

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



	For the Three Months ended						For the Nine Months ended
	September 30,						September 30,
	2014			2013			2014			2013
Income tax provision	$	13,441		$	8,191		$	34,964		$	32,090

Effective income tax rate		19.8	%		14.0	%		18.8	%		17.3	%

Our provision for income taxes for each of the three-month and nine-month periods ended September 30, 2014 and 2013 were calculated based on the estimated annual effective income tax rate for the full 2014 and 2013 fiscal years. The actual effective income tax rate for the full 2014 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 as well as discrete items resulting from a lapse in the statute of limitations.

Earnings per Common Share

9 Months Ended

Sep. 30, 2014

Earnings per Common Share

Earnings per Common Share

6.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				For the Nine Months ended
	September 30,				September 30,
	2014		2013		2014		2013
Numerator:
Net income attributable to World Fuel	$	55,660	$	51,472	$	154,613	$	151,213

Denominator:
Weighted average common shares for basic earnings per common share		70,796		71,371		70,770		71,387
Effect of dilutive securities		550		506		570		583
Weighted average common shares for diluted earnings per common share		71,346		71,877		71,340		71,970

Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met		782		457		785		455

Basic earnings per common share	$	0.79	$	0.72	$	2.18	$	2.12

Diluted earnings per common share	$	0.78	$	0.72	$	2.17	$	2.10

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies
Commitments and Contingencies	7.Commitments and Contingencies Legal Matters Lac-Megantic, Quebec As previously disclosed in “Note 7 — Commitments and Contingencies” in the Notes to the Consolidated Financial Statements included in our 2013 10-K Report, various lawsuits have been filed against us and other third parties related to the July 2013 train derailment in Lac-Mégantic, Quebec. For additional information regarding legal proceedings related to the train derailment, see our 2013 10-K Report and Part II — Item 1 of this 10-Q Report. We are currently unable to determine the probability of loss, or reasonably estimate a range of potential losses related to the proceedings arising from the train derailment. Accordingly, we have not made any provision for these potential losses in our consolidated financial statements. However, based on estimated losses related to the value of the tank cars involved in the incident, as well as legal and other costs incurred in connection with the incident, which we believe are probable and for which a reasonable estimate can be made, we have recorded total liabilities of $35.3 million. We believe that a substantial portion of these liabilities are covered by insurance and have recorded total receivables of $34.0 million. As of September 30, 2014, the remaining unpaid liabilities of $19.3 million are included primarily in accrued expenses and other current liabilities and the remaining uncollected receivable of $24.3 million is included in other current assets in the accompanying consolidated balance sheets. Other Contingencies In connection with a theft of fuel product valued at approximately $18.0 million, we recorded an insurance receivable for the full amount of the loss, which is included in other current assets in the accompanying consolidated balance sheets. On July 31, 2014, our insurer, AGCS Marine Insurance Company (“AGCS”), filed a declaratory judgment action against us in the United States District Court for the Southern District of New York seeking a court ruling that the loss is not covered under our policy. We believe AGCS’ position is without merit and we intend to vigorously pursue our rights. However, due to the complexities and uncertainties inherent in litigation, we can provide no assurance that we will recover the full amount of the loss. Other Matters We are a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of September 30, 2014, we had recorded certain reserves which were not significant. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, as well as for matters where a reserve has been recorded but for which an exposure to loss in excess of the amount accrued is reasonably possible, we believe that such losses will not have a material adverse effect on our consolidated financial statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our consolidated financial statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. Executive Non-Renewal Charge In connection with the non-renewal of the employment agreement between the Company and Paul H. Stebbins, the former Executive Chairman of the Board of Directors, we recorded an executive non-renewal charge totaling $4.8 million in May 2014, which included non-cash expenses of $1.1 million related to previously awarded stock compensation. As of September 30, 2014, $0.9 million of the cash portion of the executive non-renewal charge was included in accrued expenses and other current liabilities and $2.6 million was included in other long-term liabilities in the accompanying consolidated balance sheets. Nonqualified Deferred Compensation Plan We offer a non-qualified deferred compensation (“NQDC”) plan to certain eligible employees, excluding our named executive officers, whereby the participants may defer a portion of their compensation. We do not match any participant deferrals under the NQDC plan. Participants can elect from a variety of investment choices for their deferred compensation and gains and losses on these investments are credited to their respective accounts. The deferred compensation payable amount under this NQDC plan is subject to the claims of our general creditors and was $2.2 million and $0.9 million as of September 30, 2014 and December 31, 2013, respectively, which was included other long-term liabilities in the accompanying consolidated balance sheets.

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Measurements

Fair Value Measurements

8.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 debt and notes receivable 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, our debt of $767.3 million and $463.7 million as of September 30, 2014 and December 31, 2013, respectively, and our notes receivable of $14.0 million and $20.9 million as of September 30, 2014 and December 31, 2013, respectively, are categorized in Level 3.

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



									Netting
									and
	Level 1		Level 2		Level 3		Sub-Total		Collateral		Total
As of September 30, 2014
Assets:
Commodity contracts	$	53,208	$	111,443	$	3,259	$	167,910	$	(79,332)	$	88,578
Foreign currency contracts		—		19,857		—		19,857		(8,518)		11,339
Inventories		—		11		—		11		(11)		—
Cash surrender value of life insurance		—		1,686		—		1,686		—		1,686
Mutual funds		412		—		—		412		—		412
Total	$	53,620	$	132,997	$	3,259	$	189,876	$	(87,861)	$	102,015
Liabilities:
Commodity contracts	$	62,655	$	69,936	$	89	$	132,680	$	(111,135)	$	21,545
Foreign currency contracts		—		10,366		—		10,366		(8,518)		1,848
Inventories		—		12,233		—		12,233		(11)		12,222
Total	$	62,655	$	92,535	$	89	$	155,279	$	(119,664)	$	35,615

As of December 31, 2013
Assets:
Commodity contracts	$	11,574	$	39,880	$	—	$	51,454	$	(35,983)	$	15,471
Foreign currency contracts		—		8,486		—		8,486		(6,350)		2,136
Inventories		—		1,690		—		1,690		(207)		1,483
Total	$	11,574	$	50,056	$	—	$	61,630	$	(42,540)	$	19,090
Liabilities:
Commodity contracts	$	14,032	$	31,983	$	—	$	46,015	$	(31,329)	$	14,686
Foreign currency contracts		—		11,803		—		11,803		(6,350)		5,453
Inventories		—		207		—		207		(207)		—
Total	$	14,032	$	43,993	$	—	$	58,025	$	(37,886)	$	20,139

The two investment assets of cash surrender value of life insurance and mutual funds are in connection with the NQDC plan and were included in identifiable intangible and other non-current assets in the accompanying consolidated balance sheets.

The following table presents information regarding the balance sheet location of our commodity and foreign currency contracts net assets and liabilities (in thousands):



		As of
	September 30, 2014		December 31, 2013
Commodity Contracts
Assets:
Other current assets	$	79,213	$	14,723
Identifiable intangible and other non-current assets		9,365		748
Total net assets	$	88,578	$	15,471

Liabilities:
Accrued expenses and other current liabilities	$	13,661	$	14,332
Other long-term liabilities		7,884		354
Total net liabilities	$	21,545	$	14,686

Foreign Currency Contracts
Assets:
Other current assets	$	10,877	$	2,136
Identifiable intangible and other non-current assets		462		—
Total net assets	$	11,339	$	2,136

Liabilities:
Accrued expenses and other current liabilities	$	1,848	$	5,306
Other long-term liabilities		—		147
Total net liabilities	$	1,848	$	5,453

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 September 30, 2014, we had $43.9 million of cash collateral deposits held by financial counterparties, of which $34.7 million have been offset against the total amount of commodity fair value liabilities in the above table and the remaining $9.2 million is included in other current assets in the accompanying consolidated balance sheets. In addition, as of September 30, 2014, we have offset $2.9 million of cash collateral received from customers against the total amount of commodity fair value assets in the above table. As of December 31, 2013, we had $13.0 million of cash collateral deposits held by financial counterparties and there were no significant amounts of cash collateral that were offset against the total commodity fair value liabilities in the above table. Additionally, as of December 31, 2013, we had offset $4.7 million of cash collateral deposits received from customers against the total amount of commodity fair value assets in the above table.

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		Realized and Unrealized Gains (Losses) Included in Earnings		Settlements		End of Period		Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period		Location of Realized and Unrealized Gains (Losses) Included in Earnings

Three months ended September 30, 2014
Assets:
Commodity contracts	$	5,826	$	4,053	$	6,620	$	3,259	$	1,950	Revenue
Liabilities:
Commodity contracts	$	—	$	(89)	$	—	$	89	$	(89)	Revenue

Three months ended September 30, 2013
Liabilities:
Commodity contracts	$	89	$	69	$	20	$	—	$	—	Cost of revenue

Nine months ended September 30, 2014
Assets:
Commodity contracts	$	—	$	9,879	$	6,620	$	3,259	$	3,259	Revenue
Liabilities:
Commodity contracts	$	—	$	(89)	$	—	$	89	$	(89)	Revenue

Nine months ended September 30, 2013
Liabilities:
Commodity contracts	$	—	$	(20)	$	20	$	—	$	—	Cost of revenue

The nature of inputs that are considered Level 3 are modeled inputs. Commodity contracts categorized in Level 3 are due to the significance of the unobservable model inputs to their respective fair values. The unobservable model inputs, such as basis differentials, are based on the difference between the historical prices of our prior transactions and the underlying observable data as well as certain risk related to non-performance. The effect on our income before income taxes of a 10% change in the model input for non-performance risk would not be significant.

There were no transfers between Level 1, 2 or 3 during the periods presented. In addition, there were no significant Level 3 settlements, purchases, sales or issuances for the periods presented.

- 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 + Details

Business Segments

9 Months Ended

Sep. 30, 2014

Business Segments

Business Segments

9.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. Our results of operations include (i) the results of the acquisition of all of the outstanding stock of Watson Petroleum in our land segment commencing on March 7, 2014, its acquisition date, and (ii) the results of the acquisition of all of the outstanding stock of Colt in our aviation segment commencing on July 29, 2014, 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				For the Nine Months ended
	September 30,				September 30,
Revenue:	2014		2013		2014		2013
Aviation segment	$	4,675,530	$	4,179,018	$	13,361,838	$	11,854,676
Marine segment		3,725,612		3,575,777		10,738,646		11,260,025
Land segment		3,312,321		2,738,866		9,506,350		8,042,593
	$	11,713,463	$	10,493,661	$	33,606,834	$	31,157,294

Gross profit:
Aviation segment	$	96,235	$	89,758	$	246,980	$	242,783
Marine segment		49,404		40,223		146,087		134,237
Land segment		68,969		56,360		201,089		180,158
	$	214,608	$	186,341	$	594,156	$	557,178

Income from operations:
Aviation segment	$	47,330	$	41,002	$	114,553	$	109,755
Marine segment		20,933		17,019		62,903		56,340
Land segment		19,108		15,106		60,020		63,608
		87,371		73,127		237,476		229,703
Corporate overhead - unallocated		13,268		8,924		39,257		29,823
	$	74,103	$	64,203	$	198,219	$	199,880

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



	As of
	September 30,		December 31,
	2014		2013
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $7,121 and $9,351 as of September 30, 2014 and December 31, 2013, respectively	$	833,478	$	771,178
Marine segment, net of allowance for bad debt of $10,063 and $9,845 as of September 30, 2014 and December 31, 2013, respectively		1,243,994		1,205,005
Land segment, net of allowance for bad debt of $10,845 and $9,992 as of September 30, 2014 and December 31, 2013, respectively		759,578		562,459
	$	2,837,050	$	2,538,642


Total assets:
Aviation segment	$	1,878,198	$	1,708,569
Marine segment		1,680,701		1,553,267
Land segment		1,784,749		1,304,436
Corporate		180,017		173,005
	$	5,523,665	$	4,739,277

- 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 Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Acquisitions and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Acquisitions and Significant Accounting Policies
Goodwill	Goodwill During the first nine months of 2014, we recorded goodwill of $100.4 million in our land segment and goodwill of $26.6 million in our aviation segment in connection with the 2014 acquisitions and we increased land segment goodwill by $0.4 million as a result of a reduction in identifiable intangible assets based on our ongoing fair value assessment of certain of our 2013 acquisitions. Additionally, we had goodwill decreases of $0.7 million, $0.3 million and $0.1 million as a result of foreign currency translation adjustments of our non-U.S. dollar functional currency subsidiaries in our land, marine and aviation segments, respectively.
Other Investments	Other Investments As of September 30, 2014 and December 31, 2013, we had other investments, consisting primarily of equity investments, net of basis adjustments, of $106.4 million and $83.8 million, respectively, which are included within identifiable intangible and other non-current assets in the accompanying consolidated balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which requires management of the Company to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this new guidance to have an impact on our financial statement disclosures. Compensation-Stock Compensation. In June 2014, the FASB issued an ASU which includes guidance which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Transfers and Servicing: Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. In June 2014, the FASB issued an ASU which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires additional disclosures about repurchase agreements and other similar transactions. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Revenue from Contracts with Customers. In May 2014, the FASB issued an ASU which provides guidance for revenue recognition for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In April 2014, the FASB issued an ASU which changes the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance. This update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures. Presentation of an Unrecognized Tax Benefit When a Net Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. In July 2013, the FASB issued an ASU on the presentation of an unrecognized tax benefit when a net operating loss carryforward exists. Under this guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Foreign Currency Matters Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Foreign Subsidiaries. In March 2013, the FASB issued an ASU aimed at resolving the diversity in practice of accounting for the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, the amendments in this ASU resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Disclosure Obligations Resulting from Joint and Several Liability Arrangements. In February 2013, the FASB issued an ASU clarifying the guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. This update became effective at the beginning of our 2014 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified to conform to the current period’s presentation.

- Definition

Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.

+ References + Details

Acquisitions and Significant Accounting Policies (Tables) - 2014 Acquisitions

9 Months Ended

Sep. 30, 2014

Acquisitions

Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash acquired



Estimated purchase price	$	238,523
Less: Cash acquired		16,167
Estimated purchase price, net of cash acquired		222,356
Less: Promissory notes issued		9,000
Less: Amounts due to sellers		789
Cash paid for acquisition of businesses	$	212,567

Schedule of estimated purchase price allocation for the acquisition



Assets acquired:
Cash and cash equivalents	$	16,167
Accounts receivable		256,627
Inventories		14,412
Property and equipment		61,960
Identifiable intangible assets		61,031
Goodwill		126,962
Other current and long-term assets		21,275
Liabilities assumed:
Accounts payable		(247,377)
Accrued expenses and other current liabilities		(58,771)
Other long-term liabilities		(11,908)

Initial noncontrolling interest upon acquisition of joint venture		(1,855)
Estimated purchase price	$	238,523

Schedule of unaudited pro forma results



	For the Three Months ended				For the Nine Months ended
	September 30,				September 30,
	2014		2013		2014		2013
	(pro forma)		(pro forma)		(pro forma)		(pro forma)

Revenue	$	11,748,457	$	11,127,729	$	34,289,238	$	33,031,887

Net income attributable to World Fuel	$	56,350	$	51,786	$	158,778	$	160,417

Earnings per common share:
Basic	$	0.80	$	0.73	$	2.24	$	2.25

Diluted	$	0.79	$	0.72	$	2.23	$	2.23

Derivatives (Tables)

9 Months Ended

Sep. 30, 2014

Derivatives

Schedule of fair value positions of derivative instruments



							Weighted
							Average
					Weighted		Mark-to-
	Settlement				Average		Market		Fair Value
Hedge Strategy	Period	Derivative Instrument	Notional	Unit	Fixed Price		Amount		Amount

Fair Value Hedge	2014	Commodity contracts for inventory hedging (long)	267	BBL	$	106.35	$	(2.850)	$	(761)
	2014	Commodity contracts for inventory hedging (short)	4,853	BBL		72.52		2.912		14,130
	2015	Commodity contracts for inventory hedging (short)	10	BBL		113.17		1.300		13
									$	13,382

Non-Designated	2014	Commodity contracts (long)	14,323	BBL	$	81.37	$	(4.211)	$	(60,319)
	2014	Commodity contracts (short)	13,783	BBL		91.92		5.316		73,275
	2015	Commodity contracts (long)	17,690	BBL		70.99		(1.803)		(31,900)
	2015	Commodity contracts (short)	12,864	BBL		98.41		3.234		41,604
	2016	Commodity contracts (long)	744	BBL		91.37		(3.231)		(2,404)
	2016	Commodity contracts (short)	392	BBL		95.86		3.926		1,539
	2017	Commodity contracts (long)	56	BBL		24.20		(0.214)		(12)
	2017	Commodity contracts (short)	11	BBL		70.94		5.909		65
	2018	Commodity contracts (long)	18	BBL		25.66		—		—
										21,848

	2014	Foreign currency contracts (long)	10,746	AUD		0.93		(0.060)		(641)
	2014	Foreign currency contracts (short)	8,664	AUD		0.91		0.051		445
	2014	Foreign currency contracts (long)	5,183	BRL		2.28		(0.030)		(157)
	2014	Foreign currency contracts (long)	7,690	CAD		1.09		(0.026)		(201)
	2014	Foreign currency contracts (short)	36,225	CAD		1.09		0.028		1,014
	2014	Foreign currency contracts (long)	1,847,698	CLP		587.54		(0.000)		(180)
	2014	Foreign currency contracts (short)	2,385,660	CLP		583.07		0.000		261
	2014	Foreign currency contracts (long)	19,179,268	COP		1,923.93		(0.000)		(580)
	2014	Foreign currency contracts (short)	22,970,683	COP		1,926.57		0.000		705
	2014	Foreign currency contracts (long)	35,110	DKK		5.60		(0.010)		(349)
	2014	Foreign currency contracts (long)	11,303	EUR		1.33		(0.072)		(818)
	2014	Foreign currency contracts (short)	39,442	EUR		1.33		0.079		3,124
	2014	Foreign currency contracts (long)	84,016	GBP		1.67		(0.046)		(3,889)
	2014	Foreign currency contracts (short)	135,006	GBP		1.67		0.061		8,169
	2014	Foreign currency contracts (short)	110,129	INR		61.29		0.000		25
	2014	Foreign currency contracts (long)	466,074	JPY		103.49		(0.000)		(140)
	2014	Foreign currency contracts (short)	735,479	JPY		103.18		0.001		443
	2014	Foreign currency contracts (long)	1,381,969	MXN		13.18		(0.002)		(2,594)
	2014	Foreign currency contracts (short)	1,240,477	MXN		13.17		0.002		2,395
	2014	Foreign currency contracts (long)	23,081	NOK		6.24		(0.004)		(81)
	2014	Foreign currency contracts (short)	65,802	NOK		6.25		0.004		280
	2014	Foreign currency contracts (short)	5,676	PLN		3.15		0.019		107
	2014	Foreign currency contracts (short)	28,950	RON		3.32		0.020		591
	2014	Foreign currency contracts (long)	11,651	SGD		1.25		(0.017)		(195)
	2014	Foreign currency contracts (short)	19,956	SGD		1.25		0.016		323
	2014	Foreign currency contracts (long)	77,303	ZAR		10.82		(0.004)		(290)
	2014	Foreign currency contracts (short)	117,356	ZAR		10.94		0.004		498
	2014	Foreign currency contracts (short)	112	CHF		0.91		0.054		6
	2014	Foreign currency contracts (long)	221,819	KRW		1,019.73		(0.000)		(7)
	2015	Foreign currency contracts (long)	600	GBP		1.66		(0.040)		(24)
	2015	Foreign currency contracts (short)	33,150	GBP		1.66		0.033		1,094
	2016	Foreign currency contracts (short)	5,125	GBP		1.65		0.028		141
	2017	Foreign currency contracts (short)	250	GBP		1.67		0.064		16
										9,491
									$	31,339

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



		As of
		September 30,		December 31,
	Balance Sheet Location	2014		2013
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	11,207	$	735
Commodity contracts	Accrued expenses and other current liabilities		3,170		—
			14,377		735
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets		90,585		47,062
Commodity contracts	Identifiable intangible and other non-current assets		9,837		1,642
Commodity contracts	Accrued expenses and other current liabilities		46,130		1,141
Commodity contracts	Other long-term liabilities		6,981		874
Foreign currency contracts	Other current assets		16,912		5,003
Foreign currency contracts	Identifiable intangible and other non-current assets		469		—
Foreign currency contracts	Accrued expenses and other current liabilities		2,476		3,483
			173,390		59,205
		$	187,767	$	59,940

Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Other current assets	$	501	$	1,544
Commodity contracts	Accrued expenses and other current liabilities		494		—
			995		1,544
Derivatives not designated as hedging instruments
Commodity contracts	Other current assets		19,213		26,876
Commodity contracts	Identifiable intangible and other non-current assets		472		894
Commodity contracts	Accrued expenses and other current liabilities		97,135		15,473
Commodity contracts	Other long-term liabilities		14,865		1,228
Foreign currency contracts	Other current assets		6,035		2,867
Foreign currency contracts	Identifiable intangible and other non-current assets		7		—
Foreign currency contracts	Accrued expenses and other current liabilities		4,324		8,789
Foreign currency contracts	Other long-term liabilities		—		147
			142,051		56,274
		$	143,046	$	57,818

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income



		Realized and Unrealized						Realized and Unrealized
Derivative		Gain (Loss)				Hedged		Gain (Loss)
Instruments	Location	2014		2013		Items	Location	2014		2013

Three months ended September 30,
Commodity contracts	Cost of revenue	$	36,273	$	(12,032)	Inventories	Cost of revenue	$	(36,227)	$	10,937

Nine months ended September 30,
Commodity contracts	Cost of revenue	$	34,572	$	7,593	Inventories	Cost of revenue	$	(44,869)	$	(7,224)

Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income



		Realized and Unrealized
		Gain (Loss)
Derivatives	Location	2014		2013

Three months ended September 30,
Commodity contracts	Revenue	$	19,775	$	6,589
Commodity contracts	Cost of revenue		760		(521)
Foreign currency contracts	Revenue		2,901		(1,992)
Foreign currency contracts	Other income (expense), net		8,874		(6,105)
		$	32,310	$	(2,029)

Nine months ended September 30,
Commodity contracts	Revenue	$	43,918	$	26,096
Commodity contracts	Cost of revenue		9,805		893
Foreign currency contracts	Revenue		1,564		748
Foreign currency contracts	Other income (expense), net		5,549		(2,263)
		$	60,836	$	25,474

- 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 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

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=35706170&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 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: 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=35706170&loc=d3e41638-113959

Reference 5: 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=35706170&loc=SL5580258-113959

Reference 6: 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=35706170&loc=SL5579245-113959

Reference 7: 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=35706170&loc=SL5624171-113959

Reference 8: 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 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=35706170&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 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 11: 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=26873400&loc=d3e23780-122690

+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt

Schedule of debt



	As of
	September 30,		December 31,
	2014		2013
Credit Facility	$	495,000	$	200,000
Term Loans		242,500		242,500
Acquisition promissory notes		12,635		13,403
Other		17,140		7,808
Total debt		767,275		463,711
Short-term debt		16,390		14,647
Long-term debt	$	750,885	$	449,064

Schedule of interest expense and other financing costs, net



	For the Three Months ended				For the Nine Months ended
	September 30,				September 30,
	2014		2013		2014		2013
Interest income	$	1,328	$	1,432	$	4,462	$	2,357
Interest expense and other financing costs		(10,113)		(6,012)		(22,288)		(15,175)
	$	(8,785)	$	(4,580)	$	(17,826)	$	(12,818)

Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2014

Other Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss

Schedule of components of other comprehensive income and accumulated other comprehensive loss



	Foreign
	Currency
	Translation		Cash
	Adjustments		Flow Hedges		Total
Balance as of December 31, 2013	$	(29,319)	$	—	$	(29,319)
Other comprehensive loss		(8,409)		—		(8,409)
Balance as of September 30, 2014	$	(37,728)	$	—	$	(37,728)



	Foreign
	Currency
	Translation		Cash
	Adjustments		Flow Hedges		Total
Balance as of December 31, 2012	$	(16,130)	$	112	$	(16,018)
Other comprehensive loss		(8,975)		(85)		(9,060)
Balance as of September 30, 2013	$	(25,105)	$	27	$	(25,078)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2014

Income Taxes

Schedule of Income tax provision and the respective effective income tax rates



	For the Three Months ended						For the Nine Months ended
	September 30,						September 30,
	2014			2013			2014			2013
Income tax provision	$	13,441		$	8,191		$	34,964		$	32,090

Effective income tax rate		19.8	%		14.0	%		18.8	%		17.3	%

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings per Common Share

Computation of basic and diluted earnings per common share



	For the Three Months ended				For the Nine Months ended
	September 30,				September 30,
	2014		2013		2014		2013
Numerator:
Net income attributable to World Fuel	$	55,660	$	51,472	$	154,613	$	151,213

Denominator:
Weighted average common shares for basic earnings per common share		70,796		71,371		70,770		71,387
Effect of dilutive securities		550		506		570		583
Weighted average common shares for diluted earnings per common share		71,346		71,877		71,340		71,970

Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met		782		457		785		455

Basic earnings per common share	$	0.79	$	0.72	$	2.18	$	2.12

Diluted earnings per common share	$	0.78	$	0.72	$	2.17	$	2.10

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Measurements

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



									Netting
									and
	Level 1		Level 2		Level 3		Sub-Total		Collateral		Total
As of September 30, 2014
Assets:
Commodity contracts	$	53,208	$	111,443	$	3,259	$	167,910	$	(79,332)	$	88,578
Foreign currency contracts		—		19,857		—		19,857		(8,518)		11,339
Inventories		—		11		—		11		(11)		—
Cash surrender value of life insurance		—		1,686		—		1,686		—		1,686
Mutual funds		412		—		—		412		—		412
Total	$	53,620	$	132,997	$	3,259	$	189,876	$	(87,861)	$	102,015
Liabilities:
Commodity contracts	$	62,655	$	69,936	$	89	$	132,680	$	(111,135)	$	21,545
Foreign currency contracts		—		10,366		—		10,366		(8,518)		1,848
Inventories		—		12,233		—		12,233		(11)		12,222
Total	$	62,655	$	92,535	$	89	$	155,279	$	(119,664)	$	35,615

As of December 31, 2013
Assets:
Commodity contracts	$	11,574	$	39,880	$	—	$	51,454	$	(35,983)	$	15,471
Foreign currency contracts		—		8,486		—		8,486		(6,350)		2,136
Inventories		—		1,690		—		1,690		(207)		1,483
Total	$	11,574	$	50,056	$	—	$	61,630	$	(42,540)	$	19,090
Liabilities:
Commodity contracts	$	14,032	$	31,983	$	—	$	46,015	$	(31,329)	$	14,686
Foreign currency contracts		—		11,803		—		11,803		(6,350)		5,453
Inventories		—		207		—		207		(207)		—
Total	$	14,032	$	43,993	$	—	$	58,025	$	(37,886)	$	20,139

Schedule of derivative instruments at fair value and their locations on the balance sheets



		As of
	September 30, 2014		December 31, 2013
Commodity Contracts
Assets:
Other current assets	$	79,213	$	14,723
Identifiable intangible and other non-current assets		9,365		748
Total net assets	$	88,578	$	15,471

Liabilities:
Accrued expenses and other current liabilities	$	13,661	$	14,332
Other long-term liabilities		7,884		354
Total net liabilities	$	21,545	$	14,686

Foreign Currency Contracts
Assets:
Other current assets	$	10,877	$	2,136
Identifiable intangible and other non-current assets		462		—
Total net assets	$	11,339	$	2,136

Liabilities:
Accrued expenses and other current liabilities	$	1,848	$	5,306
Other long-term liabilities		—		147
Total net liabilities	$	1,848	$	5,453

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



	Beginning of Period		Realized and Unrealized Gains (Losses) Included in Earnings		Settlements		End of Period		Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period		Location of Realized and Unrealized Gains (Losses) Included in Earnings

Three months ended September 30, 2014
Assets:
Commodity contracts	$	5,826	$	4,053	$	6,620	$	3,259	$	1,950	Revenue
Liabilities:
Commodity contracts	$	—	$	(89)	$	—	$	89	$	(89)	Revenue

Three months ended September 30, 2013
Liabilities:
Commodity contracts	$	89	$	69	$	20	$	—	$	—	Cost of revenue

Nine months ended September 30, 2014
Assets:
Commodity contracts	$	—	$	9,879	$	6,620	$	3,259	$	3,259	Revenue
Liabilities:
Commodity contracts	$	—	$	(89)	$	—	$	89	$	(89)	Revenue

Nine months ended September 30, 2013
Liabilities:
Commodity contracts	$	—	$	(20)	$	20	$	—	$	—	Cost of revenue

Business Segments (Tables)

9 Months Ended

Sep. 30, 2014

Business Segments

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



	For the Three Months ended				For the Nine Months ended
	September 30,				September 30,
Revenue:	2014		2013		2014		2013
Aviation segment	$	4,675,530	$	4,179,018	$	13,361,838	$	11,854,676
Marine segment		3,725,612		3,575,777		10,738,646		11,260,025
Land segment		3,312,321		2,738,866		9,506,350		8,042,593
	$	11,713,463	$	10,493,661	$	33,606,834	$	31,157,294

Gross profit:
Aviation segment	$	96,235	$	89,758	$	246,980	$	242,783
Marine segment		49,404		40,223		146,087		134,237
Land segment		68,969		56,360		201,089		180,158
	$	214,608	$	186,341	$	594,156	$	557,178

Income from operations:
Aviation segment	$	47,330	$	41,002	$	114,553	$	109,755
Marine segment		20,933		17,019		62,903		56,340
Land segment		19,108		15,106		60,020		63,608
		87,371		73,127		237,476		229,703
Corporate overhead - unallocated		13,268		8,924		39,257		29,823
	$	74,103	$	64,203	$	198,219	$	199,880

Schedule of accounts receivable, net and total assets by segment



	As of
	September 30,		December 31,
	2014		2013
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $7,121 and $9,351 as of September 30, 2014 and December 31, 2013, respectively	$	833,478	$	771,178
Marine segment, net of allowance for bad debt of $10,063 and $9,845 as of September 30, 2014 and December 31, 2013, respectively		1,243,994		1,205,005
Land segment, net of allowance for bad debt of $10,845 and $9,992 as of September 30, 2014 and December 31, 2013, respectively		759,578		562,459
	$	2,837,050	$	2,538,642


Total assets:
Aviation segment	$	1,878,198	$	1,708,569
Marine segment		1,680,701		1,553,267
Land segment		1,784,749		1,304,436
Corporate		180,017		173,005
	$	5,523,665	$	4,739,277

Acquisitions and Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands, £ in Millions			3 Months Ended		9 Months Ended
	Mar. 07, 2014 GBP (£)	Mar. 07, 2014 USD ($)	Sep. 30, 2014 USD ($) $ / shares	Sep. 30, 2013 USD ($) $ / shares	Sep. 30, 2014 USD ($) $ / shares	Sep. 30, 2013 USD ($) $ / shares	Sep. 30, 2014 GBP (£)	Sep. 30, 2014 USD ($)	Jul. 29, 2014 location	Dec. 31, 2013 USD ($)
Estimated purchase price of acquisition
Less: Promissory notes issued					$ 9,000	$ 3,000
Assets acquired:
Goodwill								$ 609,915		$ 483,591
Liabilities assumed:
Escrow payment related to an assumed obligation of an acquired business					21,724
Other Investments
Other investments								106,400		$ 83,800
Land Segment
Assets acquired:
Decrease in goodwill due to foreign currency translation adjustments					700
Marine segment
Assets acquired:
Decrease in goodwill due to foreign currency translation adjustments					300
Aviation Segment
Assets acquired:
Decrease in goodwill due to foreign currency translation adjustments					100
2014 Acquisitions
Estimated purchase price of acquisition
Estimated purchase price					238,523
Less: Cash acquired					16,167
Estimated purchase price, net of cash acquired					222,356
Less: Promissory notes issued					9,000
Less: Amounts due to sellers					789
Cash paid for acquisition of businesses					212,567
Assets acquired:
Cash and cash equivalents								16,167
Accounts receivable								256,627
Inventories								14,412
Property and equipment								61,960
Identifiable intangible assets								61,031
Goodwill								126,962
Other current and long-term assets								21,275
Goodwill anticipated to be deductible for tax purposes								20,500
Liabilities assumed:
Accounts payable								(247,377)
Accrued expenses and other current liabilities								(58,771)
Other long-term liabilities								(11,908)
Initial noncontrolling interest upon acquisition of joint venture								1,855
Estimate purchase price								238,523
Goodwill anticipated to be deductible for tax purposes								20,500
Pro forma results
Revenue			$ 11,748,457	$ 11,127,729	34,289,238	33,031,887
Net income attributable to World Fuel			$ 56,350	$ 51,786	$ 158,778	$ 160,417
Earnings per common share:
Basic (in dollars per share) \| $ / shares			$ 0.80	$ 0.73	$ 2.24	$ 2.25
Diluted (in dollars per share) \| $ / shares			$ 0.79	$ 0.72	$ 2.23	$ 2.23
2014 Acquisitions \| Trademark/Trade name rights
Assets acquired:
Identifiable intangible assets								5,800
2014 Acquisitions \| Customer relationships
Assets acquired:
Identifiable intangible assets								51,900
Weighted average amortizable lives of identifiable intangible assets					4 years 2 months 12 days
2014 Acquisitions \| Other identifiable intangible assets
Assets acquired:
Identifiable intangible assets								3,300
Weighted average amortizable lives of identifiable intangible assets					2 years 6 months
2014 Acquisitions \| Land Segment
Assets acquired:
Goodwill								100,400
2014 Acquisitions \| Aviation Segment
Assets acquired:
Goodwill								26,600
2014 Acquisitions \| Watson Petroleum
Liabilities assumed:
Escrow payment related to an assumed obligation of an acquired business	£ 13.0	$ 21,700
Escrow account balance							£ 13.0	$ 21,100
2014 Acquisitions \| Colt
Acquisitions
Number of locations \| location									3,000
2013 Acquisitions \| Land Segment
Assets acquired:
Adjustments due to fair value assessment					$ 400

Derivatives (Details) - 9 months ended Sep. 30, 2014 € in Thousands, ₨ in Thousands, ¥ in Thousands, £ in Thousands, zł in Thousands, kr in Thousands, kr in Thousands, bbl in Thousands, R$ in Thousands, R in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, in Thousands	ZAR (R) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $ bbl	SGD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	RON ( ) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	PLN (zł) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	NOK (kr) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	MXN ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	JPY (¥) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	INR (₨) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	GBP (£) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	EUR (€) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	DKK (kr) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	COP ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	CLP ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	CAD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	BRL (R$) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	AUD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $	USD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / $ $ / R$ $ / $
Derivatives designated as hedging instruments \| Fair value hedges
Derivative instruments, at their respective fair value positions
Fair Value Amount																	$ 13,382
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts \| Long \| 2014
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	267
Weighted Average Fixed Price \| $ / bbl	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35	106.35
Weighted Average Mark-to-Market \| $ / bbl	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)	(2.850)
Fair Value Amount																	$ (761)
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts \| Short \| 2014
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	4,853
Weighted Average Fixed Price \| $ / bbl	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52	72.52
Weighted Average Mark-to-Market \| $ / bbl	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912	2.912
Fair Value Amount																	$ 14,130
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts \| Short \| 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	10
Weighted Average Fixed Price \| $ / bbl	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17	113.17
Weighted Average Mark-to-Market \| $ / bbl	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300	1.300
Fair Value Amount																	$ 13
Derivatives not designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Amount																	31,339
Derivatives not designated as hedging instruments \| Commodity contracts
Derivative instruments, at their respective fair value positions
Fair Value Amount																	$ 21,848
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2014
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	14,323
Weighted Average Fixed Price \| $ / bbl	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37	81.37
Weighted Average Mark-to-Market \| $ / bbl	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)	(4.211)
Fair Value Amount																	$ (60,319)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	17,690
Weighted Average Fixed Price \| $ / bbl	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99	70.99
Weighted Average Mark-to-Market \| $ / bbl	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)	(1.803)
Fair Value Amount																	$ (31,900)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	744
Weighted Average Fixed Price \| $ / bbl	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37	91.37
Weighted Average Mark-to-Market \| $ / bbl	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)	(3.231)
Fair Value Amount																	$ (2,404)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	56
Weighted Average Fixed Price \| $ / bbl	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20	24.20
Weighted Average Mark-to-Market \| $ / bbl	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)	(0.214)
Fair Value Amount																	$ (12)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2018
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	18
Weighted Average Fixed Price \| $ / bbl	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66	25.66
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2014
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	13,783
Weighted Average Fixed Price \| $ / bbl	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92	91.92
Weighted Average Mark-to-Market \| $ / bbl	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316	5.316
Fair Value Amount																	$ 73,275
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	12,864
Weighted Average Fixed Price \| $ / bbl	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41	98.41
Weighted Average Mark-to-Market \| $ / bbl	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234	3.234
Fair Value Amount																	$ 41,604
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	392
Weighted Average Fixed Price \| $ / bbl	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86	95.86
Weighted Average Mark-to-Market \| $ / bbl	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926	3.926
Fair Value Amount																	$ 1,539
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	11
Weighted Average Fixed Price \| $ / bbl	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94	70.94
Weighted Average Mark-to-Market \| $ / bbl	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909	5.909
Fair Value Amount																	$ 65
Derivatives not designated as hedging instruments \| Foreign currency contracts
Derivative instruments, at their respective fair value positions
Fair Value Amount																	$ 9,491
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| AUD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																$ 10,746
Weighted Average Mark-to-Market \| $ / $	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)
Fair Value Amount																	$ (641)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| AUD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| BRL
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R$															R$ 5,183
Weighted Average Mark-to-Market \| $ / R$	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)	(0.030)
Fair Value Amount																	$ (157)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| BRL \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / R$	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| CAD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts														$ 7,690
Weighted Average Mark-to-Market \| $ / $	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)	(0.026)
Fair Value Amount																	$ (201)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| CAD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| CLP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts													$ 1,847,698
Weighted Average Mark-to-Market \| $ / $	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fair Value Amount																	$ (180)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| CLP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54	587.54
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| COP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts												$ 19,179,268
Weighted Average Mark-to-Market \| $ / $	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fair Value Amount																	$ (580)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| COP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93	1,923.93
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| DKK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr											kr 35,110
Weighted Average Mark-to-Market \| $ / kr	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)	(0.010)
Fair Value Amount																	$ (349)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| DKK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60	5.60
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| EUR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| €										€ 39,442
Weighted Average Mark-to-Market \| $ / €	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079	0.079
Fair Value Amount																	$ 3,124
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| EUR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / €	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £									£ 135,006
Weighted Average Mark-to-Market \| $ / £	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061	0.061
Fair Value Amount																	$ 8,169
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| GBP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| INR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ₨								₨ 466,074
Weighted Average Mark-to-Market \| $ / ₨	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fair Value Amount																	$ (140)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| INR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ₨	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49	103.49
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| JPY
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ¥							¥ 1,381,969
Weighted Average Mark-to-Market \| $ / ¥	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)	(0.002)
Fair Value Amount																	$ (2,594)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| JPY \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ¥	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18	13.18
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| MXN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts						$ 23,081
Weighted Average Mark-to-Market \| $ / $	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)
Fair Value Amount																	$ (81)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| MXN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24	6.24
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| NOK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr					kr 5,676
Weighted Average Mark-to-Market \| $ / kr	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019	0.019
Fair Value Amount																	$ 107
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| NOK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15	3.15
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| PLN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| zł				zł 11,651
Weighted Average Mark-to-Market \| $ / zł	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)	(0.017)
Fair Value Amount																	$ (195)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| PLN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / zł	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| RON
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \|			77,303
Weighted Average Mark-to-Market \| $ /	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)	(0.004)
Fair Value Amount																	$ (290)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| RON \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ /	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82	10.82
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| SGD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts		$ 112
Weighted Average Mark-to-Market \| $ / $	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054	0.054
Fair Value Amount																	$ 6
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2014 \| SGD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £									£ 5,125
Weighted Average Mark-to-Market \| $ / £	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028
Fair Value Amount																	$ 141
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| GBP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65	1.65
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| ZAR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R	R 600
Weighted Average Mark-to-Market \| $ / R	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)	(0.040)
Fair Value Amount																	$ (24)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| ZAR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / R	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| AUD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																$ 8,664
Weighted Average Mark-to-Market \| $ / $	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051	0.051
Fair Value Amount																	$ 445
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| AUD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| CAD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts														$ 36,225
Weighted Average Mark-to-Market \| $ / $	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028	0.028
Fair Value Amount																	$ 1,014
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| CAD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09	1.09
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| CLP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts													$ 2,385,660
Weighted Average Mark-to-Market \| $ / $	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fair Value Amount																	$ 261
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| CLP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07	583.07
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| COP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts												$ 22,970,683
Weighted Average Mark-to-Market \| $ / $	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fair Value Amount																	$ 705
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| COP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57	1,926.57
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| DKK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr											kr 11,303
Weighted Average Mark-to-Market \| $ / kr	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)	(0.072)
Fair Value Amount																	$ (818)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| DKK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| EUR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| €										€ 84,016
Weighted Average Mark-to-Market \| $ / €	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)	(0.046)
Fair Value Amount																	$ (3,889)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| EUR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / €	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £									£ 110,129
Weighted Average Mark-to-Market \| $ / £	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fair Value Amount																	$ 25
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| GBP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29	61.29
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| INR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ₨								₨ 735,479
Weighted Average Mark-to-Market \| $ / ₨	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001
Fair Value Amount																	$ 443
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| INR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ₨	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18	103.18
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| JPY
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ¥							¥ 1,240,477
Weighted Average Mark-to-Market \| $ / ¥	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002	0.002
Fair Value Amount																	$ 2,395
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| JPY \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ¥	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17	13.17
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| MXN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts						$ 65,802
Weighted Average Mark-to-Market \| $ / $	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004
Fair Value Amount																	$ 280
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| MXN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| NOK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr					kr 28,950
Weighted Average Mark-to-Market \| $ / kr	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020	0.020
Fair Value Amount																	$ 591
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| NOK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32	3.32
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| PLN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| zł				zł 19,956
Weighted Average Mark-to-Market \| $ / zł	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016	0.016
Fair Value Amount																	$ 323
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| PLN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / zł	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25	1.25
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| RON
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \|			117,356
Weighted Average Mark-to-Market \| $ /	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004	0.004
Fair Value Amount																	$ 498
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| RON \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ /	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94	10.94
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| SGD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts		$ 221,819
Weighted Average Mark-to-Market \| $ / $	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000
Fair Value Amount																	$ (7)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2014 \| SGD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73	1,019.73
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| ZAR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R	R 33,150
Weighted Average Mark-to-Market \| $ / R	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033	0.033
Fair Value Amount																	$ 1,094
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| ZAR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / R	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66	1.66
Derivatives not designated as hedging instruments \| Foreign currency contracts three \| Short \| 2015 \| GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £									£ 250
Weighted Average Mark-to-Market \| $ / £	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064	0.064
Fair Value Amount																	$ 16
Derivatives not designated as hedging instruments \| Foreign currency contracts three \| Short \| 2015 \| GBP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67

Derivatives (Details 2) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	$ 187,767	$ 59,940
Derivative liability	143,046	57,818
Derivative, credit-risk related contingent features
Net liability position	23,600
Collateral posted	2,200
Additional assets required to be posted should credit-risk contingent feature be triggered	21,400
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	14,377	735
Derivative liability	995	1,544
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 asset	11,207	735
Derivative liability	501	1,544
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 asset	3,170
Derivative liability	494
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	173,390	59,205
Derivative liability	142,051	56,274
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 asset	90,585	47,062
Derivative liability	19,213	26,876
Derivatives not designated as hedging instruments \| Commodity contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	9,837	1,642
Derivative liability	472	894
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 asset	46,130	1,141
Derivative liability	97,135	15,473
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 asset	6,981	874
Derivative liability	14,865	1,228
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 asset	16,912	5,003
Derivative liability	6,035	2,867
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	469
Derivative liability	7
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 asset	2,476	3,483
Derivative liability	$ 4,324	8,789
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 liability		$ 147

Derivatives (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Derivatives (Details 3) - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Gain (loss) on derivative
Gains or losses that were excluded from the assessment of the effectiveness of fair value hedges	$ 0	$ 0	$ 0	$ 0
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	36,273	(12,032)	34,572	7,593
Realized and Unrealized Gain (Loss) on Hedged Item	(36,227)	10,937	(44,869)	(7,224)
Derivatives not designated as hedging instruments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	32,310	(2,029)	60,836	25,474
Derivatives not designated as hedging instruments \| Commodity contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	19,775	6,589	43,918	26,096
Derivatives not designated as hedging instruments \| Commodity contracts \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	760	(521)	9,805	893
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	2,901	(1,992)	1,564	748
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other income, net
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	$ 8,874	$ (6,105)	$ 5,549	$ (2,263)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Debt
Total debt	$ 767,275		$ 767,275		$ 463,711
Short-term debt	16,390		16,390		14,647
Long term-debt	750,885		750,885		449,064
Interest expense and other financing costs, net
Interest income	1,328	$ 1,432	4,462	$ 2,357
Interest expense and other financing costs	(10,113)	(6,012)	(22,288)	(15,175)
Interest expense and other financing costs, net	(8,785)	$ (4,580)	(17,826)	$ (12,818)
Credit facility
Debt
Total debt	495,000		495,000		200,000
Term Loans
Debt
Total debt	242,500		242,500		242,500
Acquisition promissory notes
Debt
Total debt	12,635		12,635		13,403
Other
Debt
Total debt	$ 17,140		$ 17,140		$ 7,808

Other Comprehensive Income and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accumulated other comprehensive loss
Balance at the beginning of the period			$ (29,319)	$ (16,018)
Other comprehensive loss	$ (17,300)	$ 111	(8,409)	(9,060)
Balance at the end of the period	(37,728)	(25,078)	(37,728)	(25,078)
Foreign Currency Translation Adjustments
Accumulated other comprehensive loss
Balance at the beginning of the period			(29,319)	(16,130)
Other comprehensive loss			(8,409)	(8,975)
Balance at the end of the period	$ (37,728)	(25,105)	$ (37,728)	(25,105)
Cash Flow Hedges
Accumulated other comprehensive loss
Balance at the beginning of the period				112
Other comprehensive loss				(85)
Balance at the end of the period		$ 27		$ 27

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Taxes
Income tax provision	$ 13,441	$ 8,191	$ 34,964	$ 32,090
Effective income tax rate (as a percent)	19.80%	14.00%	18.80%	17.30%

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:
Net income attributable to World Fuel	$ 55,660	$ 51,472	$ 154,613	$ 151,213
Denominator:
Weighted average common shares for basic earnings per common share	70,796	71,371	70,770	71,387
Effect of dilutive securities (in shares)	550	506	570	583
Weighted average common shares for diluted earnings per common share	71,346	71,877	71,340	71,970
Weighted average securities which are not included in the calculation of diluted earnings per common share (in shares)	782	457	785	455
Basic earnings per common share (in dollars per share)	$ 0.79	$ 0.72	$ 2.18	$ 2.12
Diluted earnings per common share (in dollars per share)	$ 0.78	$ 0.72	$ 2.17	$ 2.10

- Definition

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

+ References + Details

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2014 USD ($)
Legal Matters
Estimated amount recoverable due to theft of fuel product	$ 18.0
Derailment of freight train
Legal Matters
Liabilities recorded based on estimated losses	35.3
Receivables for portion of liability recoverable from insurance	34.0
Derailment of freight train \| Accrued expenses and other current liabilities
Legal Matters
Liabilities recorded based on estimated losses	19.3
Derailment of freight train \| Other current assets
Legal Matters
Receivables for portion of liability recoverable from insurance	$ 24.3

Commitments and Contingencies (Details 2) - Stebbins agreement - USD ($) $ in Millions	1 Months Ended
	May 31, 2014	Sep. 30, 2014
Executive Non-Renewal Charge
Charges in connection with the non-renewal of agreement	$ 4.8
Non-cash expenses related to stock award compensation	$ 1.1
Accrued expenses and other current liabilities
Executive Non-Renewal Charge
Unpaid amount of cash portion of the executive non-renewal charge		$ 0.9
Other long-term liabilities
Executive Non-Renewal Charge
Unpaid amount of cash portion of the executive non-renewal charge		$ 2.6

Commitments and Contingencies (Details 3) - USD ($) $ in Millions	Sep. 30, 2014	Dec. 31, 2013
NQDC plan
Nonqualified Deferred Compensation Plan
Deferred compensation payable	$ 2.2	$ 0.9

Fair Value Measurements (Details) $ in Thousands	Sep. 30, 2014 USD ($) item	Dec. 31, 2013 USD ($)
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	$ 187,767	$ 59,940
Derivative liability	143,046	57,818
Debt	767,275	463,711
Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	53,620	11,574
Subtotal Liabilities	62,655	14,032
Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Inventories asset	11	1,690
Subtotal Assets	132,997	50,056
Inventories liability	12,233	207
Subtotal Liabilities	92,535	43,993
Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	3,259
Subtotal Liabilities	89
Cash surrender value of life insurance \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	1,686
Mutual funds \| Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	412
Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Inventories asset	11	1,690
Subtotal Assets	189,876	61,630
Netting and collateral,inventories asset	(11)	(207)
Netting and collateral, asset	(87,861)	(42,540)
Total, inventories asset		1,483
Total Assets	102,015	19,090
Inventories liability	12,233	207
Subtotal Liabilities	155,279	58,025
Netting and collateral, inventories liability	(11)	(207)
Netting and collateral, liability	(119,664)	(37,886)
Total, inventories liability	12,222
Total Liabilities	35,615	20,139
Fair value measured on recurring basis \| Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	767,300	463,700
Notes receivable	14,000	20,900
Fair value measured on recurring basis \| Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	1,686
Fair value measured on recurring basis \| Mutual funds
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	412
Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total, derivative asset	88,578	15,471
Total, derivative liability	21,545	14,686
Commodity contracts \| Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	53,208	11,574
Derivative liability	62,655	14,032
Commodity contracts \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	111,443	39,880
Derivative liability	69,936	31,983
Commodity contracts \| Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	3,259
Derivative liability	89
Commodity contracts \| Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	167,910	51,454
Netting and collateral, derivative asset	(79,332)	(35,983)
Total, derivative asset	88,578	15,471
Derivative liability	132,680	46,015
Netting and collateral, derivative liability	(111,135)	(31,329)
Total, derivative liability	21,545	14,686
Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total, derivative asset	11,339	2,136
Total, derivative liability	1,848	5,453
Foreign currency contracts \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	19,857	8,486
Derivative liability	10,366	11,803
Foreign currency contracts \| Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	19,857	8,486
Netting and collateral, derivative asset	(8,518)	(6,350)
Total, derivative asset	11,339	2,136
Derivative liability	10,366	11,803
Netting and collateral, derivative liability	(8,518)	(6,350)
Total, derivative liability	$ 1,848	$ 5,453
NQDC plan
Assets and liabilities measured at estimated fair value on a recurring basis
Number of investment assets \| item	2

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Fair value measurement, additional disclosure
Cash collateral deposits held by financial counterparties	$ 43,900	$ 13,000
Cash collateral deposits held by financial counterparties, offset against liabilities	34,700
Cash collateral deposits held by financial counterparties, not offset	9,200
Cash collateral received from customers	2,900	4,700
Commodity contracts
Derivative instruments, at their respective fair value positions
Total net assets	88,578	15,471
Total net liabilities	21,545	14,686
Commodity contracts \| Other current assets
Derivative instruments, at their respective fair value positions
Total net assets	79,213	14,723
Commodity contracts \| Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	9,365	748
Commodity contracts \| Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	13,661	14,332
Commodity contracts \| Other long-term liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	7,884	354
Foreign currency contracts
Derivative instruments, at their respective fair value positions
Total net assets	11,339	2,136
Total net liabilities	1,848	5,453
Foreign currency contracts \| Other current assets
Derivative instruments, at their respective fair value positions
Total net assets	10,877	2,136
Foreign currency contracts \| Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	462
Foreign currency contracts \| Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	$ 1,848	5,306
Foreign currency contracts \| Other long-term liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities		$ 147

Fair Value Measurements (Details 3) - Commodity contracts - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period	$ 5,826
Total Gains (Losses) Included in Earnings	4,053		$ 9,879
Total Gains (Losses) Included in Earnings	(89)		(89)
Settlements	6,620		6,620
End of Period	3,259		3,259
End of Period	89		89
Change in Unrealized Gains Relating to Assets (Liabilities) that are Held at end of Period	1,950		3,259
Change in Unrealized Gains Relating to Assets (Liabilities) that are Held at end of Period	$ (89)		$ (89)
Cost of revenue
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period		$ 89
Total Gains (Losses) Included in Earnings		69		$ (20)
Settlements		$ 20		$ 20

Business Segments (Details) $ in Thousands	3 Months Ended		9 Months Ended
Business Segments (Details) $ in Thousands	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) item	Sep. 30, 2013 USD ($)
Business Segments
Number of reportable operating business segments \| item			3
Revenue:
Total revenue	$ 11,713,463	$ 10,493,661	$ 33,606,834	$ 31,157,294
Gross profit:
Gross profit	214,608	186,341	594,156	557,178
Income from operations:
Income from operations	74,103	64,203	198,219	199,880
Aviation Segment
Revenue:
Total revenue	4,675,530	4,179,018	13,361,838	11,854,676
Gross profit:
Gross profit	96,235	89,758	246,980	242,783
Marine segment
Revenue:
Total revenue	3,725,612	3,575,777	10,738,646	11,260,025
Gross profit:
Gross profit	49,404	40,223	146,087	134,237
Land Segment
Revenue:
Total revenue	3,312,321	2,738,866	9,506,350	8,042,593
Gross profit:
Gross profit	68,969	56,360	201,089	180,158
Operating Segments
Income from operations:
Income from operations	87,371	73,127	237,476	229,703
Operating Segments \| Aviation Segment
Income from operations:
Income from operations	47,330	41,002	114,553	109,755
Operating Segments \| Marine segment
Income from operations:
Income from operations	20,933	17,019	62,903	56,340
Operating Segments \| Land Segment
Income from operations:
Income from operations	19,108	15,106	60,020	63,608
Corporate
Income from operations:
Income from operations	$ 13,268	$ 8,924	$ 39,257	$ 29,823

Business Segments (Details 2) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Accounts receivable, net:
Accounts receivable, net	$ 2,837,050	$ 2,538,642
Total assets:
Total assets	5,523,665	4,739,277
Aviation Segment
Accounts receivable, net:
Accounts receivable, net	833,478	771,178
Allowance for bad debt	7,121	9,351
Marine segment
Accounts receivable, net:
Accounts receivable, net	1,243,994	1,205,005
Allowance for bad debt	10,063	9,845
Land Segment
Accounts receivable, net:
Accounts receivable, net	759,578	562,459
Allowance for bad debt	10,845	9,992
Operating Segments \| Aviation Segment
Total assets:
Total assets	1,878,198	1,708,569
Operating Segments \| Marine segment
Total assets:
Total assets	1,680,701	1,553,267
Operating Segments \| Land Segment
Total assets:
Total assets	1,784,749	1,304,436
Corporate
Total assets:
Total assets	$ 180,017	$ 173,005