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Document and Entity Information - USD ($)	12 Months Ended
Dec. 31, 2014	Feb. 05, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	WORLD FUEL SERVICES CORP
Entity Central Index Key	0000789460
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3,469,311,000
Entity Common Stock, Shares Outstanding		72,091,000
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 302,264	$ 292,061
Accounts receivable, net	2,307,852	2,538,642
Inventories	437,566	655,046
Prepaid expenses	76,936	120,205
Short-term derivative assets, net	303,599	16,879
Other current assets	246,626	192,668
Total current assets	3,674,843	3,815,501
Property and equipment, net	202,716	129,685
Goodwill	656,078	483,591
Identifiable intangible and other non-current assets	346,343	310,500
Total assets	4,879,980	4,739,277
Current liabilities:
Short-term debt	17,914	14,647
Accounts payable	1,850,134	2,210,427
Customer deposits	138,803	111,068
Accrued expenses and other current liabilities	234,503	178,373
Total current liabilities	2,241,354	2,514,515
Long-term debt	671,954	449,064
Non-current income tax liabilities, net	82,454	82,532
Other long-term liabilities	19,337	14,272
Total liabilities	3,015,099	3,060,383
Commitments and contingencies
World Fuel shareholders' equity:
Common stock, $0.01 par value; 100,000 shares authorized, 72,082 and 71,883 shares issued and outstanding as of December 31, 2014 and 2013, respectively	721	719
Capital in excess of par value	496,402	495,199
Retained earnings	1,418,450	1,207,299
Accumulated other comprehensive loss	(60,215)	(29,319)
Total World Fuel shareholders' equity	1,855,358	1,673,898
Noncontrolling interest equity	9,523	4,996
Total equity	1,864,881	1,678,894
Total liabilities and equity	$ 4,879,980	$ 4,739,277

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Income and Comprehensive Income
Revenue	$ 43,386,389	$ 41,561,947	$ 38,945,338
Cost of revenue	42,572,767	40,809,189	38,271,891
Gross profit	813,622	752,758	673,447
Operating expenses:
Compensation and employee benefits	319,842	288,021	237,362
Provision for bad debt	3,757	11,745	4,790
General and administrative	220,875	188,634	174,272
Total operating expenses	544,474	488,400	416,424
Income from operations	269,148	264,358	257,023
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(25,237)	(17,287)	(19,097)
Other income (expense), net	25,640	(406)	1,669
Total non-operating income (expenses), net	403	(17,693)	(17,428)
Income before income taxes	269,551	246,665	239,595
Provision for income taxes	51,144	39,505	38,244
Net income including noncontrolling interest	218,407	207,160	201,351
Net (loss) income attributable to noncontrolling interest	(3,340)	4,085	12,006
Net income attributable to World Fuel	$ 221,747	$ 203,075	$ 189,345
Basic earnings per common share (in dollars per share)	$ 3.13	$ 2.85	$ 2.66
Basic weighted average common shares (in shares)	70,750	71,224	71,154
Diluted earnings per common share (in dollars per share)	$ 3.11	$ 2.83	$ 2.64
Diluted weighted average common shares (in shares)	71,323	71,800	71,817
Comprehensive income:
Net income including noncontrolling interest	$ 218,407	$ 207,160	$ 201,351
Other comprehensive income:
Foreign currency translation adjustments	(30,896)	(13,189)	(9,606)
Cash flow hedges, net of income taxes of $36 for 2013 and 2012, respectively		(112)	112
Other comprehensive income (loss)	(30,896)	(13,301)	(9,494)
Comprehensive income including noncontrolling interest	187,511	193,859	191,857
Comprehensive (loss) income attributable to noncontrolling interest	(3,340)	4,085	12,006
Comprehensive income attributable to World Fuel	$ 190,851	$ 189,774	$ 179,851

Consolidated Statements of Shareholders' Equity - USD ($) $ 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, 2011	$ 712	$ 502,551	$ 836,222	$ (6,524)	$ 1,332,961	$ 13,757	$ 1,346,718
Balance (in shares) at Dec. 31, 2011	71,154,000
Increase (Decrease) in Shareholders' Equity
Net income			189,345		189,345	12,006	201,351
Cash dividends declared			(10,685)		(10,685)		(10,685)
Distribution of noncontrolling interest						(1,313)	(1,313)
Amortization of share-based payment awards		13,610			13,610		13,610
Issuance of common stock related to share-based payment awards including income tax benefit of $1,028, $3,301 and $3,681 for the years ended December 31, 2014, 2013 and 2012, respectively	$ 9	6,401			6,410		6,410
Issuance of common stock related to share-based payment awards (in shares)	1,028,000
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(4,973)			(4,973)		(4,973)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(35,000)
Other comprehensive loss				(9,494)	(9,494)		(9,494)
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	72,147,000
Increase (Decrease) in Shareholders' Equity
Net income			203,075		203,075	4,085	207,160
Cash dividends declared			(10,658)		(10,658)		(10,658)
Investment by noncontrolling interest						17,524	17,524
Distribution of noncontrolling interest						(15,489)	(15,489)
Deconsolidation of crude oil transloading joint venture						(25,574)	(25,574)
Amortization of share-based payment awards		16,075			16,075		16,075
Issuance of common stock related to share-based payment awards including income tax benefit of $1,028, $3,301 and $3,681 for the years ended December 31, 2014, 2013 and 2012, respectively	$ 7	3,294			3,301		3,301
Issuance of common stock related to share-based payment awards (in shares)	678,000
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(6,768)			(6,768)		(6,768)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(16,000)
Purchases of common stock	$ (9)	(34,991)			(35,000)		$ (35,000)
Purchases of common stock (in shares)	(926,000)						(926,000)
Other comprehensive loss				(13,301)	(13,301)		$ (13,301)
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	71,883,000						71,883,000
Increase (Decrease) in Shareholders' Equity
Net income			221,747		221,747	(3,340)	$ 218,407
Cash dividends declared			(10,596)		(10,596)		(10,596)
Initial noncontrolling interest upon acquisition of joint venture						19,448	19,448
Distribution of noncontrolling interest						(11,581)	(11,581)
Amortization of share-based payment awards		15,260			15,260		15,260
Issuance of common stock related to share-based payment awards including income tax benefit of $1,028, $3,301 and $3,681 for the years ended December 31, 2014, 2013 and 2012, respectively	$ 5	1,023			1,028		1,028
Issuance of common stock related to share-based payment awards (in shares)	477,000
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (1)	(5,083)			(5,084)		(5,084)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(51,000)
Purchases of common stock	$ (2)	(9,997)			(9,999)		$ (9,999)
Purchases of common stock (in shares)	(227,000)						(227,000)
Other comprehensive loss				(30,896)	(30,896)		$ (30,896)
Balance at Dec. 31, 2014	$ 721	$ 496,402	$ 1,418,450	$ (60,215)	$ 1,855,358	$ 9,523	$ 1,864,881
Balance (in shares) at Dec. 31, 2014	72,082,000						72,082,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income including noncontrolling interest	$ 218,407	$ 207,160	$ 201,351
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	59,399	44,710	36,714
Provision for bad debt	3,757	11,745	4,790
Gain on sale of crude oil joint venture interests	(18,082)
Share-based payment award compensation costs	15,755	16,716	14,079
Deferred tax provision (benefit)	10,351	(8,243)	9,665
Extinguishment of liabilities	(5,250)	(8,538)	(11,199)
Other	(12,322)	2,065	(5,659)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	462,517	(328,969)	97,297
Inventories	232,258	(77,754)	(90,847)
Prepaid expenses	46,479	30,755	(51,155)
Short-term derivative assets, net	(265,779)	3,534	2,577
Other current assets	(30,200)	(22,591)	(3,517)
Cash collateral with financial counterparties	(288,049)	9,920	(11,059)
Other non-current assets	2,877	(19,638)	4,793
Accounts payable	(585,674)	385,482	(45,179)
Customer deposits	12,816	13,874	(6,513)
Accrued expenses and other current liabilities	266,534	(3,549)	1,795
Non-current income tax, net and other long-term liabilities	15,366	7,623	(2,142)
Total adjustments	(77,247)	57,142	(55,560)
Net cash provided by operating activities	141,160	264,302	145,791
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired and other investments	(273,649)	(76,954)	(217,782)
Capital expenditures	(50,153)	(82,716)	(28,454)
Escrow payment related to an assumed obligation of an acquired business	(21,724)
Proceeds from the sale of crude oil joint venture interests	43,000
Purchase of investments	(2,104)	(21,588)
Proceeds from the sale of short-term investments		21,588
Issuances of notes receivable		(7,969)	(787)
Repayment of notes receivable	7,543		401
Decrease in cash due to deconsolidation of crude oil transloading joint venture		(6,921)
Net cash used in investing activities	(297,087)	(174,560)	(246,622)
Cash flows from financing activities:
Borrowings of debt	5,757,254	4,556,618	4,050,500
Repayments of debt	(5,551,509)	(4,476,304)	(3,965,960)
Dividends paid on common stock	(10,595)	(10,679)	(10,685)
Investment by noncontrolling interest		17,519
Distribution of noncontrolling interest	(11,581)	(15,489)	(1,401)
Purchases of common stock	(9,999)	(35,000)
Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards	1,028	3,301	3,681
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(5,083)	(6,768)	(4,973)
Other payments		(3,689)	(4,304)
Net cash provided by financing activities	169,515	29,509	66,858
Effect of exchange rate changes on cash and cash equivalents	(3,385)	70	1,298
Net increase (decrease) in cash and cash equivalents	10,203	119,321	(32,675)
Cash and cash equivalents, as of beginning of period	292,061	172,740	205,415
Cash and cash equivalents, as of end of period	302,264	292,061	172,740
Supplemental Disclosures of Cash Flow Information Cash paid during the year for:
Interest, net of capitalized interest	29,151	19,131	17,227
Income taxes	$ 40,785	$ 34,557	$ 26,529

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2014

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements

1. Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements

Nature of Business

World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively as “World Fuel,” “we,” “our” and “us.”

We are a global fuel logistics, transaction management and payment processing company, principally engaged in the distribution of fuel and related products and services in the aviation, marine and land transportation industries. We compete by providing our customers with value-added benefits, including single supplier convenience, competitive pricing, the availability of trade credit, price risk management, logistical support, fuel quality control and fuel procurement outsourcing. We have three reportable operating business segments: aviation, marine, and land. We primarily contract with third parties for the delivery and storage of fuel products, however, in some cases we own storage and transportation assets for strategic purposes. In our aviation segment, we offer fuel and related products and services to major commercial airlines, second and third‑tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft, military fleets and to the United States (“U.S.”) and foreign governments. In our marine segment, we offer fuel, lubricants and related products and services to a broad base of marine customers, including international container and tanker fleets, commercial cruise lines, yachts and time‑charter operators, the U.S. and foreign governments, as well as other fuel suppliers. In our land segment, we offer fuel, lubricants and related products and services to petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers. Additionally, we engage in crude oil marketing activities. In addition, we offer transaction management services, which consist of card payment solutions and merchant processing services to customers in the aviation, marine and land transportation industries.

Acquisitions

2014 Acquisitions

On March 7, 2014, we completed the acquisition of all of the outstanding stock of Watson Petroleum Limited (now known as WFL (UK) 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. The estimated purchase price of Watson Petroleum was $173.9 million.

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. The estimated purchase price of Colt was $72.9 million.

In addition to the above acquisitions, in 2014, we completed two acquisitions in our aviation segment and one acquisition in our marine segment, which were not material individually or in the aggregate.

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.

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	$	296,962
Less: Cash acquired		20,232
Estimated purchase price, net of cash acquired		276,730
Less: Promissory notes issued		9,000
Less: Amounts due to sellers		12,228
Cash paid for acquisition of businesses	$	255,502

The estimated purchase price for each of the 2014 acquisitions is subject to change based on the final value of the net assets acquired and 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. On an aggregate basis, the estimated purchase price allocation for the 2014 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	20,232
Accounts receivable		259,475
Inventories		14,412
Property and equipment		55,172
Identifiable intangible assets		78,889
Goodwill		180,683
Other current and long-term assets		22,456
Liabilities assumed:
Accounts payable		(247,579)
Accrued expenses and other current liabilities		(51,579)
Other long-term liabilities		(15,751)

Initial noncontrolling interest upon acquisition of businesses		(19,448)
Estimated purchase price	$	296,962

In connection with the acquisition of Watson Petroleum, we made a payment of £13.0 million ($21.7 million) to an escrow account related to an estimated assumed pension exit obligation and amounts due to sellers. In addition to the estimated amount of £3.2 million ($5.4 million) to be paid to the sellers from the escrow account, we have recorded additional estimated amounts due to sellers of £2.1 million ($3.5 million). The aggregate estimated amounts due to sellers as of December 31, 2014 were £5.3 million ($8.3 million). The escrow account balance is included in other current assets and the remaining assumed pension exit obligation is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

For our 2014 acquisitions, we recorded goodwill of $180.7 million, of which $21.2 million is anticipated to be deductible for tax purposes. The aggregate identifiable intangible assets consisted of $54.0 million of customer relationships and $14.0 million of other identifiable intangible assets with weighted average lives of 4.9 years and 5.6 years, respectively, as well as $10.9 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):


	2014		2013
	(pro forma)		(pro forma)
Revenue	$	44,071,793	$	44,098,881
Net income attributable to World Fuel	$	226,608	$	216,429

Earnings per common share:
Basic	$	3.20	$	3.04
Diluted	$	3.18	$	3.01

In the aggregate, the 2014 acquisitions did not have a significant impact on our revenue and net income for 2014.

2013 Acquisitions

In 2013, we completed three acquisitions in our land segment, which were not material individually or in the aggregate. The financial position, results of operations and cash flows of the 2013 acquisitions have been included in our consolidated financial statements since their respective acquisition dates.

The following reconciles the aggregate purchase price for the 2013 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Purchase price	$	43,792
Less: Cash acquired		3,335
Purchase price, net of cash acquired		40,457
Less: Promissory notes issued		3,000
Cash paid for acquisition of businesses	$	37,457

During 2014, we completed the valuation of the assets acquired and liabilities assumed for the 2013 acquisitions. As a result, during 2014, we completed the purchase price allocation which primarily resulted in a $0.4 million increase to goodwill and a $0.5 million reduction in identifiable intangible assets. Additionally, in 2014, we paid $0.1 million of the amounts due to sellers that were outstanding as of December 31, 2013.

The purchase price for each of the 2013 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. On an aggregate basis, the purchase price allocation for the 2013 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	3,335
Accounts receivable		31,287
Inventories		8,839
Property and equipment		3,901
Identifiable intangible assets		13,548
Goodwill		16,489
Other current and long-term assets		2,717
Liabilities assumed:
Accounts payable		(29,631)
Accrued expenses and other current liabilities		(3,582)
Other long-term liabilities		(3,111)
Purchase price	$	43,792

2012 Acquisitions

On December 31, 2012, we acquired certain assets of Multi Service Corporation, including the assets comprising its transaction management business, and all of the outstanding stock of its foreign subsidiaries (the “Multi Service business”), a global transaction management company based in Overland Park, Kansas specializing in fleet, government, and commercial payment programs to expand our service offering within the transportation industry. The Multi Service product offering includes the Multi Service Fuel Card, accepted at more than 3,500 truck stops in the United States and Canada, payment solutions for tolls, bridges and tunnels across Europe, government payment systems for global fuel procurement, and commercial payment programs in the transportation industry. The purchase price of the Multi Service business was $155.3 million.

On September 1, 2012, we acquired certain assets of CarterEnergy Corporation, including the assets comprising its wholesale motor fuel distribution business (the “CarterEnergy business”). We acquired the CarterEnergy business, based in Overland Park, Kansas, a distributor of branded gasoline and diesel fuel to more than 700 retail operators and a supplier to industrial, commercial and government customers, to expand our wholesale branded gasoline and diesel fuel business. The purchase price of the CarterEnergy business was $45.1 million.

In addition to the above acquisitions, we completed three acquisitions, which were not material individually or in the aggregate. Of these acquisitions, two were in our aviation segment and the other was in our aviation and land segments.

The financial position, results of operations and cash flows of the 2012 acquisitions have been included in our consolidated financial statements since their respective acquisition dates.

The following reconciles the aggregate purchase price for the 2012 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Purchase price	$	226,449
Less: Cash acquired		12,793
Purchase price, net of cash acquired		213,656
Less: Promissory notes issued		7,214
Less: Amounts due to sellers		75
Cash paid for acquisition of businesses	$	206,367

During 2013, we completed the valuation of the assets acquired and liabilities assumed for the 2012 acquisitions. As a result, during 2013, we completed the purchase price allocation which primarily resulted in a $2.0 million reduction in goodwill, a $3.3 million increase in identifiable intangible assets, partially offset by a $0.9 million decrease in other acquired assets and a $0.4 million increase in assumed liabilities. Additionally, in 2013, we paid $17.5 million of the amounts due to sellers that were outstanding as of December 31, 2012.

The purchase price for each of the 2012 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair value at the acquisition date. On an aggregate basis, the purchase price allocation for the 2012 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	12,793
Accounts receivable		134,966
Inventories		7,311
Property and equipment		10,323
Identifiable intangible assets		87,150
Goodwill		121,188
Other current and long-term assets		4,851
Liabilities assumed:
Accounts payable		(130,297)
Accrued expenses and other current liabilities		(18,321)
Other long-term liabilities		(3,515)
Purchase price	$	226,449

Significant Accounting Policies

Basis of Consolidation

The accompanying consolidated financial statements and related notes include the accounts of our wholly‑owned and majority‑owned subsidiaries and joint ventures where we exercise operational control or have a primary benefit of its profits. All significant intercompany accounts, transactions and profits are eliminated upon consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

Fair Value of Financial Instruments

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value based on the short maturities of these instruments.

We measure our cash surrender value of life insurance contracts, derivative contracts and related hedged items at their fair value in accordance with accounting guidance for fair value measurement. We believe the carrying value of our debt approximates fair value since these obligations bear interest at variable rates or fixed rates which are not significantly different than market rates.

The accounting guidance on fair value measurements and disclosures establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:

Level 1 Inputs – Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access.

Level 2 Inputs – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We perform annual back‑testing to validate that these inputs represent observable inputs that market participants use in pricing an asset or liability.

Level 3 Inputs – Inputs that are unobservable for the asset or liability.

The availability of observable inputs can vary and is affected by a wide variety of factors. To the extent that valuation is based on inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value of a specific asset or liability may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Fair value is a market‑based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity‑specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that we feel market participants would use in pricing the asset or liability at the measurement date.

Assets and liabilities that are recorded at fair value have been categorized based upon the fair value hierarchy. Our Level 1 items consist of exchange traded futures. Our Level 2 items consist of commodity swaps, commodity collars, non‑designated derivatives in the form of physical forward purchase or sales commitments, hedged inventories and hedged physical forward purchase or sales commitments. Our Level 3 items consist of physical forward purchase or sales commitments, foreign currency forward contracts and the Earn‑out liability. Realized and unrealized gains and losses of our physical forward purchase or sales commitments measured at fair value on a recurring basis that utilized Level 3 inputs are recognized as a component of either revenue or cost of revenue (based on the underlying transaction type). Realized and unrealized gains and losses of our foreign currency forward contracts which were not treated as cash flow hedges, measured at fair value on a recurring basis that utilized Level 3 inputs are recognized as other expense/income. Realized and unrealized gains and losses of our short‑term investments measured at fair value on a recurring basis that utilized Level 3 inputs are recognized as other expense/income.

Derivative instruments can have bid and ask prices that may be observed in the marketplace. Bid prices reflect the highest price that a market participant is willing to pay and ask prices reflect the lowest price that a market participant is willing to accept. Our policy is to consistently apply mid‑ market pricing for valuation of our derivative instruments.

Fair value of derivative commodity contracts and hedged item commitments is derived using forward prices that take into account commodity prices, interest rates, credit risk ratings, option volatility and currency rates. In accordance with the guidance on fair value measurements and disclosures, the impact of our credit risk rating is also considered when measuring the fair value of liabilities. The fair value of derivative instruments may be based on a combination of valuation inputs that are on different hierarchy levels. The fair value disclosures are determined based on the lowest level input that is significant to the fair value measurement in its entirety. The nature of inputs that are considered Level 3 are model 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 risks 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. Fair value of hedged item inventories is derived using spot commodity prices and basis differentials. Fair value of foreign currency contracts is derived using forward prices that take into account interest rates, credit risk ratings and currency rates. Factors that could warrant a Level 2 input to move to a Level 3 input may include lack of observable market data because of a decrease in market activity, a degradation of a short‑term investment which requires us to value the investment based on a Level 3 input, or a change in significance of a Level 3 input to the fair value measurement in its entirety. Our policy is to recognize transfers between Level 1, 2 or 3 as of the beginning of the reporting period in which the event or change in circumstances caused the transfer to occur.

There were no significant changes to our valuation techniques during 2014 and 2013.

Cash and Cash Equivalents

Our cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value.

Accounts Receivable and Allowance for Bad Debt

Credit extension, monitoring and collection are performed for each of our business segments. Each segment has a credit committee that is responsible for approving credit limits above certain amounts, setting and maintaining credit standards, and managing the overall quality of the credit portfolio. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by our review of our customer’s credit information. We extend credit on an unsecured basis to most of our customers. Accounts receivable are deemed past due based on contractual terms agreed to with our customers.

We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience with our customers, current market and industry conditions affecting our customers and any specific customer collection issues that we have identified. Historical payment trends may not be a useful indicator of current or future credit worthiness of our customers, particularly in these difficult economic and financial markets. Accounts receivable are reduced by an allowance for bad debt.

Inventories

Inventories are valued using the average cost methodology and are stated at the lower of average cost or market. Components of inventory include fuel purchase costs, the related transportation costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship.

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 sheets and the difference between the fair value and the contract amount is immediately recognized through earnings.

Our derivatives that are subject to the accounting guidance for derivative instruments are recognized at their estimated fair market value in accordance with the accounting guidance for fair value measurements. If the derivative does not qualify as a hedge or is not designated as a hedge, changes in the estimated fair market value of the derivative are recognized as a component of revenue, cost of revenue or other income (expense), net (based on the underlying transaction type) in the consolidated statements of income and comprehensive income. Derivatives which qualify for hedge accounting may be designated as either a fair value or cash flow hedge. For our fair value hedges, changes in the estimated fair market value of the hedge instrument and the hedged item are recognized in the same line item as a component of either revenue or cost of revenue (based on the underlying transaction type) in the consolidated statements of income and comprehensive income. For our cash flow hedges, the effective portion of the changes in the fair market value of the hedge is recognized as a component of other comprehensive income in the shareholders’ equity section of the consolidated balance sheets and subsequently reclassified into the same line item as the forecasted transaction when both are settled, while the ineffective portion of the changes in the estimated fair market value of the hedge is recognized as a component of other income (expense), net in the consolidated statements of income and comprehensive income. Cash flows for our hedging instruments used in our hedges are classified in the same category as the cash flow from the hedged items. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance shall be classified in a manner consistent with the nature of the instrument.

To qualify for hedge accounting, as either a fair value or cash flow hedge, the hedging relationship between the hedging instruments and hedged items must be highly effective over an extended period of time in achieving the offset of changes in fair values or cash flows attributable to the hedged risk at the inception of the hedge. We use a regression analysis based on historical spot prices in assessing the qualification for our fair value hedges. However, our measurement of hedge ineffectiveness for our fair value inventory hedges utilizes spot prices for the hedged item (inventory) and forward or future prices for the hedge instrument. Therefore, the excluded component (forward or future prices) in assessing hedge qualification, along with ineffectiveness, is included as a component of cost of revenue in earnings. Adjustments to the carrying amounts of hedged items are discontinued in instances where the related fair value hedging instrument becomes ineffective and any previously recorded fair market value changes are not adjusted until the fuel is sold.

For more information on our derivatives, see Note 3.

Property and Equipment

Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight‑line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long‑lived assets held and used by us are reviewed based on market factors and operational considerations for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Purchases of computer software are capitalized. External costs and certain internal costs (including payroll and payroll‑related costs of employees) directly associated with developing significant computer software applications for internal use are capitalized. Training and data conversion costs are expensed as incurred. Computer software costs are amortized using the straight‑line method over the estimated useful life of the software.

Goodwill and Identifiable Intangible Assets

Goodwill represents the future earnings and cash flow potential of acquired businesses in excess of the fair values that are assigned to all other identifiable assets and liabilities. Goodwill arises because the purchase price paid reflects numerous factors, including the strategic fit and expected synergies these acquisitions bring to existing operations and the prevailing market value for comparable companies. Goodwill is not subject to periodic amortization; instead, it is reviewed annually at year‑end (or more frequently under certain circumstances) for impairment. We assess qualitative factors to determine whether it is more likely than not that the fair value of any individual reporting unit is less than its carrying amount. In performing the qualitative assessment, we assess relevant events and circumstances that may impact the fair value of our reporting units, including the following: (i) macroeconomic conditions, (ii) industry and market considerations, (iii) earnings quality/sustainability, (iv) overall financial performance, (v) events affecting a reporting unit, (vi) share price and (vii) recent fair value calculation for our reporting units, if available. After assessing the above described events and circumstances, if we determine that it is more likely than not that the fair value of a reporting unit is greater than its carrying value, then no further testing is required. Otherwise, we would perform the first step of quantitative testing for goodwill impairment.

Periodically, we will perform the first step of quantitative testing for goodwill impairment in lieu of performing a qualitative assessment. The first step of the goodwill impairment test compares the estimated fair value of a reporting unit with its carrying value. We estimate the fair value of a reporting unit using a discounted cash flow valuation methodology.

In connection with our acquisitions, we record identifiable intangible assets existing at the date of the acquisitions for customer relationships, supplier and non‑compete agreements, developed technology and trademark/trade name rights. Identifiable intangible assets subject to amortization are amortized over their estimated useful lives and are reviewed for impairment and appropriate remaining useful lives whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on market factors and operational considerations. For identifiable intangible assets not subject to amortization, we first assess qualitative factors to determine whether it is more likely than not that an asset has been impaired. After assessing qualitative factors, if we determine that it is more likely than not that the fair value of an asset is greater than its carrying value, then no further testing is required. Otherwise, we would review for impairment by comparing the fair value of the intangible asset to its carrying value.

Other Investments

Our other investments consist primarily of equity investments, net of basis adjustments. These investments are accounted for under the equity method as we own less than 50 percent of the entities and exercise significant influence over the investee, but do not have operational or financial control.

During 2014, we made other investments, aggregating to $18.0 million. Additionally, in December 2014, we sold our crude oil joint venture interests for $43.0 million in cash and future contingent payments (“operational overrides”) equal to 22.5 cents per barrel of crude oil received at the Pioneer Terminal in New Town, North Dakota, up to a maximum of 80,000 barrels per day through December 2026. At the sale closing date, the present value, based on a 9% discount rate, of the maximum operational overrides was $49.2 million. We have elected to record the operational overrides in the periods in which they are realized (when the crude oil is received at the Pioneer Terminal), and for 2014, the amount of operation overrides recorded was not significant. The purchaser has the option to pay at any time the then-present value, using a 9% discount rate, of the maximum remaining future contingent payments. For 2014, we recorded a gain on the sale of such investments of $18.1 million, which is included in other income, net in the consolidated statements of income and comprehensive income. The after-tax gain, net of certain related operating expenses was $9.9 million, or $0.14 per basic and diluted share.

As of December 31, 2014 and 2013, we had other investments of $69.5 million and $83.8 million, respectively, which are included within identifiable intangible and other non‑current assets.

Extinguishment of Liabilities

In the normal course of business, we accrue liabilities for fuel and services received for which invoices have not yet been received. These liabilities are derecognized, or extinguished, if either (i) payment is made to relieve our obligation for the liability or (ii) we are legally released from our obligation for the liability, such as when our legal obligations with respect to such liabilities lapse or otherwise no longer exist. We derecognized vendor liability accruals due to the legal release of our obligations in the amount of $5.3 million, $8.5 million and $11.2 million during 2014, 2013 and 2012, respectively, which is reflected as a reduction of cost of revenue in the accompanying consolidated statements of income and comprehensive income.

Revenue Recognition

Revenue from the sale of fuel is recognized when the sales price is fixed or determinable, collectability is reasonably assured and title passes to the customer, which is when the delivery of fuel is made to our customer directly from us, the supplier or a third‑party subcontractor. Our fuel sales are generated as a fuel reseller as well as from on‑hand inventory supply. When acting as a fuel reseller, we generally purchase fuel from the supplier, and contemporaneously resell the fuel to the customer, normally taking delivery for purchased fuel at the same place and time as the delivery is made to the customer. We record the gross sale of the fuel as we generally take inventory risk, have latitude in establishing the sales price, have discretion in the supplier selection, maintain credit risk and are the primary obligor in the sales arrangement.

Revenue from fuel‑related services is recognized when services are performed, the sales price is fixed or determinable and collectability is reasonably assured. We record the sale of fuel‑related services on a gross basis as we generally have latitude in establishing the sales price, have discretion in supplier selection, maintain credit risk and are the primary obligor in the sales arrangement.

Commission from fuel broker services is recognized when services are performed and collectability is reasonably assured. When acting as a fuel broker, we are paid a commission by the supplier.

Revenue from card payment and processing transactions is recognized at the time the purchase is made by the customer using the charge card. Revenue from charge card transactions is generated from processing fees.

Vendor and Customer Rebates and Branding Allowances

We receive vendor rebates and branding allowances from a number of our fuel suppliers. Typically, a portion of the rebates and allowances is passed on to our customers under the same terms as required by our fuel suppliers. Generally, volume rebates are received from vendors under structured programs based on the level of fuel purchased or sold as specified in the applicable vendor agreements. Many of the vendor agreements require repayment of all or a portion of the amount received if we (or our customers, typically branded dealers) elect to discontinue selling the specified brand of fuel at certain locations. As of December 31, 2014, the estimated amount of fuel rebates and branding allowances that would have to be repaid upon de‑branding at these locations, net of the amount due to us from the branded dealers under similar agreements between us and such dealers were not significant. No liability is recorded for the amount of obligations which would become payable upon de‑branding.

Some of these vendor rebate and branding allowance arrangements require that we make assumptions and judgments regarding, for example, the likelihood of attaining specified levels of purchases or selling specified volume of products. We routinely review the relevant, significant factors and make adjustments when the facts and circumstances dictate that an adjustment is warranted.

Vendor volume rebates are recognized as a reduction of cost of revenue in the period earned when realization is probable and estimatable and when certain other conditions are met. The rebates passed on to our customers are recognized as a reduction of revenue in the period earned in accordance with the applicable customer agreements. The rebate terms of the customer agreements are generally similar to those of the vendor agreements. We also receive branding allowances from fuel suppliers to defray the costs of branding and enhancing certain of our customer locations. The branding allowances received are recorded as a reduction of cost of revenue. The amounts recorded as a reduction of revenue related to volume rebates and branding allowance arrangements paid to our customers and the amounts recorded as a reduction to cost of revenue related to volume rebates received from vendors were not significant during each of the years presented on the consolidated statements of income and comprehensive income.

Share‑Based Payment Awards

We account for share‑based payment awards on a fair value basis. Under fair value accounting, the grant‑date fair value of the share‑based payment award is amortized as compensation expense, on a straight‑line basis, over the vesting period for both graded and cliff vesting awards. Annual compensation expense for share‑based payment awards is reduced by an expected forfeiture amount on outstanding share‑based payment awards.

The estimated fair value of stock awards, such as restricted stock and restricted stock units (“RSUs”) is based on the grant‑date market value of our common stock, as defined in the respective plans under which the awards were granted. To determine the estimated fair value of stock‑settled stock appreciation rights (“SSAR Awards”), we use the Black‑Scholes option pricing model. The estimation of the fair value of SSAR Awards on the date of grant using an option‑pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. These variables include our expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk‑ free interest rates and expected dividends. The expected term of SSAR Awards represents the estimated period of time from grant until exercise or conversion and is based on vesting schedules and expected post‑vesting, exercise and employment termination behavior. Expected volatility is based on the historical volatility of our common stock over the period that is equivalent to the award’s expected life. Any adjustment to the historical volatility as an indicator of future volatility would be based on the impact to historical volatility of significant non‑recurring events that would not be expected in the future. Risk‑free interest rates are based on the U.S. Treasury yield curve at the time of grant for the period that is equivalent to the award’s expected life. Dividend yields are based on the historical dividends of World Fuel over the period that is equivalent to the award’s expected life, as adjusted for stock splits.

Cash flows from income tax benefits resulting from income tax deductions in excess of the compensation cost recognized for share‑based payment awards (excess income tax benefits) are classified as financing cash flows. These excess income tax benefits are credited to capital in excess of par value.

Foreign Currency

The functional currency of our U.S. and foreign subsidiaries is the U.S. dollar, except for certain subsidiaries which utilize their respective local currency as their functional currency. Foreign currency transaction gains and losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign currency translation gains and losses are recognized for changes between the transaction exchange rates and month‑end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying consolidated statements of income and comprehensive income in the period incurred. We recorded net foreign currency transaction losses of $1.0 million and $2.8 million in 2014 and 2013, respectively, and a gain of $0.1 million in 2012.

Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity. We recorded net foreign currency translation adjustment losses of $30.8 million, $13.2 million and $9.6 million in 2014, 2013 and 2012, respectively. Cumulative foreign currency translation adjustments included in accumulated other comprehensive income amounted to losses of $60.1 million and $29.3 million as of December 31, 2014 and 2013, respectively.

Income Taxes

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recognized in the income tax provision in the period that includes the enactment date.

We must assess the likelihood that our deferred tax assets will be recovered from our future taxable income, and to the extent we believe that recovery is not likely, we must establish a valuation allowance against those deferred tax assets. Deferred tax liabilities generally represent items for which we have already taken a deduction in our income tax return, but we have not yet recognized the items as expenses in our results of operations.

Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions.

U.S. income taxes have not been recognized on undistributed earnings of foreign subsidiaries. Our intention is to reinvest these earnings permanently in active non‑U.S. business operations. Therefore, no income tax liability has been accrued for these earnings. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the amount of U.S. income tax payable if such earnings are not reinvested indefinitely.

Earnings per Common Share

Basic earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends not subject to forfeiture and vested RSUs outstanding during the period. Diluted earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock, stock units, restricted stock entitled to dividends not subject to forfeiture and vested RSUs outstanding during the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include restricted stock subject to forfeitable dividends, non‑vested RSUs and SSAR Awards. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities.

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):


	2014		2013		2012
Numerator:
Net income attributable to World Fuel	$	221,747	$	203,075	$	189,345
Denominator:
Weighted average common shares for basic earnings per common share		70,750		71,224		71,154
Effect of dilutive securities		573		576		663
Weighted average common shares for diluted earnings per common share		71,323		71,800		71,817
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		881		594		603
Basic earnings per common share	$	3.13	$	2.85	$	2.66
Diluted earnings per common share	$	3.11	$	2.83	$	2.64

Reclassifications

Certain amounts in prior years have been reclassified to conform to current year’s presentation.

Recent Accounting Pronouncements

Income Statement-Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In January 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which eliminates from generally accepted accounting principles in the United States the concept of extraordinary items. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures.

Business Combinations: Pushdown Accounting. In November 2014, the FASB issued an ASU which provides guidance for determining whether and at what threshold an acquired entity can apply pushdown accounting in its separate financial statements. This update became effective on November 18, 2014. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. In November 2014, the FASB issued an ASU which clarifies how current generally accepted accounting principles in the United States should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. This update is effective at the beginning of our 2016 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and disclosures.

Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In August 2014, the FASB issued an 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 at the beginning of our 2017 fiscal year. We do not expect the adoption of this new guidance to have an impact on our financial statement disclosures.

Compensation-Stock Compensation. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued an ASU which includes guidance that requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. This update is effective at the beginning of our 2016 fiscal year. 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 at the beginning of our 2015 fiscal year. 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 generally accepted accounting principles in the United States when it becomes effective. This update is effective at the beginning of our 2017 fiscal year. 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 and enhances 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 at the beginning of our 2015 fiscal year. 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.

Derivatives

12 Months Ended

Dec. 31, 2014

Derivatives

Derivatives

3. Derivatives

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.

For additional information on our derivatives accounting policy, see Note 1.

As of December 31, 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
						Weighted		Average
						Average		Mark-to-		Fair
	Settlement					Fixed		Market		Value
Hedge Strategy	Period	Derivative Instrument	Notional	Unit		Price		Amount		Amount
Fair Value Hedge	2015	Commodity contracts for inventory hedging (long)	305	BBL	$	74.110	$	(3.203)	$	(977)
	2015	Commodity contracts for inventory hedging (short)	4,977	BBL		77.510		4.599		22,889
									$	21,912

Non-Designated	2015	Commodity contracts (long)	34,192	BBL	$	62.693	$	(15.594)	$	(533,192)
	2015	Commodity contracts (short)	27,013	BBL		83.370		20.735		560,114
	2016	Commodity contracts (long)	1,131	BBL		89.989		(23.195)		(26,234)
	2016	Commodity contracts (short)	722	BBL		85.497		17.734		12,804
	2017	Commodity contracts (long)	92	BBL		46.463		(6.696)		(616)
	2017	Commodity contracts (short)	109	BBL		54.430		7.743		844
	2018	Commodity contracts (long)	1	BBL		25.922		(4.000)		(4)
	2018	Commodity contracts (short)	11	BBL		83.997		21.636		238
	2015	Foreign currency contracts	28,783	AUD		0.850		0.005		158
	2015	Foreign currency contracts	471	BRL		2.580		(0.013)		(6)
	2015	Foreign currency contracts	61,577	CAD		1.140		0.020		1,215
	2015	Foreign currency contracts	112	CHF		0.960		0.036		4
	2015	Foreign currency contracts	4,764,256	CLP		602.490		0.000		27
	2015	Foreign currency contracts	31,884,747	COP		2,174.000		0.000		408
	2015	Foreign currency contracts	126,778	DKK		5.950		0.001		64
	2015	Foreign currency contracts	77,278	EUR		1.250		0.019		1,464
	2015	Foreign currency contracts	208,786	GBP		1.610		0.023		4,903
	2015	Foreign currency contracts	135,879	INR		63.040		0.000		24
	2015	Foreign currency contracts	1,390,740	JPY		113.080		0.000		295
	2015	Foreign currency contracts	2,382,533	MXN		13.920		(0.000)		(321)
	2015	Foreign currency contracts	214,957	NOK		6.720		0.001		253
	2015	Foreign currency contracts	7,912	PLN		3.400		0.016		125
	2015	Foreign currency contracts	32,891	RON		3.570		0.014		452
	2015	Foreign currency contracts	46,921	SGD		1.300		0.004		176
	2015	Foreign currency contracts	78,298	ZAR		11.310		0.001		41
	2016	Foreign currency contracts	8,325	GBP		1.620		0.055		459
	2017	Foreign currency contracts	1,400	GBP		1.610		0.033		46
									$	23,741

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


		As of December 31,
	Balance Sheet Location	2014		2013
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	18,844	$	735
Commodity contracts	Accrued expenses and other current liabilities		4,709		—
			23,553		735
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		398,924		47,062
Commodity contracts	Identifiable intangible and other non-current assets		12,063		1,642
Commodity contracts	Accrued expenses and other current liabilities		234,077		1,141
Commodity contracts	Other long-term liabilities		4,849		874
Foreign currency contracts	Short-term derivative assets, net		21,244		5,003
Foreign currency contracts	Identifiable intangible and other non-current assets		513		—
Foreign currency contracts	Accrued expenses and other current liabilities		—		3,483
			671,670		59,205
		$	695,223	$	59,940
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	978	$	1,544
Commodity contracts	Accrued expenses and other current liabilities		663		—
			1,641		1,544
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		76,103		26,876
Commodity contracts	Identifiable intangible and other non-current assets		594		894
Commodity contracts	Accrued expenses and other current liabilities		529,976		15,473
Commodity contracts	Other long-term liabilities		29,286		1,228
Foreign currency contracts	Short-term derivative assets, net		11,961		2,867
Foreign currency contracts	Identifiable intangible and other non-current assets		9		—
Foreign currency contracts	Accrued expenses and other current liabilities		—		8,789
Foreign currency contracts	Other long-term liabilities		—		147
			647,929		56,274
		$	649,570	$	57,818

For information regarding our derivative instruments measured at fair value after netting and collateral and their locations on the consolidated balance sheets, see Note 10.

The following tables present the effect of 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):


Derivative		Realized and Unrealized								Realized and Unrealized
Instruments	Location	Gain (Loss)						Hedged Items	Location	Gain (Loss)
		For the year ended December 31,							For the year ended December 31,
		2014		2013		2012				2014		2013		2012
Commodity contracts	Revenue	$	—	$	—	$	265	Firm commitments	Revenue	$	—	$	—	$	(201)
Commodity contracts	Cost of revenue		—		—		(1,417)	Firm commitments	Cost of revenue		—		—		739
Commodity contracts	Cost of revenue		132,199		2,685		(19,717)	Inventories	Cost of revenue		(150,943)		3,059		23,972
		$	132,199	$	2,685	$	(20,869)			$	(150,943)	$	3,059	$	24,510

There were no gains or losses for the year ended December 31, 2014, 2013 and 2012 that were excluded from the assessment of the effectiveness of our fair value hedges.

There were no cash flow hedging activities during 2014 and the cash flow hedging activities during 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):


Derivatives	Location	Realized and Unrealized Gain (Loss)
		For the Year ended December 31,
		2014		2013		2012
Commodity contracts	Revenue	$	64,485	$	25,420	$	14,967
Commodity contracts	Cost of revenue		2,239		(5,391)		3,333
Foreign currency contracts	Revenue		4,286		(55)		(2,384)
Foreign currency contracts	Other income (expense), net		12,631		(3,998)		(2,271)
		$	83,641	$	15,976	$	13,645

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 December 31, 2014, the net liability position for such contracts is $111.7 million, the collateral posted is $89.4 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 $22.3 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.

+ References

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+ Details

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Identifiable Intangible Assets

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

In 2014, we performed the first step of quantitative testing for goodwill impairment for all of our reporting units and we assessed qualitative factors to review our identifiable intangible assets not subject to amortization to determine whether it was more likely than not that an asset has been impaired. As a result of performing the aforementioned assessments, we determined that no impairment existed as of December 31, 2014 and, therefore, there were no write‑downs to any of our goodwill or identifiable intangible assets not subject to amortization.

Goodwill

The following table provides information regarding changes in goodwill (in thousands):


	Aviation		Marine		Land
	Segment		Segment		Segment		Total
As of December 31, 2012	$	109,332	$	69,931	$	291,243		470,506
2013 acquisitions		—		—		16,077		16,077
Adjustment of purchase price allocations – 2012 acquisitions		6,500		—		(8,506)		(2,006)
Foreign currency translation of non-USD functional currency subsidiary goodwill		(325)		(843)		182		(986)
As of December 31, 2013	$	115,507	$	69,088	$	298,996	$	483,591
2014 acquisitions		62,770		4,660		113,253		180,683
Adjustment of purchase price allocations – 2013 acquisitions		—		—		411		411
Foreign currency translation of non-USD functional currency subsidiary goodwill		(134)		(680)		(7,793)		(8,607)
As of December 31, 2014	$	178,143	$	73,068	$	404,867	$	656,078

Identifiable Intangible Assets

The following table provides information about our identifiable intangible assets (in thousands):


	As of December 31, 2014						As of December 31, 2013
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	238,959	$	104,367	$	134,592	$	188,276	$	79,688	$	108,588
Supplier agreements		33,648		9,052		24,596		33,648		7,310		26,338
Others		33,750		11,308		22,442		19,738		8,634		11,104
		306,357		124,727		181,630		241,662		95,632		146,030
Intangible assets not subject to amortization:
Trademark/trade name rights		31,961		—		31,961		21,172		—		21,172
	$	338,318	$	124,727	$	213,591	$	262,834	$	95,632	$	167,202

Intangible amortization expense for 2014, 2013 and 2012 was $29.1 million, $22.4 million and $18.1 million, respectively.

The future estimated amortization of our identifiable intangible assets is as follows (in thousands):


Year Ended December 31,
2015	$	28,770
2016		26,109
2017		22,456
2018		19,643
2019		16,271
Thereafter		68,381
	$	181,630

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies

Commitments and Contingencies

7. Commitments and Contingencies

Surety Bonds

In the normal course of business, we are required to post bid, performance and garnishment bonds. The majority of the surety bonds posted relate to our aviation and land segments. As of December 31, 2014 and 2013, we had outstanding bonds that were arranged in order to satisfy various security requirements of $38.7 million and $34.1 million, respectively. Most of these bonds provide financial security for obligations which have already been recorded as liabilities.

Lease Commitments

As of December 31, 2014, our future minimum lease payments under non‑cancelable operating leases were as follows (in thousands):


Year Ended December 31,
2015	$	37,766
2016		31,949
2017		22,790
2018		16,645
2019		13,592
Thereafter		36,558
	$	159,300

We incurred rental expense for all properties and equipment of $29.2 million, $24.7 million and $27.3 million for 2014, 2013 and 2012, respectively. Minimum payments have not been reduced by minimum sublease rentals of $31.5 million due in the future under non-cancelable subleases.

Sales and Purchase Commitments

As of December 31, 2014, fixed sales and purchase commitments under our derivative programs amounted to $266.7 million and $56.6 million, respectively.

Additionally, as of December 31, 2014, we had entered into certain other fixed price sales commitments with corresponding fixed price purchase commitments, the majority of which were satisfied within one week. These sales and purchase commitments were made in the normal course of business.

Agreements with Executive Officers and Key Employees

We have an agreement with our Chairman, President and Chief Executive Officer, Michael J. Kasbar, for his continued employment with the Company which provides for an annual base salary as determined by our Compensation Committee in its sole discretion (currently $750,000), termination severance benefits, and such incentives and other compensation and amounts as our Compensation Committee may determine from time to time in its sole discretion. The Kasbar agreement, as amended, expires on December 31, 2016, unless terminated earlier, and will automatically extend for successive one year terms unless either party provides written notice to the other at least one year prior to the expiration of the term that such party does not want to extend the term. Pursuant to his amended agreement, Mr. Kasbar is entitled to receive cash severance payments if: (a) we terminate his employment without cause following a change of control or for any reason other than death, disability or cause; (b) he resigns for good reason (generally a reduction in his responsibilities or compensation, or a breach by us), or resigns following a change of control; or (c) either he elects or we elect not to extend the term of the agreement, as amended. The severance payments are equal to $5.0 million for a termination following a change of control and $3.0 million in the other scenarios described above, a portion of which will be payable two years after the termination of Mr. Kasbar’s employment.

All of Mr. Kasbar’s outstanding SSAR Awards, restricted stock and RSUs (collectively, “outstanding equity awards”) will immediately vest in each scenario described in (a) and (b) above following a change of control, except for awards assumed or substituted by a successor company, in which case, such awards shall continue to vest in accordance with their applicable terms. In each scenario described in (a), (b) or (c) above where there has not been a change of control, Mr. Kasbar’s outstanding equity awards will generally vest over a two year period following termination of his employment, with any remaining unvested awards vesting on the last day of such two year period. For each scenario described above, awards with multiple annual performance conditions must satisfy certain other requirements in order to have their vesting terms accelerated.

We have also entered into employment agreements or separation agreements with certain of our other executive officers and key employees. These agreements provide for minimum salary levels, and, in most cases, bonuses which are payable if specified performance goals are attained. Some executive officers and key employees are also entitled to severance benefits upon termination or non-renewal of their contracts under certain circumstances.

As of December 31, 2014, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in thousands):


Year Ended December 31,
2015	$	5,815
2016		1,540
2017		750
2018		2,250
	$	10,355

Executive Non-Renewal Charge

In connection with the non-renewal of the employment agreement between the Company and Mr. 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 December 31, 2014, $0.9 million of the cash portion of the executive non-renewal charge was included in accrued expenses and other current liabilities and $ 2.3 million was included in other long-term liabilities in the accompanying consolidated balance sheets.

Deferred Compensation Plans and Pension

We maintain a 401(k) defined contribution plan which covers all U.S. employees who meet minimum requirements and elect to participate. We are currently making a match contributions of 50% for each 1% of the participants' contributions up to 6% of the participants' contributions. Annual contributions by us are made at our sole discretion, as approved by the Compensation Committee. Additionally, certain of our foreign subsidiaries have defined contribution plans, which allow for voluntary contributions by the employees. In some cases, we make employer contributions on behalf of the employees. The expenses for our contributions under these plans were not significant during each of the years presented on the consolidated statements of income and comprehensive income.

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 $2.3 million and $0.9 million as of December 31, 2014 and December 31, 2013, respectively, which was included in other long-term liabilities in the accompanying consolidated balance sheets.

In connection with our acquisition of Watson Petroleum, we assumed their defined benefit pension plan (the “Watson Plan”), which provides participants benefits based on salary at retirement or an earlier date of leaving service. As part of the allocation of the estimated purchase price to assets acquired and liabilities assumed for Watson Petroleum, we recorded an assumed pension exit obligation of £9.8 million ($16.3 million). As of December 31, 2014, we have remaining an assumed exit pension obligation of £1.0 million ($1.5 million), which is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets. We expect to settle this amount in 2015. There are no other assets or liabilities on our consolidated balance sheet as of December 31, 2014 related to the Watson Plan. Additionally, the expenses for the Watson Plan recorded in our consolidated statements of income and comprehensive income for 2014 were not significant.

As of December 31, 2014, the Watson Plan, through its Trustee, had assets comprised of a buy-in policy with an insurance company, which fully matches its estimated benefit obligations of £32.0 million ($49.8 million). The completion of our exit from the Watson Plan is anticipated to occur in the latter half of 2015 via buy-out policies between the insurance company and each individual participant.

Environmental and Other Liabilities; Uninsured Risks

We provide various services to customers, including into‑plane fueling at airports, fueling of vessels in‑port and at‑sea, and transportation and storage of fuel and fuel products. We are therefore subject to possible claims by customers, regulators and others who may be injured by a fuel spill or other accident. In addition, we may be held liable for damages to the environment arising out of such events. Although we generally maintain liability insurance for these types of events, such insurance may be inadequate. If we are held liable for any damages, and the liability is not adequately covered by insurance and is of sufficient magnitude, our financial position and results of operations will be adversely affected.

We have exited several businesses which handled hazardous and non‑hazardous waste. We treated and/or transported this waste to various disposal facilities. We may be held liable as a potentially responsible party for the clean‑up of such disposal facilities or be required to clean up facilities previously operated by us, pursuant to current U.S. federal and state laws and regulation. In addition, compliance with existing and future environmental laws regulating underground storage tanks located at the retail gasoline stations that we operate may require significant capital expenditures and increased operating and maintenance costs. The remediation costs and other costs required to clean up or treat contaminated sites could be substantial. We pay tank registration fees and other taxes to state trust funds established in our operating areas and maintain private insurance coverage in support of future remediation obligations. These state trust funds or other responsible third parties including insurers are expected to pay or reimburse us for remediation expenses less a deductible. To the extent third parties do not pay for remediation as we anticipate, we will be obligated to make these payments. These payments could materially adversely affect our financial condition, results of operations and cash flows. Reimbursements from state trust funds will be dependent on the maintenance and continued solvency of the various funds.

Although we continuously review the adequacy of our insurance coverage, we may lack adequate coverage for various risks, including environmental claims. Furthermore, our ability to obtain and maintain adequate insurance and the cost of such insurance may be affected by significant claims, such as the Lac‑Mégantic derailment described below, and conditions in the insurance market over which we have no control. An uninsured or under‑insured claim arising out of our activities, if successful and of sufficient magnitude, will have a material adverse effect on our financial position, results of operations and cash flows.

Legal Matters

Lac‑Mégantic, Quebec

We, on behalf of DPTS Marketing LLC ("DPM"), a crude oil marketing joint venture in which we owned a 50% membership interest, purchased crude oil from various producers in the Bakken region of North Dakota. Dakota Petroleum Transport Solutions, LLC ("DPTS"), a crude oil transloading joint venture in which we also owned a 50% membership interest, arranged for the transloading of the crude oil for DPM into tank cars at the joint venture's facility in New Town, North Dakota. We leased the tank cars used in the transloading from a number of third party lessors and subleased these tank cars to DPM. We, on behalf of DPM, contracted with Canadian Pacific Railway ("CPR") for the transportation of the tank cars and the crude oil from New Town, North Dakota to a customer in New Brunswick, Canada. CPR subcontracted a portion of that route to Montreal, Maine and Atlantic Railway ("MMA"). On July 6, 2013, the freight train operated by MMA with tank cars carrying approximately 50,000 barrels of the crude oil derailed in Lac-Mégantic, Quebec. The derailment resulted in significant loss of life, damage to the environment from spilled crude oil and extensive property damage. For additional information regarding the legal proceedings relating to this incident described below, see Part I — Item 3 of this 2014 10-K Report.

In 2013, we, certain of our subsidiaries, DPM and DPTS, along with a number of third parties, including MMA and certain of its affiliates, as well as several manufacturers and lessors of tank cars, were named as defendants in twenty complaints filed in the state of Illinois. The complaints generally allege wrongful death and negligence in the failure to provide for the proper and safe transportation of crude oil and seek economic and compensatory damages, as well as costs. In addition, in 2013, we, certain of our subsidiaries, DPM and DPTS, along with a number of other third parties, including CPR, MMA and certain of its affiliates, several manufacturers and lessors of tank cars, as well as the intended purchaser and certain suppliers of the crude oil, were named as defendants in a motion filed in Quebec Superior Court to authorize the bringing of a class-action lawsuit seeking economic, compensatory and punitive damages, as well as costs. The motion generally alleges wrongful death and negligence in the failure to provide for the proper and safe transportation of crude oil.

Furthermore, in 2013, an order was issued by the government of Quebec against MMA and us, which was subsequently modified and added CPR as a party. The orders require MMA, CPR and us to recover the spilled crude oil caused by the incident and to otherwise fully remediate the impact of the incident on the environment. We have filed a contestation of these orders before the Tribunal administratif du Québec, an administrative body responsible for hearing such proceedings, challenging the legality and validity of the orders on various grounds.

In January 2014, the Trustee for MMA’s U.S. bankruptcy estate (the “Trustee”) filed an adversary proceeding against us, and certain of our subsidiaries, in the United States Bankruptcy Court for the District of Maine alleging negligence in the failure to provide for the proper and safe transportation of crude oil, and seeking economic damages, as well as costs and expenses associated with MMA’s lawsuits arising from the incident. The Trustee and the monitor in MMA’s Canadian bankruptcy (the “Monitor”) are continuing to explore a potential global settlement of all third party claims arising out of the incident. The Monitor has represented in court filings that those discussions have resulted in firm commitments from certain third parties of settlement funds totaling approximately C$200.0 million ($170.0 million). The Trustee and the Monitor continue to discuss global settlement with various other parties, including us.

In addition to these proceedings, we have received demands for indemnification from certain tank car lessors pursuant to our lease agreements with such parties and three lessors subsequently filed declaratory judgment actions against us in connection with such indemnification demands during 2014. We are currently assessing the merits of these demands as well as of the underlying claims for which such indemnification is sought. Additional claims, lawsuits, proceedings, investigations and orders may be filed, commenced or issued with respect to the incident, which may involve civil claims for damages or governmental investigative, regulatory or enforcement actions against us.

In December 2014, we sold our 50% interest in DPM and DPTS to certain subsidiaries of Dakota Plains Holdings, Inc. (“DAKP”), our partner in the joint ventures. In connection with the sale transaction, we agreed to indemnify DAKP and certain of its affiliates, including DPM and DPTS, for third party claims for bodily injury or property damage arising from the derailment. Pursuant to the agreement, we will control the defense of DAKP and the joint ventures for claims associated with the derailment. In addition, DAKP assigned to us all recoveries from third parties and under applicable insurance policies held by DAKP and the joint ventures for claims arising out of the derailment. Finally, DAKP also agreed to indemnify us for certain costs and expenses arising out of the derailment up to $10.0 million.

While we, DPM and DPTS, maintain insurance to mitigate the costs of environmental releases as well as other results of unexpected events, including loss of life, property damage and defense costs, there can be no guarantee that our insurance will be adequate to cover all liabilities that may be incurred as a result of this incident.

We are separately evaluating potential claims that we may assert against third parties to recover costs and other liabilities that may be incurred as a result of this incident. We can provide no guarantee that any such claims, if brought by us, will be successful or, if successful, that the responsible parties will have the financial resources to address any such claims.

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 $40.9 million. We believe that a substantial portion of these liabilities are covered by insurance and have recorded total receivables of $38.6 million. As of December 31, 2014, the remaining unpaid liabilities of $14.8 million are included primarily in accrued expenses and other current liabilities and the remaining uncollected receivable of $28.9 million is included in other current assets in the accompanying consolidated balance sheets.

Other Matters

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. During the quarter ended December 31, 2014, we filed an answer to the AGCS complaint and counterclaims against AGCS for declaratory judgment and breach of contract seeking a court ruling that the loss is covered under the policy, an award of damages equal to the full amount of our loss plus interest, as well as fees and costs. 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.

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 December 31, 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.

Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Shareholders' Equity

Shareholders' Equity

8. Shareholders’ Equity

Dividends

We declared cash dividends of $0.15 per share of common stock for each of 2014, 2013 and 2012. Our Credit Facility and Term Loans have restrictions regarding the maximum amount of cash dividends allowed to be paid. The payment of the above‑referenced cash dividends was in compliance with the Credit Facility and Term Loans.

Stock Repurchase Programs

Our Board of Directors, from time to time, has authorized stock repurchase programs under the terms of which we may repurchase our common stock, subject to certain restrictions contained in our Credit Facility and Term Loans. In October 2008, our Board of Directors authorized a $50.0 million common stock repurchase program (the “Repurchase Program”). In 2013, we repurchased 926,000 shares of our common stock for an aggregate value of $35.0 million pursuant to the Repurchase Program. In May 2014, our Board of Directors renewed the Repurchase Program, replacing the remainder of the October 2008 share repurchase program and authorizing the purchase of up to $65.0 million in common stock. The Repurchase Program does not require a minimum number of shares of common stock to be purchased, has no expiration date and may be suspended or discontinued at any time. In 2014, we repurchased 227,000 shares of our common stock for an aggregate value of $10.0 million pursuant to the Repurchase Program. As of December 31, 2014, $55.0 million remains available for purchase under the Repurchase Program. The timing and amount of shares of common stock to be repurchased under the program will depend on market conditions, share price, securities law and other legal requirements and factors.

Share‑Based Payment Plans

Plan Summary and Description

In 2006, our shareholders approved the 2006 Omnibus Plan, in 2009, our shareholders approved an amendment and restatement of such plan and, in 2014, our shareholders reapproved the material terms of the performance measures under such plan (collectively, the “2006 Plan”). The 2006 Plan is administered by the Compensation Committee of the Board of Directors (the “Compensation Committee”). The purpose of the 2006 Plan is to (i) attract and retain persons eligible to participate in the 2006 Plan; (ii) motivate participants, by means of appropriate incentives, to achieve long‑range goals; (iii) provide incentive compensation opportunities that are competitive with those of other similar companies; and (iv) further align participants’ interests with those of our other shareholders through compensation that is based on the value of our common stock. The goal is to promote the long‑term financial interest of World Fuel and its subsidiaries, including the growth in value of our equity and enhancement of long‑term shareholder return. The persons eligible to receive awards under the 2006 Plan are our employees, officers, and members of the Board of Directors, or any consultant or other person who performs services for us.

The provisions of the 2006 Plan authorize the grant of stock options which can be “qualified” or “nonqualified” under the Internal Revenue Code of 1986, as amended, restricted stock, RSUs, SSAR Awards, performance shares and performance units and other share‑ based awards. The 2006 Plan is unlimited in duration and, in the event of its termination, the 2006 Plan will remain in effect as long as any awards granted under it remain outstanding. No awards may be granted under the 2006 Plan after June 2016. The term and vesting period of awards granted under the 2006 Plan are established on a per grant basis, but options and SSAR Awards may not remain exercisable after the seven‑year anniversary of the date of grant.

Under the 2006 Plan, 4,900,000 shares of common stock are authorized for issuance. Additional shares of common stock that are authorized for issuance under the 2006 Plan include any shares that were available for future grant under any of our prior stock plans, and any shares in respect of awards granted under the 2006 Plan or any prior plans that expire or are forfeited or canceled.

Furthermore, any employee’s shares used to satisfy the withholding taxes due upon vesting of any awards granted under the 2006 plan or exercise of stock options are added to the maximum number of shares authorized for issuance under the 2006 Plan.

The following table summarizes the outstanding awards issued pursuant to the 2006 Plan described above as of December 31, 2014 and the remaining shares of common stock available for future issuance (in thousands):


				Remaining
				shares of
				common stock
	Restricted		SSAR	available for
Plan name	Stock	RSUs	Awards	future issuance
2006 Plan (1)	1,496	785	232	3,263

(1)

As of December 31, 2014, unvested restricted stock will vest between February 2015 and May 2019, unvested RSUs will vest between March 2015 and May 2019 and the outstanding SSAR Awards will expire between May 2015 and May 2018. RSUs granted to non‑employee directors under the 2006 Plan prior to 2011 remain outstanding until the date the non‑employee director ceases, for any reason, to be a member of the Board of Directors.

Restricted Stock Awards

The following table summarizes the status of our unvested restricted stock outstanding and related transactions for each of the following years (in thousands, except weighted average grant‑date fair value price and weighted average remaining vesting term data):


Unvested Restricted Stock Outstanding
						Weighted
		Weighted				Average
		Average				Remaining
	Unvested	Grant-date			Aggregate	Vesting
	Restricted	Fair Value			Intrinsic	Term
	Stock	Price			Value	(in Years)
As of December 31, 2011	446	$	34.07	$	18,707	2.2
Granted	798		40.19
Vested	(128)		26.26
Forfeited	(16)		37.24
As of December 31, 2012	1,100		39.38		45,295	3.4
Granted	342		41.83
Vested	(43)		37.00
Forfeited	(25)		38.89
As of December 31, 2013	1,374		40.07		59,307	2.7
Granted	308		44.18
Vested	(160)		38
Forfeited	(26)		39.58
As of December 31, 2014	1,496	$	41.18	$	70,212	2.1

The aggregate value of restricted stock which vested during 2014, 2013 and 2012 was $7.1 million, $1.7 million and $5.3 million, respectively, based on the average high and low market price of our common stock at the vesting date.

RSU Awards

The following table summarizes the status of our RSUs and related transactions for each of the following years (in thousands, except for weighted average grant‑date fair value data and weighted average remaining contractual life):


RSUs Outstanding
						Weighted
						Average
		Weighted				Remaining
		Average			Aggregate	Contractual
		Grant-date			Intrinsic	Life
	RSUs	Fair Value			Value	(in Years)
As of December 31, 2011	901	$	25.59	$	37,373	1.7
Granted	369		40.98
Issued	(275)		16.12
Forfeited	(14)		30.74
As of December 31, 2012	981		34.06		39,888	1.5
Granted	98		40.59
Issued	(287)		32.00
Forfeited	(45)		35.92
As of December 31, 2013	747		35.61		31,775	1.3
Granted	310		44.34
Issued	(238)		36.67
Forfeited	(34)		40.25
As of December 31, 2014	785	$	38.55	$	36,872	1.5

The aggregate intrinsic value of RSUs issued during 2014, 2013 and 2012 was $10.1 million, $11.3 million and $11.6 million, respectively.

SSAR Awards

The following table summarizes the status of our outstanding and exercisable SSAR Awards and related transactions for each of the following years (in thousands, except weighted average exercise price and weighted average remaining contractual life data):


	SSAR Awards Outstanding						SSAR Awards Exercisable
						Weighted						Weighted
						Average						Average
		Weighted				Remaining		Weighted				Remaining
		Average		Aggregate		Contractual		Average		Aggregate		Contractual
	SSAR	Exercise		Intrinsic		Life	SSAR	Exercise		Intrinsic		Life
	Awards	Price		Value		(in Years)	Awards	Price		Value		(in Years)
As of December 31, 2011	517	$	15.06	$	13,921	1.4	410	$	15.39	$	10,895	1.4
Exercised	(95)		16.76
As of December 31, 2012	422		15.30		10,927	0.6	322		16.02		8,108	0.7
Granted	218		41.42
Exercised	(366)		14.07
Forfeited	(2)		37.34
As of December 31, 2013	272		37.69		1,594	3.6	56		23.25		1,124	1.0
Exercised	(36)		22.26
Forfeited	(4)		40.91
As of December 31, 2014	232	$	40.06	$	1,595	3.0	54	$	35.81	$	600	2.2

The aggregate intrinsic value of SSAR Awards exercised during 2014, 2013 and 2012 was $0.8 million, $9.1 million and $2.1 million, respectively, based on the difference between the average of the high and low market price of our common stock at the exercise date and the SSAR Award exercise price.

As discussed in Note 1, we currently use the Black Scholes option pricing model to estimate the fair value of SSAR Awards granted to employees and non‑employee directors. The weighted average fair value of the SSAR Awards for 2013 was $11.65 and the assumptions used to determine such fair value were as follows: expected term of 4.1 years, volatility of 38.0%, dividend yields of 0.4% and risk‑free interest rates of 0.6%. There were no SSAR Awards issued in 2014 and 2012.

Unrecognized Compensation Cost

As of December 31, 2014, there was $30.6 million of total unrecognized compensation cost related to unvested share‑based payment awards, which is included as capital in excess of par value in the accompanying consolidated balance sheets. The unrecognized compensation cost as of December 31, 2014 is expected to be recognized as compensation expense over a weighted average period of 1.4 years as follows (in thousands):


Year Ended December 31,
2015	$	14,438
2016		10,133
2017		2,889
2018		2,575
2019		561
	$	30,596

Other Comprehensive Loss and Accumulated Other Comprehensive Loss

Our other comprehensive loss, 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				Accumulated
	Currency				Other
	Translation		Cash		Comprehensive
	Adjustments		Flow Hedges		Loss
Balance as of December 31, 2012	$	(16,130)	$	112	$	(16,018)
Other comprehensive loss		(13,189)		(112)		(13,301)
Balance as of December 31, 2013		(29,319)		—		(29,319)
Other comprehensive loss		(30,896)		—		(30,896)
Balance as of December 31, 2014	$	(60,215)	$	—	$	(60,215)

The foreign currency translation adjustment losses for 2014 were primarily due to the strengthening of the U.S. dollar as compared to the Brazilian Real and the British Pound. The foreign currency translation adjustment losses for 2013 and 2012 were primarily due to the strengthening of the U.S. dollar as compared to the Brazilian Real.

- 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

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-Name Accounting Standards Codification
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
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-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes

Income Taxes

9. Income Taxes

U.S. and foreign income before income taxes consist of the following (in thousands):


	2014		2013		2012
United States	$	56,575	$	31,823	$	49,021
Foreign		212,976		214,842		190,574
	$	269,551	$	246,665	$	239,595

The income tax provision (benefit) related to income before income taxes consists of the following components (in thousands):


	2014		2013		2012
Current:
U.S. federal statutory tax	$	14,829	$	8,167	$	6,858
State		2,540		1,822		938
Foreign		22,016		36,254		24,649
		39,385		46,243		32,445
Deferred:
U.S. federal statutory tax		10,707		2,171		7,642
State		2,674		566		1,380
Foreign		(3,030)		(10,980)		643
		10,351		(8,243)		9,665
Non-current tax expense (income)		1,408		1,505		(3,866)
	$	51,144	$	39,505	$	38,244

Non‑current tax expense (income) is primarily related to income tax associated with the reserve for uncertain tax positions.

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:


	2014		2013		2012
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Foreign earnings, net of foreign taxes	(18.2)		(18.7)		(16.7)
State income taxes, net of U.S. federal income tax benefit	1.3		0.6		0.6
Other permanent differences	0.9		(0.9)		(2.9)
Effective income tax rate	19.0	%	16.0	%	16.0	%

For 2014, our effective income tax rate was 19.0%, for an income tax provision of $51.1 million, as compared to an effective income tax rate of 16.0% and an income tax provision of $39.5 million for 2013. The higher effective income tax rate for 2014 resulted primarily from differences in the actual results of our subsidiaries in tax jurisdictions with different income tax rates and a U.S. gain on the sale of the crude oil joint venture interests as compared to 2013. Without the gain on the sale of the crude oil joint venture interests, for 2014, our effective income tax rate would have been 17.7%.

For 2013, our effective income tax rate was 16.0%, for an income tax provision of $39.5 million, as compared to an effective income tax rate of 16.0% and an income tax provision of $38.2 million for 2012. The effective income tax rate for 2013 remained flat compared to 2012. However, there were underlying differences in the actual results of our subsidiaries in tax jurisdictions with different income tax rates as compared to 2012 and differences in outstanding uncertain tax positions net of certain nonrecurring discrete tax items including statute lapses, audit settlements, and a change in estimate.

U.S. income taxes have not been provided on undistributed earnings of foreign subsidiaries. As of December 31, 2014 and 2013, we had $1.3 billion and $1.1 billion, respectively, of earnings attributable to foreign subsidiaries. Our intention is to reinvest these earnings permanently in active non‑U.S. business operations. Therefore, no income tax liability has been accrued for these earnings. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the amount of U.S. income tax payable if such earnings are not reinvested indefinitely.

The temporary differences which comprise our net deferred tax liabilities are as follows (in thousands):


	As of December 31,
	2014		2013
Gross Deferred Tax Assets:
Bad debt reserve	$	5,465	$	6,426
Net operating loss		4,819		774
Accrued and other share-based compensation		21,654		21,393
Accrued expenses		8,606		10,032
Unrealized derivative losses		—		558
Customer deposits		6,095		5,149
Installment sale		6,592		—
Unrealized foreign exchange		7,577		6,082
Total gross deferred tax assets		60,808		50,414
Less: Valuation allowance		—		—
Gross deferred tax assets, net of valuation allowance		60,808		50,414
Deferred Tax Liabilities:
Depreciation		(13,133)		(19,199)
Goodwill and intangible assets		(45,294)		(28,099)
Prepaid expenses, deductible for tax purposes		(4,519)		(3,452)
Unrealized derivatives		(8,188)		—
Other		(1,248)		(740)
Total gross deferred tax liabilities		(72,382)		(51,490)
Net deferred tax liabilities	$	(11,574)	$	(1,076)
Reported on the consolidated balance sheets as:
Other current assets for deferred tax assets, current	$	22,825	$	32,118
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	15,555	$	16,342
Accrued expenses and other current liabilities for deferred tax liabilities, current	$	492	$	3,229
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	49,462	$	46,307

As of December 31, 2014 and 2013, we had foreign net operating losses (“NOLs”) of approximately $19.9 million and $2.6 million, respectively. The NOLs as of December 31, 2014 originated in various foreign countries including India, Brazil, Puerto Rico, the United Kingdom and The Netherlands. We have recorded a deferred tax asset of $4.8 million reflecting the benefit of the NOL carryforward as of December 31, 2014. This deferred tax asset expires as follows (in thousands):


	Deferred
Expiration Date	Tax Asset
December 31, 2016	$	73
December 31, 2021		124
December 31, 2023		189
December 31, 2024		472
Indefinite		3,961
Total	$	4,819

In addition, as a result of certain realization requirements of accounting guidance on stock compensation, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 31, 2014 and 2013 that arose directly from income tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of December 31, 2014 and 2013, we had no foreign tax credits related to the excess stock compensation deductions that resulted in an income tax deduction or credit before the realization of the income tax benefit from the deduction or credit. We use the “with and without” method for purposes of determining when excess income tax benefits have been realized.

As of December 31, 2014 and 2013, our annual capital in excess of par value pool of windfall income tax benefits related to employee compensation was estimated to be $1.0 million and $3.3 million, respectively.

We operated under a special income tax concession in Singapore which began January 1, 2008. Our current five year special income tax concession was effective on January 1, 2013. The special income tax concession is conditional upon our meeting certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and the impact of this income tax concession decreased foreign income taxes by $7.5 million, $6.2 million and $5.5 million for 2014, 2013 and 2012, respectively. The impact of the income tax concession on basic earnings per common share was $0.11 for 2014, $0.09 for 2013 and $0.08 for 2012. On a diluted earnings per common share basis, the impact was $0.10 for 2014, $0.09 for 2013 and $0.08 for 2012.

Income Tax Contingencies

We recorded a decrease of $2.1 million of liabilities related to unrecognized income tax benefits (“Unrecognized Tax Liabilities”) and a decrease of $4.5 million of assets related to unrecognized income tax benefits (“Unrecognized Tax Assets”) during 2014. In addition, during 2014, we recorded a decrease of $0.5 million to our Unrecognized Tax Liabilities related to a foreign currency translation gain, which is included in other income (expense), net, in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2014, our Unrecognized Tax Liabilities, including penalties and interest, were $33.0 million and our Unrecognized Tax Assets were $2.3 million.

We recorded an increase of $4.1 million of Unrecognized Tax Liabilities and an increase of $1.8 million of Unrecognized Tax Assets during 2013. In addition, during 2013, we recorded a decrease of $0.1 million to our Unrecognized Tax Liabilities related to a foreign currency translation gain, which is included in other income (expense), net, in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2013, our Unrecognized Tax Liabilities, including penalties and interest, were $36.2 million and our Unrecognized Tax Assets were $6.9 million.

The following is a tabular reconciliation of the total amounts of unrecognized income tax benefits for the year:


	2014		2013		2012
Unrecognized Tax Liabilities – opening balance	$	26,487	$	22,394	$	25,574
Gross increases – tax positions in prior period		65		2,559		—
Gross decreases – tax positions in prior period		(2,833)		(39)		(7,659)
Gross increases – tax positions in current period		6,636		4,999		5,730
Gross decreases – tax positions in current period		—		—		—
Settlements		(3,597)		—		—
Lapse of statute of limitations		(2,414)		(3,426)		(1,251)
Unrecognized Tax Liabilities – ending balance	$	24,344	$	26,487	$	22,394

If our uncertain tax positions as of December 31, 2014 are settled by the taxing authorities in our favor, our income tax expense would be reduced by $22.0 million (exclusive of interest and penalties) in the period the matter is considered settled in accordance with Accounting Standards Codification 740. This would have the impact of reducing our 2014 effective income tax rate by 8.2%. As of December 31, 2014, it does not appear that the total amount of our unrecognized income tax benefits will significantly increase or decrease within the next twelve months.

We record accrued interest and penalties related to unrecognized income tax benefits as income tax expense. Related to the uncertain income tax benefits noted above, for interest we recorded income of $0.6 million, $0.6 million and $0.7 million during 2014, 2013 and 2012, respectively. For penalties, we recorded income of $0.3 million, $0.3 million and $1.5 million during 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, we had recognized liabilities of $4.2 million and $4.9 million for interest and $4.5 million and $4.8 million for penalties, respectively.

In many cases, our uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. The following table summarizes these open tax years by jurisdiction with major uncertain tax positions:


	Open Tax Year
	Examination	Examination not
Jurisdiction	in progress	yet initiated
United States	2011	2012 - 2014
Singapore	None	2011 - 2014
United Kingdom	None	2004 - 2014
Brazil	2009	2010 - 2014
Chile	None	2009 - 2014
Denmark	2011	2012 - 2014

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Measurements

Fair Value Measurements

10. 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 $689.9 million as of December 31, 2014 and $463.7 million as of December 31, 2013 and our notes receivable of $7.0 million as of December 31, 2014 and $20.9 million as of December 31, 2013 are categorized in Level 3.

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in thousands):


									Netting and
	Level 1		Level 2		Level 3		Sub-Total		Collateral		Total
2014
Assets:
Commodity contracts	$	173,688	$	495,628	$	4,150	$	673,466	$	(367,984)	$	305,482
Foreign currency contracts		—		21,757		—		21,757		(11,970)		9,787
Cash surrender value of life insurance		—		2,224		—		2,224		—		2,224
Total	$	173,688	$	519,609	$	4,150	$	697,447	$	(379,954)	$	317,493
Liabilities:
Commodity contracts	$	306,360	$	329,887	$	1,353	$	637,600	$	(595,565)	$	42,035
Foreign currency contracts		—		11,970		—		11,970		(11,970)		—
Inventories		—		22,889		—		22,889		—		22,889
Total	$	306,360	$	364,746	$	1,353	$	672,459	$	(607,535)	$	64,924
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		—		1,483		—		1,483		—		1,483
Total	$	11,574	$	49,849	$	—	$	61,423	$	(42,333)	$	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
Total	$	14,032	$	43,786	$	—	$	57,818	$	(37,679)	$	20,139

The cash surrender value of life insurance is in connection with the NQDC plan and was 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 December 31,
	2014		2013
Commodity Contracts
Assets:
Short-term derivative assets, net	$	294,316	$	14,723
Identifiable intangible and other non-current assets		11,166		748
Total net assets	$	305,482	$	15,471
Liabilities:
Accrued expenses and other current liabilities	$	41,346	$	14,332
Other long-term liabilities		689		354
Total net liabilities	$	42,035	$	14,686
Foreign Currency Contracts
Assets:
Short-term derivative assets, net	$	9,283	$	2,136
Identifiable intangible and other non-current assets		504		—
Total net assets	$	9,787	$	2,136
Liabilities:
Accrued expenses and other current liabilities	$	—	$	5,306
Other long-term liabilities		—		147
Total net liabilities	$	—	$	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 December 31, 2014, we had $301.0 million of cash collateral deposits held by financial counterparties, of which $274.3 million have been offset against the total amount of commodity fair value liabilities in the above table and the remaining $26.7 million is included in other current assets in the accompanying consolidated balance sheets. In addition, as of December 31, 2014, we have offset $46.7 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):


			Realized and								Change in Unrealized		Location of Realized
			Unrealized Gains								Gains Relating to		and Unrealized
			(Losses)								Assets and Liabilities		Gains (Losses)
	Beginning		Included in					Transfers	End		that are Held at		Included in
	of Period		Earnings		Settlements		into Level 3		of Period		End of Period		Earnings
2014
Assets:
Commodity contracts	$	—	$	12,702	$	8,969	$	417	$	4,150	$	4,150	Revenue
Liabilities:
Commodity contracts	$	—	$	(1,439)	$	86	$	—	$	(1,353)	$	(1,353)	Cost of revenue
2013
Liabilities:
Commodity contracts	$	—	$	(20)	$	20	$	—	$	—	$	—	Cost of revenue

The nature of inputs that are considered Level 3 are model inputs. Commodity contracts categorized in Level 3 are placed there 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 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.

- 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 Segment, Geographic Information, and Major Customers

12 Months Ended

Dec. 31, 2014

Business Segments, Geographic Information, and Major Customers

Business Segments, Geographic Information, and Major Customers

11. Business Segments, Geographic Information, and Major Customers

Business Segments

Based on the nature of operations and quantitative thresholds pursuant to the accounting guidance on 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. Please refer to Note 1 for the dates that the results of operations and related assets and liabilities of our acquisitions have been included in our operating segments. 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, income from operations, depreciation and amortization and capital expenditures by segment is as follows (in thousands):


	For the Year ended December 31,
	2014		2013		2012
Revenue:
Aviation segment	$	17,268,834	$	16,087,611	$	14,692,042
Marine segment		13,843,307		14,790,342		14,750,425
Land segment		12,274,248		10,683,994		9,502,871
	$	43,386,389	$	41,561,947	$	38,945,338
Gross profit:
Aviation segment	$	321,596	$	327,178	$	294,601
Marine segment		205,612		177,052		208,028
Land segment		286,414		248,528		170,818
	$	813,622	$	752,758	$	673,447
Income from operations:
Aviation segment	$	142,303	$	150,886	$	128,153
Marine segment		90,029		73,770		103,229
Land segment		90,335		84,767		75,291
		322,667		309,423		306,673
Corporate overhead – unallocated		53,519		45,065		49,650
	$	269,148	$	264,358	$	257,023
Depreciation and amortization:
Aviation segment, includes allocation from corporate	$	15,419	$	15,854	$	17,381
Marine segment, includes allocation from corporate		5,559		5,362		5,387
Land segment, includes allocation from corporate		34,684		20,861		10,406
Corporate		3,737		2,633		3,540
	$	59,399	$	44,710	$	36,714
Capital expenditures:
Aviation segment	$	9,017	$	5,737	$	4,713
Marine segment		13,854		17,326		8,981
Land segment		15,962		54,360		7,243
Corporate		12,948		5,293		7,517
	$	51,781	$	82,716	$	28,454

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


	As of December 31,
	2014		2013
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $7,864 and $9,351 as of December 31, 2014 and 2013, respectively	$	686,496	$	771,178
Marine segment, net of allowance for bad debt of $8,434 and $9,845 as of December 31, 2014 and 2013, respectively		974,041		1,205,005
Land segment, net of allowance for bad debt of $9,394 and $9,992 as of December 31, 2014 and 2013, respectively		647,315		562,459
	$	2,307,852	$	2,538,642
Goodwill:
Aviation segment	$	178,143	$	115,507
Marine segment		73,068		69,088
Land segment		404,867		298,996
	$	656,078	$	483,591
Identifiable intangible assets, net:
Aviation segment	$	67,142	$	31,632
Marine segment		7,196		5,730
Land segment		139,253		129,840
	$	213,591	$	167,202
Total assets:
Aviation segment	$	1,635,371	$	1,686,437
Marine segment		1,483,077		1,536,817
Land segment		1,570,623		1,304,436
Corporate		190,909		211,587
	$	4,879,980	$	4,739,277

Geographic Information

Information concerning our revenue, income from operations, non‑current assets and total assets, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia/Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in thousands):


	For the Year ended December 31,
	2014		2013		2012
Revenue:
United States	$	21,514,304	$	21,149,175	$	20,216,891
EMEA (1)		8,612,751		7,017,479		7,247,754
Asia/Pacific (2)		9,844,682		10,215,412		8,404,324
Americas, excluding United States		3,414,652		3,179,881		3,076,369
Total	$	43,386,389	$	41,561,947	$	38,945,338
Income from operations:
United States	$	52,226	$	49,874	$	67,041
EMEA		121,660		109,650		82,964
Asia/Pacific		74,737		70,547		71,054
Americas, excluding United States		20,525		34,287		35,964
Total	$	269,148	$	264,358	$	257,023


	As of December 31,
	2014		2013
Non-current assets:
United States	$	549,521	$	560,623
EMEA		591,481		319,339
Asia/Pacific		12,351		2,050
Americas, excluding United States		51,784		41,764
Total	$	1,205,137	$	923,776
Total assets:
United States	$	1,909,541	$	2,239,479
EMEA		1,695,200		1,347,020
Asia/Pacific		922,705		817,887
Americas, excluding United States		352,534		334,891
Total	$	4,879,980	$	4,739,277

(1)

Includes revenue related to the United Kingdom of $6.2 billion, $5.0 billion and $5.2 billion for 2014, 2013 and 2012, respectively.

(2)

Includes revenue related to Singapore of $9.7 billion, $10.1 billion and $8.4 billion for 2014, 2013 and 2012, respectively.

Major Customers

During each of the years presented on the consolidated statements of income and comprehensive income, none of our customers accounted for more than 10% of total consolidated revenue.

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Policies)

12 Months Ended

Dec. 31, 2014

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements

Basis of Consolidation

Use of Estimates

Fair Value of Financial Instruments

The carrying amounts of cash, cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value based on the short maturities of these instruments.

Level 1 Inputs – Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access.

Level 3 Inputs – Inputs that are unobservable for the asset or liability.

There were no significant changes to our valuation techniques during 2014 and 2013.

Cash and Cash Equivalents

Accounts Receivable and Allowance for Bad Debt

Inventories

Derivatives

For more information on our derivatives, see Note 3.

Property and Equipment

Goodwill and Identifiable Intangible Assets

Other Investments

As of December 31, 2014 and 2013, we had other investments of $69.5 million and $83.8 million, respectively, which are included within identifiable intangible and other non‑current assets.

Extinguishment of Liabilities

Revenue Recognition

Commission from fuel broker services is recognized when services are performed and collectability is reasonably assured. When acting as a fuel broker, we are paid a commission by the supplier.

Vendor and Customer Rebates and Branding Allowances

Share-Based Payment Awards

Share‑Based Payment Awards

Foreign Currency

Income Taxes

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):


	2014		2013		2012
Numerator:
Net income attributable to World Fuel	$	221,747	$	203,075	$	189,345
Denominator:
Weighted average common shares for basic earnings per common share		70,750		71,224		71,154
Effect of dilutive securities		573		576		663
Weighted average common shares for diluted earnings per common share		71,323		71,800		71,817
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		881		594		603
Basic earnings per common share	$	3.13	$	2.85	$	2.66
Diluted earnings per common share	$	3.11	$	2.83	$	2.64

Reclassifications

Certain amounts in prior years have been reclassified to conform to current year’s presentation.

Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2014

Acquisitions

Computation of basic and diluted earnings per common share


	2014		2013		2012
Numerator:
Net income attributable to World Fuel	$	221,747	$	203,075	$	189,345
Denominator:
Weighted average common shares for basic earnings per common share		70,750		71,224		71,154
Effect of dilutive securities		573		576		663
Weighted average common shares for diluted earnings per common share		71,323		71,800		71,817
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		881		594		603
Basic earnings per common share	$	3.13	$	2.85	$	2.66
Diluted earnings per common share	$	3.11	$	2.83	$	2.64

2014 Acquisitions

Acquisitions

Reconciliation of the estimated aggregate purchase price for the acquisitions to the cash paid for the acquisitions, net of cash 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	$	296,962
Less: Cash acquired		20,232
Estimated purchase price, net of cash acquired		276,730
Less: Promissory notes issued		9,000
Less: Amounts due to sellers		12,228
Cash paid for acquisition of businesses	$	255,502

Schedule of estimated purchase price allocation for the acquisition

On an aggregate basis, the estimated purchase price allocation for the 2014 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	20,232
Accounts receivable		259,475
Inventories		14,412
Property and equipment		55,172
Identifiable intangible assets		78,889
Goodwill		180,683
Other current and long-term assets		22,456
Liabilities assumed:
Accounts payable		(247,579)
Accrued expenses and other current liabilities		(51,579)
Other long-term liabilities		(15,751)

Initial noncontrolling interest upon acquisition of businesses		(19,448)
Estimated purchase price	$	296,962

Schedule of unaudited pro forma results


	2014		2013
	(pro forma)		(pro forma)
Revenue	$	44,071,793	$	44,098,881
Net income attributable to World Fuel	$	226,608	$	216,429

Earnings per common share:
Basic	$	3.20	$	3.04
Diluted	$	3.18	$	3.01

2013 Acquisitions

Acquisitions

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

The following reconciles the aggregate purchase price for the 2013 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Purchase price	$	43,792
Less: Cash acquired		3,335
Purchase price, net of cash acquired		40,457
Less: Promissory notes issued		3,000
Cash paid for acquisition of businesses	$	37,457

Schedule of estimated purchase price allocation for the acquisition

On an aggregate basis, the purchase price allocation for the 2013 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	3,335
Accounts receivable		31,287
Inventories		8,839
Property and equipment		3,901
Identifiable intangible assets		13,548
Goodwill		16,489
Other current and long-term assets		2,717
Liabilities assumed:
Accounts payable		(29,631)
Accrued expenses and other current liabilities		(3,582)
Other long-term liabilities		(3,111)
Purchase price	$	43,792

2012 Acquisitions

Acquisitions

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

The following reconciles the aggregate purchase price for the 2012 acquisitions to the cash paid for the acquisitions, net of cash acquired (in thousands):


Purchase price	$	226,449
Less: Cash acquired		12,793
Purchase price, net of cash acquired		213,656
Less: Promissory notes issued		7,214
Less: Amounts due to sellers		75
Cash paid for acquisition of businesses	$	206,367

Schedule of estimated purchase price allocation for the acquisition

On an aggregate basis, the purchase price allocation for the 2012 acquisitions is as follows (in thousands):


Assets acquired:
Cash and cash equivalents	$	12,793
Accounts receivable		134,966
Inventories		7,311
Property and equipment		10,323
Identifiable intangible assets		87,150
Goodwill		121,188
Other current and long-term assets		4,851
Liabilities assumed:
Accounts payable		(130,297)
Accrued expenses and other current liabilities		(18,321)
Other long-term liabilities		(3,515)
Purchase price	$	226,449

Derivatives (Tables)

12 Months Ended

Dec. 31, 2014

Derivatives

Schedule of fair value positions of derivative instruments


								Weighted
						Weighted		Average
						Average		Mark-to-		Fair
	Settlement					Fixed		Market		Value
Hedge Strategy	Period	Derivative Instrument	Notional	Unit		Price		Amount		Amount
Fair Value Hedge	2015	Commodity contracts for inventory hedging (long)	305	BBL	$	74.110	$	(3.203)	$	(977)
	2015	Commodity contracts for inventory hedging (short)	4,977	BBL		77.510		4.599		22,889
									$	21,912

Non-Designated	2015	Commodity contracts (long)	34,192	BBL	$	62.693	$	(15.594)	$	(533,192)
	2015	Commodity contracts (short)	27,013	BBL		83.370		20.735		560,114
	2016	Commodity contracts (long)	1,131	BBL		89.989		(23.195)		(26,234)
	2016	Commodity contracts (short)	722	BBL		85.497		17.734		12,804
	2017	Commodity contracts (long)	92	BBL		46.463		(6.696)		(616)
	2017	Commodity contracts (short)	109	BBL		54.430		7.743		844
	2018	Commodity contracts (long)	1	BBL		25.922		(4.000)		(4)
	2018	Commodity contracts (short)	11	BBL		83.997		21.636		238
	2015	Foreign currency contracts	28,783	AUD		0.850		0.005		158
	2015	Foreign currency contracts	471	BRL		2.580		(0.013)		(6)
	2015	Foreign currency contracts	61,577	CAD		1.140		0.020		1,215
	2015	Foreign currency contracts	112	CHF		0.960		0.036		4
	2015	Foreign currency contracts	4,764,256	CLP		602.490		0.000		27
	2015	Foreign currency contracts	31,884,747	COP		2,174.000		0.000		408
	2015	Foreign currency contracts	126,778	DKK		5.950		0.001		64
	2015	Foreign currency contracts	77,278	EUR		1.250		0.019		1,464
	2015	Foreign currency contracts	208,786	GBP		1.610		0.023		4,903
	2015	Foreign currency contracts	135,879	INR		63.040		0.000		24
	2015	Foreign currency contracts	1,390,740	JPY		113.080		0.000		295
	2015	Foreign currency contracts	2,382,533	MXN		13.920		(0.000)		(321)
	2015	Foreign currency contracts	214,957	NOK		6.720		0.001		253
	2015	Foreign currency contracts	7,912	PLN		3.400		0.016		125
	2015	Foreign currency contracts	32,891	RON		3.570		0.014		452
	2015	Foreign currency contracts	46,921	SGD		1.300		0.004		176
	2015	Foreign currency contracts	78,298	ZAR		11.310		0.001		41
	2016	Foreign currency contracts	8,325	GBP		1.620		0.055		459
	2017	Foreign currency contracts	1,400	GBP		1.610		0.033		46
									$	23,741

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


		As of December 31,
	Balance Sheet Location	2014		2013
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	18,844	$	735
Commodity contracts	Accrued expenses and other current liabilities		4,709		—
			23,553		735
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		398,924		47,062
Commodity contracts	Identifiable intangible and other non-current assets		12,063		1,642
Commodity contracts	Accrued expenses and other current liabilities		234,077		1,141
Commodity contracts	Other long-term liabilities		4,849		874
Foreign currency contracts	Short-term derivative assets, net		21,244		5,003
Foreign currency contracts	Identifiable intangible and other non-current assets		513		—
Foreign currency contracts	Accrued expenses and other current liabilities		—		3,483
			671,670		59,205
		$	695,223	$	59,940
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	978	$	1,544
Commodity contracts	Accrued expenses and other current liabilities		663		—
			1,641		1,544
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		76,103		26,876
Commodity contracts	Identifiable intangible and other non-current assets		594		894
Commodity contracts	Accrued expenses and other current liabilities		529,976		15,473
Commodity contracts	Other long-term liabilities		29,286		1,228
Foreign currency contracts	Short-term derivative assets, net		11,961		2,867
Foreign currency contracts	Identifiable intangible and other non-current assets		9		—
Foreign currency contracts	Accrued expenses and other current liabilities		—		8,789
Foreign currency contracts	Other long-term liabilities		—		147
			647,929		56,274
		$	649,570	$	57,818

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


Derivative		Realized and Unrealized								Realized and Unrealized
Instruments	Location	Gain (Loss)						Hedged Items	Location	Gain (Loss)
		For the year ended December 31,							For the year ended December 31,
		2014		2013		2012				2014		2013		2012
Commodity contracts	Revenue	$	—	$	—	$	265	Firm commitments	Revenue	$	—	$	—	$	(201)
Commodity contracts	Cost of revenue		—		—		(1,417)	Firm commitments	Cost of revenue		—		—		739
Commodity contracts	Cost of revenue		132,199		2,685		(19,717)	Inventories	Cost of revenue		(150,943)		3,059		23,972
		$	132,199	$	2,685	$	(20,869)			$	(150,943)	$	3,059	$	24,510

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


Derivatives	Location	Realized and Unrealized Gain (Loss)
		For the Year ended December 31,
		2014		2013		2012
Commodity contracts	Revenue	$	64,485	$	25,420	$	14,967
Commodity contracts	Cost of revenue		2,239		(5,391)		3,333
Foreign currency contracts	Revenue		4,286		(55)		(2,384)
Foreign currency contracts	Other income (expense), net		12,631		(3,998)		(2,271)
		$	83,641	$	15,976	$	13,645

- 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

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Identifiable Intangible Assets

Schedule of changes in goodwill


	Aviation		Marine		Land
	Segment		Segment		Segment		Total
As of December 31, 2012	$	109,332	$	69,931	$	291,243		470,506
2013 acquisitions		—		—		16,077		16,077
Adjustment of purchase price allocations – 2012 acquisitions		6,500		—		(8,506)		(2,006)
Foreign currency translation of non-USD functional currency subsidiary goodwill		(325)		(843)		182		(986)
As of December 31, 2013	$	115,507	$	69,088	$	298,996	$	483,591
2014 acquisitions		62,770		4,660		113,253		180,683
Adjustment of purchase price allocations – 2013 acquisitions		—		—		411		411
Foreign currency translation of non-USD functional currency subsidiary goodwill		(134)		(680)		(7,793)		(8,607)
As of December 31, 2014	$	178,143	$	73,068	$	404,867	$	656,078

Schedule of identifiable intangible assets


	As of December 31, 2014						As of December 31, 2013
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	238,959	$	104,367	$	134,592	$	188,276	$	79,688	$	108,588
Supplier agreements		33,648		9,052		24,596		33,648		7,310		26,338
Others		33,750		11,308		22,442		19,738		8,634		11,104
		306,357		124,727		181,630		241,662		95,632		146,030
Intangible assets not subject to amortization:
Trademark/trade name rights		31,961		—		31,961		21,172		—		21,172
	$	338,318	$	124,727	$	213,591	$	262,834	$	95,632	$	167,202

Schedule of future estimated amortization of identifiable intangible assets


Year Ended December 31,
2015	$	28,770
2016		26,109
2017		22,456
2018		19,643
2019		16,271
Thereafter		68,381
	$	181,630

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Shareholders' Equity

Schedule of outstanding awards issued pursuant to plans


				Remaining
				shares of
				common stock
	Restricted		SSAR	available for
Plan name	Stock	RSUs	Awards	future issuance
2006 Plan (1)	1,496	785	232	3,263

Schedule of unvested restricted stock outstanding


Unvested Restricted Stock Outstanding
						Weighted
		Weighted				Average
		Average				Remaining
	Unvested	Grant-date			Aggregate	Vesting
	Restricted	Fair Value			Intrinsic	Term
	Stock	Price			Value	(in Years)
As of December 31, 2011	446	$	34.07	$	18,707	2.2
Granted	798		40.19
Vested	(128)		26.26
Forfeited	(16)		37.24
As of December 31, 2012	1,100		39.38		45,295	3.4
Granted	342		41.83
Vested	(43)		37.00
Forfeited	(25)		38.89
As of December 31, 2013	1,374		40.07		59,307	2.7
Granted	308		44.18
Vested	(160)		38
Forfeited	(26)		39.58
As of December 31, 2014	1,496	$	41.18	$	70,212	2.1

Schedule of RSUs


RSUs Outstanding
						Weighted
						Average
		Weighted				Remaining
		Average			Aggregate	Contractual
		Grant-date			Intrinsic	Life
	RSUs	Fair Value			Value	(in Years)
As of December 31, 2011	901	$	25.59	$	37,373	1.7
Granted	369		40.98
Issued	(275)		16.12
Forfeited	(14)		30.74
As of December 31, 2012	981		34.06		39,888	1.5
Granted	98		40.59
Issued	(287)		32.00
Forfeited	(45)		35.92
As of December 31, 2013	747		35.61		31,775	1.3
Granted	310		44.34
Issued	(238)		36.67
Forfeited	(34)		40.25
As of December 31, 2014	785	$	38.55	$	36,872	1.5

Schedule of outstanding and exercisable SSAR Awards


	SSAR Awards Outstanding						SSAR Awards Exercisable
						Weighted						Weighted
						Average						Average
		Weighted				Remaining		Weighted				Remaining
		Average		Aggregate		Contractual		Average		Aggregate		Contractual
	SSAR	Exercise		Intrinsic		Life	SSAR	Exercise		Intrinsic		Life
	Awards	Price		Value		(in Years)	Awards	Price		Value		(in Years)
As of December 31, 2011	517	$	15.06	$	13,921	1.4	410	$	15.39	$	10,895	1.4
Exercised	(95)		16.76
As of December 31, 2012	422		15.30		10,927	0.6	322		16.02		8,108	0.7
Granted	218		41.42
Exercised	(366)		14.07
Forfeited	(2)		37.34
As of December 31, 2013	272		37.69		1,594	3.6	56		23.25		1,124	1.0
Exercised	(36)		22.26
Forfeited	(4)		40.91
As of December 31, 2014	232	$	40.06	$	1,595	3.0	54	$	35.81	$	600	2.2

Schedule of unrecognized compensation cost


Year Ended December 31,
2015	$	14,438
2016		10,133
2017		2,889
2018		2,575
2019		561
	$	30,596

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


	Foreign				Accumulated
	Currency				Other
	Translation		Cash		Comprehensive
	Adjustments		Flow Hedges		Loss
Balance as of December 31, 2012	$	(16,130)	$	112	$	(16,018)
Other comprehensive loss		(13,189)		(112)		(13,301)
Balance as of December 31, 2013		(29,319)		—		(29,319)
Other comprehensive loss		(30,896)		—		(30,896)
Balance as of December 31, 2014	$	(60,215)	$	—	$	(60,215)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of U.S. and foreign income before income taxes


	2014		2013		2012
United States	$	56,575	$	31,823	$	49,021
Foreign		212,976		214,842		190,574
	$	269,551	$	246,665	$	239,595

Schedule of components of income tax provision (benefit)


	2014		2013		2012
Current:
U.S. federal statutory tax	$	14,829	$	8,167	$	6,858
State		2,540		1,822		938
Foreign		22,016		36,254		24,649
		39,385		46,243		32,445
Deferred:
U.S. federal statutory tax		10,707		2,171		7,642
State		2,674		566		1,380
Foreign		(3,030)		(10,980)		643
		10,351		(8,243)		9,665
Non-current tax expense (income)		1,408		1,505		(3,866)
	$	51,144	$	39,505	$	38,244

Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate


	2014		2013		2012
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Foreign earnings, net of foreign taxes	(18.2)		(18.7)		(16.7)
State income taxes, net of U.S. federal income tax benefit	1.3		0.6		0.6
Other permanent differences	0.9		(0.9)		(2.9)
Effective income tax rate	19.0	%	16.0	%	16.0	%

Schedule of net deferred tax liabilities


	As of December 31,
	2014		2013
Gross Deferred Tax Assets:
Bad debt reserve	$	5,465	$	6,426
Net operating loss		4,819		774
Accrued and other share-based compensation		21,654		21,393
Accrued expenses		8,606		10,032
Unrealized derivative losses		—		558
Customer deposits		6,095		5,149
Installment sale		6,592		—
Unrealized foreign exchange		7,577		6,082
Total gross deferred tax assets		60,808		50,414
Less: Valuation allowance		—		—
Gross deferred tax assets, net of valuation allowance		60,808		50,414
Deferred Tax Liabilities:
Depreciation		(13,133)		(19,199)
Goodwill and intangible assets		(45,294)		(28,099)
Prepaid expenses, deductible for tax purposes		(4,519)		(3,452)
Unrealized derivatives		(8,188)		—
Other		(1,248)		(740)
Total gross deferred tax liabilities		(72,382)		(51,490)
Net deferred tax liabilities	$	(11,574)	$	(1,076)
Reported on the consolidated balance sheets as:
Other current assets for deferred tax assets, current	$	22,825	$	32,118
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	15,555	$	16,342
Accrued expenses and other current liabilities for deferred tax liabilities, current	$	492	$	3,229
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	49,462	$	46,307

Schedule of expiration of NOL carryforward


	Deferred
Expiration Date	Tax Asset
December 31, 2016	$	73
December 31, 2021		124
December 31, 2023		189
December 31, 2024		472
Indefinite		3,961
Total	$	4,819

Schedule of reconciliation of the total amounts of unrecognized income tax benefits


	2014		2013		2012
Unrecognized Tax Liabilities – opening balance	$	26,487	$	22,394	$	25,574
Gross increases – tax positions in prior period		65		2,559		—
Gross decreases – tax positions in prior period		(2,833)		(39)		(7,659)
Gross increases – tax positions in current period		6,636		4,999		5,730
Gross decreases – tax positions in current period		—		—		—
Settlements		(3,597)		—		—
Lapse of statute of limitations		(2,414)		(3,426)		(1,251)
Unrecognized Tax Liabilities – ending balance	$	24,344	$	26,487	$	22,394

Schedule of open tax years by jurisdiction with major uncertain tax positions


	Open Tax Year
	Examination	Examination not
Jurisdiction	in progress	yet initiated
United States	2011	2012 - 2014
Singapore	None	2011 - 2014
United Kingdom	None	2004 - 2014
Brazil	2009	2010 - 2014
Chile	None	2009 - 2014
Denmark	2011	2012 - 2014

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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
2014
Assets:
Commodity contracts	$	173,688	$	495,628	$	4,150	$	673,466	$	(367,984)	$	305,482
Foreign currency contracts		—		21,757		—		21,757		(11,970)		9,787
Cash surrender value of life insurance		—		2,224		—		2,224		—		2,224
Total	$	173,688	$	519,609	$	4,150	$	697,447	$	(379,954)	$	317,493
Liabilities:
Commodity contracts	$	306,360	$	329,887	$	1,353	$	637,600	$	(595,565)	$	42,035
Foreign currency contracts		—		11,970		—		11,970		(11,970)		—
Inventories		—		22,889		—		22,889		—		22,889
Total	$	306,360	$	364,746	$	1,353	$	672,459	$	(607,535)	$	64,924
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		—		1,483		—		1,483		—		1,483
Total	$	11,574	$	49,849	$	—	$	61,423	$	(42,333)	$	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
Total	$	14,032	$	43,786	$	—	$	57,818	$	(37,679)	$	20,139

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


	As of December 31,
	2014		2013
Commodity Contracts
Assets:
Short-term derivative assets, net	$	294,316	$	14,723
Identifiable intangible and other non-current assets		11,166		748
Total net assets	$	305,482	$	15,471
Liabilities:
Accrued expenses and other current liabilities	$	41,346	$	14,332
Other long-term liabilities		689		354
Total net liabilities	$	42,035	$	14,686
Foreign Currency Contracts
Assets:
Short-term derivative assets, net	$	9,283	$	2,136
Identifiable intangible and other non-current assets		504		—
Total net assets	$	9,787	$	2,136
Liabilities:
Accrued expenses and other current liabilities	$	—	$	5,306
Other long-term liabilities		—		147
Total net liabilities	$	—	$	5,453

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


			Realized and								Change in Unrealized		Location of Realized
			Unrealized Gains								Gains Relating to		and Unrealized
			(Losses)								Assets and Liabilities		Gains (Losses)
	Beginning		Included in					Transfers	End		that are Held at		Included in
	of Period		Earnings		Settlements		into Level 3		of Period		End of Period		Earnings
2014
Assets:
Commodity contracts	$	—	$	12,702	$	8,969	$	417	$	4,150	$	4,150	Revenue
Liabilities:
Commodity contracts	$	—	$	(1,439)	$	86	$	—	$	(1,353)	$	(1,353)	Cost of revenue
2013
Liabilities:
Commodity contracts	$	—	$	(20)	$	20	$	—	$	—	$	—	Cost of revenue

Business Segments, Geographic Information, and Major Customers (Tables)

12 Months Ended

Dec. 31, 2014

Business Segments, Geographic Information, and Major Customers

Schedule of revenue, gross profit, income from operations, depreciation and amortization and capital expenditures by segment


	For the Year ended December 31,
	2014		2013		2012
Revenue:
Aviation segment	$	17,268,834	$	16,087,611	$	14,692,042
Marine segment		13,843,307		14,790,342		14,750,425
Land segment		12,274,248		10,683,994		9,502,871
	$	43,386,389	$	41,561,947	$	38,945,338
Gross profit:
Aviation segment	$	321,596	$	327,178	$	294,601
Marine segment		205,612		177,052		208,028
Land segment		286,414		248,528		170,818
	$	813,622	$	752,758	$	673,447
Income from operations:
Aviation segment	$	142,303	$	150,886	$	128,153
Marine segment		90,029		73,770		103,229
Land segment		90,335		84,767		75,291
		322,667		309,423		306,673
Corporate overhead – unallocated		53,519		45,065		49,650
	$	269,148	$	264,358	$	257,023
Depreciation and amortization:
Aviation segment, includes allocation from corporate	$	15,419	$	15,854	$	17,381
Marine segment, includes allocation from corporate		5,559		5,362		5,387
Land segment, includes allocation from corporate		34,684		20,861		10,406
Corporate		3,737		2,633		3,540
	$	59,399	$	44,710	$	36,714
Capital expenditures:
Aviation segment	$	9,017	$	5,737	$	4,713
Marine segment		13,854		17,326		8,981
Land segment		15,962		54,360		7,243
Corporate		12,948		5,293		7,517
	$	51,781	$	82,716	$	28,454

Schedule of accounts receivable, net and total assets by segment


	As of December 31,
	2014		2013
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $7,864 and $9,351 as of December 31, 2014 and 2013, respectively	$	686,496	$	771,178
Marine segment, net of allowance for bad debt of $8,434 and $9,845 as of December 31, 2014 and 2013, respectively		974,041		1,205,005
Land segment, net of allowance for bad debt of $9,394 and $9,992 as of December 31, 2014 and 2013, respectively		647,315		562,459
	$	2,307,852	$	2,538,642
Goodwill:
Aviation segment	$	178,143	$	115,507
Marine segment		73,068		69,088
Land segment		404,867		298,996
	$	656,078	$	483,591
Identifiable intangible assets, net:
Aviation segment	$	67,142	$	31,632
Marine segment		7,196		5,730
Land segment		139,253		129,840
	$	213,591	$	167,202
Total assets:
Aviation segment	$	1,635,371	$	1,686,437
Marine segment		1,483,077		1,536,817
Land segment		1,570,623		1,304,436
Corporate		190,909		211,587
	$	4,879,980	$	4,739,277

Schedule of revenue, income from operations, non-current assets and total assets by geographic segment


	For the Year ended December 31,
	2014		2013		2012
Revenue:
United States	$	21,514,304	$	21,149,175	$	20,216,891
EMEA (1)		8,612,751		7,017,479		7,247,754
Asia/Pacific (2)		9,844,682		10,215,412		8,404,324
Americas, excluding United States		3,414,652		3,179,881		3,076,369
Total	$	43,386,389	$	41,561,947	$	38,945,338
Income from operations:
United States	$	52,226	$	49,874	$	67,041
EMEA		121,660		109,650		82,964
Asia/Pacific		74,737		70,547		71,054
Americas, excluding United States		20,525		34,287		35,964
Total	$	269,148	$	264,358	$	257,023


	As of December 31,
	2014		2013
Non-current assets:
United States	$	549,521	$	560,623
EMEA		591,481		319,339
Asia/Pacific		12,351		2,050
Americas, excluding United States		51,784		41,764
Total	$	1,205,137	$	923,776
Total assets:
United States	$	1,909,541	$	2,239,479
EMEA		1,695,200		1,347,020
Asia/Pacific		922,705		817,887
Americas, excluding United States		352,534		334,891
Total	$	4,879,980	$	4,739,277

(1)

Includes revenue related to the United Kingdom of $6.2 billion, $5.0 billion and $5.2 billion for 2014, 2013 and 2012, respectively.

(2)

Includes revenue related to Singapore of $9.7 billion, $10.1 billion and $8.4 billion for 2014, 2013 and 2012, respectively.

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Details) $ / shares in Units, $ in Thousands, £ in Millions			3 Months Ended	10 Months Ended		12 Months Ended
	Mar. 07, 2014 GBP (£)	Mar. 07, 2014 USD ($)	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2014 GBP (£)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 USD ($) item $ / shares $ / bbl bbl	Dec. 31, 2013 USD ($) location $ / shares	Dec. 31, 2012 USD ($) item	Dec. 31, 2014 USD ($)	Jul. 29, 2014 location	Mar. 07, 2014 USD ($)	Sep. 01, 2012 item
Estimated purchase price of acquisition
Less: Promissory notes issued						$ 9,000	$ 3,000	$ 7,200
Reduction in goodwill						(411)	2,006
Assets acquired:
Goodwill							483,591	470,506	$ 656,078
Liabilities assumed:
Escrow payment related to an assumed obligation of an acquired business						21,724
Other Investments
Investments made during the period						18,000
Proceeds from the sale of crude oil joint venture interests						$ 43,000
Sale of crude oil interests, future contingent payments ("operational overrides"), price per barrel \| $ / bbl						22.5
Maximum barrels per day used in the calculation of the future contingent payments to be recognized from the sale of crude oil joint venture interests. \| bbl						80,000
Discount rate to determine present value of future contingent payments (as a percent)						9.00%
Present value of the maximum operational overrides									49,200
Gain on sale of crude oil joint venture interests						$ 18,082
Gain on sale of crude oil joint venture interest, net of tax and related operating expenses			$ 9,900			$ 9,900
Per share impact on the gain on sale of joint venture interests, net of tax and related operating expenses \| $ / shares			$ 0.14			$ 0.14
Other investments							83,800		69,500
Extinguishment of Liability
Derecognized vendor liability accruals amount						$ 5,300	8,500	11,200
Foreign Currency
Net foreign currency transaction losses						1,000	2,800
Net foreign currency transaction gain								100
Net foreign currency translation adjustment losses						(30,896)	(13,189)	(9,606)
Cumulative foreign currency translation adjustment losses							29,300		60,100
Land Segment
Estimated purchase price of acquisition
Reduction in goodwill						(411)	8,506
Assets acquired:
Goodwill							298,996	291,243	404,867
Marine segment
Assets acquired:
Goodwill							69,088	69,931	73,068
Aviation Segment
Estimated purchase price of acquisition
Reduction in goodwill							(6,500)
Assets acquired:
Goodwill							115,507	$ 109,332	178,143
2014 Acquisitions
Estimated purchase price of acquisition
Estimated purchase price						296,962
Less: Cash acquired						20,232
Estimated purchase price, net of cash acquired						276,730
Less: Promissory notes issued						9,000
Less: Amounts due to sellers						12,228
Cash paid for acquisition of businesses						255,502
Assets acquired:
Cash and cash equivalents									20,232
Accounts receivable									259,475
Inventories									14,412
Property and equipment									55,172
Identifiable intangible assets									78,889
Goodwill									180,683
Other current and long-term assets									22,456
Liabilities assumed:
Accounts payable									(247,579)
Accrued expenses and other current liabilities									(51,579)
Other long-term liabilities									(15,751)
Initial noncontrolling interest upon acquisition of businesses									(19,448)
Estimate purchase price									296,962
Goodwill anticipated to be deductible for tax purposes									21,200
Pro forma results
Revenue						44,071,793	44,098,881
Net income attributable to World Fuel						$ 226,608	$ 216,429
Earnings per common share:
Basic (in dollars per share) \| $ / shares						$ 3.20	$ 3.04
Diluted (in dollars per share) \| $ / shares						$ 3.18	$ 3.01
2014 Acquisitions \| Trademark/Trade name rights
Assets acquired:
Identifiable intangible assets									10,900
2014 Acquisitions \| Customer relationships
Assets acquired:
Identifiable intangible assets											$ 54,000
Liabilities assumed:
Weighted average amortizable lives of identifiable intangible assets						4 years 10 months 24 days
2014 Acquisitions \| Other
Assets acquired:
Identifiable intangible assets											14,000
Liabilities assumed:
Weighted average amortizable lives of identifiable intangible assets						5 years 7 months 6 days
2014 Acquisitions \| Marine segment
Acquisitions
Number of acquisitions \| item						1
2014 Acquisitions \| Aviation Segment
Acquisitions
Number of acquisitions \| item						2
2014 Acquisitions \| Watson Petroleum
Liabilities assumed:
Escrow payment related to an assumed obligation of an acquired business	£ 13.0	$ 21,700
Amounts due to sellers	£ 3.2			£ 5.3					$ 8,300		$ 5,400
Additional estimated amounts due to seller				£ 2.1	$ 3,500
2014 Acquisitions \| Colt
Acquisitions
Number of locations \| location										3,000
2013 Acquisitions
Estimated purchase price of acquisition
Estimated purchase price							$ 43,792
Less: Cash acquired							3,335
Estimated purchase price, net of cash acquired							40,457
Less: Promissory notes issued							3,000
Cash paid for acquisition of businesses							37,457
Assets acquired:
Cash and cash equivalents							3,335
Accounts receivable							31,287
Inventories							8,839
Property and equipment							3,901
Identifiable intangible assets							13,548
Goodwill							16,489
Other current and long-term assets							2,717
Liabilities assumed:
Accounts payable							(29,631)
Accrued expenses and other current liabilities							(3,582)
Other long-term liabilities							(3,111)
Estimate purchase price							$ 43,792
2013 Acquisitions \| Land Segment
Acquisitions
Number of acquisitions \| location							3
2012 Acquisitions
Acquisitions
Number of acquisitions \| item								3
Estimated purchase price of acquisition
Estimated purchase price								$ 226,449
Less: Cash acquired								12,793
Estimated purchase price, net of cash acquired								213,656
Less: Promissory notes issued								7,214
Less: Amounts due to sellers								75
Cash paid for acquisition of businesses								206,367
Reduction in goodwill							$ 2,000
Decrease in identifiable intangible assets							3,300
Decrease in other acquired assets							900
Increase in assumed liabilities							400
Amounts paid to sellers							$ 17,500
Assets acquired:
Cash and cash equivalents								12,793
Accounts receivable								134,966
Inventories								7,311
Property and equipment								10,323
Identifiable intangible assets								87,150
Goodwill								121,188
Other current and long-term assets								4,851
Liabilities assumed:
Accounts payable								(130,297)
Accrued expenses and other current liabilities								(18,321)
Other long-term liabilities								(3,515)
Estimate purchase price								$ 226,449
2012 Acquisitions \| Aviation Segment
Acquisitions
Number of acquisitions \| item								2
2012 Acquisitions \| Multi Service Corporation
Acquisitions
Minimum number of truck stops for global fuel procurement and commercial payment programs \| item								3,500
2012 Acquisitions \| Carter Energy Corporation
Acquisitions
Minimum number of retail operators, to whom, acquired company distributes gasoline and diesel fuel \| item												700

Derivatives (Details) - 12 months ended Dec. 31, 2014 € in Thousands, ₨ in Thousands, ¥ in Thousands, £ in Thousands, zł in Thousands, kr in Thousands, kr in Thousands, bbl in Thousands, SFr 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 $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $ bbl	SGD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	RON ( ) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	PLN (zł) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	NOK (kr) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	MXN ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	JPY (¥) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	INR (₨) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	EUR (€) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	DKK (kr) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	COP ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	CLP ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	CHF (SFr) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	BRL (R$) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	AUD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	CAD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	GBP (£) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $	USD ($) $ / bbl $ / R $ / $ $ / $ / zł $ / kr $ / $ $ / ¥ $ / ₨ $ / £ $ / € $ / kr $ / $ $ / $ $ / SFr $ / $ $ / R$ $ / $
Derivatives designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Amount																		$ 21,912
Derivatives designated as hedging instruments \| Fair value hedges \| Long \| 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	305
Weighted Average Fixed Price \| $ / bbl	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110	74.110
Weighted Average Mark-to-Market \| $ / bbl	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)	(3.203)
Fair Value Amount																		$ (977)
Derivatives designated as hedging instruments \| Fair value hedges \| Short \| 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	4,977
Weighted Average Fixed Price \| $ / bbl	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510	77.510
Weighted Average Mark-to-Market \| $ / bbl	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599	4.599
Fair Value Amount																		$ 22,889
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	34,192
Weighted Average Fixed Price \| $ / bbl	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693	62.693
Weighted Average Mark-to-Market \| $ / bbl	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)	(15.594)
Fair Value Amount																		$ (533,192)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	1,131
Weighted Average Fixed Price \| $ / bbl	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989	89.989
Weighted Average Mark-to-Market \| $ / bbl	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)	(23.195)
Fair Value Amount																		$ (26,234)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	92
Weighted Average Fixed Price \| $ / bbl	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463	46.463
Weighted Average Mark-to-Market \| $ / bbl	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)	(6.696)
Fair Value Amount																		$ (616)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2018
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	1
Weighted Average Fixed Price \| $ / bbl	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922	25.922
Weighted Average Mark-to-Market \| $ / bbl	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)	(4.000)
Fair Value Amount																		$ (4)
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2015
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	27,013
Weighted Average Fixed Price \| $ / bbl	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370	83.370
Weighted Average Mark-to-Market \| $ / bbl	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735	20.735
Fair Value Amount																		$ 560,114
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	722
Weighted Average Fixed Price \| $ / bbl	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497	85.497
Weighted Average Mark-to-Market \| $ / bbl	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734	17.734
Fair Value Amount																		$ 12,804
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	109
Weighted Average Fixed Price \| $ / bbl	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430	54.430
Weighted Average Mark-to-Market \| $ / bbl	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743	7.743
Fair Value Amount																		$ 844
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2018
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	11
Weighted Average Fixed Price \| $ / bbl	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997	83.997
Weighted Average Mark-to-Market \| $ / bbl	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636	21.636
Fair Value Amount																		$ 238
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| AUD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts															$ 28,783
Weighted Average Mark-to-Market \| $ / $	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005	0.005
Fair Value Amount																		$ 158
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| AUD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850	0.850
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| BRL
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R$														R$ 471
Weighted Average Mark-to-Market \| $ / R$	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)	(0.013)
Fair Value Amount																		$ (6)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| BRL \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / R$	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580	2.580
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| CLP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts												$ 4,764,256
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	0.000
Fair Value Amount																		$ 27
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| CLP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490	602.490
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| MXN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts						$ 2,382,533
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	0.000
Fair Value Amount																		$ (321)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2015 \| MXN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920	13.920
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| CAD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																$ 61,577
Weighted Average Mark-to-Market \| $ / $	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	0.020
Fair Value Amount																		$ 1,215
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| CAD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140	1.140
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| CHF
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| SFr													SFr 112
Weighted Average Mark-to-Market \| $ / SFr	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036	0.036
Fair Value Amount																		$ 4
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| CHF \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / SFr	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960	0.960
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| COP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts											$ 31,884,747
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	0.000
Fair Value Amount																		$ 408
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| COP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000	2,174.000
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| DKK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr										kr 126,778
Weighted Average Mark-to-Market \| $ / kr	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	0.001
Fair Value Amount																		$ 64
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| DKK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950	5.950
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| EUR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| €									€ 77,278
Weighted Average Mark-to-Market \| $ / €	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	0.019
Fair Value Amount																		$ 1,464
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| EUR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / €	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250	1.250
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £																	£ 208,786
Weighted Average Mark-to-Market \| $ / £	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023	0.023
Fair Value Amount																		$ 4,903
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| GBP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| INR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ₨								₨ 135,879
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	0.000
Fair Value Amount																		$ 24
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| INR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ₨	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040	63.040
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| JPY
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ¥							¥ 1,390,740
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	0.000
Fair Value Amount																		$ 295
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| JPY \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ¥	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080	113.080
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| NOK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr					kr 214,957
Weighted Average Mark-to-Market \| $ / kr	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	0.001
Fair Value Amount																		$ 253
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| NOK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720	6.720
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| PLN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| zł				zł 7,912
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	0.016
Fair Value Amount																		$ 125
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| PLN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / zł	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400	3.400
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| RON
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \|			32,891
Weighted Average Mark-to-Market \| $ /	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014	0.014
Fair Value Amount																		$ 452
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| RON \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ /	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570	3.570
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| SGD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts		$ 46,921
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	0.004
Fair Value Amount																		$ 176
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2015 \| SGD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $	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	1.300
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 78,298
Weighted Average Mark-to-Market \| $ / R	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	0.001
Fair Value Amount																		$ 41
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	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310	11.310
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £																	£ 8,325
Weighted Average Mark-to-Market \| $ / £	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055	0.055
Fair Value Amount																		$ 459
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| GBP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620	1.620
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2017 \| GBP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £																	£ 1,400
Weighted Average Mark-to-Market \| $ / £	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	0.033
Fair Value Amount																		$ 46
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2017 \| GBP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610	1.610

Shareholders' Equity (Details 4) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
RSUs
Awards Outstanding
Balance at the beginning of the period (in shares)	747	981	901
Granted (in shares)	310	98	369
Issued (in shares)	(238)	(287)	(275)
Forfeited (in shares)	(34)	(45)	(14)
Balance at the end of the period (in shares)	785	747	981	901
Balance at the beginning of the period (in dollars per share)	$ 35.61	$ 34.06	$ 25.59
Granted (in dollars per share)	44.34	40.59	40.98
Issued (in dollars per share)	36.67	32.00	16.12
Forfeited (in dollars per share)	40.25	35.92	30.74
Balance at the end of the period (in dollars per share)	$ 38.55	$ 35.61	$ 34.06	$ 25.59
Aggregate Intrinsic Value	$ 36,872	$ 31,775	$ 39,888	$ 37,373
Weighted Average Remaining Vesting Term	1 year 6 months	1 year 3 months 18 days	1 year 6 months	1 year 8 months 12 days
Aggregate intrinsic value of awards issued	$ 10,100	$ 11,300	$ 11,600
SSAR Awards
Awards Outstanding
Balance at the beginning of the period (in shares)	272	422	517
Granted (in shares)		218
Issued (in shares)	0		0
Exercised (in shares)	(36)	(366)	(95)
Forfeited (in shares)	(4)	(2)
Balance at the end of the period (in shares)	232	272	422	517
Balance at the beginning of the period (in dollars per share)	$ 37.69	$ 15.30	$ 15.06
Granted (in dollars per share)		41.42
Exercised (in dollars per share)	22.26	14.07	16.76
Forfeited (in dollars per share)	40.91	37.34
Balance at the end of the period (in dollars per share)	$ 40.06	$ 37.69	$ 15.30	$ 15.06
Aggregate Intrinsic Value	$ 1,595	$ 1,594	$ 10,927	$ 13,921
Weighted Average Remaining Vesting Term	3 years	3 years 7 months 6 days	7 months 6 days	1 year 4 months 24 days
SSAR Awards Exercisable
SSAR Awards (in shares)	54	56	322	410
Weighted Average Exercise Price (in dollars per share)	$ 35.81	$ 23.25	$ 16.02	$ 15.39
Aggregate Intrinsic Value	$ 600	$ 1,124	$ 8,108	$ 10,895
Weighted Average Remaining Contractual Life	2 years 2 months 12 days	1 year	8 months 12 days	1 year 4 months 24 days
Aggregate intrinsic value of SSAR Awards exercised	$ 800	$ 9,100	$ 2,100
Assumptions used to determine weighted average fair value
Weighted average fair value of SSAR Awards (in dollars per share)		$ 11.65
Expected term		4 years 1 month 6 days
Volatility (as a percent)		38.00%
Dividend yields (as a percent)		0.40%
Risk-free interest rates (as a percent)		0.60%

Income Taxess (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxess (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
U.S. and foreign income before income taxes
United States	$ 56,575	$ 31,823	$ 49,021
Foreign	212,976	214,842	190,574
Income before income taxes	269,551	246,665	239,595
Current:
U.S. federal statutory tax	14,829	8,167	6,858
State	2,540	1,822	938
Foreign	22,016	36,254	24,649
Total current income tax provision (benefit)	39,385	46,243	32,445
Deferred:
U.S. federal statutory tax	10,707	2,171	7,642
State	2,674	566	1,380
Foreign	(3,030)	(10,980)	643
Total deferred income (loss) before income taxes	10,351	(8,243)	9,665
Non-current tax expense (income)	1,408	1,505	(3,866)
Income tax provision	$ 51,144	$ 39,505	$ 38,244
Reconciliation of U.S. federal statutory income tax rate to effective income tax rate
U.S. federal statutory tax rate (as a percent)	35.00%	35.00%	35.00%
Foreign earnings, net of foreign taxes (as a percent)	(18.20%)	(18.70%)	(16.70%)
State income taxes, net of U.S. federal income tax benefit (as a percent)	1.30%	0.60%	0.60%
Other permanent differences (as a percent)	0.90%	(0.90%)	(2.90%)
Effective income tax rate (as a percent)	19.00%	16.00%	16.00%
Effective income tax rate, excluding gain on sale of crude oil joint venture interests (as a percent)	17.70%
Earnings attributable to foreign subsidiaries	$ 1,300,000	$ 1,100,000
Amount of income tax liability accrued	$ 0	$ 0

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Gross Deferred Tax Assets:
Bad debt reserve	$ 5,465	$ 6,426
Net operating loss	4,819	774
Accrued and other shared-based compensation	21,654	21,393
Accrued expenses	8,606	10,032
Unrealized derivative losses		558
Customer deposits	6,095	5,149
Installment sale	6,592
Unrealized foreign exchange	7,577	6,082
Total gross deferred tax assets	60,808	50,414
Gross deferred tax assets, net of valuation allowance	60,808	50,414
Deferred Tax Liabilities:
Depreciation	(13,133)	(19,199)
Goodwill and intangible assets	(45,294)	(28,099)
Prepaid expenses, deductible for tax purposes	(4,519)	(3,452)
Unrealized derivatives	(8,188)
Other	(1,248)	(740)
Gross deferred tax liabilities	(72,382)	(51,490)
Net deferred tax liabilities	(11,574)	(1,076)
Reported on the consolidated balance sheets as:
Other current assets for deferred tax assets, current	22,825	32,118
Identifiable intangible and other non-current assets for deferred tax assets, non-current	15,555	16,342
Accrued expenses and other current liabilities for deferred tax liabilities, current	492	3,229
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$ 49,462	$ 46,307

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	$ 695,223	$ 59,940
Netting and collateral, asset	(379,954)	(42,333)
Total, inventories asset		1,483
Total Assets	317,493	19,090
Derivative liability	649,570	57,818
Netting and collateral, liability	(607,535)	(37,679)
Total, inventories liability	22,889
Total Liabilities	64,924	20,139
Debt	689,868	463,711
Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	173,688	11,574
Subtotal Liabilities	306,360	14,032
Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Inventories asset		1,483
Subtotal Assets	519,609	49,849
Inventories liability	22,889
Subtotal Liabilities	364,746	43,786
Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	4,150
Subtotal Liabilities	1,353
Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	2,224
Cash surrender value of life insurance \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	2,224
Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Inventories asset		1,483
Subtotal Assets	697,447	61,423
Inventories liability	22,889
Subtotal Liabilities	672,459	57,818
Fair value measured on recurring basis \| Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	689,900	463,700
Notes receivable	7,000	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	2,224
Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Netting and collateral, derivative asset	(367,984)	(35,983)
Total, derivative asset	305,482	15,471
Netting and collateral, derivative liability	(595,565)	(31,329)
Total, derivative liability	42,035	14,686
Commodity contracts \| Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	173,688	11,574
Derivative liability	306,360	14,032
Commodity contracts \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	495,628	39,880
Derivative liability	329,887	31,983
Commodity contracts \| Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	4,150
Derivative liability	1,353
Commodity contracts \| Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	673,466	51,454
Derivative liability	637,600	46,015
Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Netting and collateral, derivative asset	(11,970)	(6,350)
Total, derivative asset	9,787	2,136
Netting and collateral, derivative liability	(11,970)	(6,350)
Total, derivative liability		5,453
Foreign currency contracts \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	21,757	8,486
Derivative liability	11,970	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	21,757	8,486
Derivative liability	$ 11,970	$ 11,803

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 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	72,082	71,883
Common stock, shares outstanding	72,082	71,883

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Shareholders' Equity
Issuance of common stock related to share-based payment awards, income tax benefit	$ 1,028	$ 3,301	$ 3,681

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands, £ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2014 GBP (£)	Nov. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 GBP (£)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 GBP (£)	Dec. 31, 2012 USD ($)	Nov. 30, 2014 USD ($)
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid			$ 2,600		$ 2,600
Accrued capital expenditures			3,400		1,800
Escrow account utilized for payment of assumed pension exit obligation	£ 8.8	$ 13,800
Escrow account balance	£ 13.0							$ 21,700
Reduction in net assets					44,200
Reduction in noncontrolling interest equity					25,574
Increase in other investments					25,600
Portion of equity awards granted that was previously recorded in accrued expenses and other current liabilities							$ 2,700
Current liability and other investments recorded related to contingent consideration				£ 2.0	2,800	£ 10.0	16,300
Aggregate amount of contingent consideration paid				£ 12.0	19,100
Assets acquired, net of cash			610,963		77,164		366,230
Liabilities assumed			314,785		36,765		151,816
Promissory notes issued for acquisition			$ 9,000		$ 3,000		$ 7,200

Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts receivable
Accounts receivable, net of allowance	$ 2,307,852	$ 2,538,642
Allowance for bad debt
Activities in allowance for bad debt
Balance as of beginning of period	29,188	23,719	$ 24,301
Charges to provision for bad debt	3,757	11,745	4,790
Write-off of uncollectible accounts receivable	(8,074)	(6,940)	(6,025)
Recoveries of bad debt	821	664	653
Balance as of end of period	$ 25,692	$ 29,188	$ 23,719

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Amount of property and equipment
Property and Equipment gross	$ 309,507	$ 214,022
Accumulated depreciation and amortization	106,791	84,337
Property and equipment, net	202,716	129,685
Depreciation expense	30,300	22,000	$ 18,600
Land
Amount of property and equipment
Property and Equipment gross	17,333	4,653
Buildings and Leasehold improvements
Amount of property and equipment
Property and Equipment gross	$ 43,356	20,299
Buildings and Leasehold improvements \| Minimum
Amount of property and equipment
Estimated Useful Lives	3 years
Buildings and Leasehold improvements \| Maximum
Amount of property and equipment
Estimated Useful Lives	40 years
Office equipment, furniture and fixtures
Amount of property and equipment
Property and Equipment gross	$ 13,636	8,629
Office equipment, furniture and fixtures \| Minimum
Amount of property and equipment
Estimated Useful Lives	3 years
Office equipment, furniture and fixtures \| Maximum
Amount of property and equipment
Estimated Useful Lives	10 years
Computer equipment and software costs
Amount of property and equipment
Property and Equipment gross	$ 102,713	88,077
Computer equipment and software costs \| Minimum
Amount of property and equipment
Estimated Useful Lives	3 years
Computer equipment and software costs \| Maximum
Amount of property and equipment
Estimated Useful Lives	10 years
Machinery, equipment and vehicles
Amount of property and equipment
Property and Equipment gross	$ 132,469	92,364
Machinery, equipment and vehicles \| Minimum
Amount of property and equipment
Estimated Useful Lives	3 years
Machinery, equipment and vehicles \| Maximum
Amount of property and equipment
Estimated Useful Lives	40 years
Computer software costs
Computer software costs
Computer software costs	$ 76,870	67,366
Accumulated amortization	45,234	35,499
Computer software costs, net	31,636	31,867
Amortization expense related to computer software costs	9,800	7,800	$ 7,200
Software development in progress
Computer software costs
Computer software costs	4,700	6,000
Capital leases
Amount of property and equipment
Property and Equipment gross	17,658	5,268
Accumulated depreciation and amortization	5,484	1,869
Property and equipment, net	$ 12,174	$ 3,399

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Net income attributable to World Fuel	$ 67,134	$ 55,660	$ 48,226	$ 50,727	$ 51,862	$ 51,472	$ 51,016	$ 48,725	$ 221,747	$ 203,075	$ 189,345
Denominator:
Weighted average common shares for basic earnings per common share									70,750	71,224	71,154
Effect of dilutive securities (in shares)									573	576	663
Weighted average common shares for diluted earnings per common share									71,323	71,800	71,817
Weighted average securities which are not included in the calculation of diluted earnings per common share (in shares)									881	594	603
Basic earnings per common share (in dollars per share)	$ 0.95	$ 0.79	$ 0.68	$ 0.72	$ 0.73	$ 0.72	$ 0.71	$ 0.68	$ 3.13	$ 2.85	$ 2.66
Diluted earnings per common share (in dollars per share)	$ 0.94	$ 0.78	$ 0.68	$ 0.71	$ 0.73	$ 0.72	$ 0.71	$ 0.68	$ 3.11	$ 2.83	$ 2.64

Derivatives (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	$ 695,223	$ 59,940
Derivative liability	649,570	57,818
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	23,553	735
Derivative liability	1,641	1,544
Derivatives designated as hedging instruments \| Commodity contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	18,844	735
Derivative liability	978	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	4,709
Derivative liability	663
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	671,670	59,205
Derivative liability	647,929	56,274
Derivatives not designated as hedging instruments \| Commodity contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	398,924	47,062
Derivative liability	76,103	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	12,063	1,642
Derivative liability	594	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	234,077	1,141
Derivative liability	529,976	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	4,849	874
Derivative liability	29,286	1,228
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	21,244	5,003
Derivative liability	11,961	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	513
Derivative liability	$ 9
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		3,483
Derivative liability		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	12 Months Ended
Derivatives (Details 3) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gain (loss) on derivative
Gains or losses that were excluded from the assessment of the effectiveness of fair value hedges	$ 0	$ 0	$ 0
Derivative, credit-risk related contingent features
Net liability position	111,700
Collateral posted	89,400
Additional assets required to be posted should credit-risk contingent feature be triggered	22,300
Derivatives designated as hedging instruments \| Fair value hedges
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	132,199	2,685	(20,869)
Realized and Unrealized Gain (Loss) on Hedged Item	(150,943)	3,059	24,510
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge			265
Realized and Unrealized Gain (Loss) on Hedged Item			(201)
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts one \| Cost of revenue.
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge			(1,417)
Realized and Unrealized Gain (Loss) on Hedged Item			739
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts two \| Cost of revenue.
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	132,199	2,685	(19,717)
Realized and Unrealized Gain (Loss) on Hedged Item	(150,943)	3,059	23,972
Derivatives not designated as hedging instruments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	83,641	15,976	13,645
Derivatives not designated as hedging instruments \| Commodity contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	64,485	25,420	14,967
Derivatives not designated as hedging instruments \| Commodity contracts \| Cost of revenue.
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	2,239	(5,391)	3,333
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	4,286	(55)	(2,384)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other income (expense), net
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	$ 12,631	$ (3,998)	$ (2,271)

Debt (Details) - USD ($) $ in Millions		12 Months Ended
Debt (Details) - USD ($) $ in Millions	Jan. 30, 2015	Dec. 31, 2014	Jan. 29, 2015	Dec. 31, 2013
Credit facility
Debt
Maximum borrowing capacity	$ 1,260.0		$ 1,100.0
Amount outstanding		$ 420.0		$ 200.0
Maximum additional borrowings available at the entity's request subject to satisfaction of certain conditions		150.0
Unused portion of facility		$ 665.2		892.6
Commitment fee on the unused portion of the credit facility (as a percent)		0.30%
Credit facility \| Base rate
Debt
Basis points added to reference rate (as a percent)		1.25%
Credit facility \| Eurodollar rate
Debt
Basis points added to reference rate (as a percent)		2.25%
Letters of credit and bankers' acceptances
Debt
Maximum borrowing capacity		$ 400.0
Letters of credit fees (as a percent)		2.50%
Letters of credit, outstanding amount		$ 14.8		7.4
Term Loans
Debt
Increase in borrowings	100.0
Amount outstanding	$ 341.3	$ 241.3		242.5
Term Loans \| Base rate
Debt
Basis points added to reference rate (as a percent)		1.25%
Term Loans \| Eurodollar rate
Debt
Basis points added to reference rate (as a percent)		2.25%
Other uncommitted credit lines
Debt
Letters of credit, outstanding amount		$ 211.4		$ 150.6

Debt (Details 2) - USD ($) $ in Thousands	12 Months Ended
Debt (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debt
Total debt	$ 689,868	$ 463,711
Short-term debt	17,914	14,647
Long term-debt	$ 671,954	$ 449,064
Weighted average interest rate (as a percent)	2.20%	2.10%
Aggregate annual maturities of debt
2015	$ 17,914
2016	18,042
2017	20,833
2018	631,901
2019	770
Thereafter	408
Interest income, expense and other financing costs
Interest income	5,993	$ 3,882	$ 908
Interest expense and other financing costs	(31,230)	(21,169)	(20,005)
Interest expense and other financing costs, net	(25,237)	(17,287)	$ (19,097)
Credit facility
Debt
Total debt	420,000	200,000
Term Loans
Debt
Total debt	241,288	242,500
Acquisition promissory notes
Debt
Total debt	$ 12,635	13,403
Interest rate (as a percent)	1.20%
Other
Debt
Total debt	$ 15,945	$ 7,808
Interest rate, minimum (as a percent)	2.20%
Interest rate, maximum (as a percent)	6.30%

Commitments and Contingencies (Details 2) - USD ($)	1 Months Ended	12 Months Ended
Commitments and Contingencies (Details 2) - USD ($)	May 31, 2014	Dec. 31, 2014
Agreements with Executive Officers and Key Employees
Future minimum commitments under agreements with executive officers and key employees
2015		$ 5,815,000
2016		1,540,000
2017		750,000
2018		2,250,000
Total		10,355,000
Kasbar agreement
Loss contingencies
Annual base salary		$ 750,000
Term of extension in expiration period under the specified condition		1 year
Minimum period prior to expiration of the term for serving specified notice to prevent extension of the agreement term		1 year
Severance payment for termination following a change of control		$ 5,000,000
Severance payment for termination following other scenarios		$ 3,000,000
Period for severance payment after termination of executive's employment		2 years
Stebbins agreement
Executive Non-renewal Charge
Charges in connection with the non-renewal of agreement	$ 4,800,000
Non-cash expenses related to stock award compensation	$ 1,100,000
Accrued expenses and other current liabilities \| Stebbins agreement
Executive Non-renewal Charge
Unpaid amount of cash portion of the executive non-renewal charge		$ 900,000
Other long-term liabilities \| Stebbins agreement
Executive Non-renewal Charge
Unpaid amount of cash portion of the executive non-renewal charge		$ 2,300,000

Commitments and Contingencies (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
U.S. defined contribution plan
Deferred Compensation Plans
Employer match for each 1% of the participants contributions up to 6% of the participants contributions (as a percent)	50.00%
Percentage of eligible compensation up to 6% of the eligible compensation, matched 50% by employer	1.00%
Employer contribution limit per calendar year (as a percent of compensation)	6.00%
NQDC plan
Deferred Compensation Plans
Deferred compensation payable	$ 2.3	$ 0.9

Commitments and Contingencies (Details 4) - Watson Plan £ in Millions, $ in Millions	Dec. 31, 2014 GBP (£)	Dec. 31, 2014 USD ($)	Mar. 07, 2014 GBP (£)	Mar. 07, 2014 USD ($)
Defined benefit pension plan
Assumed pension exit obligation			£ 9.8	$ (16.3)
Estimated benefit obligation	£ 32.0	$ (49.8)
Accrued expenses and other current liabilities
Defined benefit pension plan
Assumed pension exit obligation	£ 1.0	$ (1.5)

Commitments and Contingencies (Details 5) $ in Millions, $ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2014 USD ($)	Jan. 31, 2014 CAD ($)	Jan. 31, 2014 USD ($)	Dec. 31, 2013 item	Jul. 06, 2013 bbl
Legal Matters
Number of complaints filed \| item				20
Estimated amount recoverable due to theft of fuel product	$ 18.0
Derailment of freight train
Legal Matters
Volume of crude oil (in barrels) \| bbl					50,000
Minimum firm commitments from certain third parties of settlement of funds		$ 200.0	$ 170.0
Liabilities recorded based on estimated losses	40.9
Receivables for portion of liability recoverable from insurance	38.6
Derailment of freight train \| Accrued expenses and other current liabilities
Legal Matters
Liabilities recorded based on estimated losses	14.8
Derailment of freight train \| Other current assets
Legal Matters
Receivables for portion of liability recoverable from insurance	$ 28.9
DPM
Legal Matters
Membership interest in joint venture (as a percent)	50.00%
Sale of joint venture interest (as a percent)	50.00%
DPTS
Legal Matters
Membership interest in joint venture (as a percent)	50.00%
Sale of joint venture interest (as a percent)	50.00%
DAKP \| Derailment of freight train
Legal Matters
Indemnification of costs and expenses, maximum amount	$ 10.0

Shareholders' Equity (Details 2) - 2006 Plan	Dec. 31, 2014 shares
Information pertaining to stock based awards
Common stock authorized for issuance (in shares)	4,900,000
Remaining shares of common stock available for future issuance	3,263,000
Restricted Stock
Information pertaining to stock based awards
Remaining shares of common stock available for future issuance	1,496,000
RSUs
Information pertaining to stock based awards
Remaining shares of common stock available for future issuance	785,000
SSAR Awards
Information pertaining to stock based awards
Remaining shares of common stock available for future issuance	232,000

Shareholders' Equity (Details 5) $ in Thousands	12 Months Ended
Shareholders' Equity (Details 5) $ in Thousands	Dec. 31, 2014 USD ($)
Shareholders' Equity
Period for recognition of unrecognized compensation cost related to unvested share-based payment awards	1 year 4 months 24 days
Unrecognized compensation cost expected to be recognized as compensation expense
2015	$ 14,438
2016	10,133
2017	2,889
2018	2,575
2019	561
Total	$ 30,596

Shareholders' Equity (Details 6) - USD ($) $ in Thousands	12 Months Ended
Shareholders' Equity (Details 6) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other comprehensive loss
Balance at the beginning of the period	$ (29,319)	$ (16,018)
Other comprehensive loss	(30,896)	(13,301)	$ (9,494)
Balance at the end of the period	(60,215)	(29,319)	(16,018)
Foreign Currency Translation Adjustments
Other comprehensive loss
Balance at the beginning of the period	(29,319)	(16,130)
Other comprehensive loss	(30,896)	(13,189)
Balance at the end of the period	$ (60,215)	(29,319)	(16,130)
Cash Flow Hedges
Other comprehensive loss
Balance at the beginning of the period		112
Other comprehensive loss		$ (112)
Balance at the end of the period			$ 112

Income Taxes (Details 3) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income taxes
Net operating loss carryforward		$ 4,819	$ 774
Foreign net operating losses		19,900	2,600
Foreign tax credits		0	0
Annual capital in excess of par value pool of windfall income tax benefits related to employee compensation		1,000	3,300
Period applicable for additional special income tax concession	5 years
Decrease in foreign income taxes due to special income tax concession in Singapore		$ 7,500	$ 6,200	$ 5,500
Impact of income tax concession on basic earnings per common share (in dollars per share)		$ 0.11	$ 0.09	$ 0.08
Impact of income tax concession on diluted earnings per common share (in dollars per share)		$ 0.1	$ 0.09	$ 0.08
December 31, 2016
Income taxes
Net operating loss carryforward		$ 73
December 31, 2021
Income taxes
Net operating loss carryforward		124
December 31, 2023
Income taxes
Net operating loss carryforward		189
December 31, 2024
Income taxes
Net operating loss carryforward		472
Indefinite
Income taxes
Net operating loss carryforward		$ 3,961

Income Taxes (Details 4) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 4) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes
Increase (decrease) in additional liabilities related to unrecognized tax liabilities	$ (2,100)	$ 4,100
Increase (decrease) in assets related to unrecognized tax assets	(4,500)	1,800
Decrease in Unrecognized Tax Liabilities related to a foreign currency translation expense	(500)	(100)
Unrecognized Tax Liabilities	33,000	36,200
Unrecognized Tax Assets	2,300	6,900
Reconciliation of total amounts of unrecognized income tax benefits
Unrecognized Tax Liabilities - opening balance	26,487	22,394	$ 25,574
Gross increases - tax positions in prior period	65	2,559
Gross decreases - tax positions in prior period	(2,833)	(39)	(7,659)
Gross increases - tax positions in current period	6,636	4,999	5,730
Settlements	(3,597)
Lapse of statute of limitations	(2,414)	(3,426)	(1,251)
Unrecognized Tax Liabilities - ending balance	24,344	26,487	22,394
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor	$ 22,000
Expected reduction in effective income tax rate if uncertain tax positions are settled by the taxing authorities in the entity's favor (as a percent)	8.20%
Interest and penalties expense
Interest related to unrecognized tax benefits, recorded as (income) expense	$ (600)	(600)	(700)
Penalties related to unrecognized tax benefits, recorded as income tax (income) expense	(300)	(300)	$ (1,500)
Accrued interest and penalties
Accrued interest related to unrecognized tax benefits	4,200	4,900
Accrued penalties related to unrecognized tax benefits	$ 4,500	$ 4,800

Fair Value Measurements (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Fair value measurement, additional disclosure
Cash collateral deposits held by financial counterparties	$ 301,000	$ 13,000
Cash collateral deposits held by financial counterparties, offset against liabilities	274,300
Cash collateral deposits held by financial counterparties, not offset	26,700
Cash collateral received from customers	46,700	4,700
Commodity contracts
Derivative instruments, at their respective fair value positions
Total net assets	305,482	15,471
Total net liabilities	42,035	14,686
Commodity contracts \| Short-term derivative assets, net
Derivative instruments, at their respective fair value positions
Total net assets	294,316	14,723
Commodity contracts \| Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	11,166	748
Commodity contracts \| Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	41,346	14,332
Commodity contracts \| Other long-term liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	689	354
Foreign currency contracts
Derivative instruments, at their respective fair value positions
Total net assets	9,787	2,136
Total net liabilities		5,453
Foreign currency contracts \| Short-term derivative assets, net
Derivative instruments, at their respective fair value positions
Total net assets	9,283	2,136
Foreign currency contracts \| Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	$ 504
Foreign currency contracts \| Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities		5,306
Foreign currency contracts \| Other long-term liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities		$ 147

Business Segments, Geographic Information and Major Customers (Details 2) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts receivable, net:
Accounts receivable, net	$ 2,307,852	$ 2,538,642
Goodwill:
Goodwill	656,078	483,591	$ 470,506
Identifiable intangible assets, net:
Identifiable intangible assets, net	213,591	167,202
Total assets:
Total assets	4,879,980	4,739,277
Aviation Segment
Accounts receivable, net:
Accounts receivable, net	686,496	771,178
Allowance for bad debt	7,864	9,351
Goodwill:
Goodwill	178,143	115,507	109,332
Identifiable intangible assets, net:
Identifiable intangible assets, net	67,142	31,632
Marine segment
Accounts receivable, net:
Accounts receivable, net	974,041	1,205,005
Allowance for bad debt	8,434	9,845
Goodwill:
Goodwill	73,068	69,088	69,931
Identifiable intangible assets, net:
Identifiable intangible assets, net	7,196	5,730
Land Segment
Accounts receivable, net:
Accounts receivable, net	647,315	562,459
Allowance for bad debt	9,394	9,992
Goodwill:
Goodwill	404,867	298,996	$ 291,243
Identifiable intangible assets, net:
Identifiable intangible assets, net	139,253	129,840
Operating Segments \| Aviation Segment
Total assets:
Total assets	1,635,371	1,686,437
Operating Segments \| Marine segment
Total assets:
Total assets	1,483,077	1,536,817
Operating Segments \| Land Segment
Total assets:
Total assets	1,570,623	1,304,436
Corporate
Total assets:
Total assets	$ 190,909	$ 211,587