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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Feb. 04, 2016	Jun. 30, 2015
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, 2015
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			$ 3,382,539,000
Entity Common Stock, Shares Outstanding		70,800,000
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 582.5	$ 302.3
Accounts receivable, net	1,812.6	2,306.4
Inventories	359.1	437.6
Prepaid expenses	57.9	76.9
Short-term derivative assets, net	227.2	303.6
Other current assets	209.8	246.6
Current assets held for sale	5.5
Total current assets	3,254.6	3,673.4
Property and equipment, net	225.6	203.4
Goodwill	675.8	653.3
Identifiable intangible and other non-current assets	356.9	350.9
Non-current assets held for sale	36.5
Total assets	4,549.4	4,881.0
Current liabilities:
Short-term debt	25.5	17.9
Accounts payable	1,349.6	1,850.1
Customer deposits	118.3	138.8
Accrued expenses and other current liabilities	263.8	232.5
Current liabilities held for sale	5.6
Total current liabilities	1,762.8	2,239.3
Long-term debt	746.7	672.0
Non-current income tax liabilities, net	87.7	85.5
Other long-term liabilities	25.8	19.3
Non-current liabilities held for sale	5.0
Total liabilities	2,628.0	3,016.1
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 100 shares authorized, none issued
Common stock, $0.01 par value; 100,000 shares authorized, 70,788 and 72,082 shares issued and outstanding as of December 31, 2015 and 2014 respectively	0.7	0.7
Capital in excess of par value	435.3	496.4
Retained earnings	1,588.6	1,418.5
Accumulated other comprehensive loss	(113.2)	(60.2)
Total World Fuel shareholders' equity	1,911.4	1,855.4
Noncontrolling interest equity	10.0	9.5
Total equity	1,921.4	1,864.9
Total liabilities and equity	$ 4,549.4	$ 4,881.0

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2015	Dec. 31, 2014
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	70,788	72,082
Common stock, shares outstanding	70,788	72,082

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Income and Comprehensive Income
Revenue	$ 30,379.7	$ 43,386.4	$ 41,561.9
Cost of revenue	29,519.2	42,572.8	40,809.1
Gross profit	860.5	813.6	752.8
Operating expenses:
Compensation and employee benefits	365.8	319.8	288.0
Provision for bad debt	7.5	3.8	11.7
General and administrative	240.0	220.9	188.6
Total operating expenses	613.3	544.5	488.3
Income from operations	247.2	269.1	264.5
Non-operating (expenses) income, net:
Interest expense and other financing costs, net	(29.9)	(25.2)	(17.3)
Other income (expense), net	2.0	25.6	(0.4)
Total non-operating expenses, net	(27.9)	0.4	(17.7)
Income before income taxes	219.3	269.5	246.7
Provision for income taxes	36.3	51.1	39.5
Net income including noncontrolling interest	183.0	218.4	207.2
Net (loss) income attributable to noncontrolling interest	(3.9)	(3.3)	4.1
Net income attributable to World Fuel	$ 186.9	$ 221.7	$ 203.1
Basic earnings per common share (in dollars per share)	$ 2.66	$ 3.13	$ 2.85
Basic weighted average common shares (in shares)	70.2	70.8	71.2
Diluted earnings per common share (in dollars per share)	$ 2.64	$ 3.11	$ 2.83
Diluted weighted average common shares (in shares)	70.7	71.3	71.8
Comprehensive income:
Net income including noncontrolling interest	$ 183.0	$ 218.4	$ 207.2
Other comprehensive (loss) income:
Foreign currency translation adjustments	(49.6)	(30.9)	(13.2)
Cash Flow hedges, net of income tax of $0.8 for 2015	0.6		(0.1)
Other comprehensive income (loss)	(49.0)	(30.9)	(13.3)
Comprehensive income including noncontrolling interest	134.0	187.5	193.9
Comprehensive income (loss) attributable to noncontrolling interest	0.1	(3.3)	4.1
Comprehensive income attributable to World Fuel	$ 133.9	$ 190.8	$ 189.8

Consolidated Statements of Income and Comprehensive Income (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Consolidated Statements of Income and Comprehensive Income
Cash flow hedges, income tax expense	$ 0.8

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total World Fuel Shareholders' Equity	Noncontrolling Interest Equity	Total
Balance at Dec. 31, 2012	$ 0.7	$ 517.6	$ 1,014.8	$ (16.0)	$ 1,517.1	$ 24.5	$ 1,541.6
Balance (in shares) at Dec. 31, 2012	72,100,000
Increase (Decrease) in Shareholders' Equity
Net income (loss)			203.1		203.1	4.1	207.2
Cash dividends declared			(10.6)		(10.6)		(10.6)
Investment by noncontrolling interest						17.5	17.5
Distribution of noncontrolling interest						(15.5)	(15.5)
Deconsolidation of crude oil transloading joint venture						(25.6)	(25.6)
Amortization of share-based payment awards		16.1			16.1		16.1
Issuance of common stock related to share-based payment awards including income tax benefit of $0, $1.0, and $3.3 for the years ended December 31, 2015, 2014, and 2013, respectively		3.3			3.3		3.3
Issuance of common stock related to share-based payment awards (in shares)	700,000
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(6.8)			(6.8)		(6.8)
Purchases of common stock		(35.0)			(35.0)		$ (35.0)
Purchases of common stock (in shares)	(900,000)						(926,000)
Other comprehensive (loss) income				(13.3)	(13.3)		$ (13.3)
Balance at Dec. 31, 2013	$ 0.7	495.2	1,207.3	(29.3)	1,673.9	5.0	1,678.9
Balance (in shares) at Dec. 31, 2013	71,900,000
Increase (Decrease) in Shareholders' Equity
Net income (loss)			221.7		221.7	(3.3)	218.4
Cash dividends declared			(10.5)		(10.5)		(10.5)
Initial noncontrolling interest upon acquisition of joint venture						19.4	19.4
Distribution of noncontrolling interest						(11.6)	(11.6)
Amortization of share-based payment awards		15.3			15.3		15.3
Issuance of common stock related to share-based payment awards including income tax benefit of $0, $1.0, and $3.3 for the years ended December 31, 2015, 2014, and 2013, respectively		1.0			1.0		1.0
Issuance of common stock related to share-based payment awards (in shares)	500,000
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(5.1)			(5.1)		(5.1)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(100,000)
Purchases of common stock		(10.0)			(10.0)		$ (10.0)
Purchases of common stock (in shares)	(200,000)						(227,000)
Other comprehensive (loss) income				(30.9)	(30.9)		$ (30.9)
Balance at Dec. 31, 2014	$ 0.7	496.4	1,418.5	(60.2)	1,855.4	9.5	$ 1,864.9
Balance (in shares) at Dec. 31, 2014	72,100,000						72,082,000
Increase (Decrease) in Shareholders' Equity
Net income (loss)			186.9		186.9	(3.9)	$ 183.0
Cash dividends declared			(16.8)		(16.8)		(16.8)
Investment by noncontrolling interest						0.5	0.5
Distribution of noncontrolling interest						(0.2)	(0.2)
Amortization of share-based payment awards		16.8			16.8		16.8
Issuance of common stock related to share-based payment awards (in shares)	400,000
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards		(7.3)			(7.3)		(7.3)
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	(100,000)
Purchases of common stock		(70.5)			(70.5)		(70.5)
Purchases of common stock (in shares)	(1,600,000)
Other comprehensive (loss) income				(53.0)	(53.0)	4.0	(49.0)
Other		(0.1)			(0.1)	0.1
Balance at Dec. 31, 2015	$ 0.7	$ 435.3	$ 1,588.6	$ (113.2)	$ 1,911.4	$ 10.0	$ 1,921.4
Balance (in shares) at Dec. 31, 2015	70,800,000						70,788,000

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Shareholders' Equity
Issuance of common stock related to share-based payment awards, income tax benefit	$ 1.0	$ 3.3

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income including noncontrolling interest	$ 183.0	$ 218.4	$ 207.2
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	63.4	59.4	44.7
Provision for bad debt	7.5	3.8	11.7
Gain on sale of crude oil joint venture interests		(18.1)
Share-based payment award compensation costs	17.0	15.8	16.7
Deferred income tax (benefit) provision	(7.2)	10.4	(8.2)
Extinguishment of liabilities	(8.2)	(5.2)	(8.5)
Foreign currency losses, net	(5.9)	(7.0)	0.1
Other	3.2	(5.3)	2.0
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	483.2	462.5	(328.9)
Inventories	81.4	232.3	(77.7)
Prepaid expenses	10.8	46.5	30.7
Short-term derivative assets, net	74.7	(265.8)	3.5
Other current assets	32.2	(30.2)	(22.6)
Cash collateral with financial counterparties	133.3	(288.0)	9.9
Other non-current assets	(1.9)	2.9	(19.6)
Accounts payable	(481.5)	(585.7)	385.4
Customer deposits	(17.5)	12.8	13.8
Accrued expenses and other current liabilities	(131.0)	266.3	(3.5)
Non-current income tax, net and other long-term liabilities	11.0	15.4	7.6
Total adjustments	264.5	(77.2)	57.1
Net cash provided by operating activities	447.5	141.2	264.3
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired and other investments	(96.9)	(273.6)	(76.9)
Capital expenditures	(51.0)	(50.2)	(82.7)
Proceeds from the sale of fixed assets	5.3
Escrow payment related to an assumed obligation of an acquired business		(21.7)
Proceeds from the sale of crude oil joint venture interests		43.0
Purchase of investments	(2.4)	(2.1)	(21.6)
Proceeds from the sale of short-term investments			21.6
Issuances of notes receivable			(8.0)
Repayment of notes receivable	0.3	7.5
Decrease in cash due to deconsolidation of crude oil transloading joint venture			(6.9)
Net cash used in investing activities	(144.7)	(297.1)	(174.5)
Cash flows from financing activities:
Borrowings of debt	4,831.2	5,757.3	4,556.6
Repayments of debt	(4,752.0)	(5,551.5)	(4,476.3)
Payments of senior revolving credit facility and senior term loan facility loan costs	(3.4)		(3.6)
Dividends paid on common stock	(15.3)	(10.6)	(10.7)
Investment by noncontrolling interest	0.5		17.5
Distribution of noncontrolling interest	(0.3)	(11.6)	(15.5)
Purchases of common stock	(70.5)	(10.0)	(35.0)
Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards		1.0	3.3
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(7.3)	(5.1)	(6.8)
Net cash (used in) provided by financing activities	(17.1)	169.5	29.5
Effect of exchange rate changes on cash and cash equivalents	(5.5)	(3.4)	0.1
Net increase in cash and cash equivalents	280.2	10.2	119.4
Cash and cash equivalents, as of beginning of period	302.3	292.1	172.7
Cash and cash equivalents, as of end of period	582.5	302.3	292.1
Supplemental Disclosures of Cash Flow Information Cash paid during the year for:
Interest, net of capitalized interest	33.1	29.1	19.1
Income taxes	$ 44.0	$ 40.8	$ 34.6

Consolidated Statements of Cash Flows (Parenthetical) £ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2014 GBP (£)	Nov. 30, 2014 USD ($)	Dec. 31, 2015 GBP (£)	Dec. 31, 2015 USD ($)	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				$ 4.2	$ 2.6
Accrued capital expenditures				0.8	3.4
Escrow account utilized for payment of assumed pension exit obligation	£ 8.8	$ 13.8	£ 0.8	1.1
Escrow account balance	£ 13.0									$ 21.7
Reduction in net assets							$ 44.2
Reduction in noncontrolling interest equity							25.6
Increase in other investments							25.6
Current liability and other investments recorded related to contingent consideration						£ 2.0	2.8	£ 10.0	$ 16.3
Aggregate amount of contingent consideration paid						£ 12.0	19.1
Assets acquired, net of cash				154.3	611.0		77.1
Liabilities assumed				61.8	314.8		36.8
Promissory notes issued for acquisition				$ 0.2	$ 9.0		$ 3.0

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

12 Months Ended

Dec. 31, 2015

Acquisitions and Significant Accounting Policies

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

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

World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10‑K (“2015 10‑K Report”) as “World Fuel,” “we,” “our” and “us.”

We are a global fuel logistics, transaction management and payment processing company, which provides energy management solutions to 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 primarily contract with third parties for the delivery and storage of fuel products, however, we also operate storage facilities and transportation assets. We operate in three reportable segments consisting of aviation, marine and land. 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 as well as intergovernmental organizations. Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S. and foreign governments as well as other fuel suppliers. In our land segment, we offer fuel, crude oil, lubricants, natural gas and related products and services to customers including petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers.

2015 Acquisitions

On September 1, 2015, we completed the acquisition of all of the outstanding stock of Pester Marketing Company (“Pester”), a leading distributor, transporter, and blender of branded motor fuels and lubricants to wholesale, industrial, commercial and agricultural customers. Pester is headquartered in Denver, Colorado and is also a leading operator of retail convenience stores in the Rocky Mountain region.

In addition to the above acquisition, in 2015 we completed three acquisitions in our land segment and one acquisition in our aviation segment which were not material individually or in the aggregate.

The estimated aggregate purchase price for the 2015 acquisitions was 3 million, and is subject to change based on the final value of the net assets acquired. The following reconciles the estimated aggregate purchase price for the 2015 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):


Estimated purchase price	$	102.3
Less: Cash acquired		8.7
Estimated purchase price, net of cash acquired		93.6
Less: Amounts due to sellers and promissory notes issued		0.5
Cash paid for acquisition of businesses	$	93.1

The estimated purchase price of the 2015 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date. Since the valuations of the assets acquired and liabilities assumed in connection with the 2015 acquisitions have not been finalized, the allocation of the purchase price of these acquisitions may change. The estimated purchase price allocation for the 2015 acquisitions is as follows (in millions):


Assets acquired:
Cash and cash equivalents	$	8.7
Accounts receivable		8.9
Inventories		7.4
Property and equipment		40.7
Identifiable intangible assets		25.9
Goodwill		39.4
Other current and long-term assets		31.1
Liabilities assumed:
Short-term debt		(0.5)
Accounts payable		(10.7)
Customer Deposits		(1.5)
Accrued expenses and other current liabilities		(38.6)
Non-current income tax liabilities and other long term liabilities		(8.5)
Estimated purchase price	$	102.3

In connection with the 2015 acquisitions, we recorded goodwill of $39.4 million of which $1.7 million is anticipated to be deductible for tax purposes. The identifiable intangible assets consisted of $18.1 million of customer relationships, $4.8 million of supplier relationships and $2.1 million of other identifiable intangible assets with weighted average lives of 5.3 years, 6.2 years and 3.4 years, respectively, as well as $0.9 million of indefinite-lived trademark/trade name rights.

The following presents the unaudited pro forma results for 2015 and 2014 as if the 2015 and 2014 acquisitions had been completed on January 1, 2014 (in millions, except per share data):


	2015		2014
	(pro forma)		(pro forma)
Revenue	$	30,952.0	$	44,432.0
Net income attributable to World Fuel	$	190.6	$	231.1

Earnings per common share:
Basic	$	2.71	$	3.26
Diluted	$	2.70	$	3.24

The financial position, results of operations and cash flows of the 2015 acquisitions have been included in our consolidated financial statements since their respective acquisition dates and did not have a significant impact on our revenue and net income for the 2015.

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 purchase price of Watson Petroleum was $164.3 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 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 aggregate purchase price for the 2014 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):


Purchase price	$	295.8
Less: Cash acquired		20.2
Purchase price, net of cash acquired		275.6
Less: Promissory notes issued		9.0
Less: Amounts due to sellers		3.4
Cash paid for acquisition of businesses	$	263.2

The purchase price for each of the 2014 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 2014 acquisitions is as follows (in millions):


Assets acquired:
Cash and cash equivalents	$	20.2
Accounts receivable		257.9
Inventories		14.4
Property and equipment		55.9
Identifiable intangible assets		83.5
Goodwill		177.8
Other current and long-term assets		22.5
Liabilities assumed:
Accounts payable		(247.6)
Accrued expenses and other current liabilities		(50.7)
Other long-term liabilities		(18.7)
Initial noncontrolling interest upon acquisition of businesses		(19.4)
Estimated purchase price	$	295.8

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. During 2015, we completed the pension buy-out and the remaining escrow account balance of £3.4 million ($5.1 million) was paid to the sellers. As of December 31, 2015 we had an additional amount due to sellers of £2.1 million ($3.0 million) which is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

For our 2014 acquisitions, we recorded goodwill of $177.8 million, of which $22.4 million is anticipated to be deductible for tax purposes. The aggregate identifiable intangible assets consisted of $55.5 million of customer relationships and $16.5 million of other identifiable intangible assets with weighted average lives of 4.9 years and 5.0 years, respectively, as well as $11.5 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 millions, except per share data):


	2014		2013
	(pro forma)		(pro forma)
Revenue	$	44,071.8	$	44,098.8
Net income attributable to World Fuel	$	226.6	$	216.4

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 millions):

The purchase price for each of the 2013 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimate
Purchase price	$	43.8
Less: Cash acquired		3.3
Purchase price, net of cash acquired		40.5
Less: Promissory notes issued		3.0
Cash paid for acquisition of businesses	$	37.5

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 millions):


Assets acquired:
Cash and cash equivalents	$	3.3
Accounts receivable		31.3
Inventories		8.8
Property and equipment		3.9
Identifiable intangible assets		13.5
Goodwill		16.5
Other current and long-term assets		2.7
Liabilities assumed:
Accounts payable		(29.6)
Accrued expenses and other current liabilities		(3.5)
Other long-term liabilities		(3.1)
Purchase price	$	43.8

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 2015 and 2014.

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 arises because the purchase price paid reflects numerous factors, including the strategic fit and expected synergies these acquisitions bring to our existing operations. Goodwill is recorded at fair value and is reviewed at least annually at year-end (or more frequently under certain circumstances) for impairment.

Goodwill is evaluated for impairment based on an assessment of 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 (Step 0). 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 two-step impairment analysis.

Step 1 requires us to compare the fair value of the reporting units to which goodwill was assigned to their respective carrying values. In calculating fair value, we use the income approach as our primary indicator of fair value. If the fair value exceeds the carrying value, no further work is required and no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is potentially impaired and the Company would then complete step 2 in order to measure the impairment loss.

In connection with our acquisitions, we record identifiable intangible assets at fair value. Identifiable intangible assets subject to amortization are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We assess identifiable intangible assets not subject to amortization at least annually for potential impairment.

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. As of December 31, 2015 and 2014, we had other investments of $71.1 million and $69.5 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 $8.2 million, $5.2 million and $8.5 million during 2015, 2014 and 2013, 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, 2015, 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 $1.9 million, $1.0 million and $2.8 million in 2015, 2014 and 2013, respectively.

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 in accumulated other comprehensive income net foreign currency translation adjustment losses of $49.6 million (net of $4.0 million of net foreign currency translation adjustment losses attributable to non-controlling interest), $30.9 million and $13.2 million in 2015, 2014 and 2013, respectively. Cumulative foreign currency translation adjustments included in accumulated other comprehensive income amounted to net losses of $113.8 million, $60.2 million and $29.3 million as of December 31, 2015, 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 millions, except per share amounts):


	2015		2014		2013
Numerator:
Net income attributable to World Fuel	$	186.9	$	221.7	$	203.1
Denominator:
Weighted average common shares for basic earnings per common share		70.2		70.8		71.2
Effect of dilutive securities		0.5		0.5		0.6
Weighted average common shares for diluted earnings per common share		70.7		71.3		71.8
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		1.0		0.9		0.6
Basic earnings per common share	$	2.66	$	3.13	$	2.85
Diluted earnings per common share	$	2.64	$	3.11	$	2.83

Recent Accounting Pronouncements

Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The ASU supersedes the guidance to classify equity securities with readily determinable fair values into different categories, and requires equity securities (except those that are accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in the fair value recognized through net income. It also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring assessment for impairment qualitatively at each reporting period. This update is effective at the beginning of our 2018 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.

Income Taxes: Balance Sheet Classification of Deferred Taxes. In November 2015, the FASB issued an ASU that changes how deferred taxes are classified on organizations’ balance sheets. The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The adoption of this ASU (pursuant to early adoption provisions) resulted in our deferred tax assets and liabilities being presented as non-current as of December 31, 2015. The guidance has been applied prospectively; therefore, the accompanying consolidated balance sheet as of December 31, 2014 was not adjusted.

Business Combinations: Simplifying the Accounting for Measurement – Period Adjustments. In September 2015, FASB issued an ASU, to simplify the accounting for adjustments made to provisional amounts recognized in a business combination; the amendments eliminate the requirement to retrospectively account for those adjustments. The ASU will require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. It also requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. 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.

Inventory: Simplifying the Measurement of Inventory. In July 2015, the FASB issued an ASU which simplifies the guidance on the subsequent measurement of inventory by requiring inventory within the scope of this update to be measured at the lower of cost or net realizable value rather than the lower of cost or market. 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.

Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued an ASU which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. 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.

Consolidation: Amendments to the Consolidation Analysis. In February 2015, the FASB issued an ASU which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. 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.

Income Statement-Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In January 2015, the FASB issued an 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.

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 believe the adoption of this new guidance will 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 became effective at the beginning of our 2015 fiscal year. The adoption of this ASU did not 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 2018 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 became effective at the beginning of our 2015 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Accounts Receivable

12 Months Ended

Dec. 31, 2015

Accounts Receivable

Accounts Receivable

2. Accounts Receivable

We had accounts receivable of $1.8 billion and $2.3 billion, net of an allowance for bad debt of $25.0 million and $25.7 million, as of December 31, 2015 and 2014, respectively. Accounts receivable are written‑off when it becomes apparent based upon age or customer circumstances that such amounts will not be collected.

The following table sets forth activities in our allowance for bad debt (in millions):


	2015		2014		2013
Balance as of beginning of period	$	25.7	$	29.1	$	23.7
Charges to provision for bad debt		7.5		3.8		11.7
Write-off of uncollectible accounts receivable		(8.3)		(8.0)		(6.9)
Recoveries of bad debt		0.5		0.8		0.6
Translation Adjustments		(0.4)		—		—
Balance as of end of period	$	25.0	$	25.7	$	29.1

Included in accounts receivable is a retained beneficial interest related to accounts receivable sold under our receivables purchase agreements. The retained beneficial interest was not significant as of December 31, 2015 and 2014.

Derivatives

12 Months Ended

Dec. 31, 2015

Derivatives

Derivatives

3. Derivatives

The following describes our derivative classifications:

Cash Flow Hedges. Includes certain commodity contracts we enter into to mitigate the risk of price volatility in forecasted purchases and sales.

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 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, 2015, our derivative instruments, at their respective fair value positions were as follows (in millions, 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	2016	Commodity contracts for inventory hedging	2.8	BBL	$	54.104	$	4.929	$	13.8
	2017	Commodity contracts for inventory hedging	0.1	BBL		57.576		5.000		0.5
									$	14.3

Cash Flow Hedge	2016	Commodity contracts for inventory hedging	9.8	BBL		66.947		0.847		8.3
	2017	Commodity contracts for inventory hedging	0.8	BBL		66.784		8.625		6.9
									$	15.2

Non-Designated	2016	Commodity contracts (long)	50.9	BBL		45.030		(15.935)		(811.1)
	2016	Commodity contracts (short)	41.8	BBL		54.410		19.770		826.4
	2017	Commodity contracts (long)	3.1	BBL		25.400		(2.452)		(7.6)
	2017	Commodity contracts (short)	2.3	BBL		26.810		3.348		7.7
	2018	Commodity contracts (long)	0.7	BBL		10.000		2.857		2.0
	2018	Commodity contracts (short)	0.5	BBL		11.280		(1.200)		(0.6)
	2020	Commodity contracts (long)	0.1	BBL		21.750		(1.000)		(0.1)
	2020	Commodity contracts (short)	0.1	BBL		18.840		6.000		0.6
	2016	Foreign currency contracts	6.5	AUD		0.717		(0.031)		(0.2)
	2016	Foreign currency contracts	4.3	BRL		3.881		—		—
	2016	Foreign currency contracts	82.8	CAD		1.335		0.025		2.1
	2016	Foreign currency contracts	0.3	CHF		0.964		—		—
	2016	Foreign currency contracts	4,199.0	CLP		702.379		—		—
	2016	Foreign currency contracts	52,263.5	COP		3,064.704		—		0.1
	2016	Foreign currency contracts	73.8	DKK		6.854		(0.003)		(0.2)
	2016	Foreign currency contracts	45.7	EUR		1.099		0.033		1.5
	2016	Foreign currency contracts	124.7	GBP		1.530		0.023		2.9
	2016	Foreign currency contracts	111.4	INR		66.366		—		—
	2016	Foreign currency contracts	546.3	JPY		120.938		—		—
	2016	Foreign currency contracts	1,794.6	MXN		16.803		—		(0.1)
	2016	Foreign currency contracts	47.3	NOK		8.474		0.004		0.2
	2016	Foreign currency contracts	12.6	PLN		3.892		0.008		0.1
	2016	Foreign currency contracts	42.9	RON		4.083		0.014		0.6
	2016	Foreign currency contracts	45.6	SEK		8.343		(0.002)		(0.1)
	2016	Foreign currency contracts	23.8	SGD		1.411		(0.004)		(0.1)
	2016	Foreign currency contracts	109.3	ZAR		14.245		0.001		0.1
	2017	Foreign currency contracts	1.8	EUR		1.083		—		—
	2017	Foreign currency contracts	8.0	GBP		1.553		0.063		0.5
	2017	Foreign currency contracts	1.7	EUR		1.105		—		—
									$	24.7

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 millions):


		As of December 31,
	Balance Sheet Location	2015		2014
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	114.0	$	18.8
Commodity contracts	Long-term derivative assets, net		7.4		—
Commodity contracts	Accrued expenses and other current liabilities		6.3		4.7
			127.7		23.5
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		241.4		399.0
Commodity contracts	Identifiable intangible and other non-current assets		17.0		12.1
Commodity contracts	Accrued expenses and other current liabilities		120.4		234.1
Commodity contracts	Other long-term liabilities		4.0		4.8
Foreign currency contracts	Short-term derivative assets, net		10.9		21.3
Foreign currency contracts	Identifiable intangible and other non-current assets		0.7		0.5
Foreign currency contracts	Accrued expenses and other current liabilities		0.8		—
			395.2		671.8
		$	522.9	$	695.3
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	95.3	$	1.0
Commodity contracts	Accrued expenses and other current liabilities		2.9		0.7
			98.2		1.7
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		26.6		76.0
Commodity contracts	Identifiable intangible and other non-current assets		4.8		0.6
Commodity contracts	Accrued expenses and other current liabilities		319.9		530.0
Commodity contracts	Other long-term liabilities		14.2		29.3
Foreign currency contracts	Short-term derivative assets, net		3.3		12.0
Foreign currency contracts	Accrued expenses and other current liabilities		1.7		—
			370.5		647.9
		$	468.7	$	649.6

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


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,
		2015		2014		2013				2015		2014		2013
Commodity contracts	Revenue	$	49.3	$	—	$	—
Commodity contracts	Cost of revenue		37.5		132.2		2.7	Inventories	Cost of revenue	$	(70.7)	$	(150.9)	$	3.1
		$	86.8	$	132.2	$	2.7			$	(70.7)	$	(150.9)	$	3.1

There were no gains or losses for the year ended December 31, 2015, 2014 and 2013 that were excluded from the assessment of the effectiveness of our fair value hedges.

The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on our accumulated other comprehensive income and consolidated statements of income and comprehensive income (in millions):


		Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)			Location of Realized Gain (Loss)		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)				Amount of Gain (Loss) Recognized in Income (Ineffective Portion)
Derivative Instruments		2015	2014		(Effective Portion)		2015		2014		2015		2014

Commodity Contracts	$	106.2	$	—	Revenue	$	6.1	$	—	$	28.6	$	—
Commodity Contracts		(105.6)		—	Cost of revenue		(5.7)		—		(17.8)		—
Total	$	0.6	$	—		$	0.4	$	—	$	10.8	$	—

In the event forecasted cash outflows are less than the hedged amounts, a portion or all of the gain or losses recorded in accumulated other comprehensive income are reclassified to the consolidated statements of income and comprehensive income. As of December 31, 2015, the maximum amount that could be reclassified to the consolidated statements of income and comprehensive income for the next twelve months is 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 millions):


Derivatives	Location	Realized and Unrealized Gain (Loss)
		For the Year ended December 31,
		2015		2014		2013
Commodity contracts	Revenue	$	171.7	$	64.5	$	25.4
Commodity contracts	Cost of revenue		(139.0)		2.2		(5.4)
Foreign currency contracts	Revenue		4.1		4.3		—
Foreign currency contracts	Other income (expense), net		9.5		12.6		(4.0)
		$	46.3	$	83.6	$	16.0

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, 2015, the net liability position for such contracts is $63.2 million, the collateral posted is $28.1 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 $35.1 million. 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

- 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

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

Reference 2: 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=56946850&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 5: 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=56946850&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 9: 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=56946850&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
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-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2015

Property and Equipment

Property and Equipment

4. Property and Equipment

The amount of property and equipment and their respective estimated useful lives are as follows (in millions, except estimated useful lives):


	As of December 31,				Estimated
	2015		2014		Useful Lives
Land	$	31.6	$	17.7	Indefinite
Buildings and leasehold improvements		41.2		43.7	3 - 40 years
Office equipment, furniture and fixtures		14.1		13.6	3 - 10 years
Computer equipment and software costs		118.9		102.7	3 - 10 years
Machinery, equipment and vehicles		160.1		132.5	3 - 40 years
		365.9		310.2
Accumulated depreciation and amortization		140.3		106.8
	$	225.6	$	203.4

For 2015, 2014 and 2013, we recorded depreciation expense of $35.1 million, $30.3 million and $22.0 million, respectively.

The amount of computer software costs, including capitalized internally developed software costs are as follows (in millions):


	As of December 31,
	2015		2014
Computer software costs	$	91.4	$	76.8
Accumulated amortization		55.8		45.2
Computer software costs, net	$	35.6	$	31.6

Included in capitalized computer software costs are costs incurred in connection with software development in progress of $7.0 million and $4.7 million as of December 31, 2015 and 2014, respectively. For 2015, 2014 and 2013, we recorded amortization expense related to computer software costs of $10.7 million, $9.8 million and $7.8 million, respectively.

The assets and accumulated amortization recorded under capital leases are as follows (in millions):


	As of December 31,
	2015		2014
Capital leases	$	23.0	$	17.7
Accumulated amortization		11.0		5.5
Capital leases, net	$	12.0	$	12.2

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Identifiable Intangible Assets

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

In 2015, we used qualitative factors to review goodwill for impairment for all of our reporting units and performed a quantitative analysis to review our identifiable intangible assets not subject to amortization for impairment. As a result of performing the aforementioned assessments, we determined that no impairment existed as of December 31, 2015 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 millions):


	Aviation		Marine		Land
	Segment		Segment		Segment		Total
As of December 31, 2013	$	115.5	$	69.1	$	299.0	$	483.6
2014 acquisitions		58.9		4.7		114.3		177.9
Adjustment of purchase price allocations – 2013 acquisitions		—		—		0.4		0.4
Foreign currency translation of non-USD functional currency subsidiary goodwill		(0.1)		(0.7)		(7.8)		(8.6)
As of December 31, 2014		174.3		73.1		405.9		653.3
2015 acquisitions		1.7		—		37.7		39.4
Goodwill classified as held for sale		—		—		(5.9)		(5.9)
Foreign currency translation of non-USD functional currency subsidiary goodwill		(2.3)		(1.7)		(7.0)		(11.0)
As of December 31, 2015	$	173.7	$	71.4	$	430.7	$	675.8

Identifiable Intangible Assets

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


	As of December 31, 2015						As of December 31, 2014
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	255.5	$	125.4	$	130.1	$	243.1	$	104.4	$	138.7
Supplier agreements		38.5		10.7		27.8		33.7		9.1		24.6
Others		37.2		16.1		21.1		33.7		11.3		22.4
		331.2		152.2		179.0		310.5		124.8		185.7
Intangible assets not subject to amortization:
Trademark/trade name rights		31.9		—		31.9		31.9		—		31.9
	$	363.1	$	152.2	$	210.9	$	342.4	$	124.8	$	217.6

Intangible amortization expense for 2015, 2014 and 2013 was $28.3 million, $29.1 million and $22.4 million, respectively.

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


Year Ended December 31,
2016	$	32.3
2017		27.5
2018		23.8
2019		19.6
2020		16.8
Thereafter		59.0
	$	179.0

- 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

Debt

12 Months Ended

Dec. 31, 2015

Debt

Debt

6. Debt

We have a Credit facility which permits borrowing up to $1.26 billion with a sublimit of $400.0 for the issuance of letters of credit and bankers’ acceptances. Under the Credit Facility, we have the right to request increases in available borrowings up to an additional $150.0 million, subject to the satisfaction of certain conditions. The Credit Facility matures in October 2018. We had outstanding borrowings under our Credit Facility totaling $416.0 million and $420.0 million as of December 31, 2015 and 2014, respectively.

Our issued letters of credit under the Credit Facility totaled $5.5 million and $14.8 million as of December 31, 2015 and 2014, respectively. We also had $333.2 million and $241.3 million in Term Loans outstanding as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the unused portion of our Credit Facility was $838.5 million and $665.2 million, respectively.

Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2015, the applicable margins for base rate loans and Eurodollar rate loans were 1.25% and 2.25%, respectively. Letters of credit issued under our Credit Facility are subject to letter of credit fees of 2.50% as of December 31, 2015, and the unused portion of our Credit Facility is subject to commitment fees of 0.30% as of December 31, 2015.

Our Credit Facility and our Term Loans contain certain financial and other covenants with which we are required to comply. Our failure to comply with the covenants contained in our Credit Facility and our Term Loans could result in an event of default. An event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the Credit Facility and our Term Loans, trigger cross‑defaults under certain other agreements to which we are a party and impair our ability to obtain working capital advances and issue letters of credit, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. As of December 31, 2015, we were in compliance with all financial and other covenants contained in our Credit Facility and our Term Loans.

Outside of our Credit Facility we have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2015 and 2014, our outstanding letters of credit and bank guarantees under these credit lines totaled $208.4 million and $211.4 million, respectively.

Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed.

Our debt consisted of the following (in millions):


	As of December 31,
	2015		2014
Credit Facility	$	416.0	$	420.0
Term Loans		333.2		241.3
Capital leases		12.0		11.4
Other		11.0		17.2
Total debt		772.2		689.9
Short-term debt		25.5		17.9
Long-term debt	$	746.7	$	672.0

The capital lease obligations are payable in varying amounts through February 2023 and bear interest at annual rates ranging from 3.0% to 6.3% as of December 31, 2015. The other debt primarily relates to acquisition promissory notes and loans payable to noncontrolling shareholders of a consolidated subsidiary which are payable in varying amounts from July 2016 to May 2018 and bear interest at annual rates ranging from 1.3% to 6.8% as of December 31, 2015. The weighted average interest rate on our short‑term debt was 2.7% and 2.2% as of December 31, 2015 and 2014, respectively.

As of December 31, 2015, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2016	$	25.5
2017		27.5
2018		715.6
2019		1.4
2020		0.9
Thereafter		1.3
	$	772.2

The following table provides additional information about our interest income and expense and other financing costs, net (in millions):


	2015		2014		2013
Interest income	$	5.0	$	6.0	$	3.9
Interest expense and other financing costs		(34.9)		(31.2)		(21.2)
	$	(29.9)	$	(25.2)	$	(17.3)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014, we had outstanding bonds that were arranged in order to satisfy various security requirements of $39.1 million and $38.7 million, respectively. Most of these bonds provide financial security for obligations which have already been recorded as liabilities.

Lease Commitments

As of December 31, 2015, our future minimum lease payments under non‑cancelable operating leases were as follows (in millions):


Year Ended December 31,
2016	$	42.1
2017		31.3
2018		23.4
2019		18.8
2020		15.1
Thereafter		45.5
	$	176.2

We incurred rental expense for all properties and equipment of $31.6 million, $29.2 million and $24.7 million for 2015, 2014 and 2013, respectively. Minimum payments have not been reduced by minimum sublease rentals of $37.5 million due in the future under non-cancelable subleases.

Sales and Purchase Commitments

As of December 31, 2015, fixed sales and purchase commitments under our derivative programs amounted to $270.2 million and $65.9 million, respectively.

Additionally, as of December 31, 2015, 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, 2015, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions):


Year Ended December 31,
2016	$	6.0
2017		1.2
	$	7.2

Termination of Employment Agreement

On March 13, 2015, we agreed with Mr. Michael S. Clementi that he would retire from his position as Aviation Segment President, effective March 16, 2015. In connection with the termination of his employment agreement, we recorded a charge totaling $3.8 million in March 2015, which included non-cash expenses of $0.8 million related to previously awarded stock compensation. As of December 31, 2015, $0.8 million of the cash portion of the termination of the employment agreement charge was included in accrued expenses and other current liabilities and $1.9 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 contribution 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 $3.3 million and $2.3 million as of December 31, 2015 and December 31, 2014, 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 £9.6 million ($16.0 million). During 2015, we completed the pension buy-out, therefore, as of December 31, 2015 there are no other assets or liabilities on our consolidated balance sheet related to the Watson Plan. Additionally, the expenses for the Watson Plan recorded in our consolidated statements of income and comprehensive income for 2015 were not significant.

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.

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 previously 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 previously owned a 50% membership interest, arranged for the transloading of the crude oil for DPM into tank cars at its facility in New Town, North Dakota (the “Pioneer Terminal”). We leased the tank cars used in the transloading from a number of third party lessors and subleased these tank cars to DPM (the “Railcar Subleases”). 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 crude oil derailed in Lac-Mégantic, Quebec (the “Derailment”). The Derailment resulted in significant loss of life, damage to the environment from spilled crude oil and extensive property damage.

Between 2013 and 2015, we, certain of our subsidiaries, DPM and DPTS, along with a number of third parties, were sued in various actions in both the United States and Canada, by multiple third parties seeking economic, compensatory and punitive damages allegedly caused by the Derailment. In addition, in 2013, the Quebec Minister for Sustainable Development, Environment, Wildlife and Parks (the “Minister”) issued an order requiring us to recover the spilled crude oil caused by the incident and to otherwise fully remediate the impact of the incident on the environment.

On June 8, 2015, we entered into a settlement agreement (the “Settlement Agreement”) with the Trustee (the “Trustee”) for the U.S. bankruptcy estate of Montreal, Maine & Atlantic Railway, Ltd., Montreal, Maine and Atlantic Canada Co. (“MMAC”), and the monitor (the “Monitor”) in MMAC’s Canadian bankruptcy (collectively, the “MMA Parties”) resolving all claims arising out of the Derailment. On December 22, 2015, the effective date of the bankruptcy plans filed by the Trustee in the U.S. and by MMAC in Canada (the “U.S. Bankruptcy Plan” and the “CCAA Plan” respectively, each a “Plan” and collectively the “Plans”), the Settlement Agreement became final and effective. Pursuant to the Settlement Agreement, we contributed US$110 million (the “Settlement Payment”) to a compensation fund established to compensate parties who suffered losses as a result of the Derailment. As part of the settlement, we also assigned to the Trustee and MMAC certain claims we have against third parties arising out of the Derailment.

In consideration of the Settlement Payment and the assignment of claims to the Trustee and MMAC, we, as well as our former joint ventures, DPTS Marketing, LLC and Dakota Petroleum Transport Solutions, LLC and each of their affiliates (collectively, the “WFS Parties”), received, and will continue to receive, the benefit of the global releases and injunctions set forth in the Plans. These global releases and injunctions bar all claims which may exist now or in the future against the WFS Parties arising out of the Derailment, other than criminal claims which by law may not be released.

Substantially all of the liabilities incurred in connection with the incident have been recovered from insurance through December 31, 2015. As of December 31, 2015, the remaining outstanding amounts are not significant.

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 sheet. 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 and AGCS have filed cross-motions for summary judgment and both motions are set for hearing in March 2016. No trial date has been set. 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, personal injury, 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 30, 2015, 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, 2015

Shareholders' Equity

Shareholders' Equity

8. Shareholders’ Equity

Dividends

We declared cash dividends of $0.24 per share of common stock for 2015 and $0.15 for 2014 and 2013. 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. During 2014 and from January 1, 2015 through May 31, 2015, pursuant to the Repurchase Program, we repurchased 227,000 shares of our common stock for an aggregate value of $10.0 million and 584,000 shares of our common stock for an aggregate value of $30.0 million, respectively.

In June 2015, our Board of Directors renewed its existing common stock repurchase program by replacing the remainder of the existing program and authorizing the purchase of up to $100.0 million in common stock (the “Repurchase Program”). 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. From July 1, 2015 through December 31, 2015, we repurchased 1,000,000 shares of our common stock for an aggregate value of $40.5 million pursuant to the Repurchase Program. As of December 31, 2015, $59.5 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 2015, 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, 2015 and the remaining shares of common stock available for future issuance (in millions):


				Remaining
				shares of
				common stock
	Restricted		SSAR	available for
Plan name	Stock	RSUs	Awards	future issuance
2006 Plan (1)	1.4	0.7	0.2	3.2

(1)

As of December 31, 2015, unvested restricted stock will vest between February 2016 and August 2020, unvested RSUs will vest between February 2016 and May 2020 and the outstanding SSAR Awards will expire between March 2018 and March 2020. 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 millions, 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, 2012	1.1	$	39.38	$	45.3	3.4
Granted	0.3		41.83
Vested	—		37.00
Forfeited	—		38.89
As of December 31, 2013	1.4		40.07		59.3	2.7
Granted	0.3		44.18
Vested	(0.2)		38.00
Forfeited	—		39.58
As of December 31, 2014	1.5		41.18		70.2	2.1
Granted	0.2		49.95
Vested	(0.2)		39.63
Forfeited	(0.1)		41.84
As of December 31, 2015	1.4	$	42.69	$	54.9	1.4

The aggregate value of restricted stock which vested during 2015, 2014 and 2013 was $9.9 million, $7.1 million and $1.7 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 millions, 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, 2012	1.0	$	34.06	$	39.9	1.5
Granted	—		40.59
Issued	(0.3)		32.00
Forfeited	—		35.92
As of December 31, 2013	0.7		35.61		31.8	1.3
Granted	0.3		44.34
Issued	(0.2)		36.67
Forfeited	-		40.25
As of December 31, 2014	0.8		38.55		36.9	1.5
Granted	0.2		51.00
Issued	(0.3)		38.80
Forfeited	—		42.65
As of December 31, 2015	0.7	$	43.10	$	28.0	1.7

The aggregate intrinsic value of RSUs issued during 2015, 2014 and 2013 was $15.3 million, $10.1 million and $11.3 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 millions, 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, 2012	0.4	$	15.30	$	10.9	0.6	0.3		16.02		8.1	0.7
Granted	0.2		41.42
Exercised	(0.4)		14.07
Forfeited	—		37.34
As of December 31, 2013	0.2		37.69		1.5	3.6	—		23.25		1.1	1.0
Exercised	—		22.26
Forfeited	—		40.91
As of December 31, 2014	0.2		40.06		1.5	3.0	—	$	35.81	$	0.6	2.2
Granted	—		57.48
Exercised	—		25.08
As of December 31, 2015	0.2	$	42.91	$	—	2.5	—	$	42.06	$	—	2.2

The aggregate intrinsic value of SSAR Awards exercised during 2015, 2014 and 2013 was $0.5 million, $0.8 million and $9.1 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 2015 was $14.78 and the assumptions used to determine such fair value were as follows: expected term of 4.3 years, volatility of 30.2%, dividend yields of 0.3% and risk‑free interest rates of 1.2%.There were no SSAR Awards issued in 2014. 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%.

Unrecognized Compensation Cost

As of December 31, 2015, there was $32.6 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, 2015 is expected to be recognized as compensation expense over a weighted average period of 1.4 years as follows (in millions):


Year Ended December 31,
2016	$	14.6
2017		10.8
2018		5.7
2019		1.3
2020		0.2
	$	32.6

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 millions):


	Foreign				Accumulated
	Currency				Other
	Translation		Cash		Comprehensive
	Adjustments		Flow Hedges		Loss
Balance as of December 31, 2013	$	(29.3)	$	—	$	(29.3)
Other comprehensive loss		(30.9)		—		(30.9)
Balance as of December 31, 2014		(60.2)		—		(60.2)
Other comprehensive loss		(49.6)		0.6		(49.0)
Less: Net other comprehensive income attributable to noncontrolling interest		4.0		—		4.0
Balance as of December 31, 2015	$	(113.8)	$	0.6	$	(113.2)

The foreign currency translation adjustment losses for 2015 and 2014 were primarily due to the strengthening of the U.S. dollar as compared to the Brazilian Real and the British Pound.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Subparagraph (SAB TOPIC 4.C)
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
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-Paragraph 2
-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
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-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
-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Taxes

Income Taxes

9. Income Taxes

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


	2015		2014		2013
United States	$	1.2	$	56.5	$	31.8
Foreign		218.1		213.0		214.9
	$	219.3	$	269.5	$	246.7

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


	2015		2014		2013
Current:
U.S. federal statutory tax	$	(10.7)	$	14.8	$	8.2
State		0.6		2.5		1.8
Foreign		29.6		22.0		36.2
		19.5		39.3		46.2
Deferred:
U.S. federal statutory tax		4.6		10.7		2.2
State		3.0		2.7		0.6
Foreign		(14.8)		(3.0)		(11.0)
		(7.2)		10.4		(8.2)
Non-current tax expense (income)		24.0		1.4		1.5
	$	36.3	$	51.1	$	39.5

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:


	2015		2014		2013
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Foreign earnings, net of foreign taxes	(28.2)		(18.1)		(18.7)
State income taxes, net of U.S. federal income tax benefit	1.1		1.3		0.6
U.S. tax on deemed dividends	6.1		1.0		1.4
Brazil foreign currency effect on other comprehensive income	(5.4)		(1.5)		(1.4)
Other permanent differences	8.0		1.3		(0.9)
Effective income tax rate	16.6	%	19.0	%	16.0	%

For 2015, our effective income tax rate was 16.6%, for an income tax provision of $36.3 million, as compared to an effective income tax rate of 19.0% and an income tax provision of $51.1 million for 2014. The lower effective income tax rate for 2015, as compared to 2014, resulted principally from differences in the results of our subsidiaries in tax jurisdictions with different income tax rates and a 2014 U.S. gain on the sale of the crude oil joint venture. Without the gain on the sale of the crude oil joint venture interests, the 2014 effective income tax rate would have been 17.7%.

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 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, 2015 and 2014, we had $1.5 billion and $1.3 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 millions):


	As of December 31,
	2015		2014
Gross Deferred Tax Assets:
Bad debt reserve	$	5.0	$	5.5
Net operating loss		13.0		4.8
Accrued and other share-based compensation		20.6		21.6
Accrued expenses		—		8.6
U.S. foreign income tax credits		5.3		—
Other income tax credits		0.7		—
Customer deposits		5.7		6.1
Installment sale		6.7		6.6
Cash flow hedges		0.8		—
Unrealized foreign exchange		18.2		7.6
Total gross deferred tax assets		76.0		60.8
Less: Valuation allowance		2.9		—
Gross deferred tax assets, net of valuation allowance		73.1		60.8
Deferred Tax Liabilities:
Depreciation		(20.8)		(13.1)
Goodwill and intangible assets		(56.2)		(45.3)
Prepaid expenses, deductible for tax purposes		(4.4)		(4.5)
Accrued expenses		(2.5)		—
Unrealized derivatives		(5.1)		(8.2)
Other		—		(1.2)
Total gross deferred tax liabilities		(89.0)		(72.3)
Net deferred tax liability	$	(15.9)	$	(11.5)
Reported on the consolidated balance sheets as:
Other current assets for deferred tax assets, current	$	—	$	22.8
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	20.7	$	15.6
Accrued expenses and other current liabilities for deferred tax liabilities, current	$	—	$	0.4
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	36.6	$	49.4

As of December 31, 2015 and 2014, we had net operating losses (“NOLs”) of approximately $42.2 million and $19.9 million, respectively. The NOLs as of December 31, 2015 originated in various countries including the United States, Brazil, Puerto Rico, the United Kingdom, Chile, Argentina and The Netherlands. Our NOL carryforward includes $6.0 million from the acquisition of Pester which is subject to an annual limitation as a result of the change in ownership pursuant to Section 382 of the Internal Revenue Code of 1986, as amended. We have recorded a deferred tax asset of $13.0 million reflecting the benefit of the NOL carryforward as of December 31, 2015. This deferred tax asset expires as follows (in millions):


	Deferred
Expiration Date	Tax Asset
December 31, 2016	$	0.1
December 31, 2020		0.6
December 31, 2021		0.1
December 31, 2022		0.1
December 31, 2023		0.3
December 31, 2024		1.1
December 31, 2025		0.1
March 31, 2032		0.3
March 31, 2033		0.5
March 31, 2034		1.2
December 31, 2035		5.6
Indefinite		3.0
Total	$	13.0

We assessed the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2015, a valuation allowance of $2.9 million has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as growth projections.

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, 2015 and 2014 that arose directly from income tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of December 31, 2015 and 2014, 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, 2015 and 2014, our annual capital in excess of par value pool of windfall income tax benefits related to employee compensation was estimated to be nil and $1.0 million, respectively. As of December 31, 2015, we had unrecognized U.S. NOLs of $4.5 million related to the exercise of stock awards. When realized, the U.S. NOL will result in a benefit recorded in additional paid in capital of $1.6 million, with a corresponding decrease in income tax payable.

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 $5.0 million, $7.5 million and $6.2 million for 2015, 2014 and 2013, respectively. The impact of the income tax concession on basic earnings per common share was $0.07 for 2015, $0.11 for 2014 and $0.09 for 2013. On a diluted earnings per common share basis, the impact was $0.07 for 2015, $0.10 for 2014 and $0.09 for 2013.

Income Tax Contingencies

We recorded an increase of $22.4 million of liabilities related to unrecognized income tax benefits (“Unrecognized Tax Liabilities”) and a decrease of $0.4 million of assets related to unrecognized income tax benefits (“Unrecognized Tax Assets”) during 2015. In addition, during 2015, we recorded a decrease of $0.7 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, 2015, our Unrecognized Tax Liabilities, including penalties and interest, were $56.1 million and our Unrecognized Tax Assets were $1.9 million.

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.

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


	2015		2014		2013
Unrecognized Tax Liabilities – opening balance	$	24.3	$	26.5	$	22.3
Gross increases – tax positions in prior period		9.2		—		2.6
Gross decreases – tax positions in prior period		(4.8)		(2.8)		—
Gross increases – tax positions in current period		20.9		6.6		5.0
Gross decreases – tax positions in current period		—		—		—
Settlements		—		(3.6)		—
Lapse of statute of limitations		(2.9)		(2.4)		(3.4)
Unrecognized Tax Liabilities – ending balance	$	46.7	$	24.3	$	26.5

If our uncertain tax positions as of December 31, 2015 are settled by the taxing authorities in our favor, our income tax expense would be reduced by $45.3 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 2015 effective income tax rate by 20.7%. As of December 31, 2015, 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 expense of $0.9 million during 2015 and income of $0.6 million and $0.6 million during 2014 and 2013, respectively. For penalties, we recorded income of $0.3 million, $0.3 million and $0.3 million during 2015, 2014 and 2013, respectively. As of December 31, 2015 and 2014, we had recognized liabilities of $5.2 million and $4.2 million for interest and $4.2 million and $4.5 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	2013 - 2015
Singapore	None	2011 - 2015
United Kingdom	None	2012 - 2015
Brazil	2009	2010 - 2015
Chile	None	2013 - 2015
Denmark	None	2013 - 2015

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

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. Fair value for our debt and notes receivable is derived using a discounted cash flow valuation methodology. The carrying values of these instruments 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 $746.6 million and $689.9 million as of December 31, 2015 and December 31, 2014, respectively, and our notes receivable of $7.4 million and $7.0 million as of December 31, 2015 and December 31, 2014, respectively 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, 2015 and 2014 (in millions):


									Netting and
	Level 1		Level 2		Level 3		Sub-Total		Collateral		Total
2015
Assets:
Commodity contracts	$	255.4	$	251.9	$	3.2	$	510.5	$	(279.0)	$	231.5
Foreign currency contracts		—		12.4		—		12.4		(4.1)		8.3
Cash surrender value of life insurance		—		2.4		—		2.4		—		2.4
Total	$	255.4	$	266.7	$	3.2	$	525.3	$	(283.1)	$	242.2
Liabilities:
Commodity contracts	$	340.1	$	123.4	$	0.2	$	463.7	$	(389.6)	$	74.1
Foreign currency contracts		—		5.0		—		5.0		(4.1)		0.9
Inventories		—		14.3				14.3		—		14.3
Total	$	340.1	$	142.7	$	0.2	$	483.0	$	(393.7)	$	89.3
2014
Assets:
Commodity contracts	$	173.7	$	495.6	$	4.2	$	673.5	$	(368.0)	$	305.5
Foreign currency contracts		—		21.8		—		21.8		(12.0)		9.8
Cash surrender value of life insurance		—		2.2		—		2.2		—		2.2
Total	$	173.7	$	519.6	$	4.2	$	697.5	$	(380.0)	$	317.5
Liabilities:
Commodity contracts	$	306.4	$	329.9	$	1.3	$	637.6	$	(595.6)	$	42.0
Foreign currency contracts		—		12.0		—		12.0		(12.0)		—
Inventories		—		22.9		—		22.9		—		22.9
Total	$	306.4	$	364.8	$	1.3	$	672.5	$	(607.6)	$	64.9

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.

Nonrecurring Fair Value Measurements. In connection with the acquisition of all of the outstanding stock of Pester, we committed to a plan to sell certain assets and liabilities of Pester’s fuel retail business. The fair value of the assets and liabilities held for sale were measured using a discounted cash flow valuation methodology. In accordance with the applicable accounting guidance, the long-lived assets held for sale were recorded at fair value less cost to sell at the acquisition date. The carrying amounts of the current assets and liabilities held for sale approximate fair value based on the short-term maturities of these instruments. Based on the fair value hierarchy, as of December 31, 2015, the fair value of the asset disposal group (excluding inventories) of $37.8 million and the liability disposal group of $10.6 million were categorized as Level 3, as significant unobservable inputs were used in the valuation of such assets and liabilities. The inventories of $4.2 million as of December 31, 2015 were categorized as Level 2 as they were valued based on the price to retailers in a wholesale market.

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


	As of December 31,
	2015		2014
Commodity Contracts
Assets:
Short-term derivative assets, net	$	212.6	$	294.3
Identifiable intangible and other non-current assets		18.9		11.2
Total net assets	$	231.5	$	305.5
Liabilities:
Accrued expenses and other current liabilities	$	68.7	$	41.3
Other long-term liabilities		5.4		0.7
Total net liabilities	$	74.1	$	42.0
Foreign Currency Contracts
Assets:
Short-term derivative assets, net	$	7.6	$	9.3
Identifiable intangible and other non-current assets		0.7		0.5
Total net assets	$	8.3	$	9.8
Liabilities:
Accrued expenses and other current liabilities	$	0.9	$	—
Total net liabilities	$	0.9	$	—

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, 2015, we had $174.6 million of cash collateral deposits held by financial counterparties, of which $132.2 million have been offset against the total amount of commodity fair value liabilities in the above table and the remaining $42.4 million is included in other current assets in the accompanying consolidated balance sheets. In addition, as of December 31, 2015, we have offset $21.6 million of cash collateral deposits received from customers against the total amount of commodity fair value assets in the above table. 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 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 millions):


	Beginning of Period		Realized and Unrealized Gains (Losses) Included in Earnings		Settlements			Transfers into Level 3		End of Period		Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period	Location of Realized and Unrealized gains (Losses) in Earnings
2015
Assets:
Commodity contracts	$	4.2	$	3.4	$	5.3	$	1.0	$	3.3	$	2.8	Revenue
Liabilities:
Commodity contracts	$	1.3	$	0.6	$	0.5	$	(0.1)	$	0.3	$	0.2	Cost of revenue
2014
Assets:
Commodity contracts	$	—	$	12.7	$	8.9	$	0.4	$	4.2	$	4.2	Revenue
Liabilities:
Commodity contracts	$	—	$	(1.4)	$	0.1	$	—	$	(1.3)	$	(1.3)	Cost of revenue

The nature of inputs that are considered Level 3 are modeled inputs. Commodity contracts are categorized in Level 3 due to the significance of the unobservable model inputs to their respective fair values. The unobservable model inputs, such as basis differentials, are based on the difference between the historical prices of our prior transactions and the underlying observable data as well as certain risk related to non-performance. The effect on our income before income taxes of a 10% change in the model input for non-performance risk would not be significant. There were no transfers between Level 1 and Level 2 during the periods presented. Transfers between Level 2 and Level 3 were due to the increased significance of basis adjustments which are Level 3 measurements.

- 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, 2015

Business Segments

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 millions):


	For the Year ended December 31,
	2015		2014		2013
Revenue:
Aviation segment	$	11,738.2	$	17,268.8	$	16,087.6
Marine segment		9,367.2		13,843.3		14,790.3
Land segment		9,274.3		12,274.3		10,684.0
	$	30,379.7	$	43,386.4	$	41,561.9
Gross profit:
Aviation segment	$	361.4	$	321.6	$	327.2
Marine segment		189.6		205.6		177.1
Land segment		309.5		286.4		248.5
	$	860.5	$	813.6	$	752.8
Income from operations:
Aviation segment	$	131.7	$	142.3	$	150.9
Marine segment		73.0		90.0		73.8
Land segment		103.4		90.3		84.8
		308.1		322.6		309.5
Corporate overhead – unallocated		60.9		53.5		45.0
	$	247.2	$	269.1	$	264.5
Depreciation and amortization:
Aviation segment, includes allocation from corporate	$	22.5	$	15.4	$	15.9
Marine segment, includes allocation from corporate		6.4		5.6		5.4
Land segment, includes allocation from corporate		30.8		34.7		20.8
Corporate		3.7		3.7		2.6
	$	63.4	$	59.4	$	44.7
Capital expenditures:
Aviation segment	$	13.4	$	9.0	$	5.8
Marine segment		8.0		13.9		17.3
Land segment		16.4		16.0		54.3
Corporate		10.6		12.9		5.3
	$	48.4	$	51.8	$	82.7

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


	As of December 31,
	2015		2014
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $6.1 and $7.9 as of December 31, 2015 and 2014 respectively	$	571.6	$	685.1
Marine segment, net of allowance for bad debt of $10.6 and $8.4 as of December 31, 2015 and 2014 respectively		611.2		974.0
Land segment, net of allowance for bad debt of $7.2 and $9.4 as of December 31, 2015 and 2014 respectively		629.8		647.3
	$	1,812.6	$	2,306.4
Goodwill:
Aviation segment	$	173.7	$	174.3
Marine segment		71.4		73.1
Land segment		430.7		405.9
	$	675.8	$	653.3
Identifiable intangible assets, net:
Aviation segment	$	64.7	$	72.9
Marine segment		6.0		7.2
Land segment		140.2		137.5
	$	210.9	$	217.6
Total assets:
Aviation segment	$	1,546.4	$	1,636.5
Marine segment		1,165.6		1,483.0
Land segment		1,651.5		1,570.6
Corporate		185.9		190.9
	$	4,549.4	$	4,881.0

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 millions):


	For the Year ended December 31,
	2015		2014		2013
Revenue:
United States	$	15,494.6	$	21,514.3	$	21,149.2
EMEA (1)		6,382.2		8,612.8		7,017.5
Asia/Pacific (2)		5,863.4		9,844.7		10,215.4
Americas, excluding United States		2,639.5		3,414.6		3,179.8
Total	$	30,379.7	$	43,386.4	$	41,561.9
Income from operations:
United States	$	16.9	$	52.2	$	50.0
EMEA		157.7		121.7		109.6
Asia/Pacific		54.4		74.7		70.6
Americas, excluding United States		18.2		20.5		34.3
Total	$	247.2	$	269.1	$	264.5


	As of December 31,
	2015		2014
Non-current assets:
United States	$	639.9	$	548.1
EMEA		604.6		595.4
Asia/Pacific		5.3		12.3
Americas, excluding United States		45.0		51.8
Total	$	1,294.8	$	1,207.6
Total assets:
United States	$	1,899.3	$	1,908.1
EMEA		1,719.5		1,697.7
Asia/Pacific		614.9		922.7
Americas, excluding United States		315.7		352.5
Total	$	4,549.4	$	4,881.0

(1)

Includes revenue related to the United Kingdom of $4.7 billion, $6.2 billion and $5.0 billion for 2015, 2014 and 2013, respectively.

(2) Includes revenue related to Singapore of $5.8 billion, $9.7 billion and $10.1 billion for 2015, 2014 and 2013, 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=51669610&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=51669610&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=51669610&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=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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+ Details

Summary Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2015

Summary Quarterly Information (Unaudited)

Summary Quarterly Information (Unaudited)

12. Summary Quarterly Information (Unaudited)

The following is a summary of the unaudited quarterly results for 2015 and 2014 (in millions, except earnings per share data):


	March 31,		June 30,		September 30,		December 31,
	2015 (1)		2015 (1)		2015 (1)(2)		2015 (1)(2)
Revenue	$	7,340.7	$	8,496.4	$	7,810.7	$	6,731.9
Gross profit	$	215.4	$	190.4	$	226.7	$	228.0
Net income including noncontrolling interest	$	54.6	$	28.4	$	48.6	$	51.4
Net income attributable to World Fuel	$	55.6	$	29.9	$	49.6	$	51.8
Basic earnings per common share (7)	$	0.79	$	0.42	$	0.71	$	0.75
Diluted earnings per common share (7)	$	0.78	$	0.42	$	0.71	$	0.74


	March 31,		June 30,		September 30,		December 31,
	2014 (3)		2014 (3)(4)		2014 (3)(4)(5)		2014 (3)(4)(5)(6)
Revenue	$	10,550.9	$	11,342.5	$	11,713.4	$	9,779.5
Gross profit	$	188.0	$	191.5	$	214.6	$	219.5
Net income including noncontrolling interest	$	50.5	$	46.3	$	54.4	$	67.1
Net income attributable to World Fuel	$	50.7	$	48.2	$	55.6	$	67.1
Basic earnings per common share (7)	$	0.72	$	0.68	$	0.79	$	0.95
Diluted earnings per common share	$	0.71	$	0.68	$	0.78	$	0.94

(1)

Includes the after-tax termination of employment agreement of $2.3 million, or $0.03 per basic and diluted share in the first quarter of 2015.

(2)

Includes the Pester Marketing operations since September 1, 2015 as a result of the acquisition.

(3)

Includes the Watson Petroleum operations since March 7, 2014 as a result of the acquisition.

(4)

Includes after-tax executive non-renewal charge of $3.0 million, or $0.04 per basic and diluted share in the second quarter of 2014.

(5)

Includes Colt operations since July 29, 2014 as a result of the acquisition.

(6)

Includes after-tax gain on the sale of the crude oil joint venture interests of $9.9 million, or $0.14 per basic and diluted share in the fourth quarter of 2014.

(7)

Basic and diluted earnings per share are computed independently for each quarter and the full year based upon respective weighted average shares outstanding. Therefore, the sum of the quarterly basic and diluted earnings per share amounts may not equal the annual basic and diluted earnings per share amounts reported.

Assets and Liabilities Held for Sale	12 Months Ended
Assets and Liabilities Held for Sale	Dec. 31, 2015
Discontinued Operations and Disposal Groups
Assets and Liabilities Held for Sale	13. Assets and Liabilities Held for Sale In connection with the acquisition of all of the outstanding stock of Pester, we committed to a plan to sell certain assets and liabilities of Pester’s fuel retail business. As all of the criteria for classification as held for sale were met, those assets and liabilities of the business were presented separately as held for sale in our consolidated balance sheets as of December 31, 2015. Current assets held for sale of the disposal group, which includes inventories and other current assets, were $5.5 million. The non-current assets held for sale, which include property and equipment, goodwill and identifiable intangible assets, were $36.5 million. Current liabilities held for sale, which includes accounts payable and accrued expenses and other current liabilities, were $5.6 million. Non-current liabilities held for sale, comprised of deferred tax liabilities, were $5.0 million. These net assets have been reported as part of our land segment.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

+ Details

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2015
Subsequent Event
Subsequent Event	14. Subsequent Event In February 2016, we signed a definitive agreement to acquire from certain ExxonMobil affiliates their aviation fueling operations at 83 airports in Canada, the United Kingdom, Germany, Italy, Australia and New Zealand. Further, an additional three locations in France are expected to be added to the definitive agreement subject to certain required reviews associated with such transaction. The transaction will close in phases, with the majority of locations expected to close during the second half of 2016. The transaction is subject to customary regulatory consents and closing conditions, including securing third party consents and therefore there can be no assurance that we will be successful in closing the acquisition.

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

12 Months Ended

Dec. 31, 2015

Acquisitions and Significant Accounting Policies

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 2015 and 2014.

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

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 millions, except per share amounts):


	2015		2014		2013
Numerator:
Net income attributable to World Fuel	$	186.9	$	221.7	$	203.1
Denominator:
Weighted average common shares for basic earnings per common share		70.2		70.8		71.2
Effect of dilutive securities		0.5		0.5		0.6
Weighted average common shares for diluted earnings per common share		70.7		71.3		71.8
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		1.0		0.9		0.6
Basic earnings per common share	$	2.66	$	3.13	$	2.85
Diluted earnings per common share	$	2.64	$	3.11	$	2.83

Recent Accounting Pronouncements

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

2015 Acquisitions

In addition to the above acquisition, in 2015 we completed three acquisitions in our land segment and one acquisition in our aviation segment which were not material individually or in the aggregate.


Estimated purchase price	$	102.3
Less: Cash acquired		8.7
Estimated purchase price, net of cash acquired		93.6
Less: Amounts due to sellers and promissory notes issued		0.5
Cash paid for acquisition of businesses	$	93.1


Assets acquired:
Cash and cash equivalents	$	8.7
Accounts receivable		8.9
Inventories		7.4
Property and equipment		40.7
Identifiable intangible assets		25.9
Goodwill		39.4
Other current and long-term assets		31.1
Liabilities assumed:
Short-term debt		(0.5)
Accounts payable		(10.7)
Customer Deposits		(1.5)
Accrued expenses and other current liabilities		(38.6)
Non-current income tax liabilities and other long term liabilities		(8.5)
Estimated purchase price	$	102.3

The following presents the unaudited pro forma results for 2015 and 2014 as if the 2015 and 2014 acquisitions had been completed on January 1, 2014 (in millions, except per share data):


	2015		2014
	(pro forma)		(pro forma)
Revenue	$	30,952.0	$	44,432.0
Net income attributable to World Fuel	$	190.6	$	231.1

Earnings per common share:
Basic	$	2.71	$	3.26
Diluted	$	2.70	$	3.24

2014 Acquisitions

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 aggregate purchase price for the 2014 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):


Purchase price	$	295.8
Less: Cash acquired		20.2
Purchase price, net of cash acquired		275.6
Less: Promissory notes issued		9.0
Less: Amounts due to sellers		3.4
Cash paid for acquisition of businesses	$	263.2


Assets acquired:
Cash and cash equivalents	$	20.2
Accounts receivable		257.9
Inventories		14.4
Property and equipment		55.9
Identifiable intangible assets		83.5
Goodwill		177.8
Other current and long-term assets		22.5
Liabilities assumed:
Accounts payable		(247.6)
Accrued expenses and other current liabilities		(50.7)
Other long-term liabilities		(18.7)
Initial noncontrolling interest upon acquisition of businesses		(19.4)
Estimated purchase price	$	295.8

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 millions, except per share data):


	2014		2013
	(pro forma)		(pro forma)
Revenue	$	44,071.8	$	44,098.8
Net income attributable to World Fuel	$	226.6	$	216.4

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

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

The purchase price for each of the 2013 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimate
Purchase price	$	43.8
Less: Cash acquired		3.3
Purchase price, net of cash acquired		40.5
Less: Promissory notes issued		3.0
Cash paid for acquisition of businesses	$	37.5


Assets acquired:
Cash and cash equivalents	$	3.3
Accounts receivable		31.3
Inventories		8.8
Property and equipment		3.9
Identifiable intangible assets		13.5
Goodwill		16.5
Other current and long-term assets		2.7
Liabilities assumed:
Accounts payable		(29.6)
Accrued expenses and other current liabilities		(3.5)
Other long-term liabilities		(3.1)
Purchase price	$	43.8

Significant Accounting Policies

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 2015 and 2014.

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

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

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 millions, except per share amounts):


	2015		2014		2013
Numerator:
Net income attributable to World Fuel	$	186.9	$	221.7	$	203.1
Denominator:
Weighted average common shares for basic earnings per common share		70.2		70.8		71.2
Effect of dilutive securities		0.5		0.5		0.6
Weighted average common shares for diluted earnings per common share		70.7		71.3		71.8
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		1.0		0.9		0.6
Basic earnings per common share	$	2.66	$	3.13	$	2.85
Diluted earnings per common share	$	2.64	$	3.11	$	2.83

Recent Accounting Pronouncements

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2015

Acquisitions and Significant Accounting Policies

Computation of basic and diluted earnings per common share

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


	2015		2014		2013
Numerator:
Net income attributable to World Fuel	$	186.9	$	221.7	$	203.1
Denominator:
Weighted average common shares for basic earnings per common share		70.2		70.8		71.2
Effect of dilutive securities		0.5		0.5		0.6
Weighted average common shares for diluted earnings per common share		70.7		71.3		71.8
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		1.0		0.9		0.6
Basic earnings per common share	$	2.66	$	3.13	$	2.85
Diluted earnings per common share	$	2.64	$	3.11	$	2.83

2015 Acquisitions

Acquisitions and Significant Accounting Policies

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 2015 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):


Estimated purchase price	$	102.3
Less: Cash acquired		8.7
Estimated purchase price, net of cash acquired		93.6
Less: Amounts due to sellers and promissory notes issued		0.5
Cash paid for acquisition of businesses	$	93.1

Schedule of estimated purchase price allocation for the acquisition

The estimated purchase price allocation for the 2015 acquisitions is as follows (in millions):


Assets acquired:
Cash and cash equivalents	$	8.7
Accounts receivable		8.9
Inventories		7.4
Property and equipment		40.7
Identifiable intangible assets		25.9
Goodwill		39.4
Other current and long-term assets		31.1
Liabilities assumed:
Short-term debt		(0.5)
Accounts payable		(10.7)
Customer Deposits		(1.5)
Accrued expenses and other current liabilities		(38.6)
Non-current income tax liabilities and other long term liabilities		(8.5)
Estimated purchase price	$	102.3

Schedule of unaudited pro forma results

The following presents the unaudited pro forma results for 2015 and 2014 as if the 2015 and 2014 acquisitions had been completed on January 1, 2014 (in millions, except per share data):


	2015		2014
	(pro forma)		(pro forma)
Revenue	$	30,952.0	$	44,432.0
Net income attributable to World Fuel	$	190.6	$	231.1

Earnings per common share:
Basic	$	2.71	$	3.26
Diluted	$	2.70	$	3.24

2014 Acquisitions

Acquisitions and Significant Accounting Policies

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 2014 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):


Purchase price	$	295.8
Less: Cash acquired		20.2
Purchase price, net of cash acquired		275.6
Less: Promissory notes issued		9.0
Less: Amounts due to sellers		3.4
Cash paid for acquisition of businesses	$	263.2

Schedule of estimated purchase price allocation for the acquisition


Purchase price	$	295.8
Less: Cash acquired		20.2
Purchase price, net of cash acquired		275.6
Less: Promissory notes issued		9.0
Less: Amounts due to sellers		3.4
Cash paid for acquisition of businesses	$	263.2


Assets acquired:
Cash and cash equivalents	$	20.2
Accounts receivable		257.9
Inventories		14.4
Property and equipment		55.9
Identifiable intangible assets		83.5
Goodwill		177.8
Other current and long-term assets		22.5
Liabilities assumed:
Accounts payable		(247.6)
Accrued expenses and other current liabilities		(50.7)
Other long-term liabilities		(18.7)
Initial noncontrolling interest upon acquisition of businesses		(19.4)
Estimated purchase price	$	295.8

Schedule of unaudited pro forma results

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 millions, except per share data):


	2014		2013
	(pro forma)		(pro forma)
Revenue	$	44,071.8	$	44,098.8
Net income attributable to World Fuel	$	226.6	$	216.4

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

2013 Acquisitions

Acquisitions and Significant Accounting Policies

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 millions):

The purchase price for each of the 2013 acquisitions was allocated to the assets acquired and liabilities assumed based on their estimate
Purchase price	$	43.8
Less: Cash acquired		3.3
Purchase price, net of cash acquired		40.5
Less: Promissory notes issued		3.0
Cash paid for acquisition of businesses	$	37.5

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 millions):


Assets acquired:
Cash and cash equivalents	$	3.3
Accounts receivable		31.3
Inventories		8.8
Property and equipment		3.9
Identifiable intangible assets		13.5
Goodwill		16.5
Other current and long-term assets		2.7
Liabilities assumed:
Accounts payable		(29.6)
Accrued expenses and other current liabilities		(3.5)
Other long-term liabilities		(3.1)
Purchase price	$	43.8

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2015

Accounts Receivable

Schedule of allowance for bad debt

The following table sets forth activities in our allowance for bad debt (in millions):


	2015		2014		2013
Balance as of beginning of period	$	25.7	$	29.1	$	23.7
Charges to provision for bad debt		7.5		3.8		11.7
Write-off of uncollectible accounts receivable		(8.3)		(8.0)		(6.9)
Recoveries of bad debt		0.5		0.8		0.6
Translation Adjustments		(0.4)		—		—
Balance as of end of period	$	25.0	$	25.7	$	29.1

Derivatives (Tables)

12 Months Ended

Dec. 31, 2015

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	2016	Commodity contracts for inventory hedging	2.8	BBL	$	54.104	$	4.929	$	13.8
	2017	Commodity contracts for inventory hedging	0.1	BBL		57.576		5.000		0.5
									$	14.3

Cash Flow Hedge	2016	Commodity contracts for inventory hedging	9.8	BBL		66.947		0.847		8.3
	2017	Commodity contracts for inventory hedging	0.8	BBL		66.784		8.625		6.9
									$	15.2

Non-Designated	2016	Commodity contracts (long)	50.9	BBL		45.030		(15.935)		(811.1)
	2016	Commodity contracts (short)	41.8	BBL		54.410		19.770		826.4
	2017	Commodity contracts (long)	3.1	BBL		25.400		(2.452)		(7.6)
	2017	Commodity contracts (short)	2.3	BBL		26.810		3.348		7.7
	2018	Commodity contracts (long)	0.7	BBL		10.000		2.857		2.0
	2018	Commodity contracts (short)	0.5	BBL		11.280		(1.200)		(0.6)
	2020	Commodity contracts (long)	0.1	BBL		21.750		(1.000)		(0.1)
	2020	Commodity contracts (short)	0.1	BBL		18.840		6.000		0.6
	2016	Foreign currency contracts	6.5	AUD		0.717		(0.031)		(0.2)
	2016	Foreign currency contracts	4.3	BRL		3.881		—		—
	2016	Foreign currency contracts	82.8	CAD		1.335		0.025		2.1
	2016	Foreign currency contracts	0.3	CHF		0.964		—		—
	2016	Foreign currency contracts	4,199.0	CLP		702.379		—		—
	2016	Foreign currency contracts	52,263.5	COP		3,064.704		—		0.1
	2016	Foreign currency contracts	73.8	DKK		6.854		(0.003)		(0.2)
	2016	Foreign currency contracts	45.7	EUR		1.099		0.033		1.5
	2016	Foreign currency contracts	124.7	GBP		1.530		0.023		2.9
	2016	Foreign currency contracts	111.4	INR		66.366		—		—
	2016	Foreign currency contracts	546.3	JPY		120.938		—		—
	2016	Foreign currency contracts	1,794.6	MXN		16.803		—		(0.1)
	2016	Foreign currency contracts	47.3	NOK		8.474		0.004		0.2
	2016	Foreign currency contracts	12.6	PLN		3.892		0.008		0.1
	2016	Foreign currency contracts	42.9	RON		4.083		0.014		0.6
	2016	Foreign currency contracts	45.6	SEK		8.343		(0.002)		(0.1)
	2016	Foreign currency contracts	23.8	SGD		1.411		(0.004)		(0.1)
	2016	Foreign currency contracts	109.3	ZAR		14.245		0.001		0.1
	2017	Foreign currency contracts	1.8	EUR		1.083		—		—
	2017	Foreign currency contracts	8.0	GBP		1.553		0.063		0.5
	2017	Foreign currency contracts	1.7	EUR		1.105		—		—
									$	24.7

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

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 millions):


		As of December 31,
	Balance Sheet Location	2015		2014
Derivative assets:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	114.0	$	18.8
Commodity contracts	Long-term derivative assets, net		7.4		—
Commodity contracts	Accrued expenses and other current liabilities		6.3		4.7
			127.7		23.5
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		241.4		399.0
Commodity contracts	Identifiable intangible and other non-current assets		17.0		12.1
Commodity contracts	Accrued expenses and other current liabilities		120.4		234.1
Commodity contracts	Other long-term liabilities		4.0		4.8
Foreign currency contracts	Short-term derivative assets, net		10.9		21.3
Foreign currency contracts	Identifiable intangible and other non-current assets		0.7		0.5
Foreign currency contracts	Accrued expenses and other current liabilities		0.8		—
			395.2		671.8
		$	522.9	$	695.3
Derivative liabilities:
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	95.3	$	1.0
Commodity contracts	Accrued expenses and other current liabilities		2.9		0.7
			98.2		1.7
Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		26.6		76.0
Commodity contracts	Identifiable intangible and other non-current assets		4.8		0.6
Commodity contracts	Accrued expenses and other current liabilities		319.9		530.0
Commodity contracts	Other long-term liabilities		14.2		29.3
Foreign currency contracts	Short-term derivative assets, net		3.3		12.0
Foreign currency contracts	Accrued expenses and other current liabilities		1.7		—
			370.5		647.9
		$	468.7	$	649.6

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,
		2015		2014		2013				2015		2014		2013
Commodity contracts	Revenue	$	49.3	$	—	$	—
Commodity contracts	Cost of revenue		37.5		132.2		2.7	Inventories	Cost of revenue	$	(70.7)	$	(150.9)	$	3.1
		$	86.8	$	132.2	$	2.7			$	(70.7)	$	(150.9)	$	3.1

Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income


		Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)			Location of Realized Gain (Loss)		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)				Amount of Gain (Loss) Recognized in Income (Ineffective Portion)
Derivative Instruments		2015	2014		(Effective Portion)		2015		2014		2015		2014

Commodity Contracts	$	106.2	$	—	Revenue	$	6.1	$	—	$	28.6	$	—
Commodity Contracts		(105.6)		—	Cost of revenue		(5.7)		—		(17.8)		—
Total	$	0.6	$	—		$	0.4	$	—	$	10.8	$	—

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,
		2015		2014		2013
Commodity contracts	Revenue	$	171.7	$	64.5	$	25.4
Commodity contracts	Cost of revenue		(139.0)		2.2		(5.4)
Foreign currency contracts	Revenue		4.1		4.3		—
Foreign currency contracts	Other income (expense), net		9.5		12.6		(4.0)
		$	46.3	$	83.6	$	16.0

- 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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2015

Property and Equipment

Schedule of property and equipment

The amount of property and equipment and their respective estimated useful lives are as follows (in millions, except estimated useful lives):


	As of December 31,				Estimated
	2015		2014		Useful Lives
Land	$	31.6	$	17.7	Indefinite
Buildings and leasehold improvements		41.2		43.7	3 - 40 years
Office equipment, furniture and fixtures		14.1		13.6	3 - 10 years
Computer equipment and software costs		118.9		102.7	3 - 10 years
Machinery, equipment and vehicles		160.1		132.5	3 - 40 years
		365.9		310.2
Accumulated depreciation and amortization		140.3		106.8
	$	225.6	$	203.4

Schedule of amount of computer software costs, including capitalized internally developed software costs

The amount of computer software costs, including capitalized internally developed software costs are as follows (in millions):


	As of December 31,
	2015		2014
Computer software costs	$	91.4	$	76.8
Accumulated amortization		55.8		45.2
Computer software costs, net	$	35.6	$	31.6

Schedule of assets and accumulated amortization recorded under capital leases

The assets and accumulated amortization recorded under capital leases are as follows (in millions):


	As of December 31,
	2015		2014
Capital leases	$	23.0	$	17.7
Accumulated amortization		11.0		5.5
Capital leases, net	$	12.0	$	12.2

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Identifiable Intangible Assets

Schedule of changes in goodwill

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


	Aviation		Marine		Land
	Segment		Segment		Segment		Total
As of December 31, 2013	$	115.5	$	69.1	$	299.0	$	483.6
2014 acquisitions		58.9		4.7		114.3		177.9
Adjustment of purchase price allocations – 2013 acquisitions		—		—		0.4		0.4
Foreign currency translation of non-USD functional currency subsidiary goodwill		(0.1)		(0.7)		(7.8)		(8.6)
As of December 31, 2014		174.3		73.1		405.9		653.3
2015 acquisitions		1.7		—		37.7		39.4
Goodwill classified as held for sale		—		—		(5.9)		(5.9)
Foreign currency translation of non-USD functional currency subsidiary goodwill		(2.3)		(1.7)		(7.0)		(11.0)
As of December 31, 2015	$	173.7	$	71.4	$	430.7	$	675.8

Schedule of identifiable intangible assets

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


	As of December 31, 2015						As of December 31, 2014
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	255.5	$	125.4	$	130.1	$	243.1	$	104.4	$	138.7
Supplier agreements		38.5		10.7		27.8		33.7		9.1		24.6
Others		37.2		16.1		21.1		33.7		11.3		22.4
		331.2		152.2		179.0		310.5		124.8		185.7
Intangible assets not subject to amortization:
Trademark/trade name rights		31.9		—		31.9		31.9		—		31.9
	$	363.1	$	152.2	$	210.9	$	342.4	$	124.8	$	217.6

Schedule of future estimated amortization of identifiable intangible assets

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


Year Ended December 31,
2016	$	32.3
2017		27.5
2018		23.8
2019		19.6
2020		16.8
Thereafter		59.0
	$	179.0

Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt

Schedule of debt

Our debt consisted of the following (in millions):


	As of December 31,
	2015		2014
Credit Facility	$	416.0	$	420.0
Term Loans		333.2		241.3
Capital leases		12.0		11.4
Other		11.0		17.2
Total debt		772.2		689.9
Short-term debt		25.5		17.9
Long-term debt	$	746.7	$	672.0

Schedule of aggregate annual maturities of debt

As of December 31, 2015, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2016	$	25.5
2017		27.5
2018		715.6
2019		1.4
2020		0.9
Thereafter		1.3
	$	772.2

Schedule of interest expense and other financing costs, net


Year Ended December 31,
2016	$	25.5
2017		27.5
2018		715.6
2019		1.4
2020		0.9
Thereafter		1.3
	$	772.2

The following table provides additional information about our interest income and expense and other financing costs, net (in millions):


	2015		2014		2013
Interest income	$	5.0	$	6.0	$	3.9
Interest expense and other financing costs		(34.9)		(31.2)		(21.2)
	$	(29.9)	$	(25.2)	$	(17.3)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Schedule of future minimum lease payments under non-cancelable operating leases

As of December 31, 2015, our future minimum lease payments under non‑cancelable operating leases were as follows (in millions):


Year Ended December 31,
2016	$	42.1
2017		31.3
2018		23.4
2019		18.8
2020		15.1
Thereafter		45.5
	$	176.2

Schedule of future minimum commitments under agreement with executive officers and key employees

As of December 31, 2015, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions):


Year Ended December 31,
2016	$	6.0
2017		1.2
	$	7.2

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

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)	1.4	0.7	0.2	3.2

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, 2012	1.1	$	39.38	$	45.3	3.4
Granted	0.3		41.83
Vested	—		37.00
Forfeited	—		38.89
As of December 31, 2013	1.4		40.07		59.3	2.7
Granted	0.3		44.18
Vested	(0.2)		38.00
Forfeited	—		39.58
As of December 31, 2014	1.5		41.18		70.2	2.1
Granted	0.2		49.95
Vested	(0.2)		39.63
Forfeited	(0.1)		41.84
As of December 31, 2015	1.4	$	42.69	$	54.9	1.4

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, 2012	1.0	$	34.06	$	39.9	1.5
Granted	—		40.59
Issued	(0.3)		32.00
Forfeited	—		35.92
As of December 31, 2013	0.7		35.61		31.8	1.3
Granted	0.3		44.34
Issued	(0.2)		36.67
Forfeited	-		40.25
As of December 31, 2014	0.8		38.55		36.9	1.5
Granted	0.2		51.00
Issued	(0.3)		38.80
Forfeited	—		42.65
As of December 31, 2015	0.7	$	43.10	$	28.0	1.7

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, 2012	0.4	$	15.30	$	10.9	0.6	0.3		16.02		8.1	0.7
Granted	0.2		41.42
Exercised	(0.4)		14.07
Forfeited	—		37.34
As of December 31, 2013	0.2		37.69		1.5	3.6	—		23.25		1.1	1.0
Exercised	—		22.26
Forfeited	—		40.91
As of December 31, 2014	0.2		40.06		1.5	3.0	—	$	35.81	$	0.6	2.2
Granted	—		57.48
Exercised	—		25.08
As of December 31, 2015	0.2	$	42.91	$	—	2.5	—	$	42.06	$	—	2.2

Schedule of unrecognized compensation cost


Year Ended December 31,
2016	$	14.6
2017		10.8
2018		5.7
2019		1.3
2020		0.2
	$	32.6

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, 2013	$	(29.3)	$	—	$	(29.3)
Other comprehensive loss		(30.9)		—		(30.9)
Balance as of December 31, 2014		(60.2)		—		(60.2)
Other comprehensive loss		(49.6)		0.6		(49.0)
Less: Net other comprehensive income attributable to noncontrolling interest		4.0		—		4.0
Balance as of December 31, 2015	$	(113.8)	$	0.6	$	(113.2)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

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

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


	2015		2014		2013
United States	$	1.2	$	56.5	$	31.8
Foreign		218.1		213.0		214.9
	$	219.3	$	269.5	$	246.7

Schedule of components of income tax provision (benefit)

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


	2015		2014		2013
Current:
U.S. federal statutory tax	$	(10.7)	$	14.8	$	8.2
State		0.6		2.5		1.8
Foreign		29.6		22.0		36.2
		19.5		39.3		46.2
Deferred:
U.S. federal statutory tax		4.6		10.7		2.2
State		3.0		2.7		0.6
Foreign		(14.8)		(3.0)		(11.0)
		(7.2)		10.4		(8.2)
Non-current tax expense (income)		24.0		1.4		1.5
	$	36.3	$	51.1	$	39.5

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

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


	2015		2014		2013
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Foreign earnings, net of foreign taxes	(28.2)		(18.1)		(18.7)
State income taxes, net of U.S. federal income tax benefit	1.1		1.3		0.6
U.S. tax on deemed dividends	6.1		1.0		1.4
Brazil foreign currency effect on other comprehensive income	(5.4)		(1.5)		(1.4)
Other permanent differences	8.0		1.3		(0.9)
Effective income tax rate	16.6	%	19.0	%	16.0	%

Schedule of net deferred tax liabilities

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


	As of December 31,
	2015		2014
Gross Deferred Tax Assets:
Bad debt reserve	$	5.0	$	5.5
Net operating loss		13.0		4.8
Accrued and other share-based compensation		20.6		21.6
Accrued expenses		—		8.6
U.S. foreign income tax credits		5.3		—
Other income tax credits		0.7		—
Customer deposits		5.7		6.1
Installment sale		6.7		6.6
Cash flow hedges		0.8		—
Unrealized foreign exchange		18.2		7.6
Total gross deferred tax assets		76.0		60.8
Less: Valuation allowance		2.9		—
Gross deferred tax assets, net of valuation allowance		73.1		60.8
Deferred Tax Liabilities:
Depreciation		(20.8)		(13.1)
Goodwill and intangible assets		(56.2)		(45.3)
Prepaid expenses, deductible for tax purposes		(4.4)		(4.5)
Accrued expenses		(2.5)		—
Unrealized derivatives		(5.1)		(8.2)
Other		—		(1.2)
Total gross deferred tax liabilities		(89.0)		(72.3)
Net deferred tax liability	$	(15.9)	$	(11.5)
Reported on the consolidated balance sheets as:
Other current assets for deferred tax assets, current	$	—	$	22.8
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	20.7	$	15.6
Accrued expenses and other current liabilities for deferred tax liabilities, current	$	—	$	0.4
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	36.6	$	49.4

Schedule of expiration of NOL carryforward

We have recorded a deferred tax asset of $13.0 million reflecting the benefit of the NOL carryforward as of December 31, 2015. This deferred tax asset expires as follows (in millions):


	Deferred
Expiration Date	Tax Asset
December 31, 2016	$	0.1
December 31, 2020		0.6
December 31, 2021		0.1
December 31, 2022		0.1
December 31, 2023		0.3
December 31, 2024		1.1
December 31, 2025		0.1
March 31, 2032		0.3
March 31, 2033		0.5
March 31, 2034		1.2
December 31, 2035		5.6
Indefinite		3.0
Total	$	13.0

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

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


	2015		2014		2013
Unrecognized Tax Liabilities – opening balance	$	24.3	$	26.5	$	22.3
Gross increases – tax positions in prior period		9.2		—		2.6
Gross decreases – tax positions in prior period		(4.8)		(2.8)		—
Gross increases – tax positions in current period		20.9		6.6		5.0
Gross decreases – tax positions in current period		—		—		—
Settlements		—		(3.6)		—
Lapse of statute of limitations		(2.9)		(2.4)		(3.4)
Unrecognized Tax Liabilities – ending balance	$	46.7	$	24.3	$	26.5

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	2013 - 2015
Singapore	None	2011 - 2015
United Kingdom	None	2012 - 2015
Brazil	2009	2010 - 2015
Chile	None	2013 - 2015
Denmark	None	2013 - 2015

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements

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

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in millions):


									Netting and
	Level 1		Level 2		Level 3		Sub-Total		Collateral		Total
2015
Assets:
Commodity contracts	$	255.4	$	251.9	$	3.2	$	510.5	$	(279.0)	$	231.5
Foreign currency contracts		—		12.4		—		12.4		(4.1)		8.3
Cash surrender value of life insurance		—		2.4		—		2.4		—		2.4
Total	$	255.4	$	266.7	$	3.2	$	525.3	$	(283.1)	$	242.2
Liabilities:
Commodity contracts	$	340.1	$	123.4	$	0.2	$	463.7	$	(389.6)	$	74.1
Foreign currency contracts		—		5.0		—		5.0		(4.1)		0.9
Inventories		—		14.3				14.3		—		14.3
Total	$	340.1	$	142.7	$	0.2	$	483.0	$	(393.7)	$	89.3
2014
Assets:
Commodity contracts	$	173.7	$	495.6	$	4.2	$	673.5	$	(368.0)	$	305.5
Foreign currency contracts		—		21.8		—		21.8		(12.0)		9.8
Cash surrender value of life insurance		—		2.2		—		2.2		—		2.2
Total	$	173.7	$	519.6	$	4.2	$	697.5	$	(380.0)	$	317.5
Liabilities:
Commodity contracts	$	306.4	$	329.9	$	1.3	$	637.6	$	(595.6)	$	42.0
Foreign currency contracts		—		12.0		—		12.0		(12.0)		—
Inventories		—		22.9		—		22.9		—		22.9
Total	$	306.4	$	364.8	$	1.3	$	672.5	$	(607.6)	$	64.9

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

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


	As of December 31,
	2015		2014
Commodity Contracts
Assets:
Short-term derivative assets, net	$	212.6	$	294.3
Identifiable intangible and other non-current assets		18.9		11.2
Total net assets	$	231.5	$	305.5
Liabilities:
Accrued expenses and other current liabilities	$	68.7	$	41.3
Other long-term liabilities		5.4		0.7
Total net liabilities	$	74.1	$	42.0
Foreign Currency Contracts
Assets:
Short-term derivative assets, net	$	7.6	$	9.3
Identifiable intangible and other non-current assets		0.7		0.5
Total net assets	$	8.3	$	9.8
Liabilities:
Accrued expenses and other current liabilities	$	0.9	$	—
Total net liabilities	$	0.9	$	—

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

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 millions):


	Beginning of Period		Realized and Unrealized Gains (Losses) Included in Earnings		Settlements			Transfers into Level 3		End of Period		Change in Unrealized Gains (Losses) Relating to Assets and Liabilities that are Held at end of Period	Location of Realized and Unrealized gains (Losses) in Earnings
2015
Assets:
Commodity contracts	$	4.2	$	3.4	$	5.3	$	1.0	$	3.3	$	2.8	Revenue
Liabilities:
Commodity contracts	$	1.3	$	0.6	$	0.5	$	(0.1)	$	0.3	$	0.2	Cost of revenue
2014
Assets:
Commodity contracts	$	—	$	12.7	$	8.9	$	0.4	$	4.2	$	4.2	Revenue
Liabilities:
Commodity contracts	$	—	$	(1.4)	$	0.1	$	—	$	(1.3)	$	(1.3)	Cost of revenue

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

12 Months Ended

Dec. 31, 2015

Business Segments

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

Information concerning our revenue, gross profit, income from operations, depreciation and amortization and capital expenditures by segment is as follows (in millions):


	For the Year ended December 31,
	2015		2014		2013
Revenue:
Aviation segment	$	11,738.2	$	17,268.8	$	16,087.6
Marine segment		9,367.2		13,843.3		14,790.3
Land segment		9,274.3		12,274.3		10,684.0
	$	30,379.7	$	43,386.4	$	41,561.9
Gross profit:
Aviation segment	$	361.4	$	321.6	$	327.2
Marine segment		189.6		205.6		177.1
Land segment		309.5		286.4		248.5
	$	860.5	$	813.6	$	752.8
Income from operations:
Aviation segment	$	131.7	$	142.3	$	150.9
Marine segment		73.0		90.0		73.8
Land segment		103.4		90.3		84.8
		308.1		322.6		309.5
Corporate overhead – unallocated		60.9		53.5		45.0
	$	247.2	$	269.1	$	264.5
Depreciation and amortization:
Aviation segment, includes allocation from corporate	$	22.5	$	15.4	$	15.9
Marine segment, includes allocation from corporate		6.4		5.6		5.4
Land segment, includes allocation from corporate		30.8		34.7		20.8
Corporate		3.7		3.7		2.6
	$	63.4	$	59.4	$	44.7
Capital expenditures:
Aviation segment	$	13.4	$	9.0	$	5.8
Marine segment		8.0		13.9		17.3
Land segment		16.4		16.0		54.3
Corporate		10.6		12.9		5.3
	$	48.4	$	51.8	$	82.7

Schedule of accounts receivable, net and total assets by segment

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


	As of December 31,
	2015		2014
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $6.1 and $7.9 as of December 31, 2015 and 2014 respectively	$	571.6	$	685.1
Marine segment, net of allowance for bad debt of $10.6 and $8.4 as of December 31, 2015 and 2014 respectively		611.2		974.0
Land segment, net of allowance for bad debt of $7.2 and $9.4 as of December 31, 2015 and 2014 respectively		629.8		647.3
	$	1,812.6	$	2,306.4
Goodwill:
Aviation segment	$	173.7	$	174.3
Marine segment		71.4		73.1
Land segment		430.7		405.9
	$	675.8	$	653.3
Identifiable intangible assets, net:
Aviation segment	$	64.7	$	72.9
Marine segment		6.0		7.2
Land segment		140.2		137.5
	$	210.9	$	217.6
Total assets:
Aviation segment	$	1,546.4	$	1,636.5
Marine segment		1,165.6		1,483.0
Land segment		1,651.5		1,570.6
Corporate		185.9		190.9
	$	4,549.4	$	4,881.0

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


	For the Year ended December 31,
	2015		2014		2013
Revenue:
United States	$	15,494.6	$	21,514.3	$	21,149.2
EMEA (1)		6,382.2		8,612.8		7,017.5
Asia/Pacific (2)		5,863.4		9,844.7		10,215.4
Americas, excluding United States		2,639.5		3,414.6		3,179.8
Total	$	30,379.7	$	43,386.4	$	41,561.9
Income from operations:
United States	$	16.9	$	52.2	$	50.0
EMEA		157.7		121.7		109.6
Asia/Pacific		54.4		74.7		70.6
Americas, excluding United States		18.2		20.5		34.3
Total	$	247.2	$	269.1	$	264.5


	As of December 31,
	2015		2014
Non-current assets:
United States	$	639.9	$	548.1
EMEA		604.6		595.4
Asia/Pacific		5.3		12.3
Americas, excluding United States		45.0		51.8
Total	$	1,294.8	$	1,207.6
Total assets:
United States	$	1,899.3	$	1,908.1
EMEA		1,719.5		1,697.7
Asia/Pacific		614.9		922.7
Americas, excluding United States		315.7		352.5
Total	$	4,549.4	$	4,881.0

(1)

Includes revenue related to the United Kingdom of $4.7 billion, $6.2 billion and $5.0 billion for 2015, 2014 and 2013, respectively.

(2) Includes revenue related to Singapore of $5.8 billion, $9.7 billion and $10.1 billion for 2015, 2014 and 2013, respectively.

Summary Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Summary Quarterly Information (Unaudited)

Summary Quarterly Information (Unaudited)

The following is a summary of the unaudited quarterly results for 2015 and 2014 (in millions, except earnings per share data):


	March 31,		June 30,		September 30,		December 31,
	2015 (1)		2015 (1)		2015 (1)(2)		2015 (1)(2)
Revenue	$	7,340.7	$	8,496.4	$	7,810.7	$	6,731.9
Gross profit	$	215.4	$	190.4	$	226.7	$	228.0
Net income including noncontrolling interest	$	54.6	$	28.4	$	48.6	$	51.4
Net income attributable to World Fuel	$	55.6	$	29.9	$	49.6	$	51.8
Basic earnings per common share (7)	$	0.79	$	0.42	$	0.71	$	0.75
Diluted earnings per common share (7)	$	0.78	$	0.42	$	0.71	$	0.74


	March 31,		June 30,		September 30,		December 31,
	2014 (3)		2014 (3)(4)		2014 (3)(4)(5)		2014 (3)(4)(5)(6)
Revenue	$	10,550.9	$	11,342.5	$	11,713.4	$	9,779.5
Gross profit	$	188.0	$	191.5	$	214.6	$	219.5
Net income including noncontrolling interest	$	50.5	$	46.3	$	54.4	$	67.1
Net income attributable to World Fuel	$	50.7	$	48.2	$	55.6	$	67.1
Basic earnings per common share (7)	$	0.72	$	0.68	$	0.79	$	0.95
Diluted earnings per common share	$	0.71	$	0.68	$	0.78	$	0.94

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements - Acquisitions (Details) $ / shares in Units, £ in Millions, $ in Millions				3 Months Ended	12 Months Ended
	Jul. 29, 2014 USD ($) location	Mar. 07, 2014 GBP (£)	Mar. 07, 2014 USD ($)	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2015 GBP (£) item	Dec. 31, 2015 USD ($) item $ / shares	Dec. 31, 2014 USD ($) item $ / shares	Dec. 31, 2013 USD ($) item $ / shares	Dec. 31, 2015 USD ($)
Estimated purchase price of acquisition
Less: Promissory notes issued						$ 0.2	$ 9.0	$ 3.0
Increase (decrease) in goodwill							0.4
Assets acquired:
Goodwill				$ 653.3			653.3	483.6	$ 675.8
Liabilities assumed:
Escrow payment related to an assumed obligation of an acquired business							21.7
Other Investments
Proceeds from the sale of crude oil joint venture interests							43.0
Gain on sale of crude oil joint venture interests							18.1
Gain on sale of crude oil joint venture interest, net of tax and related operating expenses				$ 9.9
Per share impact on the gain on sale of joint venture interests, net of tax and related operating expenses \| $ / shares				$ 0.14
Other investments				$ 69.5			69.5		71.1
Extinguishment of Liability
Derecognized vendor liability accruals amount						8.2	5.2	8.5
Foreign Currency
Net foreign currency transaction losses						1.9	1.0	2.8
Net foreign currency translation adjustment losses						(49.6)	(30.9)	(13.2)
Net foreign currency translation adjustment losses attributable to noncontrolling interest						4.0
Cumulative foreign currency translation adjustment losses				(60.2)			(60.2)	(29.3)	(113.2)
Foreign Currency Translation Adjustments
Foreign Currency
Net foreign currency translation adjustment losses attributable to noncontrolling interest						4.0
Cumulative foreign currency translation adjustment losses				(60.2)			(60.2)	(29.3)	(113.8)
Land Segment
Estimated purchase price of acquisition
Increase (decrease) in goodwill							0.4
Assets acquired:
Goodwill				405.9			405.9	299.0	430.7
Marine segment
Assets acquired:
Goodwill				73.1			73.1	69.1	71.4
Aviation Segment
Assets acquired:
Goodwill				174.3			174.3	115.5	173.7
2015 Acquisitions
Estimated purchase price of acquisition
Estimated purchase price						102.3
Less: Cash acquired						8.7
Estimated purchase price, net of cash acquired						93.6
Less: Amounts due to sellers and promissory notes issued						0.5
Cash paid for acquisition of businesses						$ 93.1
Assets acquired:
Cash and cash equivalents									8.7
Accounts receivable									8.9
Inventories									7.4
Property and equipment									40.7
Identifiable intangible assets									25.9
Goodwill									39.4
Other current and long-term assets									31.1
Liabilities assumed:
Short-term debt									(0.5)
Accounts payable									(10.7)
Customer Deposits									(1.5)
Accrued expenses and other current liabilities									(38.6)
Other long-term liabilities									(8.5)
Estimated purchase price									102.3
Goodwill anticipated to be deductible for tax purposes									1.7
2015 Acquisitions \| Trademark/Trade name rights
Assets acquired:
Identifiable intangible assets									0.9
2015 Acquisitions \| Customer relationships
Assets acquired:
Identifiable intangible assets									18.1
Liabilities assumed:
Weighted average amortizable lives of identifiable intangible assets					5 years 3 months 18 days	5 years 3 months 18 days
2015 Acquisitions \| Supplier agreements
Assets acquired:
Identifiable intangible assets									4.8
Liabilities assumed:
Weighted average amortizable lives of identifiable intangible assets					6 years 2 months 12 days	6 years 2 months 12 days
2015 Acquisitions \| Other
Assets acquired:
Identifiable intangible assets									2.1
Liabilities assumed:
Weighted average amortizable lives of identifiable intangible assets					3 years 4 months 24 days	3 years 4 months 24 days
2015 Acquisitions \| Land Segment
Acquisitions and Significant Accounting Policies
Number of acquisitions \| item					3	3
2015 Acquisitions \| Aviation Segment
Acquisitions and Significant Accounting Policies
Number of acquisitions \| item					1	1
2015 & 2014 Acquisitions
Pro forma results
Revenue						$ 30,952.0	44,432.0
Net income attributable to World Fuel						$ 190.6	$ 231.1
Earnings per common share:
Basic (in dollars per share) \| $ / shares						$ 2.71	$ 3.26
Diluted (in dollars per share) \| $ / shares						$ 2.70	$ 3.24
2014 Acquisitions
Estimated purchase price of acquisition
Estimated purchase price							$ 295.8
Less: Cash acquired							20.2
Estimated purchase price, net of cash acquired							275.6
Less: Promissory notes issued							9.0
Less: Amounts due to sellers and promissory notes issued							3.4
Cash paid for acquisition of businesses							263.2
Assets acquired:
Cash and cash equivalents				20.2			20.2
Accounts receivable				257.9			257.9
Inventories				14.4			14.4
Property and equipment				55.9			55.9
Identifiable intangible assets				83.5			83.5
Goodwill				177.8			177.8
Other current and long-term assets				22.5			22.5
Liabilities assumed:
Accounts payable				(247.6)			(247.6)
Accrued expenses and other current liabilities				(50.7)			(50.7)
Other long-term liabilities				(18.7)			(18.7)
Initial noncontrolling interest upon acquisition of businesses				(19.4)			(19.4)
Estimated purchase price				295.8			295.8
Goodwill anticipated to be deductible for tax purposes				22.4			22.4
Pro forma results
Revenue							44,071.8	44,098.8
Net income attributable to World Fuel							$ 226.6	$ 216.4
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				11.5			$ 11.5
2014 Acquisitions \| Customer relationships
Assets acquired:
Identifiable intangible assets				55.5			$ 55.5
Liabilities assumed:
Weighted average amortizable lives of identifiable intangible assets							4 years 10 months 24 days
2014 Acquisitions \| Other
Assets acquired:
Identifiable intangible assets				$ 16.5			$ 16.5
Liabilities assumed:
Weighted average amortizable lives of identifiable intangible assets							5 years
2014 Acquisitions \| Marine segment
Acquisitions and Significant Accounting Policies
Number of acquisitions \| item							1
2014 Acquisitions \| Aviation Segment
Acquisitions and Significant Accounting Policies
Number of acquisitions \| item							2
Watson Petroleum
Estimated purchase price of acquisition
Estimated purchase price			$ 164.3
Liabilities assumed:
Escrow payment related to an assumed obligation of an acquired business		£ 13.0	$ 21.7
Amounts due to sellers					£ 3.4				$ 5.1
Additional estimated amounts due to seller					£ 2.1	$ 3.0
Colt
Acquisitions and Significant Accounting Policies
Number of locations \| location	3,000
Estimated purchase price of acquisition
Estimated purchase price	$ 72.9
2013 Acquisitions
Estimated purchase price of acquisition
Estimated purchase price								$ 43.8
Less: Cash acquired								3.3
Estimated purchase price, net of cash acquired								40.5
Less: Promissory notes issued								3.0
Cash paid for acquisition of businesses								37.5
Increase (decrease) in goodwill							$ 0.4
Decrease in identifiable intangible assets							0.5
Amounts paid to sellers							$ 0.1
Assets acquired:
Cash and cash equivalents								3.3
Accounts receivable								31.3
Inventories								8.8
Property and equipment								3.9
Identifiable intangible assets								13.5
Goodwill								16.5
Other current and long-term assets								2.7
Liabilities assumed:
Accounts payable								(29.6)
Accrued expenses and other current liabilities								(3.5)
Other long-term liabilities								(3.1)
Estimated purchase price								$ 43.8
2013 Acquisitions \| Land Segment
Acquisitions and Significant Accounting Policies
Number of acquisitions \| item								3

Nature of Business, Acquisitions, Significant Accounting Policies and Recent Accounting Pronouncements - Policies (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income attributable to World Fuel	$ 51.8	$ 49.6	$ 29.9	$ 55.6	$ 67.1	$ 55.6	$ 48.2	$ 50.7	$ 186.9	$ 221.7	$ 203.1
Denominator:
Weighted average common shares for basic earnings per common share									70.2	70.8	71.2
Effect of dilutive securities (in shares)									0.5	0.5	0.6
Weighted average common shares for diluted earnings per common share									70.7	71.3	71.8
Weighted average securities which are not included in the calculation of diluted earnings per common share (in shares)									1.0	0.9	0.6
Basic earnings per common share (in dollars per share)	$ 0.75	$ 0.71	$ 0.42	$ 0.79	$ 0.95	$ 0.79	$ 0.68	$ 0.72	$ 2.66	$ 3.13	$ 2.85
Diluted earnings per common share (in dollars per share)	$ 0.74	$ 0.71	$ 0.42	$ 0.78	$ 0.94	$ 0.78	$ 0.68	$ 0.71	$ 2.64	$ 3.11	$ 2.83

- Definition

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

+ References + Details

Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts receivable
Accounts receivable, net of allowance	$ 1,812.6	$ 2,306.4
Allowance for bad debt
Activities in allowance for bad debt
Balance as of beginning of period	25.7	29.1	$ 23.7
Charges to provision for bad debt	7.5	3.8	11.7
Write-off of uncollectible accounts receivable	(8.3)	(8.0)	(6.9)
Recoveries of bad debt	0.5	0.8	0.6
Translation Adjustments	(0.4)
Balance as of end of period	$ 25.0	$ 25.7	$ 29.1

Derivatives - Fair Value Position (Details) - 12 months ended Dec. 31, 2015 € in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, zł in Millions, kr in Millions, kr in Millions, bbl in Millions, SFr in Millions, R$ in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, in Millions	$ / ¥ bbl	$ / ₨	$ / $	$ / SFr	$ / $	$ / $	ZAR (R)	SGD ($)	RON ( )	PLN (zł)	NOK (kr)	MXN ($)	JPY (¥)	INR (₨)	EUR (€)	DKK (kr)	COP ($)	CLP ($)	CHF (SFr)	CAD ($)	BRL (R$)	AUD ($)	$ / £	$ / R	$ / $	$ /	$ / zł	$ / kr	$ / $	$ / €	$ / kr	$ / $	$ / R$	$ / bbl	Total	GBP (£)	USD ($)
Cash flow hedges.
Derivative instruments, at their respective fair value positions
Fair Value Amount																																					$ 15.2
Derivatives designated as hedging instruments
Derivative instruments, at their respective fair value positions
Fair Value Amount																																					14.3
Derivatives designated as hedging instruments \| Cash flow hedges. \| Commodity contracts \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	9.8
Weighted Average Fixed Price \| $ / bbl																																		66.947
Weighted Average Mark-to-Market \| $ / bbl																																		0.847
Fair Value Amount																																					8.3
Derivatives designated as hedging instruments \| Cash flow hedges. \| Commodity contracts \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	0.8
Weighted Average Fixed Price \| $ / bbl																																		66.784
Weighted Average Mark-to-Market \| $ / bbl																																		8.625
Fair Value Amount																																					6.9
Derivatives designated as hedging instruments \| Fair value hedges \| Long \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	2.8
Weighted Average Fixed Price \| $ / bbl																																		54.104
Weighted Average Mark-to-Market \| $ / bbl																																		4.929
Fair Value Amount																																					13.8
Derivatives designated as hedging instruments \| Fair value hedges \| Short \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	0.1
Weighted Average Fixed Price \| $ / bbl																																		57.576
Weighted Average Mark-to-Market \| $ / bbl																																		5.000
Fair Value Amount																																					0.5
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	50.9
Weighted Average Fixed Price \| $ / bbl																																		45.030
Weighted Average Mark-to-Market \| $ / bbl																																		(15.935)
Fair Value Amount																																					(811.1)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	3.1
Weighted Average Fixed Price \| $ / bbl																																		25.400
Weighted Average Mark-to-Market \| $ / bbl																																		(2.452)
Fair Value Amount																																					(7.6)
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2018
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	0.7
Weighted Average Fixed Price \| $ / bbl																																		10.000
Weighted Average Mark-to-Market \| $ / bbl																																		2.857
Fair Value Amount																																					2.0
Derivatives not designated as hedging instruments \| Commodity contracts \| Long \| 2020
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	0.1
Weighted Average Fixed Price \| $ / bbl																																		21.750
Weighted Average Mark-to-Market \| $ / bbl																																		(1.000)
Fair Value Amount																																					(0.1)
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2016
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	41.8
Weighted Average Fixed Price \| $ / bbl																																		54.410
Weighted Average Mark-to-Market \| $ / bbl																																		19.770
Fair Value Amount																																					826.4
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2017
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	2.3
Weighted Average Fixed Price \| $ / bbl																																		26.810
Weighted Average Mark-to-Market \| $ / bbl																																		3.348
Fair Value Amount																																					7.7
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2018
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	0.5
Weighted Average Fixed Price \| $ / bbl																																		11.280
Weighted Average Mark-to-Market \| $ / bbl																																		(1.200)
Fair Value Amount																																					(0.6)
Derivatives not designated as hedging instruments \| Commodity contracts \| Short \| 2020
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts \| bbl	0.1
Weighted Average Fixed Price \| $ / bbl																																		18.840
Weighted Average Mark-to-Market \| $ / bbl																																		6.000
Fair Value Amount																																					0.6
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| AUD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																																					6.5
Weighted Average Mark-to-Market																																			(0.031)
Fair Value Amount																																					(0.2)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| AUD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price																																			0.717
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| BRL
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																						$ 4.3
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| BRL \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $						3.881
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| CAD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R$																					R$ 82.8
Weighted Average Mark-to-Market \| $ / R$																																	0.025
Fair Value Amount																																					2.1
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| CAD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / R$																																	1.335
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| COP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																		$ 52,263.5
Fair Value Amount																																					0.1
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| COP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $			3,064.704
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| NOK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts												$ 47.3
Weighted Average Mark-to-Market \| $ / $																													0.004
Fair Value Amount																																					0.2
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Long \| 2016 \| NOK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $																													8.474
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| CHF
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																				$ 0.3
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| CHF \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $					0.964
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| CLP
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| SFr																			SFr 4,199.0
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| CLP \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / SFr				702.379
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| DKK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																	$ 73.8
Weighted Average Mark-to-Market \| $ / $																																(0.003)
Fair Value Amount																																					(0.2)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| DKK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $																																6.854
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| EUR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr																kr 45.7
Weighted Average Mark-to-Market \| $ / kr																															0.033
Fair Value Amount																																					1.5
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| EUR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr																															1.099
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 \| €															€ 124.7
Weighted Average Mark-to-Market \| $ / €																														0.023
Fair Value Amount																																					2.9
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 \| $ / €																														1.530
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| INR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| £																																				£ 111.4
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| INR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / £																							66.366
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| JPY
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ₨														₨ 546.3
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| JPY \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ₨		120.938
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| MXN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| ¥													¥ 1,794.6
Fair Value Amount																																					(0.1)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| MXN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / ¥	16.803
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| PLN
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| kr											kr 12.6
Weighted Average Mark-to-Market \| $ / kr																												0.008
Fair Value Amount																																					0.1
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| PLN \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / kr																												3.892
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| RON
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| zł										zł 42.9
Weighted Average Mark-to-Market \| $ / zł																											0.014
Fair Value Amount																																					0.6
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| RON \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / zł																											4.083
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| SEK
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \|									45.6
Weighted Average Mark-to-Market \| $ /																										(0.002)
Fair Value Amount																																					(0.1)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| SEK \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ /																										8.343
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| SGD
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts								$ 23.8
Weighted Average Mark-to-Market \| $ / $																									(0.004)
Fair Value Amount																																					(0.1)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| SGD \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / $																									1.411
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| ZAR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts \| R							R 109.3
Weighted Average Mark-to-Market \| $ / R																								0.001
Fair Value Amount																																					0.1
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2016 \| ZAR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price \| $ / R																								14.245
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2017 \| EUR
Derivative instruments, at their respective fair value positions
Non-Designated, Notional amount of foreign currency contracts																																				1.7	1.8
Fair Value Amount																																					24.7
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short \| 2017 \| EUR \| Weighted Average
Derivative instruments, at their respective fair value positions
Weighted Average Fixed Price																							1.105												1.083
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 \| £																																				£ 8.0
Weighted Average Mark-to-Market \| $ / £																							0.063
Fair Value Amount																																					$ 0.5
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 \| $ / £																							1.553

Derivatives - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	$ 522.9	$ 695.3
Derivative liability	468.7	649.6
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	127.7	23.5
Derivative liability	98.2	1.7
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	114.0	18.8
Derivative liability	95.3	1.0
Derivatives designated as hedging instruments \| Commodity contracts \| Long-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	7.4
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	6.3	4.7
Derivative liability	2.9	0.7
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative asset	395.2	671.8
Derivative liability	370.5	647.9
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	241.4	399.0
Derivative liability	26.6	76.0
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	17.0	12.1
Derivative liability	4.8	0.6
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	120.4	234.1
Derivative liability	319.9	530.0
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	4.0	4.8
Derivative liability	14.2	29.3
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	10.9	21.3
Derivative liability	3.3	12.0
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	0.7	$ 0.5
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	0.8
Derivative liability	$ 1.7

Derivatives - Effect on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain (loss) on derivative
Gains or losses that were excluded from the assessment of the effectiveness of fair value hedges	$ 0.0	$ 0.0	$ 0.0
Derivative, credit-risk related contingent features
Net liability position	63.2	111.7
Collateral posted	28.1	89.4
Additional assets required to be posted should credit-risk contingent feature be triggered	35.1	22.3
Cash flow hedges.
Gain (loss) on derivative
Amount of Loss Recognized in Accumulated Other Comprehensive Income (Effective Portion)	0.6
Amount of Gain Reclassified from Accumulated Other Comprehensive Income (Effective Portion)	0.4
Amount of Loss Recognized in Income (Ineffective Portion)	10.8
Cash flow hedges. \| Commodity contracts \| Revenue
Gain (loss) on derivative
Amount of Loss Recognized in Accumulated Other Comprehensive Income (Effective Portion)	106.2
Amount of Gain Reclassified from Accumulated Other Comprehensive Income (Effective Portion)	6.1
Amount of Loss Recognized in Income (Ineffective Portion)	28.6
Cash flow hedges. \| Commodity contracts \| Cost of revenue.
Gain (loss) on derivative
Amount of Loss Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(105.6)
Amount of Gain Reclassified from Accumulated Other Comprehensive Income (Effective Portion)	(5.7)
Amount of Loss Recognized in Income (Ineffective Portion)	(17.8)
Derivatives designated as hedging instruments \| Fair value hedges
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	86.8	132.2	2.7
Realized and Unrealized Gain (Loss) on Hedged Item	(70.7)	(150.9)	3.1
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts two \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedge	49.3
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	37.5	132.2	2.7
Realized and Unrealized Gain (Loss) on Hedged Item	(70.7)	(150.9)	3.1
Derivatives not designated as hedging instruments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	46.3	83.6	16.0
Derivatives not designated as hedging instruments \| Commodity contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	171.7	64.5	25.4
Derivatives not designated as hedging instruments \| Commodity contracts \| Cost of revenue.
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	(139.0)	2.2	(5.4)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	4.1	4.3
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other income (expense), net
Gain (loss) on derivative
Realized and Unrealized Gain (Loss)	$ 9.5	$ 12.6	$ (4.0)

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Amount of property and equipment
Property and Equipment gross	$ 365.9	$ 310.2
Accumulated depreciation and amortization	140.3	106.8
Property and equipment, net	225.6	203.4
Depreciation expense	35.1	30.3	$ 22.0
Land
Amount of property and equipment
Property and Equipment gross	31.6	17.7
Buildings and Leasehold improvements
Amount of property and equipment
Property and Equipment gross	$ 41.2	43.7
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	$ 14.1	13.6
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	$ 118.9	102.7
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	$ 160.1	132.5
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	$ 91.4	76.8
Accumulated amortization	55.8	45.2
Computer software costs, net	35.6	31.6
Amortization expense related to computer software costs	10.7	9.8	$ 7.8
Software development in progress
Computer software costs
Computer software costs	7.0	4.7
Capital lease
Amount of property and equipment
Property and Equipment gross	23.0	17.7
Accumulated depreciation and amortization	11.0	5.5
Property and equipment, net	$ 12.0	$ 12.2

Goodwill and Identifiable Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill and Identifiable Intangible Assets
Impairment of goodwill and identifiable intangible assets not subject to amortization	$ 0.0
Goodwill
Balance at the beginning of the period	653.3	$ 483.6
Acquisition of business	39.4	177.9
Adjustment of purchase price allocations		0.4
Goodwill classified as held for sale	(5.9)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(11.0)	(8.6)
Balance at the end of the period	675.8	653.3
Aviation Segment
Goodwill
Balance at the beginning of the period	174.3	115.5
Acquisition of business	1.7	58.9
Foreign currency translation of non-USD functional currency subsidiary goodwill	(2.3)	(0.1)
Balance at the end of the period	173.7	174.3
Marine segment
Goodwill
Balance at the beginning of the period	73.1	69.1
Acquisition of business		4.7
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.7)	(0.7)
Balance at the end of the period	71.4	73.1
Land Segment
Goodwill
Balance at the beginning of the period	405.9	299.0
Acquisition of business	37.7	114.3
Adjustment of purchase price allocations		0.4
Goodwill classified as held for sale	(5.9)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(7.0)	(7.8)
Balance at the end of the period	$ 430.7	$ 405.9

Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Identifiable intangible assets
Gross Carrying Amount	$ 331.2	$ 310.5
Accumulated Amortization	152.2	124.8
Net	179.0	185.7
Total intangible assets, Gross carrying value	363.1	342.4
Total intangible assets, Net carrying value	210.9	217.6
Intangible amortization expense	28.3	29.1	$ 22.4
Future estimated amortization of identifiable intangible assets
2016	32.3
2017	27.5
2018	23.8
2019	19.6
2020	16.8
Thereafter	59.0
Land Segment
Identifiable intangible assets
Total intangible assets, Net carrying value	140.2	137.5
Aviation Segment
Identifiable intangible assets
Total intangible assets, Net carrying value	64.7	72.9
Trademark/trade name rights
Identifiable intangible assets
Indefinite lived Intangible Assets	31.9	31.9
Customer relationships
Identifiable intangible assets
Gross Carrying Amount	255.5	243.1
Accumulated Amortization	125.4	104.4
Net	130.1	138.7
Supplier agreements
Identifiable intangible assets
Gross Carrying Amount	38.5	33.7
Accumulated Amortization	10.7	9.1
Net	27.8	24.6
Other
Identifiable intangible assets
Gross Carrying Amount	37.2	33.7
Accumulated Amortization	16.1	11.3
Net	$ 21.1	$ 22.4

Debt - Instruments (Details) - USD ($) $ in Millions	12 Months Ended
Debt - Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Credit facility
Debt
Maximum borrowing capacity	$ 1,260.0
Maximum additional borrowings available at the entity's request subject to satisfaction of certain conditions	150.0
Amount outstanding	416.0	$ 420.0
Unused portion of facility	$ 838.5	665.2
Commitment fee on the unused portion of the credit facility (as a percent)	0.30%
Credit facility \| Base rate
Debt
Reference rate for variable rate of interest	base rate
Credit facility \| Eurodollar rate
Debt
Reference rate for variable rate of interest	Eurodollar rate
Letters of credit and bankers' acceptances
Debt
Maximum borrowing capacity	$ 400.0
Amount outstanding	$ 5.5	14.8
Letters of credit fees (as a percent)	2.50%
Term Loans
Debt
Amount of term Loan outstanding	$ 333.2	241.3
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	$ 208.4	$ 211.4

Debt - Summary and Maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt
Total debt	$ 772.2	$ 689.9
Short-term debt	25.5	17.9
Long term-debt	$ 746.7	$ 672.0
Weighted average interest rate (as a percent)	2.70%	2.20%
Aggregate annual maturities of debt
2016	$ 25.5
2017	27.5
2018	715.6
2019	1.4
2020	0.9
Thereafter	1.3
Interest income, expense and other financing costs
Interest income	5.0	$ 6.0	$ 3.9
Interest expense and other financing costs	(34.9)	(31.2)	(21.2)
Interest expense and other financing costs, net	(29.9)	(25.2)	$ (17.3)
Credit facility
Debt
Total debt	416.0	420.0
Term Loans
Debt
Total debt	333.2	241.3
Capital leases
Debt
Total debt	$ 12.0	11.4
Interest rate, minimum (as a percent)	3.00%
Interest rate, maximum (as a percent)	6.30%
Other
Debt
Total debt	$ 11.0	$ 17.2
Interest rate, minimum (as a percent)	1.30%
Interest rate, maximum (as a percent)	6.80%

Commitments and Contingencies - Bonds, Leases, and Sales and Purchase Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Surety Bonds
Outstanding bonds	$ 39.1	$ 38.7
Future minimum lease payments under non-cancelable operating leases
2016	42.1
2017	31.3
2018	23.4
2019	18.8
2020	15.1
Thereafter	45.5
Total future minimum lease payment	176.2
Rental expenses for properties and equipment	31.6	$ 29.2	$ 24.7
Minimum sublease rentals	37.5
Sales and Purchase Commitments
Sales commitments under derivative programs	270.2
Purchase commitments under derivative programs	$ 65.9

Commitments and Contingencies - Employment Agreements (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2015
Executive Non-renewal Charge
Charges in connection with the non-renewal of agreement	$ 3,800,000
Non-cash expenses related to stock award compensation	$ 800,000
Agreements with Executive Officers and Key Employees
Future minimum commitments under agreements with executive officers and key employees
2016		$ 6,000,000
2017		1,200,000
Total		7,200,000
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
Accrued expenses and other current liabilities
Executive Non-renewal Charge
Unpaid amount of cash portion of the executive non-renewal charge		$ 800,000
Other long-term liabilities
Executive Non-renewal Charge
Unpaid amount of cash portion of the executive non-renewal charge		$ 1,900,000

Commitments and Contingencies - Deferred Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
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 \| Other long-term liabilities
Deferred Compensation Plans
Deferred compensation payable	$ 3.3	$ 2.3

Commitments and Contingencies - Defined Benefit Pension Plan (Details) - Mar. 07, 2014 £ in Millions, $ in Millions	GBP (£)	USD ($)
Watson Plan
Defined benefit pension plan
Assumed pension exit obligation	£ 9.6	$ 16.0

Commitments and Contingencies - Other Liabilities and Matters (Details) $ in Millions	Dec. 31, 2015 USD ($)	Jul. 06, 2013 bbl
Legal Matters
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
Contribution to compensation fund	$ 110.0
DPM
Legal Matters
Previous membership interest in joint venture (as a percent)	50.00%
DPTS
Legal Matters
Previous membership interest in joint venture (as a percent)	50.00%

Shareholders' Equity - Dividends and Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Millions	5 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2015	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015	May 31, 2014	Oct. 31, 2008
Dividends
Cash dividends declared (in dollars per share)			$ 0.24	$ 0.15	$ 0.15
Stock Repurchase Programs
Authorized common stock repurchase amount						$ 100.0	$ 65.0	$ 50.0
Shares repurchased	584,000	1,000,000		227,000	926,000
Amount of shares repurchased	$ 30.0	$ 40.5	$ 70.5	$ 10.0	$ 35.0
Amount available to repurchase shares under stock repurchase program		$ 59.5	$ 59.5

Shareholders' Equity - Plan Summary and Description (Details) - 2006 Plan	Dec. 31, 2015 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	3,200,000
Restricted Stock
Information pertaining to stock based awards
Remaining shares of common stock available for future issuance	1,400,000
RSUs
Information pertaining to stock based awards
Remaining shares of common stock available for future issuance	700,000
SSAR Awards
Information pertaining to stock based awards
Remaining shares of common stock available for future issuance	200,000

Shareholders' Equity - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Unvested Restricted Stock Outstanding
Balance at the beginning of the period (in shares)	1.5	1.4	1.1
Granted (in shares)	0.2	0.3	0.3
Vested (in shares)	(0.2)	(0.2)
Forfeited (in shares)	(0.1)
Balance at the end of the period (in shares)	1.4	1.5	1.4	1.1
Balance at the beginning of the period (in dollars per share)	$ 41.18	$ 40.07	$ 39.38
Granted (in dollars per share)	49.95	44.18	41.83
Vested (in dollars per share)	39.63	38.00	37.00
Forfeited (in dollars per share)	41.84	39.58	38.89
Balance at the end of the period (in dollars per share)	$ 42.69	$ 41.18	$ 40.07	$ 39.38
Aggregate Intrinsic Value	$ 54.9	$ 70.2	$ 59.3	$ 45.3
Weighted Average Remaining Vesting Term	1 year 4 months 24 days	2 years 1 month 6 days	2 years 8 months 12 days	3 years 4 months 24 days
Aggregate value of awards vested	$ 9.9	$ 7.1	$ 1.7

Shareholders' Equity - RSU Awards and SSAR Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
RSUs
Awards Outstanding
Balance at the beginning of the period (in shares)	800,000	700,000	1,000,000
Granted (in shares)	200,000	300,000
Issued (in shares)	(300,000)	(200,000)	(300,000)
Balance at the end of the period (in shares)	700,000	800,000	700,000	1,000,000
Balance at the beginning of the period (in dollars per share)	$ 38.55	$ 35.61	$ 34.06
Granted (in dollars per share)	51.00	44.34	40.59
Issued (in dollars per share)	38.80	36.67	32.00
Forfeited (in dollars per share)	42.65	40.25	35.92
Balance at the end of the period (in dollars per share)	$ 43.10	$ 38.55	$ 35.61	$ 34.06
Aggregate Intrinsic Value	$ 28.0	$ 36.9	$ 31.8	$ 39.9
Weighted Average Remaining Vesting Term	1 year 8 months 12 days	1 year 6 months	1 year 3 months 18 days	1 year 6 months
Aggregate intrinsic value of awards issued	$ 15.3	$ 10.1	$ 11.3
SSAR Awards
Awards Outstanding
Balance at the beginning of the period (in shares)	200,000	200,000	400,000
Granted (in shares)			200,000
Issued (in shares)		0
Exercised (in shares)			(400,000)
Balance at the end of the period (in shares)	200,000	200,000	200,000	400,000
Balance at the beginning of the period (in dollars per share)	$ 40.06	$ 37.69	$ 15.30
Granted (in dollars per share)	57.48		41.42
Exercised (in dollars per share)	25.08	22.26	14.07
Forfeited (in dollars per share)		40.91	37.34
Balance at the end of the period (in dollars per share)	$ 42.91	$ 40.06	$ 37.69	$ 15.30
Aggregate Intrinsic Value		$ 1.5	$ 1.5	$ 10.9
Weighted Average Remaining Vesting Term	2 years 6 months	3 years	3 years 7 months 6 days	7 months 6 days
SSAR Awards Exercisable
SSAR Awards (in shares)				300,000
Weighted Average Exercise Price (in dollars per share)	$ 42.06	$ 35.81	$ 23.25	$ 16.02
Aggregate Intrinsic Value		$ 0.6	$ 1.1	$ 8.1
Weighted Average Remaining Contractual Life	2 years 2 months 12 days	2 years 2 months 12 days	1 year	8 months 12 days
Aggregate intrinsic value of SSAR Awards exercised	$ 0.5	$ 0.8	$ 9.1
Assumptions used to determine weighted average fair value
Weighted average fair value of SSAR Awards (in dollars per share)	$ 14.78		$ 11.65
Expected term	4 years 3 months 18 days		4 years 1 month 6 days
Volatility (as a percent)	30.20%		38.00%
Dividend yields (as a percent)	0.30%		0.40%
Risk-free interest rates (as a percent)	1.20%		0.60%

Shareholders' Equity - Unrecognized Compensation Cost (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015 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
2016	$ 14.6
2017	10.8
2018	5.7
2019	1.3
2020	0.2
Total	$ 32.6

Shareholders' Equity - Other Comprehensive Loss and Accumulated Other Comphrensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other comprehensive loss
Balance at the beginning of the period	$ (60.2)	$ (29.3)
Other comprehensive loss	(49.0)	(30.9)	$ (13.3)
Less: Net other comprehensive income attributable to noncontrolling interest	4.0
Balance at the end of the period	(113.2)	(60.2)	(29.3)
Foreign Currency Translation Adjustments
Other comprehensive loss
Balance at the beginning of the period	(60.2)	(29.3)
Other comprehensive loss	(49.6)	(30.9)
Less: Net other comprehensive income attributable to noncontrolling interest	4.0
Balance at the end of the period	(113.8)	$ (60.2)	$ (29.3)
Cash Flow Hedges
Other comprehensive loss
Other comprehensive loss	0.6
Balance at the end of the period	$ 0.6

- Definition

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

+ References + Details

Income Taxes - Tax Provision (Benefit), Reconciliation, and Tax Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
U.S. and foreign income before income taxes
United States	$ 1.2	$ 56.5	$ 31.8
Foreign	218.1	213.0	214.9
Income before income taxes	219.3	269.5	246.7
Current:
U.S. federal statutory tax	(10.7)	14.8	8.2
State	0.6	2.5	1.8
Foreign	29.6	22.0	36.2
Total current income tax provision (benefit)	19.5	39.3	46.2
Deferred:
U.S. federal statutory tax	4.6	10.7	2.2
State	3.0	2.7	0.6
Foreign	(14.8)	(3.0)	(11.0)
Total deferred income (loss) before income taxes	(7.2)	10.4	(8.2)
Non-current tax expense (income)	24.0	1.4	1.5
Income tax provision	$ 36.3	$ 51.1	$ 39.5	$ 38.2
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)	(28.20%)	(18.10%)	(18.70%)
State income taxes, net of U.S. federal income tax benefit (as a percent)	1.10%	1.30%	0.60%
U.S. tax on deemed dividends	6.10%	1.00%	1.40%
Brazil foreign currency effect on other comprehensive income	(5.40%)	(1.50%)	(1.40%)
Other permanent differences (as a percent)	8.00%	1.30%	(0.90%)
Effective income tax rate (as a percent)	16.60%	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	$ 1,500.0	$ 1,300.0
Amount of income tax liability accrued	$ 0.0	$ 0.0

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Gross Deferred Tax Assets:
Bad debt reserve	$ 5.0	$ 5.5
Net operating loss	13.0	4.8
Accrued and other shared-based compensation	20.6	21.6
Accrued expenses		8.6
U.S. foreign income tax credits	5.3
Other income tax credits	0.7
Customer deposits	5.7	6.1
Installment sale	6.7	6.6
Cash flow hedges	0.8
Unrealized foreign exchange	18.2	7.6
Total gross deferred tax assets	76.0	60.8
Less: Valuation allowance	2.9
Gross deferred tax assets, net of valuation allowance	73.1	60.8
Deferred Tax Liabilities:
Depreciation	(20.8)	(13.1)
Goodwill and intangible assets	(56.2)	(45.3)
Prepaid expenses, deductible for tax purposes	(4.4)	(4.5)
Accrued expenses	(2.5)
Unrealized derivatives	(5.1)	(8.2)
Other		(1.2)
Gross deferred tax liabilities	(89.0)	(72.3)
Net deferred tax liabilities	(15.9)	(11.5)
Reported on the consolidated balance sheets as:
Other current assets for deferred tax assets, current		22.8
Identifiable intangible and other non-current assets for deferred tax assets, non-current	20.7	15.6
Accrued expenses and other current liabilities for deferred tax liabilities, current		0.4
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$ 36.6	$ 49.4

Income Taxes - Net Operating Losses and Income Tax Concessions (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 01, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income taxes
Net operating loss carryforward		$ 13.0	$ 4.8
Net operating losses		42.2	19.9
Valuation allowance		2.9
Annual capital in excess of par value pool of windfall income tax benefits related to employee compensation		0.0	1.0
Period applicable for additional special income tax concession	5 years
Decrease in foreign income taxes due to special income tax concession in Singapore		$ 5.0	$ 7.5	$ 6.2
Impact of income tax concession on basic earnings per common share (in dollars per share)		$ 0.07	$ 0.11	$ 0.09
Impact of income tax concession on diluted earnings per common share (in dollars per share)		$ 0.07	$ 0.10	$ 0.09
Pester
Income taxes
Net operating losses		$ 6.0
United States \| Stock compensation
Income taxes
Net operating loss carryforward		1.6
Net operating losses		4.5
Foreign \| Stock compensation
Income taxes
Foreign tax credits		0.0	$ 0.0
December 31, 2016
Income taxes
Net operating loss carryforward		0.1
December 31, 2020
Income taxes
Net operating loss carryforward		0.6
December 31, 2021
Income taxes
Net operating loss carryforward		0.1
December 31, 2022
Income taxes
Net operating loss carryforward		0.1
December 31, 2023
Income taxes
Net operating loss carryforward		0.3
December 31, 2024
Income taxes
Net operating loss carryforward		1.1
December 31, 2025
Income taxes
Net operating loss carryforward		0.1
March 31, 2032
Income taxes
Net operating loss carryforward		0.3
March 31, 2033
Income taxes
Net operating loss carryforward		0.5
March 31, 2034
Income taxes
Net operating loss carryforward		1.2
December 31, 2035
Income taxes
Net operating loss carryforward		5.6
Indefinite
Income taxes
Net operating loss carryforward		$ 3.0

Income Taxes - Income Tax Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes
Increase (decrease) in additional liabilities related to unrecognized tax liabilities	$ 22.4	$ 2.1
Increase (decrease) in assets related to unrecognized tax assets	(0.4)	4.5
Decrease in Unrecognized Tax Liabilities related to a foreign currency translation expense	(0.7)	0.5
Unrecognized Tax Liabilities	56.1	33.0
Unrecognized Tax Assets	1.9	2.3
Reconciliation of total amounts of unrecognized income tax benefits
Unrecognized Tax Liabilities - opening balance	24.3	26.5	$ 22.3
Gross increases - tax positions in prior period	9.2		2.6
Gross decreases - tax positions in prior period	(4.8)	(2.8)
Gross increases - tax positions in current period	20.9	6.6	5.0
Settlements		(3.6)
Lapse of statute of limitations	(2.9)	(2.4)	(3.4)
Unrecognized Tax Liabilities - ending balance	46.7	24.3	26.5
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor	$ 45.3
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)	20.70%
Interest and penalties expense
Interest related to unrecognized tax benefits, recorded as (income) expense	$ 0.9	(0.6)	(0.6)
Penalties related to unrecognized tax benefits, recorded as income tax (income) expense	(0.3)	(0.3)	$ (0.3)
Accrued interest and penalties
Accrued interest related to unrecognized tax benefits	5.2	4.2
Accrued penalties related to unrecognized tax benefits	$ 4.2	$ 4.5

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	$ 522.9	$ 695.3
Netting and collateral, asset	(283.1)	(380.0)
Total Assets	242.2	317.5
Derivative liability	468.7	649.6
Inventories liability	14.3
Netting and collateral, liability	(393.7)	(607.6)
Total, inventories liability		22.9
Total Liabilities	89.3	64.9
Debt	772.2	689.9
Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	255.4	173.7
Subtotal Liabilities	340.1	306.4
Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	266.7	519.6
Inventories liability	14.3	22.9
Subtotal Liabilities	142.7	364.8
Assets and liabilities measured at estimated fair value on a nonrecurring basis
Fair value of inventory disposal group	4.2
Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	3.2	4.2
Subtotal Liabilities	0.2	1.3
Assets and liabilities measured at estimated fair value on a nonrecurring basis
Fair value of asset disposal group, excluding inventory	37.8
Fair value of liability disposal group	10.6
Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	2.4	2.2
Cash surrender value of life insurance \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Investments	2.4	2.2
Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Subtotal Assets	525.3	697.5
Inventories liability	14.3	22.9
Subtotal Liabilities	483.0	672.5
Fair value measured on recurring basis \| Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	746.6	689.9
Notes receivable	7.4	7.0
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	2.4	2.2
Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Netting and collateral, derivative asset	(279.0)	(368.0)
Total, derivative asset	231.5	305.5
Netting and collateral, derivative liability	(389.6)	(595.6)
Total, derivative liability	74.1	42.0
Commodity contracts \| Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	255.4	173.7
Derivative liability	340.1	306.4
Commodity contracts \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	251.9	495.6
Derivative liability	123.4	329.9
Commodity contracts \| Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	3.2	4.2
Derivative liability	0.2	1.3
Commodity contracts \| Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	510.5	673.5
Derivative liability	463.7	637.6
Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Netting and collateral, derivative asset	(4.1)	(12.0)
Total, derivative asset	8.3	9.8
Netting and collateral, derivative liability	(4.1)	(12.0)
Total, derivative liability	0.9
Foreign currency contracts \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	12.4	21.8
Derivative liability	5.0	12.0
Foreign currency contracts \| Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Derivative asset	12.4	21.8
Derivative liability	$ 5.0	$ 12.0

Fair Value Measurements - Commodity and Foregin Currency Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair value measurement, additional disclosure
Cash collateral deposits held by financial counterparties	$ 174.6	$ 301.0
Cash collateral deposits held by financial counterparties, offset against liabilities	132.2	274.3
Cash collateral deposits held by financial counterparties, not offset	42.4	26.7
Cash collateral received from customers	21.6	46.7
Commodity contracts
Derivative instruments, at their respective fair value positions
Total net assets	231.5	305.5
Total net liabilities	74.1	42.0
Commodity contracts \| Short-term derivative assets, net
Derivative instruments, at their respective fair value positions
Total net assets	212.6	294.3
Commodity contracts \| Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	18.9	11.2
Commodity contracts \| Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	68.7	41.3
Commodity contracts \| Other long-term liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	5.4	0.7
Foreign currency contracts
Derivative instruments, at their respective fair value positions
Total net assets	8.3	9.8
Total net liabilities	0.9
Foreign currency contracts \| Short-term derivative assets, net
Derivative instruments, at their respective fair value positions
Total net assets	7.6	9.3
Foreign currency contracts \| Identifiable intangible and other non-current assets
Derivative instruments, at their respective fair value positions
Total net assets	0.7	$ 0.5
Foreign currency contracts \| Accrued expenses and other current liabilities
Derivative instruments, at their respective fair value positions
Total net liabilities	$ 0.9

Fair Value Measurements - Level 3 Inputs (Details) - Commodity contracts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenue
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period	$ 4.2
Total Gains (Losses) Included in Earnings	3.4	$ 12.7
Settlements	5.3	8.9
Transfers into Level 3	1.0	0.4
End of Period	3.3	4.2
Change in Unrealized Gains Relating to Assets (Liabilities) that are Held at end of Period	2.8	4.2
Cost of revenue.
Change in fair value of assets and liabilities measured on recurring basis, utilized Level 3 inputs
Beginning of Period	1.3
Total Gains (Losses) Included in Earnings	0.6	(1.4)
Settlements	0.5	0.1
Transfers into Level 3	(0.1)
End of Period	0.3	1.3
Change in Unrealized Gains Relating to Assets (Liabilities) that are Held at end of Period	$ 0.2	$ (1.3)

Business Segments, Geographic Information, and Major Customers - Income Statement Items (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Revenue:
Total revenue	$ 6,731.9	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 9,779.5	$ 11,713.4	$ 11,342.5	$ 10,550.9	$ 30,379.7	$ 43,386.4	$ 41,561.9
Gross profit:
Gross profit	$ 228.0	$ 226.7	$ 190.4	$ 215.4	$ 219.5	$ 214.6	$ 191.5	$ 188.0	860.5	813.6	752.8
Income from operations:
Income from operations									247.2	269.1	264.5
Depreciation and amortization:
Depreciation and amortization									63.4	59.4	44.7
Capital expenditures:
Total capital expenditures									48.4	51.8	82.7
Aviation Segment
Revenue:
Total revenue									11,738.2	17,268.8	16,087.6
Gross profit:
Gross profit									361.4	321.6	327.2
Marine segment
Revenue:
Total revenue									9,367.2	13,843.3	14,790.3
Gross profit:
Gross profit									189.6	205.6	177.1
Land Segment
Revenue:
Total revenue									9,274.3	12,274.3	10,684.0
Gross profit:
Gross profit									$ 309.5	286.4	248.5
Operating Segments
Information concerning revenue, gross profit and income from operations by segment
Number of reportable operating business segments \| item									3
Income from operations:
Income from operations									$ 308.1	322.6	309.5
Operating Segments \| Aviation Segment
Income from operations:
Income from operations									131.7	142.3	150.9
Depreciation and amortization:
Depreciation and amortization									22.5	15.4	15.9
Capital expenditures:
Total capital expenditures									13.4	9.0	5.8
Operating Segments \| Marine segment
Income from operations:
Income from operations									73.0	90.0	73.8
Depreciation and amortization:
Depreciation and amortization									6.4	5.6	5.4
Capital expenditures:
Total capital expenditures									8.0	13.9	17.3
Operating Segments \| Land Segment
Income from operations:
Income from operations									103.4	90.3	84.8
Depreciation and amortization:
Depreciation and amortization									30.8	34.7	20.8
Capital expenditures:
Total capital expenditures									16.4	16.0	54.3
Corporate
Income from operations:
Income from operations									60.9	53.5	45.0
Depreciation and amortization:
Depreciation and amortization									3.7	3.7	2.6
Capital expenditures:
Total capital expenditures									$ 10.6	$ 12.9	$ 5.3

Business Segments, Geographic Information, and Major Customers - Balance Sheet Items (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts receivable, net:
Accounts receivable, net	$ 1,812.6	$ 2,306.4
Goodwill
Goodwill	675.8	653.3	$ 483.6
Identifiable intangible assets, net:
Identifiable intangible assets, net	210.9	217.6
Total assets:
Total assets	4,549.4	4,881.0
Aviation Segment
Accounts receivable, net:
Allowance for bad debt	6.1	7.9
Accounts receivable, net	571.6	685.1
Goodwill
Goodwill	173.7	174.3	115.5
Identifiable intangible assets, net:
Identifiable intangible assets, net	64.7	72.9
Marine segment
Accounts receivable, net:
Allowance for bad debt	10.6	8.4
Accounts receivable, net	611.2	974.0
Goodwill
Goodwill	71.4	73.1	69.1
Identifiable intangible assets, net:
Identifiable intangible assets, net	6.0	7.2
Land Segment
Accounts receivable, net:
Allowance for bad debt	7.2	9.4
Accounts receivable, net	629.8	647.3
Goodwill
Goodwill	430.7	405.9	$ 299.0
Identifiable intangible assets, net:
Identifiable intangible assets, net	140.2	137.5
Operating Segments \| Aviation Segment
Total assets:
Total assets	1,546.4	1,636.5
Operating Segments \| Marine segment
Total assets:
Total assets	1,165.6	1,483.0
Operating Segments \| Land Segment
Total assets:
Total assets	1,651.5	1,570.6
Corporate
Total assets:
Total assets	$ 185.9	$ 190.9

Business Segments, Geographic Information, and Major Customers - Geographic Summary (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Information concerning our revenue, income from operations, non-current and total assets, as segregated between the Americas, EMEA (Europe, Middle East, and Africa) and the Asia/Pacific regions
Revenues	$ 6,731.9	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 9,779.5	$ 11,713.4	$ 11,342.5	$ 10,550.9	$ 30,379.7	$ 43,386.4	$ 41,561.9
Income from operations:
Income from operations									247.2	269.1	264.5
Non-current assets:
Non-current assets	1,294.8				1,207.6				1,294.8	1,207.6
Total assets:
Total assets	4,549.4				4,881.0				4,549.4	4,881.0
United States
Information concerning our revenue, income from operations, non-current and total assets, as segregated between the Americas, EMEA (Europe, Middle East, and Africa) and the Asia/Pacific regions
Revenues									15,494.6	21,514.3	21,149.2
Income from operations:
Income from operations									16.9	52.2	50.0
Non-current assets:
Non-current assets	639.9				548.1				639.9	548.1
Total assets:
Total assets	1,899.3				1,908.1				1,899.3	1,908.1
EMEA
Information concerning our revenue, income from operations, non-current and total assets, as segregated between the Americas, EMEA (Europe, Middle East, and Africa) and the Asia/Pacific regions
Revenues									6,382.2	8,612.8	7,017.5
Income from operations:
Income from operations									157.7	121.7	109.6
Non-current assets:
Non-current assets	604.6				595.4				604.6	595.4
Total assets:
Total assets	1,719.5				1,697.7				1,719.5	1,697.7
United Kingdom
Information concerning our revenue, income from operations, non-current and total assets, as segregated between the Americas, EMEA (Europe, Middle East, and Africa) and the Asia/Pacific regions
Revenues									4,700.0	6,200.0	5,000.0
Asia/ Pacific
Information concerning our revenue, income from operations, non-current and total assets, as segregated between the Americas, EMEA (Europe, Middle East, and Africa) and the Asia/Pacific regions
Revenues									5,863.4	9,844.7	10,215.4
Income from operations:
Income from operations									54.4	74.7	70.6
Non-current assets:
Non-current assets	5.3				12.3				5.3	12.3
Total assets:
Total assets	614.9				922.7				614.9	922.7
Singapore
Information concerning our revenue, income from operations, non-current and total assets, as segregated between the Americas, EMEA (Europe, Middle East, and Africa) and the Asia/Pacific regions
Revenues									5,800.0	9,700.0	10,100.0
Americas, excluding United States
Information concerning our revenue, income from operations, non-current and total assets, as segregated between the Americas, EMEA (Europe, Middle East, and Africa) and the Asia/Pacific regions
Revenues									2,639.5	3,414.6	3,179.8
Income from operations:
Income from operations									18.2	20.5	$ 34.3
Non-current assets:
Non-current assets	45.0				51.8				45.0	51.8
Total assets:
Total assets	$ 315.7				$ 352.5				$ 315.7	$ 352.5

Summary Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of unaudited quarterly result
Revenue	$ 6,731.9	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 9,779.5	$ 11,713.4	$ 11,342.5	$ 10,550.9	$ 30,379.7	$ 43,386.4	$ 41,561.9
Gross profit	228.0	226.7	190.4	215.4	219.5	214.6	191.5	188.0	860.5	813.6	752.8
Net income including noncontrolling interest	51.4	48.6	28.4	54.6	67.1	54.4	46.3	50.5	183.0	218.4	207.2
Net income attributable to World Fuel	$ 51.8	$ 49.6	$ 29.9	$ 55.6	$ 67.1	$ 55.6	$ 48.2	$ 50.7	$ 186.9	$ 221.7	$ 203.1
Basic earnings per common share (in dollars per share)	$ 0.75	$ 0.71	$ 0.42	$ 0.79	$ 0.95	$ 0.79	$ 0.68	$ 0.72	$ 2.66	$ 3.13	$ 2.85
Diluted earnings per common share (in dollars per share)	$ 0.74	$ 0.71	$ 0.42	$ 0.78	$ 0.94	$ 0.78	$ 0.68	$ 0.71	$ 2.64	$ 3.11	$ 2.83
Gain on sale of crude oil joint venture interest, net of tax and related operating expenses					$ 9.9
Gain on sale of joint venture interests, net of tax and related operating expenses, impact on basic and diluted earnings per share (in dollars per share)					$ 0.14
Employment Agreement
Summary of unaudited quarterly result
Severance termination charge, net of tax									$ 2.3
Severance termination charge, impact on basic and diluted earnings per share (in dollars per share)									$ 0.03
Executive Non-Renewal
Summary of unaudited quarterly result
Severance termination charge, net of tax							$ 3.0
Severance termination charge, impact on basic and diluted earnings per share (in dollars per share)							$ 0.04

Assets and Liabilities Held for Sale (Details) $ in Millions	Dec. 31, 2015 USD ($)
Current assets held for sale
Total current assets held for sale	$ 5.5
Non-current assets held for sale
Total noncurrent assets held for sale	36.5
Current liabilities held for sale
Total current liabilities held for sale	5.6
Non-current liabilities held for sale
Total non-current liabilities held for sale	$ 5.0

Subsequent Event (Details)	1 Months Ended
Subsequent Event (Details)	Feb. 29, 2016 item
Subsequent event
Subsequent Events
Number of airports to be acquired	8