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Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2016	Feb. 03, 2017	Jun. 30, 2016
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, 2016
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			$ 3,275,617
Entity Common Stock, Shares Outstanding		69,933,455
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 698.6	$ 582.5	$ 302.3	$ 292.1
Accounts receivable, net	2,344.0	1,812.6
Inventories	458.0	359.1
Prepaid expenses	46.5	57.9
Short-term derivative assets, net	58.9	220.4
Other current assets	230.6	208.0
Current assets held for sale	0.0	5.5
Total current assets	3,836.6	3,246.0
Property and equipment, net	311.2	225.6
Goodwill	835.8	675.8	653.3
Identifiable intangible and other non-current assets	429.1	341.4
Non-current assets held for sale	0.0	36.5
Total assets	5,412.6	4,525.3
Current liabilities:
Short-term debt	15.4	25.5
Accounts payable	1,770.4	1,349.6
Customer deposits	90.8	118.3
Accrued expenses and other current liabilities	306.0	255.2
Current liabilities held for sale	0.0	5.6
Total current liabilities	2,182.7	1,754.2
Long-term debt	1,170.8	746.7
Non-current income tax liabilities, net	84.6	87.7
Other long-term liabilities	34.5	25.8
Non-current liabilities held for sale	0.0	5.0
Total liabilities	3,472.6	2,619.4
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	0.0	0.0
Common stock, $0.01 par value; 100.0 shares authorized, 69.9 and 70.8 issued and outstanding as of December 31, 2016 and December 31, 2015, respectively	0.7	0.7
Capital in excess of par value	399.9	435.3
Retained earnings	1,679.3	1,569.4
Accumulated other comprehensive loss	(154.8)	(109.5)
Total World Fuel shareholders' equity	1,925.0	1,895.9
Noncontrolling interest equity	15.0	10.0
Total equity	1,940.0	1,905.9	$ 1,859.4	$ 1,670.5
Total liabilities and equity	$ 5,412.6	$ 4,525.3

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Preferred stock, shares authorized (in shares)	100,000	100,000	100,000
Preferred stock, shares issued (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	69,900,000	70,800,000	72,100,000
Common stock, shares outstanding (in shares)	69,900,000	70,800,000	72,100,000

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenue	$ 7,792.1	$ 7,399.8	$ 6,633.0	$ 5,190.8	$ 6,733.6	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 27,015.8	$ 30,381.4	$ 43,391.8
Cost of revenue									26,116.8	29,520.4	42,572.7
Gross profit	222.3	236.7	218.5	221.5	230.2	226.7	190.4	213.6	899.0	861.0	819.1
Operating expenses:
Compensation and employee benefits									413.3	365.8	319.8
Provision for bad debt									15.4	7.5	3.8
General and administrative									281.4	242.1	218.8
Total operating expenses									710.1	615.3	542.4
Income from operations									188.9	245.7	276.7
Non-operating expenses, net:
Interest expense and other financing costs, net									(39.2)	(29.9)	(25.2)
Other (expense) income, net									(7.5)	2.0	23.3
Total non-operating expenses, net									(46.7)	(27.9)	(1.9)
Income before income taxes									142.1	217.7	274.8
Provision for income taxes									15.7	47.2	53.6	$ 46.0
Net income including noncontrolling interest	2.1	43.0	29.8	51.6	49.6	42.7	29.0	49.3	126.4	170.5	221.1
Net loss attributable to noncontrolling interest									0.0	(3.9)	(3.3)
Net income attributable to World Fuel	$ 2.2	$ 42.7	$ 30.0	$ 51.8	$ 49.9	$ 43.7	$ 30.5	$ 50.3	$ 126.5	$ 174.5	$ 224.5
Basic earnings per common share (in dollars per share)	$ 0.03	$ 0.62	$ 0.43	$ 0.74	$ 0.72	$ 0.62	$ 0.43	$ 0.71	$ 1.82	$ 2.49	$ 3.17
Basic weighted average common shares (in shares)									69.3	70.2	70.8
Diluted earnings per common share (in dollars per share)	$ 0.03	$ 0.61	$ 0.43	$ 0.74	$ 0.71	$ 0.62	$ 0.43	$ 0.70	$ 1.81	$ 2.47	$ 3.15
Diluted weighted average common shares (in shares)									69.8	70.7	71.3
Comprehensive income:
Net income including noncontrolling interest	$ 2.1	$ 43.0	$ 29.8	$ 51.6	$ 49.6	$ 42.7	$ 29.0	$ 49.3	$ 126.4	$ 170.5	$ 221.1
Other comprehensive (loss):
Foreign currency translation adjustments									(40.4)	(45.4)	(30.8)
Cash Flow hedges, net of income tax benefit of $4.1 for the twelve months ended December 31, 2016									(6.6)	(0.8)	0.0
Other comprehensive (loss)									(47.0)	(46.2)	(30.8)
Comprehensive income including noncontrolling interest									79.5	124.3	190.4
Comprehensive income (loss) attributable to noncontrolling interest									1.6	(2.2)	(1.1)
Comprehensive income attributable to World Fuel									$ 77.9	$ 126.4	$ 191.4

Consolidated Statements of Income and Comprehensive Income (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Income Statement [Abstract]
Cash flow hedges, income tax benefit	$ 4.1

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total World Fuel Shareholders’ Equity	Noncontrolling Interest Equity
Balance as of beginning of period at Dec. 31, 2013	$ 1,670.5	$ 0.7	$ 495.2	$ 1,198.1	$ (28.5)	$ 1,665.5	$ 5.0
Balance (in shares) at Dec. 31, 2013		71,900,000
Increase (Decrease) in Shareholders' Equity
Net income	221.1			224.5		224.5	(3.3)
Cash dividends declared	(10.6)			(10.6)		(10.6)
Initial noncontrolling interest upon acquisition of businesses	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 $1.0 million and $1.6 million in 2014 and 2016 respectively)	1.0		1.0			1.0
Issuance of common stock related to share-based payment awards (including income tax benefit of $1.0 million and $1.6 million in 2014 and 2016 respectively) (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)	(227,000)	(200,000)
Other comprehensive (loss) income	$ (30.8)				(30.8)	(30.8)
Balance as of end of period at Dec. 31, 2014	$ 1,859.4	$ 0.7	496.4	1,412.0	(59.2)	1,849.9	9.5
Balance (in shares) at Dec. 31, 2014	72,100,000	72,100,000
Increase (Decrease) in Shareholders' Equity
Net income	$ 170.5			174.5		174.5	(3.9)
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	16.9		16.9			16.9
Issuance of common stock related to share-based payment awards (including income tax benefit of $1.0 million and $1.6 million in 2014 and 2016 respectively) (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	(46.2)				(50.3)	(50.3)	4.0
Other	(0.3)		(0.1)	(0.3)		(0.4)	0.1
Balance as of end of period at Dec. 31, 2015	$ 1,905.9	$ 0.7	435.3	1,569.4	(109.5)	1,895.9	10.0
Balance (in shares) at Dec. 31, 2015	70,800,000	70,800,000
Increase (Decrease) in Shareholders' Equity
Net income	$ 126.4			126.5		126.5
Cash dividends declared	(16.6)			(16.6)		(16.6)
Distribution of noncontrolling interest	(0.5)						(0.5)
Amortization of share-based payment awards	19.7		19.7			19.7
Issuance of common stock related to share-based payment awards (including income tax benefit of $1.0 million and $1.6 million in 2014 and 2016 respectively)	1.6		1.6			1.6
Issuance of common stock related to share-based payment awards (including income tax benefit of $1.0 million and $1.6 million in 2014 and 2016 respectively) (in shares)		100,000
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(4.6)		(4.6)			(4.6)
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	(41.2)		(41.2)			(41.2)
Purchases of common stock (in shares)		(1,000,000)
Acquisition of remaining 49% equity interest	(3.7)		(10.9)			(10.9)	7.2
Other comprehensive (loss) income	(47.0)				(45.4)	(45.4)	(1.6)
Other	0.0		(0.1)			(0.1)
Balance as of end of period at Dec. 31, 2016	$ 1,940.0	$ 0.7	$ 399.9	$ 1,679.3	$ (154.8)	$ 1,925.0	$ 15.0
Balance (in shares) at Dec. 31, 2016	69,900,000	69,900,000

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Issuance of common stock related to share-based payment awards, income tax benefit	$ 1.6	$ 1.0
Previous percentage ownership of noncontrolling owners	49.00%

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income including noncontrolling interest	$ 126.4	$ 170.5	$ 221.1
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	82.3	65.5	57.3
Provision for bad debt	15.4	7.5	3.8
Gain on sale of held for sale assets and liabilities	(3.8)	0.0	(18.1)
Share-based payment award compensation costs	19.2	17.0	15.8
Deferred income tax provision (benefit)	(36.0)	5.3	10.8
Extinguishment of liabilities, net	(7.0)	(8.2)	(5.3)
Foreign currency (gains), net	(11.8)	(7.3)	(7.8)
Other	3.3	3.2	(5.3)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	(506.8)	485.0	460.7
Inventories	(49.5)	81.4	232.3
Prepaid expenses	7.7	10.8	46.5
Short-term derivative assets, net	163.7	81.5	(265.8)
Other current assets	(20.4)	34.0	(38.0)
Cash collateral with financial counterparties	149.2	133.3	(288.0)
Other non-current assets	4.4	(1.9)	13.7
Accounts payable	423.4	(481.5)	(587.8)
Customer deposits	(26.3)	(17.5)	12.8
Accrued expenses and other current liabilities	(121.9)	(141.9)	267.0
Non-current income tax, net and other long-term liabilities	(6.4)	11.0	15.4
Total adjustments	78.8	276.9	(80.0)
Net cash provided by operating activities	205.2	447.5	141.1
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired and other investments	(430.8)	(96.9)	(273.6)
Proceeds from sale of business	29.0	0.0	0.0
Capital expenditures	(36.1)	(51.0)	(50.2)
Proceeds from the sale of fixed assets	7.3	5.3	0.0
Escrow payment related to an assumed obligation of an acquired business	0.0	0.0	(21.7)
Proceeds from the sale of crude oil joint venture interests	0.0	0.0	43.0
Purchase of (COLI) investments	(1.0)	(1.0)	(2.1)
Issuance of Note Receivable	(3.5)	(1.4)	0.0
Repayment of Note Receivable	6.5	0.3	7.5
Net cash used in investing activities	(428.5)	(144.8)	(297.1)
Cash flows from financing activities:
Borrowings of debt	4,688.0	4,831.2	5,757.3
Repayments of debt	(4,280.3)	(4,752.0)	(5,551.5)
Payments of senior revolving credit facility and senior term loan facility loan costs	(5.7)	(3.4)	0.0
Dividends paid on common stock	(16.6)	(15.3)	(10.6)
Investment by noncontrolling interest	0.0	0.5	0.0
Distribution of noncontrolling interest	(0.3)	(0.3)	(11.6)
Purchases of common stock	(41.2)	(70.5)	(10.0)
Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards	1.6	0.0	1.0
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(4.6)	(7.3)	(5.1)
Net cash provided by (used in) financing activities	340.9	(17.0)	169.5
Effect of exchange rate changes on cash and cash equivalents	(1.5)	(5.5)	(3.4)
Net increase in cash and cash equivalents	116.1	280.2	10.2
Cash and cash equivalents, as of beginning of period	582.5	302.3	292.1
Cash and cash equivalents, as of end of period	698.6	582.5	302.3
Supplemental Disclosures of Cash Flow Information Cash paid during the year for:
Interest, net of capitalized interest	40.7	33.1	29.1
Income taxes	$ 37.5	$ 44.0	$ 40.8

Consolidated Statements of Cash Flows (Parenthetical) £ in Millions, $ in Millions		1 Months Ended		12 Months Ended
	Jun. 22, 2016 USD ($) promissory_note	Nov. 30, 2014 GBP (£)	Nov. 30, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 GBP (£)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Nov. 30, 2014 USD ($)
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid				$ 4.1		$ 4.2
Accrued capital expenditures				$ 0.4		0.8
Previous percentage ownership of noncontrolling owners				49.00%
Settlement of promissory notes	$ 17.7
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
Assets acquired, net of cash				$ 508.8		154.3	$ 611.0
Liabilities assumed				$ 64.5		$ 61.8	$ 314.8
Tobras \| Disposal Group, Held-for-sale, Not Discontinued Operations
Supplemental Schedule of Noncash Investing and Financing Activities
Number of promissory notes settled in acquisition item \| promissory_note	2

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

A. Basis of Presentation

The consolidated financial statements and related notes include our parent company and all wholly‑owned and majority‑owned subsidiaries and joint ventures where we exercise control. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All significant transactions among our businesses have been eliminated.

Our consolidated financial statements include the operations of an acquired business after the completion of the acquisition. We account for acquired businesses using the acquisition method of accounting, which requires, among other things, that most assets acquired and liabilities assumed be recognized at their estimated fair values as of the acquisition date. Contingent consideration in a business combination is included as part of the acquisition cost and is recognized at fair value as of the acquisition date. Amounts recorded in connection with an acquisition can result from a complex series of judgments about future events and uncertainties and can rely heavily on estimates and assumptions.

Any liability resulting from contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. These changes in fair value are recognized in earnings in Other income, net. Transaction costs are expensed as incurred. Any excess of the consideration transferred over the assigned values of the net assets acquired is recorded as goodwill. When we acquire net assets that do not constitute a business, as defined in U.S. GAAP, no goodwill is recognized.

During the fourth quarter of 2016, we acquired certain assets from ExxonMobil in Canada, United Kingdom ("U.K.") and France. Commencing from the respective acquisition dates, our consolidated financial statements reflect the assets, liabilities, operating results and cash flows of these assets. The commercial operations acquired are included within our aviation segment.

On July 1, 2016, we acquired PAPCO, Inc. ("PAPCO") and Associated Petroleum Products, Inc ("APP"). Commencing from the acquisition date, our financial statements reflect the assets, liabilities, operating results and cash flows of PAPCO and APP. The commercial operations of PAPCO and APP are included within our land segment.

On June 23, 2016 , we acquired the remaining 49% of the outstanding equity interest of Tobras Distribuidora de Combustiveis Limitada ("Tobras") from our joint venture partner. Prior to the acquisition, we owned 51% of the outstanding shares of Tobras and exercised control, and as such, we consolidated Tobras in our financial statements and recognized comprehensive income/(loss) attributable to non-controlling interest.

On September 1, 2015 we acquired Pester Marketing Company ("Pester"). On May 1, 2016, we completed the sale of Pester's retail business for $32.3 million, resulting in a gain of $3.8 million, which is included in other income, net in the consolidated statement of income and comprehensive income.

For additional information pertaining to our acquisitions, refer to Note 3.

Certain amounts in the consolidated financial statements and associated notes may not add due to rounding. All percentages have been calculated using unrounded amounts.

B. New Accounting Standards

Adoption of New Accounting Standards

Business Combinations (Topic 805): Simplifying the Accounting for Measurement - Period Adjustments. In September 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-16 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 requires 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Interest: Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. In April 2015, ASU 2015-03 was issued which requires that debt issuance costs related to a recognized debt liability, is 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Consolidation (Topic 810): Amendments to the Consolidation Analysis. In February 2015, ASU 2015-02 was issued and is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. This update became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In January 2015, ASU 2015-01 was issued, which eliminates the concept of extraordinary items. This update became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Derivatives and Hedging (Topic 815): 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, ASU 2014-16 was issued 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures.

Compensation (Topic 718): 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, ASU 2014-12 was issued 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. In addition, in March 2016, ASU 2016-09 - Stock Compensation - Improvements to Employee Share-Based Payment Accounting was issued. This ASU is intended to improve the accounting for employee share-based payments. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The update is effective at the beginning of our 2017 fiscal year. We have elected to early adopt this ASU and the adoption did not have a significant impact on our financial statement and disclosures.

Presentation of Financial Statements - Going Concern (Subtopic 25-40): - Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern. In August 2014, the FASB issued ASU 2014-15, requiring management to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. We have adopted this ASU and the adoption did not have a significant impact on our financial statement and disclosures.

Accounting Standards Issued But Not Yet Adopted

Intangibles - Goodwill and Other (Topic 350). In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04. The update simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amendment an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This standard is effective at the beginning of our 2020 fiscal year. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and related disclosures.

Business Combinations (Topic 805): Clarifying the Definition of a Business. In January 2017, ASU 2017-01 was issued.

The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This standard 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 related disclosures.

Cash Flows: Statement of Cash Flows (Topic 230) - Restricted Cash. In November 2016, ASU 2016-18 was issued. The update requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard 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 related disclosures.

Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory. In October 2016, ASU 2016-16 was issued. The update prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This standard 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 related disclosures.

Cash Flows: Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. In August 2016 ASU 2016-15 was issued. The ASU provides guidance on classification of eight specific cash flows items. This standard 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 related disclosures.

Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. In March 2016, ASU 2016-06 was issued. ASU 2016-06 clarifies the steps required to determine bifurcation of an embedded derivative. The 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.

Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. In March 2016, ASU 2016-05 was issued which clarifies the change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The 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.

Leases (Topic 842). In February 2016, ASU 2016-02, Leases, was issued. This standard will require all lessees to recognize a right of use asset and a lease liability on the balance sheet, except for leases with durations that are less than twelve months. This standard 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 related disclosures.

Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, ASU 2016-01 was issued 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.

Inventory (Topic 330): Simplifying the Measurement of Inventory. In July 2015, the FASB issued ASU 2015-11, which simplifies the subsequent measurement of inventory. The updated guidance requires that Inventory measured using any method other than LIFO or the retail inventory method (for example, inventory measured using first-in, first-out (FIFO) or average cost) be measured at the lower of cost and net realizable value. This standard is effective at the beginning of our 2017 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and related disclosures.

Revenue Recognition (Topic 606): Revenue from Contracts with Customers. In May 2014, ASU 2014-09 was issued. Under this ASU and subsequently issued amendments, an entity is required to recognize the amount of revenue it expects to be entitled to for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. This ASU provides alternative methods of transition, a full retrospective and a modified restrospective approach. The modified retrospective approach would result in recognition of the cumulative impact of a retrospective application as of the beginning of the period of initial application, which in our case is the interim period beginning January 1, 2018.

In preparation for adoption of the standard, we developed a cross-functional team and engaged a third-party service provider to assist us throughout our evaluation. In addition, we have factored the adoption into our ongoing ERP platform upgrade, which we previously committed to perform, as our system readiness is a key element towards the determination of the adoption approach we adopt. We continue to perform our assessment, and while those activities are not complete, we expect to identify similar performance obligations under ASC 606 as compared to those previously identified.

C. Estimates and Assumptions

The preparation of consolidated financial statements in conformity with U.S. GAAP 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.

D. 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.

E. 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. Although we analyze customers’ payment history and creditworthiness, we cannot predict with certainty that the customers to whom we extend credit will be able to remit payments on a timely basis, or at all. Because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected will ultimately need to be written off. Write-offs for the year ended December 31, 2016 did not have a significant impact on our consolidated statement of operations.

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, however, be an accurate indicator of current or future credit worthiness of our customers, particularly in difficult economic and financial markets. As a result of the limited predictability inherent in estimating which customers are less likely or unlikely to remit amounts owed to us, our provision for estimated credit losses may not be sufficient. Any write-off of accounts receivable in excess of our provision for estimated credit losses would have an adverse effect on our results of operations.

F. Inventories

Inventories are valued primarily using average cost, and first-in first-out in certain limited locations, and are stated at the lower of average cost or market. We utilize a variety of fuel indices and other indicators of market value. Sharp negative changes in these indices can result in reduction of our inventory valuation, which could have an adverse impact on our results of operations in the period in which we take the adjustment. Historically these adjustments have not had a significant impact on our consolidated statements of operations. 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.

G. Business Combinations

The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.

H. Fair Value of Financial Instruments

We measure the fair value of financial instruments using observable and unobservable inputs. Observable inputs reflect what market participants would use in pricing the instrument, based on publicly available market data obtained from sources independent of us. Unobservable inputs are inputs for which market data are not available and reflect internal market assumptions.

The accounting guidance establishes the following fair value hierarchy:

Level 1 Inputs - Quoted prices in active markets.

Level 2 Inputs - Quoted prices for similar instruments in active markets other than quoted prices included within Level 1, quoted prices for identical or similar instruments in markets that are not active; and model based valuations whose inputs are observable.

Level 3 Inputs - Inputs that are unobservable.

Our policy is to recognize transfers between levels as of the beginning of the reporting period in which the event or change in circumstance caused the transfer to occur. There were no significant changes to our valuation techniques during 2016 and 2015. For additional information pertaining to our fair value measurements, see Note 11.

I. Derivatives

We enter into financial derivative contracts 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 due to changes in foreign currency exchange rates. While we currently believe that our derivative contracts will be effective in mitigating the associated price risks, it is possible that our derivative instruments will be ineffective at mitigating material changes in prices, which could have an adverse impact on our financial position and results of operations. At the inception and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk.

The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and the underlying observable data. Measurement of the fair value of our derivatives also requires the assessment of certain risks related to non-performance, which requires a significant amount of judgment. The effect on our income before income taxes of a 10% change in the model input for non-performance risk would not be significant to our consolidated statements of operations.

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 recognized as an asset or liability on the consolidated balance sheets and the changes in the the fair value of the contract is immediately recognized through earnings.

Our derivative contracts are subject to the accounting guidance for derivative instruments and recognized at their estimated fair market value in accordance with the accounting guidance for fair value measurements. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value 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 hedging 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 hedging instrument is initially 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 underlying forecasted transaction when both are settled or deemed probable of not occurring. The ineffective portion of the changes in the estimated fair market value of the hedging instrument is 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. 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 will be classified in a manner consistent with the nature of the instrument.

To qualify for hedge accounting, the hedging relationship between the hedging instruments and hedged items must be expected to be highly effective in achieving offsetting changes in the 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 and cash flow hedges. However, our measurement of hedge ineffectiveness for our fair value inventory hedges utilizes spot prices for the hedged item (inventory) and forward or futures prices for the hedging instrument. Hedge ineffectiveness measurement for our cash flow hedges is based on forward or futures prices for the hedged item and hedging instrument. Any excluded component (changes in the difference between the spot price and the forward or futures price) , along with ineffectiveness, is included as a component of revenue or cost of revenue in earnings. Adjustments to the carrying amounts of hedged items in a fair value hedge relationship are discontinued in instances where the related hedging instrument is deemed no longer highly effective in achieving offsetting changes in fair value. Therefore, any previously recorded fair market value changes are not adjusted until the fuel is sold. For more information on our derivatives, see Note 4.

J. 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 directly associated with developing significant computer software applications for internal use are capitalized. Computer software costs are amortized using the straight‑line method over the estimated useful life of the software.

K. 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 during the fourth quarter of each year 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 described below.

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. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. These estimates are based on a number of factors including industry experience, business expectations and the economic environment. 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.

The performance of the annual fiscal 2016 impairment analysis did not result in an impairment of the Company's goodwill. The qualitative assessment associated with step 0 and the quantitative assessment associated with step 1 of our goodwill impairment analysis both involve significant management estimates and judgment in order to properly determine that the factors assessed are appropriate and are accurate for each of the Company’s reporting units.

In connection with our acquisitions, we record identifiable intangible assets at fair value. The determination of the fair values of our identifiable intangible assets involves a significant amount of forecasting and other assumptions associated with recently acquired businesses for which we may not have as much historical information or trend data as we would for our existing businesses. 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 during the fourth quarter of each year for potential impairment. Our impairment analysis of our intangible assets not subject to amortization (primarily trademarks and/or trade names) generally involves the use of qualitative and quantitative analyses to estimate whether the estimated future cash flows generated as a result of these assets will be greater than or equal to the carrying value assigned to such assets. We have not historically incurred any impairment losses associated with our intangible assets.

L. 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, 2016 and 2015, we had other investments of $67.2 million and $71.1 million, respectively, which are included within identifiable intangible and other non‑current assets.

M. 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.

Whether the services have been performed and when title and risk of loss passes to the customer are the factors we take into consideration in deciding when to recognize revenue. These factors are readily determinable and consistently applied throughout our business. Therefore, we generally have not needed to make significant estimates or assumptions with respect to revenue recognition.

N. 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. We utilize our historical forfeiture rates to calculate future expected forfeitures. These estimates can vary significantly from actual forfeiture rates experienced. Our estimated forfeiture rates have historically approximated actual forfeitures.

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.

We have elected to early adopt ASU 2016-09 - Stock Compensation - Improvements to Employee Share-Based Payment Accounting. As required by ASU 2016.09, 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 operating cash flows.

O. 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.

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.

P. 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.

Q. 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):



	2016		2015		2014
Numerator:
Net income attributable to World Fuel	$	126.5	$	174.5	$	224.5
Denominator:
Weighted average common shares for basic earnings per common share	69.3		70.2		70.8
Effect of dilutive securities	0.5		0.5		0.5
Weighted average common shares for diluted earnings per common share	69.8		70.7		71.3
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	1.3		1.0		0.9
Basic earnings per common share	$	1.82	$	2.49	$	3.17
Diluted earnings per common share	$	1.81	$	2.47	$	3.15

Accounts Receivable

12 Months Ended

Dec. 31, 2016

Accounts Receivable, Net [Abstract]

Accounts Receivable

We had accounts receivable of $2.3 billion and $1.8 billion, net of an allowance for bad debt of $24.9 million and $25.0 million, as of December 31, 2016 and 2015, 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):



	2016			2015			2014
Balance as of beginning of period	$	25.0		$	25.7		$	29.2
Charges to provision for bad debt	15.4			7.5			3.8
Write-off of uncollectible accounts receivable	(15.9		)	(8.3		)	(8.0		)
Recoveries of bad debt	0.3			0.5			0.8
Translation Adjustments	0.2			(0.4		)	—
Balance as of end of period	$	24.9		$	25.0		$	25.7

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, 2016 and 2015.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisitions and Divestitures

2016 Acquisitions

In the first quarter of 2016, we signed a definitive agreement to acquire from certain ExxonMobil affiliates their aviation fueling operations at more than 80 airport locations in Canada, the U.K., Germany, Italy, France, Australia and New Zealand. The total purchase price is approximately $260.0 million and is expected to be fully funded with cash on hand. On November 1, 2016, we completed the acquisition of the Canada locations and certain France locations. On December 1, 2016, we completed the acquisition of the U.K. locations and the remaining France locations. The remaining locations are expected to be completed during the first half of 2017. The transaction is subject to customary regulatory consents and closing conditions, including securing third party consents.

On July 1, 2016, we completed the acquisition of all of the outstanding capital stock of PAPCO and APP. PAPCO, headquartered in Virginia Beach, Virginia and APP, headquartered in Tacoma, Washington are leading distributors of gasoline, diesel, lubricants, propane and related services in the Mid-Atlantic and the Pacific Northwest region of the United States, respectively. These acquisitions combined with the Company’s existing land segment operations, will serve to further enhance our commercial and industrial platforms to deliver value-added solutions to customers across the United States.

In addition to the above acquisitions, we completed six acquisitions in our land segment in 2016 which were not significant individually or in the aggregate.

The following reconciles the estimated aggregate purchase price for the 2016 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):



Estimated purchase price	$	446.9
Less: Cash acquired	2.6
Estimated purchase price, net of cash acquired	444.3
Less: Amounts due to sellers and promissory notes issued	20.0
Cash paid for acquisition of businesses	$	424.3

The following table summarizes the aggregate consideration paid for all 2016 acquisitions and the provisional amounts of the assets acquired and liabilities assumed recognized at the acquisition date. The Company is in the process of finalizing the valuations of certain acquired assets and assumed liabilities; thus, the provisional measurements of these acquired assets and assumed liabilities are subject to change and will be finalized no later than one year from the acquisition date. The estimated purchase price allocation for the 2016 acquisitions is as follows (in millions):



Assets acquired:
Cash and cash equivalents	$	2.6
Accounts receivable	62.8
Inventories	39.0
Property and equipment	100.3
Other current assets	11.9
Goodwill and identifiable intangible assets	291.9
Other long-term assets	2.9
Liabilities assumed:
Accounts payable	(38.1		)
Accrued expenses and other current liabilities	(22.9		)
Non-current income tax liabilities and other long term liabilities	(3.5		)
Estimated purchase price	$	446.9

In connection with the 2016 acquisitions, we recorded goodwill of $173.3 million of which $133.4 million is anticipated to be deductible for tax purposes. All of the goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the operations of the acquired businesses with the operations of World Fuel Services' land and aviation segments. The identifiable intangible assets consisted of $105.1 million of customer relationships and $3.9 million of other identifiable intangible assets with weighted average lives of 5.6 years and 2.1 years, respectively, as well as $9.5 million of indefinite-lived trademark/trade name rights.

The following presents the unaudited pro forma results for 2016 and 2015 as if 2016 and 2015 acquisitions had been completed on January 1, 2015:



	2016		2015
	(pro forma)		(pro forma)
Revenue	$	27,925.0	$	32,604.4
Net income attributable to World Fuel	$	146.1	$	202.0

Earnings per common share:
Basic	$	2.11	$	2.88
Diluted	$	2.09	$	2.86

The financial position, results of operations and cash flows of the 2016 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 year ended December 31, 2016.

Tobras Distribuidora de Combustiveis Limitada

On June 23, 2016, we acquired the remaining 49% of the outstanding equity interest of Tobras from the minority owners for an aggregate purchase price of approximately $3.7 million in cash (the “Tobras Acquisition”). Prior to the Tobras Acquisition, we owned 51% of the outstanding shares of Tobras and exercised control, and as such, we consolidated Tobras in our financial statements. As a result of the acquisition of the remaining equity interest of Tobras, we recorded a $10.9 million adjustment to capital in excess of par value on our consolidated balance sheets, which consisted of $3.7 million of cash paid and $7.2 million of non-controlling interest equity.

2016 Other transactions

Crude Oil Joint Venture Interests

In connection with the December 2016 bankruptcy filing of our former joint venture partner, we wrote off approximately $7.5 million of outstanding amounts owed to us by our former joint venture partner, during the three months ended December 31, 2016.

2015 Acquisitions

On September 1, 2015, we completed the acquisition of all of the outstanding stock of 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 connection with the Pester acquisition, we committed to a plan to sell certain assets and liabilities of Pester’s fuel retail business. The 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. Goodwill was subsequently adjusted from $5.9 million to $2.9 million within the one year purchase price allocation period. 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 were reported as part of our land segment. On May 1, 2016, we completed the sale of Pester's retail business for $32.3 million, resulting in a gain of $3.8 million, which is included in other income, net in the consolidated statement of income and comprehensive income.

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 aggregate purchase price for the 2015 acquisitions was $102.3 million. The following reconciles the aggregate purchase price for the 2015 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):



Purchase price	$	102.3
Less: Cash acquired	8.7
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 purchase price of the 2015 acquisitions was allocated to the assets acquired and liabilities assumed based on their fair value as of the acquisition date. 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		)
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 U.K. 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		)
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.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The following describes our derivative classifications:

Cash Flow Hedges. Includes certain derivative contracts we execute to mitigate the risk of price volatility in forecasted transactions.

Fair Value Hedges. Includes derivative contracts we hold to hedge the risk of changes in the price of our inventory.

Non-designated Derivatives. Includes derivatives we primarily transact to mitigate the risk of market price fluctuations in the form of swap or futures contracts as well as certain forward fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are held to hedge the risk of currency rate fluctuations. For additional information on our derivatives accounting policy, see Note 1.

The following table presents the gross fair value of our derivative instruments and their locations on the consolidated balance sheets (in millions):



		Gross Derivative Assets				Gross Derivative Liabilities
		As of December 31,				As of December 31,
Derivative Instruments	Balance Sheet Location	2016		2015		2016		2015
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	2.2	$	120.6	$	5.4	$	95.0
	Identifiable intangible and other non-current assets		—		7.4		—		—
	Accrued expenses and other current liabilities		86.0		6.3		93.5		2.9
	Other long-term liabilities		5.1		—		10.1		—
Total derivatives designated as hedging instruments		$	93.3	$	134.3	$	108.9	$	97.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	160.3	$	241.4	$	86.7		26.6
	Identifiable intangible and other non-current assets		17.1		17.0		6.2		4.8
	Accrued expenses and other current liabilities		52.5		120.4		112.2		319.9
	Other long-term liabilities		8.1		4.0		12.1		14.2
		$	238.0	$	382.9	$	217.2	$	365.5

Foreign currency contracts	Short-term derivative assets, net	$	13.5	$	10.8	$	3.4	$	3.3
	Identifiable intangible and other non-current assets		0.9		0.7		0.1		0.1
	Accrued expenses and other current liabilities		1.6		0.8		2.8		1.7
Total derivatives not designated as hedging instruments		$	16.0	$	12.4	$	6.4	$	5.0
Total derivatives		$	347.2	$	529.6	$	332.5	$	468.5

For information regarding our derivative instruments measured at fair value after netting and collateral see Note 11.

The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes that were outstanding as of December 31, 2016 (in millions):



	As of December 31,
Derivative Instruments		Units	2016
Commodity contracts
Long		BBL	62.7
Short		BBL	(66.7	)

Foreign currency exchange contracts
Long		AUD	0.2
Short		AUD	(5.2	)
Long		CAD	51.9
Short		CAD	(115.9	)
Long		CHF	—
Short		CHF	(0.6	)
Long		CLP	1,769.6
Short		CLP	(2,015.1	)
Long		COP	27,753.2
Short		COP	(48,454.9	)
Long		DKK	5.5
Short		DKK	(135.7	)
Long		EUR	5.0
Short		EUR	(38.7	)
Long		GBP	72.0
Short		GBP	(81.4	)
Long		INR	20.3
Short		INR	(92.7	)
Long		JPY	1,167.9
Short		JPY	(1,509.2	)
Short		KRW	(11,735.9	)
Long		MXN	1,229.1
Short		MXN	(1,105.6	)
Long		NOK	9.6
Short		NOK	(43.8	)
Short		NZD	(0.9	)
Short		PHP	(8.0	)
Long		PLN	—
Short		PLN	(9.7	)
Short		RON	(3.9	)
Long		SEK	36.7
Short		SEK	(6.4	)
Long		SGD	15.9
Short		SGD	(31.6	)
Long		ZAR	16.4
Short		ZAR	(15.4	)

For additional information about our use of derivative instruments, see Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

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):



		Realized and Unrealized Gain (Loss)									Realized and Unrealized Gain (Loss)
		for the Year ended December 31,									for the Year ended December 31,
Derivative Instruments	Location of Gain (Loss)		2016			2015		2014	Hedged Items	Location of Gain (Loss)		2016		2015			2014
Commodity contracts									Inventories
	Revenue	$	—		$	49.3	$	—		Revenue	$	—	$	—		$	—
	Cost of revenue		(25.3	)		37.5		132.2		Cost of revenue		10.8		(70.7	)		(150.9	)
Total gain (loss)		$	(25.3	)	$	86.8	$	132.2	Total gain (loss)		$	10.8	$	(70.7	)	$	(150.9	)

The net gains or losses recognized in income for the years ended December 31, 2016, 2015 and 2014 representing hedge ineffectiveness were -$14.5 million, $16.1 million, and -$18.7 million respectively. There were no gains or losses for the year ended December 31, 2016, 2015 and 2014 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)									Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
Derivative	for the Year ended December 31,								Location of	for the Year ended December 31,
Instruments		2016			2015			2014	Gain (Loss)		2016		2015			2014
Commodity contracts	$	(145.8	)	$	106.5		$	—	Revenue	$	18.1	$	7.2		$	—
Commodity contracts		178.1			(105.4	)		—	Cost of revenue		20.8		(5.3	)		—
Total gain (loss)	$	32.3		$	1.0		$	—	Total gain (loss)	$	38.8	$	1.8		$	—



	Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	for the Year ended December 31,
Location of Gain (Loss)		2016			2015			2014
Revenue	$	(13.7	)	$	28.6		$	—
Cost of revenue		9.4			(17.8	)		—
Total gain (loss)	$	(4.4	)	$	10.8		$	—

The effective portion of the gains or losses on derivative instruments designated as cash flow hedges of forecasted transactions are initially reported as a component of accumulated other comprehensive income and subsequently reclassified into earnings once the future transaction affects earnings.

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):



		Amount of Realized and Unrealized Gain (Loss)
		for the Year ended December 31,
Derivative Instruments - Non-designated	Location of Gain (Loss)		2016			2015			2014
Commodity contracts
	Revenue	$	29.7		$	171.7		$	64.5
	Cost of revenue		(31.6	)		(139.0	)		2.2
		$	(1.9	)	$	32.7		$	66.7
Foreign currency contracts
	Revenue	$	10.0		$	4.1		$	4.3
	Other (expense) income, net		(0.8	)		9.5			12.6
		$	9.2		$	13.6		$	16.9
Total gain (loss)		$	7.3		$	46.3		$	83.6

Credit-Risk-Related Contingent Features

We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to post additional collateral or the immediate settlement of the derivative instruments upon the occurrence of a credit downgrade or if certain defined financial ratios fall below an established threshold.

As of December 31, 2016, the net liability position for such contracts is $15.2 million, there was no collateral posted, and the maximum potential collateral requirements arising from the credit risk related contingent features to be posted should a credit-risk contingent feature be triggered is $15.2 million. 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 maximum potential collateral requirements arising from the credit risk related contingent features to be posted should a credit-risk contingent feature be triggered is $35.1 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
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+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

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
	2016		2015		Useful Lives
Land	$	27.4	$	31.6	Indefinite
Buildings and leasehold improvements	87.3		41.2		3 - 40 years
Office equipment, furniture and fixtures	15.4		14.1		3 - 10 years
Computer equipment and software costs	140.7		118.9		3 - 10 years
Machinery, equipment and vehicles	217.5		160.1		3 - 40 years
	488.3		365.9
Accumulated depreciation and amortization	177.1		140.3
	$	311.2	$	225.6

For 2016, 2015 and 2014, we recorded depreciation expense of $42.5 million, $35.1 million and $30.3 million, respectively.

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



	As of December 31,
	2016		2015
Computer software costs	$	94.5	$	91.4
Accumulated amortization	69.5		55.8
Computer software costs, net	$	25.0	$	35.6

Included in capitalized computer software costs are costs incurred in connection with software development in progress of $12.5 million and $7.0 million as of December 31, 2016 and 2015, respectively. For 2016, 2015 and 2014, we recorded amortization expense related to computer software costs of $13.7 million, $10.7 million and $9.8 million, respectively.

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



	As of December 31,
	2016		2015
Capital leases	$	24.4	$	23.0
Accumulated amortization	8.2		11.0
Capital leases, net	$	16.2	$	12.0

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

In 2016, we used quantitative factors to review goodwill for impairment for all of our reporting units and performed a qualitative 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, 2016 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 Segment			Marine Segment			Land Segment			Total
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
2016 acquisitions^(a)	95.6			—			77.7			173.3
Adjustment of purchase price allocations^(b)	1.3			0.1			5.5			6.9
Foreign currency translation of non-USD functional currency subsidiary goodwill	(3.7		)	0.7			(17.3		)	(20.3		)
As of December 31, 2016	$	266.8		$	72.3		$	496.7		$	835.8

^(a) Primarily reflects our acquisitions of certain ExxonMobil affiliates, PAPCO and APP, and are subject to change until we complete the valuation of assets acquired and liabilities assumed. For additional information, see Note 3.

^(b) Reflects the purchase price allocation adjustments of 2015 acquisitions, including goodwill classified as held for sale.

Identifiable Intangible Assets

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



	As of December 31, 2016						As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Intangible assets subject to amortization:
Customer relationships	$	353.8	$	155.5	$	198.3	$	255.5	$	125.4	$	130.1
Supplier agreements	38.7		13.3		25.4		38.5		10.7		27.8
Others	37.2		20.2		17.0		37.2		16.1		21.1
	429.7		189.1		240.7		331.2		152.2		179.0
Intangible assets not subject to amortization:
Trademark/trade name rights	41.7		—		41.7		31.9		—		31.9
	$	471.4	$	189.1	$	282.3	$	363.1	$	152.2	$	210.9

⁽¹⁾ Includes the impact of foreign exchange

Intangible amortization expense for 2016, 2015 and 2014 was $39.7 million, $30.4 million and $27.0 million, respectively.

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



Year Ended December 31,
2017	$	41.1
2018	38.1
2019	32.5
2020	27.8
2021	24.4
Thereafter	76.7
	$	240.7

- 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, 2016

Debt Disclosure [Abstract]

Debt

We have a Credit facility which permits borrowing up to $1.26 billion with a sublimit of $400.0 million 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 $200.0 million, subject to the satisfaction of certain conditions. The Credit Facility matures in October 2021. We had outstanding borrowings under our Credit Facility totaling $325.2 million and $416.0 million as of December 31, 2016 and 2015, respectively.

Our issued letters of credit under the Credit Facility totaled $8.3 million and $5.5 million as of December 31, 2016 and 2015, respectively. We also had $840.0 million and $333.2 million in Term Loans outstanding as of December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, the unused portion of our Credit Facility was $926.5 million and $838.5 million, respectively. Availability under our Credit Facility is also limited by, among other things our financial leverage ratio, which limits the total amount of indebtedness we may incur, and may therefore fluctuate from period to period.

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, 2016, 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, 2016, and the unused portion of our Credit Facility is subject to commitment fees of 0.30% as of December 31, 2016.

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, 2016, 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, 2016 and 2015, our outstanding letters of credit and bank guarantees under these credit lines totaled $176.5 million and $208.4 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,
	2016		2015
Credit Facility	$	325.2	$	416.0
Term Loans	840.0		333.2
Capital leases	12.6		12.0
Other	8.5		11.0
Total debt	$	1,186.3	$	772.2
Short-term debt	$	15.4	$	25.5
Long-term debt	$	1,170.8	$	746.7

The capital lease obligations are payable in varying amounts through November 2023 and bear interest at annual rates ranging from 3.0% to 6.7% as of December 31, 2016. 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 2017 to October 2017 and bear interest at annual rates ranging from 2.0% to 8.6% as of December 31, 2016. The weighted average interest rate on our short‑term debt was 2.3% and 2.7% as of December 31, 2016 and 2015, respectively.

As of December 31, 2016, the aggregate annual maturities of debt are as follows (in millions):



Year Ended December 31,
2017	$	15.4
2018	24.1
2019	39.5
2020	56.1
2021	1,049.0
Thereafter	2.1
	$	1,186.3

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



	2016			2015			2014
Interest income	$	4.5		$	5.0		$	6.0
Interest expense and other financing costs	(43.7		)	(34.9		)	(31.2		)
	$	(39.2	)	$	(29.9	)	$	(25.2	)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

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, 2016 and 2015, we had outstanding bonds that were arranged in order to satisfy various security requirements of $52.8 million and $39.1 million, respectively. Most of these bonds provide financial security for obligations which have already been recorded as liabilities.

Lease Commitments

As of December 31, 2016, our future minimum lease payments under non-cancelable operating leases were as follows (in millions):



Year Ended December 31,
2017	$	38.4
2018	25.9
2019	20.9
2020	17.0
2021	12.8
Thereafter	34.7
	$	149.8

We incurred rental expense for all properties and equipment of $36.9 million, $31.6 million and $29.2 million for 2016, 2015 and 2014, respectively. Minimum payments have not been reduced by minimum sublease rentals of $44.1 million due in the future under non-cancelable subleases.

Sales and Purchase Commitments

As of December 31, 2016, fixed sales and purchase commitments under our derivative programs amounted to $369.6 million and $143.5 million, respectively. Additionally, in connection with the ExxonMobil transaction, we have certain purchase contracts, under which we agreed to purchase between 1.69 million barrels and 2.02 million barrels of aviation fuel at future market prices. The term of those agreement are for 10 years and have a 5-year renewal option, exercisable by mutual agreement.

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 $900,000), 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 current term of the Kasbar agreement, as amended, expires on December 31, 2017, and automatically extends 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, 2016, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions):



Year Ended December 31,
2017	$	1.3

Termination of Employment Agreement

Effective March 16, 2015, we entered into an employment termination agreement with the former Aviation Segment President. In connection with the 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.

Deferred Compensation Plans

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 $4.3 million and $3.3 million as of December 31, 2016 and December 31, 2015, respectively, which was included in other long-term liabilities in the accompanying consolidated balance sheets.

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, delivery and storage of fuel and fuel products. We are therefore subject to possible claims by customers, regulators and others who may suffer a loss arising from a fuel spill or other incident. In addition, we may be held liable for damage to the environment arising out of such events. Although we generally maintain liability insurance for these types of events, such insurance may be insufficient to cover certain losses which may be in excess of coverage limits or outside the scope of the coverage. 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 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. Where available, we pay tank registration fees and other taxes to state trust funds established in our operating areas, and we also 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 in excess of a deductible. To the extent third parties do not pay for remediation as we anticipate, we will be obligated to make these payments, which 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 and conditions in the insurance market over which we have no control. If we are uninsured or under‑insured for a claim or claims of sufficient magnitude arising out of our activities, it will have a material adverse effect on our financial position, results of operations and cash flows.

Legal Matters

In connection with a theft of fuel product valued at approximately $18.0 million, we recorded an insurance receivable for the full amount of the loss, which is included in other current assets in the accompanying consolidated balance sheets. On July 31, 2014, our insurer, AGCS Marine Insurance Company (“AGCS”), filed a declaratory judgment action against us in the United States District Court for the Southern District of New York (“District Court”) seeking a court ruling that the loss is not covered under our policy. In May 2016, the District Court entered an order granting summary judgment in our favor holding that the loss is covered under the AGCS policy and entered a final order and judgment in November 2016, requiring AGCS to pay us damages and interest in the amount of approximately $24.5 million (the "Judgment").

In June 2016, AGCS took an appeal from the order granting summary judgment to the United States Court of Appeals for the Second Circuit (the "Appellate Court") and we filed a protective cross-appeal, which was stayed pending the entry of the Judgment in the District Court. In December 2016, AGCS filed a notice of appeal from the Judgment in the Appellate Court. In January 2017, the Appellate Court consolidated the appeal from the Judgment with the earlier appeals from the summary judgment order. The Appellate Court has not yet set a briefing schedule or hearing for the appeals. We believe AGCS’ position is without merit and we intend to continue vigorously pursuing 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.

Tax Matters

From time to time, we are under review by various domestic and foreign tax authorities with regards to indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, Brazil and South Korea, where the amounts under controversy may be significant.

During the quarter ended December 31, 2016, the Korean branch (“WFSK”) of one of our subsidiaries received assessments of approximately $10.4 million (KRW 11.9 billion) and a pre-assessment notice for an additional $17.6 million (KRW 20.1 billion) from the regional tax authorities of Seoul, South Korea (“SRTO”). The assessments primarily consist of fines and penalties for allegedly failing to issue VAT invoices and report certain transactions during the period 2011-2014. These assessments do not involve failure to pay or collect VAT. We believe that these assessments are without merit and are currently appealing the actions. In addition to these assessments, in November 2016, the SRTO referred the case to the Seoul Central District Prosecutors Office (“SCDPO”) for investigation and determination as to whether the alleged invoicing and reporting violations should be subject to criminal action under Korean law, which may result in additional penalties being assessed against us. We believe any such criminal action is without merit and we intend to defend any such action to the extent pursued by the SCDPO.

We are also involved in a number of tax disputes with federal, state and municipal tax authorities in Brazil, relating primarily to VAT (ICMS) tax matters. These disputes are at various stages of the legal process, including the administrative review phase and the collection action phase, and include assessments of fixed amounts of principal and penalties, plus interest.

When we deem it appropriate and the amounts are reasonably estimable, we establish reserves for potential adjustments to our provision for the accrual of indirect taxes that may result from examinations or other actions by tax authorities. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities would result in the recognition of benefits in the period we determine the liabilities are no longer necessary. If our estimates of any of our federal, state, and foreign indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense. Except with respect to the matters described above, we believe that the final outcome of any pending examinations, agreements, administrative or judicial proceedings will not have a material effect on our results of operations or cash flows.

Other Matters

On August 31, 2016, Hanjin Shipping Co., Ltd. (“Hanjin”), one of our customers in our marine segment, filed for bankruptcy protection in South Korea and on September 1, 2016, the Korean Rehabilitation Court accepted Hanjin’s application for rehabilitation. On February 2, 2017, the Korean Rehabilitation Court terminated Hanjin’s rehabilitation process. It is expected that Hanjin will declare bankruptcy on or about, February 17, 2017 and commence liquidation proceedings. During the quarter ended December 31, 2016, we wrote off approximately $5.8 million of Hanjin receivables associated with specific vessels against which enforcement of our maritime liens is unlikely to be successful. As of December 31, 2016, we had outstanding receivables of approximately $7.0 million, net of anticipated insurance recoveries. While we believe we will recover all or substantially all of the outstanding receivables, there can be no assurance that we will be able to recover all of the remaining amounts owed or fully mitigate all losses.

We are also 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 31, 2016, 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, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Dividends

We declared aggregate cash dividends of $0.24 per share of common stock for 2016 and 2015, respectively, and $0.15 for 2014. 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 May 2014, our Board of Directors renewed the Company's common stock repurchase program (the "Repurchase Program"), replacing the remainder of the previously authorized October 2008 share repurchase program and authorizing the purchase of up to $65.0 million in common stock. During 2014 and from January 2015 through May 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 the Repurchase Program and authorized the purchase of up to $100.0 million in common stock. From July 2015 through August 2016, we repurchased 1,406,773 shares of our common stock for an aggregate value of $58.9 million pursuant to the Repurchase Program. In September 2016, our Board of Directors renewed the 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 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 September 2016 to December 2016, we repurchased 556,000 shares of common stock for an aggregate value of $22.8 million. As of December 31, 2016, $77.2 million remains available for purchase under the Repurchase Program. The timing and amount of shares of common stock to be repurchased under the Repurchase 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 May 2016, our shareholders approved the 2016 Omnibus Plan (the "2016 Plan"), which replaced our previously adopted 2006 Omnibus Plan, as amended and restated in 2009 (the "2006 Plan"). The 2016 Plan is administered by the Compensation Committee of the Board of Directors (the “Compensation Committee”). The purpose of the 2016 Plan is to (i) attract and retain persons eligible to participate in the 2016 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 2016 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 2016 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 2016 Plan is unlimited in duration and, in the event of its termination, the 2016 Plan will remain in effect as long as any awards granted under it remain outstanding. No awards may be granted under the 2016 Plan after May 2026. The term and vesting period of awards granted under the 2016 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 2016 Plan, 2,500,000 shares of common stock are authorized for issuance plus any shares of common stock with respect to awards that were granted under the 2006 Plan but are forfeited or canceled (e.g., due to the recipient's failure to satisfy applicable service or performance conditions) after May 2016. As of December 31, 2016, approximately 3,108,258 shares of common stock were subject to outstanding awards under the 2006 Plan (assuming maximum achievement of performance goals for restricted stock and target achievement of performance goals for RSUs, where applicable).

The following table summarizes the outstanding awards issued pursuant to the 2016 Plan described above as of December 31, 2016 and the remaining shares of common stock available for future issuance (in millions):



Plan name	Restricted Stock	RSUs	SSAR Awards	Remaining shares of common stock available for future issuance
2016 Plan (1)	—	—	—	4.3
2006 Plan (amended and restated) (2)	1.2	1.2	0.3	—

(1)As of December 31, 2016, unvested RSUs will vest between March 2017 and August 2021.

(2)As of December 31, 2016, unvested restricted stock will vest between February 2017 and March 2021, unvested RSUs will vest between February 2017 and August 2021 and the outstanding SSAR Awards will expire between March 2017 and March 2021. 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		Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
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
Granted	0.1		42.92
Vested	(0.2	)	40.40
Forfeited	(0.1	)	43.30
As of December 31, 2016	1.2		$	43.10	$	55.7	0.8

The aggregate value of restricted stock which vested during 2016, 2015 and 2014 was $9.6 million, $9.9 million and $7.1 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
	RSUs		Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
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
Granted	0.7		44.23
Vested	(0.1	)	42.78
Forfeited	(0.1	)	44.78
As of December 31, 2016	1.2		$	43.28	$	55.7	1.6

The aggregate intrinsic value of RSUs issued during 2016, 2015 and 2014 was $6.2 million, $15.3 million and $10.1 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
	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
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
Granted	0.1	48.58
Exercised	—	40.91
As of December 31, 2016	0.3	$	44.97	$	0.3	2.4	0.2	$	42.15	$	0.7	1.3

The aggregate intrinsic value of SSAR Awards exercised during 2016, 2015 and 2014 was $0.1 million, $0.5 million and $0.8 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. The weighted average fair value of the SSAR Awards for 2016 was $12.32 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 29.8%, dividend yields of 0.5% and risk-free interest rates of 1.2%. 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.

Unrecognized Compensation Cost

As of December 31, 2016, there was $42.6 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, 2016 is expected to be recognized as compensation expense over a weighted average period of 1.3 years as follows (in millions):




Year Ended December 31,
2017	$	20.0
2018	14.8
2019	5.7
2020	1.8
2021	0.4
	$	42.6

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 Currency Translation Adjustments			Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2014	$	(59.2	)	$	—		$	(59.2	)
Other comprehensive loss	(45.4		)	(0.8		)	(46.2		)
Less: Net other comprehensive income attributable to noncontrolling interest	(4.0		)	—			(4.0		)
Balance as of December 31, 2015	(108.7		)	(0.8		)	(109.5		)
Other comprehensive loss	(40.4		)	(6.6		)	(47.0		)
Less: Net other comprehensive income attributable to noncontrolling interest	1.6			—			1.6
Balance as of December 31, 2016	$	(147.5	)	$	(7.4	)	$	(154.8	)

The foreign currency translation adjustment losses for 2016 were primarily due to the strengthening of the U.S. dollar as compared to the British Pound. The foreign currency translation adjustment losses for 2015 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 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: 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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

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



	2016			2015		2014
United States	$	(85.4	)	$	3.5	$	59.7
Foreign	227.5			214.2		215.1
	$	142.1		$	217.7	$	274.8

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



	2016			2015			2014
Current:
U.S. federal statutory tax	$	7.5		$	(9.9	)	$	13.9
State	0.8			0.7			2.5
Foreign	30.4			27.0			23.5
	38.7			17.8			39.9
Deferred:
U.S. federal statutory tax	(29.3		)	4.6			10.7
State	(4.2		)	3.0			2.7
Foreign	(2.5		)	(2.3		)	(2.6		)
	(36.0		)	5.3			10.8
Non-current tax expense (income)	13.0			24.1			2.9
	$	15.7		$	47.2		$	53.6

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:



	2016		2015		2014
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Foreign earnings, net of foreign taxes	(42.4	)	(28.3	)	(18.2	)
State income taxes, net of U.S. federal income tax benefit	(1.5	)	1.1		1.3
U.S. tax on deemed dividends	1.3		1.7		1.2
Sale of subsidiary	3.8		—		—
Uncertain tax positions	9.2		10.3		1.1
Other permanent differences	5.6		1.9		(0.9	)
Effective income tax rate	11.0	%	21.7	%	19.5	%

For 2016, our effective income tax rate was 11.0%, for an income tax provision of $15.7 million, as compared to an effective income tax rate of 21.7% and an income tax provision of $47.2 million for 2015. The lower effective income tax rate for 2016, as compared to 2015, resulted principally from differences in the results of our subsidiaries in tax jurisdictions with different income tax rates.

For 2015, our effective income tax rate was 21.7%, for an income tax provision of $47.2 million, as compared to an effective income tax rate of 19.5% and an income tax provision of $53.6 million for 2014. The higher effective income tax rate for 2015 resulted primarily from differences in the results of our subsidiaries in tax jurisdictions with different income tax rates.

For 2014, our effective income tax rate was 19.5%, for an income tax provision of $53.6 million, as compared to an effective income tax rate of 18.5% and an income tax provision of $46.0 million for 2013. The effective income tax rate for 2014 remained relatively flat compared to 2013. However, there were underlying differences in the actual results of our subsidiaries in tax jurisdictions with different income tax rates as compared to 2013.

U.S. income taxes have not been provided on undistributed earnings of foreign subsidiaries. As of December 31, 2016 and 2015, we had $1.6 billion and $1.4 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,
	2016			2015
Gross Deferred Tax Assets:
Bad debt reserve	$	4.5		$	5.0
Net operating loss	38.6			13.0
Accrued and other share-based compensation	26.2			20.6
Accrued expenses	5.0			—
U.S. foreign income tax credits	7.8			5.3
Other income tax credits	0.2			0.7
Customer deposits	6.3			5.7
Installment sale	—			6.7
Cash flow hedges	4.6			0.8
Unrealized foreign exchange	—			2.7
Total gross deferred tax assets	93.2			60.5
Less: Valuation allowance	7.1			2.9
Gross deferred tax assets, net of valuation allowance	86.1			57.6
Deferred Tax Liabilities:
Depreciation	(8.5		)	(20.8		)
Goodwill and intangible assets	(56.1		)	(56.2		)
Unrealized foreign exchange	(8.0		)	—
Prepaid expenses, deductible for tax purposes	(5.8		)	(4.4		)
Accrued expenses	—			(2.5		)
Unrealized derivatives	(2.4		)	(5.1		)
Other	(0.7		)	—
Total gross deferred tax liabilities	(81.5		)	(89.0		)
Net deferred tax liability	$	—		$	(31.4	)
Net deferred tax asset	4.6			—
Reported on the consolidated balance sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	20.6		$	5.2

Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	16.0		$	36.6

As of December 31, 2016 and 2015, we had net operating losses (“NOLs”) of approximately $106.2 million and $42.2 million, respectively. The NOLs as of December 31, 2016 originated in various countries including the United States, Brazil, Puerto Rico, France, and The Netherlands. We have recorded a deferred tax asset of $38.6 million reflecting the benefit of the NOL carryforward as of December 31, 2016. This deferred tax asset expires as follows (in millions):



Expiration Date	Deferred Tax Asset
December 31, 2021	$	0.1
December 31, 2022	0.1
December 31, 2023	0.3
December 31, 2024	0.6
December 31, 2025	0.9
December 31, 2036	31.8
Indefinite	4.8
Total	$	38.6

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, 2016, a valuation allowance of $7.1 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.

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 derivative gains and losses. The impact of this income tax concession decreased (increased) foreign income taxes by $2.7 million, $(7.7) million, and $6.3 million for 2016, 2015 and 2014 respectively. The impact of the income tax concession on basic earnings per common share was $0.04, $(0.11), and $0.09 for 2016, 2015 and 2014 respectively. On a diluted earnings per common share basis, the impact was $0.04, $(0.11), and $0.09 for 2016, 2015 and 2014 respectively.

Income Tax Contingencies

We recorded an increase of $11.2 million of liabilities related to unrecognized income tax benefits (“Unrecognized Tax Liabilities”) and a decrease of $0.1 million of assets related to unrecognized income tax benefits (“Unrecognized Tax Assets”) during 2016. In addition, during 2016, we recorded a decrease of $0.1 million to our Unrecognized Tax Liabilities related to a foreign currency translation gain, which is included in other income (expense), net, in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2016, our Unrecognized Tax Liabilities, including penalties and interest, were $68.6 million and our Unrecognized Tax Assets were $1.6 million.

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.

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



	2016			2015			2014
Unrecognized Tax Liabilities – opening balance	$	46.7		$	24.3		$	26.5
Gross increases – tax positions in prior period	18.0			9.2			—
Gross decreases – tax positions in prior period	(15.4		)	(4.8		)	(2.8		)
Gross increases – tax positions in current period	11.3			20.9			6.6
Gross decreases – tax positions in current period	—			—			—
Settlements	—			—			(3.6		)
Lapse of statute of limitations	(2.8		)	(2.9		)	(2.4		)
Unrecognized Tax Liabilities – ending balance	$	57.8		$	46.7		$	24.3

If our uncertain tax positions as of December 31, 2016 are settled by the taxing authorities in our favor, our income tax expense would be reduced by $56.6 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 39.8%. As of December 31, 2016, 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 $(0.7) million during 2016 and income of $0.9 million and $0.6 million during 2015 and 2014, respectively. For penalties, we recorded income of $2.3 million, $0.3 million and $0.3 million during 2016, 2015 and 2014, respectively. As of December 31, 2016 and 2015, we had recognized liabilities of $4.3 million and $5.2 million for interest and $6.5 million and $4.2 million for penalties, respectively.

During the quarter ended December 31, 2016, we reached an agreement with the IRS on the outstanding audit issues for 2011 and 2012. The matter had previously been provided for within our reserve estimates.

In addition, during the quarter ended December 31, 2016, the Korean Branch of one of our subsidiaries received an income tax pre-assessment notice for $8.0 million (KRW 9.2 billion) for the years 2011 through 2014 from the South Korea tax authorities. We disagree with the Korean tax authorities' assessment and are appealing.

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
Jurisdiction	Examination in progress	Examination not yet initiated
United States	2011 - 2012	2013 - 2016
Korea	2011 - 2014	2015 - 2016
Singapore	None	2011 - 2016
United Kingdom	2014	2012 - 2016
Brazil	None	2011 - 2016
Chile	None	2014 - 2016
Denmark	None	2012 - 2016

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

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. The carrying values of our debt and notes receivables 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 $1.2 billion and $772.2 million as of December 31, 2016 and December 31, 2015, respectively, and our notes receivable of $16.9 million and $12.7 million as of December 31, 2016 and December 31, 2015, respectively are categorized in Level 3.

Recurring Fair Value Measurements.

The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2016 and 2015 (in millions):



	Fair Value Measurements as of December 31, 2016
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts	$	273.6	$	55.3	$	2.3	$	331.2
Foreign currency contracts		—		16.0		—		16.0
Cash surrender value of life insurance		—		4.0		—		4.0
Total assets at fair value	$	273.6	$	75.3	$	2.3	$	351.2

Liabilities:
Commodities contracts	$	236.6	$	88.8	$	0.7	$	326.1
Foreign currency contracts		—		6.4		—		6.4
Total liabilities at fair value	$	236.6	$	95.2	$	0.7	$	332.5



	Fair Value Measurements as of December 31, 2015
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts	$	262.0	$	252.0	$	3.3	$	517.3
Foreign currency contracts		—		12.4		—		12.4
Cash surrender value of life insurance		—		2.4		—		2.4
Total assets at fair value	$	262.0	$	266.8	$	3.3	$	532.1

Liabilities:
Commodities contracts	$	339.8	$	123.4	$	0.2	$	463.4
Foreign currency contracts		—		5.0		—		5.0
Total liabilities at fair value	$	339.8	$	128.4	$	0.2	$	468.5

Our Level 1 items consist of exchange traded futures. Our Level 2 items consist of commodity swaps, commodity collars, physical forward purchases and sales commitments, and foreign currency forward contracts. Our level 3 items consist of physical forward purchase or sales commitments. 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.

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. The following tables summarize those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right offset exists.



	Fair Value as of December 31, 2016
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts	$	331.2	$	249.7	$	81.5	$	27.1	$	—	$	54.5
Foreign currency contracts		16.0		5.1		10.9		—		—		10.9
Total assets at fair value	$	347.2	$	254.8	$	92.4	$	27.1	$	—	$	65.3

Liabilities:
Commodities contracts	$	326.1	$	249.7	$	76.5	$	2.0	$	—	$	74.5
Foreign currency contracts		6.4		5.1		1.2		—		—		1.2
Total liabilities at fair value	$	332.5	$	254.8	$	77.7	$	2.0	$	—	$	75.7



	Fair Value as of December 31, 2015
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts	$	517.3	$	257.2	$	260.1	$	28.4	$	—	$	231.7
Foreign currency contracts		12.4		4.1		8.2		—		—		8.2
Total assets at fair value	$	529.6	$	261.3	$	268.4	$	28.4	$	—	$	240.0

Liabilities:
Commodities contracts	$	463.4	$	257.2	$	206.3	$	140.8	$	—	$	65.5
Foreign currency contracts		5.0		4.1		0.9		—		—		0.9
Total liabilities at fair value	$	468.5	$	261.3	$	207.2	$	140.8	$	—	$	66.4

At December 31, 2016 and December 31, 2015, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.

Level 3 Information.

The following table presents a reconciliation of beginning and ending balances of assets and liabilities that are measured at fair value on a recurring basis that utilized significant Level 3 inputs for the periods presented (in millions):




	2016			2015
Fair value at beginning of the period	$	3.0		$	2.8
Included in earnings	(1.3		)	4.2
Settlements	—			4.8
Transfers in	—			0.9
Transfers out	0.1			—
Fair value at end of period	$	1.6		$	3.0

Gains for the period included in earnings attributable to the change in unrealized gains relating to derivatives still held at the reporting date	$	1.6		$	2.6

The nature of inputs that are considered Level 3 are modeled inputs. 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 Segments, Geographic Information, and Major Customers

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

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,
	2016			2015			2014
Revenue:
Aviation segment	$	10,914.4		$	11,739.8		$	17,268.8
Marine segment	7,182.5			9,367.2			13,843.3
Land segment	8,918.8			9,274.3			12,279.6
	$	27,015.8		$	30,381.4		$	43,391.8
Gross profit:
Aviation segment	$	401.0		$	361.9		$	323.4
Marine segment	149.5			189.6			207.8
Land segment	348.5			309.5			287.9
	$	899.0		$	861.0		$	819.1
Income from operations:
Aviation segment	$	160.5		$	132.2		$	144.1
Marine segment	30.2			73.0			92.2
Land segment	70.8			101.4			93.9
	261.5			306.5			330.2
Corporate overhead - unallocated	(72.7		)	(60.9		)	(53.5		)
	$	188.9		$	245.7		$	276.7
Depreciation and amortization:
Aviation segment, includes allocation from corporate	$	24.2		$	22.6		$	15.4
Marine segment, includes allocation from corporate	6.6			6.4			5.6
Land segment, includes allocation from corporate	47.1			32.9			32.5
Corporate	4.4			3.7			3.7
	$	82.3		$	65.5		$	57.3
Capital expenditures:
Aviation segment	$	4.9		$	13.4		$	9.0
Marine segment	6.1			8.0			13.9
Land segment	12.3			16.4			16.0
Corporate	14.5			10.6			12.9
	$	37.7		$	48.4		$	51.8

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,
	2016		2015
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $6.6 and $6.1 as of December 31, 2016 and December 31, 2015, respectively	$	776.0	$	571.6
Marine segment, net of allowance for bad debt of $10.2 and $10.7 as of December 31, 2016 and December 31, 2015, respectively	830.5		611.2
Land segment, net of allowance for bad debt of $8.2 and $8.2 as of December 31, 2016 and December 31, 2015, respectively	737.5		629.8
	$	2,344.0	$	1,812.6
Goodwill:
Aviation segment	$	266.8	$	173.7
Marine segment	72.3		71.4
Land segment	496.7		430.7
	$	835.8	$	675.8
Identifiable intangible assets, net:
Aviation segment	$	72.1	$	64.7
Marine segment	5.0		6.1
Land segment	205.2		140.2
	$	282.3	$	210.9
Total assets:
Aviation segment	$	2,050.6	$	1,546.9
Marine segment	1,287.7		1,149.5
Land segment	1,928.5		1,651.5
Corporate	145.8		177.3
	$	5,412.6	$	4,525.3

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,
	2016			2015		2014
Revenue:
United States	$	14,368.8		$	15,496.3	$	21,519.6
EMEA⁽¹⁾	6,018.6			6,382.2		8,613.1
Asia/Pacific⁽²⁾	4,271.1			5,863.4		9,844.7
Americas, excluding United States	2,357.2			2,639.5		3,414.4
Total	$	27,015.8		$	30,381.4	$	43,391.8
Income from operations:
United States	$	(26.1	)	$	19.2	$	51.8
EMEA	155.3			153.8		123.7
Asia/Pacific	38.3			54.4		76.2
Americas, excluding United States	21.3			18.2		24.9
Total	$	188.9		$	245.7	$	276.7



	As of December 31,
	2016		2015
Non-current assets:
United States	$	799.2	$	639.9
EMEA	587.4		604.6
Asia/Pacific	17.2		5.3
Americas, excluding United States	172.4		29.5
Total	$	1,576.1	$	1,279.3
Total assets:
United States	$	2,462.0	$	1,890.5
EMEA	1,805.6		1,719.5
Asia/Pacific	661.2		614.9
Americas, excluding United States	483.9		300.2
Total	$	5,412.6	$	4,525.3


(1)	Includes revenue related to the U.K. of $4.1 billion, $4.7 billion and $6.2 billion for 2016, 2015 and 2014, respectively.


(2)	Includes revenue related to Singapore of $4.2 billion, $5.8 billion and $9.7 billion for 2016, 2015 and 2014, 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

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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Summary Quarterly Information (Unaudited)

The following is a summary of the unaudited quarterly results for 2016 and 2015 (in millions, except earnings per share data):



	March 31,		June 30,		September 30,		December 31,
	2016		2016		2016 ⁽¹⁾		2016 ⁽¹⁾⁽²⁾
Revenue	$	5,190.8	$	6,633.0	$	7,399.8	$	7,792.1
Gross profit	$	221.5	$	218.5	$	236.7	$	222.3
Net income including noncontrolling interest	$	51.6	$	29.8	$	43.0	$	2.1
Net income attributable to World Fuel	$	51.8	$	30.0	$	42.7	$	2.2
Basic earnings per common share⁽⁵⁾	$	0.74	$	0.43	$	0.62	$	0.03
Diluted earnings per common share⁽⁵⁾	$	0.74	$	0.43	$	0.61	$	0.03



	March 31,		June 30,		September 30,		December 31,
	2015 ⁽³⁾		2015 ⁽³⁾		2015 ⁽³⁾⁽⁴⁾		2015⁽³⁾⁽⁴⁾
Revenue	$	7,340.7	$	8,496.4	$	7,810.7	$	6,733.6
Gross profit	$	213.6	$	190.4	$	226.7	$	230.2
Net income including noncontrolling interest	$	49.3	$	29.0	$	42.7	$	49.6
Net income attributable to World Fuel	$	50.3	$	30.5	$	43.7	$	49.9
Basic earnings per common share⁽⁵⁾	$	0.71	$	0.43	$	0.62	$	0.72
Diluted earnings per common share	$	0.70	$	0.43	$	0.62	$	0.71

(1)Includes the PAPCO and APP operations since July 1, 2016 as a result of the two acquisitions.

(2)Includes the operating results of certain affiliates from ExxonMobil in Canada and France since November 1, 2016 and additional affiliates from ExxonMobil in the U.K. and France since December 1, 2016 as a result of the acquisition.

(3)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.

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

(5)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.

Correction of Previously Issued Financial Information

12 Months Ended

Dec. 31, 2016

Accounting Changes and Error Corrections [Abstract]

Correction of Previously Issued Financial Information

During the second quarter of 2016, we identified a correction to our provision for income taxes for certain prior periods, due to the accounting for the tax effects of foreign currency translation changes on intercompany loans that are considered to be of a long-term investment nature. The Company determined that it had incorrectly applied the accounting guidance in ASC 740, Income Taxes and recorded a deferred tax asset related to foreign currency translation losses in the provision for income taxes, resulting in the Company reporting a lower provision for income taxes in the periods that were impacted.

In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management evaluated the materiality of the error from qualitative and quantitative perspectives, and concluded the error was not material to its previously issued annual and interim financial statements. The cumulative amounts of the total corrections were approximately $20.0 million, of which approximately $12.5 million was attributable to the year ended December 31, 2015. The cumulative amount of the prior period adjustments would have been material to our Statement of Income and Comprehensive Income for the quarter ended June 30, 2016, had we made the correction in that period. Accordingly, we have revised our previously issued financial statements prospectively to correct these errors.

The corrections associated with the provision for income taxes line items as well as other immaterial adjustments are reflected in this 10-K Report for all periods presented and those corrections will be reflected in our future fillings.

The following table presents the effect of the correction on the previously reported consolidated balance sheet as of December 31, 2015 and the statements of income and comprehensive income for the years ended 2015 and 2014. The corrections did not have an impact on net cash provided by (used in) operating activities, investing activities or financing activities as presented in the cash flow statement for the years ended 2015 and 2014.

Consolidated Balance Sheets

(Unaudited - In millions, except per share data)



	As of December 31, 2015
	As Reported			Adjustment		Revised
Assets:
Current assets:
Cash and cash equivalents	$	582.5		—		$	582.5
Accounts receivable, net	1,812.6			—		1,812.6
Inventories	359.1			—		359.1
Prepaid expenses	57.9			—		57.9
Short-term derivative assets, net	227.2			(6.8	)	220.4
Other current assets	209.8			(1.8	)	208.0
Current assets held for sale	5.5			—		5.5
Total current assets	3,254.6			(8.6	)	3,246.0

Property and equipment, net	225.6			—		225.6
Goodwill	675.8			—		675.8
Identifiable intangible and other non-current assets	356.9			(15.5	)	341.4
Non-current assets held for sale	36.5			—		36.5
Total assets	$	4,549.4		(24.1	)	$	4,525.3

Liabilities:
Current liabilities:
Short-term debt	$	25.5		—		$	25.5
Accounts payable	1,349.6			—		1,349.6
Customer deposits	118.3			—		118.3
Accrued expenses and other current liabilities	263.8			(8.6	)	255.2
Current liabilities held for sale	5.6			—		5.6
Total current liabilities	1,762.8			(8.6	)	1,754.2

Long-term debt	746.7			—		746.7
Non-current income tax liabilities, net	87.7			—		87.7
Other long-term liabilities	25.8			—		25.8
Non-current liabilities held for sale	5.0			—		5.0
Total liabilities	$	2,628.0		(8.6	)	$	2,619.4

Commitments and contingencies

Equity:
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	—			—		—
Common stock, $0.01 par value; 100.0 shares authorized, 70.8 and 72.1 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	0.7			—		0.7
Capital in excess of par value	435.3			—		435.3
Retained earnings	1,588.6			(19.2	)	1,569.4
Accumulated other comprehensive loss	(113.2		)	3.7		(109.5		)
Total World Fuel shareholders' equity	1,911.4			(15.5	)	1,895.9
Noncontrolling interest equity	10.0			—		10.0
Total equity	1,921.4			(15.5	)	1,905.9
Total liabilities and equity	$	4,549.4		(24.1	)	$	4,525.3

Consolidated Statements of Income and Comprehensive Income

(Unaudited - In millions, except per share data)



	For the Year ended								For the Year ended
	December 31, 2015								December 31, 2014
	As Reported			Adjustment		Revised			As Reported			Adjustment		Revised
Revenue	$	30,379.7		1.7		$	30,381.4		$	43,386.4		5.4		$	43,391.8
Cost of revenue	29,519.2			1.2		29,520.4			42,572.8			(0.1	)	42,572.7
Gross profit	860.5			0.5		861.0			813.6			5.5		819.1
Operating expenses:
Compensation and employee benefits	365.8			—		365.8			319.8			—		319.8
Provision for bad debt	7.5			—		7.5			3.8			—		3.8
General and administrative	240.0			2.1		242.1			220.9			(2.1	)	218.8
	613.3			2.0		615.3			544.5			(2.1	)	542.4
Income from operations	247.2			(1.5	)	245.7			269.1			7.6		276.7
Non-operating expenses, net:
Interest expense and other financing costs, net	(29.9		)	—		(29.9		)	(25.2		)	—		(25.2		)
Other income, net	2.0			—		2.0			25.6			(2.3	)	23.3
	(27.9		)	—		(27.9		)	0.4			(2.3	)	(1.9		)
Income before income taxes	219.3			(1.6	)	217.7			269.5			5.3		274.8
Provision for income taxes	36.3			10.9		47.2			51.1			2.5		53.6
Net income including noncontrolling interest	183.0			(12.5	)	170.5			218.4			2.7		221.1
Net (loss) attributable to noncontrolling interest	(3.9		)	—		(3.9		)	(3.3		)	—		(3.3		)
Net income attributable to World Fuel	$	186.9		(12.4	)	$	174.5		$	221.7		2.8		$	224.5

Basic earnings per common share	$	2.66		(0.17	)	$	2.49		$	3.13		0.04		$	3.17

Basic weighted average common shares	70.2			—		70.2			70.8			—		70.8

Diluted earnings per common share	$	2.64		(0.17	)	$	2.47		$	3.11		0.04		$	3.15

Diluted weighted average common shares	70.7			—		70.7			71.3			—		71.3

Comprehensive income:
Net income including noncontrolling interest	$	183.0		(12.5	)	$	170.5		$	218.4		2.7		$	221.1
Other comprehensive income (loss):
Foreign currency translation adjustments	(49.6		)	4.2		(45.4		)	(30.9		)	0.1		(30.8		)
Cash Flow hedge, net	0.6			(1.4	)	(0.8		)	—			—		—
	(49.0		)	2.8		(46.2		)	(30.9		)	0.1		(30.8		)
Comprehensive income including noncontrolling interest	134.0			(9.7	)	124.3			187.5			2.9		190.4
Comprehensive income (loss) attributable to noncontrolling interest	0.1			(8.0	)	(2.2		)	(3.3		)	—		(1.1		)
Comprehensive income attributable to World Fuel	$	133.9		(1.6	)	$	126.4		$	190.8		2.9		$	191.4

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements and related notes include our parent company and all wholly‑owned and majority‑owned subsidiaries and joint ventures where we exercise control. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All significant transactions among our businesses have been eliminated.
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards Business Combinations (Topic 805): Simplifying the Accounting for Measurement - Period Adjustments. In September 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-16 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 requires 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Interest: Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. In April 2015, ASU 2015-03 was issued which requires that debt issuance costs related to a recognized debt liability, is 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Consolidation (Topic 810): Amendments to the Consolidation Analysis. In February 2015, ASU 2015-02 was issued and is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. This update became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. In January 2015, ASU 2015-01 was issued, which eliminates the concept of extraordinary items. This update became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Derivatives and Hedging (Topic 815): 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, ASU 2014-16 was issued 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. Compensation (Topic 718): 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, ASU 2014-12 was issued 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 became effective at the beginning of our 2016 fiscal year. The adoption of this ASU did not have a significant impact on our consolidated financial statements and disclosures. In addition, in March 2016, ASU 2016-09 - Stock Compensation - Improvements to Employee Share-Based Payment Accounting was issued. This ASU is intended to improve the accounting for employee share-based payments. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The update is effective at the beginning of our 2017 fiscal year. We have elected to early adopt this ASU and the adoption did not have a significant impact on our financial statement and disclosures. Presentation of Financial Statements - Going Concern (Subtopic 25-40): - Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern. In August 2014, the FASB issued ASU 2014-15, requiring management to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. This update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. We have adopted this ASU and the adoption did not have a significant impact on our financial statement and disclosures. Accounting Standards Issued But Not Yet Adopted Intangibles - Goodwill and Other (Topic 350). In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04. The update simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amendment an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This standard is effective at the beginning of our 2020 fiscal year. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and related disclosures. Business Combinations (Topic 805): Clarifying the Definition of a Business. In January 2017, ASU 2017-01 was issued. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This standard 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 related disclosures. Cash Flows: Statement of Cash Flows (Topic 230) - Restricted Cash. In November 2016, ASU 2016-18 was issued. The update requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard 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 related disclosures. Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory. In October 2016, ASU 2016-16 was issued. The update prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This standard 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 related disclosures. Cash Flows: Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments. In August 2016 ASU 2016-15 was issued. The ASU provides guidance on classification of eight specific cash flows items. This standard 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 related disclosures. Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments. In March 2016, ASU 2016-06 was issued. ASU 2016-06 clarifies the steps required to determine bifurcation of an embedded derivative. The 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. Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. In March 2016, ASU 2016-05 was issued which clarifies the change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The 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. Leases (Topic 842). In February 2016, ASU 2016-02, Leases, was issued. This standard will require all lessees to recognize a right of use asset and a lease liability on the balance sheet, except for leases with durations that are less than twelve months. This standard 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 related disclosures. Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. In January 2016, ASU 2016-01 was issued 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. Inventory (Topic 330): Simplifying the Measurement of Inventory. In July 2015, the FASB issued ASU 2015-11, which simplifies the subsequent measurement of inventory. The updated guidance requires that Inventory measured using any method other than LIFO or the retail inventory method (for example, inventory measured using first-in, first-out (FIFO) or average cost) be measured at the lower of cost and net realizable value. This standard is effective at the beginning of our 2017 fiscal year. We do not believe the adoption of this new guidance will have a significant impact on our consolidated financial statements and related disclosures. Revenue Recognition (Topic 606): Revenue from Contracts with Customers. In May 2014, ASU 2014-09 was issued. Under this ASU and subsequently issued amendments, an entity is required to recognize the amount of revenue it expects to be entitled to for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. This ASU provides alternative methods of transition, a full retrospective and a modified restrospective approach. The modified retrospective approach would result in recognition of the cumulative impact of a retrospective application as of the beginning of the period of initial application, which in our case is the interim period beginning January 1, 2018. In preparation for adoption of the standard, we developed a cross-functional team and engaged a third-party service provider to assist us throughout our evaluation. In addition, we have factored the adoption into our ongoing ERP platform upgrade, which we previously committed to perform, as our system readiness is a key element towards the determination of the adoption approach we adopt. We continue to perform our assessment, and while those activities are not complete, we expect to identify similar performance obligations under ASC 606 as compared to those previously identified.
Estimates and Assumptions	Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. GAAP 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.
Cash and Cash Equivalents	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	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. Although we analyze customers’ payment history and creditworthiness, we cannot predict with certainty that the customers to whom we extend credit will be able to remit payments on a timely basis, or at all. Because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected will ultimately need to be written off. Write-offs for the year ended December 31, 2016 did not have a significant impact on our consolidated statement of operations. 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, however, be an accurate indicator of current or future credit worthiness of our customers, particularly in difficult economic and financial markets. As a result of the limited predictability inherent in estimating which customers are less likely or unlikely to remit amounts owed to us, our provision for estimated credit losses may not be sufficient. Any write-off of accounts receivable in excess of our provision for estimated credit losses would have an adverse effect on our results of operations.
Inventories	Inventories Inventories are valued primarily using average cost, and first-in first-out in certain limited locations, and are stated at the lower of average cost or market. We utilize a variety of fuel indices and other indicators of market value. Sharp negative changes in these indices can result in reduction of our inventory valuation, which could have an adverse impact on our results of operations in the period in which we take the adjustment. Historically these adjustments have not had a significant impact on our consolidated statements of operations. 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.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations that are elements of the consideration transferred are recognized as of the acquisition date as part of the fair value transferred in exchange for the acquired business. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Fair Value of Financial Instruments	Fair Value of Financial Instruments We measure the fair value of financial instruments using observable and unobservable inputs. Observable inputs reflect what market participants would use in pricing the instrument, based on publicly available market data obtained from sources independent of us. Unobservable inputs are inputs for which market data are not available and reflect internal market assumptions. The accounting guidance establishes the following fair value hierarchy: Level 1 Inputs - Quoted prices in active markets. Level 2 Inputs - Quoted prices for similar instruments in active markets other than quoted prices included within Level 1, quoted prices for identical or similar instruments in markets that are not active; and model based valuations whose inputs are observable. Level 3 Inputs - Inputs that are unobservable. Our policy is to recognize transfers between levels as of the beginning of the reporting period in which the event or change in circumstance caused the transfer to occur.
Derivatives	Derivatives We enter into financial derivative contracts 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 due to changes in foreign currency exchange rates. While we currently believe that our derivative contracts will be effective in mitigating the associated price risks, it is possible that our derivative instruments will be ineffective at mitigating material changes in prices, which could have an adverse impact on our financial position and results of operations. At the inception and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and the underlying observable data. Measurement of the fair value of our derivatives also requires the assessment of certain risks related to non-performance, which requires a significant amount of judgment. The effect on our income before income taxes of a 10% change in the model input for non-performance risk would not be significant to our consolidated statements of operations. 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 recognized as an asset or liability on the consolidated balance sheets and the changes in the the fair value of the contract is immediately recognized through earnings. Our derivative contracts are subject to the accounting guidance for derivative instruments and recognized at their estimated fair market value in accordance with the accounting guidance for fair value measurements. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value 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 hedging 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 hedging instrument is initially 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 underlying forecasted transaction when both are settled or deemed probable of not occurring. The ineffective portion of the changes in the estimated fair market value of the hedging instrument is 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. 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 will be classified in a manner consistent with the nature of the instrument. To qualify for hedge accounting, the hedging relationship between the hedging instruments and hedged items must be expected to be highly effective in achieving offsetting changes in the 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 and cash flow hedges. However, our measurement of hedge ineffectiveness for our fair value inventory hedges utilizes spot prices for the hedged item (inventory) and forward or futures prices for the hedging instrument. Hedge ineffectiveness measurement for our cash flow hedges is based on forward or futures prices for the hedged item and hedging instrument. Any excluded component (changes in the difference between the spot price and the forward or futures price) , along with ineffectiveness, is included as a component of revenue or cost of revenue in earnings. Adjustments to the carrying amounts of hedged items in a fair value hedge relationship are discontinued in instances where the related hedging instrument is deemed no longer highly effective in achieving offsetting changes in fair value. Therefore, any previously recorded fair market value changes are not adjusted until the fuel is sold.
Property and Equipment	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 directly associated with developing significant computer software applications for internal use are capitalized. Computer software costs are amortized using the straight‑line method over the estimated useful life of the software.
Goodwill and Identifiable Intangible Assets	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 during the fourth quarter of each year 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 described below. 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. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. These estimates are based on a number of factors including industry experience, business expectations and the economic environment. 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. The performance of the annual fiscal 2016 impairment analysis did not result in an impairment of the Company's goodwill. The qualitative assessment associated with step 0 and the quantitative assessment associated with step 1 of our goodwill impairment analysis both involve significant management estimates and judgment in order to properly determine that the factors assessed are appropriate and are accurate for each of the Company’s reporting units. In connection with our acquisitions, we record identifiable intangible assets at fair value. The determination of the fair values of our identifiable intangible assets involves a significant amount of forecasting and other assumptions associated with recently acquired businesses for which we may not have as much historical information or trend data as we would for our existing businesses. 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 during the fourth quarter of each year for potential impairment. Our impairment analysis of our intangible assets not subject to amortization (primarily trademarks and/or trade names) generally involves the use of qualitative and quantitative analyses to estimate whether the estimated future cash flows generated as a result of these assets will be greater than or equal to the carrying value assigned to such assets.
Other Investments	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.
Revenue Recognition	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. Whether the services have been performed and when title and risk of loss passes to the customer are the factors we take into consideration in deciding when to recognize revenue. These factors are readily determinable and consistently applied throughout our business. Therefore, we generally have not needed to make significant estimates or assumptions with respect to revenue recognition.
Share-Based Payment Awards	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. We utilize our historical forfeiture rates to calculate future expected forfeitures. These estimates can vary significantly from actual forfeiture rates experienced. Our estimated forfeiture rates have historically approximated actual forfeitures. 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. We have elected to early adopt ASU 2016-09 - Stock Compensation - Improvements to Employee Share-Based Payment Accounting. As required by ASU 2016.09, 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 operating cash flows.
Foreign Currency	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. 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.
Income Taxes	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	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.

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Basis of Presentation 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):



	2016		2015		2014
Numerator:
Net income attributable to World Fuel	$	126.5	$	174.5	$	224.5
Denominator:
Weighted average common shares for basic earnings per common share	69.3		70.2		70.8
Effect of dilutive securities	0.5		0.5		0.5
Weighted average common shares for diluted earnings per common share	69.8		70.7		71.3
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	1.3		1.0		0.9
Basic earnings per common share	$	1.82	$	2.49	$	3.17
Diluted earnings per common share	$	1.81	$	2.47	$	3.15

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2016

Accounts Receivable, Net [Abstract]

Schedule of allowance for bad debt

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



	2016			2015			2014
Balance as of beginning of period	$	25.0		$	25.7		$	29.2
Charges to provision for bad debt	15.4			7.5			3.8
Write-off of uncollectible accounts receivable	(15.9		)	(8.3		)	(8.0		)
Recoveries of bad debt	0.3			0.5			0.8
Translation Adjustments	0.2			(0.4		)	—
Balance as of end of period	$	24.9		$	25.0		$	25.7

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

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

The following reconciles the aggregate purchase price for the 2015 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):



Purchase price	$	102.3
Less: Cash acquired	8.7
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 following reconciles the estimated aggregate purchase price for the 2016 acquisitions to the cash paid for the acquisitions, net of cash acquired (in millions):



Estimated purchase price	$	446.9
Less: Cash acquired	2.6
Estimated purchase price, net of cash acquired	444.3
Less: Amounts due to sellers and promissory notes issued	20.0
Cash paid for acquisition of businesses	$	424.3

Schedule of estimated purchase price allocation for the acquisition

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		)
Purchase price	$	295.8

The estimated purchase price allocation for the 2016 acquisitions is as follows (in millions):



Assets acquired:
Cash and cash equivalents	$	2.6
Accounts receivable	62.8
Inventories	39.0
Property and equipment	100.3
Other current assets	11.9
Goodwill and identifiable intangible assets	291.9
Other long-term assets	2.9
Liabilities assumed:
Accounts payable	(38.1		)
Accrued expenses and other current liabilities	(22.9		)
Non-current income tax liabilities and other long term liabilities	(3.5		)
Estimated purchase price	$	446.9

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		)
Purchase price	$	102.3

Schedule of unaudited pro forma results

The following presents the unaudited pro forma results for 2016 and 2015 as if 2016 and 2015 acquisitions had been completed on January 1, 2015:



	2016		2015
	(pro forma)		(pro forma)
Revenue	$	27,925.0	$	32,604.4
Net income attributable to World Fuel	$	146.1	$	202.0

Earnings per common share:
Basic	$	2.11	$	2.88
Diluted	$	2.09	$	2.86

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

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table presents the gross fair value of our derivative instruments and their locations on the consolidated balance sheets (in millions):



		Gross Derivative Assets				Gross Derivative Liabilities
		As of December 31,				As of December 31,
Derivative Instruments	Balance Sheet Location	2016		2015		2016		2015
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	2.2	$	120.6	$	5.4	$	95.0
	Identifiable intangible and other non-current assets		—		7.4		—		—
	Accrued expenses and other current liabilities		86.0		6.3		93.5		2.9
	Other long-term liabilities		5.1		—		10.1		—
Total derivatives designated as hedging instruments		$	93.3	$	134.3	$	108.9	$	97.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	160.3	$	241.4	$	86.7		26.6
	Identifiable intangible and other non-current assets		17.1		17.0		6.2		4.8
	Accrued expenses and other current liabilities		52.5		120.4		112.2		319.9
	Other long-term liabilities		8.1		4.0		12.1		14.2
		$	238.0	$	382.9	$	217.2	$	365.5

Foreign currency contracts	Short-term derivative assets, net	$	13.5	$	10.8	$	3.4	$	3.3
	Identifiable intangible and other non-current assets		0.9		0.7		0.1		0.1
	Accrued expenses and other current liabilities		1.6		0.8		2.8		1.7
Total derivatives not designated as hedging instruments		$	16.0	$	12.4	$	6.4	$	5.0
Total derivatives		$	347.2	$	529.6	$	332.5	$	468.5

Schedule of fair value positions of derivative instruments



	As of December 31,
Derivative Instruments		Units	2016
Commodity contracts
Long		BBL	62.7
Short		BBL	(66.7	)

Foreign currency exchange contracts
Long		AUD	0.2
Short		AUD	(5.2	)
Long		CAD	51.9
Short		CAD	(115.9	)
Long		CHF	—
Short		CHF	(0.6	)
Long		CLP	1,769.6
Short		CLP	(2,015.1	)
Long		COP	27,753.2
Short		COP	(48,454.9	)
Long		DKK	5.5
Short		DKK	(135.7	)
Long		EUR	5.0
Short		EUR	(38.7	)
Long		GBP	72.0
Short		GBP	(81.4	)
Long		INR	20.3
Short		INR	(92.7	)
Long		JPY	1,167.9
Short		JPY	(1,509.2	)
Short		KRW	(11,735.9	)
Long		MXN	1,229.1
Short		MXN	(1,105.6	)
Long		NOK	9.6
Short		NOK	(43.8	)
Short		NZD	(0.9	)
Short		PHP	(8.0	)
Long		PLN	—
Short		PLN	(9.7	)
Short		RON	(3.9	)
Long		SEK	36.7
Short		SEK	(6.4	)
Long		SGD	15.9
Short		SGD	(31.6	)
Long		ZAR	16.4
Short		ZAR	(15.4	)

For additional information about our use of derivative instruments, see Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

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



		Realized and Unrealized Gain (Loss)									Realized and Unrealized Gain (Loss)
		for the Year ended December 31,									for the Year ended December 31,
Derivative Instruments	Location of Gain (Loss)		2016			2015		2014	Hedged Items	Location of Gain (Loss)		2016		2015			2014
Commodity contracts									Inventories
	Revenue	$	—		$	49.3	$	—		Revenue	$	—	$	—		$	—
	Cost of revenue		(25.3	)		37.5		132.2		Cost of revenue		10.8		(70.7	)		(150.9	)
Total gain (loss)		$	(25.3	)	$	86.8	$	132.2	Total gain (loss)		$	10.8	$	(70.7	)	$	(150.9	)

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)									Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)
Derivative	for the Year ended December 31,								Location of	for the Year ended December 31,
Instruments		2016			2015			2014	Gain (Loss)		2016		2015			2014
Commodity contracts	$	(145.8	)	$	106.5		$	—	Revenue	$	18.1	$	7.2		$	—
Commodity contracts		178.1			(105.4	)		—	Cost of revenue		20.8		(5.3	)		—
Total gain (loss)	$	32.3		$	1.0		$	—	Total gain (loss)	$	38.8	$	1.8		$	—



	Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	for the Year ended December 31,
Location of Gain (Loss)		2016			2015			2014
Revenue	$	(13.7	)	$	28.6		$	—
Cost of revenue		9.4			(17.8	)		—
Total gain (loss)	$	(4.4	)	$	10.8		$	—

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



		Amount of Realized and Unrealized Gain (Loss)
		for the Year ended December 31,
Derivative Instruments - Non-designated	Location of Gain (Loss)		2016			2015			2014
Commodity contracts
	Revenue	$	29.7		$	171.7		$	64.5
	Cost of revenue		(31.6	)		(139.0	)		2.2
		$	(1.9	)	$	32.7		$	66.7
Foreign currency contracts
	Revenue	$	10.0		$	4.1		$	4.3
	Other (expense) income, net		(0.8	)		9.5			12.6
		$	9.2		$	13.6		$	16.9
Total gain (loss)		$	7.3		$	46.3		$	83.6

- 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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 10: 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, 2016

Property, Plant and Equipment [Abstract]

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
	2016		2015		Useful Lives
Land	$	27.4	$	31.6	Indefinite
Buildings and leasehold improvements	87.3		41.2		3 - 40 years
Office equipment, furniture and fixtures	15.4		14.1		3 - 10 years
Computer equipment and software costs	140.7		118.9		3 - 10 years
Machinery, equipment and vehicles	217.5		160.1		3 - 40 years
	488.3		365.9
Accumulated depreciation and amortization	177.1		140.3
	$	311.2	$	225.6

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,
	2016		2015
Computer software costs	$	94.5	$	91.4
Accumulated amortization	69.5		55.8
Computer software costs, net	$	25.0	$	35.6

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,
	2016		2015
Capital leases	$	24.4	$	23.0
Accumulated amortization	8.2		11.0
Capital leases, net	$	16.2	$	12.0

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

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



	Aviation Segment			Marine Segment			Land Segment			Total
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
2016 acquisitions^(a)	95.6			—			77.7			173.3
Adjustment of purchase price allocations^(b)	1.3			0.1			5.5			6.9
Foreign currency translation of non-USD functional currency subsidiary goodwill	(3.7		)	0.7			(17.3		)	(20.3		)
As of December 31, 2016	$	266.8		$	72.3		$	496.7		$	835.8

^(b) Reflects the purchase price allocation adjustments of 2015 acquisitions, including goodwill classified as held for sale.

Schedule of identifiable intangible assets

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



	As of December 31, 2016						As of December 31, 2015
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Intangible assets subject to amortization:
Customer relationships	$	353.8	$	155.5	$	198.3	$	255.5	$	125.4	$	130.1
Supplier agreements	38.7		13.3		25.4		38.5		10.7		27.8
Others	37.2		20.2		17.0		37.2		16.1		21.1
	429.7		189.1		240.7		331.2		152.2		179.0
Intangible assets not subject to amortization:
Trademark/trade name rights	41.7		—		41.7		31.9		—		31.9
	$	471.4	$	189.1	$	282.3	$	363.1	$	152.2	$	210.9

⁽¹⁾ Includes the impact of foreign exchange

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,
2017	$	41.1
2018	38.1
2019	32.5
2020	27.8
2021	24.4
Thereafter	76.7
	$	240.7

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of debt

Our debt consisted of the following (in millions):



	As of December 31,
	2016		2015
Credit Facility	$	325.2	$	416.0
Term Loans	840.0		333.2
Capital leases	12.6		12.0
Other	8.5		11.0
Total debt	$	1,186.3	$	772.2
Short-term debt	$	15.4	$	25.5
Long-term debt	$	1,170.8	$	746.7

Schedule of aggregate annual maturities of debt

As of December 31, 2016, the aggregate annual maturities of debt are as follows (in millions):



Year Ended December 31,
2017	$	15.4
2018	24.1
2019	39.5
2020	56.1
2021	1,049.0
Thereafter	2.1
	$	1,186.3

Schedule of interest expense and other financing costs, net

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



	2016			2015			2014
Interest income	$	4.5		$	5.0		$	6.0
Interest expense and other financing costs	(43.7		)	(34.9		)	(31.2		)
	$	(39.2	)	$	(29.9	)	$	(25.2	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

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

As of December 31, 2016, our future minimum lease payments under non-cancelable operating leases were as follows (in millions):



Year Ended December 31,
2017	$	38.4
2018	25.9
2019	20.9
2020	17.0
2021	12.8
Thereafter	34.7
	$	149.8

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

As of December 31, 2016, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions):



Year Ended December 31,
2017	$	1.3

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Schedule of outstanding awards issued pursuant to plans



Plan name	Restricted Stock	RSUs	SSAR Awards	Remaining shares of common stock available for future issuance
2016 Plan (1)	—	—	—	4.3
2006 Plan (amended and restated) (2)	1.2	1.2	0.3	—

(1)As of December 31, 2016, unvested RSUs will vest between March 2017 and August 2021.

Schedule of unvested restricted stock outstanding



	Unvested Restricted Stock		Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
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
Granted	0.1		42.92
Vested	(0.2	)	40.40
Forfeited	(0.1	)	43.30
As of December 31, 2016	1.2		$	43.10	$	55.7	0.8

Schedule of RSUs



RSUs Outstanding
	RSUs		Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
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
Granted	0.7		44.23
Vested	(0.1	)	42.78
Forfeited	(0.1	)	44.78
As of December 31, 2016	1.2		$	43.28	$	55.7	1.6

Schedule of outstanding and exercisable SSAR Awards



	SSAR Awards Outstanding						SSAR Awards Exercisable
	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
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
Granted	0.1	48.58
Exercised	—	40.91
As of December 31, 2016	0.3	$	44.97	$	0.3	2.4	0.2	$	42.15	$	0.7	1.3

Schedule of unrecognized compensation cost

The unrecognized compensation cost as of December 31, 2016 is expected to be recognized as compensation expense over a weighted average period of 1.3 years as follows (in millions):




Year Ended December 31,
2017	$	20.0
2018	14.8
2019	5.7
2020	1.8
2021	0.4
	$	42.6

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



	Foreign Currency Translation Adjustments			Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2014	$	(59.2	)	$	—		$	(59.2	)
Other comprehensive loss	(45.4		)	(0.8		)	(46.2		)
Less: Net other comprehensive income attributable to noncontrolling interest	(4.0		)	—			(4.0		)
Balance as of December 31, 2015	(108.7		)	(0.8		)	(109.5		)
Other comprehensive loss	(40.4		)	(6.6		)	(47.0		)
Less: Net other comprehensive income attributable to noncontrolling interest	1.6			—			1.6
Balance as of December 31, 2016	$	(147.5	)	$	(7.4	)	$	(154.8	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

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

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



	2016			2015		2014
United States	$	(85.4	)	$	3.5	$	59.7
Foreign	227.5			214.2		215.1
	$	142.1		$	217.7	$	274.8

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):



	2016			2015			2014
Current:
U.S. federal statutory tax	$	7.5		$	(9.9	)	$	13.9
State	0.8			0.7			2.5
Foreign	30.4			27.0			23.5
	38.7			17.8			39.9
Deferred:
U.S. federal statutory tax	(29.3		)	4.6			10.7
State	(4.2		)	3.0			2.7
Foreign	(2.5		)	(2.3		)	(2.6		)
	(36.0		)	5.3			10.8
Non-current tax expense (income)	13.0			24.1			2.9
	$	15.7		$	47.2		$	53.6

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:



	2016		2015		2014
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
Foreign earnings, net of foreign taxes	(42.4	)	(28.3	)	(18.2	)
State income taxes, net of U.S. federal income tax benefit	(1.5	)	1.1		1.3
U.S. tax on deemed dividends	1.3		1.7		1.2
Sale of subsidiary	3.8		—		—
Uncertain tax positions	9.2		10.3		1.1
Other permanent differences	5.6		1.9		(0.9	)
Effective income tax rate	11.0	%	21.7	%	19.5	%

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,
	2016			2015
Gross Deferred Tax Assets:
Bad debt reserve	$	4.5		$	5.0
Net operating loss	38.6			13.0
Accrued and other share-based compensation	26.2			20.6
Accrued expenses	5.0			—
U.S. foreign income tax credits	7.8			5.3
Other income tax credits	0.2			0.7
Customer deposits	6.3			5.7
Installment sale	—			6.7
Cash flow hedges	4.6			0.8
Unrealized foreign exchange	—			2.7
Total gross deferred tax assets	93.2			60.5
Less: Valuation allowance	7.1			2.9
Gross deferred tax assets, net of valuation allowance	86.1			57.6
Deferred Tax Liabilities:
Depreciation	(8.5		)	(20.8		)
Goodwill and intangible assets	(56.1		)	(56.2		)
Unrealized foreign exchange	(8.0		)	—
Prepaid expenses, deductible for tax purposes	(5.8		)	(4.4		)
Accrued expenses	—			(2.5		)
Unrealized derivatives	(2.4		)	(5.1		)
Other	(0.7		)	—
Total gross deferred tax liabilities	(81.5		)	(89.0		)
Net deferred tax liability	$	—		$	(31.4	)
Net deferred tax asset	4.6			—
Reported on the consolidated balance sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	20.6		$	5.2

Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	16.0		$	36.6

Schedule of expiration of NOL carryforward

This deferred tax asset expires as follows (in millions):



Expiration Date	Deferred Tax Asset
December 31, 2021	$	0.1
December 31, 2022	0.1
December 31, 2023	0.3
December 31, 2024	0.6
December 31, 2025	0.9
December 31, 2036	31.8
Indefinite	4.8
Total	$	38.6

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):



	2016			2015			2014
Unrecognized Tax Liabilities – opening balance	$	46.7		$	24.3		$	26.5
Gross increases – tax positions in prior period	18.0			9.2			—
Gross decreases – tax positions in prior period	(15.4		)	(4.8		)	(2.8		)
Gross increases – tax positions in current period	11.3			20.9			6.6
Gross decreases – tax positions in current period	—			—			—
Settlements	—			—			(3.6		)
Lapse of statute of limitations	(2.8		)	(2.9		)	(2.4		)
Unrecognized Tax Liabilities – ending balance	$	57.8		$	46.7		$	24.3

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

The following table summarizes these open tax years by jurisdiction with major uncertain tax positions:



	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
United States	2011 - 2012	2013 - 2016
Korea	2011 - 2014	2015 - 2016
Singapore	None	2011 - 2016
United Kingdom	2014	2012 - 2016
Brazil	None	2011 - 2016
Chile	None	2014 - 2016
Denmark	None	2012 - 2016

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

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

The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2016 and 2015 (in millions):



	Fair Value Measurements as of December 31, 2016
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts	$	273.6	$	55.3	$	2.3	$	331.2
Foreign currency contracts		—		16.0		—		16.0
Cash surrender value of life insurance		—		4.0		—		4.0
Total assets at fair value	$	273.6	$	75.3	$	2.3	$	351.2

Liabilities:
Commodities contracts	$	236.6	$	88.8	$	0.7	$	326.1
Foreign currency contracts		—		6.4		—		6.4
Total liabilities at fair value	$	236.6	$	95.2	$	0.7	$	332.5



	Fair Value Measurements as of December 31, 2015
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts	$	262.0	$	252.0	$	3.3	$	517.3
Foreign currency contracts		—		12.4		—		12.4
Cash surrender value of life insurance		—		2.4		—		2.4
Total assets at fair value	$	262.0	$	266.8	$	3.3	$	532.1

Liabilities:
Commodities contracts	$	339.8	$	123.4	$	0.2	$	463.4
Foreign currency contracts		—		5.0		—		5.0
Total liabilities at fair value	$	339.8	$	128.4	$	0.2	$	468.5

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

The following tables summarize those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right offset exists.



	Fair Value as of December 31, 2016
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts	$	331.2	$	249.7	$	81.5	$	27.1	$	—	$	54.5
Foreign currency contracts		16.0		5.1		10.9		—		—		10.9
Total assets at fair value	$	347.2	$	254.8	$	92.4	$	27.1	$	—	$	65.3

Liabilities:
Commodities contracts	$	326.1	$	249.7	$	76.5	$	2.0	$	—	$	74.5
Foreign currency contracts		6.4		5.1		1.2		—		—		1.2
Total liabilities at fair value	$	332.5	$	254.8	$	77.7	$	2.0	$	—	$	75.7



	Fair Value as of December 31, 2015
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts	$	517.3	$	257.2	$	260.1	$	28.4	$	—	$	231.7
Foreign currency contracts		12.4		4.1		8.2		—		—		8.2
Total assets at fair value	$	529.6	$	261.3	$	268.4	$	28.4	$	—	$	240.0

Liabilities:
Commodities contracts	$	463.4	$	257.2	$	206.3	$	140.8	$	—	$	65.5
Foreign currency contracts		5.0		4.1		0.9		—		—		0.9
Total liabilities at fair value	$	468.5	$	261.3	$	207.2	$	140.8	$	—	$	66.4

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




	2016			2015
Fair value at beginning of the period	$	3.0		$	2.8
Included in earnings	(1.3		)	4.2
Settlements	—			4.8
Transfers in	—			0.9
Transfers out	0.1			—
Fair value at end of period	$	1.6		$	3.0

Gains for the period included in earnings attributable to the change in unrealized gains relating to derivatives still held at the reporting date	$	1.6		$	2.6

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

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

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,
	2016			2015			2014
Revenue:
Aviation segment	$	10,914.4		$	11,739.8		$	17,268.8
Marine segment	7,182.5			9,367.2			13,843.3
Land segment	8,918.8			9,274.3			12,279.6
	$	27,015.8		$	30,381.4		$	43,391.8
Gross profit:
Aviation segment	$	401.0		$	361.9		$	323.4
Marine segment	149.5			189.6			207.8
Land segment	348.5			309.5			287.9
	$	899.0		$	861.0		$	819.1
Income from operations:
Aviation segment	$	160.5		$	132.2		$	144.1
Marine segment	30.2			73.0			92.2
Land segment	70.8			101.4			93.9
	261.5			306.5			330.2
Corporate overhead - unallocated	(72.7		)	(60.9		)	(53.5		)
	$	188.9		$	245.7		$	276.7
Depreciation and amortization:
Aviation segment, includes allocation from corporate	$	24.2		$	22.6		$	15.4
Marine segment, includes allocation from corporate	6.6			6.4			5.6
Land segment, includes allocation from corporate	47.1			32.9			32.5
Corporate	4.4			3.7			3.7
	$	82.3		$	65.5		$	57.3
Capital expenditures:
Aviation segment	$	4.9		$	13.4		$	9.0
Marine segment	6.1			8.0			13.9
Land segment	12.3			16.4			16.0
Corporate	14.5			10.6			12.9
	$	37.7		$	48.4		$	51.8

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,
	2016		2015
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $6.6 and $6.1 as of December 31, 2016 and December 31, 2015, respectively	$	776.0	$	571.6
Marine segment, net of allowance for bad debt of $10.2 and $10.7 as of December 31, 2016 and December 31, 2015, respectively	830.5		611.2
Land segment, net of allowance for bad debt of $8.2 and $8.2 as of December 31, 2016 and December 31, 2015, respectively	737.5		629.8
	$	2,344.0	$	1,812.6
Goodwill:
Aviation segment	$	266.8	$	173.7
Marine segment	72.3		71.4
Land segment	496.7		430.7
	$	835.8	$	675.8
Identifiable intangible assets, net:
Aviation segment	$	72.1	$	64.7
Marine segment	5.0		6.1
Land segment	205.2		140.2
	$	282.3	$	210.9
Total assets:
Aviation segment	$	2,050.6	$	1,546.9
Marine segment	1,287.7		1,149.5
Land segment	1,928.5		1,651.5
Corporate	145.8		177.3
	$	5,412.6	$	4,525.3

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



	For the Year ended December 31,
	2016			2015		2014
Revenue:
United States	$	14,368.8		$	15,496.3	$	21,519.6
EMEA⁽¹⁾	6,018.6			6,382.2		8,613.1
Asia/Pacific⁽²⁾	4,271.1			5,863.4		9,844.7
Americas, excluding United States	2,357.2			2,639.5		3,414.4
Total	$	27,015.8		$	30,381.4	$	43,391.8
Income from operations:
United States	$	(26.1	)	$	19.2	$	51.8
EMEA	155.3			153.8		123.7
Asia/Pacific	38.3			54.4		76.2
Americas, excluding United States	21.3			18.2		24.9
Total	$	188.9		$	245.7	$	276.7



	As of December 31,
	2016		2015
Non-current assets:
United States	$	799.2	$	639.9
EMEA	587.4		604.6
Asia/Pacific	17.2		5.3
Americas, excluding United States	172.4		29.5
Total	$	1,576.1	$	1,279.3
Total assets:
United States	$	2,462.0	$	1,890.5
EMEA	1,805.6		1,719.5
Asia/Pacific	661.2		614.9
Americas, excluding United States	483.9		300.2
Total	$	5,412.6	$	4,525.3


(1)	Includes revenue related to the U.K. of $4.1 billion, $4.7 billion and $6.2 billion for 2016, 2015 and 2014, respectively.


(2)	Includes revenue related to Singapore of $4.2 billion, $5.8 billion and $9.7 billion for 2016, 2015 and 2014, respectively.

Summary Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Data [Abstract]

Summary Quarterly Information (Unaudited)

The following is a summary of the unaudited quarterly results for 2016 and 2015 (in millions, except earnings per share data):



	March 31,		June 30,		September 30,		December 31,
	2016		2016		2016 ⁽¹⁾		2016 ⁽¹⁾⁽²⁾
Revenue	$	5,190.8	$	6,633.0	$	7,399.8	$	7,792.1
Gross profit	$	221.5	$	218.5	$	236.7	$	222.3
Net income including noncontrolling interest	$	51.6	$	29.8	$	43.0	$	2.1
Net income attributable to World Fuel	$	51.8	$	30.0	$	42.7	$	2.2
Basic earnings per common share⁽⁵⁾	$	0.74	$	0.43	$	0.62	$	0.03
Diluted earnings per common share⁽⁵⁾	$	0.74	$	0.43	$	0.61	$	0.03



	March 31,		June 30,		September 30,		December 31,
	2015 ⁽³⁾		2015 ⁽³⁾		2015 ⁽³⁾⁽⁴⁾		2015⁽³⁾⁽⁴⁾
Revenue	$	7,340.7	$	8,496.4	$	7,810.7	$	6,733.6
Gross profit	$	213.6	$	190.4	$	226.7	$	230.2
Net income including noncontrolling interest	$	49.3	$	29.0	$	42.7	$	49.6
Net income attributable to World Fuel	$	50.3	$	30.5	$	43.7	$	49.9
Basic earnings per common share⁽⁵⁾	$	0.71	$	0.43	$	0.62	$	0.72
Diluted earnings per common share	$	0.70	$	0.43	$	0.62	$	0.71

(1)Includes the PAPCO and APP operations since July 1, 2016 as a result of the two acquisitions.

(3)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.

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

Correction of Previously Issued Financial Information (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Changes and Error Corrections [Abstract]

Schedule of corrections for consolidated balance sheets and consolidated statements of income and comprehensive income

Consolidated Balance Sheets

(Unaudited - In millions, except per share data)



	As of December 31, 2015
	As Reported			Adjustment		Revised
Assets:
Current assets:
Cash and cash equivalents	$	582.5		—		$	582.5
Accounts receivable, net	1,812.6			—		1,812.6
Inventories	359.1			—		359.1
Prepaid expenses	57.9			—		57.9
Short-term derivative assets, net	227.2			(6.8	)	220.4
Other current assets	209.8			(1.8	)	208.0
Current assets held for sale	5.5			—		5.5
Total current assets	3,254.6			(8.6	)	3,246.0

Property and equipment, net	225.6			—		225.6
Goodwill	675.8			—		675.8
Identifiable intangible and other non-current assets	356.9			(15.5	)	341.4
Non-current assets held for sale	36.5			—		36.5
Total assets	$	4,549.4		(24.1	)	$	4,525.3

Liabilities:
Current liabilities:
Short-term debt	$	25.5		—		$	25.5
Accounts payable	1,349.6			—		1,349.6
Customer deposits	118.3			—		118.3
Accrued expenses and other current liabilities	263.8			(8.6	)	255.2
Current liabilities held for sale	5.6			—		5.6
Total current liabilities	1,762.8			(8.6	)	1,754.2

Long-term debt	746.7			—		746.7
Non-current income tax liabilities, net	87.7			—		87.7
Other long-term liabilities	25.8			—		25.8
Non-current liabilities held for sale	5.0			—		5.0
Total liabilities	$	2,628.0		(8.6	)	$	2,619.4

Commitments and contingencies

Equity:
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	—			—		—
Common stock, $0.01 par value; 100.0 shares authorized, 70.8 and 72.1 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	0.7			—		0.7
Capital in excess of par value	435.3			—		435.3
Retained earnings	1,588.6			(19.2	)	1,569.4
Accumulated other comprehensive loss	(113.2		)	3.7		(109.5		)
Total World Fuel shareholders' equity	1,911.4			(15.5	)	1,895.9
Noncontrolling interest equity	10.0			—		10.0
Total equity	1,921.4			(15.5	)	1,905.9
Total liabilities and equity	$	4,549.4		(24.1	)	$	4,525.3

Consolidated Statements of Income and Comprehensive Income

(Unaudited - In millions, except per share data)



	For the Year ended								For the Year ended
	December 31, 2015								December 31, 2014
	As Reported			Adjustment		Revised			As Reported			Adjustment		Revised
Revenue	$	30,379.7		1.7		$	30,381.4		$	43,386.4		5.4		$	43,391.8
Cost of revenue	29,519.2			1.2		29,520.4			42,572.8			(0.1	)	42,572.7
Gross profit	860.5			0.5		861.0			813.6			5.5		819.1
Operating expenses:
Compensation and employee benefits	365.8			—		365.8			319.8			—		319.8
Provision for bad debt	7.5			—		7.5			3.8			—		3.8
General and administrative	240.0			2.1		242.1			220.9			(2.1	)	218.8
	613.3			2.0		615.3			544.5			(2.1	)	542.4
Income from operations	247.2			(1.5	)	245.7			269.1			7.6		276.7
Non-operating expenses, net:
Interest expense and other financing costs, net	(29.9		)	—		(29.9		)	(25.2		)	—		(25.2		)
Other income, net	2.0			—		2.0			25.6			(2.3	)	23.3
	(27.9		)	—		(27.9		)	0.4			(2.3	)	(1.9		)
Income before income taxes	219.3			(1.6	)	217.7			269.5			5.3		274.8
Provision for income taxes	36.3			10.9		47.2			51.1			2.5		53.6
Net income including noncontrolling interest	183.0			(12.5	)	170.5			218.4			2.7		221.1
Net (loss) attributable to noncontrolling interest	(3.9		)	—		(3.9		)	(3.3		)	—		(3.3		)
Net income attributable to World Fuel	$	186.9		(12.4	)	$	174.5		$	221.7		2.8		$	224.5

Basic earnings per common share	$	2.66		(0.17	)	$	2.49		$	3.13		0.04		$	3.17

Basic weighted average common shares	70.2			—		70.2			70.8			—		70.8

Diluted earnings per common share	$	2.64		(0.17	)	$	2.47		$	3.11		0.04		$	3.15

Diluted weighted average common shares	70.7			—		70.7			71.3			—		71.3

Comprehensive income:
Net income including noncontrolling interest	$	183.0		(12.5	)	$	170.5		$	218.4		2.7		$	221.1
Other comprehensive income (loss):
Foreign currency translation adjustments	(49.6		)	4.2		(45.4		)	(30.9		)	0.1		(30.8		)
Cash Flow hedge, net	0.6			(1.4	)	(0.8		)	—			—		—
	(49.0		)	2.8		(46.2		)	(30.9		)	0.1		(30.8		)
Comprehensive income including noncontrolling interest	134.0			(9.7	)	124.3			187.5			2.9		190.4
Comprehensive income (loss) attributable to noncontrolling interest	0.1			(8.0	)	(2.2		)	(3.3		)	—		(1.1		)
Comprehensive income attributable to World Fuel	$	133.9		(1.6	)	$	126.4		$	190.8		2.9		$	191.4

Basis of Presentation and Significant Accounting Policies - Policies (Details) - USD ($) $ in Millions	May 01, 2016	Dec. 31, 2016	Jun. 23, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Previous percentage ownership of noncontrolling owners		49.00%	49.00%
Other Investments
Other investments		$ 67.2		$ 71.1
Discontinued Operations, Disposed of by Sale \| Pester
Business Acquisition [Line Items]
Cash received for disposal of retail business	$ 32.3
Discontinued Operations, Disposed of by Sale \| Pester \| Other income
Business Acquisition [Line Items]
Gain (loss) on disposal of retail business	$ 3.8
Tobras
Business Acquisition [Line Items]
Previous percentage of ownership of parent			51.00%

Basis of Presentation and Significant Accounting Policies - Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income attributable to World Fuel	$ 2.2	$ 42.7	$ 30.0	$ 51.8	$ 49.9	$ 43.7	$ 30.5	$ 50.3	$ 126.5	$ 174.5	$ 224.5
Denominator:
Weighted average common shares for basic earnings per common share (in shares)									69.3	70.2	70.8
Effect of dilutive securities (in shares)									0.5	0.5	0.5
Weighted average common shares for diluted earnings per common share (in shares)									69.8	70.7	71.3
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 (in shares)									1.3	1.0	0.9
Basic earnings per common share (in dollars per share)	$ 0.03	$ 0.62	$ 0.43	$ 0.74	$ 0.72	$ 0.62	$ 0.43	$ 0.71	$ 1.82	$ 2.49	$ 3.17
Diluted earnings per common share (in dollars per share)	$ 0.03	$ 0.61	$ 0.43	$ 0.74	$ 0.71	$ 0.62	$ 0.43	$ 0.70	$ 1.81	$ 2.47	$ 3.15

Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable
Accounts receivable, net of allowance				$ 2,344.0	$ 1,812.6
Allowance for bad debt
Accounts receivable
Allowance for bad debt	$ 25.0	$ 25.7	$ 29.2	$ 24.9	$ 25.0
Activities in allowance for bad debt
Balance as of beginning of period	25.0	25.7	29.2
Charges to provision for bad debt	15.4	7.5	3.8
Write-off of uncollectible accounts receivable	(15.9)	(8.3)	(8.0)
Recoveries of bad debt	0.3	0.5	0.8
Translation Adjustments	0.2	(0.4)	0.0
Balance as of end of period	$ 24.9	$ 25.0	$ 25.7

Acquisitions and Divestitures - 2016 Narrative (Details) $ in Millions		3 Months Ended		12 Months Ended		18 Months Ended
	Jun. 23, 2016 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2016 airport	Dec. 31, 2016 USD ($) acquisition	Dec. 31, 2014 USD ($)	Jun. 30, 2017 USD ($)	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 835.8		$ 835.8	$ 653.3		$ 675.8
Previous percentage ownership of noncontrolling owners	49.00%	49.00%		49.00%
Capital in excess of par value		$ 399.9		$ 399.9			435.3
Increase in noncontrolling interest equity					19.4
Crude Oil Joint Venture Partner
Business Acquisition [Line Items]
Write off of outstanding amounts owed by former joint venture partner		7.5
Land segment
Business Acquisition [Line Items]
Goodwill		496.7		496.7	$ 405.9		$ 430.7
Aviation fueling operations of certain ExxonMobil affiliates
Business Acquisition [Line Items]
Number of airports to be acquired (more than) \| airport			80
Aviation fueling operations of certain ExxonMobil affiliates \| Forecast
Business Acquisition [Line Items]
Estimated purchase price						$ 260.0
2016 Acquisitions
Business Acquisition [Line Items]
Estimated purchase price				446.9
Goodwill		173.3		173.3
Goodwill anticipated to be deductible for tax purposes		133.4		133.4
2016 Acquisitions \| Trademark/Trade name rights
Business Acquisition [Line Items]
Identifiable intangible assets		9.5		9.5
2016 Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets		105.1		$ 105.1
Weighted average amortizable lives of identifiable intangible assets				5 years 7 months 8 days
2016 Acquisitions \| Other
Business Acquisition [Line Items]
Identifiable intangible assets		$ 3.9		$ 3.9
Weighted average amortizable lives of identifiable intangible assets				2 years 1 month 6 days
2016 Acquisitions \| Land segment
Business Acquisition [Line Items]
Number of business acquired \| acquisition				6
Tobras
Business Acquisition [Line Items]
Estimated purchase price	$ 3.7
Previous percentage of ownership of parent	51.00%
Capital in excess of par value	$ 10.9
Cash paid for acquisition of businesses	3.7
Increase in noncontrolling interest equity	$ 7.2

Acquisitions and Divestitures - 2016 Purchase Price Allocation (Details) - 2016 Acquisitions $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Business Acquisition [Line Items]
Estimated purchase price	$ 446.9
Less: Cash acquired	2.6
Estimated purchase price, net of cash acquired	444.3
Less: Amounts due to sellers and promissory notes issued	20.0
Cash paid for acquisition of businesses	424.3
Assets acquired:
Cash and cash equivalents	2.6
Accounts receivable	62.8
Inventories	39.0
Property and equipment	100.3
Other current assets	11.9
Goodwill and identifiable intangible assets	291.9
Other long-term assets	2.9
Liabilities assumed:
Accounts payable	(38.1)
Accrued expenses and other current liabilities	(22.9)
Non-current income tax liabilities and other long term liabilities	(3.5)
Estimated purchase price	$ 446.9

Acquisitions and Divestitures - Unaudited Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
2016 & 2015 Acquisitions
Business Acquisition [Line Items]
Revenue	$ 27,925.0	$ 32,604.4
Net income attributable to World Fuel	$ 146.1	$ 202.0
Earnings per common share:
Basic (in dollars per share)	$ 2.11	$ 2.88
Diluted (in dollars per share)	$ 2.09	$ 2.86
2015 & 2014 Acquisitions
Business Acquisition [Line Items]
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)		$ 2.71	$ 3.26
Diluted (in dollars per share)		$ 2.70	$ 3.24

Acquisitions and Divestitures - 2015 Narrative (Details) $ in Millions		12 Months Ended
	May 01, 2016 USD ($)	Dec. 31, 2015 USD ($) acquisition	Dec. 31, 2016 USD ($)	Sep. 01, 2015 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Total current assets held for sale		$ 5.5	$ 0.0
Total non-current assets held for sale		36.5	0.0
Goodwill		675.8	835.8		$ 653.3
Total current liabilities held for sale		5.6	0.0
Total non-current liabilities held for sale		5.0	0.0
2015 Acquisitions
Business Acquisition [Line Items]
Goodwill		39.4
Purchase price		102.3
Goodwill anticipated to be deductible for tax purposes		1.7
Identifiable intangible assets		25.9
2015 Acquisitions \| Trademark/Trade name rights
Business Acquisition [Line Items]
Identifiable intangible assets		0.9
2015 Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets		$ 18.1
Weighted average amortizable lives of identifiable intangible assets		5 years 3 months 6 days
2015 Acquisitions \| Supplier agreements
Business Acquisition [Line Items]
Identifiable intangible assets		$ 4.8
Weighted average amortizable lives of identifiable intangible assets		6 years 2 months 4 days
2015 Acquisitions \| Other
Business Acquisition [Line Items]
Identifiable intangible assets		$ 2.1
Weighted average amortizable lives of identifiable intangible assets		3 years 4 months 8 days
Land segment
Business Acquisition [Line Items]
Goodwill		$ 430.7	496.7		405.9
Land segment \| 2015 Acquisitions
Business Acquisition [Line Items]
Number of business acquired \| acquisition		3
Aviation segment
Business Acquisition [Line Items]
Goodwill		$ 173.7	$ 266.8		$ 174.3
Aviation segment \| 2015 Acquisitions
Business Acquisition [Line Items]
Number of business acquired \| acquisition		1
Pester \| Discontinued Operations, Held-for-sale
Business Acquisition [Line Items]
Total current assets held for sale		$ 5.5
Total non-current assets held for sale		36.5
Goodwill	$ 2.9			$ 5.9
Total current liabilities held for sale		5.6
Total non-current liabilities held for sale		$ 5.0
Pester \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Cash received for disposal of retail business	32.3
Pester \| Discontinued Operations, Disposed of by Sale \| Other income
Business Acquisition [Line Items]
Gain (loss) on disposal of retail business	$ 3.8

Acquisitions and Divestitures - 2015 Purchase Price Allocation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2014
Assets acquired:
Goodwill	$ 675.8	$ 835.8	$ 653.3
2015 Acquisitions
Business Acquisition [Line Items]
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

Acquisitions and Divestitures - 2014 Narrative (Details) location in Thousands, £ in Millions, $ in Millions				12 Months Ended
	Jul. 29, 2014 USD ($) location	Mar. 07, 2014 GBP (£)	Mar. 07, 2014 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 GBP (£)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) acquisition	Dec. 31, 2015 USD ($)
Business Acquisition [Line Items]
Escrow payment related to an assumed obligation of an acquired business				$ 0.0		$ 0.0	$ 21.7
Goodwill				835.8			653.3	$ 675.8
Aviation segment
Business Acquisition [Line Items]
Goodwill				266.8			174.3	173.7
Marine segment
Business Acquisition [Line Items]
Goodwill				$ 72.3			73.1	71.4
Watson Petroleum
Business Acquisition [Line Items]
Purchase price			$ 164.3
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
Business Acquisition [Line Items]
Purchase price	$ 72.9
Number of locations (more than) \| location	3
2014 Acquisitions
Business Acquisition [Line Items]
Purchase price							295.8
Goodwill							177.8
Goodwill anticipated to be deductible for tax purposes							22.4
Identifiable intangible assets							83.5
2014 Acquisitions \| Trademark/Trade name rights
Business Acquisition [Line Items]
Identifiable intangible assets							11.5
2014 Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets							$ 55.5
Weighted average amortizable lives of identifiable intangible assets							4 years 10 months 8 days
2014 Acquisitions \| Other
Business Acquisition [Line Items]
Identifiable intangible assets							$ 16.5
Weighted average amortizable lives of identifiable intangible assets							5 years
2014 Acquisitions \| Aviation segment
Business Acquisition [Line Items]
Number of acquisitions \| acquisition							2
2014 Acquisitions \| Marine segment
Business Acquisition [Line Items]
Number of acquisitions \| acquisition							1

Acquisitions and Divestitures - 2014 Purchase Price Allocation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Assets acquired:
Goodwill	$ 653.3	$ 835.8	$ 675.8
2014 Acquisitions
Business Acquisition [Line Items]
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	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)
Non-current income tax liabilities and other long term liabilities	(18.7)
Initial noncontrolling interest upon acquisition of businesses	(19.4)
Estimated purchase price	$ 295.8

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) bbl
Long \| Commodity contracts
Derivative [Line Items]
Notional value of commodity contracts \| bbl	62.7
Long \| Foreign currency contracts \| AUD
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 0.2
Long \| Foreign currency contracts \| CAD
Derivative [Line Items]
Notional amount of foreign currency contracts	51.9
Long \| Foreign currency contracts \| CHF
Derivative [Line Items]
Notional amount of foreign currency contracts	0.0
Long \| Foreign currency contracts \| CLP
Derivative [Line Items]
Notional amount of foreign currency contracts	1,769.6
Long \| Foreign currency contracts \| COP
Derivative [Line Items]
Notional amount of foreign currency contracts	27,753.2
Long \| Foreign currency contracts \| DKK
Derivative [Line Items]
Notional amount of foreign currency contracts	5.5
Long \| Foreign currency contracts \| EUR
Derivative [Line Items]
Notional amount of foreign currency contracts	5.0
Long \| Foreign currency contracts \| GBP
Derivative [Line Items]
Notional amount of foreign currency contracts	72.0
Long \| Foreign currency contracts \| INR
Derivative [Line Items]
Notional amount of foreign currency contracts	20.3
Long \| Foreign currency contracts \| JPY
Derivative [Line Items]
Notional amount of foreign currency contracts	1,167.9
Long \| Foreign currency contracts \| MXN
Derivative [Line Items]
Notional amount of foreign currency contracts	1,229.1
Long \| Foreign currency contracts \| NOK
Derivative [Line Items]
Notional amount of foreign currency contracts	9.6
Long \| Foreign currency contracts \| PLN
Derivative [Line Items]
Notional amount of foreign currency contracts	0.0
Long \| Foreign currency contracts \| SEK
Derivative [Line Items]
Notional amount of foreign currency contracts	36.7
Long \| Foreign currency contracts \| SGD
Derivative [Line Items]
Notional amount of foreign currency contracts	15.9
Long \| Foreign currency contracts \| ZAR
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 16.4
Short \| Commodity contracts
Derivative [Line Items]
Notional value of commodity contracts \| bbl	66.7
Short \| Foreign currency contracts \| AUD
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 5.2
Short \| Foreign currency contracts \| CAD
Derivative [Line Items]
Notional amount of foreign currency contracts	115.9
Short \| Foreign currency contracts \| CHF
Derivative [Line Items]
Notional amount of foreign currency contracts	0.6
Short \| Foreign currency contracts \| CLP
Derivative [Line Items]
Notional amount of foreign currency contracts	2,015.1
Short \| Foreign currency contracts \| COP
Derivative [Line Items]
Notional amount of foreign currency contracts	48,454.9
Short \| Foreign currency contracts \| DKK
Derivative [Line Items]
Notional amount of foreign currency contracts	135.7
Short \| Foreign currency contracts \| EUR
Derivative [Line Items]
Notional amount of foreign currency contracts	38.7
Short \| Foreign currency contracts \| GBP
Derivative [Line Items]
Notional amount of foreign currency contracts	81.4
Short \| Foreign currency contracts \| INR
Derivative [Line Items]
Notional amount of foreign currency contracts	92.7
Short \| Foreign currency contracts \| JPY
Derivative [Line Items]
Notional amount of foreign currency contracts	1,509.2
Short \| Foreign currency contracts \| KRW
Derivative [Line Items]
Notional amount of foreign currency contracts	11,735.9
Short \| Foreign currency contracts \| MXN
Derivative [Line Items]
Notional amount of foreign currency contracts	1,105.6
Short \| Foreign currency contracts \| NOK
Derivative [Line Items]
Notional amount of foreign currency contracts	43.8
Short \| Foreign currency contracts \| NZD
Derivative [Line Items]
Notional amount of foreign currency contracts	0.9
Short \| Foreign currency contracts \| PHP
Derivative [Line Items]
Notional amount of foreign currency contracts	8.0
Short \| Foreign currency contracts \| PLN
Derivative [Line Items]
Notional amount of foreign currency contracts	9.7
Short \| Foreign currency contracts \| RON
Derivative [Line Items]
Notional amount of foreign currency contracts	3.9
Short \| Foreign currency contracts \| SEK
Derivative [Line Items]
Notional amount of foreign currency contracts	6.4
Short \| Foreign currency contracts \| SGD
Derivative [Line Items]
Notional amount of foreign currency contracts	31.6
Short \| Foreign currency contracts \| ZAR
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 15.4

Derivative Instruments - Effect on Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gain (loss) on derivative
Gains or (losses) recognized in income representing hedge ineffectiveness	$ (14,500,000)	$ 16,100,000	$ (18,700,000)
Gains or (losses) that were excluded from the assessment of the effectiveness of fair value hedges	0	0	0
Derivative, credit-risk related contingent features
Net liability position	15,200,000	63,200,000
Additional assets required to be posted should credit-risk contingent feature be triggered	15,200,000	35,100,000
Collateral posted		28,100,000
Derivatives designated as hedging instruments \| Fair value hedges
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Derivative Instruments	(25,300,000)	86,800,000	132,200,000
Realized and Unrealized Gain (Loss) on Hedged Items	10,800,000	(70,700,000)	(150,900,000)
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Derivative Instruments	0	49,300,000	0
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Derivative Instruments	(25,300,000)	37,500,000	132,200,000
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts for inventory hedging \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Items	0	0	0
Derivatives designated as hedging instruments \| Fair value hedges \| Commodity contracts for inventory hedging \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Items	10,800,000	(70,700,000)	(150,900,000)
Derivatives designated as hedging instruments \| Cash flow hedges
Gain (loss) on derivative
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	32,300,000	1,000,000	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	38,800,000	1,800,000	0
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(4,400,000)	10,800,000	0
Derivatives designated as hedging instruments \| Cash flow hedges \| Commodity contracts \| Revenue
Gain (loss) on derivative
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(145,800,000)	106,500,000	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	18,100,000	7,200,000	0
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(13,700,000)	28,600,000	0
Derivatives designated as hedging instruments \| Cash flow hedges \| Commodity contracts \| Cost of revenue
Gain (loss) on derivative
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	178,100,000	(105,400,000)	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	20,800,000	(5,300,000)	0
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	9,400,000	(17,800,000)	0
Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	7,300,000	46,300,000	83,600,000
Derivatives not designated as hedging instruments \| Commodity contracts
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	(1,900,000)	32,700,000	66,700,000
Derivatives not designated as hedging instruments \| Commodity contracts \| Revenue
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	29,700,000	171,700,000	64,500,000
Derivatives not designated as hedging instruments \| Commodity contracts \| Cost of revenue
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	(31,600,000)	(139,000,000)	2,200,000
Derivatives not designated as hedging instruments \| Foreign currency contracts
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	9,200,000	13,600,000	16,900,000
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Revenue
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	10,000,000	4,100,000	4,300,000
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other (expense) income, net
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	$ (800,000)	$ 9,500,000	$ 12,600,000

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amount of property and equipment
Property and equipment gross	$ 488.3	$ 365.9
Accumulated depreciation and amortization	177.1	140.3
Total property and equipment, net	311.2	225.6
Depreciation expense	42.5	35.1	$ 30.3
Land
Amount of property and equipment
Property and equipment gross	27.4	31.6
Buildings and leasehold improvements
Amount of property and equipment
Property and equipment gross	$ 87.3	41.2
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	$ 15.4	14.1
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	$ 140.7	118.9
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	$ 217.5	160.1
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	$ 94.5	91.4
Accumulated amortization	69.5	55.8
Computer software costs, net	25.0	35.6
Computer software costs	94.5	91.4
Amortization expense related to computer software costs	13.7	10.7	$ 9.8
Software development in progress
Computer software costs
Computer software costs	12.5	7.0
Computer software costs	12.5	7.0
Capital lease
Amount of property and equipment
Property and equipment gross	24.4	23.0
Accumulated depreciation and amortization	8.2	11.0
Total property and equipment, net	$ 16.2	$ 12.0

Goodwill and Identifiable Intangible Assets - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Write-downs to goodwill or identifiable intangible assets	$ 0
Goodwill
Balance at the beginning of the period	675,800,000	$ 653,300,000
Acquisitions	173,300,000	39,400,000
Goodwill classified as held for sale		(5,900,000)
Adjustment of purchase price allocations	6,900,000
Foreign currency translation of non-USD functional currency subsidiary goodwill	(20,300,000)	(11,000,000)
Balance at the end of the period	835,800,000	675,800,000
Aviation segment
Goodwill
Balance at the beginning of the period	173,700,000	174,300,000
Acquisitions	95,600,000	1,700,000
Goodwill classified as held for sale		0
Adjustment of purchase price allocations	1,300,000
Foreign currency translation of non-USD functional currency subsidiary goodwill	(3,700,000)	(2,300,000)
Balance at the end of the period	266,800,000	173,700,000
Marine segment
Goodwill
Balance at the beginning of the period	71,400,000	73,100,000
Acquisitions	0	0
Goodwill classified as held for sale		0
Adjustment of purchase price allocations	100,000
Foreign currency translation of non-USD functional currency subsidiary goodwill	700,000	(1,700,000)
Balance at the end of the period	72,300,000	71,400,000
Land segment
Goodwill
Balance at the beginning of the period	430,700,000	405,900,000
Acquisitions	77,700,000	37,700,000
Goodwill classified as held for sale		(5,900,000)
Adjustment of purchase price allocations	5,500,000
Foreign currency translation of non-USD functional currency subsidiary goodwill	(17,300,000)	(7,000,000)
Balance at the end of the period	$ 496,700,000	$ 430,700,000

Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Identifiable intangible assets
Gross Carrying Amount	$ 429.7	$ 331.2
Accumulated Amortization	189.1	152.2
Net	240.7	179.0
Total intangible assets, Gross Carrying Amount	471.4	363.1
Total intangible assets, Net	282.3	210.9
Intangible amortization expense	39.7	30.4	$ 27.0
Trademark/trade name rights
Identifiable intangible assets
Indefinite lived intangible assets	41.7	31.9
Customer relationships
Identifiable intangible assets
Gross Carrying Amount	353.8	255.5
Accumulated Amortization	155.5	125.4
Net	198.3	130.1
Supplier agreements
Identifiable intangible assets
Gross Carrying Amount	38.7	38.5
Accumulated Amortization	13.3	10.7
Net	25.4	27.8
Other
Identifiable intangible assets
Gross Carrying Amount	37.2	37.2
Accumulated Amortization	20.2	16.1
Net	$ 17.0	$ 21.1

Goodwill and Identifiable Intangible Assets - Future Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Future estimated amortization of identifiable intangible assets
2017	$ 41.1
2018	38.1
2019	32.5
2020	27.8
2021	24.4
Thereafter	76.7
Net	$ 240.7	$ 179.0

Debt - Instruments (Details) - USD ($)	12 Months Ended
Debt - Instruments (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Credit facility
Debt
Maximum borrowing capacity	$ 1,260,000,000
Maximum additional borrowings available at the entity's request subject to satisfaction of certain conditions	200,000,000
Amount outstanding	325,200,000	$ 416,000,000
Unused portion of facility	$ 926,500,000	838,500,000
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
Debt
Reference rate for variable rate of interest	Eurodollar rate
Letters of credit and bankers' acceptances
Debt
Maximum borrowing capacity	$ 400,000,000
Amount outstanding	$ 8,300,000	5,500,000
Letters of credit fees (as a percent)	2.50%
Term loans
Debt
Amount of term Loan outstanding	$ 840,000,000	333,200,000
Term loans \| Base rate
Debt
Basis points added to reference rate (as a percent)	1.25%
Term loans \| Eurodollar
Debt
Basis points added to reference rate (as a percent)	2.25%
Other uncommitted credit lines
Debt
Letters of credit, outstanding amount	$ 176,500,000	$ 208,400,000

Debt - Summary and Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Debt
Total debt	$ 1,186.3	$ 772.2
Short-term debt	15.4	25.5
Long-term debt	$ 1,170.8	$ 746.7
Weighted average interest rate	2.30%	2.70%
Credit Facility
Debt
Total debt	$ 325.2	$ 416.0
Term Loans
Debt
Total debt	840.0	333.2
Capital leases
Debt
Total debt	$ 12.6	12.0
Capital leases \| Minimum
Debt
Stated interest rate	3.00%
Capital leases \| Maximum
Debt
Stated interest rate	6.70%
Other
Debt
Total debt	$ 8.5	$ 11.0
Other \| Minimum
Debt
Stated interest rate	2.00%
Other \| Maximum
Debt
Stated interest rate	8.60%

Debt - Aggregate Annual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Aggregate annual maturities of debt
2017	$ 15.4
2018	24.1
2019	39.5
2020	56.1
2021	1,049.0
Thereafter	2.1
Total debt	$ 1,186.3	$ 772.2

Debt - Interest Income, Expense and Other Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income, expense and other financing costs
Interest income	$ 4.5	$ 5.0	$ 6.0
Interest expense and other financing costs	(43.7)	(34.9)	(31.2)
Interest expense and other financing costs, net	$ (39.2)	$ (29.9)	$ (25.2)

Commitments and Contingencies - Bonds, Leases, and Sales and Purchase Commitments (Details) bbl in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) bbl	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Surety Bonds
Outstanding bonds	$ 52.8	$ 39.1
Future minimum lease payments under non-cancelable operating leases
2017	38.4
2018	25.9
2019	20.9
2020	17.0
2021	12.8
Thereafter	34.7
Total future minimum lease payment	149.8
Rental expenses for properties and equipment	36.9	$ 31.6	$ 29.2
Minimum sublease rentals due in the future under non-cancelable subleases	44.1
Sales and Purchase Commitments
Sales commitments under derivative programs	369.6
Purchase commitments under derivative programs	$ 143.5
Aviation Fuel
Long-term Purchase Commitment [Line Items]
Term of agreement	10 years
Renewal option term	5 years
Minimum \| Aviation Fuel
Long-term Purchase Commitment [Line Items]
Minimum purchase required (in barrels) \| bbl	1,690
Maximum \| Aviation Fuel
Long-term Purchase Commitment [Line Items]
Minimum purchase required (in barrels) \| bbl	2,020

Commitments and Contingencies - Employment Agreements (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2016
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
Kasbar agreement
Loss contingencies
Annual base salary		$ 900,000
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
Agreements with executive officers and key employees
Future minimum commitments under agreements with executive officers and key employees
2017		$ 1,300,000

Commitments and Contingencies - Deferred Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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	$ 4.3	$ 3.3

Commitments and Contingencies - Legal, Tax, and Other Matters (Details) $ in Millions, ₩ in Billions	1 Months Ended	3 Months Ended
	Nov. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 KRW (₩)
Assessment
Loss Contingencies [Line Items]
Estimate of possible loss		$ 10.4	₩ 11.9
Pre-assessment
Loss Contingencies [Line Items]
Estimate of possible loss		17.6	₩ 20.1
Collectibility of receivables \| Hanjin
Loss Contingencies [Line Items]
Write off of customer receivables		5.8
Loss contingency, outstanding receivables		7.0
AGCS \| Insurance Claims
Loss Contingencies [Line Items]
Estimate of possible loss		$ 18.0
AGCS \| Judicial Ruling
Loss Contingencies [Line Items]
Damages and interest awarded	$ 24.5

Shareholders' Equity - Dividends and Stock Repurchase Programs (Details) - USD ($)	4 Months Ended	5 Months Ended	12 Months Ended			14 Months Ended
	Dec. 31, 2016	May 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Aug. 31, 2016	Sep. 30, 2016	Jun. 30, 2015	May 31, 2014
Dividends
Cash dividends declared (in dollars per share)			$ 0.24	$ 0.24	$ 0.15
Stock Repurchase Programs
Authorized common stock repurchase amount							$ 100,000,000.0	$ 100,000,000	$ 65,000,000
Shares repurchased (in shares)	556,000	584,000			227,000	1,406,773
Amount of shares repurchased	$ 22,800,000	$ 30,000,000	$ 41,200,000	$ 70,500,000	$ 10,000,000	$ 58,900,000
Amount available to repurchase shares under stock repurchase program	$ 77,200,000		$ 77,200,000

Shareholders' Equity - Plan Summary and Description (Details) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1,200,000	1,400,000	1,500,000	1,400,000
RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1,200,000	700,000	800,000	700,000
SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	300,000	200,000	200,000	200,000
2016 Plan
Information pertaining to stock based awards
Common stock authorized for issuance (in shares)	2,500,000
Remaining shares of common stock available for future issuance (in shares)	4,300,000
2016 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0
2016 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0
2016 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0
2006 Plan
Information pertaining to stock based awards
Common stock subject to outstanding awards (in shares)	3,108,258
Remaining shares of common stock available for future issuance (in shares)	0
2006 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1,200,000
2006 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1,200,000
2006 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	300,000

Shareholders' Equity - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Unvested Restricted Stock Outstanding
Balance at the beginning of the period (in shares)	1.4	1.5	1.4
Granted (in shares)	0.1	0.2	0.3
Vested (in shares)	(0.2)	(0.2)	(0.2)
Forfeited (in shares)	(0.1)	(0.1)	0.0
Balance at the end of the period (in shares)	1.2	1.4	1.5	1.4
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at the beginning of the period (in dollars per share)	$ 42.69	$ 41.18	$ 40.07
Granted (in dollars per share)	42.92	49.95	44.18
Vested (in dollars per share)	40.40	39.63	38.00
Forfeited (in dollars per share)	43.30	41.84	39.58
Balance at the end of the period (in dollars per share)	$ 43.10	$ 42.69	$ 41.18	$ 40.07
Aggregate Intrinsic Value	$ 55.7	$ 54.9	$ 70.2	$ 59.3
Weighted Average Remaining Vesting Term	9 months 4 days	1 year 5 months 12 days	2 years 27 days	2 years 8 months 11 days
Aggregate value of awards vested	$ 9.6	$ 9.9	$ 7.1

Shareholders' Equity - RSU Awards and SSAR Awards (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
RSUs
Awards Outstanding
Balance at the beginning of the period (in shares)	700,000	800,000	700,000
Granted (in shares)	700,000	200,000	300,000
Issued (in shares)		(300,000)	(200,000)
Vested (in shares)	(100,000)
Forfeited (in shares)	(100,000)	0	0
Balance at the end of the period (in shares)	1,200,000	700,000	800,000	700,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at the beginning of the period (in dollars per share)	$ 43.10	$ 38.55	$ 35.61
Granted (in dollars per share)	44.23	51.00	44.34
Issued (in dollars per share)		38.80	36.67
Vested (in dollars per share)	42.78
Forfeited (in dollars per share)	44.78	42.65	40.25
Balance at the end of the period (in dollars per share)	$ 43.28	$ 43.10	$ 38.55	$ 35.61
Aggregate Intrinsic Value	$ 55.7	$ 28.0	$ 36.9	$ 31.8
Weighted Average Remaining Vesting Term	1 year 6 months 29 days	1 year 8 months 28 days	1 year 5 months 22 days	1 year 4 months 1 day
Aggregate intrinsic value of awards issued	$ 6.2	$ 15.3	$ 10.1
SSAR Awards
Awards Outstanding
Balance at the beginning of the period (in shares)	200,000	200,000	200,000
Granted (in shares)	100,000	0
Exercised (in shares)	0	0	0
Forfeited (in shares)			0
Balance at the end of the period (in shares)	300,000	200,000	200,000	200,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at the beginning of the period (in dollars per share)	$ 42.91	$ 40.06	$ 37.69
Granted (in dollars per share)	48.58
Exercised (in dollars per share)	40.91	57.48	22.26
Forfeited (in dollars per share)		25.08	40.91
Balance at the end of the period (in dollars per share)	$ 44.97	$ 42.91	$ 40.06	$ 37.69
Aggregate Intrinsic Value	$ 0.3	$ 0.0	$ 1.5	$ 1.5
Weighted Average Remaining Vesting Term	2 years 4 months 20 days	2 years 5 months 16 days	3 years 15 days	3 years 7 months 5 days
SSAR Awards Exercisable
SSAR Awards (in shares)	200,000	0	0	0
Weighted Average Exercise Price (in dollars per share)	$ 42.15	$ 42.06	$ 35.81	$ 23.25
Aggregate Intrinsic Value	$ 0.7	$ 0.0	$ 0.6	$ 1.1
Weighted Average Remaining Contractual Life	1 year 4 months 4 days	2 years 2 months 14 days	2 years 2 months 10 days	11 months 20 days
Aggregate intrinsic value of SSAR Awards exercised	$ 0.1	$ 0.5	$ 0.8
Assumptions used to determine weighted average fair value
Weighted average fair value of SSAR Awards (in dollars per share)	$ 12.32	$ 14.78
Expected term	4 years 6 months	4 years 3 months 18 days
Volatility	29.80%	30.20%
Dividend yields	0.50%	0.30%
Risk-free interest rates	1.20%	1.20%
Shares issued in period (in shares)			0

Shareholders' Equity - Unrecognized Compensation Cost (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($)
Equity [Abstract]
Total unrecognized compensatoin cost related to unvested share-based payment awards	$ 42.6
Period for recognition of unrecognized compensation cost related to unvested share-based payment awards	1 year 3 months 23 days
Unrecognized compensation cost expected to be recognized as compensation expense
2017	$ 20.0
2018	14.8
2019	5.7
2020	1.8
2021	0.4
Total	$ 42.6

Shareholders' Equity - Other Comprehensive Loss and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 1,905.9	$ 1,859.4	$ 1,670.5
Other comprehensive loss	(47.0)	(46.2)	(30.8)
Balance as of end of period	1,940.0	1,905.9	1,859.4
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(108.7)	(59.2)
Other comprehensive loss	(40.4)	(45.4)
Less: Net other comprehensive income attributable to noncontrolling interest	1.6	(4.0)
Balance as of end of period	(147.5)	(108.7)	(59.2)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(0.8)	0.0
Other comprehensive loss	(6.6)	(0.8)
Less: Net other comprehensive income attributable to noncontrolling interest	0.0	0.0
Balance as of end of period	(7.4)	(0.8)	0.0
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(109.5)	(59.2)
Other comprehensive loss	(47.0)	(46.2)
Less: Net other comprehensive income attributable to noncontrolling interest	1.6	(4.0)
Balance as of end of period	$ (154.8)	$ (109.5)	$ (59.2)

Income Taxes - Tax Provision (Benefit), Reconciliation, and Tax Rates (Details)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
U.S. and foreign income before income taxes
United States	$ (85,400,000)	$ 3,500,000	$ 59,700,000
Foreign	227,500,000	214,200,000	215,100,000
Income before income taxes	142,100,000	217,700,000	274,800,000
Current:
U.S. federal statutory tax	7,500,000	(9,900,000)	13,900,000
State	800,000	700,000	2,500,000
Foreign	30,400,000	27,000,000	23,500,000
Total current income tax provision (benefit)	38,700,000	17,800,000	39,900,000
Deferred:
U.S. federal statutory tax	(29,300,000)	4,600,000	10,700,000
State	(4,200,000)	3,000,000	2,700,000
Foreign	(2,500,000)	(2,300,000)	(2,600,000)
Total deferred income (loss) before income taxes	(36,000,000)	5,300,000	10,800,000
Non-current tax expense (income)	13,000,000	24,100,000	2,900,000
Income tax provision	$ 15,700,000	$ 47,200,000	$ 53,600,000	$ 46,000,000
Reconciliation of U.S. federal statutory income tax rate to effective income tax rate
U.S. federal statutory tax rate	35.00%	35.00%	35.00%
Foreign earnings, net of foreign taxes	(42.40%)	(28.30%)	(18.20%)
State income taxes, net of U.S. federal income tax benefit	(1.50%)	1.10%	1.30%
U.S. tax on deemed dividends	0.013	0.017	0.012
Sale of subsidiary	3.80%	0.00%	0.00%
Uncertain tax positions	9.20%	10.30%	1.10%
Other permanent differences	5.60%	1.90%	(0.90%)
Effective income tax rate	11.00%	21.70%	19.50%	18.50%
Effective income tax rate	11.00%	21.70%	19.50%	18.50%
Provision for income taxes	$ 15,700,000	$ 47,200,000	$ 53,600,000	$ 46,000,000
Earnings attributable to foreign subsidiaries	1,600,000,000	1,400,000,000
Amount of income tax liability accrued	$ 0	$ 0

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Gross Deferred Tax Assets:
Bad debt reserve	$ 4.5	$ 5.0
Net operating loss	38.6	13.0
Accrued and other share-based compensation	26.2	20.6
Accrued expenses	5.0	0.0
U.S. foreign income tax credits	7.8	5.3
Other income tax credits	0.2	0.7
Customer deposits	6.3	5.7
Installment sale	0.0	6.7
Cash flow hedges	4.6	0.8
Unrealized foreign exchange	0.0	2.7
Total gross deferred tax assets	93.2	60.5
Less: Valuation allowance	7.1	2.9
Gross deferred tax assets, net of valuation allowance	86.1	57.6
Deferred Tax Liabilities:
Depreciation	(8.5)	(20.8)
Goodwill and intangible assets	(56.1)	(56.2)
Unrealized foreign exchange	(8.0)	0.0
Prepaid expenses, deductible for tax purposes	(5.8)	(4.4)
Accrued expenses	0.0	(2.5)
Unrealized derivatives	(2.4)	(5.1)
Other	(0.7)	0.0
Total gross deferred tax liabilities	(81.5)	(89.0)
Net deferred tax liability		(31.4)
Net deferred tax asset	4.6
Reported on the consolidated balance sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	20.6	5.2
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$ 16.0	$ 36.6

Income Taxes - Net Operating Losses and Income Tax Concessions (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 01, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income taxes
Net operating losses		$ 106.2	$ 42.2
Net operating loss carryforward		38.6	13.0
Valuation allowance		7.1	2.9
Period applicable for additional special income tax concession	5 years
Decrease (increase) in foreign income taxes due to special income tax concession in Singapore		$ 2.7	$ (7.7)	$ 6.3
Impact of income tax concession on basic earnings per common share (in dollars per share)		$ 0.04	$ (0.11)	$ 0.09
Impact of income tax concession on diluted earnings per common share (in dollars per share)		$ 0.04	$ (0.11)	$ 0.09
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		0.6
December 31, 2025
Income taxes
Net operating loss carryforward		0.9
December 31, 2036
Income taxes
Net operating loss carryforward		31.8
Indefinite
Income taxes
Net operating loss carryforward		$ 4.8

Income Taxes - Income Tax Contingencies (Details) $ in Millions, ₩ in Billions	3 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2016 KRW (₩)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Income Tax Disclosure [Abstract]
Increase (decrease) in additional liabilities related to unrecognized tax liabilities			$ 11.2	$ 22.4
Increase (decrease) in assets related to unrecognized tax assets			(0.1)	(0.4)
Decrease in Unrecognized Tax Liabilities related to a foreign currency translation expense			0.1	0.7
Unrecognized tax liabilities	$ 68.6		68.6	56.1
Unrecognized tax assets	1.6		1.6	1.9
Reconciliation of total amounts of unrecognized income tax benefits
Unrecognized Tax Liabilities – opening balance			46.7	24.3	$ 26.5
Gross increases – tax positions in prior period			18.0	9.2	0.0
Gross decreases – tax positions in prior period			(15.4)	(4.8)	(2.8)
Gross increases – tax positions in current period			11.3	20.9	6.6
Gross decreases – tax positions in current period			0.0	0.0	0.0
Settlements			0.0	0.0	(3.6)
Lapse of statute of limitations			(2.8)	(2.9)	(2.4)
Unrecognized Tax Liabilities – ending balance	57.8		57.8	46.7	24.3
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor	56.6		$ 56.6
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)			39.80%
Interest and penalties expense
Interest related to unrecognized tax benefits, recorded as income (expense)			$ (0.7)	0.9	0.6
Penalties related to unrecognized tax benefits, recorded as income tax (income) expense			(2.3)	(0.3)	$ (0.3)
Accrued interest and penalties
Accrued interest related to unrecognized tax benefits	4.3		4.3	5.2
Accrued penalties related to unrecognized tax benefits	6.5		$ 6.5	$ 4.2
SRTO
Income Tax Contingency [Line Items]
Pre-assessment notice, amount	$ 8.0	₩ 9.2

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	$ 1,186.3	$ 772.2
Total derivative assets	347.2	529.6
Gross Amounts Recognized	332.5	468.5
Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	331.2	517.3
Gross Amounts Recognized	326.1	463.4
Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	16.0	12.4
Gross Amounts Recognized	6.4	5.0
Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Total assets	351.2	532.1
Total liabilities	332.5	468.5
Fair value measured on recurring basis \| Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Cash surrender value of life insurance	4.0	2.4
Fair value measured on recurring basis \| Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	331.2	517.3
Gross Amounts Recognized	326.1	463.4
Fair value measured on recurring basis \| Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	16.0	12.4
Gross Amounts Recognized	6.4	5.0
Level 1
Assets and liabilities measured at estimated fair value on a recurring basis
Total assets	273.6	262.0
Total liabilities	236.6	339.8
Level 1 \| Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Cash surrender value of life insurance	0.0	0.0
Level 1 \| Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	273.6	262.0
Gross Amounts Recognized	236.6	339.8
Level 1 \| Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	0.0	0.0
Gross Amounts Recognized	0.0	0.0
Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Total assets	75.3	266.8
Total liabilities	95.2	128.4
Level 2 \| Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Cash surrender value of life insurance	4.0	2.4
Level 2 \| Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	55.3	252.0
Gross Amounts Recognized	88.8	123.4
Level 2 \| Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	16.0	12.4
Gross Amounts Recognized	6.4	5.0
Level 3
Assets and liabilities measured at estimated fair value on a recurring basis
Total assets	2.3	3.3
Total liabilities	0.7	0.2
Level 3 \| Cash surrender value of life insurance
Assets and liabilities measured at estimated fair value on a recurring basis
Cash surrender value of life insurance	0.0	0.0
Level 3 \| Commodity contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	2.3	3.3
Gross Amounts Recognized	0.7	0.2
Level 3 \| Foreign currency contracts
Assets and liabilities measured at estimated fair value on a recurring basis
Total derivative assets	0.0	0.0
Gross Amounts Recognized	0.0	0.0
Level 3 \| Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	1,200.0	772.2
Notes receivable	$ 16.9	$ 12.7

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets:
Gross Amounts Recognized	$ 347.2	$ 529.6
Gross Amounts Offset	254.8	261.3
Net Amounts Presented	92.4	268.4
Cash Collateral	27.1	28.4
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	65.3	240.0
Liabilities:
Gross Amounts Recognized	332.5	468.5
Gross Amounts Offset	254.8	261.3
Net Amounts Presented	77.7	207.2
Cash Collateral	2.0	140.8
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	75.7	66.4
Commodity contracts
Assets:
Gross Amounts Recognized	331.2	517.3
Gross Amounts Offset	249.7	257.2
Net Amounts Presented	81.5	260.1
Cash Collateral	27.1	28.4
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	54.5	231.7
Liabilities:
Gross Amounts Recognized	326.1	463.4
Gross Amounts Offset	249.7	257.2
Net Amounts Presented	76.5	206.3
Cash Collateral	2.0	140.8
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	74.5	65.5
Foreign currency contracts
Assets:
Gross Amounts Recognized	16.0	12.4
Gross Amounts Offset	5.1	4.1
Net Amounts Presented	10.9	8.2
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	10.9	8.2
Liabilities:
Gross Amounts Recognized	6.4	5.0
Gross Amounts Offset	5.1	4.1
Net Amounts Presented	1.2	0.9
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	$ 1.2	$ 0.9

Fair Value Measurements - Level 3 Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value at beginning of the period	$ 3.0	$ 2.8
Included in earnings	(1.3)	4.2
Settlements	0.0	4.8
Transfers in	0.0	0.9
Transfers out	0.1	0.0
Fair value at end of period	1.6	3.0
Gains for the period included in earnings attributable to the change in unrealized gains relating to derivatives still held at the reporting date	$ 1.6	$ 2.6
Percent change in non-performance risk fair value input	10.00%

Business Segments, Geographic Information, and Major Customers - Income Statement Items (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) segment	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Information concerning revenue, gross profit and income from operations by segment
Number of reportable operating business segments \| segment									3
Revenue:
Revenue	$ 7,792.1	$ 7,399.8	$ 6,633.0	$ 5,190.8	$ 6,733.6	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 27,015.8	$ 30,381.4	$ 43,391.8
Gross profit:
Gross profit	$ 222.3	$ 236.7	$ 218.5	$ 221.5	$ 230.2	$ 226.7	$ 190.4	$ 213.6	899.0	861.0	819.1
Income from operations:
Income from operations									188.9	245.7	276.7
Depreciation and amortization:
Depreciation and amortization									82.3	65.5	57.3
Capital expenditures:
Total capital expenditures									37.7	48.4	51.8
Aviation segment
Revenue:
Revenue									10,914.4	11,739.8	17,268.8
Gross profit:
Gross profit									401.0	361.9	323.4
Marine segment
Revenue:
Revenue									7,182.5	9,367.2	13,843.3
Gross profit:
Gross profit									149.5	189.6	207.8
Land segment
Revenue:
Revenue									8,918.8	9,274.3	12,279.6
Gross profit:
Gross profit									348.5	309.5	287.9
Operating Segments
Income from operations:
Income from operations									261.5	306.5	330.2
Operating Segments \| Aviation segment
Income from operations:
Income from operations									160.5	132.2	144.1
Depreciation and amortization:
Depreciation and amortization									24.2	22.6	15.4
Capital expenditures:
Total capital expenditures									4.9	13.4	9.0
Operating Segments \| Marine segment
Income from operations:
Income from operations									30.2	73.0	92.2
Depreciation and amortization:
Depreciation and amortization									6.6	6.4	5.6
Capital expenditures:
Total capital expenditures									6.1	8.0	13.9
Operating Segments \| Land segment
Income from operations:
Income from operations									70.8	101.4	93.9
Depreciation and amortization:
Depreciation and amortization									47.1	32.9	32.5
Capital expenditures:
Total capital expenditures									12.3	16.4	16.0
Corporate
Income from operations:
Income from operations									(72.7)	(60.9)	(53.5)
Depreciation and amortization:
Depreciation and amortization									4.4	3.7	3.7
Capital expenditures:
Total capital expenditures									$ 14.5	$ 10.6	$ 12.9

Business Segments, Geographic Information, and Major Customers - Balance Sheet Items (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts receivable, net:
Accounts receivable, net	$ 2,344.0	$ 1,812.6
Goodwill:
Goodwill	835.8	675.8	$ 653.3
Identifiable intangible assets, net:
Identifiable intangible assets, net	282.3	210.9
Total assets:
Total assets	5,412.6	4,525.3
Aviation segment
Accounts receivable, net:
Accounts receivable, net	776.0	571.6
Allowance for bad debt	6.6	6.1
Goodwill:
Goodwill	266.8	173.7	174.3
Identifiable intangible assets, net:
Identifiable intangible assets, net	72.1	64.7
Marine segment
Accounts receivable, net:
Accounts receivable, net	830.5	611.2
Allowance for bad debt	10.2	10.7
Goodwill:
Goodwill	72.3	71.4	73.1
Identifiable intangible assets, net:
Identifiable intangible assets, net	5.0	6.1
Land segment
Accounts receivable, net:
Accounts receivable, net	737.5	629.8
Allowance for bad debt	8.2	8.2
Goodwill:
Goodwill	496.7	430.7	$ 405.9
Identifiable intangible assets, net:
Identifiable intangible assets, net	205.2	140.2
Operating Segments \| Aviation segment
Total assets:
Total assets	2,050.6	1,546.9
Operating Segments \| Marine segment
Total assets:
Total assets	1,287.7	1,149.5
Operating Segments \| Land segment
Total assets:
Total assets	1,928.5	1,651.5
Corporate
Total assets:
Total assets	$ 145.8	$ 177.3

Business Segments, Geographic Information, and Major Customers - Geographic Summary (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Revenue	$ 7,792.1	$ 7,399.8	$ 6,633.0	$ 5,190.8	$ 6,733.6	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 27,015.8	$ 30,381.4	$ 43,391.8
Income from operations:
Income from operations									188.9	245.7	276.7
Non-current assets:
Non-current assets	1,576.1				1,279.3				1,576.1	1,279.3
Total assets:
Total assets	5,412.6				4,525.3				5,412.6	4,525.3
Revenue	7,792.1	$ 7,399.8	$ 6,633.0	$ 5,190.8	6,733.6	$ 7,810.7	$ 8,496.4	$ 7,340.7	27,015.8	30,381.4	43,391.8
United States
Revenue:
Revenue									14,368.8	15,496.3	21,519.6
Income from operations:
Income from operations									(26.1)	19.2	51.8
Non-current assets:
Non-current assets	799.2				639.9				799.2	639.9
Total assets:
Total assets	2,462.0				1,890.5				2,462.0	1,890.5
Revenue									14,368.8	15,496.3	21,519.6
EMEA
Revenue:
Revenue									6,018.6	6,382.2	8,613.1
Income from operations:
Income from operations									155.3	153.8	123.7
Non-current assets:
Non-current assets	587.4				604.6				587.4	604.6
Total assets:
Total assets	1,805.6				1,719.5				1,805.6	1,719.5
Revenue									6,018.6	6,382.2	8,613.1
Asia/Pacific
Revenue:
Revenue									4,271.1	5,863.4	9,844.7
Income from operations:
Income from operations									38.3	54.4	76.2
Non-current assets:
Non-current assets	17.2				5.3				17.2	5.3
Total assets:
Total assets	661.2				614.9				661.2	614.9
Revenue									4,271.1	5,863.4	9,844.7
Americas, excluding United States
Revenue:
Revenue									2,357.2	2,639.5	3,414.4
Income from operations:
Income from operations									21.3	18.2	24.9
Non-current assets:
Non-current assets	172.4				29.5				172.4	29.5
Total assets:
Total assets	$ 483.9				$ 300.2				483.9	300.2
Revenue									2,357.2	2,639.5	3,414.4
U.K.
Revenue:
Revenue									4,100.0	4,700.0	6,200.0
Total assets:
Revenue									4,100.0	4,700.0	6,200.0
Singapore
Revenue:
Revenue									4,200.0	5,800.0	9,700.0
Total assets:
Revenue									$ 4,200.0	$ 5,800.0	$ 9,700.0

Summary Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of unaudited quarterly result
Revenue	$ 7,792.1	$ 7,399.8	$ 6,633.0	$ 5,190.8	$ 6,733.6	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 27,015.8	$ 30,381.4	$ 43,391.8
Gross profit	222.3	236.7	218.5	221.5	230.2	226.7	190.4	213.6	899.0	861.0	819.1
Net income including noncontrolling interest	2.1	43.0	29.8	51.6	49.6	42.7	29.0	49.3	126.4	170.5	221.1
Net income attributable to World Fuel	$ 2.2	$ 42.7	$ 30.0	$ 51.8	$ 49.9	$ 43.7	$ 30.5	$ 50.3	$ 126.5	$ 174.5	$ 224.5
Basic earnings per common share (in dollars per share)	$ 0.03	$ 0.62	$ 0.43	$ 0.74	$ 0.72	$ 0.62	$ 0.43	$ 0.71	$ 1.82	$ 2.49	$ 3.17
Diluted earnings per common share (in dollars per share)	$ 0.03	$ 0.61	$ 0.43	$ 0.74	$ 0.71	$ 0.62	$ 0.43	$ 0.70	$ 1.81	$ 2.47	$ 3.15
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

Correction of Previously Issued Financial Information - Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cumulative amount of the corrections	$ 1,679.3	$ 1,569.4
Current assets:
Cash and cash equivalents	698.6	582.5	$ 302.3	$ 292.1
Accounts receivable, net	2,344.0	1,812.6
Inventories	458.0	359.1
Prepaid expenses	46.5	57.9
Short-term derivative assets, net	58.9	220.4
Other current assets	230.6	208.0
Current assets held for sale	0.0	5.5
Total current assets	3,836.6	3,246.0
Property and equipment, net	311.2	225.6
Goodwill	835.8	675.8	653.3
Identifiable intangible and other non-current assets	429.1	341.4
Non-current assets held for sale	0.0	36.5
Total assets	5,412.6	4,525.3
Current liabilities:
Short-term debt	15.4	25.5
Accounts payable	1,770.4	1,349.6
Customer deposits	90.8	118.3
Accrued expenses and other current liabilities	306.0	255.2
Current liabilities held for sale	0.0	5.6
Total current liabilities	2,182.7	1,754.2
Long-term debt	1,170.8	746.7
Non-current income tax liabilities, net	84.6	87.7
Other long-term liabilities	34.5	25.8
Non-current liabilities held for sale	0.0	5.0
Total liabilities	3,472.6	2,619.4
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	0.0	0.0
Common stock, $0.01 par value; 100.0 shares authorized, 70.8 and 72.1 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	0.7	0.7
Capital in excess of par value	399.9	435.3
Retained earnings	1,679.3	1,569.4
Accumulated other comprehensive loss	(154.8)	(109.5)
Total World Fuel shareholders' equity	1,925.0	1,895.9
Noncontrolling interest equity	15.0	10.0
Total equity	1,940.0	1,905.9	$ 1,859.4	$ 1,670.5
Total liabilities and equity	5,412.6	4,525.3
As Reported
Cumulative amount of the corrections		1,588.6
Current assets:
Cash and cash equivalents		582.5
Accounts receivable, net		1,812.6
Inventories		359.1
Prepaid expenses		57.9
Short-term derivative assets, net		227.2
Other current assets		209.8
Current assets held for sale		5.5
Total current assets		3,254.6
Property and equipment, net		225.6
Goodwill		675.8
Identifiable intangible and other non-current assets		356.9
Non-current assets held for sale		36.5
Total assets		4,549.4
Current liabilities:
Short-term debt		25.5
Accounts payable		1,349.6
Customer deposits		118.3
Accrued expenses and other current liabilities		263.8
Current liabilities held for sale		5.6
Total current liabilities		1,762.8
Long-term debt		746.7
Non-current income tax liabilities, net		87.7
Other long-term liabilities		25.8
Non-current liabilities held for sale		5.0
Total liabilities		2,628.0
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued		0.0
Common stock, $0.01 par value; 100.0 shares authorized, 70.8 and 72.1 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively		0.7
Capital in excess of par value		435.3
Retained earnings		1,588.6
Accumulated other comprehensive loss		(113.2)
Total World Fuel shareholders' equity		1,911.4
Noncontrolling interest equity		10.0
Total equity		1,921.4
Total liabilities and equity		4,549.4
Adjustment
Cumulative amount of the corrections		(19.2)
Current assets:
Cash and cash equivalents		0.0
Accounts receivable, net		0.0
Inventories		0.0
Prepaid expenses		0.0
Short-term derivative assets, net		(6.8)
Other current assets		(1.8)
Current assets held for sale		0.0
Total current assets		(8.6)
Property and equipment, net		0.0
Goodwill		0.0
Identifiable intangible and other non-current assets		(15.5)
Non-current assets held for sale		0.0
Total assets		(24.1)
Current liabilities:
Short-term debt		0.0
Accounts payable		0.0
Customer deposits		0.0
Accrued expenses and other current liabilities		(8.6)
Current liabilities held for sale		0.0
Total current liabilities		(8.6)
Long-term debt		0.0
Non-current income tax liabilities, net		0.0
Other long-term liabilities		0.0
Non-current liabilities held for sale		0.0
Total liabilities		(8.6)
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued		0.0
Common stock, $0.01 par value; 100.0 shares authorized, 70.8 and 72.1 issued and outstanding as of December 31, 2015 and December 31, 2014, respectively		0.0
Capital in excess of par value		0.0
Retained earnings		(19.2)
Accumulated other comprehensive loss		3.7
Total World Fuel shareholders' equity		(15.5)
Noncontrolling interest equity		0.0
Total equity		(15.5)
Total liabilities and equity		(24.1)
Adjustment \| Correction to provision for income taxes
Cumulative amount of the corrections	(20.0)	(12.5)
World Fuel shareholders' equity:
Retained earnings	$ (20.0)	$ (12.5)

Correction of Previously Issued Financial Information - Consolidated Balance Sheets Shares Information (Details) - $ / shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounting Changes and Error Corrections [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Preferred stock, shares authorized (in shares)	100,000	100,000	100,000
Preferred stock, shares issued (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	69,900,000	70,800,000	72,100,000
Common stock, shares outstanding (in shares)	69,900,000	70,800,000	72,100,000

Correction of Previously Issued Financial Information - Consolidated Statements of Income and Comprehensive Income (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue	$ 7,792.1	$ 7,399.8	$ 6,633.0	$ 5,190.8	$ 6,733.6	$ 7,810.7	$ 8,496.4	$ 7,340.7	$ 27,015.8	$ 30,381.4	$ 43,391.8
Cost of revenue									26,116.8	29,520.4	42,572.7
Gross profit	222.3	236.7	218.5	221.5	230.2	226.7	190.4	213.6	899.0	861.0	819.1
Operating expenses:
Compensation and employee benefits									413.3	365.8	319.8
Provision for bad debt									15.4	7.5	3.8
General and administrative									281.4	242.1	218.8
Total operating expenses									710.1	615.3	542.4
Income from operations									188.9	245.7	276.7
Non-operating expenses, net:
Interest expense and other financing costs, net									(39.2)	(29.9)	(25.2)
Other (expense) income, net									(7.5)	2.0	23.3
Total non-operating expenses, net									(46.7)	(27.9)	(1.9)
Income before income taxes									142.1	217.7	274.8
Provision for income taxes									15.7	47.2	53.6	$ 46.0
Net income including noncontrolling interest	2.1	43.0	29.8	51.6	49.6	42.7	29.0	49.3	126.4	170.5	221.1
Net income (loss) attributable to noncontrolling interest									0.0	(3.9)	(3.3)
Net income attributable to World Fuel	$ 2.2	$ 42.7	$ 30.0	$ 51.8	$ 49.9	$ 43.7	$ 30.5	$ 50.3	$ 126.5	$ 174.5	$ 224.5
Basic earnings per common share (in dollars per share)	$ 0.03	$ 0.62	$ 0.43	$ 0.74	$ 0.72	$ 0.62	$ 0.43	$ 0.71	$ 1.82	$ 2.49	$ 3.17
Basic weighted average common shares (in shares)									69.3	70.2	70.8
Diluted earnings per common share (in dollars per share)	$ 0.03	$ 0.61	$ 0.43	$ 0.74	$ 0.71	$ 0.62	$ 0.43	$ 0.70	$ 1.81	$ 2.47	$ 3.15
Diluted weighted average common shares (in shares)									69.8	70.7	71.3
Comprehensive income:
Net income including noncontrolling interest	$ 2.1	$ 43.0	$ 29.8	$ 51.6	$ 49.6	$ 42.7	$ 29.0	$ 49.3	$ 126.4	$ 170.5	$ 221.1
Other comprehensive (loss):
Foreign currency translation adjustments									(40.4)	(45.4)	(30.8)
Cash Flow hedge, net									(6.6)	(0.8)	0.0
Other comprehensive (loss)									(47.0)	(46.2)	(30.8)
Comprehensive income including noncontrolling interest									79.5	124.3	190.4
Comprehensive income (loss) attributable to noncontrolling interest									1.6	(2.2)	(1.1)
Comprehensive income attributable to World Fuel									$ 77.9	126.4	191.4
As Reported
Revenue										30,379.7	43,386.4
Cost of revenue										29,519.2	42,572.8
Gross profit										860.5	813.6
Operating expenses:
Compensation and employee benefits										365.8	319.8
Provision for bad debt										7.5	3.8
General and administrative										240.0	220.9
Total operating expenses										613.3	544.5
Income from operations										247.2	269.1
Non-operating expenses, net:
Interest expense and other financing costs, net										(29.9)	(25.2)
Other (expense) income, net										2.0	25.6
Total non-operating expenses, net										(27.9)	0.4
Income before income taxes										219.3	269.5
Provision for income taxes										36.3	51.1
Net income including noncontrolling interest										183.0	218.4
Net income (loss) attributable to noncontrolling interest										(3.9)	(3.3)
Net income attributable to World Fuel										$ 186.9	$ 221.7
Basic earnings per common share (in dollars per share)										$ 2.66	$ 3.13
Basic weighted average common shares (in shares)										70.2	70.8
Diluted earnings per common share (in dollars per share)										$ 2.64	$ 3.11
Diluted weighted average common shares (in shares)										70.7	71.3
Comprehensive income:
Net income including noncontrolling interest										$ 183.0	$ 218.4
Other comprehensive (loss):
Foreign currency translation adjustments										(49.6)	(30.9)
Cash Flow hedge, net										0.6	0.0
Other comprehensive (loss)										(49.0)	(30.9)
Comprehensive income including noncontrolling interest										134.0	187.5
Comprehensive income (loss) attributable to noncontrolling interest										0.1	(3.3)
Comprehensive income attributable to World Fuel										133.9	190.8
Adjustment
Revenue										1.7	5.4
Cost of revenue										1.2	(0.1)
Gross profit										0.5	5.5
Operating expenses:
Compensation and employee benefits										0.0	0.0
Provision for bad debt										0.0	0.0
General and administrative										2.1	(2.1)
Total operating expenses										2.0	(2.1)
Income from operations										(1.5)	7.6
Non-operating expenses, net:
Interest expense and other financing costs, net										0.0	0.0
Other (expense) income, net										0.0	(2.3)
Total non-operating expenses, net										0.0	(2.3)
Income before income taxes										(1.6)	5.3
Provision for income taxes										10.9	2.5
Net income including noncontrolling interest										(12.5)	2.7
Net income (loss) attributable to noncontrolling interest										0.0	0.0
Net income attributable to World Fuel										$ (12.4)	$ 2.8
Basic earnings per common share (in dollars per share)										$ (0.17)	$ 0.04
Basic weighted average common shares (in shares)										0.0	0.0
Diluted earnings per common share (in dollars per share)										$ (0.17)	$ 0.04
Diluted weighted average common shares (in shares)										0.0	0.0
Comprehensive income:
Net income including noncontrolling interest										$ (12.5)	$ 2.7
Other comprehensive (loss):
Foreign currency translation adjustments										4.2	0.1
Cash Flow hedge, net										(1.4)	0.0
Other comprehensive (loss)										2.8	0.1
Comprehensive income including noncontrolling interest										(9.7)	2.9
Comprehensive income (loss) attributable to noncontrolling interest										(8.0)	0.0
Comprehensive income attributable to World Fuel										$ (1.6)	$ 2.9

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 347.2	$ 529.6
Gross Derivative Liabilities	332.5	468.5
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	93.3	134.3
Gross Derivative Liabilities	108.9	97.9
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
Gross Derivative Assets	2.2	120.6
Gross Derivative Liabilities	5.4	95.0
Derivatives 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
Gross Derivative Assets	0.0	7.4
Gross Derivative Liabilities	0.0	0.0
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
Gross Derivative Assets	86.0	6.3
Gross Derivative Liabilities	93.5	2.9
Derivatives 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
Gross Derivative Assets	5.1	0.0
Gross Derivative Liabilities	10.1	0.0
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	16.0	12.4
Gross Derivative Liabilities	6.4	5.0
Derivatives not designated as hedging instruments \| Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	238.0	382.9
Gross Derivative Liabilities	217.2	365.5
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
Gross Derivative Assets	160.3	241.4
Gross Derivative Liabilities	86.7	26.6
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
Gross Derivative Assets	17.1	17.0
Gross Derivative Liabilities	6.2	4.8
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
Gross Derivative Assets	52.5	120.4
Gross Derivative Liabilities	112.2	319.9
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
Gross Derivative Assets	8.1	4.0
Gross Derivative Liabilities	12.1	14.2
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
Gross Derivative Assets	13.5	10.8
Gross Derivative Liabilities	3.4	3.3
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
Gross Derivative Assets	0.9	0.7
Gross Derivative Liabilities	0.1	0.1
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
Gross Derivative Assets	1.6	0.8
Gross Derivative Liabilities	$ 2.8	$ 1.7