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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Oct. 19, 2017
Document and Entity Information
Entity Registrant Name	WORLD FUEL SERVICES CORP
Entity Central Index Key	0000789460
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		67,618,762
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 546.0	$ 698.6
Accounts receivable, net	2,583.4	2,344.0
Inventories	522.7	458.0
Prepaid expenses	55.3	46.5
Short-term derivative assets, net	30.6	58.9
Other current assets	287.3	230.6
Total current assets	4,025.3	3,836.6
Property and equipment, net	332.1	311.2
Goodwill	901.1	835.8
Identifiable intangible and other non-current assets	464.6	429.1
Total assets	5,723.1	5,412.6
Current liabilities:
Current maturities of long-term debt and capital leases	23.6	15.4
Accounts payable	2,041.0	1,770.4
Customer deposits	99.4	90.8
Accrued expenses and other current liabilities	302.2	306.0
Total current liabilities	2,466.3	2,182.7
Long-term debt	1,128.1	1,170.8
Non-current income tax liabilities, net	149.7	84.6
Other long-term liabilities	43.2	34.5
Total liabilities	3,787.3	3,472.6
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, 67.7 and 69.9 issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	0.7	0.7
Capital in excess of par value	349.3	399.9
Retained earnings	1,693.9	1,679.3
Accumulated other comprehensive loss	(124.8)	(154.8)
Total World Fuel shareholders' equity	1,919.0	1,925.0
Noncontrolling interest equity	16.8	15.0
Total equity	1,935.8	1,940.0
Total liabilities and equity	$ 5,723.1	$ 5,412.6

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	67,700,000	69,900,000
Common stock, shares outstanding (in shares)	67,700,000	69,900,000

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenue	$ 8,543.0	$ 7,399.8	$ 24,823.4	$ 19,223.6
Cost of revenue	8,303.1	7,163.1	24,121.1	18,546.9
Gross profit	239.9	236.7	702.3	676.7
Operating expenses:
Compensation and employee benefits	107.6	106.6	314.5	306.2
Provision for bad debt	2.4	1.5	6.3	5.4
General and administrative	68.6	70.3	218.7	200.2
Total operating expenses	178.6	178.4	539.5	511.9
Income from operations	61.3	58.2	162.8	164.8
Non-operating expenses, net:
Interest expense and other financing costs, net	(15.8)	(10.3)	(42.2)	(26.0)
Other income (expense), net	(0.9)	0.5	(5.0)	1.2
Total non-operating expenses, net	(16.7)	(9.8)	(47.3)	(24.8)
Income before income taxes	44.6	48.4	115.6	140.1
Provision for income taxes	82.6	5.4	92.2	15.7
Net income (loss) including noncontrolling interest	(37.9)	43.0	23.4	124.4
Net income attributable to noncontrolling interest	0.6	0.3	0.6	0.1
Net income (loss) attributable to World Fuel	$ (38.5)	$ 42.7	$ 22.8	$ 124.3
Basic earnings per common share (in dollars per share)	$ (0.57)	$ 0.62	$ 0.33	$ 1.79
Basic weighted average common shares (in shares)	67.9	69.1	68.3	69.4
Diluted earnings per common share (in dollars per share)	$ (0.57)	$ 0.61	$ 0.33	$ 1.78
Diluted weighted average common shares (in shares)	68.2	69.5	68.6	69.9
Comprehensive income:
Net income (loss) including noncontrolling interest	$ (37.9)	$ 43.0	$ 23.4	$ 124.4
Other comprehensive income (loss):
Foreign currency translation adjustments	12.2	(14.6)	29.8	(27.9)
Cash Flow hedges, net of income tax benefit of $5.5 and income tax expense of $1.1 for the three and nine months ended September 30, 2017, respectively	(8.7)	(7.7)	1.8	(2.8)
Other comprehensive income (loss)	3.5	(22.4)	31.6	(30.7)
Comprehensive income (loss) including noncontrolling interest	(34.4)	20.7	55.0	93.7
Comprehensive income attributable to noncontrolling interest	1.1	1.4	2.2	1.9
Comprehensive income (loss) attributable to World Fuel	$ (35.5)	$ 19.3	$ 52.8	$ 91.9

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Income Statement [Abstract]
Derivative instruments, income tax expense (benefit)	$ (5.5)	$ 1.1

Consolidated Statements of Shareholders' Equity - USD ($)
shares in Millions, $ 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, 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

70.8

Increase (Decrease) in Shareholders' Equity

Net income

124.4

124.3

0.1

Cash dividends declared

(12.5)

Distribution of noncontrolling interest

(0.2)

Amortization of share-based payment awards

14.5

Issuance of common stock related to share-based payment awards (including income tax benefit of $1.6 million in 2016)

1.6

Issuance of common stock related to share-based payment awards (including income tax benefit of $1.6 million in 2016) (in shares)

0.1

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards

(4.2)

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)

(0.1)

Purchases of common stock

(18.4)

Purchases of common stock (in shares)

(0.4)

Acquisition of remaining 49% equity interest

^[1]

(3.7)

(10.9)

7.2

Other comprehensive income (loss)

(30.7)

(28.9)

(1.8)

Balance as of end of period at Sep. 30, 2016

1,976.8

$ 0.7

418.0

1,681.2

(138.3)

1,961.6

15.2

Balance (in shares) at Sep. 30, 2016

70.4

Balance as of beginning 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

69.9

Increase (Decrease) in Shareholders' Equity

Net income

$ 23.4

22.8

0.6

Cash dividends declared

(8.2)

Distribution of noncontrolling interest

(0.4)

Amortization of share-based payment awards

15.3

Issuance of common stock related to share-based payment awards (including income tax benefit of $1.6 million in 2016) (in shares)

(0.4)

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards

(4.0)

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)

0.0

Purchases of common stock

(61.9)

Purchases of common stock (in shares)

(1.7)

Other comprehensive income (loss)

31.6

30.0

1.6

Balance as of end of period at Sep. 30, 2017

$ 1,935.8

$ 0.7

$ 349.3

$ 1,693.9

$ (124.8)

$ 1,919.0

$ 16.8

Balance (in shares) at Sep. 30, 2017

67.7

[1]	Relates to Tobras. See Note 2. Acquisitions.

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance of common stock related to share-based payment awards, income tax benefit	$ 1.6
Previous percentage ownership of noncontrolling owners	49.00%

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 23.4	$ 124.4
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization	64.1	58.4
Provision for bad debt	6.3	5.4
Valuation allowance against the net U.S. deferred tax assets	76.9	0.0
Gain on sale of held for sale assets and liabilities	0.0	(3.8)
Share-based payment award compensation costs	15.3	14.5
Deferred income tax benefit	(21.2)	(14.5)
Extinguishment of liabilities, net	(2.2)	(5.2)
Foreign currency losses (gains), net	8.4	(18.3)
Other	(0.2)	2.6
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	(256.3)	(212.3)
Inventories	(69.5)	(89.3)
Prepaid expenses	(9.8)	(0.2)
Short-term derivative assets, net	28.4	192.5
Other current assets	(49.7)	(30.4)
Cash collateral with financial counterparties	(15.6)	128.8
Other non-current assets	(19.3)	13.6
Accounts payable	253.7	213.2
Customer deposits	6.4	(10.5)
Accrued expenses and other current liabilities	0.0	(144.5)
Non-current income tax, net and other long-term liabilities	5.9	(4.0)
Total adjustments	21.8	95.9
Net cash provided by operating activities	45.2	220.3
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired and other investments	(94.6)	(266.4)
Proceeds from sale of business	0.0	29.3
Capital expenditures	(37.8)	(28.9)
Other investing activities, net	(0.5)	6.9
Net cash (used in) investing activities	(133.0)	(259.2)
Cash flows from financing activities:
Borrowings of debt	3,500.1	2,810.6
Repayments of debt	(3,492.6)	(2,451.1)
Dividends paid on common stock	(12.3)	(12.5)
Purchases of common stock	(61.9)	(18.4)
Federal and state tax benefits resulting from tax deductions in excess of the compensation cost recognized for share-based payment awards	0.0	1.6
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(4.0)	(4.2)
Other financing activities, net	(2.0)	(0.2)
Net cash (used in) provided by financing activities	(72.7)	325.7
Effect of exchange rate changes on cash and cash equivalents	7.8	3.0
Net (decrease) increase in cash and cash equivalents	(152.6)	289.9
Cash and cash equivalents, as of beginning of period	698.6	582.5
Cash and cash equivalents, as of end of period	$ 546.0	$ 872.3

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid		$ 4.2
Assets acquired, net of cash	$ 98.9	321.6
Liabilities assumed	$ 7.0	$ 59.2

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation We prepared the consolidated financial statements following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) can be condensed or omitted. Unless the context requires otherwise, references to “World Fuel”, “the Company”, “we”, “us”, or “our” in this Quarterly Report on Form 10-Q (“10-Q Report”) refer to World Fuel Services Corporation and its subsidiaries. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair presentation of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this 10-Q Report should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2016 Annual Report on Form 10-K (“2016 10-K Report”). Certain amounts in the consolidated financial statements and associated notes may not add due to rounding. All percentages have been calculated using unrounded amounts. There have been no significant changes in the Company's accounting policies from those disclosed in our 2016 10‑K Report. The significant accounting policies we use for quarterly financial reporting are disclosed in Note 1 of the “Notes to the Consolidated Financial Statements” included in our 2016 10‑K Report. Adoption of New Accounting Standard Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In January 2017, Accounting Standards Update (ASU) 2017-04 was issued, which simplifies the accounting for goodwill impairment by eliminating the requirement to perform a hypothetical purchase price allocation. As a result, an entity should recognize an impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. We have early adopted ASU 2017-04 and will apply the new guidance for our goodwill impairment tests that will be performed during the fourth quarter. Accordingly, we continue to evaluate the adoption of this new guidance to determine if it will have a significant impact on our consolidated financial statements and related disclosures. Accounting Standards Issued but Not Yet Adopted 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, we initially developed a cross-functional team and utilized a third-party service provider to assist us throughout our evaluation. In addition, we have factored in the adoption into our ongoing enterprise resource planning ("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 undertake. We have substantially completed our review of certain contracts for each of our revenue streams, including additional selections that were identified as we continued to consider our various revenue streams. Through this process, we have made preliminary determinations on how certain of our revenue streams will be accounted for and we have substantially completed our associated revenue recognition policy, which captures those decisions. We continue to evaluate the appropriate design of our internal control environment and will make necessary changes to our existing controls, if necessary. Additionally, the Company has selected the modified retrospective adoption approach, and as we proceed through our analysis, we will begin assessing the potential cumulative adjustment, if any that the Company would recognize upon adoption of the ASU. 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. 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 2019 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. 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): Restricted Cash. In November 2016, ASU 2016-18 was issued. The update requires that a statement of cash flows explain 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. 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. Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. In August 2017, ASU 2017-12 was issued. The ASU is targeted at simplifying the application of hedge accounting and is effective at the beginning of our 2019 fiscal year. The amended guidance aims at aligning the recognition and presentation of the effects of hedge instruments and hedge items. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and related disclosures.

Acquisitions

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Acquisitions

2017 Acquisitions

During the first quarter of 2017, we completed the acquisition of certain aviation fueling operations in Italy, Germany, Australia and New Zealand associated with the ExxonMobil transaction described below. We also completed two acquisitions during the first quarter of 2017 which were not material individually or in the aggregate.

The following table summarizes the aggregate consideration paid for acquisitions during the nine months ended September 30, 2017 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 fixed assets and intangible assets; 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.



(In millions)	Total
Cash paid for acquisition of businesses	$	87.6
Non-monetary consideration	4.3
Estimated purchase price	$	91.9

Assets acquired:
Property and equipment	10.3
Goodwill and identifiable intangible assets	79.8
Other current and long-term assets	8.8

Liabilities assumed:
Long-term liabilities and deferred tax liabilities	(7.0		)
Estimated purchase price	$	91.9

The goodwill of $46.4 million assigned to the aviation segment, of which $22.4 million is anticipated to be deductible for tax purposes, is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the aviation segment operations. The identifiable intangible assets consists of $33.4 million of customer relationships with weighted average lives of 9.9 years.

The financial position, results of operations and cash flows of the 2017 acquisitions have been included in our consolidated financial statements since their respective acquisition dates and did not have a material impact on our revenue and net income for the three and nine months ended September 30, 2017. Accordingly, pro forma information for the 2017 acquisitions has not been provided as the impact is not material.

2016 Acquisitions

On July 1, 2016, we acquired all of the outstanding capital stock of PAPCO, Inc. (“PAPCO”) and Associated Petroleum Products, Inc. (“APP”). PAPCO, headquartered in Virginia Beach, VA and APP, headquartered in Tacoma, WA are leading distributors of gasoline, diesel, lubricants, propane and related services in the Mid-Atlantic and the Pacific Northwest region of the U.S., respectively.

In addition to the above acquisitions, we completed five acquisitions in our land segment in the nine months ended September 30, 2016 which were not significant individually or in the aggregate.

The aggregate purchase price for the 2016 acquisitions of $264.0 million was allocated to the assets acquired and liabilities assumed based on their fair value as of the acquisition date. The purchase price allocation for the 2016 acquisitions is as follows :



(In millions)	Total
Cash paid for acquisition of businesses	$	253.7
Amounts due to sellers	10.4
Purchase price	$	264.0

Assets acquired:
Accounts and notes receivable	$	60.4
Inventories	35.4
Property and equipment	45.3
Goodwill and identifiable intangible assets	166.5
Other current and long-term assets	11.5

Liabilities assumed:
Accounts payable	(33.0		)
Accrued expenses and other current liabilities	(21.4		)
Long-term liabilities and deferred tax liabilities	(0.5		)
Purchase price	$	264.0

Goodwill of $73.4 million, of which $72.0 million is anticipated to be deductible for tax purposes, was assigned to the land segment and is attributable primarily to the expected synergies and other benefits that we believe will result from combining the operations of PAPCO and APP with our land segment operations. The identifiable intangible assets consisted of $79.7 million of customer relationships and $3.9 million of other identifiable assets, with weighted average lives of 5.4 years and 2.0 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 as if the 2016 acquisitions had been completed on January 1, 2016:



	Unaudited Supplemental Pro Forma Consolidated Results
	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions, except per share data)	2016		2016
Revenues	$	7,399.8	$	19,797.6
Net income attributable to World Fuel	42.7		133.2

Earnings per common share:
Basic earnings per common share	$	0.62	$	1.92
Diluted earnings per common share	$	0.61	$	1.91

ExxonMobil

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 United Kingdom, Germany, Italy, France, Australia and New Zealand. The transaction closed in phases with the Canada, France and U.K. locations closing during the fourth quarter of 2016 and the remaining locations closing during the first quarter of 2017.

Tobras Distribuidora de Combustiveis Limitada (“Tobras”)

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 noncontrolling interest equity.

Assets and Liabilities Held for Sale

On May 1, 2016, we completed the sale of Pester Marketing Company's ("Pester") retail business for $32.3 million, resulting in a gain of $3.8 million, which is included in other income, net in the consolidated statements of income and comprehensive income for the nine months ended September 30, 2016.

Derivatives

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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

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 swaps or futures as well as certain forward fixed price purchase and sale contracts and proprietary trading.

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						As of
		September 30, 2017			December 31, 2016			September 30, 2017			December 31, 2016
Derivative Instruments	Balance Sheet Location	September 30, 2017			December 31, 2016			September 30, 2017			December 31, 2016
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	0.6		$	2.2		$	1.0		$	5.4
	Accrued expenses and other current liabilities		41.6			86.0			52.8			93.5
	Other long-term liabilities		—			5.1			—			10.1
Total derivatives designated as hedging instruments			$	42.3		$	93.3		$	53.8		$	108.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	133.8		$	160.3		$	83.4		$	86.7
	Identifiable intangible and other non-current assets		27.4			17.1			16.0			6.2
	Accrued expenses and other current liabilities		46.4			52.5			77.1			112.2
	Other long-term liabilities		6.9			8.1			12.1			12.1
			$	214.5		$	238.0		$	188.7		$	217.2

Foreign currency contracts	Short-term derivative assets, net		$	0.4		$	13.5		$	0.2		$	3.4
	Identifiable intangible and other non-current assets		—			0.9			—			0.1
	Accrued expenses and other current liabilities		4.6			1.6			9.1			2.8
	Other long-term liabilities		—			—			0.2			—
			$	5.0		$	16.0		$	9.5		$	6.4
Total derivatives not designated as hedging instruments			$	219.5		$	253.9		$	198.2		$	223.6

Total derivatives			$	261.8		$	347.2		$	251.9		$	332.5

For information regarding our derivative instruments measured at fair value after netting and collateral see Note 4.

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 September 30, 2017 (in millions):



	As of September 30,
Derivative Instruments	Units	2017
Commodity contracts
Buy / Long	BBL	77.2
Sell / Short	BBL	(88.7	)

Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies	USD	(241.2	)
Buy U.S. dollar, sell other currencies	USD	431.8

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)		For the Three Months Ended							Realized and Unrealized Gain (Loss)		For the Three Months Ended
		September 30,									September 30,
Derivative Instruments	Location		2017			2016			Hedged Items	Location		2017			2016
Commodity contracts									Inventories
	Cost of revenue		$	(23.1	)	$	11.3			Cost of revenue		$	0.8		$	(0.9	)
Total (Loss) Gain			$	(23.1	)	$	11.3		Total Gain (Loss)			$	0.8		$	(0.9	)

Realized and Unrealized Gain (Loss)		For the Nine Months Ended							Realized and Unrealized Gain (Loss)		For the Nine Months Ended
		September 30,									September 30,
Derivative Instruments	Location		2017			2016			Hedged Items	Location		2017			2016
Commodity contracts									Inventories
	Cost of revenue		$	(16.4	)	$	(19.5	)		Cost of revenue		$	(1.3	)	$	9.8
Total (Loss)			$	(16.4	)	$	(19.5	)	Total (Loss) Gain			$	(1.3	)	$	9.8

The net gains or losses recognized in income for the three months ended September 30, 2017 and 2016, representing hedge ineffectiveness were a $22.3 million loss, and a $10.4 million gain, respectively. For the nine months ended September 30, 2017 and 2016, the amounts of losses representing hedge ineffectiveness were $17.7 million, and $9.7 million, respectively. There were no amounts for the three and nine months ended September 30, 2017 and 2016, 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, consolidated statements of income and comprehensive income (in millions):



Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	For the Three Months Ended							Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	For the Three Months Ended
	September 30,								September 30,
Derivative Instruments		2017			2016			Location		2017			2016

Commodity contracts		$	(83.0	)	$	11.2		Revenue		$	(8.4	)	$	(16.6	)
Commodity contracts		68.7			17.4			Cost of Revenue		2.8			53.0
Total (Loss) Gain		$	(14.3	)	$	28.7		Total (Loss) Gain		$	(5.6	)	$	36.4

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	For the Nine Months Ended							Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	For the Nine Months Ended
	September 30,								September 30,
Derivative Instruments		2017			2016			Location		2017			2016

Commodity contracts		$	23.3		$	(105.3	)	Revenue		$	(2.6	)	$	30.7
Commodity contracts		(25.2		)	130.4			Cost of Revenue		(1.0		)	(2.9		)
Total (Loss) Gain		$	(1.8	)	$	25.1		Total (Loss) Gain		$	(3.6	)	$	27.9



Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	For the Three Months Ended
	September 30,
Location		2017			2016
Revenue		$	(8.2	)	$	2.9
Cost of Revenue		4.2			(3.6		)
Total (Loss)		$	(4.1	)	$	(0.7	)

Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	For the Nine Months Ended
	September 30,
Location		2017			2016
Revenue		$	2.1		$	(12.2	)
Cost of Revenue		(13.9		)	9.2
Total (Loss)		$	(11.8	)	$	(3.0	)

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 transactions 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 Three Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2017			2016
Commodity contracts
	Revenue		$	(31.2	)	$	18.3
	Cost of revenue		47.9			(14.6		)
			$	16.7		$	3.7
Foreign currency contracts
	Revenue		$	(1.0	)	$	1.3
	Other (expense), net		(2.5		)	(0.5		)
			$	(3.5	)	$	0.8
Total Gain			$	13.2		$	4.5

Amount of Realized and Unrealized Gain (Loss)		For the Nine Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2017			2016
Commodity contracts
	Revenue		$	37.1		$	51.7
	Cost of revenue		11.7			(53.3		)
			$	48.8		$	(1.6	)
Foreign currency contracts
	Revenue		$	(3.1	)	$	7.7
	Other (expense), net		(8.9		)	(6.1		)
			$	(12.0	)	$	1.6
Total Gain			$	36.8		$	—

Credit-Risk-Related Contingent Features

We enter into derivative instrument contracts which may require us to periodically provide collateral. Certain derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to provide 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. The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):



	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
		As of September 30, 2017		As of December 31, 2016
Net derivatives liability positions with credit contingent features		$	5.0	$	15.2
Maximum potential collateral requirements		$	5.0	$	15.2

At September 30, 2017 and December 31, 2016, there was no collateral held by our counterparties on these derivative contracts with credit-risk-contingent features.

Fair Value Measurements

9 Months Ended

Sep. 30, 2017

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 $1.2 billion as of September 30, 2017 and December 31, 2016, respectively, and our notes receivable of $65.4 million and $16.9 million as of September 30, 2017 and December 31, 2016, respectively, are categorized in Level 3.

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



	Fair Value measurements as of September 30, 2017
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	208.7	$	46.7	$	1.4	$	256.8
Foreign currency contracts		—		5.0		—		5.0
Cash surrender value of life insurance		—		5.4		—		5.4
Total assets at fair value		$	208.7	$	57.1	$	1.4	$	267.2

Liabilities:
Commodities contracts		$	187.3	$	54.8	$	0.2	$	242.4
Foreign currency contracts		—		9.5		—		9.5
Total liabilities at fair value		$	187.3	$	64.3	$	0.2	$	251.9

	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

There were no transfers between Level 1 and Level 2 during the periods presented. The fair values of our commodity contracts measured using Level 3 inputs were not material at September 30, 2017 and December 31, 2016, respectively.

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 offset 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 of offset exists.



	Fair Value as of September 30, 2017
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	256.8	$	198.9	$	57.9	$	22.4	$	—	$	35.5
Foreign currency contracts		5.0		4.8		0.2		—		—		0.2
Total assets at fair value		$	261.8	$	203.7	$	58.1	$	22.4	$	—	$	35.7

Liabilities:
Commodities contracts		$	242.4	$	198.9	$	43.5	$	11.3	$	—	$	32.2
Foreign currency contracts		9.5		4.8		4.7		—		—		4.7
Total liabilities at fair value		$	251.9	$	203.7	$	48.2	$	11.3	$	—	$	36.9



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

At September 30, 2017 and December 31, 2016, we did not present any amounts gross on our consolidated balance sheet where we had the right of offset.

Concentration of Credit Risk

The individual over-the-counter (OTC) counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At September 30, 2017, two counterparties each represented over 10% of our credit exposure to OTC derivative counterparties for a total credit risk of $8.1 million.

- 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

Debt, Interest Income, Expense and Other Finance Costs

9 Months Ended

Sep. 30, 2017

Debt, Interest Income, Expense and Other Finance Costs [Abstract]

Debt, Interest Income, Expense and Other Finance Costs

Our debt consisted of the following (in millions):



	As of
	September 30,		December 31,
	2017		2016
Credit Facility	$	297.0	$	325.2
Term Loans	840.0		840.0
Capital leases	11.1		12.6
Other	3.6		8.5
Total debt	$	1,151.7	$	1,186.3
Current maturities of long-term debt and capital leases	$	23.6	$	15.4
Long-term debt	$	1,128.1	$	1,170.8

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Interest income	$	1.2		$	0.8		$	3.9		$	3.6
Interest expense and other financing costs	(17.0		)	(11.0		)	(46.2		)	(29.5		)
	$	(15.8	)	$	(10.3	)	$	(42.2	)	$	(26.0	)

Shareholders' Equity

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss

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



	Foreign Currency Translation Adjustments			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance as of December 31, 2016	$	(147.5	)	$	(7.4	)	$	(154.8	)
Other comprehensive income	29.8			1.8			31.6
Less: Net other comprehensive (loss) attributable to noncontrolling interest	(1.6		)	—			(1.6		)
Balance as of September 30, 2017	$	(119.2	)	$	(5.6	)	$	(124.8	)

Balance as of December 31, 2015	$	(108.7	)	$	(0.8	)	$	(109.5	)
Other comprehensive (loss)	(27.9		)	(2.8		)	(30.7		)
Less: Net other comprehensive (loss) income attributable to noncontrolling interest	(1.8		)	—			(1.8		)
Balance as of September 30, 2016	$	(134.8	)	$	(3.6	)	$	(138.3	)

The foreign currency translation adjustment gains for the nine months ended September 30, 2017 were primarily due to the weakening of the U.S. dollar as compared to the British Pound. The foreign currency translation adjustment losses for the nine months ended September 30, 2016 were primarily due to the strengthening of the U.S. dollar as compared to the Brazilian Real and the British Pound.

Income Taxes

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
United States	$	(28.2	)	$	(13.0	)	$	(46.7	)	$	(38.6	)
Foreign	72.8			61.4			162.2			178.6
	$	44.6		$	48.4		$	115.6		$	140.1

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 recorded as a component of the income tax provision in the period that includes the enactment date.

We have recorded deferred tax assets for gross temporary differences where our tax basis exceeds our book basis, including net operating loss deferred tax assets primarily in the United States. We have also recorded deferred tax liabilities for gross temporary differences where our book basis exceeds our tax basis.

Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels.

The remaining carrying value of the Company’s deferred tax assets, after recording the valuation allowance on our U.S. deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all of the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made.

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Income tax provision	$	82.6		$	5.4		$	92.2		$	15.7

Effective income tax rate	185.0		%	11.1		%	79.8		%	11.2		%

Our provision for income taxes for the three months ended September 30, 2017 was $82.6 million and includes a valuation allowance on our U.S. deferred tax assets of $76.9 million, due to the Company's U.S. operations generating a three-year cumulative loss during the quarter. The valuation allowance is comprised of $24.0 million of deferred tax assets generated during 2017 and $52.9 million related to deferred tax assets generated in previous years. In addition, the provision also includes other net discrete items totaling $1.7 million, primarily related to changes in estimates in uncertain tax positions and an adjustment for stock based compensation. Without the $76.9 million valuation adjustment and other discrete items, the effective income tax rate would have been 12.5% for the three months ended September 30, 2017.

Our provision for income taxes for the nine months ended September 30, 2017 was $92.2 million, and includes the U.S. valuation allowance of $76.9 million and other discrete amounts of $5.6 million related to changes in estimates in uncertain tax positions and an adjustment for stock based compensation. Without the valuation allowance of $76.9 million and other discrete items, the nine months ended September 30, 2017 effective income tax rate would have been 8.3%.

Our provision for income taxes for each of the nine months ended September 30, 2017 and 2016 was calculated based on the estimated annual effective income tax rate for 2017 and 2016 fiscal years. The actual effective income tax rate for the 2017 fiscal year may be materially different as a result of differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned.

We operate under a special income tax concession in Singapore which began January 1, 2008. Our current 5 year special income tax concession was effective January 1, 2013. The special income tax concession is conditional upon our meeting of certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and the impact of this income tax concession decreased foreign income taxes by $0.2 million and $0.6 million for the three months ended September 30, 2017 and 2016, respectively, and by $1.4 million and $2.3 million for the nine months ended September 30, 2017 and 2016, respectively. The impact of the income tax concession on basic earnings per common share was $0.01 for the three months ended September 30, 2016, and $0.02 and $0.03 for the nine months ended September 30, 2017 and 2016, respectively.

The impact of the income tax concession on diluted earnings per common share was $0.01 for the three months ended September 30, 2016 and $0.02 and $0.03 for the nine months ended September 30, 2017 and 2016, respectively. The income tax concession did not have an impact on basic and diluted earnings per common share for the three months ended September 30, 2017.

The South Korea branch of one of our subsidiaries has received an income tax assessment notice for the years 2011 - 2014 totaling $8.2 million (KRW 9.2 billion). We disagree with the South Korea tax authorities' assessment and are in the process of appealing.

Goodwill and Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

Goodwill arises because the purchase price paid for our acquisitions 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 for impairment.

Goodwill evaluations are performed at the reporting unit level and are 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. Factors that could affect fair value include material adverse changes in the markets in which a unit operates, such as the prolonged weakness within the global shipping and offshore oil exploration markets, and extended periods of oversupplied global fuel markets combined with limited market volatility, which can adversely impact the demand for our products and services, among others.

The following table provides the components of and changes in the carrying amount of goodwill (in millions):



	Aviation		Land		Marine		Total
Balance as of December 31, 2016	$	266.8	$	496.7	$	72.3	$	835.8
Additions	46.4		—		—		46.4
Foreign exchange and other adjustments	8.9		9.9		0.1		19.0
Balance as of September 30, 2017	$	322.2	$	506.6	$	72.4	$	901.1

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 are reviewed for impairment at least annually during the fourth quarter, or more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

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



	As of September 30, 2017						As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	391.7	$	181.9	$	209.8	$	353.8	$	155.5	$	198.3
Supplier agreements	38.7		14.8		23.9		38.7		13.3		25.4
Others	40.9		25.1		15.8		37.2		20.2		17.0
	471.4		221.9		249.5		429.8		189.1		240.7
Intangible assets not subject to amortization:
Trademark/trade name rights	40.2				40.2		41.7				41.7
	$	511.6	$	221.9	$	289.6	$	471.4	$	189.1	$	282.3

Earnings per Common Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

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):



	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
	2017			2016		2017		2016
Numerator:
Net income (loss) attributable to World Fuel	$	(38.5	)	$	42.7	$	22.8	$	124.3
Denominator:
Weighted average common shares for basic earnings per common share	67.9			69.1		68.3		69.4
Effect of dilutive securities	0.3			0.4		0.3		0.5
Weighted average common shares for diluted earnings per common share	68.2			69.5		68.6		69.9

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	1.6			1.3		1.4		1.3

Basic earnings per common share	$	(0.57	)	$	0.62	$	0.33	$	1.79

Diluted earnings per common share	$	(0.57	)	$	0.61	$	0.33	$	1.78

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 $10.6 million (KRW 11.9 billion) and during the quarter ended June 30, 2017, an assessment for an additional $17.9 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 Value Added Tax ("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. 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 17, 2017, the Korean Rehabilitation Court formally adjudicated the liquidation of Hanjin. As of September 30, 2017, the outstanding Hanjin receivables were not material. 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 administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of September 30, 2017, we had recorded certain reserves which were not material. 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.

Business Segments

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Business Segments

We operate in three reportable segments consisting of aviation, land and marine. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers and the products and services provided to those customers. Accordingly, our aviation, land and marine segments are organized based on the specific markets their functional business components serve, which are primarily businesses and governmental customers operating in those respective markets.

In our aviation segment, we offer fuel and related products and services to major commercial airlines, second and third tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft, military fleets and the U.S. and foreign governments as well as intergovernmental organizations.

In our land segment, we offer fuel, lubricants, power and natural gas solutions through Kinect, our global energy management services platform, and related products and services to customers including petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers.

Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S. and foreign governments as well as other fuel suppliers.

Within each of our segments we may enter into derivative contracts to mitigate the risk of market price fluctuations and also to offer our customers fuel pricing alternatives to meet their needs.

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
Revenue:	2017			2016			2017			2016
Aviation segment	$	3,705.8		$	2,969.2		$	10,531.6		$	7,810.2
Land segment	2,770.5			2,509.8			8,117.9			6,375.9
Marine segment	2,066.7			1,920.7			6,173.9			5,037.5
	$	8,543.0		$	7,399.8		$	24,823.4		$	19,223.6

Gross profit:
Aviation segment	$	123.9		$	111.7		$	334.8		$	298.9
Land segment	85.5			87.8			270.5			261.7
Marine segment	30.5			37.2			97.0			116.0
	$	239.9		$	236.7		$	702.3		$	676.7
Income from operations:
Aviation segment	$	61.6		$	52.6		$	151.7		$	123.8
Land segment	13.1			13.9			46.7			64.0
Marine segment	4.3			10.3			19.9			32.8
	79.1			76.8			218.4			220.5
Corporate overhead - unallocated	(17.8		)	(18.6		)	(55.5		)	(55.7		)
	$	61.3		$	58.2		$	162.8		$	164.8

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



	As of
	September 30,		December 31,
	2017		2016
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $9.4 and $6.6 as of September 30, 2017 and December 31, 2016, respectively	$	934.3	$	776.0
Land segment, net of allowance for bad debt of $7.8 and $8.2 as of September 30, 2017 and December 31, 2016, respectively	794.0		737.5
Marine segment, net of allowance for bad debt of $11.1 and $10.2 as of September 30, 2017 and December 31, 2016, respectively	855.1		830.5
	$	2,583.4	$	2,344.0
Total assets:
Aviation segment	$	2,242.3	$	2,050.6
Land segment	2,014.7		1,928.5
Marine segment	1,309.6		1,287.7
Corporate	156.4		145.8
	$	5,723.1	$	5,412.6

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We prepared the consolidated financial statements following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) can be condensed or omitted. Unless the context requires otherwise, references to “World Fuel”, “the Company”, “we”, “us”, or “our” in this Quarterly Report on Form 10-Q (“10-Q Report”) refer to World Fuel Services Corporation and its subsidiaries.
Adoption of New Accounting Standard and Accounting Standards Issued but Not Yet Adopted	Adoption of New Accounting Standard Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In January 2017, Accounting Standards Update (ASU) 2017-04 was issued, which simplifies the accounting for goodwill impairment by eliminating the requirement to perform a hypothetical purchase price allocation. As a result, an entity should recognize an impairment charge for the amount by which the carrying value of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. We have early adopted ASU 2017-04 and will apply the new guidance for our goodwill impairment tests that will be performed during the fourth quarter. Accordingly, we continue to evaluate the adoption of this new guidance to determine if it will have a significant impact on our consolidated financial statements and related disclosures. Accounting Standards Issued but Not Yet Adopted 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, we initially developed a cross-functional team and utilized a third-party service provider to assist us throughout our evaluation. In addition, we have factored in the adoption into our ongoing enterprise resource planning ("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 undertake. We have substantially completed our review of certain contracts for each of our revenue streams, including additional selections that were identified as we continued to consider our various revenue streams. Through this process, we have made preliminary determinations on how certain of our revenue streams will be accounted for and we have substantially completed our associated revenue recognition policy, which captures those decisions. We continue to evaluate the appropriate design of our internal control environment and will make necessary changes to our existing controls, if necessary. Additionally, the Company has selected the modified retrospective adoption approach, and as we proceed through our analysis, we will begin assessing the potential cumulative adjustment, if any that the Company would recognize upon adoption of the ASU. 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. 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 2019 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. 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): Restricted Cash. In November 2016, ASU 2016-18 was issued. The update requires that a statement of cash flows explain 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. 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. Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. In August 2017, ASU 2017-12 was issued. The ASU is targeted at simplifying the application of hedge accounting and is effective at the beginning of our 2019 fiscal year. The amended guidance aims at aligning the recognition and presentation of the effects of hedge instruments and hedge items. We are currently evaluating whether the adoption of this new guidance will have a significant impact on our consolidated financial statements and related disclosures.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2017

Business Combinations [Abstract]

Schedule of estimated purchase price allocation for the acquisition



(In millions)	Total
Cash paid for acquisition of businesses	$	87.6
Non-monetary consideration	4.3
Estimated purchase price	$	91.9

Assets acquired:
Property and equipment	10.3
Goodwill and identifiable intangible assets	79.8
Other current and long-term assets	8.8

Liabilities assumed:
Long-term liabilities and deferred tax liabilities	(7.0		)
Estimated purchase price	$	91.9



(In millions)	Total
Cash paid for acquisition of businesses	$	253.7
Amounts due to sellers	10.4
Purchase price	$	264.0

Assets acquired:
Accounts and notes receivable	$	60.4
Inventories	35.4
Property and equipment	45.3
Goodwill and identifiable intangible assets	166.5
Other current and long-term assets	11.5

Liabilities assumed:
Accounts payable	(33.0		)
Accrued expenses and other current liabilities	(21.4		)
Long-term liabilities and deferred tax liabilities	(0.5		)
Purchase price	$	264.0

Schedule of unaudited pro forma results

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



	Unaudited Supplemental Pro Forma Consolidated Results
	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions, except per share data)	2016		2016
Revenues	$	7,399.8	$	19,797.6
Net income attributable to World Fuel	42.7		133.2

Earnings per common share:
Basic earnings per common share	$	0.62	$	1.92
Diluted earnings per common share	$	0.61	$	1.91

Derivatives (Tables)

9 Months Ended

Sep. 30, 2017

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						As of
		September 30, 2017			December 31, 2016			September 30, 2017			December 31, 2016
Derivative Instruments	Balance Sheet Location	September 30, 2017			December 31, 2016			September 30, 2017			December 31, 2016
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	0.6		$	2.2		$	1.0		$	5.4
	Accrued expenses and other current liabilities		41.6			86.0			52.8			93.5
	Other long-term liabilities		—			5.1			—			10.1
Total derivatives designated as hedging instruments			$	42.3		$	93.3		$	53.8		$	108.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	133.8		$	160.3		$	83.4		$	86.7
	Identifiable intangible and other non-current assets		27.4			17.1			16.0			6.2
	Accrued expenses and other current liabilities		46.4			52.5			77.1			112.2
	Other long-term liabilities		6.9			8.1			12.1			12.1
			$	214.5		$	238.0		$	188.7		$	217.2

Foreign currency contracts	Short-term derivative assets, net		$	0.4		$	13.5		$	0.2		$	3.4
	Identifiable intangible and other non-current assets		—			0.9			—			0.1
	Accrued expenses and other current liabilities		4.6			1.6			9.1			2.8
	Other long-term liabilities		—			—			0.2			—
			$	5.0		$	16.0		$	9.5		$	6.4
Total derivatives not designated as hedging instruments			$	219.5		$	253.9		$	198.2		$	223.6

Total derivatives			$	261.8		$	347.2		$	251.9		$	332.5

Schedule of fair value positions of derivative instruments



	As of September 30,
Derivative Instruments	Units	2017
Commodity contracts
Buy / Long	BBL	77.2
Sell / Short	BBL	(88.7	)

Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies	USD	(241.2	)
Buy U.S. dollar, sell other currencies	USD	431.8

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



Realized and Unrealized Gain (Loss)		For the Three Months Ended							Realized and Unrealized Gain (Loss)		For the Three Months Ended
		September 30,									September 30,
Derivative Instruments	Location		2017			2016			Hedged Items	Location		2017			2016
Commodity contracts									Inventories
	Cost of revenue		$	(23.1	)	$	11.3			Cost of revenue		$	0.8		$	(0.9	)
Total (Loss) Gain			$	(23.1	)	$	11.3		Total Gain (Loss)			$	0.8		$	(0.9	)

Realized and Unrealized Gain (Loss)		For the Nine Months Ended							Realized and Unrealized Gain (Loss)		For the Nine Months Ended
		September 30,									September 30,
Derivative Instruments	Location		2017			2016			Hedged Items	Location		2017			2016
Commodity contracts									Inventories
	Cost of revenue		$	(16.4	)	$	(19.5	)		Cost of revenue		$	(1.3	)	$	9.8
Total (Loss)			$	(16.4	)	$	(19.5	)	Total (Loss) Gain			$	(1.3	)	$	9.8

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)	For the Three Months Ended							Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	For the Three Months Ended
	September 30,								September 30,
Derivative Instruments		2017			2016			Location		2017			2016

Commodity contracts		$	(83.0	)	$	11.2		Revenue		$	(8.4	)	$	(16.6	)
Commodity contracts		68.7			17.4			Cost of Revenue		2.8			53.0
Total (Loss) Gain		$	(14.3	)	$	28.7		Total (Loss) Gain		$	(5.6	)	$	36.4

Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	For the Nine Months Ended							Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	For the Nine Months Ended
	September 30,								September 30,
Derivative Instruments		2017			2016			Location		2017			2016

Commodity contracts		$	23.3		$	(105.3	)	Revenue		$	(2.6	)	$	30.7
Commodity contracts		(25.2		)	130.4			Cost of Revenue		(1.0		)	(2.9		)
Total (Loss) Gain		$	(1.8	)	$	25.1		Total (Loss) Gain		$	(3.6	)	$	27.9



Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	For the Three Months Ended
	September 30,
Location		2017			2016
Revenue		$	(8.2	)	$	2.9
Cost of Revenue		4.2			(3.6		)
Total (Loss)		$	(4.1	)	$	(0.7	)

Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	For the Nine Months Ended
	September 30,
Location		2017			2016
Revenue		$	2.1		$	(12.2	)
Cost of Revenue		(13.9		)	9.2
Total (Loss)		$	(11.8	)	$	(3.0	)

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 Three Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2017			2016
Commodity contracts
	Revenue		$	(31.2	)	$	18.3
	Cost of revenue		47.9			(14.6		)
			$	16.7		$	3.7
Foreign currency contracts
	Revenue		$	(1.0	)	$	1.3
	Other (expense), net		(2.5		)	(0.5		)
			$	(3.5	)	$	0.8
Total Gain			$	13.2		$	4.5

Amount of Realized and Unrealized Gain (Loss)		For the Nine Months Ended
			September 30,
Derivative Instruments - Non-designated	Location		2017			2016
Commodity contracts
	Revenue		$	37.1		$	51.7
	Cost of revenue		11.7			(53.3		)
			$	48.8		$	(1.6	)
Foreign currency contracts
	Revenue		$	(3.1	)	$	7.7
	Other (expense), net		(8.9		)	(6.1		)
			$	(12.0	)	$	1.6
Total Gain			$	36.8		$	—

Schedule of potential collateral requirements for derivative liabilities

The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):



	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
		As of September 30, 2017		As of December 31, 2016
Net derivatives liability positions with credit contingent features		$	5.0	$	15.2
Maximum potential collateral requirements		$	5.0	$	15.2

- 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

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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 (in millions):



	Fair Value measurements as of September 30, 2017
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	208.7	$	46.7	$	1.4	$	256.8
Foreign currency contracts		—		5.0		—		5.0
Cash surrender value of life insurance		—		5.4		—		5.4
Total assets at fair value		$	208.7	$	57.1	$	1.4	$	267.2

Liabilities:
Commodities contracts		$	187.3	$	54.8	$	0.2	$	242.4
Foreign currency contracts		—		9.5		—		9.5
Total liabilities at fair value		$	187.3	$	64.3	$	0.2	$	251.9

	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

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



	Fair Value as of September 30, 2017
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	256.8	$	198.9	$	57.9	$	22.4	$	—	$	35.5
Foreign currency contracts		5.0		4.8		0.2		—		—		0.2
Total assets at fair value		$	261.8	$	203.7	$	58.1	$	22.4	$	—	$	35.7

Liabilities:
Commodities contracts		$	242.4	$	198.9	$	43.5	$	11.3	$	—	$	32.2
Foreign currency contracts		9.5		4.8		4.7		—		—		4.7
Total liabilities at fair value		$	251.9	$	203.7	$	48.2	$	11.3	$	—	$	36.9



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

Debt, Interest Income, Expense and Other Finance Costs (Tables)

9 Months Ended

Sep. 30, 2017

Debt, Interest Income, Expense and Other Finance Costs [Abstract]

Schedule of debt

Our debt consisted of the following (in millions):



	As of
	September 30,		December 31,
	2017		2016
Credit Facility	$	297.0	$	325.2
Term Loans	840.0		840.0
Capital leases	11.1		12.6
Other	3.6		8.5
Total debt	$	1,151.7	$	1,186.3
Current maturities of long-term debt and capital leases	$	23.6	$	15.4
Long-term debt	$	1,128.1	$	1,170.8

Schedule of interest expense and other financing costs, net

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Interest income	$	1.2		$	0.8		$	3.9		$	3.6
Interest expense and other financing costs	(17.0		)	(11.0		)	(46.2		)	(29.5		)
	$	(15.8	)	$	(10.3	)	$	(42.2	)	$	(26.0	)

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

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



	Foreign Currency Translation Adjustments			Derivative Instruments			Accumulated Other Comprehensive Loss
Balance as of December 31, 2016	$	(147.5	)	$	(7.4	)	$	(154.8	)
Other comprehensive income	29.8			1.8			31.6
Less: Net other comprehensive (loss) attributable to noncontrolling interest	(1.6		)	—			(1.6		)
Balance as of September 30, 2017	$	(119.2	)	$	(5.6	)	$	(124.8	)

Balance as of December 31, 2015	$	(108.7	)	$	(0.8	)	$	(109.5	)
Other comprehensive (loss)	(27.9		)	(2.8		)	(30.7		)
Less: Net other comprehensive (loss) income attributable to noncontrolling interest	(1.8		)	—			(1.8		)
Balance as of September 30, 2016	$	(134.8	)	$	(3.6	)	$	(138.3	)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

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

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
United States	$	(28.2	)	$	(13.0	)	$	(46.7	)	$	(38.6	)
Foreign	72.8			61.4			162.2			178.6
	$	44.6		$	48.4		$	115.6		$	140.1

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

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Income tax provision	$	82.6		$	5.4		$	92.2		$	15.7

Effective income tax rate	185.0		%	11.1		%	79.8		%	11.2		%

Goodwill and Identifiable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The following table provides the components of and changes in the carrying amount of goodwill (in millions):



	Aviation		Land		Marine		Total
Balance as of December 31, 2016	$	266.8	$	496.7	$	72.3	$	835.8
Additions	46.4		—		—		46.4
Foreign exchange and other adjustments	8.9		9.9		0.1		19.0
Balance as of September 30, 2017	$	322.2	$	506.6	$	72.4	$	901.1

Schedule of identifiable intangible assets

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



	As of September 30, 2017						As of December 31, 2016
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Intangible assets subject to amortization:
Customer relationships	$	391.7	$	181.9	$	209.8	$	353.8	$	155.5	$	198.3
Supplier agreements	38.7		14.8		23.9		38.7		13.3		25.4
Others	40.9		25.1		15.8		37.2		20.2		17.0
	471.4		221.9		249.5		429.8		189.1		240.7
Intangible assets not subject to amortization:
Trademark/trade name rights	40.2				40.2		41.7				41.7
	$	511.6	$	221.9	$	289.6	$	471.4	$	189.1	$	282.3

Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

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):



	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
	2017			2016		2017		2016
Numerator:
Net income (loss) attributable to World Fuel	$	(38.5	)	$	42.7	$	22.8	$	124.3
Denominator:
Weighted average common shares for basic earnings per common share	67.9			69.1		68.3		69.4
Effect of dilutive securities	0.3			0.4		0.3		0.5
Weighted average common shares for diluted earnings per common share	68.2			69.5		68.6		69.9

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	1.6			1.3		1.4		1.3

Basic earnings per common share	$	(0.57	)	$	0.62	$	0.33	$	1.79

Diluted earnings per common share	$	(0.57	)	$	0.61	$	0.33	$	1.78

Business Segments (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

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

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



	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
Revenue:	2017			2016			2017			2016
Aviation segment	$	3,705.8		$	2,969.2		$	10,531.6		$	7,810.2
Land segment	2,770.5			2,509.8			8,117.9			6,375.9
Marine segment	2,066.7			1,920.7			6,173.9			5,037.5
	$	8,543.0		$	7,399.8		$	24,823.4		$	19,223.6

Gross profit:
Aviation segment	$	123.9		$	111.7		$	334.8		$	298.9
Land segment	85.5			87.8			270.5			261.7
Marine segment	30.5			37.2			97.0			116.0
	$	239.9		$	236.7		$	702.3		$	676.7
Income from operations:
Aviation segment	$	61.6		$	52.6		$	151.7		$	123.8
Land segment	13.1			13.9			46.7			64.0
Marine segment	4.3			10.3			19.9			32.8
	79.1			76.8			218.4			220.5
Corporate overhead - unallocated	(17.8		)	(18.6		)	(55.5		)	(55.7		)
	$	61.3		$	58.2		$	162.8		$	164.8

Schedule of accounts receivable, net and total assets by segment

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



	As of
	September 30,		December 31,
	2017		2016
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $9.4 and $6.6 as of September 30, 2017 and December 31, 2016, respectively	$	934.3	$	776.0
Land segment, net of allowance for bad debt of $7.8 and $8.2 as of September 30, 2017 and December 31, 2016, respectively	794.0		737.5
Marine segment, net of allowance for bad debt of $11.1 and $10.2 as of September 30, 2017 and December 31, 2016, respectively	855.1		830.5
	$	2,583.4	$	2,344.0
Total assets:
Aviation segment	$	2,242.3	$	2,050.6
Land segment	2,014.7		1,928.5
Marine segment	1,309.6		1,287.7
Corporate	156.4		145.8
	$	5,723.1	$	5,412.6

Acquisitions - Narrative (Details) $ in Millions		3 Months Ended		9 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Jun. 23, 2016 USD ($)	Mar. 31, 2017 acquisition	Mar. 31, 2016 airport	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($) acquisition	Dec. 31, 2016 USD ($)
Acquisitions
Goodwill				$ 901.1		$ 835.8
Previous percentage ownership of noncontrolling owners	49.00%				49.00%
Capital in excess of par value				349.3		399.9
Land segment
Acquisitions
Goodwill				506.6		$ 496.7
Acquisitions 2017
Acquisitions
Number of businesses acquired \| acquisition		2
Goodwill				46.4
Goodwill anticipated to be deductible for tax purposes				22.4
Estimated purchase price				91.9
Acquisitions 2017 \| Customer relationships
Acquisitions
Identifiable intangible assets				$ 33.4
Weighted average amortizable lives of identifiable intangible assets				9 years 10 months 24 days
Acquisitions 2016
Acquisitions
Goodwill				$ 73.4
Goodwill anticipated to be deductible for tax purposes				72.0
Estimated purchase price					$ 264.0
Acquisitions 2016 \| Trademark/trade name rights
Acquisitions
Identifiable intangible assets				9.5
Acquisitions 2016 \| Land segment
Acquisitions
Number of businesses acquired \| acquisition					5
Acquisitions 2016 \| Customer relationships
Acquisitions
Identifiable intangible assets				$ 79.7
Weighted average amortizable lives of identifiable intangible assets				5 years 4 months 24 days
Acquisitions 2016 \| Other identifiable assets
Acquisitions
Identifiable intangible assets				$ 3.9
Weighted average amortizable lives of identifiable intangible assets				2 years
Aviation fueling operations of certain ExxonMobil affiliates
Acquisitions
Number of airports to be acquired (more than) \| airport			80
Tobras
Acquisitions
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 - Purchase Price Allocation (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Acquisitions 2017
Business Acquisition [Line Items]
Cash paid for acquisition of businesses	$ 87.6
Non-monetary consideration	4.3
Estimated purchase price	91.9
Assets acquired:
Property and equipment	10.3
Goodwill and identifiable intangible assets	79.8
Other current and long-term assets	8.8
Liabilities assumed:
Long-term liabilities and deferred tax liabilities	(7.0)
Estimated purchase price	$ 91.9
Acquisitions 2016
Business Acquisition [Line Items]
Cash paid for acquisition of businesses		$ 253.7
Amounts due to sellers		10.4
Estimated purchase price		264.0
Assets acquired:
Accounts and notes receivable		60.4
Inventories		35.4
Property and equipment		45.3
Goodwill and identifiable intangible assets		166.5
Other current and long-term assets		11.5
Liabilities assumed:
Accounts payable		(33.0)
Accrued expenses and other current liabilities		(21.4)
Long-term liabilities and deferred tax liabilities		(0.5)
Estimated purchase price		$ 264.0

Acquisitions - Unaudited Pro Forma Results (Details) - Acquisitions 2016 - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Business Acquisition [Line Items]
Revenues	$ 7,399.8	$ 19,797.6
Net income attributable to World Fuel	$ 42.7	$ 133.2
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.62	$ 1.92
Diluted earnings per common share (in dollars per share)	$ 0.61	$ 1.91

Acquisitions - Assets and Liabilities Held for Sale (Details) - Disposed of by Sale - Pester - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	May 01, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received for disposal of retail business		$ 32.3
Other (expense) income, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposal of retail business	$ 3.8

Derivatives - Gross Notional Values (Details) bbl in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($) bbl
Long \| Commodity contracts
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) \| bbl	77.2
Long \| Foreign currency contracts \| USD
Derivative instruments, at their respective fair value positions
Notional amount of foreign currency contracts \| $	$ 431.8
Short \| Commodity contracts
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) \| bbl	88.7
Short \| Foreign currency contracts \| USD
Derivative instruments, at their respective fair value positions
Notional amount of foreign currency contracts \| $	$ 241.2

Derivatives - Effect on Income (Details) - USD ($)	3 Months Ended		9 Months Ended
Derivatives - Effect on Income (Details) - USD ($)	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Gain (loss) on derivative
Gains or (losses) recognized in income representing hedge ineffectiveness	$ (22,300,000)	$ 10,400,000	$ (17,700,000)	$ (9,700,000)
Gains or (losses) that were excluded from the assessment of the effectiveness of fair value hedges	0	0	0	0
Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
Net derivatives liability positions with credit contingent features	5,000,000.0		5,000,000.0		$ 15,200,000
Maximum potential collateral requirements	5,000,000.0		5,000,000.0		15,200,000
Collateral posted and held by our counterparties	0		0		$ 0
Derivatives designated as hedging instruments \| Fair value hedges
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Derivative Instruments	(23,100,000)	11,300,000	(16,400,000)	(19,500,000)
Realized and Unrealized Gain (Loss) on Hedged Items	800,000	(900,000)	(1,300,000)	9,800,000
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	(23,100,000)	11,300,000	(16,400,000)	(19,500,000)
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	800,000	(900,000)	(1,300,000)	9,800,000
Derivatives designated as hedging instruments \| Cash flow hedges
Gain (loss) on derivative
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)	(14,300,000)	28,700,000	(1,800,000)	25,100,000
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	(5,600,000)	36,400,000	(3,600,000)	27,900,000
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(4,100,000)	(700,000)	(11,800,000)	(3,000,000.0)
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)	(83,000,000.0)	11,200,000	23,300,000	(105,300,000)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	(8,400,000)	(16,600,000)	(2,600,000)	30,700,000
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(8,200,000)	2,900,000	2,100,000	(12,200,000)
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)	68,700,000	17,400,000	(25,200,000)	130,400,000
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	2,800,000	53,000,000.0	(1,000,000.0)	(2,900,000)
Amount of Gain (Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)	4,200,000	(3,600,000)	(13,900,000)	9,200,000
Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	13,200,000	4,500,000	36,800,000	0
Derivatives not designated as hedging instruments \| Commodity contracts
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	16,700,000	3,700,000	48,800,000	(1,600,000)
Derivatives not designated as hedging instruments \| Commodity contracts \| Revenue
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	(31,200,000)	18,300,000	37,100,000	51,700,000
Derivatives not designated as hedging instruments \| Commodity contracts \| Cost of revenue
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	47,900,000	(14,600,000)	11,700,000	(53,300,000)
Derivatives not designated as hedging instruments \| Foreign currency contracts
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	(3,500,000)	800,000	(12,000,000.0)	1,600,000
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Revenue
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	(1,000,000.0)	1,300,000	(3,100,000)	7,700,000
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other (expense), net
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)	$ (2,500,000)	$ (500,000)	$ (8,900,000)	$ (6,100,000)

Fair Value Measurements - Assets and Liabilities (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	$ 1,151,700,000	$ 1,186,300,000
Assets:
Derivative assets	261,800,000	347,200,000
Liabilities:
Derivative liabilities	251,900,000	332,500,000
Transfers from Level 1 to Level 2, assets	0	0
Transfers from Level 2 to Level 1, assets	0	0
Transfers from Level 1 to Level 2, liabilities	0	0
Transfers from Level 2 to Level 1, liabilities	0	0
Commodity contracts
Assets:
Derivative assets	256,800,000	331,200,000
Liabilities:
Derivative liabilities	242,400,000	326,100,000
Foreign currency contracts
Assets:
Derivative assets	5,000,000.0	16,000,000.0
Liabilities:
Derivative liabilities	9,500,000	6,400,000
Fair value measured on recurring basis
Assets:
Total assets at fair value	267,200,000	351,200,000
Liabilities:
Total liabilities at fair value	251,900,000	332,500,000
Fair value measured on recurring basis \| Cash surrender value of life insurance
Assets:
Cash surrender value of life insurance	5,400,000	4,000,000.0
Fair value measured on recurring basis \| Commodity contracts
Assets:
Derivative assets	256,800,000	331,200,000
Liabilities:
Derivative liabilities	242,400,000	326,100,000
Fair value measured on recurring basis \| Foreign currency contracts
Assets:
Derivative assets	5,000,000.0	16,000,000.0
Liabilities:
Derivative liabilities	9,500,000	6,400,000
Level 1 Inputs \| Fair value measured on recurring basis
Assets:
Total assets at fair value	208,700,000	273,600,000
Liabilities:
Total liabilities at fair value	187,300,000	236,600,000
Level 1 Inputs \| Fair value measured on recurring basis \| Cash surrender value of life insurance
Assets:
Cash surrender value of life insurance	0	0
Level 1 Inputs \| Fair value measured on recurring basis \| Commodity contracts
Assets:
Derivative assets	208,700,000	273,600,000
Liabilities:
Derivative liabilities	187,300,000	236,600,000
Level 1 Inputs \| Fair value measured on recurring basis \| Foreign currency contracts
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Level 2 Inputs \| Fair value measured on recurring basis
Assets:
Total assets at fair value	57,100,000	75,300,000
Liabilities:
Total liabilities at fair value	64,300,000	95,200,000
Level 2 Inputs \| Fair value measured on recurring basis \| Cash surrender value of life insurance
Assets:
Cash surrender value of life insurance	5,400,000	4,000,000.0
Level 2 Inputs \| Fair value measured on recurring basis \| Commodity contracts
Assets:
Derivative assets	46,700,000	55,300,000
Liabilities:
Derivative liabilities	54,800,000	88,800,000
Level 2 Inputs \| Fair value measured on recurring basis \| Foreign currency contracts
Assets:
Derivative assets	5,000,000.0	16,000,000.0
Liabilities:
Derivative liabilities	9,500,000	6,400,000
Level 3 Inputs \| Fair value measured on recurring basis
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	1,200,000,000	1,200,000,000
Notes receivable	65,400,000	16,900,000
Assets:
Total assets at fair value	1,400,000	2,300,000
Liabilities:
Total liabilities at fair value	200,000	700,000
Level 3 Inputs \| Fair value measured on recurring basis \| Cash surrender value of life insurance
Assets:
Cash surrender value of life insurance	0	0
Level 3 Inputs \| Fair value measured on recurring basis \| Commodity contracts
Assets:
Derivative assets	1,400,000	2,300,000
Liabilities:
Derivative liabilities	200,000	700,000
Level 3 Inputs \| Fair value measured on recurring basis \| Foreign currency contracts
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Gross Amounts Recognized	$ 261.8	$ 347.2
Gross Amounts Offset	203.7	254.8
Net Amounts Presented	58.1	92.4
Cash Collateral	22.4	27.1
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	35.7	65.3
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	251.9	332.5
Gross Amounts Offset	203.7	254.8
Net Amounts Presented	48.2	77.7
Cash Collateral	11.3	2.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	36.9	75.7
Commodity contracts
Offsetting Assets [Line Items]
Gross Amounts Recognized	256.8	331.2
Gross Amounts Offset	198.9	249.7
Net Amounts Presented	57.9	81.5
Cash Collateral	22.4	27.1
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	35.5	54.5
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	242.4	326.1
Gross Amounts Offset	198.9	249.7
Net Amounts Presented	43.5	76.5
Cash Collateral	11.3	2.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	32.2	74.5
Foreign currency contracts
Offsetting Assets [Line Items]
Gross Amounts Recognized	5.0	16.0
Gross Amounts Offset	4.8	5.1
Net Amounts Presented	0.2	10.9
Cash Collateral	0.0	0.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	0.2	10.9
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	9.5	6.4
Gross Amounts Offset	4.8	5.1
Net Amounts Presented	4.7	1.2
Cash Collateral	0.0	0.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	$ 4.7	$ 1.2

Fair Value Measurements - Concentration of Credit Risk (Details) $ in Millions	Sep. 30, 2017 USD ($)
Two largest counterparties \| Concentration of Credit Risk \| Credit Exposure
Concentration Risk [Line Items]
Total credit risk	$ 8.1

Debt, Interest Income, Expense and Other Finance Costs - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Schedule Of Debt Instruments [Line Items]
Total debt	$ 1,151.7	$ 1,186.3
Current maturities of long-term debt and capital leases	23.6	15.4
Long-term debt	1,128.1	1,170.8
Credit Facility
Schedule Of Debt Instruments [Line Items]
Total debt	297.0	325.2
Term Loans
Schedule Of Debt Instruments [Line Items]
Total debt	840.0	840.0
Capital leases
Schedule Of Debt Instruments [Line Items]
Total debt	11.1	12.6
Other
Schedule Of Debt Instruments [Line Items]
Total debt	$ 3.6	$ 8.5

Debt, Interest Income, Expense and Other Finance Costs - Additional Information about Interest Income (Expense), and Other Financing Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Debt, Interest Income, Expense and Other Finance Costs [Abstract]
Interest income	$ 1.2	$ 0.8	$ 3.9	$ 3.6
Interest expense and other financing costs	(17.0)	(11.0)	(46.2)	(29.5)
Interest income (expense) and other financing costs, net	$ (15.8)	$ (10.3)	$ (42.2)	$ (26.0)

Shareholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Shareholders' Equity (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Comprehensive (Loss) Income [Roll Forward]
Balance as of beginning of period			$ 1,940.0	$ 1,905.9
Other comprehensive income (loss)	$ 3.5	$ (22.4)	31.6	(30.7)
Balance as of end of period	1,935.8	1,976.8	1,935.8	1,976.8
Foreign Currency Translation Adjustments
Other Comprehensive (Loss) Income [Roll Forward]
Balance as of beginning of period			(147.5)	(108.7)
Other comprehensive income (loss)			29.8	(27.9)
Less: Net other comprehensive (loss) income attributable to noncontrolling interest			(1.6)	(1.8)
Balance as of end of period	(119.2)	(134.8)	(119.2)	(134.8)
Derivative Instruments
Other Comprehensive (Loss) Income [Roll Forward]
Balance as of beginning of period			(7.4)	(0.8)
Other comprehensive income (loss)			1.8	(2.8)
Less: Net other comprehensive (loss) income attributable to noncontrolling interest			0.0	0.0
Balance as of end of period	(5.6)	(3.6)	(5.6)	(3.6)
Accumulated Other Comprehensive Loss
Other Comprehensive (Loss) Income [Roll Forward]
Balance as of beginning of period			(154.8)	(109.5)
Other comprehensive income (loss)			31.6	(30.7)
Less: Net other comprehensive (loss) income attributable to noncontrolling interest			(1.6)	(1.8)
Balance as of end of period	$ (124.8)	$ (138.3)	$ (124.8)	$ (138.3)

Income Taxes (Details) $ / shares in Units, $ in Millions, ₩ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($) $ / shares	Sep. 30, 2016 USD ($) $ / shares	Sep. 30, 2017 USD ($) $ / shares	Sep. 30, 2017 KRW (₩)	Sep. 30, 2016 USD ($) $ / shares
United States	$ (28.2)	$ (13.0)	$ (46.7)		$ (38.6)
Foreign	72.8	61.4	162.2		178.6
Income before income taxes	44.6	48.4	115.6		140.1
Income tax provision	$ 82.6	$ 5.4	$ 92.2		$ 15.7
Effective income tax rate	185.00%	11.10%	79.80%	79.80%	11.20%
Effective income tax rate reconciliation, valuation allowance on U.S. deferred tax assets	$ 76.9		$ 76.9
Cumulative loss period	3 years
Income tax expense due to change in estimate related to uncertain tax positions	$ 1.7
Income tax expense due to change in estimate related to uncertain tax position and adjustment for ASU 2016-09			$ 5.6
Special income tax concession period			5 years	5 years
Decrease in foreign income taxes due to special income tax concession	$ 0.2	$ 0.6	$ 1.4		$ 2.3
Impact of income tax concession on basic earnings per common share (in dollars per share) \| $ / shares	$ 0	$ 0.01	$ 0.02		$ 0.03
Impact of income tax concession on diluted earnings per common share (in dollars per share) \| $ / shares	$ 0	$ 0.01	$ 0.02		$ 0.03
Tax Authority, South Korea (SRTO)
Income tax assessment notice, amount			$ 8.2	₩ 9.2
Without income tax benefit adjustment and valuation allowance
Effective income tax rate	12.50%		8.30%	8.30%
During 2017
Effective income tax rate reconciliation, valuation allowance on U.S. deferred tax assets	$ 24.0
Previous years
Effective income tax rate reconciliation, valuation allowance on U.S. deferred tax assets	$ 52.9

Goodwill and Identifiable Intangible Assets - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2016	$ 835.8
Additions	46.4
Foreign exchange and other adjustments	19.0
Balance as of September 30, 2017	901.1
Aviation segment
Goodwill [Roll Forward]
Balance as of December 31, 2016	266.8
Additions	46.4
Foreign exchange and other adjustments	8.9
Balance as of September 30, 2017	322.2
Land segment
Goodwill [Roll Forward]
Balance as of December 31, 2016	496.7
Additions	0.0
Foreign exchange and other adjustments	9.9
Balance as of September 30, 2017	506.6
Marine segment
Goodwill [Roll Forward]
Balance as of December 31, 2016	72.3
Additions	0.0
Foreign exchange and other adjustments	0.1
Balance as of September 30, 2017	$ 72.4

Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 471.4	$ 429.8
Accumulated Amortization	221.9	189.1
Net	249.5	240.7
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets, Gross Carrying Amount	511.6	471.4
Total intangible assets, Net	289.6	282.3
Trademark/trade name rights
Indefinite-lived Intangible Assets [Line Items]
Indefinite lived intangible assets	40.2	41.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	391.7	353.8
Accumulated Amortization	181.9	155.5
Net	209.8	198.3
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	38.7	38.7
Accumulated Amortization	14.8	13.3
Net	23.9	25.4
Others
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	40.9	37.2
Accumulated Amortization	25.1	20.2
Net	$ 15.8	$ 17.0

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income (loss) attributable to World Fuel	$ (38.5)	$ 42.7	$ 22.8	$ 124.3
Denominator:
Weighted average common shares for basic earnings per common share (in shares)	67.9	69.1	68.3	69.4
Effect of dilutive securities (in shares)	0.3	0.4	0.3	0.5
Weighted average common shares for diluted earnings per common share (in shares)	68.2	69.5	68.6	69.9
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)	1.6	1.3	1.4	1.3
Basic earnings per common share (in dollars per share)	$ (0.57)	$ 0.62	$ 0.33	$ 1.79
Diluted earnings per common share (in dollars per share)	$ (0.57)	$ 0.61	$ 0.33	$ 1.78

Commitments and Contingencies (Details) $ in Millions, ₩ in Billions	Jun. 30, 2017 USD ($)	Jun. 30, 2017 KRW (₩)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 KRW (₩)
Assessment
Loss Contingencies [Line Items]
Estimate of possible loss			$ 10.6	₩ 11.9
Additional Assessment
Loss Contingencies [Line Items]
Estimate of possible loss	$ 17.9	₩ 20.1
Collectibility of receivables \| Hanjin
Loss Contingencies [Line Items]
Loss contingency, outstanding receivable	$ 0.0

Business Segments - Income Statement Items (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) segment	Sep. 30, 2016 USD ($)
Information concerning revenue, gross profit and income from operations by segment
Number of reportable operating business segments \| segment			3
Revenue:
Total revenue	$ 8,543.0	$ 7,399.8	$ 24,823.4	$ 19,223.6
Gross profit:
Gross profit	239.9	236.7	702.3	676.7
Income from operations:
Income from operations	61.3	58.2	162.8	164.8
Aviation segment
Revenue:
Total revenue	3,705.8	2,969.2	10,531.6	7,810.2
Gross profit:
Gross profit	123.9	111.7	334.8	298.9
Land segment
Revenue:
Total revenue	2,770.5	2,509.8	8,117.9	6,375.9
Gross profit:
Gross profit	85.5	87.8	270.5	261.7
Marine segment
Revenue:
Total revenue	2,066.7	1,920.7	6,173.9	5,037.5
Gross profit:
Gross profit	30.5	37.2	97.0	116.0
Operating Segments
Income from operations:
Income from operations	79.1	76.8	218.4	220.5
Operating Segments \| Aviation segment
Income from operations:
Income from operations	61.6	52.6	151.7	123.8
Operating Segments \| Land segment
Income from operations:
Income from operations	13.1	13.9	46.7	64.0
Operating Segments \| Marine segment
Income from operations:
Income from operations	4.3	10.3	19.9	32.8
Corporate
Income from operations:
Income from operations	$ (17.8)	$ (18.6)	$ (55.5)	$ (55.7)

Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Accounts receivable, net:
Accounts receivable, net	$ 2,583.4	$ 2,344.0
Total assets:
Total assets	5,723.1	5,412.6
Aviation segment
Accounts receivable, net:
Accounts receivable, net	934.3	776.0
Allowance for bad debt	9.4	6.6
Land segment
Accounts receivable, net:
Accounts receivable, net	794.0	737.5
Allowance for bad debt	7.8	8.2
Marine segment
Accounts receivable, net:
Accounts receivable, net	855.1	830.5
Allowance for bad debt	11.1	10.2
Operating Segments \| Aviation segment
Total assets:
Total assets	2,242.3	2,050.6
Operating Segments \| Land segment
Total assets:
Total assets	2,014.7	1,928.5
Operating Segments \| Marine segment
Total assets:
Total assets	1,309.6	1,287.7
Corporate
Total assets:
Total assets	$ 156.4	$ 145.8

Derivatives - Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	$ 261.8	$ 347.2
Derivative liabilities	251.9	332.5
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	42.3	93.3
Derivative liabilities	53.8	108.9
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
Derivative assets	0.6	2.2
Derivative liabilities	1.0	5.4
Derivatives designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	41.6	86.0
Derivative liabilities	52.8	93.5
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
Derivative assets	0.0	5.1
Derivative liabilities	0.0	10.1
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	219.5	253.9
Derivative liabilities	198.2	223.6
Derivatives not designated as hedging instruments \| Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	214.5	238.0
Derivative liabilities	188.7	217.2
Derivatives not designated as hedging instruments \| Commodity contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	133.8	160.3
Derivative liabilities	83.4	86.7
Derivatives not designated as hedging instruments \| Commodity contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	27.4	17.1
Derivative liabilities	16.0	6.2
Derivatives not designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	46.4	52.5
Derivative liabilities	77.1	112.2
Derivatives not designated as hedging instruments \| Commodity contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	6.9	8.1
Derivative liabilities	12.1	12.1
Derivatives not designated as hedging instruments \| Foreign currency contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	5.0	16.0
Derivative liabilities	9.5	6.4
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	0.4	13.5
Derivative liabilities	0.2	3.4
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	0.0	0.9
Derivative liabilities	0.0	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
Derivative assets	4.6	1.6
Derivative liabilities	9.1	2.8
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Derivative assets	0.0	0.0
Derivative liabilities	$ 0.2	$ 0.0