0001628280-20-002590 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2019	Feb. 14, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	1-9533
Entity Registrant Name	WORLD FUEL SERVICES CORPORATION
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	9800 N.W. 41st Street,
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
Entity Tax Identification Number	59-2459427
City Area Code	305
Local Phone Number	428-8000
Title of 12(b) Security	Common Stock , $0.01 par value
Trading Symbol	INT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,337,676,065
Entity Common Stock, Shares Outstanding		65,406,419
Entity Central Index Key	0000789460
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 186.1	$ 211.7
Accounts receivable, net	2,891.9	2,739.6
Inventories	593.3	523.1
Prepaid expenses	80.6	65.7
Short-term derivative assets, net	59.5	155.2
Other current assets	358.8	279.5
Total current assets	4,170.1	3,974.8
Property and equipment, net	360.9
Property and equipment, net		350.3
Goodwill	843.7	852.7
Identifiable intangible and other non-current assets	617.7	499.0
Total assets	5,992.4	5,676.9
Current liabilities:
Current maturities of long-term debt	54.1	41.1
Accounts payable	2,602.7	2,399.6
Customer deposits	126.7	118.2
Accrued expenses and other current liabilities	378.9	377.0
Total current liabilities	3,162.4	2,935.9
Long-term debt	574.7	659.9
Non-current income tax liabilities, net	210.1	194.6
Other long-term liabilities	151.3	54.9
Total liabilities	4,098.5	3,845.3
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, 65.2 and 67.0 issued and outstanding as of December 31, 2019 and December 31, 2018, respectively	0.7	0.7
Capital in excess of par value	274.7	340.4
Retained earnings	1,761.3	1,606.1
Accumulated other comprehensive loss	(146.3)	(131.7)
Total World Fuel shareholders' equity	1,890.4	1,815.4
Noncontrolling interest	3.5	16.1
Total equity	1,893.9	1,831.6
Total liabilities and equity	$ 5,992.4	$ 5,676.9

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
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)	65,200,000	67,000,000
Common stock, shares outstanding (in shares)	65,200,000	67,000,000

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Revenue	$ 36,819.0	$ 39,750.3	$ 33,695.5
Cost of revenue	35,707.0	38,731.8	32,763.3
Gross profit	1,112.0	1,018.5	932.2
Operating expenses:
Compensation and employee benefits	470.4	442.1	428.2
General and administrative	322.2	299.6	306.9
Goodwill & Other Impairments	0.0	0.0	91.9
Restructuring charges	19.7	17.1	59.6
Total operating expenses	812.3	758.8	886.6
Income from operations	299.7	259.7	45.6
Non-operating expenses, net:
Interest expense and other financing costs, net	(73.9)	(71.0)	(60.3)
Other income (expense), net	11.5	(3.8)	(6.4)
Total non-operating expenses, net	(62.4)	(74.8)	(66.7)
Income (loss) before income taxes	237.3	184.9	(21.1)
Provision for income taxes	56.2	55.9	149.2
Net income (loss) including noncontrolling interest	181.1	129.0	(170.3)
Net income (loss) attributable to noncontrolling interest	2.2	1.3	(0.1)
Net income (loss) attributable to World Fuel	$ 178.9	$ 127.7	$ (170.2)
Basic earnings per common share (in dollars per share)	$ 2.71	$ 1.89	$ (2.50)
Basic weighted average common shares (in shares)	66.1	67.4	68.1
Diluted earnings per common share (in dollars per share)	$ 2.69	$ 1.89	$ (2.50)
Diluted weighted average common shares (in shares)	66.5	67.7	68.1
Comprehensive income:
Net income (loss) including noncontrolling interest	$ 181.1	$ 129.0	$ (170.3)
Other comprehensive income (loss):
Foreign currency translation adjustments	8.2	(27.3)	30.1
Cash flow hedges, net of income tax benefit of $8.7, expense of $7.0, and benefit of $0.3 for 2019, 2018, and 2017, respectively	(25.5)	21.0
Cash flow hedges, net of income tax benefit of $8.7, expense of $7.0, and benefit of $0.3 for 2019, 2018, and 2017, respectively			(0.3)
Other comprehensive income (loss):	(17.3)	(6.3)	29.8
Comprehensive income (loss) including noncontrolling interest	163.7	122.6	(140.5)
Comprehensive income (loss) attributable to noncontrolling interest	(2.7)	(1.2)	1.5
Comprehensive income (loss) attributable to World Fuel	$ 166.5	$ 123.8	$ (142.0)

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Cash flow hedges, income tax expense (benefit)	$ (8.7)	$ 7.0
Cash flow hedges, income tax benefit			$ (0.3)

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
Balance (in shares) at Dec. 31, 2016		69.9
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
Increase (Decrease) in Shareholders' Equity
Net income	(170.3)			(170.2)		(170.2)	(0.1)
Cash dividends declared	(16.3)			(16.3)		(16.3)
Distribution of noncontrolling interest	(0.4)						(0.4)
Amortization of share-based payment awards	21.3		21.3			21.3
Issuance (cancellation) of common stock related to share-based payment awards (in shares)		(0.4)
Issuance (cancellation) of common stock related to share-based payment awards	0.0
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 tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (4.3)		(4.3)			(4.3)
Purchases of common stock (in shares)	(1.7)	(1.7)
Purchases of common stock	$ (61.9)		(61.9)			(61.9)
Other comprehensive income (loss)	29.8				28.3	28.3	1.5
Balance (in shares) at Dec. 31, 2017		67.7
Balance as of end of period at Dec. 31, 2017	1,738.0	$ 0.7	354.9	1,492.8	(126.5)	1,721.9	16.0
Increase (Decrease) in Shareholders' Equity
Net income	129.0			127.7		127.7	1.3
Cash dividends declared	(16.1)			(16.1)		(16.1)
Amortization of share-based payment awards	7.7		7.7			7.7
Issuance (cancellation) of common stock related to share-based payment awards (in shares)		0.2
Issuance (cancellation) of common stock related to share-based payment awards	0.0
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 tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (2.1)		(2.1)			(2.1)
Purchases of common stock (in shares)	(0.7)	(0.7)
Purchases of common stock	$ (20.0)		(20.0)			(20.0)
Other comprehensive income (loss)	(6.3)				(5.2)	(5.2)	(1.2)
Reclassification of certain tax effects from US Tax Reform	$ 1.4		(0.2)	1.6		1.4
Balance (in shares) at Dec. 31, 2018	67.0	67.0
Balance as of end of period at Dec. 31, 2018	$ 1,831.6	$ 0.7	340.4	1,606.1	(131.7)	1,815.4	16.1
Increase (Decrease) in Shareholders' Equity
Net income	181.1			178.9		178.9	2.2
Cash dividends declared	(23.6)			(23.6)		(23.6)
Amortization of share-based payment awards	22.4		22.4			22.4
Issuance (cancellation) of common stock related to share-based payment awards (in shares)		0.3
Issuance (cancellation) of common stock related to share-based payment awards	0.7		0.7			0.7
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 tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (2.8)		(2.8)			(2.8)
Purchases of common stock (in shares)	(2.1)	(2.1)
Purchases of common stock	$ (65.4)		(65.4)			(65.4)
Acquisition of remaining noncontrolling interest	(32.7)		(20.6)			(20.6)	(12.1)
Other comprehensive income (loss)	$ (17.3)				(14.6)	(14.6)	(2.7)
Balance (in shares) at Dec. 31, 2019	65.2	65.2
Balance as of end of period at Dec. 31, 2019	$ 1,893.9	$ 0.7	$ 274.7	$ 1,761.3	$ (146.3)	$ 1,890.4	$ 3.5

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Cash flows from operating activities:

Net income (loss) including noncontrolling interest

$ 181.1

$ 129.0

$ (170.3)

Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:

Depreciation and amortization

87.4

81.5

86.0

Provision for bad debt

25.9

25.1

9.3

Share-based payment award compensation costs

23.6

8.3

21.2

Deferred income tax expense (benefit)

3.3

(3.2)

13.9

Goodwill and other impairments

0.0

91.9

Restructuring charges

12.6

0.0

25.7

Foreign currency (gains) losses, net

10.8

8.7

(0.6)

(Gain) loss on sale of business

(13.9)

0.0

Other

(1.8)

(3.3)

(1.2)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable, net (reduced by beneficial interests received in exchange for accounts receivables sold of $369.8 and $338.8 for the years ended December 31, 2018 and 2017, respectively)

(164.1)

(445.2)

(705.4)

Inventories

(61.3)

(11.8)

(43.9)

Prepaid expenses

(17.8)

(5.3)

(19.7)

Short-term derivative assets, net

132.0

(151.3)

(0.2)

Other current assets

(52.8)

(53.1)

(13.9)

Cash collateral with financial counterparties

(42.7)

29.2

(26.7)

Other non-current assets

33.6

(61.5)

(30.3)

Accounts payable

143.7

171.3

451.2

Customer deposits

8.1

11.8

13.4

Accrued expenses and other current liabilities

(91.9)

72.5

77.7

Non-current income tax, net and other long-term liabilities

12.8

14.8

88.4

Total adjustments

47.7

(311.5)

36.7

Net cash provided by (used in) operating activities

228.8

(182.5)

(133.6)

Cash flows from investing activities:

Cash receipts of retained beneficial interests in receivable sales

0.0

369.8

338.8

Acquisition of businesses, net of cash acquired

0.0

(21.3)

(120.7)

Proceeds from sale of business

30.8

0.0

Capital expenditures

(80.9)

(72.3)

(54.0)

Other investing activities, net

(0.4)

9.8

(5.4)

Net cash provided by (used in) investing activities

(50.5)

286.0

158.7

Cash flows from financing activities:

Borrowings

5,001.7

6,188.4

4,472.7

Repayments of debt

(5,080.2)

(6,407.3)

(4,749.7)

Dividends paid on common stock

(21.1)

(16.2)

(16.3)

Repurchases of common stock

(65.4)

(20.0)

(61.9)

Other financing activities, net

^[1]

(39.9)

(2.1)

(6.3)

Net cash used in financing activities

(204.9)

(257.1)

(361.6)

Effect of exchange rate changes on cash and cash equivalents

1.0

(7.0)

10.3

Net (decrease) increase in cash and cash equivalents

(25.6)

(160.6)

(326.2)

Cash and cash equivalents, as of the beginning of the period

211.7

372.3

698.6

Cash and cash equivalents, as of the end of the period

186.1

211.7

372.3

Supplemental Disclosures of Cash Flow Information Cash paid during the year for:

Interest, net of capitalized interest

77.0

73.8

64.9

Income taxes

$ 82.9

$ 85.3

$ 50.8

[1]	Includes $32.7 million cash paid for the acquisition of 30% non-controlling interest of a consolidated subsidiary, Avinode Group AB.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Beneficial interest obtained in exchange for accounts receivable sold		$ 369.8	$ 338.8
Cash paid for acquisition of non-controlling interest	$ 32.7
Cash dividends declared, but not yet paid	$ 6.5	$ 4.0	$ 4.0
Avinode Group AB
Non-controlling interest	30.00%

Basis of Presentation, New Accounting Standards and Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation, New Accounting Standards and Significant Accounting Policies

World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10‑K (“2019 10‑K Report”) as “World Fuel,” “we,” “our” and “us.”

We are a leading global fuel services company, principally engaged in the distribution of fuel and related products and services in the aviation, marine and land transportation industries. In recent years, we have expanded our product and service offerings to include energy advisory services and supply fulfillment with respect to natural gas and power and transaction and payment management solutions to commercial and industrial customers. Our intention is to become a leading global energy management company offering a full suite of energy advisory, management and fulfillment services, technology solutions, as well as sustainability products and services across the energy product spectrum. We also offer payment management solutions to commercial and industrial customers, principally in the aviation, land and marine transportation industries.

A. Basis of Presentation

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

For additional information pertaining to our acquisitions, refer to "Note 3. Acquisitions and Divestitures."

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

Our net income for the year ending December 31, 2019 of $178.9 million, or $2.69 per diluted common share, includes net discrete tax benefits of $6.6 million ($3.2 million recorded in March 2019 and $3.5 million in September 2019) with respect to foreign tax filings and $3.4 million of operating income ($2.3 million after-tax) recorded in March 2019. All of these amounts should have been recognized in prior periods. Excluding these misstatements, which we have determined were immaterial to the three months ending March 31, 2019, three and nine months ending September 30, 2019 and 2018 and immaterial to the years ending December 31, 2019 and 2018, our net income would have been $169.9 million, or $2.56 per diluted common share for the year ended December 31, 2019.

B. New Accounting Standards

Adoption of New Accounting Standards

We included below a description of recent new accounting standards that had an impact on the Company’s consolidated financial statements. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s consolidated financial statements or processes.

Leases (Topic 842). In February 2016, ASU 2016-02 was issued. The primary objective of the new standard, which amended the previous lease guidance and included additional disclosures, was to increase transparency and comparability among organizations by recognizing all lease assets and lease liabilities on the balance sheet, including operating leases that under the previous standard were off-balance sheet.

Topic 842 defines a lease as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset.

The Company adopted ASU 2016-02, including the related codification amendments, in the first quarter of 2019 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. We implemented the new standard using the package of practical expedients under the transition provisions that allowed us not to reassess whether a contract contains a lease, how the lease is classified and if initial direct costs can be capitalized. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related lease components and treat the combined items as a lease for accounting purposes. Lastly, we have elected not to recognize the lease asset and related lease liability for leases with a lease term of 12 months or less.

As of the date of implementation on January 1, 2019, the impact of the adoption of the new lease standard resulted in the recognition of the right of use assets of $167.3 million and lease liability of $173.6 million on the Company’s consolidated balance sheet where the right of use assets are presented within "Identifiable intangible and other non-current assets" and lease liabilities within both "Accrued expenses and other current liabilities" and "Other long-term liabilities." The difference between the right of use assets and lease liabilities was primarily the result of accrued lease payments and cumulative lease prepayments, as well as the remaining balance of lease incentives received. Subsequently to the adoption, the impact on the Company's results of operations and cash flows was not material.

Accounting Standards Issued But Not Yet Adopted

We included below a description of recent new accounting standards that could have an impact on the Company’s consolidated financial statements once adopted. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or processes.

Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, ASU 2016-13 was issued, which replaces the incurred loss impairment model in current US GAAP with a model that reflects expected credit losses over the lifetime of the asset and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The guidance in this update, including the subsequent related codification amendments, will change how entities account for credit impairment from trade and other receivables, net investments arising from sales-type and direct financing leases, debt securities, purchased-credit impaired financial assets and other instruments in addition to loans. For receivables and certain other instruments that are not measured at fair value, entities will be required to estimate expected credit losses. Under the expected loss model, an entity recognizes a loss upon initial recognition of the asset that reflects all future events that will lead to a loss being realized, regardless of whether it is probable that the future event will occur.

ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (including interim periods within those fiscal years). The Company will adopt ASU 2016-13, including the related codification amendments, as of January 1, 2020 utilizing the modified retrospective transition method.

The Company is completing final changes to business processes and implementation of new controls that will support the new standard. Furthermore, the Company has substantially finalized the impact of adopting the standard on its consolidated financial statements. As of the date of implementation on January 1, 2020, it is expected that the new model will not have a significant impact to the consolidated balance sheet given the short-term nature of its receivables. The main driver of the consolidated impact at transition is related to the exclusion of freestanding credit enhancements when estimating the expected credit loss and estimating the lifetime credit losses of financing receivables. Subsequent to the adoption, the Company does not anticipate a material impact on its results.

C. Estimates and Assumptions

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

D. Cash and Cash Equivalents

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

E. Accounts Receivable and Allowance for Bad Debt

We extend credit on an unsecured basis to most of our customers. Credit extension, monitoring and collection are performed for each of our business segments. Each business segment has a credit function that is responsible for establishing initial credit limits, approving limits changes from previously approved credit limits, as well as managing the overall quality of the credit portfolio. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by our review of our customer’s credit information. Accounts receivable payment terms are based on customer creditworthiness along with the contractual terms agreed to with our customers. Our accounts receivables credit terms are generally 30-60 days, although certain markets and customers may warrant longer payment terms. Accounts receivable balances that are not paid within the terms of the sales agreement are generally subject to finance fees, based on the outstanding balance. Although we analyze customers’ payment history and creditworthiness, we cannot predict with certainty that the customers to whom we extend credit will be able to remit payments on a timely basis, or at all. Because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected will ultimately need to be written off.

The health of accounts receivable is continuously monitored, taking into consideration both the timeliness and predictability of collections and payments from our customers. We maintain a provision for estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that we have identified. Principally based on these factors, an internally derived risk-based reserve is established and applied to all accounts receivable portfolios, on a quarterly basis. Customer account balances that are deemed to be at high risk of collectability are reserved at higher rates than customer account balances which we deem expected to be collected without issue.

Historical payment trends may not be an accurate indicator of current or future creditworthiness of our customers, particularly in difficult economic and financial markets. As a result of the limited predictability inherent in estimating which customers are less likely or unlikely to remit amounts owed to us, our provision for estimated credit losses may not be sufficient. Any write-off of accounts receivable in excess of our provision for credit losses would have an adverse effect on our results of operations. If credit losses exceed established allowances, our business, financial condition, results of operations and cash flows may be adversely affected.

F. Inventories

Inventories are valued primarily using weighted average cost, and first-in-first-out in certain limited locations, and are stated at the lower of average cost or net realizable value. We utilize a variety of fuel indices and other indicators of market value. Sharp negative changes in these indices can result in a reduction of our inventory valuation, which could have an adverse impact on our results of operations in the period in which we make the adjustment. These adjustments may have a material impact on our consolidated statements of operations. Components of inventory include fuel purchase costs, the related transportation costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship.

G. Business Combinations

We account for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. We calculate the fair value based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available to us at the time. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.

H. Fair Value of Financial Instruments

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

The accounting guidance establishes the following fair value hierarchy:

Level 1 Inputs - Quoted prices in active markets.

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

Level 3 Inputs - Inputs that are unobservable.

Our policy is to recognize transfers between levels as of the beginning of the reporting period in which the event or change in circumstances caused the transfer to occur. There were no significant changes to our valuation techniques during 2019 and 2018. For additional information pertaining to our fair value measurements, see "Note 12. Fair Value Measurements."

I. Derivatives

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

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

If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of revenue, cost of revenue or other income (expense), net (based on the underlying transaction type) in the consolidated statements of income and comprehensive income. Derivatives which qualify for hedge accounting may be designated as either a fair value or cash flow hedge. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the consolidated statements of income and comprehensive income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized as a component of other comprehensive income and subsequently reclassified into the same line item as the underlying forecasted transaction when both are settled or deemed probable of not occurring. Cash flows for our hedging instruments used in our hedges are classified in the same category as the cash flow from the hedged items. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument. For more information on our derivatives, see "Note 4. Derivatives Instruments."

J. Property and Equipment

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

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

K. Goodwill and Identifiable Intangible Assets

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

Goodwill is evaluated for impairment at the reporting unit level and is initially 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. Such events or circumstances could include a material adverse change in the markets where we operate, similar to the current conditions within the shipping and offshore markets, limited market volatility, which adversely impacts our supply and trading activities, among others.

To determine whether goodwill is impaired, we would compare the fair value of the reporting units to which goodwill was assigned to their respective carrying values to measure the amount of goodwill impairment, if any. In calculating fair value, we use a combination of both an income and market approach as our primary indicator of fair value. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available to us at December 31, 2019 , including our annual operating plan, which is completed annually during the fourth quarter and is approved by our Board of Directors. Our estimates are considered supportable assumptions that we believe are reasonable based on information available to us at December 31, 2019, and are based on a number of factors including industry experience, internal benchmarks, and the economic environment. Our cash flow estimates are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions.

If our annual operating plan is not achieved or if there are other variations to our estimates and assumptions, particularly in the expected growth rates and profitability embedded in our cash flow projections or the discount rate used, there is the potential for a partial or total impairment of the carrying amount of goodwill within one or more of our reporting units. If we are required to impair all or a substantial amount of the goodwill attributable to one or more of our reporting units, our financial results of operations and financial condition could be adversely affected.

In connection with our acquisitions, we record identifiable intangible assets at fair value. The determination of the fair values of our identifiable intangible assets involves a significant amount of forecasting and other assumptions associated with recently acquired businesses for which we may not have as much historical information or trend data as we would for our existing businesses. Identifiable intangible assets subject to amortization are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We assess identifiable intangible assets not subject to amortization during the fourth quarter of each year for potential impairment. Our impairment analysis of our intangible assets not subject to amortization (primarily trademarks and/or trade names) generally involves the use of qualitative and quantitative analyses to estimate whether the estimated future cash flows generated as a result of these assets will be greater than or equal to the carrying value assigned to such assets.

For information pertaining to our 2019 impairment assessment, see "Note 7. Goodwill and Identifiable Intangible Assets."

L. Other Investments

Our other investments consist primarily of equity investments, net of basis adjustments. These investments are accounted for under the equity method as we own less than 50% of the entities and exercise significant influence over the investee, but do not have operational or financial control. As of December 31, 2019 and 2018, we had other investments of $85.1 million and $73.7 million, respectively, which are included within identifiable intangible and other non‑current assets.

M. Revenue Recognition

The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements.

Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, and transaction and payment management processing, are recognized over the contract period when services have been performed and we have the right to invoice for those services.

We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes.

N. Share‑Based Payment Awards

We account for share‑based payment awards on a fair value basis. Under fair value accounting, the grant‑date fair value of the share‑based payment award is amortized as compensation expense, on a straight‑line basis, over the vesting period for both graded and cliff vesting awards. Annual compensation expense for share‑based payment awards is reduced by an expected forfeiture amount on outstanding share‑based payment awards. We utilize our historical forfeiture rates to calculate future expected forfeitures. These estimates can vary significantly from actual forfeiture rates experienced. Our estimated forfeiture rates have historically approximated actual forfeitures.

O. Foreign Currency

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

Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity.

P. Income Taxes

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

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 our deferred tax assets, after recording the valuation allowance on our 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.

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

Q. Earnings per Common Share

Basic earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock. Diluted earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include restricted stock subject to forfeitable dividends, non‑vested RSUs and SSAR Awards. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities.

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



	2019		2018		2017
Numerator:
Net income (loss) attributable to World Fuel	$	178.9	$	127.7	$	(170.2	)
Denominator:
Weighted average common shares for basic earnings per common share	66.1		67.4		68.1
Effect of dilutive securities	0.4		0.3		—
Weighted average common shares for diluted earnings per common share	66.5		67.7		68.1
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	1.4		1.2		1.4
Basic earnings (loss) per common share	$	2.71	$	1.89	$	(2.50	)
Diluted earnings (loss) per common share	$	2.69	$	1.89	$	(2.50	)

R. Leases

We determine if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Assessing whether we have obtained the right to substantially all of the economic benefits and the ability to direct how, and for what purpose, the asset is used requires more judgment in storage arrangements where we must determine whether our rights to capacity may represent substantially all of the available capacity at a location.

We account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities.

Accounts Receivable

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Accounts Receivable

We had accounts receivable of $2.9 billion and $2.7 billion, net of an allowance for bad debt of $35.5 million and $39.4 million, as of December 31, 2019 and 2018, respectively.

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



	2019			2018			2017
Balance as of beginning of period	$	39.4		$	27.8		$	24.9
Charges to provision for bad debt	25.9			25.1			9.3
Write-off of uncollectible accounts receivable	(32.2		)	(16.2		)	(8.7		)
Recoveries of bad debt	2.4			2.9			2.0
Translation Adjustments	—			(0.1		)	0.3
Balance as of end of period	$	35.5		$	39.4		$	27.8

Trade Accounts Receivable Sale Programs

We have accounts receivable financing programs under Receivables Purchase Agreements (“RPAs”) with Wells Fargo Bank, N.A. and Citibank, N.A. that allow for the sale of our accounts receivable in an amount up to 100% of our outstanding qualifying accounts receivable balances and receive cash consideration equal to the total balance, less a discount margin equal to LIBOR plus 1% to 3%. Receivables sold under the RPAs are accounted for as sales, in accordance with ASC Topic 860, Transfers and Servicing, and excluded from accounts receivable, net on the accompanying consolidated balance sheets. Fees and interest paid under the RPAs are recorded within "Interest expense and other financing costs, net" in the Consolidated Statements of Comprehensive Income.

Under the RPAs, sold accounts receivable which remained outstanding at December 31, 2019 and 2018, were $405.9 million and $508.2 million, respectively. The fees and interest paid under the RPA were $25.9 million, $19.9 million, and $12.4 million, for 2019, 2018 and 2017, respectively. For the years ended December 31, 2019, 2018 and 2017, cash payments to the owners of account receivables were $8.2 billion, $7.9 billion and $6.1 billion respectively and cash proceeds from the sale of account receivables were $8.2 billion, $7.9 billion and $5.9 billion respectively.

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions and Divestitures

2019 Acquisitions and Divestitures

We made no material acquisitions or divestitures during 2019.

2018 Acquisitions

During 2018, we completed one acquisition in the land segment. The financial position, results of operations and cash flows of the 2018 acquisition has been included in our consolidated financial statements since its acquisition date and did not have a material impact on our consolidated financial statements as of and for the year ended December 31, 2018.

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, further described below. We also completed five acquisitions during 2017 which were not material individually or in the aggregate.

The following table summarizes the aggregate consideration paid for acquisitions during 2017 and the provisional amounts of the assets acquired and liabilities assumed, recognized at the acquisition date:



(In millions)
Cash paid for acquisition of businesses, net of cash acquired	$	108.2
Cash and cash equivalents	4.5
Amounts due to sellers	0.7
Non-monetary consideration	4.2
Estimated purchase price	$	117.6

Assets acquired:
Cash and cash equivalents	$	4.5
Property and equipment	10.6
Goodwill and identifiable intangible assets	105.2
Other current and long-term assets	10.2

Liabilities assumed:
Accrued expenses and other current liabilities	(3.7		)
Long-term liabilities and deferred tax liabilities	(9.1		)
Estimated purchase price	$	117.6

In connection with the 2017 acquisitions, we recorded goodwill of $63.5 million, of which $29.5 million is anticipated to be deductible for tax purposes. The goodwill, of which $51.3 million and $12.2 million is assigned to the aviation segment and land segment, respectively, is attributable primarily to the expected synergies and other benefits that we believe will result from combining the operations of the acquired businesses with the operations of World Fuel Services' aviation and land segments. The identifiable intangible assets consist of $41.7 million of customer relationships with weighted average lives of 8.0 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 consolidated revenue and net income for 2017. Accordingly, pro forma information for the 2017 acquisitions has not been provided as the impact is not material.

Derivative Instruments

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The following describes our derivative classifications:

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

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

Non-designated Derivatives. Includes derivatives we primarily transact to mitigate the risk of market price fluctuations in the form of swap or futures contracts as well as certain forward fixed price purchase and sale contracts, and for portfolio optimization. In addition, non-designated derivatives are held to hedge the risk of currency rate fluctuations.

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



		Gross Derivative Assets					Gross Derivative Liabilities
		As of December 31,					As of December 31,
Derivative Instruments	Balance Sheet Location		2019		2018			2019		2018
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	—	$	168.5		$	—	$	122.5
	Identifiable intangible and other non-current assets		—		19.7			—		9.6
	Accrued expenses and other current liabilities		1.7		0.1			20.0		—
Total derivatives designated as hedging instruments			$	1.7	$	188.2		$	20.0	$	132.2

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	65.7	$	537.6		$	7.2	$	429.0
	Identifiable intangible and other non-current assets		23.0		71.7			4.8		40.0
	Accrued expenses and other current liabilities		161.0		30.7			203.4		126.4
	Other long-term liabilities		7.7		12.9			19.7		40.4
			$	257.3	$	652.9		$	235.0	$	635.8

Foreign currency contracts	Short-term derivative assets, net		$	1.2	$	4.4		$	0.2	$	0.8
	Identifiable intangible and other non-current assets		—		0.1			—		—
	Accrued expenses and other current liabilities		0.9		0.1			11.4		0.4
			$	2.0	$	4.6		$	11.6	$	1.2
Total derivatives not designated as hedging instruments			$	259.4	$	657.5		$	246.6	$	637.0

Total derivatives			$	261.1	$	845.8		$	266.6	$	769.1

For information regarding our derivative instruments measured at fair value after netting and collateral see "Note 12. Fair Value Measurements."

The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes that were outstanding as of December 31, 2019 (in millions):



	As of December 31,
Derivative Instruments		Units	2019
Commodity contracts
Long		BBL	56.3
Short		BBL	(46.8	)

Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies		USD	(56.2	)
Buy U.S. dollar, sell other currencies		USD	345.3

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

As of December 31, 2019 and 2018, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in million):



Line item in the Consolidated Balance Sheets in which the hedged item is included	Carrying Amount of Hedged Asset/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	As of				As of
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Inventory	$	30.7	$	44.7	$	2.3	$	(6.6	)

The following table presents the effect of fair value and cash flow hedges on income and expense line items in our Consolidated Statements of Income and Comprehensive Income (in millions):



		Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		For the Twelve Months Ended December 31,
		2019						2018						2017
		Revenue			Cost of Revenue			Revenue			Cost of Revenue			Revenue			Cost of Revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded		$	36,819.0		$	35,707.0		$	39,750.3		$	38,731.8		$	33,695.5		$	32,763.3
Gains or Loss on fair value hedge relationships
Commodity contracts
	Hedged Item	—			18.1			—			(1.6		)	—			13.0
	Derivatives designated as hedging instruments	—			(16.1		)	—			0.5			—			(35.7		)
Gains or Loss on cash flow hedge relationships
Commodity contracts
	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(8.5		)	36.6			(23.5		)	45.5			(41.3		)	33.7
Total amount of income and expense line items excluding the impact of hedges		$	36,827.5		$	35,745.6		$	39,773.7		$	38,776.1		33,736.8			32,774.2

For the twelve months ended December 31, 2019, 2018 and 2017, there were no gains or losses recognized in earnings related to our fair value or cash flow hedges that were excluded from the assessment of hedge effectiveness.

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 Year Ended										Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)	For the Year Ended
	December 31,											December 31,
Derivative Instruments		2019			2018			2017			Location		2019			2018			2017
Commodity contracts		$	(157.9	)	$	130.3		$	(7.8	)	Revenue		$	(8.5	)	$	(23.5	)	$	(41.3	)
Commodity contracts		160.6			(87.8		)	(0.1		)	Cost of revenue		36.6			45.5			33.7
Foreign Currency contracts		—			(1.1		)	—			Other Income (expense) net		—			(1.1		)	—
Total gain (loss)		$	2.7		$	41.5		$	(7.9	)	Total gain (loss)		$	28.1		$	20.9		$	(7.6	)

The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in millions):



Amount of Realized and Unrealized Gain (Loss)		For the Year Ended
		December 31,
Derivative Instruments - Non-designated	Location		2019			2018			2017
Commodity contracts
	Revenue		$	269.5		$	147.6		$	(0.5	)
	Cost of revenue		(221.8		)	(119.8		)	62.3
			$	47.7		$	27.8		$	61.8
Foreign currency contracts
	Revenue		$	(0.3	)	$	1.4		$	(3.2	)
	Other (expense) income, net		(0.5		)	5.3			(7.8		)
			$	(0.7	)	$	6.7		$	(11.0	)
Total gain			$	46.9		$	34.5		$	50.8

Credit-Risk-Related Contingent Features

We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to post additional collateral or the immediate settlement of the derivative instruments upon the occurrence of a credit downgrade or if certain defined financial ratios fall below an established threshold. 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 December 31,
		2019		2018
Net derivative liability positions with credit contingent features		$	45.6	$	7.2
Maximum potential collateral requirements		$	45.6	$	7.2

At December 31, 2019 and 2018, there was no collateral held by our counterparties on these derivative contracts with credit-risk-contingent features.

Restructuring

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring

During the fourth quarter of 2017, we initiated an enterprise-wide restructuring plan that was designed to streamline the organization and reallocate resources to better align our organizational structure and costs with our strategy. The restructuring plan involves reviewing certain non-core businesses and assets, our organizational structure, and expected business prospects in the markets we serve, as well as our existing technology platforms. These activities were completed in December 2019.

For the year ended December 31, 2019, we incurred $19.7 million in restructuring costs, comprised principally of certain information technology-related asset write-offs and employee-related costs, which are included in restructuring charges in our consolidated statements of income and comprehensive income. Our accrued restructuring charges as of December 31, 2019, are included in accrued expenses and other current liabilities on our consolidated balance sheet.

The following table provides a summary of our restructuring activities (in millions):



	Aviation			Land			Marine			Corporate			Consolidated
Balance as of December 31, 2017	0.7			25.0			1.3			5.0			32.0
Restructuring related costs	1.6			6.5			4.5			4.5			17.1
Paid during the period	(0.8		)	(18.9		)	(3.3		)	(5.5		)	(28.5		)
Balance as of December 31, 2018	1.4			12.6			2.6			4.0			20.7
Restructuring related costs	$	1.2		$	4.4		$	1.2		$	13.0		$	19.7
Paid during the period	(2.1		)	(9.6		)	(2.4		)	(16.8		)	(30.8		)
Restructuring charges as of December 31, 2019	$	0.5		$	7.5		$	1.3		$	0.2		$	9.5

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

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



	As of December 31,				Estimated
	2019		2018		Useful Lives
Land	$	22.3	$	27.3	Indefinite
Buildings and leasehold improvements	84.8		81.0		3 - 40 years
Office equipment, furniture and fixtures	16.9		20.6		3 - 7 years
Computer equipment and software costs	261.4		194.7		3 - 9 years
Machinery, equipment and vehicles	269.3		276.7		3 - 40 years
	654.8		600.3
Accumulated depreciation and amortization	293.9		249.9
	$	360.9	$	350.3

For 2019, 2018 and 2017, we recorded depreciation expense of $54.5 million, $45.6 million and $44.1 million, respectively.

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



	As of December 31,
	2019		2018
Computer software costs	$	169.9	$	115.6
Accumulated amortization	110.0		91.2
Computer software costs, net	$	59.9	$	24.5

Included in capitalized computer software costs are costs incurred in connection with software development in progress of $22.5 million and $46.2 million as of December 31, 2019 and 2018, respectively. For 2019, 2018 and 2017, we recorded amortization expense related to computer software costs of $17.8 million, $10.9 million and $11.0 million, respectively.

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

In 2019, we used a combination of qualitative and quantitative factors to review goodwill and identifiable intangible assets for impairment for all of our reporting units. As a result of performing these assessments, we determined that no impairment existed as of December 31, 2019 and, therefore, there were no write-downs to any of our goodwill or identifiable intangible assets not subject to amortization.

Goodwill

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



	Aviation Segment			Land Segment ⁽¹⁾			Total
As of December 31, 2017	$	326.9		$	518.5		$	845.5
2018 acquisitions	—			13.4			13.4
Adjustment of purchase price allocations	(2.2		)	4.5			2.3
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.8		)	(6.7		)	(8.4		)
As of December 31, 2018	322.9			529.7			852.7
Adjustment for sale of business	—			(13.3		)	(13.3		)
Foreign currency translation of non-USD functional currency subsidiary goodwill	0.7			3.6			4.3
As of December 31, 2019	$	323.6		$	520.1		$	843.7

⁽¹⁾ At December 31, 2019, $455.5 million of the land segment's goodwill amount relates to the land reporting unit.

Identifiable Intangible Assets

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



	As of December 31, 2019						As of December 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Intangible assets subject to amortization:
Customer relationships	$	382.0	$	226.5	$	155.5	$	373.8	$	198.7	$	175.1
Supplier agreements	39.0		19.8		19.2		39.0		17.6		21.4
Others	40.1		33.5		6.6		40.0		30.5		9.5
	461.1		279.8		181.3		452.8		246.8		206.0
Intangible assets not subject to amortization:
Trademark/trade name rights	40.4				40.4		39.4				39.4
	$	501.5	$	279.8	$	221.7	$	492.2	$	246.8	$	245.4

⁽¹⁾ Includes the impact of foreign exchange

Intangible amortization expense for 2019, 2018 and 2017 was $32.9 million, $35.9 million and $41.9 million, respectively.

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



Year Ended December 31,
2020	$	31.5
2021	29.1
2022	27.6
2023	19.4
2024	18.0
Thereafter	55.7
	$	181.3

Debt, Interest Income, Expense and Other Finance Costs

12 Months Ended

Dec. 31, 2019

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

Debt, Interest Income, Expense and Other Finance Costs

In July 2019, we amended our Credit Agreement to, among other things, (i) increase the borrowing capacity of the Credit Facility to $1.3 billion, (ii) increase the Term Loans to $525.0 million, (iii) extend the maturity date to July 2024, and (iv) modify certain financial and other covenants to reduce costs and provide greater operating flexibility.

Our Credit Agreement, as amended through December 31, 2019 and which matures in July 2024, consists of a revolving loan under which up to $1.3 billion aggregate principal amount could be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Our Credit Facility includes a sublimit of $400.0 million for the issuance of letters of credit and bankers' acceptances, and we have the right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions. We had outstanding borrowings under our Credit Facility totaling $55.0 million and $170.0 million as of December 31, 2019 and 2018, respectively.

Our issued letters of credit under the Credit Facility totaled $4.3 million and $4.1 million as of December 31, 2019 and 2018, respectively. Additionally, as of December 31, 2019 and 2018, we had $515.6 million and $514.8 million in Term Loans outstanding, respectively.

As of December 31, 2019 and 2018, the unused portion of our Credit Facility was $1.2 billion and $985.9 million, respectively. The unused portion of our Credit Facility is limited by, among other things, our financial leverage ratio, which limits the total amount of indebtedness we may incur, and may, therefore, fluctuate from period to period.

Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2019, the applicable margins for base rate loans and Eurodollar rate loans were 0.75% and 1.75%, respectively.

Our Credit Facility and Term Loans contain certain financial and other covenants with which we are required to comply. Our failure to comply with the covenants contained in our Credit Facility and our Term Loans could result in an event of default. An event of default, if not cured or waived, would permit acceleration of any outstanding indebtedness under the Credit Facility and our Term Loans, trigger cross-defaults under certain other agreements to which we are a party and impair our ability to obtain working capital advances and issue letters of credit, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. As of December 31, 2019, we were in compliance with all financial covenants contained in our Credit Facility and our Term Loans.

Outside of our Credit Facility, we have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2019 and 2018, our outstanding letters of credit and bank guarantees under these credit lines totaled $375.2 million and $303.6 million, respectively. Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed.

Our debt consisted of the following (in millions):



	As of December 31,
	2019		2018
Credit Facility	$	55.0	$	170.0
Term Loans	515.6		514.8
Finance leases	18.7		13.8
Other*	39.5		2.3
Total debt	628.8		701.0
Current maturities of long-term debt and finance leases*	54.1		41.1
Long-term debt	$	574.7	$	659.9

*Includes secured borrowing of $37.3 million (EUR 33.6 million) for the transfer of tax receivables.

As of December 31, 2019, the aggregate annual maturities of debt are as follows (in millions):



Year Ended December 31,
2020	$	54.1
2021	23.5
2022	29.7
2023	29.0
2024	489.9
Thereafter	2.6
	$	628.8

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



	2019			2018			2017
Interest income	$	6.2		$	3.9		$	6.0
Interest expense and other financing costs	(80.0		)	(74.8		)	(66.3		)
	$	(73.9	)	$	(71.0	)	$	(60.3	)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Surety Bonds

In the normal course of business, we are required to post bid, performance and other surety-related bonds. The majority of the surety bonds posted relate to our aviation and land segments. We had outstanding bonds that were executed in order to satisfy various security requirements of $53.1 million and $73.0 million, as of December 31, 2019 and 2018, respectively.

Sales and Purchase Commitments

As of December 31, 2019, the notional value associated with fixed sales and purchase commitments under our derivative programs amounted to $372.6 million and $73.6 million, respectively with delivery dates from 2020 through 2026. Additionally, we have certain purchase contracts that extend through 2026, under which we agreed to purchase annually between 1.79 million barrels and 2.02 million barrels of aviation fuel at future market prices.

Agreements with Executive Officers and Key Employees

We have an agreement with our Chairman, President and Chief Executive Officer, Michael J. Kasbar (“Mr. Kasbar”), for his continued employment with us which provides for an annual base salary as determined by our Compensation Committee in its sole discretion (currently $900,000), termination severance benefits, and such incentives and other compensation and amounts as our Compensation Committee may determine from time to time in its sole discretion. Mr. Kasbar's employment agreement, as amended, expires each year on December 31st and automatically extends for successive one-year terms unless either party provides written notice to the other at least one year prior to the expiration of the current term that such party does not want to extend the term. Pursuant to the terms of his agreement, Mr. Kasbar is entitled to receive cash severance payments if: (a) we terminate his employment without cause following a change of control or for any reason other than death, disability or cause; (b) he resigns for good reason (generally a reduction in his responsibilities or compensation, or a breach by us), or resigns following a change of control; or (c) either he elects or we elect not to extend the term of the agreement, as amended. The severance payments are generally equal to $5.0 million for a termination following a change of control and $3.0 million in the other scenarios described above, a portion of which is payable two years after the termination of Mr. Kasbar’s employment.

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

Our other executive officers either participate in our Executive Severance Plan or are parties to a separation agreement. These arrangements provide for severance benefits payable upon termination under certain circumstances. In addition, the applicable equity awards generally vest similarly to Mr. Kasbar's equity awards following a change of control.

As of December 31, 2019, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions):



Year Ended December 31,
2019	$	0.9

Deferred Compensation Plans

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

We offer a non-qualified deferred compensation (“NQDC”) plan to certain eligible employees, whereby the participants may defer a portion of their compensation. We do not match any participant deferrals under the NQDC plan. Participants can elect from a variety of investment choices for their deferred compensation and gains and losses on these investments are credited to their respective accounts. The deferred compensation payable amount under this NQDC plan is subject to the claims of our general creditors and was $9.7 million and $6.4 million as of December 31, 2019 and December 31, 2018, respectively, which was included in other long-term liabilities in the accompanying consolidated balance sheets.

Environmental and Other Liabilities; Uninsured Risks

Our business is subject to numerous federal, state, local and foreign environmental laws and regulations, including those relating to fuel storage and distribution, terminals, underground storage tanks, the release or discharge of regulated materials into the air, water and soil, the generation, storage, handling, use, transportation and disposal of hazardous materials, and the exposure of persons to regulated materials. A violation of, liability under, or noncompliance with these laws and regulations, or any future environmental law or regulation, could result in material liabilities, including administrative, civil or criminal penalties, remediation costs as well as third-party damages. From time to time, we may be responsible for remediating contamination at properties we own or lease and can be entitled to reimbursement for certain of these costs from state trust funds, as well as various third-party contractual indemnities and insurance policies, subject to eligibility requirements, deductibles, and aggregate caps. Although we continuously review the adequacy of our insurance coverage, we may lack adequate coverage for various risks, including environmental claims. If we are uninsured or under‑insured for a claim or claims of sufficient magnitude arising out of our activities, it will have a material adverse effect on our financial position, results of operations and cash flows.

We accrue for environmental assessment and remediation expenses when the future costs are probable and reasonably estimable. At December 31, 2019 and 2018, accrued liabilities for remediation were not material. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed.

Tax Matters

From time to time, we are under review by various domestic and foreign tax authorities with regard 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 material. We believe that these assessments are without merit and are currently appealing the actions.

During the quarter ended December 31, 2016, the Korean branch (“WFSK”) of one of our subsidiaries received assessments of approximately $9.8 million (KRW 11.3 billion) and during the quarter ended June 30, 2017, an assessment for an additional $17.4 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 a VAT tax known as "ICMS". 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. One of our Brazilian subsidiaries is currently appealing an assessment of approximately $12.2 million (BRL 49.1 million) from the Brazilian tax authorities relating to the ICMS rate used for certain transactions. The assessment primarily consists of interest and penalties. We believe that the assessment is without merit and are pursuing our remedies in the judicial court system.

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

We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for these ordinary course claims as well as other matters in which losses are probable and can be reasonably estimated. As of December 31, 2019, 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.

Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Cash Dividends

During the years ended December 31, 2019, 2018 and 2017, the Company's Board of Directors declared aggregate cash dividends of $0.36, $0.24, and $0.24 per common share, representing $24 million, $16 million, $16 million in total dividends, respectively. Our Credit Facility and Term Loans have restrictions regarding the maximum amount of cash dividends allowed to be paid. The payments associated with the above referenced cash dividends were in compliance with our Credit Facility and Term Loans.

Stock Repurchase Programs

In October 2017, our Board of Directors ("Board") approved a new common stock repurchase program which replaced the remainder of the existing program and authorized the purchase of up to $100 million in common stock (the “Repurchase Program”). In May 2019, our Board approved a $100 million increase to the Repurchase Program, increasing the available authorization remaining to approximately $150 million. The Repurchase Program does not require a minimum number of shares of common stock to be purchased, has no expiration date and may be suspended or discontinued at any time. As of December 31, 2019, $114.6 million remains available for purchase under the Repurchase Program. The timing and amount of shares of common stock to be repurchased under the Repurchase Program will depend on market conditions, share price, securities law and other legal requirements and factors.

In 2019, we repurchased 2.1 million shares of common stock for an aggregate value of $65.4 million. In 2018 and 2017, respectively, we repurchased 0.7 million shares of common stock for an aggregate value of $20.0 million and 1.7 million shares of our common stock for an aggregate value of $61.9 million

Share-Based Payment Plans

Plan Summary and Description

In May 2016, our shareholders approved the 2016 Omnibus Plan (the “2016 Plan”), which replaced our previously adopted 2006 Omnibus Plan, as amended and restated in 2009 (the “2006 Plan”). The 2016 Plan is administered by the Compensation Committee of the Board of Directors (the “Compensation Committee”). The purpose of the 2016 Plan is to (i) attract and retain persons eligible to participate in the 2016 Plan; (ii) motivate participants, by means of appropriate incentives, to achieve long‑range goals; (iii) provide incentive compensation opportunities that are competitive with those of other similar companies; and (iv) further align participants’ interests with those of our other shareholders through compensation that is based on the value of our common stock. The goal is to promote the long‑term financial interest of World Fuel and its subsidiaries, including the growth in value of our equity and enhancement of long‑term shareholder return. The persons eligible to receive awards under the 2016 Plan are our employees, officers, and members of the Board of Directors, or any consultant or other person who performs services for us.

The provisions of the 2016 Plan authorize the grant of stock options which can be “qualified” or “nonqualified” under the Internal Revenue Code of 1986, as amended, restricted stock, RSUs, SSAR Awards, performance shares and performance units and other share‑based awards. The 2016 Plan is unlimited in duration and, in the event of its termination, the 2016 Plan will remain in effect as long as any awards granted under it remain outstanding. No awards may be granted under the 2016 Plan after May 2026. The term and vesting period of awards granted under the 2016 Plan are established on a per grant basis, but options and SSAR Awards may not remain exercisable after the seven‑year anniversary of the date of grant.

Under the 2016 Plan, 2.5 million shares of common stock are authorized for issuance plus any shares of common stock with respect to awards that were granted under the 2006 Plan but are forfeited or canceled (e.g., due to the recipient's failure to satisfy applicable service or performance conditions) after May 2016. As of December 31, 2019, approximately 3.4 million shares of common stock were subject to outstanding awards under the 2016 and 2006 Plans (assuming maximum achievement of performance goals for restricted stock and target achievement of performance goals for RSUs, where applicable).

The following table summarizes the outstanding awards issued pursuant to the 2016 Plan described above as of December 31, 2019 and the remaining shares of common stock available for future issuance (in millions):



Plan name	Restricted Stock	RSUs	SSAR Awards	Remaining shares of common stock available for future issuance
2016 Plan (1)	—	0.8	2.1	2.9
2006 Plan (2)	—	0.4	0.1	—

(1)As of December 31, 2019, unvested RSUs will vest between February 2020 and August 2023 and the outstanding SSAR Awards will expire between March 2023 and March 2025.

(2)As of December 31, 2019, unvested restricted stock will vest between February 2020 and February 2021, unvested RSUs will vest between February 2020 and May 2021 and the outstanding SSAR Awards will expire between March 2021 and March 2022. RSUs granted to non‑employee directors under the 2006 Plan prior to 2011 remain outstanding until the date the non‑employee director ceases, for any reason, to be a member of the Board of Directors.

Restricted Stock Awards

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



	Unvested Restricted Stock	Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
As of December 31, 2016	1.2	$	43.10	$	55.7	0.8
Granted	—	—
Vested	(0.2)	43.69
Forfeited	(0.7)	41.50
As of December 31, 2017	0.3	45.80		9.7		0.9
Granted	—	—
Vested	(0.2)	47.48
Forfeited	(0.1)	44.77
As of December 31, 2018	0.1	43.63		1.4		1.0
Granted	—	—
Vested	—	45.35
Forfeited	—	51.47
As of December 31, 2019	—	$	41.56	$	1.3	0.7

The aggregate value of restricted stock which vested during 2019, 2018 and 2017 was $1.0 million, $3.8 million and $7.8 million, respectively, based on the average high and low market price of our common stock at the vesting date.

RSU Awards

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



RSUs Outstanding
	RSUs	Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2016	1.2	$	43.28	$	55.7	1.6
Granted	0.6	37.74
Vested	(0.2)	43.06
Forfeited	(0.1)	42.43
As of December 31, 2017	1.6	41.01		43.9		1.4
Granted	0.2	22.02
Vested	(0.3)	46.31
Forfeited	(0.2)	41.17
As of December 31, 2018	1.3	37.17		28.3		1.0
Granted	0.3	29.69
Vested	(0.4)	37.34
Forfeited	(0.1)	39.86
As of December 31, 2019	1.2	$	32.50	$	53.2	0.9

The aggregate intrinsic value of RSUs issued during 2019, 2018 and 2017 was $10.4 million, $5.8 million and $7.7 million, respectively.

SSAR Awards

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



	SSAR Awards Outstanding						SSAR Awards Exercisable
	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2016	0.3	$	44.97	$	0.3	2.4	0.2	$	42.15	$	0.7	1.3
Granted	0.4	36.31
Exercised	—	—
Forfeited	—	—
As of December 31, 2017	0.7	40.27		—		3.0	0.2	42.76		—		0.4
Granted	1.2	27.08
Exercised	—	—
Forfeited	(0.4)	38.53
As of December 31, 2018	1.5	29.75		—		4.0	—	57.48		—		1.2
Granted	0.7	29.68
Exercised	—	—
Forfeited	—	$	—
As of December 31, 2019	2.2	$	29.72	$	31.3	3.4	0.1	$	50.12	$	—	1.1

The aggregate intrinsic value of SSAR Awards exercised during 2019 and 2018 was $0.0 million and $0.0 million, respectively.

As discussed in "Note 1. Basis of Presentation, New Accounting Standards and Accounting Policies," we currently use the Black Scholes option pricing model to estimate the fair value of SSAR Awards granted to employees. The weighted average fair value of the SSAR Awards for 2019 was $9.15 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 36.1%, dividend yields of 0.9% and risk-free interest rates of 2.4%. The weighted average fair value of the SSAR Awards for 2018 was $6.56 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 30.8%, dividend yields of 1.0% and risk-free interest rates of 2.6%. The weighted average fair value of the SSAR Awards for 2017 was $8.82 and the assumptions used to determine such fair value were as follows: expected term of 4.3 years, volatility of 28.6%, dividend yields of 0.7% and risk-free interest rates of 1.8%.

Unrecognized Compensation Cost

As of December 31, 2019, there was $24.6 million of total unrecognized compensation cost related to unvested share-based payment awards, which is included as capital in excess of par value in the accompanying consolidated balance sheets. The unrecognized compensation cost as of December 31, 2019 is expected to be recognized as compensation expense over a weighted average period of 0.9 years as follows (in millions):



Year Ended December 31,
2020	$	16.2
2021	7.2
2022	1.1
2023	—
2024	—
	$	24.6

Other Comprehensive Loss and Accumulated Other Comprehensive Loss

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



	Foreign Currency Translation Adjustments			Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2017	$	(118.8	)	$	(7.7	)	$	(126.5	)
Other comprehensive income (loss)	(27.3		)	21.0			(6.3		)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	1.2			—			1.2
Balance as of December 31, 2018	(145.0		)	13.3			(131.7		)
Other comprehensive income (loss)	8.2			(25.5		)	(17.3		)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	2.7			—			2.7
Balance as of December 31, 2019	$	(134.1	)	$	(12.2	)	$	(146.3	)

The foreign currency translation adjustment gain for 2019 was primarily due to the effect of weakness in the U.S. dollar against certain foreign currencies, including the British Pound and the South African Rand. The foreign currency translation adjustment loss for 2018 was primarily due to the strengthening of the U.S. dollar compared to most foreign currencies, including the British Pound.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

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



	2019			2018			2017
United States	$	(59.1	)	$	(63.6	)	$	(152.3	)
Foreign	296.4			248.5			131.2
	$	237.3		$	184.9		$	(21.1	)

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



	2019			2018			2017
Current:
U.S. federal statutory tax	$	(4.0	)	$	8.2		$	94.6
State	1.6			(1.6		)	5.6
Foreign	35.9			46.3			34.2
	33.5			52.9			134.4
Deferred:
U.S. federal statutory tax	11.0			4.0			15.1
State	4.6			(6.2		)	8.9
Foreign	(12.2		)	(1.0		)	(10.0		)
	3.4			3.2			13.9
Non-current tax expense (income)	19.3			6.2			0.9
	$	56.2		$	55.9		$	149.2

Non-current tax expense (income) is primarily related to income tax associated with the reserve for uncertain tax positions, including associated interest and penalties.

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



	2019		2018		2017
U.S. federal statutory tax rate	21.0	%	21.0	%	35.0	%
Foreign earnings, net of foreign taxes	(13.8	)	(11.6	)	245.4
State income taxes, net of U.S. federal income tax benefit	2.2		(3.3	)	(51.8	)
U.S. tax on deemed dividends	0.9		(0.4	)	(14.0	)
Tax Act - Transition Tax	0.5		0.7		(704.3	)
Tax Reform - GILTI	6.0		9.7		—
Tax Reform - BEAT	0.1		2.8		—
Deferred tax impact on foreign unrepatriated earnings	0.5		(1.0	)	(65.5	)
Goodwill impairment	—		—		(81.5	)
Uncertain tax positions	8.2		3.4		(4.1	)
Foreign currency adjustments	(6.1	)	2.2		(0.7	)
Intercompany interest transfer pricing adjustment	1.4		1.5		—
Tax authority settlements	—		—		(10.0	)
Nontaxable interest income	(2.3	)	(2.7	)	36.9
Nondeductible interest expense	1.8		—		(12.6	)
Valuation allowance	1.2		3.0		(19.6	)
Other permanent differences	2.4		5.0		(60.4	)
Effective income tax rate	23.7	%	30.2	%	(707.1	)%

For the year ended 2019, our effective income tax rate was 23.7%, and our income tax provision was $56.2 million, as compared to an effective income tax rate of 30.2% and an income tax provision of $55.9 million for 2018. The lower effective income tax rate for 2019, as compared to 2018, resulted principally from the benefits of differences in the results of our subsidiaries in tax jurisdictions with different income tax rates, the impacts of base erosion and anti-abuse minimum tax ("BEAT") and global intangible low-taxed income (“GILTI”), other permanent tax differences, and one-time return-to-provision foreign exchange statutory adjustments. These benefits were reduced by increases in uncertain tax positions and the effect of state income taxes. Several final and proposed regulations were issued for

U.S. federal income tax purposes during 2019 regarding BEAT, foreign tax credits, and GILTI, among other areas. The Treasury Department and IRS released final and proposed regulations regarding BEAT on December 2, 2019 and provided an election to waive deductions for purposes of determining base erosion payments which we elected to apply to both 2018 and 2019. Our 2019 effective income tax rate and income tax expense reflect the results of this election for 2019 and the one-time benefit for 2018.

For 2018, our effective income tax rate was 30.2%, for an income tax provision of $55.9 million, as compared to an effective income tax rate of (707.1)% and an income tax provision of $149.2 million for 2017. The lower effective income tax rate for 2018 resulted primarily from the effects of the Tax Act's $143.7 million one-time transition tax on historic accumulated foreign earnings. Without the transition tax charge, the effective income tax rate for 2017 would have been (25.9)%.

For 2017, our effective income tax rate was (707.1)%, for an income tax provision of $149.2 million, which was primarily a result of differences in the results of our subsidiaries in tax jurisdictions with different income tax rates, the effects of the Act's $143.7 million one-time transition tax on historic accumulated foreign earnings, and a goodwill impairment. Without the transition tax charge, the effective income tax rate for 2017 would have been (25.9)%.

We have analyzed our global working capital and cash requirements and the potential tax liabilities attributable to repatriation and have determined that we intend to continue our assertion that the earnings of certain of our non-U.S. subsidiaries are indefinitely reinvested. At December 31, 2019, $923.9 million of our foreign earnings are permanently reinvested in non-US business operations. For these investments, if not reinvested indefinitely, we could potentially owe approximately $203.3 million in foreign withholding tax. For the remaining $1.3 billion accumulated foreign earnings that are actually or deemed repatriated, we have made an estimate of the associated foreign withholding and state income tax effects of $12.0 million for 2019.

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



	As of December 31,
	2019			2018
Gross Deferred Tax Assets:
Bad debt reserve	$	4.2		$	4.7
Net operating loss	40.1			33.7
Accrued and other share-based compensation	27.1			23.2
Accrued expenses	6.0			10.2
U.S. foreign income tax credits	3.0			2.3
Other income tax credits	0.2			0.2
Customer deposits	3.1			3.1
Investments	1.9			1.9
Cash flow hedges	3.9			—
Other	0.7			—
Total gross deferred tax assets	90.1			79.4
Less: Valuation allowance	32.5			24.3
Gross deferred tax assets, net of valuation allowance	57.6			55.1
Deferred Tax Liabilities:
Depreciation	(11.7		)	(11.2		)
Goodwill and intangible assets	(53.5		)	(47.5		)
Unrealized foreign exchange	(6.3		)	(4.5		)
Prepaid expenses, deductible for tax purposes	(4.2		)	(3.9		)
Deferred tax costs on foreign unrepatriated earnings	(12.0		)	(11.3		)
Unrealized derivatives	(3.8		)	(4.1		)
Cash flow hedges	—			(2.5		)
Other	—			(3.5		)
Total gross deferred tax liabilities	(91.6		)	(88.5		)
Net deferred tax liability	$	34.0		$	33.4
Net deferred tax asset	—			—
Reported on the consolidated balance sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	20.7		$	11.4

Non-current income tax liabilities, net of deferred tax liabilities, non-current	$	54.1		$	44.8

As of December 31, 2019 and 2018, we had gross net operating losses (“NOLs”) of approximately $375.9 million and $275.3 million, respectively. The NOLs as of December 31, 2019, originated in various U.S. states and non-U.S. countries. We have recorded a deferred tax asset of $40.1 million reflecting the benefit of the NOL carryforward as of December 31, 2019. This deferred tax asset expires as follows (in millions):



Net Operating Loss	Expiration Date	Deferred Tax Asset
US States	2020-2039	$	11.2
US States	Indefinite	$	2.5
Foreign	2020-2039	$	3.1
Foreign	Indefinite	$	23.3
	Total	$	40.1

We assessed the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2019, a valuation

allowance of $32.5 million has been recorded to recognize only the portion of the deferred tax assets that are more likely than not to be realized, $27.1 million of which relates to the deferred tax asset for NOLs. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as growth projections.

We operate under a special income tax concession in Singapore which began January 1, 2008 and is subject to renewal. Our current five-year income tax concession period began on January 1, 2018 and is conditional upon our meeting certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and derivative gains and losses. The impact of this tax concession decreased foreign income taxes by $4.3 million, $0, and $1.3 million for 2019, 2018, and 2017 respectively. The impact of the income tax concession on basic earnings per common share was $0.07, $0, and $0.02 for 2019, 2018, and 2017 respectively. On a diluted earnings per common share basis, the impact was $0.06, $0, and $0.02 for 2019, 2018, and 2017 respectively.

Income Tax Contingencies

We recorded a net increase of $9.5 million of liabilities related to unrecognized income tax benefits (“Unrecognized Tax Liabilities”) and a net decrease of $4.1 million of assets related to unrecognized income tax benefits (“Unrecognized Tax Assets”) during 2019. In addition, during 2019, we recorded a decrease of $0.2 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in other income (expense), net, in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2019, our Unrecognized Tax Liabilities, including penalties and interest, were $84.0 million and our Unrecognized Tax Assets were $25.5 million.

During 2018, we recorded a net decrease of $1.8 million of liabilities related to Unrecognized Tax Benefits and a net increase of $4.3 million of assets related to Unrecognized Tax Benefits. In addition, during 2018, we recorded an increase of $0.9 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in other income (expense), net, in the accompanying consolidated statements of income and comprehensive income. As of December 31, 2018, our Unrecognized Tax Liabilities, including penalties and interest, were $70.2 million and our Unrecognized Tax Assets were $29.7 million.

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



	2019			2018			2017
Gross Unrecognized Tax Liabilities – opening balance	$	57.0		$	58.8		$	62.2
Gross increases – tax positions in prior period	12.2			3.6			10.9
Gross decreases – tax positions in prior period	(13.5		)	(10.6		)	—
Gross increases – tax positions in current period	14.9			11.5			10.7
Gross decreases – tax positions in current period	—			—			—
Settlements	(1.4		)	(1.5		)	(23.0		)
Lapse of statute of limitations	(2.7		)	(4.8		)	(2.1		)
Gross Unrecognized Tax Liabilities – ending balance	$	66.5		$	57.0		$	58.8

If our gross Unrecognized Tax Liabilities, net of our Unrecognized Tax Assets of $25.5 million, as of December 31, 2019, are settled by the taxing authorities in our favor or otherwise resolved, our income tax expense would be reduced by $41.1 million (exclusive of interest and penalties) in the period the matter is considered settled or resolved in accordance with Accounting Standards Codification 740. This would have the impact of reducing our 2019 effective income tax rate by 17.3%. As of December 31, 2019, it is possible that approximately $9 million of our unrecognized income tax liabilities may decrease within the next twelve months.

We record accrued interest and penalties related to unrecognized income tax benefits as income tax expense. Related to the uncertain income tax benefits noted above, for interest we recorded expense of $4.6 million, $1.2 million and $3.4 million during 2019, 2018, and 2017, respectively. For penalties, we recorded income of $0.2 million and $1.9

million and expense of $0.1 million during 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, we had recognized liabilities of $13.1 million and $8.5 million for interest and $4.4 million and $4.6 million for penalties, respectively.

We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most significant of these are in Denmark for the 2013 - 2015 tax years, South Korea for the 2011 - 2014 tax years, and the U.S. for 2017 - 2018 tax years. In 2018, one of our subsidiaries in Denmark received an audit inquiry from the Danish tax authorities regarding transfer pricing and other related matters for the tax years 2013-2015. In Q2 2019, it received a proposed income adjustment of approximately $1.7 million related to the 2013 tax year. We are currently responding to the proposed income adjustment and other information requests from the Danish tax authorities. In 2017, the Korean Branch of one of our subsidiaries received income tax assessment notices for $9.8 million (KRW 11.3 billion) from the South Korea tax authorities. We believe that these assessments are without merit and are currently appealing the actions. In addition, in January of 2020, we received a notice of examination from the IRS for the 2017 - 2018 tax years. An unfavorable resolution of one or more of the above matters could have a material adverse effect on our result of operations or cash flows in the quarter or year in which the adjustments are recorded, or the tax is due or paid. As examinations are still in process or have not yet reached the final stages of the appeals process, the timing of the ultimate resolution or payments that may be required cannot be determined at this time.

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



	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
Denmark	2013 - 2015	2016 - 2019
South Korea	2011 - 2014	2015 - 2019
United Kingdom	2017	2018 - 2019
Other non-U.S.	None	2014 - 2019

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

The carrying amounts of cash and cash equivalents, net accounts receivable, 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 receivable approximate fair value since these instruments bear interest either at variable rates or fixed rates which are not significantly different from market rates. Based on the fair value hierarchy, our total debt of $0.6 billion and $0.7 billion as of December 31, 2019 and 2018, respectively, and our notes receivable of $21.0 million and $28.2 million as of December 31, 2019 and 2018, respectively are categorized in Level 2.

Recurring Fair Value Measurements.

The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in millions):



	Fair Value Measurements as of December 31, 2019
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	148.3	$	100.0	$	10.7	$	259.0
Foreign currency contracts		—		2.0		—		2.0
Cash surrender value of life insurance		—		9.4		—		9.4
Total assets at fair value		$	148.3	$	111.4	$	10.7	$	270.4

Liabilities:
Commodities contracts		$	177.6	$	69.3	$	8.1	$	255.0
Foreign currency contracts		—		11.6		—		11.6
Total liabilities at fair value		$	177.6	$	80.9	$	8.1	$	266.6



	Fair Value Measurements as of December 31, 2018
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	585.6	$	254.6	$	0.9	$	841.2
Foreign currency contracts		—		4.6		—		4.6
Cash surrender value of life insurance		—		6.3		—		6.3
Total assets at fair value		$	585.6	$	265.6	$	0.9	$	852.1

Liabilities:
Commodities contracts		$	556.5	$	211.2	$	0.2	$	767.9
Foreign currency contracts		—		1.2		—		1.2
Total liabilities at fair value		$	556.5	$	212.4	$	0.2	$	769.1

The fair values of our commodity contracts measured using Level 3 inputs were not material at December 31, 2019 and 2018, 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 the 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 December 31, 2019
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts		$	259.0	$	130.0	$	129.0	$	—	$	—	$	129.0
Foreign currency contracts		2.0		1.0		1.0		—		—		1.0
Total assets at fair value		$	261.1	$	131.1	$	130.0	$	—	$	—	$	130.0

Liabilities:
Commodities contracts		$	255.0	$	130.0	$	125.0	$	29.3	$	—	$	95.7
Foreign currency contracts		11.6		1.0		10.5		—		—		10.5
Total liabilities at fair value		$	266.6	$	131.1	$	135.5	$	29.3	$	—	$	106.3



	Fair Value as of December 31, 2018
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts		$	841.2	$	646.0	$	195.1	$	3.0	$	—	$	192.1
Foreign currency contracts		4.6		0.9		3.7		—		—		3.7
Total assets at fair value		$	845.8	$	647.0	$	198.8	$	3.0	$	—	$	195.8

Liabilities:
Commodities contracts		$	767.9	$	646.0	$	121.9	$	—	$	—	$	121.9
Foreign currency contracts		1.2		0.9		0.3		—		—		0.3
Total liabilities at fair value		$	769.1	$	647.0	$	122.2	$	—	$	—	$	122.2

At December 31, 2019 and 2018, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.

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 December 31, 2019, one of our OTC counterparties with an exposure amount of $7.3 million, represented over 10% of our total credit exposure to OTC derivative counterparties.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Business Segments, Geographic Information and Major Customers

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Business Segments, Geographic Information and Major Customers

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. In addition, we supply products and services to U.S. and foreign government, intergovernmental and military customers, such as the North Atlantic Treaty Organization (NATO) and the U.S. Defense Logistics Agency.

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 Year Ended December 31,
	2019			2018			2017
Revenue:
Aviation segment	$	18,479.5		$	19,119.7		$	14,538.2
Land segment	10,280.9			11,381.1			10,958.0
Marine segment	8,058.5			9,249.5			8,199.3
	$	36,819.0		$	39,750.3		$	33,695.5
Gross profit:
Aviation segment	$	551.6		$	507.8		$	440.5
Land segment	378.9			364.9			365.8
Marine segment	181.5			145.8			126.0
	$	1,112.0		$	1,018.5		$	932.2
Income from operations:⁽¹⁾⁽²⁾
Aviation segment	$	283.9		$	250.6		$	192.9
Land segment	55.0			47.8			(7.9		)
Marine segment	67.1			37.8			(57.8		)
	406.1			336.3			127.2
Corporate overhead - unallocated	(106.4		)	(76.6		)	(81.6		)
	$	299.7		$	259.7		$	45.6
Depreciation and amortization:
Aviation segment	$	28.5		$	27.5		$	26.8
Land segment	48.0			46.5			49.8
Marine segment	4.5			2.2			5.8
Corporate	6.4			5.3			3.5
	$	87.4		$	81.5		$	86.0
Capital expenditures:
Aviation segment	$	23.0		$	19.7		$	12.3
Land segment	26.9			30.9			21.0
Marine segment	28.3			2.9			1.5
Corporate	2.7			18.8			19.1
	$	80.9		$	72.3		$	54.0


(1)	Includes $19.7 million, $17.1 million and $52.4 million of restructuring charges for the years ended December 31, 2019, 2018 and 2017, respectively.


(2)	Includes a $79.1 million impairment charge attributable to the impairment of goodwill and other long term assets, and $1.4 million of restructuring charges in 2017.

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



	As of December 31,
	2019		2018
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $14.6 and $17.7 as of December 31, 2019 and December 31, 2018, respectively	$	1,098.2	$	992.2
Land segment, net of allowance for bad debt of $2.8 and $2.7 as of December 31, 2019 and December 31, 2018, respectively	863.2		846.1
Marine segment, net of allowance for bad debt of $18.0 and $19.0 as of December 31, 2019 and December 31, 2018, respectively	930.5		901.2
	$	2,891.9	$	2,739.6
Total assets:
Aviation segment	$	2,416.5	$	2,261.0
Land segment	2,089.4		2,178.1
Marine segment	1,189.7		1,124.2
Corporate	296.8		113.6
	$	5,992.4	$	5,676.9

Geographic Information

Information concerning our revenue and property and equipment, net, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in millions):



	For the Year ended December 31,
	2019		2018		2017
Revenue:
United States	$	19,365.2	$	20,555.5	$	17,938.0
EMEA (1) (3)	9,235.1		9,721.9		7,553.3
Asia Pacific (2) (3)	4,581.1		5,537.2		4,923.0
Americas, excluding United States	3,637.6		3,935.6		3,281.2
Total	$	36,819.0	$	39,750.3	$	33,695.5



	As of December 31,
	2019		2018
Property and equipment, net:
United States	$	173.0	$	175.1
EMEA	135.7		124.5
Asia Pacific	44.2		7.5
Americas, excluding United States	8.0		43.1
Total	$	360.9	$	350.3


(1)	Includes revenue related to the U.K. of $5.5 billion, $6.3 billion and $5.0 billion for 2019, 2018 and 2017, respectively.


(2)	Includes revenue related to Singapore of $4.5 billion, $5.4 billion and $4.8 billion for 2019, 2018 and 2017, respectively.


(3)	Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at Note 15. Revenue.

Major Customers

During each of the periods presented on the consolidated statements of income and comprehensive income, none of our customers accounted for more than 10% of total consolidated revenue. Sales to government customers, which principally consist of sales to NATO in support of military operations in Afghanistan, have accounted for a material portion of our profitability in recent years. The profitability associated with our government business can be significantly impacted by supply disruptions, border closures, road blockages, hostility-related product losses, inventory shortages and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts. Our sales to government customers may fluctuate significantly from time to time as a result of the foregoing factors, as well as the level of troop deployments and related activity in a particular region or area or the commencement, extension, renewal or completion of existing and new government contracts.

Summary Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Summary Quarterly Information (Unaudited)

The following is a summary of the unaudited quarterly results for 2019 and 2018 (in millions, except earnings per share data):



	March 31,		June 30,		September 30,		December 31,
	2019		2019		2019		2019
Revenue	$	8,678.8	$	9,459.4	$	9,322.7	$	9,358.1
Gross profit	$	251.1	$	268.6	$	305.7	$	286.6
Net income including noncontrolling interest	$	37.3	$	37.6	$	49.4	$	56.8
Net income attributable to World Fuel	$	37.2	$	37.0	$	48.2	$	56.5
Basic earnings per common share (1)	$	0.55	$	0.56	$	0.74	$	0.86
Diluted earnings per common share (1)	$	0.55	$	0.55	$	0.73	$	0.86



	March 31,		June 30,		September 30,		December 31,
	2018		2018		2018		2018
Revenue	$	9,181.3	$	10,150.8	$	10,429.5	$	9,988.6
Gross profit	$	243.4	$	246.2	$	266.7	$	262.2
Net income including noncontrolling interest	$	31.3	$	29.2	$	38.7	$	29.8
Net income attributable to World Fuel	$	31.2	$	28.7	$	38.2	$	29.6
Basic earnings per common share (1)	$	0.46	$	0.42	$	0.57	$	0.44
Diluted earnings per common share (1)	$	0.46	$	0.42	$	0.56	$	0.44

⁽¹⁾ Basic and diluted earnings per share are computed independently for each quarter and the full year based upon respective weighted average shares outstanding. Therefore, the sum of the quarterly basic and diluted earnings per share amounts may not equal the annual basic and diluted earnings per share amounts reported.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Our contracts with customers, which are mainly master sales agreements in combination with different types of nominations or standalone agreements, primarily require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collections. Our billing and payment terms generally include monthly invoicing for the prior month's activities with average payment terms of one to three months. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. However, since our contracts have relatively short payment terms, they do not typically result in the provision of significant financing.

We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements.

The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. We have determined that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfer to our customer. We may also incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price. In the limited cases, when we coordinate shipping and handling activities after our customer obtains control of goods or services, we have elected to account for these shipping and handling costs as activities to fulfill the promise to transfer the goods.

Our contracts may contain fixed or variable pricing (such as market or index-based pricing) or some combination of those. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes.

Within our land and aviation segments, contracts with customers may include multi-year sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations under these contracts.

We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month). For these contracts, we apply the optional exemption, to not disclose the amount of transaction price allocated to remaining performance obligations. We also apply this exemption to those contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. In limited cases, we may have multi-period fixed price contracts. Because our long-term supply arrangements that exceed one year are typically based on market index prices as previously discussed, the transaction price associated with remaining performance obligations under multi-year fixed price fuel sale contracts are not significant.

We also earn a minor amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services. We generally recognize revenue over the contract period when services have been performed based on our right to invoice for those services.

Disaggregated revenue

The following table presents (in millions) our revenues from contracts with customers disaggregated by major geographic areas and by segment. Prior period amounts (2017) have not been adjusted as the company elected the modified retrospective transition method.



	For the For the Year ended December 31,
	2019		2018		2017
Aviation	$	1,410.2	$	1,564.6	$	1,086.8
Land	18.2		3.3		3.0
Marine	2,929.2		3,552.1		3,347.0
Asia Pacific	$	4,357.7	$	5,120.1	$	4,436.8

Aviation	$	3,824.3	$	3,641.4	$	2,532.1
Land	2,425.4		2,563.6		2,290.7
Marine	2,739.1		3,148.3		2,605.2
EMEA	$	8,988.9	$	9,353.4	$	7,428.1

Aviation	$	2,347.1	$	1,931.6	$	1,365.5
Land	612.4		631.8		705.6
Marine	678.1		610.2		548.8
LATAM	$	3,637.7	$	3,173.6	$	2,619.8

Aviation	$	10,933.0	$	12,025.7	$	9,644.5
Land	7,017.0		8,038.0		7,912.8
Marine	1,415.2		1,480.5		1,063.3
North America	$	19,365.1	$	21,544.2	$	18,620.6

Other revenues (excluded from ASC 606)	$	469.6	$	559.0	$	590.2

	$	36,819.0	$	39,750.3	$	33,695.5

Other revenues (excluded from ASC 606) in the table above includes revenue from leases and other transactions that we account for following separate guidance.

Accounts receivable, contract assets and contract liabilities

The nature of the receivables related to revenue from contracts with customers and other revenue, are substantially similar, given that they are generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into considering the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the Accounts receivable balance presented on our Consolidated Balance Sheet. Furthermore, as of December 31, 2019 and 2018, the contract assets and contracts liabilities recognized by the Company were not material.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage.

For the twelve months ended December 31, 2019, we recognized the following total lease cost related to our lease arrangements (in millions):



	For the Twelve months ended
	December 31, 2019
Finance lease cost:
Amortization of right-of-use assets	$	4.2
Interest on lease liabilities	0.5
Operating lease cost	53.2
Short-term lease cost	18.3
Variable lease cost	5.0
Sublease income	(11.4		)
Total lease cost	$	69.6

We incurred rental expense for all properties and equipment of $48.7 million and $40.3 million for 2018 and 2017, respectively.

As of December 31, 2019, our remaining lease payments were as follows (in millions):



	Operating Leases		Finance Leases
2020	$	43.7	$	4.8
2021	35.6		3.8
2022	29.0		3.5
2023	22.9		2.8
2024	16.3		1.8
Thereafter	50.1		3.8
Total remaining lease payments (undiscounted)	197.6		20.4
Less: imputed interest	37.2		1.7
Present value of lease liabilities	$	160.3	$	18.7

As of December 31, 2018, our future minimum lease payments under noncancelable operating leases were as follows (in millions):



Year Ended December 31,
2019	$	50.7
2020	37.1
2021	30.7
2022	23.7
2023	17.8
Thereafter	48.5
Total future minimum lease payments under noncancelable operating leases	$	208.6

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



	As of December 31,
	2019		2018
Finance leases	$	32.6	$	30.9
Accumulated amortization	14.8		18.4
Finance leases, net	$	17.8	$	12.4

Supplemental balance sheet information related to leases (in millions):



	Classification	As of December 31, 2019
Assets
Operating Lease Assets	Identifiable intangible and other non-current assets	$	153.7
Finance Lease Assets	Property and equipment, net	17.8

Liabilities
Operating Lease Liability - Current	Accrued expenses and other current liabilities	35.6
Operating Lease Liability - Long Term	Other long-term liabilities	124.7
Finance Lease Liability - Current	Current maturities of long-term debt	4.3
Finance Lease Liability - Long Term	Long-term debt	14.4

Other information related to leases as of December 31, 2019:



	Operating Leases			Finance Leases
Weighted-average remaining lease term (years)	6.5			5.6
Weighted-average discount rate	5.9		%	3.2		%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	—		$	0.5
Operating cash flows from operating leases	52.9			—
Financing cash flows from finance leases	—			4.0
Right of use assets obtained in exchange for new operating lease liability (noncash in millions)	30.2			—
Right of use assets obtained in exchange for new financing lease liability (noncash in millions)	—			8.2

Leases

For the twelve months ended December 31, 2019, we recognized the following total lease cost related to our lease arrangements (in millions):



	For the Twelve months ended
	December 31, 2019
Finance lease cost:
Amortization of right-of-use assets	$	4.2
Interest on lease liabilities	0.5
Operating lease cost	53.2
Short-term lease cost	18.3
Variable lease cost	5.0
Sublease income	(11.4		)
Total lease cost	$	69.6

We incurred rental expense for all properties and equipment of $48.7 million and $40.3 million for 2018 and 2017, respectively.

As of December 31, 2019, our remaining lease payments were as follows (in millions):



	Operating Leases		Finance Leases
2020	$	43.7	$	4.8
2021	35.6		3.8
2022	29.0		3.5
2023	22.9		2.8
2024	16.3		1.8
Thereafter	50.1		3.8
Total remaining lease payments (undiscounted)	197.6		20.4
Less: imputed interest	37.2		1.7
Present value of lease liabilities	$	160.3	$	18.7

As of December 31, 2018, our future minimum lease payments under noncancelable operating leases were as follows (in millions):



Year Ended December 31,
2019	$	50.7
2020	37.1
2021	30.7
2022	23.7
2023	17.8
Thereafter	48.5
Total future minimum lease payments under noncancelable operating leases	$	208.6

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



	As of December 31,
	2019		2018
Finance leases	$	32.6	$	30.9
Accumulated amortization	14.8		18.4
Finance leases, net	$	17.8	$	12.4

Supplemental balance sheet information related to leases (in millions):



	Classification	As of December 31, 2019
Assets
Operating Lease Assets	Identifiable intangible and other non-current assets	$	153.7
Finance Lease Assets	Property and equipment, net	17.8

Liabilities
Operating Lease Liability - Current	Accrued expenses and other current liabilities	35.6
Operating Lease Liability - Long Term	Other long-term liabilities	124.7
Finance Lease Liability - Current	Current maturities of long-term debt	4.3
Finance Lease Liability - Long Term	Long-term debt	14.4

Other information related to leases as of December 31, 2019:



	Operating Leases			Finance Leases
Weighted-average remaining lease term (years)	6.5			5.6
Weighted-average discount rate	5.9		%	3.2		%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	—		$	0.5
Operating cash flows from operating leases	52.9			—
Financing cash flows from finance leases	—			4.0
Right of use assets obtained in exchange for new operating lease liability (noncash in millions)	30.2			—
Right of use assets obtained in exchange for new financing lease liability (noncash in millions)	—			8.2

Basis of Presentation, New Accounting Standards and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and related notes include our parent company and all wholly‑owned and majority‑owned subsidiaries and joint ventures where we exercise control. Our consolidated financial statements include the operations of an acquired business after the completion of the acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All intercompany transactions among our businesses have been eliminated.
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards We included below a description of recent new accounting standards that had an impact on the Company’s consolidated financial statements. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s consolidated financial statements or processes. Leases (Topic 842). In February 2016, ASU 2016-02 was issued. The primary objective of the new standard, which amended the previous lease guidance and included additional disclosures, was to increase transparency and comparability among organizations by recognizing all lease assets and lease liabilities on the balance sheet, including operating leases that under the previous standard were off-balance sheet. Topic 842 defines a lease as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. The Company adopted ASU 2016-02, including the related codification amendments, in the first quarter of 2019 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. We implemented the new standard using the package of practical expedients under the transition provisions that allowed us not to reassess whether a contract contains a lease, how the lease is classified and if initial direct costs can be capitalized. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related lease components and treat the combined items as a lease for accounting purposes. Lastly, we have elected not to recognize the lease asset and related lease liability for leases with a lease term of 12 months or less. As of the date of implementation on January 1, 2019, the impact of the adoption of the new lease standard resulted in the recognition of the right of use assets of $167.3 million and lease liability of $173.6 million on the Company’s consolidated balance sheet where the right of use assets are presented within "Identifiable intangible and other non-current assets" and lease liabilities within both "Accrued expenses and other current liabilities" and "Other long-term liabilities." The difference between the right of use assets and lease liabilities was primarily the result of accrued lease payments and cumulative lease prepayments, as well as the remaining balance of lease incentives received. Subsequently to the adoption, the impact on the Company's results of operations and cash flows was not material. Accounting Standards Issued But Not Yet Adopted We included below a description of recent new accounting standards that could have an impact on the Company’s consolidated financial statements once adopted. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements or processes. Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, ASU 2016-13 was issued, which replaces the incurred loss impairment model in current US GAAP with a model that reflects expected credit losses over the lifetime of the asset and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The guidance in this update, including the subsequent related codification amendments, will change how entities account for credit impairment from trade and other receivables, net investments arising from sales-type and direct financing leases, debt securities, purchased-credit impaired financial assets and other instruments in addition to loans. For receivables and certain other instruments that are not measured at fair value, entities will be required to estimate expected credit losses. Under the expected loss model, an entity recognizes a loss upon initial recognition of the asset that reflects all future events that will lead to a loss being realized, regardless of whether it is probable that the future event will occur. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 (including interim periods within those fiscal years). The Company will adopt ASU 2016-13, including the related codification amendments, as of January 1, 2020 utilizing the modified retrospective transition method. The Company is completing final changes to business processes and implementation of new controls that will support the new standard. Furthermore, the Company has substantially finalized the impact of adopting the standard on its consolidated financial statements. As of the date of implementation on January 1, 2020, it is expected that the new model will not have a significant impact to the consolidated balance sheet given the short-term nature of its receivables. The main driver of the consolidated impact at transition is related to the exclusion of freestanding credit enhancements when estimating the expected credit loss and estimating the lifetime credit losses of financing receivables. Subsequent to the adoption, the Company does not anticipate a material impact on its results.
Estimates and Assumptions	Estimates and Assumptions The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents Our cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value.
Accounts Receivable and Allowance for Bad Debt	Accounts Receivable and Allowance for Bad Debt We extend credit on an unsecured basis to most of our customers. Credit extension, monitoring and collection are performed for each of our business segments. Each business segment has a credit function that is responsible for establishing initial credit limits, approving limits changes from previously approved credit limits, as well as managing the overall quality of the credit portfolio. We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness, as determined by our review of our customer’s credit information. Accounts receivable payment terms are based on customer creditworthiness along with the contractual terms agreed to with our customers. Our accounts receivables credit terms are generally 30-60 days, although certain markets and customers may warrant longer payment terms. Accounts receivable balances that are not paid within the terms of the sales agreement are generally subject to finance fees, based on the outstanding balance. Although we analyze customers’ payment history and creditworthiness, we cannot predict with certainty that the customers to whom we extend credit will be able to remit payments on a timely basis, or at all. Because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected will ultimately need to be written off. The health of accounts receivable is continuously monitored, taking into consideration both the timeliness and predictability of collections and payments from our customers. We maintain a provision for estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that we have identified. Principally based on these factors, an internally derived risk-based reserve is established and applied to all accounts receivable portfolios, on a quarterly basis. Customer account balances that are deemed to be at high risk of collectability are reserved at higher rates than customer account balances which we deem expected to be collected without issue. Historical payment trends may not be an accurate indicator of current or future creditworthiness of our customers, particularly in difficult economic and financial markets. As a result of the limited predictability inherent in estimating which customers are less likely or unlikely to remit amounts owed to us, our provision for estimated credit losses may not be sufficient. Any write-off of accounts receivable in excess of our provision for credit losses would have an adverse effect on our results of operations. If credit losses exceed established allowances, our business, financial condition, results of operations and cash flows may be adversely affected.
Inventories	Inventories Inventories are valued primarily using weighted average cost, and first-in-first-out in certain limited locations, and are stated at the lower of average cost or net realizable value. We utilize a variety of fuel indices and other indicators of market value. Sharp negative changes in these indices can result in a reduction of our inventory valuation, which could have an adverse impact on our results of operations in the period in which we make the adjustment. These adjustments may have a material impact on our consolidated statements of operations. Components of inventory include fuel purchase costs, the related transportation costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship.
Business Combinations	Business Combinations We account for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. We calculate the fair value based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available to us at the time. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Fair Value of Financial Instruments	Fair Value of Financial Instruments We measure the fair value of financial instruments using observable and unobservable inputs. Observable inputs reflect what market participants would use in pricing the instrument, based on publicly available market data obtained from sources independent of us. Unobservable inputs are inputs for which market data are not available and reflect internal market assumptions. The accounting guidance establishes the following fair value hierarchy: Level 1 Inputs - Quoted prices in active markets. Level 2 Inputs - Quoted prices for similar instruments in active markets other than quoted prices included within Level 1, quoted prices for identical or similar instruments in markets that are not active; and model-based valuations whose inputs are observable. Level 3 Inputs - Inputs that are unobservable. Our policy is to recognize transfers between levels as of the beginning of the reporting period in which the event or change in circumstances caused the transfer to occur.
Derivatives	Derivatives We enter into financial derivative contracts 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 due to changes in foreign currency exchange rates. While we currently believe that our derivative contracts will be effective in mitigating the associated price risks, it is possible that our derivative instruments will be ineffective at mitigating material changes in prices, which could have an adverse impact on our financial position and results of operations. At the inception and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. Our derivative contracts are recognized at their estimated fair market value in accordance with the accounting guidance for fair value measurements. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and the underlying observable data. Measurement of the fair value of our derivatives also requires the assessment of certain risks related to non-performance, which requires a significant amount of judgment. The effect on our income before income taxes of a 10% change in the model input for non-performance risk would not be material to our consolidated statements of operations. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of revenue, cost of revenue or other income (expense), net (based on the underlying transaction type) in the consolidated statements of income and comprehensive income. Derivatives which qualify for hedge accounting may be designated as either a fair value or cash flow hedge. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the consolidated statements of income and comprehensive income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized as a component of other comprehensive income and subsequently reclassified into the same line item as the underlying forecasted transaction when both are settled or deemed probable of not occurring. Cash flows for our hedging instruments used in our hedges are classified in the same category as the cash flow from the hedged items. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument.
Property and Equipment	Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight‑line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long‑lived assets held and used by us are reviewed based on market factors and operational considerations for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Purchases of computer software are capitalized. External costs and certain internal costs directly associated with developing significant computer software applications for internal use are capitalized. Computer software costs are amortized using the straight‑line method over the estimated useful life of the software.
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets Goodwill arises because the purchase price paid reflects numerous factors, including the strategic fit and expected synergies these acquisitions bring to our existing operations. Goodwill is recorded at fair value and is reviewed at least annually at year-end (or more frequently under certain circumstances) for impairment. Goodwill is evaluated for impairment at the reporting unit level and is initially 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. Such events or circumstances could include a material adverse change in the markets where we operate, similar to the current conditions within the shipping and offshore markets, limited market volatility, which adversely impacts our supply and trading activities, among others. To determine whether goodwill is impaired, we would compare the fair value of the reporting units to which goodwill was assigned to their respective carrying values to measure the amount of goodwill impairment, if any. In calculating fair value, we use a combination of both an income and market approach as our primary indicator of fair value. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available to us at December 31, 2019 , including our annual operating plan, which is completed annually during the fourth quarter and is approved by our Board of Directors. Our estimates are considered supportable assumptions that we believe are reasonable based on information available to us at December 31, 2019, and are based on a number of factors including industry experience, internal benchmarks, and the economic environment. Our cash flow estimates are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions. If our annual operating plan is not achieved or if there are other variations to our estimates and assumptions, particularly in the expected growth rates and profitability embedded in our cash flow projections or the discount rate used, there is the potential for a partial or total impairment of the carrying amount of goodwill within one or more of our reporting units. If we are required to impair all or a substantial amount of the goodwill attributable to one or more of our reporting units, our financial results of operations and financial condition could be adversely affected. In connection with our acquisitions, we record identifiable intangible assets at fair value. The determination of the fair values of our identifiable intangible assets involves a significant amount of forecasting and other assumptions associated with recently acquired businesses for which we may not have as much historical information or trend data as we would for our existing businesses. Identifiable intangible assets subject to amortization are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We assess identifiable intangible assets not subject to amortization during the fourth quarter of each year for potential impairment. Our impairment analysis of our intangible assets not subject to amortization (primarily trademarks and/or trade names) generally involves the use of qualitative and quantitative analyses to estimate whether the estimated future cash flows generated as a result of these assets will be greater than or equal to the carrying value assigned to such assets.
Other Investments	Other InvestmentsOur other investments consist primarily of equity investments, net of basis adjustments. These investments are accounted for under the equity method as we own less than 50% of the entities and exercise significant influence over the investee, but do not have operational or financial control.
Revenue Recognition	Revenue Recognition The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, and transaction and payment management processing, are recognized over the contract period when services have been performed and we have the right to invoice for those services. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes.
Share-Based Payment Awards	Share‑Based Payment Awards We account for share‑based payment awards on a fair value basis. Under fair value accounting, the grant‑date fair value of the share‑based payment award is amortized as compensation expense, on a straight‑line basis, over the vesting period for both graded and cliff vesting awards. Annual compensation expense for share‑based payment awards is reduced by an expected forfeiture amount on outstanding share‑based payment awards. We utilize our historical forfeiture rates to calculate future expected forfeitures. These estimates can vary significantly from actual forfeiture rates experienced. Our estimated forfeiture rates have historically approximated actual forfeitures.
Foreign Currency	Foreign Currency The functional currency of our U.S. and foreign subsidiaries is the U.S. dollar, except for certain subsidiaries which utilize their respective local currency as their functional currency. Foreign currency transaction gains and losses are recognized upon settlement of foreign currency transactions. In addition, for unsettled foreign currency transactions, foreign currency translation gains and losses are recognized for changes between the transaction exchange rates and month‑end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying consolidated statements of income and comprehensive income in the period incurred. Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in accumulated other comprehensive income as a separate component of shareholders’ equity.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date. 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 our deferred tax assets, after recording the valuation allowance on our 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. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock. Diluted earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include restricted stock subject to forfeitable dividends, non‑vested RSUs and SSAR Awards. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities.
Leases	Leases We determine if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Assessing whether we have obtained the right to substantially all of the economic benefits and the ability to direct how, and for what purpose, the asset is used requires more judgment in storage arrangements where we must determine whether our rights to capacity may represent substantially all of the available capacity at a location. We account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities.

Basis of Presentation, New Accounting Standards and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [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):



	2019		2018		2017
Numerator:
Net income (loss) attributable to World Fuel	$	178.9	$	127.7	$	(170.2	)
Denominator:
Weighted average common shares for basic earnings per common share	66.1		67.4		68.1
Effect of dilutive securities	0.4		0.3		—
Weighted average common shares for diluted earnings per common share	66.5		67.7		68.1
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	1.4		1.2		1.4
Basic earnings (loss) per common share	$	2.71	$	1.89	$	(2.50	)
Diluted earnings (loss) per common share	$	2.69	$	1.89	$	(2.50	)

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Schedule of allowance for bad debt

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



	2019			2018			2017
Balance as of beginning of period	$	39.4		$	27.8		$	24.9
Charges to provision for bad debt	25.9			25.1			9.3
Write-off of uncollectible accounts receivable	(32.2		)	(16.2		)	(8.7		)
Recoveries of bad debt	2.4			2.9			2.0
Translation Adjustments	—			(0.1		)	0.3
Balance as of end of period	$	35.5		$	39.4		$	27.8

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of estimated purchase price allocation for the acquisition



(In millions)
Cash paid for acquisition of businesses, net of cash acquired	$	108.2
Cash and cash equivalents	4.5
Amounts due to sellers	0.7
Non-monetary consideration	4.2
Estimated purchase price	$	117.6

Assets acquired:
Cash and cash equivalents	$	4.5
Property and equipment	10.6
Goodwill and identifiable intangible assets	105.2
Other current and long-term assets	10.2

Liabilities assumed:
Accrued expenses and other current liabilities	(3.7		)
Long-term liabilities and deferred tax liabilities	(9.1		)
Estimated purchase price	$	117.6

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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



		Gross Derivative Assets					Gross Derivative Liabilities
		As of December 31,					As of December 31,
Derivative Instruments	Balance Sheet Location		2019		2018			2019		2018
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	—	$	168.5		$	—	$	122.5
	Identifiable intangible and other non-current assets		—		19.7			—		9.6
	Accrued expenses and other current liabilities		1.7		0.1			20.0		—
Total derivatives designated as hedging instruments			$	1.7	$	188.2		$	20.0	$	132.2

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net		$	65.7	$	537.6		$	7.2	$	429.0
	Identifiable intangible and other non-current assets		23.0		71.7			4.8		40.0
	Accrued expenses and other current liabilities		161.0		30.7			203.4		126.4
	Other long-term liabilities		7.7		12.9			19.7		40.4
			$	257.3	$	652.9		$	235.0	$	635.8

Foreign currency contracts	Short-term derivative assets, net		$	1.2	$	4.4		$	0.2	$	0.8
	Identifiable intangible and other non-current assets		—		0.1			—		—
	Accrued expenses and other current liabilities		0.9		0.1			11.4		0.4
			$	2.0	$	4.6		$	11.6	$	1.2
Total derivatives not designated as hedging instruments			$	259.4	$	657.5		$	246.6	$	637.0

Total derivatives			$	261.1	$	845.8		$	266.6	$	769.1

Schedule of fair value positions of derivative instruments



	As of December 31,
Derivative Instruments		Units	2019
Commodity contracts
Long		BBL	56.3
Short		BBL	(46.8	)

Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies		USD	(56.2	)
Buy U.S. dollar, sell other currencies		USD	345.3

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

As of December 31, 2019 and 2018, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges (in million):



Line item in the Consolidated Balance Sheets in which the hedged item is included	Carrying Amount of Hedged Asset/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	As of				As of
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Inventory	$	30.7	$	44.7	$	2.3	$	(6.6	)

Effect of fair value and cash flow hedges on income and expense

The following table presents the effect of fair value and cash flow hedges on income and expense line items in our Consolidated Statements of Income and Comprehensive Income (in millions):



		Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
		For the Twelve Months Ended December 31,
		2019						2018						2017
		Revenue			Cost of Revenue			Revenue			Cost of Revenue			Revenue			Cost of Revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded		$	36,819.0		$	35,707.0		$	39,750.3		$	38,731.8		$	33,695.5		$	32,763.3
Gains or Loss on fair value hedge relationships
Commodity contracts
	Hedged Item	—			18.1			—			(1.6		)	—			13.0
	Derivatives designated as hedging instruments	—			(16.1		)	—			0.5			—			(35.7		)
Gains or Loss on cash flow hedge relationships
Commodity contracts
	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(8.5		)	36.6			(23.5		)	45.5			(41.3		)	33.7
Total amount of income and expense line items excluding the impact of hedges		$	36,827.5		$	35,745.6		$	39,773.7		$	38,776.1		33,736.8			32,774.2

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 Year Ended										Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)	For the Year Ended
	December 31,											December 31,
Derivative Instruments		2019			2018			2017			Location		2019			2018			2017
Commodity contracts		$	(157.9	)	$	130.3		$	(7.8	)	Revenue		$	(8.5	)	$	(23.5	)	$	(41.3	)
Commodity contracts		160.6			(87.8		)	(0.1		)	Cost of revenue		36.6			45.5			33.7
Foreign Currency contracts		—			(1.1		)	—			Other Income (expense) net		—			(1.1		)	—
Total gain (loss)		$	2.7		$	41.5		$	(7.9	)	Total gain (loss)		$	28.1		$	20.9		$	(7.6	)

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



Amount of Realized and Unrealized Gain (Loss)		For the Year Ended
		December 31,
Derivative Instruments - Non-designated	Location		2019			2018			2017
Commodity contracts
	Revenue		$	269.5		$	147.6		$	(0.5	)
	Cost of revenue		(221.8		)	(119.8		)	62.3
			$	47.7		$	27.8		$	61.8
Foreign currency contracts
	Revenue		$	(0.3	)	$	1.4		$	(3.2	)
	Other (expense) income, net		(0.5		)	5.3			(7.8		)
			$	(0.7	)	$	6.7		$	(11.0	)
Total gain			$	46.9		$	34.5		$	50.8

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 December 31,
		2019		2018
Net derivative liability positions with credit contingent features		$	45.6	$	7.2
Maximum potential collateral requirements		$	45.6	$	7.2

- 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.

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+ Details

Restructuring (Tables)

12 Months Ended

Dec. 31, 2019

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table provides a summary of our restructuring activities (in millions):



	Aviation			Land			Marine			Corporate			Consolidated
Balance as of December 31, 2017	0.7			25.0			1.3			5.0			32.0
Restructuring related costs	1.6			6.5			4.5			4.5			17.1
Paid during the period	(0.8		)	(18.9		)	(3.3		)	(5.5		)	(28.5		)
Balance as of December 31, 2018	1.4			12.6			2.6			4.0			20.7
Restructuring related costs	$	1.2		$	4.4		$	1.2		$	13.0		$	19.7
Paid during the period	(2.1		)	(9.6		)	(2.4		)	(16.8		)	(30.8		)
Restructuring charges as of December 31, 2019	$	0.5		$	7.5		$	1.3		$	0.2		$	9.5

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

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



	As of December 31,				Estimated
	2019		2018		Useful Lives
Land	$	22.3	$	27.3	Indefinite
Buildings and leasehold improvements	84.8		81.0		3 - 40 years
Office equipment, furniture and fixtures	16.9		20.6		3 - 7 years
Computer equipment and software costs	261.4		194.7		3 - 9 years
Machinery, equipment and vehicles	269.3		276.7		3 - 40 years
	654.8		600.3
Accumulated depreciation and amortization	293.9		249.9
	$	360.9	$	350.3

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

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



	As of December 31,
	2019		2018
Computer software costs	$	169.9	$	115.6
Accumulated amortization	110.0		91.2
Computer software costs, net	$	59.9	$	24.5

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

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



	Aviation Segment			Land Segment ⁽¹⁾			Total
As of December 31, 2017	$	326.9		$	518.5		$	845.5
2018 acquisitions	—			13.4			13.4
Adjustment of purchase price allocations	(2.2		)	4.5			2.3
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.8		)	(6.7		)	(8.4		)
As of December 31, 2018	322.9			529.7			852.7
Adjustment for sale of business	—			(13.3		)	(13.3		)
Foreign currency translation of non-USD functional currency subsidiary goodwill	0.7			3.6			4.3
As of December 31, 2019	$	323.6		$	520.1		$	843.7

⁽¹⁾ At December 31, 2019, $455.5 million of the land segment's goodwill amount relates to the land reporting unit.

Schedule of intangible assets subject to amortization

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



	As of December 31, 2019						As of December 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Intangible assets subject to amortization:
Customer relationships	$	382.0	$	226.5	$	155.5	$	373.8	$	198.7	$	175.1
Supplier agreements	39.0		19.8		19.2		39.0		17.6		21.4
Others	40.1		33.5		6.6		40.0		30.5		9.5
	461.1		279.8		181.3		452.8		246.8		206.0
Intangible assets not subject to amortization:
Trademark/trade name rights	40.4				40.4		39.4				39.4
	$	501.5	$	279.8	$	221.7	$	492.2	$	246.8	$	245.4

⁽¹⁾ Includes the impact of foreign exchange

Schedule of intangible assets not subject to amortization

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



	As of December 31, 2019						As of December 31, 2018
	Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net		Gross Carrying Amount		Accumulated Amortization ⁽¹⁾		Net
Intangible assets subject to amortization:
Customer relationships	$	382.0	$	226.5	$	155.5	$	373.8	$	198.7	$	175.1
Supplier agreements	39.0		19.8		19.2		39.0		17.6		21.4
Others	40.1		33.5		6.6		40.0		30.5		9.5
	461.1		279.8		181.3		452.8		246.8		206.0
Intangible assets not subject to amortization:
Trademark/trade name rights	40.4				40.4		39.4				39.4
	$	501.5	$	279.8	$	221.7	$	492.2	$	246.8	$	245.4

⁽¹⁾ Includes the impact of foreign exchange

Schedule of future estimated amortization of identifiable intangible assets

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



Year Ended December 31,
2020	$	31.5
2021	29.1
2022	27.6
2023	19.4
2024	18.0
Thereafter	55.7
	$	181.3

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

12 Months Ended

Dec. 31, 2019

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

Schedule of debt

Our debt consisted of the following (in millions):



	As of December 31,
	2019		2018
Credit Facility	$	55.0	$	170.0
Term Loans	515.6		514.8
Finance leases	18.7		13.8
Other*	39.5		2.3
Total debt	628.8		701.0
Current maturities of long-term debt and finance leases*	54.1		41.1
Long-term debt	$	574.7	$	659.9

*Includes secured borrowing of $37.3 million (EUR 33.6 million) for the transfer of tax receivables.

Schedule of aggregate annual maturities of debt

As of December 31, 2019, the aggregate annual maturities of debt are as follows (in millions):



Year Ended December 31,
2020	$	54.1
2021	23.5
2022	29.7
2023	29.0
2024	489.9
Thereafter	2.6
	$	628.8

Schedule of interest expense and other financing costs, net

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



	2019			2018			2017
Interest income	$	6.2		$	3.9		$	6.0
Interest expense and other financing costs	(80.0		)	(74.8		)	(66.3		)
	$	(73.9	)	$	(71.0	)	$	(60.3	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

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

As of December 31, 2019, the approximate future minimum commitments under these agreements, excluding discretionary and performance bonuses, are as follows (in millions):



Year Ended December 31,
2019	$	0.9

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of outstanding awards issued pursuant to plans



Plan name	Restricted Stock	RSUs	SSAR Awards	Remaining shares of common stock available for future issuance
2016 Plan (1)	—	0.8	2.1	2.9
2006 Plan (2)	—	0.4	0.1	—

(1)As of December 31, 2019, unvested RSUs will vest between February 2020 and August 2023 and the outstanding SSAR Awards will expire between March 2023 and March 2025.

Schedule of unvested restricted stock outstanding



	Unvested Restricted Stock	Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
As of December 31, 2016	1.2	$	43.10	$	55.7	0.8
Granted	—	—
Vested	(0.2)	43.69
Forfeited	(0.7)	41.50
As of December 31, 2017	0.3	45.80		9.7		0.9
Granted	—	—
Vested	(0.2)	47.48
Forfeited	(0.1)	44.77
As of December 31, 2018	0.1	43.63		1.4		1.0
Granted	—	—
Vested	—	45.35
Forfeited	—	51.47
As of December 31, 2019	—	$	41.56	$	1.3	0.7

Schedule of RSUs



RSUs Outstanding
	RSUs	Weighted Average Grant date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2016	1.2	$	43.28	$	55.7	1.6
Granted	0.6	37.74
Vested	(0.2)	43.06
Forfeited	(0.1)	42.43
As of December 31, 2017	1.6	41.01		43.9		1.4
Granted	0.2	22.02
Vested	(0.3)	46.31
Forfeited	(0.2)	41.17
As of December 31, 2018	1.3	37.17		28.3		1.0
Granted	0.3	29.69
Vested	(0.4)	37.34
Forfeited	(0.1)	39.86
As of December 31, 2019	1.2	$	32.50	$	53.2	0.9

Schedule of outstanding and exercisable SSAR Awards



	SSAR Awards Outstanding						SSAR Awards Exercisable
	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2016	0.3	$	44.97	$	0.3	2.4	0.2	$	42.15	$	0.7	1.3
Granted	0.4	36.31
Exercised	—	—
Forfeited	—	—
As of December 31, 2017	0.7	40.27		—		3.0	0.2	42.76		—		0.4
Granted	1.2	27.08
Exercised	—	—
Forfeited	(0.4)	38.53
As of December 31, 2018	1.5	29.75		—		4.0	—	57.48		—		1.2
Granted	0.7	29.68
Exercised	—	—
Forfeited	—	$	—
As of December 31, 2019	2.2	$	29.72	$	31.3	3.4	0.1	$	50.12	$	—	1.1

Schedule of unrecognized compensation cost

The unrecognized compensation cost as of December 31, 2019 is expected to be recognized as compensation expense over a weighted average period of 0.9 years as follows (in millions):



Year Ended December 31,
2020	$	16.2
2021	7.2
2022	1.1
2023	—
2024	—
	$	24.6

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



	Foreign Currency Translation Adjustments			Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2017	$	(118.8	)	$	(7.7	)	$	(126.5	)
Other comprehensive income (loss)	(27.3		)	21.0			(6.3		)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	1.2			—			1.2
Balance as of December 31, 2018	(145.0		)	13.3			(131.7		)
Other comprehensive income (loss)	8.2			(25.5		)	(17.3		)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	2.7			—			2.7
Balance as of December 31, 2019	$	(134.1	)	$	(12.2	)	$	(146.3	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

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

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



	2019			2018			2017
United States	$	(59.1	)	$	(63.6	)	$	(152.3	)
Foreign	296.4			248.5			131.2
	$	237.3		$	184.9		$	(21.1	)

Schedule of components of income tax provision (benefit)

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



	2019			2018			2017
Current:
U.S. federal statutory tax	$	(4.0	)	$	8.2		$	94.6
State	1.6			(1.6		)	5.6
Foreign	35.9			46.3			34.2
	33.5			52.9			134.4
Deferred:
U.S. federal statutory tax	11.0			4.0			15.1
State	4.6			(6.2		)	8.9
Foreign	(12.2		)	(1.0		)	(10.0		)
	3.4			3.2			13.9
Non-current tax expense (income)	19.3			6.2			0.9
	$	56.2		$	55.9		$	149.2

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

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



	2019		2018		2017
U.S. federal statutory tax rate	21.0	%	21.0	%	35.0	%
Foreign earnings, net of foreign taxes	(13.8	)	(11.6	)	245.4
State income taxes, net of U.S. federal income tax benefit	2.2		(3.3	)	(51.8	)
U.S. tax on deemed dividends	0.9		(0.4	)	(14.0	)
Tax Act - Transition Tax	0.5		0.7		(704.3	)
Tax Reform - GILTI	6.0		9.7		—
Tax Reform - BEAT	0.1		2.8		—
Deferred tax impact on foreign unrepatriated earnings	0.5		(1.0	)	(65.5	)
Goodwill impairment	—		—		(81.5	)
Uncertain tax positions	8.2		3.4		(4.1	)
Foreign currency adjustments	(6.1	)	2.2		(0.7	)
Intercompany interest transfer pricing adjustment	1.4		1.5		—
Tax authority settlements	—		—		(10.0	)
Nontaxable interest income	(2.3	)	(2.7	)	36.9
Nondeductible interest expense	1.8		—		(12.6	)
Valuation allowance	1.2		3.0		(19.6	)
Other permanent differences	2.4		5.0		(60.4	)
Effective income tax rate	23.7	%	30.2	%	(707.1	)%

Schedule of net deferred tax liabilities

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



	As of December 31,
	2019			2018
Gross Deferred Tax Assets:
Bad debt reserve	$	4.2		$	4.7
Net operating loss	40.1			33.7
Accrued and other share-based compensation	27.1			23.2
Accrued expenses	6.0			10.2
U.S. foreign income tax credits	3.0			2.3
Other income tax credits	0.2			0.2
Customer deposits	3.1			3.1
Investments	1.9			1.9
Cash flow hedges	3.9			—
Other	0.7			—
Total gross deferred tax assets	90.1			79.4
Less: Valuation allowance	32.5			24.3
Gross deferred tax assets, net of valuation allowance	57.6			55.1
Deferred Tax Liabilities:
Depreciation	(11.7		)	(11.2		)
Goodwill and intangible assets	(53.5		)	(47.5		)
Unrealized foreign exchange	(6.3		)	(4.5		)
Prepaid expenses, deductible for tax purposes	(4.2		)	(3.9		)
Deferred tax costs on foreign unrepatriated earnings	(12.0		)	(11.3		)
Unrealized derivatives	(3.8		)	(4.1		)
Cash flow hedges	—			(2.5		)
Other	—			(3.5		)
Total gross deferred tax liabilities	(91.6		)	(88.5		)
Net deferred tax liability	$	34.0		$	33.4
Net deferred tax asset	—			—
Reported on the consolidated balance sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	20.7		$	11.4

Non-current income tax liabilities, net of deferred tax liabilities, non-current	$	54.1		$	44.8

Schedule of expiration of NOL carryforward

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



Net Operating Loss	Expiration Date	Deferred Tax Asset
US States	2020-2039	$	11.2
US States	Indefinite	$	2.5
Foreign	2020-2039	$	3.1
Foreign	Indefinite	$	23.3
	Total	$	40.1

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

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



	2019			2018			2017
Gross Unrecognized Tax Liabilities – opening balance	$	57.0		$	58.8		$	62.2
Gross increases – tax positions in prior period	12.2			3.6			10.9
Gross decreases – tax positions in prior period	(13.5		)	(10.6		)	—
Gross increases – tax positions in current period	14.9			11.5			10.7
Gross decreases – tax positions in current period	—			—			—
Settlements	(1.4		)	(1.5		)	(23.0		)
Lapse of statute of limitations	(2.7		)	(4.8		)	(2.1		)
Gross Unrecognized Tax Liabilities – ending balance	$	66.5		$	57.0		$	58.8

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

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



	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
Denmark	2013 - 2015	2016 - 2019
South Korea	2011 - 2014	2015 - 2019
United Kingdom	2017	2018 - 2019
Other non-U.S.	None	2014 - 2019

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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

The following table presents information about our gross assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in millions):



	Fair Value Measurements as of December 31, 2019
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	148.3	$	100.0	$	10.7	$	259.0
Foreign currency contracts		—		2.0		—		2.0
Cash surrender value of life insurance		—		9.4		—		9.4
Total assets at fair value		$	148.3	$	111.4	$	10.7	$	270.4

Liabilities:
Commodities contracts		$	177.6	$	69.3	$	8.1	$	255.0
Foreign currency contracts		—		11.6		—		11.6
Total liabilities at fair value		$	177.6	$	80.9	$	8.1	$	266.6



	Fair Value Measurements as of December 31, 2018
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	585.6	$	254.6	$	0.9	$	841.2
Foreign currency contracts		—		4.6		—		4.6
Cash surrender value of life insurance		—		6.3		—		6.3
Total assets at fair value		$	585.6	$	265.6	$	0.9	$	852.1

Liabilities:
Commodities contracts		$	556.5	$	211.2	$	0.2	$	767.9
Foreign currency contracts		—		1.2		—		1.2
Total liabilities at fair value		$	556.5	$	212.4	$	0.2	$	769.1

Schedule of commodity derivative assets subject to the right of offset



	Fair Value as of December 31, 2019
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts		$	259.0	$	130.0	$	129.0	$	—	$	—	$	129.0
Foreign currency contracts		2.0		1.0		1.0		—		—		1.0
Total assets at fair value		$	261.1	$	131.1	$	130.0	$	—	$	—	$	130.0

Liabilities:
Commodities contracts		$	255.0	$	130.0	$	125.0	$	29.3	$	—	$	95.7
Foreign currency contracts		11.6		1.0		10.5		—		—		10.5
Total liabilities at fair value		$	266.6	$	131.1	$	135.5	$	29.3	$	—	$	106.3



	Fair Value as of December 31, 2018
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts		$	841.2	$	646.0	$	195.1	$	3.0	$	—	$	192.1
Foreign currency contracts		4.6		0.9		3.7		—		—		3.7
Total assets at fair value		$	845.8	$	647.0	$	198.8	$	3.0	$	—	$	195.8

Liabilities:
Commodities contracts		$	767.9	$	646.0	$	121.9	$	—	$	—	$	121.9
Foreign currency contracts		1.2		0.9		0.3		—		—		0.3
Total liabilities at fair value		$	769.1	$	647.0	$	122.2	$	—	$	—	$	122.2

Schedule of commodity derivative liabilities subject to the right of offset



	Fair Value as of December 31, 2019
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts		$	259.0	$	130.0	$	129.0	$	—	$	—	$	129.0
Foreign currency contracts		2.0		1.0		1.0		—		—		1.0
Total assets at fair value		$	261.1	$	131.1	$	130.0	$	—	$	—	$	130.0

Liabilities:
Commodities contracts		$	255.0	$	130.0	$	125.0	$	29.3	$	—	$	95.7
Foreign currency contracts		11.6		1.0		10.5		—		—		10.5
Total liabilities at fair value		$	266.6	$	131.1	$	135.5	$	29.3	$	—	$	106.3



	Fair Value as of December 31, 2018
		Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts


Assets:
Commodities contracts		$	841.2	$	646.0	$	195.1	$	3.0	$	—	$	192.1
Foreign currency contracts		4.6		0.9		3.7		—		—		3.7
Total assets at fair value		$	845.8	$	647.0	$	198.8	$	3.0	$	—	$	195.8

Liabilities:
Commodities contracts		$	767.9	$	646.0	$	121.9	$	—	$	—	$	121.9
Foreign currency contracts		1.2		0.9		0.3		—		—		0.3
Total liabilities at fair value		$	769.1	$	647.0	$	122.2	$	—	$	—	$	122.2

Business Segments, Geographic Information and Major Customers (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

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

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



	For the Year Ended December 31,
	2019			2018			2017
Revenue:
Aviation segment	$	18,479.5		$	19,119.7		$	14,538.2
Land segment	10,280.9			11,381.1			10,958.0
Marine segment	8,058.5			9,249.5			8,199.3
	$	36,819.0		$	39,750.3		$	33,695.5
Gross profit:
Aviation segment	$	551.6		$	507.8		$	440.5
Land segment	378.9			364.9			365.8
Marine segment	181.5			145.8			126.0
	$	1,112.0		$	1,018.5		$	932.2
Income from operations:⁽¹⁾⁽²⁾
Aviation segment	$	283.9		$	250.6		$	192.9
Land segment	55.0			47.8			(7.9		)
Marine segment	67.1			37.8			(57.8		)
	406.1			336.3			127.2
Corporate overhead - unallocated	(106.4		)	(76.6		)	(81.6		)
	$	299.7		$	259.7		$	45.6
Depreciation and amortization:
Aviation segment	$	28.5		$	27.5		$	26.8
Land segment	48.0			46.5			49.8
Marine segment	4.5			2.2			5.8
Corporate	6.4			5.3			3.5
	$	87.4		$	81.5		$	86.0
Capital expenditures:
Aviation segment	$	23.0		$	19.7		$	12.3
Land segment	26.9			30.9			21.0
Marine segment	28.3			2.9			1.5
Corporate	2.7			18.8			19.1
	$	80.9		$	72.3		$	54.0


(1)	Includes $19.7 million, $17.1 million and $52.4 million of restructuring charges for the years ended December 31, 2019, 2018 and 2017, respectively.

(2)

Includes a $79.1 million impairment charge attributable to the impairment of goodwill and other long term assets, and $1.4 million of restructuring charges in 2017.

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 December 31,
	2019		2018
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $14.6 and $17.7 as of December 31, 2019 and December 31, 2018, respectively	$	1,098.2	$	992.2
Land segment, net of allowance for bad debt of $2.8 and $2.7 as of December 31, 2019 and December 31, 2018, respectively	863.2		846.1
Marine segment, net of allowance for bad debt of $18.0 and $19.0 as of December 31, 2019 and December 31, 2018, respectively	930.5		901.2
	$	2,891.9	$	2,739.6
Total assets:
Aviation segment	$	2,416.5	$	2,261.0
Land segment	2,089.4		2,178.1
Marine segment	1,189.7		1,124.2
Corporate	296.8		113.6
	$	5,992.4	$	5,676.9

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



	For the Year ended December 31,
	2019		2018		2017
Revenue:
United States	$	19,365.2	$	20,555.5	$	17,938.0
EMEA (1) (3)	9,235.1		9,721.9		7,553.3
Asia Pacific (2) (3)	4,581.1		5,537.2		4,923.0
Americas, excluding United States	3,637.6		3,935.6		3,281.2
Total	$	36,819.0	$	39,750.3	$	33,695.5



	As of December 31,
	2019		2018
Property and equipment, net:
United States	$	173.0	$	175.1
EMEA	135.7		124.5
Asia Pacific	44.2		7.5
Americas, excluding United States	8.0		43.1
Total	$	360.9	$	350.3


(1)	Includes revenue related to the U.K. of $5.5 billion, $6.3 billion and $5.0 billion for 2019, 2018 and 2017, respectively.


(2)	Includes revenue related to Singapore of $4.5 billion, $5.4 billion and $4.8 billion for 2019, 2018 and 2017, respectively.


(3)	Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at Note 15. Revenue.

Summary Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Summary Quarterly Information (Unaudited)

The following is a summary of the unaudited quarterly results for 2019 and 2018 (in millions, except earnings per share data):



	March 31,		June 30,		September 30,		December 31,
	2019		2019		2019		2019
Revenue	$	8,678.8	$	9,459.4	$	9,322.7	$	9,358.1
Gross profit	$	251.1	$	268.6	$	305.7	$	286.6
Net income including noncontrolling interest	$	37.3	$	37.6	$	49.4	$	56.8
Net income attributable to World Fuel	$	37.2	$	37.0	$	48.2	$	56.5
Basic earnings per common share (1)	$	0.55	$	0.56	$	0.74	$	0.86
Diluted earnings per common share (1)	$	0.55	$	0.55	$	0.73	$	0.86



	March 31,		June 30,		September 30,		December 31,
	2018		2018		2018		2018
Revenue	$	9,181.3	$	10,150.8	$	10,429.5	$	9,988.6
Gross profit	$	243.4	$	246.2	$	266.7	$	262.2
Net income including noncontrolling interest	$	31.3	$	29.2	$	38.7	$	29.8
Net income attributable to World Fuel	$	31.2	$	28.7	$	38.2	$	29.6
Basic earnings per common share (1)	$	0.46	$	0.42	$	0.57	$	0.44
Diluted earnings per common share (1)	$	0.46	$	0.42	$	0.56	$	0.44

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue disaggregated by major geographic areas



	For the For the Year ended December 31,
	2019		2018		2017
Aviation	$	1,410.2	$	1,564.6	$	1,086.8
Land	18.2		3.3		3.0
Marine	2,929.2		3,552.1		3,347.0
Asia Pacific	$	4,357.7	$	5,120.1	$	4,436.8

Aviation	$	3,824.3	$	3,641.4	$	2,532.1
Land	2,425.4		2,563.6		2,290.7
Marine	2,739.1		3,148.3		2,605.2
EMEA	$	8,988.9	$	9,353.4	$	7,428.1

Aviation	$	2,347.1	$	1,931.6	$	1,365.5
Land	612.4		631.8		705.6
Marine	678.1		610.2		548.8
LATAM	$	3,637.7	$	3,173.6	$	2,619.8

Aviation	$	10,933.0	$	12,025.7	$	9,644.5
Land	7,017.0		8,038.0		7,912.8
Marine	1,415.2		1,480.5		1,063.3
North America	$	19,365.1	$	21,544.2	$	18,620.6

Other revenues (excluded from ASC 606)	$	469.6	$	559.0	$	590.2

	$	36,819.0	$	39,750.3	$	33,695.5

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease costs and other information related to leases

For the twelve months ended December 31, 2019, we recognized the following total lease cost related to our lease arrangements (in millions):



	For the Twelve months ended
	December 31, 2019
Finance lease cost:
Amortization of right-of-use assets	$	4.2
Interest on lease liabilities	0.5
Operating lease cost	53.2
Short-term lease cost	18.3
Variable lease cost	5.0
Sublease income	(11.4		)
Total lease cost	$	69.6

Other information related to leases as of December 31, 2019:



	Operating Leases			Finance Leases
Weighted-average remaining lease term (years)	6.5			5.6
Weighted-average discount rate	5.9		%	3.2		%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	—		$	0.5
Operating cash flows from operating leases	52.9			—
Financing cash flows from finance leases	—			4.0
Right of use assets obtained in exchange for new operating lease liability (noncash in millions)	30.2			—
Right of use assets obtained in exchange for new financing lease liability (noncash in millions)	—			8.2

Remaining lease payments

As of December 31, 2019, our remaining lease payments were as follows (in millions):



	Operating Leases		Finance Leases
2020	$	43.7	$	4.8
2021	35.6		3.8
2022	29.0		3.5
2023	22.9		2.8
2024	16.3		1.8
Thereafter	50.1		3.8
Total remaining lease payments (undiscounted)	197.6		20.4
Less: imputed interest	37.2		1.7
Present value of lease liabilities	$	160.3	$	18.7

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



	As of December 31,
	2019		2018
Finance leases	$	32.6	$	30.9
Accumulated amortization	14.8		18.4
Finance leases, net	$	17.8	$	12.4

Remaining lease payments

As of December 31, 2019, our remaining lease payments were as follows (in millions):



	Operating Leases		Finance Leases
2020	$	43.7	$	4.8
2021	35.6		3.8
2022	29.0		3.5
2023	22.9		2.8
2024	16.3		1.8
Thereafter	50.1		3.8
Total remaining lease payments (undiscounted)	197.6		20.4
Less: imputed interest	37.2		1.7
Present value of lease liabilities	$	160.3	$	18.7

Future minimum lease payments under non-cancelable operating leases

As of December 31, 2018, our future minimum lease payments under noncancelable operating leases were as follows (in millions):



Year Ended December 31,
2019	$	50.7
2020	37.1
2021	30.7
2022	23.7
2023	17.8
Thereafter	48.5
Total future minimum lease payments under noncancelable operating leases	$	208.6

Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases (in millions):



	Classification	As of December 31, 2019
Assets
Operating Lease Assets	Identifiable intangible and other non-current assets	$	153.7
Finance Lease Assets	Property and equipment, net	17.8

Liabilities
Operating Lease Liability - Current	Accrued expenses and other current liabilities	35.6
Operating Lease Liability - Long Term	Other long-term liabilities	124.7
Finance Lease Liability - Current	Current maturities of long-term debt	4.3
Finance Lease Liability - Long Term	Long-term debt	14.4

Basis of Presentation, New Accounting Standards and Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended								12 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss) attributable to World Fuel			$ 56.5	$ 48.2	$ 37.0	$ 37.2	$ 29.6	$ 38.2	$ 28.7	$ 31.2	$ 178.9	$ 127.7	$ (170.2)
Diluted earnings per common share (in dollars per share)			$ 0.86	$ 0.73	$ 0.55	$ 0.55	$ 0.44	$ 0.56	$ 0.42	$ 0.46	$ 2.69	$ 1.89	$ (2.50)
Income from operations											$ 299.7	$ 259.7	$ 45.6
Other investments			$ 85.1				$ 73.7				85.1	$ 73.7
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets														$ 167.3
Lease liabilities														$ 173.6
Recognized From Prior Period
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income from operations		$ 3.4
Income from operations, net of tax		2.3
Pro Forma
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income (loss) attributable to World Fuel											$ 169.9
Diluted earnings per common share (in dollars per share)											$ 2.56
Discrete tax benefit, prior year foreign tax return	$ 3.5	$ 3.2									$ 6.6

Basis of Presentation, New Accounting Standards and Significant Accounting Policies - Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income (loss) attributable to World Fuel									$ 178.9	$ 127.7	$ (170.2)
Denominator:
Weighted average common shares for basic earnings per common share (in shares)									66.1	67.4	68.1
Effect of dilutive securities (in shares)									0.4	0.3	0.0
Weighted average common shares for diluted earnings per common share (in shares)									66.5	67.7	68.1
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)									1.4	1.2	1.4
Basic earnings (loss) per common share (in dollars per share)	$ 0.86	$ 0.74	$ 0.56	$ 0.55	$ 0.44	$ 0.57	$ 0.42	$ 0.46	$ 2.71	$ 1.89	$ (2.50)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.86	$ 0.73	$ 0.55	$ 0.55	$ 0.44	$ 0.56	$ 0.42	$ 0.46	$ 2.69	$ 1.89	$ (2.50)

- Definition

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

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net of allowance				$ 2,891.9	$ 2,739.6
Activities in allowance for bad debt
Account receivable sold	$ 405.9	$ 508.2
Fees and interest paid under RPA	25.9	19.9	$ 12.4
Accounts receivable sold under repurchase agreement	8,200.0	7,900.0	6,100.0
Amount collected of accounts receivables under repurchase agreement	8,200.0	7,900.0	5,900.0
Maximum
Activities in allowance for bad debt
Sale price of receivables, percentage of sold amount				100.00%
LIBOR \| Minimum
Activities in allowance for bad debt
Receivable, basis spread on variable rate				1.00%
LIBOR \| Maximum
Activities in allowance for bad debt
Receivable, basis spread on variable rate				3.00%
Allowance for bad debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for bad debt	39.4	27.8	24.9	$ 35.5	$ 39.4
Activities in allowance for bad debt
Balance as of beginning of period	39.4	27.8	24.9
Charges to provision for bad debt	25.9	25.1	9.3
Write-off of uncollectible accounts receivable	(32.2)	(16.2)	(8.7)
Recoveries of bad debt	2.4	2.9	2.0
Translation Adjustments	0.0	(0.1)	0.3
Balance as of end of period	$ 35.5	$ 39.4	$ 27.8

Acquisitions and Divestitures Acquisitions and Divestitures - 2018 Narrative (Details)	12 Months Ended
	Dec. 31, 2018 acquisition
Acquisitions 2018
Business Acquisition [Line Items]
Number of business acquired	1

Acquisitions and Divestitures - 2017 Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) acquisition	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 845.5	$ 843.7	$ 852.7
Aviation segment
Business Acquisition [Line Items]
Goodwill	326.9	323.6	322.9
Land segment
Business Acquisition [Line Items]
Goodwill	$ 518.5	$ 520.1	$ 529.7
Acquisitions 2017
Business Acquisition [Line Items]
Number of business acquired \| acquisition	5
Goodwill	$ 63.5
Goodwill anticipated to be deductible for tax purposes	29.5
Acquisitions 2017 \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 41.7
Weighted average amortizable lives of identifiable intangible assets	8 years
Acquisitions 2017 \| Aviation segment
Business Acquisition [Line Items]
Goodwill	$ 51.3
Acquisitions 2017 \| Land segment
Business Acquisition [Line Items]
Goodwill	$ 12.2

Acquisitions and Divestitures - 2017 Purchase Price Allocation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Cash paid for acquisition of businesses, net of cash acquired	$ 0.0	$ 21.3	$ 120.7
Acquisitions 2017
Business Acquisition [Line Items]
Cash paid for acquisition of businesses, net of cash acquired			108.2
Cash and cash equivalents			4.5
Amounts due to sellers			0.7
Non-monetary consideration			4.2
Estimated purchase price			117.6
Assets acquired:
Cash and cash equivalents			4.5
Property and equipment			10.6
Goodwill and identifiable intangible assets			105.2
Other current and long-term assets			10.2
Liabilities assumed:
Accrued expenses and other current liabilities			(3.7)
Long-term liabilities and deferred tax liabilities			(9.1)
Purchase price			$ 117.6

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 261.1	$ 845.8
Gross Derivative Liabilities	266.6	769.1
Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	259.0	841.2
Gross Derivative Liabilities	255.0	767.9
Foreign currency contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	2.0	4.6
Gross Derivative Liabilities	11.6	1.2
Derivatives designated as hedging instruments \| Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	1.7	188.2
Gross Derivative Liabilities	20.0	132.2
Derivatives designated as hedging instruments \| Commodity contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	168.5
Gross Derivative Liabilities	0.0	122.5
Derivatives designated as hedging instruments \| Commodity contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	19.7
Gross Derivative Liabilities	0.0	9.6
Derivatives designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	1.7	0.1
Gross Derivative Liabilities	20.0	0.0
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	259.4	657.5
Gross Derivative Liabilities	246.6	637.0
Derivatives not designated as hedging instruments \| Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	257.3	652.9
Gross Derivative Liabilities	235.0	635.8
Derivatives not designated as hedging instruments \| Commodity contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	65.7	537.6
Gross Derivative Liabilities	7.2	429.0
Derivatives not designated as hedging instruments \| Commodity contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	23.0	71.7
Gross Derivative Liabilities	4.8	40.0
Derivatives not designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	161.0	30.7
Gross Derivative Liabilities	203.4	126.4
Derivatives not designated as hedging instruments \| Commodity contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	7.7	12.9
Gross Derivative Liabilities	19.7	40.4
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
Gross Derivative Assets	2.0	4.6
Gross Derivative Liabilities	11.6	1.2
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	1.2	4.4
Gross Derivative Liabilities	0.2	0.8
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	0.1
Gross Derivative Liabilities	0.0	0.0
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.9	0.1
Gross Derivative Liabilities	$ 11.4	$ 0.4

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) bbl
Long \| Commodity contracts
Derivative [Line Items]
Notional value of commodity contracts \| bbl	56.3
Long \| Foreign currency contracts \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency contracts \| $	$ 345.3
Short \| Commodity contracts
Derivative [Line Items]
Notional value of commodity contracts \| bbl	46.8
Short \| Foreign currency contracts \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency contracts \| $	$ 56.2

Derivative Instruments - Effect on Income (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Hedged Asset/(Liabilities)	$ 30,700,000				$ 44,700,000				$ 30,700,000	$ 44,700,000
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)	2,300,000				(6,600,000)				2,300,000	(6,600,000)
Gain (loss) on derivative
Revenue	9,358,100,000	$ 9,322,700,000	$ 9,459,400,000	$ 8,678,800,000	9,988,600,000	$ 10,429,500,000	$ 10,150,800,000	$ 9,181,300,000	36,819,000,000.0	39,750,300,000	$ 33,695,500,000
Cost of revenue									35,707,000,000.0	38,731,800,000	32,763,300,000
Derivative, credit-risk related contingent features
Net derivative liability positions with credit contingent features	45,600,000				7,200,000				45,600,000	7,200,000
Maximum potential collateral requirements	45,600,000				7,200,000				45,600,000	7,200,000
Collateral posted	$ 0				$ 0				0	0
Derivatives designated as hedging instruments
Gain (loss) on derivative
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)									2,700,000	41,500,000
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)									28,100,000	20,900,000
Derivatives designated as hedging instruments \| Cash flow hedges
Gain (loss) on derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)											(7,600,000)
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)											(7,900,000)
Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)									46,900,000	34,500,000	50,800,000
Revenue
Gain (loss) on derivative
Revenue									36,819,000,000.0	39,750,300,000	33,695,500,000
Total amount of income and expense line items excluding the impact of hedges, Revenue									36,827,500,000	39,773,700,000	33,736,800,000
Cost of revenue
Gain (loss) on derivative
Cost of revenue									35,707,000,000.0	38,731,800,000	32,763,300,000
Total amount of income and expense line items excluding the impact of hedges, Cost of revenue									35,745,600,000	38,776,100,000	32,774,200,000
Commodity contracts \| Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)									47,700,000	27,800,000	61,800,000
Commodity contracts \| Revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Items									0
Realized and Unrealized Gain (Loss) on Derivative Instruments									0
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income									(8,500,000)
Commodity contracts \| Revenue \| Derivatives designated as hedging instruments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Items										0	0
Realized and Unrealized Gain (Loss) on Derivative Instruments										0	0
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income										(23,500,000)
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)									(157,900,000)	130,300,000
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)									(8,500,000)	(23,500,000)
Commodity contracts \| Revenue \| Derivatives designated as hedging instruments \| Cash flow hedges
Gain (loss) on derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)											(41,300,000)
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)											(7,800,000)
Commodity contracts \| Revenue \| Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)									269,500,000	147,600,000	(500,000)
Commodity contracts \| Cost of revenue
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Items									18,100,000
Realized and Unrealized Gain (Loss) on Derivative Instruments									(16,100,000)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income									36,600,000
Commodity contracts \| Cost of revenue \| Derivatives designated as hedging instruments
Gain (loss) on derivative
Realized and Unrealized Gain (Loss) on Hedged Items										(1,600,000)	13,000,000.0
Realized and Unrealized Gain (Loss) on Derivative Instruments										500,000	(35,700,000)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income										45,500,000
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)									160,600,000	(87,800,000)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)									36,600,000	45,500,000
Commodity contracts \| Cost of revenue \| Derivatives designated as hedging instruments \| Cash flow hedges
Gain (loss) on derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)											33,700,000
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)											(100,000)
Commodity contracts \| Cost of revenue \| Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)									(221,800,000)	(119,800,000)	62,300,000
Foreign currency contracts \| Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)									(700,000)	6,700,000	(11,000,000.0)
Foreign currency contracts \| Revenue \| Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)									(300,000)	1,400,000	(3,200,000)
Foreign currency contracts \| Other (expense) income, net \| Derivatives designated as hedging instruments
Gain (loss) on derivative
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)									0	(1,100,000)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)									0	(1,100,000)
Foreign currency contracts \| Other (expense) income, net \| Derivatives designated as hedging instruments \| Cash flow hedges
Gain (loss) on derivative
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Effective Portion)											0
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Effective Portion)											0
Foreign currency contracts \| Other (expense) income, net \| Derivatives not designated as hedging instruments
Gain (loss) on derivative
Amount of Realized and Unrealized Gain (Loss)									$ (500,000)	$ 5,300,000	$ (7,800,000)

Restructuring - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 19.7	$ 17.1	$ 59.6

Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 20.7	$ 32.0
Restructuring related costs	19.7	17.1	$ 59.6
Paid during the period	(30.8)	(28.5)
Ending Balance	9.5	20.7	32.0
Corporate
Restructuring Reserve [Roll Forward]
Beginning Balance	4.0	5.0
Restructuring related costs	13.0	4.5
Paid during the period	(16.8)	(5.5)
Ending Balance	0.2	4.0	5.0
Aviation segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Beginning Balance	1.4	0.7
Restructuring related costs	1.2	1.6
Paid during the period	(2.1)	(0.8)
Ending Balance	0.5	1.4	0.7
Land segment
Restructuring Reserve [Roll Forward]
Restructuring related costs	19.7	17.1	52.4
Land segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Beginning Balance	12.6	25.0
Restructuring related costs	4.4	6.5
Paid during the period	(9.6)	(18.9)
Ending Balance	7.5	12.6	25.0
Marine segment
Restructuring Reserve [Roll Forward]
Restructuring related costs			1.4
Marine segment \| Operating Segments
Restructuring Reserve [Roll Forward]
Beginning Balance	2.6	1.3
Restructuring related costs	1.2	4.5
Paid during the period	(2.4)	(3.3)
Ending Balance	$ 1.3	$ 2.6	$ 1.3

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property and Equipment
Property and equipment	$ 654.8
Property and equipment		$ 600.3
Accumulated depreciation and amortization	293.9
Accumulated depreciation and amortization		249.9
Total property and equipment, net	360.9
Total property and equipment, net		350.3
Depreciation expense	54.5	45.6	$ 44.1
Computer software costs
Computer software costs	169.9	115.6
Accumulated amortization	110.0	91.2
Computer software costs, net	59.9	24.5
Computer software costs	169.9	115.6
Amortization expense related to computer software costs	17.8	10.9	$ 11.0
Land
Property and Equipment
Property and equipment	22.3
Property and equipment		27.3
Buildings and leasehold improvements
Property and Equipment
Property and equipment	$ 84.8
Property and equipment		81.0
Buildings and leasehold improvements \| Minimum
Property and Equipment
Estimated useful lives	3 years
Buildings and leasehold improvements \| Maximum
Property and Equipment
Estimated useful lives	40 years
Office equipment, furniture and fixtures
Property and Equipment
Property and equipment	$ 16.9
Property and equipment		20.6
Office equipment, furniture and fixtures \| Minimum
Property and Equipment
Estimated useful lives	3 years
Office equipment, furniture and fixtures \| Maximum
Property and Equipment
Estimated useful lives	7 years
Computer equipment and software costs
Property and Equipment
Property and equipment	$ 261.4
Property and equipment		194.7
Computer equipment and software costs \| Minimum
Property and Equipment
Estimated useful lives	3 years
Computer equipment and software costs \| Maximum
Property and Equipment
Estimated useful lives	9 years
Machinery, equipment and vehicles
Property and Equipment
Property and equipment	$ 269.3
Property and equipment		276.7
Machinery, equipment and vehicles \| Minimum
Property and Equipment
Estimated useful lives	3 years
Machinery, equipment and vehicles \| Maximum
Property and Equipment
Estimated useful lives	40 years
Software development in progress
Computer software costs
Computer software costs	$ 22.5	46.2
Computer software costs	$ 22.5	$ 46.2

Goodwill and Identifiable Intangible Assets - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment and intangible asset impairment	$ 0
Goodwill
Balance at the beginning of the period	852,700,000	$ 845,500,000
2018 acquisitions		13,400,000
Adjustment of purchase price allocations		2,300,000
Foreign currency translation of non-USD functional currency subsidiary goodwill	4,300,000	(8,400,000)
Adjustment for sale of business	(13,300,000)
Balance at the end of the period	843,700,000	852,700,000
Aviation segment
Goodwill
Balance at the beginning of the period	322,900,000	326,900,000
2018 acquisitions		0
Adjustment of purchase price allocations		(2,200,000)
Foreign currency translation of non-USD functional currency subsidiary goodwill	700,000	(1,800,000)
Adjustment for sale of business	0
Balance at the end of the period	323,600,000	322,900,000
Land segment
Goodwill
Balance at the beginning of the period	529,700,000	518,500,000
2018 acquisitions		13,400,000
Adjustment of purchase price allocations		4,500,000
Foreign currency translation of non-USD functional currency subsidiary goodwill	3,600,000	(6,700,000)
Adjustment for sale of business	(13,300,000)
Balance at the end of the period	520,100,000	$ 529,700,000
Land segment \| Land
Goodwill
Balance at the end of the period	$ 455,500,000

Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 461.1	$ 452.8
Accumulated Amortization	279.8	246.8
Net	181.3	206.0
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets, Gross Carrying Amount	501.5	492.2
Total intangible assets, Net	221.7	245.4
Intangible amortization expense	32.9	35.9	$ 41.9
Trademark/trade name rights
Indefinite-lived Intangible Assets [Line Items]
Indefinite lived intangible assets	40.4	39.4
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	382.0	373.8
Accumulated Amortization	226.5	198.7
Net	155.5	175.1
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	39.0	39.0
Accumulated Amortization	19.8	17.6
Net	19.2	21.4
Others
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	40.1	40.0
Accumulated Amortization	33.5	30.5
Net	$ 6.6	$ 9.5

Goodwill and Identifiable Intangible Assets - Future Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Year Ended December 31,
2020	$ 31.5
2021	29.1
2022	27.6
2023	19.4
2024	18.0
Thereafter	55.7
Net	$ 181.3	$ 206.0

Debt, Interest Income, Expense and Other Finance Costs - Debt Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Jul. 31, 2019	Dec. 31, 2018
Credit Facility
Debt
Amount outstanding	$ 55,000,000.0		$ 170,000,000.0
Unused portion of facility	1,200,000,000		985,900,000
Letters of credit and bankers' acceptances
Debt
Amount outstanding	4,300,000		4,100,000
Other uncommitted credit lines
Debt
Letters of credit, outstanding amount	375,200,000		303,600,000
Credit Facility \| Amended credit facility
Debt
Borrowing capacity	200,000,000.0
Maximum additional borrowings available at the entity's request subject to satisfaction of certain conditions	400,000,000.0
Line of Credit \| Credit Facility
Debt
Borrowing capacity		$ 1,300,000,000
Long-term debt	55,000,000.0		170,000,000.0
Senior Notes
Debt
Amount of term loan outstanding	$ 515,600,000		514,800,000
Senior Notes \| Base rate
Debt
Basis points added to reference rate	0.75%
Senior Notes \| Eurodollar
Debt
Basis points added to reference rate	1.75%
Senior Notes \| Term Loans
Debt
Long-term debt	$ 515,600,000	$ 525,000,000.0	$ 514,800,000

Debt, Interest Income, Expense and Other Finance Costs - Summary of Debt (Details) € in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Jul. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt
Finance leases	$ 18,700,000
Finance leases				$ 13,800,000
Total debt	628,800,000			701,000,000.0
Current maturities of long-term debt	54,100,000			41,100,000
Long-term debt	574,700,000			659,900,000
Other
Debt
Long-term debt	39,500,000			2,300,000
Line of Credit \| Credit Facility
Debt
Long-term debt	55,000,000.0			170,000,000.0
Senior Notes \| Term Loans
Debt
Long-term debt	515,600,000		$ 525,000,000.0	$ 514,800,000
Secured Borrowing
Debt
Long-term debt	$ 37,300,000	€ 33.6

Debt, Interest Income, Expense and Other Finance Costs - Aggregate Annual Maturities (Details) $ in Millions	Dec. 31, 2019 USD ($)
Year Ended December 31,
2020	$ 54.1
2021	23.5
2022	29.7
2023	29.0
2024	489.9
Thereafter	2.6
Total debt	$ 628.8

Debt, Interest Income, Expense and Other Finance Costs - Interest Income, Expense and Other Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt, Interest Income, Expense and Other Finance Costs [Abstract]
Interest income	$ 6.2	$ 3.9	$ 6.0
Interest expense and other financing costs	(80.0)	(74.8)	(66.3)
Interest expense and other financing costs, net	$ (73.9)	$ (71.0)	$ (60.3)

Commitments and Contingencies - Bonds, Leases, and Sales and Purchase Commitments (Details) bbl in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) bbl	Dec. 31, 2018 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding bonds	$ 53.1	$ 73.0
Sales commitments under derivative programs	372.6
Purchase commitments under derivative programs	$ 73.6
Minimum \| Aviation Fuel
Long-term Purchase Commitment [Line Items]
Minimum purchase required (in barrels) \| bbl	1,790
Maximum \| Aviation Fuel
Long-term Purchase Commitment [Line Items]
Minimum purchase required (in barrels) \| bbl	2,020

Commitments and Contingencies - Agreements with Executive Officers and Key Employees (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Kasbar agreement
Loss contingencies
Annual base salary	$ 900,000
Agreement expiration term, extension under specified condition	1 year
Minimum period prior to expiration of the term for serving specified notice to prevent extension of the agreement term	1 year
Severance payment for termination following a change of control	$ 5,000,000.0
Severance payment for termination following other scenarios	$ 3,000,000.0
Vesting period of outstanding equity awards	2 years
Period for severance payment after termination of executive's employment	2 years
Agreements with executive officers and key employees
Future minimum commitments under agreements with executive officers and key employees
2019	$ 900,000

Commitments and Contingencies - Deferred Compensation, Environmental and Other Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]
Employer match for each 1% of the participants contributions up to 6% of the participants contributions (as a percent)	50.00%
Percentage of eligible compensation up to 6% of the eligible compensation, matched 50% by employer	1.00%
Employer contribution limit per calendar year (as a percent of compensation)	6.00%
Environmental Assessment and Remediation Expenses
Defined Contribution Plan Disclosure [Line Items]
Accrued liabilities for remediation	$ 0.0	$ 0.0
Other long-term liabilities
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation payable	$ 9.7	$ 6.4

Commitments and Contingencies - Legal, Tax, and Other Matters (Details) - Assessment R$ in Millions, $ in Millions, ₩ in Billions	3 Months Ended		12 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2017 KRW (₩)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 KRW (₩)	Sep. 30, 2019 USD ($)	Sep. 30, 2019 BRL (R$)
South Korea (SRTO)
Loss Contingencies [Line Items]
Pre-assessment notice, amount	$ 17.4	₩ 20.1	$ 9.8	₩ 11.3
Federal, state and municipal tax authorities in Brazil
Loss Contingencies [Line Items]
Estimate of possible loss					$ 12.2	R$ 49.1

Shareholders' Equity - Dividends and Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 31, 2019	Oct. 31, 2017
Equity [Abstract]
Cash dividends declared	$ 23,600,000	$ 16,100,000	$ 16,300,000
Cash dividends declared (in dollars per share)	$ 0.36	$ 0.24	$ 0.24
Authorized amount					$ 100,000,000
Increase to repurchase program				$ 100,000,000
Amount available to repurchase shares under stock repurchase program	$ 114,600,000			$ 150,000,000
Shares repurchased (in shares)	2.1	0.7	1.7
Amount of shares repurchased (in shares)	$ 65,400,000	$ 20,000,000.0	$ 61,900,000

Shareholders' Equity - Plan Summary and Description (Details) - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0	100,000	300,000	1,200,000
RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1,200,000	1,300,000	1,600,000	1,200,000
SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	2,200,000	1,500,000	700,000	300,000
2016 Plan
Information pertaining to stock based awards
Common stock authorized for issuance (in shares)	2,500,000
Remaining shares of common stock available for future issuance (in shares)	2,900,000
2016 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0
2016 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	800,000
2016 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	2,100,000
2006 Plan
Information pertaining to stock based awards
Common stock subject to outstanding awards (in shares)	3,400,000
Remaining shares of common stock available for future issuance (in shares)	0
2006 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0
2006 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	400,000
2006 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	100,000

Shareholders' Equity - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unvested Restricted Stock Outstanding
Balance at the beginning of the period (in shares)	0.1	0.3	1.2
Granted (in shares)	0.0	0.0	0.0
Vested (in shares)	0.0	(0.2)	(0.2)
Forfeited (in shares)	0.0	(0.1)	(0.7)
Balance at the end of the period (in shares)	0.0	0.1	0.3	1.2
Weighted Average Grant date Fair Value Price
Balance at the beginning of the period (in dollars per share)	$ 43.63	$ 45.80	$ 43.10
Granted (in dollars per share)	0	0	0
Vested (in dollars per share)	45.35	47.48	43.69
Forfeited (in dollars per share)	51.47	44.77	41.50
Balance at the end of the period (in dollars per share)	$ 41.56	$ 43.63	$ 45.80	$ 43.10
Aggregate Intrinsic Value	$ 1.3	$ 1.4	$ 9.7	$ 55.7
Weighted Average Remaining Vesting Term	8 months 12 days	1 year	10 months 24 days	9 months 18 days
Aggregate value of awards vested	$ 1.0	$ 3.8	$ 7.8

Shareholders' Equity - RSU Awards and SSAR Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
RSUs
Awards Outstanding
Balance at the beginning of the period (in shares)	1.3	1.6	1.2
Granted (in shares)	0.3	0.2	0.6
Vested (in shares)	(0.4)	(0.3)	(0.2)
Forfeited (in shares)	(0.1)	(0.2)	(0.1)
Balance at the end of the period (in shares)	1.2	1.3	1.6	1.2
Weighted Average Grant date Fair Value Price
Balance at the beginning of the period (in dollars per share)	$ 37.17	$ 41.01	$ 43.28
Granted (in dollars per share)	29.69	22.02	37.74
Vested (in dollars per share)	37.34	46.31	43.06
Forfeited (in dollars per share)	39.86	41.17	42.43
Balance at the end of the period (in dollars per share)	$ 32.50	$ 37.17	$ 41.01	$ 43.28
Aggregate Intrinsic Value	$ 53.2	$ 28.3	$ 43.9	$ 55.7
Weighted Average Remaining Vesting Term	10 months 24 days	1 year	1 year 4 months 24 days	1 year 7 months 6 days
Aggregate intrinsic value of awards issued	$ 10.4	$ 5.8	$ 7.7
SSAR Awards
Weighted Average Grant date Fair Value Price
Aggregate Intrinsic Value	$ 31.3	$ 0.0	$ 0.0	$ 0.3
Weighted Average Remaining Vesting Term	3 years 4 months 24 days	4 years	3 years	2 years 4 months 24 days
SSAR Awards
Balance at the beginning of the period (in shares)	1.5	0.7	0.3
Granted (in shares)	0.7	1.2	0.4
Forfeited (in shares)	0.0	(0.4)	0.0
Exercised (in shares)	0.0	0.0	0.0
Balance at the end of the period (in shares)	2.2	1.5	0.7	0.3
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 29.75	$ 40.27	$ 44.97
Granted (in dollars per share)	29.68	27.08	36.31
Exercised (in dollars per share)	0	0	0
Forfeited (in dollars per share)	0	38.53	0
Balance at the end of the period (in dollars per share)	$ 29.72	$ 29.75	$ 40.27	$ 44.97
SSAR Awards Exercisable
SSAR Awards (in shares)	0.1	0.0	0.2	0.2
Weighted Average Exercise Price (in dollars per share)	$ 50.12	$ 57.48	$ 42.76	$ 42.15
Aggregate Intrinsic Value	$ 0.0	$ 0.0	$ 0.0	$ 0.7
Weighted Average Remaining Contractual Life	1 year 1 month 6 days	1 year 2 months 12 days	4 months 24 days	1 year 3 months 18 days
Aggregate intrinsic value of SSAR Awards exercised	$ 0.0	$ 0.0
Weighted average fair value of SSAR Awards (in dollars per share)	$ 9.15	$ 6.56	$ 8.82
Expected term	4 years 6 months	4 years 6 months	4 years 3 months 18 days
Volatility	36.10%	30.80%	28.60%
Dividend yields	0.90%	1.00%	0.70%
Risk-free interest rates	2.40%	2.60%	1.80%

Shareholders' Equity - Unrecognized Compensation Cost (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Equity [Abstract]
Total unrecognized compensatoin cost related to unvested share-based payment awards	$ 24.6
Period for recognition of unrecognized compensation cost related to unvested share-based payment awards	10 months 24 days
Year Ended December 31,
2020	$ 16.2
2021	7.2
2022	1.1
2023	0.0
2024	0.0
Total	$ 24.6

Shareholders' Equity - Other Comprehensive Loss and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 1,831.6	$ 1,738.0	$ 1,940.0
Other comprehensive income (loss)	(17.3)	(6.3)	29.8
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	2.7	1.2
Balance as of end of period	1,893.9	1,831.6	1,738.0
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(145.0)	(118.8)
Other comprehensive income (loss)	8.2	(27.3)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	2.7	1.2
Balance as of end of period	(134.1)	(145.0)	(118.8)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	13.3	(7.7)
Other comprehensive income (loss)	(25.5)	21.0
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	0.0	0.0
Balance as of end of period	(12.2)	13.3	(7.7)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance as of beginning of period	(131.7)	(126.5)	(154.8)
Other comprehensive income (loss)	(14.6)	(5.2)	28.3
Balance as of end of period	$ (146.3)	$ (131.7)	$ (126.5)

Income Taxes - Tax Provision (Benefit), Reconciliation, and Tax Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
United States	$ (59.1)	$ (63.6)	$ (152.3)
Foreign	296.4	248.5	131.2
Income (loss) before income taxes	237.3	184.9	(21.1)
Current:
U.S. federal statutory tax	(4.0)	8.2	94.6
State	1.6	(1.6)	5.6
Foreign	35.9	46.3	34.2
Total current income tax provision (benefit)	33.5	52.9	134.4
Deferred:
U.S. federal statutory tax	11.0	4.0	15.1
State	4.6	(6.2)	8.9
Foreign	(12.2)	(1.0)	(10.0)
Total deferred income (loss) before income taxes	3.4	3.2	13.9
Non-current tax expense (income)	19.3	6.2	0.9
Income tax provision	$ 56.2	$ 55.9	$ 149.2
Reconciliation of U.S. federal statutory income tax rate to effective income tax rate
U.S. federal statutory tax rate	21.00%	21.00%	35.00%
Foreign earnings, net of foreign taxes	(13.80%)	(11.60%)	245.40%
State income taxes, net of U.S. federal income tax benefit	2.20%	(3.30%)	(51.80%)
U.S. tax on deemed dividends	0.90%	(0.40%)	(14.00%)
Tax Act - Transition Tax	0.005	0.007	(7.043)
Tax Reform - GILTI	6.00%	9.70%	0.00%
Tax Reform - BEAT	0.10%	2.80%	0.00%
Deferred tax impact on foreign unrepatriated earnings	0.50%	(1.00%)	(65.50%)
Goodwill impairment	0.00%	0.00%	(81.50%)
Uncertain tax positions	8.20%	3.40%	(4.10%)
Foreign currency adjustments	(6.10%)	2.20%	(0.70%)
Intercompany interest transfer pricing adjustment	1.40%	1.50%	0.00%
Tax authority settlements	0.00%	0.00%	(10.00%)
Nontaxable interest income	(2.30%)	(2.70%)	36.90%
Nondeductible interest expense	1.80%	0.00%	(12.60%)
Valuation allowance	1.20%	3.00%	(19.60%)
Other permanent differences	2.40%	5.00%	(60.40%)
Effective income tax rate	23.70%	30.20%	(707.10%)
Effective income tax rate	23.70%	30.20%	(707.10%)
Provision for income taxes	$ 56.2	$ 55.9	$ 149.2
Transition tax toll charge on historic accumulated foreign earnings		$ 143.7	$ 143.7
Provisional undistributed accumulated earnings of foreign subsidiary	923.9
Foreign withholding tax, if undistributed earnings are no reinvested indefinitely	203.3
Accumulated foreign earnings deemed repatriated	1,300.0
Provisional estimate of the associated foreign withholding and state income tax effects	$ 12.0
Without transition tax toll charge
Reconciliation of U.S. federal statutory income tax rate to effective income tax rate
Effective income tax rate		(25.90%)	(25.90%)
Effective income tax rate		(25.90%)	(25.90%)

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Gross Deferred Tax Assets:
Bad debt reserve	$ 4.2	$ 4.7
Net operating loss	40.1	33.7
Accrued and other share-based compensation	27.1	23.2
Accrued expenses	6.0	10.2
U.S. foreign income tax credits	3.0	2.3
Other income tax credits	0.2	0.2
Customer deposits	3.1	3.1
Investments	1.9	1.9
Cash flow hedges	3.9	0.0
Other	0.7	0.0
Total gross deferred tax assets	90.1	79.4
Less: Valuation allowance	32.5	24.3
Gross deferred tax assets, net of valuation allowance	57.6	55.1
Deferred Tax Liabilities:
Depreciation	(11.7)	(11.2)
Goodwill and intangible assets	(53.5)	(47.5)
Unrealized foreign exchange	(6.3)	(4.5)
Prepaid expenses, deductible for tax purposes	(4.2)	(3.9)
Deferred tax costs on foreign unrepatriated earnings	(12.0)	(11.3)
Unrealized derivatives	(3.8)	(4.1)
Cash flow hedges	0.0	(2.5)
Other	0.0	(3.5)
Total gross deferred tax liabilities	(91.6)	(88.5)
Net deferred tax liability	34.0	33.4
Net deferred tax asset	0.0	0.0
Reported on the consolidated balance sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	20.7	11.4
Non-current income tax liabilities, net of deferred tax liabilities, non-current	$ 54.1	$ 44.8

Income Taxes - Net Operating Losses and Income Tax Concessions (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income taxes
Net operating losses		$ 375.9	$ 275.3
Deffered tax asset		40.1	33.7
Net operating loss carryforward, Total		40.1	33.7
Valuation allowance		32.5	24.3
Valuation allowance, deferred tax asset for NOLs		27.1
Period applicable for additional special income tax concession	5 years
Decrease in foreign income tax		$ 4.3	$ 0.0	$ 1.3
Basic earnings per common share (in dollars per share)		$ 0.07	$ 0	$ 0.02
Diluted earnings per common share (in dollars per share)		$ 0.06	$ 0	$ 0.02
2020-2039
Income taxes
Net operating Loss carryforward, US		$ 11.2
Net operating Loss carryforward, Foreign		3.1
Indefinite
Income taxes
Net operating Loss carryforward, US		2.5
Net operating Loss carryforward, Foreign		$ 23.3

Income Taxes - Income Tax Contingencies (Details) $ in Millions, ₩ in Billions	3 Months Ended			12 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2017 KRW (₩)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 KRW (₩)
Income Tax Disclosure [Abstract]
Increase (decrease) in additional liabilities related to unrecognized tax liabilities				$ 9.5	$ (1.8)
Increase (decrease) in assets related to unrecognized tax assets				(4.1)	4.3
Increase (decrease) in unrecognized tax liabilities related to a foreign currency translation expense				(0.2)	0.9
Unrecognized tax liabilities				84.0	70.2
Unrecognized tax assets				25.5	29.7
Reconciliation of total amounts of unrecognized income tax benefits
Gross Unrecognized Tax Liabilities – opening balance				57.0	58.8	$ 62.2
Gross increases – tax positions in prior period				12.2	3.6	10.9
Gross decreases – tax positions in prior period				(13.5)	(10.6)	0.0
Gross increases – tax positions in current period				14.9	11.5	10.7
Gross decreases – tax positions in current period				0.0	0.0	0.0
Settlements				(1.4)	(1.5)	(23.0)
Lapse of statute of limitations				(2.7)	(4.8)	(2.1)
Gross Unrecognized Tax Liabilities – ending balance				66.5	57.0	58.8
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor				$ 41.1
Expected reduction in effective income tax rate if uncertain tax positions are settled by the taxing authorities in the entity's favor (as a percent)				17.30%
Amount of unrecognized income tax liabilities may decrease within the next twelve months				$ 9.0
Interest related to unrecognized tax benefits, recorded as income (expense)				4.6	1.2	3.4
Penalties related to unrecognized tax benefits, recorded as income tax income (expense)				(0.2)	1.9	0.1
Accrued interest related to unrecognized tax benefits				13.1	8.5
Accrued penalties related to unrecognized tax benefits				$ 4.4	$ 4.6
Assessment \| South Korea (SRTO)
Income Tax Contingency [Line Items]
Pre-assessment notice, amount		$ 17.4	₩ 20.1			$ 9.8	₩ 11.3
Foreign Tax Authority \| Danish Tax Authority
Income Tax Contingency [Line Items]
Proposed income adjustment	$ 1.7

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	$ 628.8
Assets:
Gross Derivative Assets	261.1	$ 845.8
Liabilities:
Gross Derivative Liabilities	266.6	769.1
Fair value measured on recurring basis
Assets:
Total assets	270.4	852.1
Liabilities:
Total liabilities at fair value	266.6	769.1
Fair value measured on recurring basis \| Level 1
Assets:
Total assets	148.3	585.6
Liabilities:
Total liabilities at fair value	177.6	556.5
Fair value measured on recurring basis \| Level 2
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	600.0	700.0
Notes receivable	21.0	28.2
Assets:
Total assets	111.4	265.6
Liabilities:
Total liabilities at fair value	80.9	212.4
Fair value measured on recurring basis \| Level 3
Assets:
Total assets	10.7	0.9
Liabilities:
Total liabilities at fair value	8.1	0.2
Fair value measured on recurring basis \| Commodity contracts
Assets:
Gross Derivative Assets	259.0	841.2
Liabilities:
Gross Derivative Liabilities	255.0	767.9
Fair value measured on recurring basis \| Commodity contracts \| Level 1
Assets:
Gross Derivative Assets	148.3	585.6
Liabilities:
Gross Derivative Liabilities	177.6	556.5
Fair value measured on recurring basis \| Commodity contracts \| Level 2
Assets:
Gross Derivative Assets	100.0	254.6
Liabilities:
Gross Derivative Liabilities	69.3	211.2
Fair value measured on recurring basis \| Commodity contracts \| Level 3
Assets:
Gross Derivative Assets	10.7	0.9
Liabilities:
Gross Derivative Liabilities	8.1	0.2
Fair value measured on recurring basis \| Foreign currency contracts
Assets:
Gross Derivative Assets	2.0	4.6
Liabilities:
Gross Derivative Liabilities	11.6	1.2
Fair value measured on recurring basis \| Foreign currency contracts \| Level 1
Assets:
Gross Derivative Assets	0.0	0.0
Liabilities:
Gross Derivative Liabilities	0.0	0.0
Fair value measured on recurring basis \| Foreign currency contracts \| Level 2
Assets:
Gross Derivative Assets	2.0	4.6
Liabilities:
Gross Derivative Liabilities	11.6	1.2
Fair value measured on recurring basis \| Foreign currency contracts \| Level 3
Assets:
Gross Derivative Assets	0.0	0.0
Liabilities:
Gross Derivative Liabilities	0.0	0.0
Fair value measured on recurring basis \| Cash surrender value of life insurance
Assets:
Cash surrender value of life insurance	9.4	6.3
Fair value measured on recurring basis \| Cash surrender value of life insurance \| Level 1
Assets:
Cash surrender value of life insurance	0.0	0.0
Fair value measured on recurring basis \| Cash surrender value of life insurance \| Level 2
Assets:
Cash surrender value of life insurance	9.4	6.3
Fair value measured on recurring basis \| Cash surrender value of life insurance \| Level 3
Assets:
Cash surrender value of life insurance	$ 0.0	$ 0.0

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets:
Gross Amounts Recognized	$ 261.1	$ 845.8
Gross Amounts Offset	131.1	647.0
Net Amounts Presented	130.0	198.8
Cash Collateral	0.0	3.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	130.0	195.8
Liabilities:
Gross Derivative Liabilities	266.6	769.1
Gross Amounts Offset	131.1	647.0
Net Amounts Presented	135.5	122.2
Cash Collateral	29.3	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	106.3	122.2
Commodity contracts
Assets:
Gross Amounts Recognized	259.0	841.2
Gross Amounts Offset	130.0	646.0
Net Amounts Presented	129.0	195.1
Cash Collateral	0.0	3.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	129.0	192.1
Liabilities:
Gross Derivative Liabilities	255.0	767.9
Gross Amounts Offset	130.0	646.0
Net Amounts Presented	125.0	121.9
Cash Collateral	29.3	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	95.7	121.9
Foreign currency contracts
Assets:
Gross Amounts Recognized	2.0	4.6
Gross Amounts Offset	1.0	0.9
Net Amounts Presented	1.0	3.7
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	1.0	3.7
Liabilities:
Gross Derivative Liabilities	11.6	1.2
Gross Amounts Offset	1.0	0.9
Net Amounts Presented	10.5	0.3
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	$ 10.5	$ 0.3

Fair Value Measurements - Concentration of Credit Risk (Details) $ in Millions	Dec. 31, 2019 USD ($)
Credit concentration risk \| Credit exposure \| OTC Counterparty
Concentration Risk [Line Items]
Total credit risk	$ 7.3

Business Segments, Geographic Information and Major Customers - Income Statement Items (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting [Abstract]
Number of reportable operating business segments \| segment									3
Revenue:
Revenue	$ 9,358,100,000	$ 9,322,700,000	$ 9,459,400,000	$ 8,678,800,000	$ 9,988,600,000	$ 10,429,500,000	$ 10,150,800,000	$ 9,181,300,000	$ 36,819,000,000.0	$ 39,750,300,000	$ 33,695,500,000
Gross profit:
Gross profit	$ 286,600,000	$ 305,700,000	$ 268,600,000	$ 251,100,000	$ 262,200,000	$ 266,700,000	$ 246,200,000	$ 243,400,000	1,112,000,000.0	1,018,500,000	932,200,000
Income from operations:
Income from operations									299,700,000	259,700,000	45,600,000
Depreciation and amortization:
Depreciation and amortization									87,400,000	81,500,000	86,000,000.0
Capital expenditures:
Total capital expenditures									80,900,000	72,300,000	54,000,000.0
Restructuring charges									19,700,000	17,100,000	59,600,000
Goodwill impairment and intangible asset impairment									0
Aviation segment
Revenue:
Revenue									18,479,500,000	19,119,700,000	14,538,200,000
Gross profit:
Gross profit									551,600,000	507,800,000	440,500,000
Land segment
Revenue:
Revenue									10,280,900,000	11,381,100,000	10,958,000,000.0
Gross profit:
Gross profit									378,900,000	364,900,000	365,800,000
Capital expenditures:
Restructuring charges									19,700,000	17,100,000	52,400,000
Marine segment
Revenue:
Revenue									8,058,500,000	9,249,500,000	8,199,300,000
Gross profit:
Gross profit									181,500,000	145,800,000	126,000,000.0
Capital expenditures:
Restructuring charges											1,400,000
Goodwill impairment and intangible asset impairment											79,100,000
Operating Segments
Income from operations:
Income from operations									406,100,000	336,300,000	127,200,000
Operating Segments \| Aviation segment
Income from operations:
Income from operations									283,900,000	250,600,000	192,900,000
Depreciation and amortization:
Depreciation and amortization									28,500,000	27,500,000	26,800,000
Capital expenditures:
Total capital expenditures									23,000,000.0	19,700,000	12,300,000
Restructuring charges									1,200,000	1,600,000
Operating Segments \| Land segment
Income from operations:
Income from operations									55,000,000.0	47,800,000	(7,900,000)
Depreciation and amortization:
Depreciation and amortization									48,000,000.0	46,500,000	49,800,000
Capital expenditures:
Total capital expenditures									26,900,000	30,900,000	21,000,000.0
Restructuring charges									4,400,000	6,500,000
Operating Segments \| Marine segment
Income from operations:
Income from operations									67,100,000	37,800,000	(57,800,000)
Depreciation and amortization:
Depreciation and amortization									4,500,000	2,200,000	5,800,000
Capital expenditures:
Total capital expenditures									28,300,000	2,900,000	1,500,000
Restructuring charges									1,200,000	4,500,000
Corporate
Income from operations:
Income from operations									(106,400,000)	(76,600,000)	(81,600,000)
Depreciation and amortization:
Depreciation and amortization									6,400,000	5,300,000	3,500,000
Capital expenditures:
Total capital expenditures									2,700,000	18,800,000	$ 19,100,000
Restructuring charges									$ 13,000,000.0	$ 4,500,000

Business Segments, Geographic Information and Major Customers - Balance Sheet Items (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable, net:
Accounts receivable, net	$ 2,891.9	$ 2,739.6
Total assets:
Total assets	5,992.4	5,676.9
Corporate
Total assets:
Total assets	296.8	113.6
Aviation segment
Accounts receivable, net:
Accounts receivable, net	1,098.2	992.2
Allowance for bad debt	14.6	17.7
Aviation segment \| Operating Segments
Total assets:
Total assets	2,416.5	2,261.0
Land segment
Accounts receivable, net:
Accounts receivable, net	863.2	846.1
Allowance for bad debt	2.8	2.7
Land segment \| Operating Segments
Total assets:
Total assets	2,089.4	2,178.1
Marine segment
Accounts receivable, net:
Accounts receivable, net	930.5	901.2
Allowance for bad debt	18.0	19.0
Marine segment \| Operating Segments
Total assets:
Total assets	$ 1,189.7	$ 1,124.2

Business Segments, Geographic Information and Major Customers - Geographic Summary (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue:
Revenue	$ 9,358.1	$ 9,322.7	$ 9,459.4	$ 8,678.8	$ 9,988.6	$ 10,429.5	$ 10,150.8	$ 9,181.3	$ 36,819.0	$ 39,750.3	$ 33,695.5
Property and equipment, net:
Property and equipment, net	360.9								360.9
Property and equipment, net					350.3					350.3
United States
Revenue:
Revenue									19,365.2	20,555.5	17,938.0
Property and equipment, net:
Property and equipment, net	173.0								173.0
Property and equipment, net					175.1					175.1
EMEA
Revenue:
Revenue									9,235.1	9,721.9	7,553.3
Property and equipment, net:
Property and equipment, net	135.7								135.7
Property and equipment, net					124.5					124.5
Asia Pacific
Revenue:
Revenue									4,581.1	5,537.2	4,923.0
Property and equipment, net:
Property and equipment, net	44.2								44.2
Property and equipment, net					7.5					7.5
Americas, excluding United States
Revenue:
Revenue									3,637.6	3,935.6	3,281.2
Property and equipment, net:
Property and equipment, net	$ 8.0								8.0
Property and equipment, net					$ 43.1					43.1
U.K.
Revenue:
Revenue									5,500.0	6,300.0	5,000.0
Singapore
Revenue:
Revenue									$ 4,500.0	$ 5,400.0	$ 4,800.0

Summary Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Revenue	$ 9,358.1	$ 9,322.7	$ 9,459.4	$ 8,678.8	$ 9,988.6	$ 10,429.5	$ 10,150.8	$ 9,181.3	$ 36,819.0	$ 39,750.3	$ 33,695.5
Gross profit	286.6	305.7	268.6	251.1	262.2	266.7	246.2	243.4	1,112.0	1,018.5	932.2
Net income including noncontrolling interest	56.8	49.4	37.6	37.3	29.8	38.7	29.2	31.3	181.1	129.0	(170.3)
Net income attributable to World Fuel	$ 56.5	$ 48.2	$ 37.0	$ 37.2	$ 29.6	$ 38.2	$ 28.7	$ 31.2	$ 178.9	$ 127.7	$ (170.2)
Basic earnings per common share (in dollars per share)	$ 0.86	$ 0.74	$ 0.56	$ 0.55	$ 0.44	$ 0.57	$ 0.42	$ 0.46	$ 2.71	$ 1.89	$ (2.50)
Diluted earnings per common share (in dollars per share)	$ 0.86	$ 0.73	$ 0.55	$ 0.55	$ 0.44	$ 0.56	$ 0.42	$ 0.46	$ 2.69	$ 1.89	$ (2.50)

- Definition

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

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Other revenues (excluded from ASC 606)									$ 469.6	$ 559.0	$ 590.2
Revenues	$ 9,358.1	$ 9,322.7	$ 9,459.4	$ 8,678.8	$ 9,988.6	$ 10,429.5	$ 10,150.8	$ 9,181.3	36,819.0	39,750.3	33,695.5
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									4,357.7	5,120.1	4,436.8
Revenues									4,581.1	5,537.2	4,923.0
EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									8,988.9	9,353.4	7,428.1
Revenues									9,235.1	9,721.9	7,553.3
LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									3,637.7	3,173.6	2,619.8
North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									19,365.1	21,544.2	18,620.6
Aviation segment
Disaggregation of Revenue [Line Items]
Revenues									18,479.5	19,119.7	14,538.2
Aviation segment \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									1,410.2	1,564.6	1,086.8
Aviation segment \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									3,824.3	3,641.4	2,532.1
Aviation segment \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									2,347.1	1,931.6	1,365.5
Aviation segment \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									10,933.0	12,025.7	9,644.5
Land segment
Disaggregation of Revenue [Line Items]
Revenues									10,280.9	11,381.1	10,958.0
Land segment \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									18.2	3.3	3.0
Land segment \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									2,425.4	2,563.6	2,290.7
Land segment \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									612.4	631.8	705.6
Land segment \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									7,017.0	8,038.0	7,912.8
Marine segment
Disaggregation of Revenue [Line Items]
Revenues									8,058.5	9,249.5	8,199.3
Marine segment \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									2,929.2	3,552.1	3,347.0
Marine segment \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									2,739.1	3,148.3	2,605.2
Marine segment \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									678.1	610.2	548.8
Marine segment \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606									$ 1,415.2	$ 1,480.5	$ 1,063.3

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finance lease cost:
Amortization of right-of-use assets	$ 4.2
Interest on lease liabilities	0.5
Operating lease cost	53.2
Short-term lease cost	18.3
Variable lease cost	5.0
Sublease income	(11.4)
Total lease cost	$ 69.6
Rental expenses for properties and equipment		$ 48.7	$ 40.3

Leases - Remaining Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Operating Leases
2020	$ 43.7
2021	35.6
2022	29.0
2023	22.9
2024	16.3
Thereafter	50.1
Total remaining lease payments (undiscounted)	197.6
Less: imputed interest	37.2
Present value of lease liabilities	160.3
Finance Leases
2020	4.8
2021	3.8
2022	3.5
2023	2.8
2024	1.8
Thereafter	3.8
Total remaining lease payments (undiscounted)	20.4
Less: imputed interest	1.7
Present value of lease liabilities	$ 18.7
Operating Leases, Before Adoption of 842
2019		$ 50.7
2020		37.1
2021		30.7
2022		23.7
2023		17.8
Thereafter		48.5
Total future minimum lease payments		$ 208.6

Leases - Finance Leases Assets and Accumulated Amortization (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Property and Equipment
Finance leases	$ 32.6
Accumulated amortization	14.8
Finance leases, net	$ 17.8
Assets Held under Capital Leases
Property and Equipment
Finance leases		$ 30.9
Accumulated amortization		18.4
Finance leases, net		$ 12.4

Leases - Supplemental Balance Sheet Information (Details) $ in Millions	Dec. 31, 2019 USD ($)
Assets
Operating Lease Assets	$ 153.7
Finance Lease Assets	17.8
Liabilities
Operating Lease Liability - Current	35.6
Operating Lease Liability - Long Term	124.7
Finance Lease Liability - Current	4.3
Finance Lease Liability - Long Term	$ 14.4

Leases - Other Information Related to Leases (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Operating Leases
Weighted-average remaining lease term (years)	6 years 6 months
Weighted-average discount rate	5.90%
Finance Leases
Weighted-average remaining lease term (years)	5 years 7 months 6 days
Weighted-average discount rate	3.20%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 0.5
Operating cash flows from operating leases	52.9
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	4.0
Right of use assets obtained in exchange for new operating lease liability	30.2
Right of use assets obtained in exchange for new financing lease liability	$ 8.2