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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2020	Apr. 24, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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 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 Common Stock, Shares Outstanding		63,317,796
Amendment Flag	false
Entity Central Index Key	0000789460
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 537.0	$ 186.1
Accounts receivable, net	1,985.1	2,891.9
Inventories	332.8	593.3
Prepaid expenses	59.3	80.6
Short-term derivative assets, net	278.5	59.5
Other current assets	341.0	358.8
Total current assets	3,533.8	4,170.1
Property and equipment, net	360.0	360.9
Goodwill	915.4	843.7
Identifiable intangible and other non-current assets	689.7	617.7
Total assets	5,498.9	5,992.4
Current liabilities:
Current maturities of long-term debt	53.6	54.1
Accounts payable	1,541.1	2,602.7
Customer deposits	128.8	126.7
Accrued expenses and other current liabilities	385.8	378.9
Total current liabilities	2,109.3	3,162.4
Long-term debt	1,145.9	574.7
Non-current income tax liabilities, net	208.6	210.1
Other long-term liabilities	184.9	151.3
Total liabilities	3,648.7	4,098.5
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, 63.2 and 65.2 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	0.6	0.7
Capital in excess of par value	218.2	274.7
Retained earnings	1,785.1	1,761.3
Accumulated other comprehensive loss	(157.5)	(146.3)
Total World Fuel shareholders' equity	1,846.4	1,890.4
Noncontrolling interest	3.7	3.5
Total equity	1,850.1	1,893.9
Total liabilities and equity	$ 5,498.9	$ 5,992.4

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	63,200,000	65,200,000
Common stock, shares outstanding (in shares)	63,200,000	65,200,000

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 8,015.2	$ 8,678.8
Cost of revenue	7,756.4	8,427.7
Gross profit	258.7	251.1
Operating expenses:
Compensation and employee benefits	104.2	110.1
General and administrative	83.7	70.6
Total operating expenses	187.9	180.7
Income from operations	70.8	70.4
Non-operating expenses, net:
Interest expense and other financing costs, net	(15.4)	(19.4)
Other income (expense), net	2.2	0.4
Total non-operating expenses, net	(13.2)	(19.0)
Income (loss) before income taxes	57.6	51.3
Provision for income taxes	16.0	14.0
Net income (loss) including noncontrolling interest	41.6	37.3
Net income (loss) attributable to noncontrolling interest	0.2	0.1
Net income (loss) attributable to World Fuel	$ 41.4	$ 37.2
Basic earnings per common share (in dollars per share)	$ 0.64	$ 0.55
Basic weighted average common shares (in shares)	64.9	67.1
Diluted earnings per common share (in dollars per share)	$ 0.63	$ 0.55
Diluted weighted average common shares (in shares)	65.4	67.4
Comprehensive income:
Net income (loss) including noncontrolling interest	$ 41.6	$ 37.3
Other comprehensive income (loss):
Foreign currency translation adjustments	(33.0)	0.2
Cash flow hedges, net of income tax expense of $7.4 and income tax benefit of $4.1 for the three months ended March 31, 2020 and 2019, respectively	21.7	(11.9)
Other comprehensive income (loss)	(11.3)	(11.7)
Comprehensive income (loss) including noncontrolling interest	30.4	25.6
Comprehensive income (loss) attributable to noncontrolling interest	0.0	(0.8)
Comprehensive income (loss) attributable to World Fuel	$ 30.4	$ 26.3

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Derivative instruments, income tax expense (benefit)	$ 7.4	$ (4.1)

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Total World Fuel Shareholders' Equity	Noncontrolling Interest Equity
Balance as of beginning of period at Dec. 31, 2018	$ 1,831.6	$ 0.7	$ 340.4	$ 1,606.1	$ (131.7)	$ 1,815.4	$ 16.1
Balance (in shares) at Dec. 31, 2018		67.0
Increase (Decrease) in Shareholders' Equity
Net income	37.3			37.2		37.2	0.1
Cash dividends declared	(4.0)			(4.0)		(4.0)
Amortization of share-based payment awards	4.0		4.0			4.0
Issuance (cancellation) of common stock 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	(1.4)		(1.4)			(1.4)
Other comprehensive income (loss)	(11.7)				(11.0)	(11.0)	(0.8)
Balance as of end of period at Mar. 31, 2019	1,855.8	$ 0.7	343.0	1,639.3	(142.7)	1,840.3	15.5
Balance (in shares) at Mar. 31, 2019		67.1
Balance as of beginning of period at Dec. 31, 2018	1,831.6	$ 0.7	340.4	1,606.1	(131.7)	1,815.4	16.1
Balance (in shares) at Dec. 31, 2018		67.0
Increase (Decrease) in Shareholders' Equity
Issuance (cancellation) of common stock related to share-based payment awards	0.0
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
Balance (in shares) at Dec. 31, 2019	65.2	65.2
Increase (Decrease) in Shareholders' Equity
Net income	$ 41.6			41.4		41.4	0.2
Cash dividends declared	(6.5)			(6.5)		(6.5)
Amortization of share-based payment awards	(1.8)		(1.8)			(1.8)
Issuance (cancellation) of common stock related to share-based payment awards	1.2		1.2			1.2
Issuance (cancellation) of common stock related to share-based payment awards (in shares)		0.2
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(1.5)		(1.5)			(1.5)
Purchases of common stock	(55.6)		(55.6)			(55.6)
Purchases of common stock (in shares)		(2.2)
Other comprehensive income (loss)	(11.3)				(11.3)	(11.3)	0.0
Other	1.2	$ (0.1)	1.2			1.2
Balance as of end of period at Mar. 31, 2020	$ 1,850.1	$ 0.6	$ 218.2	$ 1,785.1	$ (157.5)	$ 1,846.4	$ 3.7
Balance (in shares) at Mar. 31, 2020	63.2	63.2

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions			3 Months Ended
	Apr. 09, 2020	Apr. 12, 2019	Mar. 31, 2020	Mar. 31, 2019
Cash dividends declared (in dollars per share)			$ 0.10	$ 0.06
Cash dividends declared			$ 6.5	$ 4.0
Cash dividends paid (in dollars per share)		$ 0.06
Dividends paid on common stock		$ 4.0	$ 6.5	$ 4.0
Subsequent Event
Cash dividends paid (in dollars per share)	$ 0.10
Dividends paid on common stock	$ 23.6

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss) including noncontrolling interest		$ 41.6	$ 37.3
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Depreciation and amortization		21.8	22.3
Provision for bad debt	$ 9.9	9.9	2.4
Share-based payment award compensation costs		(1.8)	4.2
Deferred income tax expense (benefit)		(11.7)	(4.5)
Foreign currency (gains) losses, net		(19.8)	3.4
Other		(40.9)	8.2
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net		900.4	11.2
Inventories		245.3	(83.4)
Prepaid expenses		20.7	8.7
Short-term derivative assets, net		(189.3)	164.2
Other current assets		17.7	27.3
Cash collateral with financial counterparties		(36.9)	(32.6)
Other non-current assets		(29.5)	27.3
Accounts payable		(1,057.5)	(10.9)
Customer deposits		3.7	(24.7)
Accrued expenses and other current liabilities		101.5	(103.2)
Non-current income tax, net and other long-term liabilities		34.3	(46.4)
Total adjustments		(32.1)	(26.5)
Net cash provided by (used in) operating activities		9.5	10.8
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired		(130.5)	0.0
Capital expenditures		(17.4)	(21.8)
Other investing activities, net		(1.1)	3.3
Net cash (used in) provided by investing activities		(149.0)	(18.5)
Cash flows from financing activities:
Borrowings of debt		1,732.0	1,542.0
Repayments of debt		(1,161.3)	(1,547.5)
Dividends paid on common stock		(6.5)	(4.0)
Repurchases of common stock		(55.6)	0.0
Other financing activities, net		(1.5)	(1.4)
Net cash provided by (used in) financing activities		507.0	(10.9)
Effect of exchange rate changes on cash and cash equivalents		(16.5)	0.9
Net increase (decrease) in cash and cash equivalents		351.0	(17.7)
Cash and cash equivalents, as of the beginning of the period		186.1	211.7
Cash and cash equivalents, as of the end of the period	$ 537.0	$ 537.0	$ 194.0

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid	$ 6.5	$ 4.0
Universal Weather And Aviation, Inc.
Supplemental Schedule of Noncash Investing and Financing Activities
Deferred consideration	$ 30.0

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies General 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 Quarterly Report on Form 10‑Q (“10-Q 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. We will continue to focus on enhancing the portfolio of products and services we provide based on changes in customer demand, including sustainability offerings and renewable fuel products. We prepared the Consolidated Financial Statements following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) can be condensed or omitted. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this 10-Q Report should be read in conjunction with the Consolidated Financial Statements and accompanying notes included in our 2019 Annual Report on Form 10-K (“2019 10-K Report”). Certain amounts in the Consolidated Financial Statements and accompanying notes may not add due to rounding. All percentages have been calculated using unrounded amounts. COVID-19 The outbreak of COVID-19, which was declared a pandemic by the World Health Organization in March 2020, has created significant volatility, uncertainty and disruption in the global economy. The rapid spread of the virus has caused governments around the world to implement stringent measures to help control its spread, including, without limitation, quarantines, “stay-at-home” or “shelter-in-place” orders, social-distancing mandates, travel restrictions, and closures or reduced operations for businesses, governmental agencies, schools and other institutions, among others. Beginning in the quarterly period ended March 31, 2020, the aviation, marine and land transportation industries, along with global economic conditions generally, have been significantly disrupted by the pandemic. A large number of our customers in these industries have experienced substantial reductions in their operations due to travel restrictions and stay-at-home orders, as well as the extended shutdown of various businesses in affected regions. Furthermore, government measures have also led to a precipitous decline in fuel prices in response to concerns about demand for fuel, further exacerbated by recent disagreements regarding crude oil production levels between the Organization of Petroleum Exporting Countries (OPEC) members and other oil-producing countries such as Russia, as well as related global storage considerations. While the pandemic and associated impacts on economic activity had a limited adverse effect on our operating results for the quarterly period ended March 31, 2020, we have since seen a significant decline in demand and related sales volume as large sectors of the global economy have been adversely impacted by the crisis. In response to these developments, in March 2020, we took swift action to ensure the safety of our employees and other stakeholders, and initiated a number of initiatives relating to cost reduction, liquidity and operating efficiencies. We make estimates and assumptions that affect the reported amounts on our financial statements and accompanying notes as of the date of the financial statements. We assessed accounting estimates that require consideration of forecasted financial information, including, but not limited to, our allowance for credit losses, the carrying value of our goodwill, intangible assets, and other long-lived assets. This assessment was conducted in the context of information reasonably available to us, as well as our consideration of the future potential impacts of COVID-19 on our business as of March 31, 2020. At this time, we are unable to predict with specificity the ultimate impact of the crisis, as it will depend on the magnitude, severity and duration of the pandemic, as well as how quickly, and to what extent, normal economic and operating conditions resume on a sustainable basis globally. Accordingly, if the impact is more severe or longer in duration than we have assumed, such impact could potentially result in impairments and increases in credit allowances. Significant Accounting Policies There have been no significant changes, other than those related to the adopted new accounting standards below, in the Company's accounting policies from those disclosed in our 2019 10‑K Report. The significant accounting policies we use for quarterly financial reporting are disclosed in Note 1. Basis of Presentation, New Accounting Standards and Significant Accounting Policies of the accompanying notes to the Consolidated Financial Statements included in our 2019 10‑K Report, and in the section below Adoption of New Accounting Standards. Adoption of New Accounting Standards We included below a description of recent new accounting standards or accounting standards updates 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. Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, Accounting Standards Update ("ASU") 2016-13 was issued, which replaced the incurred loss impairment model 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, changed 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 are 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 could lead to a loss being realized, regardless of whether it is probable that the future event will occur. The Company adopted ASU 2016-13, including the related codification amendments, in the first quarter of 2020 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. The Company implemented changes to business processes and internal controls that support the new standard. As of the date of implementation on January 1, 2020, the Company recognized $11.1 million as a reduction to the opening retained earnings balance. The main drivers of the consolidated impact at transition are related to the inclusion of future economic conditions, the exclusion of freestanding credit enhancements when estimating the expected credit loss and estimating the lifetime credit losses of notes receivable. Accounting Standards Issued but Not Yet Adopted There have been no recently issued accounting standards not yet adopted by us which are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes.

Accounts Receivable

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Accounts Receivable

Accounts receivable and allowance for credit losses

We extend credit on an unsecured basis to most of our customers. Our exposure to expected credit losses depends on the financial condition of our customers and other macroeconomic factors beyond our control, such as deteriorating conditions in the world economy or in the industries we serve, changes in oil prices and political instability. While we actively manage our credit exposure and work to respond to both changes in our customers’ financial conditions or macroeconomic events, there can be no guarantee we will be able to mitigate all of these risks successfully.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness based on expected exposure. Our payment terms with customers are based on each customers' creditworthiness and are generally 30-60 days, although certain markets and other customer-specific factors may warrant longer payment terms. Accounts receivable balances that are not paid within the terms of the sales agreement may be subject to finance fees based on the outstanding balance. Although we analyze customers’ payment history and expected creditworthiness, since we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected may ultimately need to be written off.

Accounts receivable are measured at amortized cost. The health of our receivables is continuously monitored using a risk-based model, taking into consideration both the timeliness and predictability of collections from our customers. We maintain a provision for expected credit losses based upon our historical experience with our customers, along with any specific customer collection issues that we have identified from current financial information and business prospects, as well as any political or economic conditions or other market factors, including certain assumptions based on reasonable forward-looking information from market sources. Principally, based on these credit risk factors, portfolio segments are defined and an internally derived risk-based credit loss reserve is established and applied to each portfolio segment. Customer account balances that are deemed to be at high risk of collectability are reserved at higher rates than customer account balances which we expect to collect without difficulty.

We had accounts receivable of $2.0 billion and $2.9 billion as of March 31, 2020 and December 31, 2019, respectively. We also had allowance for credit losses related to accounts receivables and other insignificant financing receivables of $56.1 million (including the $11.1 million cumulative transition adjustment to retained earnings related to the implementation of ASU 2016-13) and $35.5 million, as of March 31, 2020 and December 31, 2019, respectively. Changes to the expected credit loss provision during the three months ended March 31, 2020 include global economic outlook considerations as a result of the Company’s assessment of reasonable and supportable forward-looking information. Based on an aging analysis at March 31, 2020, 96% of our net accounts receivable were outstanding less than 60 days.

The following table sets forth activities in our allowance for credit losses (in millions):



	Total
Balance as of January 1, 2020	$	46.6
Charges to provision for credit losses	9.9
Write-off of uncollectible receivables	(0.6		)
Recoveries of credit losses	$	0.1
Translation adjustments	—
Balance as of March 31, 2020	$	56.1

Financing 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%. Accounts receivable sold under the RPAs are accounted for as sales, in accordance with FASB 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 on the Consolidated Statements of Comprehensive Income.

Under the RPAs, accounts receivable sold, which remained outstanding as of March 31, 2020 and December 31, 2019, were $288.3 million and $405.9 million, respectively. The fees and interest paid under the RPAs were $4.4 million and $5.8 million for the three months ended March 31, 2020 and 2019, respectively. For the three months ended March 31, 2020 and 2019, cash

payments to the owners of account receivables were $1.8 billion and $2.0 billion, respectively, and cash proceeds from the sale of account receivables were $1.7 billion and $2.0 billion, respectively.

Acquisitions

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisitions

2020 Acquisition

During the three months ended March 31, 2020, we completed the acquisition of the aviation fuel business from Universal Weather and Aviation, Inc. (“UVair fuel business”), which serves business and general aviation customers worldwide. The acquisition was accounted for as a business combination.

The following table summarizes the aggregate consideration paid for this acquisition and the provisional amounts of the assets acquired and liabilities assumed, recognized at the acquisition date. The Company is in the process of obtaining information to finalize the valuations of certain acquired assets and assumed liabilities. Thus, the provisional measurements of these acquired assets and assumed liabilities are subject to change and will be finalized no later than one year from the acquisition date (amounts in millions):



	Total
Cash paid for acquisition of business	$	131.0
Amounts due to sellers	30.0
Estimated purchase price	$	161.0

Assets acquired:
Accounts receivable	40.1
Goodwill and identifiable intangible assets	127.1
Other current and long-term assets	4.5

Liabilities assumed:
Accounts payable	(9.9		)
Other current and long-term liabilities	(0.9		)

Estimated purchase price	$	161.0

The goodwill of $82.9 million was assigned to the aviation segment, of which $73.5 million is anticipated to be deductible for tax purposes, and is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the aviation segment operations. The identifiable intangible assets were $44.3 million, and primarily consisted of customer relationships and other identifiable assets.

The financial position, results of operations and cash flows of this acquisition have been included in our Consolidated Financial Statements since the acquisition date and did not have a material impact on our consolidated revenue and net income for the three months ended March 31, 2020; accordingly, pro forma information for this acquisition has not been provided as the impact was not considered material.

Derivative Instruments

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The following describes our derivative classifications:

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

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

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

In March 2020, we entered into a $300 million, one-month LIBOR, floating-for-fixed non-amortizing interest rate swap contract ("IR Swap") with a maturity date in March 2025. The IR Swap was designated as a cash flow hedge to mitigate potential adverse changes in interest rates related to certain variable rate debt obligations. The IR Swap is measured at fair value each reporting period and changes in fair value are recorded to Accumulated other comprehensive income or loss (AOCI) on our Consolidated Balance Sheets. The amounts recorded in AOCI are subsequently reclassified to our Consolidated Statements of Income and Comprehensive Income within Interest expense and other financing costs, net when the underlying hedged variable rate interest payments are accrued. The fair value of the IR Swap is recorded on our Consolidated Balance Sheets within Short-term derivative assets, net or Accrued expenses and other current liabilities for fair value associated with cash flows due within twelve months of March 31, 2020, and within Identifiable intangible and other non-current assets or Other long-term liabilities for the fair value associated with cash flows due after twelve months from March 31, 2020.

The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions):



		Gross Derivative Assets				Gross Derivative Liabilities
		As of				As of
		March 31,		December 31,		March 31,		December 31,
		2020		2019		2020		2019
Derivative Instruments	Consolidated Balance Sheets location
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	4.8	$	—	$	0.7	$	—
	Identifiable intangible and other non-current assets	—		—		—		—
	Accrued expenses and other current liabilities	416.1		1.7		362.4		20.0
	Other long-term liabilities	—		—		0.1		—
		$	421.0	$	1.7	$	363.1	$	20.0

Interest rate contracts	Short-term derivative assets, net	$	—	$	—	$	—	$	—
	Identifiable intangible and other non-current assets	$	—	$	—	$	—	$	—
	Accrued expenses and other current liabilities	—		—		0.7		—
	Other long-term liabilities	$	—	$	—	$	1.3	$	—
Total derivatives designated as hedging instruments		$	421.0	$	1.7	$	365.1	$	20.0

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	397.6	$	65.7	$	115.1	$	7.2
	Identifiable intangible and other non-current assets	67.0		23.0		22.5		4.8
	Accrued expenses and other current liabilities	486.4		161.0		721.3		203.4
	Other long-term liabilities	29.0		7.7		60.8		19.7
		$	980.0	$	257.3	$	919.7	$	235.0

Foreign currency contracts	Short-term derivative assets, net	$	25.5	$	1.2	$	5.3	$	0.2
	Identifiable intangible and other non-current assets	0.1		—		—		—
	Accrued expenses and other current liabilities	1.5		0.9		4.5		11.4
		$	27.1	$	2.0	$	9.8	$	11.6
Total derivatives not designated as hedging instruments		$	1,007.0	$	259.4	$	929.5	$	246.6

Total derivatives		$	1,428.0	$	261.1	$	1,294.6	$	266.6

For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 7. 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 March 31, 2020 (in millions):



	As of March 31,
Derivative Instruments	Units	2020
Commodity contracts
Long	BBL	81.4
Short	BBL	(58.7	)

Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies	USD	(144.8	)
Buy U.S. dollar, sell other currencies	USD	423.9

As of March 31, 2020, and December 31, 2019, the following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):



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
	March 31, 2020		December 31, 2019		March 31, 2020			December 31, 2019
Inventory	$	12.8	$	30.7	$	(14.5	)	$	2.3

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 Three Months Ended
		March 31, 2020							March 31, 2019
		Revenue		Cost of Revenue			Interest expense and other financing costs, net		Revenue			Cost of Revenue			Interest expense and other financing costs, net
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded		$	8,015.2	$	7,756.4		$	16.2	$	8,678.8		$	8,427.7		$	20.5
Gains or Loss on fair value hedge relationships:
Commodity contracts:
	Hedged Item	—		(23.2		)	—		—			16.2			—
	Derivatives designated as hedging instruments	—		18.5			—		—			(13.5		)	—
Gains or Loss on cash flow hedge relationships:
Commodity contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	14.0		(1.2		)	—		(3.8		)	(8.4		)	—
Interest rate contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	—		—			—		—			—			—
Total amount of income and expense line items excluding the impact of hedges		$	8,001.1	$	7,750.5		$	16.2	$	8,682.6		$	8,422.1		$	20.5

For the three months ended March 31, 2020 and 2019, 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.

As of March 31, 2020, on a pre-tax basis for commodity cash flow hedges, $397.2 million and $385.1 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to Revenue and increase to Cost of revenue, respectively, over the next twelve months.

The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income and Consolidated Statements of Income and Comprehensive Income (in millions):



Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	For the Three Months Ended						Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	For the Three Months Ended
	March 31,							March 31,
Derivative Instruments	2020			2019			Location	2020			2019
Commodity contracts	$	334.1		$	(220.5	)	Revenue	$	14.0		$	(3.8	)
Commodity contracts	(297.7		)	196.4			Cost of revenue	(1.2		)	(8.4		)
Interest rate contracts	(1.5		)	—			Interest expense and other financing costs, net	—			—
Total Gain (Loss)	$	34.9		$	(24.1	)	Total Gain (Loss)	$	12.9		$	(12.2	)

The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our Consolidated Statements of Income and Comprehensive Income (in millions):



Amount of Realized and Unrealized Gain (Loss)		For the Three Months Ended
			March 31,
Derivative Instruments - Non-designated	Location		2020		2019
Commodity contracts
	Revenue		$	79.1	$	75.0
	Cost of revenue		15.4		(65.9		)
			$	94.5	$	9.1
Foreign currency contracts
	Revenue		$	0.5	$	(0.1	)
	Other (expense), net		18.5		0.5
			$	18.9	$	0.4
Total Gain (Loss)			$	113.5	$	9.5

Credit-Risk-Related Contingent Features

We enter into derivative contracts which may require us to provide collateral periodically. Additionally, certain derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to provide additional collateral or the immediate settlement of the derivative instruments upon the occurrence of such credit event or default. The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features as of March 31, 2020 and December 31, 2019 (in millions):



	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
	As of March 31, 2020			As of December 31, 2019
Net derivative liability positions with credit contingent features	$	95.2		$	45.6
Collateral posted and held by our counterparties	(48.2		)	—
Maximum additional potential collateral requirements	$	47.0		$	45.6

Goodwill

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill arises because the purchase price paid for our acquisitions reflects numerous factors, including the strategic fit and expected synergies these acquisitions bring to our existing operations. Goodwill is recorded at fair value and is reviewed at least annually for impairment.

The following table provides the components of and changes in the carrying amount of goodwill for the three months ended March 31, 2020 (in millions):



	Aviation			Land ⁽¹⁾			Total
Balance as of December 31, 2019	$	323.6		$	520.1		$	843.7
Additions	82.9			—			82.9
Foreign exchange and other adjustments	(1.4		)	(9.7		)	(11.1		)
Balance as of March 31, 2020	$	405.1		$	510.4		$	915.4

⁽¹⁾At March 31, 2020, $445.7 million of the land segment's goodwill amount relates to the land reporting unit.

Debt, Interest Income, Expense and Other Finance Costs

3 Months Ended

Mar. 31, 2020

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

Debt, Interest Income, Expense and Other Finance Costs

Our debt consisted of the following as of March 31, 2020 and December 31, 2019 (in millions):



	As of
	March 31,		December 31,
	2020		2019
Credit Facility	$	630.0	$	55.0
Term Loans	512.6		515.6
Finance Leases	17.7		18.7
Other*	39.2		39.5
Total debt	$	1,199.5	$	628.8
Current maturities of long-term debt	$	53.6	$	54.1
Long-term debt	$	1,145.9	$	574.7

* Includes secured borrowings of $37.1 million (EUR 33.6 million), due within 12 months, for the transfer of tax receivables as of March 31, 2020.

The following table provides additional information about our interest income (expense), and other financing costs, net, for the periods presented for the three months ended March 31, 2020 and 2019 (in millions):



	For the Three Months Ended
	March 31,
	2020			2019
Interest income	$	0.9		$	1.1
Interest expense and other financing costs	(16.2		)	(20.5		)
	$	(15.4	)	$	(19.4	)

Fair Value Measurements

3 Months Ended

Mar. 31, 2020

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 their short-term maturities. 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 $1.2 billion and $0.6 billion as of March 31, 2020 and December 31, 2019, respectively, and our notes receivable of $24.5 million and $21.0 million as of March 31, 2020 and December 31, 2019, respectively, are categorized as Level 2.

The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in millions):



	Fair Value Measurements as of March 31, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	930.1	$	426.2	$	44.6	$	1,400.9
Foreign currency contracts		—		27.1		—		27.1
Interest rate contract		—		—		—		—
Cash surrender value of life insurance		—		9.0		—		9.0
Total assets at fair value		$	930.1	$	462.3	$	44.6	$	1,437.0

Liabilities:
Commodities contracts		$	965.4	$	306.5	$	11.0	$	1,282.8
Foreign currency contracts		—		9.8		—		9.8
Interest rate contract		$	—	$	2.0	$	—	$	2.0
Total liabilities at fair value		$	965.4	$	318.3	$	11.0	$	1,294.6

	Fair Value Measurements as of December 31, 2019
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
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

There were no transfers between Level 1 and Level 2 during the periods presented. Additionally, the fair values of our commodity contracts measured using Level 3 inputs were not material at March 31, 2020 and December 31, 2019, 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 derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019. 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 March 31, 2020
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	1,400.9	$	1,069.8	$	331.2	$	28.4	$	—	$	302.8
Interest rate contract		—		—		—		—		—		—
Foreign currency contracts		27.1		6.8		20.3		—		—		20.3
Total assets at fair value		$	1,428.0	$	1,076.6	$	351.5	$	28.4	$	—	$	323.1

Liabilities:
Commodities contracts		$	1,282.8	$	1,069.8	$	213.1	$	76.7	$	—	$	136.4
Interest rate contract		2.0		—		2.0		—		—		2.0
Foreign currency contracts		9.8		6.8		3.0		—		—		3.0
Total liabilities at fair value		$	1,294.6	$	1,076.6	$	218.1	$	76.7	$	—	$	141.4



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

At March 31, 2020 and December 31, 2019, we did not present any amounts gross on our Consolidated Balance Sheets where we had the right of offset.

Concentration of Credit Risk

Our 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 March 31, 2020, one of our counterparties with an exposure amount of $28.2 million represented over 10% of our 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

Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

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



	For the Three Months Ended
	March 31,
	2020			2019
Income tax provision	$	16.0		$	14.0

Effective income tax rate	27.7		%	27.3		%

Our provision for income taxes for the three months ended March 31, 2020 was $16.0 million, resulting in an effective income tax rate of 27.7%. The provision includes a net discrete tax expense of $1.0 million for the period. Without the $1.0 million in discrete items, the effective income tax rate would have been 25.9%.

Our provision for income taxes for the three months ended March 31, 2019 was $14.0 million resulting in an effective tax rate of 27.3%. The provision includes a net discrete income tax benefit of $2.8 million for the period. Without the $2.8 million in discrete items, the effective income tax rate would have been 32.8%.

Our income tax concession in Singapore which reduces the income tax rate on qualified sales and derivative gains and losses decreased foreign income taxes by $2.0 million and $0.9 million for the three months ended March 31, 2020 and 2019, respectively. The impact of the income tax concession on basic earnings per common share was $0.03 and $0.01 for the three months ended March 31, 2020 and 2019, respectively. On a diluted earnings per common share basis, the impact was $0.03 and $0.01 for the three months ended March 31, 2020 and 2019, respectively.

Our provision for income taxes for the three months ended March 31, 2020 and 2019 was calculated based on the estimated annual effective income tax rate for the 2020 and 2019 fiscal years. The actual effective income tax rate for the 2020 fiscal year may be materially different as a result of differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned.

We 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 the 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 and on April 30, 2020, it received a proposed income adjustment of approximately $5.2 million related to the 2014 tax year. We are currently responding to the proposed income adjustments 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 $9.3 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. On March 11, 2020, the U.S. Internal Revenue Service began the audit of our 2017 and 2018 tax years, and we are responding to their information requests.

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.

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Our contracts with customers primarily require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. 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 generally recognize revenue for services provided over the contract period when services have been performed based on our right to invoice for those services.

Our contracts may contain fixed or variable pricing (such as market or index-based pricing) or some combination of those. 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 is not significant.

The following table presents our revenues from contracts with customers disaggregated by major geographic areas we conduct business in for the three months ended March 31, 2020 and 2019 (in millions):



	For the Three Months Ended
	March 31,
	2020		2019
Aviation	$	252.3	$	364.4
Land	4.7		4.8
Marine	924.6		708.9
Asia Pacific	$	1,181.7	$	1,078.1

Aviation	$	638.9	$	719.1
Land	618.2		640.5
Marine	611.2		654.7
EMEA	$	1,868.3	$	2,014.3

Aviation	$	560.7	$	545.7
Land	130.4		138.9
Marine	233.3		191.4
LATAM	$	924.5	$	876.0

Aviation	$	2,126.8	$	2,648.0
Land	1,329.4		1,634.4
Marine	342.1		334.5
North America	$	3,798.3	$	4,616.9

Other revenues (excluded from ASC 606)*	$	242.3	$	93.5

	$	8,015.2	$	8,678.8

* Includes revenue from leases and other transactions that we account for under separate guidance.

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 March 31, 2020 and December 31, 2019, the contract assets and contract liabilities recognized by the Company were not material.

Business Segments

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Business Segments

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

In our aviation segment, we offer fuel and related products and services to major commercial airlines, second and third-tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft. 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 World Kinect, our 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 for the three months ended March 31, 2020 and 2019 (in millions):



	For the Three Months Ended
	March 31,
Revenue:	2020			2019
Aviation segment	$	3,764.1		$	4,252.7
Land segment	2,106.0			2,493.6
Marine segment	2,145.0			1,932.5
	$	8,015.2		$	8,678.8

Gross profit:
Aviation segment	$	93.2		$	114.3
Land segment	106.3			101.5
Marine segment	59.3			35.2
	$	258.7		$	251.1

Income from operations:
Aviation segment	$	29.1		$	55.6
Land segment	25.7			21.0
Marine segment	33.9			13.5
	88.6			90.1
Corporate overhead - unallocated	(17.8		)	(19.7		)
	$	70.8		$	70.4

Information concerning our accounts receivable, net and total assets by segment is as follows as of March 31, 2020 and December 31, 2019 (in millions):



	As of
	March 31,		December 31
	2020		2019
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $22.2 and $14.6 as of March 31, 2020 and December 31, 2019, respectively	$	606.5	$	1,098.2
Land segment, net of allowance for credit losses of $8.3 and $2.8 as of March 31, 2020 and December 31, 2019, respectively	728.1		863.2
Marine segment, net of allowance for credit losses of $22.4 and $18.0 as of March 31, 2020 and December 31, 2019, respectively	650.5		930.5
	$	1,985.1	$	2,891.9
Total assets:
Aviation segment	$	2,215.2	$	2,416.5
Land segment	2,115.9		2,089.4
Marine segment	1,059.3		1,189.7
Corporate	108.5		296.8
	$	5,498.9	$	5,992.4

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. See Item 1A. Risk Factors of our 2019 10-K Report for more information.

Earnings per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

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



	For the Three Months Ended
	March 31,
	2020		2019
Numerator:
Net income attributable to World Fuel	$	41.4	$	37.2
Denominator:
Weighted average common shares for basic earnings per common share	64.9		67.1
Effect of dilutive securities	0.5		0.2
Weighted average common shares for diluted earnings per common share	65.4		67.4

Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met	1.6		2.0

Basic earnings per common share	$	0.64	$	0.55

Diluted earnings per common share	$	0.63	$	0.55

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Tax Matters From time to time, we are under review by various domestic and foreign tax authorities with 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 $9.3 million (KRW 11.3 billion) and during the quarter ended June 30, 2017, an assessment for an additional $16.5 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 $9.5 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 March 31, 2020, 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.

Restructuring

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring

As a result of continued review of our land business and changes in the overall economic landscape for all reportable segments as result of the COVID-19 pandemic, we are implementing a restructuring initiative focused on further streamlining our operations and sharpening our deployment of resources in 2020. We are working to further define the plan for the restructuring during the second quarter of 2020.

For the three months ended March 31, 2020, we incurred $1.7 million in restructuring costs, comprised principally of certain employee-related costs included in Compensation and employee benefits in our Consolidated Statements of Income and Comprehensive Income. Our accrued restructuring charges as of March 31, 2020 are included in Accrued expenses and other current liabilities on our Consolidated Balance Sheet.

The following table provides a summary of our restructuring activities during the three months ended March 31, 2020 (in millions):



	Aviation			Land			Marine			Corporate			Consolidated
Balance as of December 31, 2019	$	0.5		$	7.5		$	1.3		$	0.2		$	9.5
Severance costs	0.1			1.3			0.1			0.2			1.7
Payments	(0.4		)	(2.7		)	(0.8		)	(0.3		)	(4.2		)
Restructuring charges as of March 31, 2020	$	0.2		$	6.1		$	0.7		$	0.1		$	7.0

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	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 Quarterly Report on Form 10‑Q (“10-Q 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. We will continue to focus on enhancing the portfolio of products and services we provide based on changes in customer demand, including sustainability offerings and renewable fuel products. We prepared the Consolidated Financial Statements following the requirements of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) can be condensed or omitted.
Use of Estimates	Certain amounts in the Consolidated Financial Statements and accompanying notes may not add due to rounding. All percentages have been calculated using unrounded amounts
Adoption of New Accounting Standard and Accounting Standards Issued but Not Yet Adopted	Adoption of New Accounting Standards We included below a description of recent new accounting standards or accounting standards updates 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. Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In June 2016, Accounting Standards Update ("ASU") 2016-13 was issued, which replaced the incurred loss impairment model 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, changed 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 are 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 could lead to a loss being realized, regardless of whether it is probable that the future event will occur. The Company adopted ASU 2016-13, including the related codification amendments, in the first quarter of 2020 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. The Company implemented changes to business processes and internal controls that support the new standard. As of the date of implementation on January 1, 2020, the Company recognized $11.1 million as a reduction to the opening retained earnings balance. The main drivers of the consolidated impact at transition are related to the inclusion of future economic conditions, the exclusion of freestanding credit enhancements when estimating the expected credit loss and estimating the lifetime credit losses of notes receivable. Accounting Standards Issued but Not Yet Adopted There have been no recently issued accounting standards not yet adopted by us which are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes.
Revenue from Contracts with Customers	Our contracts with customers primarily require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. 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 generally recognize revenue for services provided over the contract period when services have been performed based on our right to invoice for those services. Our contracts may contain fixed or variable pricing (such as market or index-based pricing) or some combination of those. 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 is not significant.

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Receivables [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table sets forth activities in our allowance for credit losses (in millions):



	Total
Balance as of January 1, 2020	$	46.6
Charges to provision for credit losses	9.9
Write-off of uncollectible receivables	(0.6		)
Recoveries of credit losses	$	0.1
Translation adjustments	—
Balance as of March 31, 2020	$	56.1

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



	Total
Cash paid for acquisition of business	$	131.0
Amounts due to sellers	30.0
Estimated purchase price	$	161.0

Assets acquired:
Accounts receivable	40.1
Goodwill and identifiable intangible assets	127.1
Other current and long-term assets	4.5

Liabilities assumed:
Accounts payable	(9.9		)
Other current and long-term liabilities	(0.9		)

Estimated purchase price	$	161.0

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions):



		Gross Derivative Assets				Gross Derivative Liabilities
		As of				As of
		March 31,		December 31,		March 31,		December 31,
		2020		2019		2020		2019
Derivative Instruments	Consolidated Balance Sheets location
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	4.8	$	—	$	0.7	$	—
	Identifiable intangible and other non-current assets	—		—		—		—
	Accrued expenses and other current liabilities	416.1		1.7		362.4		20.0
	Other long-term liabilities	—		—		0.1		—
		$	421.0	$	1.7	$	363.1	$	20.0

Interest rate contracts	Short-term derivative assets, net	$	—	$	—	$	—	$	—
	Identifiable intangible and other non-current assets	$	—	$	—	$	—	$	—
	Accrued expenses and other current liabilities	—		—		0.7		—
	Other long-term liabilities	$	—	$	—	$	1.3	$	—
Total derivatives designated as hedging instruments		$	421.0	$	1.7	$	365.1	$	20.0

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	397.6	$	65.7	$	115.1	$	7.2
	Identifiable intangible and other non-current assets	67.0		23.0		22.5		4.8
	Accrued expenses and other current liabilities	486.4		161.0		721.3		203.4
	Other long-term liabilities	29.0		7.7		60.8		19.7
		$	980.0	$	257.3	$	919.7	$	235.0

Foreign currency contracts	Short-term derivative assets, net	$	25.5	$	1.2	$	5.3	$	0.2
	Identifiable intangible and other non-current assets	0.1		—		—		—
	Accrued expenses and other current liabilities	1.5		0.9		4.5		11.4
		$	27.1	$	2.0	$	9.8	$	11.6
Total derivatives not designated as hedging instruments		$	1,007.0	$	259.4	$	929.5	$	246.6

Total derivatives		$	1,428.0	$	261.1	$	1,294.6	$	266.6

Schedule of fair value positions of derivative instruments



	As of March 31,
Derivative Instruments	Units	2020
Commodity contracts
Long	BBL	81.4
Short	BBL	(58.7	)

Foreign currency exchange contracts
Sell U.S. dollar, buy other currencies	USD	(144.8	)
Buy U.S. dollar, sell other currencies	USD	423.9

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

As of March 31, 2020, and December 31, 2019, the following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):



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
	March 31, 2020		December 31, 2019		March 31, 2020			December 31, 2019
Inventory	$	12.8	$	30.7	$	(14.5	)	$	2.3

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 Three Months Ended
		March 31, 2020							March 31, 2019
		Revenue		Cost of Revenue			Interest expense and other financing costs, net		Revenue			Cost of Revenue			Interest expense and other financing costs, net
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded		$	8,015.2	$	7,756.4		$	16.2	$	8,678.8		$	8,427.7		$	20.5
Gains or Loss on fair value hedge relationships:
Commodity contracts:
	Hedged Item	—		(23.2		)	—		—			16.2			—
	Derivatives designated as hedging instruments	—		18.5			—		—			(13.5		)	—
Gains or Loss on cash flow hedge relationships:
Commodity contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	14.0		(1.2		)	—		(3.8		)	(8.4		)	—
Interest rate contracts:
	Amount of Gain (Loss) Reclassified from AOCI into Income	—		—			—		—			—			—
Total amount of income and expense line items excluding the impact of hedges		$	8,001.1	$	7,750.5		$	16.2	$	8,682.6		$	8,422.1		$	20.5

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	For the Three Months Ended						Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	For the Three Months Ended
	March 31,							March 31,
Derivative Instruments	2020			2019			Location	2020			2019
Commodity contracts	$	334.1		$	(220.5	)	Revenue	$	14.0		$	(3.8	)
Commodity contracts	(297.7		)	196.4			Cost of revenue	(1.2		)	(8.4		)
Interest rate contracts	(1.5		)	—			Interest expense and other financing costs, net	—			—
Total Gain (Loss)	$	34.9		$	(24.1	)	Total Gain (Loss)	$	12.9		$	(12.2	)

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



Amount of Realized and Unrealized Gain (Loss)		For the Three Months Ended
			March 31,
Derivative Instruments - Non-designated	Location		2020		2019
Commodity contracts
	Revenue		$	79.1	$	75.0
	Cost of revenue		15.4		(65.9		)
			$	94.5	$	9.1
Foreign currency contracts
	Revenue		$	0.5	$	(0.1	)
	Other (expense), net		18.5		0.5
			$	18.9	$	0.4
Total Gain (Loss)			$	113.5	$	9.5

Schedule of potential collateral requirements for derivative liabilities

The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features as of March 31, 2020 and December 31, 2019 (in millions):



	Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
	As of March 31, 2020			As of December 31, 2019
Net derivative liability positions with credit contingent features	$	95.2		$	45.6
Collateral posted and held by our counterparties	(48.2		)	—
Maximum additional potential collateral requirements	$	47.0		$	45.6

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Goodwill (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The following table provides the components of and changes in the carrying amount of goodwill for the three months ended March 31, 2020 (in millions):



	Aviation			Land ⁽¹⁾			Total
Balance as of December 31, 2019	$	323.6		$	520.1		$	843.7
Additions	82.9			—			82.9
Foreign exchange and other adjustments	(1.4		)	(9.7		)	(11.1		)
Balance as of March 31, 2020	$	405.1		$	510.4		$	915.4

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

3 Months Ended

Mar. 31, 2020

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

Schedule of debt

Our debt consisted of the following as of March 31, 2020 and December 31, 2019 (in millions):



	As of
	March 31,		December 31,
	2020		2019
Credit Facility	$	630.0	$	55.0
Term Loans	512.6		515.6
Finance Leases	17.7		18.7
Other*	39.2		39.5
Total debt	$	1,199.5	$	628.8
Current maturities of long-term debt	$	53.6	$	54.1
Long-term debt	$	1,145.9	$	574.7

* Includes secured borrowings of $37.1 million (EUR 33.6 million), due within 12 months, for the transfer of tax receivables as of March 31, 2020.

Schedule of interest expense and other financing costs, net



	For the Three Months Ended
	March 31,
	2020			2019
Interest income	$	0.9		$	1.1
Interest expense and other financing costs	(16.2		)	(20.5		)
	$	(15.4	)	$	(19.4	)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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

The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 (in millions):



	Fair Value Measurements as of March 31, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts		$	930.1	$	426.2	$	44.6	$	1,400.9
Foreign currency contracts		—		27.1		—		27.1
Interest rate contract		—		—		—		—
Cash surrender value of life insurance		—		9.0		—		9.0
Total assets at fair value		$	930.1	$	462.3	$	44.6	$	1,437.0

Liabilities:
Commodities contracts		$	965.4	$	306.5	$	11.0	$	1,282.8
Foreign currency contracts		—		9.8		—		9.8
Interest rate contract		$	—	$	2.0	$	—	$	2.0
Total liabilities at fair value		$	965.4	$	318.3	$	11.0	$	1,294.6

	Fair Value Measurements as of December 31, 2019
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
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

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



	Fair Value as of March 31, 2020
										Gross Amounts
		Gross Amounts		Gross Amounts		Net Amounts		Cash		without
		Recognized		Offset		Presented		Collateral		Right of Offset		Net Amounts
Assets:
Commodities contracts		$	1,400.9	$	1,069.8	$	331.2	$	28.4	$	—	$	302.8
Interest rate contract		—		—		—		—		—		—
Foreign currency contracts		27.1		6.8		20.3		—		—		20.3
Total assets at fair value		$	1,428.0	$	1,076.6	$	351.5	$	28.4	$	—	$	323.1

Liabilities:
Commodities contracts		$	1,282.8	$	1,069.8	$	213.1	$	76.7	$	—	$	136.4
Interest rate contract		2.0		—		2.0		—		—		2.0
Foreign currency contracts		9.8		6.8		3.0		—		—		3.0
Total liabilities at fair value		$	1,294.6	$	1,076.6	$	218.1	$	76.7	$	—	$	141.4



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

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

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

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



	For the Three Months Ended
	March 31,
	2020			2019
Income tax provision	$	16.0		$	14.0

Effective income tax rate	27.7		%	27.3		%

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue disaggregated by major geographic areas



	For the Three Months Ended
	March 31,
	2020		2019
Aviation	$	252.3	$	364.4
Land	4.7		4.8
Marine	924.6		708.9
Asia Pacific	$	1,181.7	$	1,078.1

Aviation	$	638.9	$	719.1
Land	618.2		640.5
Marine	611.2		654.7
EMEA	$	1,868.3	$	2,014.3

Aviation	$	560.7	$	545.7
Land	130.4		138.9
Marine	233.3		191.4
LATAM	$	924.5	$	876.0

Aviation	$	2,126.8	$	2,648.0
Land	1,329.4		1,634.4
Marine	342.1		334.5
North America	$	3,798.3	$	4,616.9

Other revenues (excluded from ASC 606)*	$	242.3	$	93.5

	$	8,015.2	$	8,678.8

* Includes revenue from leases and other transactions that we account for under separate guidance.

Business Segments (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

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

Information concerning our revenue, gross profit and income from operations by segment is as follows for the three months ended March 31, 2020 and 2019 (in millions):



	For the Three Months Ended
	March 31,
Revenue:	2020			2019
Aviation segment	$	3,764.1		$	4,252.7
Land segment	2,106.0			2,493.6
Marine segment	2,145.0			1,932.5
	$	8,015.2		$	8,678.8

Gross profit:
Aviation segment	$	93.2		$	114.3
Land segment	106.3			101.5
Marine segment	59.3			35.2
	$	258.7		$	251.1

Income from operations:
Aviation segment	$	29.1		$	55.6
Land segment	25.7			21.0
Marine segment	33.9			13.5
	88.6			90.1
Corporate overhead - unallocated	(17.8		)	(19.7		)
	$	70.8		$	70.4

Schedule of accounts receivable, net and total assets by segment

Information concerning our accounts receivable, net and total assets by segment is as follows as of March 31, 2020 and December 31, 2019 (in millions):



	As of
	March 31,		December 31
	2020		2019
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $22.2 and $14.6 as of March 31, 2020 and December 31, 2019, respectively	$	606.5	$	1,098.2
Land segment, net of allowance for credit losses of $8.3 and $2.8 as of March 31, 2020 and December 31, 2019, respectively	728.1		863.2
Marine segment, net of allowance for credit losses of $22.4 and $18.0 as of March 31, 2020 and December 31, 2019, respectively	650.5		930.5
	$	1,985.1	$	2,891.9
Total assets:
Aviation segment	$	2,215.2	$	2,416.5
Land segment	2,115.9		2,089.4
Marine segment	1,059.3		1,189.7
Corporate	108.5		296.8
	$	5,498.9	$	5,992.4

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Computation of basic and diluted earnings per common share

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



	For the Three Months Ended
	March 31,
	2020		2019
Numerator:
Net income attributable to World Fuel	$	41.4	$	37.2
Denominator:
Weighted average common shares for basic earnings per common share	64.9		67.1
Effect of dilutive securities	0.5		0.2
Weighted average common shares for diluted earnings per common share	65.4		67.4

Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met	1.6		2.0

Basic earnings per common share	$	0.64	$	0.55

Diluted earnings per common share	$	0.63	$	0.55

Restructuring (Tables)

3 Months Ended

Mar. 31, 2020

Restructuring and Related Activities [Abstract]

Summary of restructuring activities included in accrued expenses other current liabilities

The following table provides a summary of our restructuring activities during the three months ended March 31, 2020 (in millions):



	Aviation			Land			Marine			Corporate			Consolidated
Balance as of December 31, 2019	$	0.5		$	7.5		$	1.3		$	0.2		$	9.5
Severance costs	0.1			1.3			0.1			0.2			1.7
Payments	(0.4		)	(2.7		)	(0.8		)	(0.3		)	(4.2		)
Restructuring charges as of March 31, 2020	$	0.2		$	6.1		$	0.7		$	0.1		$	7.0

Basis of Presentation and Significant Accounting Policies (Details) - Accounting Standards Update 2016-13 $ in Millions	Jan. 01, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle	$ (11.1)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle	$ (11.1)

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 01, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 1,985.1		$ 2,891.9
Accounts receivable, allowance for credit losses	$ 56.1		35.5	$ 46.6
Percent accounts receivable outstanding, less than 60 days	96.00%
Account receivable sold under the RPAs	$ 288.3		$ 405.9
Fees and financing costs under the RPA	4.4	$ 5.8
Accounts receivable sold under RPAs	1,800.0	2,000.0
Cash proceeds from sale of accounts receivables	$ 1,700.0	$ 2,000.0
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale price of receivables, percentage of sold amount	100.00%
London Interbank Offered Rate (LIBOR) \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivable, basis spread on variable rate			3.00%
London Interbank Offered Rate (LIBOR) \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivable, basis spread on variable rate			1.00%
Accounting Standards Update 2016-13
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cumulative effect of change in accounting principle				(11.1)
Retained Earnings \| Accounting Standards Update 2016-13
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cumulative effect of change in accounting principle				$ (11.1)

Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 46.6	$ 35.5
Charges to provision for credit losses	9.9	9.9	$ 2.4
Write-off of uncollectible receivables	(0.6)
Recoveries of credit losses	0.1
Translation adjustments	0.0
Ending balance	$ 56.1	$ 56.1

Acquisitions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Acquisitions
Goodwill	$ 915.4	$ 843.7
Universal Weather And Aviation, Inc.
Acquisitions
Goodwill	82.9
Goodwill, expected to be tax deductible	73.5
Identifiable intangible assets acquired	$ 44.3

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Cash paid for acquisition of businesses	$ 130.5	$ 0.0
Universal Weather And Aviation, Inc.
Business Acquisition [Line Items]
Cash paid for acquisition of businesses	131.0
Amounts due to sellers	30.0
Estimated purchase price	161.0
Assets acquired:
Accounts receivable	40.1
Goodwill and identifiable intangible assets	127.1
Other current and long-term assets	4.5
Liabilities assumed:
Accounts payable	(9.9)
Other current and long-term liabilities	(0.9)
Estimated purchase price	$ 161.0

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) bbl
Long \| Commodity contracts
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) \| bbl	81.4
Long \| Foreign currency contracts \| USD
Derivative instruments, at their respective fair value positions
Notional amount of foreign currency exchange contracts \| $	$ 423.9
Short \| Commodity contracts
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) \| bbl	58.7
Short \| Foreign currency contracts \| USD
Derivative instruments, at their respective fair value positions
Notional amount of foreign currency exchange contracts \| $	$ 144.8

Derivative Instruments - Effect on Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Hedged Asset/(Liabilities)	$ 12,800,000		$ 30,700,000
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)	(14,500,000)		2,300,000
Gain (loss) on derivative
Revenue	8,015,200,000	$ 8,678,800,000
Cost of revenue	7,756,400,000	8,427,700,000
Gains or Loss on fair value hedge relationships:
Gain (Loss) recognized in earnings related to fair value or cash flow hedges excluded from assessment of hedge effectiveness	0	0
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	34,900,000	(24,100,000)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	12,900,000	(12,200,000)
Potential Collateral Requirements for Derivative Liabilities with Credit-Risk-Contingent Features
Net derivative liability positions with credit contingent features	95,200,000		45,600,000
Collateral posted and held by our counterparties	(48,200,000)		0
Maximum additional potential collateral requirements	47,000,000.0		$ 45,600,000
Revenue
Gain (loss) on derivative
Revenue	8,015,200,000	8,678,800,000
Gains or Loss on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Revenue	8,001,100,000	8,682,600,000
Cost of revenue
Gain (loss) on derivative
Cost of revenue	7,756,400,000	8,427,700,000
Gains or Loss on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Cost of Revenue	7,750,500,000	8,422,100,000
Interest expense and other financing costs, net
Gain (loss) on derivative
Interest expense and other financing costs, net	16,200,000	20,500,000
Gains or Loss on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs	16,200,000	20,500,000
Commodity contracts \| Revenue
Gains or Loss on fair value hedge relationships:
Hedged Item	0	0
Derivatives designated as hedging instruments	0	0
Amount of Gain (Loss) Reclassified from AOCI into Income	14,000,000.0	(3,800,000)
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	334,100,000	(220,500,000)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	14,000,000.0	(3,800,000)
Commodity contracts \| Cost of revenue
Gains or Loss on fair value hedge relationships:
Hedged Item	(23,200,000)	16,200,000
Derivatives designated as hedging instruments	18,500,000	(13,500,000)
Amount of Gain (Loss) Reclassified from AOCI into Income	(1,200,000)	(8,400,000)
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	(297,700,000)	196,400,000
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	(1,200,000)	(8,400,000)
Commodity contracts \| Interest expense and other financing costs, net
Gains or Loss on fair value hedge relationships:
Hedged Item	0	0
Derivatives designated as hedging instruments	0	0
Amount of Gain (Loss) Reclassified from AOCI into Income	0	0
Interest rate contracts \| Revenue
Gains or Loss on fair value hedge relationships:
Amount of Gain (Loss) Reclassified from AOCI into Income	0	0
Interest rate contracts \| Cost of revenue
Gains or Loss on fair value hedge relationships:
Amount of Gain (Loss) Reclassified from AOCI into Income	0	0
Interest rate contracts \| Interest expense and other financing costs, net
Gains or Loss on fair value hedge relationships:
Amount of Gain (Loss) Reclassified from AOCI into Income	0	0
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	(1,500,000)	0
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	0	0
Derivatives not designated as hedging instruments
Gains or Loss on fair value hedge relationships:
Amount of Realized and Unrealized Gain (Loss)	113,500,000	9,500,000
Derivatives not designated as hedging instruments \| Commodity contracts
Gains or Loss on fair value hedge relationships:
Amount of Realized and Unrealized Gain (Loss)	94,500,000	9,100,000
Derivatives not designated as hedging instruments \| Commodity contracts \| Revenue
Gains or Loss on fair value hedge relationships:
Amount of Realized and Unrealized Gain (Loss)	79,100,000	75,000,000.0
Derivatives not designated as hedging instruments \| Commodity contracts \| Cost of revenue
Gains or Loss on fair value hedge relationships:
Amount of Realized and Unrealized Gain (Loss)	15,400,000	(65,900,000)
Derivatives not designated as hedging instruments \| Foreign currency contracts
Gains or Loss on fair value hedge relationships:
Amount of Realized and Unrealized Gain (Loss)	18,900,000	400,000
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Revenue
Gains or Loss on fair value hedge relationships:
Amount of Realized and Unrealized Gain (Loss)	500,000	(100,000)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Interest expense and other financing costs, net
Gains or Loss on fair value hedge relationships:
Amount of Realized and Unrealized Gain (Loss)	$ 18,500,000	$ 500,000

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
Derivative Instruments - Narrative (Details) $ in Millions	Mar. 31, 2020 USD ($)
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 300.0
Revenue
Derivative [Line Items]
Amount scheduled to be reclassified over the next twelve months	397.2
Cost of revenue
Derivative [Line Items]
Amount scheduled to be reclassified over the next twelve months	$ 385.1

Goodwill - Components of and Changes in Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2019	$ 843.7
Additions	82.9
Foreign exchange and other adjustments	(11.1)
Balance as of March 31, 2020	915.4
Aviation
Goodwill [Roll Forward]
Balance as of December 31, 2019	323.6
Additions	82.9
Foreign exchange and other adjustments	(1.4)
Balance as of March 31, 2020	405.1
Land
Goodwill [Roll Forward]
Balance as of December 31, 2019	520.1
Additions	0.0
Foreign exchange and other adjustments	(9.7)
Balance as of March 31, 2020	510.4
Land Reporting Unit \| Land
Goodwill [Roll Forward]
Balance as of March 31, 2020	$ 445.7

Debt, Interest Income, Expense and Other Finance Costs - Schedule of Debt (Details) € in Millions, $ in Millions	Mar. 31, 2020 USD ($)	Mar. 31, 2020 EUR (€)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Finance Leases	$ 17.7		$ 18.7
Total debt	1,199.5		628.8
Current maturities of long-term debt	53.6		54.1
Long-term debt	1,145.9		574.7
Other
Debt Instrument [Line Items]
Long-term debt	39.2		39.5
Term Loans \| Term Loans
Debt Instrument [Line Items]
Long-term debt	512.6		515.6
Secured Debt
Debt Instrument [Line Items]
Long-term debt	37.1	€ 33.6
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 630.0		$ 55.0

Debt, Interest Income, Expense and Other Finance Costs - Interest Income (Expense), and Other Financing Costs, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt, Interest Income, Expense and Other Finance Costs [Abstract]
Interest income	$ 0.9	$ 1.1
Interest expense and other financing costs	(16.2)	(20.5)
Interest income (expense) and other financing costs, net	$ (15.4)	$ (19.4)

Fair Value Measurements - Assets and Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets:
Gross Derivative Assets	$ 1,428,000,000.0	$ 261,100,000
Liabilities:
Gross Derivative Liabilities	1,294,600,000	266,600,000
Transfers from Level 1 to Level 2, assets	0	0
Transfers from Level 2 to Level 1, assets	0	0
Transfers from Level 1 to Level 2, liabilities	0	0
Transfers from Level 2 to Level 1, liabilities	0	0
Fair value measured on recurring basis
Assets:
Total assets at fair value	1,437,000,000.0	270,400,000
Liabilities:
Total liabilities at fair value	1,294,600,000	266,600,000
Fair value measured on recurring basis \| Level 1 Inputs
Assets:
Total assets at fair value	930,100,000	148,300,000
Liabilities:
Total liabilities at fair value	965,400,000	177,600,000
Fair value measured on recurring basis \| Level 2 Inputs
Assets and liabilities measured at estimated fair value on a recurring basis
Debt	1,200,000,000	600,000,000
Notes receivable	24,500,000	21,000,000.0
Assets:
Total assets at fair value	462,300,000	111,400,000
Liabilities:
Total liabilities at fair value	318,300,000	80,900,000
Fair value measured on recurring basis \| Level 3 Inputs
Assets:
Total assets at fair value	44,600,000	10,700,000
Liabilities:
Total liabilities at fair value	11,000,000.0	8,100,000
Commodity contracts \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	1,400,900,000	259,000,000.0
Liabilities:
Gross Derivative Liabilities	1,282,800,000	255,000,000.0
Commodity contracts \| Fair value measured on recurring basis \| Level 1 Inputs
Assets:
Gross Derivative Assets	930,100,000	148,300,000
Liabilities:
Gross Derivative Liabilities	965,400,000	177,600,000
Commodity contracts \| Fair value measured on recurring basis \| Level 2 Inputs
Assets:
Gross Derivative Assets	426,200,000	100,000,000.0
Liabilities:
Gross Derivative Liabilities	306,500,000	69,300,000
Commodity contracts \| Fair value measured on recurring basis \| Level 3 Inputs
Assets:
Gross Derivative Assets	44,600,000	10,700,000
Liabilities:
Gross Derivative Liabilities	11,000,000.0	8,100,000
Foreign currency contracts \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	27,100,000	2,000,000.0
Liabilities:
Gross Derivative Liabilities	9,800,000	11,600,000
Foreign currency contracts \| Fair value measured on recurring basis \| Level 1 Inputs
Assets:
Gross Derivative Assets	0	0
Liabilities:
Gross Derivative Liabilities	0	0
Foreign currency contracts \| Fair value measured on recurring basis \| Level 2 Inputs
Assets:
Gross Derivative Assets	27,100,000	2,000,000.0
Liabilities:
Gross Derivative Liabilities	9,800,000	11,600,000
Foreign currency contracts \| Fair value measured on recurring basis \| Level 3 Inputs
Assets:
Gross Derivative Assets	0	0
Liabilities:
Gross Derivative Liabilities	0	0
Interest rate contracts \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	0
Liabilities:
Gross Derivative Liabilities	2,000,000.0
Interest rate contracts \| Fair value measured on recurring basis \| Level 1 Inputs
Assets:
Gross Derivative Assets	0
Liabilities:
Gross Derivative Liabilities	0
Interest rate contracts \| Fair value measured on recurring basis \| Level 2 Inputs
Assets:
Gross Derivative Assets	0
Liabilities:
Gross Derivative Liabilities	2,000,000.0
Interest rate contracts \| Fair value measured on recurring basis \| Level 3 Inputs
Assets:
Gross Derivative Assets	0
Liabilities:
Gross Derivative Liabilities	0
Cash surrender value of life insurance \| Fair value measured on recurring basis
Assets:
Cash surrender value of life insurance	9,000,000.0	9,400,000
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 1 Inputs
Assets:
Cash surrender value of life insurance	0	0
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 2 Inputs
Assets:
Cash surrender value of life insurance	9,000,000.0	9,400,000
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 3 Inputs
Assets:
Cash surrender value of life insurance	$ 0	$ 0

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Offsetting Assets [Line Items]
Gross Amounts Recognized	$ 1,428.0	$ 261.1
Gross Amounts Offset	1,076.6	131.1
Net Amounts Presented	351.5	130.0
Cash Collateral	28.4	0.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	323.1	130.0
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	1,294.6	266.6
Gross Amounts Offset	1,076.6	131.1
Net Amounts Presented	218.1	135.5
Cash Collateral	76.7	29.3
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	141.4	106.3
Commodity contracts
Offsetting Assets [Line Items]
Gross Amounts Recognized	1,400.9	259.0
Gross Amounts Offset	1,069.8	130.0
Net Amounts Presented	331.2	129.0
Cash Collateral	28.4	0.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	302.8	129.0
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	1,282.8	255.0
Gross Amounts Offset	1,069.8	130.0
Net Amounts Presented	213.1	125.0
Cash Collateral	76.7	29.3
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	136.4	95.7
Interest rate contracts
Offsetting Assets [Line Items]
Gross Amounts Recognized	0.0
Gross Amounts Offset	0.0
Net Amounts Presented	0.0
Cash Collateral	0.0
Gross Amounts without Right of Offset	0.0
Net Amounts	0.0
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	2.0
Gross Amounts Offset	0.0
Net Amounts Presented	2.0
Cash Collateral	0.0
Gross Amounts without Right of Offset	0.0
Net Amounts	2.0
Foreign currency contracts
Offsetting Assets [Line Items]
Gross Amounts Recognized	27.1	2.0
Gross Amounts Offset	6.8	1.0
Net Amounts Presented	20.3	1.0
Cash Collateral	0.0	0.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	20.3	1.0
Offsetting Liabilities [Line Items]
Gross Amounts Recognized	9.8	11.6
Gross Amounts Offset	6.8	1.0
Net Amounts Presented	3.0	10.5
Cash Collateral	0.0	0.0
Gross Amounts without Right of Offset	0.0	0.0
Net Amounts	$ 3.0	$ 10.5

Fair Value Measurements - Concentration of Credit Risk (Details) $ in Millions	Mar. 31, 2020 USD ($)
Largest Counterparty \| Concentration of credit risk \| Credit exposure
Concentration Risk [Line Items]
Total credit risk	$ 28.2

Income Taxes (Details) $ / shares in Units, $ in Millions, ₩ in Billions		3 Months Ended			12 Months Ended
	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) $ / shares	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($) $ / shares	Dec. 31, 2017 USD ($)	Dec. 31, 2017 KRW (₩)
Income Taxes [Line Items]
Income tax provision		$ 16.0		$ 14.0
Effective income tax rate		27.70%		27.30%
Adjustment for discrete tax expense (benefit), prior year foreign tax return		$ 1.0		$ 2.8
Decrease in foreign income tax		$ 2.0		$ 0.9
Basic earnings per common share (in dollars per share) \| $ / shares		$ 0.03		$ 0.01
Diluted earnings per common share (in dollars per share) \| $ / shares		$ 0.03		$ 0.01
Tax Authority, South Korea (SRTO)
Income Taxes [Line Items]
Income tax assessment notice, amount					$ 9.3	₩ 11.3
Pro forma
Income Taxes [Line Items]
Effective income tax rate		25.90%		32.80%
2013 Tax Year \| Danish Tax Authority \| Foreign Tax Authority
Income Taxes [Line Items]
Proposed income adjustment			$ 1.7
Subsequent Event \| 2014 Tax Year \| Danish Tax Authority \| Foreign Tax Authority
Income Taxes [Line Items]
Proposed income adjustment	$ 5.2

Revenue from Contracts with Customers Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Other revenues (excluded from ASC 606)	$ 242.3	$ 93.5
Revenue	8,015.2	8,678.8
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,181.7	1,078.1
EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,868.3	2,014.3
LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	924.5	876.0
North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	3,798.3	4,616.9
Aviation
Disaggregation of Revenue [Line Items]
Revenue	3,764.1	4,252.7
Aviation \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	252.3	364.4
Aviation \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	638.9	719.1
Aviation \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	560.7	545.7
Aviation \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,126.8	2,648.0
Land
Disaggregation of Revenue [Line Items]
Revenue	2,106.0	2,493.6
Land \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4.7	4.8
Land \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	618.2	640.5
Land \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	130.4	138.9
Land \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,329.4	1,634.4
Marine
Disaggregation of Revenue [Line Items]
Revenue	2,145.0	1,932.5
Marine \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	924.6	708.9
Marine \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	611.2	654.7
Marine \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	233.3	191.4
Marine \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	$ 342.1	$ 334.5

Business Segments - Income Statement Items (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) segment	Mar. 31, 2019 USD ($)
Information concerning revenue, gross profit and income from operations by segment
Number of reportable operating business segments \| segment	3
Revenue:
Revenue	$ 8,015.2	$ 8,678.8
Gross profit:
Gross profit	258.7	251.1
Income from operations:
Income from operations	70.8	70.4
Operating Segments
Income from operations:
Income from operations	88.6	90.1
Corporate
Income from operations:
Income from operations	(17.8)	(19.7)
Aviation segment
Revenue:
Revenue	3,764.1	4,252.7
Gross profit:
Gross profit	93.2	114.3
Aviation segment \| Operating Segments
Income from operations:
Income from operations	29.1	55.6
Land segment
Revenue:
Revenue	2,106.0	2,493.6
Gross profit:
Gross profit	106.3	101.5
Land segment \| Operating Segments
Income from operations:
Income from operations	25.7	21.0
Marine segment
Revenue:
Revenue	2,145.0	1,932.5
Gross profit:
Gross profit	59.3	35.2
Marine segment \| Operating Segments
Income from operations:
Income from operations	$ 33.9	$ 13.5

Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Accounts receivable, net:
Accounts receivable, net	$ 1,985.1		$ 2,891.9
Allowance for credit losses	56.1	$ 46.6	35.5
Total assets:
Total assets	5,498.9		5,992.4
Aviation segment
Accounts receivable, net:
Accounts receivable, net	606.5		1,098.2
Allowance for credit losses	22.2		14.6
Land segment
Accounts receivable, net:
Accounts receivable, net	728.1		863.2
Allowance for credit losses	8.3		2.8
Marine segment
Accounts receivable, net:
Accounts receivable, net	650.5		930.5
Allowance for credit losses	22.4		18.0
Operating Segments \| Aviation segment
Total assets:
Total assets	2,215.2		2,416.5
Operating Segments \| Land segment
Total assets:
Total assets	2,115.9		2,089.4
Operating Segments \| Marine segment
Total assets:
Total assets	1,059.3		1,189.7
Corporate
Total assets:
Total assets	$ 108.5		$ 296.8

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income attributable to World Fuel	$ 41.4	$ 37.2
Denominator:
Weighted average common shares for basic earnings per common share (in shares)	64.9	67.1
Effect of dilutive securities (in shares)	0.5	0.2
Weighted average common shares for diluted earnings per common share (in shares)	65.4	67.4
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met (in shares)	1.6	2.0
Basic earnings per common share (in dollars per share)	$ 0.64	$ 0.55
Diluted earnings per common share (in dollars per share)	$ 0.63	$ 0.55

- 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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-Publisher FASB
-Name Accounting Standards Codification
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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

- Definition

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

+ References + Details

Commitments and Contingencies (Details) R$ in Millions, $ in Millions, ₩ in Billions	3 Months Ended
	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 BRL (R$)	Jun. 30, 2017 KRW (₩)	Dec. 31, 2016 KRW (₩)
Tax Authority, South Korea (SRTO) \| Assessment
Loss Contingencies [Line Items]
Income tax assessment notice, amount \| $		$ 9.3
Estimate of possible loss \| ₩						₩ 11.3
Tax Authority, South Korea (SRTO) \| Additional Assessment
Loss Contingencies [Line Items]
Income tax assessment notice, amount \| $	$ 16.5
Estimate of possible loss \| ₩					₩ 20.1
Federal, state and municipal tax authorities in Brazil \| Assessment
Loss Contingencies [Line Items]
Estimate of possible loss			$ 9.5	R$ 49.1

Restructuring (Details) $ in Millions	3 Months Ended
Restructuring (Details) $ in Millions	Mar. 31, 2020 USD ($)
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019	$ 9.5
Severance costs	1.7
Payments	(4.2)
Restructuring charges as of March 31, 2020	7.0
Operating Segments \| Aviation
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019	0.5
Severance costs	0.1
Payments	(0.4)
Restructuring charges as of March 31, 2020	0.2
Operating Segments \| Land
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019	7.5
Severance costs	1.3
Payments	(2.7)
Restructuring charges as of March 31, 2020	6.1
Operating Segments \| Marine
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019	1.3
Severance costs	0.1
Payments	(0.8)
Restructuring charges as of March 31, 2020	0.7
Corporate
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2019	0.2
Severance costs	0.2
Payments	(0.3)
Restructuring charges as of March 31, 2020	$ 0.1

Label	Element	Value
Accounting Standards Update 2016-13 [Member] \| Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (11,100,000)

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 1,428.0	$ 261.1
Gross Derivative Liabilities	1,294.6	266.6
Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	1,400.9	259.0
Gross Derivative Liabilities	1,282.8	255.0
Interest rate contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0
Gross Derivative Liabilities	2.0
Foreign currency contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	27.1	2.0
Gross Derivative Liabilities	9.8	11.6
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	421.0	1.7
Gross Derivative Liabilities	365.1	20.0
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	421.0	1.7
Gross Derivative Liabilities	363.1	20.0
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	4.8	0.0
Gross Derivative Liabilities	0.7	0.0
Derivatives designated as hedging instruments \| Commodity contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	0.0
Gross Derivative Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	416.1	1.7
Gross Derivative Liabilities	362.4	20.0
Derivatives designated as hedging instruments \| Commodity contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	0.0
Gross Derivative Liabilities	0.1	0.0
Derivatives designated as hedging instruments \| Interest rate 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	0.0
Gross Derivative Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Interest rate 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	0.0
Gross Derivative Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Interest rate 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	0.0	0.0
Gross Derivative Liabilities	0.7	0.0
Derivatives designated as hedging instruments \| Interest rate contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	0.0
Gross Derivative Liabilities	1.3	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	1,007.0	259.4
Gross Derivative Liabilities	929.5	246.6
Derivatives not designated as hedging instruments \| Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	980.0	257.3
Gross Derivative Liabilities	919.7	235.0
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	397.6	65.7
Gross Derivative Liabilities	115.1	7.2
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	67.0	23.0
Gross Derivative Liabilities	22.5	4.8
Derivatives not designated as hedging instruments \| Commodity contracts \| Accrued expenses and other current liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	486.4	161.0
Gross Derivative Liabilities	721.3	203.4
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	29.0	7.7
Gross Derivative Liabilities	60.8	19.7
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	27.1	2.0
Gross Derivative Liabilities	9.8	11.6
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	25.5	1.2
Gross Derivative Liabilities	5.3	0.2
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	0.1	0.0
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	1.5	0.9
Gross Derivative Liabilities	$ 4.5	$ 11.4