0001628280-22-004028 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 652.2	$ 658.8
Accounts receivable, net of allowance for credit losses of $26.1 million and $53.8 million as of December 31, 2021 and 2020, respectively	2,355.3	1,238.4
Inventories	477.9	344.3
Prepaid expenses	59.2	51.1
Short-term derivative assets, net	169.2	66.4
Other current assets	305.9	280.4
Total current assets	4,019.7	2,639.3
Property and equipment, net	348.9	342.6
Goodwill	861.9	858.6
Identifiable intangible and other non-current assets	711.9	659.8
Total assets	5,942.4	4,500.3
Current liabilities:
Current maturities of long-term debt	30.6	22.9
Accounts payable	2,399.6	1,214.7
Short-term derivative liabilities, net	168.4	50.9
Customer deposits	205.5	155.8
Accrued expenses and other current liabilities	292.7	239.8
Total current liabilities	3,096.7	1,684.0
Long-term debt	478.1	501.8
Non-current income tax liabilities, net	213.9	215.5
Other long-term liabilities	236.8	186.1
Total liabilities	4,025.6	2,587.4
Commitments and contingencies
World Fuel shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	0.0	0.0
Common stock, $0.01 par value; 100.0 shares authorized, 61.7 and 62.9 issued and outstanding as of December 31, 2021 and 2020, respectively	0.6	0.6
Capital in excess of par value	168.1	204.6
Retained earnings	1,880.6	1,836.7
Accumulated other comprehensive income (loss)	(136.7)	(132.6)
Total World Fuel shareholders' equity	1,912.7	1,909.3
Noncontrolling interest	4.1	3.6
Total equity	1,916.8	1,912.9
Total liabilities and equity	$ 5,942.4	$ 4,500.3

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 26.1	$ 53.8
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	0.1	0.1
Preferred stock, shares issued (in shares)	0.0	0.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100.0	100.0
Common stock, shares issued (in shares)	61.7	62.9
Common stock, shares outstanding (in shares)	61.7	62.9

Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 31,337.0	$ 20,358.3	$ 36,819.0
Cost of revenue	30,548.8	19,506.5	35,707.0
Gross profit	788.2	851.8	1,112.0
Operating expenses:
Compensation and employee benefits	386.7	366.9	470.4
General and administrative	247.6	311.1	322.2
Asset impairments	4.7	25.6	0.0
Restructuring charges	6.6	10.3	19.7
Total operating expenses	645.6	714.0	812.3
Income from operations	142.6	137.9	299.7
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(40.2)	(44.9)	(73.9)
Other income (expense), net	(2.3)	68.8	11.5
Total non-operating income (expense), net	(42.5)	23.9	(62.4)
Income (loss) before income taxes	100.0	161.7	237.3
Provision for income taxes	25.8	52.1	56.2
Net income (loss) including noncontrolling interest	74.2	109.6	181.1
Net income (loss) attributable to noncontrolling interest	0.5	0.1	2.2
Net income (loss) attributable to World Fuel	$ 73.7	$ 109.6	$ 178.9
Basic earnings (loss) per common share (in dollars per share)	$ 1.17	$ 1.72	$ 2.71
Basic weighted average common shares (in shares)	62.9	63.7	66.1
Diluted earnings (loss) per common share (in dollars per share)	$ 1.16	$ 1.71	$ 2.69
Diluted weighted average common shares (in shares)	63.3	64.0	66.5
Comprehensive income:
Net income (loss) including noncontrolling interest	$ 74.2	$ 109.6	$ 181.1
Other comprehensive income (loss):
Foreign currency translation adjustments	(13.7)	13.8	8.2
Cash flow hedges, net of income tax expense (benefit) of $3.3, $0.0, and ($8.7) for 2021, 2020, and 2019, respectively	9.6	(0.1)	(25.5)
Total other comprehensive income (loss)	(4.1)	13.7	(17.3)
Comprehensive income (loss) including noncontrolling interest	70.1	123.3	163.7
Comprehensive income (loss) attributable to noncontrolling interest	0.5	0.0	(2.7)
Comprehensive income (loss) attributable to World Fuel	$ 69.6	$ 123.3	$ 166.5

Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Cash flow hedges, income tax expense (benefit)	$ 3.3	$ (0.0)	$ (8.7)

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Capital in Excess of Par Value	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Total World Fuel Shareholders’ Equity	Total World Fuel Shareholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest Equity
Beginning balance (in shares) at Dec. 31, 2018			67.0
Beginning balance at Dec. 31, 2018	$ 1,831.6		$ 0.7	$ 340.4	$ 1,606.1		$ (131.7)	$ 1,815.4		$ 16.1
Increase (Decrease) in Shareholders' Equity
Net income (loss)	181.1				178.9			178.9		2.2
Cash dividends declared	(23.6)				(23.6)			(23.6)
Amortization of share-based payment awards	22.4			22.4				22.4
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.3
Issuance (cancellation) of common stock related to share-based payment awards	0.7			0.7				0.7
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (2.8)			(2.8)				(2.8)
Purchases of common stock (in shares)	(2.1)		(2.1)
Purchases of common stock	$ (65.4)			(65.4)				(65.4)
Acquisition of remaining 49% equity interest	(32.7)			(20.6)				(20.6)		(12.1)
Other comprehensive income (loss)	(17.3)						(14.6)	(14.6)		(2.7)
Ending balance (in shares) at Dec. 31, 2019			65.2
Ending balance at Dec. 31, 2019	$ 1,893.9	$ (11.1)	$ 0.7	274.7	1,761.3	$ (11.1)	(146.3)	1,890.4	$ (11.1)	3.5
Increase (Decrease) in Shareholders' Equity
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net income (loss)	$ 109.6				109.6			109.6		0.1
Cash dividends declared	(25.5)				(25.5)			(25.5)
Amortization of share-based payment awards	(1.1)			(1.1)				(1.1)
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.3
Issuance (cancellation) of common stock related to share-based payment awards	1.2			1.2				1.2
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (3.1)			(3.1)				(3.1)
Purchases of common stock (in shares)	(2.6)		(2.6)
Purchases of common stock	$ (68.3)			(68.3)				(68.3)
Other comprehensive income (loss)	13.7						13.7	13.7		0.0
Other	$ 3.7			1.2	2.4			3.7
Ending balance (in shares) at Dec. 31, 2020	62.9		62.9
Ending balance at Dec. 31, 2020	$ 1,912.9		$ 0.6	204.6	1,836.7		(132.6)	1,909.3		3.6
Increase (Decrease) in Shareholders' Equity
Net income (loss)	74.2				73.7			73.7		0.5
Cash dividends declared	(30.0)				(30.0)			(30.0)
Amortization of share-based payment awards	19.6			19.6				19.6
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.4
Issuance (cancellation) of common stock related to share-based payment awards	0.3			0.2				0.3
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (5.8)			(5.8)				(5.8)
Purchases of common stock (in shares)	(1.7)		(1.7)
Purchases of common stock	$ (50.5)			(50.5)				(50.5)
Other comprehensive income (loss)	(4.1)						(4.1)	(4.1)
Other	$ 0.2				0.2			0.2
Ending balance (in shares) at Dec. 31, 2021	61.7		61.7
Ending balance at Dec. 31, 2021	$ 1,916.8		$ 0.6	$ 168.1	$ 1,880.6		$ (136.7)	$ 1,912.7		$ 4.1

Consolidated Statements of Shareholders' Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Remaining equity interest acquired, percent	49.00%

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash flows from operating activities:

Net income (loss) including noncontrolling interest

$ 74.2

$ 109.6

$ 181.1

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

Depreciation and amortization

81.0

85.8

87.4

Provision for credit losses

6.3

63.7

25.9

Share-based payment award compensation costs

19.6

(0.9)

23.6

Deferred income tax expense (benefit)

(7.6)

(14.4)

3.3

Restructuring charges

(0.8)

0.3

12.6

Foreign currency (gains) losses, net

(7.8)

0.6

10.8

Loss (gain) on sale of business

1.5

(80.0)

(13.9)

Other

20.0

1.9

(1.8)

Changes in assets and liabilities, net of acquisitions and divestitures:

Accounts receivable, net

(1,132.6)

1,300.3

(164.1)

Inventories

(135.2)

251.0

(61.3)

Prepaid expenses

(10.5)

28.1

(17.8)

Short-term derivative assets, net

(89.5)

(6.9)

132.0

Other current assets

(32.1)

63.2

(52.8)

Cash collateral with counterparties

22.9

44.2

(42.7)

Other non-current assets

(89.9)

(8.7)

33.6

Accounts payable

1,143.8

(1,223.9)

143.7

Customer deposits

52.0

23.6

8.1

Accrued expenses and other current liabilities

179.0

(87.6)

(91.9)

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

79.0

54.3

12.8

Total adjustments

99.0

494.5

47.7

Net cash provided by (used in) operating activities

173.2

604.1

228.8

Cash flows from investing activities:

Acquisition of business, net of cash acquired

(37.1)

(128.6)

0.0

Proceeds from sale of business, net of divested cash

25.0

259.6

30.8

Capital expenditures

(39.2)

(51.3)

(80.9)

Other investing activities, net

(7.1)

(6.9)

(0.4)

Net cash provided by (used in) investing activities

(58.3)

72.8

(50.5)

Cash flows from financing activities:

Borrowings of debt

0.3

2,095.4

5,001.7

Repayments of debt

(24.2)

(2,207.4)

(5,080.2)

Dividends paid on common stock

(28.7)

(25.6)

(21.1)

Repurchases of common stock

(50.5)

(68.3)

(65.4)

Other financing activities, net

^[1]

(10.5)

(7.1)

(39.9)

Net cash provided by (used in) financing activities

(113.6)

(213.0)

(204.9)

Effect of exchange rate changes on cash and cash equivalents

(7.8)

8.8

1.0

Net increase (decrease) in cash and cash equivalents

(6.6)

472.7

(25.6)

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

658.8

186.1

211.7

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

652.2

658.8

186.1

Supplemental Disclosures of Cash Flow Information

Interest, net of capitalized interest

44.4

45.1

77.0

Income taxes

$ 39.0

$ 68.5

$ 82.9

[1]	2019 includes $32.7 million cash paid for the acquisition of 30% non-controlling interest of a consolidated subsidiary, Avinode Group AB.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Cash paid for acquisition of non-controlling interest	$ 32.7
Cash dividends declared, but not yet paid	$ 6.5	$ 7.4	$ 6.3
Avinode Group AB
Non-controlling interest	30.00%

Basis of Presentation, New Accounting Standards and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation, New Accounting Standards and Significant Accounting Policies	1. Basis of Presentation, New Accounting Standards and Significant Accounting Policies World Fuel Services Corporation (the "Company") was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10‑K ("2021 10‑K Report") as "World Fuel," "we," "our" and "us." We are a leading global fuel services company, principally engaged in the distribution of fuel and related products and services in the aviation, land and marine transportation industries. In recent years, we have expanded our land product and service offerings to include energy advisory services and supply fulfillment for natural gas and power to commercial, industrial and government 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, payment management solutions, as well as sustainability products and services across the energy product spectrum. We will continue to focus on enhancing the portfolio of products and services we provide based on changes in customer demand, including increasing our sustainability offerings and renewable energy solutions in light of the continued global focus on climate change and the related impacts. COVID-19 Throughout 2020 and 2021, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular. Many of our customers in these industries, especially commercial airlines, have experienced a substantial decline in business activity arising from the various measures enacted by governments around the world to contain the spread of the virus. While travel and economic activity has begun to improve in certain regions, activity in many parts of the world continues to be negatively impacted by travel restrictions and lockdowns. A. Basis of Presentation The Consolidated Financial Statements and related Notes include our parent company and subsidiaries where we exercise control and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All intercompany transactions among our consolidated subsidiaries have been eliminated. Certain amounts in the Consolidated Financial Statements and accompanying Notes may not add due to rounding. All percentages have been calculated using unrounded amounts. Certain prior period amounts have been reclassified to conform to the current presentation. B. New Accounting Standards Adoption of New Accounting Standards Included below is a description of recent new accounting standards that had an impact on the Company’s Consolidated Financial Statements. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s Consolidated Financial Statements or processes. Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and Scope. In March 2020 and January 2021, ASU 2020-04 and ASU 2021-01 were issued, respectively. The amendments provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burden in accounting for (or recognizing the effects of) contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other interbank offered rates being discontinued under a phased approach because of reference rate reform. The Company adopted these updates in the fourth quarter of 2021 and applied the optional expedients and exceptions prospectively to all eligible contract modifications, hedging relationships and other transactions affected by the discontinuance of certain LIBORs on December 31, 2021 when certain criteria were met, which did not have a material impact on its consolidated financial statements or processes. The Company will continue to apply such optional expedients and exceptions for all eligible items of similar nature which modification occurs until December 31, 2022, but does not anticipate a material impact to its Consolidated Financial Statements for the related periods. Accounting Standards Issued But Not Yet Adopted There are no recently issued accounting standards not yet adopted by us that, upon adoption, are expected to have a material impact on the Company’s Consolidated Financial Statements or processes. C. Estimates and Assumptions The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. D. Cash and Cash Equivalents Our cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value. E. Accounts Receivable and Allowance for Credit Losses 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 were 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. Accounts receivable are measured at amortized cost. The health of our accounts receivable 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 estimated 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. Individual receivables are written off when there is information indicating that the counterparty is in severe financial difficulty and the amounts are deemed uncollectible. An accounts receivable written off may still be subject to enforcement activities under our recovery procedures, taking into account legal advice where appropriate. Any subsequent recoveries made are recognized as income in the Consolidated Statements of Income and Comprehensive Income. F. Inventories Inventories are valued primarily using weighted average cost and first-in-first-out in certain limited locations. Inventory is stated at the lower of average cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in the Consolidated Statements of Income and Comprehensive Income in the period in which it occurs. We utilize a variety of fuel indices and other indicators to calculate the net realizable value. Components of inventory include fuel purchase costs, any related transportation or distribution costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship. G. Business Combinations A business combination occurs when an entity obtains control of a business by acquiring its net assets, or some or all of its equity interests. Before applying the acquisition method, we determine whether a transaction meets the definition of a business combination. For a transaction to be accounted for as a business combination, the entity or net assets acquired must meet the definition of a business as defined in ASC 805. Under the acquisition method, the purchase price is allocated to all identifiable assets acquired, all liabilities assumed and any noncontrolling interest at the fair value as of the acquisition date. Any residual difference with the consideration transferred is recognized as Goodwill. Goodwill arises because the purchase price paid reflects numerous factors, including the strategic value and expected synergies that the acquisition would bring to our existing operations. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. If the assets acquired do not meet the definition of a business, we account for the transaction as an asset acquisition in which goodwill is not recognized, but rather any residual difference with the consideration transferred is allocated on a relative fair value basis to all qualifying identifiable net assets acquired. H. Fair Value Fair value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical transaction between market participants at the measurement date. Depending on the type of assets, we calculate the fair value using the income approach (e.g., based on the present value of estimated future cash flows), the market approach or a combination of both. The unique characteristics of an asset or liability and the availability of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. We measure fair value using observable and unobservable inputs. We give the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). We apply the following fair value hierarchy: •Level 1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities. •Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices; and inputs that are not directly observable but are corroborated by observable market data. •Level 3 – Inputs that are unobservable. For additional information pertaining to our fair value measurements, see Note 12. Fair Value Measurements. I. Derivatives Our derivative contracts are recognized at their estimated fair market value. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and underlying observable data; and incorporates the effect of nonperformance risk. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of Revenue, Cost of revenue or Other income (expense), net (based on the underlying transaction type) in the Consolidated Statements of Income and Comprehensive Income. Derivatives that qualify for hedge accounting may be designated as either a fair value or cash flow hedge. At the inception, and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the Consolidated Statements of Income and Comprehensive Income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized in other comprehensive income as a separate component of shareholders’ equity and subsequently reclassified into the same line item as the underlying forecasted transaction in the Consolidated Statements of Income and Comprehensive Income when both are settled or deemed probable of not occurring. Cash flows for our hedging instruments used in our hedges are classified in the same category as the cash flow from the hedged items. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument. For more information on our derivatives, see Note 4. Derivative Instruments. J. Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us (including property and equipment) are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Purchases of computer software and external costs and certain internal costs directly associated with developing significant computer software applications for internal use are capitalized within property and equipment, which also includes hosting arrangements when we have the contractual right to take possession of the software at any time during the hosting period and it is feasible for us to either run the software in our own hardware or contract with another unrelated party to host the software. Amortization of such costs is calculated primarily by using the straight-line method over the estimated useful life of the software. K. Goodwill We conduct an impairment assessment as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. This assessment is performed at the reporting unit level. We have the option to perform a qualitative assessment of goodwill rather than completing the quantitative impairment test. Under this qualitative assessment, if we conclude it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, no further analysis is needed. We also use the quantitative goodwill impairment test, to identify both the existence of impairment and the amount of impairment loss. To determine whether goodwill is impaired, we compare the fair value of the reporting units to which goodwill was assigned to their respective carrying values. In calculating the fair value, we use a combination of both an income and market approach as our primary indicator of fair value. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of each reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available as of the testing date, including our annual operating plan that is approved by our Board of Directors. The estimated cash flows are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions. All our estimates are considered supportable assumptions that are based on a number of factors including industry experience, internal benchmarks and the economic environment. We believe these assumptions are reasonable and are consistent with those we believe a market participant would use. L. Identifiable Intangible Assets In connection with our acquisitions, we recognize identifiable intangible assets at fair value. After the initial recognition of the asset, the accounting treatment depends on the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the company. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives and are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets with indefinite useful life are not subject to amortization but are tested for impairment at least annually during the fourth quarter. This analysis generally involves the use of qualitative and quantitative information to conclude whether the fair value is greater than or equal to the carrying value . M. Investments We hold investments which are primarily accounted for under the equity method as we have the ability to exercise significant influence over the operating and financial policies of the investee, but do not have control. The carrying amount of an equity method investment is increased to reflect our share of income and is reduced to reflect our share of losses of the investee, dividends received and other-than-temporary impairments. Investments accounted for under the equity method are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We assess our intent and/or ability to recover the carrying amount of the investment over a long period. However, if the fair value of the investment is less than its carrying amount, and the investment will not recover in the near term, then an other-than-temporary impairment is recognized. Impairments of equity method investments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income. N. Revenue Recognition The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, are recognized over the contract period when services have been performed and we have the right to invoice for those services. Shipping and handling related fees incurred before control of the goods or services are transferred to the customer, are considered activities to fulfill the promise and not a separately promised service. When we coordinate shipping and handling activities after our customer obtains control of goods or services, we have elected to account for these shipping and handling costs as activities to fulfill the promise to transfer the goods. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations when the transaction price is only estimated for disclosures purpose, including contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. Also, we have elected to apply the exemption for contracts with fixed consideration an original expected duration of less than one year. O. Share-Based Payment Awards We account for share-based payment awards on a fair value basis of the equity instrument issued. Under fair value accounting, the grant-date fair value of the share-based payment award is amortized as compensation expense, on a straight-line basis, over the service period (generally, the vesting period) for both graded and cliff vesting awards. We have elected to account for forfeitures as they occur. P. Foreign Currency Generally, the functional currency of our subsidiaries is the U.S. dollar, except for certain foreign subsidiaries which utilize their respective local currency as their functional currency. Monetary assets and liabilities denominated in a currency that is different from the functional currency is remeasured from the applicable currency to the functional currency using month-end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income in the period incurred. Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in Accumulated Other Comprehensive Income as a separate component of Shareholders’ Equity. Q. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date. Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels. The remaining carrying value of our deferred tax assets, after recording the valuation allowance on our deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all of the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions. R. Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock outstanding for the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include awards of restricted stock subject to forfeitable dividends, non-vested restricted stock units ("RSUs"), performance stock units where the performance requirements have been met, and settled stock appreciation rights awards ("SSARs"). The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method, except if its impact is anti-dilutive. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities. S. Leases We adopted ASU 2016-02, including the related codification amendments, in the first quarter of 2019 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. We determine if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. We account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities. We test right-of-use assets at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. T. Loss Contingencies In determining whether an accrual for a loss contingency is required, we first assess the likelihood of occurrence of the future event or events that will confirm the loss. When a loss is probable (the future event or events are likely to occur) and the amount of the loss can be reasonably estimated, the estimated loss is accrued. If the reasonable estimate of the loss is a range and an amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued. However, if no amount within the range is a better estimate, the minimum amount in the range should be accrued. When a loss is reasonably possible (the chance of the future event or events occurring is more than remote but less than likely), no accrual is recognized.

Accounts Receivable

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Accounts Receivable

2. Accounts Receivable

Accounts receivable and allowance for credit losses

When we extend credit on an unsecured basis, our exposure to credit losses depends on the financial condition of our customers and other macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in oil prices and political instability.

We actively monitor and manage our credit exposure and work to respond to both changes in our customers' financial conditions or macroeconomic events. Based on the ongoing credit evaluations of our customers, we adjust credit limits based upon payment history and our customers' current creditworthiness. However, because 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.

We had accounts receivable of $2.4 billion and $1.2 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $29.8 million and $57.3 million, as of December 31, 2021 and 2020, respectively. Changes to the expected credit loss provision during the year ended December 31, 2021 include global economic outlook considerations as a result of the Company's assessment of reasonable and supportable forward-looking information, including the expected overall impact of the ongoing pandemic and global recovery, primarily in the aviation segment. Write-offs of uncollectible receivables during the year ended December 31, 2021 resulted from negative impacts of the pandemic combined with pre-existing financial difficulties experienced by certain customers. Based on an aging analysis as of December 31, 2021, 90% of our accounts receivable were outstanding less than 60 days.

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


	2021		2020		2019
Balance as of January 1, (1)	$	57.3	$	46.6	$	39.4
Charges to allowance for credit losses	6.3		63.7		25.9
Write-off of uncollectible receivables	(35.3)		(53.7)		(32.2)
Recoveries of credit losses	1.4		1.0		2.4
Translation adjustments	0.1		(0.3)		—
Balance as of December 31,	$	29.8	$	57.3	$	35.5

(1)For 2020, the balance as of the beginning of the period includes the $11.1 million cumulative transition adjustment related to the implementation of ASU 2016-13.

Receivable sale programs

We have receivable purchase agreements ("RPAs") that allow for the sale of our qualifying accounts receivable in exchange for cash consideration equal to the total balance, less a discount margin, depending on the outstanding accounts receivable at any given time. During 2020 and 2021, we amended our RPAs to, among other things, extend the renewal option term of the RPA through 2024 and increase the aggregate purchase limit as well as the individual customer limits.

Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Consolidated Statements of Income and Comprehensive Income.

During the years ended December 31, 2021, 2020, and 2019, we sold receivables under the RPAs with an aggregate face value of $9.2 billion, $4.3 billion, and $8.2 billion, respectively, and paid fees of $20.2 million, $11.8 million, and $25.9 million, respectively.

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

3. Acquisitions and Divestitures

2022 Acquisitions

On October 28, 2021, we entered into a definitive agreement (the "Purchase Agreement") to acquire all of the outstanding equity interest in Flyers Energy Group, LLC ("Flyers"). Flyers' operations include transportation, commercial fleet fueling, lubricants distribution, and the supply of wholesale, branded and renewable fuels.

The acquisition closed on January 3, 2022 for total consideration of $792.7 million, subject to customary adjustments relating to net working capital, indebtedness and transaction expenses. At closing, $642.7 million, inclusive of $19.7 million for estimated net working capital adjustments, was paid in cash and, at the election of the Company, $50.0 million was satisfied through the delivery of 1,768,034 shares of the Company's common stock at a price of $28.28 per share. The remaining $100.0 million was held back to satisfy potential indemnification and other obligations of the seller, with one-half to be released on the first and second anniversary of the closing of the acquisition, in each case subject to reduction in respect to amounts claimed under the Purchase Agreement.

The acquisition will be accounted for as a business combination and will be reported in the land segment. We are in the process of obtaining information to identify and measure all assets acquired and liabilities assumed, and therefore, the initial accounting for the business combination is not complete. Based on information obtained to date, we have identified intangible assets, primarily consisting of customer relationships and trade names, and have preliminarily concluded that there will likely be a material portion of the purchase price allocated to goodwill. Certain disclosures have been omitted as they are not practicable to provide given the timing and the preliminary nature of the accounting for the transaction.

2021 Acquisitions

On October 1, 2021, we completed the acquisition of a liquid fuel business which services business and residential customers for a total purchase price of $41.4 million. The transaction was accounted for as a business combination and is reported in our land segment.

2020 Divestiture

On September 30, 2020, we completed the sale of our Multi Service payment solutions business ("MSTS") pursuant to the definitive agreement signed on July 30, 2020, for gross cash proceeds at closing of $303.5 million, subject to working capital adjustments, and a deferred payment of $75.0 million, of which $50.0 million is conditioned on MSTS's achievement of certain financial targets in 2021 and 2022. The contingent consideration was measured at fair value as of the closing date. The sale resulted in a pre-tax gain of $80.0 million, net of costs to sell, recognized during the year ended December 31, 2020. The gain is reported in Other income (expense), net within our Consolidated Statements of Income and Comprehensive Income. Prior to the sale, MSTS was a reporting unit principally reported within the land segment. The sale did not meet the criteria to be reported as a discontinued operation.

During the third quarter of 2021, we collected $25.0 million of the deferred payment related to the Note Receivable originally due in 2026. The fair value of the contingent consideration related to 2021 was deemed to be nominal, and based on available information, no additional collection on the 2021 portion is expected.

2020 Acquisitions

On March 4, 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 purchase price allocation was finalized in the third quarter of 2020. The following table summarizes the final aggregate consideration, updated for certain working capital items, and the final fair value of the assets acquired and liabilities assumed. The total consideration includes a deferred payment that is outstanding as of December 31, 2021.


(In millions)	Total
Cash paid for acquisition of business	$	129.0
Amounts due to sellers	30.0
Purchase price	$	159.0

Assets acquired:
Accounts receivable	$	42.8
Goodwill and identifiable intangible assets	123.3
Other current and long-term assets	3.8

Liabilities assumed:
Accounts payable	(9.9)
Other current and long-term liabilities	(1.0)
Purchase price	$	159.0

Goodwill in the amount of $79.1 million was recorded, $70.2 million of which was determined to be deductible for tax purposes. The goodwill was assigned to the aviation segment and is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our aviation segment. 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 these acquisitions have been included in our Consolidated Financial Statements since their acquisition dates and did not have a material impact on our consolidated revenue and net income for the year ended December 31, 2020; accordingly, pro forma information for these acquisitions have not been provided.

Derivative Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

4. Derivative Instruments

We are exposed to a variety of risks including but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective.

Our risk management program includes the following types of derivative instruments:

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

Cash Flow Hedges. 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.

With the exception of the interest rate swap agreement, which matures in March 2025, the majority of our derivative contracts are expected to settle within the next year. The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):

Unit

December 31, 2021

Commodity contracts:

Long

BBL

59.4

Short

BBL

(57.6)

Foreign currency exchange contracts:

Sell U.S. dollar, buy other currencies

USD

(190.2)

Buy U.S. dollar, sell other currencies

USD

337.4

Interest rate contract:

Interest rate swap

USD

300.0

Assets and Liabilities

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


		Gross Derivative Assets				Gross Derivative Liabilities
		As of December 31,				As of December 31,
Derivative Instruments	Consolidated Balance Sheets location	2021		2020		2021		2020
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	1.8	$	124.9	$	9.7	$	120.7

	Short-term derivative liabilities, net	0.1		1.0		0.4		2.3
	Other long-term liabilities	—		0.1		—		0.5


Interest rate contract	Identifiable intangible and other non-current assets	5.4		—		—		—
	Short-term derivative liabilities, net	—		—		0.3		1.3
	Other long-term liabilities	—		—		—		2.4
Total derivatives designated as hedging instruments		7.3		126.0		10.4		127.2

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	516.3		164.9		337.5		102.7
	Identifiable intangible and other non-current assets	112.2		32.1		27.6		7.9
	Short-term derivative liabilities, net	117.6		30.5		286.6		68.4
	Other long-term liabilities	15.5		17.5		82.1		23.5

Foreign currency contracts	Short-term derivative assets, net	3.8		—		1.7		—
	Identifiable intangible and other non-current assets	0.1		—		—		—
	Short-term derivative liabilities, net	0.8		7.5		2.6		19.6
	Other long-term liabilities	—		—		—		0.2
Total derivatives not designated as hedging instruments		766.3		252.5		738.1		222.3

Total derivatives		$	773.6	$	378.5	$	748.5	$	349.5

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

The following amounts were recorded within 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 December 31,				As of December 31,
	2021		2020		2021		2020
Inventory	$	59.3	$	44.5	$	0.6	$	4.9

Earnings and Other Comprehensive Income (Loss)

Derivatives Designated as Hedging Instruments

The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Consolidated Statements of Income and Comprehensive Income (in millions):


	For the Year Ended December 31,
	2021						2020						2019
	Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded	$	31,337.0	$	30,548.8	$	40.2	$	20,358.3	$	19,506.5	$	48.6	$	36,819.0	$	35,707.0
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		22.1		—		—		(8.2)		—		—		18.1
Derivatives designated as hedging instruments	—		(24.3)		—		—		9.4		—		—		(16.1)
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	(56.7)		319.0		—		31.3		(181.1)		—		(8.5)		36.6
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	—		—		(1.4)		—		—		(0.5)		—		—
Total amount of income and expense line items excluding the impact of hedges	$	31,393.6	$	30,865.6	$	38.8	$	20,327.0	$	19,326.6	48.1		36,827.5		35,745.6

The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Consolidated Statements of Income and Comprehensive Income (in millions):


Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement		Year Ended December 31,
	Location	2021		2020		2019
Commodity contracts	Revenue	$	(369.4)	$	505.6	$	(51.5)
Commodity contracts	Cost of revenue	$	11.0	$	(181.6)	$	(7.1)

For the years ended December 31, 2021, 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 December 31, 2021, on a pre-tax basis, $9.2 million is scheduled to be reclassified from Accumulated other comprehensive loss over the next twelve months as a decrease to Revenue related to designated commodity cash flow hedges that will mature within the next twelve months.

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


Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	Year Ended December 31,
	2021		2020		2019
Commodity contracts (Revenue)	$	31.6	$	(20.8)	$	(157.9)
Commodity contracts (Cost of revenue)	166.1		(126.4)		160.6
Interest rate contracts	5.5		(3.2)		—
Total gain (loss)	$	203.2	$	(150.4)	$	2.7


Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit		Year Ended December 31,
	Location	2021		2020		2019
Commodity contracts	Revenue	$	(43.0)	$	31.3	$	(8.5)
Commodity contracts	Cost of revenue	237.7		(181.1)		36.6
Interest rate contracts	Interest expense and other financing costs, net	(1.0)		(0.5)		—
Total gain (loss)		$	193.6	$	(150.3)	$	28.1

Derivatives Not Designated as Hedging Instruments

The following table presents the amount and financial statement location in our Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):


Derivative Instruments - Non-designated	Location	Year Ended December 31,
		2021		2020		2019
Commodity contracts
	Revenue	$	88.4	$	235.2	$	269.5
	Cost of revenue	(14.2)		(121.1)		(221.8)
		74.2		114.1		47.7
Foreign currency contracts
	Revenue	1.1		(3.2)		(0.3)
	Other income (expense), net	1.6		(13.4)		(0.5)
		2.7		(16.6)		(0.7)
Total gains (losses)		$	76.9	$	97.5	$	46.9

Credit-Risk-Related Contingent Features

We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to post additional collateral or the immediate settlement of the derivative instruments upon the occurrence of a credit downgrade or if certain defined financial ratios fall below an established threshold. The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):


	As of December 31,
	2021		2020
Net derivative liability positions with credit contingent features	$	3.3	$	20.0
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	3.3	$	20.0

At December 31, 2021 and 2020, there was no collateral held by our counterparties on these derivative contracts with credit-risk-contingent features.

Restructuring

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring

5. Restructuring

Restructuring Program

As a result of the review of our land business and changes in the overall economic landscape for all our reportable segments due to the COVID-19 pandemic, in the first quarter of 2020, we implemented a restructuring initiative focused on streamlining our operations and rationalizing our deployment and allocation of resources. While we took several actions during the year ended December 31, 2020, our focus was primarily on cost-reduction initiatives in response to the pandemic. In 2021, we heightened our focus on restructuring our land business in North America, which has included reorganizing and relocating certain business activities, as well as implementing changes to the operational and management structure of the business. While we initially expected to finalize the overall restructuring plan by the end of the second quarter of 2021, we elected to extend it to the end of first quarter of 2022 to expand the plan in order to finalize the alignment of processes and platforms within the land segment. During the fourth quarter of 2021, we were able to complete all necessary activities and the restructuring program is now closed.

During the year ended December 31, 2021, we incurred incremental charges of $6.6 million, comprised principally of external consulting fees supporting the land restructuring and related severance costs. These costs are included in Restructuring charges in our Consolidated Statements of Income and Comprehensive Income. Our accrued restructuring charges as of December 31, 2021 are included in Accrued expenses and other current liabilities on our Consolidated Balance Sheets.

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


	Aviation		Land		Marine		Corporate		Consolidated
Accrued charges as of December 31, 2019	$	0.5	$	7.5	$	1.3	$	0.2	$	9.5
Restructuring charges	3.3		3.9		1.9		1.2		10.3
Paid during the period	(3.0)		(6.7)		(2.3)		(1.4)		(13.3)
Accrued charges as of December 31, 2020	0.9		4.6		0.9		0.1		6.6
Restructuring charges	0.7		6.3		(0.5)		—		6.6
Paid during the period	(0.8)		(10.8)		(0.4)		(0.1)		(12.2)
Accrued charges as of December 31, 2021	$	0.8	$	0.1	$	—	$	—	$	1.0

2020 Global Office Rationalization

During the second quarter of 2020, we completed a cost reduction initiative to rationalize our global office footprint and approved the abandonment of certain office leases, including the transition of select offices to smaller or more cost-effective locations. These asset groups, consisting mainly of right-of-use assets and leasehold improvements, were tested for impairment. We concluded that the carrying amounts of these asset groups were not recoverable and the fair value determined was concluded to be nominal based on a discounted cash flow model. As a result, an $18.6 million impairment charge was recorded during the second quarter of 2020 and included within Asset impairments on our Consolidated Statements of Income and Comprehensive Income.

The following table provides a summary of this impairment by reportable business segment for the year ended December 31, 2020 (in millions):


	Aviation		Land		Marine		Corporate		Consolidated
Asset impairment	$	6.9	$	5.9	$	4.0	$	1.8	$	18.6

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

6. Property and Equipment

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


	As of December 31,				Estimated
	2021		2020		Useful Lives
Land	$	19.9	$	19.1	Indefinite
Buildings and leasehold improvements	77.4		74.5		3 - 40 years
Office equipment, furniture and fixtures	14.7		15.3		3 - 7 years
Computer equipment and software costs	258.4		275.8		3 - 9 years
Machinery, equipment and vehicles (1)	316.9		267.7		3 - 40 years
Total property, plant, and equipment	687.3		652.3
Less: Accumulated depreciation and amortization (1)	338.4		309.7
Total property, plant, and equipment, net	$	348.9	$	342.6

(1)Includes right of use assets associated with finance leases. See Note 15. Leases for additional information.

For 2021, 2020 and 2019, we recorded depreciation expense of $50.8 million, $52.7 million and $54.5 million, respectively.

The amount of computer software costs, including capitalized internally developed software costs and certain hosting arrangement costs, included in property, plant, and equipment are as follows (in millions):


	As of December 31,
	2021		2020
Computer software costs	$	217.9	$	191.7
Less: Accumulated amortization	131.1		116.1
Computer software costs, net	$	86.8	$	75.6

Included in capitalized computer software costs are costs incurred in connection with software development in progress of $5.2 million and $13.7 million as of December 31, 2021 and 2020, respectively. For 2021, 2020 and 2019, we recorded amortization expense related to computer software costs of $17.6 million, $18.5 million and $17.8 million, respectively.

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

7. Goodwill and Identifiable Intangible Assets

Goodwill

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


	Aviation Segment		Land Segment		Total
As of December 31, 2019	$	323.6	$	520.1	$	843.7
2020 acquisitions (1)	79.1		—		79.1
Adjustment for sale of business (1)	(7.0)		(64.6)		(71.6)
Foreign currency translation of non-USD functional currency subsidiary goodwill	3.2		4.3		7.4
As of December 31, 2020	398.8		459.7		858.6
2021 acquisition (1)	—		7.5		7.5
Foreign currency translation of non-USD functional currency subsidiary goodwill	1.3		(5.5)		(4.2)
As of December 31, 2021	$	400.1	$	461.8	$	861.9

(1)See Note 3. Acquisitions and Divestitures for additional information.

Identifiable Intangible Assets

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


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	406.5	$	261.9	$	144.6	$	392.1	$	236.5	$	155.6
Supplier agreements	31.9		19.5		12.4		31.9		18.0		13.9
Others	37.2		30.4		6.8		37.5		28.6		8.8
Total intangible assets subject to amortization	475.6		311.8		163.8		461.5		283.2		178.3
Intangible assets not subject to amortization:
Trademark / trade name rights	25.3		—		25.3		24.5		—		24.5
Total intangible assets	$	500.9	$	311.8	$	189.1	$	486.0	$	283.2	$	202.8

(1)Includes the impact of foreign exchange.

Intangible amortization expense for 2021, 2020 and 2019 was $30.1 million, $33.1 million and $32.9 million, respectively.

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


Year Ended December 31,
2022	$	29.0
2023	21.5
2024	20.1
2025	18.9
2026	13.7
Thereafter	60.5
Total	$	163.8

Debt, Interest Income, Expense and Other Finance Costs

12 Months Ended

Dec. 31, 2021

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

Debt, Interest Income, Expense and Other Finance Costs

8. Debt, Interest Income, Expense and Other Finance Costs

As of December 31, 2021 and 2020, our debt consisted of the following (in millions):


	As of December 31,
	2021		2020
Credit Facility	$	—	$	—
Term Loans	484.1		503.2
Finance leases (1)	21.2		18.2
Other	3.3		3.3
Total debt	508.7		524.7
Less: Current maturities of long-term debt and finance leases	30.6		22.9
Long-term debt	$	478.1	$	501.8

(1)See Note 15. Leases for additional information.

Credit Agreement

Our Credit Agreement matures in July 2024 and consists of a revolving loan (the "Credit Facility") and Term Loan borrowings. Under the Credit Facility, up to $1.3 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Our Credit Facility includes a sublimit of $400.0 million for the issuance of letters of credit and bankers' acceptances, and we have the right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions.

We had no outstanding borrowings under our Credit Facility at December 31, 2021 and 2020. As of December 31, 2021 and 2020, respectively, we have issued letters of credit under the Credit Facility totaling $46.6 million and $3.4 million and had $484.1 million and $503.2 million in Term Loans outstanding. As of December 31, 2021 and 2020, the unused portion of our Credit Facility was $1.2 billion and $1.3 billion, respectively. The unused portion of our Credit Facility is limited by, among other things, our financial leverage ratio, which limits the total amount of indebtedness we may incur, and may, therefore, fluctuate from period to period.

Borrowings under our Credit Facility and Term Loans related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2021, the applicable margins for base rate loans and Eurodollar rate loans were 0.75% and 1.75%, respectively.

Our Credit Facility and Term Loans contain certain financial and other covenants with which we are required to comply. As of December 31, 2021, we were in compliance with all financial covenants contained in our Credit Facility and our Term Loans.

Other Credit Lines

Outside of our Credit Facility, we have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2021 and 2020, our outstanding letters of credit and bank guarantees under these credit lines totaled $404.0 million and $328.4 million, respectively. Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed.

Annual Maturities

As of December 31, 2021, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2022	$	30.6
2023	32.4
2024	436.2
2025	3.4
2026	3.3
Thereafter	2.9
Total	$	508.7

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


	Year Ended December 31,
	2021		2020		2019
Interest income	$	7.0	$	3.6	$	6.2
Interest expense and other financing costs	(47.2)		(48.6)		(80.0)
Interest expense and other financing costs, net	$	(40.2)	$	(44.9)	$	(73.9)

The weighted average interest rate on our short-term debt was 2.0% and 3.4% as of December 31, 2021 and 2020, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Surety Bonds In the normal course of business, we are required to post bid, performance and other surety-related bonds. The majority of the surety bonds posted relate to our aviation and land segments. We had outstanding bonds that were executed in order to satisfy various security requirements of $54.9 million and $50.6 million as of December 31, 2021 and 2020, respectively. Sales and Purchase Commitments As of December 31, 2021, the notional value associated with fixed sales and purchase commitments under our derivative programs amounted to $518.0 million and $93.0 million, respectively, with delivery dates from 2022 through 2028. Additionally, we have a fixed purchase contract that extends through 2026, under which we agreed to purchase annually between 1.9 million barrels and 2.0 million barrels of aviation fuel at future market prices. Deferred Compensation Plans We maintain a 401(k) defined contribution plan which covers all U.S. employees who meet minimum requirements and elect to participate. We are currently making a match contribution of 50% for each 1% of the participants' contributions up to 6% of the participants' contributions. Annual contributions by us are made at our sole discretion, as approved by the Compensation Committee. Additionally, certain of our foreign subsidiaries have defined contribution plans, which allow for voluntary contributions by the employees. In some cases, we make employer contributions on behalf of the employees. The expenses for our contributions under these plans were not material during each of the years presented on the Consolidated Statements of Income and Comprehensive Income. We offer a non-qualified deferred compensation ("NQDC") plan to certain eligible employees, whereby the participants may defer a portion of their compensation. We do not match any participant deferrals under the NQDC plan. Participants can elect from a variety of investment choices for their deferred compensation and gains and losses on these investments are credited to their respective accounts. The deferred compensation payable amount under this NQDC plan is subject to the claims of our general creditors and was $16.7 million and $14.5 million as of December 31, 2021 and 2020, respectively, which was included in Other long-term liabilities within our Consolidated Balance Sheets. Environmental and Other Liabilities; Uninsured Risks Our business is subject to numerous federal, state, local and foreign environmental laws and regulations, including those relating to fuel storage and distribution, terminals, underground storage tanks, the release or discharge of regulated materials into the air, water and soil, the generation, storage, handling, use, transportation and disposal of hazardous materials, and the exposure of persons to regulated materials. A violation of, liability under, or noncompliance with these laws and regulations, or any future environmental law or regulation, could result in material liabilities, including administrative, civil or criminal penalties, remediation costs as well as third-party damages. From time to time, we may be responsible for remediating contamination at properties we own or lease and can be entitled to reimbursement for certain of these costs from state trust funds, as well as various third-party contractual indemnities and insurance policies, subject to eligibility requirements, deductibles, and aggregate caps. Although we continuously review the adequacy of our insurance coverage, we may lack adequate coverage for various risks, including environmental claims. If we are uninsured or under‑insured for a claim or claims of sufficient magnitude arising out of our activities, it will have a material adverse effect on our financial position, results of operations and cash flows. We accrue for environmental assessment and remediation expenses when the future costs are probable and reasonably estimable. At December 31, 2021 and 2020, accrued liabilities for remediation were not material. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. Tax Matters From time to time, we are under review by various domestic and foreign tax authorities with regard to indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, Brazil and South Korea, where the amounts under controversy may be material. We believe that these assessments are without merit and are currently appealing the actions. During the quarter ended December 31, 2016, the Korean branch of one of our subsidiaries received assessments of approximately $9.9 million (KRW 11.7 billion) and during the quarter ended June 30, 2017, an assessment for an additional $16.9 million (KRW 20.1 billion) from the regional tax authorities of Seoul, South Korea. 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 $10.5 million (BRL 58.8 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 will 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 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. In addition, we may be involved in disputes arising out of arrangements between our counterparties and other third parties. For example, in December 2021, a judgment was entered against one of our subsidiaries in the Singapore High Court in respect of an action filed by a financing bank of two of our subsidiary’s suppliers. The claims arose out of a financing arrangement between the suppliers and the bank and the resulting judgments, including principal and interest, are in the aggregate amount of approximately $33 million. We believe the claims are without merit, have appealed the judgments and are vigorously defending against the claims. We have established loss provisions for the foregoing claims as well as other matters in which losses are probable and can be reasonably estimated. As of December 31, 2021, these reserves were not material. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, we believe that such losses will not have a material adverse effect on our Consolidated Financial Statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our Consolidated Financial Statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity

10. Shareholders' Equity

Cash Dividends

During the years ended December 31, 2021, 2020 and 2019, the Company's Board of Directors declared aggregate cash dividends of $0.48, $0.40, and $0.36 per common share, representing $30.0 million, $25.5 million, and $23.6 million in total dividends, respectively. Our Credit Facility and Term Loans have restrictions regarding the maximum amount of cash dividends allowed to be paid. The payments associated with the above referenced cash dividends were in compliance with our Credit Facility and Term Loans.

Stock Repurchase Programs

In October 2017, our Board of Directors (the "Board") approved a new common stock repurchase program (the "October 2017 Repurchase Program"), which replaced the program in place at that time, authorizing $100.0 million in common stock repurchases. In May 2019, the Board authorized an increase to the October 2017 Repurchase Program authorization by $100.0 million, bringing the authorized repurchases at that time to $200.0 million. In March 2020, the Board approved a new stock repurchase program authorizing $200.0 million in common stock repurchases (the "2020 Repurchase Program") to begin upon the completion of the October 2017 Repurchase Program. Our repurchase programs do not require a minimum number of shares of common stock to be purchased, have no expiration date and may be suspended or discontinued at any time. As of December 31, 2021, the October 2017 Repurchase Program was completed and approximately $195.8 million remains available for purchase under the 2020 Repurchase Program. The timing and amount of shares of common stock to be repurchased under the 2020 Repurchase Program will depend on market conditions, share price, securities law and other legal requirements and factors.

In 2021, 2020, and 2019, we repurchased 1.7 million, 2.6 million, and 2.1 million shares of common stock for an aggregate value of $50.5 million, $68.3 million, and $65.4 million, respectively.

Share-Based Payment Plans

Plan Summary and Description

In May 2021, our shareholders approved the 2021 Omnibus Plan (the "2021 Plan"), which replaced our previously adopted 2020 Omnibus Plan (the "2020 Plan"). The 2021 Plan is administered by the Compensation Committee of the Board of Directors (the "Compensation Committee"). The purpose of the 2021 Plan is to (i) attract and retain persons eligible to participate in the 2021 Plan; (ii) motivate participants, by means of appropriate incentives, to achieve long-range goals; (iii) provide incentive compensation opportunities that are competitive with those of other similar companies; and (iv) further align participants’ interests with those of our other shareholders through compensation that is based on the value of our common stock. The goal is to promote the long-term financial interest of World Fuel and its subsidiaries, including the growth in value of our equity and enhancement of long-term shareholder return. The persons eligible to receive awards under the 2021 Plan are our employees, officers, and members of the Board of Directors, or any consultant or other person who performs services for us.

The provisions of the 2021 Plan authorize the grant of stock options which can be "qualified" or "nonqualified" under the Internal Revenue Code of 1986, as amended, restricted stock, RSUs, SSAR Awards, performance shares and performance units and other share-based awards. The 2021 Plan is unlimited in duration and, in the event of its termination, the 2021 Plan will remain in effect as long as any awards granted under it remain outstanding. No awards may be granted under the 2021 Plan after May 2031. The term and vesting period of awards granted under the 2021 Plan are established on a per grant basis, but options and SSAR Awards may not remain exercisable after the seven-year anniversary of the date of grant.

Under the 2021 Plan, 2.9 million shares of common stock are authorized for issuance in addition to any shares of common stock with respect to awards that were granted under the prior plans (2020, 2016, and 2006) but are forfeited or canceled (e.g., due to the recipient's failure to satisfy applicable service or performance conditions) after May 2021. As of December 31, 2021, approximately 3.0 million shares of common stock were subject to outstanding awards under the 2021, 2020, 2016, and 2006 Plans (assuming maximum achievement of performance goals for restricted stock and target achievement of performance goals for RSUs, where applicable).

The following table summarizes the outstanding awards issued pursuant to the plans described above as of December 31, 2021 and the remaining shares of common stock available for future issuance (in millions):


Plan name	Restricted Stock	RSUs	SSAR Awards	Remaining Shares of Common Stock Available for Future Issuance
2021 Plan (1)	—	0.1	—	4.0
2020 Plan (2)	—	0.7	—	—
2016 Plan (3)	—	1.0	1.3	—
2006 Plan (4)	—	0.1	—	—

(1)As of December 31, 2021, unvested RSUs will vest between May 2022 and November 2024.

(2)As of December 31, 2021, unvested RSUs will vest between March 2022 and May 2024.

(3)As of December 31, 2021, unvested RSUs will vest between February 2022 and August 2023 and the outstanding SSAR Awards will expire between March 2022 and March 2023.

(4)RSUs granted to non‑employee directors under the 2006 Plan prior to 2011 remain outstanding until the date the non‑employee director ceases, for any reason, to be a member of the Board of Directors.

Restricted Stock Awards

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


	Unvested Restricted Stock	Weighted Average Grant Date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
As of December 31, 2018	0.1	$	43.63	$	1.4	1.0
Granted	—	—
Vested	—	45.35
Forfeited	—	51.47
As of December 31, 2019	—	41.56		1.3		0.7
Granted	—	—
Vested	—	47.36
Forfeited	—	—
As of December 31, 2020	—	36.50		0.5		0.1
Granted	—	—
Vested	—	36.50
Forfeited	—	—
As of December 31, 2021	—	$	—	$	—	0.0

The aggregate intrinsic value of restricted stock which vested during 2021, 2020 and 2019 was $0.6 million, $0.4 million and $1.0 million, respectively, based on the average high and low market price of our common stock at the vesting date. As of December 31, 2021, there were no unvested restricted stock awards outstanding.

RSU Awards

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


	RSUs	Weighted Average Grant Date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2018	1.3	$	37.17	$	28.3	1.0
Granted	0.3	29.69
Vested	(0.4)	37.34
Forfeited	(0.1)	39.86
As of December 31, 2019	1.2	32.50		53.2		0.9
Granted	1.2	23.30
Vested	(0.4)	36.12
Forfeited	(0.2)	32.56
As of December 31, 2020	1.8	25.17		57.1		1.3
Granted	0.7	33.08

Vested	(0.5)	27.34
Forfeited	(0.3)	28.55
As of December 31, 2021	1.7	$	27.30	$	46.3	1.2

The aggregate intrinsic value of RSUs vested during 2021, 2020 and 2019 was $18.1 million, $10.8 million and $10.4 million, respectively.

SSAR Awards

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


	SSAR Awards Outstanding						SSAR Awards Exercisable
	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2018	1.5	$	29.75	$	—	4.0	—	$	57.48	$	—	1.2
Granted	0.7	29.68
Exercised (1)	—	—
Forfeited	—	—
As of December 31, 2019	2.2	29.72		31.3		3.4	0.1	50.12		—		1.1
Granted	0.1	23.39
Exercised (1)	—	—
Forfeited	—	57.48
As of December 31, 2020	2.3	29.08		7.3		2.5	0.2	41.85		—		0.8


Exercised (1)	(0.1)	24.89
Forfeited	(1.0)	29.91
As of December 31, 2021	1.3	$	28.78	$	0.6	1.9	0.4	$	29.18	$	0.2	1.0

(1)The aggregate intrinsic value of SSAR Awards exercised during 2021 was $0.9 million and zero for 2020, and 2019, respectively.

We use the Black Scholes option pricing model to estimate the fair value of SSAR Awards granted to employees. No SSAR Awards were granted in 2021. In 2020, the weighted average fair value of the SSAR Awards was $6.88 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of

38.6%, dividend yields of 1.2% and risk-free interest rates of 0.7%. The weighted average fair value of the SSAR Awards for 2019 was $9.15 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 36.1%, dividend yields of 0.9% and risk-free interest rates of 2.4%.

Unrecognized Compensation Cost

As of December 31, 2021, there was $29.9 million of total unrecognized compensation cost related to unvested share-based payment awards, which is included as Capital in excess of par value within our Consolidated Balance Sheets. The unrecognized compensation cost as of December 31, 2021 is expected to be recognized as compensation expense over a weighted average period of 1.0 years as follows (in millions):


Year Ended December 31,
2022	$	17.5
2023	10.0
2024	2.5


Total	$	29.9

Other Comprehensive Loss and Accumulated Other Comprehensive Loss

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2019	$	(134.1)	$	(12.2)	$	(146.3)
Other comprehensive income (loss) before reclassifications	13.8		(150.4)		(136.6)
Amounts reclassified from accumulated other comprehensive income (loss)	—		150.3		150.3

Balance as of December 31, 2020	(120.3)		(12.3)		(132.6)
Other comprehensive income (loss) before reclassifications	(13.7)		203.2		189.6
Amounts reclassified from accumulated other comprehensive income (loss)	—		(193.6)		(193.6)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	—		—		—
Balance as of December 31, 2021	$	(134.0)	$	(2.7)	$	(136.7)

The foreign currency translation adjustment loss for 2021 was primarily due to the effect of a stronger U.S. dollar compared to most foreign currencies, including the British Pound. The foreign currency translation adjustment gain for 2020 was primarily due to the effect of a weaker U.S. dollar compared to most foreign currencies, including the British Pound.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

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


	Year Ended December 31,
	2021		2020		2019
United States	$	(47.7)	$	51.2	$	(59.1)
Foreign	147.8		110.5		296.4
Income (loss) before income taxes	$	100.0	$	161.7	$	237.3

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


	Year Ended December 31,
	2021		2020		2019
Current:
U.S. federal statutory tax	$	4.4	$	10.1	$	(4.0)
State	1.4		2.6		1.6
Foreign	22.4		42.9		35.9
	28.2		55.6		33.5
Deferred:
U.S. federal statutory tax	2.2		—		11.0
State	2.7		—		4.6
Foreign	(12.5)		(14.4)		(12.2)
	(7.6)		(14.4)		3.4
Non-current tax expense (income)	5.3		10.9		19.3
	$	25.8	$	52.1	$	56.2

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

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


	Year Ended December 31,
	2021		2020		2019
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Foreign earnings, net of foreign taxes	(10.3)		(13.3)		(13.8)
State income taxes, net of U.S. federal income tax benefit	3.2		1.3		2.2


Tax Reform - GILTI	8.8		0.5		6.0
Tax Reform - BEAT	1.7		1.4		0.1



Uncertain tax positions	5.3		6.8		8.2
Foreign currency adjustments	9.6		(2.1)		(6.1)
Intercompany interest transfer pricing adjustment	1.4		2.0		1.4
Nontaxable interest income	(4.7)		(3.0)		(2.3)
Nondeductible interest expense	1.2		1.9		1.8
Valuation allowance	(8.0)		10.6		1.2
Sale of Company	—		3.0		—
Non-deductible Officer Compensation	1.5		1.2		0.5
Statutory Adjustments	(3.2)		0.1		0.2
UK Tax Rate Change	(5.9)		—		—
Other permanent differences	4.1		0.8		3.3
Effective income tax rate	25.8	%	32.2	%	23.7	%

For the year ended December 31, 2021, our effective income tax rate was 25.8%, and our income tax provision was $25.8 million, as compared to an effective income tax rate of 32.2% and an income tax provision of $52.1 million for 2020. The lower effective income tax rate for 2021, as compared to 2020, resulted primarily from the impact of the change in the UK tax rate, benefits resulting from tax return filings in various foreign jurisdictions, adjustments to valuation allowances against our deferred tax assets in various foreign jurisdictions, and the differences in the results of our subsidiaries in tax jurisdictions with different tax rates.

For the year ended December 31, 2020, our effective income tax rate was 32.2%, for an income tax provision of $52.1 million, as compared to an effective income tax rate of 23.7% and an income tax provision of $56.2 million for 2019. The tax provision includes a tax expense of $12.9 million for the tax on the gain on the sale of MSTS recorded during the third quarter of 2020. The higher effective income tax rate for 2020, as compared to 2019, resulted primarily from the impact of recording valuation allowances against our deferred tax assets in various foreign jurisdictions, and the differences in the results of our subsidiaries in tax jurisdictions with different tax rates.

For the year ended December 31, 2019, our effective income tax rate was 23.7%, for an income tax provision of $56.2 million, as compared to an effective income tax rate of 30.2% and an income tax provision of $55.9 million for 2018. The lower effective income tax rate for 2019 resulted principally from the benefits of differences in the results of our subsidiaries in tax jurisdictions with different income tax rates, the impacts of BEAT and GILTI, other permanent tax differences, and one-time return-to-provision foreign exchange statutory adjustments. These benefits were reduced by increases in uncertain tax positions and the effect of state income taxes. Several final and proposed regulations were issued for U.S. federal income tax purposes during 2019 regarding BEAT, foreign tax credits, and GILTI, among other areas. The Treasury Department and IRS released final and proposed regulations regarding BEAT on December 2, 2019 and provided an election to waive deductions for purposes of determining base erosion payments which we elected to apply to both 2018 and 2019. Our 2019 effective income tax rate and income tax expense reflect the results of this election for 2019 and the one-time benefit for 2018.

We have analyzed our global working capital and cash requirements and the potential tax liabilities attributable to repatriation and have determined that we intend to continue our assertion that the earnings of certain of our non-U.S. subsidiaries are indefinitely reinvested. At December 31, 2021, $976.5 million of our foreign earnings were permanently reinvested in non-US business operations. For these investments, if not reinvested indefinitely, we could potentially owe approximately $214.8 million in foreign withholding tax. For the remaining $1.5 billion accumulated foreign earnings that are actually or deemed repatriated, we have made an estimate of the associated foreign withholding and state income tax effects of $10.6 million for 2021.

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


	As of December 31,
	2021		2020
Gross Deferred Tax Assets:
Bad debt reserve	$	9.5	$	15.2
Net operating loss	45.9		57.4
Accrued and other share-based compensation	16.6		14.7
Leases	1.5		2.5
Accrued expenses	10.6		3.9
U.S. foreign income tax credits	1.2		1.2
Other income tax credits	0.2		0.2
Customer deposits	1.8		1.2
Investments	1.9		1.9
Unrealized foreign exchange	8.5		16.4
Unrealized Derivatives	1.2		—
Cash flow hedges	1.1		2.9
Interest Limitation	26.2		10.7

Total gross deferred tax assets	126.2		128.2
Less: Valuation allowance	39.7		48.0
Gross deferred tax assets, net of valuation allowance	86.5		80.2
Deferred Tax Liabilities:
Depreciation	(23.9)		(23.2)
Goodwill and intangible assets	(55.9)		(54.8)
Prepaid expenses, deductible for tax purposes	(4.3)		(3.3)
Deferred tax costs on foreign unrepatriated earnings	(10.6)		(10.4)
Unrealized derivatives	—		(6.4)
Other	(7.4)		(2.3)
Total gross deferred tax liabilities	(102.0)		(100.4)
Net deferred tax liability	$	15.5	$	20.2
Net deferred tax asset	—		—
Reported on the Consolidated Balance Sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	44.8	$	33.7

Non-current income tax liabilities, net of deferred tax liabilities, non-current	$	60.3	$	53.6

As of December 31, 2021 and 2020, we had gross net operating losses ("NOLs") of approximately $402.5 million and $418.2 million, respectively. The NOLs as of December 31, 2021 originated in various U.S. states and non-U.S. countries. We have recorded a deferred tax asset of $45.9 million reflecting the benefit of the NOL carryforward as of December 31, 2021. This deferred tax asset expires as follows (in millions):


Net Operating Loss	Expiration Date	Deferred Tax Asset
US States	2022-2041	$	8.4
US States	Indefinite	$	4.0
Foreign	2022-2041	$	5.1
Foreign	Indefinite	$	28.3
Total		$	45.9

We assessed the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2021, a valuation allowance of $39.7 million has been recorded to recognize only the portion of the deferred tax assets that are more likely than not to be realized, $35.7 million of which relates to the deferred tax asset for NOLs. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as growth projections.

We operate under a special income tax concession in Singapore which began January 1, 2008 and is subject to renewal. Our current five-year income tax concession period began on January 1, 2018 and is conditional upon our meeting certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and derivative gains and losses.

The increase (decrease) to our foreign income taxes from the Singapore tax concession was as follows (in millions, except per share amounts):


	Year Ended December 31,
	2021		2020		2019
Singapore tax concession impact on foreign income tax	$	(1.1)	$	(2.4)	$	(4.3)
Impact on basic earnings per share	$	(0.02)	$	(0.04)	$	(0.07)
Impact on diluted earnings per share	$	(0.02)	$	(0.04)	$	(0.06)

Income Tax Contingencies

We recorded a net decrease of $3.1 million of liabilities related to Unrecognized Tax Liabilities and a net decrease of $1.6 million in assets related to Unrecognized Tax Assets during 2021. In addition, during 2021, we recorded a decrease of $3.8 million to our Unrecognized Tax Liabilities related to a foreign currency translation gain, which is included in Other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income. As of December 31, 2021, our Unrecognized Tax Liabilities, including penalties and interest, were $98.2 million and our Unrecognized Tax Assets were $23.9 million.

During 2020, we recorded a net increase of $12.2 million of liabilities related to Unrecognized Tax Liabilities and no change in assets related to Unrecognized Tax Assets. In addition, during 2020, we recorded an increase of $4.0 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in Other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income. As of December 31, 2020, our Unrecognized Tax Liabilities, including penalties and interest, were $99.0 million and our Unrecognized Tax Assets were $25.4 million.

The following is a tabular reconciliation of the total amounts of gross Unrecognized Tax Liabilities for the year (in millions):


	2021		2020		2019
Gross Unrecognized Tax Liabilities – opening balance	$	78.2	$	66.5	$	57.0
Gross increases – tax positions in prior period	2.4		4.8		12.2
Gross decreases – tax positions in prior period	(6.1)		(0.5)		(13.5)
Gross increases – tax positions in current period	3.5		12.3		14.9

Settlements	—		(0.1)		(1.4)
Lapse of statute of limitations	(2.9)		(4.8)		(2.7)
Gross Unrecognized Tax Liabilities – ending balance	$	75.1	$	78.2	$	66.5

If our gross Unrecognized Tax Liabilities, net of our Unrecognized Tax Assets of $23.9 million, as of December 31, 2021, are settled by the taxing authorities in our favor or otherwise resolved, our income tax expense would be reduced by $51.2 million (exclusive of interest and penalties) in the period the matter is considered settled or resolved in accordance with ASC 740. This would have the impact of reducing our 2021 effective income tax rate by 51.2%. As of December 31, 2021, it is possible that approximately $4.2 million of our unrecognized income tax liabilities may decrease within the next twelve months.

We record accrued interest and penalties related to unrecognized income tax benefits as income tax expense. Related to the uncertain income tax benefits noted above, for interest we recorded expense of $2.6 million, $3.1 million and $4.6 million during the years ended December 31, 2021, 2020, and 2019, respectively. For penalties, we recorded income of $0.3 million, expense of $0.2 million and income of $0.2 million during the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021 and 2020, we had recognized liabilities of $18.8 million and $16.2 million for interest and $4.3 million and $4.6 million for penalties, respectively.

We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most material of these are in Denmark for the 2013 - 2019 tax years, South Korea for the 2011 - 2014 tax years, and the U.S. for 2017 - 2019 tax years. One of our subsidiaries in Denmark has been under audit for its 2013 - 2015 tax years since 2018 and was notified in March 2021 that its 2016 - 2019 tax years were also under examination. In January 2021, we received final tax assessments for the 2013 and 2014 tax years of approximately $0.6 million (DKK 3.7 million) and $0.8 million (DKK 4.9 million), respectively. In April 2021, we received a proposed tax assessment for the 2015 tax year of approximately $14.7 million (DKK 96.1 million). We believe these assessments are without merit. We are in the process of responding to the proposed assessments and the 2016 - 2019 information requests. We have not yet received any proposed assessments related to the 2016 - 2019 tax years, which could be materially larger than the previous assessments if a similar methodology is applied.

In 2017, the Korean branch of one of our subsidiaries received income tax assessment notices aggregating $9.5 million (KRW 11.3 billion) from the South Korea tax authorities relating to the 2011 - 2014 tax years. In May and August 2021, we received revised income tax assessments for these years reducing the aggregate assessments to $9.0 million (KRW 10.6 billion). We believe that these assessments are without merit and are currently appealing the actions.

In January of 2020, we received a notice of examination from the U.S. IRS for the 2017 - 2018 tax years. In June 2021, we received a notice of proposed adjustment for certain immaterial items for the 2017 and 2018 tax years which we accepted and agreed to in August 2021. In December 2021 we received an additional notice of proposed adjustment for certain immaterial items for the 2017 and 2018 tax years which we are reviewing. In addition, in February 2022 we received a notice of examination from the U.S. IRS for the 2019 tax year.

An unfavorable resolution of one or more of the above matters could have a material adverse effect on our operating results or cash flows in the quarter or year in which the adjustments are recorded, or the tax is due or paid. As examinations are still in process or have not yet reached the final stages of the appeals process, the timing of the ultimate resolution or payments that may be required cannot be determined at this time.

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


	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
Denmark	2013 - 2019	2020 - 2021
South Korea	2011 - 2014	2015 - 2021
Greece	None	2016 - 2021
Other non-U.S.	None	2014 - 2021

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

12. 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 as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy.

Recurring Fair Value Measurements

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


	Fair Value Measurements as of December 31, 2021
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	513.3	$	247.6	$	2.6	$	763.5
Interest rate contract		—		5.4		—		5.4
Foreign currency contracts		—		4.7		—		4.7
Cash surrender value of life insurance		—		14.6		—		14.6
Total assets at fair value		$	513.3	$	272.3	$	2.6	$	788.3

Liabilities:
Commodities contracts		$	361.5	$	378.6	$	3.8	$	743.9
Interest rate contract		—		0.3		—		0.3
Foreign currency contracts		—		4.3		—		4.3
Total liabilities at fair value		$	361.5	$	383.2	$	3.8	$	748.5


	Fair Value Measurements as of December 31, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	233.5	$	127.9	$	9.5	$	371.0
Foreign currency contracts		—		7.5		—		7.5
Cash surrender value of life insurance		—		11.4		—		11.4
Total assets at fair value		$	233.5	$	146.8	$	9.5	$	389.9

Liabilities:
Commodities contracts		$	223.0	$	96.8	$	6.3	$	326.0
Interest rate contract		—		3.7		—		3.7
Foreign currency contracts		—		19.8		—		19.8
Total liabilities at fair value		$	223.0	$	120.2	$	6.3	$	349.5

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.

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. The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets (in millions):


	Fair Value as of December 31, 2021
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	763.5	$	513.1	$	250.4	$	7.6	$	—	$	242.8
Interest rate contract	5.4		—		5.4		—		—		5.4
Foreign currency contracts	4.7		2.6		2.1		—		—		2.1
Total assets at fair value	$	773.6	$	515.6	$	258.0	$	7.6	$	—	$	250.4

Liabilities:
Commodities contracts	$	743.9	$	513.1	$	230.8	$	3.2	$	—	$	227.7
Interest rate contract	0.3		—		0.3		—		—		0.3
Foreign currency contracts	4.3		2.6		1.7		—		—		1.7
Total liabilities at fair value	$	748.5	$	515.6	$	232.8	$	3.2	$	—	$	229.7


	Fair Value as of December 31, 2020
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	371.0	$	287.1	$	83.9	$	1.2	$	—	$	82.7
Foreign currency contracts	7.5		7.5		—		—		—		—
Total assets at fair value	$	378.5	$	294.6	$	83.9	$	1.2	$	—	$	82.7

Liabilities:
Commodities contracts	$	326.0	$	287.1	$	38.9	$	2.3	$	—	$	36.6
Interest rate contract	3.7		—		3.7		—		—		3.7
Foreign currency contracts	19.8		7.5		12.3		—		—		12.3
Total liabilities at fair value	$	349.5	$	294.6	$	54.9	$	2.3	$	—	$	52.6

At December 31, 2021 and 2020, we did not present any amounts gross on our Consolidated Balance Sheets where we had the right to offset.

Concentration of Credit Risk

The individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits. It includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At December 31, 2021, two of our OTC counterparties represented over 10% of our total credit exposure to OTC derivative counterparties.

Nonrecurring Fair Value Measurements

During the second quarter of 2021, we identified an impairment indicator with respect to certain long-lived assets within the land segment. We determined that the carrying amount of the asset group was not recoverable and recognized an asset impairment of $4.7 million during the year ended December 31, 2021. The fair value of the asset group was measured using an income approach based on estimated future cash flows as of the measurement date. Due to the significance of unobservable inputs, the measurement is categorized as Level 3.

During the fourth quarter of 2020, we measured and recorded at fair value an equity method investment as a result of an other-than-temporary impairment. In calculating fair value, we used a combination of an income and market approach. Under the market approach, we used a selection of global companies that compares with the investment. Under the income approach, we used estimated future cash flows based on information available to us. Due to the significance of unobservable inputs, the measurement is categorized in Level 3.

The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material at December 31, 2021 and 2020, respectively.

- Definition

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

+ References + Details

Business Segments, Geographic Information and Major Customers

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segments, Geographic Information and Major Customers

13. Business Segments, Geographic Information and Major Customers

Business Segments

We operate in three reportable segments consisting of aviation, land, and marine. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. We use Income from operations as our primary measure of profit as we believe it is the most meaningful measure to allocate resources and assess the performance or our segments.

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, charter and fractional operators, and private aircraft. In addition, we supply fuel and services to U.S. and foreign government, intergovernmental and military customers, such as the U.S. Defense Logistics Agency and the North Atlantic Treaty Organization ("NATO").

In our land segment, we offer fuel, lubricants, further complemented by our expansion into energy advisory, brokerage and fulfillment solutions with respect to power, natural gas and other energy products. We also offer sustainability consulting, renewable fuel products, carbon management and renewable energy solutions through World Kinect, our global energy management brand. Our customers include petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers.

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

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

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


	For the Year Ended December 31,
	2021		2020		2019
Revenue:
Aviation segment	$	12,824.3	$	8,179.6	$	18,479.5
Land segment	10,426.8		6,663.1		10,280.9
Marine segment	8,085.8		5,515.7		8,058.5
Total revenue	$	31,337.0	$	20,358.3	$	36,819.0





Income from operations:(1)
Aviation segment	$	163.4	$	84.5	$	283.9
Land segment	44.6		72.6		55.0
Marine segment	20.7		58.5		67.1
Corporate overhead - unallocated	(86.1)		(77.8)		(106.4)
Total income from operations	$	142.6	$	137.9	$	299.7
Depreciation and amortization:
Aviation segment	$	32.7	$	31.5	$	28.5
Land segment	39.0		45.3		48.0
Marine segment	3.5		3.8		4.5
Corporate segment	5.8		5.2		6.4
Total depreciation and amortization	$	81.0	$	85.8	$	87.4
Capital expenditures:
Aviation segment	$	18.8	$	17.6	$	23.0
Land segment	17.4		12.5		26.9
Marine segment	2.7		0.8		28.3
Corporate	0.1		20.4		2.7
Total capital expenditures	$	39.2	$	51.3	$	80.9

(1)Includes $6.6 million, $10.3 million and $19.7 million of restructuring charges for the years ended December 31, 2021, 2020 and 2019, respectively.

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


	As of December 31,
	2021		2020
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $18.4 and $41.2 as of December 31, 2021 and 2020, respectively	$	972.9	$	464.7
Land segment, net of allowance for credit losses of $3.8 and $5.0 as of December 31, 2021 and 2020, respectively	664.7		394.5
Marine segment, net of allowance for credit losses of $3.9 and $7.6 as of December 31, 2021 and 2020, respectively	717.7		379.2
Total accounts receivable, net	$	2,355.3	$	1,238.4










Total assets:
Aviation segment	$	2,305.6	$	1,789.5
Land segment	2,106.1		1,459.5
Marine segment	1,022.7		667.6
Corporate	507.9		583.7
Total assets	$	5,942.4	$	4,500.3

Geographic Information

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


	For the Year Ended December 31,
	2021		2020		2019
Revenue:
United States	$	16,696.2	$	10,365.2	$	19,365.2
EMEA (1)	6,735.7		4,961.0		9,235.1
Asia Pacific (2)	4,620.0		3,035.6		4,581.1
Americas, excluding United States	3,285.1		1,996.6		3,637.6
Total (3)	$	31,337.0	$	20,358.3	$	36,819.0


	As of December 31,
	2021		2020












Property and equipment, net:
United States	$	183.9	$	177.6
EMEA	145.7		144.1
Asia Pacific	8.3		7.9
Americas, excluding United States	11.1		13.1
Total	$	348.9	$	342.6

(1)Includes revenue related to the U.K. of $4.2 billion, $3.1 billion and $5.5 billion for 2021, 2020 and 2019, respectively.

(2)Includes revenue related to Singapore of $4.6 billion, $3.0 billion and $4.5 billion for 2021, 2020 and 2019, respectively.

(3)Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at Note 14. Revenue from Contracts with Customers.

Major Customers

For the years ended December 31, 2021, 2020, and 2019, 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. In 2020 the U.S. government and NATO began to significantly reduce the level of troops in Afghanistan. The final withdrawal of troops in the area was completed during the third quarter of 2021.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

14. Revenue from Contracts with Customers

The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collection. Our billing and payment terms generally include monthly invoicing with average payment terms of one to three months.

We have concluded that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfers to our customer. We may incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price.

Our contracts may contain fixed pricing, variable pricing, or a combination. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered.

Our 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 also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month).

We also earn an immaterial amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services.

Disaggregated revenue

The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions):


	For the Year Ended December 31,
	2021		2020		2019
Aviation	$	682.8	$	542.1	$	1,410.2
Land	36.8		10.6		18.2
Marine	3,419.5		2,436.8		2,929.2
Asia Pacific	4,139.2		2,989.4		4,357.7

Aviation	1,903.1		1,403.4		3,824.3
Land	2,491.8		1,744.5		2,425.4
Marine	2,364.6		1,630.8		2,739.1
EMEA	6,759.5		4,778.7		8,988.9

Aviation	2,092.4		1,069.9		2,347.1
Land	590.6		440.1		612.4
Marine	621.3		483.5		678.1
LATAM	3,304.3		1,993.5		3,637.7

Aviation	8,533.1		4,618.4		10,933.0
Land	7,251.5		4,359.6		7,017.0
Marine	1,220.0		851.6		1,415.2
North America	17,004.7		9,829.6		19,365.1

Other revenues (excluded from ASC 606) (1)	129.2		767.1		469.6

Total revenue	$	31,337.0	$	20,358.3	$	36,819.0

(1)Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.

Accounts receivable, contract assets and contract liabilities

The nature of the receivables related to revenue from contracts with customers and other revenue, are substantially similar, given that they are generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into considering the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the Accounts receivable balance presented on our Consolidated Balance Sheet. As of December 31, 2021 and 2020, the contract assets and contracts liabilities recognized by the Company were not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

15. Leases

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

We recognized the following total lease cost related to our lease arrangements (in millions):


	Year Ended December 31,
	2021		2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	4.6	$	3.1	$	4.2
Interest on lease liabilities	0.7		0.6		0.5
Operating lease cost	41.4		45.6		53.2
Short-term lease cost	24.6		25.5		18.3
Variable lease cost	6.8		6.4		5.0
Sublease income	(4.8)		(4.4)		(11.4)
Total lease cost	$	73.3	$	76.8	$	69.6

As of December 31, 2021, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2022	$	38.0	$	5.3
2023	32.6		4.6
2024	27.1		3.4
2025	23.1		3.4
2026	17.9		3.3
Thereafter	59.2		3.6
Total remaining lease payments (undiscounted)	197.9		23.5
Less: imputed interest	33.0		2.2
Present value of lease liabilities	$	164.9	$	21.2

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


		December 31,
	Classification	2021		2020
Assets:
Operating lease assets	Identifiable intangible and other non-current assets	$	150.6	$	140.8
Finance lease assets	Property and equipment, net	$	20.2	$	17.4

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	31.1	$	33.2
Operating lease liability - long-term	Other long-term liabilities	$	133.8	$	124.3
Finance lease liability - current	Current maturities of long-term debt	$	4.6	$	3.8
Finance lease liability - long-term	Long-term debt	$	16.6	$	14.4

Other information related to leases:


	December 31,
	2021		2020
Weighted average remaining lease term of finance leases (in years)	5.6		5.6
Weighted average remaining lease term of operating leases (in years)	6.9		6.6
Weighted average discount rate of finance leases	3.4%		3.3%
Weighted average discount rate of operating leases	5.2%		5.6%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	0.7	$	0.6
Operating cash flows from operating leases	$	44.8	$	49.9
Financing cash flows from finance leases	$	4.5	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	45.9	$	38.9
Right of use assets obtained in exchange for new finance lease liability	$	6.8	$	4.1

Leases

15. Leases

We recognized the following total lease cost related to our lease arrangements (in millions):


	Year Ended December 31,
	2021		2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	4.6	$	3.1	$	4.2
Interest on lease liabilities	0.7		0.6		0.5
Operating lease cost	41.4		45.6		53.2
Short-term lease cost	24.6		25.5		18.3
Variable lease cost	6.8		6.4		5.0
Sublease income	(4.8)		(4.4)		(11.4)
Total lease cost	$	73.3	$	76.8	$	69.6

As of December 31, 2021, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2022	$	38.0	$	5.3
2023	32.6		4.6
2024	27.1		3.4
2025	23.1		3.4
2026	17.9		3.3
Thereafter	59.2		3.6
Total remaining lease payments (undiscounted)	197.9		23.5
Less: imputed interest	33.0		2.2
Present value of lease liabilities	$	164.9	$	21.2

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


		December 31,
	Classification	2021		2020
Assets:
Operating lease assets	Identifiable intangible and other non-current assets	$	150.6	$	140.8
Finance lease assets	Property and equipment, net	$	20.2	$	17.4

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	31.1	$	33.2
Operating lease liability - long-term	Other long-term liabilities	$	133.8	$	124.3
Finance lease liability - current	Current maturities of long-term debt	$	4.6	$	3.8
Finance lease liability - long-term	Long-term debt	$	16.6	$	14.4

Other information related to leases:


	December 31,
	2021		2020
Weighted average remaining lease term of finance leases (in years)	5.6		5.6
Weighted average remaining lease term of operating leases (in years)	6.9		6.6
Weighted average discount rate of finance leases	3.4%		3.3%
Weighted average discount rate of operating leases	5.2%		5.6%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	0.7	$	0.6
Operating cash flows from operating leases	$	44.8	$	49.9
Financing cash flows from finance leases	$	4.5	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	45.9	$	38.9
Right of use assets obtained in exchange for new finance lease liability	$	6.8	$	4.1

Earnings per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings per Common Share

16. Earnings per Common Share

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


	For the Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss) attributable to World Fuel	$	73.7	$	109.6	$	178.9
Denominator:
Weighted average common shares for basic earnings per common share(1)	62.9		63.7		66.1
Effect of dilutive securities	0.4		0.3		0.4
Weighted average common shares for diluted earnings per common share	63.3		64.0		66.5
Basic earnings (loss) per common share	$	1.17	$	1.72	$	2.71
Diluted earnings (loss) per common share	$	1.16	$	1.71	$	2.69
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	1.5		3.0		1.4

(1)On January 3, 2022, an additional 1.8 million shares of common stock were issued as part of the total consideration transferred for the acquisition of Flyers. See Note 3. Acquisitions and Divestitures for additional information.

Basis of Presentation, New Accounting Standards and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe Consolidated Financial Statements and related Notes include our parent company and subsidiaries where we exercise control and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All intercompany transactions among our consolidated subsidiaries have been eliminated.
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards Included below is a description of recent new accounting standards that had an impact on the Company’s Consolidated Financial Statements. New accounting standards or accounting standards updates not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s Consolidated Financial Statements or processes. Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and Scope. In March 2020 and January 2021, ASU 2020-04 and ASU 2021-01 were issued, respectively. The amendments provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burden in accounting for (or recognizing the effects of) contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other interbank offered rates being discontinued under a phased approach because of reference rate reform. The Company adopted these updates in the fourth quarter of 2021 and applied the optional expedients and exceptions prospectively to all eligible contract modifications, hedging relationships and other transactions affected by the discontinuance of certain LIBORs on December 31, 2021 when certain criteria were met, which did not have a material impact on its consolidated financial statements or processes. The Company will continue to apply such optional expedients and exceptions for all eligible items of similar nature which modification occurs until December 31, 2022, but does not anticipate a material impact to its Consolidated Financial Statements for the related periods. Accounting Standards Issued But Not Yet Adopted There are no recently issued accounting standards not yet adopted by us that, upon adoption, are expected to have a material impact on the Company’s Consolidated Financial Statements or processes.
Estimates and Assumptions	Estimates and AssumptionsThe preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Cash and Cash Equivalents	Cash and Cash EquivalentsOur cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses 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 were 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. Accounts receivable are measured at amortized cost. The health of our accounts receivable 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 estimated 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. Individual receivables are written off when there is information indicating that the counterparty is in severe financial difficulty and the amounts are deemed uncollectible. An accounts receivable written off may still be subject to enforcement activities under our recovery procedures, taking into account legal advice where appropriate. Any subsequent recoveries made are recognized as income in the Consolidated Statements of Income and Comprehensive Income.
Inventories	InventoriesInventories are valued primarily using weighted average cost and first-in-first-out in certain limited locations. Inventory is stated at the lower of average cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in the Consolidated Statements of Income and Comprehensive Income in the period in which it occurs. We utilize a variety of fuel indices and other indicators to calculate the net realizable value. Components of inventory include fuel purchase costs, any related transportation or distribution costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship.
Business Combinations	Business Combinations A business combination occurs when an entity obtains control of a business by acquiring its net assets, or some or all of its equity interests. Before applying the acquisition method, we determine whether a transaction meets the definition of a business combination. For a transaction to be accounted for as a business combination, the entity or net assets acquired must meet the definition of a business as defined in ASC 805. Under the acquisition method, the purchase price is allocated to all identifiable assets acquired, all liabilities assumed and any noncontrolling interest at the fair value as of the acquisition date. Any residual difference with the consideration transferred is recognized as Goodwill. Goodwill arises because the purchase price paid reflects numerous factors, including the strategic value and expected synergies that the acquisition would bring to our existing operations. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. If the assets acquired do not meet the definition of a business, we account for the transaction as an asset acquisition in which goodwill is not recognized, but rather any residual difference with the consideration transferred is allocated on a relative fair value basis to all qualifying identifiable net assets acquired.
Fair Value	Fair Value Fair value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical transaction between market participants at the measurement date. Depending on the type of assets, we calculate the fair value using the income approach (e.g., based on the present value of estimated future cash flows), the market approach or a combination of both. The unique characteristics of an asset or liability and the availability of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. We measure fair value using observable and unobservable inputs. We give the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). We apply the following fair value hierarchy: •Level 1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities. •Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices; and inputs that are not directly observable but are corroborated by observable market data. •Level 3 – Inputs that are unobservable.
Derivatives	Derivatives Our derivative contracts are recognized at their estimated fair market value. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and underlying observable data; and incorporates the effect of nonperformance risk. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of Revenue, Cost of revenue or Other income (expense), net (based on the underlying transaction type) in the Consolidated Statements of Income and Comprehensive Income. Derivatives that qualify for hedge accounting may be designated as either a fair value or cash flow hedge. At the inception, and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the Consolidated Statements of Income and Comprehensive Income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized in other comprehensive income as a separate component of shareholders’ equity and subsequently reclassified into the same line item as the underlying forecasted transaction in the Consolidated Statements of Income and Comprehensive Income when both are settled or deemed probable of not occurring. Cash flows for our hedging instruments used in our hedges are classified in the same category as the cash flow from the hedged items. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument. For more information on our derivatives, see Note 4. Derivative Instruments.
Property and Equipment	Property and EquipmentProperty and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us (including property and equipment) are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Purchases of computer software and external costs and certain internal costs directly associated with developing significant computer software applications for internal use are capitalized within property and equipment, which also includes hosting arrangements when we have the contractual right to take possession of the software at any time during the hosting period and it is feasible for us to either run the software in our own hardware or contract with another unrelated party to host the software. Amortization of such costs is calculated primarily by using the straight-line method over the estimated useful life of the software.
Goodwill	Goodwill We conduct an impairment assessment as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. This assessment is performed at the reporting unit level. We have the option to perform a qualitative assessment of goodwill rather than completing the quantitative impairment test. Under this qualitative assessment, if we conclude it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, no further analysis is needed. We also use the quantitative goodwill impairment test, to identify both the existence of impairment and the amount of impairment loss. To determine whether goodwill is impaired, we compare the fair value of the reporting units to which goodwill was assigned to their respective carrying values. In calculating the fair value, we use a combination of both an income and market approach as our primary indicator of fair value. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of each reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available as of the testing date, including our annual operating plan that is approved by our Board of Directors. The estimated cash flows are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions. All our estimates are considered supportable assumptions that are based on a number of factors including industry experience, internal benchmarks and the economic environment. We believe these assumptions are reasonable and are consistent with those we believe a market participant would use.
Identifiable Intangible Assets	Identifiable Intangible AssetsIn connection with our acquisitions, we recognize identifiable intangible assets at fair value. After the initial recognition of the asset, the accounting treatment depends on the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the company. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives and are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets with indefinite useful life are not subject to amortization but are tested for impairment at least annually during the fourth quarter. This analysis generally involves the use of qualitative and quantitative information to conclude whether the fair value is greater than or equal to the carrying value .
Investments	Investments We hold investments which are primarily accounted for under the equity method as we have the ability to exercise significant influence over the operating and financial policies of the investee, but do not have control. The carrying amount of an equity method investment is increased to reflect our share of income and is reduced to reflect our share of losses of the investee, dividends received and other-than-temporary impairments. Investments accounted for under the equity method are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We assess our intent and/or ability to recover the carrying amount of the investment over a long period. However, if the fair value of the investment is less than its carrying amount, and the investment will not recover in the near term, then an other-than-temporary impairment is recognized. Impairments of equity method investments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income.
Revenue Recognition	Revenue Recognition The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, are recognized over the contract period when services have been performed and we have the right to invoice for those services. Shipping and handling related fees incurred before control of the goods or services are transferred to the customer, are considered activities to fulfill the promise and not a separately promised service. When we coordinate shipping and handling activities after our customer obtains control of goods or services, we have elected to account for these shipping and handling costs as activities to fulfill the promise to transfer the goods. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations when the transaction price is only estimated for disclosures purpose, including contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. Also, we have elected to apply the exemption for contracts with fixed consideration an original expected duration of less than one year. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collection. Our billing and payment terms generally include monthly invoicing with average payment terms of one to three months. We have concluded that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfers to our customer. We may incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price. Our contracts may contain fixed pricing, variable pricing, or a combination. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered. Our 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 also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month). We also earn an immaterial amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services. Accounts receivable, contract assets and contract liabilitiesThe 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.
Share-Based Payment Awards	Share-Based Payment AwardsWe account for share-based payment awards on a fair value basis of the equity instrument issued. Under fair value accounting, the grant-date fair value of the share-based payment award is amortized as compensation expense, on a straight-line basis, over the service period (generally, the vesting period) for both graded and cliff vesting awards. We have elected to account for forfeitures as they occur.
Foreign Currency	Foreign Currency Generally, the functional currency of our subsidiaries is the U.S. dollar, except for certain foreign subsidiaries which utilize their respective local currency as their functional currency. Monetary assets and liabilities denominated in a currency that is different from the functional currency is remeasured from the applicable currency to the functional currency using month-end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income in the period incurred. Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in Accumulated Other Comprehensive Income as a separate component of Shareholders’ Equity.
Income Taxes	Income TaxesIncome taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date. Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels. The remaining carrying value of our deferred tax assets, after recording the valuation allowance on our deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all of the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions.
Earnings per Common Share	Earnings per Common ShareBasic earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to World Fuel and available to common shareholders by the sum of the weighted average number of shares of common stock outstanding for the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include awards of restricted stock subject to forfeitable dividends, non-vested restricted stock units ("RSUs"), performance stock units where the performance requirements have been met, and settled stock appreciation rights awards ("SSARs"). The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method, except if its impact is anti-dilutive. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities.
Leases	Leases We adopted ASU 2016-02, including the related codification amendments, in the first quarter of 2019 utilizing the modified retrospective transition method and applying the transition provisions at the effective date. We determine if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. We account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities. We test right-of-use assets at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Loss Contingencies	Loss Contingencies In determining whether an accrual for a loss contingency is required, we first assess the likelihood of occurrence of the future event or events that will confirm the loss. When a loss is probable (the future event or events are likely to occur) and the amount of the loss can be reasonably estimated, the estimated loss is accrued. If the reasonable estimate of the loss is a range and an amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued. However, if no amount within the range is a better estimate, the minimum amount in the range should be accrued. When a loss is reasonably possible (the chance of the future event or events occurring is more than remote but less than likely), no accrual is recognized.

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of allowance for bad debt

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


	2021		2020		2019
Balance as of January 1, (1)	$	57.3	$	46.6	$	39.4
Charges to allowance for credit losses	6.3		63.7		25.9
Write-off of uncollectible receivables	(35.3)		(53.7)		(32.2)
Recoveries of credit losses	1.4		1.0		2.4
Translation adjustments	0.1		(0.3)		—
Balance as of December 31,	$	29.8	$	57.3	$	35.5

(1)For 2020, the balance as of the beginning of the period includes the $11.1 million cumulative transition adjustment related to the implementation of ASU 2016-13.

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of estimated purchase price allocation for the acquisition

The following table summarizes the final aggregate consideration, updated for certain working capital items, and the final fair value of the assets acquired and liabilities assumed. The total consideration includes a deferred payment that is outstanding as of December 31, 2021.


(In millions)	Total
Cash paid for acquisition of business	$	129.0
Amounts due to sellers	30.0
Purchase price	$	159.0

Assets acquired:
Accounts receivable	$	42.8
Goodwill and identifiable intangible assets	123.3
Other current and long-term assets	3.8

Liabilities assumed:
Accounts payable	(9.9)
Other current and long-term liabilities	(1.0)
Purchase price	$	159.0

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value positions of derivative instruments

The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):

Unit

December 31, 2021

Commodity contracts:

Long

BBL

59.4

Short

BBL

(57.6)

Foreign currency exchange contracts:

Sell U.S. dollar, buy other currencies

USD

(190.2)

Buy U.S. dollar, sell other currencies

USD

337.4

Interest rate contract:

Interest rate swap

USD

300.0

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

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


		Gross Derivative Assets				Gross Derivative Liabilities
		As of December 31,				As of December 31,
Derivative Instruments	Consolidated Balance Sheets location	2021		2020		2021		2020
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	1.8	$	124.9	$	9.7	$	120.7

	Short-term derivative liabilities, net	0.1		1.0		0.4		2.3
	Other long-term liabilities	—		0.1		—		0.5


Interest rate contract	Identifiable intangible and other non-current assets	5.4		—		—		—
	Short-term derivative liabilities, net	—		—		0.3		1.3
	Other long-term liabilities	—		—		—		2.4
Total derivatives designated as hedging instruments		7.3		126.0		10.4		127.2

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	516.3		164.9		337.5		102.7
	Identifiable intangible and other non-current assets	112.2		32.1		27.6		7.9
	Short-term derivative liabilities, net	117.6		30.5		286.6		68.4
	Other long-term liabilities	15.5		17.5		82.1		23.5

Foreign currency contracts	Short-term derivative assets, net	3.8		—		1.7		—
	Identifiable intangible and other non-current assets	0.1		—		—		—
	Short-term derivative liabilities, net	0.8		7.5		2.6		19.6
	Other long-term liabilities	—		—		—		0.2
Total derivatives not designated as hedging instruments		766.3		252.5		738.1		222.3

Total derivatives		$	773.6	$	378.5	$	748.5	$	349.5

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

The following amounts were recorded within 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 December 31,				As of December 31,
	2021		2020		2021		2020
Inventory	$	59.3	$	44.5	$	0.6	$	4.9

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


	For the Year Ended December 31,
	2021						2020						2019
	Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded	$	31,337.0	$	30,548.8	$	40.2	$	20,358.3	$	19,506.5	$	48.6	$	36,819.0	$	35,707.0
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		22.1		—		—		(8.2)		—		—		18.1
Derivatives designated as hedging instruments	—		(24.3)		—		—		9.4		—		—		(16.1)
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	(56.7)		319.0		—		31.3		(181.1)		—		(8.5)		36.6
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	—		—		(1.4)		—		—		(0.5)		—		—
Total amount of income and expense line items excluding the impact of hedges	$	31,393.6	$	30,865.6	$	38.8	$	20,327.0	$	19,326.6	48.1		36,827.5		35,745.6


Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement		Year Ended December 31,
	Location	2021		2020		2019
Commodity contracts	Revenue	$	(369.4)	$	505.6	$	(51.5)
Commodity contracts	Cost of revenue	$	11.0	$	(181.6)	$	(7.1)

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


Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	Year Ended December 31,
	2021		2020		2019
Commodity contracts (Revenue)	$	31.6	$	(20.8)	$	(157.9)
Commodity contracts (Cost of revenue)	166.1		(126.4)		160.6
Interest rate contracts	5.5		(3.2)		—
Total gain (loss)	$	203.2	$	(150.4)	$	2.7


Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit		Year Ended December 31,
	Location	2021		2020		2019
Commodity contracts	Revenue	$	(43.0)	$	31.3	$	(8.5)
Commodity contracts	Cost of revenue	237.7		(181.1)		36.6
Interest rate contracts	Interest expense and other financing costs, net	(1.0)		(0.5)		—
Total gain (loss)		$	193.6	$	(150.3)	$	28.1

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


Derivative Instruments - Non-designated	Location	Year Ended December 31,
		2021		2020		2019
Commodity contracts
	Revenue	$	88.4	$	235.2	$	269.5
	Cost of revenue	(14.2)		(121.1)		(221.8)
		74.2		114.1		47.7
Foreign currency contracts
	Revenue	1.1		(3.2)		(0.3)
	Other income (expense), net	1.6		(13.4)		(0.5)
		2.7		(16.6)		(0.7)
Total gains (losses)		$	76.9	$	97.5	$	46.9

Schedule of potential collateral requirements for derivative liabilities

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


	As of December 31,
	2021		2020
Net derivative liability positions with credit contingent features	$	3.3	$	20.0
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	3.3	$	20.0

- Definition

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

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+ Details

Restructuring (Tables)

12 Months Ended

Dec. 31, 2021

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 (in millions):


	Aviation		Land		Marine		Corporate		Consolidated
Accrued charges as of December 31, 2019	$	0.5	$	7.5	$	1.3	$	0.2	$	9.5
Restructuring charges	3.3		3.9		1.9		1.2		10.3
Paid during the period	(3.0)		(6.7)		(2.3)		(1.4)		(13.3)
Accrued charges as of December 31, 2020	0.9		4.6		0.9		0.1		6.6
Restructuring charges	0.7		6.3		(0.5)		—		6.6
Paid during the period	(0.8)		(10.8)		(0.4)		(0.1)		(12.2)
Accrued charges as of December 31, 2021	$	0.8	$	0.1	$	—	$	—	$	1.0

Summary of Impairment by Reportable Business Segment

The following table provides a summary of this impairment by reportable business segment for the year ended December 31, 2020 (in millions):


	Aviation		Land		Marine		Corporate		Consolidated
Asset impairment	$	6.9	$	5.9	$	4.0	$	1.8	$	18.6

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

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


	As of December 31,				Estimated
	2021		2020		Useful Lives
Land	$	19.9	$	19.1	Indefinite
Buildings and leasehold improvements	77.4		74.5		3 - 40 years
Office equipment, furniture and fixtures	14.7		15.3		3 - 7 years
Computer equipment and software costs	258.4		275.8		3 - 9 years
Machinery, equipment and vehicles (1)	316.9		267.7		3 - 40 years
Total property, plant, and equipment	687.3		652.3
Less: Accumulated depreciation and amortization (1)	338.4		309.7
Total property, plant, and equipment, net	$	348.9	$	342.6

(1)Includes right of use assets associated with finance leases. See Note 15. Leases for additional information.

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


	As of December 31,
	2021		2020
Computer software costs	$	217.9	$	191.7
Less: Accumulated amortization	131.1		116.1
Computer software costs, net	$	86.8	$	75.6

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

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


	Aviation Segment		Land Segment		Total
As of December 31, 2019	$	323.6	$	520.1	$	843.7
2020 acquisitions (1)	79.1		—		79.1
Adjustment for sale of business (1)	(7.0)		(64.6)		(71.6)
Foreign currency translation of non-USD functional currency subsidiary goodwill	3.2		4.3		7.4
As of December 31, 2020	398.8		459.7		858.6
2021 acquisition (1)	—		7.5		7.5
Foreign currency translation of non-USD functional currency subsidiary goodwill	1.3		(5.5)		(4.2)
As of December 31, 2021	$	400.1	$	461.8	$	861.9

(1)See Note 3. Acquisitions and Divestitures for additional information.

Schedule of intangible assets subject to amortization

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


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	406.5	$	261.9	$	144.6	$	392.1	$	236.5	$	155.6
Supplier agreements	31.9		19.5		12.4		31.9		18.0		13.9
Others	37.2		30.4		6.8		37.5		28.6		8.8
Total intangible assets subject to amortization	475.6		311.8		163.8		461.5		283.2		178.3
Intangible assets not subject to amortization:
Trademark / trade name rights	25.3		—		25.3		24.5		—		24.5
Total intangible assets	$	500.9	$	311.8	$	189.1	$	486.0	$	283.2	$	202.8

(1)Includes the impact of foreign exchange.

Schedule of intangible assets not subject to amortization

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


	As of December 31, 2021						As of December 31, 2020
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	406.5	$	261.9	$	144.6	$	392.1	$	236.5	$	155.6
Supplier agreements	31.9		19.5		12.4		31.9		18.0		13.9
Others	37.2		30.4		6.8		37.5		28.6		8.8
Total intangible assets subject to amortization	475.6		311.8		163.8		461.5		283.2		178.3
Intangible assets not subject to amortization:
Trademark / trade name rights	25.3		—		25.3		24.5		—		24.5
Total intangible assets	$	500.9	$	311.8	$	189.1	$	486.0	$	283.2	$	202.8

(1)Includes the impact of foreign exchange.

Schedule of future estimated amortization of identifiable intangible assets

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


Year Ended December 31,
2022	$	29.0
2023	21.5
2024	20.1
2025	18.9
2026	13.7
Thereafter	60.5
Total	$	163.8

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

12 Months Ended

Dec. 31, 2021

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

Schedule of debt

As of December 31, 2021 and 2020, our debt consisted of the following (in millions):


	As of December 31,
	2021		2020
Credit Facility	$	—	$	—
Term Loans	484.1		503.2
Finance leases (1)	21.2		18.2
Other	3.3		3.3
Total debt	508.7		524.7
Less: Current maturities of long-term debt and finance leases	30.6		22.9
Long-term debt	$	478.1	$	501.8

(1)See Note 15. Leases for additional information.

Schedule of aggregate annual maturities of debt

As of December 31, 2021, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2022	$	30.6
2023	32.4
2024	436.2
2025	3.4
2026	3.3
Thereafter	2.9
Total	$	508.7

Schedule of interest expense and other financing costs, net

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


	Year Ended December 31,
	2021		2020		2019
Interest income	$	7.0	$	3.6	$	6.2
Interest expense and other financing costs	(47.2)		(48.6)		(80.0)
Interest expense and other financing costs, net	$	(40.2)	$	(44.9)	$	(73.9)

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of outstanding awards issued pursuant to plans


Plan name	Restricted Stock	RSUs	SSAR Awards	Remaining Shares of Common Stock Available for Future Issuance
2021 Plan (1)	—	0.1	—	4.0
2020 Plan (2)	—	0.7	—	—
2016 Plan (3)	—	1.0	1.3	—
2006 Plan (4)	—	0.1	—	—

(1)As of December 31, 2021, unvested RSUs will vest between May 2022 and November 2024.

(2)As of December 31, 2021, unvested RSUs will vest between March 2022 and May 2024.

(3)As of December 31, 2021, unvested RSUs will vest between February 2022 and August 2023 and the outstanding SSAR Awards will expire between March 2022 and March 2023.

Schedule of unvested restricted stock outstanding


	Unvested Restricted Stock	Weighted Average Grant Date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
As of December 31, 2018	0.1	$	43.63	$	1.4	1.0
Granted	—	—
Vested	—	45.35
Forfeited	—	51.47
As of December 31, 2019	—	41.56		1.3		0.7
Granted	—	—
Vested	—	47.36
Forfeited	—	—
As of December 31, 2020	—	36.50		0.5		0.1
Granted	—	—
Vested	—	36.50
Forfeited	—	—
As of December 31, 2021	—	$	—	$	—	0.0

Schedule of RSUs


	RSUs	Weighted Average Grant Date Fair Value Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2018	1.3	$	37.17	$	28.3	1.0
Granted	0.3	29.69
Vested	(0.4)	37.34
Forfeited	(0.1)	39.86
As of December 31, 2019	1.2	32.50		53.2		0.9
Granted	1.2	23.30
Vested	(0.4)	36.12
Forfeited	(0.2)	32.56
As of December 31, 2020	1.8	25.17		57.1		1.3
Granted	0.7	33.08

Vested	(0.5)	27.34
Forfeited	(0.3)	28.55
As of December 31, 2021	1.7	$	27.30	$	46.3	1.2

Schedule of outstanding and exercisable SSAR Awards


	SSAR Awards Outstanding						SSAR Awards Exercisable
	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)	SSAR Awards	Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2018	1.5	$	29.75	$	—	4.0	—	$	57.48	$	—	1.2
Granted	0.7	29.68
Exercised (1)	—	—
Forfeited	—	—
As of December 31, 2019	2.2	29.72		31.3		3.4	0.1	50.12		—		1.1
Granted	0.1	23.39
Exercised (1)	—	—
Forfeited	—	57.48
As of December 31, 2020	2.3	29.08		7.3		2.5	0.2	41.85		—		0.8


Exercised (1)	(0.1)	24.89
Forfeited	(1.0)	29.91
As of December 31, 2021	1.3	$	28.78	$	0.6	1.9	0.4	$	29.18	$	0.2	1.0

Schedule of unrecognized compensation cost

The unrecognized compensation cost as of December 31, 2021 is expected to be recognized as compensation expense over a weighted average period of 1.0 years as follows (in millions):


Year Ended December 31,
2022	$	17.5
2023	10.0
2024	2.5


Total	$	29.9

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2019	$	(134.1)	$	(12.2)	$	(146.3)
Other comprehensive income (loss) before reclassifications	13.8		(150.4)		(136.6)
Amounts reclassified from accumulated other comprehensive income (loss)	—		150.3		150.3

Balance as of December 31, 2020	(120.3)		(12.3)		(132.6)
Other comprehensive income (loss) before reclassifications	(13.7)		203.2		189.6
Amounts reclassified from accumulated other comprehensive income (loss)	—		(193.6)		(193.6)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	—		—		—
Balance as of December 31, 2021	$	(134.0)	$	(2.7)	$	(136.7)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

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

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


	Year Ended December 31,
	2021		2020		2019
United States	$	(47.7)	$	51.2	$	(59.1)
Foreign	147.8		110.5		296.4
Income (loss) before income taxes	$	100.0	$	161.7	$	237.3

Schedule of components of income tax provision (benefit)

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


	Year Ended December 31,
	2021		2020		2019
Current:
U.S. federal statutory tax	$	4.4	$	10.1	$	(4.0)
State	1.4		2.6		1.6
Foreign	22.4		42.9		35.9
	28.2		55.6		33.5
Deferred:
U.S. federal statutory tax	2.2		—		11.0
State	2.7		—		4.6
Foreign	(12.5)		(14.4)		(12.2)
	(7.6)		(14.4)		3.4
Non-current tax expense (income)	5.3		10.9		19.3
	$	25.8	$	52.1	$	56.2

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

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


	Year Ended December 31,
	2021		2020		2019
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Foreign earnings, net of foreign taxes	(10.3)		(13.3)		(13.8)
State income taxes, net of U.S. federal income tax benefit	3.2		1.3		2.2


Tax Reform - GILTI	8.8		0.5		6.0
Tax Reform - BEAT	1.7		1.4		0.1



Uncertain tax positions	5.3		6.8		8.2
Foreign currency adjustments	9.6		(2.1)		(6.1)
Intercompany interest transfer pricing adjustment	1.4		2.0		1.4
Nontaxable interest income	(4.7)		(3.0)		(2.3)
Nondeductible interest expense	1.2		1.9		1.8
Valuation allowance	(8.0)		10.6		1.2
Sale of Company	—		3.0		—
Non-deductible Officer Compensation	1.5		1.2		0.5
Statutory Adjustments	(3.2)		0.1		0.2
UK Tax Rate Change	(5.9)		—		—
Other permanent differences	4.1		0.8		3.3
Effective income tax rate	25.8	%	32.2	%	23.7	%

Schedule of net deferred tax liabilities

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


	As of December 31,
	2021		2020
Gross Deferred Tax Assets:
Bad debt reserve	$	9.5	$	15.2
Net operating loss	45.9		57.4
Accrued and other share-based compensation	16.6		14.7
Leases	1.5		2.5
Accrued expenses	10.6		3.9
U.S. foreign income tax credits	1.2		1.2
Other income tax credits	0.2		0.2
Customer deposits	1.8		1.2
Investments	1.9		1.9
Unrealized foreign exchange	8.5		16.4
Unrealized Derivatives	1.2		—
Cash flow hedges	1.1		2.9
Interest Limitation	26.2		10.7

Total gross deferred tax assets	126.2		128.2
Less: Valuation allowance	39.7		48.0
Gross deferred tax assets, net of valuation allowance	86.5		80.2
Deferred Tax Liabilities:
Depreciation	(23.9)		(23.2)
Goodwill and intangible assets	(55.9)		(54.8)
Prepaid expenses, deductible for tax purposes	(4.3)		(3.3)
Deferred tax costs on foreign unrepatriated earnings	(10.6)		(10.4)
Unrealized derivatives	—		(6.4)
Other	(7.4)		(2.3)
Total gross deferred tax liabilities	(102.0)		(100.4)
Net deferred tax liability	$	15.5	$	20.2
Net deferred tax asset	—		—
Reported on the Consolidated Balance Sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	44.8	$	33.7

Non-current income tax liabilities, net of deferred tax liabilities, non-current	$	60.3	$	53.6

Schedule of expiration of NOL carryforward

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


Net Operating Loss	Expiration Date	Deferred Tax Asset
US States	2022-2041	$	8.4
US States	Indefinite	$	4.0
Foreign	2022-2041	$	5.1
Foreign	Indefinite	$	28.3
Total		$	45.9

Summary of income tax concessions

The increase (decrease) to our foreign income taxes from the Singapore tax concession was as follows (in millions, except per share amounts):


	Year Ended December 31,
	2021		2020		2019
Singapore tax concession impact on foreign income tax	$	(1.1)	$	(2.4)	$	(4.3)
Impact on basic earnings per share	$	(0.02)	$	(0.04)	$	(0.07)
Impact on diluted earnings per share	$	(0.02)	$	(0.04)	$	(0.06)

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

The following is a tabular reconciliation of the total amounts of gross Unrecognized Tax Liabilities for the year (in millions):


	2021		2020		2019
Gross Unrecognized Tax Liabilities – opening balance	$	78.2	$	66.5	$	57.0
Gross increases – tax positions in prior period	2.4		4.8		12.2
Gross decreases – tax positions in prior period	(6.1)		(0.5)		(13.5)
Gross increases – tax positions in current period	3.5		12.3		14.9

Settlements	—		(0.1)		(1.4)
Lapse of statute of limitations	(2.9)		(4.8)		(2.7)
Gross Unrecognized Tax Liabilities – ending balance	$	75.1	$	78.2	$	66.5

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

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


	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
Denmark	2013 - 2019	2020 - 2021
South Korea	2011 - 2014	2015 - 2021
Greece	None	2016 - 2021
Other non-U.S.	None	2014 - 2021

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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 (in millions):


	Fair Value Measurements as of December 31, 2021
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	513.3	$	247.6	$	2.6	$	763.5
Interest rate contract		—		5.4		—		5.4
Foreign currency contracts		—		4.7		—		4.7
Cash surrender value of life insurance		—		14.6		—		14.6
Total assets at fair value		$	513.3	$	272.3	$	2.6	$	788.3

Liabilities:
Commodities contracts		$	361.5	$	378.6	$	3.8	$	743.9
Interest rate contract		—		0.3		—		0.3
Foreign currency contracts		—		4.3		—		4.3
Total liabilities at fair value		$	361.5	$	383.2	$	3.8	$	748.5


	Fair Value Measurements as of December 31, 2020
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	233.5	$	127.9	$	9.5	$	371.0
Foreign currency contracts		—		7.5		—		7.5
Cash surrender value of life insurance		—		11.4		—		11.4
Total assets at fair value		$	233.5	$	146.8	$	9.5	$	389.9

Liabilities:
Commodities contracts		$	223.0	$	96.8	$	6.3	$	326.0
Interest rate contract		—		3.7		—		3.7
Foreign currency contracts		—		19.8		—		19.8
Total liabilities at fair value		$	223.0	$	120.2	$	6.3	$	349.5

Schedule of commodity derivative assets subject to the right of offset

The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets (in millions):


	Fair Value as of December 31, 2021
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	763.5	$	513.1	$	250.4	$	7.6	$	—	$	242.8
Interest rate contract	5.4		—		5.4		—		—		5.4
Foreign currency contracts	4.7		2.6		2.1		—		—		2.1
Total assets at fair value	$	773.6	$	515.6	$	258.0	$	7.6	$	—	$	250.4

Liabilities:
Commodities contracts	$	743.9	$	513.1	$	230.8	$	3.2	$	—	$	227.7
Interest rate contract	0.3		—		0.3		—		—		0.3
Foreign currency contracts	4.3		2.6		1.7		—		—		1.7
Total liabilities at fair value	$	748.5	$	515.6	$	232.8	$	3.2	$	—	$	229.7


	Fair Value as of December 31, 2020
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	371.0	$	287.1	$	83.9	$	1.2	$	—	$	82.7
Foreign currency contracts	7.5		7.5		—		—		—		—
Total assets at fair value	$	378.5	$	294.6	$	83.9	$	1.2	$	—	$	82.7

Liabilities:
Commodities contracts	$	326.0	$	287.1	$	38.9	$	2.3	$	—	$	36.6
Interest rate contract	3.7		—		3.7		—		—		3.7
Foreign currency contracts	19.8		7.5		12.3		—		—		12.3
Total liabilities at fair value	$	349.5	$	294.6	$	54.9	$	2.3	$	—	$	52.6

Schedule of commodity derivative liabilities subject to the right of offset

The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets (in millions):


	Fair Value as of December 31, 2021
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	763.5	$	513.1	$	250.4	$	7.6	$	—	$	242.8
Interest rate contract	5.4		—		5.4		—		—		5.4
Foreign currency contracts	4.7		2.6		2.1		—		—		2.1
Total assets at fair value	$	773.6	$	515.6	$	258.0	$	7.6	$	—	$	250.4

Liabilities:
Commodities contracts	$	743.9	$	513.1	$	230.8	$	3.2	$	—	$	227.7
Interest rate contract	0.3		—		0.3		—		—		0.3
Foreign currency contracts	4.3		2.6		1.7		—		—		1.7
Total liabilities at fair value	$	748.5	$	515.6	$	232.8	$	3.2	$	—	$	229.7


	Fair Value as of December 31, 2020
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	371.0	$	287.1	$	83.9	$	1.2	$	—	$	82.7
Foreign currency contracts	7.5		7.5		—		—		—		—
Total assets at fair value	$	378.5	$	294.6	$	83.9	$	1.2	$	—	$	82.7

Liabilities:
Commodities contracts	$	326.0	$	287.1	$	38.9	$	2.3	$	—	$	36.6
Interest rate contract	3.7		—		3.7		—		—		3.7
Foreign currency contracts	19.8		7.5		12.3		—		—		12.3
Total liabilities at fair value	$	349.5	$	294.6	$	54.9	$	2.3	$	—	$	52.6

Business Segments, Geographic Information and Major Customers (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

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

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


	For the Year Ended December 31,
	2021		2020		2019
Revenue:
Aviation segment	$	12,824.3	$	8,179.6	$	18,479.5
Land segment	10,426.8		6,663.1		10,280.9
Marine segment	8,085.8		5,515.7		8,058.5
Total revenue	$	31,337.0	$	20,358.3	$	36,819.0





Income from operations:(1)
Aviation segment	$	163.4	$	84.5	$	283.9
Land segment	44.6		72.6		55.0
Marine segment	20.7		58.5		67.1
Corporate overhead - unallocated	(86.1)		(77.8)		(106.4)
Total income from operations	$	142.6	$	137.9	$	299.7
Depreciation and amortization:
Aviation segment	$	32.7	$	31.5	$	28.5
Land segment	39.0		45.3		48.0
Marine segment	3.5		3.8		4.5
Corporate segment	5.8		5.2		6.4
Total depreciation and amortization	$	81.0	$	85.8	$	87.4
Capital expenditures:
Aviation segment	$	18.8	$	17.6	$	23.0
Land segment	17.4		12.5		26.9
Marine segment	2.7		0.8		28.3
Corporate	0.1		20.4		2.7
Total capital expenditures	$	39.2	$	51.3	$	80.9

(1)Includes $6.6 million, $10.3 million and $19.7 million of restructuring charges for the years ended December 31, 2021, 2020 and 2019, respectively.

Schedule of accounts receivable, net and total assets by segment

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


	As of December 31,
	2021		2020
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $18.4 and $41.2 as of December 31, 2021 and 2020, respectively	$	972.9	$	464.7
Land segment, net of allowance for credit losses of $3.8 and $5.0 as of December 31, 2021 and 2020, respectively	664.7		394.5
Marine segment, net of allowance for credit losses of $3.9 and $7.6 as of December 31, 2021 and 2020, respectively	717.7		379.2
Total accounts receivable, net	$	2,355.3	$	1,238.4










Total assets:
Aviation segment	$	2,305.6	$	1,789.5
Land segment	2,106.1		1,459.5
Marine segment	1,022.7		667.6
Corporate	507.9		583.7
Total assets	$	5,942.4	$	4,500.3

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


	For the Year Ended December 31,
	2021		2020		2019
Revenue:
United States	$	16,696.2	$	10,365.2	$	19,365.2
EMEA (1)	6,735.7		4,961.0		9,235.1
Asia Pacific (2)	4,620.0		3,035.6		4,581.1
Americas, excluding United States	3,285.1		1,996.6		3,637.6
Total (3)	$	31,337.0	$	20,358.3	$	36,819.0


	As of December 31,
	2021		2020












Property and equipment, net:
United States	$	183.9	$	177.6
EMEA	145.7		144.1
Asia Pacific	8.3		7.9
Americas, excluding United States	11.1		13.1
Total	$	348.9	$	342.6

(1)Includes revenue related to the U.K. of $4.2 billion, $3.1 billion and $5.5 billion for 2021, 2020 and 2019, respectively.

(2)Includes revenue related to Singapore of $4.6 billion, $3.0 billion and $4.5 billion for 2021, 2020 and 2019, respectively.

Revenue from Contract with Customer (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue disaggregated by major geographic areas

The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions):


	For the Year Ended December 31,
	2021		2020		2019
Aviation	$	682.8	$	542.1	$	1,410.2
Land	36.8		10.6		18.2
Marine	3,419.5		2,436.8		2,929.2
Asia Pacific	4,139.2		2,989.4		4,357.7

Aviation	1,903.1		1,403.4		3,824.3
Land	2,491.8		1,744.5		2,425.4
Marine	2,364.6		1,630.8		2,739.1
EMEA	6,759.5		4,778.7		8,988.9

Aviation	2,092.4		1,069.9		2,347.1
Land	590.6		440.1		612.4
Marine	621.3		483.5		678.1
LATAM	3,304.3		1,993.5		3,637.7

Aviation	8,533.1		4,618.4		10,933.0
Land	7,251.5		4,359.6		7,017.0
Marine	1,220.0		851.6		1,415.2
North America	17,004.7		9,829.6		19,365.1

Other revenues (excluded from ASC 606) (1)	129.2		767.1		469.6

Total revenue	$	31,337.0	$	20,358.3	$	36,819.0

(1)Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease costs and other information related to leases

We recognized the following total lease cost related to our lease arrangements (in millions):


	Year Ended December 31,
	2021		2020		2019
Finance lease cost:
Amortization of right-of-use assets	$	4.6	$	3.1	$	4.2
Interest on lease liabilities	0.7		0.6		0.5
Operating lease cost	41.4		45.6		53.2
Short-term lease cost	24.6		25.5		18.3
Variable lease cost	6.8		6.4		5.0
Sublease income	(4.8)		(4.4)		(11.4)
Total lease cost	$	73.3	$	76.8	$	69.6

Other information related to leases:


	December 31,
	2021		2020
Weighted average remaining lease term of finance leases (in years)	5.6		5.6
Weighted average remaining lease term of operating leases (in years)	6.9		6.6
Weighted average discount rate of finance leases	3.4%		3.3%
Weighted average discount rate of operating leases	5.2%		5.6%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	0.7	$	0.6
Operating cash flows from operating leases	$	44.8	$	49.9
Financing cash flows from finance leases	$	4.5	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	45.9	$	38.9
Right of use assets obtained in exchange for new finance lease liability	$	6.8	$	4.1

Remaining lease payments

As of December 31, 2021, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2022	$	38.0	$	5.3
2023	32.6		4.6
2024	27.1		3.4
2025	23.1		3.4
2026	17.9		3.3
Thereafter	59.2		3.6
Total remaining lease payments (undiscounted)	197.9		23.5
Less: imputed interest	33.0		2.2
Present value of lease liabilities	$	164.9	$	21.2

Remaining lease payments

As of December 31, 2021, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2022	$	38.0	$	5.3
2023	32.6		4.6
2024	27.1		3.4
2025	23.1		3.4
2026	17.9		3.3
Thereafter	59.2		3.6
Total remaining lease payments (undiscounted)	197.9		23.5
Less: imputed interest	33.0		2.2
Present value of lease liabilities	$	164.9	$	21.2

Supplemental balance sheet information related to leases

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


		December 31,
	Classification	2021		2020
Assets:
Operating lease assets	Identifiable intangible and other non-current assets	$	150.6	$	140.8
Finance lease assets	Property and equipment, net	$	20.2	$	17.4

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	31.1	$	33.2
Operating lease liability - long-term	Other long-term liabilities	$	133.8	$	124.3
Finance lease liability - current	Current maturities of long-term debt	$	4.6	$	3.8
Finance lease liability - long-term	Long-term debt	$	16.6	$	14.4

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings per Common Share

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


	For the Year Ended December 31,
	2021		2020		2019
Numerator:
Net income (loss) attributable to World Fuel	$	73.7	$	109.6	$	178.9
Denominator:
Weighted average common shares for basic earnings per common share(1)	62.9		63.7		66.1
Effect of dilutive securities	0.4		0.3		0.4
Weighted average common shares for diluted earnings per common share	63.3		64.0		66.5
Basic earnings (loss) per common share	$	1.17	$	1.72	$	2.71
Diluted earnings (loss) per common share	$	1.16	$	1.71	$	2.69
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	1.5		3.0		1.4

Basis of Presentation, New Accounting Standards and Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative transition adjustment to retained earnings	$ 1,916.8	$ 1,912.9	$ 1,893.9	$ 1,831.6
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative transition adjustment to retained earnings	$ 1,880.6	$ 1,836.7	1,761.3	$ 1,606.1
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative transition adjustment to retained earnings			(11.1)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative transition adjustment to retained earnings			$ (11.1)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 2,400.0	$ 1,200.0
Allowance for credit losses	$ 29.8	57.3	$ 35.5	$ 39.4
Percent accounts receivable outstanding, less than 60 days	90.00%
Amount collected of accounts receivables under repurchase agreement	$ 9,200.0	4,300.0	8,200.0
Fees and financing costs under the RPA	$ 20.2	$ 11.8	$ 25.9

Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Credit Loss
Beginning balance	$ 57.3	$ 35.5	$ 39.4
Charges to allowance for credit losses	6.3	63.7	25.9
Write-off of uncollectible receivables	(35.3)	(53.7)	(32.2)
Recoveries of credit losses	1.4	1.0	2.4
Translation adjustments	0.1	(0.3)	0.0
Ending balance	29.8	57.3	35.5
Cumulative transition adjustment to retained earnings	1,916.8	1,912.9	1,893.9	$ 1,831.6
Retained Earnings
Allowance for Credit Loss
Cumulative transition adjustment to retained earnings	$ 1,880.6	1,836.7	1,761.3	$ 1,606.1
Cumulative Effect, Period of Adoption, Adjusted Balance
Allowance for Credit Loss
Beginning balance		$ 46.6
Ending balance			46.6
Cumulative Effect, Period of Adoption, Adjustment
Allowance for Credit Loss
Cumulative transition adjustment to retained earnings			(11.1)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Allowance for Credit Loss
Cumulative transition adjustment to retained earnings			$ (11.1)

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	12 Months Ended
	Jan. 03, 2022	Oct. 01, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Cash paid for acquisition of business					$ 37.1	$ 128.6	$ 0.0
Contingent consideration					25.0	259.6	30.8
Goodwill					861.9	858.6	$ 843.7
Disposal Group, Not Discontinued Operations \| Multi Service Payment Solutions
Business Acquisition [Line Items]
Contingent consideration					0.0
Proceeds from divestiture of businesses, net of cash divested			$ 303.5	$ 25.0
Deferred future payment from sale of business			75.0
Deferred future payment from sale of business, portion based on future business performance			$ 50.0
Gain (loss) on sale of investments						$ 80.0
Flyers Energy Group \| Subsequent Event
Business Acquisition [Line Items]
Business combination consideration transferred	$ 792.7
Cash paid for acquisition of business	642.7
Estimated working capital	19.7
Common stock consideration	$ 50.0
Common stock issued (in shares)	1,768,034
Share price (in dollars per share)	$ 28.28
Amounts due to sellers	$ 100.0
Percent to be released on each anniversary of closing	50.00%
Universal Weather and Aviation, Inc.
Business Acquisition [Line Items]
Business combination consideration transferred		$ 41.4			159.0
Cash paid for acquisition of business					129.0
Amounts due to sellers					30.0
Goodwill					79.1
Goodwill, expected to be tax deductible					70.2
Universal Weather and Aviation, Inc. \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets acquired					$ 44.3

Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Cash paid for acquisition of business		$ 37.1	$ 128.6	$ 0.0
Universal Weather and Aviation, Inc.
Business Acquisition [Line Items]
Cash paid for acquisition of business		129.0
Amounts due to sellers		30.0
Purchase price	$ 41.4	159.0
Assets acquired:
Accounts receivable		42.8
Goodwill and identifiable intangible assets		123.3
Other current and long-term assets		3.8
Liabilities assumed:
Accounts payable		(9.9)
Other current and long-term liabilities		(1.0)
Purchase price		$ 159.0

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) bbl
Interest rate contract \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 300.0
Long \| Commodity contracts
Derivative [Line Items]
Notional value of commodity contracts (in barrels) \| bbl	59.4
Long \| Foreign currency contracts \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 337.4
Short \| Commodity contracts
Derivative [Line Items]
Notional value of commodity contracts (in barrels) \| bbl	57.6
Short \| Foreign currency contracts \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency contracts	$ 190.2

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 773.6	$ 378.5
Gross Derivative Liabilities	748.5	349.5
Commodity contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	763.5	371.0
Gross Derivative Liabilities	743.9	326.0
Foreign currency contracts
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	4.7	7.5
Gross Derivative Liabilities	4.3	19.8
Interest rate contract
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	5.4
Gross Derivative Liabilities	0.3	3.7
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	7.3	126.0
Gross Derivative Liabilities	10.4	127.2
Derivatives designated as hedging instruments \| Commodity contracts \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	1.8	124.9
Gross Derivative Liabilities	9.7	120.7
Derivatives designated as hedging instruments \| Commodity contracts \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.1	1.0
Gross Derivative Liabilities	0.4	2.3
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	0.1
Gross Derivative Liabilities	0.0	0.5
Derivatives designated as hedging instruments \| Interest rate contract \| 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	5.4	0.0
Gross Derivative Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Interest rate contract \| Short-term derivative liabilities, 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	0.3	1.3
Derivatives designated as hedging instruments \| Interest rate contract \| 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	0.0	2.4
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	766.3	252.5
Gross Derivative Liabilities	738.1	222.3
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	516.3	164.9
Gross Derivative Liabilities	337.5	102.7
Derivatives not designated as hedging instruments \| Commodity contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	112.2	32.1
Gross Derivative Liabilities	27.6	7.9
Derivatives not designated as hedging instruments \| Commodity contracts \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	117.6	30.5
Gross Derivative Liabilities	286.6	68.4
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	15.5	17.5
Gross Derivative Liabilities	82.1	23.5
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	3.8	0.0
Gross Derivative Liabilities	1.7	0.0
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Identifiable intangible and other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.1	0.0
Gross Derivative Liabilities	0.0	0.0
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.8	7.5
Gross Derivative Liabilities	2.6	19.6
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	0.0
Gross Derivative Liabilities	$ 0.0	$ 0.2

Derivative Instruments - Effect on Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Hedged Asset/(Liabilities)	$ 59,300,000	$ 44,500,000
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)	600,000	4,900,000
Gain (loss) on derivative
Revenue	31,337,000,000	20,358,300,000	$ 36,819,000,000
Cost of revenue	30,548,800,000	19,506,500,000	35,707,000,000
Derivative, Credit Risk Related Contingent Features [Abstract]
Net derivative liability positions with credit contingent features	3,300,000	20,000,000.0
Collateral posted and held by our counterparties	0	0
Maximum additional potential collateral requirements	3,300,000	20,000,000.0
Revenue
Gain (loss) on derivative
Revenue	31,337,000,000	20,358,300,000	36,819,000,000
Gains (losses) on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Revenue	31,393,600,000	20,327,000,000	36,827,500,000
Cost of revenue
Gain (loss) on derivative
Cost of revenue	30,548,800,000	19,506,500,000	35,707,000,000
Gains (losses) on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Cost of revenue	30,865,600,000	19,326,600,000	35,745,600,000
Interest expense and other financing costs, net
Gain (loss) on derivative
Interest Expense And Other Financing Costs	40,200,000	48,600,000
Gains (losses) on fair value hedge relationships:
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs	38,800,000	48,100,000
Commodity contracts \| Revenue
Gains (losses) on fair value hedge relationships:
Hedged item	0	0	0
Derivatives designated as hedging instruments	0	0	0
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	(56,700,000)	31,300,000	(8,500,000)
Commodity contracts \| Cost of revenue
Gains (losses) on fair value hedge relationships:
Hedged item	22,100,000	(8,200,000)	18,100,000
Derivatives designated as hedging instruments	(24,300,000)	9,400,000	(16,100,000)
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	319,000,000.0	(181,100,000)	36,600,000
Commodity contracts \| Interest expense and other financing costs, net
Gains (losses) on fair value hedge relationships:
Hedged item	0	0
Derivatives designated as hedging instruments	0	0
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	0	0
Interest rate contract \| Revenue
Gains (losses) on fair value hedge relationships:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	0	0	0
Interest rate contract \| Cost of revenue
Gains (losses) on fair value hedge relationships:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	0	0	0
Interest rate contract \| Interest expense and other financing costs, net
Gains (losses) on fair value hedge relationships:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	(1,400,000)	(500,000)
Derivatives designated as hedging instruments
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	203,200,000	(150,400,000)	2,700,000
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	193,600,000	(150,300,000)	28,100,000
Derivatives designated as hedging instruments \| Commodity contracts \| Revenue
Gains (losses) on fair value hedge relationships:
Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement	(369,400,000)	505,600,000	(51,500,000)
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	31,600,000	(20,800,000)	(157,900,000)
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	(43,000,000.0)	31,300,000	(8,500,000)
Derivatives designated as hedging instruments \| Commodity contracts \| Cost of revenue
Gains (losses) on fair value hedge relationships:
Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement	11,000,000.0	(181,600,000)	(7,100,000)
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	166,100,000	(126,400,000)	160,600,000
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	237,700,000	(181,100,000)	36,600,000
Derivatives designated as hedging instruments \| Interest rate contract \| Interest expense and other financing costs, net
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit	5,500,000	(3,200,000)	0
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	(1,000,000.0)	(500,000)	0
Derivatives not designated as hedging instruments
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	76,900,000	97,500,000	46,900,000
Derivatives not designated as hedging instruments \| Commodity contracts
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	74,200,000	114,100,000	47,700,000
Derivatives not designated as hedging instruments \| Commodity contracts \| Revenue
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	88,400,000	235,200,000	269,500,000
Derivatives not designated as hedging instruments \| Commodity contracts \| Cost of revenue
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	(14,200,000)	(121,100,000)	(221,800,000)
Derivatives not designated as hedging instruments \| Foreign currency contracts
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	2,700,000	(16,600,000)	(700,000)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Revenue
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	1,100,000	(3,200,000)	(300,000)
Derivatives not designated as hedging instruments \| Foreign currency contracts \| Interest expense and other financing costs, net
Gains (losses) on fair value hedge relationships:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into Net income, net of income tax (expense) benefit	$ 1,600,000	$ (13,400,000)	$ (500,000)

Derivative Instruments - Narrative (Details) - USD ($)	12 Months Ended
Derivative Instruments - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Gain (loss) recognized in earnings related to fair value or cash flow hedges excluded from assessment of hedge effectiveness	$ 0	$ 0	$ 0
Collateral posted and held by our counterparties	0	$ 0
Revenue
Derivative [Line Items]
Amount scheduled to be reclassified over the next twelve months	$ (9,200,000)

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 6.6	$ 10.3	$ 19.7
Asset impairments		4.7	25.6	$ 0.0
Restructuring, 2020 Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6.6	$ 10.3
Asset impairments	$ 18.6	$ 18.6

Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 6.6	$ 10.3	$ 19.7
Restructuring, 2020 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	6.6	9.5
Restructuring charges	6.6	10.3
Paid during the period	(12.2)	(13.3)
Ending Balance	1.0	6.6	9.5
Operating Segments \| Aviation \| Restructuring, 2020 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.9	0.5
Restructuring charges	0.7	3.3
Paid during the period	(0.8)	(3.0)
Ending Balance	0.8	0.9	0.5
Operating Segments \| Land \| Restructuring, 2020 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	4.6	7.5
Restructuring charges	6.3	3.9
Paid during the period	(10.8)	(6.7)
Ending Balance	0.1	4.6	7.5
Operating Segments \| Marine \| Restructuring, 2020 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.9	1.3
Restructuring charges	(0.5)	1.9
Paid during the period	(0.4)	(2.3)
Ending Balance	0.0	0.9	1.3
Corporate \| Restructuring, 2020 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.1	0.2
Restructuring charges	0.0	1.2
Paid during the period	(0.1)	(1.4)
Ending Balance	$ 0.0	$ 0.1	$ 0.2

Restructuring - Summary of Impairment by Reportable Business Segment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Asset impairments		$ 4.7	$ 25.6	$ 0.0
Restructuring, 2020 Initiative
Restructuring Cost and Reserve [Line Items]
Asset impairments	$ 18.6	18.6
Operating Segments \| Aviation \| Restructuring, 2020 Initiative
Restructuring Cost and Reserve [Line Items]
Asset impairments		6.9
Operating Segments \| Land \| Restructuring, 2020 Initiative
Restructuring Cost and Reserve [Line Items]
Asset impairments		5.9
Operating Segments \| Marine \| Restructuring, 2020 Initiative
Restructuring Cost and Reserve [Line Items]
Asset impairments		4.0
Corporate \| Restructuring, 2020 Initiative
Restructuring Cost and Reserve [Line Items]
Asset impairments		$ 1.8

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 687.3	$ 652.3
Less: Accumulated depreciation and amortization	338.4	309.7
Total property and equipment, net	348.9	342.6
Depreciation expense	50.8	52.7	$ 54.5
Computer software costs
Computer software costs	217.9	191.7
Less: Accumulated amortization	131.1	116.1
Computer software costs, net	86.8	75.6
Amortization expense related to computer software costs	17.6	18.5	$ 17.8
Land
Property and Equipment
Property and equipment before accumulated depreciation and amortization	19.9	19.1
Buildings and leasehold improvements
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 77.4	74.5
Buildings and leasehold improvements \| Minimum
Property and Equipment
Estimated useful lives	3 years
Buildings and leasehold improvements \| Maximum
Property and Equipment
Estimated useful lives	40 years
Office equipment, furniture and fixtures
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 14.7	15.3
Office equipment, furniture and fixtures \| Minimum
Property and Equipment
Estimated useful lives	3 years
Office equipment, furniture and fixtures \| Maximum
Property and Equipment
Estimated useful lives	7 years
Computer equipment and software costs
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 258.4	275.8
Computer equipment and software costs \| Minimum
Property and Equipment
Estimated useful lives	3 years
Computer equipment and software costs \| Maximum
Property and Equipment
Estimated useful lives	9 years
Machinery, equipment and vehicles
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 316.9	267.7
Machinery, equipment and vehicles \| Minimum
Property and Equipment
Estimated useful lives	3 years
Machinery, equipment and vehicles \| Maximum
Property and Equipment
Estimated useful lives	40 years
Software development in progress
Computer software costs
Computer software costs	$ 5.2	$ 13.7

Goodwill and Identifiable Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible amortization expense	$ 30.1	$ 33.1	$ 32.9

Goodwill and Identifiable Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Balance at the beginning of the period	$ 858.6	$ 843.7
Acquisitions	7.5	79.1
Adjustment for sale of business		(71.6)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(4.2)	7.4
Balance at the end of the period	861.9	858.6
Goodwill	861.9	858.6
Aviation
Goodwill [Roll Forward]
Balance at the beginning of the period	398.8	323.6
Acquisitions	0.0	79.1
Adjustment for sale of business		(7.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	1.3	3.2
Balance at the end of the period	400.1	398.8
Goodwill	400.1	398.8
Land
Goodwill [Roll Forward]
Balance at the beginning of the period	459.7	520.1
Acquisitions	7.5	0.0
Adjustment for sale of business		(64.6)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(5.5)	4.3
Balance at the end of the period	461.8	459.7
Goodwill	$ 461.8	$ 459.7

Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 475.6	$ 461.5
Accumulated Amortization	311.8	283.2
Net	163.8	178.3
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets, Gross Carrying Amount	500.9	486.0
Total intangible assets, Net	189.1	202.8
Trademark / trade name rights
Indefinite-lived Intangible Assets [Line Items]
Indefinite lived intangible assets	25.3	24.5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	406.5	392.1
Accumulated Amortization	261.9	236.5
Net	144.6	155.6
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	31.9	31.9
Accumulated Amortization	19.5	18.0
Net	12.4	13.9
Others
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	37.2	37.5
Accumulated Amortization	30.4	28.6
Net	$ 6.8	$ 8.8

Goodwill and Identifiable Intangible Assets - Future Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Year Ended December 31,
2022	$ 29.0
2023	21.5
2024	20.1
2025	18.9
2026	13.7
Thereafter	60.5
Net	$ 163.8	$ 178.3

Debt, Interest Income, Expense and Other Finance Costs - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate on short-term debt	2.00%	3.40%
Credit Facility
Debt Instrument [Line Items]
Amount outstanding	$ 0
Unused portion of facility	1,200,000,000	$ 1,300,000,000
Letters of credit and bankers' acceptances
Debt Instrument [Line Items]
Amount outstanding	46,600,000	3,400,000
Other uncommitted credit lines
Debt Instrument [Line Items]
Letters of credit, outstanding amount	404,000,000.0	328,400,000
Credit Facility \| Amended credit facility
Debt Instrument [Line Items]
Borrowing capacity	200,000,000
Maximum additional borrowings available at the entity's request subject to satisfaction of certain conditions	400,000,000
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Borrowing capacity			$ 1,300,000,000
Long-term debt	0	0
Term Loans
Debt Instrument [Line Items]
Amount of term loan outstanding	$ 484,100,000	503,200,000
Term Loans \| Base rate
Debt Instrument [Line Items]
Basis points added to reference rate	0.75%
Term Loans \| Eurodollar
Debt Instrument [Line Items]
Basis points added to reference rate	1.75%
Term Loans \| Term Loans
Debt Instrument [Line Items]
Long-term debt	$ 484,100,000	$ 503,200,000

Debt, Interest Income, Expense and Other Finance Costs - Summary of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance leases	$ 21.2	$ 18.2
Total debt	508.7	524.7
Less: Current maturities of long-term debt and finance leases	30.6	22.9
Long-term debt	478.1	501.8
Other
Debt Instrument [Line Items]
Long-term debt	3.3	3.3
Term Loans \| Term Loans
Debt Instrument [Line Items]
Long-term debt	484.1	503.2
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 0.0	$ 0.0

Debt, Interest Income, Expense and Other Finance Costs - Aggregate Annual Maturities (Details) $ in Millions	Dec. 31, 2021 USD ($)
Year Ended December 31,
2022	$ 30.6
2023	32.4
2024	436.2
2025	3.4
2026	3.3
Thereafter	2.9
Total	$ 508.7

Debt, Interest Income, Expense and Other Finance Costs - Interest Income, Expense and Other Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt, Interest Income, Expense and Other Finance Costs [Abstract]
Interest income	$ 7.0	$ 3.6	$ 6.2
Interest expense and other financing costs	(47.2)	(48.6)	(80.0)
Interest expense and other financing costs, net	$ (40.2)	$ (44.9)	$ (73.9)

Commitments and Contingencies - Bonds, Leases, and Sales and Purchase Commitments (Details) bbl in Millions, $ in Millions	Dec. 31, 2021 USD ($) bbl	Dec. 31, 2020 USD ($)
Long-term Purchase Commitment [Line Items]
Outstanding bonds	$ 54.9	$ 50.6
Sales commitments under derivative programs	518.0
Purchase commitments under derivative programs	$ 93.0
Aviation Fuel \| Minimum
Long-term Purchase Commitment [Line Items]
Purchase commitments under derivative programs, volume \| bbl	1.9
Aviation Fuel \| Maximum
Long-term Purchase Commitment [Line Items]
Purchase commitments under derivative programs, volume \| bbl	2.0

Commitments and Contingencies - Deferred Compensation, Environmental and Other Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]
Employer match for each 1% of the participants contributions up to 6% of the participants contributions (as a percent)	50.00%
Percentage of eligible compensation up to 6% of the eligible compensation, matched 50% by employer	1.00%
Employer contribution limit per calendar year (as a percent of compensation)	6.00%
Other long-term liabilities
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation payable	$ 16.7	$ 14.5

Commitments and Contingencies - Legal, Tax, and Other Matters (Details) R$ in Millions, $ in Millions, ₩ in Billions	3 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2017 KRW (₩)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 KRW (₩)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 BRL (R$)
Loss Contingencies [Line Items]
Aggregate amount including principal and interest					$ 33.0
Tax Authority, South Korea (SRTO) \| Assessment \| Foreign Tax Authority
Loss Contingencies [Line Items]
Pre-assessment notice, amount			$ 9.9	₩ 11.7
Tax Authority, South Korea (SRTO) \| Tax authority additional assessment \| Foreign Tax Authority
Loss Contingencies [Line Items]
Pre-assessment notice, amount	$ 16.9	₩ 20.1
Federal, state and municipal tax authorities in Brazil \| Assessment \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss					$ 10.5	R$ 58.8

Shareholders' Equity - Dividends and Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	May 31, 2019	Oct. 31, 2017
Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.48	$ 0.40	$ 0.36
Cash dividends declared	$ 30,000,000.0	$ 25,500,000	$ 23,600,000
Authorized amount				$ 200,000,000	$ 100,000,000
Increase to repurchase program				$ 100,000,000
Amount available to repurchase shares under stock repurchase program	$ 195,800,000
Shares repurchased (in shares)	1.7	2.6	2.1
Amount of shares repurchased	$ 50,500,000	$ 68,300,000	$ 65,400,000

Shareholders' Equity - Plan Summary and Description (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0	0.0	0.0	0.1
RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1.7	1.8	1.2	1.3
SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1.3	2.3	2.2	1.5
2021 Plan
Information pertaining to stock based awards
Exercisable period	7 years
Common stock authorized for issuance (in shares)	2.9
Remaining Shares of Common Stock Available for Future Issuance (in shares)	4.0
2021 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2021 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.1
2021 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2020 Plan
Information pertaining to stock based awards
Remaining Shares of Common Stock Available for Future Issuance (in shares)	0.0
2020 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2020 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.7
2020 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2016 and 2006 Plans
Information pertaining to stock based awards
Common stock subject to outstanding awards (in shares)	3.0
2016 Plan
Information pertaining to stock based awards
Remaining Shares of Common Stock Available for Future Issuance (in shares)	0.0
2016 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2016 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1.0
2016 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	1.3
2006 Plan
Information pertaining to stock based awards
Remaining Shares of Common Stock Available for Future Issuance (in shares)	0.0
2006 Plan \| Restricted Stock
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2006 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.1
2006 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0

Shareholders' Equity - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unvested Restricted Stock Outstanding
Balance at the beginning of the period (in shares)	0.0	0.0	0.1
Granted (in shares)	0.0	0.0	0.0
Vested (in shares)	0.0	0.0	0.0
Forfeited (in shares)	0.0	0.0	0.0
Balance at the end of the period (in shares)	0.0	0.0	0.0	0.1
Weighted Average Grant Date Fair Value Price
Balance at the beginning of the period (in dollars per share)	$ 36.50	$ 41.56	$ 43.63
Granted (in dollars per share)	0	0	0
Vested (in dollars per share)	36.50	47.36	45.35
Forfeited (in dollars per share)	0	0	51.47
Balance at the end of the period (in dollars per share)	$ 0	$ 36.50	$ 41.56	$ 43.63
Aggregate Intrinsic Value	$ 0.0	$ 0.5	$ 1.3	$ 1.4
Weighted Average Remaining Vesting Term (in Years)	0 years	1 month 6 days	8 months 12 days	1 year
Aggregate value of awards vested	$ 0.6	$ 0.4	$ 1.0

Shareholders' Equity - RSU Awards and SSAR Awards (Details) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SSAR Awards Exercisable
Aggregate intrinsic value of SSAR Awards exercised	$ 900,000	$ 0	$ 0
RSUs
Awards Outstanding
Balance at the beginning of the period (in shares)	1.8	1.2	1.3
Granted (in shares)	0.7	1.2	0.3
Vested (in shares)	(0.5)	(0.4)	(0.4)
Forfeited (in shares)	(0.3)	(0.2)	(0.1)
Balance at the end of the period (in shares)	1.7	1.8	1.2	1.3
Weighted Average Grant Date Fair Value Price
Balance at the beginning of the period (in dollars per share)	$ 25.17	$ 32.50	$ 37.17
Granted (in dollars per share)	33.08	23.30	29.69
Vested (in dollars per share)	27.34	36.12	37.34
Forfeited (in dollars per share)	28.55	32.56	39.86
Balance at the end of the period (in dollars per share)	$ 27.30	$ 25.17	$ 32.50	$ 37.17
Aggregate Intrinsic Value	$ 46,300,000	$ 57,100,000	$ 53,200,000	$ 28,300,000
Weighted Average Remaining Vesting Term (in Years)	1 year 2 months 12 days	1 year 3 months 18 days	10 months 24 days	1 year
Aggregate intrinsic value of awards issued	$ 18,100,000	$ 10,800,000	$ 10,400,000
SSAR Awards
Weighted Average Grant Date Fair Value Price
Aggregate Intrinsic Value	$ 600,000	$ 7,300,000	$ 31,300,000	$ 0
Weighted Average Remaining Vesting Term (in Years)	1 year 10 months 24 days	2 years 6 months	3 years 4 months 24 days	4 years
SSAR Awards
Balance at the beginning of the period (in shares)	2.3	2.2	1.5
Granted (in shares)		0.1	0.7
Exercised (in shares)	(0.1)	0.0	0.0
Forfeited (in shares)	(1.0)	0.0	0.0
Balance at the end of the period (in shares)	1.3	2.3	2.2	1.5
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 29.08	$ 29.72	$ 29.75
Granted (in dollars per share)		23.39	29.68
Exercised (in dollars per share)	24.89	0	0
Forfeited (in dollars per share)	29.91	57.48	0
Balance at the end of the period (in dollars per share)	$ 28.78	$ 29.08	$ 29.72	$ 29.75
SSAR Awards Exercisable
SSAR Awards (in shares)	0.4	0.2	0.1	0.0
Weighted Average Exercise Price (in dollars per share)	$ 29.18	$ 41.85	$ 50.12	$ 57.48
Aggregate Intrinsic Value	$ 200,000	$ 0	$ 0	$ 0
Weighted Average Remaining Contractual Life (in Years)	1 year	9 months 18 days	1 year 1 month 6 days	1 year 2 months 12 days
Weighted average fair value of SSAR Awards (in dollars per share)	$ 0	$ 6.88	$ 9.15
Expected term		4 years 6 months	4 years 6 months
Volatility		38.60%	36.10%
Dividend yields		1.20%	0.90%
Risk-free interest rates		0.70%	2.40%

Shareholders' Equity - Unrecognized Compensation Cost (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Equity [Abstract]
Total unrecognized compensation cost related to unvested share-based payment awards	$ 29.9
Period for recognition of unrecognized compensation cost related to unvested share-based payment awards	1 year
Year Ended December 31,
2022	$ 17.5
2023	10.0
2024	2.5
Total	$ 29.9

Shareholders' Equity - Other Comprehensive Loss and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,912.9	$ 1,893.9
Other comprehensive income (loss) before reclassifications	189.6	(136.6)
Amounts reclassified from accumulated other comprehensive income (loss)	(193.6)	150.3
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	0.0
Ending balance	1,916.8	1,912.9
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(132.6)	(146.3)
Ending balance	(136.7)	(132.6)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(120.3)	(134.1)
Other comprehensive income (loss) before reclassifications	(13.7)	13.8
Amounts reclassified from accumulated other comprehensive income (loss)	0.0	0.0
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	0.0
Ending balance	(134.0)	(120.3)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(12.3)	(12.2)
Other comprehensive income (loss) before reclassifications	203.2	(150.4)
Amounts reclassified from accumulated other comprehensive income (loss)	(193.6)	150.3
Less: Net other comprehensive (income) loss attributable to noncontrolling interest	0.0
Ending balance	$ (2.7)	$ (12.3)

- Definition

+ References

+ Details

Income Taxes - Tax Provision (Benefit), Reconciliation, and Tax Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ (47.7)	$ 51.2	$ (59.1)
Foreign	147.8	110.5	296.4
Income (loss) before income taxes	100.0	161.7	237.3
Current:
U.S. federal statutory tax	4.4	10.1	(4.0)
State	1.4	2.6	1.6
Foreign	22.4	42.9	35.9
Total current income tax provision (benefit)	28.2	55.6	33.5
Deferred:
U.S. federal statutory tax	2.2	0.0	11.0
State	2.7	0.0	4.6
Foreign	(12.5)	(14.4)	(12.2)
Total deferred income (loss) before income taxes	(7.6)	(14.4)	3.4
Non-current tax expense (income)	5.3	10.9	19.3
Income tax provision	$ 25.8	$ 52.1	$ 56.2	$ 55.9
Reconciliation of U.S. federal statutory income tax rate to effective income tax rate
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
Foreign earnings, net of foreign taxes	(10.30%)	(13.30%)	(13.80%)
State income taxes, net of U.S. federal income tax benefit	3.20%	1.30%	2.20%
Tax Reform - GILTI	8.80%	0.50%	6.00%
Tax Reform - BEAT	1.70%	1.40%	0.10%
Uncertain tax positions	5.30%	6.80%	8.20%
Foreign currency adjustments	9.60%	(2.10%)	(6.10%)
Intercompany interest transfer pricing adjustment	1.40%	2.00%	1.40%
Nontaxable interest income	(4.70%)	(3.00%)	(2.30%)
Nondeductible interest expense	1.20%	1.90%	1.80%
Valuation allowance	(8.00%)	10.60%	1.20%
Sale of Company	0.00%	3.00%	0.00%
Non-deductible Officer Compensation	1.50%	1.20%	0.50%
Statutory Adjustments	(3.20%)	0.10%	0.20%
UK Tax Rate Change	(5.90%)	0.00%	0.00%
Other permanent differences	4.10%	0.80%	3.30%
Effective income tax rate	25.80%	32.20%	23.70%	30.20%

Income Taxes - Narrative (Details) ₩ in Millions, kr in Millions, $ in Millions			1 Months Ended						12 Months Ended
	Sep. 30, 2020 USD ($)	Jan. 01, 2018	Aug. 31, 2021 USD ($)	Aug. 31, 2021 KRW (₩)	May 31, 2021 USD ($)	May 31, 2021 KRW (₩)	Apr. 30, 2021 USD ($)	Apr. 30, 2021 DKK (kr)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 DKK (kr)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 KRW (₩)
Income Tax Contingency [Line Items]
Effective income tax rate									25.80%	25.80%	32.20%	23.70%	30.20%
Provision for income taxes									$ 25.8		$ 52.1	$ 56.2	$ 55.9
Provisional undistributed accumulated earnings of foreign subsidiary									976.5
Foreign withholding tax, if undistributed earnings are no reinvested indefinitely									214.8
Accumulated foreign earnings deemed repatriated									1,500.0
Provisional estimate of the associated foreign withholding and state income tax effects									10.6
Net operating losses									402.5		418.2
Deferred tax asset									45.9		57.4
Valuation allowance									39.7		48.0
Valuation allowance, deferred tax asset for NOLs									35.7
Increase (decrease) in additional liabilities related to unrecognized tax liabilities									(3.1)		12.2
Increase (decrease) in unrecognized tax liabilities related to a foreign currency translation expense									(1.6)
Increase (decrease) in addition unrecognized tax liabilities related to a foreign currency translation expense									(3.8)		4.0
Unrecognized tax liabilities									98.2		99.0
Unrecognized tax assets									23.9		25.4
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor									$ 51.2
Expected reduction in effective income tax rate if uncertain tax positions are settled by the taxing authorities in the entity's favor (as a percent)									51.20%	51.20%
Amount of unrecognized income tax liabilities may decrease within the next twelve months									$ 4.2
Interest related to unrecognized tax benefits, recorded as expense									2.6		3.1	4.6
Penalties related to unrecognized tax benefits, recorded as income tax expense (income)									(0.3)		0.2	$ (0.2)
Accrued interest related to unrecognized tax benefits									18.8		16.2
Accrued penalties related to unrecognized tax benefits									4.3		$ 4.6
Inland Revenue, Singapore (IRAS)
Income Tax Contingency [Line Items]
Period applicable for additional special income tax concession		5 years
Foreign Tax Authority \| Danish Tax Authority \| Tax Year 2013
Income Tax Contingency [Line Items]
Estimated tax									0.6	kr 3.7
Foreign Tax Authority \| Danish Tax Authority \| Tax Year 2014
Income Tax Contingency [Line Items]
Estimated tax									$ 0.8	kr 4.9
Foreign Tax Authority \| Danish Tax Authority \| Tax Year 2015
Income Tax Contingency [Line Items]
Estimated tax							$ 14.7	kr 96.1
Foreign Tax Authority \| Tax Authority, South Korea (SRTO)
Income Tax Contingency [Line Items]
Estimated tax			$ 9.0	₩ 10,600.0	$ 9.0	₩ 10,600.0
Foreign Tax Authority \| Tax Authority, South Korea (SRTO) \| Tax Year 2011 To 2014
Income Tax Contingency [Line Items]
Estimated tax														$ 9.5	₩ 11,300.0
Disposal Group, Not Discontinued Operations \| Multi Service Payment Solutions
Income Tax Contingency [Line Items]
Provision for income taxes	$ 12.9

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Gross Deferred Tax Assets:
Bad debt reserve	$ 9.5	$ 15.2
Net operating loss	45.9	57.4
Accrued and other share-based compensation	16.6	14.7
Leases	1.5	2.5
Accrued expenses	10.6	3.9
U.S. foreign income tax credits	1.2	1.2
Other income tax credits	0.2	0.2
Customer deposits	1.8	1.2
Investments	1.9	1.9
Unrealized foreign exchange	8.5	16.4
Unrealized Derivatives	1.2	0.0
Cash flow hedges	1.1	2.9
Interest Limitation	26.2	10.7
Total gross deferred tax assets	126.2	128.2
Less: Valuation allowance	39.7	48.0
Gross deferred tax assets, net of valuation allowance	86.5	80.2
Deferred Tax Liabilities:
Depreciation	(23.9)	(23.2)
Goodwill and intangible assets	(55.9)	(54.8)
Prepaid expenses, deductible for tax purposes	(4.3)	(3.3)
Deferred tax costs on foreign unrepatriated earnings	(10.6)	(10.4)
Unrealized derivatives	0.0	(6.4)
Other	(7.4)	(2.3)
Total gross deferred tax liabilities	(102.0)	(100.4)
Net deferred tax liability	15.5	20.2
Net deferred tax asset	0.0	0.0
Intangible Assets, Net Excluding Goodwill and Other Assets, Noncurrent
Reported on the Consolidated Balance Sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	44.8	33.7
Accrued Income Taxes, Noncurrent
Reported on the Consolidated Balance Sheets as:
Non-current income tax liabilities, net of deferred tax liabilities, non-current	$ 60.3	$ 53.6

Income Taxes - Net Operating Losses and Income Tax Concessions (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Net operating loss carryforward, Total	$ 45.9	$ 57.4
2022-2041
Income taxes
Net operating Loss carryforward, US	8.4
Indefinite
Income taxes
Net operating Loss carryforward, US	4.0
Net operating Loss carryforward, Foreign	28.3
2022-2041
Income taxes
Net operating Loss carryforward, Foreign	$ 5.1

Income Taxes - Impact From the Singapore Tax Concession (Details) - Inland Revenue, Singapore (IRAS) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) Foreign Income Taxes Tax Concession [Line Items]
Singapore tax concession impact on foreign income tax	$ (1.1)	$ (2.4)	$ (4.3)
Impact on basic earnings per share (in dollars per share)	$ (0.02)	$ (0.04)	$ (0.07)
Impact on diluted earnings per share (in dollars per share)	$ (0.02)	$ (0.04)	$ (0.06)

Income Taxes - Reconciliation of Unrecognized Tax Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of total amounts of unrecognized income tax benefits
Gross Unrecognized Tax Liabilities – opening balance	$ 78.2	$ 66.5	$ 57.0
Gross increases – tax positions in prior period	2.4	4.8	12.2
Gross decreases – tax positions in prior period	(6.1)	(0.5)	(13.5)
Gross increases – tax positions in current period	3.5	12.3	14.9
Settlements	0.0	(0.1)	(1.4)
Lapse of statute of limitations	(2.9)	(4.8)	(2.7)
Gross Unrecognized Tax Liabilities – ending balance	$ 75.1	$ 78.2	$ 66.5

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Gross Derivative Assets	$ 773.6	$ 378.5
Liabilities:
Gross Derivative Liabilities	748.5	349.5
Fair value measured on recurring basis
Assets:
Total assets	788.3	389.9
Liabilities:
Total liabilities at fair value	748.5	349.5
Fair value measured on recurring basis \| Level 1
Assets:
Total assets	513.3	233.5
Liabilities:
Total liabilities at fair value	361.5	223.0
Fair value measured on recurring basis \| Level 2
Assets:
Total assets	272.3	146.8
Liabilities:
Total liabilities at fair value	383.2	120.2
Fair value measured on recurring basis \| Level 3
Assets:
Total assets	2.6	9.5
Liabilities:
Total liabilities at fair value	3.8	6.3
Commodity contracts \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	763.5	371.0
Liabilities:
Gross Derivative Liabilities	743.9	326.0
Commodity contracts \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	513.3	233.5
Liabilities:
Gross Derivative Liabilities	361.5	223.0
Commodity contracts \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	247.6	127.9
Liabilities:
Gross Derivative Liabilities	378.6	96.8
Commodity contracts \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	2.6	9.5
Liabilities:
Gross Derivative Liabilities	3.8	6.3
Foreign currency contracts \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	4.7	7.5
Liabilities:
Gross Derivative Liabilities	4.3	19.8
Foreign currency contracts \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	0.0	0.0
Liabilities:
Gross Derivative Liabilities	0.0	0.0
Foreign currency contracts \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	4.7	7.5
Liabilities:
Gross Derivative Liabilities	4.3	19.8
Foreign currency contracts \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	0.0	0.0
Liabilities:
Gross Derivative Liabilities	0.0	0.0
Cash surrender value of life insurance \| Fair value measured on recurring basis
Assets:
Cash surrender value of life insurance	14.6	11.4
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 1
Assets:
Cash surrender value of life insurance	0.0	0.0
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 2
Assets:
Cash surrender value of life insurance	14.6	11.4
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 3
Assets:
Cash surrender value of life insurance	0.0	0.0
Interest rate contract \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	5.4
Liabilities:
Gross Derivative Liabilities	0.3	3.7
Interest rate contract \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	0.0
Liabilities:
Gross Derivative Liabilities	0.0	0.0
Interest rate contract \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	5.4
Liabilities:
Gross Derivative Liabilities	0.3	3.7
Interest rate contract \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	0.0
Liabilities:
Gross Derivative Liabilities	$ 0.0	$ 0.0

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Gross Amounts Recognized	$ 773.6	$ 378.5
Gross Amounts Offset	515.6	294.6
Net Amounts Presented	258.0	83.9
Cash Collateral	7.6	1.2
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	250.4	82.7
Liabilities:
Gross Derivative Liabilities	748.5	349.5
Gross Amounts Offset	515.6	294.6
Net Amounts Presented	232.8	54.9
Cash Collateral	3.2	2.3
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	229.7	52.6
Commodity contracts
Assets:
Gross Amounts Recognized	763.5	371.0
Gross Amounts Offset	513.1	287.1
Net Amounts Presented	250.4	83.9
Cash Collateral	7.6	1.2
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	242.8	82.7
Liabilities:
Gross Derivative Liabilities	743.9	326.0
Gross Amounts Offset	513.1	287.1
Net Amounts Presented	230.8	38.9
Cash Collateral	3.2	2.3
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	227.7	36.6
Interest rate contract
Assets:
Gross Amounts Recognized	5.4
Gross Amounts Offset	0.0
Net Amounts Presented	5.4
Cash Collateral	0.0
Gross Amounts Without Right of Offset	0.0
Net Amounts	5.4
Liabilities:
Gross Derivative Liabilities	0.3	3.7
Gross Amounts Offset	0.0	0.0
Net Amounts Presented	0.3	3.7
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	0.3	3.7
Foreign currency contracts
Assets:
Gross Amounts Recognized	4.7	7.5
Gross Amounts Offset	2.6	7.5
Net Amounts Presented	2.1	0.0
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	2.1	0.0
Liabilities:
Gross Derivative Liabilities	4.3	19.8
Gross Amounts Offset	2.6	7.5
Net Amounts Presented	1.7	12.3
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	$ 1.7	$ 12.3

Fair Value Measurements - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2021
Credit concentration risk \| Credit exposure \| Two OTC Counterparties
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Asset impairments	$ 4.7	$ 25.6	$ 0.0

Business Segments, Geographic Information and Major Customers - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Information concerning revenue, gross profit and income from operations by segment
Number of reportable operating business segments \| segment	3
Revenue	$ 31,337.0	$ 20,358.3	$ 36,819.0
Aviation
Information concerning revenue, gross profit and income from operations by segment
Revenue	$ 12,824.3	$ 8,179.6	$ 18,479.5

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Business Segments, Geographic Information and Major Customers - Income Statement Items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Revenue	$ 31,337.0	$ 20,358.3	$ 36,819.0
Income from operations:
Income from operations	142.6	137.9	299.7
Depreciation and amortization:
Depreciation and amortization	81.0	85.8	87.4
Capital expenditures:
Total capital expenditures	39.2	51.3	80.9
Restructuring charges	6.6	10.3	19.7
Restructuring, 2020 Initiative
Capital expenditures:
Restructuring charges	6.6	10.3
Aviation
Revenue:
Revenue	12,824.3	8,179.6	18,479.5
Depreciation and amortization:
Depreciation and amortization	32.7	31.5	28.5
Land
Revenue:
Revenue	10,426.8	6,663.1	10,280.9
Depreciation and amortization:
Depreciation and amortization	39.0	45.3	48.0
Marine
Revenue:
Revenue	8,085.8	5,515.7	8,058.5
Depreciation and amortization:
Depreciation and amortization	3.5	3.8	4.5
Operating Segments \| Aviation
Income from operations:
Income from operations	163.4	84.5	283.9
Capital expenditures:
Total capital expenditures	18.8	17.6	23.0
Operating Segments \| Aviation \| Restructuring, 2020 Initiative
Capital expenditures:
Restructuring charges	0.7	3.3
Operating Segments \| Land
Income from operations:
Income from operations	44.6	72.6	55.0
Capital expenditures:
Total capital expenditures	17.4	12.5	26.9
Operating Segments \| Land \| Restructuring, 2020 Initiative
Capital expenditures:
Restructuring charges	6.3	3.9
Operating Segments \| Marine
Income from operations:
Income from operations	20.7	58.5	67.1
Capital expenditures:
Total capital expenditures	2.7	0.8	28.3
Operating Segments \| Marine \| Restructuring, 2020 Initiative
Capital expenditures:
Restructuring charges	(0.5)	1.9
Corporate
Income from operations:
Income from operations	(86.1)	(77.8)	(106.4)
Depreciation and amortization:
Depreciation and amortization	5.8	5.2	6.4
Capital expenditures:
Total capital expenditures	0.1	20.4	$ 2.7
Corporate \| Restructuring, 2020 Initiative
Capital expenditures:
Restructuring charges	$ 0.0	$ 1.2

Business Segments, Geographic Information and Major Customers - Balance Sheet Items (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, net:
Accounts receivable, net of allowance for credit losses of $26.1 million and $53.8 million as of December 31, 2021 and 2020, respectively	$ 2,355.3	$ 1,238.4
Accounts receivable, allowance for credit losses	26.1	53.8
Total assets:
Total assets	5,942.4	4,500.3
Corporate
Total assets:
Total assets	507.9	583.7
Aviation
Accounts receivable, net:
Accounts receivable, net of allowance for credit losses of $26.1 million and $53.8 million as of December 31, 2021 and 2020, respectively	972.9	464.7
Accounts receivable, allowance for credit losses	18.4	41.2
Aviation \| Operating Segments
Total assets:
Total assets	2,305.6	1,789.5
Land
Accounts receivable, net:
Accounts receivable, net of allowance for credit losses of $26.1 million and $53.8 million as of December 31, 2021 and 2020, respectively	664.7	394.5
Accounts receivable, allowance for credit losses	3.8	5.0
Land \| Operating Segments
Total assets:
Total assets	2,106.1	1,459.5
Marine
Accounts receivable, net:
Accounts receivable, net of allowance for credit losses of $26.1 million and $53.8 million as of December 31, 2021 and 2020, respectively	717.7	379.2
Accounts receivable, allowance for credit losses	3.9	7.6
Marine \| Operating Segments
Total assets:
Total assets	$ 1,022.7	$ 667.6

Business Segments, Geographic Information and Major Customers - Geographic Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Revenue	$ 31,337.0	$ 20,358.3	$ 36,819.0
Property and equipment, net:
Property and equipment, net	348.9	342.6
United States
Revenue:
Revenue	16,696.2	10,365.2	19,365.2
Property and equipment, net:
Property and equipment, net	183.9	177.6
EMEA
Revenue:
Revenue	6,735.7	4,961.0	9,235.1
Property and equipment, net:
Property and equipment, net	145.7	144.1
Asia Pacific
Revenue:
Revenue	4,620.0	3,035.6	4,581.1
Property and equipment, net:
Property and equipment, net	8.3	7.9
Americas, excluding United States
Revenue:
Revenue	3,285.1	1,996.6	3,637.6
Property and equipment, net:
Property and equipment, net	11.1	13.1
U.K.
Revenue:
Revenue	4,200.0	3,100.0	5,500.0
Singapore
Revenue:
Revenue	$ 4,600.0	$ 3,000.0	$ 4,500.0

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Other revenues (excluded from ASC 606) (1)	$ 129.2	$ 767.1	$ 469.6
Revenues	31,337.0	20,358.3	36,819.0
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4,139.2	2,989.4	4,357.7
Revenues	4,620.0	3,035.6	4,581.1
EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	6,759.5	4,778.7	8,988.9
Revenues	6,735.7	4,961.0	9,235.1
LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	3,304.3	1,993.5	3,637.7
North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	17,004.7	9,829.6	19,365.1
Aviation
Disaggregation of Revenue [Line Items]
Revenues	12,824.3	8,179.6	18,479.5
Aviation \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	682.8	542.1	1,410.2
Aviation \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,903.1	1,403.4	3,824.3
Aviation \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,092.4	1,069.9	2,347.1
Aviation \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	8,533.1	4,618.4	10,933.0
Land
Disaggregation of Revenue [Line Items]
Revenues	10,426.8	6,663.1	10,280.9
Land \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	36.8	10.6	18.2
Land \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,491.8	1,744.5	2,425.4
Land \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	590.6	440.1	612.4
Land \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	7,251.5	4,359.6	7,017.0
Marine
Disaggregation of Revenue [Line Items]
Revenues	8,085.8	5,515.7	8,058.5
Marine \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	3,419.5	2,436.8	2,929.2
Marine \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,364.6	1,630.8	2,739.1
Marine \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	621.3	483.5	678.1
Marine \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	$ 1,220.0	$ 851.6	$ 1,415.2

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost:
Amortization of right-of-use assets	$ 4.6	$ 3.1	$ 4.2
Interest on lease liabilities	0.7	0.6	0.5
Operating lease cost	41.4	45.6	53.2
Short-term lease cost	24.6	25.5	18.3
Variable lease cost	6.8	6.4	5.0
Sublease income	(4.8)	(4.4)	(11.4)
Total lease cost	$ 73.3	$ 76.8	$ 69.6

Leases - Remaining Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 38.0
2023	32.6
2024	27.1
2025	23.1
2026	17.9
Thereafter	59.2
Total remaining lease payments (undiscounted)	197.9
Less: imputed interest	33.0
Present value of lease liabilities	164.9
Finance Leases
2022	5.3
2023	4.6
2024	3.4
2025	3.4
2026	3.3
Thereafter	3.6
Total remaining lease payments (undiscounted)	23.5
Less: imputed interest	2.2
Present value of lease liabilities	$ 21.2	$ 18.2

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Identifiable intangible and other non-current assets	Identifiable intangible and other non-current assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Operating lease assets	$ 150.6	$ 140.8
Finance lease assets	$ 20.2	$ 17.4
Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current maturities of long-term debt	Current maturities of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt
Operating lease liability - current	$ 31.1	$ 33.2
Operating lease liability - long-term	133.8	124.3
Finance lease liability - current	4.6	3.8
Finance lease liability - long-term	$ 16.6	$ 14.4

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Finance Lease, Description [Abstract]
Weighted average remaining lease term of finance leases (in years)	5 years 7 months 6 days	5 years 7 months 6 days
Weighted average discount rate of finance leases	3.40%	3.30%
Lessee, Operating Lease, Description [Abstract]
Weighted average remaining lease term of operating leases (in years)	6 years 10 months 24 days	6 years 7 months 6 days
Weighted average discount rate of operating leases	5.20%	5.60%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 0.7	$ 0.6
Operating cash flows from operating leases	44.8	49.9
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	4.5	4.3
Right of use assets obtained in exchange for new operating lease liability	45.9	38.9
Right of use assets obtained in exchange for new financing lease liability	$ 6.8	$ 4.1

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 03, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss) attributable to World Fuel		$ 73.7	$ 109.6	$ 178.9
Denominator:
Weighted average common shares for basic earnings per common share (in shares)		62,900,000	63,700,000	66,100,000
Effect of dilutive securities (in shares)		400,000	300,000	400,000
Weighted average common shares for diluted earnings per common share (in shares)		63,300,000	64,000,000.0	66,500,000
Basic earnings (loss) per common share (in dollars per share)		$ 1.17	$ 1.72	$ 2.71
Diluted earnings (loss) per common share (in dollars per share)		$ 1.16	$ 1.71	$ 2.69
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)		1,500,000	3,000,000.0	1,400,000
Flyers Energy Group \| Subsequent Event
Denominator:
Common stock issued (in shares)	1,768,034