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Share Name | Share Symbol | Market | Type |
---|---|---|---|
World Fuel Services Corporation | NYSE:INT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.26 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Florida
|
9800 N.W. 41st Street, | Miami, | Florida | 33178 | 59-2459427 | |||||||||||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(Address of Principal Executive Offices) (Zip Code) |
(I.R.S. Employer
Identification No.) |
||||||||||||||||||||||||
Registrant’s telephone number, including area code: | ||||||||||||||||||||||||||
( | 305 | ) | 428-8000 | |||||||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act | ||||||||||||||||||||||||||
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||||||||||||||||||||
Common Stock , $0.01 par value | INT | New York Stock Exchange |
Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
|
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Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020
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Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2021 and 2020
|
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Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020
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September 30, 2021 | December 31, 2020 | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 796.0 | $ | 658.8 | ||||||||||||||||
Accounts receivable, net of allowance for credit losses of $25.4 million and $53.8 million as of September 30, 2021 and December 31, 2020, respectively
|
2,032.5 | 1,238.4 | ||||||||||||||||||
Inventories | 439.3 | 344.3 | ||||||||||||||||||
Prepaid expenses | 76.1 | 51.1 | ||||||||||||||||||
Short-term derivative assets, net | 121.8 | 66.4 | ||||||||||||||||||
Other current assets | 227.6 | 280.4 | ||||||||||||||||||
Total current assets | 3,693.2 | 2,639.3 | ||||||||||||||||||
Property and equipment, net | 334.3 | 342.6 | ||||||||||||||||||
Goodwill | 854.7 | 858.6 | ||||||||||||||||||
Identifiable intangible and other non-current assets | 662.1 | 659.8 | ||||||||||||||||||
Total assets | $ | 5,544.3 | $ | 4,500.3 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current maturities of long-term debt | $ | 30.1 | $ | 22.9 | ||||||||||||||||
Accounts payable | 2,024.3 | 1,214.7 | ||||||||||||||||||
Short-term derivative liabilities, net | 211.1 | 50.9 | ||||||||||||||||||
Customer deposits | 163.3 | 155.8 | ||||||||||||||||||
Accrued expenses and other current liabilities | 267.6 | 239.8 | ||||||||||||||||||
Total current liabilities | 2,696.5 | 1,684.0 | ||||||||||||||||||
Long-term debt | 484.2 | 501.8 | ||||||||||||||||||
Non-current income tax liabilities, net | 208.2 | 215.5 | ||||||||||||||||||
Other long-term liabilities | 231.7 | 186.1 | ||||||||||||||||||
Total liabilities | 3,620.5 | 2,587.4 | ||||||||||||||||||
Equity: | ||||||||||||||||||||
World Fuel shareholders' equity: | ||||||||||||||||||||
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued
|
— | — | ||||||||||||||||||
Common stock, $0.01 par value; 100.0 shares authorized, 62.6 and 62.9 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
|
0.6 | 0.6 | ||||||||||||||||||
Capital in excess of par value | 190.2 | 204.6 | ||||||||||||||||||
Retained earnings | 1,872.6 | 1,836.7 | ||||||||||||||||||
Accumulated other comprehensive income (loss) | (143.6) | (132.6) | ||||||||||||||||||
Total World Fuel shareholders' equity | 1,919.7 | 1,909.3 | ||||||||||||||||||
Noncontrolling interest | 4.1 | 3.6 | ||||||||||||||||||
Total equity | 1,923.8 | 1,912.9 | ||||||||||||||||||
Total liabilities and equity | $ | 5,544.3 | $ | 4,500.3 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenue | $ | 8,350.9 | $ | 4,482.7 | $ | 21,394.2 | $ | 15,656.2 | ||||||||||||||||||
Cost of revenue | 8,153.4 | 4,268.7 | 20,821.3 | 14,969.6 | ||||||||||||||||||||||
Gross profit | 197.5 | 214.0 | 573.0 | 686.6 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Compensation and employee benefits | 93.5 | 91.4 | 273.9 | 289.8 | ||||||||||||||||||||||
General and administrative | 60.6 | 80.9 | 177.4 | 249.1 | ||||||||||||||||||||||
Asset impairments | — | — | 4.7 | 18.6 | ||||||||||||||||||||||
Restructuring charges | 1.7 | 2.9 | 6.8 | 7.7 | ||||||||||||||||||||||
Total operating expenses | 155.8 | 175.2 | 462.7 | 565.1 | ||||||||||||||||||||||
Income from operations | 41.7 | 38.8 | 110.2 | 121.5 | ||||||||||||||||||||||
Non-operating income (expenses), net: | ||||||||||||||||||||||||||
Interest expense and other financing costs, net | (10.4) | (8.7) | (29.2) | (34.1) | ||||||||||||||||||||||
Other income (expense), net | 1.0 | 77.7 | (1.6) | 75.0 | ||||||||||||||||||||||
Total non-operating income (expense), net | (9.4) | 69.0 | (30.7) | 41.0 | ||||||||||||||||||||||
Income (loss) before income taxes | 32.3 | 107.8 | 79.5 | 162.4 | ||||||||||||||||||||||
Provision for income taxes | 10.0 | 25.4 | 20.8 | 49.0 | ||||||||||||||||||||||
Net income (loss) including noncontrolling interest | 22.3 | 82.4 | 58.7 | 113.4 | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest | 0.6 | 0.5 | 0.5 | 0.2 | ||||||||||||||||||||||
Net income (loss) attributable to World Fuel | $ | 21.7 | $ | 82.0 | $ | 58.2 | $ | 113.1 | ||||||||||||||||||
Basic earnings (loss) per common share | $ | 0.34 | $ | 1.29 | $ | 0.92 | $ | 1.77 | ||||||||||||||||||
Basic weighted average common shares | 63.0 | 63.4 | 63.1 | 63.9 | ||||||||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.34 | $ | 1.29 | $ | 0.92 | $ | 1.76 | ||||||||||||||||||
Diluted weighted average common shares | 63.3 | 63.6 | 63.6 | 64.1 | ||||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||
Net income (loss) including noncontrolling interest | $ | 22.3 | $ | 82.4 | $ | 58.7 | $ | 113.4 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Foreign currency translation adjustments | (11.3) | 15.1 | (10.6) | (12.9) | ||||||||||||||||||||||
Cash flow hedges, net of income tax expense (benefit) of $(2.8) and $2.1 for the three months ended September 30, 2021 and 2020, respectively, and net of income tax expense (benefit) of $(0.2) and $2.3 for the nine months ended September 30, 2021 and 2020, respectively
|
(8.2) | 6.1 | (0.5) | 6.8 | ||||||||||||||||||||||
Total other comprehensive income (loss) | (19.5) | 21.2 | (11.0) | (6.0) | ||||||||||||||||||||||
Comprehensive income (loss) including noncontrolling interest | 2.8 | 103.6 | 47.7 | 107.3 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | 0.6 | — | 0.5 | — | ||||||||||||||||||||||
Comprehensive income (loss) attributable to World Fuel | $ | 2.2 | $ | 103.6 | 47.2 | $ | 107.3 |
Common Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total
World Fuel Shareholders' Equity |
Noncontrolling
Interest Equity |
Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 62.9 | $ | 0.6 | $ | 204.6 | $ | 1,836.7 | $ | (132.6) | $ | 1,909.3 | $ | 3.6 | $ | 1,912.9 | ||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 18.9 | — | 18.9 | — | 18.8 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (7.5) | — | (7.5) | — | (7.5) | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | 8.7 | — | — | 8.7 | — | 8.7 | |||||||||||||||||||||||||||||||||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 0.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | — | — | (2.4) | — | — | (2.4) | — | (2.4) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 12.4 | 12.4 | — | 12.4 | |||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 0.2 | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 63.0 | 0.6 | 210.8 | 1,848.3 | (120.3) | 1,939.5 | 3.5 | 1,943.0 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 17.6 | — | 17.6 | (0.1) | 17.6 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (7.6) | — | (7.6) | — | (7.6) | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | 3.3 | — | — | 3.3 | — | 3.3 | |||||||||||||||||||||||||||||||||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 0.3 | — | 0.2 | — | — | 0.3 | — | 0.3 | |||||||||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (3.8) | (3.8) | — | (3.8) | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | 63.3 | 0.6 | 211.3 | 1,858.4 | (124.1) | 1,946.2 | 3.5 | 1,949.7 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 21.7 | — | 21.7 | 0.6 | 22.3 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (7.5) | — | (7.5) | — | (7.5) | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | 3.3 | — | — | 3.3 | — | 3.3 | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | — | — | (0.1) | — | — | (0.1) | — | (0.1) | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock | (0.8) | — | (24.4) | — | — | (24.4) | — | (24.4) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (19.5) | (19.5) | — | (19.5) | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 62.6 | $ | 0.6 | $ | 190.2 | $ | 1,872.6 | $ | (143.6) | $ | 1,919.7 | $ | 4.1 | $ | 1,923.8 |
Common Stock |
Capital in
Excess of Par Value |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total
World Fuel Shareholders' Equity |
Noncontrolling
Interest Equity |
Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | 65.2 | $ | 0.7 | $ | 274.7 | $ | 1,761.3 | $ | (146.3) | $ | 1,890.4 | $ | 3.5 | $ | 1,893.9 | ||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | — | (11.1) | — | (11.1) | — | (11.1) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | 41.4 | — | 41.4 | 0.2 | 41.6 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (6.5) | — | (6.5) | — | (6.5) | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | (1.8) | — | — | (1.8) | — | (1.8) | |||||||||||||||||||||||||||||||||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 0.2 | — | 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 | — | — | (1.5) | — | — | (1.5) | — | (1.5) | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock | (2.2) | — | (55.6) | — | — | (55.6) | — | (55.6) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (11.3) | (11.3) | — | (11.3) | |||||||||||||||||||||||||||||||||||||||
Other | — | (0.1) | 1.2 | — | — | 1.2 | — | 1.2 | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | 63.2 | 0.6 | 218.2 | 1,785.1 | (157.5) | 1,846.4 | 3.7 | 1,850.1 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | (10.2) | — | (10.2) | (0.4) | (10.7) | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (6.3) | — | (6.3) | — | (6.3) | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | 2.3 | — | — | 2.3 | — | 2.3 | |||||||||||||||||||||||||||||||||||||||
Issuance (cancellation) of common stock related to share-based payment awards | 0.1 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | — | — | (1.2) | — | — | (1.2) | — | (1.2) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | (16.0) | (16.0) | — | (16.0) | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2020 | 63.3 | $ | 0.6 | $ | 219.3 | $ | 1,768.6 | $ | (173.5) | $ | 1,815.0 | $ | 3.3 | $ | 1,818.3 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | 82.0 | — | 82.0 | 0.5 | 82.4 | |||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | (6.3) | — | (6.3) | — | (6.3) | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | 1.9 | — | — | 1.9 | — | 1.9 | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | — | — | (0.1) | — | — | (0.1) | — | (0.1) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 21.2 | 21.2 | — | 21.2 | |||||||||||||||||||||||||||||||||||||||
Other | — | — | — | 2.4 | — | 2.4 | — | 2.4 | |||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2020 | 63.3 | $ | 0.6 | $ | 221.1 | $ | 1,846.6 | $ | (152.3) | $ | 1,916.0 | $ | 3.8 | $ | 1,919.8 |
For the Nine Months Ended | ||||||||||||||
September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) including noncontrolling interest | $ | 58.7 | $ | 113.4 | ||||||||||
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 60.2 | 66.3 | ||||||||||||
Provision for credit losses | 2.8 | 57.9 | ||||||||||||
Share-based payment award compensation costs | 15.4 | 2.5 | ||||||||||||
Deferred income tax expense (benefit) | (18.1) | (7.9) | ||||||||||||
Foreign currency (gains) losses, net | (10.6) | 0.2 | ||||||||||||
Loss (gain) on sale of business | 1.7 | (80.0) | ||||||||||||
Other | 16.5 | 12.4 | ||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||
Accounts receivable, net | (807.9) | 1,283.6 | ||||||||||||
Inventories | (92.5) | 299.4 | ||||||||||||
Prepaid expenses | (26.9) | 22.5 | ||||||||||||
Short-term derivative assets, net | (61.0) | (68.3) | ||||||||||||
Other current assets | 46.0 | 72.3 | ||||||||||||
Cash collateral with counterparties | 107.8 | 45.8 | ||||||||||||
Other non-current assets | (90.4) | (7.6) | ||||||||||||
Accounts payable | 784.0 | (1,321.6) | ||||||||||||
Customer deposits | 8.1 | (10.6) | ||||||||||||
Accrued expenses and other current liabilities | 151.7 | (31.5) | ||||||||||||
Non-current income tax, net and other long-term liabilities | 77.9 | 41.8 | ||||||||||||
Total adjustments | 164.6 | 377.2 | ||||||||||||
Net cash provided by (used in) operating activities | 223.3 | 490.6 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisition of business, net of cash acquired | — | (128.6) | ||||||||||||
Proceeds from sale of business, net of divested cash | 25.0 | 268.4 | ||||||||||||
Capital expenditures | (28.3) | (45.5) | ||||||||||||
Other investing activities, net | (6.5) | (7.5) | ||||||||||||
Net cash provided by (used in) investing activities | (9.8) | 86.9 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Borrowings of debt | 0.3 | 2,095.0 | ||||||||||||
Repayments of debt | (16.5) | (2,202.8) | ||||||||||||
Dividends paid on common stock | (21.2) | (19.3) | ||||||||||||
Repurchases of common stock | (24.4) | (55.6) | ||||||||||||
Other financing activities, net | (8.5) | (6.0) | ||||||||||||
Net cash provided by (used in) financing activities | (70.3) | (188.8) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (6.0) | (2.0) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 137.2 | 386.7 | ||||||||||||
Cash and cash equivalents, as of the beginning of the period | 658.8 | 186.1 | ||||||||||||
Cash and cash equivalents, as of the end of the period | $ | 796.0 | $ | 572.7 |
2021 | 2020 | ||||||||||
Balance as of January 1, | $ | 57.3 | $ | 46.6 | |||||||
Charges to allowance for credit losses | 2.8 | 57.9 | |||||||||
Write-off of uncollectible receivables | (32.4) | (53.1) | |||||||||
Recoveries of credit losses | 1.3 | 0.6 | |||||||||
Translation adjustments | 0.1 | (0.2) | |||||||||
Balance as of September 30, | $ | 29.2 | $ | 51.8 |
Unit |
September 30, 2021
|
|||||||||||||
Commodity contracts | ||||||||||||||
Long | BBL | 54.8 | ||||||||||||
Short | BBL | (48.9) | ||||||||||||
Foreign currency exchange contracts | ||||||||||||||
Sell U.S. dollar, buy other currencies | USD | (171.9) | ||||||||||||
Buy U.S. dollar, sell other currencies | USD | 254.1 | ||||||||||||
Interest rate contracts | ||||||||||||||
Interest rate swap | USD | 300.0 |
Line item in the Consolidated Balance Sheets in which the hedged item is included | Carrying Amount of Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) | ||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Inventory | $ | 60.1 | $ | 44.5 | $ | 8.7 | $ | 4.9 |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Revenue | Cost of revenue | Interest expense and other financing costs, net | Revenue | Cost of revenue | Interest expense and other financing costs, net | ||||||||||||||||||||||||||||||||||||
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded | $ | 8,350.9 | $ | 8,153.4 | $ | 10.4 | $ | 4,482.7 | $ | 4,268.7 | $ | 9.4 | |||||||||||||||||||||||||||||
Gains (losses) on fair value hedge relationships: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts: | |||||||||||||||||||||||||||||||||||||||||
Hedged item | — | 3.1 | — | — | (1.2) | — | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | (4.8) | — | — | 1.5 | — | |||||||||||||||||||||||||||||||||||
Gains (losses) on cash flow hedge relationships: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts: | |||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | (20.2) | 128.2 | — | (2.8) | (65.0) | — | |||||||||||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | — | — | (0.3) | — | — | (0.2) | |||||||||||||||||||||||||||||||||||
Total amount of income and expense line items excluding the impact of hedges | $ | 8,371.0 | $ | 8,279.8 | $ | 10.1 | $ | 4,485.5 | $ | 4,204.1 | $ | 9.2 | |||||||||||||||||||||||||||||
For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||
Revenue | Cost of revenue | Interest expense and other financing costs, net | Revenue | Cost of revenue | Interest expense and other financing costs, net | ||||||||||||||||||||||||||||||||||||
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded | $ | 21,394.2 | $ | 20,821.3 | $ | 29.2 | $ | 15,656.2 | $ | 14,969.6 | $ | 36.3 | |||||||||||||||||||||||||||||
Gains (losses) on fair value hedge relationships: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts: | |||||||||||||||||||||||||||||||||||||||||
Hedged item | — | 29.7 | — | — | (15.4) | — | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | — | (24.5) | — | — | 15.3 | — | |||||||||||||||||||||||||||||||||||
Gains (losses) on cash flow hedge relationships: | |||||||||||||||||||||||||||||||||||||||||
Commodity contracts: | |||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | (39.3) | 246.8 | — | 38.2 | (122.3) | — | |||||||||||||||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | — | — | (1.0) | — | — | (0.2) | |||||||||||||||||||||||||||||||||||
Total amount of income and expense line items excluding the impact of hedges | $ | 21,433.5 | $ | 21,073.2 | $ | 28.2 | $ | 15,618.0 | $ | 14,847.2 | $ | 36.1 |
Gain (loss) not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
Location | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Commodity contracts | Revenue | $ | (143.0) | $ | 97.8 | $ | (334.1) | $ | 401.1 | |||||||||||||||||||||||
Commodity contracts | Cost of revenue | $ | 22.0 | $ | (2.5) | $ | 37.2 | $ | (176.0) |
Amount of gain (loss) recognized in Accumulated other comprehensive income (loss), net of income tax (expense) benefit | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Commodity contracts (Revenue) | $ | 53.7 | $ | (22.0) | $ | (22.3) | $ | 163.6 | ||||||||||||||||||
Commodity contracts (Cost of revenue) | 17.8 | (39.8) | 172.1 | (237.2) | ||||||||||||||||||||||
Interest rate contracts | (0.2) | (0.1) | 2.8 | (3.8) | ||||||||||||||||||||||
Total gain (loss) | $ | 71.4 | $ | (61.9) | $ | 152.6 | $ | (77.4) |
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income, net of income tax (expense) benefit | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
Location | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
Commodity contracts | Revenue | $ | (15.5) | $ | (2.8) | $ | (30.1) | $ | 38.2 | |||||||||||||||||||||||
Commodity contracts | Cost of revenue | 95.5 | (65.0) | 183.9 | (122.3) | |||||||||||||||||||||||||||
Interest rate contracts | Interest expense and other financing costs, net | (0.3) | (0.2) | (0.7) | (0.2) | |||||||||||||||||||||||||||
Total gain (loss) | $ | 79.7 | $ | (68.1) | $ | 153.1 | $ | (84.4) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
Derivative Instruments - Non-designated | Location | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||
Revenue | $ | 3.3 | $ | 44.3 | $ | (287.6) | $ | 157.6 | |||||||||||||||||||||||||||
Cost of revenue | 15.0 | (27.7) | 321.8 | (38.0) | |||||||||||||||||||||||||||||||
18.3 | 16.7 | 34.2 | 119.6 | ||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||
Revenue | 0.9 | (1.7) | 1.1 | (1.8) | |||||||||||||||||||||||||||||||
Other (expense), net | 1.5 | (11.7) | 3.4 | (1.0) | |||||||||||||||||||||||||||||||
2.4 | (13.4) | 4.4 | (2.8) | ||||||||||||||||||||||||||||||||
Total gain (loss) | $ | 20.8 | $ | 3.2 | $ | 38.7 | $ | 116.8 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||
Net derivative liability positions with credit contingent features | $ | 3.5 | $ | 20.0 | |||||||||||||
Collateral posted and held by our counterparties | — | — | |||||||||||||||
Maximum additional potential collateral requirements | $ | 3.5 | $ | 20.0 |
September 30, 2021 | December 31, 2020 | |||||||||||||
Term loans | $ | 490.5 | $ | 503.2 | ||||||||||
Finance leases | 20.4 | 18.2 | ||||||||||||
Other | 3.4 | 3.3 | ||||||||||||
Total debt | 514.3 | 524.7 | ||||||||||||
Less: Current maturities of long-term debt and finance leases | 30.1 | 22.9 | ||||||||||||
Long-term debt | $ | 484.2 | $ | 501.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Interest income | $ | 1.7 | $ | 0.7 | $ | 5.4 | $ | 2.3 | ||||||||||||||||||
Interest expense and other financing costs | (12.1) | (9.4) | (34.6) | (36.3) | ||||||||||||||||||||||
Interest expense and other financing costs, net | $ | (10.4) | $ | (8.7) | $ | (29.2) | $ | (34.1) |
Fair Value Measurements as of September 30, 2021 | ||||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | |||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Commodities contracts | $ | 431.3 | $ | 325.0 | $ | 2.1 | $ | 758.4 | ||||||||||||||||||
Foreign currency contracts | — | 4.5 | — | 4.5 | ||||||||||||||||||||||
Interest rate contract | — | 2.4 | — | 2.4 | ||||||||||||||||||||||
Cash surrender value of life insurance | — | 14.1 | — | 14.1 | ||||||||||||||||||||||
Total assets at fair value | $ | 431.3 | $ | 346.0 | $ | 2.1 | $ | 779.4 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Commodities contracts | $ | 326.1 | $ | 449.1 | $ | 2.6 | $ | 777.8 | ||||||||||||||||||
Interest rate contract | — | 1.3 | — | 1.3 | ||||||||||||||||||||||
Foreign currency contracts | — | 4.0 | — | 4.0 | ||||||||||||||||||||||
Total liabilities at fair value | $ | 326.1 | $ | 454.4 | $ | 2.6 | $ | 783.1 | ||||||||||||||||||
Fair Value Measurements as of December 31, 2020 | ||||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | |||||||||||||||||||||||
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 |
Fair Value as of September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Cash Collateral | Gross Amounts without Right of Offset | Net Amounts | |||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Commodities contracts | $ | 758.4 | $ | 499.2 | $ | 259.2 | $ | 106.0 | $ | — | $ | 153.3 | ||||||||||||||||||||||||||
Interest rate contract | 2.4 | — | 2.4 | — | — | 2.4 | ||||||||||||||||||||||||||||||||
Foreign currency contracts | 4.5 | 3.7 | 0.8 | — | — | 0.8 | ||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 765.3 | $ | 502.9 | $ | 262.4 | $ | 106.0 | $ | — | $ | 156.5 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Commodities contracts | $ | 777.8 | $ | 499.2 | $ | 278.7 | $ | 3.3 | $ | — | $ | 275.4 | ||||||||||||||||||||||||||
Interest rate contract | 1.3 | — | 1.3 | — | — | 1.3 | ||||||||||||||||||||||||||||||||
Foreign currency contracts | 4.0 | 3.7 | 0.3 | — | — | 0.3 | ||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 783.1 | $ | 502.9 | $ | 280.2 | $ | 3.3 | $ | — | $ | 276.9 |
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Aviation | $ | 173.6 | $ | 82.6 | $ | 451.0 | $ | 440.5 | ||||||||||||||||||
Land | 6.5 | 4.1 | 16.1 | 9.7 | ||||||||||||||||||||||
Marine | 891.2 | 524.0 | 2,337.5 | 1,889.7 | ||||||||||||||||||||||
Asia Pacific | 1,071.4 | 610.8 | 2,804.6 | 2,339.9 | ||||||||||||||||||||||
Aviation | 639.4 | 346.1 | 1,269.4 | 1,142.8 | ||||||||||||||||||||||
Land | 571.4 | 385.0 | 1,737.1 | 1,317.1 | ||||||||||||||||||||||
Marine | 652.8 | 365.0 | 1,700.1 | 1,261.2 | ||||||||||||||||||||||
EMEA | 1,863.7 | 1,096.1 | 4,706.6 | 3,721.1 | ||||||||||||||||||||||
Aviation | 561.1 | 155.5 | 1,363.6 | 812.2 | ||||||||||||||||||||||
Land | 160.6 | 112.9 | 423.1 | 319.7 | ||||||||||||||||||||||
Marine | 160.6 | 86.1 | 417.2 | 402.5 | ||||||||||||||||||||||
LATAM | 882.3 | 354.5 | 2,203.9 | 1,534.4 | ||||||||||||||||||||||
Aviation | 2,362.3 | 910.3 | 5,737.3 | 3,517.4 | ||||||||||||||||||||||
Land | 1,932.6 | 1,143.5 | 5,143.9 | 3,277.8 | ||||||||||||||||||||||
Marine | 283.2 | 206.6 | 828.7 | 683.0 | ||||||||||||||||||||||
North America | 4,578.1 | 2,260.5 | 11,709.9 | 7,478.1 | ||||||||||||||||||||||
Other revenues (excluded from ASC 606) (1)
|
(44.7) | 160.8 | (30.8) | 582.8 | ||||||||||||||||||||||
Total revenue | $ | 8,350.9 | $ | 4,482.7 | $ | 21,394.2 | $ | 15,656.2 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Income tax provision | $ | 10.0 | $ | 25.4 | $ | 20.8 | $ | 49.0 | ||||||||||||||||||
Effective income tax rate | 30.9 | % | 23.5 | % | 26.1 | % | 30.2 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Revenue: | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Aviation segment | $ | 3,579.7 | $ | 1,596.2 | $ | 8,480.5 | $ | 6,381.0 | ||||||||||||||||||
Land segment | 2,670.4 | 1,645.2 | 7,315.8 | 4,948.8 | ||||||||||||||||||||||
Marine segment | 2,100.7 | 1,241.2 | 5,597.8 | 4,326.4 | ||||||||||||||||||||||
Total revenue | $ | 8,350.9 | $ | 4,482.7 | $ | 21,394.2 | $ | 15,656.2 | ||||||||||||||||||
Gross profit: | ||||||||||||||||||||||||||
Aviation segment | $ | 113.0 | $ | 97.6 | $ | 277.1 | $ | 282.6 | ||||||||||||||||||
Land segment | 62.6 | 84.3 | 225.9 | 275.4 | ||||||||||||||||||||||
Marine segment | 21.9 | 32.0 | 70.0 | 128.6 | ||||||||||||||||||||||
Total gross profit | $ | 197.5 | $ | 214.0 | $ | 573.0 | $ | 686.6 | ||||||||||||||||||
Income from operations: | ||||||||||||||||||||||||||
Aviation segment | $ | 57.0 | $ | 29.2 | $ | 114.0 | $ | 67.3 | ||||||||||||||||||
Land segment | 3.7 | 18.8 | 44.5 | 54.1 | ||||||||||||||||||||||
Marine segment | 3.6 | 8.2 | 14.8 | 55.4 | ||||||||||||||||||||||
Corporate overhead - unallocated | (22.6) | (17.4) | (63.1) | (55.3) | ||||||||||||||||||||||
Total income from operations | $ | 41.7 | $ | 38.8 | $ | 110.2 | $ | 121.5 | ||||||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Accounts receivable, net: | ||||||||||||||
Aviation segment, net of allowance for credit losses of $18.7 and $41.2 as of September 30, 2021 and December 31, 2020, respectively
|
$ | 849.2 | $ | 464.7 | ||||||||||
Land segment, net of allowance for credit losses of $3.6 and $5.0 as of September 30, 2021 and December 31, 2020, respectively
|
556.8 | 394.5 | ||||||||||||
Marine segment, net of allowance for credit losses of $3.0 and $7.6 as of September 30, 2021 and December 31, 2020, respectively
|
626.6 | 379.2 | ||||||||||||
Total accounts receivable, net | $ | 2,032.5 | $ | 1,238.4 | ||||||||||
Total assets: | ||||||||||||||
Aviation segment | $ | 2,222.8 | $ | 1,789.5 | ||||||||||
Land segment | 1,780.3 | 1,459.5 | ||||||||||||
Marine segment | 981.2 | 667.6 | ||||||||||||
Corporate | 560.1 | 583.7 | ||||||||||||
Total assets | $ | 5,544.3 | $ | 4,500.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income attributable to World Fuel | $ | 21.7 | $ | 82.0 | $ | 58.2 | $ | 113.1 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average common shares for basic earnings per common share | 63.0 | 63.4 | 63.1 | 63.9 | ||||||||||||||||||||||
Effect of dilutive securities | 0.3 | 0.2 | 0.4 | 0.3 | ||||||||||||||||||||||
Weighted average common shares for diluted earnings per common share | 63.3 | 63.6 | 63.6 | 64.1 | ||||||||||||||||||||||
Basic earnings (loss) per common share | $ | 0.34 | $ | 1.29 | $ | 0.92 | $ | 1.77 | ||||||||||||||||||
Diluted earnings (loss) per common share | $ | 0.34 | $ | 1.29 | $ | 0.92 | $ | 1.76 | ||||||||||||||||||
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 | 0.8 | 3.3 | 0.8 | 2.9 |
Aviation | Land | Marine | Corporate | Consolidated | ||||||||||||||||||||||||||||
Accrued charges as of December 31, 2020 | $ | 0.9 | $ | 4.6 | $ | 0.9 | $ | 0.1 | $ | 6.6 | ||||||||||||||||||||||
Restructuring charges | 0.7 | 6.2 | (0.2) | — | 6.8 | |||||||||||||||||||||||||||
Paid during the period | (0.7) | (9.3) | (0.4) | (0.1) | (10.5) | |||||||||||||||||||||||||||
Accrued charges as of September 30, 2021 | $ | 0.9 | $ | 1.6 | $ | 0.4 | $ | — | $ | 2.8 |
Three Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Aviation segment | $ | 3,579.7 | $ | 1,596.2 | $ | 1,983.5 | ||||||||||||||
Land segment | 2,670.4 | 1,645.2 | 1,025.2 | |||||||||||||||||
Marine segment | 2,100.7 | 1,241.2 | 859.5 | |||||||||||||||||
Total revenue | $ | 8,350.9 | $ | 4,482.7 | $ | 3,868.1 |
Three Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Aviation segment | $ | 113.0 | $ | 97.6 | $ | 15.4 | ||||||||||||||
Land segment | 62.6 | 84.3 | (21.7) | |||||||||||||||||
Marine segment | 21.9 | 32.0 | (10.2) | |||||||||||||||||
Total gross profit | $ | 197.5 | $ | 214.0 | $ | (16.5) |
Three Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Compensation and employee benefits | $ | 93.5 | $ | 91.4 | $ | 2.1 | ||||||||||||||
General and administrative | 60.6 | 80.9 | (20.3) | |||||||||||||||||
Restructuring charges | 1.7 | 2.9 | (1.2) | |||||||||||||||||
Total operating expense | $ | 155.8 | $ | 175.2 | $ | (19.4) |
Three Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Aviation segment | $ | 57.0 | $ | 29.2 | $ | 27.8 | ||||||||||||||
Land segment | 3.7 | 18.8 | (15.1) | |||||||||||||||||
Marine segment | 3.6 | 8.2 | (4.6) | |||||||||||||||||
Corporate overhead - unallocated | (22.6) | (17.4) | (5.2) | |||||||||||||||||
Total income from operations | $ | 41.7 | $ | 38.8 | $ | 2.9 |
Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Aviation segment | $ | 8,480.5 | $ | 6,381.0 | $ | 2,099.6 | ||||||||||||||
Land segment | 7,315.8 | 4,948.8 | 2,367.0 | |||||||||||||||||
Marine segment | 5,597.8 | 4,326.4 | 1,271.4 | |||||||||||||||||
Total revenue | $ | 21,394.2 | $ | 15,656.2 | $ | 5,738.0 |
Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Aviation segment | $ | 277.1 | $ | 282.6 | $ | (5.6) | ||||||||||||||
Land segment | 225.9 | 275.4 | (49.5) | |||||||||||||||||
Marine segment | 70.0 | 128.6 | (58.6) | |||||||||||||||||
Total gross profit | $ | 573.0 | $ | 686.6 | $ | (113.6) |
Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Compensation and employee benefits | $ | 273.9 | $ | 289.8 | $ | (15.9) | ||||||||||||||
General and administrative | 177.4 | 249.1 | (71.7) | |||||||||||||||||
Asset impairments | 4.7 | 18.6 | (13.9) | |||||||||||||||||
Restructuring charges | 6.8 | 7.7 | (0.9) | |||||||||||||||||
Total operating expense | $ | 462.7 | $ | 565.1 | $ | (102.4) |
Nine Months Ended September 30, | ||||||||||||||||||||
2021 | 2020 | $ Change | ||||||||||||||||||
Aviation segment | $ | 114.0 | $ | 67.3 | $ | 46.7 | ||||||||||||||
Land segment | 44.5 | 54.1 | (9.6) | |||||||||||||||||
Marine segment | 14.8 | 55.4 | (40.7) | |||||||||||||||||
Corporate overhead - unallocated | (63.1) | (55.3) | (7.7) | |||||||||||||||||
Total income from operations | $ | 110.2 | $ | 121.5 | $ | (11.3) |
Nine Months Ended September 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net cash provided by (used in) operating activities | $ | 223.3 | $ | 490.6 | ||||||||||
Net cash provided by (used in) investing activities | (9.8) | 86.9 | ||||||||||||
Net cash provided by (used in) financing activities | (70.3) | (188.8) |
Period |
Total Number
of Shares
Purchased (1)
|
Average Price
Paid Per Share |
Total Number
of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Plans or
Programs (2)
|
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7/1/2021 - 7/31/2021 | 250 | $ | 30.62 | 250 | $ | 238,602 | ||||||||||||||||||||
8/1/2021 - 8/31/2021 | 250 | 34.29 | 250 | 230,028 | ||||||||||||||||||||||
9/1/2021 - 9/30/2021 | 250 | 32.68 | 250 | 221,857 | ||||||||||||||||||||||
Total | 750 | $ | 32.53 | 750 | $ | 221,857 |
Exhibit No. | Description | |||||||
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a). | ||||||||
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a). | ||||||||
Certification of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
101 | The following materials from World Fuel Services Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income and Comprehensive Income, (iii) Condensed Consolidated Statements of Shareholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements. | |||||||
104 | Cover page interactive file (formatted in Inline XBRL and contained in Exhibit 101). | |||||||
Date: October 29, 2021 | World Fuel Services Corporation | ||||
/s/ Michael J. Kasbar | |||||
Michael J. Kasbar | |||||
Chairman, President and Chief Executive Officer | |||||
/s/ Ira M. Birns | |||||
Ira M. Birns | |||||
Executive Vice President and Chief Financial Officer |
1 Year World Fuel Services Chart |
1 Month World Fuel Services Chart |
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