0001628280-24-006634 | 10-K | XBRL Viewer

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Income Taxes - Reconciliation of Unrecognized Tax Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of total amounts of unrecognized income tax benefits
Gross Unrecognized Tax Liabilities – opening balance	$ 68.1	$ 75.1	$ 78.2
Gross increases – tax positions in prior period	7.7	2.2	2.4
Gross decreases – tax positions in prior period	(0.4)	(8.0)	(6.1)
Gross increases – tax positions in current period	1.4	2.0	3.5
Settlements	(0.5)	(1.6)	0.0
Payments	0.0	1.6	0.0
Lapse of statute of limitations	(3.2)	(3.3)	(2.9)
Gross Unrecognized Tax Liabilities – ending balance	$ 73.1	$ 68.1	$ 75.1

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Gross Derivative Assets	$ 840.7	$ 1,347.4
Liabilities:
Gross Derivative Liabilities	697.8	1,490.8
Fair value measured on recurring basis
Assets:
Total assets	857.3	1,361.8
Liabilities:
Total liabilities at fair value	697.8	1,490.8
Fair value measured on recurring basis \| Level 1
Assets:
Total assets	220.0	496.2
Liabilities:
Total liabilities at fair value	322.1	497.4
Fair value measured on recurring basis \| Level 2
Assets:
Total assets	625.6	861.4
Liabilities:
Total liabilities at fair value	373.9	989.9
Fair value measured on recurring basis \| Level 3
Assets:
Total assets	11.6	4.2
Liabilities:
Total liabilities at fair value	1.8	3.4
Commodity contracts: \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	791.8	1,298.0
Liabilities:
Gross Derivative Liabilities	669.1	1,452.1
Commodity contracts: \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	220.0	496.2
Liabilities:
Gross Derivative Liabilities	322.1	497.4
Commodity contracts: \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	560.2	797.6
Liabilities:
Gross Derivative Liabilities	345.3	951.2
Commodity contracts: \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	11.6	4.2
Liabilities:
Gross Derivative Liabilities	1.8	3.4
Foreign currency exchange contracts: \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	34.1	24.7
Liabilities:
Gross Derivative Liabilities	28.7	38.7
Foreign currency exchange 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 exchange contracts: \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	34.1	24.7
Liabilities:
Gross Derivative Liabilities	28.7	38.7
Foreign currency exchange 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	16.5	14.4
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	16.5	14.4
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	14.8	24.7
Liabilities:
Gross Derivative Liabilities		0.0
Interest rate contract: \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	0.0	0.0
Liabilities:
Gross Derivative Liabilities		0.0
Interest rate contract: \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	14.8	24.7
Liabilities:
Gross Derivative Liabilities		0.0
Interest rate contract: \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	$ 0.0	0.0
Liabilities:
Gross Derivative Liabilities		$ 0.0

Acquisitions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

2022 Acquisitions

During the first quarter of 2022, we completed the acquisition of Flyers Energy Group, LLC ("Flyers") for a total purchase price of $795.0 million. Flyers' operations include transportation, commercial fleet fueling, lubricants distribution, and the supply of wholesale, branded and renewable fuels. The acquisition was accounted for as a business combination and is reported in the land segment.

The purchase price allocation was finalized during the third quarter of 2022. The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):


	Final Purchase Price Allocation
Consideration:
Cash paid at closing	$	642.7
Working capital adjustment paid to seller	2.3
Common stock issued to seller	50.0
Amount due to sellers (1)	100.0
Total fair value of consideration	$	795.0

Assets acquired and liabilities assumed:
Cash	$	3.3
Accounts receivable	109.8
Inventory	50.9
Property, plant and equipment	126.6
Identifiable intangible assets subject to amortization (2)	162.5
Identifiable intangible assets not subject to amortization (3)	29.3
Accounts payable	(38.0)
Other assets and liabilities, net (4)	(37.3)
Net identifiable assets acquired	407.0
Goodwill (5)	388.0
Net assets acquired	$	795.0

(1)In January 2023, $50.0 million of the remaining purchase consideration was paid to the seller. In January 2024, $49.8 million of the $50.0 million that remained due as of December 31, 2023 was paid to the seller.

(2)Identifiable intangible assets subject to amortization primarily consist of customer and network relationships and other identifiable assets which will be amortized over a weighted average life of 11.6 years.

(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.

(4)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million.

(5)Goodwill 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 land segment. All of the goodwill assigned to the land segment was deductible for tax purposes.

Total revenue and income before income taxes of Flyers included in the Company's Consolidated Statement of Income and Comprehensive Income for the period from the date of acquisition through December 31, 2022 were $3.4 billion and $71.2 million, respectively.

The following presents unaudited pro forma combined financial information of the Company for the year ended December 31, 2021 as if the acquisition of Flyers had been completed on January 1, 2021 (in millions):


(unaudited)	For the Year Ended December 31, 2021
Revenue	$	33,849.2
Net income attributable to World Kinect	$	112.5

The unaudited pro forma combined financial information was based on the historical financial information of World Kinect and Flyers and includes (i) incremental amortization expense to be incurred based on the fair values of the identifiable intangible assets acquired; (ii) additional interest expense associated with the incremental borrowings under our Credit Facility to finance the acquisition; (iii) nonrecurring transaction costs recognized in connection with the transaction; and (iv) the tax effect of the pro forma adjustments as well as the recognition of income tax expense

associated with Flyers' historical statements, calculated using statutory tax rates, as Flyers was comprised of limited liability companies not subject to federal and state income taxes prior to the acquisition. The unaudited pro forma combined financial information does not necessarily reflect what the combined company's financial condition or results of operations would have been had the transaction and the related financing occurred on the dates indicated. The unaudited pro forma financial information also may not be useful in predicting the future financial condition and results of operations of the combined company following the transaction. In addition, the unaudited pro forma combined financial information does not give effect to any cost savings, operating synergies or revenue synergies that may result from the transaction, or the costs to achieve any such synergies.

During the year ended December 31, 2022, we also completed an acquisition within our aviation segment. The financial position, results of operations and cash flows of the acquisition have been included in our Consolidated Financial Statements since the acquisition date and did not have a material impact on our Consolidated Financial Statements as of and for the year ended December 31, 2022.

2021 Acquisition

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.

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) bbl
Interest rate contract: \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency and interest rate contracts (in USD)	$ 300.0
Long \| Commodity contracts:
Derivative [Line Items]
Notional value of commodity contracts (in BBLS) \| bbl	87.9
Long \| Foreign currency exchange contracts: \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency and interest rate contracts (in USD)	$ 884.3
Short \| Commodity contracts:
Derivative [Line Items]
Notional value of commodity contracts (in BBLS) \| bbl	89.1
Short \| Foreign currency exchange contracts: \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency and interest rate contracts (in USD)	$ 916.9

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Business Segments, Geographic Information, and Major Customers - Balance Sheet Items (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, net:
Accounts receivable	$ 2,735.5	$ 3,294.1
Accounts receivable, allowance for credit losses	18.3	14.1
Total assets:
Total assets	7,375.3	8,164.6
Corporate
Total assets:
Total assets	291.8	410.8
Aviation
Accounts receivable, net:
Accounts receivable	1,285.7	1,452.4
Accounts receivable, allowance for credit losses	9.1	4.9
Aviation \| Operating Segments
Total assets:
Total assets	2,767.4	3,036.2
Land
Accounts receivable, net:
Accounts receivable	767.4	1,141.9
Accounts receivable, allowance for credit losses	6.3	5.8
Land \| Operating Segments
Total assets:
Total assets	3,323.4	3,710.1
Marine
Accounts receivable, net:
Accounts receivable	682.4	699.8
Accounts receivable, allowance for credit losses	2.9	3.4
Marine \| Operating Segments
Total assets:
Total assets	$ 992.8	$ 1,007.4

Derivative Instruments - Effect on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Inventories
Carrying Amount of Hedged Asset/(Liabilities)	$ 55.3	$ 60.7
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)	(1.3)	1.2
Gain (loss) on derivative
Revenue	47,710.6	59,043.1	$ 31,337.0
Cost of revenue	46,652.4	57,954.1	30,548.8
Interest expense and other financing costs, net	127.7	110.6	40.2
Derivative, Credit Risk Related Contingent Features [Abstract]
Net derivative liability positions with credit contingent features	99.1	72.5
Collateral posted and held by our counterparties	0.0	(28.7)
Maximum additional potential collateral requirements	99.1	43.8
Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Revenue	47,710.4	59,207.7	31,393.6
Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Cost of revenue	46,656.7	57,948.6	30,865.6
Interest expense and other financing costs, net
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs	141.7	106.5	38.8
Commodity contracts: \| Revenue
Effect of Fair Value Hedges on Results of Operations [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0.0	0.0	0.0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	0.0	0.0	0.0
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.2	(164.5)	(56.7)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	0.2	(121.7)	(43.0)
Commodity contracts: \| Cost of revenue
Effect of Fair Value Hedges on Results of Operations [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0.8	43.9	22.1
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	3.4	(52.0)	(24.3)
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.0	2.6	319.0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	0.0	1.9	237.7
Commodity contracts: \| Interest expense and other financing costs, net
Effect of Fair Value Hedges on Results of Operations [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0.0	0.0	0.0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	0.0	0.0	0.0
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.0	0.0	0.0
Interest rate contract: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.0	0.0	0.0
Interest rate contract: \| Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.0	0.0	0.0
Interest rate contract: \| Interest expense and other financing costs, net
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	14.0	(4.2)	(1.4)
Derivatives designated as hedging instruments
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	2.4	(101.3)	203.2
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	10.5	(122.9)	193.6
Derivatives designated as hedging instruments \| Commodity contracts: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Not Recorded In Accumulated Other Comprehensive Income (Loss) Due To Intra-Period Settlement, After Tax	(1.5)	(134.5)	(369.4)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	0.0	(114.7)	31.6
Derivatives designated as hedging instruments \| Commodity contracts: \| Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Not Recorded In Accumulated Other Comprehensive Income (Loss) Due To Intra-Period Settlement, After Tax	(0.3)	10.7	11.0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(0.7)	2.1	166.1
Derivatives designated as hedging instruments \| Interest rate contract: \| Interest expense and other financing costs, net
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	3.0	11.3	5.5
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	10.3	(3.1)	(1.0)
Derivatives not designated as hedging instruments
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(237.5)	232.9	76.9
Derivatives not designated as hedging instruments \| Commodity contracts:
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(231.9)	231.3	74.2
Derivatives not designated as hedging instruments \| Commodity contracts: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(190.5)	230.7	88.4
Derivatives not designated as hedging instruments \| Commodity contracts: \| Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(41.4)	0.6	(14.2)
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts:
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(5.6)	1.6	2.7
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(8.0)	(1.7)	1.1
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Interest expense and other financing costs, net
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	$ 2.3	$ 3.3	$ 1.6

Leases - Remaining Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 39.4
2025	32.1
2026	26.9
2027	22.6
2028	20.8
Thereafter	86.4
Total remaining lease payments (undiscounted)	228.2
Less: imputed interest	38.1
Present value of lease liabilities	190.1
Finance Leases
2024	3.7
2025	3.7
2026	3.6
2027	2.5
2028	1.7
Thereafter	1.5
Total remaining lease payments (undiscounted)	16.8
Less: imputed interest	1.1
Present value of lease liabilities	$ 15.7	$ 15.4

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss) attributable to World Kinect	$ 52.9	$ 114.1	$ 73.7
Denominator:
Weighted average common shares for basic earnings per common share (in shares)	61.4	62.3	62.9
Effect of dilutive securities (in shares)	0.3	0.4	0.4
Weighted average common shares for diluted earnings per common share (in shares)	61.7	62.7	63.3
Basic earnings (loss) per common share (in dollars per share)	$ 0.86	$ 1.83	$ 1.17
Diluted earnings (loss) per common share (in dollars per share)	$ 0.86	$ 1.82	$ 1.16
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)	1.3	1.5	1.5

- Definition

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

+ References

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+ Details

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses	$ 15.8	$ 12.0
Net operating loss	69.1	56.7
Accrued and other share-based compensation	26.0	26.1
U.S. foreign income tax credits	15.8	8.3
Interest expense limitations	45.8	26.6
Other	7.1	7.2
Total gross deferred tax assets	179.6	136.8
Less: Valuation allowance	15.2	26.1
Gross deferred tax assets, net of valuation allowance	164.5	110.7
Gross Deferred Tax Liabilities:
Depreciation	(32.2)	(26.7)
Goodwill and intangible assets	(84.4)	(70.8)
Unrealized foreign exchange, derivatives, and cash flow hedges	(6.7)	(7.0)
Deferred tax costs on foreign unrepatriated earnings	(12.0)	(11.8)
Other	(4.9)	(4.3)
Total gross deferred tax liabilities	(140.3)	(120.6)
Net deferred tax liability	0.0	9.9
Net deferred tax asset	24.2	0.0
Reported on the Consolidated Balance Sheets as:
Increase (decrease) in valuation allowance	(7.5)	(14.9)
Results From Worldwide Entities
Reported on the Consolidated Balance Sheets as:
Increase (decrease) in valuation allowance	0.2
Released Valuation Allowance From Certain Non-US Entities
Reported on the Consolidated Balance Sheets as:
Increase (decrease) in valuation allowance	(11.1)
Other Noncurrent Assets
Reported on the Consolidated Balance Sheets as:
Other non-current assets for deferred tax assets, non-current	83.4	68.0
Accrued Income Taxes, Noncurrent
Reported on the Consolidated Balance Sheets as:
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$ 59.2	$ 77.9

Earnings per Common Share

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Numerator:
Net income (loss) attributable to World Kinect	$	52.9	$	114.1	$	73.7
Denominator:
Weighted average common shares for basic earnings per common share	61.4		62.3		62.9
Effect of dilutive securities	0.3		0.4		0.4
Weighted average common shares for diluted earnings per common share	61.7		62.7		63.3
Basic earnings (loss) per common share	$	0.86	$	1.83	$	1.17
Diluted earnings (loss) per common share	$	0.86	$	1.82	$	1.16
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	1.3		1.5		1.5

Debt, Interest Income, Expense, and Other Finance Costs - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Jun. 26, 2023 USD ($) $ / shares Rate	Dec. 31, 2023 USD ($) d Rate shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 01, 2022 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate on short-term debt		6.90%	5.20%
Sale of warrants		$ 40.0	$ 0.0	$ 0.0
Credit Facility
Debt Instrument [Line Items]
Borrowing capacity					$ 2,000.0
Letters of credit, outstanding amount		138.1	38.3
Unused portion of facility		$ 1,400.0	1,100.0
Credit Facility \| Base rate
Debt Instrument [Line Items]
Basis points added to reference rate		0.875%
Credit Facility \| Eurodollar
Debt Instrument [Line Items]
Basis points added to reference rate		1.875%
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,500.0			1,500.0
Maximum additional borrowings available at the entity's request subject to satisfaction of certain conditions		400.0
Limit increase available		200.0
Credit Facility \| Other Credit Lines
Debt Instrument [Line Items]
Letters of credit, outstanding amount		$ 437.1	$ 523.1
Term Loan \| Credit Facility
Debt Instrument [Line Items]
Amount of term loan outstanding					$ 500.0
Convertible Senior Notes Due 2028 \| Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Convertible Debt Conversion Term 1		5
Convertible Debt Conversion Term 2		10
Convertible Debt Conversion Term 3 \| Rate		98.00%
Purchase of Convertible Note Hedges	$ 70.5
Sale of warrants		$ 40.0
Debt Instrument, Interest Rate, Stated Percentage \| Rate	3.25%
Debt Instrument, Increase (Decrease), Net	$ 50.0
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger \| Rate		130.00%
Debt Instrument, Convertible, Threshold Trading Days \| d		20
Debt Instrument, Convertible, Threshold Consecutive Trading Days \| d		30
Debt Instrument Initial Conversion Share Rate \| shares		35.1710
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 28.43
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 40.14
Adjustments to Additional Paid in Capital, Other		$ 30.5
Amortization of Debt Issuance Costs		1.2
Interest Expense, Debt, Excluding Amortization		6.0
Interest Expense, Debt		$ 7.2

Income Taxes - Narrative (Details) kr in Millions, $ in Millions, ₩ in Billions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 DKK (kr)	Dec. 31, 2023 KRW (₩)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Tax Contingency [Line Items]
Effective income tax rate	19.50%	19.50%	19.50%	20.20%
Provision for income taxes	$ 13.0			$ 29.2	$ 25.8
Provisional undistributed accumulated earnings of foreign subsidiary	1,100.0
Foreign withholding tax, if undistributed earnings are no reinvested indefinitely	227.3
Accumulated foreign earnings deemed repatriated	724.1
Provisional estimate of the associated foreign withholding and state income tax effects	12.0
Net operating losses	451.2			455.7
Deferred tax asset	69.1			56.7
Valuation allowance	15.2			26.1
Valuation allowance, deferred tax asset for NOLs	9.6
Increase (decrease) in additional liabilities related to unrecognized tax liabilities	5.0			(7.0)
Increase (decrease) in unrecognized tax liabilities related to a foreign currency translation expense	2.8			(5.6)
Increase (decrease) in addition unrecognized tax liabilities related to a foreign currency translation expense	1.9			(2.9)
Unrecognized tax liabilities	106.4			93.5
Unrecognized tax assets	21.1			18.2
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor	$ 52.0
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)	78.60%	78.60%	78.60%
Amount of unrecognized income tax liabilities may decrease within the next twelve months	$ 4.5
Interest related to unrecognized tax benefits, recorded as expense	5.1			2.0	2.6
Penalties related to unrecognized tax benefits, recorded as income tax expense (income)	2.8			0.3	(0.3)
Accrued interest related to unrecognized tax benefits	25.9			20.8
Accrued penalties related to unrecognized tax benefits	7.5			4.6
Discrete income tax benefit, net	(5.4)			(15.5)
Increase (decrease) in valuation allowance	(7.5)			(14.9)
Uncertain tax positions	$ 8.9			$ (1.5)	$ 5.3
Inland Revenue, Singapore (IRAS)
Income Tax Contingency [Line Items]
Period applicable for additional special income tax concession	5 years	5 years	5 years
Foreign Tax Authority \| Danish Tax Authority \| Tax Year 2015
Income Tax Contingency [Line Items]
Estimated tax	$ 14.2	kr 96.1
Foreign Tax Authority \| Danish Tax Authority \| Tax Year 2016
Income Tax Contingency [Line Items]
Estimated tax	19.8	133.8
Foreign Tax Authority \| Danish Tax Authority \| Tax Year 2017
Income Tax Contingency [Line Items]
Estimated tax	23.0	kr 155.5
Foreign Tax Authority \| Tax Authority, South Korea (SRTO) \| Tax Year 2011 To 2014
Income Tax Contingency [Line Items]
Estimated tax	$ 1.6		₩ 2.0

Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 7.2		$ 6.6
Restructuring, 2020 Initiative
Restructuring Reserve [Roll Forward]
Restructuring charges		$ (0.8)
Paid during the period		(0.2)
Restructuring, 2023 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Restructuring charges	7.2
Paid during the period	(1.5)
Ending Balance	5.7	0.0
Operating Segments \| Aviation \| Restructuring, 2023 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Restructuring charges	1.5
Paid during the period	(0.4)
Ending Balance	1.2	0.0
Operating Segments \| Land \| Restructuring, 2023 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Restructuring charges	3.9
Paid during the period	(0.3)
Ending Balance	3.7	0.0
Operating Segments \| Marine \| Restructuring, 2023 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Restructuring charges	0.0
Paid during the period	0.0
Ending Balance	0.0	0.0
Corporate \| Restructuring, 2023 Initiative
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Restructuring charges	1.7
Paid during the period	(0.8)
Ending Balance	$ 0.9	$ 0.0

Fair Value Measurements - Concentration of Credit Risk (Details) - Individual Counterparty - Credit concentration risk - Credit exposure $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) counterparty
Concentration Risk [Line Items]
Total credit risk	$ 129.2
Concentration risk, percentage	10.00%
Cash collateral	$ 44.3
Number of OTC Counterparties \| counterparty	2

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Miami, Florida

Debt, Interest Income, Expense, and Other Finance Costs - Aggregate Annual Maturities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Year Ended December 31,
2024	$ 76.5
2025	28.8
2026	25.5
2027	406.0
2028	350.3
Thereafter	0.9
Total	$ 887.9

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Summary of Restructuring Activities Included in Accrued Expenses Other Current Liabilities

The following table provides a summary of our 2023 Restructuring Program activities (in millions):


	Aviation		Land		Marine		Corporate		Consolidated



Accrued charges as of December 31, 2022	$	—	$	—	$	—	$	—	$	—
Restructuring charges	1.5		3.9		—		1.7		7.2
Paid during the period	(0.4)		(0.3)		—		(0.8)		(1.5)
Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7

Shareholders' Equity - Other Comprehensive Loss and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,990.7	$ 1,916.8
Other comprehensive income (loss) before reclassifications	22.2	(146.9)
Amounts reclassified from Accumulated other comprehensive income (loss)	(10.5)	122.9
Ending balance	1,949.6	1,990.7
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(160.6)	(136.7)
Ending balance	(148.9)	(160.6)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(179.5)	(134.0)
Other comprehensive income (loss) before reclassifications	19.9	(45.5)
Amounts reclassified from Accumulated other comprehensive income (loss)	0.0	0.0
Ending balance	(159.6)	(179.5)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	18.9	(2.7)
Other comprehensive income (loss) before reclassifications	2.4	(101.3)
Amounts reclassified from Accumulated other comprehensive income (loss)	(10.5)	122.9
Ending balance	$ 10.8	$ 18.9

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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-Topic 250
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+ Details

Goodwill and Identifiable Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance at the beginning of the period	$ 1,233.0	$ 861.9
Acquisitions	3.1	388.7
Goodwill, Written off Related to Sale of Business Unit	(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	5.9	(17.6)
Balance at the end of the period	1,238.0	1,233.0
Aviation
Goodwill [Roll Forward]
Balance at the beginning of the period	397.6	400.1
Acquisitions	0.0	0.7
Goodwill, Written off Related to Sale of Business Unit	0.0
Foreign currency translation of non-USD functional currency subsidiary goodwill	0.6	(3.2)
Balance at the end of the period	398.3	397.6
Land
Goodwill [Roll Forward]
Balance at the beginning of the period	835.3	461.8
Acquisitions	3.0	388.0
Goodwill, Written off Related to Sale of Business Unit	(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	5.3	(14.4)
Balance at the end of the period	$ 839.7	$ 835.3

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
United States	$	(34.8)	$	(90.3)	$	(47.7)
Foreign	101.5		235.4		147.8
Income (loss) before income taxes	$	66.7	$	145.1	$	100.0

Schedule of components of income tax provision (benefit)

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


	Year Ended December 31,
	2023		2022		2021
Current:
U.S. federal statutory tax	$	8.9	$	4.2	$	4.4
State	2.4		2.2		1.4
Foreign	23.4		42.9		22.4
Current income tax expense (benefit)	34.8		49.2		28.2
Deferred:
U.S. federal statutory tax	(12.7)		(4.6)		2.2
State	(1.1)		0.6		2.7
Foreign	(16.9)		(14.5)		(12.5)
Deferred income tax expense (benefit)	(30.7)		(18.5)		(7.6)
Non-current tax expense (income) (1)	8.9		(1.5)		5.3
Total provision for income taxes	$	13.0	$	29.2	$	25.8

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

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

A reconciliation of the tax provision calculated using the U.S. federal statutory income tax rate to our tax provision is as follows (in millions):


	Year Ended December 31,
	2023		2022		2021
Tax provision based on U.S. federal statutory tax rate	$	14.0	$	30.5	$	21.0
Foreign rates varying from federal statutory tax rate	(1.5)		(5.4)		(10.3)
State income taxes, net of U.S. federal income tax benefit	7.5		0.7		1.8
U.S. taxes on foreign earnings and other tax reform impacts	9.4		29.7		11.1
Uncertain tax positions	8.9		(1.5)		5.3
Statutory adjustments, including foreign currency and tax rate changes	(9.2)		(3.8)		0.6
Non-taxable interest income & non-deductible interest expense	(3.3)		2.1		(2.1)
Valuation allowances	(10.9)		(13.3)		(6.6)
Non-deductible officer compensation	1.8		1.0		1.5
Withholding tax	8.0		7.8		6.2
Foreign tax credit	(13.2)		(25.0)		(5.6)
Other	1.5		6.6		2.9
Total provision for income taxes	$	13.0	$	29.2	$	25.8

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,
	2023		2022
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses	$	15.8	$	12.0
Net operating loss	69.1		56.7
Accrued and other share-based compensation	26.0		26.1
U.S. foreign income tax credits	15.8		8.3

Interest expense limitations	45.8		26.6
Other	7.1		7.2
Total gross deferred tax assets	179.6		136.8
Less: Valuation allowance (1)	15.2		26.1
Gross deferred tax assets, net of valuation allowance	164.5		110.7
Gross Deferred Tax Liabilities:
Depreciation	(32.2)		(26.7)
Goodwill and intangible assets	(84.4)		(70.8)
Unrealized foreign exchange, derivatives, and cash flow hedges	(6.7)		(7.0)
Deferred tax costs on foreign unrepatriated earnings	(12.0)		(11.8)
Other	(4.9)		(4.3)
Total gross deferred tax liabilities	(140.3)		(120.6)
Net deferred tax liability	$	—	$	9.9
Net deferred tax asset	$	24.2	$	—
Reported on the Consolidated Balance Sheets as:
Other non-current assets for deferred tax assets, non-current	$	83.4	$	68.0
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	59.2	$	77.9

(1)During the year ended December 31, 2023, we recognized additional valuation allowances of $0.2 million relating primarily to the 2023 results of certain our worldwide entities and released valuation allowances totaling $11.1 million relating to certain of our US and non-US entities.

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	2024-2043	$	8.5
US States	Indefinite	3.8
Foreign	2024-2043	8.1
Foreign	Indefinite	48.7
Total		$	69.1

Summary of income tax concessions

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


	Year Ended December 31,
	2023		2022		2021
Singapore tax concession impact on foreign income tax	$	(2.1)	$	(3.3)	$	(1.1)
Impact on basic earnings per share	$	(0.03)	$	(0.05)	$	(0.02)
Impact on diluted earnings per share	$	(0.03)	$	(0.05)	$	(0.02)

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):


	2023		2022		2021
Gross Unrecognized Tax Liabilities – opening balance	$	68.1	$	75.1	$	78.2
Gross increases – tax positions in prior period	7.7		2.2		2.4
Gross decreases – tax positions in prior period	(0.4)		(8.0)		(6.1)
Gross increases – tax positions in current period	1.4		2.0		3.5

Settlements	(0.5)		(1.6)		—
Payments	—		1.6		—
Lapse of statute of limitations	(3.2)		(3.3)		(2.9)
Gross Unrecognized Tax Liabilities – ending balance	$	73.1	$	68.1	$	75.1

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

The following table summarizes open tax years by major jurisdiction:


	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
Denmark	2013-2019	2020-2023
United States	None	2020-2023
United Kingdom	None	2020-2023
Singapore	None	2020-2023
Other non-U.S.	None	2013-2023

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 840.7	$ 1,347.4
Gross Derivative Liabilities	697.8	1,490.8
Commodity contracts:
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	791.8	1,298.0
Gross Derivative Liabilities	669.1	1,452.1
Foreign currency exchange contracts:
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	34.1	24.7
Gross Derivative Liabilities	28.7	38.7
Interest rate contract:
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	14.8	24.7
Gross Derivative Liabilities		0.0
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	39.9	28.2
Gross Derivative Liabilities	20.9	6.7
Derivatives designated as hedging instruments \| Commodity contracts: \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.3	0.0
Gross Derivative Liabilities	0.0	0.0
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	24.8	3.4
Gross Derivative Liabilities	20.9	6.7
Derivatives designated as hedging instruments \| Interest rate contract: \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	12.7	12.9
Gross Derivative Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Interest rate contract: \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	2.2	11.9
Gross Derivative Liabilities	0.0	0.0
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	800.8	1,319.2
Gross Derivative Liabilities	676.8	1,484.1
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	343.9	376.4
Gross Derivative Liabilities	73.1	42.3
Derivatives not designated as hedging instruments \| Commodity contracts: \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	139.8	293.3
Gross Derivative Liabilities	17.2	66.9
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	161.8	423.1
Gross Derivative Liabilities	340.0	936.3
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	121.2	201.8
Gross Derivative Liabilities	217.9	399.8
Derivatives not designated as hedging instruments \| Foreign currency exchange 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	24.7	21.8
Gross Derivative Liabilities	9.8	18.5
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.6	0.7
Gross Derivative Liabilities	0.5	0.1
Derivatives not designated as hedging instruments \| Foreign currency exchange 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	8.7	2.0
Gross Derivative Liabilities	18.3	19.8
Derivatives not designated as hedging instruments \| Foreign currency exchange 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	0.2
Gross Derivative Liabilities	$ 0.0	$ 0.4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total World Kinect Shareholders’ Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest Equity
Beginning balance (in shares) at Dec. 31, 2020			62.9
Beginning balance at Dec. 31, 2020	$ 1,912.9	$ 1,909.3	$ 0.6	$ 204.6	$ 1,836.7	$ (132.6)	$ 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	0.3		0.2
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) before reclassifications	(4.1)	(4.1)				(4.1)
Other	0.2	0.2			0.2
Ending balance (in shares) at Dec. 31, 2021			61.7
Ending balance at Dec. 31, 2021	1,916.8	1,912.7	$ 0.6	168.1	1,880.6	(136.7)	4.1
Increase (Decrease) in Shareholders' Equity
Net income (loss)	115.9	114.1			114.1		1.7
Cash dividends declared	(32.2)	(32.2)			(32.2)
Amortization of share-based payment awards	17.6	17.6		17.6
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.4
Issuance of common stock for acquisition of a business (in shares)			1.8
Issuance of common stock for acquisition of a business	$ 50.0	50.0		50.0
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards (in shares)	0.2
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	$ (4.6)	(4.6)		(4.6)
Purchases of common stock (in shares)	(2.0)		(2.0)
Purchases of common stock	$ (48.7)	(48.7)		(48.7)
Other comprehensive income (loss) before reclassifications	$ (24.0)	(24.0)				(24.0)
Ending balance (in shares) at Dec. 31, 2022	62.0		62.0
Ending balance at Dec. 31, 2022	$ 1,990.7	1,984.9	$ 0.6	182.4	1,962.5	(160.6)	5.9
Increase (Decrease) in Shareholders' Equity
Net income (loss)	53.7	52.9			52.9		0.8
Cash dividends declared	(33.8)	(33.8)			(33.8)
Amortization of share-based payment awards	24.2	24.2		24.2
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.6
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(5.7)	(5.7)		(5.7)
Purchases of common stock				(60.6)
Purchases of common stock	$ (60.7)	(60.7)
Purchases of common stock (in shares)	(0.5)		(2.8)
Purchases of common stock	$ (10.1)
Other comprehensive income (loss) before reclassifications	11.8	11.8				11.8
Convertible note hedge transactions	(70.5)	(70.5)		(70.5)
Adjustments to Additional Paid in Capital, Warrant Issued	$ 40.0			40.0
Ending balance (in shares) at Dec. 31, 2023	59.8		59.8
Ending balance at Dec. 31, 2023	$ 1,949.6	$ 1,943.0	$ 0.6	$ 109.6	$ 1,981.6	$ (148.9)	$ 6.7

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions			1 Months Ended		6 Months Ended	12 Months Ended
	Jan. 03, 2022	Oct. 01, 2021	Jan. 31, 2024	Jan. 31, 2023	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Consideration:
Cash paid at closing						$ 13.7	$ 643.9	$ 37.1
Assets acquired and liabilities assumed:
Goodwill						$ 1,238.0	$ 1,233.0	$ 861.9
Flyers Energy Group
Consideration:
Cash paid at closing					$ 642.7
Working capital adjustment paid to seller					2.3
Common stock issued to seller					50.0
Amount due to sellers (1)					100.0
Total fair value of consideration					$ 795.0
Assets acquired and liabilities assumed:
Cash									$ 3.3
Accounts receivable									109.8
Inventory									50.9
Property, plant and equipment									126.6
Identifiable intangible assets subject to amortization									162.5
Identifiable intangible assets not subject to amortization									29.3
Accounts payable									(38.0)
Other assets and liabilities, net									(37.3)
Net identifiable assets acquired									407.0
Goodwill									388.0
Net assets acquired									$ 795.0
Amount of remaining purchase consideration paid to seller				$ 50.0
Amortized over a weighted average life	11 years 7 months 6 days
Right of use assets	$ 45.0
Lease liabilities	$ 46.0
Flyers Energy Group \| Subsequent Event \| Forecast
Assets acquired and liabilities assumed:
Amount of remaining purchase consideration paid to seller			$ 49.8
Universal Weather and Aviation, Inc.
Consideration:
Total fair value of consideration		$ 41.4

Insider Trading Arrangements shares in Thousands	3 Months Ended	12 Months Ended
Insider Trading Arrangements shares in Thousands	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jorge Benitez [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 1, 2023, Jorge Benitez, one of our directors, adopted a trading plan for the sale of shares of our common stock, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan expires upon the earlier of February 28, 2025 or upon completion of the sale of the maximum number of shares under the plan. The plan provides for the sale of up to 13,000 shares of our common stock, subject to certain price limits and other terms.
Name	Jorge Benitez
Title	directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 1, 2023
Termination Date	February 28, 2025
Arrangement Duration	485 days
Aggregate Available	13	13

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 53.7	$ 115.9	$ 74.2
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Unrealized (gain) loss on derivatives	(267.5)	179.9	14.5
Depreciation and amortization	104.5	107.8	81.0
Noncash operating lease expense	34.7	35.0	31.9
Provision for credit losses	4.7	7.7	6.3
Share-based payment award compensation costs	24.2	17.6	19.6
Deferred income tax expense (benefit)	(30.7)	(18.5)	(7.6)
Unrealized foreign currency (gains) losses, net	(16.5)	21.7	(2.8)
Asset impairment charges	32.8	0.6	4.8
Other	23.0	30.8	13.7
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	569.2	(870.7)	(1,132.6)
Inventories	186.8	(252.1)	(135.2)
Prepaid expenses	6.7	(25.2)	(10.5)
Other current assets	(30.5)	(124.2)	(33.1)
Cash collateral with counterparties	168.9	(252.9)	22.9
Other non-current assets	(88.0)	(12.3)	(34.9)
Change in derivative assets and liabilities, net	(4.7)	2.9	17.4
Accounts payable	(441.9)	1,107.5	1,188.8
Accrued expenses and other current liabilities	(48.0)	147.8	115.5
Other long-term liabilities	(10.1)	(80.7)	(60.6)
Net cash provided by (used in) operating activities	271.3	138.5	173.2
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(13.7)	(643.9)	(37.1)
Proceeds from sale of business, net of divested cash	9.3	0.0	25.0
Capital expenditures	(87.6)	(78.6)	(39.2)
Other investing activities, net	(9.1)	(2.5)	(7.1)
Net cash provided by (used in) investing activities	(101.1)	(724.9)	(58.3)
Cash flows from financing activities:
Borrowings of debt	5,921.8	6,944.9	0.3
Repayments of debt	(6,224.4)	(6,611.2)	(24.2)
Issuance of Convertible Notes	350.0	0.0	0.0
Dividends paid on common stock	(34.0)	(31.0)	(28.7)
Repurchases of common stock	(60.1)	(48.7)	(50.5)
Purchase of convertible note hedges	(70.5)	0.0	0.0
Sale of warrants	40.0	0.0	0.0
Payments of deferred consideration for acquisitions	(62.9)	(12.0)	(9.7)
Other financing activities, net	(12.2)	(4.6)	(0.8)
Net cash provided by (used in) financing activities	(152.4)	237.3	(113.6)
Effect of exchange rate changes on cash and cash equivalents	(12.0)	(4.7)	(7.8)
Net increase (decrease) in cash and cash equivalents	5.9	(353.8)	(6.6)
Cash and cash equivalents, as of the beginning of the period	298.4	652.2	658.8
Cash and cash equivalents, as of the end of the period	304.3	298.4	652.2
Supplemental Disclosures of Cash Flow Information
Interest, net of capitalized interest	130.4	113.4	44.4
Income taxes	$ 61.3	$ 66.6	$ 39.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 18.3	$ 14.1
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)	59.8	62.0
Common stock, shares outstanding (in shares)	59.8	62.0

Shareholders' Equity - Unrecognized Compensation Cost (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Equity [Abstract]
Total unrecognized compensation cost related to unvested share-based payment awards	$ 49.8
Period for recognition of unrecognized compensation cost related to unvested share-based payment awards	1 year 4 months 24 days

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Summary of Accounts Receivable, Allowance for Expected Credit Losses

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


	2023		2022		2021
Balance as of January 1,	$	17.3	$	29.8	$	57.3
Charges to allowance for credit losses	4.7		7.7		6.3
Write-off of uncollectible receivables	(1.5)		(22.3)		(35.3)
Recoveries of credit losses	0.3		1.5		1.4
Translation adjustments	(0.1)		0.6		0.1
December 31,	$	20.8	$	17.3	$	29.8

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies	1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies General World Kinect 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 ("2023 10‑K Report") as "World Kinect," "we," "our" and "us." On June 15, 2023, the Company's shareholders approved an amendment to the Company's Articles of Incorporation, as amended, changing the Company's name from World Fuel Services Corporation to World Kinect Corporation. This change is intended to better reflect the Company's ongoing transformation into a more resilient, diversified energy and solutions provider. We are a global energy management company offering fulfillment and related services across the aviation, marine, and land-based transportation sectors. We also supply natural gas and power in the United States and Europe along with a growing suite of other sustainability-related products and services. 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 Disclosure of Supplier Finance Program Obligations. In September 2022, Accounting Standards Update ("ASU") 2022-04 was issued to require the buyer in a supplier finance program to disclose the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The amendments do not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for the rollforward, which should be applied prospectively. The Company adopted ASU 2022-04 in the first quarter of 2023 and has included all relevant disclosures below. Supplier Finance Programs Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support. Outstanding obligations confirmed under our supplier finance programs were $198.8 million and $246.8 million as of December 31, 2023 and 2022, respectively, and are included in Accounts payable within our Consolidated Balance Sheets. Accounting Standards Issued But Not Yet Adopted Segment Reporting. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits company's to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other 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 Accounts receivable are measured at amortized cost. The collectability 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. For additional information, see Note 2. Accounts Receivable. 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. The cost of inventory includes 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. For additional information, see Note 3. Acquisitions. 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. We calculate fair value using various methodologies, depending on the type of assets, including the income approach (e.g., based on the present value of estimated future cash flows), the market approach, the cost approach, or a combination thereof. 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, see Note 5. Fair Value Measurements. I. Derivatives Our derivative contracts, except for those designated as normal purchase normal sale, 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 of derivatives that do not contain an other-than-insignificant financing element and are designated in cash flow or fair value hedges are classified in the same category as the cash flow from the hedged items in our Consolidated Statements of Cash Flows. 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. Cash flows related to all other non-hedging derivatives are classified in accordance with the nature of the derivative instrument and how it is used in the context of the entity’s business. For additional information, 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. For additional information, see Note 8. Property and Equipment. K. Goodwill Goodwill is evaluated for impairment at the reporting unit level as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. 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. To perform the quantitative impairment test, we compare the fair value of each reporting unit to its respective carrying amount, including goodwill. In calculating the fair value, we use a combination of both an income and market approach. 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. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets. 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 at the asset group level 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. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets. 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 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 and original expected duration of less than one year. For additional information, see Note 9. Revenue from Contracts with Customers. 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. For additional information, see Note 12. Shareholders' Equity. 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 are 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. For additional information, see Note 10. Income Taxes. R. Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to World Kinect 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 Kinect 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 share-based compensation awards, such as 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"), as well as the Convertible Notes discussed in Note 7. Debt, Interest Income, Expense, and Other Finance Costs. The dilutive effect of potentially dilutive share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method, unless 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. The dilutive effect of the Convertible Notes is determined by application of the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extend that the effect is dilutive. The Convertible Notes would have a dilutive impact when the average market price of the Company's common stock for a given period exceeds the respective conversion price of the Convertible Notes. For additional information, see Note 16. Earnings per Common Share. S. Leases We determine if an arrangement is a lease at contract 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. As a lessee, we account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. 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 assess right-of-use assets for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income. For additional information, see Note 13. Leases. 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. For additional information, see Note 10. Income Taxes and Note 11. Commitments and Contingencies.

Debt, Interest Income, Expense, and Other Finance Costs - Interest Income, Expense and Other Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt, Interest Income, Expense and Other Finance Costs [Abstract]
Interest income	$ 7.8	$ 6.8	$ 7.0
Interest expense and other financing costs	(135.5)	(117.4)	(47.2)
Interest expense and other financing costs, net	$ (127.7)	$ (110.6)	$ (40.2)

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Debt, Interest Income, Expense, and Other Finance Costs

12 Months Ended

Dec. 31, 2023

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

Debt, Interest Income, Expense, and Other Finance Costs

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

Long-Term Debt

Our outstanding debt consists of the following (in millions):


	As of December 31,
	2023		2022
Credit Facility	$	—	$	339.0
Term Loan	476.4		488.4
Convertible Notes (1)	338.5		—
Finance leases (2)	15.7		15.4
Other(3)	57.3		2.9
Total debt	887.9		845.7
Less: Current maturities of long-term debt and finance leases	78.8		15.8
Long-term debt	$	809.1	$	829.9

(1)The Convertible Notes conversion feature did not require separate accounting. As a result, a liability was recognized for the aggregate principal, net of issuance costs. As of December 31, 2023 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs of $11.5 million. As of December 31, 2023, the fair value of the Convertible Notes is estimated to

be approximately $354.1 million using the Level 2 observable input of quoted market prices in an inactive market.

(2)See Note 13. Leases for additional information.

(3)Includes secured borrowings of $53.6 million (EUR 48.5) as of December 31, 2023 for the transfer of tax receivables.

Annual Maturities

As of December 31, 2023, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2024	$	76.5
2025	28.8
2026	25.5
2027	406.0
2028	350.3
Thereafter	0.9
Total	$	887.9

Issuance of Convertible Debt

On June 26, 2023, we issued $350.0 million aggregate principal amount of 3.250% Convertible Senior Notes due 2028 (the "Convertible Notes"), which reflects the exercise in full of an option to purchase up to an additional $50.0 million in principal amount of the Convertible Notes.

The Convertible Notes mature on July 1, 2028, unless earlier converted, redeemed or repurchased. We may not redeem the Convertible Notes prior to July 6, 2026. Thereafter and until the 61st scheduled trading day immediately preceding the maturity date, we may redeem for cash, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the related Notice of Redemption. Prior to March 1, 2028, the Convertible Notes will be convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2023 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which, for each trading day of that period, the Trading Price (as defined in the Indenture), as determined following a request by a holder of Convertible Notes in accordance with the procedures described in the Indenture, per $1,000 principal amount of Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call such Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Convertible Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events described in the Indenture. Thereafter and until the second scheduled trading day immediately preceding the maturity date of the Convertible Notes, holders may convert regardless of the foregoing conditions.

The Convertible Notes are senior, unsecured obligations that bear interest at a rate of 3.250% per year, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2024. The initial conversion rate was 35.1710 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $28.43 per share. The conversion rate will be subject to adjustment upon the occurrence of certain events but will not be adjusted for accrued and unpaid interest.

Upon conversion, the Convertible Notes will be settled in cash up to the aggregate principal amount of the Convertible Notes to be converted, and in cash, shares of common stock or any combination thereof, at our option, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount.

In connection with the pricing of the Convertible Notes, we entered into convertible note hedge transactions and warrant transactions. The cost of the convertible note hedge transactions was approximately $70.5 million. The convertible note hedge transactions cover, subject to customary anti-dilution adjustments, the number of shares of

common stock that initially underlie the Convertible Notes, and have an initial strike price equal to the initial conversion price of the Convertible Notes. Separately, we received $40.0 million of proceeds from the sale of warrants to acquire, subject to anti-dilution adjustments, the same amount of shares at an initial strike price of $40.14 per share. The net cost of $30.5 million was recorded as a reduction to additional paid-in capital in the Consolidated Statements of Shareholders’ Equity.

Credit Agreement

Our Credit Agreement matures in April 2027 and provides for a revolving credit facility and term loan borrowings. On April 1, 2022, we entered into Amendment No. 8 to the Fourth Amended and Restated Credit Agreement, as further modified by Amendment No. 9 dated July 12, 2022 (as amended, the "Credit Agreement"), to: (i) increase the revolving credit facility provided under the Credit Agreement (the "Credit Facility") to $1.5 billion and provide a term loan of $500.0 million ("Term Loan"), thereby replacing the existing term loan and increasing the total facility to $2.0 billion; (ii) modify the pricing of the loans, including the reference rates for various currencies to reflect the discontinuation of LIBOR; (iii) extend the maturity to April 1, 2027; and (iv) modify certain financial and other covenants to provide greater operating flexibility.

Under the Credit Facility, up to $1.5 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.

As of December 31, 2023 and 2022, we had issued letters of credit under the Credit Facility totaling $138.1 million and $38.3 million, respectively. As of December 31, 2023 and 2022, the unused portion of our Credit Facility was $1.4 billion and $1.1 billion, respectively. The unused portion of our Credit Facility is limited by, among other things, our consolidated total 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 Loan related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2023, the applicable margins for base rate loans and Eurodollar rate loans were 0.875% and 1.875%, respectively.

Our Credit Agreement contains certain financial and other covenants with which we are required to comply. As of December 31, 2023, we were in compliance with all financial covenants contained in our Credit Agreement.

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, 2023 and 2022, our outstanding letters of credit and bank guarantees under these credit lines totaled $437.1 million and $523.1 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.

Interest Income, Expense, and Other Financing Costs

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


	Year Ended December 31,
	2023		2022		2021
Interest income	$	7.8	$	6.8	$	7.0
Interest expense and other financing costs	(135.5)		(117.4)		(47.2)
Interest expense and other financing costs, net	$	(127.7)	$	(110.6)	$	(40.2)

The weighted average interest rate on our short-term debt, excluding secured borrowings, was 6.9% and 5.2% as of December 31, 2023 and 2022, respectively.

During the year ended December 31, 2023, we recognized interest expense of $7.2 million associated with our Convertible Notes, which consisted of $6.0 million related to the 3.250% coupon rate and $1.2 million from the amortization of debt issuance costs.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of estimated purchase price allocation for the acquisition

The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):


	Final Purchase Price Allocation
Consideration:
Cash paid at closing	$	642.7
Working capital adjustment paid to seller	2.3
Common stock issued to seller	50.0
Amount due to sellers (1)	100.0
Total fair value of consideration	$	795.0

Assets acquired and liabilities assumed:
Cash	$	3.3
Accounts receivable	109.8
Inventory	50.9
Property, plant and equipment	126.6
Identifiable intangible assets subject to amortization (2)	162.5
Identifiable intangible assets not subject to amortization (3)	29.3
Accounts payable	(38.0)
Other assets and liabilities, net (4)	(37.3)
Net identifiable assets acquired	407.0
Goodwill (5)	388.0
Net assets acquired	$	795.0

(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.

(4)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million.

Business Acquisition, Pro Forma Information


(unaudited)	For the Year Ended December 31, 2021
Revenue	$	33,849.2
Net income attributable to World Kinect	$	112.5

Commitments and Contingencies - Legal, Tax, and Other Matters (Details) R$ in Millions, $ in Millions, ₩ in Billions	1 Months Ended	3 Months Ended	6 Months Ended				12 Months Ended
	Jan. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 KRW (₩)	Jun. 30, 2018 USD ($)	Jun. 30, 2018 KRW (₩)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 BRL (R$)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Aggregate amount including principal and interest										$ 33.0
Settlement amount	$ 13.0
Loss from settlement								$ 6.5
Amount recovered		$ 20.0
Provision for Other Losses							$ 48.8
Tax Authority, South Korea (SRTO) \| Assessment \| Foreign Tax Authority
Loss Contingencies [Line Items]
Pre-assessment notice, amount			$ 26.5	₩ 34.3	$ 26.5	₩ 34.3
Federal, state and municipal tax authorities in Brazil \| Assessment \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss							$ 11.9		R$ 57.5

Revenue from Contract with Customer (Tables)

12 Months Ended

Dec. 31, 2023

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, based on the country of incorporation of the relevant subsidiary (in millions):


	For the Year Ended December 31,
	2023		2022		2021
Aviation	$	1,151.9	$	1,200.9	$	682.8
Land	153.9		9.9		36.8
Marine	4,235.6		5,851.6		3,419.5
Asia Pacific	5,541.5		7,062.4		4,139.2

Aviation	4,320.6		4,481.0		1,903.1
Land	3,224.8		4,141.1		2,491.8
Marine	2,475.9		3,739.7		2,364.6
EMEA	10,021.2		12,361.8		6,759.5

Aviation	4,167.4		4,703.5		2,092.4
Land	1,010.4		907.1		590.6
Marine	806.0		1,099.7		621.3
LATAM	5,983.8		6,710.3		3,304.3

Aviation	13,625.0		16,689.0		8,533.1
Land	10,993.5		14,028.8		7,251.5
Marine	1,728.7		2,263.7		1,220.0
North America	26,347.3		32,981.6		17,004.7

Other revenues (excluded from ASC 606) (1)	(183.2)		(72.9)		129.2

Total revenue	$	47,710.6	$	59,043.1	$	31,337.0

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

Shareholders' Equity - Restricted Stock Awards (Details) - Restricted Stock - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Information pertaining to stock based awards
Aggregate value of awards vested	$ 0.0	$ 0.6
Outstanding awards issued (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

Income Tax Provision (Benefit)

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


	Year Ended December 31,
	2023		2022		2021
United States	$	(34.8)	$	(90.3)	$	(47.7)
Foreign	101.5		235.4		147.8
Income (loss) before income taxes	$	66.7	$	145.1	$	100.0

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


	Year Ended December 31,
	2023		2022		2021
Current:
U.S. federal statutory tax	$	8.9	$	4.2	$	4.4
State	2.4		2.2		1.4
Foreign	23.4		42.9		22.4
Current income tax expense (benefit)	34.8		49.2		28.2
Deferred:
U.S. federal statutory tax	(12.7)		(4.6)		2.2
State	(1.1)		0.6		2.7
Foreign	(16.9)		(14.5)		(12.5)
Deferred income tax expense (benefit)	(30.7)		(18.5)		(7.6)
Non-current tax expense (income) (1)	8.9		(1.5)		5.3
Total provision for income taxes	$	13.0	$	29.2	$	25.8

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

Income Tax Rate Reconciliation

A reconciliation of the tax provision calculated using the U.S. federal statutory income tax rate to our tax provision is as follows (in millions):


	Year Ended December 31,
	2023		2022		2021
Tax provision based on U.S. federal statutory tax rate	$	14.0	$	30.5	$	21.0
Foreign rates varying from federal statutory tax rate	(1.5)		(5.4)		(10.3)
State income taxes, net of U.S. federal income tax benefit	7.5		0.7		1.8
U.S. taxes on foreign earnings and other tax reform impacts	9.4		29.7		11.1
Uncertain tax positions	8.9		(1.5)		5.3
Statutory adjustments, including foreign currency and tax rate changes	(9.2)		(3.8)		0.6
Non-taxable interest income & non-deductible interest expense	(3.3)		2.1		(2.1)
Valuation allowances	(10.9)		(13.3)		(6.6)
Non-deductible officer compensation	1.8		1.0		1.5
Withholding tax	8.0		7.8		6.2
Foreign tax credit	(13.2)		(25.0)		(5.6)
Other	1.5		6.6		2.9
Total provision for income taxes	$	13.0	$	29.2	$	25.8

For the year ended December 31, 2023, our income tax provision was $13.0 million and our effective income tax rate was 19.5%. Our income tax provision for the year ended December 31, 2023 includes a net discrete income tax benefit of $5.4 million, which includes a benefit of $7.5 million related to the reversal of valuation allowances previously recorded against deferred tax assets of certain foreign subsidiaries and states, as well as a benefit of $4.8 million related to return-to-provision adjustments, partially offset by a net expense of $6.9 million related to the remeasurement of uncertain tax positions and other worldwide adjustments.

For the year ended December 31, 2022, our income tax provision was $29.2 million and our effective income tax rate was 20.2%. Our income tax provision for the year ended December 31, 2022 included a net discrete income tax benefit of $15.5 million, of which a benefit of $14.9 million related to the reversal of valuation allowances previously recorded against the deferred tax assets of certain foreign subsidiaries and a benefit of $2.7 million related to the remeasurement of uncertain tax positions, partially offset by other worldwide tax adjustments.

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, 2023, $1.1 billion of our foreign earnings were permanently reinvested in non-US business operations. For these investments, if not reinvested indefinitely, we could potentially owe approximately $227.3 million in foreign withholding tax. We also have $724.1 million of accumulated foreign earnings that are actually or deemed repatriated, for which we have estimated the associated foreign withholding and state income tax effects to be $12.0 million for the year ended December 31, 2023.

Deferred Tax Assets and Liabilities

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


	As of December 31,
	2023		2022
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses	$	15.8	$	12.0
Net operating loss	69.1		56.7
Accrued and other share-based compensation	26.0		26.1
U.S. foreign income tax credits	15.8		8.3

Interest expense limitations	45.8		26.6
Other	7.1		7.2
Total gross deferred tax assets	179.6		136.8
Less: Valuation allowance (1)	15.2		26.1
Gross deferred tax assets, net of valuation allowance	164.5		110.7
Gross Deferred Tax Liabilities:
Depreciation	(32.2)		(26.7)
Goodwill and intangible assets	(84.4)		(70.8)
Unrealized foreign exchange, derivatives, and cash flow hedges	(6.7)		(7.0)
Deferred tax costs on foreign unrepatriated earnings	(12.0)		(11.8)
Other	(4.9)		(4.3)
Total gross deferred tax liabilities	(140.3)		(120.6)
Net deferred tax liability	$	—	$	9.9
Net deferred tax asset	$	24.2	$	—
Reported on the Consolidated Balance Sheets as:
Other non-current assets for deferred tax assets, non-current	$	83.4	$	68.0
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	59.2	$	77.9

As of December 31, 2023 and 2022, we had gross net operating losses ("NOLs") of approximately $451.2 million and $455.7 million, respectively. The NOLs as of December 31, 2023 originated in various U.S. states and non-U.S. countries. We have recorded a deferred tax asset of $69.1 million reflecting the benefit of the NOL carryforward as of December 31, 2023. This deferred tax asset expires as follows (in millions):


Net Operating Loss	Expiration Date	Deferred Tax Asset
US States	2024-2043	$	8.5
US States	Indefinite	3.8
Foreign	2024-2043	8.1
Foreign	Indefinite	48.7
Total		$	69.1

We assessed the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2023, a valuation allowance of $15.2 million exists on the deferred tax assets that are not expected to be realized, $9.6 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.

Singapore Tax Concession

We have operated under a special income tax concession in Singapore since 2008, which is subject to renewal. Our current five-year income tax concession period ended on December 31, 2022 and was renewed for an additional five-year period beginning January 1, 2023. It remains 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 decrease to our foreign income taxes from the Singapore tax concession was as follows (in millions, except per share amounts):


	Year Ended December 31,
	2023		2022		2021
Singapore tax concession impact on foreign income tax	$	(2.1)	$	(3.3)	$	(1.1)
Impact on basic earnings per share	$	(0.03)	$	(0.05)	$	(0.02)
Impact on diluted earnings per share	$	(0.03)	$	(0.05)	$	(0.02)

Income Tax Contingencies

We record gross assets and liabilities for unrecognized income tax benefits ("Unrecognized Tax Assets" and "Unrecognized Tax Liabilities", respectively) in our Consolidated Balance Sheets.

During the year ended December 31, 2023, we recorded a net increase of Unrecognized Tax Liabilities of $5.0 million and a net increase to Unrecognized Tax Assets of $2.8 million. In addition, during the year ended December 31, 2023, we recorded an increase of $1.9 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in Other income (expense), net in the accompanying Consolidated Statements of Income and Comprehensive Income. As of December 31, 2023, our Unrecognized Tax Liabilities, including penalties and interest, were $106.4 million and our Unrecognized Tax Assets were $21.1 million.

During the year ended December 31, 2022, we recorded a net decrease of $7.0 million of liabilities related to Unrecognized Tax Liabilities and a net decrease of $5.6 million in assets related to Unrecognized Tax Assets. In addition, during the year ended December 31, 2022, we recorded a decrease of $2.9 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, 2022, our Unrecognized Tax Liabilities, including penalties and interest, were $93.5 million and our Unrecognized Tax Assets were $18.2 million.

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


	2023		2022		2021
Gross Unrecognized Tax Liabilities – opening balance	$	68.1	$	75.1	$	78.2
Gross increases – tax positions in prior period	7.7		2.2		2.4
Gross decreases – tax positions in prior period	(0.4)		(8.0)		(6.1)
Gross increases – tax positions in current period	1.4		2.0		3.5

Settlements	(0.5)		(1.6)		—
Payments	—		1.6		—
Lapse of statute of limitations	(3.2)		(3.3)		(2.9)
Gross Unrecognized Tax Liabilities – ending balance	$	73.1	$	68.1	$	75.1

If our gross Unrecognized Tax Liabilities, net of our Unrecognized Tax Assets of $21.1 million, as of December 31, 2023, are settled by the taxing authorities in our favor or otherwise resolved, our income tax expense would be reduced by $52.0 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 2023 effective income tax rate by 78.6%. As of December 31, 2023, it is reasonably possible that approximately $4.5 million of our unrecognized income tax liabilities may decrease within the next twelve months due to the expiration of statutes of limitations.

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 $5.1 million, $2.0 million and $2.6 million during the years ended December 31, 2023, 2022, and 2021, respectively. For penalties, we recorded expense of $2.8 million, expense of $0.3 million, and income of $0.3 million during the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023 and 2022, we had recognized liabilities of $25.9 million and $20.8 million for interest and $7.5 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 is in Denmark for the 2013 - 2019 tax years, where one of our subsidiaries has been under audit since 2018. Through December 31, 2023, we have received final tax assessments for the 2013 and 2014 tax years that were immaterial, a proposed tax assessment for the 2015 tax year of approximately $14.2 million (DKK 96.1 million), and proposed tax assessments for the 2016 and 2017 tax years of approximately $19.8 million (DKK 133.8 million) and $23.0 million (DKK 155.5 million), respectively. We believe these assessments are without merit and are vigorously defending against the actions. We have not yet received any proposed assessments related to the 2018 - 2019 tax years, which could be materially larger than the previous assessments if a similar methodology is applied.

During the year ended December 31, 2022, we agreed to a settlement for the 2011 to 2014 tax years of the Korean branch of one of our subsidiaries for approximately $1.6 million (KRW 2.0 billion), including tax, interest, and penalties. The income tax examination for these years is now closed.

In April 2023, we received notification that the U.S. examinations of our 2017 and 2018 tax years are closed as expected. The U.S. IRS examination for our 2019 tax year was closed during the year ended December 31, 2022, without any adjustments.

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 open tax years by major jurisdiction:


	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
Denmark	2013-2019	2020-2023
United States	None	2020-2023
United Kingdom	None	2020-2023
Singapore	None	2020-2023
Other non-U.S.	None	2013-2023

On October 4, 2021, 136 members of the Organization for Economic Co-operation and Development (“OECD”) agreed to a global minimum tax rate of 15%. On December 20, 2021, OECD published its model rules on the agreed minimum tax known as the Global Anti-Base Erosion (“GloBE”) rules. The GloBE rules provide a framework for a coordinated multi-country system of taxation intended to ensure large multinational enterprise groups pay a minimum level of tax on the income arising in each of the jurisdictions where they operate. On December 14, 2022, the European Council approved its directive to implement Pillar Two of the GloBE rules regarding a 15% global minimum tax rate. Many EU countries have already indicated they plan to enact certain provisions of this directive as of January 1, 2024. In addition, many G20 nations have indicated their plan to follow the OECD guidance as early as January 1, 2024. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates. The legislation will be effective for the Company’s financial year beginning January 1, 2024.

The assessment of the Company’s potential exposure to Pillar Two is based on the most recent tax filings, country-by-country reporting, and financial statements. While the Company has identified no material exposure from Pillar Two income taxes, we continue to assess the exposure and expects to complete the assessment in the first quarter of 2024.

- 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
-Topic 946
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-Name Accounting Standards Codification
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+ Details

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	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.
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards Disclosure of Supplier Finance Program Obligations. In September 2022, Accounting Standards Update ("ASU") 2022-04 was issued to require the buyer in a supplier finance program to disclose the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The amendments do not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for the rollforward, which should be applied prospectively. The Company adopted ASU 2022-04 in the first quarter of 2023 and has included all relevant disclosures below. Supplier Finance Programs Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support.
Accounting Standards Yet to be Adopted	Accounting Standards Issued But Not Yet Adopted Segment Reporting. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits company's to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other 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 Assumptions The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents Our cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable are measured at amortized cost. The collectability 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. For additional information, see Note 2. Accounts Receivable.
Inventories	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. The cost of inventory includes 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. For additional information, see Note 3. Acquisitions.
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. We calculate fair value using various methodologies, depending on the type of assets, including the income approach (e.g., based on the present value of estimated future cash flows), the market approach, the cost approach, or a combination thereof. 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, see Note 5. Fair Value Measurements.
Derivatives	Derivatives Our derivative contracts, except for those designated as normal purchase normal sale, 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 of derivatives that do not contain an other-than-insignificant financing element and are designated in cash flow or fair value hedges are classified in the same category as the cash flow from the hedged items in our Consolidated Statements of Cash Flows. 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. Cash flows related to all other non-hedging derivatives are classified in accordance with the nature of the derivative instrument and how it is used in the context of the entity’s business. For additional information, see Note 4. Derivative Instruments.
Property and Equipment	Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us (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. For additional information, see Note 8. Property and Equipment.
Goodwill	Goodwill Goodwill is evaluated for impairment at the reporting unit level as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. 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. To perform the quantitative impairment test, we compare the fair value of each reporting unit to its respective carrying amount, including goodwill. In calculating the fair value, we use a combination of both an income and market approach. 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. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets.
Identifiable Intangible Assets	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 at the asset group level 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. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets.
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 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 and original expected duration of less than one year. For additional information, see Note 9. Revenue from Contracts with Customers. 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 Liabilities The nature of the receivables related to revenue from contracts with customers and other revenues (excluded from ASC 606) are substantially similar, as they are both 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 utilizing 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 Sheets.
Share-Based Payment Awards	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. For additional information, see Note 12. Shareholders' Equity.
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 are 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 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. For additional information, see Note 10. Income Taxes.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to World Kinect 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 Kinect 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 share-based compensation awards, such as 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"), as well as the Convertible Notes discussed in Note 7. Debt, Interest Income, Expense, and Other Finance Costs. The dilutive effect of potentially dilutive share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method, unless 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. The dilutive effect of the Convertible Notes is determined by application of the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extend that the effect is dilutive. The Convertible Notes would have a dilutive impact when the average market price of the Company's common stock for a given period exceeds the respective conversion price of the Convertible Notes. For additional information, see Note 16. Earnings per Common Share.
Leases	Leases We determine if an arrangement is a lease at contract 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. As a lessee, we account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. 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 assess right-of-use assets for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income. For additional information, see Note 13. Leases.
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. For additional information, see Note 10. Income Taxes and Note 11. Commitments and Contingencies.

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other non-current assets	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	$ 180.5	$ 188.5
Finance lease assets	$ 15.5	$ 14.8
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	$ 32.2	$ 35.9
Operating lease liability - long-term	157.9	164.2
Finance lease liability - current	3.2	3.7
Finance lease liability - long-term	$ 12.4	$ 11.7

Income Taxes - Income (Loss) Before Income Taxes and Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (34.8)	$ (90.3)	$ (47.7)
Foreign	101.5	235.4	147.8
Income (loss) before income taxes	66.7	145.1	100.0
Current:
U.S. federal statutory tax	8.9	4.2	4.4
State	2.4	2.2	1.4
Foreign	23.4	42.9	22.4
Total current income tax provision (benefit)	34.8	49.2	28.2
Deferred:
U.S. federal statutory tax	(12.7)	(4.6)	2.2
State	(1.1)	0.6	2.7
Foreign	(16.9)	(14.5)	(12.5)
Total deferred income (loss) before income taxes	(30.7)	(18.5)	(7.6)
Non-current tax expense (income)	8.9	(1.5)	5.3
Total provision for income taxes	$ 13.0	$ 29.2	$ 25.8

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

15. Restructuring

2023 Restructuring Plan

In November 2023, we approved and began implementing a restructuring plan to realign our operational focus with the purpose of simplifying our business, enabling us to focus more clearly on growing our core businesses and our new sustainability-related activities, and improving our cost structure. As part of this plan, we identified open positions that were eliminated and other positions that were closed to better align the workforce necessary to execute the revised strategy. During the year ended December 31, 2023, we recognized restructuring charges of $7.2 million, composed of severance and other compensation costs. We also decided to shift future investments away from underperforming businesses and to continue assessing our global office footprint, resulting in impairment charges during the fourth quarter of 2023 as discussed below.

We expect to continue assessing potential initiatives during the first quarter of 2024, which could result in additional restructuring charges, with the intent of completing the restructuring activities during the second quarter of 2024.

The following table provides a summary of our 2023 Restructuring Program activities (in millions):


	Aviation		Land		Marine		Corporate		Consolidated



Accrued charges as of December 31, 2022	$	—	$	—	$	—	$	—	$	—
Restructuring charges	1.5		3.9		—		1.7		7.2
Paid during the period	(0.4)		(0.3)		—		(0.8)		(1.5)
Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7

In connection with the 2023 Restructuring Plan, we identified impairment indicators for certain asset groups, consisting of intangible and other long-lived assets principally within the land segment, due to expected changes to our future operations and the impact to the expected future cash flows. These asset groups were tested for impairment and we concluded that the carrying amounts were not recoverable and the fair value of the assets was nominal. As a result, we recognized asset impairment charges of $11.2 million during the fourth quarter of 2023, which are included within Asset impairments on the Consolidated Statements of Income and Comprehensive Income.

2020 Restructuring Program

In the first quarter of 2020, we implemented a restructuring initiative focused on streamlining our operations and rationalizing our deployment and allocation of resources in the overall economic landscape due to the COVID-19 pandemic. During the fourth quarter of 2021, we completed all necessary activities and closed the restructuring program. During the year ended December 31, 2022, we paid previously accrued restructuring charges of $0.2 million and released the remaining accrual associated with the restructuring program, which resulted in the reversal of $0.8 million of previously recognized restructuring charges.

Commitments and Contingencies - Deferred Compensation, Environmental and Other Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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	$ 14.9	$ 14.0

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

8. 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
	2023		2022		Useful Lives
Land	$	81.9	$	72.8	Indefinite
Buildings and leasehold improvements	108.4		103.6		3 - 40 years
Office equipment, furniture and fixtures	14.1		15.7		3 - 7 years
Computer equipment and software costs	329.2		292.2		3 - 9 years
Machinery, equipment and vehicles (1)	433.4		395.4		3 - 40 years
Total property and equipment	966.9		879.6
Less: Accumulated depreciation and amortization (1)	451.6		395.4
Total property and equipment, net	$	515.3	$	484.2

(1)Includes right of use assets associated with finance leases. See Note 13. Leases for additional information.

For 2023, 2022 and 2021, we recorded depreciation expense of $68.3 million, $64.4 million and $50.8 million, respectively.

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


	As of December 31,
	2023		2022
Computer software costs	$	289.2	$	249.5
Less: Accumulated amortization	175.0		150.2
Computer software costs, net	$	114.2	$	99.3

Included in capitalized computer software costs are costs incurred in connection with software development in progress of $0.9 million and $5.2 million as of December 31, 2023 and 2022, respectively. For 2023, 2022 and 2021, we recorded amortization expense related to computer software costs of $25.4 million, $21.0 million and $17.6 million, respectively.

Business Segments, Geographic Information, and Major Customers - Geographic Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Revenue	$ 47,710.6	$ 59,043.1	$ 31,337.0
Property and equipment, net:
Property and equipment, net	515.3	484.2
United States
Revenue:
Revenue	25,403.7	32,901.7	16,696.2
Property and equipment, net:
Property and equipment, net	324.8	323.7
EMEA
Revenue:
Revenue	10,003.2	12,396.1	6,735.7
Property and equipment, net:
Property and equipment, net	147.7	138.1
Asia Pacific
Revenue:
Revenue	5,430.7	7,076.6	4,620.0
Property and equipment, net:
Property and equipment, net	10.1	9.9
Americas, excluding United States
Revenue:
Revenue	6,873.0	6,668.6	3,285.1
Property and equipment, net:
Property and equipment, net	32.7	12.6
U.K.
Revenue:
Revenue	5,300.0	6,700.0	4,200.0
Singapore
Revenue:
Revenue	$ 5,300.0	$ 7,200.0	$ 4,600.0

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Numerator:
Net income (loss) attributable to World Kinect	$	52.9	$	114.1	$	73.7
Denominator:
Weighted average common shares for basic earnings per common share	61.4		62.3		62.9
Effect of dilutive securities	0.3		0.4		0.4
Weighted average common shares for diluted earnings per common share	61.7		62.7		63.3
Basic earnings (loss) per common share	$	0.86	$	1.83	$	1.17
Diluted earnings (loss) per common share	$	0.86	$	1.82	$	1.16
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	1.3		1.5		1.5

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Cash flow hedges, income tax expense (benefit)	$ (2.7)	$ 7.6	$ 3.3

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 47,710.6	$ 59,043.1	$ 31,337.0
Cost of revenue	46,652.4	57,954.1	30,548.8
Gross profit	1,058.2	1,089.1	788.2
Operating expenses:
Compensation and employee benefits	512.3	507.4	386.7
General and administrative	308.0	308.7	247.6
Asset impairments	32.8	0.6	4.7
Restructuring charges	7.2		6.6
Total operating expenses	860.2	815.8	645.6
Income (loss) from operations	198.0	273.2	142.6
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(127.7)	(110.6)	(40.2)
Other income (expense), net	(3.6)	(17.5)	(2.3)
Total non-operating income (expense), net	(131.3)	(128.1)	(42.5)
Income (loss) before income taxes	66.7	145.1	100.0
Provision for income taxes	13.0	29.2	25.8
Net income (loss) including noncontrolling interest	53.7	115.9	74.2
Net income (loss) attributable to noncontrolling interest	0.8	1.7	0.5
Net income (loss) attributable to World Kinect	$ 52.9	$ 114.1	$ 73.7
Basic earnings (loss) per common share (in dollars per share)	$ 0.86	$ 1.83	$ 1.17
Basic weighted average common shares (in shares)	61.4	62.3	62.9
Diluted earnings (loss) per common share (in dollars per share)	$ 0.86	$ 1.82	$ 1.16
Diluted weighted average common shares (in shares)	61.7	62.7	63.3
Comprehensive income:
Net income (loss) including noncontrolling interest	$ 53.7	$ 115.9	$ 74.2
Other comprehensive income (loss):
Foreign currency translation adjustments	19.9	(45.5)	(13.7)
Cash flow hedges, net of income tax expense (benefit) of ($2.7), $7.6, and $3.3 for 2023, 2022, and 2021, respectively	(8.1)	21.6	9.6
Total other comprehensive income (loss)	11.8	(24.0)	(4.1)
Comprehensive income (loss) including noncontrolling interest	65.5	91.9	70.1
Comprehensive income (loss) attributable to noncontrolling interest	0.8	1.7	0.5
Comprehensive income (loss) attributable to World Kinect	$ 64.7	$ 90.2	$ 69.6

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Offsetting Assets [Line Items]
Gross Derivative Assets	$ 840.7	$ 1,347.4
Gross Amounts Offset	418.0	777.7
Net Amounts Presented	422.7	569.7
Cash Collateral	45.2	79.3
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	377.5	490.5
Liabilities:
Gross Derivative Liabilities	697.8	1,490.8
Gross Amounts Offset	418.0	777.7
Net Amounts Presented	279.7	713.1
Cash Collateral	100.5	243.1
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	179.2	470.0
Commodity contracts:
Offsetting Assets [Line Items]
Gross Derivative Assets	791.8	1,298.0
Gross Amounts Offset	399.0	756.8
Net Amounts Presented	392.8	541.1
Cash Collateral	45.2	79.3
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	347.7	461.9
Liabilities:
Gross Derivative Liabilities	669.1	1,452.1
Gross Amounts Offset	399.0	755.6
Net Amounts Presented	270.1	696.4
Cash Collateral	100.5	243.1
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	169.7	453.3
Interest rate contract:
Offsetting Assets [Line Items]
Gross Derivative Assets	14.8	24.7
Gross Amounts Offset	0.0	0.0
Net Amounts Presented	14.8	24.7
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	14.8	24.7
Liabilities:
Gross Derivative Liabilities		0.0
Gross Amounts Offset		0.0
Net Amounts Presented		0.0
Cash Collateral		0.0
Gross Amounts Without Right of Offset		0.0
Net Amounts		0.0
Foreign currency exchange contracts:
Offsetting Assets [Line Items]
Gross Derivative Assets	34.1	24.7
Gross Amounts Offset	19.1	20.9
Net Amounts Presented	15.0	3.8
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	15.0	3.8
Liabilities:
Gross Derivative Liabilities	28.7	38.7
Gross Amounts Offset	19.1	22.1
Net Amounts Presented	9.6	16.7
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	$ 9.6	$ 16.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 304.3	$ 298.4
Accounts receivable, net of allowance for credit losses of $18.3 million and $14.1 million as of December 31, 2023 and 2022, respectively	2,735.5	3,294.1
Inventories	664.6	779.9
Prepaid expenses	77.6	83.6
Short-term derivative assets, net	275.4	302.1
Other current assets	446.4	479.9
Total current assets	4,503.8	5,238.1
Property and equipment, net	515.3	484.2
Goodwill	1,238.0	1,233.0
Identifiable intangible assets, net	299.7	336.2
Other non-current assets	818.6	873.2
Total assets	7,375.3	8,164.6
Current liabilities:
Current maturities of long-term debt	78.8	15.8
Accounts payable	3,097.6	3,529.5
Short-term derivative liabilities, net	128.2	325.2
Accrued expenses and other current liabilities	745.0	738.2
Total current liabilities	4,049.7	4,608.6
Long-term debt	809.1	829.9
Other long-term liabilities	566.9	735.3
Total liabilities	5,425.7	6,173.8
Commitments and contingencies
World Kinect 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, 59.8 and 62.0 issued and outstanding as of December 31, 2023 and 2022, respectively	0.6	0.6
Capital in excess of par value	109.6	182.4
Retained earnings	1,981.6	1,962.5
Accumulated other comprehensive income (loss)	(148.9)	(160.6)
Total World Kinect shareholders' equity	1,943.0	1,984.9
Noncontrolling interest	6.7	5.9
Total equity	1,949.6	1,990.7
Total liabilities and equity	$ 7,375.3	$ 8,164.6

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. 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. With the exception of the Convertible Notes issued in June 2023, as discussed in Note 7. Debt, Interest Income, Expense, and Other Finance Costs, 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, 2023
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	220.0	$	560.2	$	11.6	$	791.8
Interest rate contract		—		14.8		—		14.8
Foreign currency contracts		—		34.1		—		34.1
Cash surrender value of life insurance		—		16.5		—		16.5
Total assets at fair value		$	220.0	$	625.6	$	11.6	$	857.3

Liabilities:
Commodities contracts		$	322.1	$	345.3	$	1.8	$	669.1

Foreign currency contracts		—		28.7		—		28.7
Total liabilities at fair value		$	322.1	$	373.9	$	1.8	$	697.8


	Fair Value Measurements as of December 31, 2022
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	496.2	$	797.6	$	4.2	$	1,298.0
Interest rate contract		—		24.7		—		24.7
Foreign currency contracts		—		24.7		—		24.7
Cash surrender value of life insurance		—		14.4		—		14.4
Total assets at fair value		$	496.2	$	861.4	$	4.2	$	1,361.8

Liabilities:
Commodities contracts		$	497.4	$	951.2	$	3.4	$	1,452.1
Interest rate contract		—		—		—		—
Foreign currency contracts		—		38.7		—		38.7
Total liabilities at fair value		$	497.4	$	989.9	$	3.4	$	1,490.8

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, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	791.8	$	399.0	$	392.8	$	45.2	$	—	$	347.7
Interest rate contract	14.8		—		14.8		—		—		14.8
Foreign currency contracts	34.1		19.1		15.0		—		—		15.0
Total assets at fair value	$	840.7	$	418.0	$	422.7	$	45.2	$	—	$	377.5

Liabilities:
Commodities contracts	$	669.1	$	399.0	$	270.1	$	100.5	$	—	$	169.7

Foreign currency contracts	28.7		19.1		9.6		—		—		9.6
Total liabilities at fair value	$	697.8	$	418.0	$	279.7	$	100.5	$	—	$	179.2


	Fair Value as of December 31, 2022
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	1,298.0	$	756.8	$	541.1	$	79.3	$	—	$	461.9
Interest rate contract	24.7		—		24.7		—		—		24.7
Foreign currency contracts	24.7		20.9		3.8		—		—		3.8
Total assets at fair value	$	1,347.4	$	777.7	$	569.7	$	79.3	$	—	$	490.5

Liabilities:
Commodities contracts	$	1,452.1	$	755.6	$	696.4	$	243.1	$	—	$	453.3
Interest rate contract	—		—		—		—		—		—
Foreign currency contracts	38.7		22.1		16.7		—		—		16.7
Total liabilities at fair value	$	1,490.8	$	777.7	$	713.1	$	243.1	$	—	$	470.0

At December 31, 2023 and 2022, we did not present any amounts gross on our Consolidated Balance Sheets where we had the right to offset.

Concentration of Credit Risk

Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At December 31, 2023, two of our counterparties with a total exposure of $129.2 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $44.3 million.

Nonrecurring Fair Value Measurements

During the fourth quarter of 2023, we identified impairment indicators with respect to two of our investments as well as certain long-lived assets, as discussed below.

We identified an other-than-temporary impairment with respect to an equity method investment in a non-core business due to the inability of the investee to sustain an earning capacity at the pre-pandemic levels. The investment was written down to its fair value of $19.1 million (15.0 million GBP) as of December 31, 2023, resulting in the recognition of an impairment loss of $14.1 million during the three months ended December 31, 2023 and is recorded within Asset impairments on the Consolidated Statements of Income and Comprehensive Income and reported in our corporate segment. The fair value of the investment was measured using a combination of an income approach based on estimated future cash flows available to us as of the measurement date and a market approach using a selection of global companies comparable with the operations of the investee to derive market-based multiples. Due to the significance of unobservable inputs, including expected growth rates, the measurement is categorized as Level 3.

Additionally, we were notified that one of our investee's, accounted for as a cost method investment, is not able to raise capital and therefore intends to restructure its operations. As a result, the fair value of the investment was determined to be nominal and the investment was fully impaired. An impairment loss of $5.0 million was recognized during the three months ended December 31, 2023 and is recorded within Asset impairments on the Consolidated Statements of Income and Comprehensive Income and reported in our corporate segment. Due to the significance of unobservable inputs the measurement is categorized as Level 3.

The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of December 31, 2022. The Flyers assets acquired and liabilities assumed were measured and recorded at their acquisition date fair values during the year ended December 31, 2022 as discussed in Note 3. Acquisitions.

During the fourth quarter of 2023 and the second quarter of 2021, we identified impairment indicators with respect to an asset group within the land segment. In each case, we determined that the carrying amount was not recoverable and recognized asset impairment charges of $2.2 million and $4.7 million during the years ended December 31, 2023 and 2021, respectively. The impairments are recorded within Asset impairments on the Consolidated Statements of Income and Comprehensive Income and reported in our land segment. 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 measurements are categorized as Level 3.

- 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

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

13. 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,
	2023		2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	4.0	$	4.2	$	4.6
Interest on lease liabilities	0.7		0.6		0.7
Operating lease cost	44.8		47.6		41.4
Short-term lease cost	27.1		22.6		24.6
Variable lease cost	8.6		6.9		6.8
Sublease income	(14.5)		(12.1)		(4.8)
Total lease cost	$	70.6	$	69.9	$	73.3

As of December 31, 2023, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2024	$	39.4	$	3.7
2025	32.1		3.7
2026	26.9		3.6
2027	22.6		2.5
2028	20.8		1.7
Thereafter	86.4		1.5
Total remaining lease payments (undiscounted)	228.2		16.8
Less: imputed interest	38.1		1.1
Present value of lease liabilities	$	190.1	$	15.7

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


		December 31,
	Classification	2023		2022
Assets:
Operating lease assets	Identifiable intangible and other non-current assets	$	180.5	$	188.5
Finance lease assets	Property and equipment, net	$	15.5	$	14.8

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.2	$	35.9
Operating lease liability - long-term	Other long-term liabilities	$	157.9	$	164.2
Finance lease liability - current	Current maturities of long-term debt	$	3.2	$	3.7
Finance lease liability - long-term	Long-term debt	$	12.4	$	11.7

Other information related to leases:


	December 31,
	2023		2022
Weighted average remaining lease term of finance leases (in years)	5.0		5.0
Weighted average remaining lease term of operating leases (in years)	8.5		8.5
Weighted average discount rate of finance leases	4.5%		3.6%
Weighted average discount rate of operating leases	5.5%		5.3%
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	$	46.2	$	49.1
Financing cash flows from finance leases	$	4.3	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability (1)	$	16.8	$	83.2
Right of use assets obtained in exchange for new finance lease liability	$	3.7	$	0.6

(1)Includes $45.0 million of right of use assets recognized upon acquisition of Flyers during the year ended December 31, 2022, as discussed in Note 3. Acquisitions.

Leases

13. Leases

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


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	4.0	$	4.2	$	4.6
Interest on lease liabilities	0.7		0.6		0.7
Operating lease cost	44.8		47.6		41.4
Short-term lease cost	27.1		22.6		24.6
Variable lease cost	8.6		6.9		6.8
Sublease income	(14.5)		(12.1)		(4.8)
Total lease cost	$	70.6	$	69.9	$	73.3

As of December 31, 2023, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2024	$	39.4	$	3.7
2025	32.1		3.7
2026	26.9		3.6
2027	22.6		2.5
2028	20.8		1.7
Thereafter	86.4		1.5
Total remaining lease payments (undiscounted)	228.2		16.8
Less: imputed interest	38.1		1.1
Present value of lease liabilities	$	190.1	$	15.7

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


		December 31,
	Classification	2023		2022
Assets:
Operating lease assets	Identifiable intangible and other non-current assets	$	180.5	$	188.5
Finance lease assets	Property and equipment, net	$	15.5	$	14.8

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.2	$	35.9
Operating lease liability - long-term	Other long-term liabilities	$	157.9	$	164.2
Finance lease liability - current	Current maturities of long-term debt	$	3.2	$	3.7
Finance lease liability - long-term	Long-term debt	$	12.4	$	11.7

Other information related to leases:


	December 31,
	2023		2022
Weighted average remaining lease term of finance leases (in years)	5.0		5.0
Weighted average remaining lease term of operating leases (in years)	8.5		8.5
Weighted average discount rate of finance leases	4.5%		3.6%
Weighted average discount rate of operating leases	5.5%		5.3%
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	$	46.2	$	49.1
Financing cash flows from finance leases	$	4.3	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability (1)	$	16.8	$	83.2
Right of use assets obtained in exchange for new finance lease liability	$	3.7	$	0.6

(1)Includes $45.0 million of right of use assets recognized upon acquisition of Flyers during the year ended December 31, 2022, as discussed in Note 3. Acquisitions.

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Other revenues (excluded from ASC 606)	$ (183.2)	$ (72.9)	$ 129.2
Revenues	47,710.6	59,043.1	31,337.0
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	5,541.5	7,062.4	4,139.2
Revenues	5,430.7	7,076.6	4,620.0
EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	10,021.2	12,361.8	6,759.5
Revenues	10,003.2	12,396.1	6,735.7
LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	5,983.8	6,710.3	3,304.3
North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	26,347.3	32,981.6	17,004.7
Aviation
Disaggregation of Revenue [Line Items]
Revenues	23,275.1	26,799.9	12,824.3
Aviation \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,151.9	1,200.9	682.8
Aviation \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4,320.6	4,481.0	1,903.1
Aviation \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4,167.4	4,703.5	2,092.4
Aviation \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	13,625.0	16,689.0	8,533.1
Land
Disaggregation of Revenue [Line Items]
Revenues	15,189.9	19,283.7	10,426.8
Land \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	153.9	9.9	36.8
Land \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	3,224.8	4,141.1	2,491.8
Land \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,010.4	907.1	590.6
Land \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	10,993.5	14,028.8	7,251.5
Marine
Disaggregation of Revenue [Line Items]
Revenues	9,245.6	12,959.6	8,085.8
Marine \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4,235.6	5,851.6	3,419.5
Marine \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,475.9	3,739.7	2,364.6
Marine \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	806.0	1,099.7	621.3
Marine \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	$ 1,728.7	$ 2,263.7	$ 1,220.0

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-09533
Entity Registrant Name	WORLD KINECT CORPORATION
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	9800 N.W. 41st Street,
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
Entity Tax Identification Number	59-2459427
City Area Code	305
Local Phone Number	428-8000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	WKC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,213
Entity Common Stock, Shares Outstanding		59,847,807
Documents Incorporated by Reference [Text Block]	Documents Incorporated By Reference Portions of the registrant’s proxy statement relating to its 2024 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934, are incorporated by reference to the extent set forth in Part III, Items 10-14 of this Annual Report on Form 10-K.
Entity Central Index Key	0000789460
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	false

Debt, Interest Income, Expense, and Other Finance Costs - Summary of Debt (Details) € in Millions, $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Jun. 26, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Finance leases	$ 15.7			$ 15.4
Total debt	887.9			845.7
Less: Current maturities of long-term debt and finance leases	78.8			15.8
Long-term debt	809.1			829.9
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	11.5
Secured Debt	53.6	€ 48.5
Convertible Notes (1) \| Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt	338.5			0.0
Debt Instrument, Face Amount			$ 350.0
Debt Instrument, Fair Value Disclosure	354.1
Other(3)
Debt Instrument [Line Items]
Long-term debt	57.3			2.9
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt	0.0			339.0
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Long-term debt	$ 476.4			$ 488.4

Income Taxes - Reconciliation of the Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax provision based on U.S. federal statutory tax rate	$ 14.0	$ 30.5	$ 21.0
Foreign rates varying from federal statutory tax rate	(1.5)	(5.4)	(10.3)
State income taxes, net of U.S. federal income tax benefit	7.5	0.7	1.8
U.S. taxes on foreign earnings and other tax reform impacts	9.4	29.7	11.1
Uncertain tax positions	8.9	(1.5)	5.3
Statutory adjustments, including foreign currency and tax rate changes	(9.2)	(3.8)	0.6
Non-taxable interest income & non-deductible interest expense	(3.3)	2.1	(2.1)
Valuation allowances	(10.9)	(13.3)	(6.6)
Non-deductible officer compensation	1.8	1.0	1.5
Withholding tax	8.0	7.8	6.2
Foreign tax credit	(13.2)	(25.0)	(5.6)
Other	1.5	6.6	2.9
Total provision for income taxes	13.0	29.2	$ 25.8
Discrete income tax benefit, net	(5.4)	(15.5)
Effective Income Tax Rate Reconciliation, Discrete Item Related to Uncertain Tax Position, Amount	6.9	$ (2.7)
Effective Income Tax Rate Reconciliation, Discrete Item Related to Return-to-Provision Adjustments, Amount	$ (4.8)

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 2,735.5	$ 3,294.1
Allowance for credit losses	$ 20.8	17.3	$ 29.8	$ 57.3
Percent accounts receivable outstanding, less than 60 days	94.00%
Accounts receivable sold under RPAs	$ 9,500.0	13,100.0	9,200.0
Fees incurred under RPAs	$ 37.6	$ 44.5	$ 20.2

Shareholders' Equity - Plan Summary and Description (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.3	0.5	1.3	2.3
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)	1.9
2021 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	2.6
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 \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.3
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)	3.2
2016 Plan
Information pertaining to stock based awards
Remaining Shares of Common Stock Available for Future Issuance (in shares)	0.0
2016 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2016 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.3
2006 Plan
Information pertaining to stock based awards
Remaining Shares of Common Stock Available for Future Issuance (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

Business Segments, Geographic Information, and Major Customers - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Information concerning revenue, gross profit and income from operations by segment
Number of reportable operating business segments \| segment	3
Revenue	$ 47,710.6	$ 59,043.1	$ 31,337.0
Aviation
Information concerning revenue, gross profit and income from operations by segment
Revenue	$ 23,275.1	$ 26,799.9	$ 12,824.3

- 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

+ Details

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional 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, 2023

Commodity contracts:

Long

BBL

87.9

Short

BBL

(89.1)

Foreign currency exchange contracts:

Sell U.S. dollar, buy other currencies

USD

(916.9)

Buy U.S. dollar, sell other currencies

USD

884.3

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

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	2023		2022		2023		2022
Derivatives designated as hedging instruments

Commodity contracts	Other non-current assets	$	0.3	$	—	$	—	$	—
	Short-term derivative liabilities, net	24.8		3.4		20.9		6.7


Interest rate contract	Short-term derivative assets, net	12.7		12.9		—		—
	Other non-current assets	2.2		11.9		—		—


Total derivatives designated as hedging instruments		39.9		28.2		20.9		6.7

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	343.9		376.4		73.1		42.3
	Other non-current assets	139.8		293.3		17.2		66.9
	Short-term derivative liabilities, net	161.8		423.1		340.0		936.3
	Other long-term liabilities	121.2		201.8		217.9		399.8

Foreign currency contracts	Short-term derivative assets, net	24.7		21.8		9.8		18.5
	Other non-current assets	0.6		0.7		0.5		0.1
	Short-term derivative liabilities, net	8.7		2.0		18.3		19.8
	Other long-term liabilities	—		0.2		—		0.4
Total derivatives not designated as hedging instruments		800.8		1,319.2		676.8		1,484.1
Total derivatives		$	840.7	$	1,347.4	$	697.8	$	1,490.8

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,
	2023		2022		2023		2022
Inventory	$	55.3	$	60.7	$	(1.3)	$	1.2

Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income

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,
	2023						2022						2021
	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		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	$	47,710.6	$	46,652.4	$	127.7	$	59,043.1	$	57,954.1	$	110.6	$	31,337.0	$	30,548.8	$	40.2
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		0.8		—		—		43.9		—		—		22.1		—
Derivatives designated as hedging instruments	—		3.4		—		—		(52.0)		—		—		(24.3)		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	0.2		—		—		(164.5)		2.6		—		(56.7)		319.0		—
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	—		—		14.0		—		—		(4.2)		—		—		(1.4)
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	—		—		—		—		—		—		—		—		—
Total amount of income and expense line items excluding the impact of hedges	$	47,710.4	$	46,656.7	$	141.7	$	59,207.7	$	57,948.6	$	106.5	$	31,393.6	$	30,865.6	$	38.8

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	2023		2022		2021
Commodity contracts	Revenue	$	(1.5)	$	(134.5)	$	(369.4)
Commodity contracts	Cost of revenue	$	(0.3)	$	10.7	$	11.0

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

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,
	2023		2022		2021
Commodity contracts (Revenue)	$	—	$	(114.7)	$	31.6
Commodity contracts (Cost of revenue)	(0.7)		2.1		166.1
Interest rate contracts (Interest expense and other financing costs, net)	3.0		11.3		5.5
Total gain (loss)	$	2.4	$	(101.3)	$	203.2


Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit		Year Ended December 31,
	Location	2023		2022		2021
Commodity contracts	Revenue	$	0.2	$	(121.7)	$	(43.0)
Commodity contracts	Cost of revenue	—		1.9		237.7
Interest rate contracts	Interest expense and other financing costs, net	10.3		(3.1)		(1.0)
Total gain (loss)		$	10.5	$	(122.9)	$	193.6

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

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,
		2023		2022		2021
Commodity contracts	Revenue	$	(190.5)	$	230.7	$	88.4
	Cost of revenue	(41.4)		0.6		(14.2)
		(231.9)		231.3		74.2
Foreign currency contracts	Revenue	(8.0)		(1.7)		1.1
	Other income (expense), net	2.3		3.3		1.6
		(5.6)		1.6		2.7
Total gains (losses)		$	(237.5)	$	232.9	$	76.9

Schedule of potential collateral requirements derivatives credit-risk contingency features

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


	As of December 31,
	2023		2022
Net derivative liability positions with credit contingent features	$	99.1	$	72.5
Collateral posted and held by our counterparties	—		(28.7)
Maximum additional potential collateral requirements	$	99.1	$	43.8

- Definition

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

+ References + Details

Business Segments, Geographic Information, and Major Customers (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Revenue:
Aviation segment	$	23,275.1	$	26,799.9	$	12,824.3
Land segment	15,189.9		19,283.7		10,426.8
Marine segment	9,245.6		12,959.6		8,085.8
Total revenue	$	47,710.6	$	59,043.1	$	31,337.0
Income from operations:(1)
Aviation segment	$	208.8	$	99.5	$	163.4
Land segment	40.1		125.6		44.6
Marine segment	82.3		155.5		20.7
Corporate overhead - unallocated	(133.2)		(107.4)		(86.1)
Total income from operations	$	198.0	$	273.2	$	142.6
Depreciation and amortization:
Aviation segment	$	32.0	$	32.8	$	32.7
Land segment	61.3		65.1		39.0
Marine segment	3.6		3.3		3.5
Corporate segment	7.7		6.5		5.8
Total depreciation and amortization	$	104.5	$	107.8	$	81.0
Capital expenditures:
Aviation segment	$	25.3	$	25.9	$	18.8
Land segment	42.5		38.1		17.4
Marine segment	8.7		4.8		2.7
Corporate segment	11.1		9.9		0.1
Total capital expenditures	$	87.6	$	78.6	$	39.2

(1)Includes asset impairment and restructuring charges as discussed in Note 5. Fair Value Measurements and Note 15. Restructuring.

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,
	2023		2022
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $9.1 and $4.9 as of December 31, 2023 and 2022, respectively	$	1,285.7	$	1,452.4
Land segment, net of allowance for credit losses of $6.3 and $5.8 as of December 31, 2023 and 2022, respectively	767.4		1,141.9
Marine segment, net of allowance for credit losses of $2.9 and $3.4 as of December 31, 2023 and 2022, respectively	682.4		699.8
Total accounts receivable, net	$	2,735.5	$	3,294.1
Total assets:
Aviation segment	$	2,767.4	$	3,036.2
Land segment	3,323.4		3,710.1
Marine segment	992.8		1,007.4
Corporate	291.8		410.8
Total assets	$	7,375.3	$	8,164.6

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

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,
	2023		2022		2021
Revenue:
United States	$	25,403.7	$	32,901.7	$	16,696.2
EMEA (1)	10,003.2		12,396.1		6,735.7
Asia Pacific (2)	5,430.7		7,076.6		4,620.0
Americas, excluding United States	6,873.0		6,668.6		3,285.1
Total (3)	$	47,710.6	$	59,043.1	$	31,337.0


	As of December 31,
	2023		2022
Property and equipment, net:
United States	$	324.8	$	323.7
EMEA	147.7		138.1
Asia Pacific	10.1		9.9
Americas, excluding United States	32.7		12.6
Total	$	515.3	$	484.2

(1)Includes revenue related to the U.K. of $5.3 billion, $6.7 billion and $4.2 billion for 2023, 2022 and 2021, respectively.

(2)Includes revenue related to Singapore of $5.3 billion, $7.2 billion and $4.6 billion for 2023, 2022 and 2021, 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 9. Revenue from Contracts with Customers.

Acquisitions - Narrative (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Oct. 01, 2021	Jun. 30, 2022	Dec. 31, 2022
Flyers Energy Group
Business Acquisition [Line Items]
Total fair value of consideration		$ 795.0
Revenue since acquisition			$ 3,400.0
Income before tax since acquisition			$ 71.2
Universal Weather and Aviation, Inc.
Business Acquisition [Line Items]
Total fair value of consideration	$ 41.4

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

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
	2023		2022		Useful Lives
Land	$	81.9	$	72.8	Indefinite
Buildings and leasehold improvements	108.4		103.6		3 - 40 years
Office equipment, furniture and fixtures	14.1		15.7		3 - 7 years
Computer equipment and software costs	329.2		292.2		3 - 9 years
Machinery, equipment and vehicles (1)	433.4		395.4		3 - 40 years
Total property and equipment	966.9		879.6
Less: Accumulated depreciation and amortization (1)	451.6		395.4
Total property and equipment, net	$	515.3	$	484.2

(1)Includes right of use assets associated with finance leases. See Note 13. Leases for additional information.

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


	As of December 31,
	2023		2022
Computer software costs	$	289.2	$	249.5
Less: Accumulated amortization	175.0		150.2
Computer software costs, net	$	114.2	$	99.3

Acquisitions - Unaudited Pro Forma Results (Details) - Flyers Energy Group $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Revenue	$ 33,849.2
Net income attributable to World Kinect	$ 112.5

Goodwill and Identifiable Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$ 36.2	$ 43.4	$ 30.1

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

9. 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, based on the country of incorporation of the relevant subsidiary (in millions):


	For the Year Ended December 31,
	2023		2022		2021
Aviation	$	1,151.9	$	1,200.9	$	682.8
Land	153.9		9.9		36.8
Marine	4,235.6		5,851.6		3,419.5
Asia Pacific	5,541.5		7,062.4		4,139.2

Aviation	4,320.6		4,481.0		1,903.1
Land	3,224.8		4,141.1		2,491.8
Marine	2,475.9		3,739.7		2,364.6
EMEA	10,021.2		12,361.8		6,759.5

Aviation	4,167.4		4,703.5		2,092.4
Land	1,010.4		907.1		590.6
Marine	806.0		1,099.7		621.3
LATAM	5,983.8		6,710.3		3,304.3

Aviation	13,625.0		16,689.0		8,533.1
Land	10,993.5		14,028.8		7,251.5
Marine	1,728.7		2,263.7		1,220.0
North America	26,347.3		32,981.6		17,004.7

Other revenues (excluded from ASC 606) (1)	(183.2)		(72.9)		129.2

Total revenue	$	47,710.6	$	59,043.1	$	31,337.0

(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 revenues (excluded from ASC 606) are substantially similar, as they are both 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 utilizing 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 Sheets. As of December 31, 2023 and 2022, 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	220.0	$	560.2	$	11.6	$	791.8
Interest rate contract		—		14.8		—		14.8
Foreign currency contracts		—		34.1		—		34.1
Cash surrender value of life insurance		—		16.5		—		16.5
Total assets at fair value		$	220.0	$	625.6	$	11.6	$	857.3

Liabilities:
Commodities contracts		$	322.1	$	345.3	$	1.8	$	669.1

Foreign currency contracts		—		28.7		—		28.7
Total liabilities at fair value		$	322.1	$	373.9	$	1.8	$	697.8


	Fair Value Measurements as of December 31, 2022
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	496.2	$	797.6	$	4.2	$	1,298.0
Interest rate contract		—		24.7		—		24.7
Foreign currency contracts		—		24.7		—		24.7
Cash surrender value of life insurance		—		14.4		—		14.4
Total assets at fair value		$	496.2	$	861.4	$	4.2	$	1,361.8

Liabilities:
Commodities contracts		$	497.4	$	951.2	$	3.4	$	1,452.1
Interest rate contract		—		—		—		—
Foreign currency contracts		—		38.7		—		38.7
Total liabilities at fair value		$	497.4	$	989.9	$	3.4	$	1,490.8

Schedule of commodity derivative assets subject to the right of offset


	Fair Value as of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	791.8	$	399.0	$	392.8	$	45.2	$	—	$	347.7
Interest rate contract	14.8		—		14.8		—		—		14.8
Foreign currency contracts	34.1		19.1		15.0		—		—		15.0
Total assets at fair value	$	840.7	$	418.0	$	422.7	$	45.2	$	—	$	377.5

Liabilities:
Commodities contracts	$	669.1	$	399.0	$	270.1	$	100.5	$	—	$	169.7

Foreign currency contracts	28.7		19.1		9.6		—		—		9.6
Total liabilities at fair value	$	697.8	$	418.0	$	279.7	$	100.5	$	—	$	179.2


	Fair Value as of December 31, 2022
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	1,298.0	$	756.8	$	541.1	$	79.3	$	—	$	461.9
Interest rate contract	24.7		—		24.7		—		—		24.7
Foreign currency contracts	24.7		20.9		3.8		—		—		3.8
Total assets at fair value	$	1,347.4	$	777.7	$	569.7	$	79.3	$	—	$	490.5

Liabilities:
Commodities contracts	$	1,452.1	$	755.6	$	696.4	$	243.1	$	—	$	453.3
Interest rate contract	—		—		—		—		—		—
Foreign currency contracts	38.7		22.1		16.7		—		—		16.7
Total liabilities at fair value	$	1,490.8	$	777.7	$	713.1	$	243.1	$	—	$	470.0

Schedule of commodity derivative liabilities subject to the right of offset


	Fair Value as of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	791.8	$	399.0	$	392.8	$	45.2	$	—	$	347.7
Interest rate contract	14.8		—		14.8		—		—		14.8
Foreign currency contracts	34.1		19.1		15.0		—		—		15.0
Total assets at fair value	$	840.7	$	418.0	$	422.7	$	45.2	$	—	$	377.5

Liabilities:
Commodities contracts	$	669.1	$	399.0	$	270.1	$	100.5	$	—	$	169.7

Foreign currency contracts	28.7		19.1		9.6		—		—		9.6
Total liabilities at fair value	$	697.8	$	418.0	$	279.7	$	100.5	$	—	$	179.2


	Fair Value as of December 31, 2022
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	1,298.0	$	756.8	$	541.1	$	79.3	$	—	$	461.9
Interest rate contract	24.7		—		24.7		—		—		24.7
Foreign currency contracts	24.7		20.9		3.8		—		—		3.8
Total assets at fair value	$	1,347.4	$	777.7	$	569.7	$	79.3	$	—	$	490.5

Liabilities:
Commodities contracts	$	1,452.1	$	755.6	$	696.4	$	243.1	$	—	$	453.3
Interest rate contract	—		—		—		—		—		—
Foreign currency contracts	38.7		22.1		16.7		—		—		16.7
Total liabilities at fair value	$	1,490.8	$	777.7	$	713.1	$	243.1	$	—	$	470.0

Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) £ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 GBP (£)
Fair Value Disclosures [Abstract]
Asset impairments	$ 2.2	$ 4.7	$ 32.8	$ 0.6	$ 4.7
Equity Method Investment, Other than Temporary Impairment			14.1
Cost method impairment	5.0
Equity Method Investments, Fair Value Disclosure	$ 19.1		$ 19.1			£ 15.0

Shareholders' Equity - RSU Awards and SSAR Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SSAR Awards Exercisable
Aggregate intrinsic value of SSAR Awards exercised	$ 0.8		$ 0.9
RSUs
Awards Outstanding
Balance at the beginning of the period (in shares)	3.0	1.7	1.8
Granted (in shares)	1.3	2.1	0.7
Vested (in shares)	(0.8)	(0.6)	(0.5)
Forfeited (in shares)	(0.5)	(0.3)	(0.3)
Balance at the end of the period (in shares)	3.0	3.0	1.7	1.8
Weighted Average Grant Date Fair Value Price
Balance at the beginning of the period (in dollars per share)	$ 26.41	$ 27.30	$ 25.17
Granted (in dollars per share)	23.48	25.86	33.08
Vested (in dollars per share)	25.16	27.27	27.34
Forfeited (in dollars per share)	23.24	25.97	28.55
Balance at the end of the period (in dollars per share)	$ 25.99	$ 26.41	$ 27.30	$ 25.17
Aggregate Intrinsic Value	$ 67.9	$ 81.4	$ 46.3	$ 57.1
Weighted Average Remaining Contractual Life (in Years)	1 year 6 months	1 year 7 months 6 days	1 year 2 months 12 days	1 year 3 months 18 days
Aggregate intrinsic value of awards issued	$ 18.2	$ 14.8	$ 18.1
Vesting period of outstanding equity awards	3 years
Weighted average fair value (in dollars per share)	$ 33.45
Expected term	3 years
Volatility	52.20%
Risk-free interest rates	4.10%
SSAR Awards
Granted (in shares)	0.5
SSAR Awards
Weighted Average Grant Date Fair Value Price
Aggregate Intrinsic Value	$ 0.0	$ 0.8	$ 0.6	$ 7.3
Weighted Average Remaining Contractual Life (in Years)	9 months 18 days	10 months 24 days	1 year 10 months 24 days	2 years 6 months
SSAR Awards
Balance at the beginning of the period (in shares)	0.5	1.3	2.3
Exercised (in shares)	(0.2)		(0.1)
Expired (in shares)		(0.1)
Forfeited (in shares)		(0.6)	(1.0)
Balance at the end of the period (in shares)	0.3	0.5	1.3	2.3
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 26.35	$ 28.78	$ 29.08
Exercised (in dollars per share)	26.40		24.89
Expired (in dollars per share)		36.25
Forfeited (in dollars per share)		29.58	29.91
Balance at the end of the period (in dollars per share)	$ 26.09	$ 26.35	$ 28.78	$ 29.08
SSAR Awards Exercisable
SSAR Awards (in shares)	0.3	0.4	0.4	0.2
Weighted Average Exercise Price (in dollars per share)	$ 26.09	$ 27.43	$ 29.18	$ 41.85
Aggregate Intrinsic Value	$ 0.0	$ 0.3	$ 0.2	$ 0.0
Weighted Average Remaining Contractual Life (in Years)	9 months 18 days	6 months	1 year	9 months 18 days

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

6. 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, 2021	$	400.1	$	461.8	$	861.9
2022 acquisitions (1)	0.7		388.0		388.7

Foreign currency translation of non-USD functional currency subsidiary goodwill	(3.2)		(14.4)		(17.6)
As of December 31, 2022	397.6		835.3		1,233.0
2023 acquisitions	—		3.0		3.1
Adjustment for sale of business	—		(4.0)		(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	0.6		5.3		5.9
As of December 31, 2023	$	398.3	$	839.7	$	1,238.0

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

Identifiable Intangible Assets

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


	As of December 31, 2023						As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	512.4	$	322.6	$	189.8	$	509.0	$	292.6	$	216.4
Supplier agreements	69.0		30.2		38.8		69.0		25.0		44.0
Others	55.2		34.6		20.6		54.3		32.1		22.2
Total intangible assets subject to amortization	636.5		387.4		249.2		632.2		349.7		282.5
Intangible assets not subject to amortization:
Trademark / trade name rights	50.5		—		50.5		53.6		—		53.6
Total intangible assets	$	687.1	$	387.4	$	299.7	$	685.9	$	349.7	$	336.2

(1)Includes the impact of foreign exchange.

Intangible amortization expense for 2023, 2022 and 2021 was $36.2 million, $43.4 million and $30.1 million, respectively.

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


Year Ended December 31,
2024	$	35.0
2025	33.2
2026	28.0
2027	23.6
2028	21.2
Thereafter	108.3
Total	$	249.2

Income Taxes - Impact From the Singapore Tax Concession (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) Foreign Income Taxes Tax Concession [Line Items]
Income Tax Concession, Impact On Foreign Income Tax Expense (Benefit)	$ (2.1)	$ (3.3)	$ (1.1)
Impact on basic earnings per share (in dollars per share)	$ (0.03)	$ (0.05)	$ (0.02)
Impact on diluted earnings per share (in dollars per share)	$ (0.03)	$ (0.05)	$ (0.02)

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss) attributable to World Kinect	$ 52.9	$ 114.1	$ 73.7

- Definition

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

+ References

+ Details

Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 636.5	$ 632.2
Accumulated Amortization	387.4	349.7
Net	249.2	282.5
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets, Gross Carrying Amount	687.1	685.9
Total intangible assets, Net	299.7	336.2
Trademark / trade name rights
Indefinite-lived Intangible Assets [Line Items]
Indefinite lived intangible assets	50.5	53.6
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	512.4	509.0
Accumulated Amortization	322.6	292.6
Net	189.8	216.4
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	69.0	69.0
Accumulated Amortization	30.2	25.0
Net	38.8	44.0
Others
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	55.2	54.3
Accumulated Amortization	34.6	32.1
Net	$ 20.6	$ 22.2

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of outstanding awards issued pursuant to plans

The following table summarizes the outstanding awards issued pursuant to the plans described above as of December 31, 2023 and the remaining shares of common stock available for future issuance (in millions):


Plan name	RSUs	SSAR Awards	Remaining Shares of Common Stock Available for Future Issuance
2021 Plan (1)	2.6	—	1.9
2020 Plan (2)	0.3	—	—
2016 Plan (3)	—	0.3	—
2006 Plan (4)	0.1	—	—

(1)As of December 31, 2023, unvested RSUs will vest between February 2024 and May 2027.

(2)As of December 31, 2023, unvested RSUs will vest between March 2024 and May 2024.

(3)As of December 31, 2023, the outstanding SSAR Awards will expire between March 2024 and March 2025.

(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.

Schedule of RSUs

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, 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
Granted (1)	2.1	25.86
Vested	(0.6)	27.27
Forfeited	(0.3)	25.97
As of December 31, 2022	3.0	26.41		81.4		1.6
Granted	1.3	23.48
Vested	(0.8)	25.16
Forfeited	(0.5)	23.24
As of December 31, 2023	3.0	$	25.99	$	67.9	1.5

(1) Awards granted during the year ended December 31, 2022 included 0.5 million special performance-based equity awards, pursuant to which vesting is tied to the Company's total shareholder return over the three-year performance period. The awards were valued using a Monte Carlo simulation. The weighted average fair value of the awards was $33.45 and the assumptions used to determine such fair value were as follows: simulation term of 3 years, volatility of 52.2%, and risk-free interest rate of 4.1%.

Schedule of outstanding and exercisable 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, 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


Expired	(0.1)	36.25
Forfeited	(0.6)	29.58
As of December 31, 2022	0.5	26.35		0.8		0.9	0.4	27.43		0.3		0.5

Exercised (2)	(0.2)	26.40


As of December 31, 2023	0.3	$	26.09	$	—	0.8	0.3	$	26.09	$	—	0.8

(1)The aggregate intrinsic value of SSAR Awards exercised was $0.9 million for the year ended December 31, 2021.

(2)The aggregate intrinsic value of SSAR Awards exercised was $0.8 million for the year ended December 31, 2023.

Schedule of unrecognized compensation cost

As of December 31, 2023, there was $49.8 million of total unrecognized compensation cost related to unvested share-based payment awards, which is expected to be recognized as compensation expense over a weighted average period of 1.4 years.

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

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2021	$	(134.0)	$	(2.7)	$	(136.7)
Other comprehensive income (loss) before reclassifications	(45.5)		(101.3)		(146.9)
Amounts reclassified from Accumulated other comprehensive income (loss)	—		122.9		122.9

Balance as of December 31, 2022	(179.5)		18.9		(160.6)
Other comprehensive income (loss) before reclassifications	19.9		2.4		22.2
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(10.5)		(10.5)

Balance as of December 31, 2023	$	(159.6)	$	10.8	$	(148.9)

Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Credit Loss
Beginning balance	$ 17.3	$ 29.8	$ 57.3
Charges to allowance for credit losses	4.7	7.7	6.3
Write-off of uncollectible receivables	(1.5)	(22.3)	(35.3)
Recoveries of credit losses	0.3	1.5	1.4
Translation adjustments	(0.1)	0.6	0.1
Ending balance	$ 20.8	$ 17.3	$ 29.8

Leases (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Finance lease cost:
Amortization of right-of-use assets	$	4.0	$	4.2	$	4.6
Interest on lease liabilities	0.7		0.6		0.7
Operating lease cost	44.8		47.6		41.4
Short-term lease cost	27.1		22.6		24.6
Variable lease cost	8.6		6.9		6.8
Sublease income	(14.5)		(12.1)		(4.8)
Total lease cost	$	70.6	$	69.9	$	73.3

Other information related to leases:


	December 31,
	2023		2022
Weighted average remaining lease term of finance leases (in years)	5.0		5.0
Weighted average remaining lease term of operating leases (in years)	8.5		8.5
Weighted average discount rate of finance leases	4.5%		3.6%
Weighted average discount rate of operating leases	5.5%		5.3%
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	$	46.2	$	49.1
Financing cash flows from finance leases	$	4.3	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability (1)	$	16.8	$	83.2
Right of use assets obtained in exchange for new finance lease liability	$	3.7	$	0.6

(1)Includes $45.0 million of right of use assets recognized upon acquisition of Flyers during the year ended December 31, 2022, as discussed in Note 3. Acquisitions.

Remaining lease payments

As of December 31, 2023, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2024	$	39.4	$	3.7
2025	32.1		3.7
2026	26.9		3.6
2027	22.6		2.5
2028	20.8		1.7
Thereafter	86.4		1.5
Total remaining lease payments (undiscounted)	228.2		16.8
Less: imputed interest	38.1		1.1
Present value of lease liabilities	$	190.1	$	15.7

Remaining lease payments

As of December 31, 2023, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2024	$	39.4	$	3.7
2025	32.1		3.7
2026	26.9		3.6
2027	22.6		2.5
2028	20.8		1.7
Thereafter	86.4		1.5
Total remaining lease payments (undiscounted)	228.2		16.8
Less: imputed interest	38.1		1.1
Present value of lease liabilities	$	190.1	$	15.7

Supplemental balance sheet information related to leases

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


		December 31,
	Classification	2023		2022
Assets:
Operating lease assets	Identifiable intangible and other non-current assets	$	180.5	$	188.5
Finance lease assets	Property and equipment, net	$	15.5	$	14.8

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.2	$	35.9
Operating lease liability - long-term	Other long-term liabilities	$	157.9	$	164.2
Finance lease liability - current	Current maturities of long-term debt	$	3.2	$	3.7
Finance lease liability - long-term	Long-term debt	$	12.4	$	11.7

Commitments and Contingencies - Bonds, Leases, and Sales and Purchase Commitments (Details) bbl in Millions, $ in Millions	Dec. 31, 2023 USD ($) bbl	Dec. 31, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Outstanding bonds	$ 71.9	$ 59.7
Sales commitments under derivative programs	1,200.0
Purchase commitments under derivative programs	$ 548.7
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

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$ 4.0	$ 4.2	$ 4.6
Interest on lease liabilities	0.7	0.6	0.7
Operating lease cost	44.8	47.6	41.4
Short-term lease cost	27.1	22.6	24.6
Variable lease cost	8.6	6.9	6.8
Sublease income	(14.5)	(12.1)	(4.8)
Total lease cost	$ 70.6	$ 69.9	$ 73.3

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 966.9	$ 879.6
Less: Accumulated depreciation and amortization	451.6	395.4
Total property and equipment, net	515.3	484.2
Depreciation expense	68.3	64.4	$ 50.8
Computer software costs
Computer software costs	289.2	249.5
Less: Accumulated amortization	175.0	150.2
Computer software costs, net	114.2	99.3
Amortization expense related to computer software costs	25.4	21.0	$ 17.6
Land
Property and Equipment
Property and equipment before accumulated depreciation and amortization	81.9	72.8
Buildings and leasehold improvements
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 108.4	103.6
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	$ 14.1	15.7
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	$ 329.2	292.2
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	$ 433.4	395.4
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	$ 0.9	$ 5.2

Derivative Instruments

12 Months Ended

Dec. 31, 2023

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. 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.

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

Unit

December 31, 2023

Commodity contracts:

Long

BBL

87.9

Short

BBL

(89.1)

Foreign currency exchange contracts:

Sell U.S. dollar, buy other currencies

USD

(916.9)

Buy U.S. dollar, sell other currencies

USD

884.3

Interest rate contract:

Interest rate swap

USD

300.0

While the majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next year, our interest rate swap agreement matures in March 2025.

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	2023		2022		2023		2022
Derivatives designated as hedging instruments

Commodity contracts	Other non-current assets	$	0.3	$	—	$	—	$	—
	Short-term derivative liabilities, net	24.8		3.4		20.9		6.7


Interest rate contract	Short-term derivative assets, net	12.7		12.9		—		—
	Other non-current assets	2.2		11.9		—		—


Total derivatives designated as hedging instruments		39.9		28.2		20.9		6.7

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	343.9		376.4		73.1		42.3
	Other non-current assets	139.8		293.3		17.2		66.9
	Short-term derivative liabilities, net	161.8		423.1		340.0		936.3
	Other long-term liabilities	121.2		201.8		217.9		399.8

Foreign currency contracts	Short-term derivative assets, net	24.7		21.8		9.8		18.5
	Other non-current assets	0.6		0.7		0.5		0.1
	Short-term derivative liabilities, net	8.7		2.0		18.3		19.8
	Other long-term liabilities	—		0.2		—		0.4
Total derivatives not designated as hedging instruments		800.8		1,319.2		676.8		1,484.1
Total derivatives		$	840.7	$	1,347.4	$	697.8	$	1,490.8

For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 5. 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,
	2023		2022		2023		2022
Inventory	$	55.3	$	60.7	$	(1.3)	$	1.2

Earnings and Other Comprehensive Income (Loss)

Derivatives Designated as Hedging Instruments


	For the Year Ended December 31,
	2023						2022						2021
	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		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	$	47,710.6	$	46,652.4	$	127.7	$	59,043.1	$	57,954.1	$	110.6	$	31,337.0	$	30,548.8	$	40.2
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		0.8		—		—		43.9		—		—		22.1		—
Derivatives designated as hedging instruments	—		3.4		—		—		(52.0)		—		—		(24.3)		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	0.2		—		—		(164.5)		2.6		—		(56.7)		319.0		—
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	—		—		14.0		—		—		(4.2)		—		—		(1.4)
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	—		—		—		—		—		—		—		—		—
Total amount of income and expense line items excluding the impact of hedges	$	47,710.4	$	46,656.7	$	141.7	$	59,207.7	$	57,948.6	$	106.5	$	31,393.6	$	30,865.6	$	38.8


Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement		Year Ended December 31,
	Location	2023		2022		2021
Commodity contracts	Revenue	$	(1.5)	$	(134.5)	$	(369.4)
Commodity contracts	Cost of revenue	$	(0.3)	$	10.7	$	11.0

For the years ended December 31, 2023, 2022 and 2021, 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, 2023, on a pre-tax basis, $0.7 million is scheduled to be reclassified from Accumulated other comprehensive loss over the next twelve months as an increase to Cost of revenue related to designated commodity cash flow hedges that will mature within the next twelve months.


Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit	Year Ended December 31,
	2023		2022		2021
Commodity contracts (Revenue)	$	—	$	(114.7)	$	31.6
Commodity contracts (Cost of revenue)	(0.7)		2.1		166.1
Interest rate contracts (Interest expense and other financing costs, net)	3.0		11.3		5.5
Total gain (loss)	$	2.4	$	(101.3)	$	203.2


Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit		Year Ended December 31,
	Location	2023		2022		2021
Commodity contracts	Revenue	$	0.2	$	(121.7)	$	(43.0)
Commodity contracts	Cost of revenue	—		1.9		237.7
Interest rate contracts	Interest expense and other financing costs, net	10.3		(3.1)		(1.0)
Total gain (loss)		$	10.5	$	(122.9)	$	193.6

Derivatives Not Designated as Hedging Instruments


Derivative Instruments - Non-designated	Location	Year Ended December 31,
		2023		2022		2021
Commodity contracts	Revenue	$	(190.5)	$	230.7	$	88.4
	Cost of revenue	(41.4)		0.6		(14.2)
		(231.9)		231.3		74.2
Foreign currency contracts	Revenue	(8.0)		(1.7)		1.1
	Other income (expense), net	2.3		3.3		1.6
		(5.6)		1.6		2.7
Total gains (losses)		$	(237.5)	$	232.9	$	76.9

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, such as a credit downgrade or if certain defined financial ratios fall below an established threshold. The occurrence of these credit events may require us to post additional collateral or immediately settle the derivative instrument.

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


	As of December 31,
	2023		2022
Net derivative liability positions with credit contingent features	$	99.1	$	72.5
Collateral posted and held by our counterparties	—		(28.7)
Maximum additional potential collateral requirements	$	99.1	$	43.8

Business Segments, Geographic Information, and Major Customers - Income Statement Items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Revenue	$ 47,710.6	$ 59,043.1	$ 31,337.0
Income from operations:
Income from operations	198.0	273.2	142.6
Depreciation and amortization:
Depreciation and amortization	104.5	107.8	81.0
Capital expenditures:
Total capital expenditures	87.6	78.6	39.2
Aviation
Revenue:
Revenue	23,275.1	26,799.9	12,824.3
Land
Revenue:
Revenue	15,189.9	19,283.7	10,426.8
Marine
Revenue:
Revenue	9,245.6	12,959.6	8,085.8
Operating Segments \| Aviation
Income from operations:
Income from operations	208.8	99.5	163.4
Depreciation and amortization:
Depreciation and amortization	32.0	32.8	32.7
Capital expenditures:
Total capital expenditures	25.3	25.9	18.8
Operating Segments \| Land
Income from operations:
Income from operations	40.1	125.6	44.6
Depreciation and amortization:
Depreciation and amortization	61.3	65.1	39.0
Capital expenditures:
Total capital expenditures	8.7	4.8	2.7
Operating Segments \| Marine
Income from operations:
Income from operations	82.3	155.5	20.7
Depreciation and amortization:
Depreciation and amortization	3.6	3.3	3.5
Capital expenditures:
Total capital expenditures	42.5	38.1	17.4
Corporate
Income from operations:
Income from operations	(133.2)	(107.4)	(86.1)
Depreciation and amortization:
Depreciation and amortization	7.7	6.5	5.8
Capital expenditures:
Total capital expenditures	$ 11.1	$ 9.9	$ 0.1

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

12. Shareholders' Equity

Cash Dividends

During the years ended December 31, 2023, 2022 and 2021, the Company's Board of Directors declared aggregate cash dividends of $0.56, $0.52, and 0.48 per common share, representing $33.8 million, $32.2 million, and $30.0 million in total dividends, respectively. Cash dividends declared, but not yet paid, were $8.4 million, $8.6 million and $7.4 million as of December 31, 2023, 2022 and 2021, respectively.

The payments associated with the above referenced cash dividends were in compliance with restrictions regarding the maximum amount of cash dividends allowed to be paid under our Credit Agreement.

Stock Repurchases

During the second quarter of 2023, we used a portion of the proceeds from the issuance of Convertible Notes to repurchase approximately 2.24 million shares of common stock from purchasers of the Convertible Notes for an aggregate purchase price of approximately $50.0 million. See Note 7. Debt, Interest Income, Expense, and Other Finance Costs for additional information regarding the issuance of Convertible Notes.

2020 Repurchase Program

In March 2020, the Board approved a stock repurchase program authorizing $200.0 million in common stock repurchases (the "2020 Repurchase Program"). Our repurchase program does not require a minimum number of shares of common stock to be purchased, has no expiration date, and repurchases may be suspended or discontinued at any time. As of December 31, 2023, approximately $137.0 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.

During the years ended December 31, 2023, 2022, and 2021, we repurchased 0.5 million, 2.0 million, and 1.7 million shares of common stock under the 2020 Repurchase Program for an aggregate value of $10.1 million, $48.7 million, and $50.5 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 Kinect 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 were 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, 2023, approximately 3.2 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).


Plan name	RSUs	SSAR Awards	Remaining Shares of Common Stock Available for Future Issuance
2021 Plan (1)	2.6	—	1.9
2020 Plan (2)	0.3	—	—
2016 Plan (3)	—	0.3	—
2006 Plan (4)	0.1	—	—

(1)As of December 31, 2023, unvested RSUs will vest between February 2024 and May 2027.

(2)As of December 31, 2023, unvested RSUs will vest between March 2024 and May 2024.

(3)As of December 31, 2023, the outstanding SSAR Awards will expire between March 2024 and March 2025.

Restricted Stock Awards

No restricted stock awards vested during the years ended December 31, 2023 and 2022. The aggregate intrinsic value of restricted stock which vested during the year ended December 31, 2021 was $0.6 million based on the average high and low market price of our common stock at the vesting date. There were no unvested restricted stock awards outstanding as of December 31, 2023 and 2022.

RSU Awards

RSUs may contain one or more service, performance, or market-based vesting conditions. 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, 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
Granted (1)	2.1	25.86
Vested	(0.6)	27.27
Forfeited	(0.3)	25.97
As of December 31, 2022	3.0	26.41		81.4		1.6
Granted	1.3	23.48
Vested	(0.8)	25.16
Forfeited	(0.5)	23.24
As of December 31, 2023	3.0	$	25.99	$	67.9	1.5

The aggregate intrinsic value of RSUs vested during the years ended December 31, 2023, 2022 and 2021 was $18.2 million, $14.8 million and $18.1 million, respectively.

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, 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


Expired	(0.1)	36.25
Forfeited	(0.6)	29.58
As of December 31, 2022	0.5	26.35		0.8		0.9	0.4	27.43		0.3		0.5

Exercised (2)	(0.2)	26.40


As of December 31, 2023	0.3	$	26.09	$	—	0.8	0.3	$	26.09	$	—	0.8

(1)The aggregate intrinsic value of SSAR Awards exercised was $0.9 million for the year ended December 31, 2021.

(2)The aggregate intrinsic value of SSAR Awards exercised was $0.8 million for the year ended December 31, 2023.

Unrecognized Compensation Cost

Accumulated Other Comprehensive Income (Loss)


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2021	$	(134.0)	$	(2.7)	$	(136.7)
Other comprehensive income (loss) before reclassifications	(45.5)		(101.3)		(146.9)
Amounts reclassified from Accumulated other comprehensive income (loss)	—		122.9		122.9

Balance as of December 31, 2022	(179.5)		18.9		(160.6)
Other comprehensive income (loss) before reclassifications	19.9		2.4		22.2
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(10.5)		(10.5)

Balance as of December 31, 2023	$	(159.6)	$	10.8	$	(148.9)

The foreign currency translation adjustment gain for the year ended December 31, 2023 was due primarily to the effect of a weaker U.S. dollar compared to most foreign currencies, including the British Pound.

Business Segments, Geographic Information, and Major Customers

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segments, Geographic Information, and Major Customers

14. Business Segments, Geographic Information, and Major Customers

Business Segments

We operate in three reportable segments consisting of aviation, land, and marine. 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 provide global aviation fuel supply and comprehensive services solutions 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. We also supply fuel and provide services to U.S. and foreign government and military customers.

In our land segment, we offer fuel, lubricants, heating oil, and related products and services to commercial, industrial, residential and government customers, as well as retail petroleum operators. We provide energy advisory services, sustainability solutions, as well as supply fulfillment for natural gas and power.

In our marine segment, we market fuel, lubricants, and related products and services to a broad base of marine customers, including international container, dry bulk and tanker fleets, commercial cruise lines, yachts and time-charter operators, 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. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity.

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


	For the Year Ended December 31,
	2023		2022		2021
Revenue:
Aviation segment	$	23,275.1	$	26,799.9	$	12,824.3
Land segment	15,189.9		19,283.7		10,426.8
Marine segment	9,245.6		12,959.6		8,085.8
Total revenue	$	47,710.6	$	59,043.1	$	31,337.0
Income from operations:(1)
Aviation segment	$	208.8	$	99.5	$	163.4
Land segment	40.1		125.6		44.6
Marine segment	82.3		155.5		20.7
Corporate overhead - unallocated	(133.2)		(107.4)		(86.1)
Total income from operations	$	198.0	$	273.2	$	142.6
Depreciation and amortization:
Aviation segment	$	32.0	$	32.8	$	32.7
Land segment	61.3		65.1		39.0
Marine segment	3.6		3.3		3.5
Corporate segment	7.7		6.5		5.8
Total depreciation and amortization	$	104.5	$	107.8	$	81.0
Capital expenditures:
Aviation segment	$	25.3	$	25.9	$	18.8
Land segment	42.5		38.1		17.4
Marine segment	8.7		4.8		2.7
Corporate segment	11.1		9.9		0.1
Total capital expenditures	$	87.6	$	78.6	$	39.2

(1)Includes asset impairment and restructuring charges as discussed in Note 5. Fair Value Measurements and Note 15. Restructuring.

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


	As of December 31,
	2023		2022
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $9.1 and $4.9 as of December 31, 2023 and 2022, respectively	$	1,285.7	$	1,452.4
Land segment, net of allowance for credit losses of $6.3 and $5.8 as of December 31, 2023 and 2022, respectively	767.4		1,141.9
Marine segment, net of allowance for credit losses of $2.9 and $3.4 as of December 31, 2023 and 2022, respectively	682.4		699.8
Total accounts receivable, net	$	2,735.5	$	3,294.1
Total assets:
Aviation segment	$	2,767.4	$	3,036.2
Land segment	3,323.4		3,710.1
Marine segment	992.8		1,007.4
Corporate	291.8		410.8
Total assets	$	7,375.3	$	8,164.6

Geographic Information


	For the Year Ended December 31,
	2023		2022		2021
Revenue:
United States	$	25,403.7	$	32,901.7	$	16,696.2
EMEA (1)	10,003.2		12,396.1		6,735.7
Asia Pacific (2)	5,430.7		7,076.6		4,620.0
Americas, excluding United States	6,873.0		6,668.6		3,285.1
Total (3)	$	47,710.6	$	59,043.1	$	31,337.0


	As of December 31,
	2023		2022
Property and equipment, net:
United States	$	324.8	$	323.7
EMEA	147.7		138.1
Asia Pacific	10.1		9.9
Americas, excluding United States	32.7		12.6
Total	$	515.3	$	484.2

(1)Includes revenue related to the U.K. of $5.3 billion, $6.7 billion and $4.2 billion for 2023, 2022 and 2021, respectively.

(2)Includes revenue related to Singapore of $5.3 billion, $7.2 billion and $4.6 billion for 2023, 2022 and 2021, respectively.

Major Customers

For the years ended December 31, 2023, 2022, and 2021, none of our customers accounted for more than 10% of total consolidated revenue.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 7.2		$ 6.6
Asset impairments	$ 2.2	$ 4.7	32.8	$ 0.6	$ 4.7
Restructuring, 2020 Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges				(0.8)
Payments for Restructuring				(0.2)
Restructuring, 2023 Initiative
Restructuring Cost and Reserve [Line Items]
Restructuring charges			7.2
Restructuring Reserve	5.7		5.7	0.0
Payments for Restructuring			(1.5)
Asset impairments	11.2
Restructuring, 2023 Initiative \| Operating Segments \| Aviation
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1.5
Restructuring Reserve	1.2		1.2	0.0
Payments for Restructuring			(0.4)
Restructuring, 2023 Initiative \| Operating Segments \| Land
Restructuring Cost and Reserve [Line Items]
Restructuring charges			3.9
Restructuring Reserve	3.7		3.7	0.0
Payments for Restructuring			(0.3)
Restructuring, 2023 Initiative \| Operating Segments \| Marine
Restructuring Cost and Reserve [Line Items]
Restructuring charges			0.0
Restructuring Reserve	0.0		0.0	0.0
Payments for Restructuring			0.0
Restructuring, 2023 Initiative \| Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1.7
Restructuring Reserve	$ 0.9		0.9	$ 0.0
Payments for Restructuring			$ (0.8)

Income Taxes - Net Operating Losses and Income Tax Concessions (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Net operating loss carryforward, Total	$ 69.1	$ 56.7
2024-2043
Income taxes
Net operating Loss carryforward, US	8.5
Indefinite
Income taxes
Net operating Loss carryforward, US	3.8
Net operating Loss carryforward, Foreign	48.7
2024-2043
Income taxes
Net operating Loss carryforward, Foreign	$ 8.1

Shareholders' Equity - Dividends and Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Cash dividends declared (in dollars per share)		$ 0.56	$ 0.52	$ 0.48
Cash dividends declared		$ 33,800,000	$ 32,200,000	$ 30,000,000.0
Un paid cash dividend declared		8,400,000	$ 8,600,000	$ 7,400,000
Authorized amount					$ 200,000,000
Amount available to repurchase shares under stock repurchase program		$ 137,000,000
Shares repurchased (in shares)		500	2,000	1,700
Amount of shares repurchased		$ 10,100,000	$ 48,700,000	$ 50,500,000
Stock repurchased under Convertible Notes agreement	2,240
Payments for Repurchase of Common Stock under Convertible Notes agreement	$ 50,000,000	$ 60,100,000	$ 48,700,000	$ 50,500,000

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Supplier Finance Program, Obligation, Current	$ 198.8	$ 246.8
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable

Accounts Receivable

12 Months Ended

Dec. 31, 2023

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 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 and 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, net, of $2.7 billion and $3.3 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $20.8 million and $17.3 million, as of December 31, 2023 and 2022, respectively. Changes to the expected credit loss provision during the year ended December 31, 2023 resulted from the Company's assessment of reasonable and supportable forward-looking information, including global economic outlook considerations. Based on an aging analysis as of December 31, 2023, 94% 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):


	2023		2022		2021
Balance as of January 1,	$	17.3	$	29.8	$	57.3
Charges to allowance for credit losses	4.7		7.7		6.3
Write-off of uncollectible receivables	(1.5)		(22.3)		(35.3)
Recoveries of credit losses	0.3		1.5		1.4
Translation adjustments	(0.1)		0.6		0.1
December 31,	$	20.8	$	17.3	$	29.8

Transfers and Servicing of Financial Assets

Receivable Purchase Agreements

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 2021, we amended our RPAs to, among other things, extend the renewal option term through 2024 and increase the aggregate purchase limit as well as the individual customer limits. During 2023, we amended one of our RPAs to, among other things, reduce the overall fee structure.

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, 2023, 2022, and 2021, respectively, we sold receivables under the RPAs with an aggregate face value of $9.5 billion, $13.1 billion, and $9.2 billion and recognized fees of $37.6 million, $44.5 million, and $20.2 million.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Gain (loss) recognized in earnings related to fair value or cash flow hedges excluded from assessment of hedge effectiveness	$ 0.0	$ 0.0	$ 0.0
Cost of revenue
Derivative [Line Items]
Amount scheduled to be reclassified over the next twelve months	$ (0.7)

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

12 Months Ended

Dec. 31, 2023

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

Schedule of debt

Our outstanding debt consists of the following (in millions):


	As of December 31,
	2023		2022
Credit Facility	$	—	$	339.0
Term Loan	476.4		488.4
Convertible Notes (1)	338.5		—
Finance leases (2)	15.7		15.4
Other(3)	57.3		2.9
Total debt	887.9		845.7
Less: Current maturities of long-term debt and finance leases	78.8		15.8
Long-term debt	$	809.1	$	829.9

be approximately $354.1 million using the Level 2 observable input of quoted market prices in an inactive market.

(2)See Note 13. Leases for additional information.

(3)Includes secured borrowings of $53.6 million (EUR 48.5) as of December 31, 2023 for the transfer of tax receivables.

Schedule of aggregate annual maturities of debt

As of December 31, 2023, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2024	$	76.5
2025	28.8
2026	25.5
2027	406.0
2028	350.3
Thereafter	0.9
Total	$	887.9

Schedule of interest expense and other financing costs, net

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


	Year Ended December 31,
	2023		2022		2021
Interest income	$	7.8	$	6.8	$	7.0
Interest expense and other financing costs	(135.5)		(117.4)		(47.2)
Interest expense and other financing costs, net	$	(127.7)	$	(110.6)	$	(40.2)

Goodwill and Identifiable Intangible Assets - Future Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Year Ended December 31,
2024	$ 35.0
2025	33.2
2026	28.0
2027	23.6
2028	21.2
Thereafter	108.3
Net	$ 249.2	$ 282.5

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee, Finance Lease, Description [Abstract]
Weighted average remaining lease term of finance leases (in years)	5 years	5 years
Weighted average discount rate of finance leases	4.50%	3.60%
Lessee, Operating Lease, Description [Abstract]
Weighted average remaining lease term of operating leases (in years)	8 years 6 months	8 years 6 months
Weighted average discount rate of operating leases	5.50%	5.30%
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	46.2	49.1
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	4.3	4.3
Right of use assets obtained in exchange for new operating lease liability	16.8	83.2
Right of use assets obtained in exchange for new financing lease liability	$ 3.7	$ 0.6

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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 $71.9 million and $59.7 million as of December 31, 2023 and 2022, respectively. Sales and Purchase Commitments As of December 31, 2023, the notional value associated with fixed sales and purchase commitments under our derivative programs amounted to $1.2 billion and $548.7 million, respectively, with delivery dates from 2024 through 2029. Additionally, we have a fixed purchase contract that extends through 2026, under which we have agreed to purchase annually between 1.9 million 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 make a matching contribution of 50% for each 1% of the participants' contributions up to a maximum of 6% of the participants' contributions, subject to applicable IRS limits. Annual Company contributions 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 $14.9 million and $14.0 million as of December 31, 2023 and 2022, respectively, which was principally 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. As of December 31, 2023 and 2022, accrued liabilities for remediation reserves 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 also under review by various domestic and foreign tax authorities regarding indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, South Korea and Brazil, where the amounts in controversy may be material. During 2016 and 2017, the South Korean branch of one of our subsidiaries received assessments totaling approximately $26.5 million (KRW 34.3 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 several 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 contesting an assessment of approximately $11.9 million (BRL 57.5 million) from the Brazilian tax authorities relating to the ICMS rate used for certain transactions. The assessment primarily consists of tax, interest and penalties. In November 2023, the deadline for the Brazilian tax authorities to appeal a previous judgment reducing the interest rate applicable to the assessment passed. 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 On November 23, 2023, one of our subsidiaries submitted an erroneous bid in the Finnish power market. During the fourth quarter of 2023, the Company recognized related extraordinary losses totaling $48.8 million, which are principally reported within Cost of revenue on the Consolidated Statements of Income and Comprehensive Income. In December 2023, the subsidiary received a request for information from Energiavirasto, the Finnish energy regulatory authority ("EA") indicating that EA had initiated an investigation in relation to the events surrounding the erroneous bid submission. We have responded to the information requests and continue to cooperate with the investigation. At this time, we are unable to predict the outcome of this investigation, including whether the investigation will result in any action, proceeding or fine against us. In December 2021, judgments were entered against one of our subsidiaries in the Singapore High Court in companion actions filed by a financing bank of two of our subsidiary’s suppliers. Each of the claims arose out of a financing arrangement between our subsidiary's supplier and the bank. The resulting judgments, including principal and interest, aggregated to approximately $33 million, which we paid to the bank pending the appeals of the Singapore court judgments. In January 2023, we entered into a settlement agreement with the bank pursuant to which the parties settled for approximately $13 million. As a result, we recognized a loss of $6.5 million during the year ended December 31, 2022. Pursuant to the settlement, in the first quarter of 2023 we recovered approximately $20 million in funds we had previously paid to the bank. In connection with the settlement, we have withdrawn our appeals and the parties have exchanged full and final releases in respect of the matters. We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. As of December 31, 2023, our reserves for such claims 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.

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

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, 2021	$	400.1	$	461.8	$	861.9
2022 acquisitions (1)	0.7		388.0		388.7

Foreign currency translation of non-USD functional currency subsidiary goodwill	(3.2)		(14.4)		(17.6)
As of December 31, 2022	397.6		835.3		1,233.0
2023 acquisitions	—		3.0		3.1
Adjustment for sale of business	—		(4.0)		(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	0.6		5.3		5.9
As of December 31, 2023	$	398.3	$	839.7	$	1,238.0

(1)See Note 3. Acquisitions 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, 2023						As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	512.4	$	322.6	$	189.8	$	509.0	$	292.6	$	216.4
Supplier agreements	69.0		30.2		38.8		69.0		25.0		44.0
Others	55.2		34.6		20.6		54.3		32.1		22.2
Total intangible assets subject to amortization	636.5		387.4		249.2		632.2		349.7		282.5
Intangible assets not subject to amortization:
Trademark / trade name rights	50.5		—		50.5		53.6		—		53.6
Total intangible assets	$	687.1	$	387.4	$	299.7	$	685.9	$	349.7	$	336.2

(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, 2023						As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	512.4	$	322.6	$	189.8	$	509.0	$	292.6	$	216.4
Supplier agreements	69.0		30.2		38.8		69.0		25.0		44.0
Others	55.2		34.6		20.6		54.3		32.1		22.2
Total intangible assets subject to amortization	636.5		387.4		249.2		632.2		349.7		282.5
Intangible assets not subject to amortization:
Trademark / trade name rights	50.5		—		50.5		53.6		—		53.6
Total intangible assets	$	687.1	$	387.4	$	299.7	$	685.9	$	349.7	$	336.2

(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,
2024	$	35.0
2025	33.2
2026	28.0
2027	23.6
2028	21.2
Thereafter	108.3
Total	$	249.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details