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Debt, Interest Income, Expense, and Other Finance Costs

9 Months Ended

Sep. 30, 2024

Debt Disclosure [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):


	September 30, 2024		December 31, 2023
Credit Facility (1)	$	—	$	—
Term loan (1)	461.2		476.4
Convertible Notes (2)	340.3		338.5
Finance leases	22.8		15.7
Other (3)	58.7		57.3
Total debt	883.0		887.9
Less: Current maturities of long-term debt and finance leases	85.0		78.8
Long-term debt	$	798.0	$	809.1

(1)The Fourth Amended and Restated Credit Agreement matures in April 2027 and provides for a term loan as well as a revolving credit facility of up to $1.5 billion (the "Credit Facility").

(2)Our 3.250% Convertible Senior Notes due 2028 (the "Convertible Notes") were issued in June 2023 and mature on July 1, 2028, unless earlier converted, redeemed or repurchased. As of September 30, 2024 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs. As of September 30, 2024, the fair value of the Convertible Notes is estimated to be approximately $426.5 million using the Level 2 observable input of quoted market prices in an inactive market.

(3)Includes secured borrowings for the transfer of tax receivables of $54.1 million (EUR 48.5 million) and $53.6 million (EUR 48.5 million) as of September 30, 2024 and December 31, 2023, respectively.

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):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income	$	5.0	$	3.0	$	8.6	$	7.0
Interest expense and other financing costs	(29.0)		(31.6)		(89.0)		(102.3)
Interest expense and other financing costs, net	$	(24.0)	$	(28.6)	$	(80.4)	$	(95.4)

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to World Kinect	$ 33.5	$ 34.9	$ 169.2	$ 87.7

- Definition

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

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+ Details

Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	$ (148.9)
Other comprehensive income (loss) before reclassifications	(0.4)	$ 0.1
Amounts reclassified from Accumulated other comprehensive income (loss) (1)	8.2	(9.9)
Ending balance	(141.1)
Foreign Currency Translation Adjustments
Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	(159.6)	(179.5)
Other comprehensive income (loss) before reclassifications	(0.4)	(3.3)
Amounts reclassified from Accumulated other comprehensive income (loss) (1)	17.0	0.0
Ending balance	(143.1)	(182.8)
Cash Flow Hedges
Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	10.8	18.9
Other comprehensive income (loss) before reclassifications	0.0	3.4
Amounts reclassified from Accumulated other comprehensive income (loss) (1)	(8.8)	(9.9)
Ending balance	2.0	12.4
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive (Loss) Income [Roll Forward]
Beginning balance	(148.9)	(160.6)
Ending balance	$ (141.1)	$ (170.4)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, net:
Allowance for credit losses	$ 20.2	$ 18.3
Accounts receivable	2,476.1	2,735.5
Total assets:
Total assets	6,984.6	7,375.3
Corporate
Total assets:
Total assets	254.2	291.8
Land segment
Accounts receivable, net:
Allowance for credit losses	10.1	6.3
Accounts receivable	647.5	767.4
Land segment \| Operating Segments
Total assets:
Total assets	3,211.0	3,323.4
Marine segment
Accounts receivable, net:
Allowance for credit losses	2.7	2.9
Accounts receivable	612.3	682.4
Marine segment \| Operating Segments
Total assets:
Total assets	1,014.9	992.8
Aviation segment
Accounts receivable, net:
Allowance for credit losses	7.4	9.1
Accounts receivable	1,216.3	1,285.7
Aviation segment \| Operating Segments
Total assets:
Total assets	$ 2,504.6	$ 2,767.4

CONDENSED 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, 2022			62.0
Beginning 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)	22.6	22.8			22.8		(0.2)
Cash dividends declared	(8.6)	(8.6)			(8.6)
Amortization of share-based payment awards	6.1	6.1		6.1
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.1
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(0.3)	(0.3)		(0.3)
Other comprehensive income (loss)	3.5	3.5				3.5
Ending balance (in shares) at Mar. 31, 2023			62.1
Ending balance at Mar. 31, 2023	2,014.0	2,008.3	$ 0.6	188.2	1,976.7	(157.1)	5.7
Beginning balance (in shares) at Dec. 31, 2022			62.0
Beginning 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)	88.5
Other comprehensive income (loss)	(9.8)
Ending balance (in shares) at Sep. 30, 2023			60.2
Ending balance at Sep. 30, 2023	1,975.1	1,968.3	$ 0.6	113.4	2,024.8	(170.4)	6.7
Beginning balance (in shares) at Mar. 31, 2023			62.1
Beginning balance at Mar. 31, 2023	2,014.0	2,008.3	$ 0.6	188.2	1,976.7	(157.1)	5.7
Increase (Decrease) in Shareholders' Equity
Net income (loss)	30.5	29.9			29.9		0.5
Cash dividends declared	(8.4)	(8.4)			(8.4)
Amortization of share-based payment awards	4.0	4.0		4.0
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.3
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(4.0)	(4.0)		(4.0)
Other comprehensive income (loss)	10.2	10.2				10.2
Convertible note hedge transactions	(70.5)	(70.5)		(70.5)
Adjustments to Additional Paid in Capital, Warrant Issued	40.0	40.0		40.0
Ending balance (in shares) at Jun. 30, 2023			60.2
Ending balance at Jun. 30, 2023	1,965.3	1,959.1	$ 0.6	107.2	1,998.2	(146.9)	6.2
Increase (Decrease) in Shareholders' Equity
Purchases of common stock (in shares)			(2.2)
Stock Repurchased During Period, Value	(50.5)	(50.5)		(50.5)
Net income (loss)	35.5	34.9			34.9		0.6
Cash dividends declared	(8.4)	(8.4)			(8.4)
Amortization of share-based payment awards	6.2	6.2		6.2
Other comprehensive income (loss)	(23.5)	(23.5)				(23.5)
Ending balance (in shares) at Sep. 30, 2023			60.2
Ending balance at Sep. 30, 2023	$ 1,975.1	1,968.3	$ 0.6	113.4	2,024.8	(170.4)	6.7
Beginning balance (in shares) at Dec. 31, 2023	59.8		59.8
Beginning balance at Dec. 31, 2023	$ 1,949.6	1,943.0	$ 0.6	109.6	1,981.6	(148.9)	6.7
Increase (Decrease) in Shareholders' Equity
Net income (loss)	27.2	27.4			27.4		(0.2)
Cash dividends declared	(10.1)	(10.1)			(10.1)
Amortization of share-based payment awards	5.9	5.9		5.9
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.1
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(1.2)	(1.2)		(1.2)
Other comprehensive income (loss)	(12.9)	(12.9)				(12.9)
Ending balance (in shares) at Mar. 31, 2024			59.9
Ending balance at Mar. 31, 2024	$ 1,958.5	1,952.0	$ 0.6	114.3	1,998.8	(161.7)	6.5
Beginning balance (in shares) at Dec. 31, 2023	59.8		59.8
Beginning balance at Dec. 31, 2023	$ 1,949.6	1,943.0	$ 0.6	109.6	1,981.6	(148.9)	6.7
Increase (Decrease) in Shareholders' Equity
Net income (loss)	169.1
Other comprehensive income (loss)	$ 7.8
Ending balance (in shares) at Sep. 30, 2024	58.1		58.1
Ending balance at Sep. 30, 2024	$ 2,051.0	2,044.4	$ 0.6	64.3	2,120.6	(141.1)	6.6
Beginning balance (in shares) at Mar. 31, 2024			59.9
Beginning balance at Mar. 31, 2024	1,958.5	1,952.0	$ 0.6	114.3	1,998.8	(161.7)	6.5
Increase (Decrease) in Shareholders' Equity
Net income (loss)	106.9	108.3			108.3		(1.4)
Cash dividends declared	(10.1)	(10.1)			(10.1)
Amortization of share-based payment awards	6.0	6.0		6.0
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.3
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(3.9)	(3.9)		(3.9)
Other comprehensive income (loss)	9.4	9.4				9.4
Ending balance (in shares) at Jun. 30, 2024			59.1
Ending balance at Jun. 30, 2024	2,037.4	2,032.3	$ 0.6	87.0	2,097.0	(152.3)	5.1
Increase (Decrease) in Shareholders' Equity
Purchases of common stock (in shares)			(1.1)
Stock Repurchased During Period, Value	(29.4)	(29.4)		(29.4)
Net income (loss)	35.0	33.5			33.5		1.5
Cash dividends declared	(9.9)	(9.9)			(9.9)
Amortization of share-based payment awards	5.9	5.9		5.9
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	(0.1)	(0.1)		(0.1)
Other comprehensive income (loss)	$ 11.2	11.2				11.2
Ending balance (in shares) at Sep. 30, 2024	58.1		58.1
Ending balance at Sep. 30, 2024	$ 2,051.0	2,044.4	$ 0.6	64.3	$ 2,120.6	$ (141.1)	$ 6.6
Increase (Decrease) in Shareholders' Equity
Purchases of common stock (in shares)			(1.0)
Stock Repurchased During Period, Value	$ (28.6)	$ (28.6)		$ (28.6)

Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Business Segments

13. 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 of our segments. 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 and Income from operations by reportable segment is as follows (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2024		2023		2024		2023
Aviation segment	$	5,218.4	$	5,983.5	$	15,731.3	$	17,400.8
Land segment	3,151.6		3,983.5		9,860.6		11,517.1
Marine segment	2,121.0		2,278.2		6,815.6		6,789.8
Total revenue	$	10,490.9	$	12,245.3	$	32,407.5	$	35,707.6

Income from operations:
Aviation segment	$	68.7	$	58.6	$	180.6	$	150.7
Land segment	15.2		31.8		29.4		82.6
Marine segment	14.9		12.4		52.1		63.0
Corporate overhead - unallocated	(26.5)		(29.5)		(81.4)		(83.0)
Total income from operations	$	72.3	$	73.3	$	180.7	$	213.3

Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions):


	September 30, 2024		December 31, 2023
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $7.4 and $9.1 as of September 30, 2024 and December 31, 2023, respectively	$	1,216.3	$	1,285.7
Land segment, net of allowance for credit losses of $10.1 and $6.3 as of September 30, 2024 and December 31, 2023, respectively	647.5		767.4
Marine segment, net of allowance for credit losses of $2.7 and $2.9 as of September 30, 2024 and December 31, 2023, respectively	612.3		682.4
Total accounts receivable, net	$	2,476.1	$	2,735.5

Total assets:
Aviation segment	$	2,504.6	$	2,767.4
Land segment	3,211.0		3,323.4
Marine segment	1,014.9		992.8
Corporate	254.2		291.8
Total assets	$	6,984.6	$	7,375.3

- 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

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+ Details

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Other revenues (excluded from ASC 606)	$ (25.6)	$ (34.8)	$ (143.7)	$ (171.9)
Total revenue	10,490.9	12,245.3	32,407.5	35,707.6
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,318.0	1,316.9	4,156.2	3,970.5
EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,599.4	2,769.0	7,536.1	7,527.7
LATAM
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,257.7	1,417.6	4,207.8	4,419.2
North America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	5,341.5	6,776.6	16,651.1	19,962.1
Aviation Segment
Disaggregation of Revenue [Line Items]
Total revenue	5,218.4	5,983.5	15,731.3	17,400.8
Aviation Segment \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	266.8	301.0	853.9	826.3
Aviation Segment \| EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,414.4	1,347.7	3,612.2	3,174.3
Aviation Segment \| LATAM
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	867.1	987.7	2,894.1	3,094.8
Aviation Segment \| North America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,668.6	3,346.1	8,356.3	10,291.0
Land
Disaggregation of Revenue [Line Items]
Total revenue	3,151.6	3,983.5	9,860.6	11,517.1
Land \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	17.3	6.4	96.5	18.6
Land \| EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	620.9	725.4	2,193.7	2,512.4
Land \| LATAM
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	247.9	286.4	742.5	743.0
Land \| North America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	2,293.2	3,001.9	6,987.9	8,428.8
Marine
Disaggregation of Revenue [Line Items]
Total revenue	2,121.0	2,278.2	6,815.6	6,789.8
Marine \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	1,033.9	1,009.5	3,205.7	3,125.6
Marine \| EMEA
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	564.1	695.9	1,730.2	1,841.0
Marine \| LATAM
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	142.7	143.5	571.2	581.4
Marine \| North America
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 379.7	$ 428.7	$ 1,306.9	$ 1,242.3

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision and the Respective Effective Income Tax Rates

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Provision for income taxes	$	14.6		$	10.8		$	27.6		$	24.8
Effective income tax rate	29.5		%	23.4		%	14.0		%	21.9		%

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' Equity

10. Shareholders' Equity

Cash Dividends

During the nine months ended September 30, 2024, the Company's Board of Directors (the "Board") declared quarterly cash dividends of $0.17 per common share representing first, second, and third quarter dividends of $10.1 million, $10.1 million, and $9.9 million, which were paid on April 16, 2024, July 16, 2024 and October 16, 2024, respectively. During the nine months ended September 30, 2023, the Board declared quarterly cash dividends of $0.14 per common share representing first, second, and third quarter dividends of $8.6 million, $8.4 million, and $8.4 million, which were paid on April 21, 2023, July 10, 2023, and October 16, 2023, respectively.

Accumulated Other Comprehensive Income (Loss)

Our Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions):


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2024	$	(159.6)	$	10.8	$	(148.9)
Other comprehensive income (loss) before reclassifications	(0.4)		—		(0.4)
Amounts reclassified from Accumulated other comprehensive income (loss) (1)	17.0		(8.8)		8.2

Balance as of September 30, 2024	$	(143.1)	$	2.0	$	(141.1)

Balance as of January 1, 2023	$	(179.5)	$	18.9	$	(160.6)
Other comprehensive income (loss) before reclassifications	(3.3)		3.4		0.1
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(9.9)		(9.9)

Balance as of September 30, 2023	$	(182.8)	$	12.4	$	(170.4)

- Definition

The entire disclosure for equity.

+ References

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+ Details

Goodwill (Details) $ in Millions	9 Months Ended
Goodwill (Details) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at the beginning of the period	$ 1,238.0
Adjustment for sale of business (1)	(59.5)
Foreign currency translation of non-USD functional currency subsidiary goodwill	3.2
Balance at the end of the period	1,181.7
Aviation Segment
Goodwill [Roll Forward]
Balance at the beginning of the period	398.3
Adjustment for sale of business (1)	(59.5)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.8)
Balance at the end of the period	337.0
Land Segment
Goodwill [Roll Forward]
Balance at the beginning of the period	839.7
Foreign currency translation of non-USD functional currency subsidiary goodwill	5.0
Balance at the end of the period	$ 844.7

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. 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 September 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	235.8	$	365.7	$	10.1	$	611.6
Interest rate contract	—		5.8		—		5.8
Foreign currency contracts	—		14.8		—		14.8
Cash surrender value of life insurance	—		19.3		—		19.3
Total assets at fair value	$	235.8	$	405.6	$	10.1	$	651.5

Liabilities:
Commodities contracts	$	294.3	$	224.4	$	0.9	$	519.6

Foreign currency contracts	—		25.3		—		25.3
Total liabilities at fair value	$	294.3	$	249.7	$	0.9	$	544.9


	Fair Value Measurements as of December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
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

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 Condensed Consolidated Balance Sheets (in millions):


	Fair Value as of September 30, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	611.6	$	335.9	$	275.7	$	19.1	$	—	$	256.6
Interest rate contract	5.8		—		5.8		—		—		5.8
Foreign currency contracts	14.8		14.8		—		—		—		—
Total assets at fair value	$	632.2	$	350.7	$	281.5	$	19.1	$	—	$	262.4

Liabilities:
Commodities contracts	$	519.6	$	335.9	$	183.8	$	59.7	$	—	$	124.1

Foreign currency contracts	25.3		14.8		10.4		—		—		10.4
Total liabilities at fair value	$	544.9	$	350.7	$	194.2	$	59.7	$	—	$	134.5


	Fair Value as of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		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

At September 30, 2024 and December 31, 2023, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset.

Concentration of Credit Risk

Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At September 30, 2024, two of our counterparties with a total exposure of $67.6 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $26.9 million.

Nonrecurring Fair Value Measurements

The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of September 30, 2024.

- 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.

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+ Details

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions							3 Months Ended						9 Months Ended
	Oct. 16, 2024	Jul. 16, 2024	Apr. 16, 2024	Oct. 16, 2023	Jul. 10, 2023	Apr. 21, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Cash dividends declared (in dollars per share)							$ 0.17	$ 0.17	$ 0.17	$ 0.14	$ 0.14	$ 0.14
Cash dividends paid (in dollars per share)		$ 0.17	$ 0.17	$ 0.14	$ 0.14	$ 0.14
Dividends paid on common stock		$ 10.1	$ 10.1	$ 8.4	$ 8.4	$ 8.6							$ 28.6	$ 25.7
Dividends, Cash							$ 9.9	$ 10.1	$ 10.1	$ 8.4	$ 8.4	$ 8.6
Subsequent Event
Class of Stock [Line Items]
Cash dividends paid (in dollars per share)	$ 0.17
Dividends paid on common stock	$ 9.9

- 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.

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	235.8	$	365.7	$	10.1	$	611.6
Interest rate contract	—		5.8		—		5.8
Foreign currency contracts	—		14.8		—		14.8
Cash surrender value of life insurance	—		19.3		—		19.3
Total assets at fair value	$	235.8	$	405.6	$	10.1	$	651.5

Liabilities:
Commodities contracts	$	294.3	$	224.4	$	0.9	$	519.6

Foreign currency contracts	—		25.3		—		25.3
Total liabilities at fair value	$	294.3	$	249.7	$	0.9	$	544.9


	Fair Value Measurements as of December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
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

Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets


	Fair Value as of September 30, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	611.6	$	335.9	$	275.7	$	19.1	$	—	$	256.6
Interest rate contract	5.8		—		5.8		—		—		5.8
Foreign currency contracts	14.8		14.8		—		—		—		—
Total assets at fair value	$	632.2	$	350.7	$	281.5	$	19.1	$	—	$	262.4

Liabilities:
Commodities contracts	$	519.6	$	335.9	$	183.8	$	59.7	$	—	$	124.1

Foreign currency contracts	25.3		14.8		10.4		—		—		10.4
Total liabilities at fair value	$	544.9	$	350.7	$	194.2	$	59.7	$	—	$	134.5


	Fair Value as of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		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

At September 30, 2024 and December 31, 2023, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset.

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Financing Receivable, Allowance for Credit Loss

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


	For the Nine Months Ended September 30,
	2024		2023
Balance as of January 1,	$	20.8	$	17.3
Charges to allowance for credit losses	5.5		5.2
Write-off of uncollectible receivables	(5.6)		(3.4)
Recoveries of credit losses	1.3		0.1
Translation adjustments	(0.3)		0.1
Balance as of September 30,	$	21.5	$	19.4

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 Quarterly Report on Form 10-Q ("10-Q Report") as "World Kinect," "we," "our" and "us." 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. The Condensed Consolidated Financial Statements and related Notes include our parent company and all 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 Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2023 Annual Report on Form 10-K ("2023 10-K Report"). All intercompany transactions among our businesses have been eliminated. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this 10-Q Report should be read in conjunction with the Consolidated Financial Statements and accompanying Notes included in our 2023 10-K Report. Certain prior period amounts in the Condensed Consolidated Financial Statements and accompanying Notes have been reclassified to conform to the current period presentation. Due to rounding, certain amounts may not add; however, all percentages have been calculated using unrounded amounts. New Accounting Standards Accounting Standards Issued but Not Yet Adopted Segment Reporting. Accounting Standards Update ("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 companies 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 are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, registrants will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules also require registrants to disclose outside the financial statements information regarding governance and oversight of material climate-related risks, the material impacts of climate risks on the strategy, business model and outlook, risk management processes and material scope 1 and scope 2 greenhouse gas emissions and any material climate-related targets and goals when the registrant has made a target or goal that has materially affected or is reasonable likely to materially affect its business, results of operations, or financial condition. The rules are generally scheduled to be effective for annual reporting periods beginning in 2025. However, in April 2024, the SEC voluntarily stayed the rules pending judicial review. The Company is currently evaluating these final rules to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Significant Accounting Policies There have been no significant changes in the Company's accounting policies from those disclosed in our 2023 10-K Report. The significant accounting policies we use for quarterly financial reporting are disclosed in Note 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies of the accompanying Notes to the Consolidated Financial Statements included in our 2023 10-K Report.

Derivative Instruments - Effect on Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedged Asset, Fair Value Hedge	$ 64.1		$ 64.1		$ 55.3
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease)	(1.5)		(1.5)		(1.3)
Gain (loss) on derivative
Total revenue	10,490.9	$ 12,245.3	32,407.5	$ 35,707.6
Cost of Revenue	10,222.8	11,963.9	31,640.0	34,881.8
Interest expense and other financing costs, net	24.0	28.6	80.4	95.4
Effect of Fair Value Hedges on Results of Operations [Abstract]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net			0.0	0.0
Summary of Cash Flow Hedge Activity [Abstract]
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net			0.0	0.0
Derivative, Credit Risk Related Contingent Features [Abstract]
Derivative, Net Liability Position, Aggregate Fair Value	66.4		66.4		99.1
Collateral Already Posted, Aggregate Fair Value	0.0		0.0		0.0
Additional Collateral, Aggregate Fair Value	66.4		66.4		$ 99.1
Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(2.2)	(0.1)	0.0	3.4
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	3.7	5.3	8.8	9.9
Not Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(27.4)	(47.7)	(153.7)	(213.7)
Sales [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Revenue	10,490.9	12,245.3	32,407.5	35,706.6
Cost of Sales [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Cost of Revenue	10,223.6	11,970.1	31,641.3	34,887.4
Interest Expense And Other Financing Costs [Member]
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	27.8	32.3	(91.6)	(105.7)
Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(21.0)	(45.2)	(142.8)	(206.4)
Commodity Contract [Member] \| Sales [Member]
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	0.0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	0.0	0.0	0.0	0.0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0.0	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	(0.1)	1.1
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0.0	0.0	0.0	0.0
Commodity Contract [Member] \| Sales [Member] \| Designated as Hedging Instrument [Member]
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	(1.8)	(1.3)	(0.5)	(1.6)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(2.4)	(0.6)	(2.6)	0.1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	0.0	0.0	0.0	0.8
Commodity Contract [Member] \| Sales [Member] \| Not Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(33.8)	(28.3)	(158.7)	(171.0)
Commodity Contract [Member] \| Cost of Sales [Member]
Effect of Fair Value Hedges on Results of Operations [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(3.1)	10.3	0.1	6.1
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	2.6	(7.8)	0.5	(2.5)
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0.0	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	1.3	3.6	0.7	2.1
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0.0	0.0	0.0	0.0
Commodity Contract [Member] \| Cost of Sales [Member] \| Designated as Hedging Instrument [Member]
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	(9.0)	3.9	(10.1)	(1.6)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	0.9	(0.8)	1.0	(1.0)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	1.0	2.6	0.5	1.5
Commodity Contract [Member] \| Cost of Sales [Member] \| Not Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	12.8	(16.9)	15.9	(35.4)
Commodity Contract [Member] \| Interest Expense And Other Financing Costs [Member]
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	0.0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	0.0	0.0	0.0	0.0
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	0.0	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	0.0
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0.0	0.0	0.0	0.0
Interest Rate Contract [Member] \| Sales [Member]
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	0.0
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0.0	0.0	0.0	0.0
Interest Rate Contract [Member] \| Cost of Sales [Member]
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	0.0
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0.0	0.0	0.0	0.0
Interest Rate Contract [Member] \| Interest Expense And Other Financing Costs [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	3.8	3.8	11.2	10.3
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net	0.0	0.0	0.0	0.0
Interest Rate Contract [Member] \| Interest Expense And Other Financing Costs [Member] \| Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(0.6)	1.2	1.6	4.4
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	2.8	2.7	8.3	7.5
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(6.4)	(2.5)	(10.9)	(7.3)
Foreign Exchange Contract [Member] \| Sales [Member] \| Not Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(1.7)	(0.2)	(2.1)	(5.9)
Foreign Exchange Contract [Member] \| Interest Expense And Other Financing Costs [Member] \| Not Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	$ (4.7)	$ (2.2)	$ (8.8)	$ (1.5)

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income (Loss) Attributable to Parent [Abstract]
Net income attributable to World Kinect	$ 33.5	$ 34.9	$ 169.2	$ 87.7
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average common shares for basic earnings per common share	58.8	60.3	59.5	61.7
Effect of dilutive securities	0.4	0.1	0.4	0.4
Weighted average common shares for diluted earnings per common share	59.2	60.4	60.0	62.1
Earnings Per Share, Basic	$ 0.57	$ 0.58	$ 2.84	$ 1.42
Diluted earnings (loss) per common share	$ 0.57	$ 0.58	$ 2.82	$ 1.41
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	1.2	1.4	1.1	1.2

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue, Gross Profit and Income from Operations by Segment

Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2024		2023		2024		2023
Aviation segment	$	5,218.4	$	5,983.5	$	15,731.3	$	17,400.8
Land segment	3,151.6		3,983.5		9,860.6		11,517.1
Marine segment	2,121.0		2,278.2		6,815.6		6,789.8
Total revenue	$	10,490.9	$	12,245.3	$	32,407.5	$	35,707.6

Income from operations:
Aviation segment	$	68.7	$	58.6	$	180.6	$	150.7
Land segment	15.2		31.8		29.4		82.6
Marine segment	14.9		12.4		52.1		63.0
Corporate overhead - unallocated	(26.5)		(29.5)		(81.4)		(83.0)
Total income from operations	$	72.3	$	73.3	$	180.7	$	213.3

Schedule of Accounts Receivable, Net and Total Assets by Segment

Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions):


	September 30, 2024		December 31, 2023
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $7.4 and $9.1 as of September 30, 2024 and December 31, 2023, respectively	$	1,216.3	$	1,285.7
Land segment, net of allowance for credit losses of $10.1 and $6.3 as of September 30, 2024 and December 31, 2023, respectively	647.5		767.4
Marine segment, net of allowance for credit losses of $2.7 and $2.9 as of September 30, 2024 and December 31, 2023, respectively	612.3		682.4
Total accounts receivable, net	$	2,476.1	$	2,735.5

Total assets:
Aviation segment	$	2,504.6	$	2,767.4
Land segment	3,211.0		3,323.4
Marine segment	1,014.9		992.8
Corporate	254.2		291.8
Total assets	$	6,984.6	$	7,375.3

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	Jun. 30, 2024 bbl	Sep. 30, 2024 USD ($)
Interest Rate Contract [Member] \| U.S. dollar
Derivative instruments, at their respective fair value positions
Notional value of foreign currency exchange contracts		$ 300.0
Long \| Commodity Contract [Member]
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) \| bbl	84.5
Long \| Foreign currency exchange contracts \| U.S. dollar
Derivative instruments, at their respective fair value positions
Notional value of foreign currency exchange contracts		821.8
Short \| Commodity Contract [Member]
Derivative instruments, at their respective fair value positions
Notional value of commodity contracts (in barrels) \| bbl	87.2
Short \| Foreign currency exchange contracts \| U.S. dollar
Derivative instruments, at their respective fair value positions
Notional value of foreign currency exchange contracts		$ 757.1

- Definition

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

+ References + Details

Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table provides information regarding changes in goodwill during the nine months ended September 30, 2024 (in millions):


	Aviation Segment		Land Segment		Total
As of December 31, 2023	$	398.3	$	839.7	$	1,238.0


Adjustment for sale of business (1)	(59.5)		—		(59.5)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.8)		5.0		3.2
As of September 30, 2024	$	337.0	$	844.7	$	1,181.7

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Goodwill

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

4. Goodwill

The following table provides information regarding changes in goodwill during the nine months ended September 30, 2024 (in millions):


	Aviation Segment		Land Segment		Total
As of December 31, 2023	$	398.3	$	839.7	$	1,238.0


Adjustment for sale of business (1)	(59.5)		—		(59.5)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.8)		5.0		3.2
As of September 30, 2024	$	337.0	$	844.7	$	1,181.7

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

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

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	September 30, 2024		December 31, 2023
Credit Facility (1)	$	—	$	—
Term loan (1)	461.2		476.4
Convertible Notes (2)	340.3		338.5
Finance leases	22.8		15.7
Other (3)	58.7		57.3
Total debt	883.0		887.9
Less: Current maturities of long-term debt and finance leases	85.0		78.8
Long-term debt	$	798.0	$	809.1

(1)The Fourth Amended and Restated Credit Agreement matures in April 2027 and provides for a term loan as well as a revolving credit facility of up to $1.5 billion (the "Credit Facility").

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):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income	$	5.0	$	3.0	$	8.6	$	7.0
Interest expense and other financing costs	(29.0)		(31.6)		(89.0)		(102.3)
Interest expense and other financing costs, net	$	(24.0)	$	(28.6)	$	(80.4)	$	(95.4)

Fair Value Measurements - Concentration of Credit Risk (Details) - Individual Counterparty [Member] - Concentration of credit risk - Credit exposure $ in Millions	Sep. 30, 2024 USD ($) counterparty
Concentration Risk [Line Items]
Total credit risk	$ 67.6
Cash collateral	$ 26.9
Number of OTC Counterparties \| counterparty	2

Business Segments - Income Statement Items (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 10,490.9	$ 12,245.3	$ 32,407.5	$ 35,707.6
Income from operations:
Total income from operations	72.3	73.3	180.7	213.3
Corporate overhead - unallocated
Income from operations:
Total income from operations	(26.5)	(29.5)	(81.4)	(83.0)
Aviation segment
Revenue:
Total revenue	5,218.4	5,983.5	15,731.3	17,400.8
Aviation segment \| Operating Segments
Income from operations:
Total income from operations	68.7	58.6	180.6	150.7
Land segment
Revenue:
Total revenue	3,151.6	3,983.5	9,860.6	11,517.1
Land segment \| Operating Segments
Income from operations:
Total income from operations	15.2	31.8	29.4	82.6
Marine segment
Revenue:
Total revenue	2,121.0	2,278.2	6,815.6	6,789.8
Marine segment \| Operating Segments
Income from operations:
Total income from operations	$ 14.9	$ 12.4	$ 52.1	$ 63.0

- 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

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+ Details

Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

14. Earnings Per Common Share

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to World Kinect	$	33.5	$	34.9	$	169.2	$	87.7
Denominator:
Weighted average common shares for basic earnings per common share	58.8		60.3		59.5		61.7
Effect of dilutive securities	0.4		0.1		0.4		0.4
Weighted average common shares for diluted earnings per common share	59.2		60.4		60.0		62.1
Basic earnings (loss) per common share	$	0.57	$	0.58	$	2.84	$	1.42
Diluted earnings (loss) per common share	$	0.57	$	0.58	$	2.82	$	1.41
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	1.2		1.4		1.1		1.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 20.2	$ 18.3
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)	58.1	59.8
Common stock, shares outstanding (in shares)	58.1	59.8

Supplier Financing Programs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Supplier Finance Program [Line Items]
Supplier finance program, obligation	$ 149.7	$ 198.8
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 10,490.9	$ 12,245.3	$ 32,407.5	$ 35,707.6
Cost of Revenue	10,222.8	11,963.9	31,640.0	34,881.8
Gross profit	268.1	281.4	767.5	825.8
Operating Expenses [Abstract]
Compensation and employee benefits	122.9	132.0	357.7	376.3
General and administrative	71.8	76.1	219.7	235.9
Asset impairments	1.2	0.0	3.6	0.3
Restructuring charges	0.0	0.0	5.7	0.0
Total operating expenses	195.8	208.2	586.7	612.5
Operating Income (Loss), Total	72.3	73.3	180.7	213.3
Nonoperating Income (Expense) [Abstract]
Interest expense and other financing costs, net	(24.0)	(28.6)	(80.4)	(95.4)
Other income (expense), net	1.3	1.6	96.4	(4.7)
Total non-operating income (expense), net	(22.6)	(26.9)	16.0	(100.0)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	49.6	46.3	196.7	113.3
Income Tax Expense (Benefit)	14.6	10.8	27.6	24.8
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	35.0	35.5	169.1	88.5
Net Income (Loss) Attributable to Noncontrolling Interest	1.5	0.6	(0.1)	0.9
Net Income (Loss) Attributable to Parent, Total	$ 33.5	$ 34.9	$ 169.2	$ 87.7
Earnings Per Share, Basic	$ 0.57	$ 0.58	$ 2.84	$ 1.42
Weighted Average Number of Shares Outstanding, Basic	58.8	60.3	59.5	61.7
Diluted earnings (loss) per common share	$ 0.57	$ 0.58	$ 2.82	$ 1.41
Diluted weighted average common shares	59.2	60.4	60.0	62.1
Comprehensive income:
Net income (loss) including noncontrolling interest	$ 35.0	$ 35.5	$ 169.1	$ 88.5
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments	17.1	(18.1)	16.5	(3.3)
Cash flow hedges, net of income tax expense (benefit) of ($2.1) and ($2.2) for the three months ended September 30, 2024 and 2023, respectively, and net of income tax expense (benefit) of ($3.2) and ($2.3) for the nine months ended September 30, 2024 and 2023, respectively	(5.9)	(5.4)	(8.8)	(6.4)
Total other comprehensive income (loss)	11.2	(23.5)	7.8	(9.8)
Comprehensive income (loss) including noncontrolling interest	46.2	12.0	176.9	78.8
Comprehensive income (loss) attributable to noncontrolling interest	1.5	0.6	(0.1)	0.9
Comprehensive income (loss) attributable to World Kinect	$ 44.7	$ 11.5	$ 177.0	$ 77.9

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset	$ 632.2	$ 840.7
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset	350.7	418.0
Derivative Asset, Total	281.5	422.7
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset	19.1	45.2
Derivative Asset, Not Subject to Master Netting Arrangement Deduction	0.0	0.0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	262.4	377.5
Offsetting Liabilities [Line Items]
Gross Derivative Liabilities	544.9	697.8
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset	350.7	418.0
Derivative Liability, Total	194.2	279.7
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	59.7	100.5
Derivative Liability, Not Subject to Master Netting Arrangement Deduction	0.0	0.0
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	134.5	179.2
Commodity Contract [Member]
Offsetting Assets [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset	611.6	791.8
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset	335.9	399.0
Derivative Asset, Total	275.7	392.8
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset	19.1	45.2
Derivative Asset, Not Subject to Master Netting Arrangement Deduction	0.0	0.0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	256.6	347.7
Offsetting Liabilities [Line Items]
Gross Derivative Liabilities	519.6	669.1
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset	335.9	399.0
Derivative Liability, Total	183.8	270.1
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	59.7	100.5
Derivative Liability, Not Subject to Master Netting Arrangement Deduction	0.0	0.0
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	124.1	169.7
Interest Rate Contract [Member]
Offsetting Assets [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset	5.8	14.8
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset	0.0	0.0
Derivative Asset, Total	5.8	14.8
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset	0.0	0.0
Derivative Asset, Not Subject to Master Netting Arrangement Deduction	0.0	0.0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	5.8	14.8
Foreign Exchange Contract [Member]
Offsetting Assets [Line Items]
Derivative Asset, Subject to Master Netting Arrangement, before Offset	14.8	34.1
Derivative Asset, Subject to Master Netting Arrangement, Liability Offset	14.8	19.1
Derivative Asset, Total	0.0	15.0
Derivative Asset, Subject to Master Netting Arrangement, Collateral, Obligation to Return Cash Not Offset	0.0	0.0
Derivative Asset, Not Subject to Master Netting Arrangement Deduction	0.0	0.0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	0.0	15.0
Offsetting Liabilities [Line Items]
Gross Derivative Liabilities	25.3	28.7
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset	14.8	19.1
Derivative Liability, Total	10.4	9.6
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset	0.0	0.0
Derivative Liability, Not Subject to Master Netting Arrangement Deduction	0.0	0.0
Derivative Liability, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	$ 10.4	$ 9.6

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2024	$	(159.6)	$	10.8	$	(148.9)
Other comprehensive income (loss) before reclassifications	(0.4)		—		(0.4)
Amounts reclassified from Accumulated other comprehensive income (loss) (1)	17.0		(8.8)		8.2

Balance as of September 30, 2024	$	(143.1)	$	2.0	$	(141.1)

Balance as of January 1, 2023	$	(179.5)	$	18.9	$	(160.6)
Other comprehensive income (loss) before reclassifications	(3.3)		3.4		0.1
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(9.9)		(9.9)

Balance as of September 30, 2023	$	(182.8)	$	12.4	$	(170.4)

Restructuring - Summary of Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring charges	$ 0.0	$ 0.0	$ 5.7	$ 0.0
Restructuring, 2023 Initiative \| Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance			5.7
Restructuring charges			2.4		$ 7.2
Payments for Restructuring			(5.8)
Ending balance	2.3		2.3		5.7
Operating Segments \| Aviation Segment \| Restructuring, 2023 Initiative \| Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance			1.2
Restructuring charges			0.1
Payments for Restructuring			(1.1)
Ending balance	0.2		0.2		1.2
Operating Segments \| Land \| Restructuring, 2023 Initiative \| Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance			3.7
Restructuring charges			1.8
Payments for Restructuring			(3.8)
Ending balance	1.7		1.7		3.7
Operating Segments \| Marine \| Restructuring, 2023 Initiative \| Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance			0.0
Restructuring charges			0.0
Payments for Restructuring			0.0
Ending balance	0.0		0.0		0.0
Corporate \| Restructuring, 2023 Initiative \| Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Beginning balance			0.9
Restructuring charges			0.5
Payments for Restructuring			(1.0)
Ending balance	$ 0.4		$ 0.4		$ 0.9

Restructuring (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring Activities Included in Accrued Expenses Other Current Liabilities

The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan (in millions):


	Aviation		Land		Marine		Corporate		Consolidated



Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7
Restructuring charges	0.1		1.8		—		0.5		2.4
Paid during the period	(1.1)		(3.8)		—		(1.0)		(5.8)
Accrued charges as of September 30, 2024	$	0.2	$	1.7	$	—	$	0.4	$	2.3

Debt, Interest Income, Expense, and Other Finance Costs - Interest Income (Expense), and Other Financing Costs, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Interest income	$ 5.0	$ 3.0	$ 8.6	$ 7.0
Interest expense and other financing costs	(29.0)	(31.6)	(89.0)	(102.3)
Interest Income (Expense), Nonoperating, Net	$ (24.0)	$ (28.6)	$ (80.4)	$ (95.4)

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,077,535
Entity Central Index Key	0000789460
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

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


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Provision for income taxes	$	14.6		$	10.8		$	27.6		$	24.8
Effective income tax rate	29.5		%	23.4		%	14.0		%	21.9		%

Our provision for income taxes for the three months ended September 30, 2024 includes a net discrete income tax expense of $2.9 million, of which a tax expense of $2.1 million relates to the tax on gain on sale of Avinode and a tax expense of $1.6 million relates to return-to-provision adjustments, partially offset by a net tax benefit of $0.7 million primarily related to changes in our reserve for uncertain tax positions.

Our provision for income taxes for the three months ended September 30, 2023 includes a net discrete income tax benefit of $2.7 million, of which $3.2 million relates to the reversal of a valuation allowance previously recorded against the deferred tax assets of certain foreign subsidiaries and states, partially offset by a net tax expense of $0.5 million related to other worldwide adjustments.

Our provision for income taxes for the nine months ended September 30, 2024 includes a net discrete income tax expense of $2.7 million, of which a net tax expense of $11.2 million relates to the tax on gain on sale of Avinode, partially offset by a net tax benefit of $9.2 million related to changes in our reserve for uncertain tax positions.

Our provision for income taxes for the nine months ended September 30, 2023 includes a net discrete income tax benefit of $8.2 million, which includes a benefit of $8.2 million related to the reversal of valuation allowances previously recorded against deferred tax assets of certain foreign subsidiaries and states, as well as other offsetting worldwide adjustments.

Our income tax provisions for the three and nine months ended September 30, 2024 and 2023 were calculated based on the estimated annual effective income tax rates for the 2024 and 2023 years, respectively. The actual effective income tax rate for the 2024 year may be materially different for several reasons including differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned.

On October 4, 2021, 136 members of the Organisation 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 G20 nations have also indicated their plan to follow the OECD guidance as early as January 1, 2024. Pillar Two legislation has been enacted or substantively enacted in several jurisdictions in which the Company operates. The legislation is effective for the Company’s financial year beginning January 1, 2024.

The Company has completed its assessment and identified potential exposure to Pillar Two income taxes on profits earned in jurisdictions where the effective tax rate is lower than 15%. The estimated Pillar Two taxes do not have a material impact on the estimated annual effective tax rate for 2024 or the income tax provision for the three and nine months ended September 30, 2024.

We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most material of these is in Denmark, where one of our subsidiaries has been under audit since 2018. Through September 30, 2024, we have received final tax assessments for the 2013 and 2014 tax years that were immaterial, and proposed tax assessments for the 2015 through 2021 tax years of approximately $142.1 million (DKK 951.5 million), excluding interest. We believe we have substantial defenses to these assessments and expect to continue to pursue available administrative and judicial remedies to resolve this matter.

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.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Supplier Financing Programs	9 Months Ended
Supplier Financing Programs	Sep. 30, 2024
Supplier Financing Programs [Abstract]
Supplier Finance Program [Text Block]	8. Supplier Financing 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 $149.7 million and $198.8 million as of September 30, 2024 and December 31, 2023, respectively, and are included in Accounts payable within our Condensed Consolidated Balance Sheets.

Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

15. Restructuring and Exit Activities

2023 Restructuring Plan

In November 2023, we approved and began implementing a restructuring plan (the "2023 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, during the fourth quarter of 2023, we identified open positions that were eliminated and other positions that were closed to better align the workforce necessary to execute the revised strategy. We recognized restructuring charges of $7.2 million during the year ended December 31, 2023, 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 of $11.2 million during the fourth quarter of 2023.

During the first half of 2024, we continued to assess potential initiatives, resulting in additional severance and other compensation cost-related restructuring charges. The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan (in millions):


	Aviation		Land		Marine		Corporate		Consolidated



Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7
Restructuring charges	0.1		1.8		—		0.5		2.4
Paid during the period	(1.1)		(3.8)		—		(1.0)		(5.8)
Accrued charges as of September 30, 2024	$	0.2	$	1.7	$	—	$	0.4	$	2.3

In addition, as part of the 2023 Restructuring Plan, within our marine segment we made the decision during the second quarter of 2024 to cease operations at one of our subsidiaries in Brazil, resulting in the write-off of $3.3 million of VAT credits that are no longer recoverable.

We completed the restructuring activities during the second quarter of 2024.

Income Taxes - Summary of Income Tax Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 14.6	$ 10.8	$ 27.6	$ 24.8
Effective income tax rate	29.50%	23.40%	14.00%	21.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 169.1	$ 88.5
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Unrealized (gain) loss on derivatives	32.0	(191.7)
(Gain) loss on sale of business	(96.0)	(0.6)
Depreciation and amortization	75.3	77.8
Noncash operating lease expense	24.2	26.6
Provision for credit losses	5.5	5.2
Share-based payment award compensation costs	17.7	16.2
Deferred income tax expense (benefit)	(18.0)	(4.4)
Unrealized foreign currency (gains) losses, net	19.4	(9.5)
Other	20.7	16.8
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	252.2	389.1
Inventories	43.1	128.1
Prepaid expenses	(16.4)	(8.2)
Other current assets	3.1	(38.3)
Cash collateral with counterparties	76.7	188.8
Other non-current assets	(84.9)	(73.7)
Change in derivative assets and liabilities, net	(5.8)	(6.1)
Accounts payable	(353.6)	(216.9)
Accrued expenses and other current liabilities	(43.2)	(114.6)
Other long-term liabilities	18.5	(6.5)
Net cash provided by (used in) operating activities	139.6	266.8
Cash flows from investing activities:
Proceeds from divestiture of businesses, net of cash divested	200.1	0.0
Capital expenditures	(50.3)	(67.9)
Other investing activities, net	(50.9)	(9.5)
Net cash provided by (used in) investing activities	98.9	(77.4)
Cash flows from financing activities:
Borrowings of debt	2,747.0	4,051.3
Repayments of debt	(2,766.1)	(4,362.7)
Issuance of Convertible Notes	0.0	350.0
Dividends paid on common stock	(28.6)	(25.7)
Repurchases of common stock	(57.4)	(50.0)
Purchase of convertible note hedges	0.0	(70.5)
Sale of warrants	0.0	40.0
Payments of deferred consideration for acquisitions	51.3	62.9
Other financing activities, net	(6.1)	(10.0)
Net cash provided by (used in) financing activities	(162.6)	(140.4)
Effect of exchange rate changes on cash and cash equivalents	(6.4)	(11.8)
Net increase (decrease) in cash and cash equivalents	69.5	37.2
Cash and cash equivalents, as of the beginning of the period	304.3	298.4
Cash and cash equivalents, as of the end of the period	$ 373.8	$ 335.6

Debt, Interest Income, Expense, and Other Finance Costs - Schedule of Debt (Details) € in Millions, $ in Millions	Sep. 30, 2024 USD ($) Rate	Sep. 30, 2024 EUR (€) Rate	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Debt Instrument [Line Items]
Total debt	$ 883.0		$ 887.9
Less: Current maturities of long-term debt and finance leases	85.0		78.8
Long-term debt	798.0		809.1
Credit Facility (1)
Debt Instrument [Line Items]
Long-term debt	0.0		0.0
Borrowing capacity	1,500.0
Term loan (1)
Debt Instrument [Line Items]
Long-term debt	461.2		476.4
Convertible Notes (2)
Debt Instrument [Line Items]
Long-term debt	340.3		338.5
Debt Instrument, Face Amount	350.0
Debt Instrument, Fair Value Disclosure	$ 426.5
Debt Instrument, Interest Rate, Stated Percentage \| Rate	3.25%	3.25%
Finance leases
Debt Instrument [Line Items]
Long-term debt	$ 22.8		15.7
Other (3)
Debt Instrument [Line Items]
Long-term debt	58.7		57.3
Secured Debt	$ 54.1	€ 48.5	$ 53.6	€ 48.5

Income Taxes - Narrative (Details) kr in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 DKK (kr)	Sep. 30, 2023 USD ($)
Income Taxes [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions	$ 2.9	$ (2.7)	$ 2.7		$ (8.2)
Income Tax Discrete Adjustments - Valuation Allowance Reversal [Member]
Income Taxes [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions		(3.2)			$ (8.2)
Income Tax Discrete Adjustments - Gain on Sale of Avinode Business
Income Taxes [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions	2.1		11.2
Income Tax Discrete Adjustments - Return-To-Provision Adj [Member]
Income Taxes [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions	1.6
Income Tax Discrete Adjustments - Change to Uncertain Tax Positions [Member]
Income Taxes [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions	$ (0.7)		(9.2)
Income Tax Discrete Adjustments - Other World Wide Adjustments [Member]
Income Taxes [Line Items]
Tax Adjustments, Settlements, and Unusual Provisions		$ 0.5
Danish Tax Authority \| Tax Years 2015 through 2021 [Member] \| Foreign Tax Authority
Income Taxes [Line Items]
Estimated tax			$ 142.1	kr 951.5

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net	$ 0.0	$ 0.0
Collateral posted and held by our counterparties	0.0		$ 0.0
Sales [Member]
Derivative [Line Items]
Gain scheduled to be reclassified over the next twelve months	(3.4)
Cost of Sales [Member]
Derivative [Line Items]
Gain scheduled to be reclassified over the next twelve months	$ (0.1)

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

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 for the periods presented (in millions, except per share amounts):


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income attributable to World Kinect	$	33.5	$	34.9	$	169.2	$	87.7
Denominator:
Weighted average common shares for basic earnings per common share	58.8		60.3		59.5		61.7
Effect of dilutive securities	0.4		0.1		0.4		0.4
Weighted average common shares for diluted earnings per common share	59.2		60.4		60.0		62.1
Basic earnings (loss) per common share	$	0.57	$	0.58	$	2.84	$	1.42
Diluted earnings (loss) per common share	$	0.57	$	0.58	$	2.82	$	1.41
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	1.2		1.4		1.1		1.2

Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Disaggregated by Major Geographic Areas

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Aviation	$	266.8	$	301.0	$	853.9	$	826.3
Land	17.3		6.4		96.5		18.6
Marine	1,033.9		1,009.5		3,205.7		3,125.6
Asia Pacific	1,318.0		1,316.9		4,156.2		3,970.5

Aviation	1,414.4		1,347.7		3,612.2		3,174.3
Land	620.9		725.4		2,193.7		2,512.4
Marine	564.1		695.9		1,730.2		1,841.0
EMEA	2,599.4		2,769.0		7,536.1		7,527.7

Aviation	867.1		987.7		2,894.1		3,094.8
Land	247.9		286.4		742.5		743.0
Marine	142.7		143.5		571.2		581.4
LATAM	1,257.7		1,417.6		4,207.8		4,419.2

Aviation	2,668.6		3,346.1		8,356.3		10,291.0
Land	2,293.2		3,001.9		6,987.9		8,428.8
Marine	379.7		428.7		1,306.9		1,242.3
North America	5,341.5		6,776.6		16,651.1		19,962.1

Other revenues (excluded from ASC 606) (1)	(25.6)		(34.8)		(143.7)		(171.9)

Total revenue	$	10,490.9	$	12,245.3	$	32,407.5	$	35,707.6

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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 373.8	$ 304.3
Accounts receivable, net of allowance for credit losses of $20.2 million and $18.3 million as of September 30, 2024 and December 31, 2023, respectively	2,476.1	2,735.5
Inventories	619.9	664.6
Prepaid expenses	89.8	77.6
Short-term derivative assets, net	188.2	275.4
Other current assets	423.0	446.4
Total current assets	4,170.7	4,503.8
Property and equipment, net	505.6	515.3
Goodwill	1,181.7	1,238.0
Identifiable intangible assets, net	266.3	299.7
Other non-current assets	860.3	818.6
Total assets	6,984.6	7,375.3
Current liabilities:
Long-Term Debt and Lease Obligation, Current	85.0	78.8
Accounts payable	2,750.8	3,097.6
Short-term derivative liabilities, net	90.4	128.2
Accrued expenses and other current liabilities	657.0	745.0
Total current liabilities	3,583.1	4,049.7
Long-term debt	798.0	809.1
Other long-term liabilities	552.4	566.9
Total liabilities	4,933.6	5,425.7
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, 58.1 and 59.8 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0.6	0.6
Capital in excess of par value	64.3	109.6
Retained earnings	2,120.6	1,981.6
Accumulated other comprehensive income (loss)	(141.1)	(148.9)
Total World Kinect shareholders' equity	2,044.4	1,943.0
Noncontrolling interest	6.6	6.7
Total equity	2,051.0	1,949.6
Total liabilities and equity	$ 6,984.6	$ 7,375.3

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 632.2	$ 840.7
Gross Derivative Liabilities	544.9	697.8
Commodity Contract [Member]
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	611.6	791.8
Gross Derivative Liabilities	519.6	669.1
Interest Rate Contract [Member]
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	5.8	14.8
Foreign Exchange Contract [Member]
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	14.8	34.1
Gross Derivative Liabilities	25.3	28.7
Designated as Hedging Instrument [Member]
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	45.6	39.9
Gross Derivative Liabilities	38.1	20.9
Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	0.3
Gross Derivative Liabilities	0.0	0.0
Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	39.8	24.8
Gross Derivative Liabilities	38.1	20.9
Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member] \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	5.8	12.7
Gross Derivative Liabilities	0.0	0.0
Designated as Hedging Instrument [Member] \| Interest Rate Contract [Member] \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	2.2
Gross Derivative Liabilities	0.0	0.0
Not Designated as Hedging Instrument [Member]
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	586.6	800.8
Gross Derivative Liabilities	506.7	676.8
Not Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	249.0	343.9
Gross Derivative Liabilities	53.3	73.1
Not Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	98.2	139.8
Gross Derivative Liabilities	18.2	17.2
Not Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	143.1	161.8
Gross Derivative Liabilities	268.3	340.0
Not Designated as Hedging Instrument [Member] \| Commodity Contract [Member] \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	81.4	121.2
Gross Derivative Liabilities	141.6	217.9
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member] \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	9.9	24.7
Gross Derivative Liabilities	10.0	9.8
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member] \| Other non-current assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.2	0.6
Gross Derivative Liabilities	0.1	0.5
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member] \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	4.6	8.7
Gross Derivative Liabilities	14.6	18.3
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member] \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.2	0.0
Gross Derivative Liabilities	$ 0.6	$ 0.0

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable	$ 2,476.1		$ 2,735.5
Allowance for credit losses	$ 21.5	$ 19.4	$ 20.8	$ 17.3
Percent accounts receivable outstanding, less than 60 days	97.00%
Cash Proceeds from Transfer Of Financial Assets Accounted For As Sales Derecognized Amount	$ 8,900.0	7,700.0
Fees And Interest Paid Under Receivables Purchase Agreements	$ 29.5	$ 30.7

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	$ 632.2	$ 840.7
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	544.9	697.8
Fair value measured on recurring basis
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure, Total	651.5	857.3
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, Fair Value Disclosure, Total	544.9	697.8
Fair value measured on recurring basis \| Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure, Total	235.8	220.0
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, Fair Value Disclosure, Total	294.3	322.1
Fair value measured on recurring basis \| Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure, Total	405.6	625.6
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, Fair Value Disclosure, Total	249.7	373.9
Fair value measured on recurring basis \| Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets, Fair Value Disclosure, Total	10.1	11.6
Liabilities, Fair Value Disclosure [Abstract]
Liabilities, Fair Value Disclosure, Total	0.9	1.8
Commodity Contract [Member] \| Fair value measured on recurring basis
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	611.6	791.8
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	519.6	669.1
Commodity Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	235.8	220.0
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	294.3	322.1
Commodity Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	365.7	560.2
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	224.4	345.3
Commodity Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	10.1	11.6
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	0.9	1.8
Interest Rate Contract [Member] \| Fair value measured on recurring basis
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	5.8	14.8
Interest Rate Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	0.0	0.0
Interest Rate Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	5.8	14.8
Interest Rate Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	0.0	0.0
Foreign Exchange Contract [Member] \| Fair value measured on recurring basis
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	14.8	34.1
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	25.3	28.7
Foreign Exchange Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	0.0	0.0
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	0.0	0.0
Foreign Exchange Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	14.8	34.1
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	25.3	28.7
Foreign Exchange Contract [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Gross derivative assets	0.0	0.0
Liabilities, Fair Value Disclosure [Abstract]
Gross derivative liabilities	0.0	0.0
Cash Surrender Value [Member] \| Fair value measured on recurring basis
Assets, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	19.3	16.5
Cash Surrender Value [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	0.0	0.0
Cash Surrender Value [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	19.3	16.5
Cash Surrender Value [Member] \| Fair value measured on recurring basis \| Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments, Fair Value Disclosure	$ 0.0	$ 0.0

Derivative Instruments

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

5. 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

September 30, 2024

Commodity contracts

Long

BBL

84.5

Short

BBL

(87.2)

Foreign currency exchange contracts

Sell U.S. dollar, buy other currencies

USD

(757.1)

Buy U.S. dollar, sell other currencies

USD

821.8

Interest rate contracts

Interest rate swap

USD

300.0

The majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next twelve months and 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 Condensed Consolidated Balance Sheets (in millions):


	Condensed Consolidated Balance Sheets Location	Gross Derivative Assets				Gross Derivative Liabilities
Derivative Instruments		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives designated as hedging instruments

Commodity contracts	Other non-current assets	$	—	$	0.3	$	—	$	—
	Short-term derivative liabilities, net	39.8		24.8		38.1		20.9


Interest rate contracts	Short-term derivative assets, net	5.8		12.7		—		—
	Other non-current assets	—		2.2		—		—


Total derivatives designated as hedging instruments		45.6		39.9		38.1		20.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	249.0		343.9		53.3		73.1
	Other non-current assets	98.2		139.8		18.2		17.2
	Short-term derivative liabilities, net	143.1		161.8		268.3		340.0
	Other long-term liabilities	81.4		121.2		141.6		217.9

Foreign currency contracts	Short-term derivative assets, net	9.9		24.7		10.0		9.8
	Other non-current assets	0.2		0.6		0.1		0.5
	Short-term derivative liabilities, net	4.6		8.7		14.6		18.3
	Other long-term liabilities	0.2		—		0.6		—
Total derivatives not designated as hedging instruments		586.6		800.8		506.7		676.8
Total derivatives		$	632.2	$	840.7	$	544.9	$	697.8

For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 6. Fair Value Measurements.

The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):


Line item in the Consolidated Balance Sheets in which the hedged item is included	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Inventory	$	64.1	$	55.3	$	(1.5)	$	(1.3)

Earnings and Other Comprehensive Income (Loss)

Derivatives Designated as Hedging Instruments

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


	For the Three Months Ended
	September 30, 2024						September 30, 2023
	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	$	10,490.9	$	10,222.8	$	24.0	$	12,245.3	$	11,963.9	$	28.6
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		(3.1)		—		—		10.3		—
Derivatives designated as hedging instruments	—		2.6		—		—		(7.8)		—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—		—		—		—		—		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		1.3		—		—		3.6		—
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	—		—		—		—		—		—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		3.8		—		—		3.8
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	$	10,490.9	$	10,223.6	$	27.8	$	12,245.3	$	11,970.1	$	32.3


	For the Nine Months Ended
	September 30, 2024						September 30, 2023
	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	$	32,407.5	$	31,640.0	$	80.4	$	35,707.6	$	34,881.8	$	95.4
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		0.1		—		—		6.1		—
Derivatives designated as hedging instruments	—		0.5		—		—		(2.5)		—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—		—		—		—		—		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	(0.1)		0.7		—		1.1		2.1		—
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	—		—		—		—		—		—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		11.2		—		—		10.3
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	$	32,407.5	$	31,641.3	$	91.6	$	35,706.6	$	34,887.4	$	105.7

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 Condensed Consolidated Statements of Income and Comprehensive Income (in millions):


Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	(1.8)	$	(1.3)	$	(0.5)	$	(1.6)
Commodity contracts	Cost of revenue	$	(9.0)	$	3.9	$	(10.1)	$	(1.6)

For the nine months ended September 30, 2024 and 2023, 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 September 30, 2024, on a pre-tax basis, $3.4 million and $0.1 million is scheduled to be reclassified from Accumulated other comprehensive income (loss) over the next twelve months as a decrease to Revenue and an increase to Cost of revenue, respectively, related to designated commodity cash flow hedges that will mature within the next twelve months.

The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed 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	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Commodity contracts (Revenue)	$	(2.4)	$	(0.6)	$	(2.6)	$	0.1
Commodity contracts (Cost of revenue)	0.9		(0.8)		1.0		(1.0)
Interest rate contracts (Interest expense and other financing costs, net)	(0.6)		1.2		$	1.6	$	4.4
Total gain (loss)	$	(2.2)	$	(0.1)	$	—	$	3.4


Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	—	$	—	$	—	$	0.8
Commodity contracts	Cost of revenue	1.0		2.6		0.5		1.5
Interest rate contracts	Interest expense and other financing costs, net	2.8		2.7		8.3		7.5
Total gain (loss)		$	3.7	$	5.3	$	8.8	$	9.9

Derivatives Not Designated as Hedging Instruments

The following table presents the amount and financial statement location in our Condensed 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		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	(33.8)	$	(28.3)	$	(158.7)	$	(171.0)
	Cost of revenue	12.8		(16.9)		15.9		(35.4)
		(21.0)		(45.2)		(142.8)		(206.4)
Foreign currency contracts	Revenue	(1.7)		(0.2)		(2.1)		(5.9)
	Other (expense), net	(4.7)		(2.2)		(8.8)		(1.5)
		(6.4)		(2.5)		(10.9)		(7.3)
Total gain (loss)		$	(27.4)	$	(47.7)	$	(153.7)	$	(213.7)

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-contingent features (in millions):


	September 30, 2024		December 31, 2023
Net derivative liability positions with credit contingent features	$	66.4	$	99.1
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	66.4	$	99.1

Commitments and Contingencies (Details) R$ in Millions, $ in Millions, ₩ in Billions	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 KRW (₩)	Sep. 30, 2024 BRL (R$)
Loss Contingencies [Line Items]
Cost of Revenue	$ 10,222.8		$ 11,963.9	$ 31,640.0	$ 34,881.8
Finnish Bid Error [Member]
Loss Contingencies [Line Items]
Cost of Revenue		$ 48.8
Tax Authority, South Korea (SRTO) \| Assessment \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss	26.1			26.1		₩ 34.3
Federal, State and Municipal Tax Authorities in Brazil \| Assessment \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss	$ 6.1			$ 6.1			R$ 33.0

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- 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 + Details

Business Segments - Narrative (Details)	9 Months Ended
Business Segments - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable operating business segments	3

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The Condensed Consolidated Financial Statements and related Notes include our parent company and all 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 Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2023 Annual Report on Form 10-K ("2023 10-K Report"). All intercompany transactions among our businesses have been eliminated.
Reclassifications	Certain prior period amounts in the Condensed Consolidated Financial Statements and accompanying Notes have been reclassified to conform to the current period presentation.
New Accounting Standards and Accounting Standards Issued but Not Yet Adopted	Accounting Standards Issued but Not Yet Adopted Segment Reporting. Accounting Standards Update ("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 companies 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 are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, registrants will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules also require registrants to disclose outside the financial statements information regarding governance and oversight of material climate-related risks, the material impacts of climate risks on the strategy, business model and outlook, risk management processes and material scope 1 and scope 2 greenhouse gas emissions and any material climate-related targets and goals when the registrant has made a target or goal that has materially affected or is reasonable likely to materially affect its business, results of operations, or financial condition. The rules are generally scheduled to be effective for annual reporting periods beginning in 2025. However, in April 2024, the SEC voluntarily stayed the rules pending judicial review. The Company is currently evaluating these final rules to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes.

Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 20.8	$ 17.3
Charges to allowance for credit losses	5.5	5.2
Write-off of uncollectible receivables	(5.6)	(3.4)
Recoveries of credit losses	1.3	0.1
Translation adjustments	(0.3)	0.1
Ending balance	$ 21.5	$ 19.4

Discontinued Operations and Disposal Groups - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses, net of cash divested			$ 200.1	$ 0.0
Gain (loss) on sale of disposal group, not discontinued operation, pretax			96.0	0.6
Income Tax Expense (Benefit)	$ 14.6	$ 10.8	27.6	$ 24.8
Avinode Group \| Avinode Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses, net of cash divested			200.1
Gain (loss) on sale of disposal group, not discontinued operation, pretax			96.0
Income Tax Expense (Benefit)			$ 11.2

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Supplemental Disclosure of Noncash Investing and Financing Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating leases [Member]
Other Significant Noncash Transactions [Line Items]
Right of use assets obtained in exchange for new operating lease liability	$ 24.9	$ 23.3

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended		12 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.0			$ 0.0	$ 5.7	$ 0.0
Asset impairments	$ 1.2			$ 0.0	3.6	$ 0.3
Restructuring, 2023 Initiative \| Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Asset impairments			$ 11.2
Restructuring Costs		$ (3.3)
Restructuring, 2023 Initiative \| Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs					$ 2.4		$ 7.2

- 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 + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

11. Revenue from Contracts with Customers

Disaggregated revenue

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Aviation	$	266.8	$	301.0	$	853.9	$	826.3
Land	17.3		6.4		96.5		18.6
Marine	1,033.9		1,009.5		3,205.7		3,125.6
Asia Pacific	1,318.0		1,316.9		4,156.2		3,970.5

Aviation	1,414.4		1,347.7		3,612.2		3,174.3
Land	620.9		725.4		2,193.7		2,512.4
Marine	564.1		695.9		1,730.2		1,841.0
EMEA	2,599.4		2,769.0		7,536.1		7,527.7

Aviation	867.1		987.7		2,894.1		3,094.8
Land	247.9		286.4		742.5		743.0
Marine	142.7		143.5		571.2		581.4
LATAM	1,257.7		1,417.6		4,207.8		4,419.2

Aviation	2,668.6		3,346.1		8,356.3		10,291.0
Land	2,293.2		3,001.9		6,987.9		8,428.8
Marine	379.7		428.7		1,306.9		1,242.3
North America	5,341.5		6,776.6		16,651.1		19,962.1

Other revenues (excluded from ASC 606) (1)	(25.6)		(34.8)		(143.7)		(171.9)

Total revenue	$	10,490.9	$	12,245.3	$	32,407.5	$	35,707.6

(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 Condensed Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, the contract assets and contract 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
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-Section 50
-Paragraph 12
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-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

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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

September 30, 2024

Commodity contracts

Long

BBL

84.5

Short

BBL

(87.2)

Foreign currency exchange contracts

Sell U.S. dollar, buy other currencies

USD

(757.1)

Buy U.S. dollar, sell other currencies

USD

821.8

Interest rate contracts

Interest rate swap

USD

300.0

Schedule of Derivative Instruments Measured at Fair Value and their Locations on the Consolidated Balance Sheets

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


	Condensed Consolidated Balance Sheets Location	Gross Derivative Assets				Gross Derivative Liabilities
Derivative Instruments		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives designated as hedging instruments

Commodity contracts	Other non-current assets	$	—	$	0.3	$	—	$	—
	Short-term derivative liabilities, net	39.8		24.8		38.1		20.9


Interest rate contracts	Short-term derivative assets, net	5.8		12.7		—		—
	Other non-current assets	—		2.2		—		—


Total derivatives designated as hedging instruments		45.6		39.9		38.1		20.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	249.0		343.9		53.3		73.1
	Other non-current assets	98.2		139.8		18.2		17.2
	Short-term derivative liabilities, net	143.1		161.8		268.3		340.0
	Other long-term liabilities	81.4		121.2		141.6		217.9

Foreign currency contracts	Short-term derivative assets, net	9.9		24.7		10.0		9.8
	Other non-current assets	0.2		0.6		0.1		0.5
	Short-term derivative liabilities, net	4.6		8.7		14.6		18.3
	Other long-term liabilities	0.2		—		0.6		—
Total derivatives not designated as hedging instruments		586.6		800.8		506.7		676.8
Total derivatives		$	632.2	$	840.7	$	544.9	$	697.8

Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income

The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):


Line item in the Consolidated Balance Sheets in which the hedged item is included	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Inventory	$	64.1	$	55.3	$	(1.5)	$	(1.3)

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


	For the Three Months Ended
	September 30, 2024						September 30, 2023
	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	$	10,490.9	$	10,222.8	$	24.0	$	12,245.3	$	11,963.9	$	28.6
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		(3.1)		—		—		10.3		—
Derivatives designated as hedging instruments	—		2.6		—		—		(7.8)		—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—		—		—		—		—		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		1.3		—		—		3.6		—
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	—		—		—		—		—		—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		3.8		—		—		3.8
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	$	10,490.9	$	10,223.6	$	27.8	$	12,245.3	$	11,970.1	$	32.3


	For the Nine Months Ended
	September 30, 2024						September 30, 2023
	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	$	32,407.5	$	31,640.0	$	80.4	$	35,707.6	$	34,881.8	$	95.4
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		0.1		—		—		6.1		—
Derivatives designated as hedging instruments	—		0.5		—		—		(2.5)		—
Amount excluded from effectiveness testing recognized in earnings based on amortization approach	—		—		—		—		—		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	(0.1)		0.7		—		1.1		2.1		—
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value	—		—		—		—		—		—
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income	—		—		11.2		—		—		10.3
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	$	32,407.5	$	31,641.3	$	91.6	$	35,706.6	$	34,887.4	$	105.7


Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	(1.8)	$	(1.3)	$	(0.5)	$	(1.6)
Commodity contracts	Cost of revenue	$	(9.0)	$	3.9	$	(10.1)	$	(1.6)

Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income


Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Commodity contracts (Revenue)	$	(2.4)	$	(0.6)	$	(2.6)	$	0.1
Commodity contracts (Cost of revenue)	0.9		(0.8)		1.0		(1.0)
Interest rate contracts (Interest expense and other financing costs, net)	(0.6)		1.2		$	1.6	$	4.4
Total gain (loss)	$	(2.2)	$	(0.1)	$	—	$	3.4


Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	—	$	—	$	—	$	0.8
Commodity contracts	Cost of revenue	1.0		2.6		0.5		1.5
Interest rate contracts	Interest expense and other financing costs, net	2.8		2.7		8.3		7.5
Total gain (loss)		$	3.7	$	5.3	$	8.8	$	9.9

Schedule of potential collateral requirements derivatives credit-risk contingency features

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


	September 30, 2024		December 31, 2023
Net derivative liability positions with credit contingent features	$	66.4	$	99.1
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	66.4	$	99.1

Impact of Derivatives not Designated as Hedges on the Consolidated Statements of Income and Comprehensive Income


Derivative Instruments - Non-designated		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	(33.8)	$	(28.3)	$	(158.7)	$	(171.0)
	Cost of revenue	12.8		(16.9)		15.9		(35.4)
		(21.0)		(45.2)		(142.8)		(206.4)
Foreign currency contracts	Revenue	(1.7)		(0.2)		(2.1)		(5.9)
	Other (expense), net	(4.7)		(2.2)		(8.8)		(1.5)
		(6.4)		(2.5)		(10.9)		(7.3)
Total gain (loss)		$	(27.4)	$	(47.7)	$	(153.7)	$	(213.7)

- 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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Cash flow hedges, net of income tax expense (benefit) of ($2.1) and ($2.2) for the three months ended September 30, 2024 and 2023, respectively, and net of income tax expense (benefit) of ($3.2) and ($2.3) for the nine months ended September 30, 2024 and 2023, respectively	$ (2.1)	$ (2.2)	$ (3.2)	$ (2.3)

Accounts Receivable

9 Months Ended

Sep. 30, 2024

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 $2.5 billion and $2.7 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $21.5 million and $20.8 million, as of September 30, 2024 and December 31, 2023, respectively. Changes to the expected credit loss provision during the nine months ended September 30, 2024 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 September 30, 2024, 97% 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):


	For the Nine Months Ended September 30,
	2024		2023
Balance as of January 1,	$	20.8	$	17.3
Charges to allowance for credit losses	5.5		5.2
Write-off of uncollectible receivables	(5.6)		(3.4)
Recoveries of credit losses	1.3		0.1
Translation adjustments	(0.3)		0.1
Balance as of September 30,	$	21.5	$	19.4

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. 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 nine months ended September 30, 2024 and 2023, we sold receivables under the RPAs with an aggregate face value of $8.9 billion and $7.7 billion and recognized fees of $29.5 million and $30.7 million, respectively.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies 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 since received requests for additional information following our responses to EA's initial requests. We have responded to such 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. 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. 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 $26.1 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 we have substantial defenses to these assessments and expect to continue to pursue available administrative and judicial remedies to resolve this matter. 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 from the Brazilian tax authorities relating to the ICMS rate used for certain transactions (consisting of tax, interest and penalties) that now stands at approximately $6.1 million (BRL 33.0 million). In November 2023, the deadline passed for the Brazilian tax authorities to appeal a previous judgment reducing the interest rate applicable to the assessment. In April 2024, the Sao Paulo Court of Justice published a decision on a motion previously filed in the case, which reduced the penalty by limiting it to the total tax due and eliminated any interest that would have been due on the excess penalty. We are pursuing available judicial remedies to resolve this matter. We have established loss provisions for claims and other matters in which losses are probable and can be reasonably estimated. As of September 30, 2024, 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 Condensed 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 Condensed 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. 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.

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	3. Acquisitions and Divestitures 2024 Acquisitions and Divestitures There were no acquisitions during the nine months ended September 30, 2024. On May 1, 2024, we completed the sale of our Avinode Group and our portfolio of aviation fixed-based operator software products (the "disposal group") for cash proceeds, net of cash sold, of $200.1 million (the "Avinode sale"). The sale resulted in a pre-tax gain of $96.0 million, net of costs to sell and after the reclassification of the cumulative translation adjustment to net income, that is included in Other income (expense), net within our Consolidated Statements of Income and Comprehensive Income. The related tax expense of $11.2 million is included in Provision for income taxes within our Consolidated Statements of Income and Comprehensive Income. Prior to the sale, the disposal group was reported within the aviation segment. The sale did not meet the criteria to be reported as a discontinued operation.