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v3.26.3
Business Segments
9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business Segments
12. 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 segment profit. 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, significant segment expenses, and income from operations by segment is as follows (in millions):
For the Three Months Ended September 30, 2026
AviationLandMarineTotal
Revenue$7,647.7 $2,855.7 $2,767.3 $13,270.7 
Segment expenses:
Cost of revenue(7,499.8)(2,774.3)(2,708.5)(12,982.6)
Compensation and related costs
(37.9)(22.1)(7.7)(67.8)
Incentive compensation(4.4)(4.9)(1.5)(10.8)
Corporate allocations (1)
(11.1)(3.9)(6.8)(21.9)
Depreciation and amortization
(5.3)(6.7)(0.3)(12.2)
Provision for credit losses
(1.8)0.4 (1.0)(2.4)
Goodwill and other asset impairments
— (0.9)— (0.9)
Restructuring and exit costs8.8 (1.0)0.4 8.1 
Other segment expenses (2)
(18.8)(14.4)(5.1)(38.3)
Operating income - segment profit (loss)
77.5 27.8 36.8 142.0 
Unallocated corporate expenses (3)
(61.9)
Interest expense and other financing costs, net(30.8)
Other income (expense), net7.0 
Income (loss) before income taxes$56.3 
For the Nine Months Ended September 30, 2026
AviationLandMarineTotal
Revenue$20,652.3 $8,299.5 $7,595.1 $36,546.9 
Segment expenses:
Cost of revenue(20,158.1)(8,074.1)(7,390.3)(35,622.5)
Compensation and related costs
(117.2)(85.1)(25.2)(227.4)
Incentive compensation(31.6)(12.2)(19.4)(63.1)
Corporate allocations (1)
(33.0)(12.9)(19.9)(65.8)
Depreciation and amortization
(15.5)(20.4)(0.9)(36.7)
Provision for credit losses
(8.2)(5.0)(24.7)(37.9)
Goodwill and other asset impairments— 3.2 (1.4)1.8 
Restructuring and exit costs7.8 (7.1)(1.8)(1.1)
Other segment expenses (2)
(56.6)(49.7)(19.6)(125.8)
Operating income - segment profit (loss)
240.0 36.3 92.0 368.3 
Unallocated corporate expenses (3)
(135.8)
Interest expense and other financing costs, net(87.7)
Other income (expense), net10.0 
Income (loss) before income taxes$154.8 
For the Three Months Ended September 30, 2025
AviationLandMarineTotal
Revenue$4,868.1 $2,535.6 $1,988.1 $9,391.8 
Segment expenses:
Cost of revenue(4,725.3)(2,454.2)(1,962.7)(9,142.2)
Compensation and related costs
(28.1)(35.2)(7.9)(71.2)
Incentive compensation(10.1)(3.4)(1.7)(15.3)
Corporate allocations (1)
(9.1)(4.1)(5.4)(18.7)
Depreciation and amortization
(4.2)(8.6)(0.3)(13.1)
Provision for credit losses
(1.3)(0.2)(0.1)(1.6)
Goodwill and other asset impairments
— — — — 
Restructuring and exit costs(0.5)(1.2)0.2 (1.5)
Other segment expenses (2)
(12.3)(17.0)(5.5)(34.8)
Operating income - segment profit (loss)
77.1 11.7 4.7 93.6 
Unallocated corporate expenses (3)
(30.7)
Interest expense and other financing costs, net(25.9)
Other income (expense), net1.8 
Income (loss) before income taxes$38.8 
For the Nine Months Ended September 30, 2025
AviationLandMarineTotal
Revenue$14,247.4 $7,825.9 $5,814.3 $27,887.6 
Segment expenses:
Cost of revenue(13,851.0)(7,598.1)(5,726.1)(27,175.2)
Compensation and related costs
(84.3)(109.9)(24.3)(218.5)
Incentive compensation(20.6)(6.9)(5.0)(32.5)
Corporate allocations (1)
(27.9)(11.9)(15.8)(55.5)
Depreciation and amortization
(12.6)(26.4)(0.8)(39.9)
Provision for credit losses
(3.6)(2.0)(0.1)(5.7)
Goodwill and other asset impairments— (411.5)(31.6)(443.1)
Restructuring and exit costs(5.3)(9.6)(0.6)(15.5)
Other segment expenses (2)
(37.2)(50.1)(16.0)(103.3)
Operating income - segment profit (loss)
204.9 (400.4)(6.1)(201.6)
Unallocated corporate expenses (3)
(87.2)
Interest expense and other financing costs, net(74.4)
Other income (expense), net(74.8)
Income (loss) before income taxes$(438.0)
(1)Includes allocations of compensation costs and general and administrative expenses.
(2)Other segment expenses include professional fees, office expenses and general insurance, technology related expenses, travel and entertainment, and other general and administrative expenses.
(3)Unallocated corporate expenses include corporate compensation costs and general and administrative expenses which are not allocated to the operating segments, as well as certain asset impairment charges related to equity investments at non-core businesses.
Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):
For the Three Months Ended September 30, 2026
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$8.9 $8.7 $0.8 $18.4 $3.4 $21.8 
Capital expenditures
8.2 1.4 0.2 9.8 1.0 10.8 
For the Nine Months Ended September 30, 2026
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$26.0 $26.5 $2.4 $54.8 $7.2 $62.0 
Capital expenditures
25.6 7.4 1.3 34.3 4.1 38.4 
For the Three Months Ended September 30, 2025
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$7.5 $13.7 $0.6 $21.8 $1.8 $23.5 
Capital expenditures
7.7 2.8 0.7 11.3 2.8 14.1 
For the Nine Months Ended September 30, 2025
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$22.4 $43.2 $2.3 $67.8 $5.2 $73.0 
Capital expenditures
22.5 11.8 3.5 37.9 6.3 44.2 
(1)Total depreciation and amortization as presented includes charges classified within Cost of revenue and Operating expenses in our Condensed Consolidated Statements of Income and Comprehensive Income.
Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions):
September 30, 2026December 31, 2025
Accounts receivable, net:
Aviation segment$1,810.7 $1,119.7 
Land segment472.2 592.5 
Marine segment842.3 496.2 
Total accounts receivable, net$3,125.2 $2,208.5 
Total assets:
Aviation segment$3,611.1 $2,588.7 
Land segment1,980.7 2,131.3 
Marine segment1,064.1 701.4 
Total reportable segment assets6,655.9 5,421.4 
Corporate and other383.0 442.5 
Total assets$7,038.9 $5,863.9 
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v3.26.3
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - Disposal Group, Not Discontinued Operations [Member] - USD ($)
$ in Millions
3 Months Ended
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Land      
Statement [Line Items]      
Other Asset Impairment Charges   $ 8.0  
Land | Watson Fuels      
Statement [Line Items]      
Other Asset Impairment Charges     $ 44.5
Marine | Falmouth Group      
Statement [Line Items]      
Other Asset Impairment Charges $ 3.3 $ 31.6  
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- Definition

The charge against earnings resulting from the write down of long lived assets other than goodwill due to the difference between the carrying value and lower fair value.

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Accounts Receivable - Narrative (Details) - USD ($)
$ in Millions
9 Months Ended
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Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
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Total accounts receivable, net $ 3,125.2   $ 2,208.5  
Allowance for credit losses $ 74.1 $ 21.0 $ 16.6 $ 23.7
Percent accounts receivable outstanding, less than 60 days 97.00%      
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Supplier Financing Programs (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
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Outstanding obligations confirmed under our supplier finance programs $ 287.4 $ 210.1
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v3.26.3
Derivative Instruments - Gross Notional Values (Details)
bbl in Millions, $ in Millions
9 Months Ended
Sep. 30, 2026
USD ($)
bbl
Long | Commodity Contract [Member]  
Derivative instruments, at their respective fair value positions  
Notional value of commodity contracts (in barrels) | bbl 71.3
Long | Foreign currency exchange contracts | U.S. dollar  
Derivative instruments, at their respective fair value positions  
Notional value of foreign currency exchange contracts | $ $ 806.1
Short | Commodity Contract [Member]  
Derivative instruments, at their respective fair value positions  
Notional value of commodity contracts (in barrels) | bbl 71.3
Short | Foreign currency exchange contracts | U.S. dollar  
Derivative instruments, at their respective fair value positions  
Notional value of foreign currency exchange contracts | $ $ 867.1
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v3.26.3
Fair Value Measurements - Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets, Fair Value Disclosure [Abstract]    
Gross derivative assets $ 535.8 $ 291.3
Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 495.4 228.4
Fair value measured on recurring basis    
Assets, Fair Value Disclosure [Abstract]    
Assets, Fair Value Disclosure, Total 557.7 311.4
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, Fair Value Disclosure, Total 495.4 228.4
Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member]    
Assets, Fair Value Disclosure [Abstract]    
Assets, Fair Value Disclosure, Total 410.8 113.4
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, Fair Value Disclosure, Total 395.3 118.5
Fair value measured on recurring basis | Fair Value, Inputs, Level 2 [Member]    
Assets, Fair Value Disclosure [Abstract]    
Assets, Fair Value Disclosure, Total 140.8 187.3
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, Fair Value Disclosure, Total 98.7 106.1
Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member]    
Assets, Fair Value Disclosure [Abstract]    
Assets, Fair Value Disclosure, Total 6.0 10.7
Liabilities, Fair Value Disclosure [Abstract]    
Liabilities, Fair Value Disclosure, Total 1.4 3.8
Commodity Contract [Member] | Fair value measured on recurring basis    
Assets, Fair Value Disclosure [Abstract]    
Gross derivative assets 522.2 283.7
Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 471.0 218.6
Commodity Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member]    
Assets, Fair Value Disclosure [Abstract]    
Gross derivative assets 410.8 113.4
Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 395.3 118.5
Commodity Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 2 [Member]    
Assets, Fair Value Disclosure [Abstract]    
Gross derivative assets 105.3 159.6
Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 74.4 96.4
Commodity Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member]    
Assets, Fair Value Disclosure [Abstract]    
Gross derivative assets 6.0 10.7
Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 1.4 3.8
Foreign Exchange Contract [Member] | Fair value measured on recurring basis    
Assets, Fair Value Disclosure [Abstract]    
Gross derivative assets 13.6 7.6
Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 24.3 9.8
Foreign Exchange Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 1 [Member]    
Assets, Fair Value Disclosure [Abstract]    
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Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 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 13.6 7.6
Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 24.3 9.8
Foreign Exchange Contract [Member] | Fair value measured on recurring basis | Fair Value, Inputs, Level 3 [Member]    
Assets, Fair Value Disclosure [Abstract]    
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Liabilities, Fair Value Disclosure [Abstract]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0.0 0.0
Cash Surrender Value [Member] | Fair value measured on recurring basis    
Assets, Fair Value Disclosure [Abstract]    
Investments, Fair Value Disclosure 21.9 20.1
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 21.9 20.1
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
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v3.26.3
Business Combinations, Asset Acquisitions, Transaction between Entities under Common Control, and Joint Venture Formation (Tables)
9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):
Final
Consideration:
Cash paid at closing$154.4 
Working capital adjustment paid to seller8.3 
Amount due to sellers (1)
52.6 
Total fair value of consideration$215.4 
Assets acquired and liabilities assumed:
Cash$0.2 
Accounts receivable35.2 
Prepaid expenses and other current assets
0.2 
Property, plant and equipment0.3 
Identifiable intangible assets subject to amortization (2)
88.6 
Identifiable intangible assets not subject to amortization (3)
23.4 
Accounts payable(12.3)
Other assets and liabilities, net (4)
(3.8)
Net identifiable assets acquired131.9 
Goodwill (5)
83.5 
Net assets acquired$215.4 
(1)Represents expected payments of $15.0 million per year over each of the next four years, discounted to present value at the date of acquisition.
(2)Identifiable intangible assets subject to amortization primarily consist of customer relationships and other identifiable assets which will be amortized over a weighted average life of 18.4 years.
(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.
(4)Includes the recognition of right of use assets of $1.3 million and lease liabilities of $1.3 million.
(5)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our aviation segment. All of the goodwill assigned to the aviation segment was deductible for tax purposes.
Business Combination, Pro Forma Information
The following presents unaudited pro forma combined financial information of the Company for the three and nine months ended September 30, 2025 as if the acquisition of Universal TSS had been completed on January 1, 2024 (in millions):
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Revenue$9,452.5 $28,069.6 
Net income (loss) attributable to World Kinect
$28.2 $(327.3)
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract]        
Cash flow hedges, net of income tax expense (benefit) of ($4.6) and ($0.1) for the three months ended September 30, 2026 and 2025, respectively, and net of income tax expense (benefit) of $(9.7) and $(0.6) for the nine months ended September 30, 2026 and 2025, respectively $ (4.6) $ (0.1) $ (9.7) $ (0.6)
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Revenue from Contracts with Customers (Tables)
9 Months Ended
Sep. 30, 2026
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,
2026202520262025
Aviation$358.7 $230.9 $1,012.2 $724.3 
Land1.1 12.6 4.4 63.4 
Marine1,194.6 903.1 3,409.2 2,602.7 
Asia Pacific1,554.3 1,146.6 4,425.8 3,390.4 
Aviation2,122.3 1,345.8 5,228.6 3,355.9 
Land55.0 219.4 539.8 1,197.3 
Marine804.1 584.3 1,914.0 1,521.7 
EMEA2,981.4 2,149.5 7,682.4 6,074.8 
Aviation1,449.5 892.6 4,212.5 2,746.9 
Land— — 0.1 0.1 
Marine194.2 134.7 600.4 546.0 
LATAM1,643.7 1,027.3 4,813.1 3,293.0 
Aviation3,744.9 2,392.6 10,264.8 7,396.5 
Land2,801.7 2,307.2 7,720.1 6,570.9 
Marine572.7 367.0 1,669.2 1,142.4 
North America7,119.3 5,066.8 19,654.1 15,109.8 
Other revenues (excluded from ASC 606) (1)
(28.0)1.6 (28.5)19.6 
Total revenue$13,270.7 $9,391.8 $36,546.9 $27,887.6 
(1)    Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.
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Business Combination and Asset Acquisition (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Nov. 05, 2025
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2026
Dec. 31, 2025
Business Combination [Line Items]          
Goodwill       $ 741.0 $ 737.5
Trip Support Services [Member]          
Business Combination [Line Items]          
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred $ 8.3        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Right Of Use Assets 1.3        
Business Combination, Recognized Liability Assumed, Lease Obligation 1.3        
Business Combination, Pro Forma Information, Pro Forma Revenue   $ 9,452.5 $ 28,069.6    
Business Combination, Pro Forma Information, Pro Forma Income (Loss), after Tax   $ 28.2 $ (327.3)    
Business Combination, Price of Acquisition, Future Cash Payments $ 15.0        
Intangible Asset, Finite-Lived, Acquired, Weighted-Average Amortization Period 18 years 4 months 24 days        
Business Combination, Consideration Transferred, Liabilities Incurred, Undiscounted $ 60.0        
Trip Support Services [Member] | Preliminary Amount [Member]          
Business Combination [Line Items]          
Payments to Acquire Businesses, Gross 154.4        
Business Combination, Consideration Transferred 207.0        
Trip Support Services [Member] | Adjusted Amount [Member]          
Business Combination [Line Items]          
Payments to Acquire Businesses, Gross 154.4        
Business Combination, Working Capital Adjustment Payable (Receivable) 8.3        
Business Combination, Consideration Transferred, Liabilities Incurred 52.6        
Business Combination, Consideration Transferred 215.4        
Business Combination, Recognized Asset Acquired, Cash and Cash Equivalent 0.2        
Business Combination, Recognized Asset Acquired, Receivable, Current 35.2        
Business Combination, Recognized Asset Acquired, Prepaid Expense and Other Asset, Current 0.2        
Business Combination, Recognized Asset Acquired, Property, Plant, and Equipment 0.3        
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Finite-Lived 88.6        
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Indefinite-Lived 23.4        
Business Combination, Recognized Liability Assumed, Accounts Payable, Current (12.3)        
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Other Assets And Liabilities, Net (3.8)        
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less) 131.9        
Goodwill 83.5        
Business Combination, Recognized Asset Acquired to Liability Assumed, Excess (Less), and Goodwill $ 215.4        
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v3.26.3
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
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   $ 3.7
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v3.26.3
Revenue from Contracts with Customers
9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
10. 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,
2026202520262025
Aviation$358.7 $230.9 $1,012.2 $724.3 
Land1.1 12.6 4.4 63.4 
Marine1,194.6 903.1 3,409.2 2,602.7 
Asia Pacific1,554.3 1,146.6 4,425.8 3,390.4 
Aviation2,122.3 1,345.8 5,228.6 3,355.9 
Land55.0 219.4 539.8 1,197.3 
Marine804.1 584.3 1,914.0 1,521.7 
EMEA2,981.4 2,149.5 7,682.4 6,074.8 
Aviation1,449.5 892.6 4,212.5 2,746.9 
Land— — 0.1 0.1 
Marine194.2 134.7 600.4 546.0 
LATAM1,643.7 1,027.3 4,813.1 3,293.0 
Aviation3,744.9 2,392.6 10,264.8 7,396.5 
Land2,801.7 2,307.2 7,720.1 6,570.9 
Marine572.7 367.0 1,669.2 1,142.4 
North America7,119.3 5,066.8 19,654.1 15,109.8 
Other revenues (excluded from ASC 606) (1)
(28.0)1.6 (28.5)19.6 
Total revenue$13,270.7 $9,391.8 $36,546.9 $27,887.6 
(1)    Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.
Accounts Receivable, Contract Assets and Contract Liabilities
The nature of the receivables related to revenue from contracts with customers and other types of contracts (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., sale of fuel and storage that meet the definition of a lease with the same counterparty) and are entered into utilizing the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Condensed Consolidated Balance Sheets. As of September 30, 2026 and December 31, 2025, the contract assets and contract liabilities recognized by the Company were not material.
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v3.26.3
Business Segments - Income Statement Items (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues        
Revenue $ 13,270.7 $ 9,391.8 $ 36,546.9 $ 27,887.6
Segment expenses:        
Cost of revenue (12,982.6) (9,142.2) (35,622.5) (27,175.2)
Provision for credit losses     (61.1) (5.7)
Goodwill and other asset impairments (0.9) 0.0 1.8 (443.1)
Restructuring and exit costs 1.5 (4.9) (14.1) (25.9)
Operating Income (Loss) [Abstract]        
Income (loss) from operations 80.1 62.9 232.5 (288.8)
Nonoperating Income (Expense) [Abstract]        
Interest expense and other financing costs, net (30.8) (25.9) (87.7) (74.4)
Other income (expense), net 7.0 1.8 10.0 (74.8)
Income (loss) before income taxes 56.3 38.8 154.8 (438.0)
Operating Segments        
Revenues        
Revenue 13,270.7 9,391.8 36,546.9 27,887.6
Segment expenses:        
Cost of revenue (12,982.6) (9,142.2) (35,622.5) (27,175.2)
Compensation and related costs (67.8) (71.2) (227.4) (218.5)
Incentive compensation (10.8) (15.3) (63.1) (32.5)
Corporate allocations (21.9) (18.7) (65.8) (55.5)
Depreciation and amortization (12.2) (13.1) (36.7) (39.9)
Provision for credit losses (2.4) (1.6) (37.9) (5.7)
Goodwill and other asset impairments (0.9) 0.0 1.8 (443.1)
Restructuring and exit costs 8.1 (1.5) (1.1) (15.5)
Other segment expenses (2) (38.3) (34.8) (125.8) (103.3)
Operating Income (Loss) [Abstract]        
Income (loss) from operations 142.0 93.6 368.3 (201.6)
Operating Segments | Aviation        
Revenues        
Revenue 7,647.7 4,868.1 20,652.3 14,247.4
Segment expenses:        
Cost of revenue (7,499.8) (4,725.3) (20,158.1) (13,851.0)
Compensation and related costs (37.9) (28.1) (117.2) (84.3)
Incentive compensation (4.4) (10.1) (31.6) (20.6)
Corporate allocations (11.1) (9.1) (33.0) (27.9)
Depreciation and amortization (5.3) (4.2) (15.5) (12.6)
Provision for credit losses (1.8) (1.3) (8.2) (3.6)
Goodwill and other asset impairments 0.0 0.0 0.0 0.0
Restructuring and exit costs 8.8 (0.5) 7.8 (5.3)
Other segment expenses (2) (18.8) (12.3) (56.6) (37.2)
Operating Income (Loss) [Abstract]        
Income (loss) from operations 77.5 77.1 240.0 204.9
Operating Segments | Land        
Revenues        
Revenue 2,855.7 2,535.6 8,299.5 7,825.9
Segment expenses:        
Cost of revenue (2,774.3) (2,454.2) (8,074.1) (7,598.1)
Compensation and related costs (22.1) (35.2) (85.1) (109.9)
Incentive compensation (4.9) (3.4) (12.2) (6.9)
Corporate allocations (3.9) (4.1) (12.9) (11.9)
Depreciation and amortization (6.7) (8.6) (20.4) (26.4)
Provision for credit losses 0.4 (0.2) (5.0) (2.0)
Goodwill and other asset impairments (0.9) 0.0 3.2 (411.5)
Restructuring and exit costs (1.0) (1.2) (7.1) (9.6)
Other segment expenses (2) (14.4) (17.0) (49.7) (50.1)
Operating Income (Loss) [Abstract]        
Income (loss) from operations 27.8 11.7 36.3 (400.4)
Operating Segments | Marine        
Revenues        
Revenue 2,767.3 1,988.1 7,595.1 5,814.3
Segment expenses:        
Cost of revenue (2,708.5) (1,962.7) (7,390.3) (5,726.1)
Compensation and related costs (7.7) (7.9) (25.2) (24.3)
Incentive compensation (1.5) (1.7) (19.4) (5.0)
Corporate allocations (6.8) (5.4) (19.9) (15.8)
Depreciation and amortization (0.3) (0.3) (0.9) (0.8)
Provision for credit losses (1.0) (0.1) (24.7) (0.1)
Goodwill and other asset impairments 0.0 0.0 (1.4) (31.6)
Restructuring and exit costs 0.4 0.2 (1.8) (0.6)
Other segment expenses (2) (5.1) (5.5) (19.6) (16.0)
Operating Income (Loss) [Abstract]        
Income (loss) from operations 36.8 4.7 92.0 (6.1)
Corporate        
Operating Income (Loss) [Abstract]        
Income (loss) from operations $ (61.9) $ (30.7) $ (135.8) $ (87.2)
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v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Allowance for credit losses $ 49.5 $ 15.6
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
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v3.26.3
Restructuring
9 Months Ended
Sep. 30, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Exit Activities
14. Restructuring and Exit Activities
The following table summarizes our restructuring and exit costs (in millions):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Restructuring charges$6.2 $4.6 $15.7 $25.2 
Exit costs(7.7)0.2 (1.6)0.7 
Total restructuring and exit costs$(1.5)$4.9 $14.1 $25.9 
2026 Exit Activities
During the nine months ended September 30, 2026, management continued to execute the plan initiated in 2025 to exit certain operations within the land segment that are no longer profitable or not aligned with the Company's core business and corporate strategy, and also initiated actions to exit certain businesses within the aviation segment. As a result of the actions taken during the nine months ended September 30, 2026, we recognized a net credit for exit activities totaling $1.6 million, comprised of net gains on the sale of assets of $17.0 million, which were partially offset by charges associated with various legal matters and contract termination costs of $8.1 million and severance and compensation costs of $7.3 million.
In addition, as a result of the actions taken in 2026, we recognized additional allowances for current expected credit losses of $3.0 million with respect to accounts receivable associated with exited business lines and $23.2 million with respect to notes receivable from an equity method investee, resulting from our decision to discontinue ongoing financial support, included in General and administrative within our Condensed Consolidated Statements of Income and Comprehensive Income. The underlying equity method investment had no carrying value as of September 30, 2026.
2025 Exit Activities
During the fourth quarter of 2025, management committed to and initiated actions to execute a plan to exit certain operations within the land segment that were no longer profitable or not aligned with the Company's core business and corporate strategy. As a result, the Company has begun the process of exiting direct fuel transportation services, lubricants, heating oil, power, and certain advisory and sustainability offerings, including the Land Fuel Transportation and Lubricants disposal group as discussed in Note 2. Acquisitions and Divestitures. As a result of the actions taken, we recognized charges for exit activities totaling $57.8 million during the year ended December 31, 2025, comprised of severance and compensation costs of $26.2 million, charges associated with various legal
matters and contract termination costs of $21.7 million, write-offs of receivables and other assets of $5.1 million, and a loss on the sale of assets of $4.7 million.
In addition, we recognized asset impairment charges of $5.8 million related to assets no longer in use or expected to provide nominal future economic benefit, included in Goodwill and other asset impairments within our Condensed Consolidated Statements of Income and Comprehensive Income.
2025 Restructuring Plan
During the first quarter of 2025, in alignment with ongoing efforts to rationalize our assets and operations, we began a company-wide restructuring initiative designed to further streamline our operating model and enhance organizational efficiency and effectiveness (the "2025 Restructuring Plan"). As part of this initiative, we undertook cost management actions in response to the current and projected business needs, including the closure of certain open positions and the elimination of other roles to better align the workforce with our current strategic priorities. As a component of the 2025 Restructuring Plan, in June 2025, we launched a program intended to optimize our global finance and accounting operations. During the fourth quarter of 2025, we announced an executive transition as a component of the 2025 Restructuring Plan.
As a result of the actions taken under the 2025 Restructuring Plan, we recognized $45.2 million of restructuring charges associated with the 2025 Restructuring Plan during the year ended December 31, 2025, including $32.7 million of severance and other compensation costs and $12.6 million of other transition related costs. During the nine months ended September 30, 2026, we recognized $15.7 million of charges associated with the 2025 Restructuring Plan, consisting primarily of costs associated with the global finance and accounting optimization program as well as additional severance and other compensation costs.
We plan to complete the transition activities associated with the global finance and accounting optimization in the fourth quarter of 2026 and expect to recognize an additional $2.0 million in transition costs and one-time charges associated with the planned initiatives during the year ending December 31, 2026.
Rollforward of Restructuring and Exit Activity Accruals
The following table provides a summary of our accruals for severance and other compensation cost activities as well as other transition costs as part of current and previously completed restructuring plans and other exit activities (in millions):
AviationLandMarineCorporateConsolidated
Accrued charges as of December 31, 2025$3.3 $31.6 $1.2 $10.5 $46.6 
Restructuring and exit activity charges
1.3 8.0 1.8 9.0 20.1 
Paid during the period(2.9)(19.9)(2.2)(11.4)(36.4)
Accrued charges as of September 30, 2026$1.6 $19.8 $0.8 $8.2 $30.4 
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v3.26.3
Accounts Receivable
9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Accounts Receivable
3. 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 energy 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 an allowance for expected credit losses of $74.1 million and $16.6 million as of September 30, 2026 and December 31, 2025, respectively. Our allowance for expected credit losses is typically related primarily to accounts receivable. As of September 30, 2026, our allowance for expected credit losses also includes an allowance for
expected credit losses associated with a note receivable from one of our equity method investees. Changes to the expected credit loss provision during the nine months ended September 30, 2026 resulted from the Company's assessment of reasonable and supportable forward-looking information. These changes were driven by the deteriorating financial condition of certain aviation and marine segment customers, including a marine segment customer which filed for creditor protection during the second quarter of 2026 and is currently operating under court supervision, as well as the impact of exiting certain activities as described in Note 14. Restructuring and Exit Activities. Based on an aging analysis as of September 30, 2026, 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,
20262025
Balance as of January 1,$16.6 $23.7 
Charges to allowance for credit losses61.1 5.7 
Write-off of uncollectible receivables(3.5)(8.5)
Recoveries of credit losses0.2 0.3 
Translation adjustments(0.3)(0.2)
Balance as of September 30,$74.1 $21.0 
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 Condensed Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Condensed Consolidated Statements of Income and Comprehensive Income. During the second quarter of 2026, we amended one of our RPAs to increase the facility size.
During the nine months ended September 30, 2026 and 2025, we sold receivables under the RPAs with an aggregate face value of $10.5 billion and $8.5 billion and recognized fees of $23.9 million and $24.4 million, respectively.
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v3.26.3
Supplier Financing Programs
9 Months Ended
Sep. 30, 2026
Supplier Financing Programs [Abstract]  
Supplier Financing Programs
6. 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 $287.4 million and $210.1 million as of September 30, 2026 and December 31, 2025, respectively, and are included in Accounts payable within our Condensed Consolidated Balance Sheets.
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v3.26.3
Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Other Comprehensive (Loss) Income [Roll Forward]    
Beginning balance $ 1,307.9 $ 1,955.9
Ending balance 1,288.4 1,626.5
Foreign Currency Translation Adjustments    
Other Comprehensive (Loss) Income [Roll Forward]    
Beginning balance (17.6) (92.2)
Other comprehensive income (loss) before reclassifications (1.7) 18.9
Amounts reclassified from Accumulated other comprehensive income (loss) (1) (3.8) 55.1
Ending balance (23.1) (18.2)
Cash Flow Hedges    
Other Comprehensive (Loss) Income [Roll Forward]    
Beginning balance 0.3 1.2
Other comprehensive income (loss) before reclassifications (71.6) (8.7)
Amounts reclassified from Accumulated other comprehensive income (loss) (1) 47.1 7.2
Ending balance (24.2) (0.3)
Accumulated Other Comprehensive Income (Loss)    
Other Comprehensive (Loss) Income [Roll Forward]    
Beginning balance (17.3) (91.0)
Other comprehensive income (loss) before reclassifications (73.3) 10.2
Amounts reclassified from Accumulated other comprehensive income (loss) (1) 43.3 62.3
Ending balance $ (47.3) $ (18.5)
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v3.26.3
Income Taxes
9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
11. 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,
2026202520262025
Income tax expense (benefit)$18.4 $10.7 $41.6 $(105.8)
Effective income tax rate32.7 %27.5 %26.9 %24.1 %
Our provision for income taxes for the three months ended September 30, 2026 includes a net discrete income tax expense of $4.5 million, of which a tax expense of $2.5 million relates to adjustments to deferred tax asset positions and a net tax expense of $2.0 million primarily relates to return-to-provision adjustments for both domestic and foreign tax returns.
Our provision for income taxes for the three months ended September 30, 2025 includes a net discrete income tax benefit of $1.0 million, of which a tax benefit of $2.3 million primarily relates to return-to-provision and other adjustments for both domestic and foreign tax returns, partially offset by a tax expense of $1.3 million related to the changes in our reserves for uncertain tax positions.
Our provision for income taxes for the nine months ended September 30, 2026 includes a net discrete income tax expense of $1.4 million, of which a net tax expense of $3.2 million relates to return-to-provision and other adjustments to our worldwide tax positions and $3.0 million relates to adjustments to deferred tax asset positions, partially offset by a net tax benefit of $4.8 million related to changes in our reserves for uncertain tax positions.
Our provision for income taxes for the nine months ended September 30, 2025 includes a net discrete income tax benefit of $12.8 million, of which a tax benefit of $17.4 million relates to the Watson Fuels sale and related asset impairment charges and a net tax benefit of $2.4 million relates to changes in our reserves for uncertain tax positions and the resolution of various worldwide tax matters, partially offset by a tax expense of $2.6 million related to a valuation allowance recorded against the deferred tax assets of a foreign subsidiary and a net tax expense of $4.5 million related to return-to-provision and other adjustments.
Our income tax provisions for the three and nine months ended September 30, 2026 and 2025 were calculated based on the estimated annual effective income tax rates for the 2026 and 2025 years, respectively. The actual effective income tax rate for the 2026 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.
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, 2026, we have received final tax assessments for the 2013 through 2021 tax years of approximately $147.1 million (DKK 970.5 million), excluding interest, which would be material. 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.
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The entire disclosure for income tax.

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v3.26.3
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2026
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, 2026
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$410.8 $105.3 $6.0 $522.2 
Foreign currency contracts— 13.6 — 13.6 
Cash surrender value of life insurance— 21.9 — 21.9 
Total assets at fair value$410.8 $140.8 $6.0 $557.7 
Liabilities:
Commodities contracts$395.3 $74.4 $1.4 $471.0 
Foreign currency contracts— 24.3 — 24.3 
Total liabilities at fair value$395.3 $98.7 $1.4 $495.4 
Fair Value Measurements as of December 31, 2025
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$113.4 $159.6 $10.7 $283.7 
Foreign currency contracts— 7.6 — 7.6 
Cash surrender value of life insurance— 20.1 — 20.1 
Total assets at fair value$113.4 $187.3 $10.7 $311.4 
Liabilities:
Commodities contracts$118.5 $96.4 $3.8 $218.6 
Foreign currency contracts— 9.8 — 9.8 
Total liabilities at fair value$118.5 $106.1 $3.8 $228.4 
Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets 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, 2026
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$522.2 $409.4 $112.8 $8.9 $— $103.8 
Foreign currency contracts13.6 10.8 2.8 — — 2.8 
Total assets at fair value$535.8 $420.2 $115.6 $8.9 $— $106.7 
Liabilities:
Commodities contracts$471.0 $409.4 $61.6 $3.8 $— $57.9 
Foreign currency contracts24.3 10.8 13.6 — — 13.6 
Total liabilities at fair value$495.4 $420.2 $75.2 $3.8 $— $71.4 
Fair Value as of December 31, 2025
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$283.7 $151.3 $132.4 $8.2 $— $124.2 
Foreign currency contracts7.6 6.5 1.1 — — 1.1 
Total assets at fair value$291.3 $157.8 $133.5 $8.2 $— $125.3 
Liabilities:
Commodities contracts$218.6 $151.3 $67.4 $6.0 $— $61.3 
Foreign currency contracts9.8 6.5 3.3 — — 3.3 
Total liabilities at fair value$228.4 $157.8 $70.6 $6.0 $— $64.6 
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v3.26.3
Shareholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 9 Months Ended
Oct. 16, 2026
Jul. 16, 2026
Apr. 16, 2026
Oct. 16, 2025
Jul. 16, 2025
Apr. 16, 2025
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Class of Stock [Line Items]                            
Cash dividends declared (in dollars per share)             $ 0.23 $ 0.23 $ 0.20 $ 0.20 $ 0.20 $ 0.17    
Cash dividends paid (in dollars per share)   $ 0.23 $ 0.20 $ 0.20 $ 0.20 $ 0.17                
Dividends paid on common stock   $ 11.7 $ 10.2 $ 11.0 $ 11.0 $ 9.6             $ 32.6 $ 30.3
Dividends, Cash             $ 11.7 $ 11.7 $ 10.2 $ 11.0 $ 11.0 $ 9.6    
Subsequent Event                            
Class of Stock [Line Items]                            
Cash dividends paid (in dollars per share) $ 0.23                          
Dividends paid on common stock $ 11.7                          
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v3.26.3
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2026
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,
2026202520262025
Income tax expense (benefit)$18.4 $10.7 $41.6 $(105.8)
Effective income tax rate32.7 %27.5 %26.9 %24.1 %
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v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement [Abstract]        
Revenue $ 13,270.7 $ 9,391.8 $ 36,546.9 $ 27,887.6
Cost of revenue 12,982.6 9,142.2 35,622.5 27,175.2
Gross profit 288.1 249.6 924.4 712.4
Operating Expenses [Abstract]        
Compensation and employee benefits 107.0 112.4 383.1 323.0
General and administrative 101.6 69.5 296.5 209.2
Goodwill and other asset impairments 0.9 0.0 (1.8) 443.1
Restructuring and exit costs (1.5) 4.9 14.1 25.9
Total operating expenses 208.0 186.8 691.9 1,001.2
Income (loss) from operations 80.1 62.9 232.5 (288.8)
Nonoperating Income (Expense) [Abstract]        
Interest expense and other financing costs, net (30.8) (25.9) (87.7) (74.4)
Other income (expense), net 7.0 1.8 10.0 (74.8)
Total non-operating income (expense), net (23.8) (24.0) (77.6) (149.2)
Income (loss) before income taxes 56.3 38.8 154.8 (438.0)
Income tax expense (benefit) 18.4 10.7 41.6 (105.8)
Net income (loss) including noncontrolling interest 37.9 28.1 113.2 (332.2)
Net income (loss) attributable to noncontrolling interest (0.2) 2.4 0.6 2.5
Net income (loss) attributable to World Kinect $ 38.0 $ 25.7 $ 112.6 $ (334.7)
Basic earnings (loss) per common share $ 0.74 $ 0.46 $ 2.19 $ (5.95)
Basic weighted average common shares 51.2 55.6 51.4 56.2
Diluted earnings (loss) per common share $ 0.70 $ 0.46 $ 2.14 $ (5.95)
Diluted weighted average common shares 54.4 55.9 52.5 56.2
Comprehensive income (loss):        
Net income (loss) including noncontrolling interest $ 37.9 $ 28.1 $ 113.2 $ (332.2)
Other Comprehensive Income (Loss), Net of Tax [Abstract]        
Foreign currency translation adjustments (4.0) (0.3) (5.4) 74.0
Cash flow hedges, net of income tax expense (benefit) of ($4.6) and ($0.1) for the three months ended September 30, 2026 and 2025, respectively, and net of income tax expense (benefit) of $(9.7) and $(0.6) for the nine months ended September 30, 2026 and 2025, respectively (10.6) (0.3) (24.6) (1.5)
Total other comprehensive income (loss) (14.7) (0.6) (30.0) 72.5
Comprehensive income (loss) including noncontrolling interest 23.2 27.5 83.2 (259.7)
Comprehensive income (loss) attributable to noncontrolling interest (0.2) 2.4 0.6 2.5
Comprehensive income (loss) attributable to World Kinect $ 23.4 $ 25.1 $ 82.6 $ (262.2)
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v3.26.3
Commitments and Contingencies (Details)
€ in Millions, $ in Millions, ₩ in Billions
3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
EUR (€)
Sep. 30, 2026
KRW (₩)
Loss Contingencies [Line Items]              
Cost of revenue $ 12,982.6 $ 9,142.2   $ 35,622.5 $ 27,175.2    
Finnish Bid Error [Member]              
Loss Contingencies [Line Items]              
Estimate of possible loss 10.5     10.5   € 9.3  
Cost of revenue     $ 48.8        
Tax Authority, South Korea (SRTO) | South Korea Tax Authority Assessment [Member] | Foreign Tax Authority              
Loss Contingencies [Line Items]              
Estimate of possible loss $ 25.3     $ 25.3     ₩ 34.3
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v3.26.3
Derivative Instruments
9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
4. Derivative Instruments
We are exposed to a variety of risks, including, but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective.
Our risk management program includes the following types of derivative instruments:
Fair Value Hedges. Derivative contracts we hold to hedge the risk of changes in the price of our inventory.
Cash Flow Hedges. Derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions.
Non-designated Derivatives. Derivatives we primarily transact to mitigate the risk of market price fluctuations in swaps or futures contracts, as well as certain forward fixed price purchase and sale contracts to hedge the risk of currency rate fluctuations and for portfolio optimization.
The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):
Unit
September 30, 2026
Commodity contracts
LongBBL71.3 
ShortBBL(71.3)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(867.1)
Buy U.S. dollar, sell other currenciesUSD806.1 
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.
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 LocationGross Derivative AssetsGross Derivative Liabilities
Derivative InstrumentsSeptember 30, 2026December 31, 2025September 30, 2026December 31, 2025
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$291.8 $— $283.4 $— 
Other non-current assets2.0 0.2 2.2 — 
Short-term derivative liabilities, net— 18.6 — 14.1 
Total derivatives designated as hedging instruments293.8 18.9 285.6 14.2 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net169.6 120.6 92.1 15.6 
Other non-current assets53.2 58.0 26.2 30.8 
Short-term derivative liabilities, net3.6 74.5 54.3 133.1 
Other long-term liabilities2.0 11.6 12.9 24.9 
Foreign currency contractsShort-term derivative assets, net5.6 2.6 2.8 1.5 
Short-term derivative liabilities, net7.8 4.9 21.3 8.1 
Other long-term liabilities0.2 — 0.3 0.1 
Total derivatives not designated as hedging instruments242.0 272.4 209.8 214.3 
Total derivatives$535.8 $291.3 $495.4 $228.4 
For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 5. Fair Value Measurements.
The following amounts were recorded on our Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):
Line item in the Condensed 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, 2026December 31, 2025September 30, 2026December 31, 2025
Inventories$58.4 $73.3 $1.6 $(1.0)
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 net income (loss) in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
For the Three Months Ended
September 30, 2026September 30, 2025
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost of revenueInterest 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$13,270.7 $12,982.6 $30.8 $9,391.8 $9,142.2 $25.9 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item— 1.2 — — (0.3)— 
Derivatives designated as hedging instruments— 15.0 — — 0.6 — 
Gains (losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(28.9)0.5 — (2.0)(4.9)— 
   Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income— — — — — — 
Total amount of income and expense line items excluding the impact of hedges$13,299.6 $12,999.4 $30.8 $9,393.8 $9,137.5 $25.9 
For the Nine Months Ended
September 30, 2026September 30, 2025
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost of revenueInterest 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$36,546.9 $35,622.5 $87.7 $27,887.6 $27,175.2 $74.4 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item— 1.8 — — (4.7)— 
Derivatives designated as hedging instruments— (5.2)— — 3.0 — 
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(53.0)(12.7)— (11.7)(1.1)— 
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income— — — — — 2.9 
Total amount of income and expense line items excluding the impact of hedges$36,599.8 $35,606.3 $87.7 $27,899.3 $27,172.4 $77.3 
The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement
LocationFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Commodity contractsRevenue$(1.5)$4.2 $(18.9)$13.7 
Commodity contractsCost of revenue$14.1 $3.6 $19.6 $— 
For the nine months ended September 30, 2026 and 2025, 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, 2026, on a pre-tax basis, $35.1 million and $1.1 million are scheduled to be reclassified from Accumulated other comprehensive income (loss) over the next twelve months as a decrease to Revenue and a decrease to Cost of revenue related to designated commodity cash flow hedges that will mature within the next twelve months.
The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Commodity contracts (Revenue)$(33.3)$(2.2)$(63.4)$(6.7)
Commodity contracts (Cost of revenue)2.9 (3.2)(8.2)(2.1)
Total gain (loss)$(30.4)$(5.4)$(71.6)$(8.7)
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2026202520262025
Commodity contractsRevenue$(20.2)$(1.5)$(37.9)$(8.5)
Commodity contractsCost of revenue0.4 (3.6)(9.1)(0.8)
Interest rate contracts
Interest expense and other financing costs, net— — — 2.1 
Total gain (loss)$(19.8)$(5.0)$(47.1)$(7.2)
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-designatedFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2026202520262025
Commodity contractsRevenue$19.8 $(6.8)$82.2 $(2.3)
Cost of revenue(33.5)(5.6)(61.6)(10.0)
(13.7)(12.4)20.6 (12.3)
Foreign currency contractsRevenue(0.9)(2.0)(1.9)(0.5)
Other income (expense), net(5.4)4.8 2.8 (12.8)
(6.3)2.8 0.9 (13.3)
Total gain (loss)$(20.0)$(9.6)$21.5 $(25.6)
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, 2026December 31, 2025
Net derivative liability positions with credit contingent features$54.6 $20.2 
Collateral posted and held by our counterparties— (3.7)
Maximum additional potential collateral requirements$54.6 $16.5 
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v3.26.3
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies
9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies
1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies
World 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 provider of aviation, marine, and ground-based transportation fuels and complementary services operating under our core commercial brand, World Fuel. Through an integrated global supply and logistics network, we source and distribute products and services to meet customer needs throughout the world, including lower-carbon fuels to support our customers' energy-transition objectives. In the United States, we also market natural gas and related solutions.
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 2025 Annual Report on Form 10-K ("2025 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. 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 2025 10-K Report.
During the three months ended September 30, 2026, the Company recognized a $9.1 million reduction in Net income (loss) attributable to World Kinect to correct errors primarily related to prior interim periods within the current fiscal year. The Company concluded that the errors were not material to the consolidated financial statements in the current interim periods or to any previously reported interim or annual period.
Due to rounding, certain amounts may not add; however, all percentages have been calculated using unrounded amounts. Certain prior period amounts have been reclassified to conform to the current presentation.
New Accounting Standards
Accounting Standards Issued but Not Yet Adopted
Expense Disaggregation. Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, was issued in November 2024. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; however, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements for each interim and annual period. The amendments require disclosure of the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. The amendments also require disclosure of certain amounts that are already required to be disclosed under current guidance in the same disclosure as the other disaggregation requirements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses as well as, in annual reporting periods, the entity's definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively to financial statements issued for reporting periods after the effective date of the update or
retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Condensed Consolidated Financial Statements and processes.
Internal-Use Software. ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, was issued in September 2025. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating the prescriptive "project stage" model and introducing a principles-based framework that is intended to better reflect current software development practices and consolidate guidance on website development costs into the broader framework for internal-use software. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company’s Condensed Consolidated Financial Statements and processes.
Environmental Credits. ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), was issued in May 2026. ASU 2026-02 establishes new authoritative guidance for the recognition, measurement, presentation, and disclosure of environmental credits and related environmental credit obligations, including those arising from regulatory compliance programs and activities that generate or give rise to environmental credits, whether generated internally, acquired, traded, or granted. The standard introduces a standardized framework that distinguishes between compliance and noncompliance environmental credits and provides guidance for accounting for both the credits and associated obligations. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the new guidance to identify potential impacts to the Company’s Condensed 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 Condensed Consolidated Financial Statements or processes.
Significant Accounting Policies
There have been no significant changes in the Company's accounting policies from those disclosed in our 2025 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 2025 10-K Report.
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v3.26.3
Restructuring - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges $ (1.5) $ 4.9 $ 14.1 $ 25.9  
Goodwill and other asset impairments 0.9 0.0 (1.8) 443.1  
Accounts Receivable, Allowance for Credit Loss, Writeoff     3.5 8.5  
Restructuring, 2025 Initiative [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges 6.2 4.6 15.7 25.2 $ 45.2
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Restructuring, 2025 Initiative [Member] | Employee Severance [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges         32.7
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Restructuring Cost and Reserve [Line Items]          
Restructuring Charges         12.6
Exit Activities [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges $ (7.7) $ 0.2 (1.6) $ 0.7 57.8
Accounts Receivable, Allowance for Credit Loss, Writeoff     3.0    
Exit Activities [Member] | Notes Receivable | Equity Method Investment, Nonconsolidated Investee or Group of Investees          
Restructuring Cost and Reserve [Line Items]          
Financing Receivable, Allowance for Credit Loss, Writeoff     23.2    
Exit Activities [Member] | Employee Severance [Member]          
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges     7.3   26.2
Exit Activities [Member] | Contract Termination          
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges     8.1   21.7
Exit Activities [Member] | Writeoff of Receivables and Other Assets          
Restructuring Cost and Reserve [Line Items]          
Restructuring Costs         5.1
Exit Activities [Member] | Other Restructuring          
Restructuring Cost and Reserve [Line Items]          
Goodwill and other asset impairments         5.8
Exit Activities [Member] | Loss on Sale of Assets          
Restructuring Cost and Reserve [Line Items]          
Restructuring Charges     $ (17.0)    
Restructuring Costs         $ 4.7
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v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Cash flows from operating activities:              
Net income (loss) including noncontrolling interest $ 37.9 $ 25.6 $ 28.1 $ (21.3) $ 113.2 $ (332.2)  
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:              
Unrealized (gain) loss on derivatives         15.4 24.9  
(Gain) loss on sale of business         (5.8) 81.7  
Depreciation and amortization 21.8   23.5   62.0 73.0  
Noncash operating lease expense         33.3 27.1  
Provision for credit losses         61.1 5.7  
Share-based payment award compensation costs         24.4 13.8  
Deferred income tax expense (benefit)         16.0 (113.3)  
Unrealized foreign currency (gains) losses, net         3.3 17.0  
Goodwill and other asset impairments 0.9   0.0   (1.8) 443.1  
Other         1.3 16.7  
Changes in assets and liabilities, net of acquisitions and divestitures:              
Accounts receivable, net         (993.9) 219.2  
Inventories         (287.3) (7.0)  
Prepaid expenses         (0.4) (11.8)  
Other current assets         (38.2) (48.9)  
Cash collateral with counterparties         32.5 27.6  
Other non-current assets         (104.8) (55.5)  
Change in derivative assets and liabilities, net         (32.6) 6.2  
Accounts payable         1,159.0 (90.2)  
Accrued expenses and other current liabilities         10.9 (38.3)  
Other long-term liabilities         39.6 (0.1)  
Net cash provided by (used in) operating activities         107.5 258.7  
Cash flows from investing activities:              
Proceeds from divestiture of businesses, net of cash divested         93.2 23.4  
Capital expenditures         (38.4) (44.2)  
Other investing activities, net         (7.4) 16.0  
Net cash provided by (used in) investing activities         47.4 (4.8)  
Cash flows from financing activities:              
Borrowings of debt         4,200.0 2,201.0  
Repayments of debt         (4,208.2) (2,281.7)  
Dividends paid on common stock         (32.6) (30.3)  
Repurchases of common stock         (89.3) (45.0)  
Other financing activities, net         3.0 (7.7)  
Net cash provided by (used in) financing activities         (127.2) (163.7)  
Effect of exchange rate changes on cash and cash equivalents         (3.3) 0.5  
Net increase (decrease) in cash and cash equivalents         24.4 90.7  
Cash and cash equivalents, as of the beginning of the period   $ 193.5   $ 382.9 193.5 382.9 $ 382.9
Cash and cash equivalents, as of the end of the period $ 217.9   $ 473.6   $ 217.9 $ 473.6 $ 193.5
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v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 217.9 $ 193.5
Accounts receivable, net of allowance for credit losses of $49.5 million and $15.6 million as of September 30, 2026 and December 31, 2025, respectively 3,125.2 2,208.5
Inventories 744.7 454.2
Prepaid expenses 86.2 86.6
Short-term derivative assets, net 83.8 100.5
Other current assets 365.4 457.2
Total current assets 4,623.1 3,500.5
Property and equipment, net 346.2 348.4
Goodwill 741.0 737.5
Identifiable intangible assets, net 295.7 311.7
Other non-current assets 1,032.9 965.9
Total assets 7,038.9 5,863.9
Current liabilities:    
Current maturities of long-term debt 9.9 11.9
Accounts payable 3,727.5 2,586.9
Short-term derivative liabilities, net 60.9 52.7
Accrued expenses and other current liabilities 658.5 658.9
Total current liabilities 4,456.9 3,310.4
Long-term debt 683.9 685.2
Other long-term liabilities 609.8 560.4
Total liabilities 5,750.5 4,556.1
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, 51.2 and 54.1 issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0.5 0.5
Capital in excess of par value 9.8 0.0
Retained earnings 1,316.1 1,315.9
Accumulated other comprehensive income (loss) (47.3) (17.3)
Total World Kinect shareholders' equity 1,279.1 1,299.1
Noncontrolling interest 9.3 8.8
Total equity 1,288.4 1,307.9
Total liabilities and equity $ 7,038.9 $ 5,863.9
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Business Segments - Narrative (Details)
9 Months Ended
Sep. 30, 2026
segment
Segment Reporting [Abstract]  
Number of reportable operating business segments 3
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v3.26.3
Restructuring and Exit Costs (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Restructuring and Exit Costs [Line Items]          
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Restructuring and exit costs (7.7) 0.2 (1.6) 0.7 $ 57.8
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Restructuring and exit costs $ 6.2 $ 4.6 $ 15.7 $ 25.2 $ 45.2
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v3.26.3
Debt, Interest Income, Expense, and Other Finance Costs (Tables)
9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Our outstanding debt consists of the following (in millions):
September 30, 2026December 31, 2025
Credit Facility (1)
$— $— 
Term loan (1)
340.1 346.5 
Convertible Notes (2)
345.3 343.4 
Finance leases5.7 4.4 
Other2.7 2.8 
Total debt693.8 697.1 
Less: Current maturities of long-term debt and finance leases
9.9 11.9 
Long-term debt$683.9 $685.2 
(1)The Fourth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) matures in November 2030 and provides for a term loan as well as a revolving credit facility of up to $1.65 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, 2026 and December 31, 2025, the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs of $4.7 million and $6.6 million, respectively. As of September 30, 2026 and December 31, 2025, the fair value of the Convertible Notes was estimated to be approximately $475.6 million and $378.3 million, respectively, using the Level 2 observable input of quoted market prices in an inactive market.
Schedule of Interest Expense and Other Financing Costs, Net
The following table provides additional information about our Interest expense and other financing costs, net (in millions):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Interest expense and other financing costs$(33.4)$(28.4)$(94.1)$(83.2)
Interest income2.6 2.5 6.5 8.8 
Interest expense and other financing costs, net$(30.8)$(25.9)$(87.7)$(74.4)
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Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Details) - USD ($)
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Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Net income (loss) attributable to World Kinect $ 38.0 $ 25.7 $ 112.6 $ (334.7)
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Net income (loss) attributable to World Kinect $ (9.1)      
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v3.26.3
Shareholders' Equity
9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Shareholders' Equity
9. Shareholders' Equity
Cash Dividends
During the nine months ended September 30, 2026, the Company's Board of Directors (the "Board") declared quarterly cash dividends of $0.20, $0.23, and $0.23 per common share representing first, second, and third quarter dividends of $10.2 million, $11.7 million, and $11.7 million, which were paid on April 16, 2026, July 16, 2026, and October 16, 2026, respectively. During the nine months ended September 30, 2025, the Board declared quarterly cash dividends of $0.17, $0.20, and $0.20 per common share representing first, second, and third quarter dividends of $9.6 million, $11.0 million, and $11.0 million, which were paid on April 16, 2025, July 16, 2025, and October 16, 2025, respectively.
Accumulated Other Comprehensive Income (Loss)
Our Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions):
Foreign Currency Translation AdjustmentsCash Flow HedgesAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2026$(17.6)$0.3 $(17.3)
Other comprehensive income (loss) before reclassifications
(1.7)(71.6)(73.3)
Amounts reclassified from Accumulated other comprehensive income (loss) (1)
(3.8)47.1 43.3 
Balance as of September 30, 2026$(23.1)$(24.2)$(47.3)
Balance as of January 1, 2025$(92.2)$1.2 $(91.0)
Other comprehensive income (loss) before reclassifications18.9 (8.7)10.2 
Amounts reclassified from Accumulated other comprehensive income (loss) (2)
55.1 7.2 62.3 
Balance as of September 30, 2025$(18.2)$(0.3)$(18.5)
(1)During the nine months ended September 30, 2026, cumulative translation gains were reclassified from Accumulated other comprehensive income (loss) into net income as a result of divestitures during the period.
(2)During the nine months ended September 30, 2025, cumulative translation losses were reclassified from Accumulated other comprehensive income (loss) into net income as a result of divestitures during the period.
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v3.26.3
Derivative Instruments - Balance Sheet Location (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet    
Gross Derivative Assets $ 535.8 $ 291.3
Gross Amounts Recognized 495.4 228.4
Commodity Contract [Member]    
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet    
Gross Derivative Assets 522.2 283.7
Gross Amounts Recognized 471.0 218.6
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Gross Derivative Assets 13.6 7.6
Gross Amounts Recognized 24.3 9.8
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Gross Derivative Assets 291.8 0.0
Gross Amounts Recognized 283.4 0.0
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Gross Derivative Assets 0.0 18.6
Gross Amounts Recognized 0.0 14.1
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Gross Derivative Assets 2.0 0.2
Gross Amounts Recognized 2.2 0.0
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Gross Derivative Assets 242.0 272.4
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Gross Amounts Recognized 92.1 15.6
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Gross Amounts Recognized 26.2 30.8
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Gross Amounts Recognized 12.9 24.9
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Gross Amounts Recognized 2.8 1.5
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v3.26.3
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, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Debt Disclosure [Abstract]        
Interest income $ 2.6 $ 2.5 $ 6.5 $ 8.8
Interest expense and other financing costs (33.4) (28.4) (94.1) (83.2)
Interest expense and other financing costs, net $ (30.8) $ (25.9) $ (87.7) $ (74.4)
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Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 16.6 $ 23.7
Charges to allowance for credit losses 61.1 5.7
Write-off of uncollectible receivables (3.5) (8.5)
Recoveries of credit losses 0.2 0.3
Translation adjustments (0.3) (0.2)
Ending balance $ 74.1 $ 21.0
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v3.26.3
Fair Value Measurements
9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5. Fair Value Measurements
The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. With the exception of the Convertible Notes (as defined below), as discussed in Note 7. Debt, Interest Income, Expense, and Other Financing 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, 2026
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$410.8 $105.3 $6.0 $522.2 
Foreign currency contracts— 13.6 — 13.6 
Cash surrender value of life insurance— 21.9 — 21.9 
Total assets at fair value$410.8 $140.8 $6.0 $557.7 
Liabilities:
Commodities contracts$395.3 $74.4 $1.4 $471.0 
Foreign currency contracts— 24.3 — 24.3 
Total liabilities at fair value$395.3 $98.7 $1.4 $495.4 
Fair Value Measurements as of December 31, 2025
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$113.4 $159.6 $10.7 $283.7 
Foreign currency contracts— 7.6 — 7.6 
Cash surrender value of life insurance— 20.1 — 20.1 
Total assets at fair value$113.4 $187.3 $10.7 $311.4 
Liabilities:
Commodities contracts$118.5 $96.4 $3.8 $218.6 
Foreign currency contracts— 9.8 — 9.8 
Total liabilities at fair value$118.5 $106.1 $3.8 $228.4 
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, 2026
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$522.2 $409.4 $112.8 $8.9 $— $103.8 
Foreign currency contracts13.6 10.8 2.8 — — 2.8 
Total assets at fair value$535.8 $420.2 $115.6 $8.9 $— $106.7 
Liabilities:
Commodities contracts$471.0 $409.4 $61.6 $3.8 $— $57.9 
Foreign currency contracts24.3 10.8 13.6 — — 13.6 
Total liabilities at fair value$495.4 $420.2 $75.2 $3.8 $— $71.4 
Fair Value as of December 31, 2025
Gross Amounts RecognizedGross Amounts OffsetNet Amounts Presented
Cash Collateral
Gross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$283.7 $151.3 $132.4 $8.2 $— $124.2 
Foreign currency contracts7.6 6.5 1.1 — — 1.1 
Total assets at fair value$291.3 $157.8 $133.5 $8.2 $— $125.3 
Liabilities:
Commodities contracts$218.6 $151.3 $67.4 $6.0 $— $61.3 
Foreign currency contracts9.8 6.5 3.3 — — 3.3 
Total liabilities at fair value$228.4 $157.8 $70.6 $6.0 $— $64.6 
At September 30, 2026 and December 31, 2025, 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, 2026, one of our counterparties with a total exposure of $8.8 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held no cash collateral.
Nonrecurring Fair Value Measurements
During the first quarter of 2025, we identified an impairment indicator with respect to the Watson Fuels asset group within our land segment. We determined that the carrying amount was not recoverable and recognized an asset impairment charge of $44.5 million during the three months ended March 31, 2025. The impairment is recorded within Goodwill and other asset impairments on the Condensed Consolidated Statements of Income and Comprehensive Income and reported in our land segment. The fair value of the asset group was determined based on a market approach using the estimated sale proceeds for the Watson Fuels sale. The measurement is categorized as Level 2 within the fair value hierarchy. As discussed in Note 2. Acquisitions and Divestitures, we completed the Watson Fuels sale on April 9, 2025.
During the second quarter of 2025, we identified impairment indicators with respect to the Falmouth asset group within our marine segment as well as intangible assets related to certain trade names within our land segment. We determined that the carrying amount of the Falmouth asset group was not recoverable and recognized an asset impairment charge of $31.6 million. The fair value of the asset group, excluding the related land, was determined to be nominal based on an income approach using a discounted cash flow methodology. As a result, the full carrying amount of the long-lived assets, excluding the related land, was impaired. The fair value measurement is categorized as Level 3 within the fair value hierarchy. We also recognized an asset impairment charge of $8.0 million related to certain trade names as a result of steps taken to consolidate branding within our land segment. We determined that the carrying value of the assets was not recoverable and recognized a full impairment of the related intangible assets. The fair value measurement is categorized as Level 3 within the fair value hierarchy. These asset impairment charges are recorded within Goodwill and other asset impairments on the Condensed Consolidated Statements of Income and Comprehensive Income during the three months ended June 30, 2025.
The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of September 30, 2026.
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v3.26.3
Earnings Per Common Share
9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Common Share
13. 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,
2026202520262025
Numerator:
Net income (loss) attributable to World Kinect$38.0 $25.7 $112.6 $(334.7)
Denominator:
Weighted average common shares for basic earnings per common share51.2 55.6 51.4 56.2 
Effect of dilutive securities3.3 0.3 1.2 — 
Weighted average common shares for diluted earnings per common share54.4 55.9 52.5 56.2 
Basic earnings (loss) per common share$0.74 $0.46 $2.19 $(5.95)
Diluted earnings (loss) per common share$0.70 $0.46 $2.14 $(5.95)
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 met0.8 1.2 0.7 1.6 
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v3.26.3
Earnings Per Common Share (Tables)
9 Months Ended
Sep. 30, 2026
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,
2026202520262025
Numerator:
Net income (loss) attributable to World Kinect$38.0 $25.7 $112.6 $(334.7)
Denominator:
Weighted average common shares for basic earnings per common share51.2 55.6 51.4 56.2 
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v3.26.3
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
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North America        
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Revenue from Contract with Customer, Excluding Assessed Tax 7,119.3 5,066.8 19,654.1 15,109.8
Aviation | Asia Pacific        
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Revenue from Contract with Customer, Excluding Assessed Tax 358.7 230.9 1,012.2 724.3
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Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 804.1 584.3 1,914.0 1,521.7
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Disaggregation of Revenue [Line Items]        
Revenue from Contract with Customer, Excluding Assessed Tax 194.2 134.7 600.4 546.0
Marine | North America        
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Revenue from Contract with Customer, Excluding Assessed Tax $ 572.7 $ 367.0 $ 1,669.2 $ 1,142.4
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Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Net Income (Loss) Attributable to Parent [Abstract]        
Net income (loss) attributable to World Kinect $ 38.0 $ 25.7 $ 112.6 $ (334.7)
Weighted Average Number of Shares Outstanding, Diluted [Abstract]        
Weighted average common shares for basic earnings per common share 51.2 55.6 51.4 56.2
Effect of dilutive securities 3.3 0.3 1.2 0.0
Weighted average common shares for diluted earnings per common share 54.4 55.9 52.5 56.2
Basic earnings (loss) per common share $ 0.74 $ 0.46 $ 2.19 $ (5.95)
Diluted earnings (loss) per common share $ 0.70 $ 0.46 $ 2.14 $ (5.95)
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v3.26.3
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2026
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 2025 Annual Report on Form 10-K ("2025 10-K Report"). All intercompany transactions among our businesses have been eliminated.
New Accounting Standards and Accounting Standards Issued but Not Yet Adopted
Accounting Standards Issued but Not Yet Adopted
Expense Disaggregation. Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, was issued in November 2024. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; however, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements for each interim and annual period. The amendments require disclosure of the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. The amendments also require disclosure of certain amounts that are already required to be disclosed under current guidance in the same disclosure as the other disaggregation requirements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses as well as, in annual reporting periods, the entity's definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively to financial statements issued for reporting periods after the effective date of the update or
retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Condensed Consolidated Financial Statements and processes.
Internal-Use Software. ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, was issued in September 2025. ASU 2025-06 modernizes the accounting for internal-use software costs by eliminating the prescriptive "project stage" model and introducing a principles-based framework that is intended to better reflect current software development practices and consolidate guidance on website development costs into the broader framework for internal-use software. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company’s Condensed Consolidated Financial Statements and processes.
Environmental Credits. ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), was issued in May 2026. ASU 2026-02 establishes new authoritative guidance for the recognition, measurement, presentation, and disclosure of environmental credits and related environmental credit obligations, including those arising from regulatory compliance programs and activities that generate or give rise to environmental credits, whether generated internally, acquired, traded, or granted. The standard introduces a standardized framework that distinguishes between compliance and noncompliance environmental credits and provides guidance for accounting for both the credits and associated obligations. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the new guidance to identify potential impacts to the Company’s Condensed 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 Condensed Consolidated Financial Statements or processes.
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v3.26.3
Debt, Interest Income, Expense, and Other Finance Costs - Schedule of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total debt $ 693.8 $ 697.1
Less: Current maturities of long-term debt and finance leases 9.9 11.9
Long-term debt 683.9 685.2
Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowing capacity 1,650.0  
Credit Facility (1)    
Debt Instrument [Line Items]    
Total debt 0.0 0.0
Term loan (1)    
Debt Instrument [Line Items]    
Total debt 340.1 346.5
Convertible Notes (2)    
Debt Instrument [Line Items]    
Total debt 345.3 343.4
Debt Instrument, Face Amount 350.0 350.0
Debt Instrument, Fair Value Disclosure 475.6 378.3
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net 4.7 6.6
Finance leases    
Debt Instrument [Line Items]    
Total debt 5.7 4.4
Other    
Debt Instrument [Line Items]    
Total debt $ 2.7 $ 2.8
Convertible Senior Notes Due 2028 [Member]    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 3.25%  
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v3.26.3
Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Offsetting Assets [Line Items]    
Gross Amounts Recognized $ 535.8 $ 291.3
Gross Amounts Offset 420.2 157.8
Net Amounts Presented 115.6 133.5
Cash Collateral 8.9 8.2
Gross Amounts without Right of Offset 0.0 0.0
Net Amounts 106.7 125.3
Offsetting Liabilities [Line Items]    
Gross Amounts Recognized 495.4 228.4
Gross Amounts Offset 420.2 157.8
Net Amounts Presented 75.2 70.6
Cash Collateral 3.8 6.0
Gross Amounts without Right of Offset 0.0 0.0
Net Amounts 71.4 64.6
Commodity Contract [Member]    
Offsetting Assets [Line Items]    
Gross Amounts Recognized 522.2 283.7
Gross Amounts Offset 409.4 151.3
Net Amounts Presented 112.8 132.4
Cash Collateral 8.9 8.2
Gross Amounts without Right of Offset 0.0 0.0
Net Amounts 103.8 124.2
Offsetting Liabilities [Line Items]    
Gross Amounts Recognized 471.0 218.6
Gross Amounts Offset 409.4 151.3
Net Amounts Presented 61.6 67.4
Cash Collateral 3.8 6.0
Gross Amounts without Right of Offset 0.0 0.0
Net Amounts 57.9 61.3
Foreign Exchange Contract [Member]    
Offsetting Assets [Line Items]    
Gross Amounts Recognized 13.6 7.6
Gross Amounts Offset 10.8 6.5
Net Amounts Presented 2.8 1.1
Cash Collateral 0.0 0.0
Gross Amounts without Right of Offset 0.0 0.0
Net Amounts 2.8 1.1
Offsetting Liabilities [Line Items]    
Gross Amounts Recognized 24.3 9.8
Gross Amounts Offset 10.8 6.5
Net Amounts Presented 13.6 3.3
Cash Collateral 0.0 0.0
Gross Amounts without Right of Offset 0.0 0.0
Net Amounts $ 13.6 $ 3.3
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v3.26.3
Business Segments - Other Income Statement Items (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]        
Depreciation and amortization $ 21.8 $ 23.5 $ 62.0 $ 73.0
Segment Reporting, Long-Lived Asset, Expenditure for Addition 10.8 14.1 38.4 44.2
Operating Segments        
Segment Reporting [Line Items]        
Depreciation and amortization 18.4 21.8 54.8 67.8
Segment Reporting, Long-Lived Asset, Expenditure for Addition 9.8 11.3 34.3 37.9
Operating Segments | Aviation        
Segment Reporting [Line Items]        
Depreciation and amortization 8.9 7.5 26.0 22.4
Segment Reporting, Long-Lived Asset, Expenditure for Addition 8.2 7.7 25.6 22.5
Operating Segments | Land        
Segment Reporting [Line Items]        
Depreciation and amortization 8.7 13.7 26.5 43.2
Segment Reporting, Long-Lived Asset, Expenditure for Addition 1.4 2.8 7.4 11.8
Operating Segments | Marine        
Segment Reporting [Line Items]        
Depreciation and amortization 0.8 0.6 2.4 2.3
Segment Reporting, Long-Lived Asset, Expenditure for Addition 0.2 0.7 1.3 3.5
Corporate and other        
Segment Reporting [Line Items]        
Depreciation and amortization 3.4 1.8 7.2 5.2
Segment Reporting, Long-Lived Asset, Expenditure for Addition $ 1.0 $ 2.8 $ 4.1 $ 6.3
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Insider Trading Arrangements
3 Months Ended
Sep. 30, 2026
Trading Arrangements, by Individual  
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v3.26.3
Derivative Instruments - Effect on Income (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]          
Hedged Asset, Fair Value Hedge $ 58.4   $ 58.4   $ 73.3
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) 1.6   1.6   (1.0)
Gain (loss) on derivative          
Revenue 13,270.7 $ 9,391.8 36,546.9 $ 27,887.6  
Cost of revenue 12,982.6 9,142.2 35,622.5 27,175.2  
Interest expense and other financing costs, net 30.8 25.9 87.7 74.4  
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 54.6   54.6   20.2
Collateral Already Posted, Aggregate Fair Value 0.0   0.0   (3.7)
Additional Collateral, Aggregate Fair Value 54.6   54.6   $ 16.5
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 (30.4) (5.4) (71.6) (8.7)  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax (19.8) (5.0) (47.1) (7.2)  
Not Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Derivative, Gain (Loss) on Derivative, Net (20.0) (9.6) 21.5 (25.6)  
Income Statement Location [Axis]: us-gaap:CostOfRevenue          
Summary of Cash Flow Hedge Activity [Abstract]          
Total amount of income and expense line items excluding the impact of hedges, Cost of Revenue 12,999.4 9,137.5 35,606.3 27,172.4  
Income Statement Location [Axis]: us-gaap:InterestIncomeExpenseNonoperatingNet          
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 30.8 25.9 87.7 77.3  
Income Statement Location [Axis]: us-gaap:Revenues          
Summary of Cash Flow Hedge Activity [Abstract]          
Total amount of income and expense line items excluding the impact of hedges, Revenue 13,299.6 9,393.8 36,599.8 27,899.3  
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Derivative, Gain (Loss) on Derivative, Net (13.7) (12.4) 20.6 (12.3)  
Commodity Contract [Member] | Income Statement Location [Axis]: us-gaap:CostOfRevenue          
Effect of Fair Value Hedges on Results of Operations [Abstract]          
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 1.2 (0.3) 1.8 (4.7)  
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments 15.0 0.6 (5.2) 3.0  
Summary of Cash Flow Hedge Activity [Abstract]          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 0.5 (4.9) (12.7) (1.1)  
Commodity Contract [Member] | Income Statement Location [Axis]: us-gaap:CostOfRevenue | 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 14.1 3.6 19.6 0.0  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax 2.9 (3.2) (8.2) (2.1)  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax 0.4 (3.6) (9.1) (0.8)  
Commodity Contract [Member] | Income Statement Location [Axis]: us-gaap:CostOfRevenue | Not Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Derivative, Gain (Loss) on Derivative, Net (33.5) (5.6) (61.6) (10.0)  
Commodity Contract [Member] | Income Statement Location [Axis]: us-gaap:InterestIncomeExpenseNonoperatingNet          
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  
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  
Commodity Contract [Member] | Income Statement Location [Axis]: us-gaap:Revenues          
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  
Summary of Cash Flow Hedge Activity [Abstract]          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax (28.9) (2.0) (53.0) (11.7)  
Commodity Contract [Member] | Income Statement Location [Axis]: us-gaap:Revenues | 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 (1.5) 4.2 (18.9) 13.7  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax (33.3) (2.2) (63.4) (6.7)  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax (20.2) (1.5) (37.9) (8.5)  
Commodity Contract [Member] | Income Statement Location [Axis]: us-gaap:Revenues | Not Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Derivative, Gain (Loss) on Derivative, Net 19.8 (6.8) 82.2 (2.3)  
Interest Rate Contract [Member] | Income Statement Location [Axis]: us-gaap:CostOfRevenue          
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  
Interest Rate Contract [Member] | Income Statement Location [Axis]: us-gaap:InterestIncomeExpenseNonoperatingNet          
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 2.9  
Interest Rate Contract [Member] | Income Statement Location [Axis]: us-gaap:InterestIncomeExpenseNonoperatingNet | Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax 0.0 0.0 0.0 2.1  
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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  
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Derivative, Gain (Loss) on Derivative, Net (6.3) 2.8 0.9 (13.3)  
Foreign Exchange Contract [Member] | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense | Not Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Derivative, Gain (Loss) on Derivative, Net (5.4) 4.8 2.8 (12.8)  
Foreign Exchange Contract [Member] | Income Statement Location [Axis]: us-gaap:Revenues | Not Designated as Hedging Instrument [Member]          
Summary of Cash Flow Hedge Activity [Abstract]          
Derivative, Gain (Loss) on Derivative, Net $ (0.9) $ (2.0) $ (1.9) $ (0.5)  
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v3.26.3
Business Segments (Tables)
9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of revenue, significant segment expenses, and income from operations by segment
Information concerning our revenue, significant segment expenses, and income from operations by segment is as follows (in millions):
For the Three Months Ended September 30, 2026
AviationLandMarineTotal
Revenue$7,647.7 $2,855.7 $2,767.3 $13,270.7 
Segment expenses:
Cost of revenue(7,499.8)(2,774.3)(2,708.5)(12,982.6)
Compensation and related costs
(37.9)(22.1)(7.7)(67.8)
Incentive compensation(4.4)(4.9)(1.5)(10.8)
Corporate allocations (1)
(11.1)(3.9)(6.8)(21.9)
Depreciation and amortization
(5.3)(6.7)(0.3)(12.2)
Provision for credit losses
(1.8)0.4 (1.0)(2.4)
Goodwill and other asset impairments
— (0.9)— (0.9)
Restructuring and exit costs8.8 (1.0)0.4 8.1 
Other segment expenses (2)
(18.8)(14.4)(5.1)(38.3)
Operating income - segment profit (loss)
77.5 27.8 36.8 142.0 
Unallocated corporate expenses (3)
(61.9)
Interest expense and other financing costs, net(30.8)
Other income (expense), net7.0 
Income (loss) before income taxes$56.3 
For the Nine Months Ended September 30, 2026
AviationLandMarineTotal
Revenue$20,652.3 $8,299.5 $7,595.1 $36,546.9 
Segment expenses:
Cost of revenue(20,158.1)(8,074.1)(7,390.3)(35,622.5)
Compensation and related costs
(117.2)(85.1)(25.2)(227.4)
Incentive compensation(31.6)(12.2)(19.4)(63.1)
Corporate allocations (1)
(33.0)(12.9)(19.9)(65.8)
Depreciation and amortization
(15.5)(20.4)(0.9)(36.7)
Provision for credit losses
(8.2)(5.0)(24.7)(37.9)
Goodwill and other asset impairments— 3.2 (1.4)1.8 
Restructuring and exit costs7.8 (7.1)(1.8)(1.1)
Other segment expenses (2)
(56.6)(49.7)(19.6)(125.8)
Operating income - segment profit (loss)
240.0 36.3 92.0 368.3 
Unallocated corporate expenses (3)
(135.8)
Interest expense and other financing costs, net(87.7)
Other income (expense), net10.0 
Income (loss) before income taxes$154.8 
For the Three Months Ended September 30, 2025
AviationLandMarineTotal
Revenue$4,868.1 $2,535.6 $1,988.1 $9,391.8 
Segment expenses:
Cost of revenue(4,725.3)(2,454.2)(1,962.7)(9,142.2)
Compensation and related costs
(28.1)(35.2)(7.9)(71.2)
Incentive compensation(10.1)(3.4)(1.7)(15.3)
Corporate allocations (1)
(9.1)(4.1)(5.4)(18.7)
Depreciation and amortization
(4.2)(8.6)(0.3)(13.1)
Provision for credit losses
(1.3)(0.2)(0.1)(1.6)
Goodwill and other asset impairments
— — — — 
Restructuring and exit costs(0.5)(1.2)0.2 (1.5)
Other segment expenses (2)
(12.3)(17.0)(5.5)(34.8)
Operating income - segment profit (loss)
77.1 11.7 4.7 93.6 
Unallocated corporate expenses (3)
(30.7)
Interest expense and other financing costs, net(25.9)
Other income (expense), net1.8 
Income (loss) before income taxes$38.8 
For the Nine Months Ended September 30, 2025
AviationLandMarineTotal
Revenue$14,247.4 $7,825.9 $5,814.3 $27,887.6 
Segment expenses:
Cost of revenue(13,851.0)(7,598.1)(5,726.1)(27,175.2)
Compensation and related costs
(84.3)(109.9)(24.3)(218.5)
Incentive compensation(20.6)(6.9)(5.0)(32.5)
Corporate allocations (1)
(27.9)(11.9)(15.8)(55.5)
Depreciation and amortization
(12.6)(26.4)(0.8)(39.9)
Provision for credit losses
(3.6)(2.0)(0.1)(5.7)
Goodwill and other asset impairments— (411.5)(31.6)(443.1)
Restructuring and exit costs(5.3)(9.6)(0.6)(15.5)
Other segment expenses (2)
(37.2)(50.1)(16.0)(103.3)
Operating income - segment profit (loss)
204.9 (400.4)(6.1)(201.6)
Unallocated corporate expenses (3)
(87.2)
Interest expense and other financing costs, net(74.4)
Other income (expense), net(74.8)
Income (loss) before income taxes$(438.0)
(1)Includes allocations of compensation costs and general and administrative expenses.
(2)Other segment expenses include professional fees, office expenses and general insurance, technology related expenses, travel and entertainment, and other general and administrative expenses.
(3)Unallocated corporate expenses include corporate compensation costs and general and administrative expenses which are not allocated to the operating segments, as well as certain asset impairment charges related to equity investments at non-core businesses.
Schedule of capital expenditures and depreciation and amortization by segment
Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):
For the Three Months Ended September 30, 2026
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$8.9 $8.7 $0.8 $18.4 $3.4 $21.8 
Capital expenditures
8.2 1.4 0.2 9.8 1.0 10.8 
For the Nine Months Ended September 30, 2026
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$26.0 $26.5 $2.4 $54.8 $7.2 $62.0 
Capital expenditures
25.6 7.4 1.3 34.3 4.1 38.4 
For the Three Months Ended September 30, 2025
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$7.5 $13.7 $0.6 $21.8 $1.8 $23.5 
Capital expenditures
7.7 2.8 0.7 11.3 2.8 14.1 
For the Nine Months Ended September 30, 2025
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$22.4 $43.2 $2.3 $67.8 $5.2 $73.0 
Capital expenditures
22.5 11.8 3.5 37.9 6.3 44.2 
(1)Total depreciation and amortization as presented includes charges classified within Cost of revenue and Operating expenses in our Condensed Consolidated Statements of Income and Comprehensive Income.
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, 2026December 31, 2025
Accounts receivable, net:
Aviation segment$1,810.7 $1,119.7 
Land segment472.2 592.5 
Marine segment842.3 496.2 
Total accounts receivable, net$3,125.2 $2,208.5 
Total assets:
Aviation segment$3,611.1 $2,588.7 
Land segment1,980.7 2,131.3 
Marine segment1,064.1 701.4 
Total reportable segment assets6,655.9 5,421.4 
Corporate and other383.0 442.5 
Total assets$7,038.9 $5,863.9 
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v3.26.3
Discontinued Operations and Disposal Groups - Narrative (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Apr. 09, 2025
Jun. 30, 2026
Sep. 30, 2026
Jun. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Jul. 17, 2026
Disposal Group, Including Discontinued Operations [Line Items]                      
Gain (loss) on sale of disposal group, not discontinued operation, pretax                 $ 5.8 $ (81.7)  
Income tax expense (benefit)     $ 18.4     $ 10.7     $ 41.6 $ (105.8)  
Watson Fuels | Land                      
Disposal Group, Including Discontinued Operations [Line Items]                      
Gain (loss) on sale of disposal group, not discontinued operation, pretax             $ (81.7)        
Disposal Group, Not Discontinued Operations [Member] | Land                      
Disposal Group, Including Discontinued Operations [Line Items]                      
Other Asset Impairment Charges             8.0        
Disposal Group, Not Discontinued Operations [Member] | Watson Fuels | Land                      
Disposal Group, Including Discontinued Operations [Line Items]                      
Income tax expense (benefit)             (6.3)        
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)             (55.1)        
Other Asset Impairment Charges               $ 44.5      
Proceeds from sale of business, net of divested cash $ 23.6                    
Proceeds from Divestiture of Business, Total Consideration $ 42.8                    
Disposal Group, Not Discontinued Operations [Member] | Land Fuel Transportation and Lubricants Group | Land                      
Disposal Group, Including Discontinued Operations [Line Items]                      
Gain (loss) on sale of disposal group, not discontinued operation, pretax       $ 1.2              
Other Asset Impairment Charges         $ 85.1            
Proceeds from Divestiture of Business, Total Consideration   $ 82.8                  
Goodwill impairment         35.3            
Impairment of Long-Lived Assets to be Disposed of       $ (4.0) 49.7            
Disposal Group, Not Discontinued Operations [Member] | Falmouth Group | Land                      
Disposal Group, Including Discontinued Operations [Line Items]                      
Consideration from sale of business                     $ 1.3
Disposal Group, Not Discontinued Operations [Member] | Falmouth Group | Marine                      
Disposal Group, Including Discontinued Operations [Line Items]                      
Other Asset Impairment Charges         $ 3.3   $ 31.6        
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v3.26.3
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, 2024     56.7        
Beginning balance at Dec. 31, 2024 $ 1,955.9 $ 1,948.7 $ 0.6 $ 30.0 $ 2,009.2 $ (91.0) $ 7.2
Increase (Decrease) in Shareholders' Equity              
Net income (loss) (21.3) (21.1)     (21.1)   (0.2)
Cash dividends declared (9.6) (9.6)     (9.6)    
Amortization of share-based payment awards 6.8 6.8   6.8      
Issuance (cancellation) of common stock related to share-based payment awards     0.2        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (3.6) (3.6)   (3.6)      
Purchases of common stock, value (10.1) (10.1)   (10.1)      
Purchases of common stock, shares     (0.4)        
Other comprehensive income (loss) 10.0 10.0       10.0  
Ending balance (in shares) at Mar. 31, 2025     56.6        
Ending balance at Mar. 31, 2025 1,928.3 1,921.2 $ 0.6 23.1 1,978.5 (81.0) 7.0
Beginning balance (in shares) at Dec. 31, 2024     56.7        
Beginning balance at Dec. 31, 2024 1,955.9 1,948.7 $ 0.6 30.0 2,009.2 (91.0) 7.2
Increase (Decrease) in Shareholders' Equity              
Net income (loss) (332.2)            
Other comprehensive income (loss) 72.5            
Ending balance (in shares) at Sep. 30, 2025     55.6        
Ending balance at Sep. 30, 2025 1,626.5 1,617.9 $ 0.6 5.2 1,630.6 (18.5) 8.6
Beginning balance (in shares) at Mar. 31, 2025     56.6        
Beginning balance at Mar. 31, 2025 1,928.3 1,921.2 $ 0.6 23.1 1,978.5 (81.0) 7.0
Increase (Decrease) in Shareholders' Equity              
Net income (loss) (339.1) (339.4)     (339.4)   0.3
Cash dividends declared (11.0) (11.0)     (11.0)    
Amortization of share-based payment awards 2.4 2.4   2.4      
Issuance (cancellation) of common stock related to share-based payment awards     0.3        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (2.4) (2.4)   (2.4)      
Purchases of common stock, value (35.4) (35.4)   (23.1) (12.2)    
Purchases of common stock, shares     (1.3)        
Other comprehensive income (loss) 63.1 63.1       63.1  
Ending balance (in shares) at Jun. 30, 2025     55.5        
Ending balance at Jun. 30, 2025 1,604.8 1,598.6 $ 0.6 0.0 1,615.9 (17.9) 6.2
Increase (Decrease) in Shareholders' Equity              
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders (1.1)           (1.1)
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Cash dividends declared (11.0) (11.0)     (11.0)    
Amortization of share-based payment awards 4.5 4.5   4.5      
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (0.1) (0.1)   (0.1)      
Other comprehensive income (loss) (0.6) (0.6)       (0.6)  
Adjustments to Additional Paid in Capital, Other 0.8 0.8   0.8      
Ending balance (in shares) at Sep. 30, 2025     55.6        
Ending balance at Sep. 30, 2025 $ 1,626.5 1,617.9 $ 0.6 5.2 1,630.6 (18.5) 8.6
Beginning balance (in shares) at Dec. 31, 2025 54.1   54.1        
Beginning balance at Dec. 31, 2025 $ 1,307.9 1,299.1 $ 0.5 0.0 1,315.9 (17.3) 8.8
Increase (Decrease) in Shareholders' Equity              
Net income (loss) 25.6 26.2     26.2   (0.7)
Cash dividends declared (10.2) (10.2)     (10.2)    
Amortization of share-based payment awards 7.5 7.5   7.5      
Issuance (cancellation) of common stock related to share-based payment awards     0.1        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (0.9) (0.9)   (0.9)      
Purchases of common stock, value (75.7) (75.7)   (6.5) (69.2)    
Purchases of common stock, shares     (2.8)        
Other comprehensive income (loss) (42.2) (42.2)       (42.2)  
Ending balance (in shares) at Mar. 31, 2026     51.4        
Ending balance at Mar. 31, 2026 $ 1,211.8 1,203.7 $ 0.5 0.0 1,262.7 (59.5) 8.1
Beginning balance (in shares) at Dec. 31, 2025 54.1   54.1        
Beginning balance at Dec. 31, 2025 $ 1,307.9 1,299.1 $ 0.5 0.0 1,315.9 (17.3) 8.8
Increase (Decrease) in Shareholders' Equity              
Net income (loss) 113.2            
Other comprehensive income (loss) $ (30.0)            
Ending balance (in shares) at Sep. 30, 2026 51.2   51.2        
Ending balance at Sep. 30, 2026 $ 1,288.4 1,279.1 $ 0.5 9.8 1,316.1 (47.3) 9.3
Beginning balance (in shares) at Mar. 31, 2026     51.4        
Beginning balance at Mar. 31, 2026 1,211.8 1,203.7 $ 0.5 0.0 1,262.7 (59.5) 8.1
Increase (Decrease) in Shareholders' Equity              
Net income (loss) 49.8 48.4     48.4   1.4
Cash dividends declared (11.7) (11.7)     (11.7)    
Amortization of share-based payment awards 7.2 7.2   7.2      
Issuance (cancellation) of common stock related to share-based payment awards     0.3        
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation (2.4) (2.4)   (2.4)      
Purchases of common stock, value (14.4) (14.4)   (4.8) (9.6)    
Purchases of common stock, shares     (0.5)        
Other comprehensive income (loss) 26.8 26.8       26.8  
Ending balance (in shares) at Jun. 30, 2026     51.2        
Ending balance at Jun. 30, 2026 1,267.1 1,257.6 $ 0.5 0.0 1,289.8 (32.7) 9.5
Increase (Decrease) in Shareholders' Equity              
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Cash dividends declared (11.7) (11.7)     (11.7)    
Amortization of share-based payment awards 9.8 9.8   9.8      
Other comprehensive income (loss) $ (14.7) (14.7)       (14.7)  
Ending balance (in shares) at Sep. 30, 2026 51.2   51.2        
Ending balance at Sep. 30, 2026 $ 1,288.4 $ 1,279.1 $ 0.5 $ 9.8 $ 1,316.1 $ (47.3) $ 9.3
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Restructuring (Tables)
9 Months Ended
Sep. 30, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs Accrued and Paid During the Period [Table Text Block]
The following table summarizes our restructuring and exit costs (in millions):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Restructuring charges$6.2 $4.6 $15.7 $25.2 
Exit costs(7.7)0.2 (1.6)0.7 
Total restructuring and exit costs$(1.5)$4.9 $14.1 $25.9 
The following table provides a summary of our accruals for severance and other compensation cost activities as well as other transition costs as part of current and previously completed restructuring plans and other exit activities (in millions):
AviationLandMarineCorporateConsolidated
Accrued charges as of December 31, 2025$3.3 $31.6 $1.2 $10.5 $46.6 
Restructuring and exit activity charges
1.3 8.0 1.8 9.0 20.1 
Paid during the period(2.9)(19.9)(2.2)(11.4)(36.4)
Accrued charges as of September 30, 2026$1.6 $19.8 $0.8 $8.2 $30.4 
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v3.26.3
Shareholders' Equity (Tables)
9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of components of other comprehensive income and accumulated other comprehensive income (loss) The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions):
Foreign Currency Translation AdjustmentsCash Flow HedgesAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2026$(17.6)$0.3 $(17.3)
Other comprehensive income (loss) before reclassifications
(1.7)(71.6)(73.3)
Amounts reclassified from Accumulated other comprehensive income (loss) (1)
(3.8)47.1 43.3 
Balance as of September 30, 2026$(23.1)$(24.2)$(47.3)
Balance as of January 1, 2025$(92.2)$1.2 $(91.0)
Other comprehensive income (loss) before reclassifications18.9 (8.7)10.2 
Amounts reclassified from Accumulated other comprehensive income (loss) (2)
55.1 7.2 62.3 
Balance as of September 30, 2025$(18.2)$(0.3)$(18.5)
(1)During the nine months ended September 30, 2026, cumulative translation gains were reclassified from Accumulated other comprehensive income (loss) into net income as a result of divestitures during the period.
(2)During the nine months ended September 30, 2025, cumulative translation losses were reclassified from Accumulated other comprehensive income (loss) into net income as a result of divestitures during the period.
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v3.26.3
Commitments and Contingencies
9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
8. 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 were primarily included in Cost of revenue in the accompanying Condensed 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. On December 11, 2025, EA issued its decision in which it found the subsidiary had breached the prohibition on market manipulation in wholesale energy markets under E.U. law. On April 23, 2026, the EA submitted a recommendation to the Finnish Market Court that it impose a penalty fee in the amount of $10.5 million (EUR 9.3 million). We believe the EA’s penalty payment proposal should be dismissed as unfounded and are defending against the proposal before the Finnish Market Court. The Finnish Market Court will ultimately determine whether any penalty should be assessed and, if so, the amount.
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, 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 $25.3 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 have established loss provisions for claims and other matters in which losses are probable and can be reasonably estimated. As of September 30, 2026, 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.
See Note 11. Income Taxes for information regarding tax returns under examination both in the United States ("U.S.") and foreign jurisdictions, including the examinations currently in progress in Denmark
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Debt, Interest Income, Expense, and Other Finance Costs
9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt, Interest Income, Expense, and Other Finance Costs
7. Debt, Interest Income, Expense, and Other Financing Costs
Long-Term Debt
Our outstanding debt consists of the following (in millions):
September 30, 2026December 31, 2025
Credit Facility (1)
$— $— 
Term loan (1)
340.1 346.5 
Convertible Notes (2)
345.3 343.4 
Finance leases5.7 4.4 
Other2.7 2.8 
Total debt693.8 697.1 
Less: Current maturities of long-term debt and finance leases
9.9 11.9 
Long-term debt$683.9 $685.2 
(1)The Fourth Amended and Restated Credit Agreement (as amended, the “Credit Agreement”) matures in November 2030 and provides for a term loan as well as a revolving credit facility of up to $1.65 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, 2026 and December 31, 2025, the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs of $4.7 million and $6.6 million, respectively. As of September 30, 2026 and December 31, 2025, the fair value of the Convertible Notes was estimated to be approximately $475.6 million and $378.3 million, respectively, using the Level 2 observable input of quoted market prices in an inactive market.
Interest Income, Expense, and Other Financing Costs
The following table provides additional information about our Interest expense and other financing costs, net (in millions):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Interest expense and other financing costs$(33.4)$(28.4)$(94.1)$(83.2)
Interest income2.6 2.5 6.5 8.8 
Interest expense and other financing costs, net$(30.8)$(25.9)$(87.7)$(74.4)
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Supplemental Disclosure of Noncash Investing and Financing Activities - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating leases [Member]    
Other Significant Noncash Transactions [Line Items]    
Right of use assets obtained in exchange for new operating lease liability $ 28.8 $ 35.3
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v3.26.3
Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2026
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, 2026
Commodity contracts
LongBBL71.3 
ShortBBL(71.3)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(867.1)
Buy U.S. dollar, sell other currenciesUSD806.1 
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 LocationGross Derivative AssetsGross Derivative Liabilities
Derivative InstrumentsSeptember 30, 2026December 31, 2025September 30, 2026December 31, 2025
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$291.8 $— $283.4 $— 
Other non-current assets2.0 0.2 2.2 — 
Short-term derivative liabilities, net— 18.6 — 14.1 
Total derivatives designated as hedging instruments293.8 18.9 285.6 14.2 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net169.6 120.6 92.1 15.6 
Other non-current assets53.2 58.0 26.2 30.8 
Short-term derivative liabilities, net3.6 74.5 54.3 133.1 
Other long-term liabilities2.0 11.6 12.9 24.9 
Foreign currency contractsShort-term derivative assets, net5.6 2.6 2.8 1.5 
Short-term derivative liabilities, net7.8 4.9 21.3 8.1 
Other long-term liabilities0.2 — 0.3 0.1 
Total derivatives not designated as hedging instruments242.0 272.4 209.8 214.3 
Total derivatives$535.8 $291.3 $495.4 $228.4 
Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income
The following amounts were recorded on our Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):
Line item in the Condensed 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, 2026December 31, 2025September 30, 2026December 31, 2025
Inventories$58.4 $73.3 $1.6 $(1.0)
Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income
The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in net income (loss) in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
For the Three Months Ended
September 30, 2026September 30, 2025
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost of revenueInterest 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$13,270.7 $12,982.6 $30.8 $9,391.8 $9,142.2 $25.9 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item— 1.2 — — (0.3)— 
Derivatives designated as hedging instruments— 15.0 — — 0.6 — 
Gains (losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(28.9)0.5 — (2.0)(4.9)— 
   Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income— — — — — — 
Total amount of income and expense line items excluding the impact of hedges$13,299.6 $12,999.4 $30.8 $9,393.8 $9,137.5 $25.9 
For the Nine Months Ended
September 30, 2026September 30, 2025
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost of revenueInterest 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$36,546.9 $35,622.5 $87.7 $27,887.6 $27,175.2 $74.4 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item— 1.8 — — (4.7)— 
Derivatives designated as hedging instruments— (5.2)— — 3.0 — 
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(53.0)(12.7)— (11.7)(1.1)— 
Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income— — — — — 2.9 
Total amount of income and expense line items excluding the impact of hedges$36,599.8 $35,606.3 $87.7 $27,899.3 $27,172.4 $77.3 
The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement
LocationFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Commodity contractsRevenue$(1.5)$4.2 $(18.9)$13.7 
Commodity contractsCost of revenue$14.1 $3.6 $19.6 $— 
Impact of Derivatives Designated as Hedges on the Accumulated Other Comprehensive Income and Consolidated Statements of Income and Comprehensive Income
The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Commodity contracts (Revenue)$(33.3)$(2.2)$(63.4)$(6.7)
Commodity contracts (Cost of revenue)2.9 (3.2)(8.2)(2.1)
Total gain (loss)$(30.4)$(5.4)$(71.6)$(8.7)
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2026202520262025
Commodity contractsRevenue$(20.2)$(1.5)$(37.9)$(8.5)
Commodity contractsCost of revenue0.4 (3.6)(9.1)(0.8)
Interest rate contracts
Interest expense and other financing costs, net— — — 2.1 
Total gain (loss)$(19.8)$(5.0)$(47.1)$(7.2)
Impact of Derivatives not Designated as Hedges on the Consolidated Statements of Income and Comprehensive Income
The following table presents the amount and financial statement location in our 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-designatedFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2026202520262025
Commodity contractsRevenue$19.8 $(6.8)$82.2 $(2.3)
Cost of revenue(33.5)(5.6)(61.6)(10.0)
(13.7)(12.4)20.6 (12.3)
Foreign currency contractsRevenue(0.9)(2.0)(1.9)(0.5)
Other income (expense), net(5.4)4.8 2.8 (12.8)
(6.3)2.8 0.9 (13.3)
Total gain (loss)$(20.0)$(9.6)$21.5 $(25.6)
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, 2026December 31, 2025
Net derivative liability positions with credit contingent features$54.6 $20.2 
Collateral posted and held by our counterparties— (3.7)
Maximum additional potential collateral requirements$54.6 $16.5 
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v3.26.3
Restructuring - Summary of Restructuring Activities (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring Reserve [Roll Forward]        
Beginning balance     $ 46.6  
Restructuring and exit costs $ (1.5) $ 4.9 14.1 $ 25.9
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Ending balance 30.4   30.4  
Restructuring and Exit Activities [Member]        
Restructuring Reserve [Roll Forward]        
Restructuring and exit costs     20.1  
Operating Segments        
Restructuring Reserve [Roll Forward]        
Restructuring and exit costs (8.1) 1.5 1.1 15.5
Operating Segments | Aviation        
Restructuring Reserve [Roll Forward]        
Beginning balance     3.3  
Restructuring and exit costs (8.8) 0.5 (7.8) 5.3
Payments for Restructuring     (2.9)  
Ending balance 1.6   1.6  
Operating Segments | Aviation | Restructuring and Exit Activities [Member]        
Restructuring Reserve [Roll Forward]        
Restructuring and exit costs     1.3  
Operating Segments | Land        
Restructuring Reserve [Roll Forward]        
Beginning balance     31.6  
Restructuring and exit costs 1.0 1.2 7.1 9.6
Payments for Restructuring     (19.9)  
Ending balance 19.8   19.8  
Operating Segments | Land | Restructuring and Exit Activities [Member]        
Restructuring Reserve [Roll Forward]        
Restructuring and exit costs     8.0  
Operating Segments | Marine        
Restructuring Reserve [Roll Forward]        
Beginning balance     1.2  
Restructuring and exit costs (0.4) $ (0.2) 1.8 $ 0.6
Payments for Restructuring     (2.2)  
Ending balance 0.8   0.8  
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Restructuring Reserve [Roll Forward]        
Restructuring and exit costs     1.8  
Corporate and other        
Restructuring Reserve [Roll Forward]        
Beginning balance     10.5  
Payments for Restructuring     (11.4)  
Ending balance $ 8.2   8.2  
Corporate and other | Restructuring and Exit Activities [Member]        
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Restructuring and exit costs     $ 9.0  
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v3.26.3
Acquisitions and Divestitures
9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures
2. Acquisitions and Divestitures
Assets and Liabilities Held for Sale
Land Fuel Transportation and Lubricants Disposal Group
During the fourth quarter of 2025, management committed to and initiated actions to execute a plan to exit certain operations within the land segment that were no longer profitable or not aligned with the Company's core business and corporate strategy. These exit plans include certain assets and liabilities within the land segment (the "Land Fuel Transportation and Lubricants disposal group") that were expected to be sold during 2026. The disposal group did not meet the criteria to be reported as a discontinued operation; however, the assets and liabilities within the disposal group met the criteria to be classified as held for sale as of December 31, 2025.
The Land Fuel Transportation and Lubricants disposal group assets were assessed for impairment under the held for sale impairment model during the fourth quarter of 2025. As a result, impairment charges totaling $85.1 million were recognized to reduce the carrying amount of the disposal group to its estimated fair value less costs to sell. The total impairment charge included approximately $35.3 million of goodwill that was allocated to the Land Fuel Transportation and Lubricants disposal group, as well as $49.7 million related to the long-lived assets included within the disposal group. The remaining carrying value of disposal group assets and liabilities was classified as Other current assets and Accrued expenses and other current liabilities, respectively, within our Condensed Consolidated Balance Sheet as of December 31, 2025.
In June 2026, we closed on the sale of a majority of the Land Fuel Transportation and Lubricants disposal group for total proceeds of $82.8 million, subject to inventory and other adjustments. During the second quarter of 2026, we recognized a gain on sale of $1.2 million. Certain assets originally included in the Land Fuel Transportation and Lubricants disposal group were not included in the sale transaction and were no longer considered held for sale as of June 30, 2026. As a result, $4.0 million of impairment charges previously recognized during the fourth quarter of
2025 were reversed during the second quarter of 2026. As of September 30, 2026, there were no Land Fuel Transportation and Lubricants disposal group assets or liabilities classified as held for sale.
Falmouth Disposal Group
Also during the fourth quarter of 2025, the Company decided to significantly reduce trading activity at the Falmouth terminal and actively pursue a sale of the terminal and related assets. The Falmouth disposal group has historically been reported within the marine segment. The Falmouth disposal group does not meet the criteria to be reported as a discontinued operation; however, the assets and liabilities within the disposal group met the criteria to be classified as held for sale as of December 31, 2025.
The Falmouth disposal group assets were assessed for impairment under the held for sale impairment model during the fourth quarter of 2025. As a result, an impairment charge of $3.3 million was recognized to reduce the carrying amount of the Falmouth terminal land within the disposal group to its estimated fair value less costs to sell. The remaining carrying value of disposal group assets and liabilities have been reclassified to Other current assets and Accrued expenses and other current liabilities, respectively, within our Condensed Consolidated Balance Sheet. In July 2026, we signed and closed on the sale of the Falmouth terminal and related assets for total proceeds of approximately $1.3 million. As of September 30, 2026, there were no Falmouth disposal group assets or liabilities classified as held for sale.
2025 Acquisitions
On September 3, 2025, we entered into a definitive agreement with Universal Weather and Aviation to acquire their Trip Support Services division ("Universal TSS"). The acquisition closed on November 5, 2025 for total estimated consideration of $207.0 million, subject to customary adjustments relating to net working capital. At closing, $154.4 million was paid in cash and $60.0 million remained payable over the next four years. During the first quarter of 2026, the net working capital adjustments were updated and additional consideration of $8.3 million was paid to the seller. The acquisition was accounted for as a business combination and is reported in the aviation segment.
The purchase price allocation was finalized during the second quarter of 2026. The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):
Final
Consideration:
Cash paid at closing$154.4 
Working capital adjustment paid to seller8.3 
Amount due to sellers (1)
52.6 
Total fair value of consideration$215.4 
Assets acquired and liabilities assumed:
Cash$0.2 
Accounts receivable35.2 
Prepaid expenses and other current assets
0.2 
Property, plant and equipment0.3 
Identifiable intangible assets subject to amortization (2)
88.6 
Identifiable intangible assets not subject to amortization (3)
23.4 
Accounts payable(12.3)
Other assets and liabilities, net (4)
(3.8)
Net identifiable assets acquired131.9 
Goodwill (5)
83.5 
Net assets acquired$215.4 
(1)Represents expected payments of $15.0 million per year over each of the next four years, discounted to present value at the date of acquisition.
(2)Identifiable intangible assets subject to amortization primarily consist of customer relationships and other identifiable assets which will be amortized over a weighted average life of 18.4 years.
(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.
(4)Includes the recognition of right of use assets of $1.3 million and lease liabilities of $1.3 million.
(5)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our aviation segment. All of the goodwill assigned to the aviation segment was deductible for tax purposes.
The following presents unaudited pro forma combined financial information of the Company for the three and nine months ended September 30, 2025 as if the acquisition of Universal TSS had been completed on January 1, 2024 (in millions):
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
Revenue$9,452.5 $28,069.6 
Net income (loss) attributable to World Kinect
$28.2 $(327.3)
The unaudited pro forma combined financial information was based on the historical financial information of Universal TSS and includes (i) incremental amortization expense to be incurred based on the fair values of the identifiable intangible assets acquired; (ii) additional interest expense associated with the incremental borrowings under our Credit Facility (as defined below) to finance the acquisition and the accretion of the discount on the present value of future payments; (iii) nonrecurring transaction costs recognized in connection with the transaction; and (iv) the tax effect of the pro forma adjustments as well as the recognition of income tax expense associated with Universal TSS' historical statements, calculated using statutory tax rates, as Universal TSS was comprised of limited liability companies not subject to federal and state income taxes prior to the acquisition. The unaudited pro forma combined financial information does not necessarily reflect what the combined company's financial condition or results of operations would have been had the transaction and the related financing occurred on the dates indicated. The unaudited pro forma financial information also may not be useful in predicting the future financial condition and results of operations of the combined company following the transaction. In addition, the unaudited pro forma combined financial information does not give effect to any cost savings, operating synergies or revenue synergies that may result from the transaction, or the costs to achieve any such synergies.
2025 Divestitures
On April 9, 2025, we signed and closed on the sale of WFL (UK) Ltd., which represents our U.K. land fuels business (the "Watson Fuels disposal group"), for total proceeds of $42.8 million, of which $23.6 million was collected in cash at closing (the "Watson Fuels sale"). As discussed in Note 5. Fair Value Measurements, during the first quarter of 2025, we recognized an asset impairment charge of $44.5 million with respect to the Watson Fuels asset group assets. The Watson Fuels sale resulted in a pre-tax loss of $81.7 million, net of costs to sell and after the reclassification of cumulative translation losses of $55.1 million, that is included in Other income (expense), net within our Condensed Consolidated Statements of Income and Comprehensive Income for the second quarter of 2025. The related tax benefit of $6.3 million is included within Income tax expense (benefit) within our Condensed Consolidated Statements of Income and Comprehensive Income. Prior to the Watson Fuels sale, the Watson Fuels asset group was reported within our land segment. The Watson Fuels sale did not meet the criteria to be reported as a discontinued operation.
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Accounts Receivable (Tables)
9 Months Ended
Sep. 30, 2026
Receivables [Abstract]  
Accounts 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,
20262025
Balance as of January 1,$16.6 $23.7 
Charges to allowance for credit losses61.1 5.7 
Write-off of uncollectible receivables(3.5)(8.5)
Recoveries of credit losses0.2 0.3 
Translation adjustments(0.3)(0.2)
Balance as of September 30,$74.1 $21.0 
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v3.26.3
Business Segments - Balance Sheet Items (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Accounts receivable, net:    
Total accounts receivable, net $ 3,125.2 $ 2,208.5
Aviation segment    
Total assets 7,038.9 5,863.9
Operating Segments    
Aviation segment    
Total assets 6,655.9 5,421.4
Corporate and other    
Aviation segment    
Total assets 383.0 442.5
Land | Operating Segments    
Accounts receivable, net:    
Total accounts receivable, net 472.2 592.5
Aviation segment    
Total assets 1,980.7 2,131.3
Marine | Operating Segments    
Accounts receivable, net:    
Total accounts receivable, net 842.3 496.2
Aviation segment    
Total assets 1,064.1 701.4
Aviation | Operating Segments    
Accounts receivable, net:    
Total accounts receivable, net 1,810.7 1,119.7
Aviation segment    
Total assets $ 3,611.1 $ 2,588.7
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v3.26.3
Fair Value Measurements - Concentration of Credit Risk (Details) - Individual Counterparty [Member] - Concentration of credit risk - Credit exposure
$ in Millions
Sep. 30, 2026
USD ($)
counterparty
Concentration Risk [Line Items]  
Total credit risk $ 8.8
Cash collateral $ 0.0
Number of OTC Counterparties | counterparty 1
X
- 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

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- Definition

Maximum potential amount of future undiscounted payments that could be required under the credit derivative, before reduction for potential recoveries under recourse or collateralization provisions.

+ References

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- Definition

Amount of assets pledged to secure a debt instrument.

+ References

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- Definition

Number of OTC Counterparties

+ References

No definition available.

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