QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (Address of Principal Executive Offices) (Zip Code) | (I.R.S. Employer Identification No.) | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||
Registrant’s telephone number, including area code | ||||||||||||||||||||||||||
Securities registered pursuant to Section 12(b) of the Act | ||||||||||||||||||||||||||
Title of each class | Trading Symbol (s) | Name of each exchange on which registered | ||||||||||||||||||||||||
Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 | ||||||||
Condensed Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 | ||||||||
Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2024 and 2023 | ||||||||
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 | ||||||||
SIGNATURES |
March 31, 2024 | December 31, 2023 | |||||||||||||
Assets: | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net of allowance for credit losses of $ | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses | ||||||||||||||
Short-term derivative assets, net | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Identifiable intangible assets, net | ||||||||||||||
Other non-current assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities: | ||||||||||||||
Current liabilities: | ||||||||||||||
Current maturities of long-term debt | $ | $ | ||||||||||||
Accounts payable | ||||||||||||||
Short-term derivative liabilities, net | ||||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Equity: | ||||||||||||||
World Kinect shareholders' equity: | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Capital in excess of par value | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Total World Kinect shareholders' equity | ||||||||||||||
Noncontrolling interest | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Revenue | $ | $ | ||||||||||||
Cost of revenue | ||||||||||||||
Gross profit | ||||||||||||||
Operating expenses: | ||||||||||||||
Compensation and employee benefits | ||||||||||||||
General and administrative | ||||||||||||||
Restructuring charges | ||||||||||||||
Total operating expenses | ||||||||||||||
Income (loss) from operations | ||||||||||||||
Non-operating income (expenses), net: | ||||||||||||||
Interest expense and other financing costs, net | ( | ( | ||||||||||||
Other income (expense), net | ( | ( | ||||||||||||
Total non-operating income (expense), net | ( | ( | ||||||||||||
Income (loss) before income taxes | ||||||||||||||
Provision for income taxes | ||||||||||||||
Net income (loss) including noncontrolling interest | ||||||||||||||
Net income (loss) attributable to noncontrolling interest | ( | ( | ||||||||||||
Net income (loss) attributable to World Kinect | $ | $ | ||||||||||||
Basic earnings (loss) per common share | $ | $ | ||||||||||||
Basic weighted average common shares | ||||||||||||||
Diluted earnings (loss) per common share | $ | $ | ||||||||||||
Diluted weighted average common shares | ||||||||||||||
Comprehensive income: | ||||||||||||||
Net income (loss) including noncontrolling interest | $ | $ | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Foreign currency translation adjustments | ( | |||||||||||||
Cash flow hedges, net of income tax expense (benefit) of ($ | ( | ( | ||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||
Comprehensive income (loss) including noncontrolling interest | ||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest | ( | ( | ||||||||||||
Comprehensive income (loss) attributable to World Kinect | $ | $ |
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total World Kinect Shareholders' Equity | Noncontrolling Interest Equity | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance (cancellation) of common stock related to share-based payment awards | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2024 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total World Kinect Shareholders' Equity | Noncontrolling Interest Equity | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Amortization of share-based payment awards | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance (cancellation) of common stock related to share-based payment awards | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) including noncontrolling interest | $ | $ | ||||||||||||
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: | ||||||||||||||
Unrealized (gain) loss on derivatives | ( | |||||||||||||
Depreciation and amortization | ||||||||||||||
Noncash operating lease expense | ||||||||||||||
Provision for credit losses | ||||||||||||||
Share-based payment award compensation costs | ||||||||||||||
Deferred income tax expense (benefit) | ( | ( | ||||||||||||
Unrealized foreign currency (gains) losses, net | ( | |||||||||||||
Other | ||||||||||||||
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||||||
Accounts receivable, net | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses | ( | |||||||||||||
Other current assets | ||||||||||||||
Cash collateral with counterparties | ||||||||||||||
Other non-current assets | ( | ( | ||||||||||||
Change in derivative assets and liabilities, net | ||||||||||||||
Accounts payable | ( | ( | ||||||||||||
Accrued expenses and other current liabilities | ( | ( | ||||||||||||
Other long-term liabilities | ( | |||||||||||||
Net cash provided by (used in) operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Other investing activities, net | ( | |||||||||||||
Net cash provided by (used in) investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Borrowings of debt | ||||||||||||||
Repayments of debt | ( | ( | ||||||||||||
Dividends paid on common stock | ( | ( | ||||||||||||
Payments of deferred consideration for acquisitions | ( | ( | ||||||||||||
Other financing activities, net | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | ( | ||||||||||||
Cash and cash equivalents reclassified as assets held for sale | ( | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents, as of the beginning of the period | ||||||||||||||
Cash and cash equivalents, as of the end of the period | $ | $ |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Balance as of January 1, | $ | $ | |||||||||
Charges to allowance for credit losses | |||||||||||
Write-off of uncollectible receivables | ( | ( | |||||||||
Recoveries of credit losses | |||||||||||
Translation adjustments | |||||||||||
Balance as of March 31, | $ | $ |
March 31, 2024 | ||||||||
Cash and cash equivalents | $ | |||||||
Accounts receivable, net | ||||||||
Prepaid expenses and other current assets | ||||||||
Property and equipment | ||||||||
Intangible assets, net | ||||||||
Goodwill | ||||||||
Other non-current assets | ||||||||
Total assets held for sale | $ | |||||||
Accounts payable | $ | |||||||
Accrued expenses and other liabilities | ||||||||
Other long-term liabilities | ||||||||
Total liabilities held for sale | $ |
Aviation Segment | Land Segment | Total | |||||||||||||||
As of December 31, 2023 | $ | $ | $ | ||||||||||||||
Goodwill reclassified to held for sale (1) | ( | ( | |||||||||||||||
Foreign currency translation of non-USD functional currency subsidiary goodwill | ( | ( | ( | ||||||||||||||
As of March 31, 2024 | $ | $ | $ | ||||||||||||||
Unit | March 31, 2024 | |||||||||||||
Commodity contracts | ||||||||||||||
Long | BBL | |||||||||||||
Short | BBL | ( | ||||||||||||
Foreign currency exchange contracts | ||||||||||||||
Sell U.S. dollar, buy other currencies | USD | ( | ||||||||||||
Buy U.S. dollar, sell other currencies | USD | |||||||||||||
Interest rate contracts | ||||||||||||||
Interest rate swap | USD |
Condensed Consolidated Balance Sheets Location | Gross Derivative Assets | Gross Derivative Liabilities | |||||||||||||||||||||||||||
Derivative Instruments | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity contracts | Other non-current assets | $ | $ | $ | $ | ||||||||||||||||||||||||
Short-term derivative liabilities, net | |||||||||||||||||||||||||||||
Interest rate contracts | Short-term derivative assets, net | ||||||||||||||||||||||||||||
Other non-current assets | |||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Commodity contracts | Short-term derivative assets, net | ||||||||||||||||||||||||||||
Other non-current assets | |||||||||||||||||||||||||||||
Short-term derivative liabilities, net | |||||||||||||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||||||||
Foreign currency contracts | Short-term derivative assets, net | ||||||||||||||||||||||||||||
Other non-current assets | |||||||||||||||||||||||||||||
Short-term derivative liabilities, net | |||||||||||||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ |
Line item in the Consolidated Balance Sheets in which the hedged item is included | Carrying Amount of Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities) | ||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||
Inventory | $ | $ | $ | $ | ( |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||
Revenue | Cost of revenue | Interest expense and other financing costs, net | Revenue | Cost of revenue | Interest expense and other financing costs, net | |||||||||||||||||||||||||||||||||
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Gains (losses) on fair value hedge relationships: | ||||||||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
Hedged item | ( | |||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ( | |||||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on amortization approach | ||||||||||||||||||||||||||||||||||||||
Gains (losses) on cash flow hedge relationships: | ||||||||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | ||||||||||||||||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||||||||||||||||
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income | ||||||||||||||||||||||||||||||||||||||
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value | ||||||||||||||||||||||||||||||||||||||
Total amount of income and expense line items excluding the impact of hedges | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement | For the Three Months Ended March 31, | |||||||||||||||||||
Location | 2024 | 2023 | ||||||||||||||||||
Commodity contracts | Revenue | $ | $ | ( | ||||||||||||||||
Commodity contracts | Cost of revenue | $ | ( | $ | ( |
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit | For the Three Months Ended March 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Commodity contracts (Revenue) | $ | ( | $ | |||||||||||
Commodity contracts (Cost of revenue) | ( | ( | ||||||||||||
Interest rate contracts (Interest expense and other financing costs, net) | ( | |||||||||||||
Total gain (loss) | $ | $ | ( |
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit | For the Three Months Ended March 31, | |||||||||||||||||||
Location | 2024 | 2023 | ||||||||||||||||||
Commodity contracts | Revenue | $ | $ | ( | ||||||||||||||||
Commodity contracts | Cost of revenue | ( | ( | |||||||||||||||||
Interest rate contracts | Interest expense and other financing costs, net | |||||||||||||||||||
Total gain (loss) | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||||||||
Derivative Instruments - Non-designated | Location | 2024 | 2023 | |||||||||||||||||
Commodity contracts | Revenue | $ | ( | $ | ( | |||||||||||||||
Cost of revenue | ( | |||||||||||||||||||
( | ( | |||||||||||||||||||
Foreign currency contracts | Revenue | ( | ( | |||||||||||||||||
Other (expense), net | ( | |||||||||||||||||||
( | ||||||||||||||||||||
Total gain (loss) | $ | ( | $ | ( |
March 31, 2024 | December 31, 2023 | |||||||||||||
Net derivative liability positions with credit contingent features | $ | $ | ||||||||||||
Collateral posted and held by our counterparties | ( | |||||||||||||
Maximum additional potential collateral requirements | $ | $ |
Fair Value Measurements as of March 31, 2024 | |||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | |||||||||||||||||||
Interest rate contract | |||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||
Cash surrender value of life insurance | |||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ |
Fair Value Measurements as of December 31, 2023 | |||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | |||||||||||||||||||
Interest rate contract | |||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||
Cash surrender value of life insurance | |||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ |
Fair Value as of March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Collateral | Gross Amounts without Right of Offset | Net Amounts | |||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest rate contract | ||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | ||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest rate contract | ||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | ||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | $ | $ |
Fair Value as of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset | Net Amounts Presented | Collateral | Gross Amounts without Right of Offset | Net Amounts | |||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest rate contract | ||||||||||||||||||||||||||||||||||||||
Foreign currency contracts | ||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Commodities contracts | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Foreign currency contracts | ||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
Credit Facility (1) | $ | $ | ||||||||||||
Term loan (1) | ||||||||||||||
Convertible Notes (2) | ||||||||||||||
Finance leases | ||||||||||||||
Other (3) | ||||||||||||||
Total debt | ||||||||||||||
Less: Current maturities of long-term debt and finance leases | ||||||||||||||
Long-term debt | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Interest income | $ | $ | ||||||||||||
Interest expense and other financing costs | ( | ( | ||||||||||||
Interest expense and other financing costs, net | $ | ( | $ | ( |
Foreign Currency Translation Adjustments | Cash Flow Hedges | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Balance as of January 1, 2024 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) | ( | ( | |||||||||||||||
Balance as of March 31, 2024 | $ | ( | $ | $ | ( | ||||||||||||
Balance as of January 1, 2023 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) | ( | ( | |||||||||||||||
Balance as of March 31, 2023 | $ | ( | $ | $ | ( |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Aviation | $ | $ | ||||||||||||
Land | ||||||||||||||
Marine | ||||||||||||||
Asia Pacific | ||||||||||||||
Aviation | ||||||||||||||
Land | ||||||||||||||
Marine | ||||||||||||||
EMEA | ||||||||||||||
Aviation | ||||||||||||||
Land | ||||||||||||||
Marine | ||||||||||||||
LATAM | ||||||||||||||
Aviation | ||||||||||||||
Land | ||||||||||||||
Marine | ||||||||||||||
North America | ||||||||||||||
Other revenues (excluded from ASC 606) (1) | ( | ( | ||||||||||||
Total revenue | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Provision for income taxes | $ | $ | ||||||||||||
Effective income tax rate | % | % |
For the Three Months Ended March 31, | ||||||||||||||
Revenue: | 2024 | 2023 | ||||||||||||
Aviation segment | $ | $ | ||||||||||||
Land segment | ||||||||||||||
Marine segment | ||||||||||||||
Total revenue | $ | $ | ||||||||||||
Income from operations: | ||||||||||||||
Aviation segment | $ | $ | ||||||||||||
Land segment | ||||||||||||||
Marine segment | ||||||||||||||
Corporate overhead - unallocated | ( | ( | ||||||||||||
Total income from operations | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
Accounts receivable, net: | ||||||||||||||
Aviation segment, net of allowance for credit losses of $ | $ | $ | ||||||||||||
Land segment, net of allowance for credit losses of $ | ||||||||||||||
Marine segment, net of allowance for credit losses of $ | ||||||||||||||
Total accounts receivable, net | $ | $ | ||||||||||||
Total assets: | ||||||||||||||
Aviation segment | $ | $ | ||||||||||||
Land segment | ||||||||||||||
Marine segment | ||||||||||||||
Corporate | ||||||||||||||
Total assets | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Numerator: | ||||||||||||||
Net income attributable to World Kinect | $ | $ | ||||||||||||
Denominator: | ||||||||||||||
Weighted average common shares for basic earnings per common share | ||||||||||||||
Effect of dilutive securities | ||||||||||||||
Weighted average common shares for diluted earnings per common share | ||||||||||||||
Basic earnings (loss) per common share | $ | $ | ||||||||||||
Diluted earnings (loss) per common share | $ | $ | ||||||||||||
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met |
Aviation | Land | Marine | Corporate | Consolidated | |||||||||||||||||||||||||
Accrued charges as of December 31, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Restructuring charges | ( | ||||||||||||||||||||||||||||
Paid during the period | ( | ( | ( | ( | |||||||||||||||||||||||||
Accrued charges as of March 31, 2024 | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Revenue | $ | 10,951.4 | $ | 12,481.6 | ||||||||||
Cost of revenue | 10,697.3 | 12,218.9 | ||||||||||||
Gross profit | 254.1 | 262.7 | ||||||||||||
Operating expenses: | ||||||||||||||
Compensation and employee benefits | 115.5 | 119.2 | ||||||||||||
General and administrative | 75.1 | 79.0 | ||||||||||||
Restructuring charges | 0.2 | — | ||||||||||||
Total operating expenses | 190.8 | 198.2 | ||||||||||||
Income (loss) from operations | 63.3 | 64.6 | ||||||||||||
Non-operating income (expenses), net: | ||||||||||||||
Interest expense and other financing costs, net | (28.9) | (34.3) | ||||||||||||
Other income (expense), net | (3.9) | (3.5) | ||||||||||||
Total non-operating income (expense), net | (32.8) | (37.8) | ||||||||||||
Income (loss) before income taxes | 30.5 | 26.7 | ||||||||||||
Provision for income taxes | 3.3 | 4.2 | ||||||||||||
Net income (loss) including noncontrolling interest | 27.2 | 22.6 | ||||||||||||
Net income (loss) attributable to noncontrolling interest | (0.2) | (0.2) | ||||||||||||
Net income (loss) attributable to World Kinect | $ | 27.4 | $ | 22.8 | ||||||||||
Basic earnings (loss) per common share | $ | 0.46 | $ | 0.37 | ||||||||||
Diluted earnings (loss) per common share | $ | 0.45 | $ | 0.36 |
For the Three Months Ended March 31, | ||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
Revenue | $ | 5,144.2 | $ | 6,222.8 | $ | (1,078.6) | ||||||||||||||
Gross profit | $ | 108.4 | $ | 100.6 | $ | 7.9 | ||||||||||||||
Operating expenses | 64.5 | 66.6 | (2.1) | |||||||||||||||||
Income (loss) from operations | $ | 44.0 | $ | 34.0 | $ | 10.0 | ||||||||||||||
Operational metrics: | ||||||||||||||||||||
Aviation segment volumes (gallons) | 1,673.1 | 1,777.1 | (104.0) | |||||||||||||||||
Aviation segment average price per gallon | $ | 2.86 | $ | 3.30 | $ | (0.43) |
For the Three Months Ended March 31, | ||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
Revenue | $ | 3,416.6 | $ | 3,891.3 | $ | (474.7) | ||||||||||||||
Gross profit | $ | 97.3 | $ | 110.1 | $ | (12.8) | ||||||||||||||
Operating expenses | 78.9 | 83.9 | (5.1) | |||||||||||||||||
Income (loss) from operations | $ | 18.5 | $ | 26.2 | $ | (7.7) | ||||||||||||||
Operational metrics: | ||||||||||||||||||||
Land segment volumes (gallons) (1) | 1,598.1 | 1,564.7 | 33.4 | |||||||||||||||||
Land segment average price per gallon | $ | 2.14 | $ | 2.49 | $ | (0.35) |
For the Three Months Ended March 31, | ||||||||||||||||||||
2024 | 2023 | Change | ||||||||||||||||||
Revenue | $ | 2,390.5 | $ | 2,367.5 | $ | 23.0 | ||||||||||||||
Gross profit | $ | 48.4 | $ | 52.0 | $ | (3.7) | ||||||||||||||
Operating expenses | 21.6 | 21.2 | 0.3 | |||||||||||||||||
Income (loss) from operations | $ | 26.8 | $ | 30.8 | $ | (4.0) | ||||||||||||||
Operational metrics: | ||||||||||||||||||||
Marine segment volumes (metric tons) | 4.3 | 4.3 | 0.1 | |||||||||||||||||
Marine segment average price per metric ton | $ | 552.04 | $ | 553.16 | $ | (1.12) |
For the Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by (used in) operating activities | $ | 110.2 | $ | 143.0 | |||||||
Net cash provided by (used in) investing activities | (16.9) | (23.5) | |||||||||
Net cash provided by (used in) financing activities | (64.3) | (192.8) |
Exhibit No. | Description | |||||||
Amendment No. 10 to the Fourth Amended and Restated Credit Agreement, dated as of January 19, 2024, among World Kinect Corporation, World Fuel Services Europe, Ltd., World Fuel Services (Singapore) Pte Ltd, World Fuel Services, Inc., WFS UK Holding Company IV Limited, Kinect Energy AS and Kinect Energy Spot AS, and Bank of America, N.A., as administrative agent (incorporated by reference herein from Exhibit 10.34 to our Annual Report on Form 10-K filed on February 23, 2024) | ||||||||
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a) | ||||||||
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a) | ||||||||
Certification of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) | ||||||||
101 | The following materials from World Kinect Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income and Comprehensive Income, (iii) Condensed Consolidated Statements of Shareholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements. | |||||||
104 | Cover page interactive file (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
Date: April 26, 2024 | World Kinect Corporation | ||||
/s/ Michael J. Kasbar | |||||
Michael J. Kasbar | |||||
Chairman, President and Chief Executive Officer | |||||
/s/ Ira M. Birns | |||||
Ira M. Birns | |||||
Executive Vice President and Chief Financial Officer |
Date: April 26, 2024 | |||||
/s/ Michael J. Kasbar | |||||
Michael J. Kasbar | |||||
Chairman, President and Chief Executive Officer |
Date: April 26, 2024 | |||||
/s/ Ira M. Birns | |||||
Ira M. Birns | |||||
Executive Vice President and Chief Financial Officer |
Date: April 26, 2024 | |||||
/s/ Michael J. Kasbar | |||||
Michael J. Kasbar | |||||
Chairman, President and Chief Executive Officer | |||||
/s/ Ira M. Birns | |||||
Ira M. Birns | |||||
Executive Vice President and Chief Financial Officer |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 20.0 | $ 18.3 |
Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (in shares) | 0.1 | 0.1 |
Preferred stock, shares issued (in shares) | 0.0 | 0.0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100.0 | 100.0 |
Common stock, shares issued (in shares) | 59.9 | 59.8 |
Common stock, shares outstanding (in shares) | 59.9 | 59.8 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (PARENTHETICAL) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Statement [Abstract] | ||
Cash flow hedges, net of income tax expense (benefit) of ($0.5) and ($0.7) for the three months ended March 31, 2024 and 2023, respectively | $ (0.5) | $ (0.7) |
Interest expense and other financing costs, net | $ (28.9) | $ (34.3) |
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies | 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies General World Kinect Corporation (the "Company") was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Quarterly Report on Form 10-Q ("10-Q Report") as "World Kinect," "we," "our" and "us." We are a global energy management company offering fulfillment and related services across the aviation, marine, and land-based transportation sectors. We also supply natural gas and power in the United States and Europe along with a growing suite of other sustainability-related products and services. The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2023 Annual Report on Form 10-K ("2023 10-K Report"). All intercompany transactions among our businesses have been eliminated. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. In our opinion, all adjustments necessary for a fair statement of the financial statements, which are of a normal and recurring nature, have been made for the interim periods reported. The information included in this 10-Q Report should be read in conjunction with the Consolidated Financial Statements and accompanying Notes included in our 2023 10-K Report. Certain prior period amounts in the Condensed Consolidated Financial Statements and accompanying Notes have been reclassified to conform to the current period presentation. Due to rounding, certain amounts may not add; however, all percentages have been calculated using unrounded amounts. New Accounting Standards Accounting Standards Issued but Not Yet Adopted Segment Reporting. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits companies to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other recently issued accounting standards not yet adopted by us that are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, registrants will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules also require registrants to disclose outside the financial statements information regarding governance and oversight of material climate-related risks, the material impacts of climate risks on the strategy, business model and outlook, risk management processes and material scope 1 and scope 2 greenhouse gas emissions and any material climate-related targets and goals when the registrant has made a target or goal that has materially affected or is reasonable likely to materially affect its business, results of operations, or financial condition. The rules are generally scheduled to be effective for annual reporting periods beginning in 2025. In April 2024, the SEC voluntarily stayed the rules pending judicial review. The Company is currently evaluating these final rules to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Significant Accounting Policies There have been no significant changes in the Company's accounting policies from those disclosed in our 2023 10-K Report. The significant accounting policies we use for quarterly financial reporting are disclosed in Note 1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies of the accompanying Notes to the Consolidated Financial Statements included in our 2023 10-K Report.
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Accounts Receivable |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable | 2. Accounts Receivable Accounts Receivable and Allowance for Credit Losses When we extend credit on an unsecured basis, our exposure to credit losses depends on the financial condition of our customers and macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in oil prices and political instability. We actively monitor and manage our credit exposure and work to respond to both changes in our customers' financial conditions and macroeconomic events. Based on the ongoing credit evaluations of our customers, we adjust credit limits based upon payment history and our customers' current creditworthiness. However, because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected may ultimately need to be written off. We had accounts receivable, net, of $2.7 billion and $2.7 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $21.7 million and $20.8 million, as of March 31, 2024 and December 31, 2023, respectively. Changes to the expected credit loss provision during the three months ended March 31, 2024 resulted from the Company's assessment of reasonable and supportable forward-looking information, including global economic outlook considerations. Based on an aging analysis as of March 31, 2024, 93% 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):
Receivable Purchase Agreements We have receivable purchase agreements ("RPAs") that allow for the sale of our qualifying accounts receivable in exchange for cash consideration equal to the total balance, less a discount margin, depending on the outstanding accounts receivable at any given time. Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Consolidated Statements of Income and Comprehensive Income. During the three months ended March 31, 2024 and 2023, we sold receivables under the RPAs with an aggregate face value of $3.0 billion and $3.0 billion and recognized fees of $10.2 million and $11.7 million, respectively.
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Acquisitions and Divestitures |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Acquisitions and Divestitures | 3. Acquisitions and Divestitures 2024 Acquisitions and Divestitures There were no acquisitions during the three months ended March 31, 2024. In March 2024, we executed a definitive agreement to sell the Avinode Group and our portfolio of aviation fixed-based operator software products ("the disposal group") for cash proceeds of approximately $200 million, subject to working capital adjustments. Avinode Group is the world's leading air charter sourcing platform. Closing of the transaction is subject to customary closing conditions and is expected to be completed during the second quarter. The sale is expected to result in a gain, after the reclassification of the cumulative translation adjustment to net income, that will be recognized upon closing of the transaction. Prior to the sale, the disposal group was reported within the aviation segment. The sale did not meet the criteria to be reported as a discontinued operation, however the assets and liabilities within the disposal group met the criteria to be classified as held for sale as of March 31, 2024 and have been reclassified to Other current assets and Accrued expenses and other current liabilities, respectively, within our Condensed Consolidated Balance Sheet. The following table summarizes the carrying value of the assets and liabilities classified as held for sale (in millions):
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Goodwill |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 4. Goodwill The following table provides information regarding changes in goodwill during the three months ended March 31, 2024 (in millions):
(1) See Note 3. Acquisitions and Divestitures for additional information.
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 5. Derivative Instruments We are exposed to a variety of risks including but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective. Our risk management program includes the following types of derivative instruments: Fair Value Hedges. Derivative contracts we hold to hedge the risk of changes in the price of our inventory. Cash Flow Hedges. Derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions. Non-designated Derivatives. Derivatives we primarily transact to mitigate the risk of market price fluctuations in swaps or futures contracts, as well as certain forward fixed price purchase and sale contracts to hedge the risk of currency rate fluctuations and for portfolio optimization. The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):
The majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next year and our interest rate swap agreement matures in March 2025. Assets and Liabilities The following table presents the gross fair value of our derivative instruments and their locations on the Condensed Consolidated Balance Sheets (in millions):
For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 6. Fair Value Measurements. The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):
Earnings and Other Comprehensive Income (Loss) Derivatives Designated as Hedging Instruments The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
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):
For the three months ended March 31, 2024 and 2023, there were no gains or losses recognized in earnings related to our fair value or cash flow hedges that were excluded from the assessment of hedge effectiveness. As of March 31, 2024, on a pre-tax basis, $0.1 million and $0.6 million is scheduled to be reclassified from Accumulated other comprehensive income (loss) over the next twelve months as a decrease to Revenue and an increase to Cost of revenue, respectively, related to designated commodity cash flow hedges that will mature within the next twelve months. The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
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):
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):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 6. Fair Value Measurements The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. With the exception of the Convertible Notes issued in June 2023, as discussed in Note 7. Debt, Interest Income, Expense, and Other Finance Costs, the carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy. Recurring Fair Value Measurements The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):
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):
At March 31, 2024 and December 31, 2023, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset. Concentration of Credit Risk Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At March 31, 2024, two of our counterparties with a total exposure of $128.9 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $71.3 million. Nonrecurring Fair Value Measurements The fair values of nonrecurring assets or liabilities measured using Level 3 inputs were not material as of March 31, 2024.
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Debt, Interest Income, Expense, and Other Finance Costs |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, Interest Income, Expense, and Other Finance Costs | 7. Debt, Interest Income, Expense, and Other Finance Costs Long-Term Debt Our outstanding debt consists of the following (in millions):
(1)The Fourth Amended and Restated Credit Agreement matures in April 2027 and provides for a term loan as well as a revolving credit facility of up to $1.5 billion (the "Credit Facility"). (2)The Convertible Notes were issued in June 2023 and mature on July 1, 2028, unless earlier converted, redeemed or repurchased. As of March 31, 2024 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs. As of March 31, 2024, the fair value of the Convertible Notes is estimated to be approximately $385.5 million using the Level 2 observable input of quoted market prices in an inactive market. (3)Includes secured borrowings for the transfer of tax receivables of $52.4 million (EUR 48.5 million) and $53.6 million (EUR 48.5 million) as of March 31, 2024 and December 31, 2023, respectively. Interest Income, Expense, and Other Financing Costs The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions):
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Supplier Financing Programs |
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Mar. 31, 2024 | |
Supplier Financing Programs [Abstract] | |
Supplier Finance Program [Text Block] | 8. Supplier Financing Programs Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support. Outstanding obligations confirmed under our supplier finance programs were $213.1 million and $198.8 million as of March 31, 2024 and December 31, 2023, respectively, and are included in within our Condensed Consolidated Balance Sheets.
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Commitments and Contingencies |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies On November 23, 2023, one of our subsidiaries submitted an erroneous bid in the Finnish power market. During the fourth quarter of 2023, the Company recognized related extraordinary losses totaling $48.8 million, which are principally reported within Cost of revenue on the Consolidated Statements of Income and Comprehensive Income. In December 2023, the subsidiary received a request for information from Energiavirasto, the Finnish energy regulatory authority ("EA") indicating that EA had initiated an investigation in relation to the events surrounding the erroneous bid submission. We have since received requests for additional information following our responses to EA's initial requests. We expect to respond to such requests and continue to cooperate with the investigation. At this time, we are unable to predict the outcome of this investigation, including whether the investigation will result in any action, proceeding or fine against us. We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. From time to time, we are also under review by various domestic and foreign tax authorities regarding indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, South Korea and Brazil, where the amounts in controversy may be material. During 2016 and 2017, the South Korean branch of one of our subsidiaries received assessments totaling approximately $25.5 million (KRW 34.3 billion) from the regional tax authorities of Seoul, South Korea. The assessments primarily consist of fines and penalties for allegedly failing to issue Value Added Tax ("VAT") invoices and report certain transactions during the period 2011-2014. These assessments do not involve failure to pay or collect VAT. We believe we have substantial defenses to these assessments and expect to continue to pursue available administrative and judicial remedies to resolve this matter. We are also involved in several tax disputes with federal, state and municipal tax authorities in Brazil, relating primarily to a VAT tax known as ICMS. These disputes are at various stages of the legal process, including the administrative review phase and the collection action phase, and include assessments of fixed amounts of principal and penalties, plus interest. One of our Brazilian subsidiaries is currently contesting an assessment from the Brazilian tax authorities relating to the ICMS rate used for certain transactions (consisting of tax, interest and penalties) that now stands at approximately $6.4 million (BRL 32.0 million). In November 2023, the deadline passed for the Brazilian tax authorities to appeal a previous judgment reducing the interest rate applicable to the assessment. In April 2024, the Sao Paulo Court of Justice published a decision on a motion previously filed in the case, which reduced the penalty by limiting it to the total tax due and eliminated any interest that would have been due on the excess penalty. We intend to pursue available administrative and judicial remedies necessary 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 March 31, 2024, our reserves for such claims were not material. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, we believe that such losses will not have a material adverse effect on our Condensed Consolidated Financial Statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our Condensed Consolidated Financial Statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. When we deem it appropriate and the amounts are reasonably estimable, we establish reserves for potential adjustments to our provision for the accrual of indirect taxes that may result from examinations or other actions by tax authorities. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities will result in the recognition of benefits in the period we determine the liabilities are no longer necessary. If our estimates of any of our federal, state, and foreign indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense. Except with respect to the matters described above, we believe that the final outcome of any pending examinations, agreements, administrative or judicial proceedings will not have a material effect on our results of operations or cash flows.
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Shareholders' Equity |
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Shareholders' Equity | 10. Shareholders' Equity Cash Dividends During the three months ended March 31, 2024, the Company's Board of Directors (the "Board") declared quarterly cash dividends of $0.17 per common share representing first quarter dividends of $10.1 million, which were paid on April 16, 2024. During the three months ended March 31, 2023, the Board declared quarterly cash dividends of $0.14 per common share representing first quarter dividends of $8.6 million, which were paid on April 21, 2023. 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):
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Revenue from Contracts with Customers |
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Revenue from Contracts with Customers | 11. Revenue from Contracts with Customers Disaggregated revenue The following table presents our revenues from contracts with customers disaggregated by major geographic areas in which we conduct business (in millions):
(1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance. Accounts receivable, contract assets and contract liabilities The nature of the receivables related to revenue from contracts with customers and other revenues (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into utilizing the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, the contract assets and contract liabilities recognized by the Company were not material.
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Income Taxes |
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Income Taxes | 12. Income Taxes Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates):
Our provision for income taxes for the three months ended March 31, 2024 includes a net discrete income tax benefit of $5.1 million, of which a tax benefit of $2.5 million relates to return-to-provision adjustments and a net tax benefit of $2.4 million relates to changes in our uncertain tax positions. For the three months ended March 31, 2023, the provision included a net discrete income tax benefit of $3.8 million, of which $3.1 million related to the reversal of a valuation allowance previously recorded against a U.S. state's deferred tax assets and a net tax benefit of $0.7 million related to other worldwide adjustments, including changes resulting from tax return filings. Our income tax provisions for the three months ended March 31, 2024 and 2023 were calculated based on the estimated annual effective income tax rates for the 2024 and 2023 years, respectively. The actual effective income tax rate for the 2024 year may be materially different for several reasons including differences between estimated versus actual results and the geographic tax jurisdictions in which the results are earned. On October 4, 2021, 136 members of the Organization for Economic Co-operation and Development ("OECD") agreed to a global minimum tax rate of 15%. On December 20, 2021, OECD published its model rules on the agreed minimum tax known as the Global Anti-Base Erosion ("GloBE") rules. The GloBE rules provide a framework for a coordinated multi-country system of taxation intended to ensure large multinational enterprise groups pay a minimum level of tax on the income arising in each of the jurisdictions where they operate. On December 14, 2022, the European Council approved its directive to implement Pillar Two of the GloBE rules regarding a 15% global minimum tax rate. Many EU countries have already indicated they plan to enact certain provisions of this directive as of January 1, 2024. In addition, many G20 nations have indicated their plan to follow the OECD guidance as early as January 1, 2024. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Company operates. The legislation is effective for the Company’s financial year beginning January 1, 2024. The Company has completed its assessment and identified potential exposure to Pillar Two income taxes on profits earned in jurisdictions where the effective tax rate is lower than 15%. The estimated Pillar Two taxes do not have a material impact on the estimated annual effective tax rate for 2024 or the income tax provision for the quarter. We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most material of these is in Denmark for the 2013 - 2019 tax years, where one of our subsidiaries has been under audit since 2018. Through March 31, 2024, we have received final tax assessments for the 2013 and 2014 tax years that were immaterial, a proposed tax assessment for the 2015 tax year of approximately $13.9 million (DKK 96.1 million), and proposed tax assessments for the 2016 and 2017 tax years of approximately $19.4 million (DKK 133.8 million) and $22.5 million (DKK 155.5 million), respectively. On April 24, 2024, we received proposed tax assessments for the 2018 and 2019 tax years of approximately $21.7 million (DKK 149.7 million) and $30.6 million (DKK 211.2 million), respectively. 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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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | 13. Business Segments We operate in three reportable segments consisting of aviation, land and marine. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. We use Income from operations as our primary measure of profit as we believe it is the most meaningful measure to allocate resources and assess the performance of our segments. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions):
Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions):
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Earnings Per Common Share |
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Earnings Per Common Share | 14. Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share amounts):
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Restructuring |
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Restructuring | 15. Restructuring 2023 Restructuring Plan In November 2023, we approved and began implementing a restructuring plan to realign our operational focus with the purpose of simplifying our business, enabling us to focus more clearly on growing our core businesses and our new sustainability-related activities, and improving our cost structure. As part of this plan, we identified open positions that were eliminated and other positions that were closed to better align the workforce necessary to execute the revised strategy. We recognized restructuring charges of $7.2 million during the year ended December 31, 2023, composed of severance and other compensation costs. We also decided to shift future investments away from underperforming businesses and to continue assessing our global office footprint, resulting in impairment charges of $11.2 million during the fourth quarter of 2023. During the first quarter of 2024, we continued to assess potential initiatives, resulting in additional restructuring charges of $0.2 million, with the intent of completing the restructuring activities during the second quarter of 2024. The following table provides a summary of our 2023 Restructuring Program activities (in millions):
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Pay vs Performance Disclosure - USD ($) $ in Millions |
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Mar. 31, 2024 |
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Pay vs Performance Disclosure | ||
Net income attributable to World Kinect | $ 27.4 | $ 22.8 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies) |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2023 Annual Report on Form 10-K ("2023 10-K Report"). All intercompany transactions among our businesses have been eliminated.
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Reclassifications | Certain prior period amounts in the Condensed Consolidated Financial Statements and accompanying Notes have been reclassified to conform to the current period presentation. |
New Accounting Standards and Accounting Standards Issued but Not Yet Adopted | Accounting Standards Issued but Not Yet Adopted Segment Reporting. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits companies to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other recently issued accounting standards not yet adopted by us that are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. As part of the disclosures, registrants will be required to quantify certain effects of severe weather events and other natural conditions in a note to their audited financial statements. The rules also require registrants to disclose outside the financial statements information regarding governance and oversight of material climate-related risks, the material impacts of climate risks on the strategy, business model and outlook, risk management processes and material scope 1 and scope 2 greenhouse gas emissions and any material climate-related targets and goals when the registrant has made a target or goal that has materially affected or is reasonable likely to materially affect its business, results of operations, or financial condition. The rules are generally scheduled to be effective for annual reporting periods beginning in 2025. In April 2024, the SEC voluntarily stayed the rules pending judicial review. The Company is currently evaluating these final rules to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes.
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Accounts Receivable (Tables) |
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Financing Receivable, Allowance for Credit Loss | The following table sets forth activities in our allowance for expected credit losses (in millions):
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Discontinued Operations and Disposal Groups (Tables) |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The following table summarizes the carrying value of the assets and liabilities classified as held for sale (in millions):
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Goodwill (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Goodwill | The following table provides information regarding changes in goodwill during the three months ended March 31, 2024 (in millions):
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Derivative Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Positions of Derivative Instruments | The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):
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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):
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Impact of Derivatives Designated as Fair Value Hedges on the Consolidated Statements of Income and Comprehensive Income | The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):
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Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income | The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
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):
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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):
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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):
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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):
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):
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Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets | 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):
At March 31, 2024 and December 31, 2023, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset.
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Debt, Interest Income, Expense, and Other Finance Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Our outstanding debt consists of the following (in millions):
(1)The Fourth Amended and Restated Credit Agreement matures in April 2027 and provides for a term loan as well as a revolving credit facility of up to $1.5 billion (the "Credit Facility"). (2)The Convertible Notes were issued in June 2023 and mature on July 1, 2028, unless earlier converted, redeemed or repurchased. As of March 31, 2024 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs. As of March 31, 2024, the fair value of the Convertible Notes is estimated to be approximately $385.5 million using the Level 2 observable input of quoted market prices in an inactive market. (3)Includes secured borrowings for the transfer of tax receivables of $52.4 million (EUR 48.5 million) and $53.6 million (EUR 48.5 million) as of March 31, 2024 and December 31, 2023, respectively.
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Schedule of Interest Expense and Other Financing Costs, Net | The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions):
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Shareholders' Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of other comprehensive income and accumulated other comprehensive income (loss) |
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Revenue from Contracts with Customers (Tables) |
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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):
(1) Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income Tax Provision and the Respective Effective Income Tax Rates | Our income tax provision and the respective effective income tax rates are as follows (in millions, except for income tax rates):
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Business Segments (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue, Gross Profit and Income from Operations by Segment | Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions):
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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):
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Earnings Per Common Share (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Basic and Diluted Earnings per Common Share | 14. Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share amounts):
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Restructuring (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restructuring Activities Included in Accrued Expenses Other Current Liabilities | The following table provides a summary of our 2023 Restructuring Program activities (in millions):
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Accounts Receivable - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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Receivables [Abstract] | ||||
Accounts receivable | $ 2,679.0 | $ 2,735.5 | ||
Allowance for credit losses | $ 21.7 | $ 16.6 | $ 20.8 | $ 17.3 |
Percent accounts receivable outstanding, less than 60 days | 93.00% | |||
Cash Proceeds from Transfer Of Financial Assets Accounted For As Sales Derecognized Amount | $ 3,000.0 | 3,000.0 | ||
Fees And Interest Paid Under Receivables Purchase Agreements | $ 10.2 | $ 11.7 |
Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 20.8 | $ 17.3 |
Charges to allowance for credit losses | 3.0 | 0.3 |
Write-off of uncollectible receivables | (2.4) | (1.1) |
Recoveries of credit losses | 0.2 | 0.1 |
Translation adjustments | 0.1 | 0.0 |
Ending balance | $ 21.7 | $ 16.6 |
Discontinued Operations and Disposal Groups - Narrative (Details) $ in Millions |
Mar. 31, 2024
USD ($)
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Avinode Group | Avinode Group Held for Sale, Not Discops | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consideration from sale of business | $ 200.0 |
Discontinued Operations and Disposal Groups (Details) - Avinode Group - Avinode Group Held for Sale, Not Discops $ in Millions |
Mar. 31, 2024
USD ($)
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Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |
Cash and cash equivalents | $ 6.2 |
Accounts receivable, net | 3.3 |
Prepaid expenses and other current assets | 4.1 |
Total assets held for sale | 99.5 |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |
Property and equipment | 19.5 |
Intangible assets, net | 6.6 |
Goodwill | 59.5 |
Other non-current assets | 0.3 |
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |
Accounts payable | 0.4 |
Accrued expenses and other liabilities | 13.0 |
Other long-term liabilities | 1.0 |
Total liabilities held for sale | $ 14.3 |
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
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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 | 0.4 | $ 0.0 | |
Sales [Member] | |||
Derivative [Line Items] | |||
Gain scheduled to be reclassified over the next twelve months | (0.1) | ||
Cost of Sales [Member] | |||
Derivative [Line Items] | |||
Gain scheduled to be reclassified over the next twelve months | $ (0.6) |
Fair Value Measurements - Concentration of Credit Risk (Details) - Individual Counterparty [Member] - Concentration of credit risk - Credit exposure $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
counterparty
| |
Concentration Risk [Line Items] | |
Total credit risk | $ 128.9 |
Concentration risk, percentage | 10.00% |
Cash collateral | $ 71.3 |
Number of OTC Counterparties | counterparty | 2 |
Debt, Interest Income, Expense, and Other Finance Costs - Schedule of Debt (Details) € in Millions, $ in Millions |
Mar. 31, 2024
USD ($)
|
Mar. 31, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
EUR (€)
|
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Total debt | $ 883.7 | $ 887.9 | ||
Less: Current maturities of long-term debt and finance leases | 81.1 | 78.8 | ||
Long-term debt | 802.6 | 809.1 | ||
Credit Facility (1) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 0.0 | 0.0 | ||
Borrowing capacity | 1,500.0 | |||
Term loan (1) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 473.4 | 476.4 | ||
Convertible Notes (2) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 339.1 | 338.5 | ||
Debt Instrument, Face Amount | 350.0 | |||
Debt Instrument, Fair Value Disclosure | 385.5 | |||
Finance leases | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 14.7 | 15.7 | ||
Other (3) | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 56.5 | 57.3 | ||
Secured Debt | $ 52.4 | € 48.5 | $ 53.6 | € 48.5 |
Debt, Interest Income, Expense, and Other Finance Costs - Interest Income (Expense), and Other Financing Costs, net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Disclosure [Abstract] | ||
Interest income | $ 2.0 | $ 1.6 |
Interest expense and other financing costs | (30.9) | (35.9) |
Interest Income (Expense), Nonoperating, Net | $ (28.9) | $ (34.3) |
Supplier Financing Programs (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Supplier Finance Program [Line Items] | ||
Supplier finance program, obligation | $ 213.1 | $ 198.8 |
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration] | Accounts payable |
Commitments and Contingencies (Details) R$ in Millions, $ in Millions, ₩ in Billions |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2024
KRW (₩)
|
Mar. 31, 2024
BRL (R$)
|
|
Loss Contingencies [Line Items] | |||||
Cost of Revenue | $ 10,697.3 | $ 12,218.9 | |||
Finnish Bid Error [Member] | |||||
Loss Contingencies [Line Items] | |||||
Cost of Revenue | $ 48.8 | ||||
Tax Authority, South Korea (SRTO) | Assessment | Foreign Tax Authority | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | 25.5 | ₩ 34.3 | |||
Federal, State and Municipal Tax Authorities in Brazil | Assessment | Foreign Tax Authority | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | $ 6.4 | R$ 32.0 |
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Apr. 16, 2024 |
Apr. 21, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Class of Stock [Line Items] | ||||
Cash dividends declared (in dollars per share) | $ 0.17 | $ 0.14 | ||
Cash dividends paid (in dollars per share) | $ 0.14 | |||
Dividends paid on common stock | $ 8.6 | $ 8.4 | $ 8.6 | |
Dividends, Cash | $ 10.1 | $ 8.6 | ||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Cash dividends paid (in dollars per share) | $ 0.17 | |||
Dividends paid on common stock | $ 10.1 |
Income Taxes - Summary of Income Tax Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 3.3 | $ 4.2 |
Effective income tax rate | 11.00% | 15.60% |
Business Segments - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of reportable operating business segments | 3 |
Business Segments - Income Statement Items (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue: | ||
Total revenue | $ 10,951.4 | $ 12,481.6 |
Income from operations: | ||
Total income from operations | 63.3 | 64.6 |
Corporate overhead - unallocated | ||
Income from operations: | ||
Total income from operations | (25.9) | (26.4) |
Aviation segment | ||
Revenue: | ||
Total revenue | 5,144.2 | 6,222.8 |
Aviation segment | Operating Segments | ||
Income from operations: | ||
Total income from operations | 44.0 | 34.0 |
Land segment | ||
Revenue: | ||
Total revenue | 3,416.6 | 3,891.3 |
Land segment | Operating Segments | ||
Income from operations: | ||
Total income from operations | 18.5 | 26.2 |
Marine segment | ||
Revenue: | ||
Total revenue | 2,390.5 | 2,367.5 |
Marine segment | Operating Segments | ||
Income from operations: | ||
Total income from operations | $ 26.8 | $ 30.8 |
Business Segments - Balance Sheet Items (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts receivable, net: | ||
Allowance for credit losses | $ 20.0 | $ 18.3 |
Accounts receivable | 2,679.0 | 2,735.5 |
Total assets: | ||
Total assets | 7,174.4 | 7,375.3 |
Corporate | ||
Total assets: | ||
Total assets | 267.6 | 291.8 |
Land segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 8.2 | 6.3 |
Accounts receivable | 827.2 | 767.4 |
Land segment | Operating Segments | ||
Total assets: | ||
Total assets | 3,346.2 | 3,323.4 |
Marine segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 2.9 | 2.9 |
Accounts receivable | 652.0 | 682.4 |
Marine segment | Operating Segments | ||
Total assets: | ||
Total assets | 1,000.7 | 992.8 |
Aviation segment | ||
Accounts receivable, net: | ||
Allowance for credit losses | 9.0 | 9.1 |
Accounts receivable | 1,199.8 | 1,285.7 |
Aviation segment | Operating Segments | ||
Total assets: | ||
Total assets | $ 2,559.8 | $ 2,767.4 |
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Net Income (Loss) Attributable to Parent [Abstract] | ||
Net income attributable to World Kinect | $ 27.4 | $ 22.8 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||
Weighted average common shares for basic earnings per common share | 59.9 | 62.2 |
Effect of dilutive securities | 0.4 | 0.5 |
Weighted average common shares for diluted earnings per common share | 60.3 | 62.8 |
Earnings Per Share, Basic | $ 0.46 | $ 0.37 |
Diluted earnings (loss) per common share | $ 0.45 | $ 0.36 |
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met | 1.2 | 1.3 |
Restructuring - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 0.2 | $ 0.0 | ||
Restructuring, 2023 Initiative | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 0.2 | $ 7.2 | ||
Asset impairments | $ 11.2 |