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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to ___________
 COMMISSION FILE NUMBER 001-09533
logoa14.jpg
WORLD FUEL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
Florida9800 N.W. 41st Street,Miami,Florida3317859-2459427
(State or other jurisdiction of
incorporation or organization)		(Address of Principal Executive Offices) (Zip Code)(I.R.S. Employer
Identification No.)
 Registrant’s telephone number, including area code: 
(305)428-8000
Securities registered pursuant to Section 12(b) of the Act
Title of each classTrading Symbol (s)Name of each exchange on which registered
Common Stock, $0.01 par valueINTNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ   No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 Large accelerated filer þ   Accelerated filer ☐   Non-accelerated filer ☐   Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐   No þ
The registrant had a total of 62,129,131 shares of common stock, par value $0.01 per share, issued and outstanding as of April 21, 2023.



TABLE OF CONTENTS
 
Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022
SIGNATURES



Part I — Financial Information
Item 1.     Financial Statements 
WORLD FUEL SERVICES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - In millions, except per share data) 
March 31, 2023December 31, 2022
Assets:  
Current assets:  
Cash and cash equivalents$216.7 $298.4 
Accounts receivable, net of allowance for credit losses of $14.5 million and $14.1 million as of March 31, 2023 and December 31, 2022, respectively
2,997.2 3,294.1 
Inventories618.6 779.9 
Prepaid expenses81.4 83.6 
Short-term derivative assets, net244.0 302.1 
Other current assets455.9 479.9 
Total current assets4,613.8 5,238.1 
Property and equipment, net497.0 484.2 
Goodwill1,234.3 1,233.0 
Identifiable intangible assets, net327.0 336.2 
Other non-current assets813.7 873.2 
Total assets$7,485.8 $8,164.6 
Liabilities:  
Current liabilities:  
Current maturities of long-term debt$18.2 $15.8 
Accounts payable3,213.2 3,529.5 
Short-term derivative liabilities, net252.8 325.2 
Accrued expenses and other current liabilities669.2 738.2 
Total current liabilities4,153.5 4,608.6 
Long-term debt708.4 829.9 
Other long-term liabilities610.0 735.3 
Total liabilities5,471.8 6,173.8 
Commitments and contingencies
Equity:  
World Fuel shareholders' equity:  
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued
— — 
Common stock, $0.01 par value; 100.0 shares authorized, 62.1 and 62.0 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively
0.6 0.6 
Capital in excess of par value188.2 182.4 
Retained earnings1,976.7 1,962.5 
Accumulated other comprehensive income (loss)(157.1)(160.6)
Total World Fuel shareholders' equity2,008.3 1,984.9 
Noncontrolling interest5.7 5.9 
Total equity2,014.0 1,990.7 
Total liabilities and equity$7,485.8 $8,164.6 
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
1


WORLD FUEL SERVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(Unaudited – In millions, except per share data)
 For the Three Months Ended March 31,
 20232022
Revenue$12,481.6 $12,382.0 
Cost of revenue12,218.9 12,151.1 
Gross profit262.7 230.9 
Operating expenses:  
Compensation and employee benefits119.2 114.9 
General and administrative79.0 74.7 
Total operating expenses198.2 189.6 
Income from operations64.6 41.3 
Non-operating income (expenses), net:  
Interest expense and other financing costs, net(34.3)(14.3)
Other income (expense), net(3.5)5.7 
Total non-operating income (expense), net(37.8)(8.7)
Income (loss) before income taxes26.7 32.6 
Provision for income taxes4.2 6.4 
Net income (loss) including noncontrolling interest22.6 26.3 
Net income (loss) attributable to noncontrolling interest(0.2)(0.1)
Net income (loss) attributable to World Fuel$22.8 $26.3 
Basic earnings (loss) per common share$0.37 $0.42 
Basic weighted average common shares62.2 63.4 
Diluted earnings (loss) per common share$0.36 $0.41 
Diluted weighted average common shares62.8 63.7 
Comprehensive income: 
Net income (loss) including noncontrolling interest$22.6 $26.3 
Other comprehensive income (loss):  
Foreign currency translation adjustments5.7 (9.4)
Cash flow hedges, net of income tax expense (benefit) of ($0.7) and ($7.0) for the three months ended March 31, 2023 and 2022, respectively
(2.2)(19.3)
Total other comprehensive income (loss)3.5 (28.7)
Comprehensive income (loss) including noncontrolling interest26.1 (2.4)
Comprehensive income (loss) attributable to noncontrolling interest(0.2)(0.1)
Comprehensive income (loss) attributable to World Fuel$26.3 $(2.3)
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
2


WORLD FUEL SERVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited - In millions)
 Common StockCapital in
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
World Fuel
Shareholders'
Equity		Noncontrolling
Interest
Equity		 Total Equity
 SharesAmount
Balance as of December 31, 202262.0 $0.6 $182.4 $1,962.5 $(160.6)$1,984.9 $5.9 $1,990.7 
Net income (loss)— — — 22.8 — 22.8 (0.2)22.6 
Cash dividends declared— — — (8.6)— (8.6)— (8.6)
Amortization of share-based payment awards— — 6.1 — — 6.1 — 6.1 
Issuance (cancellation) of common stock related to share-based payment awards0.1 — — — — — — — 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards— — (0.3)— — (0.3)— (0.3)
Other comprehensive income (loss)— — — — 3.5 3.5 — 3.5 
Balance as of March 31, 202362.1 $0.6 $188.2 $1,976.7 $(157.1)$2,008.3 $5.7 $2,014.0 

Common StockCapital in
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
World Fuel
Shareholders'
Equity		Noncontrolling
Interest
Equity		 Total Equity
SharesAmount
Balance as of December 31, 202161.7 $0.6 $168.1 $1,880.6 $(136.7)$1,912.7 $4.1 $1,916.8 
Net income (loss)— — — 26.3 — 26.3 (0.1)26.3 
Cash dividends declared— — — (7.6)— (7.6)— (7.6)
Amortization of share-based payment awards— — 3.7 — — 3.7 — 3.7 
Issuance (cancellation) of common stock related to share-based payment awards0.1 — — — — — — — 
Issuance of common stock for acquisition of a business1.8 — 50.0 — — 50.0 — 50.0 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards— — (1.3)— — (1.3)— (1.3)
Purchases of common stock(0.5)— (13.7)— — (13.7)— (13.7)
Other comprehensive income (loss)— — — — (28.7)(28.7)— (28.7)
Balance as of March 31, 202263.0 $0.6 $206.7 $1,899.4 $(165.4)$1,941.4 $4.1 $1,945.5 

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
3


WORLD FUEL SERVICES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In millions)
 For the Three Months Ended March 31,
 20232022
Cash flows from operating activities:  
Net income (loss) including noncontrolling interest$22.6 $26.3 
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: 
Unrealized (gain) loss on derivatives(94.1)(15.5)
Depreciation and amortization25.8 27.2 
Provision for credit losses0.3 2.0 
Share-based payment award compensation costs6.1 3.7 
Deferred income tax expense (benefit)(2.8)(4.0)
Unrealized foreign currency (gains) losses, net (18.8)(3.7)
Other(0.1)(1.4)
Changes in assets and liabilities, net of acquisitions and divestitures: 
Accounts receivable, net295.7 (1,051.3)
Inventories161.4 (140.6)
Prepaid expenses2.0 3.1 
Short-term derivative assets, net163.2 (210.6)
Other current assets8.7 72.3 
Cash collateral with counterparties96.9 56.3 
Other non-current assets56.0 (108.9)
Accounts payable(322.3)996.7 
Short-term derivative liabilities, net(164.9)168.0 
Accrued expenses and other current liabilities(53.9)21.8 
Other long-term liabilities(38.8)86.6 
Net cash provided by (used in) operating activities143.0 (72.0)
Cash flows from investing activities: 
Acquisition of business, net of cash acquired— (639.4)
Capital expenditures(18.8)(16.7)
Other investing activities, net(4.7)(1.3)
Net cash provided by (used in) investing activities(23.5)(657.3)
Cash flows from financing activities: 
Borrowings of debt2,101.0 1,745.8 
Repayments of debt(2,224.1)(1,369.7)
Dividends paid on common stock(8.6)(7.4)
Repurchases of common stock— (13.7)
Payments of deferred consideration for acquisitions(60.8)(10.0)
Other financing activities, net(0.3)(1.3)
Net cash provided by (used in) financing activities(192.8)343.7 
Effect of exchange rate changes on cash and cash equivalents(8.3)(0.3)
Net increase (decrease) in cash and cash equivalents(81.7)(386.0)
Cash and cash equivalents, as of the beginning of the period298.4 652.2 
Cash and cash equivalents, as of the end of the period$216.7 $266.2 
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
4


WORLD FUEL SERVICES CORPORATION NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies
General
World Fuel Services 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 Fuel," "we," "our" and "us."
We are a leading global energy management company, offering a broad suite of energy advisory, management and fulfillment services, digital and other technology solutions, as well as sustainability products and services across the energy product spectrum. We are principally involved in providing energy procurement and related products and services to commercial and industrial customers in the aviation, land, and marine transportation industries. We have also expanded our product and service offerings to include energy advisory services, sustainability and renewable energy solutions, as well as supply fulfillment for natural gas and power.
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 2022 Annual Report on Form 10-K ("2022 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 2022 10-K Report. Certain amounts in the Condensed Consolidated Financial Statements and accompanying Notes may not add due to rounding; however, all percentages have been calculated using unrounded amounts. Certain prior period amounts have been reclassified to conform to the current presentation.
New Accounting Standards
Adoption of New Accounting Standards
Disclosure of Supplier Finance Program Obligations. In September 2022, Accounting Standards Update ("ASU") 2022-04 was issued to require the buyer in a supplier finance program to disclose the key terms of the program, outstanding confirmed amounts as of the end of the period, a rollforward of such amounts during each annual period, and a description of where in the financial statements outstanding amounts are presented. The amendments do not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for the rollforward, which should be applied prospectively. Early adoption was permitted. The Company adopted ASU 2022-04 in the first quarter of 2023 and has included all relevant disclosures below.
Supplier Finance Programs
Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support.
Outstanding obligations confirmed under our supplier finance programs were $194.1 million and $246.8 million as of March 31, 2023 and December 31, 2022, respectively, and are included in Accounts payable within our Condensed Consolidated Balance Sheets.
5


Accounting Standards Issued but Not Yet Adopted
There are no 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.
Significant Accounting Policies
There have been no significant changes in the Company's accounting policies from those disclosed in our 2022 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 2022 10-K Report.
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 $3.0 billion and $3.3 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $16.6 million and $17.3 million, as of March 31, 2023 and December 31, 2022, respectively. Changes to the expected credit loss provision during the three months ended March 31, 2023 include global economic outlook considerations as a result of the Company's assessment of reasonable and supportable forward-looking information. Based on an aging analysis as of March 31, 2023, 91% of our accounts receivable were outstanding less than 60 days.
The following table sets forth activities in our allowance for expected credit losses (in millions):
For the Three Months Ended March 31,
20232022
Balance as of January 1,$17.3 $29.8 
Charges to allowance for credit losses0.3 2.0 
Write-off of uncollectible receivables(1.1)(11.3)
Recoveries of credit losses0.1 0.3 
Translation adjustments— 0.2 
Balance as of March 31,$16.6 $21.0 
Receivable Purchase Agreements
We have receivable purchase agreements ("RPAs") that allow for the sale of our qualifying accounts receivable in exchange for cash consideration equal to the total balance, less a discount margin, depending on the outstanding accounts receivable at any given time. Accounts receivable sold under the RPAs are accounted for as sales and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Condensed Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Condensed Consolidated Statements of Income and Comprehensive Income.
During the three months ended March 31, 2023 and 2022, we sold receivables under the RPAs with an aggregate face value of $3.0 billion and $2.6 billion, respectively, and recognized fees of $11.7 million and $5.5 million, respectively.
6


3. Acquisitions
2022 Acquisition
During the first quarter of 2022, we completed the acquisition of Flyers Energy Group, LLC ("Flyers"). Flyers' operations include transportation, commercial fleet fueling, lubricants distribution, and the supply of wholesale, branded and renewable fuels. The total purchase price of $795.0 million included deferred payments totaling $100.0 million. In January 2023, $50 million was paid to the seller and the remaining $50 million outstanding as of March 31, 2023 is expected to be settled in January 2024.
4. Derivative Instruments
We are exposed to a variety of risks including but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective.
Our risk management program includes the following types of derivative instruments:
Fair Value Hedges. Derivative contracts we hold to hedge the risk of changes in the price of our inventory.
Cash Flow Hedges. Derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions.
Non-designated Derivatives. Derivatives we primarily transact to mitigate the risk of market price fluctuations in swaps or futures contracts, as well as certain forward fixed price purchase and sale contracts to hedge the risk of currency rate fluctuations and for portfolio optimization.
The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):
Unit
March 31, 2023
Commodity contracts
LongBBL85.9 
ShortBBL(84.8)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(718.8)
Buy U.S. dollar, sell other currenciesUSD862.2 
Interest rate contracts
Interest rate swapUSD300.0 
While the majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next year, our interest rate swap agreement matures in March 2025.
7


Assets and Liabilities
The following table presents the gross fair value of our derivative instruments and their locations on the Condensed Consolidated Balance Sheets (in millions):
Condensed Consolidated Balance Sheets LocationGross Derivative AssetsGross Derivative Liabilities
Derivative InstrumentsMarch 31, 2023December 31, 2022March 31, 2023December 31, 2022
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$1.4 $— $— $— 
Short-term derivative liabilities, net1.2 3.4 3.3 6.7 
Interest rate contractsShort-term derivative assets, net12.4 12.9 — — 
Other non-current assets8.4 11.9 — — 
Total derivatives designated as hedging instruments23.4 28.2 3.3 6.7 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net454.5 376.4 182.9 42.3 
Other non-current assets238.4 293.3 64.6 66.9 
Short-term derivative liabilities, net266.4 423.1 626.3 936.3 
Other long-term liabilities167.6 201.8 312.3 399.8 
Foreign currency contractsShort-term derivative assets, net19.9 21.8 6.9 18.5 
Other non-current assets0.8 0.7 — 0.1 
Short-term derivative liabilities, net6.0 2.0 15.7 19.8 
Other long-term liabilities0.2 0.2 0.4 0.4 
Total derivatives not designated as hedging instruments1,153.7 1,319.2 1,209.1 1,484.1 
Total derivatives$1,177.1 $1,347.4 $1,212.4 $1,490.8 
For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 5. Fair Value Measurements.
The following amounts were recorded on our Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges (in millions):
Line item in the Consolidated Balance Sheets in which the hedged item is includedCarrying Amount of Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
March 31, 2023December 31, 2022March 31, 2023December 31, 2022
Inventory$61.1 $60.7 $1.0 $1.2 
8


Earnings and Other Comprehensive Income (Loss)
Derivatives Designated as Hedging Instruments
The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
For the Three Months Ended March 31,
March 31, 2023March 31, 2022
RevenueCost of revenueInterest expense and other financing costs, netRevenueCost of revenueInterest expense and other financing costs, net
Total amounts of income and expense line items in which the effects of fair value or cash flow hedged are recorded$12,481.6 $12,218.9 $34.3 $12,382.0 $12,151.1 $14.3 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item— (3.3)— — 28.6 — 
Derivatives designated as hedging instruments— 3.8 — — (41.2)— 
Amount excluded from effectiveness testing recognized in earnings based on amortization approach— — — — — — 
Gains (losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(0.5)(0.1)— (33.0)— — 
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value— — — — — — 
   Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income— — 3.1 — — (0.3)
Amount excluded from effectiveness testing recognized in earnings based on changes in fair value— — — — — — 
Total amount of income and expense line items excluding the impact of hedges$12,482.1 $12,219.3 $37.4 $12,415.0 $12,138.6 $14.0 
The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement
For the Three Months Ended March 31,
Location20232022
Commodity contractsRevenue$(0.4)$(75.3)
Commodity contractsCost of revenue$(1.7)$1.4 
For the three months ended March 31, 2023 and 2022, 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, 2023, on a pre-tax basis, $0.1 million is scheduled to be reclassified from Accumulated other comprehensive income (loss) over the next twelve months as an increase to Cost of revenue related to designated commodity cash flow hedges that will mature within the next twelve months.
9


The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended March 31,
20232022
Commodity contracts (Revenue)$0.7 $(52.7)
Commodity contracts (Cost of revenue)(0.4)— 
Interest rate contracts (Interest expense and other financing costs, net)(0.7)8.6 
Total gain (loss)$(0.3)$(44.1)
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended March 31,
Location20232022
Commodity contractsRevenue$(0.4)$(24.6)
Commodity contractsCost of revenue(0.1)— 
Interest rate contractsInterest expense and other financing costs, net2.3 (0.2)
Total gain (loss)$1.8 $(24.8)
Derivatives Not Designated as Hedging Instruments
The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):
For the Three Months Ended March 31,
Derivative Instruments - Non-designatedLocation20232022
Commodity contractsRevenue$(90.3)$76.9 
Cost of revenue(7.1)(6.4)
(97.4)70.5 
Foreign currency contractsRevenue(3.6)(0.6)
Other (expense), net3.8 (2.3)
0.2 (2.9)
Total gain (loss)$(97.2)$67.6 
Credit-Risk-Related Contingent Features
We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. These credit events may include the requirement to post additional collateral or the immediate settlement of the derivative instruments upon the occurrence of a credit downgrade or if certain defined financial ratios fall below an established threshold.
The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):
March 31, 2023December 31, 2022
Net derivative liability positions with credit contingent features$76.9 $72.5 
Collateral posted and held by our counterparties(10.5)(28.7)
Maximum additional potential collateral requirements$66.4 $43.8 
10


5. Fair Value Measurements
The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. The carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy.
Recurring Fair Value Measurements
The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):
Fair Value Measurements as of March 31, 2023
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$496.5 $628.2 $4.8 $1,129.5 
Interest rate contract— 20.7 — 20.7 
Foreign currency contracts— 26.8 — 26.8 
Cash surrender value of life insurance— 15.2 — 15.2 
Total assets at fair value$496.5 $690.9 $4.8 $1,192.2 
Liabilities:    
Commodities contracts$537.4 $649.7 $2.2 $1,189.4 
Foreign currency contracts— 23.0 — 23.0 
Total liabilities at fair value$537.4 $672.8 $2.2 $1,212.4 
Fair Value Measurements as of December 31, 2022
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$496.2 $797.6 $4.2 $1,298.0 
Interest rate contract— 24.7 — 24.7 
Foreign currency contracts— 24.7 — 24.7 
Cash surrender value of life insurance— 14.4 — 14.4 
Total assets at fair value$496.2 $861.4 $4.2 $1,361.8 
Liabilities:
Commodities contracts$497.4 $951.2 $3.4 $1,452.1 
Foreign currency contracts— 38.7 — 38.7 
Total liabilities at fair value$497.4 $989.9 $3.4 $1,490.8 
For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty's rights and obligations, request additional collateral when necessary, or liquidate the collateral in the event of counterparty default. We net the fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement.
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We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Condensed Consolidated Balance Sheets (in millions):
Fair Value as of March 31, 2023
Gross Amounts RecognizedGross Amounts OffsetNet Amounts PresentedCollateralGross Amounts without Right of OffsetNet Amounts
Assets:
Commodities contracts$1,129.5 $682.3 $447.2 $93.9 $— $353.3 
Interest rate contract20.7 — 20.7 — — 20.7 
Foreign currency contracts26.8 14.3 12.5 — — 12.5 
Total assets at fair value$1,177.1 $696.6 $480.5 $93.9 $— $386.6 
Liabilities:
Commodities contracts$1,189.4 $682.3 $507.1 $178.2 $— $