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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, 2022
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
int-20220331_g1.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, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting 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 63,015,413 shares of common stock, par value $0.01 per share, issued and outstanding as of April 22, 2022.




TABLE OF CONTENTS
 
Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021




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, 2022December 31, 2021
Assets:  
Current assets:  
Cash and cash equivalents$266.2 $652.2 
Accounts receivable, net of allowance for credit losses of $17.2 million and $26.1 million as of March 31, 2022 and December 31, 2021, respectively
3,510.2 2,355.3 
Inventories680.5 477.9 
Prepaid expenses59.3 59.2 
Short-term derivative assets, net293.8 169.2 
Other current assets215.3 305.9 
Total current assets5,025.3 4,019.7 
Property and equipment, net473.9 348.9 
Goodwill1,244.6 861.9 
Identifiable intangible assets, net369.5 189.1 
Other non-current assets854.7 522.8 
Total assets$7,968.0 $5,942.4 
Liabilities:  
Current liabilities:  
Current maturities of long-term debt$15.0 $30.6 
Accounts payable3,447.5 2,399.6 
Short-term derivative liabilities, net317.1 168.4 
Customer deposits234.9 205.5 
Accrued expenses and other current liabilities398.0 292.7 
Total current liabilities4,412.5 3,096.7 
Long-term debt869.1 478.1 
Non-current income tax liabilities, net208.4 213.9 
Other long-term liabilities532.5 236.8 
Total liabilities6,022.6 4,025.6 
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, 63.0 and 61.7 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
0.6 0.6 
Capital in excess of par value206.7 168.1 
Retained earnings1,899.4 1,880.6 
Accumulated other comprehensive income (loss)(165.4)(136.7)
Total World Fuel shareholders' equity1,941.4 1,912.7 
Noncontrolling interest4.1 4.1 
Total equity1,945.5 1,916.8 
Total liabilities and equity$7,968.0 $5,942.4 
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,
 20222021
Revenue$12,382.0 $5,957.9 
Cost of revenue12,151.1 5,766.3 
Gross profit230.9 191.6 
Operating expenses:  
Compensation and employee benefits114.9 92.5 
General and administrative74.7 59.4 
Restructuring charges 2.1 
Total operating expenses189.6 154.0 
Income from operations41.3 37.6 
Non-operating income (expenses), net:  
Interest expense and other financing costs, net(14.3)(8.7)
Other income (expense), net5.7 (1.2)
Total non-operating income (expense), net(8.7)(10.0)
Income (loss) before income taxes32.6 27.6 
Provision for income taxes6.4 8.8 
Net income (loss) including noncontrolling interest26.3 18.8 
Net income (loss) attributable to noncontrolling interest(0.1) 
Net income (loss) attributable to World Fuel$26.3 $18.9 
Basic earnings (loss) per common share$0.42 $0.30 
Basic weighted average common shares63.4 63.0 
Diluted earnings (loss) per common share$0.41 $0.30 
Diluted weighted average common shares63.7 63.6 
Comprehensive income: 
Net income (loss) including noncontrolling interest$26.3 $18.8 
Other comprehensive income (loss):  
Foreign currency translation adjustments(9.4)(4.0)
Cash flow hedges, net of income tax expense (benefit) of ($7.0) and $5.6 for the three months ended March 31, 2022 and 2021, respectively
(19.3)16.4 
Total other comprehensive income (loss)(28.7)12.4 
Comprehensive income (loss) including noncontrolling interest(2.4)31.2 
Comprehensive income (loss) attributable to noncontrolling interest(0.1) 
Comprehensive income (loss) attributable to World Fuel$(2.3)$31.2 
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, 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 

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, 202062.9 $0.6 $204.6 $1,836.7 $(132.6)$1,909.3 $3.6 $1,912.9 
Net income (loss)— — — 18.9 — 18.9 — 18.8 
Cash dividends declared— — — (7.5)— (7.5)— (7.5)
Amortization of share-based payment awards— — 8.7 — — 8.7 — 8.7 
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— — (2.4)— — (2.4)— (2.4)
Other comprehensive income (loss)— — — — 12.4 12.4 — 12.4 
Other— — — 0.2 — 0.2 — 0.2 
Balance as of March 31, 202163.0 $0.6 $210.8 $1,848.3 $(120.3)$1,939.5 $3.5 $1,943.0 

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,
 20222021
Cash flows from operating activities:  
Net income (loss) including noncontrolling interest$26.3 $18.8 
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: 
Depreciation and amortization27.2 19.8 
Provision for credit losses2.0 3.6 
Share-based payment award compensation costs3.7 8.7 
Deferred income tax expense (benefit)(4.0)(6.8)
Foreign currency (gains) losses, net (3.7)(12.9)
Other(16.9)(5.5)
Changes in assets and liabilities, net of acquisitions and divestitures: 
Accounts receivable, net(1,051.3)(438.8)
Inventories(140.6)11.0 
Prepaid expenses3.1 (3.0)
Short-term derivative assets, net(210.6)77.3 
Other current assets72.3 69.3 
Cash collateral with counterparties56.3 (4.4)
Other non-current assets(108.9)(4.0)
Accounts payable996.7 394.3 
Customer deposits31.5 (22.8)
Accrued expenses and other current liabilities158.3 0.8 
Non-current income tax, net and other long-term liabilities86.6 (1.8)
Total adjustments(98.3)84.6 
Net cash provided by (used in) operating activities(72.0)103.4 
Cash flows from investing activities: 
Acquisition of business, net of cash acquired(639.4) 
Capital expenditures(16.7)(2.0)
Other investing activities, net(1.3)(0.6)
Net cash provided by (used in) investing activities(657.3)(2.7)
Cash flows from financing activities: 
Borrowings of debt1,745.8 0.2 
Repayments of debt(1,369.7)(4.5)
Dividends paid on common stock(7.4)(6.1)
Repurchases of common stock(13.7) 
Other financing activities, net(11.3)(10.4)
Net cash provided by (used in) financing activities343.7 (20.8)
Effect of exchange rate changes on cash and cash equivalents(0.3)(3.5)
Net increase (decrease) in cash and cash equivalents(386.0)76.5 
Cash and cash equivalents, as of the beginning of the period652.2 658.8 
Cash and cash equivalents, as of the end of the period$266.2 $735.3 
Supplemental Schedule of Noncash Investing and Financing Activities:
Cash dividends declared, but not yet paid, were $7.6 million and $7.5 million for the three months ended March 31, 2022 and 2021, respectively.
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
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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 fuel services company, principally engaged in the distribution of fuel and related products and services in the aviation, land and marine transportation industries. In recent years, we have expanded our land product and service offerings to include energy advisory services and supply fulfillment for natural gas and power to commercial, industrial and government customers. Our intention is to become a leading global energy management company offering a full suite of energy advisory, management and fulfillment services, technology solutions, payment management solutions, as well as sustainability products and services across the energy product spectrum. We will continue to focus on enhancing the portfolio of products and services we provide based on changes in customer demand, including increasing our sustainability offerings and renewable energy solutions in light of the continued global focus on climate change and the related impacts.
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 generally accepted accounting principles 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 2021 Annual Report on Form 10-K ("2021 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 2021 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.
COVID-19
Throughout 2020 and 2021, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular. Many of our customers in these industries, especially commercial airlines, have experienced a substantial decline in business activity arising from the various measures enacted by governments around the world to contain the spread of the virus. While travel and economic activity has begun to improve in various regions, activity in certain parts of the world continues to be negatively impacted by travel restrictions and other quarantine mandates.
New Accounting Standards
Adoption of New Accounting Standards
During 2022, there have been no accounting standards that, upon adoption, had a material impact on the Company's unaudited Condensed Consolidated Financial Statements or processes.
Accounting Standards Issued but Not Yet Adopted
There have been no recently issued accounting standards not yet adopted by us which are expected, upon adoption, to have a material impact on the Company’s Consolidated Financial Statements or processes.
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Significant Accounting Policies
There have been no significant changes in the Company's accounting policies from those disclosed in our 2021 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 2021 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 other 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 or 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 of $3.5 billion and $2.4 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $21.0 million and $29.8 million, as of March 31, 2022 and December 31, 2021, respectively. Changes to the expected credit loss provision during the three months ended March 31, 2022 include global economic outlook considerations as a result of the Company's assessment of reasonable and supportable forward-looking information, including the continued global recovery from the pandemic. Write-offs of uncollectible receivables during the three months ended March 31, 2022 resulted from pre-existing financial difficulties experienced by certain customers. Based on an aging analysis as of March 31, 2022, 96% 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,
20222021
Balance as of January 1,$29.8 $57.3 
Charges to allowance for credit losses2.0 3.6 
Write-off of uncollectible receivables(11.3)(13.8)
Recoveries of credit losses0.3 0.4 
Translation adjustments0.2  
Balance as of March 31,$21.0 $47.5 
Receivable Sale Programs
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, 2022 and 2021, we sold receivables under the RPAs with an aggregate face value of $2.6 billion and $2.0 billion, respectively, and paid fees of $5.5 million and $4.4 million, respectively.
3. Acquisitions
2022 Acquisition
On October 28, 2021, we entered into a definitive agreement (the "Purchase Agreement") to acquire all of the outstanding equity interest in Flyers Energy Group, LLC ("Flyers"). Flyers' operations include transportation, commercial fleet fueling, lubricants distribution, and the supply of wholesale, branded and renewable fuels.
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The acquisition closed on January 3, 2022 for total estimated consideration of $792.2 million, subject to customary adjustments relating to net working capital, indebtedness and transaction expenses. At closing, $642.7 million, inclusive of $19.7 million for estimated net working capital adjustments, was paid in cash and, at the election of the Company, $50.0 million was satisfied through the delivery of 1,768,034 shares of the Company's common stock at a price of $28.28 per share. The remaining $100.0 million was held back to satisfy potential indemnification and other obligations of the seller, with one-half to be released on the first and second anniversary of the closing of the acquisition, in each case subject to reduction in respect to amounts claimed under the Purchase Agreement. The total purchase consideration also includes a receivable of $0.5 million from the seller for the estimated working capital adjustment.
The acquisition was accounted for as a business combination and is reported in the land segment. We are in the process of obtaining information to identify and measure all assets acquired and liabilities assumed. The following preliminary purchase price allocation was estimated based on the information obtained to date and is expected to be completed in 2022. The following table summarizes the estimated fair value of the aggregate consideration, and the preliminary allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):
Total
Consideration:
Cash paid$642.7 
Estimated working capital adjustment receivable from seller(0.5)
Common stock issued to seller
50.0 
Amount due to sellers100.0 
Total fair value of consideration$792.2 
Assets acquired and liabilities assumed:
Cash$3.3 
Accounts receivable109.2 
Inventory50.9 
Property, plant and equipment126.6 
Identifiable intangible assets subject to amortization (1)
162.9 
Identifiable intangible assets not subject to amortization (2)
29.3 
Accounts payable(38.0)
Other assets and liabilities, net (3)
(39.0)
Net identifiable assets acquired405.1 
Goodwill (4)
387.1 
Net assets acquired$792.2 
(1)Identifiable intangible assets subject to amortization primarily consist of customer and network relationships and other identifiable assets which will be amortized over a weighted average life of 11.6 years.
(2)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.
(3)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million.
(4)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our land segment. We anticipate that all of the goodwill assigned to the land segment will be deductible for tax purposes.
Total revenue and income before income taxes of Flyers included in the Company's Condensed Consolidated Statement of Income for the period from the date of acquisition through March 31, 2022 were $752.5 million and $18.1 million, respectively.
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The following presents unaudited pro forma combined financial information of the Company for the three months ended March 31, 2021 as if the acquisition of Flyers had been completed on January 1, 2021 (in millions, except per share data):
(unaudited)Three Months Ended March 31, 2021
Revenue$6,335.6 
Net income attributable to World Fuel$20.2 
The unaudited pro forma combined financial information was based on the historical financial information of World Fuel and Flyers and includes (i) incremental amortization expense to be incurred based on the preliminary fair values of the identifiable intangible assets acquired; (ii) additional interest expense associated with the incremental borrowings under our Credit Facility to finance the acquisition; (iii) nonrecurring transaction costs recognized in connection with the transaction; and (iv) the tax effect of the pro forma adjustments as well as the recognition of income tax expense associated with Flyers' historical statements, calculated using statutory tax rates, as Flyers was comprised of limited liability companies not subject to federal and state income taxes prior to the acquisition. The unaudited pro forma combined financial information does not necessarily reflect what the combined company's financial condition or results of operations would have been had the transaction and the related financing occurred on the dates indicated. The unaudited pro forma financial information also may not be useful in predicting the future financial condition and results of operations of the combined company following the transaction. In addition, the unaudited pro forma combined financial information does not give effect to any cost savings, operating synergies or revenue synergies that may result from the transaction, or the costs to achieve any such synergies.
2021 Acquisition
On October 1, 2021, we completed the acquisition of a liquid fuel business which services business and residential customers for a total purchase price of $41.4 million. The transaction was accounted for as a business combination and is reported in our land segment.
4. Goodwill
The following table provides information regarding changes in goodwill during the three months ended March 31, 2022 and 2021 (in millions):
Aviation
Segment
Land
Segment
Total
As of December 31, 2021$400.1 $461.8 $861.9 
2022 acquisition (1)
 387.1 387.1 
Foreign currency translation of non-USD functional currency subsidiary goodwill(0.8)(3.5)(4.3)
As of March 31, 2022$399.3 $845.4 $1,244.6 
(1)See Note 3. Acquisitions for additional information.
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.
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With the exception of the interest rate swap agreement, which matures in March 2025, the majority of our derivative contracts are expected to settle within the next year. The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):
Unit
March 31, 2022
Commodity contracts
LongBBL55.2 
ShortBBL(51.6)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(301.9)
Buy U.S. dollar, sell other currenciesUSD536.9 
Interest rate contracts
Interest rate swapUSD300.0 
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):
Gross Derivative AssetsGross Derivative Liabilities
Condensed Consolidated Balance Sheets LocationMarch 31,December 31,March 31,December 31,
Derivative Instruments2022202120222021
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$13.6 $1.8 $12.4 $9.7 
Short-term derivative liabilities, net0.4 0.1 1.4 0.4 
Interest rate contractsShort-term derivative assets, net3.7    
Other non-current assets13.3 5.4   
Short-term derivative liabilities, net   0.3 
Total derivatives designated as hedging instruments31.1 7.3 13.8 10.4 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net880.7 516.3 542.6 337.5 
Other non-current assets270.8 112.2 116.2 27.6 
Short-term derivative liabilities, net211.6 117.6 529.8 286.6 
Other long-term liabilities51.8 15.5 192.5 82.1 
Foreign currency contractsShort-term derivative assets, net2.2 3.8 0.6 1.7 
Other non-current assets0.2 0.1 0.1  
Short-term derivative liabilities, net5.3 0.8 11.1 2.6 
Total derivatives not designated as hedging instruments1,422.7 766.3 1,392.9 738.1 
Total derivatives$1,453.8 $773.6 $1,406.8 $748.5 
For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 8. Fair Value Measurements.
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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, 2022December 31, 2021March 31, 2022December 31, 2021
Inventory$77.5 $59.3 $14.6 $0.6 
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, 2022March 31, 2021
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$12,382.0 $12,151.1 $14.3 $5,957.9 $5,766.3 $11.1 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item 28.6   12.0  
Derivatives designated as hedging instruments (41.2)  (8.4) 
Gains (losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income(33.0)  (11.7)21.0  
   Interest rate contracts:
Amount of gain (loss) reclassified from Accumulated other comprehensive income (loss) into net income  (0.3)  (0.2)
Total amount of income and expense line items excluding the impact of hedges$12,415.0 $12,138.6 $14.0 $5,969.6 $5,791.0 $10.8 
The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement
For the Three Months Ended March 31,
Location20222021
Commodity contractsRevenue$(75.3)$(76.8)
Commodity contractsCost of revenue$1.4 $7.2 
For the three months ended March 31, 2022 and 2021, there were no gains or losses recognized in earnings related to our fair value or cash flow hedges that were excluded from the assessment of hedge effectiveness.
As of March 31, 2022, on a pre-tax basis, $47.3 million is scheduled to be reclassified from Accumulated other comprehensive income (loss) as a decrease to Revenue related to designated commodity cash flow hedges that will mature within the next twelve months.
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The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended March 31,
20222021
Commodity contracts (Revenue)$(52.7)$(62.8)
Commodity contracts (Cost of revenue) 84.6 
Interest rate contracts (Interest expense and other financing costs, net)8.6 3.6 
Total gain (loss)$(44.1)$25.5 
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended March 31,
Location20222021
Commodity contractsRevenue$(24.6)$(11.7)
Commodity contractsCost of revenue 21.0 
Interest rate contractsInterest expense and other financing costs, net(0.2)(0.2)
Total gain (loss)$(24.8)$9.1 
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-designatedLocation20222021
Commodity contractsRevenue$76.9 $(303.8)
Cost of revenue(6.4)313.0 
70.5 9.2 
Foreign currency contractsRevenue(0.6)0.4 
Other (expense), net(2.3)3.3 
(2.9)3.7 
Total gain (loss)$67.6 $12.9 
Credit-Risk-Related Contingent Features
We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events. 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, 2022December 31, 2021
Net derivative liability positions with credit contingent features$11.0 $3.3 
Collateral posted and held by our counterparties  
Maximum additional potential collateral requirements$11.0 $3.3 
As of March 31, 2022 and December 31, 2021, there was no collateral held by our counterparties on these derivative contracts with credit-risk-contingent features.
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6. Debt, Interest Income, Expense, and Other Finance Costs
Credit Facility
On April 1, 2022, the Company entered into Amendment No. 8 to Fourth Amended and Restated Credit Agreement (the "Amendment") to: (i) increase the revolving credit facility to $1.5 billion; (ii) provide a new term loan of $500 million, thereby increasing the total borrowing capacity under the credit facility to $2.0 billion; (iii) modify the pricing of the loans, including the reference rates for various currencies to reflect the discontinuation of LIBOR; (iv) extend the maturity to April 1, 2027; and (v) modify certain financial and other covenants to provide greater operating flexibility.
Long-Term Debt
Our outstanding debt consists of the following (in millions):
March 31, 2022December 31, 2021
Credit Facility$424.8 $ 
Term loans436.7 484.1 
Finance leases19.5 21.2 
Other3.2 3.3 
Total debt884.2 508.7 
Less: Current maturities of long-term debt and finance leases (1)
15.0 30.6 
Long-term debt$869.1 $478.1 
(1)Current maturities as of March 31, 2022 reflect the terms of the Credit Facility amendment effective April 1, 2022 as discussed above.
Interest Expense
The following table provides additional information about our Interest income (expense), and other financing costs, net (in millions):
For the Three Months Ended March 31,
20222021
Interest income$2.5 $2.3 
Interest expense and other financing costs(16.8)(11.1)
Interest expense and other financing costs, net$(14.3)$(8.7)
7. Shareholders' Equity
Cash Dividends
During the three months ended March 31, 2022, the Company's Board of Directors declared quarterly cash dividends of $0.12 per common share representing $7.6 million in total dividends, which were paid on April 8, 2022. During the three months ended March 31, 2021, the Company's Board of Directors declared quarterly cash dividends of $0.12 per common share representing $7.5 million in total dividends, which were paid on April 9, 2021.
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Accumulated Other Comprehensive Income (Loss)
Our Accumulated other comprehensive income (loss), consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions):
Balance as of Foreign Currency Translation AdjustmentsCash Flow HedgesAccumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2022$(134.0)$(2.7)$(136.7)
Other comprehensive income (loss) before reclassifications(9.4)(44.1)(53.5)
Amounts reclassified from accumulated other comprehensive income (loss) 24.8 24.8 
Less: Net other comprehensive (income) loss attributable to noncontrolling interest   
Balance as of March 31, 2022$(143.4)$(22.0)$(165.4)
Balance as of January 1, 2021$(120.3)$(12.3)$(132.6)
Other comprehensive income (loss) before reclassifications(4.0)25.5 21.5 
Amounts reclassified from accumulated other comprehensive income (loss) (9.1)(9.1)
Less: Net other comprehensive (income) loss attributable to noncontrolling interest   
Balance as of March 31, 2021$(124.3)$4.0 $(120.3)