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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 June 30, 2020

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 1-9533
WORLD FUEL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
Florida
9800 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 63,489,928 shares of common stock, par value $0.01 per share, issued and outstanding as of July 24, 2020.




Table of Contents
 
  
   
   
   
    
    
   
   
   
    



Part I — Financial Information
 
Item 1.  Financial Statements
 
World Fuel Services Corporation
Consolidated Balance Sheets
(Unaudited - In millions, except per share data)
 
 As of
 June 30,December 31,
 20202019
Assets:  
Current assets:  
Cash and cash equivalents$645.7  $186.1  
Accounts receivable, net1,415.9  2,891.9  
Inventories308.8  593.3  
Prepaid expenses72.7  80.6  
Short-term derivative assets, net146.5  59.5  
Other current assets341.8  358.8  
Total current assets2,931.4  4,170.1  
Property and equipment, net368.4  360.9  
Goodwill913.5  843.7  
Identifiable intangible and other non-current assets667.6  617.7  
Total assets$4,881.0  $5,992.4  
Liabilities:  
Current liabilities:  
Current maturities of long-term debt$53.8  $54.1  
Accounts payable1,090.4  2,602.7  
Customer deposits124.4  126.7  
Accrued expenses and other current liabilities337.9  378.9  
Total current liabilities1,606.6  3,162.4  
Long-term debt1,043.3  574.7  
Non-current income tax liabilities, net211.2  210.1  
Other long-term liabilities201.6  151.3  
Total liabilities3,062.7  4,098.5  
Commitments and contingencies (Note 12)
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, 63.3 and 65.2 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively
0.6  0.7  
Capital in excess of par value219.3  274.7  
Retained earnings1,768.6  1,761.3  
Accumulated other comprehensive loss(173.5) (146.3) 
Total World Fuel shareholders' equity1,815.0  1,890.4  
Noncontrolling interest3.3  3.5  
Total equity1,818.3  1,893.9  
Total liabilities and equity$4,881.0  $5,992.4  
 
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

1


World Fuel Services Corporation
Consolidated Statements of Income and Comprehensive Income
(Unaudited – In millions, except per share data)
 
 For the Three Months EndedFor the Six Months Ended
 June 30,June 30,
 2020201920202019
Revenue$3,158.3  $9,459.4  $11,173.5  $18,138.2  
Cost of revenue2,944.5  9,190.8  $10,700.9  $17,618.5  
Gross profit213.9  268.6  472.6  519.7  
Operating expenses:    
Compensation and employee benefits95.9  112.0  198.3  220.3  
General and administrative84.4  79.5  168.2  150.1  
Asset impairments18.6    18.6    
Restructuring charges3.1  1.9  4.8  3.7  
202.0  193.4  389.9  374.1  
Income from operations11.9  75.2  82.7  145.6  
Non-operating expenses, net:    
Interest expense and other financing costs, net(10.0) (20.2) (25.3) (39.6) 
Other income (expense), net(4.9) 2.6  (2.7) 3.0  
 (14.9) (17.6) (28.1) (36.6) 
Income (loss) before income taxes(3.0) 57.6  54.6  109.0  
Provision for income taxes7.7  20.0  23.7  34.0  
Net income (loss) including noncontrolling interest(10.7) 37.6  31.0  74.9  
Net income (loss) attributable to noncontrolling interest(0.4) 0.6  (0.2) 0.7  
Net income (loss) attributable to World Fuel$(10.2) $37.0  $31.2  $74.2  
Basic earnings per common share$(0.16) $0.56  $0.49  $1.11  
Basic weighted average common shares63.3  66.7  64.1  66.9  
Diluted earnings per common share$(0.16) $0.55  $0.48  $1.10  
Diluted weighted average common shares63.3  67.0  64.4  67.2  
Comprehensive income:  
Net income (loss) including noncontrolling interest$(10.7) $37.6  $31.0  $74.9  
Other comprehensive income (loss):   
Foreign currency translation adjustments5.1  (6.0) (27.9) (5.9) 
Cash flow hedges, net of income tax benefit of $7.2 and benefit of $1.1 for the three months ended June 30, 2020 and 2019, respectively, and net of income tax expense of $0.2 and benefit of $5.2 for the six months ended June 30, 2020 and 2019, respectively
(21.0) (2.9) 0.7  (14.7) 
Other comprehensive income (loss)(16.0) (8.9) (27.2) (20.6) 
Comprehensive income (loss) including noncontrolling interest(26.7) 28.7  3.7  54.3  
Comprehensive income (loss) attributable to noncontrolling interest      (0.7) 
Comprehensive income (loss) attributable to World Fuel$(26.7) $28.7  3.7  $55.0  
 
The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

2


World Fuel Services Corporation
Consolidated Statements of Shareholders’ Equity  
(Unaudited - In millions)
 
 Common StockCapital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
World Fuel
Shareholders'
Equity
Noncontrolling
Interest
Equity
 
 SharesAmountTotal Equity
Balance as of December 31, 201965.2  $0.7  $274.7  $1,761.3  $(146.3) $1,890.4  $3.5  $1,893.9  
Cumulative effect of change in accounting principle—  —  —  (11.1) —  (11.1) —  (11.1) 
Net income (loss)—  —  —  41.4  —  41.4  0.2  41.6  
Cash dividends declared—  —  —  (6.5) —  (6.5) —  (6.5) 
Amortization of share-based payment awards—  —  (1.8) —  —  (1.8) —  (1.8) 
Issuance (cancellation) of common stock related to share-based payment awards0.2  —  1.2  —  —  1.2  —  1.2  
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards—  —  (1.5) —  —  (1.5) —  (1.5) 
Purchases of common stock(2.2) —  (55.6) —  —  (55.6) —  (55.6) 
Other comprehensive income (loss)—  —  —  —  (11.3) (11.3) —  (11.3) 
Other—  (0.1) 1.2  —  —  1.2  —  1.2  
Balance as of March 31, 202063.2  $0.6  $218.2  $1,785.1  $(157.5) $1,846.4  $3.7  $1,850.1  
Net income (loss)—  —  —  (10.2) —  (10.2) (0.4) (10.7) 
Cash dividends declared—  —  —  (6.3) —  (6.3) —  (6.3) 
Amortization of share-based payment awards—  —  2.3  —  —  2.3  —  2.3  
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—  —  (1.2) —  —  (1.2) —  (1.2) 
Other comprehensive income (loss)—  —  —  —  (16.0) (16.0)   (16.0) 
Balance as of June 30, 202063.3  $0.6  $219.3  $1,768.6  $(173.5) $1,815.0  $3.3  $1,818.3  
         
3


 Common StockCapital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
World Fuel
Shareholders'
Equity
Noncontrolling
Interest
Equity
 
 SharesAmountTotal Equity
Balance as of December 31, 201867.0  $0.7  $340.4  $1,606.1  $(131.7) $1,815.4  $16.1  $1,831.6  
Net income—  —  —  37.2  —  37.2  0.1  37.3  
Cash dividends declared—  —  —  (4.0) —  (4.0) —  (4.0) 
Amortization of share-based payment awards4.0  —  —  4.0  —  4.0  
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—  —  (1.4) —  —  (1.4) —  (1.4) 
Other comprehensive income (loss)—  —  —  —  (11.0) (11.0) (0.8) (11.7) 
Balance as of March 31, 201967.1  $0.7  $343.0  $1,639.3  $(142.7) $1,840.3  $15.5  $1,855.8  
Net income—  —  —  37.0  —  37.0  0.6  37.6  
Cash dividends declared—  —  —  (6.6) —  (6.6) —  (6.6) 
Amortization of share-based payment awards—  —  3.5  —  —  3.5  —  3.5  
Issuance (cancellation) of common stock related to share-based payment awards0.2  —  0.7  —  —  0.7  —  0.7  
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards—  —  (1.2) —  —  (1.2) —  (1.2) 
Purchases of common stock(2.1) —  (65.4) —  —  (65.4) —  (65.4) 
Other comprehensive income (loss)—  —  —  —  (8.9) (8.9) —  (8.9) 
Balance as of June 30, 201965.2  $0.7  $280.7  $1,669.7  $(151.6) $1,799.4  $16.1  $1,815.6  
Cash Dividends

During the six months ended June 30, 2020, the Company's Board of Directors declared quarterly cash dividends of $0.10 per common share representing $6.5 million and $6.3 million in total dividends, which were paid on April 9, 2020 and July 2, 2020 respectively. During the six months ended June 30, 2019, the Company's Board of Directors declared quarterly cash dividends of $0.06 and $0.10 per common share representing $4.0 million and $6.6 million in total dividends, which were paid on April 12, 2019 and July 5, 2019 respectively.

The accompanying notes are an integral part of these unaudited Consolidated Financial Statements.

4


World Fuel Services Corporation
Consolidated Statements of Cash Flows
(Unaudited - In millions)

 For the Six Months Ended
 June 30,
 20202019
Cash flows from operating activities:  
Net income including noncontrolling interest$31.0  $74.9  
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: 
Depreciation and amortization44.2  43.1  
Provision for bad debt34.6  5.7  
Share-based payment award compensation costs0.6  7.7  
Deferred income tax expense (benefit)(5.3) 4.8  
Foreign currency (gains) losses, net 3.0  2.1  
Other0.2  (0.3) 
Changes in assets and liabilities, net of acquisitions: 
Accounts receivable, net 1,462.6  (12.5) 
Inventories282.8  (40.4) 
Prepaid expenses6.4  (7.2) 
Short-term derivative assets, net(110.4) 167.6  
Other current assets17.2  8.9  
Cash collateral with counterparties17.6  (38.0) 
Other non-current assets(18.4) 33.9  
Accounts payable(1,527.1) 70.0  
Customer deposits(2.3) 19.5  
Accrued expenses and other current liabilities(25.2) (143.7) 
Non-current income tax, net and other long-term liabilities33.7  (60.4) 
Total adjustments214.1  60.8  
Net cash provided by (used in) operating activities245.1  135.8  
Cash flows from investing activities: 
Acquisition of business, net of cash acquired(130.6)   
Capital expenditures(32.9) (37.3) 
Other investing activities, net(5.3) 3.8  
Net cash (used in) provided by investing activities(168.7) (33.6) 
Cash flows from financing activities: 
Borrowings of debt2,080.0  3,197.6  
Repayments of debt(1,613.7) (3,218.6) 
Dividends paid on common stock(13.0) (8.0) 
Repurchases of common stock(55.6) (65.4) 
Other financing activities, net(2.8) (2.6) 
Net cash provided by (used in) financing activities394.9  (