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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, 2021

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
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 63,235,030 shares of common stock, par value $0.01 per share, issued and outstanding as of April 23, 2021.




Table of Contents
 
Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020



Part I — Financial Information
 
Item 1.     Financial Statements
 
World Fuel Services Corporation
Condensed Consolidated Balance Sheets
(Unaudited - In millions, except per share data)
 
 As of
 March 31,December 31,
 20212020
Assets:  
Current assets:  
Cash and cash equivalents$735.3 $658.8 
Accounts receivable, net of allowance for credit losses of $43.8 million and $53.8 million as of March 31, 2021 and December 31, 2020, respectively
1,669.2 1,238.4 
Inventories333.7 344.3 
Prepaid expenses53.2 51.1 
Short-term derivative assets, net58.9 66.4 
Other current assets214.1 280.4 
Total current assets3,064.5 2,639.3 
Property and equipment, net334.6 342.6 
Goodwill858.0 858.6 
Identifiable intangible and other non-current assets668.3 659.8 
Total assets$4,925.4 $4,500.3 
Liabilities:  
Current liabilities:  
Current maturities of long-term debt$26.6 $22.9 
Accounts payable1,619.3 1,214.7 
Customer deposits132.9 155.8 
Accrued expenses and other current liabilities313.4 290.6 
Total current liabilities2,092.2 1,684.0 
Long-term debt496.9 501.8 
Non-current income tax liabilities, net218.8 215.5 
Other long-term liabilities174.5 186.1 
Total liabilities2,982.3 2,587.4 
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, 63.0 and 62.9 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
0.6 0.6 
Capital in excess of par value210.8 204.6 
Retained earnings1,848.3 1,836.7 
Accumulated other comprehensive loss(120.3)(132.6)
Total World Fuel shareholders' equity1,939.5 1,909.3 
Noncontrolling interest3.5 3.6 
Total equity1,943.0 1,912.9 
Total liabilities and equity$4,925.4 $4,500.3 
 
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,
 20212020
Revenue$5,957.9 $8,015.2 
Cost of revenue5,766.3 7,756.4 
Gross profit191.6 258.7 
Operating expenses:  
Compensation and employee benefits92.5 102.5 
General and administrative59.4 83.7 
Restructuring charges2.1 1.7 
154.0 187.9 
Income from operations37.6 70.8 
Non-operating income (expenses), net:  
Interest expense and other financing costs, net(8.7)(15.4)
Other income (expense), net(1.2)2.2 
 (10.0)(13.2)
Income (loss) before income taxes27.6 57.6 
Provision for income taxes8.8 16.0 
Net income (loss) including noncontrolling interest18.8 41.6 
Net income (loss) attributable to noncontrolling interest 0.2 
Net income (loss) attributable to World Fuel$18.9 $41.4 
Basic earnings per common share$0.30 $0.64 
Basic weighted average common shares63.0 64.9 
Diluted earnings per common share$0.30 $0.63 
Diluted weighted average common shares63.6 65.4 
Comprehensive income: 
Net income (loss) including noncontrolling interest$18.8 $41.6 
Other comprehensive income (loss):  
Foreign currency translation adjustments(4.0)(33.0)
Cash flow hedges, net of income tax expense of $5.6 and expense of $7.4 for the three months ended March 31, 2021 and 2020, respectively
16.4 21.7 
Other comprehensive income (loss)12.4 (11.3)
Comprehensive income (loss) including noncontrolling interest31.2 30.4 
Comprehensive income (loss) attributable to noncontrolling interest  
Comprehensive income (loss) attributable to World Fuel$31.2 $30.4 
 
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
Loss
Total
World Fuel
Shareholders'
Equity
Noncontrolling
Interest
Equity
 
 SharesAmountTotal Equity
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 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 
     
 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 

Cash Dividends

During the three months ended March 31, 2021 and 2020, the Company's Board of Directors declared quarterly cash dividends of $0.12 and $0.10 per common share representing $7.5 million and $6.5 million in total dividends, which were paid on April 9, 2021 and April 9, 2020, respectively.

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,
 20212020
Cash flows from operating activities:  
Net income (loss) including noncontrolling interest$18.8 $41.6 
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: 
Depreciation and amortization19.8 21.8 
Provision for credit losses3.6 9.9 
Share-based payment award compensation costs8.7 (1.8)
Deferred income tax expense (benefit)(6.8)(11.7)
Foreign currency (gains) losses, net (12.9)(19.8)
Other(5.5)(40.9)
Changes in assets and liabilities, net of acquisitions and divestitures: 
Accounts receivable, net(438.8)900.4 
Inventories11.0 245.3 
Prepaid expenses(3.0)20.7 
Short-term derivative assets, net77.3 (189.3)
Other current assets69.3 17.7 
Cash collateral with counterparties(4.4)(36.9)
Other non-current assets(4.0)(29.5)
Accounts payable394.3 (1,057.5)
Customer deposits(22.8)3.7 
Accrued expenses and other current liabilities0.8 101.5 
Non-current income tax, net and other long-term liabilities(1.8)34.3 
Total adjustments84.6 (32.1)
Net cash provided by (used in) operating activities103.4 9.5 
Cash flows from investing activities: 
Acquisition of business, net of cash acquired (130.5)
Capital expenditures(2.0)(17.4)
Other investing activities, net(0.6)(1.1)
Net cash provided by (used in) investing activities(2.7)(149.0)
Cash flows from financing activities: 
Borrowings of debt0.2 1,732.0 
Repayments of debt(4.5)(1,161.3)
Dividends paid on common stock(6.1)(6.5)
Repurchases of common stock (55.6)
Other financing activities, net(10.4)(1.5)
Net cash provided by (used in) financing activities(20.8)507.0 
Effect of exchange rate changes on cash and cash equivalents(3.5)(16.5)
Net increase (decrease) in cash and cash equivalents76.5 351.0 
Cash and cash equivalents, as of the beginning of the period658.8 186.1 
Cash and cash equivalents, as of the end of the period$735.3 $537.0 
 
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.


4


Supplemental Schedule of Noncash Investing and Financing Activities:
 
1. Cash dividends declared, but not yet paid, were $7.5 million and $6.5 million for the three months ended March 31, 2021 and 2020, respectively.

2. Net noncash consideration for the acquisition and sale of businesses was $19.7 million as of March 31, 2021.


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

5


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 sustainability offerings and renewable energy solutions.

We prepared our unaudited Condensed Consolidated Financial Statements in accordance with generally accepted accounting principles for interim financial information, 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 2020 Annual Report on Form 10-K.

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 2020 Annual Report on Form 10-K (“2020 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.

COVID-19

Throughout 2020, the COVID-19 pandemic had a significant impact on the global economy as a whole, and the transportation industries in particular, which has continued into 2021. Many of our customers in these industries 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. In response to the challenges arising from the pandemic, we commenced a number of initiatives in 2020 relating to cost reduction, liquidity and operating efficiencies, which remain an area of focus for us in 2021. The ultimate duration and impact of the COVID-19 pandemic on our business and our customers' operations continue to be unclear. Any subsequent recovery will be dependent on, among other things, continued actions taken by governments and businesses to contain and combat the virus, the speed and effectiveness of vaccine development and global distribution, as well as how quickly, and to what extent, normal economic and operating conditions can resume on a sustainable basis globally.

New Accounting Standards

Adoption of New Accounting Standards
During 2021, there have been no accounting standards that, upon adoption, had a material impact on the Company’s unaudited Condensed Consolidated Financial Statements or processes.


6


Accounting Standards Issued but Not Yet Adopted

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and Scope. In March 2020 and January 2021, ASU 2020-04 and ASU 2021-01 were issued, respectively. The amendments provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burden in accounting for (or recognizing the effects of) contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate ("LIBOR") or other interbank offered rates expected to be discontinued because of reference rate reform. The ASU’s were effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is evaluating the contracts that could be affected by an alternative reference rate and assessing the potential effects of the ASU’s on its Consolidated Financial Statements but does not anticipate a material impact to its Consolidated Financial Statements or processes. Additionally, LIBOR fallback language has been included, when applicable, in new and renewed contracts entered into by the Company in preparation for transition from LIBOR to alternative reference rates when such transition occurs.

Other recently issued accounting standards not yet adopted by us are not expected, upon adoption, to have a material impact on our 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 2020 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 2020 10-K Report, and in the section below Adoption of New Accounting Standards.
7





2. Accounts Receivable

    Accounts receivable and allowance for credit losses

    When we extend credit on an unsecured basis, our exposure to expected credit losses depends on the financial condition of our customers and other macroeconomic factors beyond our control, such as deteriorating conditions in the world economy or in the industries we serve, changes in oil prices and political instability. While we actively monitor and manage our credit exposure and work to respond to both changes in our customers’ financial conditions or macroeconomic events, there can be no guarantee we will be able to mitigate all of these risks successfully.

We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer’s current creditworthiness based on expected exposure. Although we analyze customers’ payment history and expected creditworthiness, since 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 $1.7 billion and $1.2 billion as of March 31, 2021 and December 31, 2020, respectively. We also had an allowance for credit losses, primarily related to accounts receivable, of $47.5 million and $57.3 million, as of March 31, 2021 and December 31, 2020, respectively. Changes to the expected credit loss provision during the three months ended March 31, 2021 include global economic outlook considerations as a result of the Company’s assessment of reasonable and supportable forward-looking information, including the expected overall impact of the ongoing pandemic effects mainly to the aviation segment. Write-off of uncollectible receivables during the three months ended March 31, 2021 resulted from negative impacts of the pandemic combined with pre-existing financial difficulties experienced by certain customers. Based on an aging analysis as of March 31, 2021, 96% of our net accounts receivable were outstanding less than 60 days.
The following table sets forth activities in our allowance for credit losses (in millions):
Total
Balance as of December 31, 2020$57.3 
Charges to allowance for credit losses3.6 
Write-off of uncollectible receivables(13.8)
Recoveries of credit losses0.4 
Balance as of March 31, 2021$47.5 
    Receivable sales programs
We have receivables purchase agreements (“RPAs”) with Wells Fargo Bank, N.A. and Citibank, N.A. that allow for the sale of our accounts receivable in an amount up to 100% of our outstanding qualifying accounts receivable balances and receive cash consideration equal to the total balance, less a discount margin equal to LIBOR plus 1.00% to 3.25%, which varies based on the outstanding accounts receivable at any given time and assumes maximum utilization of the RPA facilities. Accounts receivable sold under the RPAs are accounted for as sales, in accordance with FASB ASC Topic 860, Transfers and Servicing, and excluded from Accounts receivable, net of allowance for credit losses on the accompanying Condensed Consolidated Balance Sheets. Fees and interest paid under the RPAs is recorded within Interest expense and other financing costs, net on the Condensed Consolidated Statements of Income and Comprehensive Income.

    Under the RPAs, accounts receivable sold, which remained outstanding as of March 31, 2021 and December 31, 2020, were $389.5 million and $306.9 million, respectively. The fees and interest paid under the RPAs were $4.4 million and $4.4 million for the three months ended March 31, 2021 and 2020, respectively. For the three months ended March 31, 2021 and 2020, cash payments to the owners of account receivables were $1.9 billion and $1.8 billion, respectively, and cash proceeds from the sale of account receivables were $2.0 billion and $1.7 billion, respectively.


8


3. Acquisitions
 
During the first quarter of 2020, we completed the acquisition of the aviation fuel business from Universal Weather and Aviation, Inc. (“UVair fuel business”), which serves business and general aviation customers worldwide. The total purchase price of $159.0 million included a $30 million deferred payment that is partially outstanding as of March 31, 2021. The acquisition was accounted for as a business combination and it is reported in the aviation segment.

4. Derivative Instruments

The following describes our derivative classifications:

Fair Value Hedges. Includes derivative contracts we hold to hedge the risk of changes in the price of our inventory.

Cash Flow Hedges. Includes derivative contracts we execute to mitigate the risk of price and interest rate volatility in forecasted transactions.

Non-designated Derivatives. Includes 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 presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions):
 
Gross Derivative AssetsGross Derivative Liabilities
As ofAs of
March 31,December 31,March 31,December 31,
2021202020212020
Derivative InstrumentsConsolidated Balance Sheets location
Derivatives designated as hedging instruments
   Commodity contractsShort-term derivative assets, net$161.3 $124.9 $183.9 $120.7 
Accrued expenses and other current liabilities2.3 1.0 4.4 2.3 
Other long-term liabilities 0.1  0.5 
163.6 126.0 188.3 123.5 
Interest rate contractsIdentifiable intangible and other non-current assets2.8    
Accrued expenses and other current liabilities  1.3 1.3 
Other long-term liabilities   2.4 
Total derivatives designated as hedging instruments166.4 126.0 189.6 127.2 
Derivatives not designated as hedging instruments
   Commodity contractsShort-term derivative assets, net173.0 164.9 97.5 102.7 
Identifiable intangible and other non-current assets31.4 32.1 8.9 7.9 
Accrued expenses and other current liabilities27.8 30.5 76.5 68.4 
Other long-term liabilities15.1 17.5 20.6 23.5 
247.3 245.0 203.6 202.5 
   Foreign currency contractsShort-term derivative assets, net8.4  2.4  
Accrued expenses and other current liabilities1.0 7.5 5.0 19.6 
Other long-term liabilities   0.2 
Total derivatives not designated as hedging instruments256.8 252.5 211.0 222.3 
Total derivatives$423.2 $378.5 $400.6 $349.5 
For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 6. Fair Value Measurements.

9


The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes that were outstanding as of March 31, 2021 (in millions):
As of March 31,
Derivative InstrumentsUnits2021
Commodity contracts
LongBBL56.1 
ShortBBL(46.2)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(244.7)
Buy U.S. dollar, sell other currenciesUSD405.2 

As of March 31, 2021, and December 31, 2020, 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)
As ofAs of
March 31, 2021December 31, 2020March 31, 2021December 31, 2020
Inventory$34.9 $44.5 $5.9 $4.9 

The following table presents the effect of fair value and cash flow hedges on income and expense line items in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Location and Amount of Gain and (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
For the Three Months Ended
March 31, 2021March 31, 2020
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$5,957.9 $5,766.3 $11.1 $8,015.2 $7,756.4 $16.2 
Gains (Losses) on fair value hedge relationships:
   Commodity contracts:
Hedged Item 12.0   (23.2) 
Derivatives designated as hedging instruments (8.4)  18.5  
Gains (Losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of Gain (Loss) Reclassified from AOCI into Income(11.7)21.0  14.0 (1.2) 
   Interest rate contracts:
Amount of Gain (Loss) Reclassified from AOCI into Income  (0.2)   
Total amount of income and expense line items excluding the impact of hedges$5,969.6 $5,791.0 $10.8 $8,001.1 $7,750.5 $16.2 
For the three months ended March 31, 2021 and 2020, 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, 2021, on a pre-tax basis for commodity cash flow hedges, $175.3 million and $179.1 million are scheduled to be reclassified from Accumulated other comprehensive loss as an increase to Revenue and increase to Cost of revenue, respectively, over the next twelve months. As of March 31, 2021, all designated cash flow hedges executed to mitigate exposure to commodity price risk are scheduled to mature within twelve months.
10



The following table presents the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income and Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income For the Three Months EndedAmount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income For the Three Months Ended
March 31,March 31,
Derivative Instruments20212020Location20212020
Commodity contracts$(62.8)$334.1 Revenue$(11.7)$14.0 
Commodity contracts84.6 (297.7)Cost of revenue21.0 (1.2)
Interest rate contracts3.6 (1.5)Interest expense and other financing costs, net(0.2) 
Total Gain (Loss)$25.5 $34.9 Total Gain (Loss)$9.1 $12.9 

For the three months ended March 31, 2021, the amounts not recorded in Accumulated other comprehensive income due to intra-period settlement but recognized in Revenue and Cost of revenue were a loss of $76.8 million and a gain of $7.2 million, respectively. During the three months ended March 31, 2020, the amounts recognized were a gain of $162.4 million and a loss of $90.1 million in Revenue and Cost of revenue, respectively.

The following table presents the effect and financial statement location of our derivative instruments not designated as hedging instruments on our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Realized and Unrealized Gain (Loss)For the Three Months Ended
March 31,
Derivative Instruments - Non-designatedLocation20212020
Commodity contracts
Revenue$(303.8)$79.1 
Cost of revenue313.0 15.4 
9.2 94.5 
Foreign currency contracts
Revenue0.4 0.5 
Other (expense), net3.3 18.5 
3.7 18.9 
Total Gain (Loss)$12.9 $113.5 
    

11


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):

Potential Collateral Requirements for
Derivative Liabilities with
Credit-Risk-Contingent Features
As of March 31, 2021As of December 31, 2020
Net derivative liability positions with credit contingent features$5.2 $20.0 
Collateral posted and held by our counterparties  
Maximum additional potential collateral requirements$5.2 $20.0 
As of March 31, 2021 and December 31, 2020, there was no collateral held by our counterparties on these derivative contracts with credit-risk-contingent features.


5. Debt, Interest Income, Expense and Other Finance Costs

Our debt consisted of the following as of March 31, 2021 and December 31, 2020 (in millions):
As of
March 31,December 31,
20212020
Term Loans$500.1 $503.2 
Finance Leases20.0 18.2 
Other3.3 3.3 
Total debt523.5 524.7 
Less: Current maturities of long-term debt and finance leases26.6 22.9 
Long-term debt$496.9 $501.8 
    
The following table provides additional information about our interest income (expense), and other financing costs, net, for the periods presented for the three months ended March 31, 2021 and 2020 (in millions):
For the Three Months Ended
March 31,
20212020
Interest income$2.3 $0.9 
Interest expense and other financing costs(11.1)(16.2)
$(8.7)$(15.4)
t

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. The carrying values of our debt and notes receivable approximate fair value since these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. Based on the fair value hierarchy, our total debt of $523.5 million and $524.7 million as of March 31, 2021 and December 31, 2020, respectively, and our notes receivable of $44.3 million and $45.7 million as of March 31, 2021 and December 31, 2020, respectively, were categorized as Level 2.
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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 as of March 31, 2021 and December 31, 2020 (in millions):
Fair Value Measurements as of March 31, 2021
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$290.1 $115.8 $5.0 $410.9 
Foreign currency contracts 9.5  9.5 
Interest rate contract 2.8  2.8 
Cash surrender value of life insurance 12.5  12.5 
Total assets at fair value$290.1 $140.6 $5.0 $435.7 
Liabilities:    
Commodities contracts$277.3 $109.6 $5.0 $391.9 
Interest rate contract 1.3  1.3 
Foreign currency contracts 7.4  7.4 
Total liabilities at fair value$277.3 $118.3 $5.0 $400.6 
Fair Value Measurements as of December 31, 2020
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$233.5 $127.9 $9.5 $371.0 
Foreign currency contracts 7.5  7.5 
Cash surrender value of life insurance 11.4  11.4 
Total assets at fair value$233.5 $146.8 $9.5 $389.9 
Liabilities:
Commodities contracts$223.0 $