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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 September 30, 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
https://cdn.kscope.io/1330e2fa0db013eba541b337a666ed0c-WKC Logo.jpg
WORLD KINECT 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.)
  
(305)428-8000
Registrant’s telephone number, including area code
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 valueWKCNew 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 60,201,835 shares of common stock, par value $0.01 per share, issued and outstanding as of October 20, 2023.




TABLE OF CONTENTS
 
Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022
SIGNATURES




Part I — Financial Information
Item 1.     Financial Statements 
WORLD KINECT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - In millions, except per share data) 
September 30, 2023December 31, 2022
Assets:  
Current assets:  
Cash and cash equivalents$335.6 $298.4 
Accounts receivable, net of allowance for credit losses of $17.0 million and $14.1 million as of September 30, 2023 and December 31, 2022, respectively
2,882.2 3,294.1 
Inventories654.2 779.9 
Prepaid expenses92.5 83.6 
Short-term derivative assets, net218.2 302.1 
Other current assets408.6 479.9 
Total current assets4,591.3 5,238.1 
Property and equipment, net509.8 484.2 
Goodwill1,231.7 1,233.0 
Identifiable intangible assets, net308.7 336.2 
Other non-current assets841.5 873.2 
Total assets$7,483.1 $8,164.6 
Liabilities:  
Current liabilities:  
Current maturities of long-term debt$63.0 $15.8 
Accounts payable3,293.3 3,529.5 
Short-term derivative liabilities, net150.5 325.2 
Accrued expenses and other current liabilities607.5 738.2 
Total current liabilities4,114.2 4,608.6 
Long-term debt812.3 829.9 
Other long-term liabilities581.5 735.3 
Total liabilities5,508.0 6,173.8 
Commitments and contingencies
Equity:  
World Kinect shareholders' equity:  
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued
  
Common stock, $0.01 par value; 100.0 shares authorized, 60.2 and 62.0 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
0.6 0.6 
Capital in excess of par value113.4 182.4 
Retained earnings2,024.8 1,962.5 
Accumulated other comprehensive income (loss)(170.4)(160.6)
Total World Kinect shareholders' equity1,968.3 1,984.9 
Noncontrolling interest6.7 5.9 
Total equity1,975.1 1,990.7 
Total liabilities and equity$7,483.1 $8,164.6 
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
1



WORLD KINECT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(Unaudited – In millions, except per share data)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2023202220232022
Revenue$12,245.3 $15,661.3 $35,707.6 $45,165.4 
Cost of revenue11,963.9 15,339.0 34,881.8 44,358.7 
Gross profit281.4 322.3 825.8 806.7 
Operating expenses:    
Compensation and employee benefits132.0 141.1 376.3 374.3 
General and administrative76.1 81.7 235.9 238.8 
Asset impairments  0.3  
Restructuring charges (0.8) (0.8)
Total operating expenses208.2 222.0 612.5 612.3 
Income from operations73.3 100.3 213.3 194.4 
Non-operating income (expenses), net:    
Interest expense and other financing costs, net(28.6)(34.0)(95.4)(74.8)
Other income (expense), net1.6 (3.5)(4.7)(1.9)
Total non-operating income (expense), net(26.9)(37.5)(100.0)(76.7)
Income (loss) before income taxes46.3 62.8 113.3 117.7 
Provision for income taxes10.8 18.9 24.8 22.7 
Net income (loss) including noncontrolling interest35.5 43.9 88.5 95.0 
Net income (loss) attributable to noncontrolling interest0.6 1.4 0.9 1.8 
Net income (loss) attributable to World Kinect$34.9 $42.5 $87.7 $93.2 
Basic earnings (loss) per common share$0.58 $0.69 $1.42 $1.49 
Basic weighted average common shares60.3 62.0 61.7 62.5 
Diluted earnings (loss) per common share$0.58 $0.68 $1.41 $1.48 
Diluted weighted average common shares60.4 62.3 62.1 62.8 
Comprehensive income:  
Net income (loss) including noncontrolling interest$35.5 $43.9 $88.5 $95.0 
Other comprehensive income (loss):   
Foreign currency translation adjustments(18.1)(32.4)(3.3)(77.5)
Cash flow hedges, net of income tax expense (benefit) of ($2.2) and $5.5 for the three months ended September 30, 2023 and 2022, respectively, and net of income tax expense (benefit) of ($2.3) and $8.3 for the nine months ended September 30, 2023 and 2022, respectively
(5.4)15.1 (6.4)22.9 
Total other comprehensive income (loss)(23.5)(17.2)(9.8)(54.6)
Comprehensive income (loss) including noncontrolling interest12.0 26.7 78.8 40.4 
Comprehensive income (loss) attributable to noncontrolling interest0.6 1.4 0.9 1.8 
Comprehensive income (loss) attributable to World Kinect$11.5 $25.3 77.9 $38.6 
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
2



WORLD KINECT 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 Kinect
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 
Net income (loss)— — — 29.9 — 29.9 0.5 30.5 
Cash dividends declared— — — (8.4)— (8.4)— (8.4)
Amortization of share-based payment awards— — 4.0 — — 4.0 — 4.0 
Issuance (cancellation) of common stock related to share-based payment awards0.3 — — — — — — — 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards— — (4.0)— — (4.0)— (4.0)
Purchases of common stock(2.2)— (50.5)— — (50.5)— (50.5)
Other comprehensive income (loss)— — — — 10.2 10.2 — 10.2 
Convertible note hedge transactions— — (70.5)— — (70.5)— (70.5)
Warrant transactions— — 40.0 — — 40.0 — 40.0 
Balance as of June 30, 202360.2 $0.6 $107.2 $1,998.2 $(146.9)$1,959.1 $6.2 $1,965.2 
Net income (loss)— — — 34.9 — 34.9 0.6 35.5 
Cash dividends declared— — — (8.4)— (8.4)— (8.4)
Amortization of share-based payment awards— — 6.2 — — 6.2 — 6.2 
Other comprehensive income (loss)— — — — (23.5)(23.5)— (23.5)
Balance as of September 30, 202360.2 $0.6 $113.4 $2,024.8 $(170.4)$1,968.3 $6.7 $1,975.1 

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



Common StockCapital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
World Kinect
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 
Net income (loss)— — — 24.4 — 24.4 0.4 24.8 
Cash dividends declared— — — (7.4)— (7.4)— (7.4)
Amortization of share-based payment awards— — 3.1 — — 3.1 — 3.1 
Issuance (cancellation) of common stock related to share-based payment awards0.2 — — — — — — — 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards0.2 — (2.0)— — (2.0)— (2.0)
Purchases of common stock(1.5)— (35.0)— — (35.0)— (35.0)
Other comprehensive income (loss)— — — — (8.7)(8.7)— (8.7)
Balance as of June 30, 202261.9 $0.6 $172.8 $1,916.4 $(174.0)$1,915.7 $4.5 $1,920.2 
Net income (loss)— — — 42.5 — 42.5 1.4 43.9 
Cash dividends declared— — — (8.6)— (8.6)— (8.6)
Amortization of share-based payment awards— — 7.3 — — 7.3 — 7.3 
Other comprehensive income (loss)— — — — (17.2)(17.2)— (17.2)
Balance as of September 30, 202261.9 $0.6 $180.1 $1,950.2 $(191.2)$1,939.7 $5.9 $1,945.6 

The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
4



WORLD KINECT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - In millions)
 For the Nine Months Ended September 30,
 20232022
Cash flows from operating activities:  
Net income (loss) including noncontrolling interest$88.5 $95.0 
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: 
Unrealized (gain) loss on derivatives(191.7)88.0 
Depreciation and amortization77.8 80.1 
Noncash operating lease expense26.6 26.9 
Provision for credit losses5.2 6.1 
Share-based payment award compensation costs16.2 14.0 
Deferred income tax expense (benefit)(4.4)(8.0)
Unrealized foreign currency (gains) losses, net (9.5)15.7 
Other16.2 19.8 
Changes in assets and liabilities, net of acquisitions and divestitures: 
Accounts receivable, net389.1 (798.6)
Inventories128.1 (207.1)
Prepaid expenses(8.2)(27.9)
Other current assets(38.3)(85.9)
Cash collateral with counterparties188.8 76.7 
Other non-current assets(73.7)(9.9)
Change in derivative assets and liabilities, net(6.1)2.7 
Accounts payable(216.9)845.7 
Accrued expenses and other current liabilities(114.6)186.6 
Other long-term liabilities(6.5)(90.6)
Net cash provided by (used in) operating activities266.8 229.3 
Cash flows from investing activities: 
Acquisition of business, net of cash acquired (641.7)
Capital expenditures(67.9)(56.2)
Other investing activities, net(9.5)(1.3)
Net cash provided by (used in) investing activities(77.4)(699.2)
Cash flows from financing activities: 
Borrowings of debt4,051.3 6,238.1 
Repayments of debt(4,362.7)(6,038.7)
Issuance of Convertible Notes350.0  
Dividends paid on common stock(25.7)(22.4)
Repurchases of common stock(50.0)(48.7)
Purchase of convertible note hedges(70.5) 
Sale of warrants40.0  
Payments of deferred consideration for acquisitions(62.9)(10.0)
Other financing activities, net(10.0)(3.3)
Net cash provided by (used in) financing activities(140.4)115.0 
Effect of exchange rate changes on cash and cash equivalents(11.8)(17.0)
Net increase (decrease) in cash and cash equivalents37.2 (371.9)
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$335.6 $280.3 
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
5



WORLD KINECT CORPORATION NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies
General
World Kinect Corporation (the "Company") was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Quarterly Report on Form 10-Q ("10-Q Report") as "World Kinect," "we," "our" and "us." On June 15, 2023, the Company's shareholders approved an amendment to the Company's Articles of Incorporation, as amended, changing the Company's name from World Fuel Services Corporation to World Kinect Corporation. This change is intended to better reflect the Company's ongoing transformation into a more resilient, diversified energy and solutions provider.
We are a leading global energy management company, offering a broad suite of solutions across the energy product spectrum. In addition to our core energy and fuel offerings to customers in the transportation sector, we provide advisory services, sustainability and renewable energy solutions, as well as supply fulfillment for natural gas and power. We continue to focus on advancing the energy transition to lower carbon alternatives through expanding our portfolio of energy solutions and providing customers with greater access to sustainably sourced energy.
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 prior period amounts in the Condensed Consolidated Financial Statements and accompanying Notes have been reclassified to conform to the current period presentation. Due to rounding, certain amounts may not add; however, all percentages have been calculated using unrounded amounts.
New Accounting Standards
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.
6



Outstanding obligations confirmed under our supplier finance programs were $197.1 million and $246.8 million as of September 30, 2023 and December 31, 2022, respectively, and are included in Accounts payable within our Condensed Consolidated Balance Sheets.
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 $2.9 billion and $3.3 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $19.4 million and $17.3 million, as of September 30, 2023 and December 31, 2022, respectively. Changes to the expected credit loss provision during the nine months ended September 30, 2023 resulted from the Company's assessment of reasonable and supportable forward-looking information, including global economic outlook considerations. Based on an aging analysis as of September 30, 2023, 94% 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 Nine Months Ended September 30,
20232022
Balance as of January 1,$17.3 $29.8 
Charges to allowance for credit losses5.2 6.1 
Write-off of uncollectible receivables(3.4)(19.7)
Recoveries of credit losses0.1 0.8 
Translation adjustments0.1 0.7 
Balance as of September 30,$19.4 $17.6 
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. During the second quarter of 2023, we amended one of our RPAs to, among other things, reduce the overall fee structure.
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 nine months ended September 30, 2023 and 2022, we sold receivables under the RPAs with an aggregate face value of $7.7 billion and $9.9 billion, respectively, and recognized fees of $30.7 million and $29.4 million, respectively.
7



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 September 30, 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
September 30, 2023
Commodity contracts
LongBBL94.7 
ShortBBL(94.9)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(592.2)
Buy U.S. dollar, sell other currenciesUSD564.8 
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.
8



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 InstrumentsSeptember 30, 2023December 31, 2022September 30, 2023December 31, 2022
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$73.1 $ $66.2 $ 
Short-term derivative liabilities, net3.5 3.4 7.6 6.7 
Interest rate contractsShort-term derivative assets, net14.5 12.9   
Other non-current assets6.0 11.9   
Total derivatives designated as hedging instruments97.1 28.2 73.7 6.7 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net364.7 376.4 144.4 42.3 
Other non-current assets181.1 293.3 67.4 66.9 
Short-term derivative liabilities, net219.8 423.1 433.6 936.3 
Other long-term liabilities114.1 201.8 201.0 399.8 
Foreign currency contractsShort-term derivative assets, net3.7 21.8 2.1 18.5 
Other non-current assets1.2 0.7 0.3 0.1 
Short-term derivative liabilities, net8.5 2.0 11.1 19.8 
Other long-term liabilities0.3 0.2 0.4 0.4 
Total derivatives not designated as hedging instruments893.4 1,319.2 860.2 1,484.1 
Total derivatives$990.5 $1,347.4 $933.9 $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)
September 30, 2023December 31, 2022September 30, 2023December 31, 2022
Inventory$65.0 $60.7 $6.4 $1.2 
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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
September 30, 2023September 30, 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$12,245.3 $11,963.9 $28.6 $15,661.3 $15,339.0 $34.0 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item 10.3   (5.8) 
Derivatives designated as hedging instruments (7.8)  5.0  
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 3.6  (20.1)2.5  
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  3.8   (1.3)
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$12,245.3 $11,970.1 $32.3 $15,681.4 $15,340.6 $32.7 
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For the Nine Months Ended
September 30, 2023September 30, 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$35,707.6 $34,881.8 $95.4 $45,165.4 $44,358.7 $74.8 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item 6.1   36.4  
Derivatives designated as hedging instruments (2.5)  (47.1) 
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 income1.1 2.1  (165.7)2.5  
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  10.3   (1.8)
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$35,706.6 $34,887.4 $105.7 $45,331.2 $44,350.4 $73.0 
The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2023202220232022
Commodity contractsRevenue$(1.3)$3.1 $(1.6)$(128.4)
Commodity contractsCost of revenue$3.9 $(2.9)$(1.6)$8.8 
For the nine months ended September 30, 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 September 30, 2023, on a pre-tax basis, $0.9 million and $3.3 million is scheduled to be reclassified from Accumulated other comprehensive income (loss) over the next twelve months as a decrease to Revenue and an increase to Cost of revenue, respectively, related to designated commodity cash flow hedges that will mature within the next twelve months.
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The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Condensed Consolidated Statements of Income and Comprehensive Income (in millions):
Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
2023202220232022
Commodity contracts (Revenue)$(0.6)$(5.5)$0.1 $(114.5)
Commodity contracts (Cost of revenue)(0.8)2.7 (1.0)2.0 
Interest rate contracts (Interest expense and other financing costs, net)1.2 4.1 $4.4 $14.1 
Total gain (loss)$(0.1)$1.2 $3.4 $(98.4)
Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) BenefitFor the Three Months Ended September 30,For the Nine Months Ended September 30,
Location2023202220232022
Commodity contractsRevenue$ $(14.8)$0.8 $(121.8)
Commodity contractsCost of revenue2.6 1.8 1.5 1.8 
Interest rate contractsInterest expense and other financing costs, net2.7 (0.9)7.5 (1.3)
Total gain (loss)$5.3 $(13.9)$9.9 $(121.3)
Derivatives Not Designated as Hedging Instruments
The following table presents the amount and financial statement location in our Condensed Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Derivative Instruments - Non-designatedLocation2023202220232022
Commodity contractsRevenue$(28.3)$80.3 $(171.0)$229.2 
Cost of revenue(16.9)6.3 (35.4)(10.7)
(45.2)86.6 (206.4)218.5 
Foreign currency contractsRevenue(0.2)0.3 (5.9)0.4 
Other (expense), net(2.2)14.2 (1.5)18.1 
(2.5)14.5 (7.3)18.4 
Total gain (loss)$(47.7)$101.1 $(213.7)$236.9 
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, such as a credit downgrade or if certain defined financial ratios fall below an established threshold. The occurrence of these credit events may require us to post additional collateral or immediately settle the derivative instrument.
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The following table presents the potential collateral requirements for derivative liabilities with credit-risk-contingent features (in millions):
September 30, 2023December 31, 2022
Net derivative liability positions with credit contingent features$100.5 $72.5 
Collateral posted and held by our counterparties (28.7)
Maximum additional potential collateral requirements$100.6 $43.8 
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. With the exception of the Convertible Notes issued in June 2023, as discussed in Note 6. Debt, Interest Income, Expense, and Other Finance Costs, the carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy.
Recurring Fair Value Measurements
The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):
Fair Value Measurements as of September 30, 2023
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets:
Commodities contracts$434.6 $514.2 $7.6 $956.4 
Interest rate contract 20.5  20.5 
Foreign currency contracts 13.7  13.7 
Cash surrender value of life insurance 16.4  16.4 
Total assets at fair value$434.6 $564.7 $7.6 $1,006.9 
Liabilities:    
Commodities contracts$473.2 $444.6 $2.3 $920.1 
Foreign currency contracts 13.9  13.9 
Total liabilities at fair value$473.2 $458.5 $2.3 $933.9 
Fair Value Measurements as of December 31, 2022
Level 1 InputsLevel 2 InputsLevel 3 InputsTotal
Assets: