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, 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. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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 ...

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, 2019 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 | 9 ...

Washington, DC 20549 FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 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 ...

[Part I. Financial Information](index=2&type=section&id=Part%20I.%20Financial%20Information) This section presents unaudited consolidated financial statements and management's discussion for Q1 2019 [Item 1. Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements of World Fuel Services Corporation for the three months ended March 31, 2019, and 2018, including balance sheets, income statements, statements of shareholders' equity, and cash flows, along with detailed notes explaining accounting policies, financial instruments, segment information, and other relevant disclosures [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) This section details the company's financial position, including assets, liabilities, and equity Consolidated Balance Sheets Data | Metric | March 31, 2019 (Millions) | December 31, 2018 (Millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | | Total Assets | $5,733.2 | $5,676.9 | | Total Liabilities | $3,877.5 | $3,845.3 | | Total Equity | $1,855.8 | $1,831.6 | - **Total assets** increased by **$56.3 million** from December 31, 2018, to March 31, 2019, primarily driven by an increase in identifiable intangible and other non-current assets[9](index=9&type=chunk) [Consolidated Statements of Income and Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) This section reports the company's financial performance, including revenue, gross profit, and net income Consolidated Statements of Income and Comprehensive Income Data | Metric | Three Months Ended March 31, 2019 (Millions) | Three Months Ended March 31, 2018 (Millions) | Change (YoY) | | :--------------------------------------- | :----------------------------------------- | :----------------------------------------- | :----------- | | Revenue | $8,678.8 | $9,181.3 | -5.5% | | Gross Profit | $251.1 | $243.4 | +3.1% | | Income from Operations | $70.4 | $57.2 | +23.1% | | Net Income Attributable to World Fuel | $37.2 | $31.2 | +19.2% | | Basic Earnings Per Common Share | $0.55 | $0.46 | +19.6% | | Diluted Earnings Per Common Share | $0.55 | $0.46 | +19.6% | - **Net income for Q1 2019** includes a **$3.2 million** discrete tax benefit and **$3.4 million** of operating income (**$2.3 million** after-tax) that should have been recognized in a prior period. Excluding these, **net income** would have been **$31.7 million**, or **$0.47** per diluted share[24](index=24&type=chunk)[125](index=125&type=chunk) [Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Equity) This section outlines changes in shareholders' equity, including net income, dividends, and other comprehensive income Consolidated Statements of Shareholders' Equity Data | Metric | As of March 31, 2019 (Millions) | As of December 31, 2018 (Millions) | | :-------------------------------- | :------------------------------ | :------------------------------- | | Total World Fuel Shareholders' Equity | $1,840.3 | $1,815.4 | | Total Equity | $1,855.8 | $1,831.6 | - The company declared quarterly cash dividends of **$0.06** per common share for both Q1 2019 and Q1 2018, totaling **$4.0 million**[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section details cash inflows and outflows from operating, investing, and financing activities Consolidated Statements of Cash Flows Data | Metric | Three Months Ended March 31, 2019 (Millions) | Three Months Ended March 31, 2018 (Millions) | | :--------------------------------------- | :----------------------------------------- | :----------------------------------------- | | Net cash provided by (used in) operating activities | $10.8 | $(228.8) | | Net cash (used in) provided by investing activities | $(18.5) | $86.1 | | Net cash (used in) financing activities | $(10.9) | $(80.8) | | Net (decrease) increase in cash and cash equivalents | $(17.7) | $(219.4) | | Cash and cash equivalents, end of period | $194.0 | $152.9 | - **Operating cash flows significantly improved**, moving from a net use of **$228.8 million** in Q1 2018 to a net provide of **$10.8 million** in Q1 2019, primarily due to changes in accounts receivables, accounts payable, and derivatives[18](index=18&type=chunk)[132](index=132&type=chunk) [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details accounting policies, financial instruments, and other disclosures supporting financial statements [1. Basis of Presentation and Significant Accounting Policies](index=9&type=section&id=1.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) This note describes the company's business, financial statement presentation, and key accounting policies - The company is a global fuel services company distributing fuel and related products in aviation, marine, and land transportation, aiming to become a leading global energy management and transaction/payment management company[21](index=21&type=chunk) - Adopted ASU 2016-02 (Leases) in Q1 2019, recognizing **$167.3 million** in right-of-use assets and **$173.6 million** in lease liabilities on the balance sheet, with no material impact anticipated on results of operations or cash flows[26](index=26&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Evaluating the impact of ASU 2016-13 (Credit Losses) which becomes effective for fiscal years beginning after December 15, 2019[30](index=30&type=chunk)[31](index=31&type=chunk) [2. Accounts Receivable](index=11&type=section&id=2.%20Accounts%20Receivable) This note details the company's accounts receivable, including information on receivables purchase agreements - The company has receivables purchase agreements (RPAs) allowing the sale of up to **$725.0 million** of accounts receivable. **Sold accounts receivable under RPAs were $479.0 million** as of March 31, 2019, down from **$508.2 million** as of December 31, 2018[33](index=33&type=chunk) Accounts Receivable Data | Metric | Three Months Ended March 31, 2019 (Millions) | Three Months Ended March 31, 2018 (Millions) | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | | Cash payments to owners of accounts receivable | $2.0 billion | $1.9 billion | | Cash proceeds from sale of accounts receivable | $2.0 billion | $1.9 billion | | Fees and financing costs under RPA | $5.8 | $4.0 | [3. Acquisitions](index=11&type=section&id=3.%20Acquisitions) This note provides information on business acquisitions completed during the reporting period - One acquisition was completed in the land segment during Q1 2018, which did not materially impact consolidated revenue or net income for the period[34](index=34&type=chunk) [4. Derivatives](index=11&type=section&id=4.%20Derivatives) This note describes the company's use of derivative financial instruments to manage market risks - The company uses financial derivative contracts to mitigate market price fluctuations in fuel and foreign currency exchange rates, offering customers fuel pricing alternatives[35](index=35&type=chunk) Derivatives Data | Derivative Type | March 31, 2019 (Millions) | December 31, 2018 (Millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | | Total Derivatives Assets | $527.3 | $845.8 | | Total Derivatives Liabilities | $534.3 | $769.1 | - For Q1 2019, non-designated commodity contracts generated a **net gain of $9.1 million** (**Revenue $75.0M**, **Cost of Revenue $(65.9)M**), while foreign currency contracts generated a **net gain of $0.4 million**[43](index=43&type=chunk) [5. Goodwill](index=15&type=section&id=5.%20Goodwill) This note presents the carrying value of goodwill by segment and changes during the period Goodwill Data | Segment | December 31, 2018 (Millions) | March 31, 2019 (Millions) | | :---------------- | :--------------------------- | :------------------------ | | Aviation | $322.9 | $321.7 | | Land | $529.7 | $531.7 | | Total Goodwill | $852.7 | $853.3 | - **Goodwill increased slightly by $0.7 million** from December 31, 2018, to March 31, 2019, primarily due to foreign exchange and other adjustments[46](index=46&type=chunk) [6. Debt, Interest Income, Expense and Other Finance Costs](index=15&type=section&id=6.%20Debt,%20Interest%20Income,%20Expense%20and%20Other%20Finance%20Costs) This note details the company's debt structure, interest income, and financing costs Debt Data | Debt Type | March 31, 2019 (Millions) | December 31, 2018 (Millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | | Credit Facility | $170.0 | $170.0 | | Term Loans | $506.4 | $514.8 | | Finance Leases | $16.7 | $13.8 | | Other | $2.4 | $2.3 | | Total Debt | $695.5 | $701.0 | Interest Income, Expense and Other Finance Costs Data | Metric | Three Months Ended March 31, 2019 (Millions) | Three Months Ended March 31, 2018 (Millions) | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | | Interest income | $1.1 | $0.6 | | Interest expense and other financing costs | $(20.5) | $(16.9) | | Net Interest expense and other financing costs | $(19.4) | $(16.3) | [7. Fair Value Measurements](index=15&type=section&id=7.%20Fair%20Value%20Measurements) This note provides information on the fair value of financial instruments and their measurement hierarchy - The company's **total debt** and notes receivable are categorized in Level 2 of the fair value hierarchy, approximating fair value due to variable or market-aligned fixed interest rates[48](index=48&type=chunk) Fair Value Measurements Data | Fair Value Item | March 31, 2019 (Millions) | December 31, 2018 (Millions) | | :-------------------------------- | :-------------------------- | :--------------------------- | | Total Assets at Fair Value | $534.0 | $852.1 | | Total Liabilities at Fair Value | $534.3 | $769.1 | - The company manages individual over-the-counter (OTC) counterparty exposure within predetermined credit limits, including cash-call margins, with no single counterparty representing over **10%** of credit exposure as of March 31, 2019[54](index=54&type=chunk) [8. Income Taxes](index=17&type=section&id=8.%20Income%20Taxes) This note details the company's income tax provision, effective tax rates, and tax-related contingencies Income Taxes Data | Metric | Three Months Ended March 31, 2019 (Millions) | Three Months Ended March 31, 2018 (Millions) | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | | Income tax provision | $14.0 | $7.3 | | Effective income tax rate | 27.3% | 19.0% | - The **Q1 2019 provision includes a $3.2 million** discrete tax benefit, resulting in a **net income tax benefit of $2.8 million**. Without discrete items, the **effective tax rate would have been 32.8%** for Q1 2019 and **31.7%** for Q1 2018[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The company is under examination by tax authorities in the U.S., South Korea, and Denmark, with potential material adverse effects if unfavorable resolutions occur[60](index=60&type=chunk)[61](index=61&type=chunk) [9. Revenue from Contracts with Customers](index=19&type=section&id=9.%20Revenue%20from%20Contracts%20with%20Customers) This note describes the company's revenue recognition policies and disaggregates revenue by geographic area - **Revenue** from fuel sales is recognized upon delivery, while service revenue is recognized over the contract period. Contracts may have fixed or variable pricing, with market-based indices common for multi-year sales[62](index=62&type=chunk)[63](index=63&type=chunk) Revenue by Geographic Area Data | Geographic Area | Three Months Ended March 31, 2019 (Millions) | Three Months Ended March 31, 2018 (Millions) | | :-------------------------------- | :----------------------------------------- | :----------------------------------------- | | Asia Pacific | $1,078.1 | $1,192.7 | | EMEA | $2,014.3 | $1,987.2 | | LATAM | $876.0 | $829.7 | | North America | $4,616.9 | $5,001.2 | | Other revenues (excluded from ASC 606) | $93.5 | $170.6 | | Total Revenue | $8,678.8 | $9,181.3 | [10. Business Segments](index=20&type=section&id=10.%20Business%20Segments) This note provides financial information for the company's aviation, land, and marine operating segments - The company operates in three reportable segments: aviation, land, and marine, providing fuel and related products/services to commercial and industrial customers[68](index=68&type=chunk) Business Segments Performance Data | Segment | Q1 2019 Revenue (Millions) | Q1 2018 Revenue (Millions) | Q1 2019 Gross Profit (Millions) | Q1 2018 Gross Profit (Millions) | Q1 2019 Income from Operations (Millions) | Q1 2018 Income from Operations (Millions) | | :---------------- | :------------------------- | :------------------------- | :------------------------------ | :------------------------------ | :---------------------------------------- | :---------------------------------------- | | Aviation | $4,252.7 | $4,292.9 | $114.3 | $110.0 | $55.6 | $47.8 | | Land | $2,493.6 | $2,860.7 | $101.5 | $102.2 | $21.0 | $19.6 | | Marine | $1,932.5 | $2,027.7 | $35.2 | $31.2 | $13.5 | $8.6 | | Total | $8,678.8 | $9,181.3 | $251.1 | $243.4 | $90.1 | $75.9 | - Sales to government customers, particularly NATO in Afghanistan, account for a material portion of profitability, but can fluctuate significantly due to geopolitical factors[76](index=76&type=chunk) [11. Earnings per Common Share](index=24&type=section&id=11.%20Earnings%20per%20Common%20Share) This note presents the calculation of basic and diluted earnings per common share Earnings per Common Share Data | Metric | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | | Net income attributable to World Fuel | $37.2 million | $31.2 million | | Basic earnings per common share | $0.55 | $0.46 | | Diluted earnings per common share | $0.55 | $0.46 | | Weighted average common shares for diluted EPS | 67.4 million | 67.9 million | [12. Commitments and Contingencies](index=24&type=section&id=12.%20Commitments%20and%20Contingencies) This note discloses the company's legal, tax, and other commitments and contingent liabilities - The company is involved in various tax disputes in Brazil and South Korea, including assessments for VAT and ICMS totaling approximately **$10.5 million** and **$17.7 million** in South Korea, and **$13.9 million** in Brazil, which the company is appealing[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - Loss provisions are established for probable and estimable ordinary course claims, and while current reserves are not material, adverse resolutions could materially affect financial statements[82](index=82&type=chunk) [13. Restructuring](index=25&type=section&id=13.%20Restructuring) This note details the company's ongoing restructuring plan and related costs by segment - An enterprise-wide restructuring plan initiated in Q4 2017 aims to streamline the organization, reallocate resources, and align costs with strategy, with most activities expected to complete in 2019[84](index=84&type=chunk) Restructuring Charges Data | Segment | Balance as of Dec 31, 2018 (Millions) | Restructuring-related costs (Millions) | Paid during the period (Millions) | Restructuring charges as of Mar 31, 2019 (Millions) | | :---------------- | :------------------------------------ | :------------------------------------- | :-------------------------------- | :-------------------------------------------------- | | Aviation | $1.4 | $0.2 | $(1.4) | $0.2 | | Land | $12.6 | $0.7 | $(5.2) | $8.1 | | Marine | $2.6 | $0.2 | $(1.7) | $1.1 | | Corporate | $4.0 | $0.7 | $(3.6) | $1.1 | | Consolidated | $20.7 | $1.8 | $(12.0) | $10.5 | [14. Leases](index=25&type=section&id=14.%20Leases) This note provides information on the company's lease arrangements and related financial impacts - The company leases offices, operational facilities, vehicles, vessels, storage tanks, and other assets, combining lease and non-lease components for accounting purposes and excluding short-term leases (under **12 months**) from balance sheet recognition[87](index=87&type=chunk)[90](index=90&type=chunk) Lease Cost Data | Lease Cost Type | Three Months Ended March 31, 2019 (Millions) | | :-------------------------------- | :----------------------------------------- | | Finance lease cost (Amortization) | $1.3 | | Finance lease cost (Interest) | $0.2 | | Operating lease cost | $13.1 | | Short-term lease cost | $4.5 | | Variable lease cost | $3.6 | | Sublease income | $(2.5) | | Total lease cost | $20.2 | Present Value of Lease Liabilities Data | Lease Type | Present Value of Lease Liabilities (Millions) | | :-------------------------------- | :------------------------------------------ | | Operating Leases | $171.9 | | Finance Leases | $16.7 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations for the three months ended March 31, 2019, compared to the same period in 2018, including forward-looking statements, business outlook, segment performance, and liquidity analysis [Forward-Looking Statements](index=27&type=section&id=Forward-Looking%20Statements) This section discusses forward-looking statements - The report contains forward-looking statements regarding market conditions, financial impact of portfolio rationalization, government-related activity, competitive advantages, cost-savings initiatives, working capital, tax/legal matters, technology investments, acquisitions, and derivative contracts[97](index=97&type=chunk) - Key risks include customer creditworthiness, sudden fuel price changes, loss of significant government customers, liquidity availability, regulatory changes (e.g., IMO 2020), hedging failures, and geopolitical risks in high-risk locations[99](index=99&type=chunk)[105](index=105&type=chunk) [Business Outlook](index=29&type=section&id=Business%20Outlook) This section discusses business outlook - The company aims to become a leading global energy management and transaction/payment management company, expanding beyond fuel services[103](index=103&type=chunk) - Aviation segment benefits from strong global passenger demand and government customers (NATO), though government profit contribution is expected to decrease in 2019 compared to 2018[104](index=104&type=chunk) - Land segment was negatively impacted by portfolio repositioning and exiting non-core supply/trading activities, and unseasonably warm winter weather. Focus is on sustainable end-user demand and operational excellence[105](index=105&type=chunk)[106](index=106&type=chunk) - Marine segment shows strong results despite weak shipping markets, with stabilized volumes and improved profitability from higher fuel prices and cost savings. IMO 2020 regulations may offer new opportunities[107](index=107&type=chunk) - Company-wide initiatives include rationalizing the operating model, investing in automation and technology to lower costs and improve scalability, and an ongoing restructuring plan to streamline the organization[108](index=108&type=chunk) [Reportable Segments](index=30&type=section&id=Reportable%20Segments) This section discusses reportable segments - The company operates in Aviation, Land, and Marine segments, each offering fuel and related products/services. Profitability is driven by volume, gross profit on sales, and commission rates (for marine brokering)[109](index=109&type=chunk)[110](index=110&type=chunk) - Segment performance is evaluated using income from operations, with corporate expenses allocated based on usage or activity nature[111](index=111&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) This section discusses results of operations Revenue by Segment (Q1 2019 vs Q1 2018) | Segment | Q1 2019 Revenue (Millions) | Q1 2018 Revenue (Millions) | Change (Millions) | Change (%) | | :---------------- | :------------------------- | :------------------------- | :---------------- | :--------- | | Aviation | $4,252.7 | $4,292.9 | $(40.2) | -0.9% | | Land | $2,493.6 | $2,860.7 | $(367.1) | -12.8% | | Marine | $1,932.5 | $2,027.7 | $(95.2) | -4.7% | | Total | $8,678.8 | $9,181.3 | $(502.5) | -5.5% | Gross Profit by Segment (Q1 2019 vs Q1 2018) | Segment | Q1 2019 Gross Profit (Millions) | Q1 2018 Gross Profit (Millions) | Change (Millions) | Change (%) | | :---------------- | :------------------------------ | :------------------------------ | :---------------- | :--------- | | Aviation | $114.3 | $110.0 | $4.4 | +4.0% | | Land | $101.5 | $102.2 | $(0.7) | -0.7% | | Marine | $35.2 | $31.2 | $4.0 | +12.8% | | Total | $251.1 | $243.4 | $7.7 | +3.1% | Income from Operations by Segment (Q1 2019 vs Q1 2018) | Segment | Q1 2019 Income from Operations (Millions) | Q1 2018 Income from Operations (Millions) | Change (Millions) | Change (%) | | :---------------- | :---------------------------------------- | :---------------------------------------- | :---------------- | :--------- | | Aviation | $55.6 | $47.8 | $7.9 | +16.5% | | Land | $21.0 | $19.6 | $1.4 | +7.1% | | Marine | $13.5 | $8.6 | $4.9 | +57.0% | | Total | $90.1 | $75.9 | $14.2 | +18.7% | | Corporate overhead - unallocated | $(19.7) | $(18.7) | $(1.0) | +5.5% | | Consolidated | $70.4 | $57.2 | $13.2 | +23.0% | - **Total operating expenses decreased by $5.5 million (2.9%)** to **$180.7 million** in Q1 2019, driven by reductions in base compensation and general and administrative costs due to ongoing cost initiatives[120](index=120&type=chunk) - **Net income for Q1 2019 was $37.2 million ($0.55 diluted EPS)**, up from **$31.2 million ($0.46 diluted EPS)** in Q1 2018, including prior period misstatements[124](index=124&type=chunk)[125](index=125&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses liquidity and capital resources - Liquidity is a priority, especially in a high fuel price environment, as increases can negatively affect cash required for purchases and customer credit limits[127](index=127&type=chunk) - Management believes current cash, cash equivalents (**$194.0 million** as of March 31, 2019), and available funds from the Credit Facility are sufficient for working capital and capital expenditures for at least the next twelve months[128](index=128&type=chunk)[136](index=136&type=chunk) Cash Flows (Q1 2019 vs Q1 2018) | Cash Flow Category | Q1 2019 (Millions) | Q1 2018 (Millions) | | :-------------------------------- | :----------------- | :----------------- | | Operating Activities | $10.8 | $(228.8) | | Investing Activities | $(18.5) | $86.1 | | Financing Activities | $(10.9) | $(80.8) | - **Operating cash flows improved by $239.6 million** year-over-year, primarily due to changes in accounts receivables, accounts payable, and derivatives[132](index=132&type=chunk) - **Net cash used in investing activities increased by $104.6 million**, mainly due to decreased cash receipts from retained beneficial interests in receivables sales after amending RPA arrangements[134](index=134&type=chunk) - **Net cash used in financing activities decreased by $69.9 million**, primarily due to a **$73.7 million** increase in net debt borrowings under the credit facility[135](index=135&type=chunk) - The company had **$170.0 million** outstanding under its **$1.2 billion** Credit Facility as of March 31, 2019, with an unused portion of **$986.2 million**. It was in compliance with all financial covenants[137](index=137&type=chunk)[138](index=138&type=chunk) - **Outstanding letters of credit and bank guarantees totaled $421.4 million** as of March 31, 2019[144](index=144&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to Note 4 (Derivatives) for information on derivative instruments and states that there have been no material changes to interest rate or foreign currency risk exposures since December 31, 2018 - No material changes to exposures to interest rate or foreign currency risk have occurred since December 31, 2018[146](index=146&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the effectiveness of disclosure controls and procedures, concluding they were effective at a reasonable assurance level as of March 31, 2019. No material changes to internal control over financial reporting occurred during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2019[148](index=148&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2019[149](index=149&type=chunk) [Part II. Other Information](index=31&type=section&id=Part%20II.%20Other%20Information) This section provides additional information on legal proceedings and equity matters [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is cooperating with a DOJ investigation into the aviation fuel supply industry and is involved in various tax and ordinary course business claims. While no current proceedings are expected to have a material adverse effect, adverse resolutions could impact financial statements - The U.S. Department of Justice is investigating the aviation fuel supply industry, including the company's activities at a Central American airport, and the company is cooperating[152](index=152&type=chunk) - The company is under review by tax authorities in the U.S., Brazil, Denmark, and South Korea for income and indirect tax matters, with potential material amounts under controversy[153](index=153&type=chunk) - Various ordinary course claims (environmental, contract, personal injury, etc.) are ongoing, but none are currently expected to have a material adverse effect[154](index=154&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases during Q1 2019, noting that a small number of shares were purchased to satisfy withholding taxes related to share-based payment awards, with approximately $80.0 million remaining available under the repurchase program Issuer Purchases of Equity Securities (Q1 2019) | Period | Total Number of Shares Purchased (thousands) | Average Price Paid Per Share | | :-------------------- | :----------------------------------------- | :--------------------------- | | 1/1/2019 - 1/31/2019 | — | $21.41 | | 2/1/2019 - 2/28/2019 | 3 | $23.99 | | 3/1/2019 - 3/31/2019 | — | — | | Total | 3 | $23.89 | - As of March 31, 2019, approximately **$80.0 million** remains available for purchase under the **$100.0 million** common stock repurchase program approved in October 2017[155](index=155&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the 10-Q Report, including certifications from the CEO and CFO, and XBRL formatted financial statements and notes - Exhibits include CEO and CFO certifications (Rule 13a-14(a) or 15d-14(a), and Section 906 of Sarbanes-Oxley Act) and XBRL formatted financial statements and notes[156](index=156&type=chunk) [Signatures](index=39&type=section&id=Signatures) This section lists the official signatures of the company's executive and financial officers - The report was signed on May 7, 2019, by Michael J. Kasbar, Chairman, President and Chief Executive Officer, and Ira M. Birns, Executive Vice President and Chief Financial Officer[159](index=159&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 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) (State or other jurisdictio ...