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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 10-Q
 
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 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
https://cdn.kscope.io/5f1f87f630a9bb45b98ca09f53a3594f-int-20210630_g1.jpg
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 63,502,254 shares of common stock, par value $0.01 per share, issued and outstanding as of July 23, 2021.





Table of Contents
 
Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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) 
 June 30, 2021December 31, 2020
Assets:  
Current assets:  
Cash and cash equivalents$742.7 $658.8 
Accounts receivable, net of allowance for credit losses of $36.1 million and $53.8 million as of June 30, 2021 and December 31, 2020, respectively
1,835.0 1,238.4 
Inventories426.5 344.3 
Prepaid expenses74.4 51.1 
Short-term derivative assets, net81.1 66.4 
Other current assets199.0 280.4 
Total current assets3,358.6 2,639.3 
Property and equipment, net334.2 342.6 
Goodwill858.9 858.6 
Identifiable intangible and other non-current assets698.1 659.8 
Total assets$5,249.8 $4,500.3 
Liabilities:  
Current liabilities:  
Current maturities of long-term debt$30.1 $22.9 
Accounts payable1,844.8 1,214.7 
Customer deposits153.4 155.8 
Accrued expenses and other current liabilities364.2 290.6 
Total current liabilities2,392.6 1,684.0 
Long-term debt491.6 501.8 
Non-current income tax liabilities, net216.8 215.5 
Other long-term liabilities199.1 186.1 
Total liabilities3,300.1 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, 63.3 and 62.9 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
0.6 0.6 
Capital in excess of par value211.3 204.6 
Retained earnings1,858.4 1,836.7 
Accumulated other comprehensive loss(124.1)(132.6)
Total World Fuel shareholders' equity1,946.2 1,909.3 
Noncontrolling interest3.5 3.6 
Total equity1,949.7 1,912.9 
Total liabilities and equity$5,249.8 $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 EndedFor the Six Months Ended
 June 30,June 30,
 2021202020212020
Revenue$7,085.5 $3,158.3 $13,043.4 $11,173.5 
Cost of revenue6,901.6 2,944.5 12,667.9 10,700.9 
Gross profit183.9 213.9 375.5 472.6 
Operating expenses:    
Compensation and employee benefits87.9 95.9 180.3 198.3 
General and administrative57.4 84.4 116.8 168.2 
Asset impairments4.7 18.6 4.7 18.6 
Restructuring charges3.0 3.1 5.1 4.8 
Total operating expenses153.0 202.0 306.9 389.9 
Income from operations30.9 11.9 68.6 82.7 
Non-operating income (expenses), net:    
Interest expense and other financing costs, net(10.0)(10.0)(18.7)(25.3)
Other income (expense), net(1.4)(4.9)(2.6)(2.7)
Total non-operating income (expense), net(11.4)(14.9)(21.3)(28.1)
Income (loss) before income taxes19.6 (3.0)47.2 54.6 
Provision for income taxes2.0 7.7 10.8 23.7 
Net income (loss) including noncontrolling interest17.6 (10.7)36.4 31.0 
Net income (loss) attributable to noncontrolling interest(0.1)(0.4)(0.1)(0.2)
Net income (loss) attributable to World Fuel$17.6 $(10.2)$36.5 $31.2 
Basic earnings (loss) per common share$0.28 $(0.16)$0.58 $0.49 
Basic weighted average common shares63.4 63.3 63.2 64.1 
Diluted earnings (loss) per common share$0.28 $(0.16)$0.57 $0.48 
Diluted weighted average common shares63.8 63.3 63.6 64.4 
Comprehensive income:  
Net income (loss) including noncontrolling interest$17.6 $(10.7)$36.4 $31.0 
Other comprehensive income (loss):   
Foreign currency translation adjustments4.8 5.1 0.8 (27.9)
Cash flow hedges, net of income tax benefit of $2.9 and $7.2 for the three months ended June 30, 2021 and 2020, respectively, and net of income tax expense of $2.7 and $0.2 for the six months ended June 30, 2021 and 2020, respectively
(8.6)(21.0)7.8 0.7 
Other comprehensive income (loss)(3.8)(16.0)8.5 (27.2)
Comprehensive income (loss) including noncontrolling interest13.7 (26.7)44.9 3.7 
Comprehensive income (loss) attributable to noncontrolling interest(0.1) (0.1) 
Comprehensive income (loss) attributable to World Fuel$13.8 $(26.7)45.0 $3.7 
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
 Total Equity
 SharesAmount
Balance as of December 31, 202062.9 $0.6 $204.6 $1,836.7 $(132.6)$1,909.3 $3.6 $1,912.9 
Net income (loss)— — — 18.9 — 18.9 — 18.8 
Cash dividends declared— — — (7.5)— (7.5)— (7.5)
Amortization of share-based payment awards— — 8.7 — — 8.7 — 8.7 
Issuance (cancellation) of common stock related to share-based payment awards0.1 — — — — — — — 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards— — (2.4)— — (2.4)— (2.4)
Other comprehensive income (loss)— — — — 12.4 12.4 — 12.4 
Other— — — 0.2 — 0.2 — 0.2 
Balance as of March 31, 202163.0 0.6 210.8 1,848.3 (120.3)1,939.5 3.5 1,943.0 
Net income (loss)— — — 17.6 — 17.6 (0.1)17.6 
Cash dividends declared— — — (7.6)— (7.6)— (7.6)
Amortization of share-based payment awards— — 3.3 — — 3.3 — 3.3 
Issuance (cancellation) of common stock related to share-based payment awards0.3 — 0.2 — — 0.3 — 0.3 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards— — (3.1)— — (3.1)— (3.1)
Other comprehensive income (loss)— — — — (3.8)(3.8)— (3.8)
Balance as of June 30, 202163.3 $0.6 $211.3 $1,858.4 $(124.1)$1,946.2 $3.5 $1,949.7 
    
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
Loss
Total
World Fuel
Shareholders'
Equity
Noncontrolling
Interest
Equity
 Total Equity
SharesAmount
Balance as of December 31, 201965.2 $0.7 $274.7 $1,761.3 $(146.3)$1,890.4 $3.5 $1,893.9 
Cumulative effect of change in accounting principle— — — (11.1)— (11.1)— (11.1)
Net income (loss)— — — 41.4 — 41.4 0.2 41.6 
Cash dividends declared— — — (6.5)— (6.5)— (6.5)
Amortization of share-based payment awards— — (1.8)— — (1.8)— (1.8)
Issuance (cancellation) of common stock related to share-based payment awards0.2 — 1.2 — — 1.2 — 1.2 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards— — (1.5)— — (1.5)— (1.5)
Purchases of common stock(2.2)— (55.6)— — (55.6)— (55.6)
Other comprehensive income (loss)— — — — (11.3)(11.3)— (11.3)
Other— (0.1)1.2 — — 1.2 — 1.2 
Balance as of March 31, 202063.2 0.6 218.2 1,785.1 (157.5)1,846.4 3.7 1,850.1 
Net income— — — (10.2)— (10.2)(0.4)(10.7)
Cash dividends declared— — — (6.3)— (6.3)— (6.3)
Amortization of share-based payment awards— — 2.3 — — 2.3 — 2.3 
Issuance (cancellation) of common stock related to share-based payment awards0.1 — — — — — — — 
Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards— — (1.2)— — (1.2)— (1.2)
Other comprehensive income (loss)— — — — (16.0)(16.0)— (16.0)
Balance as of June 30, 202063.3 $0.6 $219.3 $1,768.6 $(173.5)$1,815.0 $3.3 $1,818.3 
Cash Dividends
During the six months ended June 30, 2021, the Company's Board of Directors declared quarterly cash dividends of $0.12 per common share representing $7.5 million and $7.6 million in total dividends, which were paid on April 9, 2021 and July 1, 2021, respectively. During the six months ended June 30, 2020, the Company's Board of Directors declared quarterly cash dividends of $0.10 per common share representing $6.5 million and $6.3 million in total dividends, which were paid on April 9, 2020 and July 2, 2020, respectively.
The accompanying Notes are an integral part of these unaudited Condensed Consolidated Financial Statements.
4



World Fuel Services Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited - In millions)
 For the Six Months Ended
 June 30,
 20212020
Cash flows from operating activities:  
Net income (loss) including noncontrolling interest$36.4 $31.0 
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: 
Depreciation and amortization40.5 44.2 
Provision for credit losses2.4 34.6 
Share-based payment award compensation costs12.0 0.6 
Deferred income tax expense (benefit)(15.4)(5.3)
Foreign currency (gains) losses, net (8.9)3.0 
Other10.5 0.2 
Changes in assets and liabilities, net of acquisitions and divestitures: 
Accounts receivable, net(600.7)1,462.6 
Inventories(77.4)282.8 
Prepaid expenses(24.3)6.4 
Short-term derivative assets, net39.6 (110.4)
Other current assets61.9 17.2 
Cash collateral with counterparties24.7 17.6 
Other non-current assets(28.9)(18.4)
Accounts payable605.9 (1,527.1)
Customer deposits(2.7)(2.3)
Accrued expenses and other current liabilities41.1 (25.2)
Non-current income tax, net and other long-term liabilities23.8 33.7 
Total adjustments104.2 214.1 
Net cash provided by (used in) operating activities140.6 245.1 
Cash flows from investing activities: 
Acquisition of business, net of cash acquired (130.6)
Capital expenditures(14.2)(32.9)
Other investing activities, net(5.4)(5.3)
Net cash provided by (used in) investing activities(19.7)(168.7)
Cash flows from financing activities: 
Borrowings of debt0.3 2,080.0 
Repayments of debt(8.9)(1,613.7)
Dividends paid on common stock(13.6)(13.0)
Repurchases of common stock (55.6)
Other financing activities, net(13.5)(2.8)
Net cash provided by (used in) financing activities(35.7)394.9 
Effect of exchange rate changes on cash and cash equivalents(1.4)(11.6)
Net increase (decrease) in cash and cash equivalents83.9 459.6 
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$742.7 $645.7 
Supplemental Schedule of Noncash Investing and Financing Activities:
Cash dividends declared, but not yet paid, were $7.6 million and $6.3 million for the six months ended June 30, 2021 and 2020, respectively.
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.
The Condensed Consolidated Financial Statements and related Notes include our parent company and all subsidiaries where we exercise control, and include the operations of acquired businesses after the completion of their acquisition. The decision of whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective economic or other control over the entity. The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes included in our 2020 Annual Report on Form 10-K (“2020 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 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, especially commercial airlines, have experienced a substantial decline in business activity arising from the various measures enacted by governments around the world to contain the spread of the virus. While travel and economic activity has begun to improve in certain regions, activity in many parts of the world continues to be negatively impacted by travel restrictions and lockdowns.
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 global recovery from the pandemic will be dependent on, among other things, actions taken by governments and businesses to contain and combat the virus, including any variant strains, the speed and effectiveness of vaccine production 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 amendments 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 contracts that could be affected by an alternative reference rate and assessing the potential effects of the guidance 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 the 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.
2. Accounts Receivable
Accounts receivable and allowance for credit losses
When we extend credit on an unsecured basis, our exposure to credit losses depends on the financial condition of our customers and other macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in oil prices and political instability.
We actively monitor and manage our credit exposure and work to respond to both changes in our customers’ financial conditions or macroeconomic events. Based on the ongoing credit evaluations of our customers, we adjust credit limits based upon payment history and our customers' current creditworthiness. However, because we extend credit on an unsecured basis to most of our customers, there is a possibility that any accounts receivable not collected may ultimately need to be written off.
We had accounts receivable of $1.8 billion and $1.2 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $39.8 million and $57.3 million, as of June 30, 2021 and December 31, 2020, respectively. Changes to the expected credit loss provision during the six months ended June 30, 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 and global recovery, primarily in the aviation segment. Write-offs of uncollectible receivables during the six months ended June 30, 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 June 30, 2021, 96% of our net accounts receivable were outstanding less than 60 days.
The following table sets forth activities in our allowance for expected credit losses (in millions):
20212020
Balance as of January 1,$57.3 $46.6 
Charges to allowance for credit losses2.4 34.6 
Write-off of uncollectible receivables(21.2)(32.9)
Recoveries of credit losses1.1 0.4 
Translation adjustments0.1 (0.1)
Balance as of June 30,$39.8 $48.6 
7



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 balances in exchange for cash consideration equal to the total balance, less a discount margin equal to LIBOR plus 1.00% to 3.25%, depending on the outstanding accounts receivable at any given time and assuming maximum utilization of the RPA facilities. 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 six months ended June 30, 2021 and 2020, we sold receivables under the RPAs with an aggregate face value of $4.3 billion and $2.2 billion, respectively, and paid fees of $9.4 million and $5.5 million, respectively.
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 remained partially outstanding as of June 30, 2021. The acquisition was accounted for as a business combination and is reported in the aviation segment.
4. Derivative Instruments
The following describes our derivative classifications:
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 presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions):
Gross Derivative AssetsGross Derivative Liabilities
June 30,December 31,June 30,December 31,
Derivative InstrumentsConsolidated Balance Sheets location2021202020212020
Derivatives designated as hedging instruments
Commodity contractsShort-term derivative assets, net$138.4 $124.9 $181.1 $120.7 
Accrued expenses and other current liabilities2.9 1.0 5.0 2.3 
Other long-term liabilities 0.1  0.5 
Interest rate contractsIdentifiable intangible and other non-current assets2.3    
Accrued expenses and other current liabilities  1.3 1.3 
Other long-term liabilities   2.4 
Total derivatives designated as hedging instruments143.6 126.0 187.5 127.2 
Derivatives not designated as hedging instruments
Commodity contractsShort-term derivative assets, net298.2 164.9 171.8 102.7 
Identifiable intangible and other non-current assets64.6 32.1 25.5 7.9 
Accrued expenses and other current liabilities48.8 30.5 158.2 68.4 
Other long-term liabilities6.1 17.5 28.3 23.5 
Foreign currency contractsShort-term derivative assets, net1.2  0.3  
Identifiable intangible and other non-current assets0.1    
Accrued expenses and other current liabilities2.8 7.5 4.3 19.6 
Other long-term liabilities   0.2 
Total derivatives not designated as hedging instruments421.8 252.5 388.5 222.3 
Total derivatives$565.4 $378.5 $576.0 $349.5 
8



For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 6. Fair Value Measurements.
The following table summarizes the gross notional values of our commodity and foreign currency exchange derivative contracts used for risk management purposes (in millions):
Unit
June 30, 2021
Commodity contracts
LongBBL53.0 
ShortBBL(45.0)
Foreign currency exchange contracts
Sell U.S. dollar, buy other currenciesUSD(244.6)
Buy U.S. dollar, sell other currenciesUSD346.3 
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)
June 30, 2021December 31, 2020June 30, 2021December 31, 2020
Inventory$51.4 $44.5 $9.3 $4.9 
The following table presents 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
June 30, 2021June 30, 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$7,085.5 $6,901.6 $11.4 $3,158.3 $2,944.5 $10.7 
Gains (losses) on fair value hedge relationships:
   Commodity contracts:
Hedged item 14.6   8.9  
Derivatives designated as hedging instruments (11.3)  (4.6) 
Gains (losses) on cash flow hedge relationships:
   Commodity contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive income into income(2.9)67.4  27.0 (56.2) 
   Interest rate contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive income into income  (0.3)   
Total amount of income and expense line items excluding the impact of hedges$7,088.4 $6,972.2 $11.1 $3,131.4 $2,892.6 $10.7 
9