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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Shareholders' Equity | 10. Shareholders' Equity Cash Dividends During the years ended December 31, 2021, 2020 and 2019, the Company's Board of Directors declared aggregate cash dividends of $0.48, $0.40, and $0.36 per common share, representing $30.0 million, $25.5 million, and $23.6 million in total dividends, respectively. Our Credit Facility and Term Loans have restrictions regarding the maximum amount of cash dividends allowed to be paid. The payments associated with the above referenced cash dividends were in compliance with our Credit Facility and Term Loans. Stock Repurchase Programs In October 2017, our Board of Directors (the "Board") approved a new common stock repurchase program (the "October 2017 Repurchase Program"), which replaced the program in place at that time, authorizing $100.0 million in common stock repurchases. In May 2019, the Board authorized an increase to the October 2017 Repurchase Program authorization by $100.0 million, bringing the authorized repurchases at that time to $200.0 million. In March 2020, the Board approved a new stock repurchase program authorizing $200.0 million in common stock repurchases (the "2020 Repurchase Program") to begin upon the completion of the October 2017 Repurchase Program. Our repurchase programs do not require a minimum number of shares of common stock to be purchased, have no expiration date and may be suspended or discontinued at any time. As of December 31, 2021, the October 2017 Repurchase Program was completed and approximately $195.8 million remains available for purchase under the 2020 Repurchase Program. The timing and amount of shares of common stock to be repurchased under the 2020 Repurchase Program will depend on market conditions, share price, securities law and other legal requirements and factors. In 2021, 2020, and 2019, we repurchased 1.7 million, 2.6 million, and 2.1 million shares of common stock for an aggregate value of $50.5 million, $68.3 million, and $65.4 million, respectively. Share-Based Payment Plans Plan Summary and Description In May 2021, our shareholders approved the 2021 Omnibus Plan (the "2021 Plan"), which replaced our previously adopted 2020 Omnibus Plan (the "2020 Plan"). The 2021 Plan is administered by the Compensation Committee of the Board of Directors (the "Compensation Committee"). The purpose of the 2021 Plan is to (i) attract and retain persons eligible to participate in the 2021 Plan; (ii) motivate participants, by means of appropriate incentives, to achieve long-range goals; (iii) provide incentive compensation opportunities that are competitive with those of other similar companies; and (iv) further align participants’ interests with those of our other shareholders through compensation that is based on the value of our common stock. The goal is to promote the long-term financial interest of World Fuel and its subsidiaries, including the growth in value of our equity and enhancement of long-term shareholder return. The persons eligible to receive awards under the 2021 Plan are our employees, officers, and members of the Board of Directors, or any consultant or other person who performs services for us. The provisions of the 2021 Plan authorize the grant of stock options which can be "qualified" or "nonqualified" under the Internal Revenue Code of 1986, as amended, restricted stock, RSUs, SSAR Awards, performance shares and performance units and other share-based awards. The 2021 Plan is unlimited in duration and, in the event of its termination, the 2021 Plan will remain in effect as long as any awards granted under it remain outstanding. No awards may be granted under the 2021 Plan after May 2031. The term and vesting period of awards granted under the 2021 Plan are established on a per grant basis, but options and SSAR Awards may not remain exercisable after the seven-year anniversary of the date of grant. Under the 2021 Plan, 2.9 million shares of common stock are authorized for issuance in addition to any shares of common stock with respect to awards that were granted under the prior plans (2020, 2016, and 2006) but are forfeited or canceled (e.g., due to the recipient's failure to satisfy applicable service or performance conditions) after May 2021. As of December 31, 2021, approximately 3.0 million shares of common stock were subject to outstanding awards under the 2021, 2020, 2016, and 2006 Plans (assuming maximum achievement of performance goals for restricted stock and target achievement of performance goals for RSUs, where applicable). The following table summarizes the outstanding awards issued pursuant to the plans described above as of December 31, 2021 and the remaining shares of common stock available for future issuance (in millions):
Plan name | Restricted Stock |  | RSUs |  | SSAR Awards |  | Remaining Shares of Common Stock Available for Future Issuance
2021 Plan (1) | — |  |  | 0.1 |  |  | — |  |  | 4.0 |
2020 Plan (2) | — |  |  | 0.7 |  |  | — |  |  | — |
2016 Plan (3) | — |  |  | 1.0 |  |  | 1.3 |  |  | — |
2006 Plan (4) | — |  |  | 0.1 |  |  | — |  |  | — |
(1)As of December 31, 2021, unvested RSUs will vest between May 2022 and November 2024. (2)As of December 31, 2021, unvested RSUs will vest between March 2022 and May 2024. (3)As of December 31, 2021, unvested RSUs will vest between February 2022 and August 2023 and the outstanding SSAR Awards will expire between March 2022 and March 2023. (4)RSUs granted to non‑employee directors under the 2006 Plan prior to 2011 remain outstanding until the date the non‑employee director ceases, for any reason, to be a member of the Board of Directors. Restricted Stock Awards The following table summarizes the status of our unvested restricted stock outstanding and related transactions for each of the following years (in millions, except weighted average grant-date fair value price and weighted average remaining vesting term data):
| Unvested Restricted Stock |  | Weighted Average Grant Date Fair Value Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Vesting Term (in Years)
As of December 31, 2018 | 0.1 |  | $ | 43.63 |  |  | $ | 1.4 |  |  | 1.0
Granted | — |  | — |  |  |  |  |
Vested | — |  | 45.35 |  |  |  |  |
Forfeited | — |  | 51.47 |  |  |  |  |
As of December 31, 2019 | — |  | 41.56 |  |  | 1.3 |  |  | 0.7
Granted | — |  | — |  |  |  |  |
Vested | — |  | 47.36 |  |  |  |  |
Forfeited | — |  | — |  |  |  |  |
As of December 31, 2020 | — |  | 36.50 |  |  | 0.5 |  |  | 0.1
Granted | — |  | — |  |  |  |  |
Vested | — |  | 36.50 |  |  |  |  |
Forfeited | — |  | — |  |  |  |  |
As of December 31, 2021 | — |  | $ | — |  |  | $ | — |  |  | 0.0
The aggregate intrinsic value of restricted stock which vested during 2021, 2020 and 2019 was $0.6 million, $0.4 million and $1.0 million, respectively, based on the average high and low market price of our common stock at the vesting date. As of December 31, 2021, there were no unvested restricted stock awards outstanding. RSU Awards The following table summarizes the status of our RSUs and related transactions for each of the following years (in millions, except for weighted average grant‑date fair value data and weighted average remaining contractual life):
| RSUs |  | Weighted Average Grant Date Fair Value Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2018 | 1.3 |  | $ | 37.17 |  |  | $ | 28.3 |  |  | 1.0
Granted | 0.3 |  | 29.69 |  |  |  |  |
Vested | (0.4) |  | 37.34 |  |  |  |  |
Forfeited | (0.1) |  | 39.86 |  |  |  |  |
As of December 31, 2019 | 1.2 |  | 32.50 |  |  | 53.2 |  |  | 0.9
Granted | 1.2 |  | 23.30 |  |  |  |  |
Vested | (0.4) |  | 36.12 |  |  |  |  |
Forfeited | (0.2) |  | 32.56 |  |  |  |  |
As of December 31, 2020 | 1.8 |  | 25.17 |  |  | 57.1 |  |  | 1.3
Granted | 0.7 |  | 33.08 |  |  |  |  |
Vested | (0.5) |  | 27.34 |  |  |  |  |
Forfeited | (0.3) |  | 28.55 |  |  |  |  |
As of December 31, 2021 | 1.7 |  | $ | 27.30 |  |  | $ | 46.3 |  |  | 1.2
The aggregate intrinsic value of RSUs vested during 2021, 2020 and 2019 was $18.1 million, $10.8 million and $10.4 million, respectively. SSAR Awards The following table summarizes the status of our outstanding and exercisable SSAR Awards and related transactions for each of the following years (in millions, except weighted average exercise price and weighted average remaining contractual life data):
| SSAR Awards Outstanding |  | SSAR Awards Exercisable
| SSAR Awards |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Life (in Years) |  | SSAR Awards |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Life (in Years)
As of December 31, 2018 | 1.5 |  | $ | 29.75 |  |  | $ | — |  |  | 4.0 |  | — |  | $ | 57.48 |  |  | $ | — |  |  | 1.2
Granted | 0.7 |  | 29.68 |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised (1) | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2019 | 2.2 |  | 29.72 |  |  | 31.3 |  |  | 3.4 |  | 0.1 |  | 50.12 |  |  | — |  |  | 1.1
Granted | 0.1 |  | 23.39 |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised (1) | — |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited | — |  | 57.48 |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2020 | 2.3 |  | 29.08 |  |  | 7.3 |  |  | 2.5 |  | 0.2 |  | 41.85 |  |  | — |  |  | 0.8
Exercised (1) | (0.1) |  | 24.89 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited | (1.0) |  | 29.91 |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2021 | 1.3 |  | $ | 28.78 |  |  | $ | 0.6 |  |  | 1.9 |  | 0.4 |  | $ | 29.18 |  |  | $ | 0.2 |  |  | 1.0
(1)The aggregate intrinsic value of SSAR Awards exercised during 2021 was $0.9 million and zero for 2020, and 2019, respectively. We use the Black Scholes option pricing model to estimate the fair value of SSAR Awards granted to employees. No SSAR Awards were granted in 2021. In 2020, the weighted average fair value of the SSAR Awards was $6.88 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 38.6%, dividend yields of 1.2% and risk-free interest rates of 0.7%. The weighted average fair value of the SSAR Awards for 2019 was $9.15 and the assumptions used to determine such fair value were as follows: expected term of 4.5 years, volatility of 36.1%, dividend yields of 0.9% and risk-free interest rates of 2.4%. Unrecognized Compensation Cost As of December 31, 2021, there was $29.9 million of total unrecognized compensation cost related to unvested share-based payment awards, which is included as Capital in excess of par value within our Consolidated Balance Sheets. The unrecognized compensation cost as of December 31, 2021 is expected to be recognized as compensation expense over a weighted average period of 1.0 years as follows (in millions):
Year Ended December 31,
2022 | $ | 17.5 |
2023 | 10.0 |
2024 | 2.5 |
Total | $ | 29.9 |
Other Comprehensive Loss and Accumulated Other Comprehensive Loss Our other comprehensive loss, consisting of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and cash flow hedges, was as follows (in millions):
| Foreign Currency Translation Adjustments |  | Cash Flow Hedges |  | Accumulated Other Comprehensive Loss
Balance as of December 31, 2019 | $ | (134.1) |  |  | $ | (12.2) |  |  | $ | (146.3) |
Other comprehensive income (loss) before reclassifications | 13.8 |  |  | (150.4) |  |  | (136.6) |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | 150.3 |  |  | 150.3 |
Balance as of December 31, 2020 | (120.3) |  |  | (12.3) |  |  | (132.6) |
Other comprehensive income (loss) before reclassifications | (13.7) |  |  | 203.2 |  |  | 189.6 |
Amounts reclassified from accumulated other comprehensive income (loss) | — |  |  | (193.6) |  |  | (193.6) |
Less: Net other comprehensive (income) loss attributable to noncontrolling interest | — |  |  | — |  |  | — |
Balance as of December 31, 2021 | $ | (134.0) |  |  | $ | (2.7) |  |  | $ | (136.7) |
The foreign currency translation adjustment loss for 2021 was primarily due to the effect of a stronger U.S. dollar compared to most foreign currencies, including the British Pound. The foreign currency translation adjustment gain for 2020 was primarily due to the effect of a weaker U.S. dollar compared to most foreign currencies, including the British Pound.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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