XML 51 R34.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of U.S. and foreign income before income taxes

U.S. and foreign income before income taxes consist of the following (in millions):

			Year Ended December 31,
			2022						2021						2020
United States			$	(90.3)					$	(47.7)					$	51.2
Foreign			235.4						147.8						110.5
Income (loss) before income taxes			$	145.1					$	100.0					$	161.7

Schedule of components of income tax provision (benefit)

Our total income tax provision (benefit) related to income before income taxes consists of the following components (in millions):

			Year Ended December 31,
			2022						2021						2020
Current:
U.S. federal statutory tax			$	4.2					$	4.4					$	10.1
State			2.2						1.4						2.6
Foreign			42.9						22.4						42.9
Current income tax expense (benefit)			49.2						28.2						55.6
Deferred:
U.S. federal statutory tax			(4.6)						2.2						—
State			0.6						2.7						—
Foreign			(14.5)						(12.5)						(14.4)
Deferred income tax expense (benefit)			(18.5)						(7.6)						(14.4)
Non-current tax expense (income) (1)			(1.5)						5.3						10.9
Total provision for income taxes			$	29.2					$	25.8					$	52.1

(1)Non-current tax expense (income) is primarily related to income tax associated with the reserve for uncertain tax positions, including associated interest and penalties.

Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate

A reconciliation of the tax provision calculated using the U.S. federal statutory income tax rate to our tax provision is as follows (in millions):

			Year Ended December 31,
			2022						2021						2020
Tax provision based on U.S. federal statutory tax rate			$	30.5					$	21.0					$	34.0
Foreign rates varying from federal statutory tax rate			(5.4)						(10.3)						(21.5)
State income taxes, net of U.S. federal income tax benefit			0.7						1.8						3.6
U.S. taxes on foreign earnings and other tax reform impacts			29.7						11.1						12.0
Uncertain tax positions			(1.5)						5.3						10.9
Foreign currency, statutory adjustments, and tax rate changes			(3.8)						0.6						(3.1)
Non-taxable interest income & non-deductible interest expense			2.1						(2.1)						1.5
Valuation allowances			(13.3)						(6.6)						15.6
Non-deductible officer compensation			1.0						1.5						1.9
Withholding Tax			7.8						6.2						1.6
Foreign tax credit			(25.0)						(5.6)						(9.2)
Other (1)			6.6						2.9						4.9
Total provision for income taxes			$	29.2					$	25.8					$	52.1

(1)Includes a gain of sale of company of $4.9 million for the year ended December 31, 2020.

Schedule of net deferred tax liabilities

The temporary differences which comprise our net deferred tax liabilities are as follows (in millions):

			As of December 31,
			2022						2021
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses			$	12.0					$	20.1
Net operating loss			56.7						45.9
Accrued and other share-based compensation			26.1						16.6
U.S. foreign income tax credits			8.3						1.4
Unrealized foreign exchange, derivatives, and cash flow hedges			—						10.7
Interest expense limitations			18.4						26.2
Other			15.4						5.2
Total gross deferred tax assets			136.8						126.2
Less: Valuation allowance (1)			26.1						39.7
Gross deferred tax assets, net of valuation allowance			110.7						86.5
Deferred Tax Liabilities:
Depreciation			(26.7)						(23.9)
Goodwill and intangible assets			(70.8)						(55.9)
Unrealized foreign exchange, derivatives, and cash flow hedges			(7.0)						—
Deferred tax costs on foreign unrepatriated earnings			(11.8)						(10.6)
Other			(4.3)						(11.7)
Total gross deferred tax liabilities			(120.6)						(102.0)
Net deferred tax liability			$	9.9					$	15.5
Net deferred tax asset			$	—					$	—
Reported on the Consolidated Balance Sheets as:
Other non-current assets for deferred tax assets, non-current			$	68.0					$	44.8
Non-current income tax liabilities, net for deferred tax liabilities, non-current			$	77.9					$	60.3

(1)During the year ended December 31, 2022, we recognized additional valuation allowances of $4.8 million relating primarily to the 2022 results of certain our worldwide entities and released valuation allowances totaling $18.4 million relating to certain of our non-US entities.

Schedule of expiration of NOL carryforward

This deferred tax asset expires as follows (in millions):

Net Operating Loss			Expiration Date			Deferred Tax Asset
US States			2023-2042			$	12.2
US States			Indefinite			4.3
Foreign			2023-2042			4.7
Foreign			Indefinite			35.4
Total						$	56.7

Summary of income tax concessions

The increase (decrease) to our foreign income taxes from the Singapore tax concession was as follows (in millions, except per share amounts):

			Year Ended December 31,
			2022						2021						2020
Singapore tax concession impact on foreign income tax			$	(3.3)					$	(1.1)					$	(2.4)
Impact on basic earnings per share			$	(0.05)					$	(0.02)					$	(0.04)
Impact on diluted earnings per share			$	(0.05)					$	(0.02)					$	(0.04)

Schedule of reconciliation of the total amounts of unrecognized income tax benefits

The following is a tabular reconciliation of the total amounts of gross Unrecognized Tax Liabilities for the year (in millions):

			2022						2021						2020
Gross Unrecognized Tax Liabilities – opening balance			$	75.1					$	78.2					$	66.5
Gross increases – tax positions in prior period			2.2						2.4						4.8
Gross decreases – tax positions in prior period			(8.0)						(6.1)						(0.5)
Gross increases – tax positions in current period			2.0						3.5						12.3
Settlements			(1.6)						—						(0.1)
Payments			1.6						—						—
Lapse of statute of limitations			(3.3)						(2.9)						(4.8)
Gross Unrecognized Tax Liabilities – ending balance			$	68.1					$	75.1					$	78.2

Schedule of open tax years by jurisdiction with major uncertain tax positions

The following table summarizes open tax years by major jurisdiction:

			Open Tax Year
Jurisdiction			Examination in progress						Examination not yet initiated
Denmark			2013 - 2019						2020 - 2022
United States			None						2020 - 2022
United Kingdom			None						2020 - 2022
Singapore			None						2018 - 2022
Other non-U.S.			None						2013 - 2022

X

- Definition

Tabular disclosure of the expiration of NOL carryforward deferred tax asset.

+ References

No definition available.

+ Details

Name:	int_ScheduleOfExpirationOfNOLCarryforwardTableTextBlock
Namespace Prefix:	int_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Summary Of Income Tax Concessions

+ References

No definition available.

+ Details

Name:	int_SummaryOfIncomeTaxConcessionsTableTextBlock
Namespace Prefix:	int_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration