World Kinect Corp 10-Q for FY2024 Q3

World Kinect Corp (WKC)

10-Q 2024-10-25 For: 2024-09-30

Added on April 11, 2026

About this 10-Q

World Kinect Corp filed this 10-Q on October 25, 2024, covering the quarter ended September 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $10.49B; down 14.3% from $12.25B a year earlier
Net income: $33.5M; down 4.0% from net income of $34.9M a year earlier
Diluted EPS: $0.57; down 1.7% from $0.58 a year earlier

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PART I.	Financial Information
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	1
	Condensed Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023	2
	Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023	3
	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	5
	Notes to the Condensed Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35

PART II.	Other Information
Item 1.	Legal Proceedings	36


Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 5.	Other Information	37
Item 6.	Exhibits	37

SIGNATURES


	September 30, 2024		December 31, 2023
Assets:
Current assets:
Cash and cash equivalents	$	373.8	$	304.3
Accounts receivable, net of allowance for credit losses of $20.2 million and $18.3 million as of September 30, 2024 and December 31, 2023, respectively	2,476.1		2,735.5
Inventories	619.9		664.6
Prepaid expenses	89.8		77.6
Short-term derivative assets, net	188.2		275.4
Other current assets	423.0		446.4
Total current assets	4,170.7		4,503.8
Property and equipment, net	505.6		515.3
Goodwill	1,181.7		1,238.0
Identifiable intangible assets, net	266.3		299.7
Other non-current assets	860.3		818.6
Total assets	$	6,984.6	$	7,375.3
Liabilities:
Current liabilities:
Current maturities of long-term debt	$	85.0	$	78.8
Accounts payable	2,750.8		3,097.6
Short-term derivative liabilities, net	90.4		128.2
Accrued expenses and other current liabilities	657.0		745.0
Total current liabilities	3,583.1		4,049.7
Long-term debt	798.0		809.1
Other long-term liabilities	552.4		566.9
Total liabilities	4,933.6		5,425.7
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, 58.1 and 59.8 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0.6		0.6
Capital in excess of par value	64.3		109.6
Retained earnings	2,120.6		1,981.6
Accumulated other comprehensive income (loss)	(141.1)		(148.9)
Total World Kinect shareholders' equity	2,044.4		1,943.0
Noncontrolling interest	6.6		6.7
Total equity	2,051.0		1,949.6
Total liabilities and equity	$	6,984.6	$	7,375.3


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	10,490.9	$	12,245.3	$	32,407.5	$	35,707.6
Cost of revenue	10,222.8		11,963.9		31,640.0		34,881.8
Gross profit	268.1		281.4		767.5		825.8
Operating expenses:
Compensation and employee benefits	122.9		132.0		357.7		376.3
General and administrative	71.8		76.1		219.7		235.9
Asset impairments	1.2		—		3.6		0.3
Restructuring charges	—		—		5.7		—
Total operating expenses	195.8		208.2		586.7		612.5
Income (loss) from operations	72.3		73.3		180.7		213.3
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(24.0)		(28.6)		(80.4)		(95.4)
Other income (expense), net	1.3		1.6		96.4		(4.7)
Total non-operating income (expense), net	(22.6)		(26.9)		16.0		(100.0)
Income (loss) before income taxes	49.6		46.3		196.7		113.3
Provision for income taxes	14.6		10.8		27.6		24.8
Net income (loss) including noncontrolling interest	35.0		35.5		169.1		88.5
Net income (loss) attributable to noncontrolling interest	1.5		0.6		(0.1)		0.9
Net income (loss) attributable to World Kinect	$	33.5	$	34.9	$	169.2	$	87.7
Basic earnings (loss) per common share	$	0.57	$	0.58	$	2.84	$	1.42
Basic weighted average common shares	58.8		60.3		59.5		61.7
Diluted earnings (loss) per common share	$	0.57	$	0.58	$	2.82	$	1.41
Diluted weighted average common shares	59.2		60.4		60.0		62.1
Comprehensive income:
Net income (loss) including noncontrolling interest	$	35.0	$	35.5	$	169.1	$	88.5
Other comprehensive income (loss):
Foreign currency translation adjustments	17.1		(18.1)		16.5		(3.3)
Cash flow hedges, net of income tax expense (benefit) of ($2.1) and ($2.2) for the three months ended September 30, 2024 and 2023, respectively, and net of income tax expense (benefit) of ($3.2) and ($2.3) for the nine months ended September 30, 2024 and 2023, respectively	(5.9)		(5.4)		(8.8)		(6.4)
Total other comprehensive income (loss)	11.2		(23.5)		7.8		(9.8)
Comprehensive income (loss) including noncontrolling interest	46.2		12.0		176.9		78.8
Comprehensive income (loss) attributable to noncontrolling interest	1.5		0.6		(0.1)		0.9
Comprehensive income (loss) attributable to World Kinect	$	44.7	$	11.5	177.0		$	77.9


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total World Kinect Shareholders' Equity		Noncontrolling Interest Equity		Total Equity
	Shares	Amount
Balance as of December 31, 2023	59.8	$	0.6	$	109.6	$	1,981.6	$	(148.9)	$	1,943.0	$	6.7	$	1,949.6
Net income (loss)	—	—		—		27.4		—		27.4		(0.2)		27.2

Cash dividends declared	—	—		—		(10.1)		—		(10.1)		—		(10.1)
Amortization of share-based payment awards	—	—		5.9		—		—		5.9		—		5.9
Issuance (cancellation) of common stock related to share-based payment awards	0.1	—		—		—		—		—		—		—

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)	—	—		—		—		(12.9)		(12.9)		—		(12.9)



Balance as of March 31, 2024	59.9	0.6		114.3		1,998.8		(161.7)		1,952.0		6.5		1,958.5
Net income (loss)	—	—		—		108.3		—		108.3		(1.4)		106.9

Cash dividends declared	—	—		—		(10.1)		—		(10.1)		—		(10.1)
Amortization of share-based payment awards	—	—		6.0		—		—		6.0		—		6.0
Issuance (cancellation) of common stock related to share-based payment awards	0.3	—		—		—		—		—		—		—

Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(3.9)		—		—		(3.9)		—		(3.9)
Purchases of common stock	(1.1)	—		(29.4)		—		—		(29.4)		—		(29.4)
Other comprehensive income (loss)	—	—		—		—		9.4		9.4		—		9.4



Balance as of June 30, 2024	59.1	0.6		87.0		2,097.0		(152.3)		2,032.3		5.1		2,037.4
Net income (loss)	—	—		—		33.5		—		33.5		1.5		35.0

Cash dividends declared	—	—		—		(9.9)		—		(9.9)		—		(9.9)
Amortization of share-based payment awards	—	—		5.9		—		—		5.9		—		5.9


Purchases of common stock tendered by employees to satisfy the required withholding taxes related to share-based payment awards	—	—		(0.1)		—		—		(0.1)		—		(0.1)
Purchases of common stock	(1.0)	—		(28.6)		—		—		(28.6)		—		(28.6)
Other comprehensive income (loss)	—	—		—		—		11.2		11.2		—		11.2



Balance as of September 30, 2024	58.1	$	0.6	$	64.3	$	2,120.6	$	(141.1)	$	2,044.4	$	6.6	$	2,051.0


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total World Kinect Shareholders' Equity		Noncontrolling Interest Equity		Total Equity
	Shares	Amount
Balance as of December 31, 2022	62.0	$	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 awards	0.1	—		—		—		—		—		—		—

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, 2023	62.1	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 awards	0.3	—		—		—		—		—		—		—

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, 2023	60.2	0.6		107.2		1,998.2		(146.9)		1,959.1		6.2		1,965.3
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, 2023	60.2	$	0.6	$	113.4	$	2,024.8	$	(170.4)	$	1,968.3	$	6.7	$	1,975.1


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Aviation Segment		Land Segment		Total
As of December 31, 2023	$	398.3	$	839.7	$	1,238.0


Adjustment for sale of business (1)	(59.5)		—		(59.5)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.8)		5.0		3.2
As of September 30, 2024	$	337.0	$	844.7	$	1,181.7


	Condensed Consolidated Balance Sheets Location	Gross Derivative Assets				Gross Derivative Liabilities
Derivative Instruments		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives designated as hedging instruments

Commodity contracts	Other non-current assets	$	—	$	0.3	$	—	$	—
	Short-term derivative liabilities, net	39.8		24.8		38.1		20.9


Interest rate contracts	Short-term derivative assets, net	5.8		12.7		—		—
	Other non-current assets	—		2.2		—		—


Total derivatives designated as hedging instruments		45.6		39.9		38.1		20.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	249.0		343.9		53.3		73.1
	Other non-current assets	98.2		139.8		18.2		17.2
	Short-term derivative liabilities, net	143.1		161.8		268.3		340.0
	Other long-term liabilities	81.4		121.2		141.6		217.9

Foreign currency contracts	Short-term derivative assets, net	9.9		24.7		10.0		9.8
	Other non-current assets	0.2		0.6		0.1		0.5
	Short-term derivative liabilities, net	4.6		8.7		14.6		18.3
	Other long-term liabilities	0.2		—		0.6		—
Total derivatives not designated as hedging instruments		586.6		800.8		506.7		676.8
Total derivatives		$	632.2	$	840.7	$	544.9	$	697.8


Line item in the Consolidated Balance Sheets in which the hedged item is included	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Inventory	$	64.1	$	55.3	$	(1.5)	$	(1.3)


	For the Three Months Ended
	September 30, 2024						September 30, 2023
	Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue		Interest 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	$	10,490.9	$	10,222.8	$	24.0	$	12,245.3	$	11,963.9	$	28.6
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		(3.1)		—		—		10.3		—
Derivatives designated as hedging instruments	—		2.6		—		—		(7.8)		—
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	—		1.3		—		—		3.6		—
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		—		—		3.8
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	$	10,490.9	$	10,223.6	$	27.8	$	12,245.3	$	11,970.1	$	32.3


	For the Nine Months Ended
	September 30, 2024						September 30, 2023
	Revenue		Cost of revenue		Interest expense and other financing costs, net		Revenue		Cost of revenue		Interest 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	$	32,407.5	$	31,640.0	$	80.4	$	35,707.6	$	34,881.8	$	95.4
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		0.1		—		—		6.1		—
Derivatives designated as hedging instruments	—		0.5		—		—		(2.5)		—
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	(0.1)		0.7		—		1.1		2.1		—
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	—		—		11.2		—		—		10.3
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	$	32,407.5	$	31,641.3	$	91.6	$	35,706.6	$	34,887.4	$	105.7


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,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	(1.8)	$	(1.3)	$	(0.5)	$	(1.6)
Commodity contracts	Cost of revenue	$	(9.0)	$	3.9	$	(10.1)	$	(1.6)


Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Commodity contracts (Revenue)	$	(2.4)	$	(0.6)	$	(2.6)	$	0.1
Commodity contracts (Cost of revenue)	0.9		(0.8)		1.0		(1.0)
Interest rate contracts (Interest expense and other financing costs, net)	(0.6)		1.2		$	1.6	$	4.4
Total gain (loss)	$	(2.2)	$	(0.1)	$	—	$	3.4


Derivative Instruments - Non-designated		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	Location	2024		2023		2024		2023
Commodity contracts	Revenue	$	(33.8)	$	(28.3)	$	(158.7)	$	(171.0)
	Cost of revenue	12.8		(16.9)		15.9		(35.4)
		(21.0)		(45.2)		(142.8)		(206.4)
Foreign currency contracts	Revenue	(1.7)		(0.2)		(2.1)		(5.9)
	Other (expense), net	(4.7)		(2.2)		(8.8)		(1.5)
		(6.4)		(2.5)		(10.9)		(7.3)
Total gain (loss)		$	(27.4)	$	(47.7)	$	(153.7)	$	(213.7)


	September 30, 2024		December 31, 2023
Net derivative liability positions with credit contingent features	$	66.4	$	99.1
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	66.4	$	99.1


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Aviation	$	266.8	$	301.0	$	853.9	$	826.3
Land	17.3		6.4		96.5		18.6
Marine	1,033.9		1,009.5		3,205.7		3,125.6
Asia Pacific	1,318.0		1,316.9		4,156.2		3,970.5

Aviation	1,414.4		1,347.7		3,612.2		3,174.3
Land	620.9		725.4		2,193.7		2,512.4
Marine	564.1		695.9		1,730.2		1,841.0
EMEA	2,599.4		2,769.0		7,536.1		7,527.7

Aviation	867.1		987.7		2,894.1		3,094.8
Land	247.9		286.4		742.5		743.0
Marine	142.7		143.5		571.2		581.4
LATAM	1,257.7		1,417.6		4,207.8		4,419.2

Aviation	2,668.6		3,346.1		8,356.3		10,291.0
Land	2,293.2		3,001.9		6,987.9		8,428.8
Marine	379.7		428.7		1,306.9		1,242.3
North America	5,341.5		6,776.6		16,651.1		19,962.1

Other revenues (excluded from ASC 606) (1)	(25.6)		(34.8)		(143.7)		(171.9)

Total revenue	$	10,490.9	$	12,245.3	$	32,407.5	$	35,707.6


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2024		2023		2024		2023
Aviation segment	$	5,218.4	$	5,983.5	$	15,731.3	$	17,400.8
Land segment	3,151.6		3,983.5		9,860.6		11,517.1
Marine segment	2,121.0		2,278.2		6,815.6		6,789.8
Total revenue	$	10,490.9	$	12,245.3	$	32,407.5	$	35,707.6

Income from operations:
Aviation segment	$	68.7	$	58.6	$	180.6	$	150.7
Land segment	15.2		31.8		29.4		82.6
Marine segment	14.9		12.4		52.1		63.0
Corporate overhead - unallocated	(26.5)		(29.5)		(81.4)		(83.0)
Total income from operations	$	72.3	$	73.3	$	180.7	$	213.3


	For the Three Months Ended September 30,
	2024		2023		Change
Revenue	$	5,218.4	$	5,983.5	$	(765.2)

Gross profit	$	129.0	$	125.6	$	3.4
Operating expenses	60.3		67.0		(6.7)
Income (loss) from operations	$	68.7	$	58.6	$	10.1

Operational metrics:
Aviation segment volumes (gallons)	1,904.6		1,920.4		(15.8)
Aviation segment average price per gallon	$	2.53	$	2.91	$	(0.38)


	Fair Value Measurements as of September 30, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	235.8	$	365.7	$	10.1	$	611.6
Interest rate contract	—		5.8		—		5.8
Foreign currency contracts	—		14.8		—		14.8
Cash surrender value of life insurance	—		19.3		—		19.3
Total assets at fair value	$	235.8	$	405.6	$	10.1	$	651.5

Liabilities:
Commodities contracts	$	294.3	$	224.4	$	0.9	$	519.6

Foreign currency contracts	—		25.3		—		25.3
Total liabilities at fair value	$	294.3	$	249.7	$	0.9	$	544.9


	Fair Value Measurements as of December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total
Assets:
Commodities contracts	$	220.0	$	560.2	$	11.6	$	791.8
Interest rate contract	—		14.8		—		14.8
Foreign currency contracts	—		34.1		—		34.1
Cash surrender value of life insurance	—		16.5		—		16.5
Total assets at fair value	$	220.0	$	625.6	$	11.6	$	857.3

Liabilities:
Commodities contracts	$	322.1	$	345.3	$	1.8	$	669.1

Foreign currency contracts	—		28.7		—		28.7
Total liabilities at fair value	$	322.1	$	373.9	$	1.8	$	697.8


	Fair Value as of September 30, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	611.6	$	335.9	$	275.7	$	19.1	$	—	$	256.6
Interest rate contract	5.8		—		5.8		—		—		5.8
Foreign currency contracts	14.8		14.8		—		—		—		—
Total assets at fair value	$	632.2	$	350.7	$	281.5	$	19.1	$	—	$	262.4

Liabilities:
Commodities contracts	$	519.6	$	335.9	$	183.8	$	59.7	$	—	$	124.1

Foreign currency contracts	25.3		14.8		10.4		—		—		10.4
Total liabilities at fair value	$	544.9	$	350.7	$	194.2	$	59.7	$	—	$	134.5


	Fair Value as of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Collateral		Gross Amounts without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	791.8	$	399.0	$	392.8	$	45.2	$	—	$	347.7
Interest rate contract	14.8		—		14.8		—		—		14.8
Foreign currency contracts	34.1		19.1		15.0		—		—		15.0
Total assets at fair value	$	840.7	$	418.0	$	422.7	$	45.2	$	—	$	377.5

Liabilities:
Commodities contracts	$	669.1	$	399.0	$	270.1	$	100.5	$	—	$	169.7

Foreign currency contracts	28.7		19.1		9.6		—		—		9.6
Total liabilities at fair value	$	697.8	$	418.0	$	279.7	$	100.5	$	—	$	179.2


	September 30, 2024		December 31, 2023
Credit Facility (1)	$	—	$	—
Term loan (1)	461.2		476.4
Convertible Notes (2)	340.3		338.5
Finance leases	22.8		15.7
Other (3)	58.7		57.3
Total debt	883.0		887.9
Less: Current maturities of long-term debt and finance leases	85.0		78.8
Long-term debt	$	798.0	$	809.1


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Income (Loss)
Balance as of January 1, 2024	$	(159.6)	$	10.8	$	(148.9)
Other comprehensive income (loss) before reclassifications	(0.4)		—		(0.4)
Amounts reclassified from Accumulated other comprehensive income (loss) (1)	17.0		(8.8)		8.2

Balance as of September 30, 2024	$	(143.1)	$	2.0	$	(141.1)

Balance as of January 1, 2023	$	(179.5)	$	18.9	$	(160.6)
Other comprehensive income (loss) before reclassifications	(3.3)		3.4		0.1
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(9.9)		(9.9)

Balance as of September 30, 2023	$	(182.8)	$	12.4	$	(170.4)


	September 30, 2024		December 31, 2023
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $7.4 and $9.1 as of September 30, 2024 and December 31, 2023, respectively	$	1,216.3	$	1,285.7
Land segment, net of allowance for credit losses of $10.1 and $6.3 as of September 30, 2024 and December 31, 2023, respectively	647.5		767.4
Marine segment, net of allowance for credit losses of $2.7 and $2.9 as of September 30, 2024 and December 31, 2023, respectively	612.3		682.4
Total accounts receivable, net	$	2,476.1	$	2,735.5

Total assets:
Aviation segment	$	2,504.6	$	2,767.4
Land segment	3,211.0		3,323.4
Marine segment	1,014.9		992.8
Corporate	254.2		291.8
Total assets	$	6,984.6	$	7,375.3


Period	Total Number of Shares Purchased	Average Price Paid Per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2)
7/1/2024 - 7/31/2024	34	$	25.99	34	$	106,986
8/1/2024 - 8/31/2024	487	27.28		487	93,687
9/1/2024 - 9/30/2024	480	29.33		480	279,601
Total	1,001	$	28.22	1,001	$	279,601


Exhibit No.						Description

31.1						Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a)

31.2						Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d — 14(a)

32.1						Certification of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101						The following materials from World Kinect Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income and Comprehensive Income, (iii) Condensed Consolidated Statements of Shareholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements.

104						Cover page interactive file (formatted in Inline XBRL and contained in Exhibit 101)



Date: October 25, 2024			World Kinect Corporation


			/s/ Michael J. Kasbar
			Michael J. Kasbar
			Chairman, President and Chief Executive Officer


			/s/ Ira M. Birns
			Ira M. Birns
			Executive Vice President and Chief Financial Officer