0001628280-25-007620 | 10-K | XBRL Viewer

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Debt, Interest Income, Expense, and Other Finance Costs - Interest Income, Expense and Other Financing Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt, Interest Income, Expense and Other Finance Costs [Abstract]
Interest income	$ 13.8	$ 7.8	$ 6.8
Interest expense and other financing costs	(116.0)	(135.5)	(117.4)
Interest expense and other financing costs, net	$ (102.2)	$ (127.7)	$ (110.6)

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Accounts Receivable - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Accounts receivable	$ 2,432.6	$ 2,735.5
Allowance for credit losses	$ 23.7	20.8	$ 17.3	$ 29.8
Percent accounts receivable outstanding, less than 60 days	95.00%
Cash Proceeds from Transfer Of Financial Assets Accounted For As Sales Derecognized Amount	$ 11,900.0	9,500.0	13,100.0
Fees incurred under RPAs	$ 38.5	$ 37.6	$ 44.5

Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts):


	For the Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss) attributable to World Kinect	$	67.4	$	52.9	$	114.1
Denominator:
Weighted average common shares for basic earnings per common share	59.0		61.4		62.3
Effect of dilutive securities	0.5		0.3		0.4
Weighted average common shares for diluted earnings per common share	59.5		61.7		62.7
Basic earnings (loss) per common share	$	1.14	$	0.86	$	1.83
Diluted earnings (loss) per common share	$	1.13	$	0.86	$	1.82
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met	1.1		1.3		1.5

Derivative Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

4. Derivative Instruments

We are exposed to a variety of risks, including, but not limited to, changes in the prices of commodities that we buy or sell, changes in foreign currency exchange rates, changes in interest rates, and the creditworthiness of each of our counterparties. While we attempt to mitigate these fluctuations through hedging, such hedges may not be fully effective.

Our risk management program includes the following types of derivative instruments:

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 summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):

Unit

December 31, 2024

Commodity contracts:

Long

BBL

86.6

Short

BBL

(88.2)

Foreign currency exchange contracts:

Sell U.S. dollar, buy other currencies

USD

(675.1)

Buy U.S. dollar, sell other currencies

USD

742.7

Interest rate contract:

Interest rate swap

USD

300.0

The majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next year and our interest rate swap agreement matures in March 2025.

Assets and Liabilities

The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions):


		Gross Derivative Assets				Gross Derivative Liabilities
		As of December 31,				As of December 31,
Derivative Instruments	Consolidated Balance Sheets location	2024		2023		2024		2023
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	4.0	$	—	$	3.5	$	—
	Other non-current assets	—		0.3		—		—
	Short-term derivative liabilities, net	13.9		24.8		18.9		20.9


Interest rate contract	Short-term derivative assets, net	2.9		12.7		—		—
	Other non-current assets	—		2.2		—		—


Total derivatives designated as hedging instruments		20.8		39.9		22.4		20.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	230.8		343.9		65.7		73.1
	Other non-current assets	69.4		139.8		20.5		17.2
	Short-term derivative liabilities, net	86.7		161.8		174.4		340.0
	Other long-term liabilities	62.8		121.2		95.6		217.9

Foreign currency contracts	Short-term derivative assets, net	23.3		24.7		15.1		9.8
	Other non-current assets	0.7		0.6		0.3		0.5
	Short-term derivative liabilities, net	5.1		8.7		6.9		18.3
	Other long-term liabilities	0.1		—		0.6		—
Total derivatives not designated as hedging instruments		478.9		800.8		379.2		676.8
Total derivatives		$	499.6	$	840.7	$	401.6	$	697.8

For information regarding our derivative instruments measured at fair value after netting and collateral, see Note 5. Fair Value Measurements.

The following amounts were recorded within 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 Included	Carrying Amount of Hedged Asset/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	As of December 31,				As of December 31,
	2024		2023		2024		2023
Inventory	$	95.2	$	55.3	$	3.8	$	(1.3)

Earnings and Other Comprehensive Income (Loss)

Derivatives Designated as Hedging Instruments

The following table presents, on a pre-tax basis, the location and amount of gains (losses) on fair value and cash flow hedges recognized in income in our Consolidated Statements of Income and Comprehensive Income (in millions):


	For the Year Ended December 31,
	2024						2023						2022
	Revenue		Cost of revenue		Interest expense and other financing costs, net		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	$	42,168.0	$	41,141.6	$	102.2	$	47,710.6	$	46,652.4	$	127.7	$	59,043.1	$	57,954.1	$	110.6
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		5.4		—		—		0.8		—		—		43.9		—
Derivatives designated as hedging instruments	—		(4.1)		—		—		3.4		—		—		(52.0)		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	(3.4)		6.1		—		0.2		—		—		(164.5)		2.6		—
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	—		—		14.5		—		—		14.0		—		—		(4.2)

Total amount of income and expense line items excluding the impact of hedges	$	42,171.4	$	41,148.9	$	116.7	$	47,710.4	$	46,656.7	$	141.7	$	59,207.7	$	57,948.6	$	106.5

The following table presents, on a pre-tax basis, the amounts not recorded in Accumulated other comprehensive income (loss) due to intra-period settlement but recognized in Revenue and Cost of revenue in our Consolidated Statements of Income and Comprehensive Income (in millions):


Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement		Year Ended December 31,
	Location	2024		2023		2022
Commodity contracts	Revenue	$	5.6	$	(1.5)	$	(134.5)
Commodity contracts	Cost of revenue	$	(15.4)	$	(0.3)	$	10.7

For the years ended December 31, 2024, 2023 and 2022, there were no gains or losses recognized in earnings related to our fair value or cash flow hedges that were excluded from the assessment of hedge effectiveness.

As of December 31, 2024, on a pre-tax basis, $2.6 million and $0.8 million is scheduled to be reclassified from Accumulated other comprehensive loss over the next twelve months as a decrease to Revenue and a decrease to Cost of revenue, respectively, related to designated commodity cash flow hedges that will mature within the next twelve months.

The following tables present the effect and financial statement location of our derivative instruments in cash flow hedging relationships on Accumulated other comprehensive income (loss) and in our Consolidated Statements of Income and Comprehensive Income (in millions):


Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit	Year Ended December 31,
	2024		2023		2022
Commodity contracts (Revenue)	$	(4.3)	$	—	$	(114.7)
Commodity contracts (Cost of revenue)	5.6		(0.7)		2.1
Interest rate contracts (Interest expense and other financing costs, net)	1.9		3.0		11.3
Total gain (loss)	$	3.1	$	2.4	$	(101.3)


Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit		Year Ended December 31,
	Location	2024		2023		2022
Commodity contracts	Revenue	$	(2.5)	$	0.2	$	(121.7)
Commodity contracts	Cost of revenue	4.4		—		1.9
Interest rate contracts	Interest expense and other financing costs, net	10.7		10.3		(3.1)
Total gain (loss)		$	12.6	$	10.5	$	(122.9)

Derivatives Not Designated as Hedging Instruments

The following table presents the amount and financial statement location in our Consolidated Statements of Income and Comprehensive Income of realized and unrealized gains (losses) recognized on derivative instruments not designated as hedging instruments (in millions):


Derivative Instruments - Non-designated	Location	Year Ended December 31,
		2024		2023		2022
Commodity contracts	Revenue	$	(126.2)	$	(190.5)	$	230.7
	Cost of revenue	21.4		(41.4)		0.6
		(104.8)		(231.9)		231.3
Foreign currency contracts	Revenue	(0.5)		(8.0)		(1.7)
	Other income (expense), net	(2.4)		2.3		3.3
		(2.9)		(5.6)		1.6
Total gains (losses)		$	(107.7)	$	(237.5)	$	232.9

Credit-Risk-Related Contingent Features

We enter into derivative contracts which may require us to post collateral periodically. Certain of these derivative contracts contain credit-risk-related contingent clauses which are triggered by credit events, such as a credit downgrade or if certain defined financial ratios fall below an established threshold. The occurrence of these credit events may require us to post additional collateral or immediately settle the derivative instrument.

The following table presents the potential collateral requirements for derivative liabilities with credit-risk-related contingent features (in millions):


	As of December 31,
	2024		2023
Net derivative liability positions with credit contingent features	$	40.9	$	99.1
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	40.9	$	99.1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 382.9	$ 304.3
Accounts receivable, net of allowance for credit losses of $22.5 million and $18.3 million as of December 31, 2024 and 2023, respectively	2,432.6	2,735.5
Inventories	513.5	664.6
Prepaid expenses	71.4	77.6
Short-term derivative assets, net	176.5	275.4
Other current assets	382.2	446.4
Total current assets	3,959.2	4,503.8
Property and equipment, net	513.3	515.3
Goodwill	1,181.7	1,238.0
Identifiable intangible assets, net	261.2	299.7
Other non-current assets	816.4	818.6
Total assets	6,731.8	7,375.3
Current liabilities:
Current maturities of long-term debt	84.0	78.8
Accounts payable	2,726.5	3,097.6
Short-term derivative liabilities, net	91.5	128.2
Accrued expenses and other current liabilities	535.8	745.0
Total current liabilities	3,437.8	4,049.7
Long-term debt	796.8	809.1
Other long-term liabilities	541.2	566.9
Total liabilities	4,775.8	5,425.7
Commitments and contingencies
World Kinect shareholders' equity:
Preferred stock, $1.00 par value; 0.1 shares authorized, none issued	0.0	0.0
Common stock, $0.01 par value; 100.0 shares authorized, 56.7 and 59.8 issued and outstanding as of December 31, 2024 and 2023, respectively	0.6	0.6
Capital in excess of par value	30.0	109.6
Retained earnings	2,009.2	1,981.6
Accumulated other comprehensive income (loss)	(91.0)	(148.9)
Total World Kinect shareholders' equity	1,948.7	1,943.0
Noncontrolling interest	7.2	6.7
Total equity	1,955.9	1,949.6
Total liabilities and equity	$ 6,731.8	$ 7,375.3

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total World Kinect Shareholders’ Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest Equity
Beginning balance (in shares) at Dec. 31, 2021			61.7
Beginning balance at Dec. 31, 2021	$ 1,916.8	$ 1,912.7	$ 0.6	$ 168.1	$ 1,880.6	$ (136.7)	$ 4.1
Increase (Decrease) in Shareholders' Equity
Net income (loss)	115.9	114.1			114.1		1.7
Cash dividends declared	(32.2)	(32.2)			(32.2)
Amortization of share-based payment awards	17.6	17.6		17.6
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.4
Issuance of common stock for acquisition of a business (in shares)			1.8
Issuance of common stock for acquisition of a business	50.0	50.0		50.0
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	4.6	4.6		4.6
Stock Repurchased and Retired During Period, Shares			2.0
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation			0.2
Purchases of common stock	(48.7)	(48.7)		(48.7)
Other comprehensive income (loss) before reclassifications	(24.0)	(24.0)				(24.0)
Ending balance (in shares) at Dec. 31, 2022			62.0
Ending balance at Dec. 31, 2022	1,990.7	1,984.9	$ 0.6	182.4	1,962.5	(160.6)	5.9
Increase (Decrease) in Shareholders' Equity
Net income (loss)	53.7	52.9			52.9		0.8
Cash dividends declared	(33.8)	(33.8)			(33.8)
Amortization of share-based payment awards	24.2	24.2		24.2
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.6
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	5.7	5.7		5.7
Stock Repurchased and Retired During Period, Shares			2.8
Purchases of common stock	(60.7)	(60.7)		(60.6)
Other comprehensive income (loss) before reclassifications	11.8	11.8				11.8
Convertible note hedge transactions	(70.5)	(70.5)		(70.5)
Adjustments to Additional Paid in Capital, Warrant Issued	$ 40.0	40.0		40.0
Ending balance (in shares) at Dec. 31, 2023	59.8		59.8
Ending balance at Dec. 31, 2023	$ 1,949.6	1,943.0	$ 0.6	109.6	1,981.6	(148.9)	6.7
Increase (Decrease) in Shareholders' Equity
Net income (loss)	67.9	67.4			67.4		0.5
Cash dividends declared	(39.8)	(39.8)			(39.8)
Amortization of share-based payment awards	28.1	28.1		28.1
Issuance (cancellation) of common stock related to share-based payment awards (in shares)			0.5
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation	6.8	6.8		6.8
Stock Repurchased and Retired During Period, Shares			3.6
Purchases of common stock	(101.0)	(101.0)		(101.0)
Other comprehensive income (loss) before reclassifications	$ 57.9	57.9				57.9
Ending balance (in shares) at Dec. 31, 2024	56.7		56.7
Ending balance at Dec. 31, 2024	$ 1,955.9	$ 1,948.7	$ 0.6	$ 30.0	$ 2,009.2	$ (91.0)	$ 7.2

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Summary of Accounts Receivable, Allowance for Expected Credit Losses

The following table sets forth activities in our allowance for expected credit losses (in millions):


	2024		2023		2022
Balance as of January 1,	$	20.8	$	17.3	$	29.8
Charges to allowance for credit losses	12.0		4.7		7.7
Write-off of uncollectible receivables	(10.6)		(1.5)		(22.3)
Recoveries of credit losses	2.0		0.3		1.5
Translation adjustments	(0.5)		(0.1)		0.6
December 31,	$	23.7	$	20.8	$	17.3

Income Taxes - Narrative (Details) kr in Millions, $ in Millions, ₩ in Billions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2024 DKK (kr)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 KRW (₩)
Income Tax Contingency [Line Items]
Effective income tax rate	28.90%	28.90%	19.50%
Provision for income taxes	$ 27.6		$ 13.0	$ 29.2
Accumulated foreign earnings deemed repatriated	817.9
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability	10.1
Net operating losses	417.6		451.2
Deferred tax asset	62.5		69.1
Valuation allowance	16.8		15.2
Valuation allowance, deferred tax asset for NOLs	7.3
Unrecognized tax liabilities	90.8		106.4
Unrecognized tax assets	17.2		21.1
Expected reduction in income tax expense if uncertain tax positions are settled by the taxing authorities in the entity's favor	$ 44.6
Expected reduction in effective income tax rate if uncertain tax positions are settled by the taxing authorities in the entity's favor (as a percent)	46.70%	46.70%
Amount of unrecognized income tax liabilities may decrease within the next twelve months	$ 6.4
Interest related to unrecognized tax benefits, recorded as expense	(1.3)		5.1	2.0
Penalties related to unrecognized tax benefits, recorded as income tax expense (income)	(3.1)		2.8	0.3
Accrued interest related to unrecognized tax benefits	24.5		25.9
Accrued penalties related to unrecognized tax benefits	4.4		7.5
Discrete income tax benefit, net	3.2		(5.4)
Uncertain tax positions	(7.4)		8.9	(1.5)
Undistributed Earnings of Foreign Subsidiaries	1,100.0
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries	234.2
Unrecognized Tax Benefits, Period Increase (Decrease)			1.9
Unrecognized Income Tax Benefit - Liabilities [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Period Increase (Decrease)	(11.2)		5.0
Unrecognized Income Tax Benefit - Assets [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Period Increase (Decrease)	(3.8)		2.8
Unrecognized Income Tax Benefit - Foreign Currency Translation Effect [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Period Increase (Decrease)	(3.7)
Income Tax Discrete Adjustments - Valuation Allowance Reversal
Income Tax Contingency [Line Items]
Discrete income tax benefit, net			(7.5)
Income Tax Discrete Adjustments - Return-To-Provision Adjustment
Income Tax Contingency [Line Items]
Discrete income tax benefit, net	3.0		(4.8)
Income Tax Discrete Adjustments - Change to Uncertain Tax Positions
Income Tax Contingency [Line Items]
Discrete income tax benefit, net	(8.4)		$ 6.9
Income Tax Discrete Adjustments - Gain on Sale of Brazil Business
Income Tax Contingency [Line Items]
Discrete income tax benefit, net	(4.4)
Income Tax Discrete Adjustments - Gain on Sale of Avinode Business
Income Tax Contingency [Line Items]
Discrete income tax benefit, net	$ 12.4
Inland Revenue, Singapore (IRAS)
Income Tax Contingency [Line Items]
Period applicable for additional special income tax concession	5 years	5 years
Foreign Tax Jurisdiction \| Danish Tax Authority \| Tax Years 2015 through 2021
Income Tax Contingency [Line Items]
Estimated tax	$ 132.1	kr 951.5
Foreign Tax Jurisdiction \| Tax Authority, South Korea (SRTO) \| Tax Year 2011 To 2014
Income Tax Contingency [Line Items]
Estimated tax				$ 1.6	₩ 2.0

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

Income Tax Provision (Benefit)

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


	Year Ended December 31,
	2024		2023		2022
United States	$	(20.5)	$	(34.8)	$	(90.3)
Foreign	116.1		101.5		235.4
Income (loss) before income taxes	$	95.5	$	66.7	$	145.1

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


	Year Ended December 31,
	2024		2023		2022
Current:
U.S. federal statutory tax	$	8.4	$	8.9	$	4.2
State	1.8		2.4		2.2
Foreign	40.1		23.4		42.9
Current income tax expense (benefit)	50.2		34.8		49.2
Deferred:
U.S. federal statutory tax	(3.3)		(12.7)		(4.6)
State	(1.3)		(1.1)		0.6
Foreign	(10.6)		(16.9)		(14.5)
Deferred income tax expense (benefit)	(15.3)		(30.7)		(18.5)
Non-current tax expense (income) (1)	(7.4)		8.9		(1.5)
Total provision for income taxes	$	27.6	$	13.0	$	29.2

(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.

Income Tax Rate Reconciliation

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,
	2024		2023		2022
Tax provision based on U.S. federal statutory tax rate	$	20.1	$	14.0	$	30.5
Foreign rates varying from federal statutory tax rate	(0.2)		(1.5)		(5.4)
State income taxes, net of U.S. federal income tax benefit	2.2		7.5		0.7
U.S. taxes on foreign earnings and other tax reform impacts	10.3		9.4		29.7
Uncertain tax positions	(7.4)		8.9		(1.5)
Statutory adjustments, including foreign currency and tax rate changes	4.9		(9.2)		(3.8)
Non-taxable interest income & non-deductible interest expense	0.5		(3.3)		2.1
Valuation allowances	4.0		(10.9)		(13.3)
Non-deductible officer compensation	1.2		1.8		1.0
Withholding tax	10.0		8.0		7.8
Foreign tax credit	(18.6)		(13.2)		(25.0)
Sale of Avinode business	12.4		—		—
Sale of Brazil business	(6.0)		—		—
Worthless stock deduction	(6.2)		—		—
Other	0.6		1.5		6.6
Total provision for income taxes	$	27.6	$	13.0	$	29.2

For the year ended December 31, 2024, our income tax provision was $27.6 million and our effective income tax rate was 28.9%. Our income tax provision for the year ended December 31, 2024 includes a net discrete income tax expense of $3.2 million, of which a net tax expense of $12.4 million relates to the tax on gain from the Avinode sale and a net tax expense of $3.0 million relates to worldwide return-to-provision adjustments, partially offset by a net tax benefit of $8.4 million related to remeasurement of uncertain tax positions as well as a net tax benefit of $4.4 million related to the tax loss from the Brazil sale.

For the year ended December 31, 2023, our income tax provision was $13.0 million and our effective income tax rate was 19.5%. Our income tax provision for the year ended December 31, 2023 included a net discrete income tax benefit of $5.4 million, of which a benefit of $7.5 million related to the reversal of valuation allowances previously recorded against the deferred tax assets of certain foreign subsidiaries and states and a benefit of $4.8 million related to return-to-provision adjustments, partially offset by a net expense of $6.9 million related to the remeasurement of uncertain tax positions and other worldwide tax adjustments.

We have analyzed our global working capital and cash requirements and the potential tax liabilities attributable to repatriation and have determined that we intend to continue our assertion that the earnings of certain of our non-U.S. subsidiaries are indefinitely reinvested. At December 31, 2024, $1.1 billion of our foreign earnings were permanently reinvested in non-US business operations. For these investments, if not reinvested indefinitely, we could potentially owe approximately $234.2 million in foreign withholding tax. We also have $817.9 million of accumulated foreign earnings that are actually or deemed repatriated, for which we have estimated the associated foreign withholding and state income tax effects to be $10.1 million for the year ended December 31, 2024.

Deferred Tax Assets and Liabilities

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


	As of December 31,
	2024		2023
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses	$	10.1	$	15.8
Net operating loss	62.5		69.1
Accrued and other share-based compensation	22.7		26.0
U.S. foreign income tax credits	29.3		15.8

Interest expense limitations	75.2		45.8
Other	9.0		7.1
Total gross deferred tax assets	208.9		179.6
Less: Valuation allowance (1)	16.8		15.2
Gross deferred tax assets, net of valuation allowance	192.0		164.5
Gross Deferred Tax Liabilities:
Depreciation	(33.6)		(32.2)
Goodwill and intangible assets	(108.1)		(84.4)
Unrealized foreign exchange, derivatives, and cash flow hedges	(1.8)		(6.7)
Deferred tax costs on foreign unrepatriated earnings	(10.1)		(12.0)
Other	(5.2)		(4.9)
Total gross deferred tax liabilities	(158.8)		(140.3)
Net deferred tax liability	$	—	$	—
Net deferred tax asset	$	33.2	$	24.2
Reported on the Consolidated Balance Sheets as:
Other non-current assets for deferred tax assets, non-current	$	78.8	$	83.4
Other long-term liabilities, net for deferred tax liabilities, non-current	$	45.6	$	59.2

(1)During the year ended December 31, 2024, we recognized additional valuation allowances of $4.0 million relating primarily to the establishment of a valuation allowance on foreign branch tax credits and the 2024 results of certain of our worldwide entities. We also released valuation allowances totaling $2.3 million primarily as a result of divesting our Brazil entities.

As of December 31, 2024 and 2023, we had gross net operating losses ("NOLs") of approximately $417.6 million and $451.2 million, respectively. The NOLs as of December 31, 2024 originated in various U.S. states and non-U.S. countries. We have recorded a deferred tax asset of $62.5 million reflecting the benefit of the NOL carryforward as of December 31, 2024. This deferred tax asset expires as follows (in millions):


Net Operating Loss	Expiration Date	Deferred Tax Asset
US States	2026-2044	$	9.3
US States	Indefinite	5.3
Foreign	2025-2044	8.7
Foreign	Indefinite	39.3
Total		$	62.5

We assessed the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2024, a valuation allowance of $16.8 million exists on the deferred tax assets that are not expected to be realized, $7.3 million of which relates to the deferred tax asset for NOLs. The amount of the deferred tax asset considered realizable could be adjusted if estimates of future taxable income during the carryforward period change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as growth projections.

Singapore Tax Concession

We have operated under a special income tax concession in Singapore since 2008, which is subject to renewal. Our current five-year income tax concession period began January 1, 2023. It remains conditional upon our meeting certain employment and investment thresholds which, if not met in accordance with our agreement, may eliminate the benefit beginning with the first year in which the conditions are not satisfied. The income tax concession reduces the income tax rate on qualified sales and derivative gains and losses.

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


	Year Ended December 31,
	2024		2023		2022
Singapore tax concession impact on foreign income tax	$	(2.5)	$	(2.1)	$	(3.3)
Impact on basic earnings per share	$	(0.04)	$	(0.03)	$	(0.05)
Impact on diluted earnings per share	$	(0.04)	$	(0.03)	$	(0.05)

Income Tax Contingencies

We record gross assets and liabilities for unrecognized income tax benefits ("Unrecognized Tax Assets" and "Unrecognized Tax Liabilities", respectively) in our Consolidated Balance Sheets.

During the year ended December 31, 2024, we recorded a net decrease of Unrecognized Tax Liabilities of $11.2 million and a net decrease to Unrecognized Tax Assets of $3.8 million. In addition, during the year ended December 31, 2024, we recorded a decrease of $3.7 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in Other income (expense), net in the accompanying Consolidated Statements of Income and Comprehensive Income. As of December 31, 2024, our Unrecognized Tax Liabilities, including penalties and interest, were $90.8 million and our Unrecognized Tax Assets were $17.2 million.

During the year ended December 31, 2023, we recorded a net increase of Unrecognized Tax Liabilities of $5.0 million and a net increase to Unrecognized Tax Assets of $2.8 million. In addition, during the year ended December 31, 2023, we recorded an increase of $1.9 million to our Unrecognized Tax Liabilities related to a foreign currency translation loss, which is included in Other income (expense), net in the accompanying Consolidated Statements of Income and Comprehensive Income. As of December 31, 2023, our Unrecognized Tax Liabilities, including penalties and interest, were $106.4 million and our Unrecognized Tax Assets were $21.1 million.

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


	2024		2023		2022
Gross Unrecognized Tax Liabilities – opening balance	$	73.1	$	68.1	$	75.1
Gross increases – tax positions in prior period	1.5		7.7		2.2
Gross decreases – tax positions in prior period	(8.8)		(0.4)		(8.0)
Gross increases – tax positions in current period	2.2		1.4		2.0

Settlements	(3.0)		(0.5)		(1.6)
Payments	—		—		1.6
Lapse of statute of limitations	(3.1)		(3.2)		(3.3)
Gross Unrecognized Tax Liabilities – ending balance	$	61.8	$	73.1	$	68.1

If our gross Unrecognized Tax Liabilities, net of our Unrecognized Tax Assets of $17.2 million, as of December 31, 2024, are settled by the taxing authorities in our favor or otherwise resolved, our income tax expense would be reduced by $44.6 million (exclusive of interest and penalties) in the period the matter is considered settled or resolved in accordance with ASC 740. This would have the impact of reducing our 2024 effective income tax rate by 46.7%. As of December 31, 2024, it is reasonably possible that approximately $6.4 million of our unrecognized income tax liabilities may decrease within the next twelve months primarily due to the expiration of statutes of limitations and resolution of various tax matters.

We record accrued interest and penalties related to unrecognized income tax benefits as income tax expense. Related to the uncertain income tax benefits noted above, for interest we recorded income of $1.3 million, expense of $5.1 million and expense of $2.0 million during the years ended December 31, 2024, 2023, and 2022,

respectively. For penalties, we recorded income of $3.1 million, expense of $2.8 million, and expense of $0.3 million during the years ended December 31, 2024, 2023, and 2022, respectively. As of December 31, 2024 and 2023, we had recognized liabilities of $24.5 million and $25.9 million for interest and $4.4 million and $7.5 million for penalties, respectively.

We have various tax returns under examination both in the U.S. and foreign jurisdictions. The most material of these is in Denmark, where one of our subsidiaries has been under audit since 2018. Through December 31, 2024, we have received final tax assessments for the 2013 and 2014 tax years that were immaterial, and proposed tax assessments for the 2015 through 2021 tax years of approximately $132.1 million (DKK 951.5 million), excluding interest, which could be material. We believe we have substantial defenses to these assessments and expect to continue to pursue available administrative and judicial remedies to resolve this matter.

During the year ended December 31, 2022, we agreed to a settlement for the 2011 to 2014 tax years of the Korean branch of one of our subsidiaries for approximately $1.6 million (KRW 2.0 billion), including tax, interest, and penalties. The income tax examination for these years is now closed.

An unfavorable resolution of one or more of the above matters could have a material adverse effect on our operating results or cash flows in the quarter or year in which the adjustments are recorded, or the tax is due or paid. As examinations are still in process or have not yet reached the final stages of the appeals process, the timing of the ultimate resolution or payments that may be required cannot be determined at this time.

In many cases, our uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. The following table summarizes open tax years by major jurisdiction:


	Open Tax Year
Jurisdiction	Examination in progress	Examination not yet initiated
Denmark	2013-2021	2020-2024
United States	None	2020-2024
United Kingdom	None	2020-2024
Singapore	None	2021-2024
Other non-U.S.	None	2014-2024

On October 4, 2021, 136 members of the Organisation for Economic Co-operation and Development ("OECD") agreed to a global minimum tax rate of 15%. On December 20, 2021, OECD published its model rules on the agreed minimum tax known as the Global Anti-Base Erosion ("GloBE") rules. The GloBE rules provide a framework for a coordinated multi-country system of taxation intended to ensure large multinational enterprise groups pay a minimum level of tax on the income arising in each of the jurisdictions where they operate. On December 14, 2022, the European Council approved its directive to implement Pillar Two of the GloBE rules regarding a 15% global minimum tax rate. Many G20 nations have also indicated their plan to follow the OECD guidance as early as January 1, 2024. Pillar Two legislation has been enacted or substantively enacted in several jurisdictions in which the Company operates. The legislation is effective for the Company’s financial year beginning January 1, 2024.

The Company has completed its assessment and identified potential exposure to Pillar Two income taxes on profits earned in jurisdictions where the effective tax rate is lower than 15%. The estimated Pillar Two taxes do not have a material impact on the estimated annual effective tax rate for 2024 or the income tax provision for the year ended December 31, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements - Commodity and Foreign Currency Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Gross Derivative Assets	$ 499.6	$ 840.7
Gross Amounts Offset	273.9	418.0
Net Amounts Presented	225.8	422.7
Cash Collateral	0.1	45.2
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	225.6	377.5
Liabilities:
Gross Derivative Liabilities	401.6	697.8
Gross Amounts Offset	273.9	418.0
Net Amounts Presented	127.8	279.7
Cash Collateral	12.1	100.5
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	115.6	179.2
Commodity contracts:
Offsetting Assets [Line Items]
Gross Derivative Assets	467.6	791.8
Gross Amounts Offset	253.2	399.0
Net Amounts Presented	214.4	392.8
Cash Collateral	0.1	45.2
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	214.3	347.7
Liabilities:
Gross Derivative Liabilities	378.7	669.1
Gross Amounts Offset	253.2	399.0
Net Amounts Presented	125.5	270.1
Cash Collateral	12.1	100.5
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	113.4	169.7
Interest rate contract:
Offsetting Assets [Line Items]
Gross Derivative Assets	2.9	14.8
Gross Amounts Offset	0.0	0.0
Net Amounts Presented	2.9	14.8
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	2.9	14.8
Foreign currency exchange contracts:
Offsetting Assets [Line Items]
Gross Derivative Assets	29.1	34.1
Gross Amounts Offset	20.7	19.1
Net Amounts Presented	8.5	15.0
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	8.5	15.0
Liabilities:
Gross Derivative Liabilities	22.9	28.7
Gross Amounts Offset	20.7	19.1
Net Amounts Presented	2.3	9.6
Cash Collateral	0.0	0.0
Gross Amounts Without Right of Offset	0.0	0.0
Net Amounts	$ 2.3	$ 9.6

Business Segments, Geographic Information, and Major Customers - Other Income Statement Items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Depreciation, Depletion and Amortization [Abstract]
Depreciation and amortization	$ 106.4	$ 104.5	$ 107.8
Capital expenditures:
Capital expenditures	68.2	87.6	78.6
Operating Segments
Depreciation, Depletion and Amortization [Abstract]
Depreciation and amortization	98.7	96.8	101.3
Capital expenditures:
Capital expenditures	63.0	76.4	68.7
Operating Segments \| Aviation
Depreciation, Depletion and Amortization [Abstract]
Depreciation and amortization	28.1	32.0	32.8
Capital expenditures:
Capital expenditures	34.1	25.3	25.9
Operating Segments \| Marine
Depreciation, Depletion and Amortization [Abstract]
Depreciation and amortization	3.6	3.6	3.3
Capital expenditures:
Capital expenditures	7.4	8.7	4.8
Operating Segments \| Land
Depreciation, Depletion and Amortization [Abstract]
Depreciation and amortization	67.0	61.3	65.1
Capital expenditures:
Capital expenditures	21.5	42.5	38.1
Corporate
Depreciation, Depletion and Amortization [Abstract]
Depreciation and amortization	7.7	7.7	6.5
Capital expenditures:
Capital expenditures	$ 5.2	$ 11.1	$ 9.9

Shareholders' Equity - RSU Awards (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs
Awards Outstanding
Balance at the beginning of the period (in shares)	3.0	3.0	1.7
Granted (in shares)	0.8	1.3	2.1
Vested (in shares)	(0.8)	(0.8)	(0.6)
Forfeited (in shares)	(0.4)	(0.5)	(0.3)
Balance at the end of the period (in shares)	2.7	3.0	3.0	1.7
Weighted Average Grant Date Fair Value Price
Balance at the beginning of the period (in dollars per share)	$ 25.99	$ 26.41	$ 27.30
Granted (in dollars per share)	25.46	23.48	25.86
Vested (in dollars per share)	25.41	25.16	27.27
Forfeited (in dollars per share)	27.36	23.24	25.97
Balance at the end of the period (in dollars per share)	$ 25.80	$ 25.99	$ 26.41	$ 27.30
Aggregate Intrinsic Value	$ 73.1	$ 67.9	$ 81.4	$ 46.3
Weighted Average Remaining Contractual Life (in Years)	1 year 10 months 24 days	1 year 6 months	1 year 7 months 6 days	1 year 2 months 12 days
Aggregate Intrinsic Value - Vested	$ 19.4	$ 18.2	$ 14.8
RSUs - Transformational Equity Award [Member]
Awards Outstanding
Granted (in shares)			0.5
Weighted Average Grant Date Fair Value Price
Granted (in dollars per share)			$ 33.45
Vesting period of outstanding equity awards			3 years
Expected term			3 years
Volatility			52.20%
Risk-free interest rates			4.10%

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements and related Notes include our parent company and 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 Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All intercompany transactions among our consolidated subsidiaries have been eliminated. Certain amounts in the Consolidated Financial Statements and accompanying Notes may not add due to rounding. All percentages have been calculated using unrounded amounts. Certain prior period amounts have been reclassified to conform to the current presentation.
New Accounting Standards	New Accounting Standards Adoption of New Accounting Standards Segment Reporting. Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting, to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits companies to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. The Company adopted ASU 2023-07 in the fourth quarter of 2024 and has included the relevant disclosures in Note 15. Business Segments, Geographic Information, and Major Customers. Accounting Standards Issued But Not Yet Adopted Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Expense Disaggregation. ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, was issued in November 2024. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements at each interim and annual period. The amendments require disclosure of the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. The amendments also require disclosure of certain amounts that are already required to be disclosed under current guidance in the same disclosure as the other disaggregation requirements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in annual reporting periods, the entity's definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively to financial statements issued for reporting periods after the effective date of the update or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other recently issued accounting standards not yet adopted by us that, upon adoption, are expected to have a material impact on the Company's Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. In April 2024, the SEC voluntarily stayed the rules pending judicial review. In February 2025, the Acting Chairman of the SEC announced that he does not support the SEC's climate disclosure rules and that he had directed the SEC staff to request that the Eighth Circuit Court of Appeals delay scheduling the case for arguments. The Company continues to monitor the status of these final rules.
Estimates and Assumptions	Estimates and Assumptions The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents Our cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable are measured at amortized cost. The collectability of our accounts receivable is continuously monitored using a risk-based model, taking into consideration both the timeliness and predictability of collections from our customers. We maintain a provision for estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that we have identified from current financial information and business prospects, as well as any political or economic conditions or other market factors, including certain assumptions based on reasonable forward-looking information from market sources. Principally based on these credit risk factors, portfolio segments are defined and an internally derived risk-based credit loss reserve is established and applied to each portfolio segment. Customer account balances that are deemed to be at high risk of collectability are reserved at higher rates than customer account balances which we expect to collect without difficulty. Individual receivables are written off when there is information indicating that the counterparty is in severe financial difficulty and the amounts are deemed uncollectible. An accounts receivable written off may still be subject to enforcement activities under our recovery procedures, taking into account legal advice where appropriate. Any subsequent recoveries made are recognized as income in the Consolidated Statements of Income and Comprehensive Income. For additional information, see Note 2. Accounts Receivable.
Inventories	Inventories Inventories are valued primarily using weighted average cost and first-in-first-out in certain limited locations. Inventory is stated at the lower of average cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in the Consolidated Statements of Income and Comprehensive Income in the period in which it occurs. We utilize a variety of fuel indices and other indicators to calculate the net realizable value. The cost of inventory includes fuel purchase costs, any related transportation or distribution costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship.
Business Combinations	Business Combinations A business combination occurs when an entity obtains control of a business by acquiring its net assets, or some or all of its equity interests. Before applying the acquisition method, we determine whether a transaction meets the definition of a business combination. For a transaction to be accounted for as a business combination, the entity or net assets acquired must meet the definition of a business as defined in ASC 805. Under the acquisition method, the purchase price is allocated to all identifiable assets acquired, all liabilities assumed and any noncontrolling interest at the fair value as of the acquisition date. Any residual difference with the consideration transferred is recognized as Goodwill. Goodwill arises because the purchase price paid reflects numerous factors, including the strategic value and expected synergies that the acquisition would bring to our existing operations. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. If the assets acquired do not meet the definition of a business, we account for the transaction as an asset acquisition in which goodwill is not recognized, but rather any residual difference with the consideration transferred is allocated on a relative fair value basis to all qualifying identifiable net assets acquired. For additional information, see Note 3. Acquisitions and Divestitures.
Fair Value	Fair Value Fair value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical transaction between market participants at the measurement date. We calculate fair value using various methodologies, depending on the type of assets, including the income approach (e.g., based on the present value of estimated future cash flows), the market approach, the cost approach, or a combination thereof. The unique characteristics of an asset or liability and the availability of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. We measure fair value using observable and unobservable inputs. We give the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). We apply the following fair value hierarchy: •Level 1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities. •Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices; and inputs that are not directly observable but are corroborated by observable market data. •Level 3 – Inputs that are unobservable. For additional information, see Note 5. Fair Value Measurements.
Derivatives	Derivatives Our derivative contracts, except for those designated as normal purchase normal sale, are recognized at their estimated fair market value. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and underlying observable data; and incorporates the effect of nonperformance risk. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of Revenue, Cost of revenue or Other income (expense), net (based on the underlying transaction type) in the Consolidated Statements of Income and Comprehensive Income. Derivatives that qualify for hedge accounting may be designated as either a fair value or cash flow hedge. At the inception, and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the Consolidated Statements of Income and Comprehensive Income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized in other comprehensive income as a separate component of shareholders’ equity and subsequently reclassified into the same line item as the underlying forecasted transaction in the Consolidated Statements of Income and Comprehensive Income when both are settled or deemed probable of not occurring. Cash flows of derivatives that do not contain an other-than-insignificant financing element and are designated in cash flow or fair value hedges are classified in the same category as the cash flow from the hedged items in our Consolidated Statements of Cash Flows. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument. Cash flows related to all other non-hedging derivatives are classified in accordance with the nature of the derivative instrument and how it is used in the context of the entity’s business. For additional information, see Note 4. Derivative Instruments.
Property and Equipment	Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us (including property and equipment) are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Purchases of computer software and external costs and certain internal costs directly associated with developing significant computer software applications for internal use are capitalized within property and equipment, which also includes hosting arrangements when we have the contractual right to take possession of the software at any time during the hosting period and it is feasible for us to either run the software in our own hardware or contract with another unrelated party to host the software. Amortization of such costs is calculated primarily by using the straight-line method over the estimated useful life of the software. For additional information, see Note 9. Property and Equipment.
Goodwill	Goodwill Goodwill is evaluated for impairment at the reporting unit level as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. We have the option to perform a qualitative assessment of goodwill rather than completing the quantitative impairment test. Under this qualitative assessment, if we conclude it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, no further analysis is needed. To perform the quantitative impairment test, we compare the fair value of each reporting unit to its respective carrying amount, including goodwill. In calculating the fair value, we use a combination of both an income and market approach. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of each reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available as of the testing date, including our annual operating plan that is approved by our Board of Directors. The estimated cash flows are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions. All our estimates are considered supportable assumptions that are based on a number of factors including industry experience, internal benchmarks and the economic environment. We believe these assumptions are reasonable and are consistent with those we believe a market participant would use. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets.
Identifiable Intangible Assets	Identifiable Intangible Assets In connection with our acquisitions, we recognize identifiable intangible assets at fair value. After the initial recognition of the asset, the accounting treatment depends on the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the company. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives and are assessed for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets with indefinite useful life are not subject to amortization but are tested for impairment at least annually during the fourth quarter. This analysis generally involves the use of qualitative and quantitative information to conclude whether the fair value is greater than or equal to the carrying value. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets.
Investments	Investments We hold investments accounted for under the equity method as we have the ability to exercise significant influence over the operating and financial policies of the investee, but do not have control. The carrying amount of an equity method investment is increased to reflect our share of income and is reduced to reflect our share of losses of the investee, dividends received and other-than-temporary impairments. Investments accounted for under the equity method are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We assess our intent and/or ability to recover the carrying amount of the investment over a long period. However, if the fair value of the investment is less than its carrying amount, and the investment will not recover in the near term, then an other-than-temporary impairment is recognized. Impairments of investments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income.
Revenue Recognition	Revenue Recognition The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, are recognized over the contract period when services have been performed and we have the right to invoice for those services. Under long term contracts with customers, we may provide upfront payments that are not in exchange for a distinct good or service to be provided to us. The consideration paid to the customer is accounted for as a reduction of the transaction price, and therefore revenue, at the date the related goods are transferred to the customer. Consideration received from our vendors that is not in exchange for a distinct good or service and is not a reimbursement of costs is accounted for as a reduction of the purchase price of the goods or services. Shipping and handling related fees incurred before control of the goods or services are transferred to the customer, are considered activities to fulfill the promise and not a separately promised service. When we coordinate shipping and handling activities after our customer obtains control of goods or services, we have elected to account for these shipping and handling costs as activities to fulfill the promise to transfer the goods. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations when the transaction price is only estimated for disclosures purpose, including contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. Also, we have elected to apply the exemption for contracts with fixed consideration and original expected duration of less than one year. For additional information, see Note 10. Revenue from Contracts with Customers. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collection. Our billing and payment terms generally include monthly invoicing with average payment terms of one to three months. We have concluded that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfers to our customer. We may incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price. Our contracts may contain fixed pricing, variable pricing, or a combination. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered. Our contracts with customers may include multi-year sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month). We also earn an immaterial amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services.
Share-Based Payment Awards	Share-Based Payment Awards We account for share-based payment awards on a fair value basis of the equity instrument issued. Under fair value accounting, the grant-date fair value of the share-based payment award is amortized as compensation expense, on a straight-line basis, over the service period (generally, the vesting period) for both graded and cliff vesting awards. We have elected to account for forfeitures as they occur. For additional information, see Note 13. Shareholders' Equity.
Foreign Currency	Foreign Currency Generally, the functional currency of our subsidiaries is the U.S. dollar, except for certain foreign subsidiaries which utilize their respective local currency as their functional currency. Monetary assets and liabilities denominated in a currency that is different from the functional currency are remeasured from the applicable currency to the functional currency using month-end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income in the period incurred. Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in Accumulated Other Comprehensive Income as a separate component of Shareholders’ Equity.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date. Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels. The remaining carrying value of our deferred tax assets, after recording the valuation allowance on our deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all of the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions. For additional information, see Note 11. Income Taxes.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to World Kinect and available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to World Kinect and available to common shareholders by the sum of the weighted average number of shares of common stock outstanding for the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include share-based compensation awards, such as restricted stock subject to forfeitable dividends, non-vested restricted stock units ("RSUs"), performance stock units where the performance requirements have been met, and settled stock appreciation rights awards ("SSARs"), as well as the Convertible Notes discussed in Note 8. Debt, Interest Income, Expense, and Other Finance Costs. The dilutive effect of potentially dilutive share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method, unless its impact is anti-dilutive. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities. The dilutive effect of the Convertible Notes is determined by application of the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extend that the effect is dilutive. The Convertible Notes would have a dilutive impact when the average market price of the Company's common stock for a given period exceeds the respective conversion price of the Convertible Notes. For additional information, see Note 17. Earnings per Common Share.
Leases	Leases We determine if an arrangement is a lease at contract inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. As a lessee, we account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. We have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities. We assess right-of-use assets for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income. For additional information, see Note 14. Leases.
Loss Contingencies	Loss Contingencies In determining whether an accrual for a loss contingency is required, we first assess the likelihood of occurrence of the future event or events that will confirm the loss. When a loss is probable (the future event or events are likely to occur) and the amount of the loss can be reasonably estimated, the estimated loss is accrued. If the reasonable estimate of the loss is a range and an amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued. However, if no amount within the range is a better estimate, the minimum amount in the range should be accrued. When a loss is reasonably possible (the chance of the future event or events occurring is more than remote but less than likely), no accrual is recognized. For additional information, see Note 11. Income Taxes and Note 12. Commitments and Contingencies.

Commitments and Contingencies - Deferred Compensation, Environmental and Other Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Employer match for each 1% of the participants contributions up to 6% of the participants contributions (as a percent)	50.00%
Percentage of eligible compensation up to 6% of the eligible compensation, matched 50% by employer	1.00%
Employer contribution limit per calendar year (as a percent of compensation)	6.00%
Other long-term liabilities
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation payable	$ 17.9	$ 14.9

Restructuring and Exit Activities - Summary of Restructuring and Exit Activities Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Exit Activities Reserve [Roll Forward]
Restructuring and exit activity charges	$ 7.1	$ 7.2	$ (0.8)
Restructuring, 2020 Initiative
Restructuring and Exit Activities Reserve [Roll Forward]
Restructuring and exit activity charges			(0.8)
Paid during the period			(0.2)
Operating Segments
Restructuring and Exit Activities Reserve [Roll Forward]
Restructuring and exit activity charges	6.6	5.5	(0.8)
Operating Segments \| Aviation
Restructuring and Exit Activities Reserve [Roll Forward]
Restructuring and exit activity charges	0.1	1.5	(0.8)
Operating Segments \| Land
Restructuring and Exit Activities Reserve [Roll Forward]
Restructuring and exit activity charges	3.2	4.0	0.0
Operating Segments \| Marine
Restructuring and Exit Activities Reserve [Roll Forward]
Restructuring and exit activity charges	$ 3.3	$ 0.0	$ 0.0

Income Taxes - Net Operating Losses and Income Tax Concessions (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Income taxes
Net operating loss carryforward, Total	$ 62.5	$ 69.1
2026-2044
Income taxes
Net operating Loss carryforward, US	9.3
Indefinite
Income taxes
Net operating Loss carryforward, US	5.3
Net operating Loss carryforward, Foreign	39.3
2025-2044
Income taxes
Net operating Loss carryforward, Foreign	$ 8.7

Accounts Receivable - Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for Credit Loss
Beginning balance	$ 20.8	$ 17.3	$ 29.8
Charges to allowance for credit losses	12.0	4.7	7.7
Write-off of uncollectible receivables	(10.6)	(1.5)	(22.3)
Recoveries of credit losses	2.0	0.3	1.5
Translation adjustments	0.5	0.1	(0.6)
Ending balance	$ 23.7	$ 20.8	$ 17.3

Revenue from Contract with Customer - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Consideration paid to customers, current	$ 55.1	$ 41.3
Consideration paid to customers, non-current	371.4	286.3
Consideration received from vendors, current	25.8	16.4
Consideration received from vendors, non-current	$ 207.6	$ 142.2

Goodwill and Identifiable Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$ 34.1	$ 36.2	$ 43.4

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Gain (loss) recognized in earnings related to fair value or cash flow hedges excluded from assessment of hedge effectiveness	$ 0.0	$ 0.0	$ 0.0
Revenue
Derivative [Line Items]
Amount scheduled to be reclassified over the next twelve months	(2.6)
Cost of revenue
Derivative [Line Items]
Amount scheduled to be reclassified over the next twelve months	$ 0.8

Goodwill and Identifiable Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Balance at the beginning of the period	$ 1,238.0	$ 1,233.0
Acquisitions	17.5	3.1
Goodwill, Written off Related to Sale of Business Unit	(68.2)	(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(5.6)	5.9
Balance at the end of the period	1,181.7	1,238.0
Aviation
Goodwill [Roll Forward]
Balance at the beginning of the period	398.3	397.6
Acquisitions	17.5	0.0
Goodwill, Written off Related to Sale of Business Unit	(59.5)	0.0
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.9)	0.6
Balance at the end of the period	354.4	398.3
Land
Goodwill [Roll Forward]
Balance at the beginning of the period	839.7	835.3
Acquisitions	0.0	3.0
Goodwill, Written off Related to Sale of Business Unit	(8.7)	(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(3.8)	5.3
Balance at the end of the period	$ 827.3	$ 839.7

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 100
-Subparagraph (d)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(15))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Accounts Receivable

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Accounts Receivable

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 macroeconomic factors beyond our control, such as global economic conditions or adverse impacts in the industries we serve, changes in energy prices and political instability.

We actively monitor and manage our credit exposure and work to respond to both changes in our customers' financial conditions and 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, net, of $2.4 billion and $2.7 billion and an allowance for expected credit losses, primarily related to accounts receivable, of $23.7 million and $20.8 million, as of December 31, 2024 and 2023, respectively. Changes to the expected credit loss provision during the year ended December 31, 2024 resulted from the Company's assessment of reasonable and supportable forward-looking information, including global economic outlook considerations; in addition to the impact of exiting certain activities as described in Note 16. Restructuring and Exit Activities. Based on an aging analysis as of December 31, 2024, 95% of our accounts receivable were outstanding less than 60 days.

The following table sets forth activities in our allowance for expected credit losses (in millions):


	2024		2023		2022
Balance as of January 1,	$	20.8	$	17.3	$	29.8
Charges to allowance for credit losses	12.0		4.7		7.7
Write-off of uncollectible receivables	(10.6)		(1.5)		(22.3)
Recoveries of credit losses	2.0		0.3		1.5
Translation adjustments	(0.5)		(0.1)		0.6
December 31,	$	23.7	$	20.8	$	17.3

Receivable Purchase Agreements

We have receivable purchase agreements ("RPAs") that allow for the sale of our qualifying accounts receivable in exchange for cash consideration equal to the total balance, less a discount margin, depending on the outstanding accounts receivable at any given time. During 2023, we amended one of our RPAs to, among other things, reduce the overall fee structure.

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 Consolidated Balance Sheets. Fees paid under the RPAs are recorded within Interest expense and other financing costs, net on the Consolidated Statements of Income and Comprehensive Income.

During the years ended December 31, 2024, 2023, and 2022, respectively, we sold receivables under the RPAs with an aggregate face value of $11.9 billion, $9.5 billion, and $13.1 billion and recognized fees of $38.5 million, $37.6 million, and $44.5 million.

Goodwill and Identifiable Intangible Assets - Future Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Year Ended December 31,
2025	$ 32.8
2026	28.3
2027	23.8
2028	21.4
2029	21.1
Thereafter	88.9
Net	$ 216.3	$ 249.2

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Surety Bonds In the normal course of business, we are required to post bid, performance, and other surety-related bonds. The majority of the surety bonds posted relate to our aviation and land segments. We had outstanding bonds that were executed in order to satisfy various security requirements of $65.8 million and $71.9 million as of December 31, 2024 and 2023, respectively. Sales and Purchase Commitments As of December 31, 2024, the notional value associated with fixed sales and purchase commitments under our derivative programs amounted to $865.7 million and $369.4 million, respectively, with delivery dates from 2025 through 2033. Additionally, we have a fixed purchase contract that extends through 2026, under which we have agreed to purchase annually approximately 2.0 million barrels of aviation fuel at future market prices. Deferred Compensation Plans We maintain a 401(k) defined contribution plan which covers all U.S. employees who meet minimum requirements and elect to participate. We make a matching contribution of 50% for each 1% of the participants' contributions up to a maximum of 6% of the participants' contributions, subject to applicable IRS limits. Annual Company contributions are made at our sole discretion, as approved by the Compensation Committee of the Board of Directors (the "Compensation Committee"). Additionally, certain of our foreign subsidiaries have defined contribution plans, which allow for voluntary contributions by the employees. In some cases, we make employer contributions on behalf of the employees. The expenses for our contributions under these plans were not material during each of the years presented on the Consolidated Statements of Income and Comprehensive Income. We offer a non-qualified deferred compensation ("NQDC") plan to certain eligible employees, whereby the participants may defer a portion of their compensation. We do not match any participant deferrals under the NQDC plan. Participants can elect from a variety of investment choices for their deferred compensation and gains and losses on these investments are credited to their respective accounts. The deferred compensation payable amount under this NQDC plan is subject to the claims of our general creditors and was $17.9 million and $14.9 million as of December 31, 2024 and 2023, respectively, which was principally included in Other long-term liabilities within our Consolidated Balance Sheets. Environmental and Other Liabilities; Uninsured Risks Our business is subject to numerous federal, state, local and foreign environmental laws and regulations, including those relating to fuel storage and distribution, terminals, underground storage tanks, the release or discharge of regulated materials into the air, water and soil, the generation, storage, handling, use, transportation and disposal of hazardous materials, and the exposure of persons to regulated materials. A violation of, liability under, or noncompliance with these laws and regulations, or any future environmental law or regulation, could result in material liabilities, including administrative, civil or criminal penalties, remediation costs as well as third-party damages. From time to time, we may be responsible for remediating contamination at properties we own or lease and can be entitled to reimbursement for certain of these costs from state trust funds, as well as various third-party contractual indemnities and insurance policies, subject to eligibility requirements, deductibles, and aggregate caps. Although we continuously review the adequacy of our insurance coverage, we may lack adequate coverage for various risks, including environmental claims. If we are uninsured or under‑insured for a claim or claims of sufficient magnitude arising out of our activities, it will have a material adverse effect on our financial position, results of operations and cash flows. We accrue for environmental assessment and remediation expenses when the future costs are probable and reasonably estimable. As of December 31, 2024 and 2023, accrued liabilities for remediation reserves were not material. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. Tax Matters From time to time, we are also under review by various domestic and foreign tax authorities regarding indirect tax matters and are involved in various challenges and litigation in a number of countries, including, in particular, South Korea, where the amounts in controversy may be material. During 2016 and 2017, the South Korean branch of one of our subsidiaries received assessments totaling approximately $23.3 million (KRW 34.3 billion) from the regional tax authorities of Seoul, South Korea. The assessments primarily consist of fines and penalties for allegedly failing to issue Value Added Tax ("VAT") invoices and report certain transactions during the period 2011-2014. These assessments do not involve failure to pay or collect VAT. We believe we have substantial defenses to these assessments and expect to continue to pursue available administrative and judicial remedies to resolve this matter. As described above in Note 3. Acquisitions and Divestitures, in December 2024, we completed the sale of the Brazil disposal group. The Brazil disposal group was involved in several tax disputes with federal, state and municipal tax authorities in Brazil, including previously disclosed disputes relating primarily to a VAT tax known as ICMS. Following the Brazil sale, we no longer own the entities involved with the previously disclosed Brazil disposal group matters. When we deem it appropriate and the amounts are reasonably estimable, we establish reserves for potential adjustments to our provision for the accrual of indirect taxes that may result from examinations or other actions by tax authorities. If events occur which indicate payment of these amounts is unnecessary, the reversal of the liabilities will result in the recognition of benefits in the period we determine the liabilities are no longer necessary. If our estimates of any of our federal, state, and foreign indirect tax liabilities are less than the ultimate assessment, it could result in a further charge to expense. Except with respect to the matters described above, we believe that the final outcome of any pending examinations, agreements, administrative or judicial proceedings will not have a material effect on our results of operations or cash flows. Other Matters On November 23, 2023, one of our subsidiaries submitted an erroneous bid in the Finnish power market. During the fourth quarter of 2023, the Company recognized related extraordinary losses totaling $48.8 million, which are principally reported within Cost of revenue on the Consolidated Statements of Income and Comprehensive Income. In December 2023, the subsidiary received a request for information from Energiavirasto, the Finnish energy regulatory authority ("EA") indicating that EA had initiated an investigation in relation to the events surrounding the erroneous bid submission. We have responded to the information requests and continue to cooperate with the investigation. At this time, we are unable to predict the outcome of this investigation, including whether the investigation will result in any action, proceeding or fine against us. In December 2021, judgments were entered against one of our subsidiaries in the Singapore High Court in companion actions filed by a financing bank of two of our subsidiary’s suppliers. Each of the claims arose out of a financing arrangement between our subsidiary's supplier and the bank. The resulting judgments, including principal and interest, aggregated to approximately $33 million, which we paid to the bank pending the appeals of the Singapore court judgments. In January 2023, we entered into a settlement agreement with the bank pursuant to which the parties settled for approximately $13 million. As a result, we recognized a loss of $6.5 million during the year ended December 31, 2022. Pursuant to the settlement, in the first quarter of 2023 we recovered approximately $20 million in funds we had previously paid to the bank. In connection with the settlement, we have withdrawn our appeals and the parties have exchanged full and final releases in respect of the matters. We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and tax and administrative claims. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. As of December 31, 2024, our reserves for such claims were not material. For those matters where a reserve has not been established and for which we believe a loss is reasonably possible, we believe that such losses will not have a material adverse effect on our Consolidated Financial Statements. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular period could have a material adverse effect on our Consolidated Financial Statements or disclosures for that period. Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Cash flow hedges, income tax expense (benefit)	$ (3.5)	$ (2.7)	$ 7.6

Commitments and Contingencies - Legal, Tax, and Other Matters (Details) $ in Millions, ₩ in Billions	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 KRW (₩)	Dec. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Aggregate amount including principal and interest								$ 33.0
Settlement amount	$ 13.0
Loss from settlement						$ 6.5
Amount recovered			$ 20.0
Cost of revenue				$ 41,141.6	$ 46,652.4	$ 57,954.1
Finnish Bid Error
Loss Contingencies [Line Items]
Cost of revenue		$ 48.8
Tax Authority, South Korea (SRTO) \| Assessment \| Foreign Tax Jurisdiction
Loss Contingencies [Line Items]
Estimate of possible loss				$ 23.3			₩ 34.3

Restructuring and Exit Activities

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Exit Activities

16. Restructuring and Exit Activities

2024 Exit Activities

During the fourth quarter of 2024, we decided to take actions to exit certain operations, including the rationalization of certain assets and associated personnel within our North American land business as well as the disposal of our subsidiaries in Brazil. As a result of the actions taken in 2024, during the three months ended December 31, 2024, we recognized asset impairment charges of $3.1 million, wrote off accounts receivable totaling $4.4 million, and recognized additional charges for severance and other compensation costs of $1.4 million.

2023 Restructuring Plan

In November 2023, we approved and began implementing a restructuring plan (the "2023 Restructuring Plan") to realign our operational focus with the purpose of simplifying our business, enabling us to focus more clearly on growing our core businesses and our new sustainability-related activities, and improving our cost structure. As part of this plan, during the fourth quarter of 2023, we identified open positions that were eliminated and other positions that were closed to better align the workforce necessary to execute the revised strategy. We recognized restructuring charges of $7.2 million during the year ended December 31, 2023, composed of severance and other compensation costs. We also decided to shift future investments away from underperforming businesses and to continue assessing our global office footprint, resulting in impairment charges of $11.2 million during the fourth quarter of 2023.

During the first half of 2024, we continued to assess potential initiatives, resulting in additional severance and other compensation cost-related restructuring charges. In addition, as part of the 2023 Restructuring Plan, within our marine segment we made the decision during the second quarter of 2024 to cease operations at one of our subsidiaries in Brazil, resulting in the write-off of $3.3 million of VAT credits that are no longer recoverable. We completed the restructuring activities during the second quarter of 2024.

2020 Restructuring Program

In the first quarter of 2020, we implemented a restructuring initiative focused on streamlining our operations and rationalizing our deployment and allocation of resources in the overall economic landscape due to the COVID-19 pandemic. During the fourth quarter of 2021, we completed all necessary activities and closed the restructuring program. During the year ended December 31, 2022, we paid previously accrued restructuring charges of $0.2 million and released the remaining accrual associated with the restructuring program, which resulted in the reversal of $0.8 million of previously recognized restructuring charges.

Rollforward of Restructuring and Exit Activity Accruals

The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan and other exit activities (in millions):


	Aviation		Land		Marine		Corporate		Consolidated
Accrued charges as of December 31, 2022	$	—	$	—	$	—	$	—	$	—
Restructuring and exit activity charges	1.5		3.9		—		1.7		7.2
Paid during the period	(0.4)		(0.3)		—		(0.8)		(1.5)
Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7
Restructuring and exit activity charges	0.1		3.2		—		0.5		3.8
Paid during the period	(1.3)		(5.1)		—		(1.1)		(7.5)
Accrued charges as of December 31, 2024	$	—	$	1.7	$	—	$	0.3	$	2.0

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 42,168.0	$ 47,710.6	$ 59,043.1
Cost of revenue	41,141.6	46,652.4	57,954.1
Gross profit	1,026.4	1,058.2	1,089.1
Operating expenses:
Compensation and employee benefits	482.5	512.3	507.4
General and administrative	297.1	308.0	308.7
Asset impairments	29.0	32.8	0.6
Restructuring and Exit Activities Charges	7.1	7.2	(0.8)
Total operating expenses	815.7	860.2	815.8
Income (loss) from operations	210.6	198.0	273.2
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(102.2)	(127.7)	(110.6)
Other income (expense), net	(12.9)	(3.6)	(17.5)
Total non-operating income (expense), net	(115.1)	(131.3)	(128.1)
Income (loss) before income taxes	95.5	66.7	145.1
Provision for income taxes	27.6	13.0	29.2
Net income (loss) including noncontrolling interest	67.9	53.7	115.9
Net income (loss) attributable to noncontrolling interest	0.5	0.8	1.7
Net income (loss) attributable to World Kinect	$ 67.4	$ 52.9	$ 114.1
Basic earnings (loss) per common share (in dollars per share)	$ 1.14	$ 0.86	$ 1.83
Basic weighted average common shares (in shares)	59.0	61.4	62.3
Diluted earnings (loss) per common share (in dollars per share)	$ 1.13	$ 0.86	$ 1.82
Diluted weighted average common shares (in shares)	59.5	61.7	62.7
Comprehensive income:
Net income (loss) including noncontrolling interest	$ 67.9	$ 53.7	$ 115.9
Other comprehensive income (loss):
Foreign currency translation adjustments	67.4	19.9	(45.5)
Cash flow hedges, net of income tax expense (benefit) of ($3.5), ($2.7), and $7.6 for 2024, 2023, and 2022, respectively	(9.6)	(8.1)	21.6
Total other comprehensive income (loss)	57.9	11.8	(24.0)
Comprehensive income (loss) including noncontrolling interest	125.8	65.5	91.9
Comprehensive income (loss) attributable to noncontrolling interest	0.5	0.8	1.7
Comprehensive income (loss) attributable to World Kinect	$ 125.3	$ 64.7	$ 90.2

Debt, Interest Income, Expense, and Other Finance Costs

12 Months Ended

Dec. 31, 2024

Debt, Interest Income, Expense and Other Finance Costs [Abstract]

Debt, Interest Income, Expense, and Other Finance Costs

8. Debt, Interest Income, Expense, and Other Finance Costs

Long-Term Debt

Our outstanding debt consists of the following (in millions):


	As of December 31,
	2024		2023
Credit Facility	$	—	$	—
Term Loan	455.3		476.4
Convertible Notes (1)	340.9		338.5
Finance leases (2)	29.9		15.7
Other (3)	54.7		57.3
Total debt	880.8		887.9
Less: Current maturities of long-term debt and finance leases	84.0		78.8
Long-term debt	$	796.8	$	809.1

(1)As of December 31, 2024 and 2023 the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs of $9.1 million and $11.5 million, respectively. The fair value of the Convertible Notes was estimated to be approximately $395.7 million and $354.1 million as of December 31, 2024 and 2023, respectively, using the Level 2 observable input of quoted market prices in an inactive market.

(2)See Note 14. Leases for additional information.

(3)Includes secured borrowings for the transfer of tax receivables of $50.3 million (EUR 48.5 million) and $53.6 million (EUR 48.5 million) as of December 31, 2024 and 2023, respectively.

Annual Maturities

As of December 31, 2024, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2025	$	81.5
2026	38.6
2027	406.5
2028	350.9
2029	1.5
Thereafter	1.7
Total	$	880.8

Issuance of Convertible Debt

On June 26, 2023, we issued $350.0 million aggregate principal amount of 3.250% Convertible Senior Notes due 2028 (the "Convertible Notes"), which reflects the exercise in full of an option to purchase up to an additional $50.0 million in principal amount of the Convertible Notes.

The Convertible Notes mature on July 1, 2028, unless earlier converted, redeemed or repurchased. We may not redeem the Convertible Notes prior to July 6, 2026. Thereafter and until the 61st scheduled trading day immediately preceding the maturity date, we may redeem for cash, if the last reported sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide the related Notice of Redemption. Prior to March 1, 2028, the Convertible Notes will be convertible at the option of the holders only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on September 30, 2023 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which, for each trading day of that period, the Trading Price (as defined in the Indenture), as determined following

a request by a holder of Convertible Notes in accordance with the procedures described in the Indenture, per $1,000 principal amount of Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; (3) if we call such Convertible Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Convertible Notes called (or deemed called) for redemption; or (4) upon the occurrence of specified corporate events described in the Indenture. Thereafter and until the second scheduled trading day immediately preceding the maturity date of the Convertible Notes, holders may convert regardless of the foregoing conditions.

The Convertible Notes are senior, unsecured obligations that bear interest at a rate of 3.250% per year, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2024. The initial conversion rate was 35.1710 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $28.43 per share. The conversion rate is subject to adjustment upon the occurrence of certain events, including quarterly cash dividends in excess of $0.14 per share, subject to an elective deferral provision that permits us to defer adjustments until they would cumulatively result in an aggregate change of at least 1% to the conversion rate. The conversion rate will not be adjusted for accrued and unpaid interest. Our Board of Directors has declared quarterly dividends of $0.17 per share since the first quarter of 2024, and we are currently electing to defer the adjustments otherwise required by the payment of these dividends until such time as the deferred adjustments would result in an aggregate change of at least 1% to the conversion rate or we are otherwise required to make such an adjustment. Upon conversion, the Convertible Notes will be settled in cash up to the aggregate principal amount of the Convertible Notes to be converted, and in cash, shares of common stock or any combination thereof, at our option, in respect of the remainder, if any, of our conversion obligation in excess of the aggregate principal amount.

In connection with the pricing of the Convertible Notes, we entered into convertible note hedge transactions and warrant transactions. The cost of the convertible note hedge transactions was approximately $70.5 million. The convertible note hedge transactions cover, subject to customary anti-dilution adjustments, the number of shares of common stock that initially underlie the Convertible Notes, and have an initial strike price equal to the initial conversion price of the Convertible Notes. The strike price of the convertible note hedges has since been adjusted to $28.31 per share as a result of the payment of dividends on our common stock in excess of $0.14 per share. Separately, we received $40.0 million of proceeds from the sale of warrants to acquire, subject to anti-dilution adjustments, the same amount of shares at an initial strike price of $40.14 per share. The strike price of the warrants has since been adjusted to $39.96 per share as a result of the payment of dividends on our common stock in excess of $0.14 per share.

Credit Agreement

Our Credit Agreement matures in April 2027 and provides for a revolving credit facility and term loan borrowings. On April 1, 2022, we entered into Amendment No. 8 to the Fourth Amended and Restated Credit Agreement, as further modified by Amendment No. 9 dated July 12, 2022 (as amended, the "Credit Agreement"), to: (i) increase the revolving credit facility provided under the Credit Agreement (the "Credit Facility") to $1.5 billion and provide a term loan of $500.0 million ("Term Loan"), thereby replacing the existing term loan and increasing the total facility to $2.0 billion; (ii) modify the pricing of the loans, including the reference rates for various currencies to reflect the discontinuation of LIBOR; (iii) extend the maturity to April 1, 2027; and (iv) modify certain financial and other covenants to provide greater operating flexibility.

Under the Credit Facility, up to $1.5 billion aggregate principal amount may be borrowed, repaid and redrawn, based upon specific financial ratios and subject to the satisfaction of other customary conditions to borrowing. Our Credit Facility includes a sublimit of $400.0 million for the issuance of letters of credit and bankers' acceptances, and we have the right to request increases in available borrowings up to an additional $200.0 million, subject to the satisfaction of certain conditions.

As of December 31, 2024 and 2023, we had issued letters of credit under the Credit Facility totaling $17.9 million and $138.1 million, respectively. As of December 31, 2024 and 2023, the unused portion of our Credit Facility was $1.5 billion and $1.4 billion, respectively. The unused portion of our Credit Facility is limited by, among other things, our consolidated total leverage ratio, which limits the total amount of indebtedness we may incur, and may, therefore, fluctuate from period to period.

Borrowings under our Credit Facility and Term Loan related to base rate loans or Eurodollar rate loans bear floating interest rates plus applicable margins. As of December 31, 2024, the applicable margins for base rate loans and Eurodollar rate loans were 0.875% and 1.875%, respectively.

Our Credit Agreement contains certain financial and other covenants with which we are required to comply. As of December 31, 2024, we were in compliance with all financial covenants contained in our Credit Agreement.

Other Credit Lines

Outside of our Credit Facility, we have other uncommitted credit lines primarily for the issuance of letters of credit, bank guarantees and bankers’ acceptances. These credit lines are renewable on an annual basis and are subject to fees at market rates. As of December 31, 2024 and 2023, our outstanding letters of credit and bank guarantees under these credit lines totaled $360.1 million and $437.1 million, respectively.

Substantially all of the letters of credit and bank guarantees issued under our Credit Facility and the uncommitted credit lines were provided to suppliers in the normal course of business and generally expire within one year of issuance. Expired letters of credit and bank guarantees are renewed as needed.

Interest Income, Expense, and Other Financing Costs

The following table provides additional information about our interest income (expense), and other financing costs, net (in millions):


	Year Ended December 31,
	2024		2023		2022
Interest income	$	13.8	$	7.8	$	6.8
Interest expense and other financing costs	(116.0)		(135.5)		(117.4)
Interest expense and other financing costs, net	$	(102.2)	$	(127.7)	$	(110.6)

The weighted average interest rate on our short-term debt, excluding secured borrowings, was 6.7% and 6.9% as of December 31, 2024 and 2023, respectively.

During the years ended December 31, 2024 and 2023, we recognized interest expense of $13.6 million and $7.2 million associated with our Convertible Notes, which consisted of $11.2 million and $6.0 million, respectively, related to the 3.250% coupon rate and $2.4 million and $1.2 million, respectively, from the amortization of debt issuance costs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Concentration of Credit Risk (Details) - Individual Counterparty - Credit concentration risk - Credit exposure $ in Millions	Dec. 31, 2024 USD ($) counterparty
Concentration Risk [Line Items]
Total credit risk	$ 36.2
Cash collateral	$ 6.7
Number of OTC Counterparties \| counterparty	2

Supplier Finance Programs (Details) $ in Millions	12 Months Ended
Supplier Finance Programs (Details) $ in Millions	Dec. 31, 2024 USD ($)
Supplier Finance Programs, Obligation [Roll Forward]
Supplier Finance Program, Obligation, Current, Beginning Balance	$ 198.8
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable
Obligations confirmed during the period	$ 1,213.1
Confirmed invoices paid during the period	(1,243.1)
Supplier Finance Program, Obligation, Ending Balance	$ 168.8

Business Segments, Geographic Information, and Major Customers (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of revenue, significant segment expenses, and income from operations by segment

Information concerning our revenue, significant segment expenses, and income from operations by segment is as follows (in millions):


	For the Year Ended December 31, 2024
	Aviation		Land		Marine		Total
Revenue	$	20,469.1	$	12,811.7	$	8,887.2	$	42,168.0
Segment expenses:
Cost of revenue	(19,983.6)		(12,427.2)		(8,730.8)		(41,141.6)
Compensation and related costs	(114.0)		(175.6)		(32.7)		(322.3)
Incentive compensation	(26.0)		(17.9)		(12.6)		(56.6)
Corporate allocations (1)	(37.2)		(17.1)		(22.1)		(76.4)
Depreciation and amortization	(16.2)		(37.8)		(1.1)		(55.1)
Provision for credit losses	(2.5)		(10.2)		0.7		(12.1)
Asset impairments	(0.1)		(6.9)		—		(7.0)
Restructuring charges	(0.1)		(3.2)		(3.3)		(6.6)
Other segment expenses (2)	(49.0)		(74.6)		(20.4)		(144.0)
Operating income - segment profit (loss)	240.4		41.1		64.8		346.3
Unallocated corporate expenses (3)							(135.7)
Interest expense and other financing costs, net							(102.2)
Other income (expense), net							(12.9)
Income (loss) before income taxes							$	95.5


	For the Year Ended December 31, 2023
	Aviation		Land		Marine		Total
Revenue	$	23,275.1	$	15,189.9	$	9,245.6	$	47,710.6
Segment expenses:
Cost of revenue	(22,789.3)		(14,790.1)		(9,073.0)		(46,652.4)
Compensation and related costs	(124.7)		(176.4)		(33.1)		(334.2)
Incentive compensation	(31.5)		(29.3)		(13.2)		(74.1)
Corporate allocations (1)	(40.0)		(19.9)		(23.8)		(83.7)
Depreciation and amortization	(19.9)		(38.3)		(1.2)		(59.3)
Provision for credit losses	(2.7)		(2.2)		0.1		(4.8)
Asset impairments	(0.8)		(12.8)		—		(13.7)
Restructuring charges	(1.5)		(4.0)		—		(5.5)
Other segment expenses (2)	(55.9)		(76.8)		(19.1)		(151.8)
Operating income - segment profit (loss)	208.8		40.1		82.3		331.2
Unallocated corporate expenses (3)							(133.2)
Interest expense and other financing costs, net							(127.7)
Other income (expense), net							(3.6)
Income (loss) before income taxes							$	66.7


	For the Year Ended December 31, 2022
	Aviation		Land		Marine		Total
Revenue	$	26,799.9	$	19,283.7	$	12,959.6	$	59,043.1
Segment expenses:
Cost of revenue	(26,442.7)		(18,807.8)		(12,703.6)		(57,954.1)
Compensation and related costs	(114.7)		(172.9)		(33.1)		(320.7)
Incentive compensation	(28.8)		(33.7)		(21.9)		(84.5)
Corporate allocations (1)	(36.1)		(21.6)		(22.9)		(80.5)
Depreciation and amortization	(21.5)		(42.3)		(1.4)		(65.2)
Provision for credit losses	(2.7)		(3.9)		(1.0)		(7.6)
Asset impairments	—		(0.6)		—		(0.6)
Restructuring charges	0.8		—		—		0.8
Other segment expenses (2)	(54.7)		(75.3)		(20.2)		(150.3)
Operating income - segment profit (loss)	99.5		125.6		155.5		380.6
Unallocated corporate expenses (3)							(107.4)
Interest expense and other financing costs, net							(110.6)
Other income (expense), net							(17.5)
Income (loss) before income taxes							$	145.1

(1)Includes allocations of compensation costs and general and administrative expenses.

(2)Other segment expenses include professional fees, office expenses and general insurance, technology related expenses, travel and entertainment, and other general and administrative expenses.

(3)Unallocated corporate expenses include corporate compensation costs and general and administrative expenses which are not allocated to the operating segments, as well as certain asset impairment charges related to equity investments at non-core businesses.

Schedule of capital expenditures and depreciation and amortization by segment

Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):


	For the Year Ended December 31, 2024
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	28.1	$	67.0	$	3.6	$	98.7	$	7.7	$	106.4
Capital expenditures	34.1		21.5		7.4		63.0		5.2		68.2


	For the Year Ended December 31, 2023
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	32.0	$	61.3	$	3.6	$	96.8	$	7.7	$	104.5
Capital expenditures	25.3		42.5		8.7		76.4		11.1		87.6


	For the Year Ended December 31, 2022
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	32.8	$	65.1	$	3.3	$	101.3	$	6.5	$	107.8
Capital expenditures	25.9		38.1		4.8		68.7		9.9		78.6

(1)Total depreciation and amortization as presented includes charges classified within cost of sales and operating expenses in our Consolidated Statements of Income and Comprehensive Income.

Schedule of accounts receivable, net and total assets by segment

Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):


	As of December 31,
	2024		2023
Accounts receivable, net:
Aviation segment	$	1,166.2	$	1,285.7
Land segment	651.1		767.4
Marine segment	615.3		682.4
Total accounts receivable, net	$	2,432.6	$	2,735.5
Total assets:
Aviation segment	$	2,548.2	$	2,767.4
Land segment	2,970.6		3,323.4
Marine segment	929.6		992.8
Total reportable segment assets	6,448.5		7,083.5
Corporate and other	283.3		291.8
Total assets	$	6,731.8	$	7,375.3

Schedule of revenue and property and equipment, net, as segregated by geographic location

Geographic Information

Information concerning our revenue and property and equipment, net, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in millions):


	For the Year Ended December 31,
	2024		2023		2022
Revenue:
United States	$	20,905.1	$	25,403.7	$	32,901.7
EMEA (1)	9,672.9		10,003.2		12,396.1
Asia Pacific (2)	5,366.0		5,430.7		7,076.6
Americas, excluding United States	6,224.0		6,873.0		6,668.6
Total (3)	$	42,168.0	$	47,710.6	$	59,043.1


	As of December 31,
	2024		2023
Property and equipment, net:
United States	$	325.2	$	324.8
EMEA	141.4		147.7
Asia Pacific	10.3		10.1
Americas, excluding United States	36.4		32.7
Total	$	513.3	$	515.3

(1)Includes revenue related to the U.K. of $4.8 billion, $5.3 billion and $6.7 billion for 2024, 2023 and 2022, respectively.

(2)Includes revenue related to Singapore of $5.3 billion, $5.3 billion and $7.2 billion for 2024, 2023 and 2022, respectively.

(3)Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at Note 10. Revenue from Contracts with Customers.

Business Segments, Geographic Information, and Major Customers - Geographic Summary (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Revenue	$ 42,168.0	$ 47,710.6	$ 59,043.1
Property and equipment, net:
Property and equipment, net	513.3	515.3
United States
Revenues [Abstract]
Revenue	20,905.1	25,403.7	32,901.7
Property and equipment, net:
Property and equipment, net	325.2	324.8
EMEA
Revenues [Abstract]
Revenue	9,672.9	10,003.2	12,396.1
Property and equipment, net:
Property and equipment, net	141.4	147.7
Asia Pacific
Revenues [Abstract]
Revenue	5,366.0	5,430.7	7,076.6
Property and equipment, net:
Property and equipment, net	10.3	10.1
Americas, excluding United States
Revenues [Abstract]
Revenue	6,224.0	6,873.0	6,668.6
Property and equipment, net:
Property and equipment, net	36.4	32.7
U.K.
Revenues [Abstract]
Revenue	4,800.0	5,300.0	6,700.0
Singapore
Revenues [Abstract]
Revenue	$ 5,300.0	$ 5,300.0	$ 7,200.0

Business Segments, Geographic Information, and Major Customers - Income Statement Items (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Revenue	$ 42,168.0	$ 47,710.6	$ 59,043.1
Operating expenses:
Cost of revenue	(41,141.6)	(46,652.4)	(57,954.1)
Provision for credit losses	(12.0)	(4.7)	(7.7)
Asset impairments	(29.0)	(32.8)	(0.6)
Restructuring charges	(7.1)	(7.2)	0.8
Income from operations:
Income (loss) from operations	210.6	198.0	273.2
Non-operating income (expenses), net:
Interest expense and other financing costs, net	(102.2)	(127.7)	(110.6)
Other income (expense), net	(12.9)	(3.6)	(17.5)
Income (loss) before income taxes	95.5	66.7	145.1
Operating Segments
Revenues [Abstract]
Revenue	42,168.0	47,710.6	59,043.1
Operating expenses:
Cost of revenue	(41,141.6)	(46,652.4)	(57,954.1)
Compensation and related costs	(322.3)	(334.2)	(320.7)
Incentive compensation	56.6	74.1	84.5
Corporate allocations (1)	(76.4)	(83.7)	(80.5)
Depreciation and amortization	55.1	59.3	65.2
Provision for credit losses	(12.1)	(4.8)	(7.6)
Asset impairments	(7.0)	(13.7)	(0.6)
Restructuring charges	(6.6)	(5.5)	0.8
Other segment expenses (2)	(144.0)	(151.8)	(150.3)
Income from operations:
Income (loss) from operations	346.3	331.2	380.6
Operating Segments \| Aviation
Revenues [Abstract]
Revenue	20,469.1	23,275.1	26,799.9
Operating expenses:
Cost of revenue	(19,983.6)	(22,789.3)	(26,442.7)
Compensation and related costs	(114.0)	(124.7)	(114.7)
Incentive compensation	26.0	31.5	28.8
Corporate allocations (1)	(37.2)	(40.0)	(36.1)
Depreciation and amortization	16.2	19.9	21.5
Provision for credit losses	(2.5)	(2.7)	(2.7)
Asset impairments	(0.1)	(0.8)	0.0
Restructuring charges	(0.1)	(1.5)	0.8
Other segment expenses (2)	(49.0)	(55.9)	(54.7)
Income from operations:
Income (loss) from operations	240.4	208.8	99.5
Operating Segments \| Land
Revenues [Abstract]
Revenue	12,811.7	15,189.9	19,283.7
Operating expenses:
Cost of revenue	(12,427.2)	(14,790.1)	(18,807.8)
Compensation and related costs	(175.6)	(176.4)	(172.9)
Incentive compensation	17.9	29.3	33.7
Corporate allocations (1)	(17.1)	(19.9)	(21.6)
Depreciation and amortization	37.8	38.3	42.3
Provision for credit losses	(10.2)	(2.2)	(3.9)
Asset impairments	(6.9)	(12.8)	(0.6)
Restructuring charges	(3.2)	(4.0)	0.0
Other segment expenses (2)	(74.6)	(76.8)	(75.3)
Income from operations:
Income (loss) from operations	41.1	40.1	125.6
Operating Segments \| Marine
Revenues [Abstract]
Revenue	8,887.2	9,245.6	12,959.6
Operating expenses:
Cost of revenue	(8,730.8)	(9,073.0)	(12,703.6)
Compensation and related costs	(32.7)	(33.1)	(33.1)
Incentive compensation	12.6	13.2	21.9
Corporate allocations (1)	(22.1)	(23.8)	(22.9)
Depreciation and amortization	1.1	1.2	1.4
Provision for credit losses	0.7	0.1	(1.0)
Asset impairments	0.0	0.0	0.0
Restructuring charges	(3.3)	0.0	0.0
Other segment expenses (2)	(20.4)	(19.1)	(20.2)
Income from operations:
Income (loss) from operations	64.8	82.3	155.5
Corporate
Income from operations:
Income (loss) from operations	$ (135.7)	$ (133.2)	$ (107.4)

Debt, Interest Income, Expense, and Other Finance Costs - Summary of Debt (Details) € in Millions, $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Jun. 26, 2023 USD ($)
Debt Instrument [Line Items]
Total debt	$ 880.8		$ 887.9
Less: Current maturities of long-term debt and finance leases	84.0		78.8
Long-term debt	796.8		809.1
Credit Facility
Debt Instrument [Line Items]
Total debt	0.0		0.0
Term Loan
Debt Instrument [Line Items]
Total debt	455.3		476.4
Convertible Notes (1)
Debt Instrument [Line Items]
Total debt	340.9		338.5
Debt Instrument, Face Amount	350.0		350.0		$ 350.0
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	9.1		11.5
Debt Instrument, Fair Value Disclosure	395.7		354.1
Finance leases (2)
Debt Instrument [Line Items]
Total debt	29.9		15.7
Other (3)
Debt Instrument [Line Items]
Total debt	54.7		57.3
Other Debt
Debt Instrument [Line Items]
Secured Debt	$ 50.3	€ 48.5	$ 53.6	€ 48.5

Restructuring and Exit Activities (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Summary of Restructuring and Exit Activities Included in Accrued Expenses Other Current Liabilities

The following table provides a summary of our severance and other compensation cost activities as part of the 2023 Restructuring Plan and other exit activities (in millions):


	Aviation		Land		Marine		Corporate		Consolidated
Accrued charges as of December 31, 2022	$	—	$	—	$	—	$	—	$	—
Restructuring and exit activity charges	1.5		3.9		—		1.7		7.2
Paid during the period	(0.4)		(0.3)		—		(0.8)		(1.5)
Accrued charges as of December 31, 2023	$	1.2	$	3.7	$	—	$	0.9	$	5.7
Restructuring and exit activity charges	0.1		3.2		—		0.5		3.8
Paid during the period	(1.3)		(5.1)		—		(1.1)		(7.5)
Accrued charges as of December 31, 2024	$	—	$	1.7	$	—	$	0.3	$	2.0

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-09533
Entity Registrant Name	WORLD KINECT CORPORATION
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	9800 N.W. 41st Street,
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
Entity Tax Identification Number	59-2459427
City Area Code	305
Local Phone Number	428-8000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	WKC
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1,482
Entity Common Stock, Shares Outstanding		56,749,400
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s proxy statement relating to its 2025 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934, are incorporated by reference to the extent set forth in Part III, Items 10-14 of this Annual Report on Form 10-K.
Entity Central Index Key	0000789460
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	false

Business Segments, Geographic Information, and Major Customers

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Business Segments, Geographic Information, and Major Customers

15. Business Segments, Geographic Information, and Major Customers

Business Segments

We operate in three reportable segments consisting of aviation, land, and marine. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. Our

Chief Executive Officer is the CODM. The CODM uses Income from operations as the primary measure of segment profit. The CODM considers Income from operations when assessing budget to actual variances as part of the annual budgeting and forecasting process, in order to evaluate performance and make decisions about the allocation of capital and other resources to each segment.

In our aviation segment, we provide global aviation fuel supply and comprehensive service solutions to major commercial, international, and regional airlines, cargo carriers, airports, fixed-based operators, corporate fleets, and charter and fractional operators. We also supply fuel and provide services to U.S. and foreign government and military customers.

In our land segment, we offer fuel, lubricants, heating oil, and related products and services to commercial, industrial, residential and government customers, as well as retail petroleum operators. We provide energy advisory services, sustainability solutions, as well as supply fulfillment for natural gas and power.

In our marine segment, we market fuel, lubricants, and related products and services to a broad base of marine customers, including international container, dry bulk and tanker fleets, commercial cruise lines, yachts and time-charter operators, U.S. and foreign governments, as well as other fuel suppliers.

Within each of our segments, we may enter into derivative contracts to mitigate the risk of market price fluctuations and also to offer our customers fuel pricing alternatives to meet their needs. Certain corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity.

Information concerning our revenue, significant segment expenses, and income from operations by segment is as follows (in millions):


	For the Year Ended December 31, 2024
	Aviation		Land		Marine		Total
Revenue	$	20,469.1	$	12,811.7	$	8,887.2	$	42,168.0
Segment expenses:
Cost of revenue	(19,983.6)		(12,427.2)		(8,730.8)		(41,141.6)
Compensation and related costs	(114.0)		(175.6)		(32.7)		(322.3)
Incentive compensation	(26.0)		(17.9)		(12.6)		(56.6)
Corporate allocations (1)	(37.2)		(17.1)		(22.1)		(76.4)
Depreciation and amortization	(16.2)		(37.8)		(1.1)		(55.1)
Provision for credit losses	(2.5)		(10.2)		0.7		(12.1)
Asset impairments	(0.1)		(6.9)		—		(7.0)
Restructuring charges	(0.1)		(3.2)		(3.3)		(6.6)
Other segment expenses (2)	(49.0)		(74.6)		(20.4)		(144.0)
Operating income - segment profit (loss)	240.4		41.1		64.8		346.3
Unallocated corporate expenses (3)							(135.7)
Interest expense and other financing costs, net							(102.2)
Other income (expense), net							(12.9)
Income (loss) before income taxes							$	95.5


	For the Year Ended December 31, 2023
	Aviation		Land		Marine		Total
Revenue	$	23,275.1	$	15,189.9	$	9,245.6	$	47,710.6
Segment expenses:
Cost of revenue	(22,789.3)		(14,790.1)		(9,073.0)		(46,652.4)
Compensation and related costs	(124.7)		(176.4)		(33.1)		(334.2)
Incentive compensation	(31.5)		(29.3)		(13.2)		(74.1)
Corporate allocations (1)	(40.0)		(19.9)		(23.8)		(83.7)
Depreciation and amortization	(19.9)		(38.3)		(1.2)		(59.3)
Provision for credit losses	(2.7)		(2.2)		0.1		(4.8)
Asset impairments	(0.8)		(12.8)		—		(13.7)
Restructuring charges	(1.5)		(4.0)		—		(5.5)
Other segment expenses (2)	(55.9)		(76.8)		(19.1)		(151.8)
Operating income - segment profit (loss)	208.8		40.1		82.3		331.2
Unallocated corporate expenses (3)							(133.2)
Interest expense and other financing costs, net							(127.7)
Other income (expense), net							(3.6)
Income (loss) before income taxes							$	66.7


	For the Year Ended December 31, 2022
	Aviation		Land		Marine		Total
Revenue	$	26,799.9	$	19,283.7	$	12,959.6	$	59,043.1
Segment expenses:
Cost of revenue	(26,442.7)		(18,807.8)		(12,703.6)		(57,954.1)
Compensation and related costs	(114.7)		(172.9)		(33.1)		(320.7)
Incentive compensation	(28.8)		(33.7)		(21.9)		(84.5)
Corporate allocations (1)	(36.1)		(21.6)		(22.9)		(80.5)
Depreciation and amortization	(21.5)		(42.3)		(1.4)		(65.2)
Provision for credit losses	(2.7)		(3.9)		(1.0)		(7.6)
Asset impairments	—		(0.6)		—		(0.6)
Restructuring charges	0.8		—		—		0.8
Other segment expenses (2)	(54.7)		(75.3)		(20.2)		(150.3)
Operating income - segment profit (loss)	99.5		125.6		155.5		380.6
Unallocated corporate expenses (3)							(107.4)
Interest expense and other financing costs, net							(110.6)
Other income (expense), net							(17.5)
Income (loss) before income taxes							$	145.1

(1)Includes allocations of compensation costs and general and administrative expenses.

(2)Other segment expenses include professional fees, office expenses and general insurance, technology related expenses, travel and entertainment, and other general and administrative expenses.

Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):


	For the Year Ended December 31, 2024
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	28.1	$	67.0	$	3.6	$	98.7	$	7.7	$	106.4
Capital expenditures	34.1		21.5		7.4		63.0		5.2		68.2


	For the Year Ended December 31, 2023
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	32.0	$	61.3	$	3.6	$	96.8	$	7.7	$	104.5
Capital expenditures	25.3		42.5		8.7		76.4		11.1		87.6


	For the Year Ended December 31, 2022
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	32.8	$	65.1	$	3.3	$	101.3	$	6.5	$	107.8
Capital expenditures	25.9		38.1		4.8		68.7		9.9		78.6

(1)Total depreciation and amortization as presented includes charges classified within cost of sales and operating expenses in our Consolidated Statements of Income and Comprehensive Income.

Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):


	As of December 31,
	2024		2023
Accounts receivable, net:
Aviation segment	$	1,166.2	$	1,285.7
Land segment	651.1		767.4
Marine segment	615.3		682.4
Total accounts receivable, net	$	2,432.6	$	2,735.5
Total assets:
Aviation segment	$	2,548.2	$	2,767.4
Land segment	2,970.6		3,323.4
Marine segment	929.6		992.8
Total reportable segment assets	6,448.5		7,083.5
Corporate and other	283.3		291.8
Total assets	$	6,731.8	$	7,375.3

Geographic Information


	For the Year Ended December 31,
	2024		2023		2022
Revenue:
United States	$	20,905.1	$	25,403.7	$	32,901.7
EMEA (1)	9,672.9		10,003.2		12,396.1
Asia Pacific (2)	5,366.0		5,430.7		7,076.6
Americas, excluding United States	6,224.0		6,873.0		6,668.6
Total (3)	$	42,168.0	$	47,710.6	$	59,043.1


	As of December 31,
	2024		2023
Property and equipment, net:
United States	$	325.2	$	324.8
EMEA	141.4		147.7
Asia Pacific	10.3		10.1
Americas, excluding United States	36.4		32.7
Total	$	513.3	$	515.3

(1)Includes revenue related to the U.K. of $4.8 billion, $5.3 billion and $6.7 billion for 2024, 2023 and 2022, respectively.

(2)Includes revenue related to Singapore of $5.3 billion, $5.3 billion and $7.2 billion for 2024, 2023 and 2022, respectively.

Major Customers

For the years ended December 31, 2024, 2023, and 2022, none of our customers accounted for more than 10% of total consolidated revenue.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Revenue from Contract with Customer (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue disaggregated by major geographic areas

The following table presents our revenues from contracts with customers disaggregated by major geographic areas, based on the country of incorporation of the relevant subsidiary (in millions):


	For the Year Ended December 31,
	2024		2023		2022
Aviation	$	1,106.8	$	1,151.9	$	1,200.9
Land	113.5		153.9		9.9
Marine	4,181.0		4,235.6		5,851.6
Asia Pacific	5,401.3		5,541.5		7,062.4

Aviation	4,641.7		4,320.6		4,481.0
Land	2,798.2		3,224.8		4,141.1
Marine	2,213.6		2,475.9		3,739.7
EMEA	9,653.5		10,021.2		12,361.8

Aviation	3,785.7		4,167.4		4,703.5
Land	918.1		1,010.4		907.1
Marine	771.7		806.0		1,099.7
LATAM	5,475.5		5,983.8		6,710.3

Aviation	10,913.1		13,625.0		16,689.0
Land	9,108.6		10,993.5		14,028.8
Marine	1,720.9		1,728.7		2,263.7
North America	21,742.5		26,347.3		32,981.6

Other revenues (excluded from ASC 606) (1)	(104.7)		(183.2)		(72.9)

Total revenue	$	42,168.0	$	47,710.6	$	59,043.1

(1)Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.

Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) £ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 GBP (£)
Asset impairment charges			$ 29.0	$ 32.8	$ 0.6
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount		$ 5.0
Land
Asset impairment charges				2.2
Nonconsolidated Investees, Other [Member]
Equity Method Investments, Fair Value Disclosure		19.1		$ 19.1		£ 15.0
Equity Method Investment, Other-than-Temporary Impairment	$ 18.2	$ 14.1

Acquisitions and Divestitures - Narrative (Details) - Flyers Energy Group $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Total fair value of consideration	$ 795.0
Revenue since acquisition	3,400.0
Income before tax since acquisition	$ 71.2

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Business Segments, Geographic Information, and Major Customers - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable operating business segments	3

Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in goodwill

The following table provides information regarding changes in goodwill (in millions):


	Aviation Segment		Land Segment		Total
As of December 31, 2022	$	397.6	$	835.3	$	1,233.0
2023 acquisitions (1)	—		3.0		3.1
Adjustment for sale of business	—		(4.0)		(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	0.6		5.3		5.9
As of December 31, 2023	398.3		839.7		1,238.0
2024 acquisitions (1)	17.5		—		17.5
Adjustment for sale of business (2)	(59.5)		(8.7)		(68.2)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.9)		(3.8)		(5.6)
As of December 31, 2024	$	354.4	$	827.3	$	1,181.7

(1)During the years ended December 31, 2024 and 2023, we completed acquisitions that did not have a material impact on our Consolidated Financial Statements.

(2)See Note 3. Acquisitions and Divestitures for additional information.

Schedule of intangible assets subject to amortization

The following table provides information about our identifiable intangible assets (in millions):


	As of December 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	504.1	$	339.8	$	164.3	$	512.4	$	322.6	$	189.8
Supplier agreements	69.0		35.4		33.6		69.0		30.2		38.8
Others	43.5		25.1		18.4		55.2		34.6		20.6
Total intangible assets subject to amortization	616.6		400.3		216.3		636.5		387.4		249.2
Intangible assets not subject to amortization:
Trademark / trade name rights	44.9		—		44.9		50.5		—		50.5
Total intangible assets	$	661.5	$	400.3	$	261.2	$	687.1	$	387.4	$	299.7

(1)Includes the impact of foreign exchange.

Schedule of intangible assets not subject to amortization

The following table provides information about our identifiable intangible assets (in millions):


	As of December 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	504.1	$	339.8	$	164.3	$	512.4	$	322.6	$	189.8
Supplier agreements	69.0		35.4		33.6		69.0		30.2		38.8
Others	43.5		25.1		18.4		55.2		34.6		20.6
Total intangible assets subject to amortization	616.6		400.3		216.3		636.5		387.4		249.2
Intangible assets not subject to amortization:
Trademark / trade name rights	44.9		—		44.9		50.5		—		50.5
Total intangible assets	$	661.5	$	400.3	$	261.2	$	687.1	$	387.4	$	299.7

(1)Includes the impact of foreign exchange.

Schedule of future estimated amortization of identifiable intangible assets

The future estimated amortization of our identifiable intangible assets is as follows (in millions):


Year Ended December 31,
2025	$	32.8
2026	28.3
2027	23.8
2028	21.4
2029	21.1
Thereafter	88.9
Total	$	216.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Shareholders' Equity - Unrecognized Compensation Cost (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Equity [Abstract]
Total unrecognized compensation cost related to unvested share-based payment awards	$ 41.2
Period for recognition of unrecognized compensation cost related to unvested share-based payment awards	1 year 1 month 6 days

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$ 67.9	$ 53.7	$ 115.9
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Unrealized (gain) loss on derivatives	24.9	(267.5)	179.9
(Gain) loss on sale of business	15.2	(2.2)	7.7
Depreciation and amortization	106.4	104.5	107.8
Noncash operating lease expense	36.0	34.7	35.0
Provision for credit losses	12.0	4.7	7.7
Share-based payment award compensation costs	28.1	24.2	17.6
Deferred income tax expense (benefit)	(15.3)	(30.7)	(18.5)
Unrealized foreign currency (gains) losses, net	30.6	(16.5)	21.7
Asset impairment charges	29.0	32.8	0.6
Other	16.6	25.2	23.2
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	259.1	569.2	(870.7)
Inventories	133.0	186.8	(252.1)
Prepaid expenses	(2.3)	6.7	(25.2)
Other current assets	20.7	(30.5)	(124.2)
Cash collateral with counterparties	105.4	168.9	(252.9)
Other non-current assets	(117.7)	(88.0)	(12.3)
Change in derivative assets and liabilities, net	(3.4)	(4.7)	2.9
Accounts payable	(355.9)	(441.9)	1,107.5
Accrued expenses and other current liabilities	(164.1)	(48.0)	147.8
Other long-term liabilities	33.7	(10.1)	(80.7)
Net cash provided by (used in) operating activities	259.9	271.3	138.5
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(40.0)	(13.7)	(643.9)
Proceeds from sale of business, net of divested cash	209.0	9.3	0.0
Capital expenditures	(68.2)	(87.6)	(78.6)
Other investing activities, net	(36.3)	(9.1)	(2.5)
Net cash provided by (used in) investing activities	64.5	(101.1)	(724.9)
Cash flows from financing activities:
Borrowings of debt	3,844.0	5,921.8	6,944.9
Repayments of debt	(3,876.2)	(6,224.4)	(6,611.2)
Issuance of Convertible Notes	0.0	350.0	0.0
Dividends paid on common stock	(38.5)	(34.0)	(31.0)
Repurchases of common stock	(100.0)	(60.1)	(48.7)
Purchase of convertible note hedges	0.0	(70.5)	0.0
Sale of warrants	0.0	40.0	0.0
Payments of deferred consideration for acquisitions	(51.8)	(62.9)	(12.0)
Other financing activities, net	(8.0)	(12.2)	(4.6)
Net cash provided by (used in) financing activities	(230.6)	(152.4)	237.3
Effect of exchange rate changes on cash and cash equivalents	(15.2)	(12.0)	(4.7)
Net increase (decrease) in cash and cash equivalents	78.7	5.9	(353.8)
Cash and cash equivalents, as of the beginning of the period	304.3	298.4	652.2
Cash and cash equivalents, as of the end of the period	382.9	304.3	298.4
Supplemental Disclosures of Cash Flow Information
Interest, net of capitalized interest	113.6	130.4	113.4
Income taxes	$ 60.6	$ 61.3	$ 66.6

Shareholders' Equity - Plan Summary and Description (Details) shares in Millions	12 Months Ended
	Dec. 31, 2024 shares
Information pertaining to stock based awards
Common stock subject to outstanding awards (in shares)	2.8
2021 Plan
Information pertaining to stock based awards
Exercisable period	7 years
Common stock authorized for issuance (in shares)	2.9
Remaining Shares of Common Stock Available for Future Issuance (in shares)	1.5
2021 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	2.6
2021 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2016 Plan
Information pertaining to stock based awards
Remaining Shares of Common Stock Available for Future Issuance (in shares)	0.0
2016 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0
2016 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.1
2006 Plan
Information pertaining to stock based awards
Remaining Shares of Common Stock Available for Future Issuance (in shares)	0.0
2006 Plan \| RSUs
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.1
2006 Plan \| SSAR Awards
Information pertaining to stock based awards
Outstanding awards issued (in shares)	0.0

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional positions of derivative instruments

The following table summarizes the gross notional values of our derivative contracts used for risk management purposes (in millions):

Unit

December 31, 2024

Commodity contracts:

Long

BBL

86.6

Short

BBL

(88.2)

Foreign currency exchange contracts:

Sell U.S. dollar, buy other currencies

USD

(675.1)

Buy U.S. dollar, sell other currencies

USD

742.7

Interest rate contract:

Interest rate swap

USD

300.0

Schedule of derivative instruments measured at fair value and their locations on the consolidated balance sheets

Assets and Liabilities

The following table presents the gross fair value of our derivative instruments and their locations on the Consolidated Balance Sheets (in millions):


		Gross Derivative Assets				Gross Derivative Liabilities
		As of December 31,				As of December 31,
Derivative Instruments	Consolidated Balance Sheets location	2024		2023		2024		2023
Derivatives designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	$	4.0	$	—	$	3.5	$	—
	Other non-current assets	—		0.3		—		—
	Short-term derivative liabilities, net	13.9		24.8		18.9		20.9


Interest rate contract	Short-term derivative assets, net	2.9		12.7		—		—
	Other non-current assets	—		2.2		—		—


Total derivatives designated as hedging instruments		20.8		39.9		22.4		20.9

Derivatives not designated as hedging instruments
Commodity contracts	Short-term derivative assets, net	230.8		343.9		65.7		73.1
	Other non-current assets	69.4		139.8		20.5		17.2
	Short-term derivative liabilities, net	86.7		161.8		174.4		340.0
	Other long-term liabilities	62.8		121.2		95.6		217.9

Foreign currency contracts	Short-term derivative assets, net	23.3		24.7		15.1		9.8
	Other non-current assets	0.7		0.6		0.3		0.5
	Short-term derivative liabilities, net	5.1		8.7		6.9		18.3
	Other long-term liabilities	0.1		—		0.6		—
Total derivatives not designated as hedging instruments		478.9		800.8		379.2		676.8
Total derivatives		$	499.6	$	840.7	$	401.6	$	697.8

Impact of derivatives designated as fair value hedges on the consolidated statements of income and comprehensive income

The following amounts were recorded within 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 Included	Carrying Amount of Hedged Asset/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)
	As of December 31,				As of December 31,
	2024		2023		2024		2023
Inventory	$	95.2	$	55.3	$	3.8	$	(1.3)

Location and Amount of Gains (Losses) on Fair Value and Cash Flow Hedges Recognized in Income


	For the Year Ended December 31,
	2024						2023						2022
	Revenue		Cost of revenue		Interest expense and other financing costs, net		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	$	42,168.0	$	41,141.6	$	102.2	$	47,710.6	$	46,652.4	$	127.7	$	59,043.1	$	57,954.1	$	110.6
Gains (losses) on fair value hedge relationships:
Commodity contracts:
Hedged item	—		5.4		—		—		0.8		—		—		43.9		—
Derivatives designated as hedging instruments	—		(4.1)		—		—		3.4		—		—		(52.0)		—
Gains (losses) on cash flow hedge relationships:
Commodity contracts:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	(3.4)		6.1		—		0.2		—		—		(164.5)		2.6		—
Interest rate contract:
Amount of gains (losses) reclassified from Accumulated other comprehensive income (loss) into Net income (loss)	—		—		14.5		—		—		14.0		—		—		(4.2)

Total amount of income and expense line items excluding the impact of hedges	$	42,171.4	$	41,148.9	$	116.7	$	47,710.4	$	46,656.7	$	141.7	$	59,207.7	$	57,948.6	$	106.5


Gain (Loss) Not Recorded in Accumulated other comprehensive income (loss) Due to Intra-Period Settlement		Year Ended December 31,
	Location	2024		2023		2022
Commodity contracts	Revenue	$	5.6	$	(1.5)	$	(134.5)
Commodity contracts	Cost of revenue	$	(15.4)	$	(0.3)	$	10.7

Impact of derivatives designated as hedges on the accumulated other comprehensive income and consolidated statements of income and comprehensive income


Amount of Gain (Loss) Recognized in Accumulated other comprehensive income (loss), Net of Income Tax (Expense) Benefit	Year Ended December 31,
	2024		2023		2022
Commodity contracts (Revenue)	$	(4.3)	$	—	$	(114.7)
Commodity contracts (Cost of revenue)	5.6		(0.7)		2.1
Interest rate contracts (Interest expense and other financing costs, net)	1.9		3.0		11.3
Total gain (loss)	$	3.1	$	2.4	$	(101.3)


Amount of Gain (Loss) Reclassified from Accumulated other comprehensive income (loss) into Net income (loss), Net of Income Tax (Expense) Benefit		Year Ended December 31,
	Location	2024		2023		2022
Commodity contracts	Revenue	$	(2.5)	$	0.2	$	(121.7)
Commodity contracts	Cost of revenue	4.4		—		1.9
Interest rate contracts	Interest expense and other financing costs, net	10.7		10.3		(3.1)
Total gain (loss)		$	12.6	$	10.5	$	(122.9)

Impact of derivatives not designated as hedges on the consolidated statements of income and comprehensive income


Derivative Instruments - Non-designated	Location	Year Ended December 31,
		2024		2023		2022
Commodity contracts	Revenue	$	(126.2)	$	(190.5)	$	230.7
	Cost of revenue	21.4		(41.4)		0.6
		(104.8)		(231.9)		231.3
Foreign currency contracts	Revenue	(0.5)		(8.0)		(1.7)
	Other income (expense), net	(2.4)		2.3		3.3
		(2.9)		(5.6)		1.6
Total gains (losses)		$	(107.7)	$	(237.5)	$	232.9

Schedule of potential collateral requirements derivatives credit-risk contingency features

The following table presents the potential collateral requirements for derivative liabilities with credit-risk-related contingent features (in millions):


	As of December 31,
	2024		2023
Net derivative liability positions with credit contingent features	$	40.9	$	99.1
Collateral posted and held by our counterparties	—		—
Maximum additional potential collateral requirements	$	40.9	$	99.1

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

9. Property and Equipment

The amount of property and equipment and their respective estimated useful lives are as follows (in millions):


	As of December 31,				Estimated
	2024		2023		Useful Lives
Land	$	81.4	$	81.9	Indefinite
Buildings and leasehold improvements	110.2		108.4		3 - 40 years
Office equipment, furniture and fixtures	20.9		14.1		3 - 9 years
Computer equipment and software costs	301.4		329.2		3 - 9 years
Machinery, equipment and vehicles (1)	475.1		433.4		3 - 40 years
Total property and equipment	989.1		966.9
Less: Accumulated depreciation and amortization (1)	475.8		451.6
Total property and equipment, net	$	513.3	$	515.3

(1)Includes right of use assets associated with finance leases. See Note 14. Leases for additional information.

For 2024, 2023 and 2022, we recorded depreciation expense of $72.3 million, $68.3 million and $64.4 million, respectively.

The amount of computer software costs, including capitalized internally developed software costs and certain hosting arrangement costs, included in property and equipment are as follows (in millions):


	As of December 31,
	2024		2023
Computer software costs	$	260.8	$	289.2
Less: Accumulated amortization	171.7		175.0
Computer software costs, net	$	89.1	$	114.2

Included in capitalized computer software costs are costs incurred in connection with software development in progress of $0.1 million and $0.9 million as of December 31, 2024 and 2023, respectively. For 2024, 2023 and 2022, we recorded amortization expense related to computer software costs of $23.2 million, $25.4 million and $21.0 million, respectively.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

10. Revenue from Contracts with Customers

The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. As our contracts go through a formal credit approval process, we only enter into contracts when we determine the amount we expect to be entitled to is probable of collection. Our billing and payment terms generally include monthly invoicing with average payment terms of one to three months.

We have concluded that each gallon or barrel represents a separate performance obligation, and revenue is recognized at the point in time when control of each gallon or barrel transfers to our customer. We may incur costs for the transportation of products to the delivery points. Reimbursements of such costs are normally included in the transaction price.

Our contracts may contain fixed pricing, variable pricing, or a combination. The pricing structures of our fuel sales that involve variable prices, such as market or index-based pricing or reimbursements of costs, typically correspond to our efforts to transfer the promised fuel, and we recognize revenue based on those variable prices for the related gallons or barrels that we have delivered.

Our contracts with customers may include multi-year sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month).

We also earn an immaterial amount of revenue from contracts to provide services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, which typically represent a single performance obligation for the series of daily services.

Disaggregated Revenue

The following table presents our revenues from contracts with customers disaggregated by major geographic areas, based on the country of incorporation of the relevant subsidiary (in millions):


	For the Year Ended December 31,
	2024		2023		2022
Aviation	$	1,106.8	$	1,151.9	$	1,200.9
Land	113.5		153.9		9.9
Marine	4,181.0		4,235.6		5,851.6
Asia Pacific	5,401.3		5,541.5		7,062.4

Aviation	4,641.7		4,320.6		4,481.0
Land	2,798.2		3,224.8		4,141.1
Marine	2,213.6		2,475.9		3,739.7
EMEA	9,653.5		10,021.2		12,361.8

Aviation	3,785.7		4,167.4		4,703.5
Land	918.1		1,010.4		907.1
Marine	771.7		806.0		1,099.7
LATAM	5,475.5		5,983.8		6,710.3

Aviation	10,913.1		13,625.0		16,689.0
Land	9,108.6		10,993.5		14,028.8
Marine	1,720.9		1,728.7		2,263.7
North America	21,742.5		26,347.3		32,981.6

Other revenues (excluded from ASC 606) (1)	(104.7)		(183.2)		(72.9)

Total revenue	$	42,168.0	$	47,710.6	$	59,043.1

(1)Includes revenue from derivatives, leases, and other transactions that we account for under separate guidance.

Accounts Receivable, Contract Assets, and Contract Liabilities

The nature of the receivables related to revenue from contracts with customers and other types of contracts (excluded from ASC 606) are substantially similar, as they are both generated from transactions with the same type of counterparties (e.g., sale of fuel and storage that meet the definition of a lease with the same counterparty) and are entered into utilizing the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Consolidated Balance Sheets. Furthermore, as of December 31, 2024 and 2023, the contract assets and contracts liabilities recognized by the Company were not material.

Other Contract Balances

Outside of contract assets and liabilities recognized by the Company, as of December 31, 2024, we had consideration paid to our customers of $55.1 million and $371.4 million classified as current and non-current assets, respectively. As of December 31, 2023, the current and non-current portion were $41.3 million and $286.3 million, respectively. As of December 31, 2024, we had consideration received from our vendors of $25.8 million and $207.6 million classified as current and non-current liabilities, respectively. As of December 31, 2023, the current and non-current portion were $16.4 million and $142.2 million. Consideration paid to a customer is presented within Other current assets and Other non-current assets in our Consolidated Balance Sheets. Consideration received from our vendors is presented within Accrued expenses and other current liabilities and Other long-term liabilities in our Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes - Income (Loss) Before Income Taxes and Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (20.5)	$ (34.8)	$ (90.3)
Foreign	116.1	101.5	235.4
Income (loss) before income taxes	95.5	66.7	145.1
Current:
U.S. federal statutory tax	8.4	8.9	4.2
State	1.8	2.4	2.2
Foreign	40.1	23.4	42.9
Total current income tax provision (benefit)	50.2	34.8	49.2
Deferred:
U.S. federal statutory tax	(3.3)	(12.7)	(4.6)
State	(1.3)	(1.1)	0.6
Foreign	(10.6)	(16.9)	(14.5)
Total deferred income (loss) before income taxes	(15.3)	(30.7)	(18.5)
Non-current tax expense (income)	(7.4)	8.9	(1.5)
Total provision for income taxes	$ 27.6	$ 13.0	$ 29.2

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 989.1	$ 966.9
Less: Accumulated depreciation and amortization	475.8	451.6
Total property and equipment, net	513.3	515.3
Depreciation expense	72.3	68.3	$ 64.4
Computer software costs
Computer software costs	260.8	289.2
Less: Accumulated amortization	171.7	175.0
Computer software costs, net	89.1	114.2
Amortization expense related to computer software costs	23.2	25.4	$ 21.0
Land
Property and Equipment
Property and equipment before accumulated depreciation and amortization	81.4	81.9
Buildings and leasehold improvements
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 110.2	108.4
Buildings and leasehold improvements \| Minimum
Property and Equipment
Estimated useful lives	3 years
Buildings and leasehold improvements \| Maximum
Property and Equipment
Estimated useful lives	40 years
Computer equipment and software costs
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 301.4	329.2
Computer equipment and software costs \| Minimum
Property and Equipment
Estimated useful lives	3 years
Computer equipment and software costs \| Maximum
Property and Equipment
Estimated useful lives	9 years
Machinery, equipment and vehicles
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 475.1	433.4
Machinery, equipment and vehicles \| Minimum
Property and Equipment
Estimated useful lives	3 years
Machinery, equipment and vehicles \| Maximum
Property and Equipment
Estimated useful lives	40 years
Furniture and Fixtures
Property and Equipment
Property and equipment before accumulated depreciation and amortization	$ 20.9	14.1
Furniture and Fixtures \| Minimum
Property and Equipment
Estimated useful lives	3 years
Furniture and Fixtures \| Maximum
Property and Equipment
Estimated useful lives	9 years
Construction in Progress [Member]
Computer software costs
Computer software costs	$ 0.1	$ 0.9

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Other revenues (excluded from ASC 606)	$ (104.7)	$ (183.2)	$ (72.9)
Revenues	42,168.0	47,710.6	59,043.1
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	5,401.3	5,541.5	7,062.4
Revenues	5,366.0	5,430.7	7,076.6
EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	9,653.5	10,021.2	12,361.8
Revenues	9,672.9	10,003.2	12,396.1
LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	5,475.5	5,983.8	6,710.3
North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	21,742.5	26,347.3	32,981.6
Aviation \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	1,106.8	1,151.9	1,200.9
Aviation \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4,641.7	4,320.6	4,481.0
Aviation \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	3,785.7	4,167.4	4,703.5
Aviation \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	10,913.1	13,625.0	16,689.0
Land \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	113.5	153.9	9.9
Land \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,798.2	3,224.8	4,141.1
Land \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	918.1	1,010.4	907.1
Land \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	9,108.6	10,993.5	14,028.8
Marine \| Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	4,181.0	4,235.6	5,851.6
Marine \| EMEA
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	2,213.6	2,475.9	3,739.7
Marine \| LATAM
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	771.7	806.0	1,099.7
Marine \| North America
Disaggregation of Revenue [Line Items]
Revenue, ASC 606	$ 1,720.9	$ 1,728.7	$ 2,263.7

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' Equity

13. Shareholders' Equity

Cash Dividends

During the years ended December 31, 2024, 2023 and 2022, the Company's Board of Directors declared aggregate cash dividends of $0.68, $0.56, and 0.52 per common share, representing $39.8 million, $33.8 million, and $32.2 million in total dividends, respectively. Cash dividends declared, but not yet paid, were $9.7 million, $8.4 million and $8.6 million as of December 31, 2024, 2023 and 2022, respectively.

The payments associated with the above referenced cash dividends were in compliance with restrictions regarding the maximum amount of cash dividends allowed to be paid under our Credit Agreement.

Stock Repurchases

During the second quarter of 2023, we used a portion of the proceeds from the issuance of Convertible Notes to repurchase approximately 2.2 million shares of common stock from purchasers of the Convertible Notes for an aggregate purchase price of approximately $50.0 million. See Note 8. Debt, Interest Income, Expense, and Other Finance Costs for additional information regarding the issuance of Convertible Notes.

Repurchase Programs

In March 2020, the Board approved a stock repurchase program authorizing $200.0 million in common stock repurchases. In September 2024, the Board approved an additional stock repurchase program authorizing $200.0 million in common stock repurchases. These repurchase authorizations do not require a minimum number of shares

of common stock to be purchased, have no expiration date, and repurchases may be initiated, suspended or discontinued at any time. As of December 31, 2024, approximately $237.0 million remains available under our repurchase authorizations. The timing and amount of our repurchases will depend on market conditions, share price, securities law and other legal requirements and factors.

During the years ended December 31, 2024, 2023, and 2022, we repurchased 3.6 million, 0.5 million, and 2.0 million shares of common stock under our repurchase authorizations for an aggregate value of $100.0 million, $10.1 million, and $48.7 million, respectively.

Share-Based Payment Plans

Plan Summary and Description

In May 2021, our shareholders approved the 2021 Omnibus Plan (the "2021 Plan"), which is administered by 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 Kinect 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 will remain in effect for 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 were 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, 2024, approximately 2.8 million shares of common stock were subject to outstanding awards under the 2021, 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, 2024 and the remaining shares of common stock available for future issuance (in millions):


Plan name	RSUs	SSAR Awards	Remaining Shares of Common Stock Available for Future Issuance
2021 Plan (1)	2.6	—	1.5

2016 Plan (2)	—	0.1	—
2006 Plan (3)	0.1	—	—

(1)As of December 31, 2024, unvested RSUs will vest between February 2025 and May 2028.

(2)As of December 31, 2024, the outstanding SSAR Awards will expire in March 2025.

(3)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.

RSU Awards

RSUs may contain one or more service, performance, or market-based vesting conditions. 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, 2021	1.7	$	27.30	$	46.3	1.2
Granted (1)	2.1	25.86
Vested (2)	(0.6)	27.27
Forfeited	(0.3)	25.97
As of December 31, 2022	3.0	26.41		81.4		1.6
Granted	1.3	23.48
Vested (2)	(0.8)	25.16
Forfeited	(0.5)	23.24
As of December 31, 2023	3.0	25.99		67.9		1.5
Granted	0.8	25.46
Vested (2)	(0.8)	25.41
Forfeited	(0.4)	27.36
As of December 31, 2024	2.7	$	25.80	$	73.1	1.9

(1) Awards granted during the year ended December 31, 2022 included 0.5 million special performance-based equity awards, pursuant to which vesting is tied to the Company's total shareholder return over the three-year performance period. The awards were valued using a Monte Carlo simulation. The weighted average grant date fair value of the awards was $33.45 and the assumptions used to determine such fair value were as follows: simulation term of 3 years, volatility of 52.2%, and risk-free interest rate of 4.1%.

(2) The aggregate intrinsic value of RSUs vested during the years ended December 31, 2024, 2023 and 2022 was $19.4 million, $18.2 million and $14.8 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, 2021	1.3	$	28.78	$	0.6	1.9	0.4	$	29.18	$	0.2	1.0


Expired	(0.1)	36.25
Forfeited	(0.6)	29.58
As of December 31, 2022	0.5	26.35		0.8		0.9	0.4	27.43		0.3		0.5

Exercised (1)	(0.2)	26.40


As of December 31, 2023	0.3	26.09		—		0.8	0.3	26.09		—		0.8


Expired	(0.1)	29.68

As of December 31, 2024	0.1	$	23.39	$	0.6	0.2	0.1	$	23.39	$	0.6	0.2

(1)The aggregate intrinsic value of SSAR Awards exercised was $0.8 million for the year ended December 31, 2023.

Unrecognized Compensation Cost

As of December 31, 2024, there was $41.2 million of total unrecognized compensation cost related to unvested share-based payment awards, which is expected to be recognized as compensation expense over a weighted average period of 1.1 years.

Accumulated Other Comprehensive Income (Loss)

Our Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments related to our subsidiaries that have a functional currency other than the U.S. dollar and unrealized gains (losses) from derivative instruments designated as cash flow hedges. The after-tax changes in Accumulated other comprehensive income (loss) by component were as follows (in millions):


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2022	$	(179.5)	$	18.9	$	(160.6)
Other comprehensive income (loss) before reclassifications	19.9		2.4		22.2
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(10.5)		(10.5)

Balance as of December 31, 2023	(159.6)		10.8		(148.9)
Other comprehensive income (loss) before reclassifications (1)	(29.6)		3.1		(26.5)
Amounts reclassified from Accumulated other comprehensive income (loss) (2)	97.0		(12.6)		84.4

Balance as of December 31, 2024	$	(92.2)	$	1.2	$	(91.0)

(1)The foreign currency translation adjustment loss for the year ended December 31, 2024 was due primarily to the effect of a stronger U.S. dollar compared to most foreign currencies, including the British Pound.

(2)During the year ended December 31, 2024, cumulative translation losses were reclassified from Other comprehensive income (loss) into net income. See Note 3. Acquisitions and Divestitures for additional information.

Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

6. Goodwill and Identifiable Intangible Assets

Goodwill

The following table provides information regarding changes in goodwill (in millions):


	Aviation Segment		Land Segment		Total
As of December 31, 2022	$	397.6	$	835.3	$	1,233.0
2023 acquisitions (1)	—		3.0		3.1
Adjustment for sale of business	—		(4.0)		(4.0)
Foreign currency translation of non-USD functional currency subsidiary goodwill	0.6		5.3		5.9
As of December 31, 2023	398.3		839.7		1,238.0
2024 acquisitions (1)	17.5		—		17.5
Adjustment for sale of business (2)	(59.5)		(8.7)		(68.2)
Foreign currency translation of non-USD functional currency subsidiary goodwill	(1.9)		(3.8)		(5.6)
As of December 31, 2024	$	354.4	$	827.3	$	1,181.7

(1)During the years ended December 31, 2024 and 2023, we completed acquisitions that did not have a material impact on our Consolidated Financial Statements.

(2)See Note 3. Acquisitions and Divestitures for additional information.

Identifiable Intangible Assets

The following table provides information about our identifiable intangible assets (in millions):


	As of December 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization (1)		Net		Gross Carrying Amount		Accumulated Amortization (1)		Net
Intangible assets subject to amortization:
Customer relationships	$	504.1	$	339.8	$	164.3	$	512.4	$	322.6	$	189.8
Supplier agreements	69.0		35.4		33.6		69.0		30.2		38.8
Others	43.5		25.1		18.4		55.2		34.6		20.6
Total intangible assets subject to amortization	616.6		400.3		216.3		636.5		387.4		249.2
Intangible assets not subject to amortization:
Trademark / trade name rights	44.9		—		44.9		50.5		—		50.5
Total intangible assets	$	661.5	$	400.3	$	261.2	$	687.1	$	387.4	$	299.7

(1)Includes the impact of foreign exchange.

Intangible amortization expense for 2024, 2023 and 2022 was $34.1 million, $36.2 million and $43.4 million, respectively.

The future estimated amortization of our identifiable intangible assets is as follows (in millions):


Year Ended December 31,
2025	$	32.8
2026	28.3
2027	23.8
2028	21.4
2029	21.1
Thereafter	88.9
Total	$	216.3

Shareholders' Equity - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.17	$ 0.68	$ 0.56	$ 0.52
Cash dividends declared		$ 39.8	$ 33.8	$ 32.2
Dividends Payable	$ 9.7	$ 9.7	$ 8.4	$ 8.6

Acquisitions and Divestitures - Purchase Price Allocation (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 03, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022
Consideration:
Cash paid at closing		$ 40.0	$ 13.7		$ 643.9
Assets acquired and liabilities assumed:
Goodwill		$ 1,181.7	$ 1,238.0	$ 1,233.0	$ 1,233.0
Flyers Energy Group
Consideration:
Cash paid at closing				642.7
Working capital adjustment paid to seller				2.3
Common stock issued to seller				50.0
Amount due to sellers (1)				100.0
Total fair value of consideration				$ 795.0
Assets acquired and liabilities assumed:
Cash	$ 3.3
Accounts receivable	109.8
Inventory	50.9
Property, plant and equipment	126.6
Identifiable intangible assets subject to amortization	162.5
Identifiable intangible assets not subject to amortization	29.3
Accounts payable	(38.0)
Other assets and liabilities, net	(37.3)
Net identifiable assets acquired	407.0
Goodwill	388.0
Net assets acquired	$ 795.0
Amortized over a weighted average life	11 years 7 months 6 days
Right of use assets	$ 45.0
Lease liabilities	$ 46.0

Income Taxes - Reconciliation of Unrecognized Tax Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of total amounts of unrecognized income tax benefits
Gross Unrecognized Tax Liabilities – opening balance	$ 73.1	$ 68.1	$ 75.1
Gross increases – tax positions in prior period	1.5	7.7	2.2
Gross decreases – tax positions in prior period	(8.8)	(0.4)	(8.0)
Gross increases – tax positions in current period	2.2	1.4	2.0
Settlements	(3.0)	(0.5)	(1.6)
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities	0.0	0.0	1.6
Lapse of statute of limitations	(3.1)	(3.2)	(3.3)
Gross Unrecognized Tax Liabilities – ending balance	$ 61.8	$ 73.1	$ 68.1

Derivative Instruments - Effect on Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Hedged Asset/(Liabilities)	$ 95.2	$ 55.3
Hedged Asset, Statement of Financial Position [Extensible Enumeration]
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset/(Liabilities)	$ 3.8	$ (1.3)
Gain (loss) on derivative
Revenue	42,168.0	47,710.6	$ 59,043.1
Cost of revenue	41,141.6	46,652.4	57,954.1
Derivative, Credit Risk Related Contingent Features [Abstract]
Net derivative liability positions with credit contingent features	40.9	99.1
Collateral posted and held by our counterparties	0.0	0.0
Maximum additional potential collateral requirements	40.9	99.1
Interest expense and other financing costs, net	102.2	127.7	110.6
Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Revenue	42,171.4	47,710.4	59,207.7
Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Cost of revenue	41,148.9	46,656.7	57,948.6
Interest expense and other financing costs, net
Summary of Cash Flow Hedge Activity [Abstract]
Total amount of income and expense line items excluding the impact of hedges, Interest expense and other financing costs	116.7	141.7	106.5
Commodity contracts: \| Revenue
Effect of Fair Value Hedges on Results of Operations [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0.0	0.0	0.0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	0.0	0.0	0.0
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(3.4)	0.2	(164.5)
Commodity contracts: \| Cost of revenue
Effect of Fair Value Hedges on Results of Operations [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	5.4	0.8	43.9
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	(4.1)	3.4	(52.0)
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	6.1	0.0	2.6
Commodity contracts: \| Interest expense and other financing costs, net
Effect of Fair Value Hedges on Results of Operations [Abstract]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0.0	0.0	0.0
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	0.0	0.0	0.0
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.0	0.0	0.0
Interest rate contract: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.0	0.0	0.0
Interest rate contract: \| Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	0.0	0.0	0.0
Interest rate contract: \| Interest expense and other financing costs, net
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	14.5	14.0	(4.2)
Derivatives designated as hedging instruments
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	3.1	2.4	(101.3)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	12.6	10.5	(122.9)
Derivatives designated as hedging instruments \| Commodity contracts: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Not Recorded In Accumulated Other Comprehensive Income (Loss) Due To Intra-Period Settlement, After Tax	5.6	(1.5)	(134.5)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(4.3)	0.0	(114.7)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	(2.5)	0.2	(121.7)
Derivatives designated as hedging instruments \| Commodity contracts: \| Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Not Recorded In Accumulated Other Comprehensive Income (Loss) Due To Intra-Period Settlement, After Tax	(15.4)	(0.3)	10.7
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	5.6	(0.7)	2.1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	4.4	0.0	1.9
Derivatives designated as hedging instruments \| Interest rate contract: \| Interest expense and other financing costs, net
Summary of Cash Flow Hedge Activity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	1.9	3.0	11.3
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	10.7	10.3	(3.1)
Derivatives not designated as hedging instruments
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(107.7)	(237.5)	232.9
Derivatives not designated as hedging instruments \| Commodity contracts:
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(104.8)	(231.9)	231.3
Derivatives not designated as hedging instruments \| Commodity contracts: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(126.2)	(190.5)	230.7
Derivatives not designated as hedging instruments \| Commodity contracts: \| Cost of revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	21.4	(41.4)	0.6
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts:
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(2.9)	(5.6)	1.6
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Revenue
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	(0.5)	(8.0)	(1.7)
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Other Nonoperating Income (Expense)
Summary of Cash Flow Hedge Activity [Abstract]
Derivative, Gain (Loss) on Derivative, Net	$ (2.4)	$ 2.3	$ 3.3

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The carrying amounts of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses and other current liabilities approximate fair value based on their short-term maturities. With the exception of the Convertible Notes, as discussed in Note 8. Debt, Interest Income, Expense, and Other Finance Costs, the carrying values of our debt and notes receivable approximate fair value as these instruments bear interest either at variable rates or fixed rates, which are not significantly different from market rates. The fair value measurements for our debt and notes receivable are considered to be Level 2 measurements based on the fair value hierarchy.

Recurring Fair Value Measurements

The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):


	Fair Value Measurements as of December 31, 2024
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	157.4	$	300.8	$	9.4	$	467.6
Interest rate contract		—		2.9		—		2.9
Foreign currency contracts		—		29.1		—		29.1
Cash surrender value of life insurance		—		20.0		—		20.0
Total assets at fair value		$	157.4	$	352.8	$	9.4	$	519.6

Liabilities:
Commodities contracts		$	165.9	$	209.1	$	3.7	$	378.7

Foreign currency contracts		—		22.9		—		22.9
Total liabilities at fair value		$	165.9	$	232.0	$	3.7	$	401.6


	Fair Value Measurements as of December 31, 2023
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
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

For our derivative contracts, we may enter into master netting, collateral and offset agreements with counterparties. These agreements provide us the ability to offset a counterparty's rights and obligations, request additional collateral when necessary, or liquidate the collateral in the event of counterparty default. We net the fair value of cash collateral paid or received against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting or offset agreement.

We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of offset exists. The following tables summarize those derivative balances subject to the right of offset as presented on our Consolidated Balance Sheets (in millions):


	Fair Value as of December 31, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	467.6	$	253.2	$	214.4	$	0.1	$	—	$	214.3
Interest rate contract	2.9		—		2.9		—		—		2.9
Foreign currency contracts	29.1		20.7		8.5		—		—		8.5
Total assets at fair value	$	499.6	$	273.9	$	225.8	$	0.1	$	—	$	225.6

Liabilities:
Commodities contracts	$	378.7	$	253.2	$	125.5	$	12.1	$	—	$	113.4

Foreign currency contracts	22.9		20.7		2.3		—		—		2.3
Total liabilities at fair value	$	401.6	$	273.9	$	127.8	$	12.1	$	—	$	115.6


	Fair Value as of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash 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

At December 31, 2024 and 2023, we did not present any amounts gross on our Consolidated Balance Sheets where we had the right to offset.

Concentration of Credit Risk

Our individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At December 31, 2024, two of our counterparties with a total exposure of $36.2 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $6.7 million.

Nonrecurring Fair Value Measurements

During the fourth quarter of 2023, we identified an other-than-temporary impairment indicator with respect to an equity method investment in a non-core business due to the inability of the investee to sustain an earning capacity at its pre-pandemic levels. At that time, the investment was written down to its fair value of $19.1 million (15.0 million GBP) as of December 31, 2023, resulting in the recognition of an impairment loss of $14.1 million during the three months ended December 31, 2023. During the fourth quarter of 2024, we identified an impairment indicator with respect to the same investment, as the investee continues to incur operating losses and has been unable to achieve

expected results. The fair value of the investment was determined to be nominal and as a result the full carrying amount of the investment was impaired. An impairment loss of $18.2 million was recognized during the three months ended December 31, 2024. The impairment losses recognized during 2024 and 2023 are recorded within Asset impairments on the Consolidated Statements of Income and Comprehensive Income and reported in our corporate segment. The fair value of the investment was measured in each period using a combination of an income approach based on estimated future cash flows available to us as of the measurement dates and a market approach using a selection of global companies comparable with the operations of the investee to derive market-based multiples. Due to the significance of unobservable inputs, the measurements are categorized as Level 3.

During the fourth quarter of 2023, we also identified an impairment indicator with respect to one of our investee's, accounted for as a cost method investment, which we were notified is not able to raise capital and therefore intends to restructure its operations. As a result, the fair value of the investment was determined to be nominal and the investment was fully impaired. An impairment loss of $5.0 million was recognized during the three months ended December 31, 2023 and is recorded within Asset impairments on the Consolidated Statements of Income and Comprehensive Income and reported in our corporate segment. Due to the significance of unobservable inputs, the measurement is categorized as Level 3.

In addition, during the fourth quarter of 2023, we identified an impairment indicator with respect to an asset group within the land segment. We determined that the carrying amount was not recoverable and recognized an asset impairment charge of $2.2 million during the year ended December 31, 2023. The impairment is recorded within Asset impairments on the Consolidated Statements of Income and Comprehensive Income and reported in our land segment. The fair value of the asset group was measured using an income approach based on estimated future cash flows as of the measurement date. Due to the significance of unobservable inputs, the measurements are categorized as Level 3.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 107
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+ Details

Debt, Interest Income, Expense, and Other Finance Costs - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Jun. 26, 2023 USD ($) $ / shares Rate shares	Dec. 31, 2024 USD ($) $ / shares Rate	Dec. 31, 2024 USD ($) d $ / shares Rate	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Debt Instrument [Line Items]
Borrowing capacity		$ 2,000.0	$ 2,000.0
Weighted average interest rate on short-term debt		6.70%	6.70%	6.90%
Sale of warrants			$ 0.0	$ 40.0	$ 0.0
Cash dividends declared (in dollars per share) \| $ / shares		$ 0.17	$ 0.68	$ 0.56	$ 0.52
Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,500.0	$ 1,500.0
Line Of Credit Facility, Sublimit for Issuance of Letters of Credit		400.0	400.0
Limit increase available		200.0	200.0
Letters of credit, outstanding amount		17.9	17.9	$ 138.1
Unused portion of facility		1,500.0	$ 1,500.0	1,400.0
Credit Facility \| Base rate
Debt Instrument [Line Items]
Basis points added to reference rate			0.875%
Credit Facility \| Eurodollar
Debt Instrument [Line Items]
Basis points added to reference rate			1.875%
Other Credit Lines
Debt Instrument [Line Items]
Letters of credit, outstanding amount		360.1	$ 360.1	437.1
Term Loan
Debt Instrument [Line Items]
Amount of term loan outstanding		$ 500.0	$ 500.0
Convertible Senior Notes Due 2028
Debt Instrument [Line Items]
Convertible Debt Conversion Term 1			5
Convertible Debt Conversion Term 2			10
Convertible Debt Conversion Term 3 \| Rate			98.00%
Purchase of Convertible Note Hedges	$ 70.5
Sale of warrants	$ 40.0
Debt Instrument, Interest Rate, Stated Percentage \| Rate	3.25%	3.25%	3.25%
Debt Instrument, Increase (Decrease), Net	$ 50.0
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger \| Rate			130.00%
Debt Instrument, Convertible, Threshold Trading Days \| d			20
Debt Instrument, Convertible, Threshold Consecutive Trading Days \| d			30
Debt Instrument Initial Conversion Share Rate \| shares	35.1710
Debt Instrument, Convertible, Conversion Price \| $ / shares	$ 28.43	$ 28.31	$ 28.31
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares	$ 40.14	$ 39.96	$ 39.96
Adjustments to Additional Paid in Capital, Other	$ 30.5
Amortization of Debt Issuance Costs			$ 2.4	1.2
Interest Expense, Debt, Excluding Amortization			11.2	6.0
Interest Expense, Debt			$ 13.6	$ 7.2
Convertible debt aggregate change percentage	1.00%
Convertible Notes Initial Dividend Threshold \| $ / shares	$ 0.14

Earnings per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings per Common Share

17. Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts):


	For the Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss) attributable to World Kinect	$	67.4	$	52.9	$	114.1
Denominator:
Weighted average common shares for basic earnings per common share	59.0		61.4		62.3
Effect of dilutive securities	0.5		0.3		0.4
Weighted average common shares for diluted earnings per common share	59.5		61.7		62.7
Basic earnings (loss) per common share	$	1.14	$	0.86	$	1.83
Diluted earnings (loss) per common share	$	1.13	$	0.86	$	1.82
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met	1.1		1.3		1.5

Commitments and Contingencies - Bonds, Leases, and Sales and Purchase Commitments (Details) bbl in Millions, $ in Millions	Dec. 31, 2024 USD ($) bbl	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Outstanding bonds	$ 65.8	$ 71.9
Sales commitments under derivative programs	865.7
Purchase commitments under derivative programs	$ 369.4
Aviation Fuel \| Maximum
Long-term Purchase Commitment [Line Items]
Purchase Commitments, Volume \| bbl	2.0

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee, Finance Lease, Description [Abstract]
Weighted average remaining lease term of finance leases (in years)	4 years 3 months 18 days	5 years
Weighted average discount rate of finance leases	5.40%	4.50%
Lessee, Operating Lease, Description [Abstract]
Weighted average remaining lease term of operating leases (in years)	7 years 10 months 24 days	8 years 6 months
Weighted average discount rate of operating leases	5.40%	5.50%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 2.3	$ 0.7
Operating cash flows from operating leases	47.5	46.2
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	10.0	4.3
Right of use assets obtained in exchange for new operating lease liability	23.9	16.8
Right of use assets obtained in exchange for new financing lease liability	$ 24.9	$ 3.7

Debt, Interest Income, Expense, and Other Finance Costs - Aggregate Annual Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Year Ended December 31,
2025	$ 81.5
2026	38.6
2027	406.5
2028	350.9
2029	1.5
Thereafter	1.7
Total debt	$ 880.8	$ 887.9

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to World Kinect	$ 67.4	$ 52.9	$ 114.1

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease costs and other information related to leases

We recognized the following total lease cost related to our lease arrangements (in millions):


	Year Ended December 31,
	2024		2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	10.4	$	4.0	$	4.2
Interest on lease liabilities	2.3		0.7		0.6
Operating lease cost	46.3		44.8		47.6
Short-term lease cost	27.9		27.1		22.6
Variable lease cost	8.3		8.6		6.9
Sublease income	(14.9)		(14.5)		(12.1)
Total lease cost	$	80.4	$	70.6	$	69.9

Remaining lease payments

As of December 31, 2024, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2025	$	39.9	$	9.1
2026	31.3		8.8
2027	26.3		7.1
2028	24.0		4.7
2029	21.9		2.5
Thereafter	79.6		2.1
Total remaining lease payments (undiscounted)	223.1		34.3
Less: imputed interest	46.9		4.3
Present value of lease liabilities	$	176.2	$	30.0

Remaining lease payments

As of December 31, 2024, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2025	$	39.9	$	9.1
2026	31.3		8.8
2027	26.3		7.1
2028	24.0		4.7
2029	21.9		2.5
Thereafter	79.6		2.1
Total remaining lease payments (undiscounted)	223.1		34.3
Less: imputed interest	46.9		4.3
Present value of lease liabilities	$	176.2	$	30.0

Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases (in millions):


		December 31,
	Classification	2024		2023
Assets:
Operating lease assets	Other non-current assets	$	172.5	$	180.5
Finance lease assets	Property and equipment, net	$	29.4	$	15.5

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.1	$	32.2
Operating lease liability - long-term	Other long-term liabilities	$	144.1	$	157.9
Finance lease liability - current	Current maturities of long-term debt	$	7.6	$	3.2
Finance lease liability - long-term	Long-term debt	$	22.4	$	12.4

Lessee Other Lease Information

Other information related to leases:


	December 31,
	2024		2023
Weighted average remaining lease term of finance leases (in years)	4.3		5.0
Weighted average remaining lease term of operating leases (in years)	7.9		8.5
Weighted average discount rate of finance leases	5.4%		4.5%
Weighted average discount rate of operating leases	5.4%		5.5%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	2.3	$	0.7
Operating cash flows from operating leases	$	47.5	$	46.2
Financing cash flows from finance leases	$	10.0	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	23.9	$	16.8
Right of use assets obtained in exchange for new finance lease liability	$	24.9	$	3.7

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Outstanding Awards Issued


Plan name	RSUs	SSAR Awards	Remaining Shares of Common Stock Available for Future Issuance
2021 Plan (1)	2.6	—	1.5

2016 Plan (2)	—	0.1	—
2006 Plan (3)	0.1	—	—

(1)As of December 31, 2024, unvested RSUs will vest between February 2025 and May 2028.

(2)As of December 31, 2024, the outstanding SSAR Awards will expire in March 2025.

Schedule of RSUs

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, 2021	1.7	$	27.30	$	46.3	1.2
Granted (1)	2.1	25.86
Vested (2)	(0.6)	27.27
Forfeited	(0.3)	25.97
As of December 31, 2022	3.0	26.41		81.4		1.6
Granted	1.3	23.48
Vested (2)	(0.8)	25.16
Forfeited	(0.5)	23.24
As of December 31, 2023	3.0	25.99		67.9		1.5
Granted	0.8	25.46
Vested (2)	(0.8)	25.41
Forfeited	(0.4)	27.36
As of December 31, 2024	2.7	$	25.80	$	73.1	1.9

(2) The aggregate intrinsic value of RSUs vested during the years ended December 31, 2024, 2023 and 2022 was $19.4 million, $18.2 million and $14.8 million, respectively.

Schedule of outstanding and exercisable SSAR Awards


	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, 2021	1.3	$	28.78	$	0.6	1.9	0.4	$	29.18	$	0.2	1.0


Expired	(0.1)	36.25
Forfeited	(0.6)	29.58
As of December 31, 2022	0.5	26.35		0.8		0.9	0.4	27.43		0.3		0.5

Exercised (1)	(0.2)	26.40


As of December 31, 2023	0.3	26.09		—		0.8	0.3	26.09		—		0.8


Expired	(0.1)	29.68

As of December 31, 2024	0.1	$	23.39	$	0.6	0.2	0.1	$	23.39	$	0.6	0.2

(1)The aggregate intrinsic value of SSAR Awards exercised was $0.8 million for the year ended December 31, 2023.

Schedule of components of other comprehensive income and accumulated other comprehensive loss


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance as of December 31, 2022	$	(179.5)	$	18.9	$	(160.6)
Other comprehensive income (loss) before reclassifications	19.9		2.4		22.2
Amounts reclassified from Accumulated other comprehensive income (loss)	—		(10.5)		(10.5)

Balance as of December 31, 2023	(159.6)		10.8		(148.9)
Other comprehensive income (loss) before reclassifications (1)	(29.6)		3.1		(26.5)
Amounts reclassified from Accumulated other comprehensive income (loss) (2)	97.0		(12.6)		84.4

Balance as of December 31, 2024	$	(92.2)	$	1.2	$	(91.0)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Miami, Florida

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Gross Derivative Assets	$ 499.6	$ 840.7
Liabilities:
Gross Derivative Liabilities	401.6	697.8
Fair value measured on recurring basis
Assets:
Total assets	519.6	857.3
Liabilities:
Total liabilities at fair value	401.6	697.8
Fair value measured on recurring basis \| Level 1
Assets:
Total assets	157.4	220.0
Liabilities:
Total liabilities at fair value	165.9	322.1
Fair value measured on recurring basis \| Level 2
Assets:
Total assets	352.8	625.6
Liabilities:
Total liabilities at fair value	232.0	373.9
Fair value measured on recurring basis \| Level 3
Assets:
Total assets	9.4	11.6
Liabilities:
Total liabilities at fair value	3.7	1.8
Commodity contracts: \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	467.6	791.8
Liabilities:
Gross Derivative Liabilities	378.7	669.1
Commodity contracts: \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	157.4	220.0
Liabilities:
Gross Derivative Liabilities	165.9	322.1
Commodity contracts: \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	300.8	560.2
Liabilities:
Gross Derivative Liabilities	209.1	345.3
Commodity contracts: \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	9.4	11.6
Liabilities:
Gross Derivative Liabilities	3.7	1.8
Foreign currency exchange contracts: \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	29.1	34.1
Liabilities:
Gross Derivative Liabilities	22.9	28.7
Foreign currency exchange contracts: \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	0.0	0.0
Liabilities:
Gross Derivative Liabilities	0.0	0.0
Foreign currency exchange contracts: \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	29.1	34.1
Liabilities:
Gross Derivative Liabilities	22.9	28.7
Foreign currency exchange contracts: \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	0.0	0.0
Liabilities:
Gross Derivative Liabilities	0.0	0.0
Cash surrender value of life insurance \| Fair value measured on recurring basis
Assets:
Cash surrender value of life insurance	20.0	16.5
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 1
Assets:
Cash surrender value of life insurance	0.0	0.0
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 2
Assets:
Cash surrender value of life insurance	20.0	16.5
Cash surrender value of life insurance \| Fair value measured on recurring basis \| Level 3
Assets:
Cash surrender value of life insurance	0.0	0.0
Interest rate contract: \| Fair value measured on recurring basis
Assets:
Gross Derivative Assets	2.9	14.8
Interest rate contract: \| Fair value measured on recurring basis \| Level 1
Assets:
Gross Derivative Assets	0.0	0.0
Interest rate contract: \| Fair value measured on recurring basis \| Level 2
Assets:
Gross Derivative Assets	2.9	14.8
Interest rate contract: \| Fair value measured on recurring basis \| Level 3
Assets:
Gross Derivative Assets	$ 0.0	$ 0.0

Leases - Remaining Lease Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 39.9
2026	31.3
2027	26.3
2028	24.0
2029	21.9
Thereafter	79.6
Total remaining lease payments (undiscounted)	223.1
Less: imputed interest	46.9
Present value of lease liabilities	176.2
Finance Leases
2025	9.1
2026	8.8
2027	7.1
2028	4.7
2029	2.5
Thereafter	2.1
Total remaining lease payments (undiscounted)	34.3
Less: imputed interest	4.3
Present value of lease liabilities	$ 30.0

Income Taxes - Reconciliation of the Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax provision based on U.S. federal statutory tax rate	$ 20.1	$ 14.0	$ 30.5
Foreign rates varying from federal statutory tax rate	(0.2)	(1.5)	(5.4)
State income taxes, net of U.S. federal income tax benefit	2.2	7.5	0.7
U.S. taxes on foreign earnings and other tax reform impacts	10.3	9.4	29.7
Uncertain tax positions	(7.4)	8.9	(1.5)
Statutory adjustments, including foreign currency and tax rate changes	4.9	(9.2)	(3.8)
Non-taxable interest income & non-deductible interest expense	0.5	(3.3)	2.1
Valuation allowances	4.0	(10.9)	(13.3)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount	1.2	1.8	1.0
Withholding tax	10.0	8.0	7.8
Foreign tax credit	(18.6)	(13.2)	(25.0)
Sale of Avinode business	12.4	0.0	0.0
Sale of Brazil business	(6.0)	0.0	0.0
Effective Income Tax Rate Reconciliation, Deduction, Other, Amount	(6.2)	0.0	0.0
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	0.6	1.5	6.6
Total provision for income taxes	27.6	13.0	$ 29.2
Discrete income tax benefit, net	$ 3.2	$ (5.4)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Supplier Finance Programs

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Supplier Finance Programs

7. Supplier Finance Programs

Under various supplier finance programs, we agree to pay counterparties engaged as paying agents the stated amount of confirmed invoices from our designated suppliers on the original maturity date of the invoices. Under certain of these arrangements, we may also pay fees for the supplier finance platform and related support.

The rollforward of our outstanding obligations confirmed under our supplier finance programs, included in Accounts payable within our Consolidated Balance Sheets, is as follows (in millions):


	2024
Confirmed obligations outstanding as of January 1,	$	198.8
Obligations confirmed during the period	1,213.1
Confirmed invoices paid during the period	(1,243.1)
Confirmed obligations outstanding as of December 31,	$	168.8

Shareholders' Equity - Other Comprehensive Loss and Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,949.6	$ 1,990.7
Other comprehensive income (loss) before reclassifications	(26.5)	22.2
Amounts reclassified from Accumulated other comprehensive income (loss)	84.4	(10.5)
Ending balance	1,955.9	1,949.6
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(148.9)	(160.6)
Ending balance	(91.0)	(148.9)
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(159.6)	(179.5)
Other comprehensive income (loss) before reclassifications	(29.6)	19.9
Amounts reclassified from Accumulated other comprehensive income (loss)	97.0	0.0
Ending balance	(92.2)	(159.6)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	10.8	18.9
Other comprehensive income (loss) before reclassifications	3.1	2.4
Amounts reclassified from Accumulated other comprehensive income (loss)	(12.6)	(10.5)
Ending balance	$ 1.2	$ 10.8

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Shareholders' Equity - Stock Repurchase Programs (Details) - USD ($) shares in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024	Mar. 31, 2020
Share Repurchase Program [Line Items]
Authorized amount					$ 200,000,000.0	$ 200,000,000.0
Amount available to repurchase shares under stock repurchase program		$ 237,000,000.0
Stock repurchased under Convertible Notes agreement [Member]
Share Repurchase Program [Line Items]
Stock Repurchased During Period, Shares	2.2
Stock Repurchased During Period, Value	$ 50,000,000.0
Stock repurchased under authorized stock repurchase program [Member]
Share Repurchase Program [Line Items]
Stock Repurchased During Period, Shares		3.6	0.5	2.0
Stock Repurchased During Period, Value		$ 100,000,000	$ 10,100,000	$ 48,700,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions and Divestitures

3. Acquisitions and Divestitures

2024 Divestitures

On May 1, 2024, we completed the sale of our Avinode Group and our portfolio of aviation fixed-based operator software products (the "Avinode disposal group") for cash proceeds, net of cash sold, of $200.1 million (the "Avinode sale"). The Avinode sale resulted in a pre-tax gain of $96.0 million, net of costs to sell and after the reclassification of cumulative translation losses of $17.1 million to net income, that is included in Other income (expense), net within our Consolidated Statements of Income and Comprehensive Income. The related tax expense of $12.4 million is included in the Provision for income taxes within our Consolidated Statements of Income and Comprehensive Income. Prior to the Avinode sale, the Avinode disposal group was reported within the aviation segment. The Avinode sale did not meet the criteria to be reported as a discontinued operation.

On December 13, 2024, we completed the sale of our land and marine subsidiaries in Brazil (the "Brazil disposal group") for cash proceeds, net of cash sold, of $8.9 million (the "Brazil sale"). The Brazil sale resulted in a pre-tax

loss of $111.2 million, net of costs to sell and after the reclassification of cumulative translation losses of $80.0 million to net income, that is included in Other income (expense), net within our Consolidated Statements of Income and Comprehensive Income. The related tax benefit of $6.0 million is included in the Provision for income taxes within our Consolidated Statements of Income and Comprehensive Income. Prior to the Brazil sale, the Brazil disposal group was reported within the land and marine segments. The Brazil sale did not meet the criteria to be reported as a discontinued operation.

2022 Acquisition

During the first quarter of 2022, we completed the acquisition of Flyers Energy Group, LLC ("Flyers") for a total purchase price of $795.0 million. Flyers' operations include transportation, commercial fleet fueling, lubricants distribution, and the supply of wholesale, branded and renewable fuels. The acquisition was accounted for as a business combination and is reported in the land segment.

The purchase price allocation was finalized during the third quarter of 2022. The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):


	Final Purchase Price Allocation
Consideration:
Cash paid at closing	$	642.7
Working capital adjustment paid to seller	2.3
Common stock issued to seller	50.0
Amount due to sellers (1)	100.0
Total fair value of consideration	$	795.0

Assets acquired and liabilities assumed:
Cash	$	3.3
Accounts receivable	109.8
Inventory	50.9
Property, plant and equipment	126.6
Identifiable intangible assets subject to amortization (2)	162.5
Identifiable intangible assets not subject to amortization (3)	29.3
Accounts payable	(38.0)
Other assets and liabilities, net (4)	(37.3)
Net identifiable assets acquired	407.0
Goodwill (5)	388.0
Net assets acquired	$	795.0

(1)As of December 31, 2024, the amount due to sellers has been paid in full and no amount remains outstanding.

(2)Identifiable intangible assets subject to amortization primarily consist of customer and network relationships and other identifiable assets which will be amortized over a weighted average life of 11.6 years.

(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.

(4)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million.

(5)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our land segment. All of the goodwill assigned to the land segment was deductible for tax purposes.

Total revenue and income before income taxes of Flyers included in the Company's Consolidated Statement of Income and Comprehensive Income for the period from the date of acquisition through December 31, 2022 were $3.4 billion and $71.2 million, respectively.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases - Operating

14. Leases

We enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage.

We recognized the following total lease cost related to our lease arrangements (in millions):


	Year Ended December 31,
	2024		2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	10.4	$	4.0	$	4.2
Interest on lease liabilities	2.3		0.7		0.6
Operating lease cost	46.3		44.8		47.6
Short-term lease cost	27.9		27.1		22.6
Variable lease cost	8.3		8.6		6.9
Sublease income	(14.9)		(14.5)		(12.1)
Total lease cost	$	80.4	$	70.6	$	69.9

As of December 31, 2024, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2025	$	39.9	$	9.1
2026	31.3		8.8
2027	26.3		7.1
2028	24.0		4.7
2029	21.9		2.5
Thereafter	79.6		2.1
Total remaining lease payments (undiscounted)	223.1		34.3
Less: imputed interest	46.9		4.3
Present value of lease liabilities	$	176.2	$	30.0

Supplemental balance sheet information related to leases (in millions):


		December 31,
	Classification	2024		2023
Assets:
Operating lease assets	Other non-current assets	$	172.5	$	180.5
Finance lease assets	Property and equipment, net	$	29.4	$	15.5

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.1	$	32.2
Operating lease liability - long-term	Other long-term liabilities	$	144.1	$	157.9
Finance lease liability - current	Current maturities of long-term debt	$	7.6	$	3.2
Finance lease liability - long-term	Long-term debt	$	22.4	$	12.4

Other information related to leases:


	December 31,
	2024		2023
Weighted average remaining lease term of finance leases (in years)	4.3		5.0
Weighted average remaining lease term of operating leases (in years)	7.9		8.5
Weighted average discount rate of finance leases	5.4%		4.5%
Weighted average discount rate of operating leases	5.4%		5.5%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	2.3	$	0.7
Operating cash flows from operating leases	$	47.5	$	46.2
Financing cash flows from finance leases	$	10.0	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	23.9	$	16.8
Right of use assets obtained in exchange for new finance lease liability	$	24.9	$	3.7

Leases - Finance

14. Leases

We recognized the following total lease cost related to our lease arrangements (in millions):


	Year Ended December 31,
	2024		2023		2022
Finance lease cost:
Amortization of right-of-use assets	$	10.4	$	4.0	$	4.2
Interest on lease liabilities	2.3		0.7		0.6
Operating lease cost	46.3		44.8		47.6
Short-term lease cost	27.9		27.1		22.6
Variable lease cost	8.3		8.6		6.9
Sublease income	(14.9)		(14.5)		(12.1)
Total lease cost	$	80.4	$	70.6	$	69.9

As of December 31, 2024, our remaining lease payments were as follows (in millions):


	Operating Leases		Finance Leases
2025	$	39.9	$	9.1
2026	31.3		8.8
2027	26.3		7.1
2028	24.0		4.7
2029	21.9		2.5
Thereafter	79.6		2.1
Total remaining lease payments (undiscounted)	223.1		34.3
Less: imputed interest	46.9		4.3
Present value of lease liabilities	$	176.2	$	30.0

Supplemental balance sheet information related to leases (in millions):


		December 31,
	Classification	2024		2023
Assets:
Operating lease assets	Other non-current assets	$	172.5	$	180.5
Finance lease assets	Property and equipment, net	$	29.4	$	15.5

Liabilities:
Operating lease liability - current	Accrued expenses and other current liabilities	$	32.1	$	32.2
Operating lease liability - long-term	Other long-term liabilities	$	144.1	$	157.9
Finance lease liability - current	Current maturities of long-term debt	$	7.6	$	3.2
Finance lease liability - long-term	Long-term debt	$	22.4	$	12.4

Other information related to leases:


	December 31,
	2024		2023
Weighted average remaining lease term of finance leases (in years)	4.3		5.0
Weighted average remaining lease term of operating leases (in years)	7.9		8.5
Weighted average discount rate of finance leases	5.4%		4.5%
Weighted average discount rate of operating leases	5.4%		5.5%
Cash paid for amounts included in the measurement of lease liabilities (in millions):
Operating cash flows from finance leases	$	2.3	$	0.7
Operating cash flows from operating leases	$	47.5	$	46.2
Financing cash flows from finance leases	$	10.0	$	4.3
Noncash investing and financing lease activities (in millions):
Right of use assets obtained in exchange for new operating lease liability	$	23.9	$	16.8
Right of use assets obtained in exchange for new finance lease liability	$	24.9	$	3.7

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments at Fair Value and Their Locations on the Balance Sheets


	Fair Value as of December 31, 2024
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash Collateral		Gross Amounts Without Right of Offset		Net Amounts
Assets:
Commodities contracts	$	467.6	$	253.2	$	214.4	$	0.1	$	—	$	214.3
Interest rate contract	2.9		—		2.9		—		—		2.9
Foreign currency contracts	29.1		20.7		8.5		—		—		8.5
Total assets at fair value	$	499.6	$	273.9	$	225.8	$	0.1	$	—	$	225.6

Liabilities:
Commodities contracts	$	378.7	$	253.2	$	125.5	$	12.1	$	—	$	113.4

Foreign currency contracts	22.9		20.7		2.3		—		—		2.3
Total liabilities at fair value	$	401.6	$	273.9	$	127.8	$	12.1	$	—	$	115.6


	Fair Value as of December 31, 2023
	Gross Amounts Recognized		Gross Amounts Offset		Net Amounts Presented		Cash 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

Schedule of assets and liabilities measured at estimated fair value on a recurring basis

The following tables present information about our gross assets and liabilities that are measured at fair value on a recurring basis (in millions):


	Fair Value Measurements as of December 31, 2024
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Assets:
Commodities contracts		$	157.4	$	300.8	$	9.4	$	467.6
Interest rate contract		—		2.9		—		2.9
Foreign currency contracts		—		29.1		—		29.1
Cash surrender value of life insurance		—		20.0		—		20.0
Total assets at fair value		$	157.4	$	352.8	$	9.4	$	519.6

Liabilities:
Commodities contracts		$	165.9	$	209.1	$	3.7	$	378.7

Foreign currency contracts		—		22.9		—		22.9
Total liabilities at fair value		$	165.9	$	232.0	$	3.7	$	401.6


	Fair Value Measurements as of December 31, 2023
		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
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

Restructuring and Exit Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				$ 7.1	$ 7.2	$ (0.8)
Asset impairments				29.0	32.8	0.6
Accounts Receivable, Allowance for Credit Loss, Writeoff				10.6	1.5	22.3
Operating Segments
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				6.6	5.5	(0.8)
Asset impairments				7.0	13.7	0.6
Operating Segments \| Aviation
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				0.1	1.5	(0.8)
Asset impairments				0.1	0.8	0.0
Operating Segments \| Land
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				3.2	4.0	0.0
Asset impairments				6.9	12.8	0.6
Operating Segments \| Marine
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				3.3	0.0	0.0
Asset impairments				0.0	0.0	0.0
Restructuring, 2020 Initiative
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges						(0.8)
Payments for Restructuring and Exit Activities						(0.2)
Restructuring, 2023 Initiative \| Employee Severance
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				3.8	7.2
Restructuring and Exit Activities Reserve	$ 2.0		$ 5.7	2.0	5.7	0.0
Payments for Restructuring and Exit Activities				(7.5)	(1.5)
Restructuring, 2023 Initiative \| Other Restructuring
Restructuring and Exit Activities Cost and Reserve [Line Items]
Asset impairments			11.2
Restructuring Costs		$ (3.3)
Restructuring, 2023 Initiative \| Operating Segments \| Aviation \| Employee Severance
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				0.1	1.5
Restructuring and Exit Activities Reserve	0.0		1.2	0.0	1.2	0.0
Payments for Restructuring and Exit Activities				(1.3)	(0.4)
Restructuring, 2023 Initiative \| Operating Segments \| Land \| Employee Severance
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				3.2	3.9
Restructuring and Exit Activities Reserve	1.7		3.7	1.7	3.7	0.0
Payments for Restructuring and Exit Activities				(5.1)	(0.3)
Restructuring, 2023 Initiative \| Operating Segments \| Marine \| Employee Severance
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				0.0	0.0
Restructuring and Exit Activities Reserve	0.0		0.0	0.0	0.0	0.0
Payments for Restructuring and Exit Activities				0.0	0.0
Restructuring, 2023 Initiative \| Corporate \| Employee Severance
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges				0.5	1.7
Restructuring and Exit Activities Reserve	0.3		$ 0.9	0.3	0.9	$ 0.0
Payments for Restructuring and Exit Activities				$ (1.1)	$ (0.8)
2024 Exit Activities
Restructuring and Exit Activities Cost and Reserve [Line Items]
Asset impairments	3.1
Accounts Receivable, Allowance for Credit Loss, Writeoff	4.4
2024 Exit Activities \| Employee Severance
Restructuring and Exit Activities Cost and Reserve [Line Items]
Restructuring and Exit Activities Charges	$ 1.4

Goodwill and Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 616.6	$ 636.5
Accumulated Amortization	400.3	387.4
Net	216.3	249.2
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets, Gross Carrying Amount	661.5	687.1
Total intangible assets, Net	261.2	299.7
Trademark / trade name rights
Indefinite-lived Intangible Assets [Line Items]
Indefinite lived intangible assets	44.9	50.5
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	504.1	512.4
Accumulated Amortization	339.8	322.6
Net	164.3	189.8
Supplier agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	69.0	69.0
Accumulated Amortization	35.4	30.2
Net	33.6	38.8
Others
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43.5	55.2
Accumulated Amortization	25.1	34.6
Net	$ 18.4	$ 20.6

Derivative Instruments - Gross Notional Values (Details) bbl in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) bbl
Interest rate contract: \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency and interest rate contracts (in USD)	$ 300.0
Long \| Commodity contracts:
Derivative [Line Items]
Notional value of commodity contracts (in BBLS) \| bbl	86.6
Long \| Foreign currency exchange contracts: \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency and interest rate contracts (in USD)	$ 742.7
Short \| Commodity contracts:
Derivative [Line Items]
Notional value of commodity contracts (in BBLS) \| bbl	88.2
Short \| Foreign currency exchange contracts: \| U.S. dollar
Derivative [Line Items]
Notional amount of foreign currency and interest rate contracts (in USD)	$ 675.1

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of estimated purchase price allocation for the acquisition

The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):


	Final Purchase Price Allocation
Consideration:
Cash paid at closing	$	642.7
Working capital adjustment paid to seller	2.3
Common stock issued to seller	50.0
Amount due to sellers (1)	100.0
Total fair value of consideration	$	795.0

Assets acquired and liabilities assumed:
Cash	$	3.3
Accounts receivable	109.8
Inventory	50.9
Property, plant and equipment	126.6
Identifiable intangible assets subject to amortization (2)	162.5
Identifiable intangible assets not subject to amortization (3)	29.3
Accounts payable	(38.0)
Other assets and liabilities, net (4)	(37.3)
Net identifiable assets acquired	407.0
Goodwill (5)	388.0
Net assets acquired	$	795.0

(1)As of December 31, 2024, the amount due to sellers has been paid in full and no amount remains outstanding.

(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.

(4)Includes the recognition of right of use assets of $45.0 million and lease liabilities of $46.0 million.

Income Taxes - Impact From the Singapore Tax Concession (Details) - Inland Revenue, Singapore (IRAS) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) Foreign Income Taxes Tax Concession [Line Items]
Income Tax Concession, Impact On Foreign Income Tax Expense (Benefit)	$ (2.5)	$ (2.1)	$ (3.3)
Impact on basic earnings per share (in dollars per share)	$ (0.04)	$ (0.03)	$ (0.05)
Impact on diluted earnings per share (in dollars per share)	$ (0.04)	$ (0.03)	$ (0.05)

Business Segments, Geographic Information, and Major Customers - Balance Sheet Items (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, net:
Accounts receivable	$ 2,432.6	$ 2,735.5
Total assets:
Total assets	6,731.8	7,375.3
Operating Segments
Total assets:
Total assets	6,448.5	7,083.5
Corporate
Total assets:
Total assets	283.3	291.8
Aviation \| Operating Segments
Accounts receivable, net:
Accounts receivable	1,166.2	1,285.7
Total assets:
Total assets	2,548.2	2,767.4
Land \| Operating Segments
Accounts receivable, net:
Accounts receivable	651.1	767.4
Total assets:
Total assets	2,970.6	3,323.4
Marine \| Operating Segments
Accounts receivable, net:
Accounts receivable	615.3	682.4
Total assets:
Total assets	$ 929.6	$ 992.8

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Basis of Presentation, New Accounting Standards, and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation, New Accounting Standards, and Significant Accounting Policies	1. Basis of Presentation, New Accounting Standards, and Significant Accounting Policies General World Kinect Corporation (the "Company") was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10‑K ("2024 10‑K Report") as "World Kinect," "we," "our" and "us." On June 15, 2023, the Company's shareholders approved an amendment to the Company's Articles of Incorporation, as amended, changing the Company's name from World Fuel Services Corporation to World Kinect Corporation. This change is intended to better reflect the Company's ongoing transformation into a more resilient, diversified energy and solutions provider. We are a global energy management company offering fulfillment and related services across the aviation, marine, and land-based transportation sectors. We also supply natural gas and power in the United States and Europe along with a growing suite of other sustainability-related products and services. A. Basis of Presentation The Consolidated Financial Statements and related Notes include our parent company and 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 Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Our fiscal year-end is as of and for the year ended December 31 for each year presented. All intercompany transactions among our consolidated subsidiaries have been eliminated. Certain amounts in the Consolidated Financial Statements and accompanying Notes may not add due to rounding. All percentages have been calculated using unrounded amounts. Certain prior period amounts have been reclassified to conform to the current presentation. B. New Accounting Standards Adoption of New Accounting Standards Segment Reporting. Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, was issued in November 2023. ASU 2023-07 amends the guidance in Accounting Standards Codification ("ASC") 280, Segment Reporting, to require public entities to disclose significant segment expenses and other segment items on an interim and annual basis. The amendment also requires disclosure of the chief operating decision maker's ("CODM") title and position on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Additionally, the amended guidance permits companies to disclose more than one measure of segment profit or loss used by the CODM provided that at least one of the reported measures includes the segment profit or loss measure that is most consistent with GAAP measurement principles. The amendment also requires all disclosures about a reportable segment’s assets and profit or loss, currently required only in annual periods, in all interim periods. The ASU does not change how a public entity identifies or aggregates its operating segments or how quantitative thresholds are applied to determine an entities' reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and should be applied retrospectively to all periods presented in the financial statements. The Company adopted ASU 2023-07 in the fourth quarter of 2024 and has included the relevant disclosures in Note 15. Business Segments, Geographic Information, and Major Customers. Accounting Standards Issued But Not Yet Adopted Income Taxes. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, was issued in December 2023. ASU 2023-09 amends the guidance in ASC 740, Income Taxes, to improve the transparency of income tax disclosures by amending the required rate reconciliation disclosures as well as requiring disclosure of income taxes paid disaggregated by jurisdiction. As amended, the rate reconciliation disclosure will be required to be presented in both percentages and reporting currency amounts, with consistent categories and greater disaggregation of information. The ASU also includes amendments intended to improve the effectiveness of income tax disclosures and eliminate certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024 and should be applied prospectively. Early adoption is permitted. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. Expense Disaggregation. ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, was issued in November 2024. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements at each interim and annual period. The amendments require disclosure of the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each relevant expense caption. The amendments also require disclosure of certain amounts that are already required to be disclosed under current guidance in the same disclosure as the other disaggregation requirements, a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and the total amount of selling expenses and, in annual reporting periods, the entity's definition of selling expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively to financial statements issued for reporting periods after the effective date of the update or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the amendments to identify potential impacts to the Company's Notes to the Consolidated Financial Statements and processes. There are no other recently issued accounting standards not yet adopted by us that, upon adoption, are expected to have a material impact on the Company's Consolidated Financial Statements or processes. Recent Securities and Exchange Commission Final Rules Issued but Not Yet Effective Climate-Related Disclosures. In March 2024, the Securities and Exchange Commission ("SEC") adopted final rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. In April 2024, the SEC voluntarily stayed the rules pending judicial review. In February 2025, the Acting Chairman of the SEC announced that he does not support the SEC's climate disclosure rules and that he had directed the SEC staff to request that the Eighth Circuit Court of Appeals delay scheduling the case for arguments. The Company continues to monitor the status of these final rules. C. Estimates and Assumptions The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could materially differ from estimated amounts. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. D. Cash and Cash Equivalents Our cash equivalents consist principally of overnight investments, bank money market accounts and bank time deposits which have an original maturity date of less than 90 days. These securities are carried at cost, which approximates market value. E. Accounts Receivable and Allowance for Credit Losses Accounts receivable are measured at amortized cost. The collectability of our accounts receivable is continuously monitored using a risk-based model, taking into consideration both the timeliness and predictability of collections from our customers. We maintain a provision for estimated credit losses based upon our historical experience with our customers, along with any specific customer collection issues that we have identified from current financial information and business prospects, as well as any political or economic conditions or other market factors, including certain assumptions based on reasonable forward-looking information from market sources. Principally based on these credit risk factors, portfolio segments are defined and an internally derived risk-based credit loss reserve is established and applied to each portfolio segment. Customer account balances that are deemed to be at high risk of collectability are reserved at higher rates than customer account balances which we expect to collect without difficulty. Individual receivables are written off when there is information indicating that the counterparty is in severe financial difficulty and the amounts are deemed uncollectible. An accounts receivable written off may still be subject to enforcement activities under our recovery procedures, taking into account legal advice where appropriate. Any subsequent recoveries made are recognized as income in the Consolidated Statements of Income and Comprehensive Income. For additional information, see Note 2. Accounts Receivable. F. Inventories Inventories are valued primarily using weighted average cost and first-in-first-out in certain limited locations. Inventory is stated at the lower of average cost or net realizable value. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in the Consolidated Statements of Income and Comprehensive Income in the period in which it occurs. We utilize a variety of fuel indices and other indicators to calculate the net realizable value. The cost of inventory includes fuel purchase costs, any related transportation or distribution costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship. G. Business Combinations A business combination occurs when an entity obtains control of a business by acquiring its net assets, or some or all of its equity interests. Before applying the acquisition method, we determine whether a transaction meets the definition of a business combination. For a transaction to be accounted for as a business combination, the entity or net assets acquired must meet the definition of a business as defined in ASC 805. Under the acquisition method, the purchase price is allocated to all identifiable assets acquired, all liabilities assumed and any noncontrolling interest at the fair value as of the acquisition date. Any residual difference with the consideration transferred is recognized as Goodwill. Goodwill arises because the purchase price paid reflects numerous factors, including the strategic value and expected synergies that the acquisition would bring to our existing operations. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. If the assets acquired do not meet the definition of a business, we account for the transaction as an asset acquisition in which goodwill is not recognized, but rather any residual difference with the consideration transferred is allocated on a relative fair value basis to all qualifying identifiable net assets acquired. For additional information, see Note 3. Acquisitions and Divestitures. H. Fair Value Fair value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical transaction between market participants at the measurement date. We calculate fair value using various methodologies, depending on the type of assets, including the income approach (e.g., based on the present value of estimated future cash flows), the market approach, the cost approach, or a combination thereof. The unique characteristics of an asset or liability and the availability of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. We measure fair value using observable and unobservable inputs. We give the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). We apply the following fair value hierarchy: •Level 1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities. •Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices; and inputs that are not directly observable but are corroborated by observable market data. •Level 3 – Inputs that are unobservable. For additional information, see Note 5. Fair Value Measurements. I. Derivatives Our derivative contracts, except for those designated as normal purchase normal sale, are recognized at their estimated fair market value. The fair value of our derivatives is derived using observable and certain unobservable inputs, such as basis differentials, which are based on the difference between the historical prices of our prior transactions and underlying observable data; and incorporates the effect of nonperformance risk. If the derivative instrument is not designated as a hedge, changes in the estimated fair market value are recognized as a component of Revenue, Cost of revenue or Other income (expense), net (based on the underlying transaction type) in the Consolidated Statements of Income and Comprehensive Income. Derivatives that qualify for hedge accounting may be designated as either a fair value or cash flow hedge. At the inception, and on an ongoing basis, we assess the hedging relationship to determine its effectiveness in offsetting changes in cash flows or fair value attributable to the hedged risk. For our fair value hedges, changes in the estimated fair market value of the hedging instrument and the hedged item are recognized in the same line item as the underlying transaction type in the Consolidated Statements of Income and Comprehensive Income. For our cash flow hedges, the changes in the fair market value of the hedging instrument are initially recognized in other comprehensive income as a separate component of shareholders’ equity and subsequently reclassified into the same line item as the underlying forecasted transaction in the Consolidated Statements of Income and Comprehensive Income when both are settled or deemed probable of not occurring. Cash flows of derivatives that do not contain an other-than-insignificant financing element and are designated in cash flow or fair value hedges are classified in the same category as the cash flow from the hedged items in our Consolidated Statements of Cash Flows. If for any reason hedge accounting is discontinued, then any cash flows subsequent to the date of discontinuance will be classified in a manner consistent with the nature of the instrument. Cash flows related to all other non-hedging derivatives are classified in accordance with the nature of the derivative instrument and how it is used in the context of the entity’s business. For additional information, see Note 4. Derivative Instruments. J. Property and Equipment Property and equipment are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily by using the straight-line method over the estimated useful lives of the assets. Costs of major additions and improvements are capitalized while expenditures for maintenance and repairs, which do not extend the life of the asset, are expensed. Upon sale or disposition of property and equipment, the cost and related accumulated depreciation and amortization are eliminated from the accounts and any resulting gain or loss is credited or charged to income. Long-lived assets held and used by us (including property and equipment) are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Purchases of computer software and external costs and certain internal costs directly associated with developing significant computer software applications for internal use are capitalized within property and equipment, which also includes hosting arrangements when we have the contractual right to take possession of the software at any time during the hosting period and it is feasible for us to either run the software in our own hardware or contract with another unrelated party to host the software. Amortization of such costs is calculated primarily by using the straight-line method over the estimated useful life of the software. For additional information, see Note 9. Property and Equipment. K. Goodwill Goodwill is evaluated for impairment at the reporting unit level as of December 31 of each year, or more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. We have the option to perform a qualitative assessment of goodwill rather than completing the quantitative impairment test. Under this qualitative assessment, if we conclude it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, no further analysis is needed. To perform the quantitative impairment test, we compare the fair value of each reporting unit to its respective carrying amount, including goodwill. In calculating the fair value, we use a combination of both an income and market approach. Under the market approach, we use a selection of global companies that correspond to each reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of each reporting unit based on the present value of estimated future cash flows. The estimated future cash flows are based on the best information available as of the testing date, including our annual operating plan that is approved by our Board of Directors. The estimated cash flows are discounted using rates that correspond to a weighted-average cost of capital consistent with those used internally for investment decisions. All our estimates are considered supportable assumptions that are based on a number of factors including industry experience, internal benchmarks and the economic environment. We believe these assumptions are reasonable and are consistent with those we believe a market participant would use. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets. L. Identifiable Intangible Assets In connection with our acquisitions, we recognize identifiable intangible assets at fair value. After the initial recognition of the asset, the accounting treatment depends on the period over which the asset is expected to contribute directly or indirectly to the future cash flows of the company. Identifiable intangible assets with finite useful lives are amortized over their estimated useful lives and are assessed for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Intangible assets with indefinite useful life are not subject to amortization but are tested for impairment at least annually during the fourth quarter. This analysis generally involves the use of qualitative and quantitative information to conclude whether the fair value is greater than or equal to the carrying value. For additional information, see Note 6. Goodwill and Identifiable Intangible Assets. M. Investments We hold investments accounted for under the equity method as we have the ability to exercise significant influence over the operating and financial policies of the investee, but do not have control. The carrying amount of an equity method investment is increased to reflect our share of income and is reduced to reflect our share of losses of the investee, dividends received and other-than-temporary impairments. Investments accounted for under the equity method are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We assess our intent and/or ability to recover the carrying amount of the investment over a long period. However, if the fair value of the investment is less than its carrying amount, and the investment will not recover in the near term, then an other-than-temporary impairment is recognized. Impairments of investments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income. N. Revenue Recognition The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. We generally recognize fuel sales and services revenue on a gross basis as we have control of the products or services before they are delivered to our customers. In drawing this conclusion, we considered various factors, including inventory risk management, latitude in establishing the sales price, discretion in the supplier selection and that we are normally the primary obligor in our sales arrangements. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. Revenue from services, including energy procurement advisory services and international trip planning support, are recognized over the contract period when services have been performed and we have the right to invoice for those services. Under long term contracts with customers, we may provide upfront payments that are not in exchange for a distinct good or service to be provided to us. The consideration paid to the customer is accounted for as a reduction of the transaction price, and therefore revenue, at the date the related goods are transferred to the customer. Consideration received from our vendors that is not in exchange for a distinct good or service and is not a reimbursement of costs is accounted for as a reduction of the purchase price of the goods or services. Shipping and handling related fees incurred before control of the goods or services are transferred to the customer, are considered activities to fulfill the promise and not a separately promised service. When we coordinate shipping and handling activities after our customer obtains control of goods or services, we have elected to account for these shipping and handling costs as activities to fulfill the promise to transfer the goods. We have elected not to adjust the contract consideration for the effect of a significant financing component for any contract in which the period between when the Company transfers the promises in the contract and when the customer pays is a year or less. In addition, we have elected to exclude from the transaction price the amount of certain taxes assessed by a government authority that we collect (or recover) from our customer and remit in connection with our sales transactions, such as certain sales or excise taxes. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations when the transaction price is only estimated for disclosures purpose, including contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. Also, we have elected to apply the exemption for contracts with fixed consideration and original expected duration of less than one year. For additional information, see Note 10. Revenue from Contracts with Customers. O. Share-Based Payment Awards We account for share-based payment awards on a fair value basis of the equity instrument issued. Under fair value accounting, the grant-date fair value of the share-based payment award is amortized as compensation expense, on a straight-line basis, over the service period (generally, the vesting period) for both graded and cliff vesting awards. We have elected to account for forfeitures as they occur. For additional information, see Note 13. Shareholders' Equity. P. Foreign Currency Generally, the functional currency of our subsidiaries is the U.S. dollar, except for certain foreign subsidiaries which utilize their respective local currency as their functional currency. Monetary assets and liabilities denominated in a currency that is different from the functional currency are remeasured from the applicable currency to the functional currency using month-end exchange rates. Foreign currency transaction gains and losses are included in other income (expense), net, in the accompanying Consolidated Statements of Income and Comprehensive Income in the period incurred. Revenues and expenses of the subsidiaries that have a functional currency other than the U.S. dollar have been translated into U.S. dollars at average exchange rates prevailing during the period. The assets and liabilities of these subsidiaries have been translated at the rates of exchange on the balance sheet dates. The resulting translation gain and loss adjustments are recorded in Accumulated Other Comprehensive Income as a separate component of Shareholders’ Equity. Q. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date. Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels. The remaining carrying value of our deferred tax assets, after recording the valuation allowance on our deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income in certain tax jurisdictions to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all of the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions. For additional information, see Note 11. Income Taxes. R. Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to World Kinect and available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to World Kinect and available to common shareholders by the sum of the weighted average number of shares of common stock outstanding for the period and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include share-based compensation awards, such as restricted stock subject to forfeitable dividends, non-vested restricted stock units ("RSUs"), performance stock units where the performance requirements have been met, and settled stock appreciation rights awards ("SSARs"), as well as the Convertible Notes discussed in Note 8. Debt, Interest Income, Expense, and Other Finance Costs. The dilutive effect of potentially dilutive share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method, unless its impact is anti-dilutive. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities. The dilutive effect of the Convertible Notes is determined by application of the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extend that the effect is dilutive. The Convertible Notes would have a dilutive impact when the average market price of the Company's common stock for a given period exceeds the respective conversion price of the Convertible Notes. For additional information, see Note 17. Earnings per Common Share. S. Leases We determine if an arrangement is a lease at contract inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration. As a lessee, we account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. We have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities. We assess right-of-use assets for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairments are classified as Asset impairments within the Consolidated Statements of Income and Comprehensive Income. For additional information, see Note 14. Leases. T. Loss Contingencies In determining whether an accrual for a loss contingency is required, we first assess the likelihood of occurrence of the future event or events that will confirm the loss. When a loss is probable (the future event or events are likely to occur) and the amount of the loss can be reasonably estimated, the estimated loss is accrued. If the reasonable estimate of the loss is a range and an amount within the range appears to be a better estimate than any other amount within the range, that amount is accrued. However, if no amount within the range is a better estimate, the minimum amount in the range should be accrued. When a loss is reasonably possible (the chance of the future event or events occurring is more than remote but less than likely), no accrual is recognized. For additional information, see Note 11. Income Taxes and Note 12. Commitments and Contingencies.

Shareholders' Equity - SSAR Awards (Details) - SSAR Awards - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SSAR Awards
Balance at the beginning of the period (in shares)	0.3	0.5	1.3
Exercised (in shares)		(0.2)
Expired (in shares)	0.1		0.1
Forfeited (in shares)			(0.6)
Balance at the end of the period (in shares)	0.1	0.3	0.5	1.3
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 26.09	$ 26.35	$ 28.78
Exercised (in dollars per share)		26.40
Expired (in dollars per share)	29.68		36.25
Forfeited (in dollars per share)			29.58
Balance at the end of the period (in dollars per share)	$ 23.39	$ 26.09	$ 26.35	$ 28.78
Aggregate Intrinsic Value	$ 0.6	$ 0.0	$ 0.8	$ 0.6
Weighted Average Remaining Contractual Life (in Years)	2 months 12 days	9 months 18 days	10 months 24 days	1 year 10 months 24 days
SSAR Awards Exercisable
SSAR Awards (in shares)	0.1	0.3	0.4	0.4
Weighted Average Exercise Price (in dollars per share)	$ 23.39	$ 26.09	$ 27.43	$ 29.18
Aggregate Intrinsic Value	$ 0.6	$ 0.0	$ 0.3	$ 0.2
Weighted Average Remaining Contractual Life (in Years)	2 months 12 days	9 months 18 days	6 months	1 year
Exercises in Period Intrinsic Value		$ 0.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 22.5	$ 18.3
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	0.1	0.1
Preferred stock, shares issued (in shares)	0.0	0.0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100.0	100.0
Common stock, shares issued (in shares)	56.7	59.8
Common stock, shares outstanding (in shares)	56.7	59.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
United States	$	(20.5)	$	(34.8)	$	(90.3)
Foreign	116.1		101.5		235.4
Income (loss) before income taxes	$	95.5	$	66.7	$	145.1

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,
	2024		2023		2022
Current:
U.S. federal statutory tax	$	8.4	$	8.9	$	4.2
State	1.8		2.4		2.2
Foreign	40.1		23.4		42.9
Current income tax expense (benefit)	50.2		34.8		49.2
Deferred:
U.S. federal statutory tax	(3.3)		(12.7)		(4.6)
State	(1.3)		(1.1)		0.6
Foreign	(10.6)		(16.9)		(14.5)
Deferred income tax expense (benefit)	(15.3)		(30.7)		(18.5)
Non-current tax expense (income) (1)	(7.4)		8.9		(1.5)
Total provision for income taxes	$	27.6	$	13.0	$	29.2

(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,
	2024		2023		2022
Tax provision based on U.S. federal statutory tax rate	$	20.1	$	14.0	$	30.5
Foreign rates varying from federal statutory tax rate	(0.2)		(1.5)		(5.4)
State income taxes, net of U.S. federal income tax benefit	2.2		7.5		0.7
U.S. taxes on foreign earnings and other tax reform impacts	10.3		9.4		29.7
Uncertain tax positions	(7.4)		8.9		(1.5)
Statutory adjustments, including foreign currency and tax rate changes	4.9		(9.2)		(3.8)
Non-taxable interest income & non-deductible interest expense	0.5		(3.3)		2.1
Valuation allowances	4.0		(10.9)		(13.3)
Non-deductible officer compensation	1.2		1.8		1.0
Withholding tax	10.0		8.0		7.8
Foreign tax credit	(18.6)		(13.2)		(25.0)
Sale of Avinode business	12.4		—		—
Sale of Brazil business	(6.0)		—		—
Worthless stock deduction	(6.2)		—		—
Other	0.6		1.5		6.6
Total provision for income taxes	$	27.6	$	13.0	$	29.2

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,
	2024		2023
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses	$	10.1	$	15.8
Net operating loss	62.5		69.1
Accrued and other share-based compensation	22.7		26.0
U.S. foreign income tax credits	29.3		15.8

Interest expense limitations	75.2		45.8
Other	9.0		7.1
Total gross deferred tax assets	208.9		179.6
Less: Valuation allowance (1)	16.8		15.2
Gross deferred tax assets, net of valuation allowance	192.0		164.5
Gross Deferred Tax Liabilities:
Depreciation	(33.6)		(32.2)
Goodwill and intangible assets	(108.1)		(84.4)
Unrealized foreign exchange, derivatives, and cash flow hedges	(1.8)		(6.7)
Deferred tax costs on foreign unrepatriated earnings	(10.1)		(12.0)
Other	(5.2)		(4.9)
Total gross deferred tax liabilities	(158.8)		(140.3)
Net deferred tax liability	$	—	$	—
Net deferred tax asset	$	33.2	$	24.2
Reported on the Consolidated Balance Sheets as:
Other non-current assets for deferred tax assets, non-current	$	78.8	$	83.4
Other long-term liabilities, net for deferred tax liabilities, non-current	$	45.6	$	59.2

Summary of Operating Loss Carryforwards

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


Net Operating Loss	Expiration Date	Deferred Tax Asset
US States	2026-2044	$	9.3
US States	Indefinite	5.3
Foreign	2025-2044	8.7
Foreign	Indefinite	39.3
Total		$	62.5

Summary of income tax concessions

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


	Year Ended December 31,
	2024		2023		2022
Singapore tax concession impact on foreign income tax	$	(2.5)	$	(2.1)	$	(3.3)
Impact on basic earnings per share	$	(0.04)	$	(0.03)	$	(0.05)
Impact on diluted earnings per share	$	(0.04)	$	(0.03)	$	(0.05)

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):


	2024		2023		2022
Gross Unrecognized Tax Liabilities – opening balance	$	73.1	$	68.1	$	75.1
Gross increases – tax positions in prior period	1.5		7.7		2.2
Gross decreases – tax positions in prior period	(8.8)		(0.4)		(8.0)
Gross increases – tax positions in current period	2.2		1.4		2.0

Settlements	(3.0)		(0.5)		(1.6)
Payments	—		—		1.6
Lapse of statute of limitations	(3.1)		(3.2)		(3.3)
Gross Unrecognized Tax Liabilities – ending balance	$	61.8	$	73.1	$	68.1

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	2013-2021	2020-2024
United States	None	2020-2024
United Kingdom	None	2020-2024
Singapore	None	2021-2024
Other non-U.S.	None	2014-2024

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

The amount of property and equipment and their respective estimated useful lives are as follows (in millions):


	As of December 31,				Estimated
	2024		2023		Useful Lives
Land	$	81.4	$	81.9	Indefinite
Buildings and leasehold improvements	110.2		108.4		3 - 40 years
Office equipment, furniture and fixtures	20.9		14.1		3 - 9 years
Computer equipment and software costs	301.4		329.2		3 - 9 years
Machinery, equipment and vehicles (1)	475.1		433.4		3 - 40 years
Total property and equipment	989.1		966.9
Less: Accumulated depreciation and amortization (1)	475.8		451.6
Total property and equipment, net	$	513.3	$	515.3

(1)Includes right of use assets associated with finance leases. See Note 14. Leases for additional information.

Schedule of amount of computer software costs, including capitalized internally developed software costs


	As of December 31,
	2024		2023
Computer software costs	$	260.8	$	289.2
Less: Accumulated amortization	171.7		175.0
Computer software costs, net	$	89.1	$	114.2

Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to World Kinect	$ 67.4	$ 52.9	$ 114.1
Denominator:
Weighted average common shares for basic earnings per common share (in shares)	59.0	61.4	62.3
Effect of dilutive securities (in shares)	0.5	0.3	0.4
Weighted average common shares for diluted earnings per common share (in shares)	59.5	61.7	62.7
Basic earnings (loss) per common share (in dollars per share)	$ 1.14	$ 0.86	$ 1.83
Diluted earnings (loss) per common share (in dollars per share)	$ 1.13	$ 0.86	$ 1.82
Weighted average securities which are not included in the calculation of diluted earnings per common share because their impact is anti-dilutive or their performance conditions have not been met (in shares)	1.1	1.3	1.5

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Discontinued Operations and Disposal Groups - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business, net of divested cash	$ 209.0	$ 9.3	$ 0.0
(Gain) loss on sale of business	(15.2)	2.2	(7.7)
Provision for income taxes	(27.6)	$ (13.0)	$ (29.2)
Disposal Group, Not Discontinued Operations [Member] \| Avinode Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business, net of divested cash	200.1
(Gain) loss on sale of business	96.0
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)	(17.1)
Provision for income taxes	(12.4)
Disposal Group, Not Discontinued Operations [Member] \| Brazil Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business, net of divested cash	8.9
(Gain) loss on sale of business	(111.2)
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses)	(80.0)
Provision for income taxes	$ 6.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance lease cost:
Amortization of right-of-use assets	$ 10.4	$ 4.0	$ 4.2
Interest on lease liabilities	2.3	0.7	0.6
Operating lease cost	46.3	44.8	47.6
Short-term lease cost	27.9	27.1	22.6
Variable lease cost	8.3	8.6	6.9
Sublease income	(14.9)	(14.5)	(12.1)
Total lease cost	$ 80.4	$ 70.6	$ 69.9

Supplier Finance Programs (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Supplier Finance Programs

The rollforward of our outstanding obligations confirmed under our supplier finance programs, included in Accounts payable within our Consolidated Balance Sheets, is as follows (in millions):


	2024
Confirmed obligations outstanding as of January 1,	$	198.8
Obligations confirmed during the period	1,213.1
Confirmed invoices paid during the period	(1,243.1)
Confirmed obligations outstanding as of December 31,	$	168.8

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses	$ 10.1	$ 15.8
Net operating loss	62.5	69.1
Accrued and other share-based compensation	22.7	26.0
U.S. foreign income tax credits	29.3	15.8
Interest expense limitations	75.2	45.8
Other	9.0	7.1
Total gross deferred tax assets	208.9	179.6
Less: Valuation allowance	16.8	15.2
Gross deferred tax assets, net of valuation allowance	192.0	164.5
Gross Deferred Tax Liabilities:
Depreciation	(33.6)	(32.2)
Goodwill and intangible assets	(108.1)	(84.4)
Unrealized foreign exchange, derivatives, and cash flow hedges	(1.8)	(6.7)
Deferred tax costs on foreign unrepatriated earnings	(10.1)	(12.0)
Other	(5.2)	(4.9)
Total gross deferred tax liabilities	(158.8)	(140.3)
Net deferred tax liability	0.0	0.0
Net deferred tax asset	33.2	24.2
Reported on the Consolidated Balance Sheets as:
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense	4.0
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction	(2.3)
Other Noncurrent Assets
Reported on the Consolidated Balance Sheets as:
Other non-current assets for deferred tax assets, non-current	78.8	83.4
Other long-term liabilities
Reported on the Consolidated Balance Sheets as:
Other long-term liabilities, net for deferred tax liabilities, non-current	$ 45.6	$ 59.2

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets:
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]
Operating lease assets	$ 172.5	$ 180.5
Finance lease assets	$ 29.4	$ 15.5
Liabilities:
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]
Operating lease liability - current	$ 32.1	$ 32.2
Operating lease liability - long-term	144.1	157.9
Finance lease liability - current	7.6	3.2
Finance lease liability - long-term	$ 22.4	$ 12.4

Debt, Interest Income, Expense, and Other Finance Costs (Tables)

12 Months Ended

Dec. 31, 2024

Debt, Interest Income, Expense and Other Finance Costs [Abstract]

Schedule of debt

Our outstanding debt consists of the following (in millions):


	As of December 31,
	2024		2023
Credit Facility	$	—	$	—
Term Loan	455.3		476.4
Convertible Notes (1)	340.9		338.5
Finance leases (2)	29.9		15.7
Other (3)	54.7		57.3
Total debt	880.8		887.9
Less: Current maturities of long-term debt and finance leases	84.0		78.8
Long-term debt	$	796.8	$	809.1

(2)See Note 14. Leases for additional information.

(3)Includes secured borrowings for the transfer of tax receivables of $50.3 million (EUR 48.5 million) and $53.6 million (EUR 48.5 million) as of December 31, 2024 and 2023, respectively.

Schedule of aggregate annual maturities of debt

As of December 31, 2024, the aggregate annual maturities of debt are as follows (in millions):


Year Ended December 31,
2025	$	81.5
2026	38.6
2027	406.5
2028	350.9
2029	1.5
Thereafter	1.7
Total	$	880.8

Schedule of interest expense and other financing costs, net

The following table provides additional information about our interest income (expense), and other financing costs, net (in millions):


	Year Ended December 31,
	2024		2023		2022
Interest income	$	13.8	$	7.8	$	6.8
Interest expense and other financing costs	(116.0)		(135.5)		(117.4)
Interest expense and other financing costs, net	$	(102.2)	$	(127.7)	$	(110.6)

Derivative Instruments - Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	$ 499.6	$ 840.7
Gross Derivative Liabilities	401.6	697.8
Commodity contracts:
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	467.6	791.8
Gross Derivative Liabilities	378.7	669.1
Foreign currency exchange contracts:
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	29.1	34.1
Gross Derivative Liabilities	22.9	28.7
Interest rate contract:
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	2.9	14.8
Derivatives designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	20.8	39.9
Gross Derivative Liabilities	22.4	20.9
Derivatives designated as hedging instruments \| Commodity contracts: \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	4.0	0.0
Gross Derivative Liabilities	3.5	0.0
Derivatives designated as hedging instruments \| Commodity contracts: \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	13.9	24.8
Gross Derivative Liabilities	18.9	20.9
Derivatives designated as hedging instruments \| Commodity contracts: \| Other Noncurrent Assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	0.3
Gross Derivative Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Interest rate contract: \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	2.9	12.7
Gross Derivative Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Interest rate contract: \| Other Noncurrent Assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.0	2.2
Gross Derivative Liabilities	0.0	0.0
Derivatives not designated as hedging instruments
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	478.9	800.8
Gross Derivative Liabilities	379.2	676.8
Derivatives not designated as hedging instruments \| Commodity contracts: \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	230.8	343.9
Gross Derivative Liabilities	65.7	73.1
Derivatives not designated as hedging instruments \| Commodity contracts: \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	86.7	161.8
Gross Derivative Liabilities	174.4	340.0
Derivatives not designated as hedging instruments \| Commodity contracts: \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	62.8	121.2
Gross Derivative Liabilities	95.6	217.9
Derivatives not designated as hedging instruments \| Commodity contracts: \| Other Noncurrent Assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	69.4	139.8
Gross Derivative Liabilities	20.5	17.2
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Short-term derivative assets, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	23.3	24.7
Gross Derivative Liabilities	15.1	9.8
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Short-term derivative liabilities, net
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	5.1	8.7
Gross Derivative Liabilities	6.9	18.3
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Other long-term liabilities
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.1	0.0
Gross Derivative Liabilities	0.6	0.0
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts: \| Other Noncurrent Assets
Information about derivative instruments measured at fair value and their locations on the consolidated balance sheet
Gross Derivative Assets	0.7	0.6
Gross Derivative Liabilities	$ 0.3	$ 0.5