Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 74

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 74
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 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):202420232022Balance as of January 1,$20.8 $17.3 $29.8 Charges to allowance for credit losses12.0 4.7 7.7 Write-off of uncollectible receivables(10.6)(1.5)(22.3)Recoveries of credit losses2.0 0.3 1.5 Translation adjustments(0.5)(0.1)0.6 December 31,$23.7 $20.8 $17.3 

Receivable Purchase AgreementsWe 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.

3. Acquisitions and Divestitures2024 DivestituresOn 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