Company: WKC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0000789460-25-000019
Chunk: 97

Company: WORLD KINECT CORP
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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 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):UnitJune 30, 2025Commodity contractsLongBBL70.9 ShortBBL(75.4)Foreign currency exchange contractsSell U.S. dollar, buy other currenciesUSD(472.2)Buy U.S. dollar, sell other currenciesUSD643.4 The majority of our foreign currency exchange contracts and the volume related to our commodities contracts are expected to settle within the next twelve months.

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Assets and LiabilitiesThe following table presents the gross fair value of our derivative instruments and their locations on the Condensed Consolidated Balance Sheets (in millions):Condensed Consolidated Balance Sheets LocationGross Derivative AssetsGross Derivative LiabilitiesDerivative InstrumentsJune 30, 2025December 31, 2024June 30, 2025December 31, 2024Derivatives designated as hedging instrumentsCommodity contractsShort-term derivative assets, net$— $4.0 $— $3.5 Short-term derivative liabilities, net16.2 13.9 13.1 18.9 Interest rate contractsShort-term derivative assets, net— 2.9 — — Total derivatives designated as hedging instruments16.2 20.8 13.1 22.4 Derivatives not designated as hedging instrumentsCommodity contractsShort-term derivative assets, net173.6 230.8 37.2 65.7 Other non-current assets50.0 69.4 8.0 20.5 Short-term derivative liabilities, net101.9 86.7 178.0 174.4 Other long-term liabilities60.1 62.8 81.9 95.6 Foreign currency contractsShort-term derivative assets, net1.6 23.3 1.1 15.1 Other non-current assets— 0.7 — 0.3 Short-term derivative liabilities, net18.1 5.1 30.2 6.9