Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 96

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 Income for the three months ended June 30, 2024. Prior to the Avinode sale, the Avinode disposal group was reported within our aviation segment. The Avinode sale did not meet the criteria to be reported as a discontinued operation.

8

4. GoodwillThe following table provides information regarding changes in goodwill during the nine months ended September 30, 2025 (in millions):AviationSegmentLandSegmentTotalAs of December 31, 2024$354.4 $827.3 $1,181.7 Goodwill impairment— (359.0)(359.0)Adjustment for sale of business (1)— (18.2)(18.2)Other— 15.0 15.0 Foreign currency translation of non-USD functional currency subsidiary goodwill0.1 5.9 6.0 As of September 30, 2025$354.5 $471.0 $825.5 (1)See Note 3. Acquisitions and Divestitures for additional information.

Goodwill ImpairmentWe evaluate goodwill for impairment at the reporting unit level annually as of December 31, or more frequently if events or circumstances indicate that the carrying value may be impaired. During the second quarter of 2025, following our exit from the U.K. land fuels business, as part of the evolution of our strategy we completed our reassessment of the remaining business lines within the land reporting unit. Through this process, we updated key assumptions regarding certain lines of business and made related downward revisions to our long-term forecasts versus prior projections, reflecting both our efforts to optimize the land portfolio to focus on core activities with the highest return potential and the unanticipated persistence of macroeconomic pressures and underperformance against financial expectations. We determined that these circumstances indicated that it was more likely than not that the fair value of goodwill may be less than its carrying value, which required us to perform a quantitative impairment test as of June 30, 2025.We calculated the fair value of the land reporting unit using a combination of both an income and market approach. Under the market approach, we use a selection of global companies that correspond to the reporting unit to derive a market-based multiple. Under the income approach, we calculate the fair value of the 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 and current forecasts, terminal growth