Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 84

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 84
---
 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.

6. Goodwill and Identifiable Intangible Assets

GoodwillThe following table provides information regarding changes in goodwill (in millions):AviationSegmentLandSegmentTotalAs 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 goodwill0.6 5.3 5.9 As of December 31, 2023398.3 839.7 1,238.0 2024 acquisitions (1)17.5 —