Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 94

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 94
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 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.

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11. Income Taxes

Income Tax Provision (Benefit)U.S. and foreign income before income taxes consist of the following (in millions):Year Ended December 31,202420232022United States$(20.5)$(34.8)$(90.3)Foreign116.1 101.5 235.4 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 31,202420232022Current:U.S. federal statutory tax$8.4 $8.9 $4.2 State1.8 2.4 2.2 Foreign40.1 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.

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Income Tax Rate ReconciliationA 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 31,202420232022Tax provision based on U.S. federal statutory tax rate$20.1