Company: WKC
Filing Date: 2025-04-25
Form Type: 10-Q
Source: 0001628280-25-019852
Chunk: 82

Company: WORLD KINECT CORP
Filing Date: 2025-04-25
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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(2)Our 3.250% Convertible Senior Notes due 2028 (the "Convertible Notes") were issued in June 2023 and mature on July 1, 2028, unless earlier converted, redeemed or repurchased. As of March 31, 2025 and December 31, 2024, the net carrying amount of the Convertible Notes includes the aggregate principal amount of $350.0 million, net of unamortized debt issuance costs of $8.5 million and $9.1 million, respectively. As of March 31, 2025 and December 31, 2024, the fair value of the Convertible Notes was estimated to be approximately $403.3 million and $395.7 million, respectively, using the Level 2 observable input of quoted market prices in an inactive market.(3)Includes secured borrowings for the transfer of tax receivables of $52.5 million (EUR 48.5 million) and $50.3 million (EUR 48.5 million) as of March 31, 2025 and December 31, 2024, respectively.

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Interest Income, Expense, and Other Financing CostsThe following table provides additional information about our Interest income (expense), and other financing costs, net (in millions):For the Three Months Ended March 31,20252024Interest income$3.7 $2.0 Interest expense and other financing costs(26.6)(30.9)Interest expense and other financing costs, net$(22.9)$(28.9)

8. Commitments and ContingenciesOn November 23, 2023, one of our subsidiaries submitted an erroneous bid in the Finnish power market. During the fourth quarter of 2023, the Company recognized related extraordinary losses totaling $48.8 million, which are principally reported within Cost of revenue on the Condensed Consolidated Statements of Income and Comprehensive Income. In December 2023, the subsidiary received a request for information from Energiavirasto, the Finnish energy regulatory authority ("EA") indicating that EA had initiated an investigation in relation to the events surrounding the erroneous bid submission. We have responded to the information requests and continue to cooperate with the investigation. At this time, we are unable to predict the outcome of this investigation, including whether the investigation will result in any action, proceeding or fine against us.We are also a party to various claims, complaints and proceedings arising in the ordinary course of