Company: WKC
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0000789460-25-000030
Chunk: 104

Company: WORLD KINECT CORP
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 8
Chunk 104
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$70.8 Foreign currency contracts11.4 8.6 2.8 — — 2.8 Total liabilities at fair value$312.8 $229.8 $83.1 $9.4 $— $73.6 Fair Value as of December 31, 2024Gross Amounts RecognizedGross Amounts OffsetNet Amounts PresentedCash CollateralGross Amounts without Right of OffsetNet AmountsAssets:Commodities contracts$467.6 $253.2 $214.4 $0.1 $— $214.3 Interest rate contract2.9 — 2.9 — — 2.9 Foreign currency contracts29.1 20.7 8.5 — — 8.5 Total assets at fair value$499.6 $273.9 $225.8 $0.1 $— $225.6 Liabilities:Commodities contracts$378.7 $253.2 $125.5 $12.1 $— $113.4 Foreign currency contracts22.9 20.7 2.3 — — 2.3 Total liabilities at fair value$401.6 $273.9 $127.8 $12.1 $— $115.6 At September 30, 2025 and December 31, 2024, we did not present any amounts gross on our Condensed Consolidated Balance Sheets where we had the right of offset.

Concentration of Credit RiskOur individual over-the-counter ("OTC") counterparty exposure is managed within predetermined credit limits and includes the use of cash-call margins when appropriate, thereby reducing the risk of significant nonperformance. At September 30, 2025, one of our counterparties with a total exposure of $15.4 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held no cash collateral.

Nonrecurring Fair Value MeasurementsDuring the first quarter of 2025, we identified an impairment indicator with respect to the Watson Fuels asset group within our land segment. We determined that the carrying amount was not recoverable and recognized an asset impairment charge of $44.5 million during the three months ended March 31, 2025. The impairment is recorded