Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 172

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 172
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 increase in other expenses during the year ended December 31, 2024 was primarily driven by the $111.2 million loss on sale of the Brazil disposal group, partially offset by the $96.0 million gain on the sale of Avinode, as discussed in Note 3. Acquisitions and Divestitures.

Income Taxes. For the year ended December 31, 2024, we recognized income tax expense of $27.6 million, compared to income tax expense of $13.0 million in 2023. The net increase of $14.6 million was attributable to higher pre-tax earnings, changes in the mix of our worldwide earnings, and net discrete income tax expense of $3.2 million for the year ended December 31, 2024 compared to a net discrete income tax benefit of $5.4 million for the year ended December 31, 2023. See Note 11. Income Taxes for additional information.

Aviation Segment Results of Operations

The following provides a summary of the aviation segment results of operations for the periods indicated (in millions, except price per gallon):

For the Year Ended December 31, 20242023ChangeRevenue$20,469.1 $23,275.1 $(2,806.0)Gross profit$485.5 $485.8 $(0.2)Operating expenses245.1 277.0 (31.8)Income (loss) from operations$240.4 $208.8 $31.6 Operational metrics:Aviation segment volumes (gallons)7,250.5 7,328.0 (77.6)Aviation segment average price per gallon$2.62 $2.97 $(0.36)

Revenues in our aviation segment were $20.5 billion for the year ended December 31, 2024, a decrease of $2.8 billion, or 12%, compared to the year ended December 31, 2023. The decrease in revenue was driven by lower average prices and a decrease in volumes. Average jet fuel price per gallon sold decreased by $0.36, or 12%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. Total aviation volumes decreased by 0.1 billion, or 1%, to 7.3 billion gallons, driven largely by