Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 83

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 83
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.1 19.1 15.0 — — 15.0 Total assets at fair value$840.7 $418.0 $422.7 $45.2 $— $377.5 Liabilities:Commodities contracts$669.1 $399.0 $270.1 $100.5 $— $169.7 Foreign currency contracts28.7 19.1 9.6 — — 9.6 Total liabilities at fair value$697.8 $418.0 $279.7 $100.5 $— $179.2 At December 31, 2024 and 2023, we did not present any amounts gross on our Consolidated Balance Sheets where we had the right to 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 December 31, 2024, two of our counterparties with a total exposure of $36.2 million represented over 10% of our credit exposure to OTC derivative counterparties, for which we held cash collateral of $6.7 million.

Nonrecurring Fair Value MeasurementsDuring the fourth quarter of 2023, we identified an other-than-temporary impairment indicator with respect to an equity method investment in a non-core business due to the inability of the investee to sustain an earning capacity at its pre-pandemic levels. At that time, the investment was written down to its fair value of $19.1 million (15.0 million GBP) as of December 31, 2023, resulting in the recognition of an impairment loss of $14.1 million during the three months ended December 31, 2023. During the fourth quarter of 2024, we identified an impairment indicator with respect to the same investment, as the investee continues to incur operating losses and has been unable to achieve 

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expected results. The fair value of the investment was determined to be nominal and as a result the full carrying amount of the investment was impaired. An impairment loss of $18.2 million was recognized during the three months ended December 31, 2024. The impairment losses recognized during 2024 and 2023 are recorded