Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 109

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 109
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) by component were as follows (in millions):Foreign Currency Translation AdjustmentsCash Flow HedgesAccumulated Other Comprehensive LossBalance as of December 31, 2022$(179.5)$18.9 $(160.6)Other comprehensive income (loss) before reclassifications19.9 2.4 22.2 Amounts reclassified from Accumulated other comprehensive income (loss)— (10.5)(10.5)Balance as of December 31, 2023(159.6)10.8 (148.9)Other comprehensive income (loss) before reclassifications (1)(29.6)3.1 (26.5)Amounts reclassified from Accumulated other comprehensive income (loss) (2)97.0 (12.6)84.4 Balance as of December 31, 2024$(92.2)$1.2 $(91.0)(1)The foreign currency translation adjustment loss for the year ended December 31, 2024 was due primarily to the effect of a stronger U.S. dollar compared to most foreign currencies, including the British Pound.(2)During the year ended December 31, 2024, cumulative translation losses were reclassified from Other comprehensive income (loss) into net income. See Note 3. Acquisitions and Divestitures for additional information.

14. LeasesWe enter into lease arrangements for the use of offices, operational facilities, vehicles, vessels, storage tanks and other assets for our operations around the world. Some of these leases are embedded within other arrangements. Some of these arrangements are for periods of twelve months or less, while others are for longer periods, and may include optional renewals, terminations or purchase options, which are considered in our assessments when they are reasonably certain to occur. In addition, certain of these arrangements contain payments based on an index, market-based escalation or volume which may impact future payments. Most of our leases typically contain general covenants, restrictions or requirements such as maintaining minimum insurance coverage.We recognized the following total lease cost related to our lease arrangements (in millions):Year Ended December 31,202420232022Finance lease cost:Amortization of right-of-use assets$10.4 $4.0 $4.2 Interest on lease liabilities2.3 0.7 0.6 Operating lease cost46.3 44.8 47.6 Short-term lease cost27.