Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 95

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 95
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$14.0 $30.5 Foreign rates varying from federal statutory tax rate(0.2)(1.5)(5.4)State income taxes, net of U.S. federal income tax benefit2.2 7.5 0.7 U.S. taxes on foreign earnings and other tax reform impacts10.3 9.4 29.7 Uncertain tax positions(7.4)8.9 (1.5)Statutory adjustments, including foreign currency and tax rate changes4.9 (9.2)(3.8)Non-taxable interest income & non-deductible interest expense0.5 (3.3)2.1 Valuation allowances4.0 (10.9)(13.3)Non-deductible officer compensation1.2 1.8 1.0 Withholding tax10.0 8.0 7.8 Foreign tax credit(18.6)(13.2)(25.0)Sale of Avinode business12.4 — — Sale of Brazil business(6.0)— — Worthless stock deduction(6.2)— — Other0.6 1.5 6.6 Total provision for income taxes$27.6 $13.0 $29.2 For the year ended December 31, 2024, our income tax provision was $27.6 million and our effective income tax rate was 28.9%. Our income tax provision for the year ended December 31, 2024 includes a net discrete income tax expense of $3.2 million, of which a net tax expense of $12.4 million relates to the tax on gain from the Avinode sale and a net tax expense of $3.0 million relates to worldwide return-to-provision adjustments, partially offset by a net tax benefit of $8.4 million related to remeasurement of uncertain tax positions as well as a net tax benefit of $4.4 million related to the tax loss from the Brazil sale.For the year ended December 31, 2023, our income tax provision was $13.0 million and our effective income tax rate was 19.5%. Our income tax provision for the year ended December 31, 2023 included a net discrete income tax benefit of $5.4 million, of which a benefit of $7.