Company: WKC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007620
Chunk: 91

Company: WORLD KINECT CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 91
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, related to the 3.250% coupon rate and $2.4 million and $1.2 million, respectively, from the amortization of debt issuance costs.

9. Property and EquipmentThe amount of property and equipment and their respective estimated useful lives are as follows (in millions):As of December 31,Estimated20242023Useful LivesLand$81.4 $81.9 IndefiniteBuildings and leasehold improvements110.2 108.4 3 - 40 yearsOffice equipment, furniture and fixtures20.9 14.1 3 - 9 yearsComputer equipment and software costs301.4 329.2 3 - 9 yearsMachinery, equipment and vehicles (1)475.1 433.4 3 - 40 yearsTotal property and equipment989.1 966.9 Less: Accumulated depreciation and amortization (1)475.8 451.6 Total property and equipment, net$513.3 $515.3 (1)Includes right of use assets associated with finance leases. See Note 14. Leases for additional information.For 2024, 2023 and 2022, we recorded depreciation expense of $72.3 million, $68.3 million and $64.4 million, respectively.

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The amount of computer software costs, including capitalized internally developed software costs and certain hosting arrangement costs, included in property and equipment are as follows (in millions):As of December 31,20242023Computer software costs$260.8 $289.2 Less: Accumulated amortization171.7 175.0 Computer software costs, net$89.1 $114.2 Included in capitalized computer software costs are costs incurred in connection with software development in progress of $0.1 million and $0.9 million as of December 31, 2024 and 2023, respectively. For 2024, 2023 and 2022, we recorded amortization expense related to computer software costs of $23.2 million, $25.4 million and $21.0 million, respectively.

10. Revenue from Contracts with CustomersThe majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Our contracts with customers, which are primarily master sales agreements in combination with different types of nominations or standalone agreements, generally require us to