WORLD KINECT CORP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
WKC$35.34-1.4%Stored close · as of Nov 10, 2026
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(v)Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (In millions) | For the Year Ended December 31, | ||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) including noncontrolling interest | $53.7 | $115.9 | $74.2 |
| Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities: | |||
| Unrealized (gain) loss on derivatives | (267.5) | 179.9 | 14.5 |
| Depreciation and amortization | 104.5 | 107.8 | 81.0 |
| Noncash operating lease expense | 34.7 | 35.0 | 31.9 |
| Provision for credit losses | 4.7 | 7.7 | 6.3 |
| Share-based payment award compensation costs | 24.2 | 17.6 | 19.6 |
| Deferred income tax expense (benefit) | (30.7) | (18.5) | (7.6) |
| Unrealized foreign currency (gains) losses, net | (16.5) | 21.7 | (2.8) |
| Asset impairment charges | 32.8 | 0.6 | 4.8 |
| Other | 23.0 | 30.8 | 13.7 |
| Changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Accounts receivable, net | 569.2 | (870.7) | (1,132.6) |
| Inventories | 186.8 | (252.1) | (135.2) |
| Prepaid expenses | 6.7 | (25.2) | (10.5) |
| Other current assets | (30.5) | (124.2) | (33.1) |
| Cash collateral with counterparties | 168.9 | (252.9) | 22.9 |
| Other non-current assets | (88.0) | (12.3) | (34.9) |
| Change in derivative assets and liabilities, net | (4.7) | 2.9 | 17.4 |
| Accounts payable | (441.9) | 1,107.5 | 1,188.8 |
| Accrued expenses and other current liabilities | (48.0) | 147.8 | 115.5 |
| Other long-term liabilities | (10.1) | (80.7) | (60.6) |
| Net cash provided by (used in) operating activities | 271.3 | 138.5 | 173.2 |
| Cash flows from investing activities: | |||
| Acquisition of business, net of cash acquired | (13.7) | (643.9) | (37.1) |
| Proceeds from sale of business, net of divested cash | 9.3 | — | 25.0 |
| Capital expenditures | (87.6) | (78.6) | (39.2) |
| Other investing activities, net | (9.1) | (2.5) | (7.1) |
| Net cash provided by (used in) investing activities | (101.1) | (724.9) | (58.3) |
| Cash flows from financing activities: | |||
| Borrowings of debt | 5,921.8 | 6,944.9 | 0.3 |
| Repayments of debt | (6,224.4) | (6,611.2) | (24.2) |
| Issuance of Convertible Notes | 350.0 | — | — |
| Dividends paid on common stock | (34.0) | (31.0) | (28.7) |
| Repurchases of common stock | (60.1) | (48.7) | (50.5) |
| Purchase of convertible note hedges | (70.5) | — | — |
| Sale of warrants | 40.0 | — | — |
| Payments of deferred consideration for acquisitions | (62.9) | (12.0) | (9.7) |
| Other financing activities, net | (12.2) | (4.6) | (0.8) |
| Net cash provided by (used in) financing activities | (152.4) | 237.3 | (113.6) |
| Effect of exchange rate changes on cash and cash equivalents | (12.0) | (4.7) | (7.8) |
| Net increase (decrease) in cash and cash equivalents | 5.9 | (353.8) | (6.6) |
| Cash and cash equivalents, as of the beginning of the period | 298.4 | 652.2 | 658.8 |
| Cash and cash equivalents, as of the end of the period | $304.3 | $298.4 | $652.2 |
CONSOLIDATED STATEMENTS OF CASH FLOWS – (CONTINUED)
(In millions)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental Disclosures of Cash Flow Information | |||
| Cash paid during the year for: | |||
| Interest, net of capitalized interest | $130.4 | $113.4 | $44.4 |
| Income taxes | $61.3 | $66.6 | $39.0 |
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