WORLD KINECT CORP

For the period ended Dec 31, 2024. Filed Feb 25, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 25, 2025

WKC$35.34-1.4%Stored close · as of Nov 10, 2026

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Contents

(v)Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)	For the Year Ended December 31,
	2024	2023	2022
Cash flows from operating activities:
Net income (loss) including noncontrolling interest	$67.9	$53.7	$115.9
Adjustments to reconcile net income including noncontrolling interest to net cash provided by operating activities:
Unrealized (gain) loss on derivatives	24.9	(267.5)	179.9
(Gain) loss on sale of business	15.2	(2.2)	7.7
Depreciation and amortization	106.4	104.5	107.8
Noncash operating lease expense	36.0	34.7	35.0
Provision for credit losses	12.0	4.7	7.7
Share-based payment award compensation costs	28.1	24.2	17.6
Deferred income tax expense (benefit)	(15.3)	(30.7)	(18.5)
Unrealized foreign currency (gains) losses, net	30.6	(16.5)	21.7
Asset impairment charges	29.0	32.8	0.6
Other	16.6	25.2	23.2
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable, net	259.1	569.2	(870.7)
Inventories	133.0	186.8	(252.1)
Prepaid expenses	(2.3)	6.7	(25.2)
Other current assets	20.7	(30.5)	(124.2)
Cash collateral with counterparties	105.4	168.9	(252.9)
Other non-current assets	(117.7)	(88.0)	(12.3)
Change in derivative assets and liabilities, net	(3.4)	(4.7)	2.9
Accounts payable	(355.9)	(441.9)	1,107.5
Accrued expenses and other current liabilities	(164.1)	(48.0)	147.8
Other long-term liabilities	33.7	(10.1)	(80.7)
Net cash provided by (used in) operating activities	259.9	271.3	138.5
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(40.0)	(13.7)	(643.9)
Proceeds from sale of business, net of divested cash	209.0	9.3	—
Capital expenditures	(68.2)	(87.6)	(78.6)
Other investing activities, net	(36.3)	(9.1)	(2.5)
Net cash provided by (used in) investing activities	64.5	(101.1)	(724.9)
Cash flows from financing activities:
Borrowings of debt	3,844.0	5,921.8	6,944.9
Repayments of debt	(3,876.2)	(6,224.4)	(6,611.2)
Issuance of Convertible Notes	—	350.0	—
Dividends paid on common stock	(38.5)	(34.0)	(31.0)
Repurchases of common stock	(100.0)	(60.1)	(48.7)
Purchase of convertible note hedges	—	(70.5)	—
Sale of warrants	—	40.0	—
Payments of deferred consideration for acquisitions	(51.8)	(62.9)	(12.0)
Other financing activities, net	(8.0)	(12.2)	(4.6)
Net cash provided by (used in) financing activities	(230.6)	(152.4)	237.3
Effect of exchange rate changes on cash and cash equivalents	(15.2)	(12.0)	(4.7)
Net increase (decrease) in cash and cash equivalents	78.7	5.9	(353.8)
Cash and cash equivalents, as of the beginning of the period	304.3	298.4	652.2
Cash and cash equivalents, as of the end of the period	$382.9	$304.3	$298.4

CONSOLIDATED STATEMENTS OF CASH FLOWS – (CONTINUED)

(In millions)

	For the Year Ended December 31,
	2024	2023	2022
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest, net of capitalized interest	$113.6	$130.4	$113.4
Income taxes	$60.6	$61.3	$66.6

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