World Kinect Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>World Kinect Corp has submitted its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

WORLD KINECT CORP (WKC) filed a Annual Report (10-K) with the SEC on February 23, 2024. World Kinect Corp filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Miami, Florida. World Kinect Corp was formerly known as World Fuel Services Corp. The SIC code for the company is 5172, indicating wholesale of petroleum and petroleum products.

Why It Matters

For investors and stakeholders tracking WORLD KINECT CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of World Kinect Corp's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess the company's performance and future outlook. As a wholesale distributor of petroleum products, understanding World Kinect Corp's annual report is vital for market participants to gauge its position within the energy sector and its ability to navigate market fluctuations and regulatory changes.

Risk Assessment

Risk Level: medium — WORLD KINECT CORP shows moderate risk based on this filing. The company operates in the wholesale petroleum and petroleum products sector, which is subject to significant price volatility and regulatory oversight, posing inherent risks to its financial stability and operational continuity.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand World Kinect Corp's performance and potential challenges in the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the report)
• 20240223 — Filing Date (Date the report was filed)
• 5172 — SIC Code (Industry classification)

Key Players & Entities

• WORLD KINECT CORP (company) — Filer name
• 0000789460 (company) — Central Index Key
• 5172 (company) — Standard Industrial Classification
• FL (company) — State of Incorporation
• MIAMI (company) — Business Address City
• 305-428-8000 (company) — Business Phone
• WORLD FUEL SERVICES CORP (company) — Former Company Name
• INTERNATIONAL RECOVERY CORP (company) — Former Company Name

FAQ

Risk Factors

• Market Volatility [high — market]: The company's operations are subject to significant fluctuations in commodity prices, particularly for petroleum products, which can impact profitability.
• Regulatory Compliance [medium — regulatory]: The petroleum industry is subject to extensive environmental, safety, and economic regulations, non-compliance with which could result in penalties and operational disruptions.
• Supply Chain Risks [medium — operational]: Disruptions in the global supply chain for petroleum products can affect the company's ability to procure and deliver products, impacting revenue and customer relationships.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value WKC New York Stock Exchange

Filing Documents

• wkc-20231231.htm (10-K) — 2378KB
• ex1034_wkccfamendment10.htm (EX-10.34) — 45KB
• ex211_2023q4.htm (EX-21.1) — 89KB
• ex231_2023q4.htm (EX-23.1) — 2KB
• ex311_2023q4.htm (EX-31.1) — 11KB
• ex312_2023q4.htm (EX-31.2) — 11KB
• ex321_2023q4.htm (EX-32.1) — 9KB
• ex971_wkcclawbackpolicysep.htm (EX-97.1) — 50KB
• wkc-20231231_g1.jpg (GRAPHIC) — 12KB
• wkc-20231231_g2.jpg (GRAPHIC) — 32KB
• wkc-20231231_g3.jpg (GRAPHIC) — 23KB
• wkc-20231231_g4.jpg (GRAPHIC) — 644KB
• 0001628280-24-006634.txt (&nbsp;) — 16124KB
• wkc-20231231.xsd (EX-101.SCH) — 84KB
• wkc-20231231_cal.xml (EX-101.CAL) — 147KB
• wkc-20231231_def.xml (EX-101.DEF) — 419KB
• wkc-20231231_lab.xml (EX-101.LAB) — 1208KB
• wkc-20231231_pre.xml (EX-101.PRE) — 769KB
• wkc-20231231_htm.xml (XML) — 2727KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 20 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II. Item 5. Market for Registrant's Common Equity, Related S tock holder Matters and Issuer Purchases of Equity Securities 23 Item 6. [R eserve d] 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9. Changes in and Disagreements W ith Accountants on Accounting and Financial Disclosure 38 Item 9A.

Controls and Procedures

Controls and Procedures 38 Item 9B. Other Information 39 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 40 PART III. Item 10. Directors, Executive Officers and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 41 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related S tockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related S tockholder Matters 41 Item 13. Certain Relationships and Related Transactions, and Director Independence 41 Item 14. Principal Accountant Fees and Services 41 PART IV. Item 15. Exhibit and Financial Statement Schedules 42 Item 16. Form 10-K Summary 87

SIGNATURES

SIGNATURES Table of Contents PART I

Business

Item 1. Business Overview World Kinect Corporation (the "Company") was incorporated in Florida in July 1984 and along with its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10-K ("2023 10-K Report") as "World Kinect," "we," "our," and "us." In June 2023, the Company changed its name from World Fuel Services Corporation to World Kinect Corporation. We believe our new name reflects our ongoing transformation into a more resilient, diversified energy and solutions provider. Since the name change, our common stock is listed on the New York Stock Exchange under our new name as well as our new ticker symbol, "WKC." We are a global energy management company offering fulfillment and related services to more than 150,000 customers across the aviation, marine, and land-based transportation sectors. We also supply natural gas and power in the United States and Europe along with a growing suite of other sustainability-related products and services. We are a signatory to the United Nations ("U.N.") Global Compact and are focused on supporting the U.N.'s principles on human rights, labor, the environment and anti-corruption through progressing our goals and objectives. We have implemented enhancements to our policies, processes, and governance structure to further strengthen our support of environmental, health, safety, sustainability, diversity, equity and inclusion and other social responsibility issues and impacts. We conduct our operations through numerous locations both within the United States ("U.S.") and throughout various foreign jurisdictions. Our principal executive office is located at 9800 N.W. 41st Street, Miami, Florida 33178 and our telephone number at this address is 3054288000. Our internet address is https://www.world-kinect.com and the investor relations section of our website is located at https://ir.worldkinect.com. We make available free of charge, on or through the investor relations section of our website, our A

View Full Filing

View this 10-K filing on SEC EDGAR