World Fuel ServicesKinect Corporation (the “Company”"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 (“2017 10‑K Report”10-K ("2023 10-K Report") as “World"World Kinect," "we," "our," and "us."

In June 2023, the Company changed its name from World Fuel” “we,” “our” Services Corporation to World Kinect Corporation. We believe our new name reflects our ongoing transformation into a more resilient, diversified energy and “us.”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 leading global fuel services company, principally engaged in the distribution of fuel and related products and services in the aviation, marine and land transportation industries. In recent years, we have expanded our product and service offerings to include energy advisory services and supply fulfillment with respect to natural gas and power and transaction and payment management solutions to commercial and industrial customers. Our intention is to become a leading global energy management company offering a full suite of energy advisory, managementfulfillment and fulfillmentrelated services and technology solutionsto more than 150,000 customers across the energy product spectrum.aviation, marine, and land-based transportation sectors. We also seek to become a leading transactionsupply natural gas and payment management company, offering payment management solutions to commercial and industrial customers, principallypower in the aviation, land and marine transportation industries.

We are a signatory to the United Kingdom (“U.K.”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.”"). See “Item 2 – Properties” for a list of principal offices by business segment and “Exhibit 21.1 – Subsidiaries of the Registrant” included in this 2017 10‑K Report for a list of our subsidiaries.

We operate in three reportable segments consisting of aviation, land, and marine. Duringmarine, where we offer fuel and related products and services to customers in these transportation industries.

Profit from our segments is generally determined by the volume and the unit margin achieved on fuel resales. Profitability in our segments also depends on our operating expenses, which may be materially affected to the extent that we are required to provide for potential credit losses. Corporate expenses are allocated to each segment based on usage, where possible, or other factors according to the nature of the years presented onactivity. We evaluate and manage our business segments using the consolidated statementsperformance measure of income and comprehensive income, none of our aviation, land or marine customers accounted for more than 10% of any segment or total consolidated revenue. from operations.

Financial information with respect to our business segments, and the geographic areas of our business and our customers is provided below and within Note 13 to the accompanying consolidated financial statements included in this 2017 10-K Report.14. Business Segments, Geographic Information, and Major Customers.

We provide global aviation fuel supply and comprehensive service solutions to major commercial airlines, second and third-tier airlines, cargo carriers, regional and low-cost carriers, airports, fixed basedfixed-based operators, corporate fleets, charter and fractional operators, and private aircraft. Our aviation‑relatedaviation-related service offerings include fuel management, price risk management, ground handling, 24/7 global dispatch services, and international trip planning services, including flight plans,planning and scheduling, weather reports and overflight permits. We also supply productsfuel and provide

services to U.S. and foreign government intergovernmental and military customers, such as the U.S. Defense Logistics Agency and the North Atlantic Treaty Organization (NATO).customers. In addition, we offer card payment solutions and related processing services, and technology.as well as operate a web-based marketplace platform that facilitates aircraft charter arrangements.

BecauseGiven that fuel is a major component of an aircraft’s operating costs, our customers require cost effectivecost-effective and professional fuel services. We have developed an extensive network consisting of on-airport fueling operations and third‑partythird-party suppliers and service providers that enablesenable us to provide aviation fuel and related services throughout the world. We believe the breadth of our service offeringofferings combined with our global supplier network is a strategic differentiator that allows customers to secure fuel and high‑qualityhigh-quality services in locations worldwide on short notice.

We purchase our aviation fuel from suppliers worldwide, whichworldwide. Fuel may be delivered into our customers’ aircraft or to a designated storage facility located at one of our locations or our suppliers’ locations pursuant to arrangements with them. Inventory is purchased at airport locations or shipped, typically via pipelines or trucks, and held at multiple locations for strategic reasons.in order to meet the needs of our customers. We engage in contract sales, which are sales made pursuant to fuel purchase contracts with customers who commit to purchasing fuel from us over the contract term. We also conduct spot sales, which are sales that do not involve continuing contractual obligations by our customers to purchase fuel from us. Our cost of fuel is generally tied to market‑basedmarket-based formulas or government-controlled prices. Additionally, we have been taking actions designed to increase the availability of renewable and lower-carbon fuels such as sustainable aviation fuel ("SAF") and are working to expand and develop our supply chain to meet customer demand.

In our land segment, we primarily offer fuel, lubricants, heating oil, propane, natural gas, lubricants and related products and services to petroleum distributors operating in the land transportation market, retail petroleum operators, andcommercial, industrial, commercial, residential and government customers. Our land relatedcustomers, as well as retail petroleum operators. We provide energy advisory services, include management servicessustainability solutions, as well as supply fulfillment for the procurement of fuelnatural gas and price risk management.power. We primarily conduct these activities throughout most of the U.S. as well as parts of the United Kingdom ("U.K.") and Brazil. We also offer advisorycontinue to focus on supporting the energy transition through various initiatives and fulfillmentexpanding our sustainability offerings, including renewable fuel products, and carbon management and renewable energy solutions, with respect to power,such as renewable diesel (also known as hydrotreated vegetable oil or "HVO"), biodiesel, and renewable natural gas (biogas). We are continuing to invest in talent in this area, which we believe will help accelerate growth in these activities. We believe our land segment is well-positioned to continue growing market share, both organically and other energy products through Kinect,leveraging the capabilities of our global energy managementacquisitions, including Flyers Energy Group, LLC ("Flyers"), which we acquired in January 2022, serving to further enhance our business to deliver value-added solutions business, with offices in the U.S, Australia and throughout Western Europe. In addition, we offer transaction management services, which include card payment solutions, government payment systems for globalto our land fuel procurement, merchant processing services, payment solutions for tolls across Europe, and commercial payment programs.customers.

In connection with our fuel marketing activities, we distribute fuel under long-term contracts to branded and unbranded distributors, convenience stores and retail fuel outlets operated by third parties. We also distribute heating oil and propane to residential customers and unbranded fuel to numerous other customers, including commercial and industrial customers, such as manufacturing, mining, agriculture, construction, and oil and gas exploration companies, who buycompanies. These transactions may be pursuant to fuel in bulk and do not generally enter into exclusive contractual relationships with us, if they enter into a contractual relationship with us at all.purchase contracts or through spot sales. In certain instances, we serve as a reseller, where we purchase fuel from a supplier and contemporaneously resell it to our customers through spot and contract sales. We also maintain inventory in certain strategic locations, including pipelines. Ourthe cost of fuelwhich is generally tied to market‑basedmarket-based formulas.

Finally, we also provide transportation logistics for our product deliveries, including arranging for fuel products to be delivered from storage terminals to the appropriate sites through our own fleet of trucks as well as third-party transportation providers. The fuel is generally delivered to our customers directly or to a designated tanker truck loading terminal commonly referred to as “racks,”"racks," which are owned and operated by our suppliers or other third‑parties.third-parties.

Through our extensive network, we market fuel, lubricants, and related products and services to a broad base of marine customers, including international container, dry bulk and tanker fleets, commercial cruise lines, yachts and time-charter operators, U.S. and foreign governments, as well as other fuel suppliers. We provide our customers with real‑timereal-time global market intelligence and rapid access to quality and competitively priced marine fuel 24 hours a day, every day of the year. Our marine fuel-related services include management services for the procurement of fuel, cost control through the use of price risk management offerings, quality control and claims management,management. We have also sought to take a leading role in developing a sustainable marine fuel supply chain. Through collaboration with suppliers, customers and card paymentother industry participants, we are actively working to create near-term solutions and related processing services.identify lower carbon alternatives that will enable the acceleration of the energy transition in the maritime industry.

We serve primarily as a reseller, where we take delivery for fuel purchased from our supplier at the same place and time as the fuel is sold to our customer. We also sell fuel from our inventory, which we maintain in storage facilities that we own or lease. In certain cases, we serve as a broker and are paid a commission for negotiating the fuel purchase transaction between the supplier and the end user,end-user, as well as for expediting delivery of the fuel.

The majority of our marine segment activity consists of spot sales. Our cost of fuel is generally tied to spot pricing, market‑basedmarket-based formulas, or government-controlled prices. We also contract with third parties to provide various services for our customers, including fueling of vessels in ports and at sea and transportation and delivery of fuel and fuel-related products.

We operate globally across industries that are highly fragmented with numerous competitors. Our competitors range in size and complexity from large multinational corporations, principally major oil producers, which have significantly greater capital resources than us, to relatively small and specialized firms.firms that compete with us in a particular line of business. In our fuel distribution activities, we compete with major oil producerscompanies that market fuel and other energy products directly to the large commercial airlines, shipping companies, and petroleum distributors operating in the land transportation market, as well as fuel resellers.resellers and other commercial and industrial customers. We compete, among other things, on the basis of service, convenience, reliability, availability of trade credit and price. We believe that our extensive market knowledge, worldwide footprint, logistics expertise and support, the use of price risk management offerings, and value-added benefits, including single-supplier convenience, fuel quality control and fuel procurement outsourcing, give us the ability to compete within those markets.

Our operating results arecan be subject to seasonal variability. Our seasonality resultsmay result from numerous factors, including traditionally higher demand for natural gaschanges related to seasonal travel and home heating oil during the winter months and aviation and land fuel during the summer months, as well as other seasonal weather patterns. As such,Our results for the second and third quarters of the year have historically been stronger for our aviation segment and our results for the fourth and first quarters of operations may fluctuate from period to period.the year have historically been stronger for our land segment.

Supplying fuel safely and securely is a top priority. We monitor and manage our operations through processes and procedures designed to avoid and minimize our effects and impacts on the environment. Our business activities are subject to substantial regulation bynumerous federal, state, local and local government agencies, insideinternational laws, regulations and outside ofadministrative requirements, including those relating to the U.S., which enforce laws and regulations governing thesale, blending, storage, transportation, sale, storagedelivery and disposal of fuel and the collection, transportation, processing, storage, use and disposal of hazardous substances and wastes, including waste oil and petroleum products.wastes. For example, U.S. federal and state environmental laws applicable to us include statutes that: (i) allocate the cost of remedying contamination among specifically identified parties and prevent future contamination;parties; (ii) impose national ambient standards and, in some cases, emission standards, for air pollutants that present a risk to public health or welfare; (iii) govern the management, treatment, storage and disposal of hazardous wastes; and (iv) regulate the discharge of pollutants into waterways. International treaties also prohibit the discharge of petroleum products at sea.

From time to time, we are subject to legal and administrative actions governing the investigation and remediation of contamination or spills from current and past operations. The penalties for violations of environmental laws can include injunctive relief,relief; administrative, civil or criminal penalties; recovery of damages for injury to air, water or property,property; and finesthird-party damages. Some environmental laws may also impose strict liability for non‑compliance.remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault. See “Item 1AItem 1A. – Risk Factors,”Factors.

Shortly after taking office in January 2021, President Biden issued a series of executive orders designed to address climate change, including rejoining the Paris Agreement after the U.S. had withdrawn from the international accord in 2020. Additionally, in August 2022 the Inflation Reduction Act of 2022 was signed into law, which appropriates significant federal funding for renewable energy initiatives and imposes a fee on GHG emissions from certain facilities in the oil and natural gas sector. Various provisions of the law are designed to accelerate the transition away from fossil fuels or otherwise could adversely impact the use of petroleum-based fuels. In January 2023, the Biden Administration and various federal agencies, including the EPA and Departments of Energy and Transportation, announced a "blueprint" for decarbonizing the transportation sector in the U.S. to meet the goal of net-zero GHG emissions economy-wide by 2050. The strategy includes promoting wider adoption of electric vehicles and greater use of sustainable fuels to decarbonize forms of transportation that require more energy-dense fuels, such as air transportation and long-haul shipping. At an international level, the European Union ("E.U.") has committed to reducing net GHG emissions by at least 55% by 2030. E.U. member states have implemented a range of subsidies and incentives to achieve the EU’s climate change goals, including through the European Union Emissions Trading System (‘‘EU ETS’’) for industrial emissions. The EU ETS is expected to become progressively more stringent over time, such as by including by reducing the number of allowances to emit GHGs as well as broadening the industries subject to the restrictions. In other non-E.U. countries, proposed regulations include the adoption of cap and trade regimes, carbon taxes, restrictive permitting, increased efficiency standards, and incentives or mandates for renewable energy.

Although the ultimate impact of these or other future measures is difficult to accurately predict, theyadditional legislation or regulations could makeimpose significant additional costs on us, our products more expensivesuppliers, vendors and customers, or reducecould adversely affect demand for petroleumour energy products. The potential increase in our operating costs could include additional costs to operate and maintain our facilities, such as installing new infrastructure or technology to respond to new mandates, or paying taxes related to our GHG emissions, among others. Furthermore, changes in regulatory policies or increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could result in a reduction in the demand for hydrocarbon products that are deemed to contribute to GHGs, harm our reputation and adversely impact our sales of fuel products. See Item 1A. – Risk Factors.

As a global organization with customers and operations around the world, we are subject to an often complicated, multi-jurisdictional matrix of laws and regulations that govern international trade, including laws relating to anti-corruption, anti-money-laundering, export controls, economic sanctions, anti-boycott rules, currency exchange controls and transfer pricing rules. These laws and regulations are administered by, among others, the U.S. Department of Justice, Department of State, SEC, Internal Revenue Service, U.S Department of Commerce and U.S. Department of the Treasury, as well as shift demand toward relatively lower-carbon sources. This,the counterparts of these agencies in turn,foreign countries. As a result of the military conflict in Eastern Europe, countries in which we operate have imposed sanctions on Russia and other individuals and entities with connections to the Russian state. These sanctions continue to evolve and have become significantly more stringent over time. Violations of these sanctions can result in significant penalties and civil and criminal liabilities.

Due to the complex and technical nature of many of these laws and regulations, inadvertent violations may occur. If we fail to comply with these laws or regulations for any reason, we would be required to correct or implement measures to prevent a recurrence of any violations, which could affectincrease our operating costs. See Item 1A. – Risk Factors for additional information regarding the impacts of government regulation on our business.

As a global energy management company, we are committed to doing the right thing in all that we do. We continually seek to minimize the impact of our operations earnings and competitive position.ensure the health and safety of our employees, contractors, customers, suppliers and the communities in which we operate. We are committed to playing a leading role in promoting best practices within the transportation industry and are closely involved in developing, setting, and maintaining health, safety and environment ("HSE") industry standards. We have established a set of "Rules to Live By" to help strengthen our existing Integrated Management System and drive appropriate safety behaviors and practices that we believe are vital to preventing workplace incidents. These rules are designed to ensure we execute our operations safely and securely for all our stakeholders.

Certain statements made in this reportThis 2023 10-K Report and the information incorporated by reference in it, or made by us in other reports, filings with the SEC, press releases, teleconferences, industry conferences or otherwise, are “forward-looking statements”contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,” “project,” “could,” “would,” “will,” “will"believe," "anticipate," "expect," "estimate," "project," "could," "would," "will," "will be,” “will" "will continue,” “will likely result,” “plan,”" "plan," or words or phrases of similar meaning. Specifically, this 2023 10-K Report includes forward-looking statements regarding (i) expectations regarding inflation and its impact on us, (ii) the conditions in the aviation, land, and marine markets and their impact on our business, (iii) our growth strategies, including the position of our land segment to gain market share, (iv) the impact of fuel prices and our working capital, liquidity, and capital expenditure requirements, (v) our expectations and estimates regarding tax, legal and accounting matters, including the impact on our financial statements, (vi) our hedging strategy, (vii)

These forward-looking statements are estimates and projections reflecting our best judgment and involve risks, uncertainties or other factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Although we believe the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect. Our actual results may differ materially from the future results, performance or achievements expressed or implied by the forward-looking statements. These statements are based on our management’s expectations, beliefs and assumptions concerning future events affecting us, which in turn are based on currently available information.

Important factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited to:

We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all of those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this 2017 10-K Report are based on assumptions management believes are reasonable. However, due to the uncertainties associated with forward-looking statements, you should not place undue reliance on any forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and unless required by law, we expressly disclaim any obligation or undertaking to publicly update any of them in light of new information, future events, or otherwise. Any public statements or disclosures by us following this report that modify or impact any of the forward-looking statements contained in or accompanying this 20172023 10-K Report will be deemed to modify or supersede such forward-looking statements.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act.Act, as amended.

Our success in attracting customers has been partly due in part, to our willingness to extend credit on an unsecured basis to customers as opposed toinstead of requiring prepayment, letters of credit or other forms of credit support. Even in cases where we do obtain credit enhancements, such as guarantees, offset rights, collateral or other forms of security, such rights may not be sufficient orto ensure amounts owed to us are fully collectible depending on the circumstances of the customer at the time of default. While no single customer represents more than 10% ofcollectible. Furthermore, our total consolidated revenue, diversification of credit risk is limited toconcentrated in the aviation, marineland and landmarine transportation industries, within which we primarily do business.exposes us to greater risk when there are global impacts to these industries.

Our exposure to credit losses will dependdepends primarily on the financial condition of our customers and other macroeconomic factors beyond our control, such as deteriorating conditionscontrol. Such factors include decreased demand for travel and other transportation services, weakness in the world economy or in the industries we serve, significant changes in oil prices and political instability. Whileinstability, among others. Sudden and unexpected negative changes in the financial condition of our customers, including insolvency or bankruptcy, could have a negative impact on our sales, make it more difficult to collect on receivables, and may cause us to incur bad debt expense at levels higher than we activelyhave historically experienced.

Our efforts to manage our credit exposure and work to respond to both changes in our customers’customers' financial conditions orcondition and other macroeconomic events there canmay not be no guarantee we will be ablesufficient to successfully mitigate all of these risks. Substantial credit losses could have a material and adverse effect on our business, financial condition, results of operations and cash flows.

Our business is dependentfocused on our ability to adequately finance our capital requirements and fund our investments, which, if not available to us, would impact our ability to conduct our operations.

by increased use of conferencing and collaboration technology, increased remote work and cost-driven business travel limitations, while leisure travel demand can be impacted by reductions in consumer discretionary income and other economic factors. Our customers may also choose to fundreduce the amount of fuel purchases and an actual or perceived declinethey consume in their operations. For example, our liquidity or operations could cause our suppliers to seek credit supportcustomers in the form of additional collateral, limitshipping industry may elect to sail their vessels at reduced speeds, known as "slow steaming," to conserve fuel and reduce emissions. Additionally, political or governmental developments or other global health concerns or crises in the extension of trade credit,countries in which we or otherwise materially modify their payment terms. Adverse changesour customers operate, could also result in our payment terms from principal suppliers, including shortened payment cycles, decreased credit linesfurther social, economic or requiring prepayment couldlabor instability. Further, personnel or other shortages can impact our liquidity, business, resultscustomers’ ability to meet demand, which may in turn adversely affect their demand for our fuel products. Accordingly, the effects of operationsany of the foregoing risks and cash flows.

In addition, as we invest more heavily in physical assets in certain locations, our ability to quickly reposition our business in the event of a downturn in the economy of a particular geographic area becomes increasingly difficult. Accordingly, we may be forced to incur significant costs in maintaining or even exiting a physical location, which would have an adverse effect on our results of operations.

We rely heavily on the proper functioning and availability of productsboth internal and third-party information technology systems, including network infrastructure and cloud applications and services, to U.S.support a variety of business processes and foreign government, intergovernmentalactivities across our global operations. All information technology systems are subject to disruptions, outages, failures, and militarysecurity breaches or incidents. Cybersecurity incidents may arise from employee or contractor error or misuse or unauthorized use of information technology systems or confidential information, to individual attempts to gain unauthorized access to these information systems, to sophisticated cybersecurity attacks, known as advanced persistent threats, any of which may target us directly or indirectly through our customers, (“government customers”) subjectssuppliers or third-party service providers.

Our reliance on email transmissions over public networks also exposes us to unique risks manyassociated with the failure of which are beyond our control. Theseemployees, customers, business partners and other third parties to use appropriate controls to protect sensitive information, due to risks include:associated with social engineering (e.g., phishing and impersonation), fraud and email

In addition, due to the large number of transactions that run through our systems each day, significant system downtime or disruption could have a material impact on government spending on defense programs, which canour, and in the case of our technology offerings, our customers', ability to conduct business, process and record transactions, make operational and financial decisions or damage our reputation with customers or suppliers, particularly in the event of billing errors or payment delays. Similarly, if ours or any of our cloud service providers' access to cloud-based platforms and services is disrupted for any reason and leads to disruptions in our critical systems, our operations and ability to manage our business could be negatively affected by budgetary constraints, changesadversely impacted. While we seek to obtain contractual protections in defense spending policies, government shutdownsour agreements with these providers, we may not have sufficient recourse against these parties in the event they experience a significant cybersecurity attack or other security breach affecting our or our customers' data.

Our cybersecurity and changes in military policies or priorities;

As part of our price risk management services, we offer to customers various pricing structures for the purchase of fuel,energy products, including derivatives products designed to hedge exposure to fluctuations in fuelenergy prices. In the ordinary course of business, we enter into fixed forward contracts with some of our counterparties under which we agree to sell or purchase certain volumes of fuelenergy products at fixed prices. In addition, we may act as a counterparty in over-the-counter swap transactions with some of our customers where the customer may be required to pay us in connection with changes in the price of fuel.the underlying energy product. Further, we may use derivatives to hedge price risks associated with our fuel inventories and purchase and sale commitments. We typically hedge our price risk in any of the foregoing types of transactions by entering into derivative instruments with large energy companies, trading houses and financial institutions.

If we have not required a customer to post collateral in connection with a fixed forward contract or swap transaction and there is an outstanding mark-to-market liability owing, we will have effectively extended unsecured credit to that customer and such amounts could be substantial. Based on the volatility of fuelenergy prices, our counterparties may not be willing or able to fulfill their obligations to us under their fixed forward contracts or swap transactions. In such cases, we would be exposed to potential losses or costs associated with any resulting default. For example, in the event the spot market price of fuel at the time of delivery is substantially less than the fixed price of the contract with the customer, a customer could default on its purchase obligation to us and purchase the fuel at a lower “spot”"spot" market price from another supplier. Meanwhile, we may have entered into a corresponding commitment with a supplier to offer our customer specified fixed pricing or terms and would be obligated to perform our fixed price purchase obligations to such supplier. Similarly, the counterparties with whom we may hedge our price risk exposure may not be willing or able to fulfill their obligations to us under their swap transactions.

While we monitor and manage our credit exposures to our counterparties, credit defaults may still occur and the actual recovery will depend on the financial condition of that counterparty and our ability to enforce any obligation owed to us. Accordingly, ifIf we are unable to recover such losses from a defaulting counterparty, we could sustain substantial losses that would likely have a material adverse effect on our business, financial condition, results of operations and cash flows. Additionally, our hedging activities also result in additional costs and can require cash deposits for margin calls. If there is a sudden a significant change in fuel prices, the amount of cash necessary to cover margin calls can be material and impact our liquidity.

We enter into financial derivative contracts primarily to mitigate the risk of market price fluctuations in fuelenergy products, to offer our customers fuelenergy pricing alternatives to meet their needs, to manage price exposures associated with our inventories, and to mitigate the risk of fluctuations in foreign currency exchange rates. However,Despite our efforts to mitigate risks associated with these transactions, we remain subject to substantial energy price and exchange rate risks.

Our efforts to hedge our exposure to fuel pricefluctuations in energy prices and exchange rate fluctuationsrates may also be ineffective in certain instances.when the prices of historically correlated commodities diverge from their historical correlations. For example, we hedge jet fuel prices with derivatives tied to other petroleum products that have historically been correlated to aviation jet fuel (e.g., heating oil in the United StatesU.S. or gasoil in Europe or Asia). If the price of aviation jet fuel at a specific location experiences a divergence todiverges from historical correlations, our attempts to mitigate price risk associated with our aviation business may not be effective. Moreover, there may be times where the change in the price of jet fuel at a specific location is disrupted (e.g., hurricanes) and is not correlated to the underlying hedges when compared to historical prices. We may, as a component of our overall business strategy, increase or decrease from time to time our use of such derivative financial instruments in the future.

We may also enter into proprietary derivative transactions whichthat are not intended to hedge our own risk but ratherare instead intended to make a profit by capitalizing on arbitrage opportunities associated with basis, time, quality or geographic spreads related to fuelthe energy products we sell. Proprietary derivative transactions, by their nature, expose us to changes in the underlying commodity prices in relation toof the proprietary positions taken. Although we have established limits on such exposure, any adverse changes could result in losses which can be further exacerbated by volatility in the financial and other markets.

In addition, derivative and other trading transactions, including our energy trading transactions, are subject to employee and system risks. For example, our employees failingmay fail to comply with our policies and procedures, with respect to hedging or proprietary trading, such as engagingmay engage in unauthorized trading activity, failing to hedge a specific price risk or failingmay fail to comply with our internal limits on exposure or any applicable statutory or regulatory requirements, or may otherwise make errors in connection with the trading process. These and other risks may result in substantial losses. For example, as previously disclosed in a Form 8-K filed with the SEC on November 27, 2023, in November 2023, one of our subsidiaries submitted an erroneous bid in the Finnish power market. During the fourth quarter of 2023, the Company recognized related extraordinary losses totaling $48.8 million. See Note 11. Commitments and Contingencies for additional information.

Furthermore, the enforceability of our transactions may depend on our compliance with applicable statutory, commodity and other regulatory requirements, which if violated could lead to our derivative transaction being voided, as well as penalties and fines. The impact of any of the foregoing could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Finally, many of our derivative transactions are not designated as hedges for accounting purposes, and we therefore may recognizepurposes. Therefore, changes in the fair market value of these derivatives are reflected as a component of revenue or cost of revenue (based on the underlying transaction type) in our consolidated statementsConsolidated Statements of incomeIncome and comprehensive income.Comprehensive Income. Since the fair market value of these derivatives is marked to market at the end of each quarter, changes in the value of our derivative instruments as a resultbecause of gains or losses may cause our earnings to fluctuate from period to period.

We purchaseOur business depends on the availability and supply of fuel and otherfuel-related products, from suppliers and resell to customers.as well as the satisfactory performance of services by us or third parties on our behalf. If the fuel and other products we sell or the services we provide, whether directly or through a third party, fail to meet the specificationsrequirements we have agreed to with customers or those mandated by law or regulation, whether due to contamination, arising in connection with our advisory services or otherwise, our relationship with our customers can be adversely affected and we may be subject to material claims and liabilities. Changes in product quality specifications or blending requirements could reduce demand, impact our throughput volume, require us to incur additional costs or require capital expenditures. We may also incur material liabilities if suchour products cause physical damage to a vessel or aircraft, bodily injury or result in other losses such that a customer initiates a claim or a lawsuit for which we settle or results in a decisionthe assertion of substantial claims of civil liability against us. In addition, our relationship with our customers could be adversely affected and adverse publicity about any allegations of contaminated products may negatively affect us,impact our business, regardless of whether thesuch allegations are true.

Although in most casesof our agreements with suppliers provide that we have recourse against our suppliersthem for products that fail to meet contractual specifications, ifsuch recourse may be time-barred or otherwise insufficient to adequately cover the terms of such agreements are not adequate to protect our interests,liability we may not be ableincur and our ability to enforce such recourse. In the event we are able to pursue it, such recourse cannot be assured and may be costly to enforce.limited or costly. For example, several of our supply agreements are with foreign entities, including foreign governments, and are governed by the laws of foreign jurisdictions. If a supplier breaches such agreement, then weWe may incur the additionalsubstantial costs of determiningin seeking to enforce our rights and obligations under the agreement, under applicable foreign laws, and enforcing an agreementagainst a local supplier in a foreign jurisdiction.jurisdiction and the ultimate outcome can be unpredictable. In certain markets, we also rely on a single or limited

number of suppliers to sell us fuel or provide services on our behalf. We may have limited alternatives if such supplier fails to meet applicable standards or requirements. Any of the foregoing can result in material liability in excess ofliabilities that may exceed any applicable insurance coverage or other form of recourse and ultimately, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

As part of our business strategy, we may pursue acquisition and delivering land-based fuel.other strategic transactions. The failureintegration of these third parties to perform these services in accordance with contractual terms for any reason, such as their inability to supply specified fuel or an interruption of their business because of weather, environmental or labor difficulties or political unrest, could affect our relationshipsacquired businesses with our customersexisting business can be complex, costly and subject ustime-consuming. We have incurred, and expect to claims and other liabilities that could have a material adverse effect on our business, financial condition, resultscontinue incurring, expenses related to the integration of operations and cash flows.

Acquiring and computing platforms operated by third parties. If our use of these cloud services is disrupted either due to system failures, denial of service or other cyberattacks and computer viruses, or if the infrastructure which allows us to connect to the third party systems is interrupted, it could adversely impact our operations and our business.

These risks may result in an adverse effect on our results of operations or financial condition or result in costs that outweigh the financial benefit of such opportunities. Furthermore these acquisitions or strategic investmentsWe may result in us incurring substantial additional indebtedness and other expenses or consummating potentiallyalso undertake dilutive issuances of equity securities to fund the required capital investment.purchase or ongoing operations of the acquired business. This could adversely affect the market price of our common stock, inhibit our ability to pay dividends or otherwise restrict our operations.

We supply fuel and provide equipment and services to U.S. and foreign government and military customers. Government sales can be materially impacted by factors such as administration policy changes, supply disruptions, inventory shortages and other logistical difficulties that can arise when conducting business in areas with active military conflicts, natural disasters or other severe circumstances. Moreover, there can be a risk of serious injury or loss of life for our employees or subcontractors when operating in high-risk locations. We may not be able to fully recognize the anticipated benefitstherefore incur substantial operating costs as a result of, our acquisitions and other strategic investments.

In addition, complying with government contracting rules and warranties of the sellers, financial statementsregulations is complex and records of target businessesgovernment customers routinely audit contractors to establish the anticipated revenuesreview performance, cost structure and expenses and whether the acquisitions or strategic investments will meet our internal guidelines for current and future potential returns. Our due diligence investigation and other information we rely on with respect to any opportunity may not reveal or highlight all relevant risks and issues that may be necessary or helpful in evaluating such opportunity. Consequently, these transactions could result in (i) an adverse impact on our overall profitability if the acquisitions or strategic investments do not achieve the projected financial results, (ii) unanticipated costs that may impact our results of operations, and (iii) increased demands on our cash resources that may, among other things, impact our ability to explore other opportunities. If our acquisitions or strategic investments do not achieve the financial results anticipated, it could adversely affect our revenues and results of operations.

payment and suspension or debarment from doing business with government agencies, any of which could in turn, reduce the demand for our products and services or impact the pricing or availability of the products we sell. Although the ultimate impact of any regulations is difficult to predict accurately, they could have a material adverse effect on our business or on the businesses of our customers.

Some of our shares.

Because we offer fuel products and services on a worldwide basis, our business is subject to risks associated with doing business internationally. Our business and future operating results could be harmed by a variety of factors, including, but not limited to:internationally, such as:

We rely on credit arrangements with banks, suppliers and other weather-related events, transportation, terminal or pipeline capacity constraints, terrorist activity, piracy, military action or other similar conditions or eventsparties as an important source of liquidity for capital requirements that are not satisfied by our operating cash flow. Future market volatility, inflation, and persistent weakness in global energy markets may disrupt the availability or supply of fuel. Decreased availability or supply of fuel or other petroleum products may have a negative impact on our sales and margins and adversely affect our operating results. In addition, we rely on a single or limited number of suppliers for the provision of fuel and related products and services in certain markets. These parties may have significant negotiating leverage over us, and if they are unable or unwillingability to supply us on commercially reasonable terms, our business would be adversely affected.

Our business is also impacted by the availability of trade credit to fund our fuel purchases from suppliers. An actual or to attract other qualified senior management and key personnel on terms satisfactory to us,perceived decline in our liquidity or business could be adversely affected. While we maintain key man life insurance with respectcause our suppliers to certain members of senior management,reduce our coverage levels may not be sufficient to offset any losses we may incur and there is no assurance that we will continue to maintain key man life insurancecredit lines, seek credit support in the future.form of additional collateral, or otherwise materially modify their payment terms. Adverse changes in our payment terms from principal suppliers, including shortened payment cycles or requiring prepayment, could impact our liquidity, business, results of operations and cash flows.

Certain of the requirements ofagreements governing our Credit Facility and Term Loans could adversely affect our operating flexibility.

Inflation in the United States and other jurisdictions in which we do business increased significantly in late 2021 into 2022, driven in part by supply chain disruptions, labor shortages and increased commodity prices, which has generally resulted in higher costs in 2022 and 2023. A significant or prolonged period of high inflation, particularly when combined with rising interest rates due to actions taken by governments to attempt to control inflation, could adversely impact our results if costs, including employee compensation driven by competitive job market conditions, were to increase at a rate greater than the increase in the revenues we generate. Higher interest rates also typically increase the interest expense associated with our credit arrangements with banks and other parties that serve as important sources of liquidity for us, which can therefore negatively impact our results of operations for a particular period. For additional information on the effects of inflation on our business, see Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In addition to competing with resellers, we also compete with the major oil producers that market fuel and other energy products directly to large commercial airlines, shipping companies, petroleum distributors operating in the land transportation market, fuel resellers, and other commercial and industrial customers. In recent years, a lower fuel price environment caused many major oil companies to remain in or re-enter the downstream markets. Our business could be adversely affected and subject to the risk of disintermediation if our suppliers choose to increase their direct marketing to our customers to compete with us or provide less advantageous price and credit terms to us than to our other competitors.

Our exposure to the credit risk of the bond hedge counterparties is not secured by legislationany collateral. Global economic conditions have, from time-to-time, resulted in the actual or perceived failure or financial difficulties of several financial institutions. If any bond hedge counterparty becomes subject to insolvency proceedings, we would become an unsecured creditor in those proceedings with a claim equal to our exposure at that time under the bond hedge transaction. If any of these counterparties were to fail to comply with their contractual obligations under bond hedge transactions, we would (i) be exposed to greater dilution with respect to their respective portion of the hedge, to the extent that our stock price exceeded the nominal conversion price upon conversion, (ii) may suffer adverse tax consequences, or (iii) incur additional costs associated with entering into a replacement bond hedge transaction with a different bond hedge counterparty.

Additionally, in August 2022 the Inflation Reduction Act of 2022 was signed into law, which appropriates significant federal funding for renewable energy initiatives and, for the first time, imposes a fee on GHG emissions from certain facilities in the oil and natural gas sector. The emissions fee and renewable and low carbon energy funding provisions of the law could accelerate the transition away from fossil fuels or otherwise adversely impact the use of petroleum-based motor fuels, which could in turn have an indirect adverse effect on our business and results of operations. Under the Biden Administration, it is anticipated that efforts by the EPA or other energy sources andfederal agencies to restrict GHG emissions will continue. It is unclear the extent to which any new environmental laws or advanced technology.regulations, or any repeal of existing environmental laws or regulations, will impact our business or that of our customers.

Fuel competes with other sources of energy, some of which are less costly on an equivalent energy basis. There have also been significant governmental incentives and consumer pressures to increase the use of alternative fuels in the United StatesU.S. and abroad. A number of automotive,throughout the world. Automotive, industrial and power generation manufacturers

are developing more fuel efficientfuel-efficient engines, hybrid engines and alternative clean power systems. Several automobile manufacturers have announced goals to substantially increase the proportion of their new vehicle sales from battery electric, fuel cell and plug-in hybrid vehicles. Further, in August 2022, the California Air Resources Board finalized its Advanced Clean Cars II (ACC II) program, including requiring an increasing percentage of new passenger vehicles sold in the state to be zero emission vehicles for the 2026-2035 model years, ending with a 100% sales target in the 2035 model year. Additional U.S. jurisdictions could adopt similar requirements. The more successfulprevalent these alternativesvehicles become as a result of governmental incentives or regulations, technological advances, consumer demand, improved pricing or otherwise, the greater the potential negative impact on pricing and demand for our fuel products and services and accordingly, our profitability.

On March 28, 2017, the U.S. President signed an executive order directing the Environmental Protection Agency (“EPA”) and other executive agencies to review their existing regulations, orders, guidance documents andAdditional changes in regulatory policies that potentially burden the development of energy resources. It remains unclear how and to what extent these executive actions will impact the regulation of GHG emissions at the federal level. Even if federal efforts in this area are slow, state, local and/or foreign governments may enact legislation or regulations that attempt to control or limit GHGs such as carbon dioxide. Such laws or regulations could impose costs tied to carbon emissions, operational requirements or restrictions, or additional charges to fund energy efficiency activities. They could also provide a cost advantage to alternative energy sources, result in other costs or requirements, such as costs associated with the adoption of new infrastructure and technology to respond to new mandates, or impose costs or restrictions on end users of fuel. For example, some of our customersany adverse publicity in the transportation industry may be required to purchase allowances or offsets or incur other costs to comply with existing or future requirements relating to GHG. Finally, the focusglobal marketplace about our potential impact on climate change or the impact of other companies in our industry could also negativelylead to a reduction in the demand for products that are deemed to contribute to GHGs, harm our reputation and adversely impact our sales of fuel products. Finally, the potential physical impacts of climate change on our operations are highly uncertain and vary amongst the geographic areas in which we operate. These may include changes in rainfall and storm patterns and intensities, hurricanes, changing sea levels, and changing temperatures that may impact the reputationseasonality of our fuel products or services.business, such as our heating oil business in the U.K. The occurrence of any of the foregoing eventsfactors could put upward pressure on the cost of fuel relative to other energy sources, increase our costs and the prices we charge our customers, reduce the demand for our products, and therefore adversely affect our business, financial condition, results of operations and cash flows.

As a global company, we are subject to various U.S. and foreign taxes, including income taxes and taxes imposed on the purchase and sale of aviation, marine and land fuel products, such as sales, excise, value-added tax ("VAT"), mineral oil, energy, environmental and other taxes. We are also subject to a variety of tax collection obligations including obligations to withhold or collect these types of taxes or other taxes or other requirements that may result in liability for third party obligations. We may recognize additional tax expense and be subject to additional tax liabilities, including other liabilities for tax collection obligations due to changes in laws, regulations, administrative practices, and interpretations related to tax. Our results of operations and cash flows could be adversely affected by additional carbon or other taxes imposed on us prospectively or retroactively or additional taxes and penalties resulting from the failure to comply with any collection obligations or failure to provide information about our customers, suppliers, and other third parties for tax reporting purposes to various government agencies. In some cases, we also may not have sufficient notice to enable us to timely build systems and adopt sufficient processes to timely comply with new reporting or collection obligations.

We may recognize additional tax expense and be subject to additional tax liabilities, including other liabilities for tax collection obligations due to changes in laws, regulations, administrative practices, and interpretations related to tax. Our results of operations and cash flows could be adversely affected by additional carbon or other taxes imposed on us prospectively or retroactively or additional taxes and penalties resulting from the failure to comply with any collection obligations or failure to provide information about our customers, suppliers, and other third parties for tax reporting purposes to various government agencies. In some cases, we also may not have sufficient notice to enable us to timely build systems and adopt sufficient processes to timely comply with new reporting or collection obligations.

Tax rates in the various jurisdictions in which we and our subsidiaries are organized and conduct operations may be insufficientalso change significantly because of political or economic factors beyond our control. Ongoing developments regarding the projects by the Organisation for Economic Co-operation and Development ("OECD") including global minimum tax and other initiatives, could adversely affect our worldwide effective tax rate. Countries have begun the process to cover losses,introduce the OECD model rules on a global minimum tax and other OECD initiatives into their tax

regimes. The extent to which maycountries in which we operate adopt and implement these rules and actions could have a material adverse effectimpact on our income tax expense, effective tax rate, financial condition, and results of operations.operations and cash flows. We are continuing to review and evaluate the potential impact of these rules as additional guidance and clarification becomes available.

We maintain insurance to coverare regularly audited by various risks associated with the operationdomestic and foreign tax authorities and are involved in various inquiries, audits, challenges and litigation in a number of our business. Certain risks, however, such as environmental risks, are not fully insurable and our insurance coverage does not cover all potential losses, costs, or liabilities. Accordingly, our insurance policies may not adequately cover or may have exclusions of coverage for certain losses. Therefore, our insurance coverage may not be available or, if available, may not be adequate to cover claims that may arise.

Although we believe our tax estimates are reasonable, the final determination of tax audits and conditionsany related litigation could be materially different than what is reflected in the insurance market over which we have no control.our income tax provisions and accruals. If the cost of insurance

In addition, increasingly stringent U.S. and foreign environmental laws and regulations have resulted and will likely continue to increase our operating costs. For example, compliance with existing and future litigationlaws that regulate the delivery of fuel by barge, truck, vessel, pipeline or railcar; or fuel storage terminals or underground storage tanks that we own, lease or operate may require significant capital expenditures and increased operating and maintenance costs, particularly as we acquire businesses with more physical assets. In addition, continuing changes in environmental laws and regulations may also require capital expenditures by our customers or otherwise increase our customers' operating costs, which could in turn, reduce the demand for our products and services or impact the pricing or availability of the products we sell. Although the ultimate impact of any regulations is difficult to predict accurately, the occurrence of any of the foregoing could have an adverse effect on our business or on the businesses of our customers.

Our failure to adequately comply with these requirements could lead to substantial fines, penalties, third-party liability, remediation costs, potential cancellation of existing contracts and the inability to compete for future business. Any significant breach of data privacy-related regulations or related customer requirements could have a material adverse effect on our business and results of operations.

International trade controls, including economic sanctions such as those administered by the U.S. Treasury's Office of Foreign Assets Control ("OFAC") or the U.K.'s HM Treasury, export controls and anti-boycott regulations, restrict our business dealings with certain countries and individuals, are complex, may conflict with each other, are continually changing and may be adopted quickly. For example, as a result of the military conflict in Eastern Europe, the U.S., the E.U., the U.K. and other countries in which we operate have imposed sanctions on Russia and certain other individuals and entities with connections to the Russian state.

We have established policies and procedures designed to assist with our compliance with these laws and regulations. Such policies and procedures may not always prevent us, our employees or parties acting on our behalf from violating these laws and regulations. Violations may expose us to criminal or civil penalties, or other adverse consequences including the denial of export privileges, injunctions, asset seizures, debarment from government contracts, and/or revocations or restrictions of licenses. In addition, the costs associated with responding to a government investigation litigation and possible settlement, judgment, penaltyremediating any violations can be substantial. Furthermore, violations could trigger an event of default under our Credit Agreement, which if not waived, could result in the acceleration of any outstanding indebtedness, cause cross-defaults under other agreements to which we are a party, and impair our ability to obtain working capital advances or fine. Although we generally maintain insurance to mitigate certain exposures, costs associated with lawsuits or other legal proceedings may exceed the limitsletters of insurance policies, whichcredit. Accordingly, violations could adversely impactaffect, among other things, our results of operations. Furthermore, ourreputation, business, financial condition, results of operations and cash flows could be adversely affected if a judgment, penalty or fine is not fully covered by insurance.flows.

Although we generally use hedging strategiesWe face a wide variety of risks related to managepandemics, epidemics and minimizeother outbreaks of infectious diseases, which have in the past contributed to business slowdowns or shutdowns, labor shortages, supply chain challenges, changes in government spending and requirements, regulatory challenges, inflationary pressures and market volatility. Public health crises, such as the COVID-19 pandemic, have impacted our operations directly and may in the future impact of foreign currency exchange risk when available, these hedgesus directly, or may be costly and at any given time, only a portiondisrupt the operations of this risk may be hedged. Accordingly, our exposure to this risk may be substantial and fluctuations in foreign exchange rates could adversely affect our profitability.

To the extent that a pandemic, epidemic or other outbreak of infectious disease adversely affected. Anyaffects our business, results of these consequencesoperations and financial condition, it may also have the effect of exacerbating many of the other risks discussed in this 2023 10-K Report or any of our other periodic reports, which could have a material adverse effect on us our financial condition, and our results of operations and cash flows.operations.

None.

As of February 16, 2024, the majority of our principal properties the majority of which are leased ason commercially reasonable terms and we do not anticipate that we will experience difficulty in renewing or replacing any leases upon expiration in any material respect. Our properties are often utilized by one or more of February 7, 2018. Weour business segments and we consider all of our properties and facilities to be suitable and adequate for our present needs and do not anticipate that we will experience difficulty in renewing or replacing those leases that expire in 2018 in any material respect.current needs.

From time to time, we are under review by the IRS and various other domestic and foreign tax authorities with regards to income tax and indirect tax matters and are involved in various inquiries, audits, challenges and litigation in a number of countries, including, in particular, U.S., Brazil, Denmark and South Korea, where the amounts under controversy may be material. See Notes 910. Income Taxes and 11 of the accompanying consolidated financial statements11. Commitments and Contingencies for additional details regarding certain tax matters.

We are also a party to various claims, complaints and proceedings arising in the ordinary course of our business including, but not limited to, environmental claims, commercial and governmental contract claims, such as property damage, demurrage, personal injury, billing and fuel quality claims, as well as bankruptcy preference claims and administrative claims.

We are not currently a party to any such claim, complaint or proceeding that we expect to have a material adverse effect on our business or financial condition. However, any adverse resolution of one or more such claims, complaints or proceedings during a particular reporting period could have a material adverse effect on our consolidated financial statementsConsolidated Financial Statements or disclosures for that period. See Note 11. Commitments and Contingencies for additional information.

Not applicable.

Our common stock is traded on the New York Stock Exchange (“NYSE”("NYSE") under the symbol INT.WKC. As of December 29, 2017,2023, the closing price of our stock on the NYSE was $28.14. The following table sets forth, for each quarter in 2017 and 2016, the high and low sales prices of our common stock as reported by the NYSE.

As of February 7, 2018,16, 2024, there were 37072 shareholders of record of our common stock.

This graph compares the total shareholder return on our common stock with the total return on the Russell 2000 Index and the S&P 500 Energy Index for the five‑year period from December 31, 20122018 through December 31, 2017.2023. The cumulative return includes reinvestment of dividends.

Issuer Purchases of Equity Securities

The following table presents information with respect to repurchases of common stock made by us during the quarterly period ended December 31, 2017periods presented (in thousands, except average price paid per share):

For information on repurchases of common stock for the first three quarters of 2017,2023, see the corresponding Quarterly ReportReports on Form 10-Q.

The following discussion should be read in conjunction with “Item 6 – Selected Financial Data,” and with the accompanying consolidated financial statementsConsolidated Financial Statements and related notesNotes thereto appearing elsewherewithin Part IV. Item 15. – Notes to the Consolidated Financial Statements in this 20172023 10‑K Report. The following discussion may contain forward‑lookingforward-looking statements, and our actual results may differ materially from the results suggested by these forward‑lookingforward-looking statements. Some factors that may cause our results to differ materially from the results and events anticipated or implied by such forward‑ lookingforward-looking statements are described in “Item 1AItem 1A. – Risk Factors”Factors and in Item 1. – Business under “Forward-Lookingthe section titled "Forward-Looking Statements.”"

In November 2023, we approved and strong overall demand. Our aviation segment has benefited frombegan implementing a restructuring plan to realign our increased logistics capabilityoperational focus with the purpose of simplifying our business, enabling us to focus more clearly on growing our core businesses and expanded footprint from the acquisitionour new sustainability-related activities, and improving our cost structure. As part of international aviation fueling operations from various ExxonMobil affiliates, which has facilitated our expansion into additional airport locations. The aviation segment has also benefited from increased sales to government customers, which include the U.S. Defense Logistics Agency, the North Atlantic Treaty Organization (NATO)this plan, we identified open positions that were eliminated and other governmentpositions that were closed to better align the workforce necessary to execute the revised strategy. During the year ended December 31, 2023, we recognized restructuring charges of $7.2 million, composed of severance and military customers. Salesother compensation costs. We estimate that the plan could result in approximately $15.6 million in annualized savings related to government customers account for a material portion of our aviation segment's profitability. We expect our government-related activity to remain strong, although we believe the related profit contribution will decrease in 2018 as a result of compressed margins associated with contract renewals. Sales to government customers are driven by global events and military-related activities and can therefore significantly change from period to period and materially impact our results of operations.

We expect to continue assessing potential initiatives during the first quarter of 2024, which could result in additional restructuring plan that is designed to streamlinecharges, with the organization, and reallocate resources to better align our organizational structure and costs with our strategy, ultimately to improve operating efficiencies. Theintent of completing the restructuring program involves reviewing non-core businesses and investments, our organizational structure, and expected commercial opportunities inactivities during the markets we serve. We will also consider our existing technology platforms in connection with our ongoing enterprise resource planning platform upgrade, specifically with an aim to more fully integrate recent acquisitions and increase associated profit contribution. While these activities are ongoing, we expect the majoritysecond quarter of these activities to be completed over the course of 2018.2024. See Note 15. Restructuring for additional information.

We operate in three reportable segments consisting of aviation, land, and marine. InSee Part I. Item 1. – Business and Note 14. Business Segments, Geographic Information, and Major Customers for additional information about our business segments.

Our aviation segment we offerhas benefited from growth in our fuel and related products and services to major commercial airlines, second and third tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft, military fleets and the U.S. and foreign governmentsservice offerings, as well as intergovernmental organizations. In our land segment, we offer fuel, lubricants, powerenhanced logistics capabilities and natural gas solutions through Kinect, our global energy management services platform, and related products and services to customers including petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers. Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S. and foreign governments as well as other fuel suppliers. Within eachgeographic expansion of our segmentsaviation fueling operations into additional international airport locations. During 2023, we maysuccessfully achieved higher returns in a high interest rate environment, driven in part by targeted improvements in working capital management consistent with our strategy to rationalize lower-return business activity. As part of our business strategy, we hold inventory in order to meet the needs of our customers. While we generally enter into financial derivative contracts to mitigate price risk exposure associated with our inventory, market pricing dynamics may still negatively impact our results. In the riskfirst half of 2022, oil futures forward prices traded at significantly lower levels than then-current market prices, resulting in elevated price fluctuationsvolatility and alsoa severely backwardated market that negatively impacted our results. The oil futures forward pricing structure has since returned closer to offerhistorical trading and volatility levels.

We believe our land segment is well-positioned to continue growing market share organically, in part by improving asset utilization and leveraging the capabilities of our acquisitions, including Flyers, which we acquired in January 2022, serving to further enhance our capability to deliver value-added solutions to our customers through an increasingly streamlined operational platform as discussed under "2023 Restructuring Plan" above.

We continue to focus on supporting the energy transition by expanding our sustainability offerings, including renewable fuel pricing alternativesproducts, as well as carbon management and renewable energy solutions. We are continuing to meet their needs.invest in talent in this area, which we believe will help accelerate growth in these activities.

Due to the generally spot nature of sales in our aviationmarine business, we have traditionally benefited from elevated fuel prices and land segments, we primarily purchase and resell fuel and other products, and we do not act as brokers. Profit from our aviation and land segments is primarily determined by the volume and the gross profit achieved on fuel salesvolatility, supply uncertainty, and a percentageconstrained credit environment. We have spent a considerable amount of card paymenttime reorganizing our business to drive internal efficiencies so that we can generate relatively moderate levels of earnings in stable markets and processing revenue.yet remain poised to provide additional value in volatile and credit constrained markets. In 2022, our marine segment we primarily purchasedelivered exceptional results due to the market conditions arising from the dramatic increase in global oil prices and resell fuelhigher interest rates, as well as the disruption of traditional supply patterns and also act as brokers for others. Profit fromrelated price volatility. The lower global oil prices and reduced market volatility experienced in 2023 have impacted our marine segmentsegment's performance as expected for the full year 2023, which results are materially lower than the exceptional returns produced in 2022.

Inflation in the United States and other jurisdictions in which we do business increased significantly beginning in late 2021 into 2022, driven in part by supply chain disruptions, labor shortages and increased commodity prices, which has generally resulted in higher costs in 2022 and 2023. Inflation, however, is determined primarily by the volumedecelerating and gross profit achieved on fuel resales and by the volume and commission rate of the brokering business. Profitabilitywe expect will continue to do so gradually in our segments also depends on our operating expenses, which may be materially affected2024 without a major downturn in activity.

However, to the extent that wea rising cost environment impacts our results, there are required to provide for potential bad debt.

For these reasons, the increased cost environment, caused in part by inflation, has not had a material impact on our historical results of operations includefor the periods presented in this report. However, a significant or prolonged period of high inflation, particularly when combined with rising interest rates due to actions taken by governments to attempt to control inflation, could adversely impact our results if costs, including employee compensation driven by competitive job market conditions, were to increase at a rate greater than the increase in the revenues we generate. Higher interest rates also typically increase the interest expense associated with our credit arrangements with banks and other parties that serve as important sources of liquidity for us, which can therefore negatively impact our results of the fueling operations acquiredfor a particular period.

See "We extend credit to many of our customers in connection with their purchase of fuel and services from certain ExxonMobil affiliates in during 2017.

Revenues in our aviation segment were $14.5$23.3 billion for the year ended 2017, an increaseDecember 31, 2023, a decrease of $3.6$3.5 billion, or 33.2% as13%, compared to 2016.the year ended December 31, 2022. The increasedecrease in aviation revenuesrevenue was driven by higherlower average jet fuel prices, per gallon sold during the year ended 2017, where the average price per gallon sold was $1.83, as compared to $1.53 in 2016. The overall increase in revenue was also drivenpartially offset by higher volumes from foreign military-related activity and our international fueling operations, where total volumes for the year ended 2017 were 7.9 billion gallons, an increase of 11.4%, as compared to 2016.

Our aviation segment gross profit for the year ended 2017December 31, 2023 was $440.5$485.8 million, an increase of $39.5$128.6 million, or 9.9%36%, as compared to 2016.the year ended December 31, 2022. The increase in aviation gross profit was dueprimarily attributable to increased activitythe non-recurrence in 2023 of the significant inventory losses arising from the extreme backwardation and price volatility experienced in 2022, our government-related business, including certain spot government supply opportunitiesfocus on improving returns in an elevated interest rate environment, and increased volumes and profitabilitygrowth at airport operated locations during the year ended December 31, 2023.

Our aviation segment income from our international fueling operations. These increases wereoperations for the year ended December 31, 2023 was $208.8 million, an increase of $109.3 million, or 110%, compared to the year ended December 31, 2022. The increase in gross profit discussed above was partially offset by lower gross profita $19.3 million increase in operating expenses primarily driven by higher headcount-related compensation costs and general and administrative expenses to support the increased level of operating activity, as well as asset impairment and restructuring charges recognized during the year ended December 31, 2023.

The following provides a summary of the land segment results of operations for the periods indicated (in millions, except price per gallon):

Revenues in our physical inventoryland segment were $15.2 billion for the year ended December 31, 2023, a decrease of $4.1 billion, or 21%, compared to the year ended December 31, 2022. The decrease in revenue was principally driven by lower average fuel prices, with average fuel prices decreasing by 22% in the year ended December 31, 2023 compared to 2022. In addition, total volumes increased by 0.1 billion, or 1%, to 6.2 billion gallon or gallon equivalents in the year ended December 31, 2023 compared to the year ended December 31, 2022 primarily attributable to our natural gas businesses offset by extreme weather conditions experienced in our core fuel business as a result of unfavorable jet fuel price movements.in North America in early 2023.

Our land segment gross profit for the year ended 2017December 31, 2023 was $365.8$399.8 million, an increasea decrease of $17.3$76.1 million, or 5.0%16%, as compared to 2016.the year ended December 31, 2022. The increasedecrease in land segment gross profit was primarily driven byattributable to extraordinary losses associated with an erroneous bid submitted in the benefit derivedFinnish power market as discussed in Note 11. Commitments and Contingencies, extreme weather conditions experienced in our core fuel business in North America in early 2023, and lower profitability from recently acquired businesses, andour U.K. business, which benefited from significant price volatility in the first half of 2022. These decreases were partially offset by continuedimproved performance in our sustainability-related offerings and natural gas business.

Our land segment income from operations for the year ended December 31, 2023 was $40.1 million, a decrease of $85.5 million, or 68%, compared to the year ended December 31, 2022. In addition to the decrease in gross profit discussed above, the decrease in operating income was driven by an increase in operating expenses principally related to asset impairment and restructuring charges, partially offset by lower profits fromgeneral and administrative costs and incentive compensation.

Revenues in our supply and trading activitiesmarine segment were $9.2 billion for the year ended December 31, 2023, a decrease of $3.7 billion, or 29%, compared to the year ended December 31, 2022. The decrease in North America.revenue was principally

Our marine segment gross profit for the year ended 2017December 31, 2023 was $126.0$172.6 million, a decrease of $23.5$83.4 million, or 15.7%33%, as compared to 2016. Over the course of 2017, the marine segment continued to be adversely impacted by the prolonged weakness in the overall maritime industry, lower overall volumes and profitability in our core resale business, primarily in the Asia Pacific region, and our decision to exit certain markets, combined with further declines in profits from the sale of price risk management products globally.

Our aviation segment gross profit for the year ended 2016 was $401.0 million, an increase of $39.1 million, or 10.8%, as compared to 2015. The increase in aviation gross profit was due to increased volume attributable to the core resale business in North America and Europe, as well as increased activity in our U.S. and foreign military-related businesses.

Our liquidity, consisting principally of cash and cash equivalents and availability under theour Credit Facility, fluctuates based on a number of factors, including the timing of receipts from our customers and payments to our suppliers, changes in fuel prices, as well as commodity prices. Availability underour financial performance.

Based on the information currently available, we believe that our cash and cash equivalents as of December 31, 2023 and available funds from our Credit Facility, as described below, together with cash flows generated by operations, are sufficient to fund our working capital and capital expenditure requirements for at least the next twelve months.

As a result of the foregoing, as well as other covenants and restrictions contained in our Credit Agreement, our availability under the Credit Facility may fluctuate from period to period.

Cash is primarily used to fund working capital to support our operations as well as for strategic acquisitions and $235.5 million underinvestments, such as the RPAs, asacquisition of December 31, 2017 and 2016, respectively.Flyers discussed below.