v3.26.1
Business Combinations, Asset Acquisitions, Transaction between Entities under Common Control, and Joint Venture Formation (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Disposal Groups, Including Discontinued Operations
The following table summarizes the carrying value of the Land Fuel Transportation and Lubricants and Falmouth disposal group assets and liabilities classified as held for sale (in millions):
June 30, 2026December 31, 2025
Cash and cash equivalents
$0.2 $0.6 
Accounts receivable, net
0.4 0.2 
Inventories
— 35.9 
Prepaid expenses and other current assets
1.0 0.3 
Property and equipment, net
0.8 51.1 
Intangible assets, net
— 8.5 
Other non-current assets
— 11.7 
Total assets held for sale
$2.4 $108.2 
Accounts payable
$0.4 $0.3 
Accrued expenses and other liabilities
— 4.8 
Long-term portion of finance lease obligations
0.3 5.2 
Other long-term liabilities
— 18.1 
Total liabilities held for sale
$0.6 $28.3 
Business Combination, Recognized Asset Acquired and Liability Assumed The following table summarizes the fair value of the aggregate consideration as well as the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed (in millions):
Final
Consideration:
Cash paid at closing$154.4 
Working capital adjustment paid to seller8.3 
Amount due to sellers (1)
52.6 
Total fair value of consideration$215.4 
Assets acquired and liabilities assumed:
Cash$0.2 
Accounts receivable35.2 
Prepaid expenses and other current assets
0.2 
Property, plant and equipment0.3 
Identifiable intangible assets subject to amortization (2)
88.6 
Identifiable intangible assets not subject to amortization (3)
23.4 
Accounts payable(12.3)
Other assets and liabilities, net (4)
(3.8)
Net identifiable assets acquired131.9 
Goodwill (5)
83.5 
Net assets acquired$215.4 
(1)Represents expected payments of $15.0 million per year over each of the next four years, discounted to present value at the date of acquisition.
(2)Identifiable intangible assets subject to amortization primarily consist of customer relationships and other identifiable assets which will be amortized over a weighted average life of 18.4 years.
(3)Identifiable intangible assets not subject to amortization include trademarks and trade names acquired.
(4)Includes the recognition of right of use assets of $1.3 million and lease liabilities of $1.3 million.
(5)Goodwill is attributable primarily to the expected synergies and other benefits that we believe will result from combining the acquired operations with the operations of our aviation segment. All of the goodwill assigned to the aviation segment was deductible for tax purposes.
Business Combination, Pro Forma Information
The following presents unaudited pro forma combined financial information of the Company for the three and six months ended June 30, 2025 as if the acquisition of Universal TSS had been completed on January 1, 2024 (in millions):
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Revenue$9,109.4 $18,617.2 
Net income (loss) attributable to World Kinect
$(335.6)$(355.5)