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Business Segments
9 Months Ended
Sep. 30, 2011
Business Segments 
Business Segments

8.     Business Segments

 

Based on the nature of operations and quantitative thresholds pursuant to accounting guidance for segment reporting, we have three reportable operating business segments: aviation, marine and land.  Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity.   Please refer to Note 1 for the dates that the results of operations and related assets and liabilities of our acquisitions have been included in our operating segments. The accounting policies of the reportable operating segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1).

 

Information concerning our revenue, gross profit and income from operations by segment is as follows (in thousands):

 

 

 

For the Three Months ended

 

For the Nine Months ended

 

 

 

September 30,

 

September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Revenue:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

3,540,503

 

$

1,857,154

 

$

9,551,924

 

$

5,007,920

 

Marine segment

 

4,045,176

 

2,356,093

 

10,577,578

 

6,731,356

 

Land segment

 

1,925,113

 

773,827

 

5,169,405

 

1,563,094

 

 

 

$

9,510,792

 

$

4,987,074

 

$

25,298,907

 

$

13,302,370

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

83,966

 

$

55,829

 

$

236,121

 

$

157,091

 

Marine segment

 

50,069

 

41,194

 

140,958

 

123,787

 

Land segment

 

36,812

 

15,084

 

95,638

 

37,616

 

 

 

$

170,847

 

$

112,107

 

$

472,717

 

$

318,494

 

 

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

41,228

 

$

31,564

 

$

117,022

 

$

86,959

 

Marine segment

 

24,899

 

20,667

 

68,017

 

64,647

 

Land segment

 

18,653

 

3,234

 

43,342

 

7,362

 

 

 

84,780

 

55,465

 

228,381

 

158,968

 

Corporate overhead

 

13,855

 

10,378

 

35,828

 

26,692

 

 

 

$

70,925

 

$

45,087

 

$

192,553

 

$

132,276

 

 

Information concerning our accounts receivable and total assets by segment is as follows (in thousands):

 

 

 

As of

 

 

 

September 30,

 

December 31,

 

 

 

2011

 

2010

 

Accounts receivable, net:

 

 

 

 

 

Aviation segment, net of allowance for bad debt of $9,765 and $7,363 at September 30, 2011 and December 31, 2010, respectively

 

$

610,569

 

$

420,788

 

Marine segment, net of allowance for bad debt of $8,850 and $7,761 at September 30, 2011 and December 31, 2010, respectively

 

1,196,741

 

761,629

 

Land segment, net of allowance for bad debt of $6,310 and $5,077 at September 30, 2011 and December 31, 2010, respectively

 

359,402

 

204,283

 

 

 

$

2,166,712

 

$

1,386,700

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

Aviation segment

 

$

1,191,791

 

$

740,563

 

Marine segment

 

1,528,468

 

1,000,042

 

Land segment

 

756,037

 

524,592

 

Corporate

 

140,600

 

301,253

 

 

 

$

3,616,896

 

$

2,566,450