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Business Segments
 6 Months Ended
Jun. 30, 2012
Business Segments  
Business Segments

9.              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.  The results of operations of Nordic Camp Supply ApS and certain affiliates (“NCS”) are included in our aviation segment commencing on March 1, 2011, its acquisition date, and since January 1, 2012, a portion of NCS results is now included in our land segment.  The results of operations include the results of Ascent Aviation Group, Inc. (“Ascent”) in our aviation segment commencing on April 1, 2011, its acquisition date.  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 Six Months ended

 

 

 

June 30,

 

June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Revenue:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

3,547,871

 

$

3,364,829

 

$

6,959,418

 

$

6,011,421

 

Marine segment

 

3,767,144

 

3,532,983

 

7,671,335

 

6,532,402

 

Land segment

 

2,303,782

 

1,810,897

 

4,467,099

 

3,244,292

 

 

 

$

9,618,797

 

$

8,708,709

 

$

19,097,852

 

$

15,788,115

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

69,171

 

$

82,027

 

$

134,085

 

$

152,155

 

Marine segment

 

51,748

 

50,674

 

106,825

 

90,889

 

Land segment

 

51,204

 

32,401

 

88,448

 

58,826

 

 

 

$

172,123

 

$

165,102

 

$

329,358

 

$

301,870

 

 

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

25,960

 

$

37,624

 

$

52,793

 

$

75,794

 

Marine segment

 

27,931

 

25,763

 

55,376

 

43,118

 

Land segment

 

28,352

 

14,026

 

44,552

 

24,689

 

 

 

82,243

 

77,413

 

152,721

 

143,601

 

Corporate overhead - unallocated

 

9,885

 

11,310

 

21,107

 

21,973

 

 

 

$

72,358

 

$

66,103

 

$

131,614

 

$

121,628

 

 

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

 

 

 

As of

 

 

 

June 30,

 

December 31,

 

 

 

2012

 

2011

 

Accounts receivable, net:

 

 

 

 

 

Aviation segment, net of allowance for bad debt of $9,234 and $8,441 as of June 30, 2012 and December 31, 2011, respectively

 

$

630,719

 

$

569,086

 

Marine segment, net of allowance for bad debt of $8,059 and $9,495 as of June 30, 2012 and December 31, 2011, respectively

 

1,118,106

 

1,261,340

 

Land segment, net of allowance for bad debt of $6,526 and $6,365 as of June 30, 2012 and December 31, 2011, respectively

 

375,820

 

330,135

 

 

 

$

2,124,645

 

$

2,160,561

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

Aviation segment

 

$

1,420,981

 

$

1,149,031

 

Marine segment

 

1,436,982

 

1,568,378

 

Land segment

 

896,041

 

816,595

 

Corporate

 

133,890

 

163,242

 

 

 

$

3,887,894

 

$

3,697,246