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Business Segments
 9 Months Ended
Sep. 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.  Our results of operations include (i) the results of Nordic Camp Supply ApS and certain affiliates (“NCS”) 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, (ii) the results of Ascent Aviation Group, Inc. (“Ascent”) in our aviation segment commencing on April 1, 2011, its acquisition date and (iii) the results of the CarterEnergy business in our land segment commencing on September 1, 2012, 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 Nine Months ended

 

 

 

September 30,

 

September 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Revenue:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

3,823,338

 

$

3,540,503

 

$

10,782,756

 

$

9,551,924

 

Marine segment

 

3,630,094

 

4,045,176

 

11,301,429

 

10,577,578

 

Land segment

 

2,458,241

 

1,925,113

 

6,925,340

 

5,169,405

 

 

 

$

9,911,673

 

$

9,510,792

 

$

29,009,525

 

$

25,298,907

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

84,197

 

$

83,966

 

$

218,282

 

$

236,121

 

Marine segment

 

53,960

 

50,069

 

160,785

 

140,958

 

Land segment

 

42,595

 

36,812

 

131,043

 

95,638

 

 

 

$

180,752

 

$

170,847

 

$

510,110

 

$

472,717

 

 

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$

39,808

 

$

41,228

 

$

92,601

 

$

117,022

 

Marine segment

 

27,296

 

24,899

 

82,672

 

68,017

 

Land segment

 

18,185

 

18,653

 

62,737

 

43,342

 

 

 

85,289

 

84,780

 

238,010

 

228,381

 

Corporate overhead - unallocated

 

14,241

 

13,855

 

35,348

 

35,828

 

 

 

$

71,048

 

$

70,925

 

$

202,662

 

$

192,553

 

 

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

 

 

 

As of

 

 

 

September 30,

 

December 31,

 

 

 

2012

 

2011

 

Accounts receivable, net:

 

 

 

 

 

Aviation segment, net of allowance for bad debt of $9,333 and $8,441 as of September 30, 2012 and December 31, 2011, respectively

 

$

692,554

 

$

569,086

 

Marine segment, net of allowance for bad debt of $8,734 and $9,495 as of September 30, 2012 and December 31, 2011, respectively

 

1,222,379

 

1,261,340

 

Land segment, net of allowance for bad debt of $7,121 and $6,365 as of September 30, 2012 and December 31, 2011, respectively

 

465,518

 

330,135

 

 

 

$

2,380,451

 

$

2,160,561

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

Aviation segment

 

$

1,561,799

 

$

1,149,031

 

Marine segment

 

1,521,167

 

1,568,378

 

Land segment

 

992,690

 

816,595

 

Corporate

 

102,809

 

163,242

 

 

 

$

4,178,465

 

$

3,697,246