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Business Segments
 3 Months Ended
Mar. 31, 2013
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 the acquisition of certain assets of CarterEnergy Corporation in our land segment commencing on September 1, 2012, its acquisition date, and (ii) the results of the acquisition of certain assets of Multi Service Corporation, primarily in our land segment, commencing on December 31, 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

 

 

 

March 31,

 

 

 

2013

 

2012

 

Revenue:

 

 

 

 

 

Aviation segment

 

$

3,930,588

 

$

3,411,547

 

Marine segment

 

3,717,139

 

3,904,191

 

Land segment

 

2,536,302

 

2,163,317

 

 

 

$

10,184,029

 

$

9,479,055

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

Aviation segment

 

$

76,984

 

$

64,914

 

Marine segment

 

41,682

 

55,077

 

Land segment

 

63,713

 

37,244

 

 

 

$

182,379

 

$

157,235

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

Aviation segment

 

$

34,880

 

$

26,833

 

Marine segment

 

15,259

 

27,445

 

Land segment

 

27,380

 

16,200

 

 

 

77,519

 

70,478

 

Corporate overhead - unallocated

 

10,578

 

11,222

 

 

 

$

66,941

 

$

59,256

 

 

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

 

 

 

As of

 

 

 

March 31,

 

December 31,

 

 

 

2013

 

2012

 

Accounts receivable, net:

 

 

 

 

 

Aviation segment, net of allowance for bad debt of $8,901 and $8,997 as of March 31, 2013 and December 31, 2012, respectively

 

$

694,816

 

$

674,973

 

Marine segment, net of allowance for bad debt of $8,425 and $7,742 as of March 31, 2013 and December 31, 2012, respectively

 

1,240,230

 

1,069,833

 

Land segment, net of allowance for bad debt of $6,804 and $6,980 as of March 31, 2013 and December 31, 2012, respectively

 

559,327

 

449,060

 

 

 

$

2,494,373

 

$

2,193,866

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

Aviation segment

 

$

1,490,633

 

$

1,463,423

 

Marine segment

 

1,519,351

 

1,330,796

 

Land segment

 

1,229,576

 

1,145,756

 

Corporate

 

169,697

 

167,776

 

 

 

$

4,409,257

 

$

4,107,751