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Business Segment, Geographic Information, and Major Customers
 12 Months Ended
Dec. 31, 2014
Business Segments, Geographic Information, and Major Customers  
Business Segments, Geographic Information, and Major Customers

11. Business Segments, Geographic Information, and Major Customers

Business Segments

Based on the nature of operations and quantitative thresholds pursuant to the accounting guidance on 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, income from operations, depreciation and amortization and capital expenditures by segment is as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year ended December 31,

 

 
2014 

 
2013 

 
2012 

Revenue:

    

 

    

    

 

    

    

 

    

Aviation segment

 

$
17,268,834 

 

$
16,087,611 

 

$
14,692,042 

Marine segment

 

 
13,843,307 

 

 
14,790,342 

 

 
14,750,425 

Land segment

 

 
12,274,248 

 

 
10,683,994 

 

 
9,502,871 

 

 

$
43,386,389 

 

$
41,561,947 

 

$
38,945,338 

Gross profit:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$
321,596 

 

$
327,178 

 

$
294,601 

Marine segment

 

 
205,612 

 

 
177,052 

 

 
208,028 

Land segment

 

 
286,414 

 

 
248,528 

 

 
170,818 

 

 

$
813,622 

 

$
752,758 

 

$
673,447 

Income from operations:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$
142,303 

 

$
150,886 

 

$
128,153 

Marine segment

 

 
90,029 

 

 
73,770 

 

 
103,229 

Land segment

 

 
90,335 

 

 
84,767 

 

 
75,291 

 

 

 
322,667 

 

 
309,423 

 

 
306,673 

Corporate overhead – unallocated

 

 
53,519 

 

 
45,065 

 

 
49,650 

 

 

$
269,148 

 

$
264,358 

 

$
257,023 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

Aviation segment, includes allocation from corporate

 

$
15,419 

 

$
15,854 

 

$
17,381 

Marine segment, includes allocation from corporate

 

 
5,559 

 

 
5,362 

 

 
5,387 

Land segment, includes allocation from corporate

 

 
34,684 

 

 
20,861 

 

 
10,406 

Corporate

 

 
3,737 

 

 
2,633 

 

 
3,540 

 

 

$
59,399 

 

$
44,710 

 

$
36,714 

Capital expenditures:

 

 

 

 

 

 

 

 

 

Aviation segment

 

$
9,017 

 

$
5,737 

 

$
4,713 

Marine segment

 

 
13,854 

 

 
17,326 

 

 
8,981 

Land segment

 

 
15,962 

 

 
54,360 

 

 
7,243 

Corporate

 

 
12,948 

 

 
5,293 

 

 
7,517 

 

 

$
51,781 

 

$
82,716 

 

$
28,454 

 

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

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 
2014 

 
2013 

Accounts receivable, net:

    

 

    

    

 

    

Aviation segment, net of allowance for bad debt of $7,864 and $9,351 as of December 31, 2014 and 2013, respectively

 

$
686,496 

 

$
771,178 

Marine segment, net of allowance for bad debt of $8,434 and $9,845 as of December 31, 2014 and 2013, respectively

 

 
974,041 

 

 
1,205,005 

Land segment, net of allowance for bad debt of $9,394 and $9,992 as of December 31, 2014 and 2013, respectively

 

 
647,315 

 

 
562,459 

 

 

$
2,307,852 

 

$
2,538,642 

Goodwill:

 

 

 

 

 

 

Aviation segment

 

$
178,143 

 

$
115,507 

Marine segment

 

 
73,068 

 

 
69,088 

Land segment

 

 
404,867 

 

 
298,996 

 

 

$
656,078 

 

$
483,591 

Identifiable intangible assets, net:

 

 

 

 

 

 

Aviation segment

 

$
67,142 

 

$
31,632 

Marine segment

 

 
7,196 

 

 
5,730 

Land segment

 

 
139,253 

 

 
129,840 

 

 

$
213,591 

 

$
167,202 

Total assets:

 

 

 

 

 

 

Aviation segment

 

$
1,635,371 

 

$
1,686,437 

Marine segment

 

 
1,483,077 

 

 
1,536,817 

Land segment

 

 
1,570,623 

 

 
1,304,436 

Corporate

 

 
190,909 

 

 
211,587 

 

 

$
4,879,980 

 

$
4,739,277 

 

Geographic Information

Information concerning our revenue, income from operations, non‑current assets and total assets, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia/Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year ended December 31,

 

 
2014 

 
2013 

 
2012 

Revenue:

    

 

    

    

 

    

    

 

    

United States

 

$
21,514,304 

 

$
21,149,175 

 

$
20,216,891 

EMEA (1)

 

 
8,612,751 

 

 
7,017,479 

 

 
7,247,754 

Asia/Pacific (2)

 

 
9,844,682 

 

 
10,215,412 

 

 
8,404,324 

Americas, excluding United States

 

 
3,414,652 

 

 
3,179,881 

 

 
3,076,369 

Total

 

$
43,386,389 

 

$
41,561,947 

 

$
38,945,338 

Income from operations:

 

 

 

 

 

 

 

 

 

United States

 

$
52,226 

 

$
49,874 

 

$
67,041 

EMEA

 

 
121,660 

 

 
109,650 

 

 
82,964 

Asia/Pacific

 

 
74,737 

 

 
70,547 

 

 
71,054 

Americas, excluding United States

 

 
20,525 

 

 
34,287 

 

 
35,964 

Total

 

$
269,148 

 

$
264,358 

 

$
257,023 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 
2014 

 
2013 

Non-current assets:

    

 

    

    

 

    

United States

 

$
549,521 

 

$
560,623 

EMEA

 

 
591,481 

 

 
319,339 

Asia/Pacific

 

 
12,351 

 

 
2,050 

Americas, excluding United States

 

 
51,784 

 

 
41,764 

Total

 

$
1,205,137 

 

$
923,776 

Total assets:

 

 

 

 

 

 

United States

 

$
1,909,541 

 

$
2,239,479 

EMEA

 

 
1,695,200 

 

 
1,347,020 

Asia/Pacific

 

 
922,705 

 

 
817,887 

Americas, excluding United States

 

 
352,534 

 

 
334,891 

Total

 

$
4,879,980 

 

$
4,739,277 

 

(1)

Includes revenue related to the United Kingdom of $6.2 billion, $5.0 billion and $5.2 billion for 2014, 2013 and 2012, respectively.

(2)

Includes revenue related to Singapore of $9.7 billion, $10.1 billion and $8.4 billion for 2014, 2013 and 2012, respectively.

Major Customers

During each of the years presented on the consolidated statements of income and comprehensive income, none of our customers accounted for more than 10% of total consolidated revenue.