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Business Segments | 6 Months Ended
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Jun. 30, 2015
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 all of the outstanding stock of Watson Petroleum in our land segment commencing on March 7, 2014, its acquisition date, and (ii) the results of the acquisition of all of the outstanding stock of Colt International, L.L.C (“Colt”) in our aviation segment commencing on July 29, 2014, 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 millions):
|  | For the Three Months ended |  | For the Six Months ended
|  | June 30, |  | June 30,
Revenue: |  | 2015 |  | 2014 |  | 2015 |  | 2014
Aviation segment |  | $ | 3,185.3 |  | $ | 4,436.5 |  | $ | 6,082.3 |  | $ | 8,686.4
Marine segment |  |  | 2,805.4 |  |  | 3,532.8 |  |  | 5,126.1 |  |  | 7,013.0
Land segment |  |  | 2,505.7 |  |  | 3,373.2 |  |  | 4,628.7 |  |  | 6,194.0
|  | $ | 8,496.4 |  | $ | 11,342.5 |  | $ | 15,837.1 |  | $ | 21,893.4
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |
Aviation segment |  | $ | 85.0 |  | $ | 81.8 |  | $ | 167.9 |  | $ | 150.7
Marine segment |  |  | 41.8 |  |  | 48.8 |  |  | 95.7 |  |  | 96.7
Land segment |  |  | 63.6 |  |  | 60.9 |  |  | 142.2 |  |  | 132.1
|  | $ | 190.4 |  | $ | 191.5 |  | $ | 405.8 |  | $ | 379.5
Income from operations: |  |  |  |  |  |  |  |  |  |  |  |
Aviation segment |  | $ | 26.0 |  | $ | 37.2 |  | $ | 53.8 |  | $ | 67.2
Marine segment |  |  | 13.6 |  |  | 20.9 |  |  | 39.7 |  |  | 42.0
Land segment |  |  | 16.5 |  |  | 14.4 |  |  | 48.3 |  |  | 40.9
|  |  | 56.1 |  |  | 72.5 |  |  | 141.8 |  |  | 150.1
Corporate overhead - unallocated |  |  | 14.5 |  |  | 12.7 |  |  | 28.8 |  |  | 26.0
|  | $ | 41.6 |  | $ | 59.8 |  | $ | 113.0 |  | $ | 124.1
Information concerning our accounts receivable, net and total assets by segment is as follows (in millions):
|  | As of
|  | June 30, |  | December 31,
|  | 2015 |  | 2014
Accounts receivable, net: |  |  |  |  |  |
Aviation segment, net of allowance for bad debt of $7.1 and $7.9 as of June 30, 2015 and December 31, 2014, respectively |  | $ | 711.7 |  | $ | 686.0
Marine segment, net of allowance for bad debt of $9.5 and $8.4 as of June 30, 2015 and December 31, 2014, respectively |  |  | 952.0 |  |  | 974.0
Land segment, net of allowance for bad debt of $8.7 and $9.4 as of June 30, 2015 and December 31, 2014, respectively |  |  | 694.5 |  |  | 647.4
|  | $ | 2,358.2 |  | $ | 2,307.4
Total assets: |  |  |  |  |  |
Aviation segment |  | $ | 1,649.0 |  | $ | 1,635.5
Marine segment |  |  | 1,521.2 |  |  | 1,483.1
Land segment |  |  | 1,691.0 |  |  | 1,570.6
Corporate |  |  | 241.3 |  |  | 190.9
|  | $ | 5,102.5 |  | $ | 4,880.1

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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