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Business Segments
 9 Months Ended
Sep. 30, 2015
Business Segments  
Business Segments

11.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, (ii) the results of the acquisition of all of the outstanding stock of Colt in our aviation segment commencing on July 29, 2014, its acquisition date, and (iii) the results of the acquisition of all of the outstanding stock of Pester in our land segment commencing on September 1, 2015, 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 Nine Months ended

 

 

September 30,

 

September 30,

Revenue:

    
2015

    
2014

    
2015

    
2014

Aviation segment

 

$
2,995.3

 

$
4,675.6

 

$
9,077.6

 

$
13,361.8

Marine segment

 

 
2,388.1

 

 
3,725.6

 

 
7,514.3

 

 
10,738.6

Land segment

 

 
2,427.3

 

 
3,312.3

 

 
7,055.9

 

 
9,506.4

 

 

$
7,810.7

 

$
11,713.5

 

$
23,647.8

 

$
33,606.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

Aviation segment

 

$
106.8

 

$
96.2

 

$
274.8

 

$
246.9

Marine segment

 

 
48.6

 

 
49.4

 

 
144.3

 

 
146.1

Land segment

 

 
71.3

 

 
69.0

 

 
213.5

 

 
201.1

 

 

$
226.7

 

$
214.6

 

$
632.6

 

$
594.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Aviation segment

 

$
47.0

 

$
47.3

 

$
100.8

 

$
114.5

Marine segment

 

 
17.5

 

 
20.9

 

 
57.3

 

 
62.9

Land segment

 

 
19.1

 

 
19.1

 

 
67.3

 

 
60.0

 

 

 
83.6

 

 
87.3

 

 
225.4

 

 
237.4

Corporate overhead - unallocated

 

 
17.2

 

 
13.2

 

 
46.1

 

 
39.2

 

 

$
66.4

 

$
74.1

 

$
179.3

 

$
198.2

 

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

 

 

 

 

 

 

 

 

 

 

As of

 

 

September 30,

 

December 31,

 

 
2015

 
2014

Accounts receivable, net:

    

 

 

    

 

 

Aviation segment, net of allowance for bad debt of $6.8 and $7.9 as of September 30, 2015 and December 31, 2014, respectively

 

$
574.2

 

$
685.0

Marine segment, net of allowance for bad debt of $9.9 and $8.4 as of September 30, 2015 and December 31, 2014, respectively

 

 
748.4

 

 
974.0

Land segment, net of allowance for bad debt of $8.1 and $9.4 as of September 30, 2015 and December 31, 2014, respectively

 

 
716.5

 

 
647.4

 

 

$
2,039.1

 

$
2,306.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

Aviation segment

 

$
1,606.9

 

$
1,635.9

Marine segment

 

 
1,361.4

 

 
1,483.1

Land segment

 

 
1,802.3

 

 
1,570.6

Corporate

 

 
202.3

 

 
190.9

 

 

$
4,972.9

 

$
4,880.5