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Business Segments | 6 Months Ended
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Jun. 30, 2016
Business Segments |
Business Segments | 12.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, land and marine. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Within our aviation segment we offer fuel and related products and services to major commercial airlines, second and third tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft, military fleets and to the United States (“U.S.”) and foreign governments as well as intergovernmental organizations. In our land segment, we offer fuel, crude oil, lubricants, power solutions through our global energy management service offerings, natural gas and related products and services to customers including petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers. Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S. and foreign governments as well as other fuel suppliers. Within each of our segments we may enter into derivative contracts to mitigate the risk of market price fluctuations and also to offer our customers fuel pricing alternatives to meet their needs. 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: |  | 2016 |  | 2015 |  | 2016 |  | 2015
Aviation segment |  | $ | 2,621.6 |  | $ | 3,185.3 |  | $ | 4,841.0 |  | $ | 6,082.3
Land segment |  |  | 2,171.0 |  |  | 2,505.7 |  |  | 3,866.0 |  |  | 4,628.7
Marine segment |  |  | 1,840.4 |  |  | 2,805.4 |  |  | 3,116.9 |  |  | 5,126.1
|  | $ | 6,633.0 |  | $ | 8,496.4 |  | $ | 11,823.9 |  | $ | 15,837.1
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |
Aviation segment |  | $ | 98.6 |  | $ | 85.0 |  | $ | 187.3 |  | $ | 166.1
Land segment |  |  | 80.2 |  |  | 63.6 |  |  | 173.9 |  |  | 142.2
Marine segment |  |  | 39.7 |  |  | 41.8 |  |  | 78.8 |  |  | 95.7
|  | $ | 218.5 |  | $ | 190.4 |  | $ | 440.0 |  | $ | 404.0
Income from operations: |  |  |  |  |  |  |  |  |  |  |  |
Aviation segment |  | $ | 37.2 |  | $ | 26.0 |  | $ | 71.2 |  | $ | 52.0
Land segment |  |  | 16.2 |  |  | 16.5 |  |  | 50.1 |  |  | 46.2
Marine segment |  |  | 11.0 |  |  | 13.6 |  |  | 22.5 |  |  | 39.8
|  |  | 64.4 |  |  | 56.1 |  |  | 143.8 |  |  | 138.0
Corporate overhead - unallocated |  |  | 18.8 |  |  | 14.5 |  |  | 37.2 |  |  | 28.7
|  | $ | 45.6 |  | $ | 41.6 |  | $ | 106.6 |  | $ | 109.2
Information concerning our accounts receivable, net and total assets by segment is as follows (in millions):
|  | As of
|  | June 30, |  | December 31,
|  | 2016 |  | 2015
Accounts receivable, net: |  |  |  |  |  |
Aviation segment, net of allowance for bad debt of $5.8 and $6.1 as of June 30, 2016 and December 31, 2015, respectively |  | $ | 643.1 |  | $ | 571.6
Land segment, net of allowance for bad debt of $7.6 and $7.2 as of June 30, 2016 and December 31, 2015, respectively |  |  | 698.5 |  |  | 629.8
Marine segment, net of allowance for bad debt of $10.4 and $10.6 as of June 30, 2016 and December 31, 2015, respectively |  |  | 689.1 |  |  | 611.2
|  | $ | 2,030.7 |  | $ | 1,812.6
Total assets: |  |  |  |  |  |
Aviation segment |  | $ | 1,685.8 |  | $ | 1,546.4
Land segment |  |  | 1,701.5 |  |  | 1,651.5
Marine segment |  |  | 1,199.0 |  |  | 1,141.5
Corporate |  |  | 162.2 |  |  | 185.9
|  | $ | 4,748.5 |  | $ | 4,525.3

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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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&loc=d3e8906-108599 + Details
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