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Business Segments, Geographic Information, and Major Customers
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Business Segments, Geographic Information, and Major Customers Business Segments, Geographic Information, and Major Customers
Business Segments
We operate in three reportable segments consisting of 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. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers and the products and services provided to those customers. Accordingly, our aviation, land and marine segments are organized based on the specific markets their functional business components serve, which are primarily businesses and governmental customers operating in those respective markets.

In 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 the U.S. and foreign governments as well as intergovernmental organizations. In addition, we supply products and services to U.S. and foreign government, intergovernmental and military customers, such as the U.S. Defense Logistics Agency and the North Atlantic Treaty Organization (NATO).

In our land segment, we offer fuel, lubricants, power and natural gas solutions through Kinect, our global energy management services platform, 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, income from operations, depreciation and amortization and capital expenditures by segment is as follows (in millions):
 
For the Year ended December 31,
 
2017
 
2016
 
2015
Revenue:
 
 
 
 
 
Aviation segment
$
14,538.2

 
$
10,914.4

 
$
11,739.8

Land segment
10,958.0

 
8,918.8

 
9,274.3

Marine segment
8,199.3

 
7,182.5

 
9,367.2

 
$
33,695.5

 
$
27,015.8

 
$
30,381.4

Gross profit:
 
 
 
 
 
Aviation segment
$
440.5

 
$
401.0

 
$
361.9

Land segment
365.8

 
348.5

 
309.5

Marine segment
126.0

 
149.5

 
189.6

 
$
932.2

 
$
899.0

 
$
861.0

Income from operations:
 
 
 
 
 
Aviation segment
$
192.9

 
$
160.5

 
$
132.2

Land segment
(7.9
)
 
70.8

 
101.4

Marine segment
(57.8
)
 
30.2

 
73.0

 
127.2

 
261.5

 
306.5

Corporate overhead - unallocated
(81.6
)
 
(72.7
)
 
(60.9
)
 
$
45.6

 
$
188.9

 
$
245.7

Depreciation and amortization:
 
 
 
 
 
Aviation segment
$
26.8

 
$
24.2

 
$
22.6

Land segment
49.8

 
47.1

 
32.9

Marine segment
5.8

 
6.6

 
6.4

Corporate
3.5

 
4.4

 
3.7

 
$
86.0

 
$
82.3

 
$
65.5

Capital expenditures:
 
 
 
 
 
Aviation segment
$
12.3

 
$
4.9

 
$
13.4

Land segment
21.0

 
12.3

 
16.4

Marine segment
1.5

 
6.1

 
8.0

Corporate
19.1

 
14.5

 
10.6

 
$
54.0

 
$
37.7

 
$
48.4


(1)
Includes a $52.4 million of restructuring charges and a $12.8 million impairment charge attributable to certain long term assets in 2017.
(2)
Includes a $79.1 million impairment charge attributable to the impairment of goodwill and other long term assets, and $1.4 million of restructuring charges in 2017.
Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):
 
As of December 31,
 
2017
 
2016
Accounts receivable, net:
 
 
 
Aviation segment, net of allowance for bad debt of $10.8 and $6.6 as of December 31, 2017 and December 31, 2016, respectively
$
1,013.0

 
$
776.0

Land segment, net of allowance for bad debt of $6.6 and $8.2 as of December 31, 2017 and December 31, 2016, respectively
874.7

 
737.5

Marine segment, net of allowance for bad debt of $10.4 and $10.2 as of December 31, 2017 and December 31, 2016, respectively
817.9

 
830.5

 
$
2,705.6

 
$
2,344.0

Total assets:
 
 
 
Aviation segment
$
2,240.4

 
$
2,050.6

Land segment
2,091.4

 
1,928.5

Marine segment
1,097.1

 
1,287.7

Corporate
158.9

 
145.8

 
$
5,587.8

 
$
5,412.6


Geographic Information
Information concerning our revenue and property and equipment, net, 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 millions):
 
For the Year ended December 31,
 
2017
 
2016
 
2015
Revenue:
 
 
 
 
 
United States
$
17,938.0

 
$
14,368.8

 
$
15,496.3

EMEA (1)
7,553.3

 
6,018.6

 
6,382.2

Asia Pacific (2)
4,923.0

 
4,271.1

 
5,863.4

Americas, excluding United States
3,281.2

 
2,357.2

 
2,639.5

Total
$
33,695.5

 
$
27,015.8

 
$
30,381.4

 
As of December 31,
 
2017
 
2016
Property and equipment, net:
 
 
 
United States
$
152.6

 
$
137.7

EMEA
120.2

 
122.9

Asia Pacific
10.4

 
1.4

Americas, excluding United States
46.7

 
49.1

Total
$
329.8

 
$
311.2

(1)
Includes revenue related to the U.K. of $5.0 billion, $4.1 billion and $4.7 billion for 2017, 2016 and 2015, respectively.
(2)
Includes revenue related to Singapore of $4.8 billion, $4.2 billion and $5.8 billion for 2017, 2016 and 2015, 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. Sales to government customers, which includes sales to the U.S. Defense Logistics Agency and NATO, have accounted for a material portion of our profitability in recent years and we expect this to continue in the foreseeable future. The profitability associated with our government business can be significantly impacted by supply disruptions, border closures, road blockages, hostility-related product losses, inventory shortages and other logistical difficulties that can arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts. Our sales to government customers may fluctuate significantly from time to time as a result of the foregoing factors, as well as the level of troop deployments and related activity in a particular region or area or the commencement, extension, renewal or completion of existing and new government contracts. Furthermore, changes in military policies or priorities, such as the decision to withdraw or reduce armed force levels in different geographies, can be sudden, subjecting us to losses or higher expenses associated with disposing of unused inventory, removal or abandonment of equipment and relocation of employees.