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Business Segments | 3 Months Ended
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Mar. 31, 2018
Segment Reporting [Abstract] |
Business Segments | 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 fuel-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 North Atlantic Treaty Organization (NATO) and the U.S. Defense Logistics Agency. 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 and income from operations by segment is as follows (in millions):
|  | For the Three Months Ended
|  | March 31,
Revenue: |  | 2018 |  | 2017
Aviation segment |  | $ | 4,292.9 |  |  | $ | 3,317.4 |
Land segment |  | 2,860.7 |  |  | 2,783.4 |
Marine segment |  | 2,027.7 |  |  | 2,093.5 |
|  | $ | 9,181.3 |  |  | $ | 8,194.3 |
Gross profit: |  |  |  |
Aviation segment |  | $ | 110.0 |  |  | $ | 100.0 |
Land segment |  | 102.2 |  |  | 97.8 |
Marine segment |  | 31.2 |  |  | 33.6 |
|  | $ | 243.4 |  |  | $ | 231.4 |
Income from operations: |  |  |  |
Aviation segment |  | $ | 47.8 |  |  | $ | 40.4 |
Land segment |  | 19.6 |  |  | 21.4 |
Marine segment |  | 8.6 |  |  | 8.3 |
|  | 75.9 |  |  | 70.1 |
Corporate overhead - unallocated |  | (18.7 | ) |  | (19.8 | )
|  | $ | 57.2 |  |  | $ | 50.3 |
Information concerning our accounts receivable, net and total assets by segment is as follows (in millions):
|  | As of
|  | March 31, |  | December 31,
|  | 2018 |  | 2017
Accounts receivable, net: |  |  |  |
Aviation segment, net of allowance for bad debt of $11.1 and $10.8 as of March 31, 2018 and December 31, 2017, respectively |  | $ | 991.1 |  |  | $ | 1,013.0 |
Land segment, net of allowance for bad debt of $4.1 and $6.6 as of March 31, 2018 and December 31, 2017, respectively |  | 912.4 |  |  | 874.7 |
Marine segment, net of allowance for bad debt of $9.4 and $10.4 as of March 31, 2018 and December 31, 2017, respectively |  | 762.7 |  |  | 817.9 |
|  | $ | 2,666.3 |  |  | $ | 2,705.6 |
Total assets: |  |  |  |  |  |
Aviation segment |  | $ | 2,160.2 |  |  | $ | 2,240.4 |
Land segment |  | 2,144.3 |  |  | 2,091.4 |
Marine segment |  | 986.5 |  |  | 1,097.1 |
Corporate |  | 181.0 |  |  | 158.9 |
|  | $ | 5,472.1 |  |  | $ | 5,587.8 |

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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