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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers We enter into contracts with customers in various ways including via master supply or blanket sales agreement when combined with some form of nomination and acceptance such as a purchase order or delivery ticket, stand-alone agreements, or through spot transactions where fuel is delivered for immediate settlement. Our contracts primarily require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. Our contracts may contain fixed or variable pricing or some combination of those. The majority of our consolidated revenues are generated through the sale of fuel and fuel-related products. Revenue from the sale of fuel is recognized when delivery is made to our customers and they obtain control, the sales price is determinable, and collectability is reasonably assured. Fulfillment costs, including those associated with certain transportation costs are included in the transaction price, while taxes assessed by a government authority and certain fees charged by third parties are excluded. Revenue from services, including energy procurement advisory services, international trip planning support, and transaction and payment management processing, are recognized over the contract period when services have been performed and we have the right to invoice for those services. We generally charge a nominal fixed monthly fee coupled with a per transaction fee for the services we provide our customers. For our service contracts, we have applied the practical expedient to recognize revenue in the amount to which we have a right to invoice if we have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of our performance completed to date. We record fuel sales and services, with the exception of revenue from merchant services, on a gross basis as we generally take inventory risk, have latitude in establishing the sales price, have discretion in the supplier selection, maintain credit risk and are the primary obligor in the sales arrangement. Whether the services have been performed and the customer has obtained control are factors we take into consideration in deciding when to recognize revenue. These factors are readily determinable and consistently applied throughout our business. Therefore, we generally have not needed to make material estimates or assumptions with respect to revenue recognition. The following table presents our revenues from contracts with customers (in millions) disaggregated by major geographic areas we conduct business in. Prior period amounts have not been adjusted under the modified retrospective method.
|  | For the Three Months Ended |  | For the Six Months Ended
|  | June 30, |  | June 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Aviation |  | $ | 363.6 |  |  | $ | 248.5 |  |  | $ | 755.6 |  |  | $ | 507.1 |
Marine |  | 804.1 |  |  | 845.3 |  |  | 1,603.6 |  |  | 1,738.7 |
Land |  | 0.8 |  |  | 0.3 |  |  | 1.9 |  |  | 0.6 |
Asia Pacific |  | $ | 1,168.5 |  |  | $ | 1,094.1 |  |  | $ | 2,361.1 |  |  | $ | 2,246.4 |
Aviation |  | $ | 962.8 |  |  | $ | 616.6 |  |  | $ | 1,632.8 |  |  | $ | 1,069.9 |
Marine |  | 832.2 |  |  | 681.5 |  |  | 1,469.6 |  |  | 1,340.7 |
Land |  | 635.7 |  |  | 530.2 |  |  | 1,315.5 |  |  | 1,132.4 |
EMEA |  | $ | 2,430.6 |  |  | $ | 1,828.2 |  |  | $ | 4,417.9 |  |  | $ | 3,542.9 |
Aviation |  | $ | 477.2 |  |  | $ | 301.7 |  |  | $ | 967.4 |  |  | $ | 632.5 |
Marine |  | 128.1 |  |  | 132.4 |  |  | 283.3 |  |  | 288.5 |
Land |  | 156.3 |  |  | 158.0 |  |  | 340.6 |  |  | 329.0 |
LATAM |  | $ | 761.6 |  |  | $ | 592.1 |  |  | $ | 1,591.3 |  |  | $ | 1,250.0 |
Aviation |  | $ | 3,157.6 |  |  | $ | 2,295.6 |  |  | $ | 5,920.6 |  |  | $ | 4,551.5 |
Marine |  | 358.0 |  |  | 246.4 |  |  | 637.9 |  |  | 476.8 |
Land |  | 2,142.6 |  |  | 1,866.3 |  |  | 4,100.9 |  |  | 3,861.8 |
North America |  | $ | 5,658.2 |  |  | $ | 4,408.3 |  |  | $ | 10,659.4 |  |  | $ | 8,890.1 |
Other revenues (excluded from ASC 606) |  | $ | 131.9 |  |  | $ | 163.3 |  |  | $ | 302.5 |  |  | $ | 351.0 |
|  | $ | 10,150.8 |  |  | $ | 8,086.2 |  |  | $ | 19,332.2 |  |  | $ | 16,280.4 |
Our contract assets and liabilities balances and the changes in these balances were not material for the three and six months ended June 30, 2018. Within our Land and Aviation segments, contracts with customers, include multi-year fuel sales contracts, which are priced at market-based indices and require minimum volume purchase commitments from our customers. The consideration expected from these contracts is considered variable due to the market-based pricing and the variability is not resolved until delivery is made to our customers. The variable consideration is allocated entirely to the respective performance obligation. We applied the optional exemptions from disclosing the information about our remaining performance obligations from these contracts. Additionally, we applied the optional exemptions from disclosing the information about our remaining performance obligations for contracts from our service contracts in the amount to which we have the right to invoice or for contracts with customers that have an original expected duration of one year or less. Other practical expedients applied affecting our measurement and recognition of revenue as well as our disclosures relate to our treatment of shipping and handling and taxes. If we perform shipping and handling activities after our customer obtains control of goods or services, then we will account for these shipping and handling costs as activities to fulfill the promise to transfer the good. We record revenue net of taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer (for example, sales, use, value added, and certain excise taxes). Additionally, we will not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service is one year or less.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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