XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers

Our contracts with customers primarily require us to deliver fuel and fuel-related products, while other arrangements require us to complete agreed-upon services. Revenue from the sale of fuel is recognized when our customers obtain control of the fuel, which is typically upon delivery of each promised gallon or barrel to an agreed-upon delivery point. We generally recognize revenue for services provided over the contract period when services have been performed based on our right to invoice for those services.

Our contracts may contain fixed or variable pricing (such as market or index-based pricing) or some combination of those. Within our land and aviation segments, contracts with customers may include multi-year 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. We have elected to apply the optional exemption from estimating and disclosing the variable consideration from our remaining performance obligations under these contracts.

We also have fixed price fuel and fuel-related product sale contracts with a contract term of less than one year (typically one month). For these contracts, we apply the optional exemption, to not disclose the amount of transaction price allocated to remaining performance obligations. We also apply this exemption to those contracts in which the right to consideration corresponds directly with the value to the customer of the entity's performance to date. In limited cases, we may have multi-period fixed price contracts. Because our long-term supply arrangements that exceed one year are typically based on market index prices as previously discussed, the transaction price associated with remaining performance obligations under multi-year fixed price fuel sale contracts are not significant.





The following table presents our revenues from contracts with customers disaggregated by major geographic areas we conduct business in. Prior period amounts have not been adjusted under the modified retrospective method (in millions).
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018
 
2019
 
2018
Aviation
 
$
340.8

 
$
363.6

 
$
705.2

 
$
755.6

Land
 
4.1

 
0.8

 
9.0

 
1.9

Marine
 
719.5

 
804.1

 
1,428.4

 
1,603.6

Asia Pacific
 
$
1,064.5

 
$
1,168.5

 
$
2,142.6

 
$
2,361.1

 
 
 
 
 
 
 
 
 
Aviation
 
$
1,008.8

 
$
962.8

 
$
1,727.9

 
$
1,632.8

Land
 
569.7

 
635.7

 
1,210.2

 
1,315.5

Marine
 
736.3

 
832.2

 
1,391.1

 
1,469.6

EMEA
 
$
2,314.9

 
$
2,430.6

 
$
4,329.2

 
$
4,417.9

 
 
 
 
 
 
 
 
 
Aviation
 
$
614.6

 
$
477.2

 
$
1,160.3

 
$
967.4

Land
 
149.6

 
156.3

 
288.5

 
340.6

Marine
 
143.4

 
128.1

 
334.9

 
283.3

LATAM
 
$
907.6

 
$
761.6

 
$
1,783.7

 
$
1,591.3

 
 
 
 
 
 
 
 
 
Aviation
 
$
2,828.5

 
$
3,157.6

 
$
5,476.5

 
$
5,920.6

Land
 
1,884.6

 
2,142.6

 
3,519.0

 
4,100.9

Marine
 
347.9

 
358.0

 
682.4

 
637.9

North America
 
$
5,061.0

 
$
5,658.2

 
$
9,677.9

 
$
10,659.4

 
 
 
 
 
 
 
 
 
Other revenues (excluded from ASC 606)
 
$
111.3

 
$
131.9

 
$
204.8

 
$
302.5

 
 
 
 
 
 
 
 
 
 
 
$
9,459.4

 
$
10,150.8

 
$
18,138.2

 
$
19,332.2


Other revenues (excluded from ASC 606) in the table above includes revenue from leases and other transactions that we account for following separate guidance. Our contract assets and liabilities balances, and the changes in these balances, were not material for the six months ended June 30, 2019.

The nature of the receivables related to revenue from contracts with customers and other revenue are substantially similar, given that they are generated from transactions with the same type of counterparties (e.g., separate fuel sales and storage lease with the same counterparty) and are entered into considering the same credit approval and monitoring procedures for all customers. As such, we believe the risk associated with the cash flows from the different types of receivables is not meaningful to separately disaggregate the accounts receivable balance presented on our Consolidated Balance Sheet. Furthermore, the contract assets and contract liabilities recognized by the Company were not material.