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Business Segments
 6 Months Ended
Jun. 30, 2020
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 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. 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 World Kinect global energy management brand, our 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 reportable segment is as follows for the three and six months ended June 30, 2020 and 2019 (in millions):
For the Three Months EndedFor the Six Months Ended
June 30,June 30,
Revenue:2020201920202019
Aviation segment$1,020.6  $4,785.0  $4,784.8  $9,037.7  
Land segment1,197.6  2,663.0  3,303.6  5,156.6  
Marine segment940.2  2,011.4  3,085.2  3,943.9  
$3,158.3  $9,459.4  $11,173.5  $18,138.2  
Gross profit:
Aviation segment$91.9  $140.5  $185.0  $254.8  
Land segment84.8  91.7  191.0  193.2  
Marine segment37.2  36.4  96.6  71.6  
$213.9  $268.6  $472.6  $519.7  
Income from operations:
Aviation segment$9.0  $73.5  $38.1  $129.1  
Land segment9.7  11.8  35.3  32.8  
Marine segment13.3  10.1  47.2  23.6  
32.0  95.4  120.6  185.5  
Corporate overhead - unallocated(20.1) (20.2) (37.9) (40.0) 
$11.9  $75.2  $82.7  $145.6  
 
Information concerning our accounts receivable, net and total assets by segment is as follows as of June 30, 2020 and December 31, 2019 (in millions):
As of
June 30,December 31
20202019
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $33.0 and $14.6 as of June 30, 2020 and December 31, 2019, respectively
$412.6  $1,098.2  
Land segment, net of allowance for credit losses of $8.3 and $2.8 as of June 30, 2020 and December 31, 2019, respectively
590.9  863.2  
Marine segment, net of allowance for credit losses of $4.3 and $18.0 as of June 30, 2020 and December 31, 2019, respectively
412.5  930.5  
$1,415.9  $2,891.9  
Total assets:  
Aviation segment$1,817.4  $2,416.5  
Land segment1,881.6  2,089.4  
Marine segment812.6  1,189.7  
Corporate369.3  296.8  
$4,881.0  $5,992.4  
        During each of the periods 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 principally consist of sales to NATO in support of military operations in Afghanistan, have accounted for a material portion of our profitability in recent years. 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. See Item 1A. Risk Factors of our 2019 10-K Report for more information.