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Business Segments, Geographic Information and Major Customers
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segments, Geographic Information and Major Customers
13. 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 (businesses and governmental) and the products and services provided to those customers. We use Income from operations as our primary measure of profit as we believe it is the most meaningful measure to allocate resources and assess the performance or our segments.
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, charter and fractional operators, and private aircraft. In addition, we supply fuel 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, further complemented by our expansion into energy advisory, brokerage and fulfillment solutions with respect to power, natural gas and other energy products. We also offer sustainability consulting, renewable fuel products, carbon management and renewable energy solutions through World Kinect, our global energy management brand. Our customers include 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 Year Ended December 31,
202120202019
Revenue:
Aviation segment$12,824.3 $8,179.6 $18,479.5 
Land segment10,426.8 6,663.1 10,280.9 
Marine segment8,085.8 5,515.7 8,058.5 
Total revenue$31,337.0 $20,358.3 $36,819.0 
Income from operations:(1)
Aviation segment$163.4 $84.5 $283.9 
Land segment44.6 72.6 55.0 
Marine segment20.7 58.5 67.1 
Corporate overhead - unallocated(86.1)(77.8)(106.4)
Total income from operations$142.6 $137.9 $299.7 
Depreciation and amortization:
Aviation segment$32.7 $31.5 $28.5 
Land segment39.0 45.3 48.0 
Marine segment3.5 3.8 4.5 
Corporate segment5.8 5.2 6.4 
Total depreciation and amortization$81.0 $85.8 $87.4 
Capital expenditures:
Aviation segment$18.8 $17.6 $23.0 
Land segment17.4 12.5 26.9 
Marine segment2.7 0.8 28.3 
Corporate0.1 20.4 2.7 
Total capital expenditures$39.2 $51.3 $80.9 
(1)Includes $6.6 million, $10.3 million and $19.7 million of restructuring charges for the years ended December 31, 2021, 2020 and 2019, respectively.
Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):
As of December 31,
20212020
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $18.4 and $41.2 as of December 31, 2021 and 2020, respectively
$972.9 $464.7 
Land segment, net of allowance for credit losses of $3.8 and $5.0 as of December 31, 2021 and 2020, respectively
664.7 394.5 
Marine segment, net of allowance for credit losses of $3.9 and $7.6 as of December 31, 2021 and 2020, respectively
717.7 379.2 
Total accounts receivable, net$2,355.3 $1,238.4 
Total assets:
Aviation segment$2,305.6 $1,789.5 
Land segment2,106.1 1,459.5 
Marine segment1,022.7 667.6 
Corporate507.9 583.7 
Total assets$5,942.4 $4,500.3 
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,
202120202019
Revenue:
United States$16,696.2 $10,365.2 $19,365.2 
EMEA (1)
6,735.7 4,961.0 9,235.1 
Asia Pacific (2)
4,620.0 3,035.6 4,581.1 
Americas, excluding United States3,285.1 1,996.6 3,637.6 
Total (3)
$31,337.0 $20,358.3 $36,819.0 
As of December 31,
20212020
Property and equipment, net:
United States$183.9 $177.6 
EMEA145.7 144.1 
Asia Pacific8.3 7.9 
Americas, excluding United States11.1 13.1 
Total$348.9 $342.6 
(1)Includes revenue related to the U.K. of $4.2 billion, $3.1 billion and $5.5 billion for 2021, 2020 and 2019, respectively.
(2)Includes revenue related to Singapore of $4.6 billion, $3.0 billion and $4.5 billion for 2021, 2020 and 2019, respectively.
(3)Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at Note 14. Revenue from Contracts with Customers.
Major Customers
For the years ended December 31, 2021, 2020, and 2019, 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. In 2020 the U.S. government and NATO began to significantly reduce the level of troops in Afghanistan. The final withdrawal of troops in the area was completed during the third quarter of 2021.