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Business Segments, Geographic Information, and Major Customers | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segments, Geographic Information, and Major Customers | 14. Business Segments, Geographic Information, and Major Customers Business Segments We operate in three reportable segments consisting of aviation, land, and marine. 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 provide fuel and comprehensive services solutions 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 provide 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, heating oil, natural gas, power, lower carbon alternatives and related products and services. We also offer energy procurement management, price risk management, as well as sustainability solutions, including carbon management and renewable energy solutions through World Kinect, our global energy management brand. Our customers include commercial, residential and government customers as well as retail petroleum operators. Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container, dry bulk 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. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Information concerning our revenue, gross profit and income from operations by segment is as follows (in millions):
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenue: |  |  |  |  |
Aviation segment | $ | 26,799.9 |  |  | $ | 12,824.3 |  |  | $ | 8,179.6 |
Land segment | 19,283.7 |  |  | 10,426.8 |  |  | 6,663.1 |
Marine segment | 12,959.6 |  |  | 8,085.8 |  |  | 5,515.7 |
Total revenue | $ | 59,043.1 |  |  | $ | 31,337.0 |  |  | $ | 20,358.3 |
Income from operations:(1) |  |  |  |  |
Aviation segment | $ | 99.5 |  |  | $ | 163.4 |  |  | $ | 84.5 |
Land segment | 125.6 |  |  | 44.6 |  |  | 72.6 |
Marine segment | 155.5 |  |  | 20.7 |  |  | 58.5 |
Corporate overhead - unallocated | (107.4) |  |  | (86.1) |  |  | (77.8) |
Total income from operations | $ | 273.2 |  |  | $ | 142.6 |  |  | $ | 137.9 |
Depreciation and amortization: |  |  |  |  |
Aviation segment | $ | 32.8 |  |  | $ | 32.7 |  |  | $ | 31.5 |
Land segment | 65.1 |  |  | 39.0 |  |  | 45.3 |
Marine segment | 3.3 |  |  | 3.5 |  |  | 3.8 |
Corporate segment | 6.5 |  |  | 5.8 |  |  | 5.2 |
Total depreciation and amortization | $ | 107.8 |  |  | $ | 81.0 |  |  | $ | 85.8 |
Capital expenditures: |  |  |  |  |
Aviation segment | $ | 25.9 |  |  | $ | 18.8 |  |  | $ | 17.6 |
Land segment | 38.1 |  |  | 17.4 |  |  | 12.5 |
Marine segment | 4.8 |  |  | 2.7 |  |  | 0.8 |
Corporate | 9.9 |  |  | 0.1 |  |  | 20.4 |
Total capital expenditures | $ | 78.6 |  |  | $ | 39.2 |  |  | $ | 51.3 |
(1)Includes asset impairment and restructuring charges as discussed in Note 15. Restructuring. Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):
| As of December 31,
| 2022 |  | 2021
Accounts receivable, net: |  |  |
Aviation segment, net of allowance for credit losses of $4.9 and $18.4 as of December 31, 2022 and 2021, respectively | $ | 1,452.4 |  |  | $ | 972.9 |
Land segment, net of allowance for credit losses of $5.8 and $3.8 as of December 31, 2022 and 2021, respectively | 1,141.9 |  |  | 664.7 |
Marine segment, net of allowance for credit losses of $3.4 and $3.9 as of December 31, 2022 and 2021, respectively | 699.8 |  |  | 717.7 |
Total accounts receivable, net | $ | 3,294.1 |  |  | $ | 2,355.3 |
Total assets: |  |  |
Aviation segment | $ | 3,036.2 |  |  | $ | 2,305.6 |
Land segment | 3,710.1 |  |  | 2,106.1 |
Marine segment | 1,007.4 |  |  | 1,022.7 |
Corporate | 410.8 |  |  | 507.9 |
Total assets | $ | 8,164.6 |  |  | $ | 5,942.4 |
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,
| 2022 |  | 2021 |  | 2020
Revenue: |  |  |  |  |
United States | $ | 32,901.7 |  |  | $ | 16,696.2 |  |  | $ | 10,365.2 |
EMEA (1) | 12,396.1 |  |  | 6,735.7 |  |  | 4,961.0 |
Asia Pacific (2) | 7,076.6 |  |  | 4,620.0 |  |  | 3,035.6 |
Americas, excluding United States | 6,668.6 |  |  | 3,285.1 |  |  | 1,996.6 |
Total (3) | $ | 59,043.1 |  |  | $ | 31,337.0 |  |  | $ | 20,358.3 |
| As of December 31,
| 2022 |  | 2021
Property and equipment, net: |  |  |
United States | $ | 323.7 |  |  | $ | 183.9 |
EMEA | 138.1 |  |  | 145.7 |
Asia Pacific | 9.9 |  |  | 8.3 |
Americas, excluding United States | 12.6 |  |  | 11.1 |
Total | $ | 484.2 |  |  | $ | 348.9 |
(1)Includes revenue related to the U.K. of $6.7 billion, $4.2 billion and $3.1 billion for 2022, 2021 and 2020, respectively. (2)Includes revenue related to Singapore of $7.2 billion, $4.6 billion and $3.0 billion for 2022, 2021 and 2020, 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 9. Revenue from Contracts with Customers. Major CustomersFor the years ended December 31, 2022, 2021, and 2020, none of our customers accounted for more than 10% of total consolidated revenue.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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