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Business Segments, Geographic Information, and Major Customers
 12 Months Ended
Dec. 31, 2023
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 global aviation fuel supply 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. We also supply fuel and provide services to U.S. and foreign government and military customers.
In our land segment, we offer fuel, lubricants, heating oil, and related products and services to commercial, industrial, residential and government customers, as well as retail petroleum operators. We provide energy advisory services, sustainability solutions, as well as supply fulfillment for natural gas and power.
In our marine segment, we market fuel, lubricants, and related products and services to a broad base of marine customers, including international container, dry bulk and tanker fleets, commercial cruise lines, yachts and time-charter operators, 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,
202320222021
Revenue:
Aviation segment$23,275.1 $26,799.9 $12,824.3 
Land segment15,189.9 19,283.7 10,426.8 
Marine segment9,245.6 12,959.6 8,085.8 
Total revenue$47,710.6 $59,043.1 $31,337.0 
Income from operations:(1)
Aviation segment$208.8 $99.5 $163.4 
Land segment40.1 125.6 44.6 
Marine segment82.3 155.5 20.7 
Corporate overhead - unallocated(133.2)(107.4)(86.1)
Total income from operations$198.0 $273.2 $142.6 
Depreciation and amortization:
Aviation segment$32.0 $32.8 $32.7 
Land segment61.3 65.1 39.0 
Marine segment3.6 3.3 3.5 
Corporate segment7.7 6.5 5.8 
Total depreciation and amortization$104.5 $107.8 $81.0 
Capital expenditures:
Aviation segment$25.3 $25.9 $18.8 
Land segment42.5 38.1 17.4 
Marine segment8.7 4.8 2.7 
Corporate segment
11.1 9.9 0.1 
Total capital expenditures$87.6 $78.6 $39.2 
(1)Includes asset impairment and restructuring charges as discussed in Note 5. Fair Value Measurements and Note 15. Restructuring.
Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):
As of December 31,
20232022
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $9.1 and $4.9 as of December 31, 2023 and 2022, respectively
$1,285.7 $1,452.4 
Land segment, net of allowance for credit losses of $6.3 and $5.8 as of December 31, 2023 and 2022, respectively
767.4 1,141.9 
Marine segment, net of allowance for credit losses of $2.9 and $3.4 as of December 31, 2023 and 2022, respectively
682.4 699.8 
Total accounts receivable, net$2,735.5 $3,294.1 
Total assets:
Aviation segment$2,767.4 $3,036.2 
Land segment3,323.4 3,710.1 
Marine segment992.8 1,007.4 
Corporate291.8 410.8 
Total assets$7,375.3 $8,164.6 
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,
202320222021
Revenue:
United States$25,403.7 $32,901.7 $16,696.2 
EMEA (1)
10,003.2 12,396.1 6,735.7 
Asia Pacific (2)
5,430.7 7,076.6 4,620.0 
Americas, excluding United States6,873.0 6,668.6 3,285.1 
Total (3)
$47,710.6 $59,043.1 $31,337.0 
As of December 31,
20232022
Property and equipment, net:
United States$324.8 $323.7 
EMEA147.7 138.1 
Asia Pacific10.1 9.9 
Americas, excluding United States32.7 12.6 
Total$515.3 $484.2 
(1)Includes revenue related to the U.K. of $5.3 billion, $6.7 billion and $4.2 billion for 2023, 2022 and 2021, respectively.
(2)Includes revenue related to Singapore of $5.3 billion, $7.2 billion and $4.6 billion for 2023, 2022 and 2021, 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 Customers
For the years ended December 31, 2023, 2022, and 2021, none of our customers accounted for more than 10% of total consolidated revenue.