XML 61 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
Business Segments, Geographic Information, and Major Customers (Tables)
12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of revenue, significant segment expenses, and income from operations by segment
Information concerning our revenue, significant segment expenses, and income from operations by segment is as follows (in millions):
For the Year Ended December 31, 2024
Aviation
LandMarine
Total
Revenue$20,469.1 $12,811.7 $8,887.2 $42,168.0 
Segment expenses:
Cost of revenue(19,983.6)(12,427.2)(8,730.8)(41,141.6)
Compensation and related costs
(114.0)(175.6)(32.7)(322.3)
Incentive compensation(26.0)(17.9)(12.6)(56.6)
Corporate allocations (1)
(37.2)(17.1)(22.1)(76.4)
Depreciation and amortization
(16.2)(37.8)(1.1)(55.1)
Provision for credit losses
(2.5)(10.2)0.7 (12.1)
Asset impairments(0.1)(6.9)— (7.0)
Restructuring charges(0.1)(3.2)(3.3)(6.6)
Other segment expenses (2)
(49.0)(74.6)(20.4)(144.0)
Operating income - segment profit (loss)
240.4 41.1 64.8 346.3 
Unallocated corporate expenses (3)
(135.7)
Interest expense and other financing costs, net(102.2)
Other income (expense), net(12.9)
Income (loss) before income taxes$95.5 
For the Year Ended December 31, 2023
AviationLandMarineTotal
Revenue$23,275.1 $15,189.9 $9,245.6 $47,710.6 
Segment expenses:
Cost of revenue(22,789.3)(14,790.1)(9,073.0)(46,652.4)
Compensation and related costs
(124.7)(176.4)(33.1)(334.2)
Incentive compensation(31.5)(29.3)(13.2)(74.1)
Corporate allocations (1)
(40.0)(19.9)(23.8)(83.7)
Depreciation and amortization
(19.9)(38.3)(1.2)(59.3)
Provision for credit losses
(2.7)(2.2)0.1 (4.8)
Asset impairments(0.8)(12.8)— (13.7)
Restructuring charges(1.5)(4.0)— (5.5)
Other segment expenses (2)
(55.9)(76.8)(19.1)(151.8)
Operating income - segment profit (loss)
208.8 40.1 82.3 331.2 
Unallocated corporate expenses (3)
(133.2)
Interest expense and other financing costs, net(127.7)
Other income (expense), net(3.6)
Income (loss) before income taxes$66.7 
For the Year Ended December 31, 2022
Aviation
Land
Marine
Total
Revenue$26,799.9 $19,283.7 $12,959.6 $59,043.1 
Segment expenses:
Cost of revenue(26,442.7)(18,807.8)(12,703.6)(57,954.1)
Compensation and related costs
(114.7)(172.9)(33.1)(320.7)
Incentive compensation(28.8)(33.7)(21.9)(84.5)
Corporate allocations (1)
(36.1)(21.6)(22.9)(80.5)
Depreciation and amortization
(21.5)(42.3)(1.4)(65.2)
Provision for credit losses
(2.7)(3.9)(1.0)(7.6)
Asset impairments— (0.6)— (0.6)
Restructuring charges0.8 — — 0.8 
Other segment expenses (2)
(54.7)(75.3)(20.2)(150.3)
Operating income - segment profit (loss)
99.5 125.6 155.5 380.6 
Unallocated corporate expenses (3)
(107.4)
Interest expense and other financing costs, net(110.6)
Other income (expense), net(17.5)
Income (loss) before income taxes$145.1 
(1)Includes allocations of compensation costs and general and administrative expenses.
(2)Other segment expenses include professional fees, office expenses and general insurance, technology related expenses, travel and entertainment, and other general and administrative expenses.
(3)Unallocated corporate expenses include corporate compensation costs and general and administrative expenses which are not allocated to the operating segments, as well as certain asset impairment charges related to equity investments at non-core businesses.
Schedule of capital expenditures and depreciation and amortization by segment
Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):
For the Year Ended December 31, 2024
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$28.1 $67.0 $3.6 $98.7 $7.7 $106.4 
Capital expenditures
34.1 21.5 7.4 63.0 5.2 68.2 
For the Year Ended December 31, 2023
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$32.0 $61.3 $3.6 $96.8 $7.7 $104.5 
Capital expenditures
25.3 42.5 8.7 76.4 11.1 87.6 
For the Year Ended December 31, 2022
Aviation
LandMarine
Segment Total
Corporate - Unallocated
Consolidated
Depreciation and amortization (1)
$32.8 $65.1 $3.3 $101.3 $6.5 $107.8 
Capital expenditures
25.9 38.1 4.8 68.7 9.9 78.6 
(1)Total depreciation and amortization as presented includes charges classified within cost of sales and operating expenses in our Consolidated Statements of Income and Comprehensive Income.
Schedule of accounts receivable, net and total assets by segment
Information concerning our accounts receivable, net, and total assets by segment is as follows (in millions):
As of December 31,
20242023
Accounts receivable, net:
Aviation segment$1,166.2 $1,285.7 
Land segment651.1 767.4 
Marine segment615.3 682.4 
Total accounts receivable, net$2,432.6 $2,735.5 
Total assets:
Aviation segment$2,548.2 $2,767.4 
Land segment2,970.6 3,323.4 
Marine segment929.6 992.8 
Total reportable segment assets6,448.5 7,083.5 
Corporate and other283.3 291.8 
Total assets$6,731.8 $7,375.3 
Schedule of revenue and property and equipment, net, as segregated by geographic location
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,
202420232022
Revenue:
United States$20,905.1 $25,403.7 $32,901.7 
EMEA (1)
9,672.9 10,003.2 12,396.1 
Asia Pacific (2)
5,366.0 5,430.7 7,076.6 
Americas, excluding United States6,224.0 6,873.0 6,668.6 
Total (3)
$42,168.0 $47,710.6 $59,043.1 
As of December 31,
20242023
Property and equipment, net:
United States$325.2 $324.8 
EMEA141.4 147.7 
Asia Pacific10.3 10.1 
Americas, excluding United States36.4 32.7 
Total$513.3 $515.3 
(1)Includes revenue related to the U.K. of $4.8 billion, $5.3 billion and $6.7 billion for 2024, 2023 and 2022, respectively.
(2)Includes revenue related to Singapore of $5.3 billion, $5.3 billion and $7.2 billion for 2024, 2023 and 2022, 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 10. Revenue from Contracts with Customers.