XML 43 R32.htm IDEA: XBRL DOCUMENT
v3.25.1

Business Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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 Three Months Ended March 31, 2025
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 4,654.2 |  |  | $ | 2,865.4 |  |  | $ | 1,932.9 |  |  | $ | 9,452.5 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (4,538.5) |  |  | (2,786.3) |  |  | (1,897.2) |  |  | (9,222.1) |
Compensation and related costs | (27.2) |  |  | (39.8) |  |  | (8.2) |  |  | (75.1) |
Incentive compensation | (3.8) |  |  | (1.0) |  |  | (1.1) |  |  | (5.9) |
Corporate allocations (1) | (9.2) |  |  | (4.0) |  |  | (5.1) |  |  | (18.2) |
Depreciation and amortization | (4.3) |  |  | (9.1) |  |  | (0.3) |  |  | (13.7) |
Provision for credit losses | (1.3) |  |  | (1.3) |  |  | — |  |  | (2.6) |
Asset impairments | — |  |  | (44.5) |  |  | — |  |  | (44.5) |
Restructuring charges | (2.2) |  |  | (7.3) |  |  | (0.4) |  |  | (9.9) |
Other segment expenses (2) | (11.6) |  |  | (17.5) |  |  | (5.8) |  |  | (34.9) |
Operating income - segment profit (loss) | 56.2 |  |  | (45.3) |  |  | 14.8 |  |  | 25.7 |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (32.3) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (22.9) |
Other income (expense), net |  |  |  |  |  |  | 1.3 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (28.1) |
| For the Three Months Ended March 31, 2024
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 5,144.2 |  |  | $ | 3,416.6 |  |  | $ | 2,390.5 |  |  | $ | 10,951.4 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (5,035.8) |  |  | (3,319.3) |  |  | (2,342.2) |  |  | (10,697.3) |
Compensation and related costs | (31.0) |  |  | (44.1) |  |  | (8.0) |  |  | (83.1) |
Incentive compensation | (4.5) |  |  | (1.0) |  |  | (2.7) |  |  | (8.2) |
Corporate allocations (1) | (9.4) |  |  | (4.2) |  |  | (5.4) |  |  | (19.0) |
Depreciation and amortization | (4.5) |  |  | (9.4) |  |  | (0.3) |  |  | (14.2) |
Provision for credit losses | (2.0) |  |  | (1.0) |  |  | — |  |  | (3.0) |
Restructuring charges | — |  |  | (0.2) |  |  | — |  |  | (0.2) |
Other segment expenses (2) | (13.0) |  |  | (18.8) |  |  | (5.3) |  |  | (37.1) |
Operating income - segment profit (loss) | 44.0 |  |  | 18.5 |  |  | 26.8 |  |  | 89.2 |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (25.9) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (28.9) |
Other income (expense), net |  |  |  |  |  |  | (3.9) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 30.5 |
(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 Three Months Ended March 31, 2025
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 7.6 |  |  | $ | 15.5 |  |  | $ | 0.9 |  |  | $ | 24.0 |  |  | $ | 1.7 |  |  | $ | 25.6 |
Capital expenditures | 6.6 |  |  | 5.2 |  |  | 1.5 |  |  | 13.3 |  |  | 1.9 |  |  | 15.2 |
| For the Three Months Ended March 31, 2024
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 7.4 |  |  | $ | 14.9 |  |  | $ | 0.9 |  |  | $ | 23.3 |  |  | $ | 2.1 |  |  | $ | 25.3 |
Capital expenditures | 7.6 |  |  | 6.7 |  |  | 2.0 |  |  | 16.3 |  |  | 1.2 |  |  | 17.5 |
(1)Total depreciation and amortization as presented includes charges classified within cost of sales and operating expenses in our Condensed Consolidated Statements of Income and Comprehensive Income.
Schedule of Accounts Receivable, Net and Total Assets by Segment | Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions):
|  | March 31, 2025 |  | December 31, 2024
Accounts receivable, net: |  |  |  |
Aviation segment |  | $ | 1,036.0 |  |  | $ | 1,166.2 |
Land segment |  | 692.5 |  |  | 651.1 |
Marine segment |  | 517.3 |  |  | 615.3 |
Total accounts receivable, net |  | $ | 2,245.8 |  |  | $ | 2,432.6 |
Total assets: |  |  |  |
Aviation segment |  | $ | 2,466.6 |  |  | $ | 2,548.2 |
Land segment |  | 2,989.1 |  |  | 2,970.6 |
Marine segment |  | 833.5 |  |  | 929.6 |
Total reportable segment assets |  | 6,289.2 |  |  | 6,448.5 |
Corporate and other |  | 299.9 |  |  | 283.3 |
Total assets |  | $ | 6,589.1 |  |  | $ | 6,731.8 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration