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v3.25.2

Business Segments (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 4,725.1 |  |  | $ | 2,425.0 |  |  | $ | 1,893.2 |  |  | $ | 9,043.3 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (4,587.1) |  |  | (2,357.6) |  |  | (1,866.1) |  |  | (8,810.9) |
Compensation and related costs | (29.0) |  |  | (34.9) |  |  | (8.2) |  |  | (72.1) |
Incentive compensation | (6.6) |  |  | (2.6) |  |  | (2.2) |  |  | (11.4) |
Corporate allocations (1) | (9.6) |  |  | (3.8) |  |  | (5.3) |  |  | (18.6) |
Depreciation and amortization | (4.1) |  |  | (8.8) |  |  | (0.3) |  |  | (13.1) |
Provision for credit losses | (1.1) |  |  | (0.5) |  |  | — |  |  | (1.6) |
Goodwill and other asset impairments | — |  |  | (367.0) |  |  | (31.6) |  |  | (398.6) |
Restructuring charges | (2.6) |  |  | (1.2) |  |  | (0.3) |  |  | (4.1) |
Other segment expenses (2) | (13.3) |  |  | (15.5) |  |  | (4.7) |  |  | (33.6) |
Operating income - segment profit (loss) | 71.7 |  |  | (366.9) |  |  | (25.6) |  |  | (320.8) |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (24.2) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (25.7) |
Other income (expense), net |  |  |  |  |  |  | (78.0) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (448.7) |
| For the Six Months Ended June 30, 2025
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 9,379.3 |  |  | $ | 5,290.3 |  |  | $ | 3,826.1 |  |  | $ | 18,495.8 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (9,125.7) |  |  | (5,143.9) |  |  | (3,763.4) |  |  | (18,033.0) |
Compensation and related costs | (56.2) |  |  | (74.7) |  |  | (16.4) |  |  | (147.3) |
Incentive compensation | (10.4) |  |  | (3.5) |  |  | (3.3) |  |  | (17.2) |
Corporate allocations (1) | (18.8) |  |  | (7.7) |  |  | (10.3) |  |  | (36.9) |
Depreciation and amortization | (8.5) |  |  | (17.8) |  |  | (0.6) |  |  | (26.9) |
Provision for credit losses | (2.3) |  |  | (1.9) |  |  | — |  |  | (4.2) |
Goodwill and other asset impairments | — |  |  | (411.5) |  |  | (31.6) |  |  | (443.1) |
Restructuring charges | (4.8) |  |  | (8.4) |  |  | (0.8) |  |  | (14.0) |
Other segment expenses (2) | (24.9) |  |  | (33.1) |  |  | (10.5) |  |  | (68.5) |
Operating income - segment profit (loss) | 127.8 |  |  | (412.2) |  |  | (10.8) |  |  | (295.1) |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (56.5) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (48.5) |
Other income (expense), net |  |  |  |  |  |  | (76.6) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (476.8) |
| For the Three Months Ended June 30, 2024
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 5,368.7 |  |  | $ | 3,292.4 |  |  | $ | 2,304.1 |  |  | $ | 10,965.2 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (5,241.0) |  |  | (3,211.6) |  |  | (2,267.4) |  |  | (10,720.0) |
Compensation and related costs | (29.1) |  |  | (44.6) |  |  | (8.6) |  |  | (82.4) |
Incentive compensation | (6.2) |  |  | (2.8) |  |  | (3.0) |  |  | (12.0) |
Corporate allocations (1) | (9.2) |  |  | (4.1) |  |  | (5.5) |  |  | (18.8) |
Depreciation and amortization | (3.9) |  |  | (9.2) |  |  | (0.3) |  |  | (13.3) |
Provision for credit losses | 1.6 |  |  | (2.5) |  |  | — |  |  | (1.0) |
Goodwill and other asset impairments | — |  |  | (2.4) |  |  | — |  |  | (2.4) |
Restructuring charges | (0.1) |  |  | (0.9) |  |  | (3.3) |  |  | (4.3) |
Other segment expenses (2) | (12.8) |  |  | (18.4) |  |  | (5.6) |  |  | (36.8) |
Operating income - segment profit (loss) | 68.0 |  |  | (4.2) |  |  | 10.4 |  |  | 74.2 |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (29.0) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (27.5) |
Other income (expense), net |  |  |  |  |  |  | 98.9 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 116.6 |
| For the Six Months Ended June 30, 2024
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 10,512.9 |  |  | $ | 6,709.0 |  |  | $ | 4,694.6 |  |  | $ | 21,916.6 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (10,276.8) |  |  | (6,530.9) |  |  | (4,609.6) |  |  | (21,417.2) |
Compensation and related costs | (60.1) |  |  | (88.8) |  |  | (16.6) |  |  | (165.5) |
Incentive compensation | (10.7) |  |  | (3.8) |  |  | (5.7) |  |  | (20.2) |
Corporate allocations (1) | (18.6) |  |  | (8.4) |  |  | (10.9) |  |  | (37.9) |
Depreciation and amortization | (8.4) |  |  | (18.6) |  |  | (0.6) |  |  | (27.6) |
Provision for credit losses | (0.5) |  |  | (3.5) |  |  | — |  |  | (4.0) |
Goodwill and other asset impairments | — |  |  | (2.4) |  |  | — |  |  | (2.4) |
Restructuring charges | (0.1) |  |  | (1.2) |  |  | (3.3) |  |  | (4.6) |
Other segment expenses (2) | (25.8) |  |  | (37.2) |  |  | (10.8) |  |  | (73.8) |
Operating income - segment profit (loss) | 112.0 |  |  | 14.2 |  |  | 37.2 |  |  | 163.4 |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (54.9) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (56.4) |
Other income (expense), net |  |  |  |  |  |  | 95.0 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 147.1 |
(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 Three Months Ended June 30, 2025
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 7.3 |  |  | $ | 14.0 |  |  | $ | 0.8 |  |  | $ | 22.1 |  |  | $ | 1.7 |  |  | $ | 23.8 |
Capital expenditures | 8.3 |  |  | 3.8 |  |  | 1.2 |  |  | 13.4 |  |  | 1.6 |  |  | 15.0 |
| For the Six Months Ended June 30, 2025
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 14.9 |  |  | $ | 29.5 |  |  | $ | 1.7 |  |  | $ | 46.1 |  |  | $ | 3.4 |  |  | $ | 49.5 |
Capital expenditures | 14.8 |  |  | 9.0 |  |  | 2.8 |  |  | 26.7 |  |  | 3.5 |  |  | 30.1 |
| For the Three Months Ended June 30, 2024
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 6.6 |  |  | $ | 14.8 |  |  | $ | 0.9 |  |  | $ | 22.3 |  |  | $ | 2.1 |  |  | $ | 24.4 |
Capital expenditures | 8.2 |  |  | 5.7 |  |  | 0.6 |  |  | 14.5 |  |  | 0.1 |  |  | 14.6 |
| For the Six Months Ended June 30, 2024
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 14.0 |  |  | $ | 29.8 |  |  | $ | 1.8 |  |  | $ | 45.6 |  |  | $ | 4.2 |  |  | $ | 49.8 |
Capital expenditures | 15.9 |  |  | 12.4 |  |  | 2.5 |  |  | 30.8 |  |  | 1.3 |  |  | 32.1 |
(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):
|  | June 30, 2025 |  | December 31, 2024
Accounts receivable, net: |  |  |  |
Aviation segment |  | $ | 1,130.1 |  |  | $ | 1,166.2 |
Land segment |  | 467.3 |  |  | 651.1 |
Marine segment |  | 545.9 |  |  | 615.3 |
Total accounts receivable, net |  | $ | 2,143.3 |  |  | $ | 2,432.6 |
Total assets: |  |  |  |
Aviation segment |  | $ | 2,499.4 |  |  | $ | 2,548.2 |
Land segment |  | 2,342.1 |  |  | 2,970.6 |
Marine segment |  | 798.0 |  |  | 929.6 |
Total reportable segment assets |  | 5,639.6 |  |  | 6,448.5 |
Corporate and other |  | 414.4 |  |  | 283.3 |
Total assets |  | $ | 6,054.0 |  |  | $ | 6,731.8 |

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