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Business Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segments | 13. 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 segment profit. 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, significant segment expenses, and income from operations by segment is as follows (in millions):
| For the Three Months Ended September 30, 2025
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 4,868.1 |  |  | $ | 2,535.6 |  |  | $ | 1,988.1 |  |  | $ | 9,391.8 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (4,725.3) |  |  | (2,454.2) |  |  | (1,962.7) |  |  | (9,142.2) |
Compensation and related costs | (28.1) |  |  | (35.2) |  |  | (7.9) |  |  | (71.2) |
Incentive compensation | (10.1) |  |  | (3.4) |  |  | (1.7) |  |  | (15.3) |
Corporate allocations (1) | (9.1) |  |  | (4.1) |  |  | (5.4) |  |  | (18.7) |
Depreciation and amortization | (4.2) |  |  | (8.6) |  |  | (0.3) |  |  | (13.1) |
Provision for credit losses | (1.3) |  |  | (0.2) |  |  | (0.1) |  |  | (1.6) |
Goodwill and other asset impairments | — |  |  | — |  |  | — |  |  | — |
Restructuring charges | (0.5) |  |  | (1.2) |  |  | 0.2 |  |  | (1.5) |
Other segment expenses (2) | (12.3) |  |  | (17.0) |  |  | (5.5) |  |  | (34.8) |
Operating income - segment profit (loss) | 77.1 |  |  | 11.7 |  |  | 4.7 |  |  | 93.6 |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (30.7) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (25.9) |
Other income (expense), net |  |  |  |  |  |  | 1.8 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 38.8 |
| For the Nine Months Ended September 30, 2025
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 14,247.4 |  |  | $ | 7,825.9 |  |  | $ | 5,814.3 |  |  | $ | 27,887.6 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (13,851.0) |  |  | (7,598.1) |  |  | (5,726.1) |  |  | (27,175.2) |
Compensation and related costs | (84.3) |  |  | (109.9) |  |  | (24.3) |  |  | (218.5) |
Incentive compensation | (20.6) |  |  | (6.9) |  |  | (5.0) |  |  | (32.5) |
Corporate allocations (1) | (27.9) |  |  | (11.9) |  |  | (15.8) |  |  | (55.5) |
Depreciation and amortization | (12.6) |  |  | (26.4) |  |  | (0.8) |  |  | (39.9) |
Provision for credit losses | (3.6) |  |  | (2.0) |  |  | (0.1) |  |  | (5.7) |
Goodwill and other asset impairments | — |  |  | (411.5) |  |  | (31.6) |  |  | (443.1) |
Restructuring charges | (5.3) |  |  | (9.6) |  |  | (0.6) |  |  | (15.5) |
Other segment expenses (2) | (37.2) |  |  | (50.1) |  |  | (16.0) |  |  | (103.3) |
Operating income - segment profit (loss) | 204.9 |  |  | (400.4) |  |  | (6.1) |  |  | (201.6) |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (87.2) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (74.4) |
Other income (expense), net |  |  |  |  |  |  | (74.8) |
Income (loss) before income taxes |  |  |  |  |  |  | $ | (438.0) |
| For the Three Months Ended September 30, 2024
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 5,218.4 |  |  | $ | 3,151.6 |  |  | $ | 2,121.0 |  |  | $ | 10,490.9 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (5,089.3) |  |  | (3,049.6) |  |  | (2,083.8) |  |  | (10,222.8) |
Compensation and related costs | (26.9) |  |  | (43.5) |  |  | (8.5) |  |  | (78.9) |
Incentive compensation | (8.2) |  |  | (7.0) |  |  | (3.9) |  |  | (19.0) |
Corporate allocations (1) | (9.1) |  |  | (4.2) |  |  | (5.3) |  |  | (18.7) |
Depreciation and amortization | (3.9) |  |  | (9.6) |  |  | (0.3) |  |  | (13.8) |
Provision for credit losses | (1.0) |  |  | (0.7) |  |  | 0.1 |  |  | (1.6) |
Goodwill and other asset impairments | — |  |  | (1.2) |  |  | — |  |  | (1.2) |
Restructuring charges | — |  |  | (0.6) |  |  | — |  |  | (0.6) |
Other segment expenses (2) | (11.4) |  |  | (19.9) |  |  | (4.3) |  |  | (35.6) |
Operating income - segment profit (loss) | 68.7 |  |  | 15.2 |  |  | 14.9 |  |  | 98.8 |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (26.5) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (24.0) |
Other income (expense), net |  |  |  |  |  |  | 1.3 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 49.6 |
| For the Nine Months Ended September 30, 2024
| Aviation |  | Land |  | Marine |  | Total
Revenue | $ | 15,731.3 |  |  | $ | 9,860.6 |  |  | $ | 6,815.6 |  |  | $ | 32,407.5 |
Segment expenses: |  |  |  |  |  |  |
Cost of revenue | (15,366.1) |  |  | (9,580.6) |  |  | (6,693.4) |  |  | (31,640.0) |
Compensation and related costs | (87.0) |  |  | (132.3) |  |  | (25.1) |  |  | (244.4) |
Incentive compensation | (18.8) |  |  | (10.8) |  |  | (9.6) |  |  | (39.2) |
Corporate allocations (1) | (27.7) |  |  | (12.6) |  |  | (16.3) |  |  | (56.6) |
Depreciation and amortization | (12.3) |  |  | (28.1) |  |  | (0.8) |  |  | (41.3) |
Provision for credit losses | (1.4) |  |  | (4.3) |  |  | 0.1 |  |  | (5.6) |
Goodwill and other asset impairments | — |  |  | (3.6) |  |  | — |  |  | (3.6) |
Restructuring charges | (0.1) |  |  | (1.8) |  |  | (3.3) |  |  | (5.2) |
Other segment expenses (2) | (37.1) |  |  | (57.1) |  |  | (15.2) |  |  | (109.4) |
Operating income - segment profit (loss) | 180.6 |  |  | 29.4 |  |  | 52.1 |  |  | 262.1 |
Unallocated corporate expenses (3) |  |  |  |  |  |  | (81.4) |
Interest expense and other financing costs, net |  |  |  |  |  |  | (80.4) |
Other income (expense), net |  |  |  |  |  |  | 96.4 |
Income (loss) before income taxes |  |  |  |  |  |  | $ | 196.7 |
(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. Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):
| For the Three Months Ended September 30, 2025
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 7.5 |  |  | $ | 13.7 |  |  | $ | 0.6 |  |  | $ | 21.8 |  |  | $ | 1.8 |  |  | $ | 23.5 |
Capital expenditures | 7.7 |  |  | 2.8 |  |  | 0.7 |  |  | 11.3 |  |  | 2.8 |  |  | 14.1 |
| For the Nine Months Ended September 30, 2025
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 22.4 |  |  | $ | 43.2 |  |  | $ | 2.3 |  |  | $ | 67.8 |  |  | $ | 5.2 |  |  | $ | 73.0 |
Capital expenditures | 22.5 |  |  | 11.8 |  |  | 3.5 |  |  | 37.9 |  |  | 6.3 |  |  | 44.2 |
| For the Three Months Ended September 30, 2024
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 6.6 |  |  | $ | 16.0 |  |  | $ | 0.9 |  |  | $ | 23.5 |  |  | $ | 2.0 |  |  | $ | 25.5 |
Capital expenditures | 9.3 |  |  | 4.3 |  |  | 2.2 |  |  | 15.7 |  |  | 2.5 |  |  | 18.2 |
| For the Nine Months Ended September 30, 2024
| Aviation |  | Land |  | Marine |  | Segment Total |  | Corporate - Unallocated |  | Consolidated
Depreciation and amortization (1) | $ | 20.7 |  |  | $ | 45.7 |  |  | $ | 2.6 |  |  | $ | 69.1 |  |  | $ | 6.2 |  |  | $ | 75.3 |
Capital expenditures | 25.1 |  |  | 16.7 |  |  | 4.7 |  |  | 46.5 |  |  | 3.8 |  |  | 50.3 |
(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. Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions):
|  | September 30, 2025 |  | December 31, 2024
Accounts receivable, net: |  |  |  |
Aviation segment |  | $ | 1,074.7 |  |  | $ | 1,166.2 |
Land segment |  | 516.9 |  |  | 651.1 |
Marine segment |  | 487.1 |  |  | 615.3 |
Total accounts receivable, net |  | $ | 2,078.7 |  |  | $ | 2,432.6 |
Total assets: |  |  |  |
Aviation segment |  | $ | 2,563.7 |  |  | $ | 2,548.2 |
Land segment |  | 2,337.8 |  |  | 2,970.6 |
Marine segment |  | 749.7 |  |  | 929.6 |
Total reportable segment assets |  | 5,651.3 |  |  | 6,448.5 |
Corporate and other |  | 409.1 |  |  | 283.3 |
Total assets |  | $ | 6,060.4 |  |  | $ | 6,731.8 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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