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Business Segments
 9 Months Ended
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
AviationLandMarineTotal
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), net1.8 
Income (loss) before income taxes$38.8 
For the Nine Months Ended September 30, 2025
AviationLandMarineTotal
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
AviationLandMarineTotal
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), net1.3 
Income (loss) before income taxes$49.6 
For the Nine Months Ended September 30, 2024
AviationLandMarineTotal
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), net96.4 
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
LandMarine
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
LandMarine
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
LandMarine
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
LandMarine
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, 2025December 31, 2024
Accounts receivable, net:
Aviation segment$1,074.7 $1,166.2 
Land segment516.9 651.1 
Marine segment487.1 615.3 
Total accounts receivable, net$2,078.7 $2,432.6 
Total assets:
Aviation segment$2,563.7 $2,548.2 
Land segment2,337.8 2,970.6 
Marine segment749.7 929.6 
Total reportable segment assets5,651.3 6,448.5 
Corporate and other409.1 283.3 
Total assets$6,060.4 $6,731.8