Business Segments
 3 Months Ended
Mar. 31, 2015
Business Segments  
Business Segments

9.Business Segments

 

Based on the nature of operations and quantitative thresholds pursuant to accounting guidance for segment reporting, we have three reportable operating business segments: aviation, marine and land. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity.  Our results of operations include (i) the results of the acquisition of all of the outstanding stock of Watson Petroleum Limited (now known as WFL (UK) Limited) (“Watson Petroleum”) in our land segment commencing on March 7, 2014, its acquisition date, and (ii) the results of the acquisition of all of the outstanding stock of Colt International, L.L.C (“Colt”) in our aviation segment commencing on July 29, 2014, its acquisition date.  The accounting policies of the reportable operating segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1).

 

Information concerning our revenue, gross profit and income from operations by segment is as follows (in millions):

 

 

 

 

 

 

 

 

 

 

For the Three Months ended

 

 

March 31,

Revenue:

    
2015 

    
2014 

Aviation segment

 

$
2,897.0 

 

$
4,249.8 

Marine segment

 

 
2,320.7 

 

 
3,480.2 

Land segment

 

 
2,123.0 

 

 
2,820.9 

 

 

$
7,340.7 

 

$
10,550.9 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

Aviation segment

 

$
82.9 

 

$
68.9 

Marine segment

 

 
53.9 

 

 
47.8 

Land segment

 

 
78.6 

 

 
71.3 

 

 

$
215.4 

 

$
188.0 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

Aviation segment

 

$
27.8 

 

$
30.1 

Marine segment

 

 
26.1 

 

 
21.0 

Land segment

 

 
31.8 

 

 
26.5 

 

 

 
85.7 

 

 
77.6 

Corporate overhead - unallocated

 

 
14.2 

 

 
13.3 

 

 

$
71.5 

 

$
64.3 

 

Information concerning our accounts receivable, net and total assets by segment is as follows (in millions):

 

 

 

 

 

 

 

 

 

 

As of

 

 

March 31,

 

December 31,

 

 
2015 

 
2014 

Accounts receivable, net:

    

 

 

    

 

 

Aviation segment, net of allowance for bad debt of $7.2 and $7.9 as of March 31, 2015 and December 31, 2014, respectively

 

$
653.2 

 

$
686.5 

Marine segment, net of allowance for bad debt of $8.4 as of March 31, 2015 and December 31, 2014, respectively

 

 
870.6 

 

 
974.0 

Land segment, net of allowance for bad debt of $9.7 and $9.4 as of March 31, 2015 and December 31, 2014, respectively

 

 
678.5 

 

 
647.4 

 

 

$
2,202.3 

 

$
2,307.9 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

Aviation segment

 

$
1,656.3 

 

$
1,635.4 

Marine segment

 

 
1,349.1 

 

 
1,483.1 

Land segment

 

 
1,570.7 

 

 
1,570.6 

Corporate

 

 
211.9 

 

 
190.9 

 

 

$
4,788.0 

 

$
4,880.0