Business Segments, Geographic Information, and Major Customers

12 Months Ended

Dec. 31, 2012

Business Segments, Geographic Information, and Major Customers

Business Segments, Geographic Information, and Major Customers

11. Business Segments, Geographic Information, and Major Customers

Business Segments

Based on the nature of operations and quantitative thresholds pursuant to the accounting guidance on 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. Please refer to Note 1 for the dates that the results of operations and related assets and liabilities of our acquisitions have been included in our operating segments. 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, income from operations, depreciation and amortization and capital expenditures by segment is as follows (in thousands):

	For the Year ended December 31,
	2012		2011		2010
Revenue:
Aviation segment	$	14,692,042	$	12,866,019	$	7,132,749
Marine segment		14,750,425		14,565,086		9,220,998
Land segment		9,502,871		7,191,749		2,777,400
	$	38,945,338	$	34,622,854	$	19,131,147
Gross profit:
Aviation segment	$	294,601	$	306,112	$	215,130
Marine segment		208,028		195,109		165,344
Land segment		170,818		133,782		61,667
	$	673,447	$	635,003	$	442,141
Income from operations:
Aviation segment	$	128,153	$	146,411	$	118,351
Marine segment		103,229		95,982		84,656
Land segment		75,291		62,049		15,948
		306,673		304,442		218,955
Corporate overhead – unallocated		49,650		47,470		38,089
	$	257,023	$	256,972	$	180,866
Depreciation and amortization:
Aviation segment, includes allocation from corporate	$	17,381	$	23,392	$	5,105
Marine segment, includes allocation from corporate		5,387		3,942		4,178
Land segment, includes allocation from corporate		10,406		9,825		7,362
Corporate		3,540		3,371		2,461
	$	36,714	$	40,530	$	19,106
Capital expenditures:
Aviation segment	$	4,713	$	2,230	$	510
Marine segment		8,981		3,714		3,109
Land segment		7,243		3,031		1,243
Corporate		7,517		10,517		10,326
	$	28,454	$	19,492	$	15,188

Information concerning our accounts receivable, net, goodwill, identifiable intangible assets, net and total assets by segment is as follows (in thousands):

	As of December 31,
	2012		2011
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $8,997 and $8,441 as of December 31, 2012 and 2011, respectively	$	674,973	$	569,086
Marine segment, net of allowance for bad debt of $7,742 and $9,495 as of December 31, 2012 and 2011, respectively		1,069,833		1,261,340
Land segment, net of allowance for bad debt of $6,980 and $6,365 as of December 31, 2012 and 2011, respectively		449,060		330,135
	$	2,193,866	$	2,160,561
Goodwill:
Aviation segment	$	109,332	$	102,509
Marine segment		69,931		70,522
Land segment		291,243		173,215
	$	470,506	$	346,246
Identifiable intangible assets, net:
Aviation segment	$	38,874	$	42,880
Marine segment		6,656		8,659
Land segment		126,743		56,081
	$	172,273	$	107,620
Total assets:
Aviation segment	$	1,463,423	$	1,149,031
Marine segment		1,330,796		1,568,378
Land segment		1,145,756		816,595
Corporate		167,776		163,242
	$	4,107,751	$	3,697,246

Geographic Information

Information concerning our revenue, income from operations, non-current assets and total assets, as segregated between the Americas, EMEA (Europe, Middle East and Africa) and the Asia/Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in thousands):

	For the Year ended December 31,
	2012		2011		2010
Revenue:
Americas (1)	$	23,293,260	$	19,965,339	$	10,250,360
EMEA (2)		7,247,754		6,695,315		3,472,934
Asia/Pacific (3)		8,404,324		7,962,200		5,407,853
	$	38,945,338	$	34,622,854	$	19,131,147
Income from operations:
Americas (4)	$	103,005	$	92,083	$	38,419
EMEA		82,964		76,881		59,249
Asia/Pacific		71,054		88,008		83,198
	$	257,023	$	256,972	$	180,866

	As of December 31,
	2012		2011
Non-current assets:
Americas (5)	$	610,434	$	439,388
EMEA		214,607		134,311
Asia/Pacific		1,333		1,320
	$	826,374	$	575,019
Total assets:
Americas (6)	$	2,273,945	$	1,975,561
EMEA		1,122,007		946,789
Asia/Pacific		711,799		774,896
	$	4,107,751	$	3,697,246

(1)

Includes revenue related to the United States of $20.2 billion, $17.5 billion and $8.7 billion for 2012, 2011 and 2010, respectively.

(2)

Includes revenue related to the United Kingdom of $5.2 billion, $5.0 billion and $2.6 billion for 2012, 2011 and 2010, respectively.

(3)

Includes revenue related to Singapore of $8.4 billion, $8.0 billion and $5.4 billion for 2012, 2011 and 2010, respectively.

(4)

Includes income from operations related to the United States of $67.0 million, $59.8 million and $1.6 million for 2012, 2011 and 2010, respectively.

(5)

Includes non-current assets related to the United States of $596.7 million and $425.2 million as of December 31, 2012 and 2011, respectively.

(6)

Includes total assets related to the United States of $2.0 billion and $1.7 billion as of December 31, 2012 and 2011, respectively.

Major Customers

During each of the years presented on the consolidated statements of income and comprehensive income, none of our customers accounted for more than 10% of total consolidated revenue.