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