Business Segments

3 Months Ended

Mar. 31, 2016

Business Segments

Business Segments

10.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, land and marine. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity.  Within our Aviation segment we offer fuel and related products and services to major commercial airlines, second and third tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, fractional operators, private aircraft, military fleets and to the United States (“U.S.”) and foreign governments as well as intergovernmental organizations. In our land segment, we offer fuel, crude oil, lubricants, natural gas and related products and services to customers including petroleum distributors operating in the land transportation market, retail petroleum operators, and industrial, commercial, residential and government customers. Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the U.S. and foreign governments as well as other fuel suppliers.  Within each of our segments we may enter into derivative contracts to mitigate the risk of market price fluctuations and also to offer our customers fuel pricing alternatives to meet their needs.

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

	For the Three Months ended
	March 31,
	2016		2015
Revenue:
Aviation segment	$	2,221.1	$	2,897.0
Land segment		1,695.0		2,123.0
Marine segment		1,276.5		2,320.7
	$	5,192.6	$	7,340.7
Gross profit:
Aviation segment	$	91.0	$	82.9
Land segment		93.6		78.6
Marine segment		39.2		53.9
	$	223.8	$	215.4
Income from operations:
Aviation segment	$	36.3	$	27.8
Land segment		34.0		31.8
Marine segment		11.4		26.1
		81.7		85.7
Corporate overhead - unallocated		18.4		14.2
	$	63.3	$	71.5

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

	As of
	March 31,		December 31,
	2016		2015
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $5.7 and $6.1 as of March 31, 2016 and December 31, 2015, respectively	$	502.7	$	571.6
Land segment, net of allowance for bad debt of $7.4 and $7.2 as of March 31, 2016 and December 31, 2015, respectively		645.7		629.8
Marine segment, net of allowance for bad debt of $11.1 and  $10.6 as of March 31, 2016 and December 31, 2015, respectively		524.7		611.2
	$	1,673.2	$	1,812.6
Total assets:
Aviation segment	$	1,558.3	$	1,546.4
Land segment		1,674.6		1,651.5
Marine segment		1,039.4		1,165.6
Corporate		147.5		185.9
	$	4,419.7	$	4,549.4