Business Segments

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Business Segments

Business Segments

We operate in three reportable segments consisting of 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 the U.S. and foreign governments as well as intergovernmental organizations. In our land segment, we offer fuel, lubricants, power and natural gas solutions through Kinect, our global energy management services platform, 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,
Revenue:	2017			2016
Aviation segment	$	3,317.4		$	2,219.4
Land segment	2,783.4			1,695.0
Marine segment	2,093.5			1,276.5
	$	8,194.3		$	5,190.8
Gross profit:
Aviation segment	$	100.0		$	88.7
Land segment	97.8			93.6
Marine segment	33.6			39.2
	$	231.4		$	221.5
Income from operations:
Aviation segment	$	40.4		$	34.0
Land segment	21.4			34.0
Marine segment	8.3			11.4
	70.1			79.4
Corporate overhead - unallocated	(19.8		)	(18.4		)
	$	50.3		$	61.0

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

	As of
	March 31,		December 31,
	2017		2016
Accounts receivable, net:
Aviation segment, net of allowance for bad debt of $6.9 and $6.6 as of March 31, 2017 and December 31, 2016, respectively	$	695.3	$	776.0
Land segment, net of allowance for bad debt of $8.4 and $8.2 as of March 31, 2017 and December 31, 2016, respectively	758.7		737.5
Marine segment, net of allowance for bad debt of $12.1 and $10.2 as of March 31, 2017 and December 31, 2016, respectively	755.1		830.5
	$	2,209.1	$	2,344.0
Total assets:
Aviation segment	$	1,907.0	$	2,050.6
Land segment	1,914.1		1,928.5
Marine segment	1,249.8		1,287.7
Corporate	192.7		145.8
	$	5,263.6	$	5,412.6