Business Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Business Segments

11. 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. Our operating segments are determined based on the different markets in which we provide products and services, which are defined primarily by the customers (businesses and governmental) and the products and services provided to those customers. As discussed in Note 3. Acquisitions, Flyers is reported as part of our land segment subsequent to the acquisition on January 3, 2022. We use Income from operations as our primary measure of profit as we believe it is the most meaningful measure to allocate resources and assess the performance of our segments.

Information concerning our Revenue and Income from operations by reportable segment is as follows (in millions):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Revenue:	2022		2021		2022		2021
Aviation segment	$	7,843.5	$	2,805.8	$	12,854.0	$	4,900.8
Land segment	5,431.8		2,457.2		9,812.6		4,645.4
Marine segment	3,846.8		1,822.4		6,837.5		3,497.1
Total revenue	$	17,122.1	$	7,085.5	$	29,504.1	$	13,043.4
Income from operations:
Aviation segment	$	(6.9)	$	34.0	$	0.7	$	57.0
Land segment	33.0		8.1		66.3		40.9
Marine segment	52.7		4.8		75.9		11.1
Corporate overhead - unallocated	(26.0)		(15.9)		(48.8)		(40.5)
Total income from operations	$	52.8	$	30.9	$	94.1	$	68.6

Information concerning our Accounts receivable, net of allowance for credit losses and Total assets by reportable segment is as follows (in millions):

	June 30, 2022		December 31, 2021
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $11.4 and $18.4 as of June 30, 2022 and December 31, 2021, respectively	$	1,607.0	$	972.9
Land segment, net of allowance for credit losses of $4.0 and $3.8 as of June 30, 2022 and December 31, 2021, respectively	1,208.6		664.7
Marine segment, net of allowance for credit losses of $3.8 and $3.9 as of June 30, 2022 and December 31, 2021, respectively	1,139.1		717.7
Total accounts receivable, net	$	3,954.7	$	2,355.3
Total assets:
Aviation segment	$	3,288.3	$	2,305.6
Land segment	3,632.9		2,106.1
Marine segment	1,462.2		1,022.7
Corporate	412.4		507.9
Total assets	$	8,795.7	$	5,942.4