Business Segments, Geographic Information, and Major Customers

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segments, Geographic Information, and Major Customers

14. Business Segments, Geographic Information, and Major Customers

Business Segments

We operate in three reportable segments consisting of aviation, land, and marine. 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. 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 or our segments.

In our aviation segment, we provide fuel and comprehensive services solutions to major commercial airlines, second and third-tier airlines, cargo carriers, regional and low cost carriers, airports, fixed based operators, corporate fleets, charter and fractional operators, and private aircraft. In addition, we supply fuel and provide services to U.S. and foreign government, intergovernmental and military customers, such as the U.S. Defense Logistics Agency and the North Atlantic Treaty Organization ("NATO").

In our land segment, we offer fuel, lubricants, heating oil, natural gas, power, lower carbon alternatives and related products and services. We also offer energy procurement management, price risk management, as well as sustainability solutions, including carbon management and renewable energy solutions through World Kinect, our global energy management brand. Our customers include commercial, residential and government customers as well as retail petroleum operators.

Our marine segment product and service offerings include fuel, lubricants and related products and services to a broad base of customers, including international container, dry bulk 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. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity.

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

	For the Year Ended December 31,
	2022		2021		2020
Revenue:
Aviation segment	$	26,799.9	$	12,824.3	$	8,179.6
Land segment	19,283.7		10,426.8		6,663.1
Marine segment	12,959.6		8,085.8		5,515.7
Total revenue	$	59,043.1	$	31,337.0	$	20,358.3
Income from operations:(1)
Aviation segment	$	99.5	$	163.4	$	84.5
Land segment	125.6		44.6		72.6
Marine segment	155.5		20.7		58.5
Corporate overhead - unallocated	(107.4)		(86.1)		(77.8)
Total income from operations	$	273.2	$	142.6	$	137.9
Depreciation and amortization:
Aviation segment	$	32.8	$	32.7	$	31.5
Land segment	65.1		39.0		45.3
Marine segment	3.3		3.5		3.8
Corporate segment	6.5		5.8		5.2
Total depreciation and amortization	$	107.8	$	81.0	$	85.8
Capital expenditures:
Aviation segment	$	25.9	$	18.8	$	17.6
Land segment	38.1		17.4		12.5
Marine segment	4.8		2.7		0.8
Corporate	9.9		0.1		20.4
Total capital expenditures	$	78.6	$	39.2	$	51.3

(1)Includes asset impairment and restructuring charges as discussed in Note 15. Restructuring.

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

	As of December 31,
	2022		2021
Accounts receivable, net:
Aviation segment, net of allowance for credit losses of $4.9 and $18.4 as of December 31, 2022 and 2021, respectively	$	1,452.4	$	972.9
Land segment, net of allowance for credit losses of $5.8 and $3.8 as of December 31, 2022 and 2021, respectively	1,141.9		664.7
Marine segment, net of allowance for credit losses of $3.4 and $3.9 as of December 31, 2022 and 2021, respectively	699.8		717.7
Total accounts receivable, net	$	3,294.1	$	2,355.3
Total assets:
Aviation segment	$	3,036.2	$	2,305.6
Land segment	3,710.1		2,106.1
Marine segment	1,007.4		1,022.7
Corporate	410.8		507.9
Total assets	$	8,164.6	$	5,942.4

Geographic Information

Information concerning our revenue and property and equipment, net, 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 millions):

	For the Year Ended December 31,
	2022		2021		2020
Revenue:
United States	$	32,901.7	$	16,696.2	$	10,365.2
EMEA (1)	12,396.1		6,735.7		4,961.0
Asia Pacific (2)	7,076.6		4,620.0		3,035.6
Americas, excluding United States	6,668.6		3,285.1		1,996.6
Total (3)	$	59,043.1	$	31,337.0	$	20,358.3

	As of December 31,
	2022		2021
Property and equipment, net:
United States	$	323.7	$	183.9
EMEA	138.1		145.7
Asia Pacific	9.9		8.3
Americas, excluding United States	12.6		11.1
Total	$	484.2	$	348.9

(1)Includes revenue related to the U.K. of $6.7 billion, $4.2 billion and $3.1 billion for 2022, 2021 and 2020, respectively.

(2)Includes revenue related to Singapore of $7.2 billion, $4.6 billion and $3.0 billion for 2022, 2021 and 2020, respectively.

(3)Geographic revenue information in this table includes impacts from derivatives and hedging activities, which are excluded from that geographic revenue information presented at Note 9. Revenue from Contracts with Customers.

Major CustomersFor the years ended December 31, 2022, 2021, and 2020, none of our customers accounted for more than 10% of total consolidated revenue.