Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of revenue, significant segment expenses, and income from operations by segment

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


	For the Three Months Ended March 31, 2025
	Aviation		Land		Marine		Total
Revenue	$	4,654.2	$	2,865.4	$	1,932.9	$	9,452.5
Segment expenses:
Cost of revenue	(4,538.5)		(2,786.3)		(1,897.2)		(9,222.1)
Compensation and related costs	(27.2)		(39.8)		(8.2)		(75.1)
Incentive compensation	(3.8)		(1.0)		(1.1)		(5.9)
Corporate allocations (1)	(9.2)		(4.0)		(5.1)		(18.2)
Depreciation and amortization	(4.3)		(9.1)		(0.3)		(13.7)
Provision for credit losses	(1.3)		(1.3)		—		(2.6)
Asset impairments	—		(44.5)		—		(44.5)
Restructuring charges	(2.2)		(7.3)		(0.4)		(9.9)
Other segment expenses (2)	(11.6)		(17.5)		(5.8)		(34.9)
Operating income - segment profit (loss)	56.2		(45.3)		14.8		25.7
Unallocated corporate expenses (3)							(32.3)
Interest expense and other financing costs, net							(22.9)
Other income (expense), net							1.3
Income (loss) before income taxes							$	(28.1)


	For the Three Months Ended March 31, 2024
	Aviation		Land		Marine		Total
Revenue	$	5,144.2	$	3,416.6	$	2,390.5	$	10,951.4
Segment expenses:
Cost of revenue	(5,035.8)		(3,319.3)		(2,342.2)		(10,697.3)
Compensation and related costs	(31.0)		(44.1)		(8.0)		(83.1)
Incentive compensation	(4.5)		(1.0)		(2.7)		(8.2)
Corporate allocations (1)	(9.4)		(4.2)		(5.4)		(19.0)
Depreciation and amortization	(4.5)		(9.4)		(0.3)		(14.2)
Provision for credit losses	(2.0)		(1.0)		—		(3.0)

Restructuring charges	—		(0.2)		—		(0.2)
Other segment expenses (2)	(13.0)		(18.8)		(5.3)		(37.1)
Operating income - segment profit (loss)	44.0		18.5		26.8		89.2
Unallocated corporate expenses (3)							(25.9)
Interest expense and other financing costs, net							(28.9)
Other income (expense), net							(3.9)
Income (loss) before income taxes							$	30.5

(1)Includes allocations of compensation costs and general and administrative expenses.

(2)Other segment expenses include professional fees, office expenses and general insurance, technology related expenses, travel and entertainment, and other general and administrative expenses.

(3)Unallocated corporate expenses include corporate compensation costs and general and administrative expenses which are not allocated to the operating segments, as well as certain asset impairment charges related to equity investments at non-core businesses.

Schedule of capital expenditures and depreciation and amortization by segment

Information concerning our capital expenditures and depreciation and amortization by segment is as follows (in millions):


	For the Three Months Ended March 31, 2025
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	7.6	$	15.5	$	0.9	$	24.0	$	1.7	$	25.6
Capital expenditures	6.6		5.2		1.5		13.3		1.9		15.2


	For the Three Months Ended March 31, 2024
	Aviation		Land		Marine		Segment Total		Corporate - Unallocated		Consolidated
Depreciation and amortization (1)	$	7.4	$	14.9	$	0.9	$	23.3	$	2.1	$	25.3
Capital expenditures	7.6		6.7		2.0		16.3		1.2		17.5

(1)Total depreciation and amortization as presented includes charges classified within cost of sales and operating expenses in our Condensed Consolidated Statements of Income and Comprehensive Income.

Schedule of Accounts Receivable, Net and Total Assets by Segment

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


	March 31, 2025		December 31, 2024
Accounts receivable, net:
Aviation segment	$	1,036.0	$	1,166.2
Land segment	692.5		651.1
Marine segment	517.3		615.3
Total accounts receivable, net	$	2,245.8	$	2,432.6
Total assets:
Aviation segment	$	2,466.6	$	2,548.2
Land segment	2,989.1		2,970.6
Marine segment	833.5		929.6
Total reportable segment assets	6,289.2		6,448.5
Corporate and other	299.9		283.3
Total assets	$	6,589.1	$	6,731.8