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11. Business Segments, Geographic Information, and Major Customers
Business Segments
Based on the nature of operations and quantitative thresholds pursuant to the accounting guidance on
segment reporting, we have three reportable operating business segments: aviation, marine and land.
Corporate expenses are allocated to the segments based on usage, where possible, or on other factors
according to the nature of the activity. Please refer to Note 1 for the dates that the results of operations
and related assets and liabilities of our acquisitions have been included in our operating segments. The
accounting policies of the reportable operating segments are the same as those described in the
Summary of Significant Accounting Policies (see Note 1).
Information concerning our revenue, gross profit, income from operations, depreciation and amortization
and capital expenditures by segment is as follows (in thousands):
For the Year ended December 31,
2010 2009
Revenue:
Aviation segment $12,866,019 $ 7,132,749 $ 4,049,565
Marine segment 14,565,086 9,220,998 6,040,643
Land segment 7,191,749 2,777,400 1,204,969
$34,622,854 $19,131,147 $11,295,177
Gross profit:
Aviation segment $ 306,112 $ 215,130 $ 163,730
Marine segment 195,109 165,344 168,890
Land segment 133,782 61,667 42,971
$ 635,003 $ 442,141 $ 375,591
Income from operations:
Aviation segment $ 146,411 $ 118,351 $ 75,462
Marine segment 95,982 84,656 97,636
Land segment 62,049 15,948 10,778
304,442 218,955 183,876
Corporate overhead 47,470 38,089 29,881
$ 256,972 $ 180,866 $ 153,995
Depreciation and amortization:
Aviation segment, includes allocation from corporate $ 23,392 $ 5,105 $ 5,391
Marine segment, includes allocation from corporate 3,942 4,178 3,288
Land segment, includes allocation from corporate 9,825 7,362 5,808
Corporate 3,371 2,461 2,469
$ 40,530 $ 19,106 $ 16,956
Capital expenditures:
Aviation segment $ 2,230 $ 510 $ 585
Marine segment 3,714 3,109 820
Land segment 3,031 1,243 476
Corporate 10,517 10,326 4,612
$ 19,492 $ 15,188 $ 6,493
82
2011