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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,
2011 2010
Revenue:
Aviation segment $14,692,042 $12,866,019 $ 7,132,749
Marine segment 14,750,425 14,565,086 9,220,998
Land segment 9,502,871 7,191,749 2,777,400
$38,945,338 $34,622,854 $19,131,147
Gross profit:
Aviation segment $ 294,601 $ 306,112 $ 215,130
Marine segment 208,028 195,109 165,344
Land segment 170,818 133,782 61,667
$ 673,447 $ 635,003 $ 442,141
Income from operations:
Aviation segment $ 128,153 $ 146,411 $ 118,351
Marine segment 103,229 95,982 84,656
Land segment 75,291 62,049 15,948
306,673 304,442 218,955
Corporate overhead – unallocated 49,650 47,470 38,089
$ 257,023 $ 256,972 $ 180,866
Depreciation and amortization:
Aviation segment, includes allocation from corporate $ 17,381 $ 23,392 $ 5,105
Marine segment, includes allocation from corporate 5,387 3,942 4,178
Land segment, includes allocation from corporate 10,406 9,825 7,362
Corporate 3,540 3,371 2,461
$ 36,714 $ 40,530 $ 19,106
Capital expenditures:
Aviation segment $ 4,713 $ 2,230 $ 510
Marine segment 8,981 3,714 3,109
Land segment 7,243 3,031 1,243
Corporate 7,517 10,517 10,326
$ 28,454 $ 19,492 $ 15,188
84
2012