Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2019

Information concerning business activities

Information concerning our various business activities was as follows for the periods indicated (in thousands):


	Reporting Segments
	Marketing		Transportation		Other		Total

Three Months Ended September 30, 2019
Revenues	$	434,609	$	15,698	$	—	$	450,307
Segment operating earnings ⁽¹⁾	2,888		154		—		3,042
Depreciation and amortization	2,214		2,179		—		4,393
Property and equipment additions	3,894		8,410		—		12,304

Three Months Ended September 30, 2018
Revenues	$	453,626	$	14,265	$	—	$	467,891
Segment operating earnings ⁽¹⁾	2,982		790		—		3,772
Depreciation and amortization	1,277		1,063		—		2,340
Property and equipment additions ⁽²⁾	612		4,416		—		5,028

Nine Months Ended September 30, 2019
Revenues	$	1,331,410	$	48,498	$	—	$	1,379,908
Segment operating earnings ⁽¹⁾	10,948		1,970		—		12,918
Depreciation and amortization	6,640		5,626		—		12,266
Property and equipment additions ⁽²⁾	6,896		18,529		—		25,425

Nine Months Ended September 30, 2018
Revenues	$	1,266,055	$	41,509	$	—	$	1,307,564
Segment operating earnings ⁽¹⁾	11,712		2,002		—		13,714
Depreciation and amortization	4,110		2,904		—		7,014
Property and equipment additions ^{(2) (3)}	1,682		6,061		13		7,756

_______________

(1) Our crude oil marketing segment’s operating earnings included inventory valuation losses of $2.1 million and inventory liquidation gains of $0.1 million for the three months ended September 30, 2019 and 2018, respectively. For the nine months ended September 30, 2019 and 2018, our crude oil marketing segment’s operating earnings included inventory liquidation gains of $1.5 million and $2.5 million, respectively.

(2) Our crude oil marketing segment’s property and equipment additions do not include approximately $4.1 million of tractors and a tank storage and throughput arrangement acquired under finance leases during the nine months ended September 30, 2019. For the three and nine months ended September 30, 2018, our crude oil marketing segment’s property and equipment additions do not include approximately $1.2 million of tractors acquired under finance leases. See Note 13 for further information.

(3) During the nine months ended September 30, 2018, we had $13 thousand of property and equipment additions for leasehold improvements at our corporate headquarters, which is not attributed or allocated to any of our reporting segments.

Reconciliation of segment earnings to earnings before income taxes

Segment operating earnings reflect revenues net of operating costs and depreciation and amortization expense and are reconciled to earnings before income taxes, as follows for the periods indicated (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,

	2019		2018		2019		2018

Segment operating earnings	$	3,042	$	3,772	$	12,918	$	13,714
General and administrative	(2,739)		(1,533)		(8,005)		(6,100)
Operating earnings	303		2,239		4,913		7,614
Gain on dissolution of investment	—		—		573		—



Interest income	758		601		2,145		1,486
Interest expense	(242)		(26)		(424)		(60)
Earnings before income taxes	$	819	$	2,814	$	7,207	$	9,040

Identifiable assets by industry segment

Identifiable assets by business segment were as follows at the dates indicated (in thousands):


	September 30,		December 31,
	2019		2018

Reporting segment:
Marketing	$	129,876	$	119,370
Transportation	51,761		34,112

Cash and other	132,208		125,388
Total assets	$	313,845	$	278,870