Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Information Concerning Business Activities

Financial information by reporting segment was as follows for the periods indicated (in thousands):


	Reporting Segments
	Marketing		Transportation		Oil and Gas and Other ⁽¹⁾		Total

Year Ended December 31, 2019
Revenues	$	1,748,056	$	63,191	$	—	$	1,811,247
Segment operating (losses) earnings ⁽²⁾	16,099		1,899		—		17,998
Depreciation, depletion and amortization	8,741		7,900		—		16,641
Property and equipment additions ⁽⁴⁾	7,249		28,472		22		35,743

Year Ended December 31, 2018
Revenues	$	1,694,437	$	55,776	$	—	$	1,750,213
Segment operating (losses) earnings ⁽²⁾	7,008		3,337		—		10,345
Depreciation, depletion and amortization	6,384		4,270		—		10,654
Property and equipment additions ^{(4) (5)}	1,540		10,178		13		11,731

Year Ended December 31, 2017
Revenues	$	1,267,275	$	53,358	$	1,427	$	1,322,060
Segment operating (losses) earnings ^{(2) (3)}	11,700		(544)		53		11,209
Depreciation, depletion and amortization	7,812		5,364		423		13,599
Property and equipment additions	468		351		1,825		2,644

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(1)Amounts presented for the year ended December 31, 2017 are related to our upstream crude oil and natural gas exploration and production segment prior to its deconsolidation.

(2)Our crude oil marketing segment’s operating earnings included inventory liquidation gains of $3.7 million and $3.3 million, respectively, for the years ended December 31, 2019 and 2017, and inventory valuation losses of $5.4 million for the year ended December 31, 2018.

(3)Segment operating (losses) earnings for the year ended December 31, 2017 includes approximately $0.4 million of costs related to a voluntary early retirement program that was implemented in August 2017.

(4)Our crude oil marketing segment’s property and equipment additions do not include approximately $4.1 million, $2.9 million and $1.8 million of assets acquired under finance leases during the years ended December 31, 2019, 2018 and 2017, respectively. See Note 16 for further information.

(5)During the years ended December 31, 2019 and 2018, we had $22 thousand and $13 thousand, respectively, 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, depletion and amortization expense and are reconciled to earnings (losses) before income taxes, as follows for the periods indicated (in thousands):


	Year Ended December 31,
	2019		2018		2017

Segment operating earnings	$	17,998	$	10,345	$	11,209
General and administrative ⁽¹⁾	(10,198)		(8,937)		(9,707)
Operating earnings	7,800		1,408		1,502
Loss on deconsolidation of subsidiary	—		—		(3,505)
Impairment of investment in unconsolidated affiliate	—		—		(2,500)
Gain on dissolution of investment	573		—		—
Interest income	2,766		2,155		1,103
Interest expense	(636)		(109)		(27)
(Losses) earnings before income taxes	$	10,503	$	3,454	$	(3,427)

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(1)General and administrative expenses for the year ended December 31, 2017 included approximately $1.0 million of costs related to a voluntary early retirement program we implemented in August 2017.

Identifiable Assets by Industry Segment

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


	December 31,
	2019		2018		2017

Reporting segment:
Marketing	$	141,402	$	119,370	$	134,745
Transportation	58,483		34,112		29,069
Oil and Gas ⁽¹⁾	—		—		425
Cash and other	130,957		125,388		118,465
Total assets	$	330,842	$	278,870	$	282,704

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(1)At December 31, 2017, amount represents our remaining cost method investment in this segment. See Note 4 for further information.